DOHA, Qatar’s cabinet has approved a draft law to encourage foreign investment in Qatar and boost economic development, Gulf Times reported on Thursday.

The decision was made during the weekly meeting of the cabinet on Wednesday.

The draft law allows the non-Qatari investors to invest in all economic fields with up to 100 percent of the capital, and to hold up to 49-percent shares of Qatar-listed companies on the Qatar Exchange, said the report.

The non-Qatari investors need to get approval from the Ministry of Economy and Commerce on the shares percentage, the report said.

The cabinet said it might, on the proposal of the minister, grant investment projects more incentives and benefits in addition to the incentives provided by the draft law.

Earlier, Qatar National Bank (QNB) said in a report that the total profits of Qatar-listed companies are expected to grow by 4.4 percent in 2018 and 14.6 percent in 2019.

Qatar is not the only country in the Gulf Cooperation Council that made such decisions. The United Arab Emirates this month also announced its decision to allow 100-percent foreign ownership of companies.

Qatar, with whom a Saudi Arabia-led group of nations cut trade and diplomatic ties last year, is trying to adopt measures to overcome economic sanctions imposed on it amid the embargo.

On June 5, 2017, the Saudi-led countries have imposed a land, sea and air blockade on Qatar, accusing it of supporting extremism. Qatar has denied the allegations.

Source: Nam News Network

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