Qatar Boosts Private Sector's Contribution to Economy Amid Blockade

Published October 8th, 2017 - 09:58 GMT
According to the decisions, rents paid by companies will be cut by 50 percent in some areas. (Pixabay)
According to the decisions, rents paid by companies will be cut by 50 percent in some areas. (Pixabay)

Following the directives of the Emir His Highness Sheikh Tamim bin Hamad al Thani, Prime Minister and Minister of Interior HE Sheikh Abdullah bin Nasser bin Khalifa al Thani has issued a set of decisions and directives aiming to promote the private sector's contribution to the economic development of the country.

The prime minister's directions oblige ministries and government departments to promote investment in the state, while providing incentives to the private sector to promote local industries and boost supply of commodities to local markets.

According to the decisions, rents paid by companies will be cut by 50 percent in the logistics areas of the Economic Zones Corporation in the south of the state during 2018-19. As a result, the rents will come down to QR20 from QR40 per square metre.

Investors in the logistics areas in the south will be exempted from paying rents for 2018 if the building permits were issued before January 31, 2018, and for 2019 if the permits were issued before January 31, 2019. This will help them complete their projects on time while contributing to the development of logistics areas in line with the time-frame adopted by the Economic Zones Company (Manateq). 

The prime minister has urged all ministries and government departments to buy 100 percent local products from the present 30 percent, if the goods meet the Qatari specifications and standards and comply with the regulations and policies of the tenders and auction committees in the state. 

The prime minister also directed the Qatar Development Bank (QDB) to postpone collection of loan instalments for six months from owners of industrial projects approved by the Ministry of Energy.

These measures are expected to encourage investments in the industrial sector and enhance the private sector's participation in the economic development projects of the state.


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