Al-Watan, Al-Raya Hail Cabinet's Approval to Increase Non-Qatari Capital Ownership in Four Banks

Doha, August 19 (QNA) - In their editorials Thursday, Al-Watan and Al-Raya newspapers highlighted the Cabinet's approval in its meeting Wednesday of increasing the percentage of non-Qatari ownership in the capital of Qatar National Bank (QNB), Qatar Islamic Bank (Al Masraf), Commercial Bank and Masraf Al Rayan to reach 100 percent, in accordance with the provisions of Article 7 of Law No.1 of 2019 on regulating the investment of non-Qatari capital in economic activity. The newspapers praised the new decision, which affirms the keenness of the State of Qatar to strengthen and support bilateral partnership between the public and private sectors, and to create various opportunities that allow the private sector to participate in economic development projects and enhance government efforts. They stressed that Qatar has become an attractive country for local and foreign investments, and has maintained the strength of its economy and attracted investors to it thanks to the wisdom of the leadership, which has attached great importance to the economic sector. The State of Qatar, the papers said, has also been able to maintain its position with one of the fastest-growing economies worldwide. In its editorial, Al-Watan highlighted the Cabinet's approval of the new decision in its regular meeting held yesterday under the chairmanship of HE Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani, underlying that this law aims at promoting economic development, attracting foreign investments in all economic and commercial activities, attracting 100% foreign capital inflows, and accomplishing economic diversification in line with Qatar National Vision 2030. The paper pointed out that the Cabinet's approval to increase the percentage of non-Qatari ownership in the capital of these banks will contribute to facilitating foreign investor access to the market and bolstering the confidence and investment security index in the State by providing several investment incentives for non-Qatari investors, including the allocation of land to establish projects. A non-Qatari investor may import necessary equipment to establish, operate and expand his project in accordance with legislations in force in this regard, the paper said, adding that non-Qatari investment projects may be exempted from income tax in accordance with the procedures and regulations stipulated in the Income Tax Law. The paper also noted that a non-Qatari investor is free to transfer his investments from and to Qatar without delay, and may transfer the ownership of his investment to any other investor or relinquish it in favor of his national partner in case of a joint venture in accordance with legislations in force. The investment shall continue to be treated in accordance with the provisions of the law provided that the new investor continues to operate the project and assumes the previous investors rights and obligations, it added. In conclusion, Al-Watan said that Cabinet's approval to increase the percentage of non-Qatari ownership in the four banks is a new factor that will attract investments and promote development in all sectors. For its part, Al-Raya newspaper commended in its editorial the Cabinet's approval, during its meeting yesterday, of increasing the percentage of non-Qatari ownership in the capital of the Qatar National Bank (QNB), Qatar Islamic Bank (Al Masraf), Commercial Bank and Masraf Al Rayan to reach 100 percent, in accordance with the provisions of Article 7 of Law No.1 of 2019 on regulating the investment of non-Qatari capital in economic activity, which confirms the State of Qatar's continuous efforts to attract foreign investment, provide it with the appropriate environment and support investors. Under the title of 'Attracting Foreign Investments - Opportunity to Hold Global Partnerships', the paper affirmed that this important decision comes within the framework of the support and interest that the state gives to the investment sector on an ongoing basis, and it will have a great impact in supporting and attracting investment, as it allows owners and investors do diversify the investment and increase returns on capital. The paper said that this decision will have significant positive effects on the banking sector in Qatar, which enhances its position in the national economic system - given that it is one of the most important sources of national income diversification, as the recent decision will significantly contribute to enhancing the strength of the financial market, which is important as it encourages investors to invest in the trade sectors, adding that the positive effects of this decision on the national economy will be shown soon. This new decision affirms Qatar's keenness to enhance and support bilateral partnership between the public and private sectors, as well as find various opportunities that allow the participation of the private sector in the economic development projects, and strengthen the government's efforts in this regard, as brining investments to the State of Qatar will directly contribute to making Qatar an attractive destination for investors from the world's different countries, as well as a platform to attract international companies to choose the State of Qatar as the international center of their operations, and a center for partnerships between the national sector and international companies, added the paper. The paper also explained that this step comes within the framework of the continuation of the strategy aimed at supporting the national economy and contributing to the achievement of Qatar National Vision 2030, as the decision will provide many opportunities and competitive advantages for companies seeking to expand regionally and globally, in addition to partnership opportunities with major Qatari companies and the private sector in the State of Qatar, which is an important partner in the renaissance of the Qatari economy. Al-Raya concluded its editorial by saying that Qatar has become an attractive country for local and foreign investments as a result of its reliable reputation, and has maintained the strength of its economy and attracted investors, thanks to the wise leadership's great interest in the economic sector. (QNA)