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QBA mulls ‘business fund’ to support private sector
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QBA mulls ‘business fund’ to support private sector

Tribune News Network


The crisis committee of the Qatari Businessmen Association (QBA) on Wednesday proposed the establishment of a ‘business fund’ to support the private sector in facing potential economic consequences of the coronavirus pandemic (COVID-19) in the country.   

The crisis committee, which was established during a virtual meeting of QBA members on Wednesday, is aimed at creating direct communication between QBA and the government to follow up and coordinate with the various ministries on mechanisms for the allocation of government incentives to support the private sector and compensate the affected parties.

The committee, led by QBA Chairman Sheikh Faisal bin Qassim al Thani, also proposed to reduce the economic impact on the business environment in line with government directives provided that its tasks are limited to providing technical and financial support for troubled companies from the private sector, within the regulatory, legal and supervisory framework in place by the relevant authorities in the state.

The virtual meeting, headed by Sheikh Faisal, discussed the repercussions of COVID-19 on the business sector in particular and the Qatari economy in general and discussed effective ways to overcome it.

The meeting covered a number of ideas and proposals to reduce the economic impact of the virus on the business sector in the country.

They stressed the importance of continuing cooperation between the public and private sectors in light of the exceptional circumstances the country is going through and pledging to put all capabilities of all Qatari businessmen in the service to the government.

The QBA members discussed and praised the directives of the Amir HH Sheikh Tamim bin Hamad Al Thani to avoid and contain the human and economic effects of coronavirus on public life and to continue to achieve economic and social stability in the country.

During the meeting, the members praised the various measures taken by the government to support the private sector.

“The financial incentives would give the private sector more confidence and would restore balance and stability to the business environment, and protect it from financial turmoil. It would also help the private sector continue its role as a partner in achieving comprehensive development in a consistent manner,” QBA said in a statement. 

The QBA chairman hailed the speedy government response as directed by the Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz al Thani to control the spread of the virus within the state.

“The adoption of economic support programmes, monitoring the progress of its implementation, and examining the results, in a way that contributes to protecting the national economy and restoring its health in cooperation with all entities in the country are praiseworthy,” the QBA chairman said. 

The QBA members also praised the efforts of the Ministry of Commerce and Industry (MoCI) for its efforts to maintain a stable economic environment in light of the current pandemic.

They also thanked the Ministry of Public Health (MoPH), all health workers in the country including doctors, nurses, and administrators for their tremendous efforts in protecting citizens and residents from the virus.


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