The Cabinet on Wednesday took the necessary measures to issue a draft law that aims to attract non-Qatari capital to the country and promote economic development, after reviewing the Advisory Council’s recommendations on the matter.

The decision was taken at the Cabinet’s weekly meeting, the official Qatar News Agency (QNA) reported.

The draft legislation was prepared to replace Law No 13 of 2000 regulating the investment of non-Qatari capital in the country’s economic activity.

The draft law stipulates that non-Qatari investors “may invest in all economic sectors up to 100% of the capital, and may own no more than 49% of the share capital of Qatari listed companies on the Qatar Exchange, after the approval of the Ministry of Economy and Commerce on the percentage proposed in the company’s memorandum of association and articles of association”, the report states.

They may also hold a percentage exceeding the mentioned percentage with the approval of the Cabinet upon a proposal by the minister concerned.

“The draft law contains many investment incentives. The Cabinet may, on the proposal of the minister, grant the investment projects incentives and benefits in addition to what is provided for in this law,” QNA said.

Earlier this month, the Advisory Council approved the draft law and decided to forward its recommendations to the Cabinet after discussing the report of the Financial and Economic Affairs Committee on the legislation.

Previously, HE the Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani had stressed that the draft law on organising foreign investment was meant to attract foreign capital in all economic and commercial activities and sectors, thereby helping foreign capital inflow, which would push forward the country’s economic development.

He had said implementation of the draft law, approved by the Council of Ministers at its first regular meeting of 2018, is in accordance with the directives of His Highness the Amir Sheikh Tamim bin Hamad al-Thani.

After HE the Prime Minister Sheikh Abdullah bin Nasser bin Khalifa al-Thani chaired the Cabinet meeting at the Emiri Diwan yesterday, HE the Minister of Justice and Acting Minister of State for Cabinet Affairs Dr Hassan bin Lahdan al-Hassan al-Mohannadi said the Cabinet also gave its nod to a draft law amending some provisions of Law No 21 of 2015 regulating the entry and exit of expatriates and their residency, and decided to refer it to the Advisory Council.

The meeting also approved a draft law on the mortgage of movable property.

The draft legislation aims to enable companies and individuals to obtain bank loans by mortgaging of movable property, and to contribute to reducing the cost of loans in order to support small and medium enterprises and their contribution to the national economy.

The Cabinet also gave its nod to accession to the Agreement for the Establishment of the International Anti-Corruption Academy.

The Cabinet also approved the following yesterday: a draft commercial and economic partnership agreement between the governments of Qatar and Turkey; a draft air services agreement between the governments of Qatar and the Federated States of Micronesia; a draft memorandum of understanding (MoU) between the International Anti-Corruption Academy and the Administrative Control and Transparency Authority in Qatar; and a draft MoU for co-operation in the field of higher education and scientific research between the governments of Qatar and Serbia.

Further, the Cabinet reviewed the Smart Qatar Programme and the draft Cabinet decision establishing the Supreme Committee of the programme, and took the appropriate decision thereon.