The government of Qatar has outlined new legislation that will create a new international financial centre in the Gulf region, alongside Dubai and Bahrain.
Speaking in Doha at a conference sponsored by the Middle East Economic Digest (MEED), Qatar's Minister of Economy & Commerce Mohammed Al Thani explained that the new laws are intended to attract international financial institutions and multinational corporations to the gas-rich Gulf state.
Qatar has already established a corpus of regulations, and the sector will be overseen by the Qatar Financial Regulatory Authority which will grant licences to financial firms.
The authorities are stressing the Qatar will not become an offshore centre, and firms will continue to be taxed, albeit at relatively low rates. However, new firms will benefit from a three year tax holiday and will have full freedom to repatriate profits whilst enjoying 100% ownership of any ventures established in the centre.
Recognising that prospective firms will require modern office facilities, Qatar will be leasing office space in a purpose built tower in Doha, although the authorities were keen to emphasise that the new centre is “not a property play.”
Qatar claims to be the fastest growing economy in the world, and the government predicts that the country will be the largest supplier of liquefied natural gas (LNG) by 2012. In a bid to realise this potential, some $108 billion is being invested in infrastructure and hydrocarbon projects over the next five years.
"Qatar is developing its financial centre from a position of strength. We are one of the few countries to enjoy a fiscal surplus, an A+ stable Sovereign risk rating and extremely high GDP growth,” observed Al Thani.
“By aligning our goals with the international firms we seek to attract, we aim to create progressive partnerships whereby we enable firms to operate profitably in Qatar – this, in turn, benefits the country. I am confident that the new financial centre marks another significant step in the transformation of our economy," the Minister declared.
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