Amended free zones law to drive more investments to Qatar, says Chamber

The amended provisions in the law on investment free zones will help attract more local and foreign investments to the country, according to a ranking Qatar Chamber official.

Qatar Chamber chairman Sheikh Khalifa bin Jassim bin Mohamed al-Thani said local businessmen and foreign investors should maximise the use of incentives and advantages of Law No 21 of 2017 issued by His Highness Sheikh Tamim bin Hamad al-Thani, amending some provisions of Law No 34 of 2005 on Investment Free Zones.The decree law is effective starting from its date of issue and is to be published in the official gazette.In the latest issue of Al-Moltaqa, Qatar Chamber’s monthly economic magazine, Sheikh Khalifa said these advantages include increased privacy in dealing with the customs, streamlined import and monetary mechanisms, and greater freedom in transactions, among others.“The amended provisions make the free zone users eligible for several incentives such as exemption of export and import duties, waiver of restrictions on the origin of capital, and the freedom to choose the project’s legal form.“The amendments also ensure users freedom to set product prices and profits, exemption from capital assets and product requirements, and several other perks for logistics and communication investors,” Sheikh Khalifa said. The Qatar Chamber chairman said the amendments remove most barriers to raising capital and incorporates special allowances to projects that give priority for the use of local components and those that invest in logistics and communications sectors. The amendments also prescribe full duty exemption for local components, provided they are sold in the local market, he added.HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani earlier said that the amendments were recommended by the Cabinet based on the Emir’s instructions to speed up economic development and investment, besides providing the highest possible advantages to both Qataris and foreign investors. “Accordingly, the Cabinet had worked throughout the past period on the strategy to advance the economic development policy of the country through effective and innovative means and to benefit from the available opportunities,” he said.