DOHA: Qatar has approved legislation allowing 100% ownership for foreign investors in most sectors of the economy in a bid to boost non-energy revenues, the government said today.
The move comes at a time of political crisis in the Gulf, with Qatar under an economic and diplomatic boycott by neighbouring countries for the past seven months. It is also an attempt by Qatar, the third largest economy in the Gulf, to secure new revenues to finance a budget deficit due to the slump in oil prices since mid-2014.
Overseas investors will be able to fully own businesses in almost all economic sectors but they are not allowed to purchase real estate or own franchises, according to the ministry of economy and trade.
Currently, foreign investors can own up to 49% of companies listed on Qatar’s stock exchange in accordance with a law passed in 2014.
The new law was approved at the Cabinet’s weekly meeting on Wednesday. It is not yet clear when the draft law will come into force. – AFP
Source: The Sun Daily