As Qatar is looking to diversify from its energy-based economy, the government has cleared a draft law, which will allow any type of company to be set up by a legal professional from Qatar or outside, without requiring to adhere to prevailing company laws applicable elsewhere, writes Syed Ameen Kader.
Manataq, which is currently developing three economic zones in Ras Bufontas, Al Karana, and Um Alhoul, has been granted a 50-year concession during which it will be in charge of the management, development, operation, and maintenance of the zones.
The new law means company owners setting up a business inside Qatar’s economic zones can now have 100 percent ownership, as well as enjoy freedom for the unrestricted transfer of capital, revenues or investments out of the country. In general, the draft law on economic zones in Qatar highlights the growing importance of the sector within the Gulf Cooperation Council.
