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QNA
Doha
THE Cabinet at its weekly meeting chaired by Prime Minister HE Sheikh Abdullah bin Nasser bin Khalifa al Thani at Amiri Diwan on Wednesday approved a draft law amending some provisions of Law No (21) of 2015 regulating the entry and exit of expatriates and their residency and decided to refer it to the Advisory Council.
The Cabinet also approved a draft law on the mortgage of movable property. The draft law aims to enable companies and individuals to obtain bank loans by guaranteeing the mortgaging of movable property, and to contribute to reducing the cost of loans in order to support small and medium enterprises and their contribution to the national economy.
The Cabinet also took necessary measures to issue a draft law regulating non-Qatari capital in the economic activity after reviewing the recommendation of the Advisory Council.
The draft law replaces Law No (13) of 2000 regulating the investment of non-Qatari capital in economic activity.
Under the provisions of the draft law, non-Qatari investors may invest in all economic sectors up to 100 percent of the capital, and they may own no more than 49 percent of the share capital of Qatari listed companies on Qatar Exchange, after the approval of the Ministry of Economy and Commerce on the percentage proposed in the Company's memorandum of association and articles of association.
They may also hold a percentage exceeding the mentioned one with the approval of the Cabinet upon a proposal by the Minister.
The draft law contains many investment incentives. The Cabinet may, on the proposal of the Minister, grant the investment projects incentives and benefits in addition to what is provided for in this law.
The Cabinet meeting was chaired by Prime Minister and Minister of Interior HE Sheikh Abdullah bin Nasser bin Khalifa al Thani.
After the Cabinet meeting, Minister of Justice and Acting Minister of State for Cabinet Affairs HE Dr Hassan bin Lahdan al Hassan al Mohannadi said that Cabinet welcomed the final communique of the Extraordinary Islamic Summit which was held recently in Istanbul with the participation of the Amir HH Sheikh Tamim bin Hamad al Thani.
The Cabinet praised the speech of HH the Amir at the opening session of the Summit which affirmed the State of Qatar's firm positions in support of the legitimate rights of the Palestinian people, stressed the need for a just and comprehensive solution to the Palestinian cause by establishing an independent state with Al-Quds Al-Sharif as its capital, rejected the practices of the Israeli occupation authorities, and called on the international community to take practical, real and effective steps to protect the Palestinian people.
The Cabinet also praised the efforts of the President of Turkey Recep Tayyib Erdogan in support of the Palestinian cause and his role in convening the Extraordinary Islamic Summit successfully.
The Cabinet underlined that the final communique of the Summit expressed the feelings of the Muslim peoples towards the Palestinian cause.
Furthermore, the Cabinet approved the accession to the Agreement for the Establishment of the International Anti-Corruption Academy.
The Cabinet also approved a draft commercial and economic partnership agreement between the governments of Qatar and Turkey; air services agreement between Qatar and the Federated States of Micronesia; MoU between the International Anti-Corruption Academy and the Administrative Control and Transparency Authority of Qatar; and MoU for cooperation in the field of higher education and scientific research between Qatar and Serbia.
The Cabinet reviewed Smart Qatar Program and the draft Cabinet decision establishing the Supreme Committee of Smart Qatar Program, and took the appropriate decision thereon.
