Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari revealed the establishment of 120 new factories in Qatar since the siege, adding that 60 more establishments will be completed in 2019.
“We currently have 809 licensed factories in the State of Qatar with an investment of over QR 250 billion, 70% of which are oil and gas related industries, and basic industries such as iron and aluminum, and 30% small and medium industries,” Al-Kuwari said during an interview with Al-Rayyan TV.
He described the efforts of the private sector during the last period as “tremendous” at all levels and not only at the industrial level. As an example, he pointed that for milk Qatar was 100% dependent on import but now there are 14 thousand dairy cows and 10,000 non-milking cows, and domestic dairy production now covers 100% of the local needs.
“The goods and products reach the Qatari market faster and are now available at a more competitive rate. Before the blockade, we received goods from only one or two markets and now we have opened up to the European, American and Asian markets.” Al Kuwari said.
Speaking on the features of the law on foreign ownership in real estate, the Minister of Commerce and Industry said that the new law will allow the expansion of free foreign ownership in 10 areas of the country, expand the use of real estate in 16 new areas, and allow ownership in commercial complexes and residential villas.
He pointed out that the State of Qatar has seen the largest leap in the real estate sector in line with the State’s approach to opening up foreign investment. It is part of Qatar Vision 2030 and the Qatar Strategic Plan 2018-2022, which is an important trend that will stimulate the real estate market and the commercial and tourism market.
The law will also have a good return for attracting investors, tourists, commercial movement and tourism sector.