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New Decree Offers Big Incentives to Investors

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New Decree Offers Big Incentives to Investors BUSINESS | Page 1 SPORT | Page 1 Barshim in shortlist for top INDEX DOW JONES QE NYMEX QATAR 2-7, 24 COMMENT 22, 23 QFC is eyeing IAAF prize REGION 8 BUSINESS 1-7, 12-16 Turkish businesses 23,552.33 8,014.71 57.09 ARAB WORLD 8 CLASSIFIED 8-12 +13.14 -112.18 +1.45 INTERNATIONAL 9-21 SPORTS 1-8 +0.06% -1.38% +2.61% in a big way Latest Figures TUESDAY Vol. XXXVIII No. 10630 November 7, 2017 Safar 18, 1439 AH www. gulf-times.com 2 Riyals GULF TIMES Emir meets Volkswagen chairman New decree In brief offers big QATAR | Religion Prayer for rain to be performed on Thursday The Ministry of Awqaf and Islamic Affairs has called on all Muslims in the incentives State to perform Istisqa (rain-seeking) prayer on Thursday (20 Safar 1439/ November 9) in line with the Sunnah of Prophet Muhammad (peace be upon him). In a statement, the ministry called His Highness the Emir Sheikh Tamim bin Hamad al-Thani met yesterday at the Emiri Diwan with Volkswagen Group Supervisory for the performance of the prayer at Board Chairman Hans Dieter Poetsch. The meeting dealt with boosting co-operation ties. the State’s mosques at 06.01am. to investors QATAR | Event Emir issues Decree Law No 21 of 2017, amending some Safety and security provisions of Law No 34 of 2005 on Investment Free Zones meet kicks off today is Highness the Emir Sheikh ated the local, regional and interna- Under the patronage of HE the Prime Tamim bin Hamad al-Thani is- tional developments for achieving Minister and Minister of Interior Sheikh Qatar Airways buys 9.6% H sued yesterday Decree Law No the nation’s economic targets and at- Abdullah bin Nasser bin Khalifa al- 21 of 2017, amending some provisions tract local and foreign investments. Thani, the First Major Event Safety and of the Law No 34 of 2005 on Invest- The amendments were also aimed at Security Conference kicks off today at ment Free Zones. enhancing the business environment St. Regis Doha. The two-day conference The decree law is effective starting in the country and meet the chal- is organised by the Security Committee stake in Cathay Pacific from its date of issue and is to be pub- lenges and changes in the economic of the Supreme Committee for Delivery lished in the official gazette. field. “This would further boost the & Legacy (SC) in collaboration with Commenting on the new law, HE authenticity of state organisations to Interpol. Page 7 It’s national carrier’s first major acquisition in an Asian airline the Prime Minister and Interior Min- attain Qatar National Vision 2030 and ister Sheikh Abdullah bin Nasser bin its national strategies and economic QATAR | Education By Pratap John share capital. Completion of the trans- in International Airlines Group, 10% in- Khalifa al-Thani, said the amend- orientations based on freeing up trade New QNL building Chief Business Reporter action is expected to take place later to- vestment in LATAM Airlines Group and ments were recommended by the and economy, and give room for the day in Hong Kong.” 49% investment in Meridiana.” Cabinet based on the Emir’s in- private sector to play a pioneering role opens to public today Qatar Airways Group Chief Executive For Cathay Pacific, the Qatar Airways structions to speed up economic de- in the economic activities in the coun- The new Qatar National Library (QNL) atar Airways has broadened its Akbar al-Baker said: “Qatar Airways is stake will give it a third strategic share- velopment and investment, besides try.” building in Education City will open global reach by purchasing a very pleased to complete its financial holder behind Swire Pacific Ltd and Air providing the highest possible ad- He said creating a conducive invest- its doors to the public for the first Q9.61% stake in Cathay Pacific, investment in Cathay Pacific. Cathay China Ltd and under the terms of the vantages to both Qataris and foreign ment atmosphere is a joint responsibil- time today. QNL contains the latest the national carrier’s first major stake in Pacific is a fellow oneworld member Cathay deal, Qatar Airways will buy investors. “Accordingly, the Cabinet ity of the State and the private sector. advances in digital technology in the an Asian airline. and is one of the strongest airlines in the about 378.2mn shares. had worked throughout the past pe- HE Sheikh Abdullah bin Nasser world of information and libraries. It Qatar Airways, which is the world’s world, respected throughout the indus- A Reuters’ dispatch quoted Hong riod on the strategy to advance the pointed out that the free investment give residents access to more than fastest-growing airline, yesterday said it try and with massive potential for the Kong’s Kingboard Chemical Holdings economic development policy of the zones offered excellent investment op- 1mn books, periodicals, and special “entered into an agreement to purchase future. and said it had sold the stake to Qatar country through effective and inno- portunities and would lead to increase collections, in addition to the heritage an amount of 378,188,000 shares of “This investment further supports Airways for HK$5.16bn ($661mn), mak- vative means and to benefit from the in GDP, the volume of investment and library, and a special collections for Cathay Pacific Airways Limited, being Qatar Airways investment strategy, ing the Middle Eastern carrier the third- available opportunities.” trade, as well as the creation of job op- children and young people. Page 2 approximately 9.61% of the total issued which already includes 20% investment largest shareholder in Cathay. To Page 4 The premier said the Cabinet evalu- portunities. To Page 24 Top fashion school planned for Qatar By Ramesh Mathew well as a fashion destination in coming Heya Arabian Fashion Exhibition being Staff Reporter years as there is enormous interest in held in Doha (November 3-7). “There its people. was an impressive turnout of young The famed Italian designer, who has fashion lovers and my inquiries found prestigious fashion school of in- excelled in diverse areas of fashion over some of the locals want to deliver spe- ternational standards would be the years is hopeful that the school cific apparels to suit the needs and re- A opened in Qatar next year, a top would be offering a series of activities quirements of the region’s populace. visiting Italian designer has said. round the year as a number of Qatari With a little more exposure, experi- Rome-based Valeria Mangani, who men and women are evincing interest ence and better skills the local students has perfected and created an array of in acquiring better knowledge and in- could also launch quality costumes designs in such areas as apparels, bags, formation in different areas of fashion. that could make a mark even in the in- accessories and jewels, told Gulf Times “This is becoming more evident from ternational market,” feels the famous that “a move in that direction (estab- the presence of a large number of top designer. lishing a fashion school) is going on brands in Doha,” she said. While replying to queries about the and the institute is likely to be a real- Fashion, said Mangani, is a 360-de- Italian fashion world, Mangani said ity, most probably in the first half of gree umbrella but a large number of though some of the local connoisseurs 2018”. people feel it deals only with apparels know it too well that the institutes in She said a number of “quality and and costumes. “It also covers such ar- Rome are deeply rooted in traditions useful” lessons in fashion and design- eas as bags and similar personal leather and culture, they are not exactly famil- ing would be imparted to the country’s accessories, quality footwear, writing iar with the day- today developments fashion buffs by well-experienced pro- instruments, and jewels among others.” in the industry there. “As a result, a fessionals from Italy. Mangani said she Mangani is extremely happy at the perceivable gap exists and that is ex- is quite optimistic that Qatar would do response her session received at the pected to be bridged with the arrival of a fashion school of international stand- ards in Doha,” she said while revealing her plans for a show involving some of the upcoming Italian brands next sum- mer. The designer said her country had a colourful record in the fashion arena since the Renaissance and its influence is felt all over the European and Medi- terranean regions. “Now, more than 2.8mn people are employed at different levels in the fashion industry,” she said adding that since the early 70s , a large number of modern trends have origi- nated from Milan. Along with Mangani, Marco Coretti, the Vice- President of the Chamber of High Fashions, is also in Doha. Chamber of High Fashions, run by the Ministry of Economic Development of Italy, is a reputable institution, providing sup- port to people at different levels of the fashion world. Valeria Mangani and Marco Coretti in Doha. Page 24 Gulf Times 24 Tuesday, November 7, 2017 QATAR ‘Qatar Welcomes the World’ Unique options attract tourists to Qatar shores QNA Doha ourism in Qatar brings together mod- ern and traditional styles in its ar- Tchitectural designs which visitors to Qatar can see in the old markets, museums, skyscrapers, unrivalled sports venues, ho- tels and malls. All these refl ect Qatar’s cul- tural movement, rich in local identity and open to the cultures of the world.
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