The government in Qatar has approved a law which permits 100 per cent ownership for foreign investors in most sectors of the economy, AFP has reported. It was previously restricted to 49 per cent. This move has been made in a bid to attract foreign capital to the Gulf State, as well as boost non-energy related revenue.
Shaikh Ahmed Ben Jasim, the Economic and Trade Minister, said that the law pushes forward the cycle of economic development. “It boosts Qatar’s status in global economic indicators as one among those countries which facilitate businesses.”
While the law allows overseas investors to own 100 per cent of their businesses, according to AFP they will not be allowed to purchase real estate or own franchises. Investing in banking and insurance still needs special government permission.
In a related move last August, Qatar announced visa exemptions for 80 nationalities. The government has been seeking ways to secure new revenue streams in an attempt to bridge the economic gap caused by the boycott by Saudi Arabia, the UAE, Bahrain and Egypt which started in June last year.