Qatar allows full foreign ownership of listed companies

DOHA

The Qatari Council of Ministers on Thursday approved a draft law allowing foreign investors to own up to 100% of the capital of companies listed on the Doha Stock Exchange.

Qatar used to allow foreign investors to own up to 49% of companies listed on the local stock exchange, and 100% of unlisted companies and real estate.

The council stated in a statement that following its weekly meeting on Wednesday, it decided to continue the work of the National Guarantee Program at Qatar Development Bank until the end of September 2021.

The program aims to ensure that the Qatari government guarantees loans to the sectors affected by the coronavirus pandemic. It also extended the interest grace period for an additional year for the National Guarantee Program to cover two years without interest until April 2022.

Qatar is under pressure due to the repercussions of the coronavirus outbreak and the high cost of organizing the FIFA World Cup in 2022, but its economy is coping with the pressure based on the rise in its foreign reserves and assets in the sovereign fund.

*Writing by Mahmoud Barakat in Ankara