Qatari Prime Minister announces heavy incentives for private sector

This is likely the best time to be a private investor in Qatar’s growth story.

This is because the country has just announced a host of incentives for private sector firms to ensure they increase production of various commodities and ensure its circulation in the local market, reported Gulf Times.

Acting on the directives of HH The Emir Sheikh Tamim bin Hamad Al Thani, Qatar’s Prime Minister and Interior Minister HE Sheikh Abdullah bin Nasser bin Khalifa Al Thani, announced several decisions to help promote private investment in the country.

HE the Prime Minister announced the reduction of rental value by 50% for all investors in the logistics areas of the Economic Zones Corporation in south Qatar during 2018 and 2019. The revised rental values will be QR20 per SqM from the earlier QR40, reported Qatar Tribune.

It was also decided to provide more exemptions to stimulate investors to speed up the completion of their projects on time.

“This will contribute to the implementation of the development of logistics areas in accordance with the time plan adopted by the Manateq (Economic Zones Company). The decisions and directives will contribute to encouraging the private sector to enter into diversified investments in the logistics sector,” Qatar News Agency reported.

HE the Prime Minister also directed the Qatar Development Bank to postpone the loan instalments to industrial project owners approved by the Ministry of Energy and Industry’s Committee for up to six months.

“This is to support investors in the industrial sector and give greater role to the private sector in the economic development projects in the State.”

The Prime Minister also urged all ministries and government departments to increase the percentage of purchasing local products from 30% to100%, if the local product meets Qatari specifications and standards.