Qatari Businessmen Association mulls fund to support troubled companies amid COVID-19 pandemic

Doha: The Qatari Businessmen Association (QBA) is planning to establish a ‘business fund’ to provide technical and financial support for troubled companies in the private sector which are facing the economic impact of COVID-19 in Qatar, it announced yesterday.

In a virtual meeting headed by QBA Chairman Sheikh Faisal bin Qassim Al Thani, QBA members discussed the repercussions of the crisis of the coronavirus pandemic on the Qatari economy and the business sector in the country. The meeting discussed effective ways to overcome its economic consequences and impacts on the business environment and the private sector.

During the event, QBA members first discussed and praised the directives of the Amir H H Sheikh Tamim bin Hamad Al Thani, to avoid and contain the human and economic effects of the coronavirus on public life, and to continue to achieve economic and social stability in the country.

Members also reiterated that the bundle of economic support to the private sector and the associated executive programmes and the announced financial incentives would give the private sector more confidence and would restore balance and stability to the business environment, and protect it from financial turmoil. It would also help the private sector continue its role as a partner in achieving comprehensive development, in a consistent manner with the national interest, and in coordination with the general policies of the country and its national vision.

The meeting also covered a number of ideas and proposals that would reduce the economic impact of the COVID-19 pandemic on the business sector in the country, protect the gains of the private sector, and support stimulus programmes.

A number of initiatives have been approved during the meeting, most notably the establishment of a Crisis Committee, which included QBA members and chaired by QBA Chairman Sheikh Faisal bin Qassim Al Thani.

The committee will develop direct communication between the QBA and the government, to follow up and coordinate with the various ministries on mechanisms for the allocation of incentives that the Amir H H Sheikh Tamim bin Hamad Al Thani has directed to support the private sector and compensate the affected parties. The committee will raise the study and the attached proposals included to the competent authorities.

The Crisis Committee also proposed the establishment of a ‘business fund’ to support the private sector in facing potential economic consequences of the coronavirus, and to reduce its economic impact on the business environment, in line with government directives, provided that its tasks are limited to providing technical and financial support for troubled companies from the private sector, within the regulatory, legal and supervisory framework in place by the relevant authorities in Qatar.

During the meeting, the participants highlighted the Qatari government’s speedy response, headed by the Prime Minister and Minister of Interior H E Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, as well as the wide range of precautionary measures implemented to control the transmission and spread of the pandemic within the State, the adoption of economic support programmes, monitoring the progress of its implementation, and examining the results, in a way that contributes to protecting the national economy and restoring its health in cooperation with all entities in the country.

QBA Members also praised the efforts of the Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari and the MoCI, and stressed the challenging role they are undertaking in order to maintain a stable economic environment in light of the current pandemic.

Also, all parties discussed and thanked the Ministry of Public Health (MoPH) and all the health workers in the country, including doctors, nurses and administrators, for their tremendous efforts in serving the citizens and the residents and protecting the country from the spread of the coronavirus among the community members.

Members during the event also stressed the importance of continuing cooperation between the public and private sectors in light of the exceptional circumstances the country is going through, and pledged to put all capabilities of all Qatari businessmen in the service of the government to avoid the human and economic impact of the COVID-19 pandemic, and support companies to maintain an economic and stable social environment.