FROM LEFT: The Director of Legal Affairs Department at Ministry of Commerce and Industry (MOCI), Hilal Mohammed Al Khulaifi; Board Member, Qatar International Centre for Conciliation and Arbitration, Sheikh Dr Thani bin Ali bin Saud Al Thani; Senior Couns
The ‘Invest in Qatar’ centre at the Ministry of Commerce and Industry (MoCI) is seeing a growing number of applications from foreign investors, especially after the recent issuance of the Law No. 1 of 2019, which regulates the investment of non-Qatari capital in the country’s economic activity, said an MoCI official.
The new non-Qatari capital investment law, which was issued in January, seeks to position Qatar as an attractive destination for foreign investments and support national efforts to promote the country as both an investment hub and a key platform for businesses seeking to expand into foreign markets.
With attractive benefits in place, a growing number of investors from various countries have already shown their interests to take part in the country’s growing economic activities, said Hamad Al Abdan, Director of Business Development and Investment Promotion Department at MoCI while talking to The Peninsula on the sidelines of a seminar on ‘Investment Prospects in Qatar: Opportunities and Challenges’ which was organised by the MoCI yesterday.
Al Abdan added: “The Invest in Qatar centre is doing very good. We receive an average of seven to eight applications from foreign investors every single day, and this will further increase very soon. We’re going to be full-fledged with the arrival of the Investment Promotion Agency. We liaise with them on all the investment opportunities within Qatar”.
The centre sees foreign investment applications from various countries, said Al Abdan. “We see a significant number of applications planning to invest in consultancy businesses and energy sector. Some are interested to invest in other markets such as the entertainment and hospitality sectors. We’re seeing a variety of investment applications,” he added.
Earlier during his presentation, Al Abdan said the centre serves as a one-stop-shop for inquiries and applications to help foreign investors overcome any obstacles they may face when setting up businesses in the country.
The centre coordinates with the Business Development and Investment Promotion Department at MoCI to identify challenges and constraints, follow up on the implementation of solutions, provide data and guidelines for public services, and create opportunities and investment incentives, he added.
