Law on industrial areas seen boosting Qatar investment growth
Gulf Times | June 20, 2018- Law number 8 of 2018 on industrial areas will play a key role in attracting more local and foreign investments in the industrial sector, particularly in manufacturing, according to Qatar Chamber director general Saleh bin Hamad al-Sharqi.
The law, which was issued last month by His Highness the Amir Sheikh Tamim bin Hamad al-Thani, will “significantly enhance” Qatar’s economic legislation, and comes in the framework with the country’s economic expansion strategy.
The new law stipulates that the creation of industrial areas is made by a cabinet decision based on the recommendation of the Minister of Energy and Industry, after the Ministry's co-ordination with the entities concerned.
“It also comes in the frame of the country’s efforts to activate local industries and support local products, especially after the unfair siege, which, unexpectedly, stimulated the business sector towards establishing more investments in industry.
“Beyond any doubt, the new law regulates obtaining, renting, and allocating industrial land plots,” al-Sharqi said in the latest edition of Qatar Chamber’s economic publication, Al-Moltaqa.
He added, “Moreover, it ensures transparency in allocating and distributing industrial lands among investors and developers through the Economic Areas Committee, which is stipulated in article number 9.
“The committee shall be competent to study applications for industrial zone vouchers, express opinions, deliver recommendations to the Minister of Energy and Industry and propose conditions and regulations related to the allocation of industrial land plots.”
He said the committee is also concerned to decide temporary waivers from rent to encourage investment in industry, and in the study all issues relating to industrial areas, as well as to forward recommendations to the minister for appropriate decisions.
Furthermore, the law allows banks, listed companies, and private institutions with public profit to establish industrial complexes inside industrial areas and rent them to investors from the private sector. This will contribute to providing more facilities for businessmen to establish various industrial enterprises, al-Sharqi emphasised.
“Certainly, the diversification in local industries and the increase in local investment in industry will have a positive impact on local production and non-oil exports, which witnessed rapid growth within the past few years and after the siege.
“It is noteworthy that Qatar’s non-oil exports reached QR8.4bn during the first half of 2017, while in the second half during the siege, non-oil exports reached QR9.6bn, registering a 14% increase,” al-Sharqi stressed.