Qatar Chamber has started preparing a draft plan for the partnership law between the public and private sectors. The part of initiatives for the implementation of the directives of the Emir, H H Sheikh Tamim bin Hamad Al Thani, which appeared in his inaugural speech at the 45th ordinary session of the Advisory Council recently.
This was revealed by Sheikh Khalifa bin Jassim bin Mohammed Al Thani (pictured), Chairman of QC in an interview with Al-Sharq, QNA reported.
Sheikh Khalifa said that the Emir's speech drew an economic policy that keeps pace with global changes, and we must all, the government and the private sector, understand the nature and characteristics of these changes in order to deal with them properly.
Speaking on the ‘Made in Qatar Exhibition’, which opened on Sunday in Riyadh, Sheikh Khalifasaid that after the great success achieved during the previous edition held in Qatar, it should be launched regionally in a preparation for a global launch, adding that the choice of Saudi Arabia was successful because of the fraternal ties between the two countries, in addition to the depth of the economic and trade relations and the extent of the cooperation between Qatari and Saudi business owners.
Sheikh Khalifa said that there was a trend towards industrial investment as the most important sector that contributes to economic growth and contributes to the gross domestic product. He added that the Qatar sought, in order to achieve this goal, to create an appropriate investment structure to attract local, regional and international investments, as well as to raise the contribution of the private sector in the industrial development.
Sheikh Khalifa also said that petrochemical, real estate and infrastructure are the most prominent sectors acquired by Qatari investments in the various Arab and foreign markets, stressing in this regard that the success of these investments comes through extensive studies by selecting the appropriate time and place to pump the Qatari investments and funds, saying that Qatar has investments in Europe, Asia, US and Russia.
Qatar is one of the leading countries in the domestic and foreign investment and in exploiting the available financial earnings as Qatari investments cover most of the world. He noted that Qatar Investment Authority (QIA) ranked first in the world in 2014, in term of growth rate in the volume of assets that reached over 50 percent since its establishment in 2005, recording $256bn.
He pointed out that the size of the assets of the QIA, estimated at about $450bn, distributed among a number of sectors, including investment and banking portfolios and real estate, tourism and agricultural sectors, as well as other economic activities in Qatar, GCC countries and various countries of the world.
Sheikh Khalifa added that according to economic reports, during the past five years, Qatar was able to invest about QR477bn ($131bn) and during last year Qatari investments abroad amounted to $36.5bn, compared to $21.5bn in 2013. The volume of these investments in 2012 reached approximately $45bn (QR163.86bn) compared to $13bn (QR47.33bn) in 2011 and $15bn in 2010.
He said that the advantage to invest in Qatar is the allocation of lands for the investor for a period of 50 years, which may be renewed, utilization of lands and condominiums in specific areas for a period of 99 years, renewable for a one-time and the exemption of foreign capital from income tax for 10 years.
