Qatar's Ministry of Economy and Trade announced on Sunday that within a short period of time, the creation of free zones as a 100 percent foreign investment venture would begin.
"The Ministry of Economy and Commerce has signed a Project Management Consultancy Contract with a Singaporean consultancy firm in order to create Qatari free zones," according to Mohammed bin Ahmed bin Jassim Al Thani, Qatar's Economy and Trade Minister.
The project management and planning for two zones - Qatar free zone and the Logistics and Storage Zone - which is a 24 months project starting now, will cost $18 Million.
The minister pointed out that certain industries will boast strong competition and positively affect the Qatari economy.
He added that the first free zone will be established on a 10 square kilometer area situated near a recent airport development project.
The projected free zones are expected to attract a significant amount of investments.