Non-Qatari Investment Law Aims to Boost Economic Development
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WEDNESDAY JANUARY 9, 2019 JUMADA AL-AWWAL 3, 1440 VOL.12 NO. 4509 QR 2 HAZY Fajr: 4:58 am Dhuhr: 11:42 am HIGH : 28°C Asr: 2:40 pm Maghrib: 5:00 pm LOW : 18°C Isha: 6:30 pm Business 12 Sports 16 Number of Kuwaiti firms in Youthful Qatar ready for Qatar up 34% in 2018 hopeful Lebanon Non-Qatari investment law aims to boost economic development Amir to meet Iraqi president tomorrow Law aims to attract foreign investments in all To facilitate foreign investors’ access to the market and DOHA The Amir HH Sheikh Tamim economic and commercial sectors improve country’s investment security index bin Hamad al Thani will meet Iraq President Dr Barham Salih at the TRIBUNE NEWS NETWORK provisions of this law. Non-Qatari out the duration of the contract’s Amiri Diwan on Thursday. The Iraqi DOHA capital, on the other hand, is de- implementation and obtain the president will arrive in Doha on an fined as money, in-kind invest- licence to undertake permitted ac- official visit on Wednesday. The THE law regulating investment of ments or rights held by non-Qatari tivities in line with the provisions of Amir and the Iraqi president will non-Qatari capital aims to promote investors. applicable laws in the state. hold talks on relations between the economic development, attract The law outlines regulations The law allows non-Qatari in- two countries and ways to promote foreign investment in all economic governing the investment of non- vestors to own a percentage not them. They will also discuss issues and commercial activities and lure Qatari capital, which is permitted exceeding 49 percent of the share of mutual concern. (QNA) 100 percent foreign capital inflows, in all sectors of the economy. In- capital of listed companies, provid- the Ministry of Commerce and In- vestments may be undertaken after ed that the ministry approves the dustry (MoCI) has said. submitting a request to the compe- proposed percentage. A non-Qatari In a statement on Tuesday, the tent department, which processes investor may also hold a higher ministry said the law also aims at the application within 15 days. percentage after the approval of the accomplishing economic diver- A non-Qatari investor whose Council of Ministers upon the pro- sification in line with the Qatar application is rejected may ap- posal of the Minister. National Vision 2030, facilitat- peal to the Minister within 15 days Article 25 of the law states that ing foreign investors’ access to the and the appeal shall be considered plementation of business contracts shareholder. A non-Qatari compa- the provisions of this law do not ap- market and bolstering the country’s within 30 days. A non-Qatari inves- in Qatar must comply with the fol- ny shall also have a commercial re- ply to companies and individuals confidence and investment security tor is prohibited from investing in lowing regulations: The execution cord and shall obtain a commercial that the state tasks with the extrac- index. the banking industry and insurance of the contract shall be undertaken license for its branch, after procure- tion, exploitation or management of The first article of the law iden- companies except for companies through the company’s branch in ment and before the signing of the natural resources through a conces- tifies a non-Qatari investor as a per- excluded based on a decision of the the country and the contract shall contract. Non-Qatari companies sion or special agreement, except to US Gulf crisis envoy son who invests his money in any of Council of Ministers. be ratified with a state or govern- shall also fulfil all the requirements the extent where it is not contrary the projects authorised for direct The law stipulates that non-Qa- ment agency, public institution or set by government agencies, renew to the provisions of the concession Anthony Zinni resigns investment in accordance with the tari companies tasked with the im- companies in which the state is a the contract and licence through- or special agreement. PAGE 13 WASHINGTON The US State De- partment envoy to resolve the Gulf crisis, Anthony Zinni, has resigned. SHEIKHA HIND MEETS OFFICIALS FROM Zinni resigned after realising he could not help resolve the Gulf dis- QF PARTNER UNIVERSITIES IN US ‘Changes to law will help pute “because of the unwillingness of the regional leaders to agree to a viable mediation effort that in quick disposal of cases’ we offered to conduct or assist in implementing,” he told CBS News. Zinni also felt there was no need TRIBUNE NEWS NETWORK to ensure that Qatari legisla- for his involvement with the Middle DOHA tions are in line with the devel- East Strategic Alliance (MESA) opment witnessed by Qatari concept, a security alliance that he AMENDMENTS to some of society. was asked to introduce to regional the provisions of the Civil and Ahmed al Subaie, a law- leaders, since other members of Commercial Procedure Law yer, said the amendment to the administration are carrying it enacted by Law No 13 of 1990 the legislation tackles the in- forward. (QNA) will lead to speedier delivery creasing challenges facing the of justice, according to legal courts and will help them to experts. deliver justice quickly. Quick implementation of WELCOME MOVE Subaie said the accelerated New law to safeguard court orders will reduce the OThe amendments stip- implementation of verdicts in local products from number of pending cases, ulate that the sentences the previous law and the im- they said. cannot be enforced as plementation of verdicts is- harmful trade practices The amendments stipulate long as the appeal is sued by the Court of First In- that the sentences cannot be permissible, which was stance resulted in an increase DOHA The law on supporting the competi- enforced as long as the appeal not the case in the in the cases. tiveness of national products and com- is permissible, which was not previous law and this “This has resulted in pil- bating practices that may prove harmful HE Sheikha Hind bint Hamad al Thani, Vice-Chairperson and CEO of Qatar Foundation for the case in the previous law. It led to imposition of sen- ing up of hundreds of cases, against them in international trade is Education, Science and Community Development (QF), met senior officials from the home led to imposition of sentences putting burden on the ad- PAGE 20 tences of the first degree aimed at enhancing the position of the campuses of QF’s international partner universities in Washington on Tuesday. of the first degree that was later which later cancelled ministrative apparatus of the Qatari products in local, regional and inter- cancelled during appeal. This during appeal. This courts, litigants and lawyers,” national markets, Ministry of Commerce has caused problem for many caused a lot of problem he added. and Industry (MoCI) said in a report re- citizens, they noted. for many citizens Article 25 states that a de- leased on Tuesday. Highlighting the main The amendments also stip- cision by the Supreme Council provisions of the law, the ministry said beIN suspends broadcast in Egypt ulate that the Court of First of the Judiciary may assign that it aims to support competitiveness DOHA beIN Media Group has announced that they will stop broadcasting in Egypt from Instance shall adjudicate cases slow litigation process and en- one or more chambers to the of national products and combat harmful Tuesday as they were not able to reach an agreement with Cable Network Egypt. “After expeditiously, and the compe- sure justice to keep pace with Court of First Instance and the practices in international trade like dump- lengthy negotiations and having tirelessly tried to agree reasonable commercial terms with tent heads of ministries, gov- development in all sectors. Court of Appeal to hear cases ing and subsidised trade to protect local Cable Network Egypt (CNE) – including acting in considerable good faith by granting the ernment bodies, public bod- Most of the laws governing that any government min- products and enable them to compete in network multiple extensions to conclude the renewal process – CNE steadfastly refuses to ies, institutions, lawyers and the work of the judiciary were istries, other governmental the market. The law has defined dumping agree such terms,” beIN Media Group said in a statement. The broadcaster said that due adversaries shall provide the old and were not suitable for bodies, public bodies and in- as the export of a product to the state at to this, they are unable to provide their services on CNE as of January 8, 2019 until such court with the necessary data, the modern days. They, there- stitutions are involved in. This price below than the normal value of a time that CNE agrees reasonable terms. “Viewers in Egypt can still continue to enjoy our files or papers required for fore, needed to be amended to positively affects the develop- similar product in the exporting country in beIN Connect services on their smartphones, tablets, laptops, desktops and smart TVs by adjudication within one week achieve justice, they added. ment process, he said. the normal course of trade. PAGE 13 visiting: www.bein.net/connect,” the statement said. (TNN) from the date of the request. They pointed out that the The new article addresses the legal authorities always strive Continued on page 2 Ô MOWASALAT (Karwa) has launched 40 new Audi A8, Businesses must file one-time transitional Karwa adds 40 new cars to A6, A4 2019 and Volkswagen Passat 2019 limousines. The new cars have already begun excise tax return by January 31: GTA its luxury limousine fleet serving the public.