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QNA
Doha
The Cabinet has approved a draft law on combating the concealment of non-Qatari practice of commercial, economic and professional activities in violation of the law. The Cabinet referred the matter to the Shura Council.
The Cabinet, chaired by Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, took the decision on Wednesday.
The preparation of the draft law comes to replace Law No 25 of 2004 and within the framework of modernizing legislation, creating an investment environment based on transparency, and consolidating the practice of activities in accordance with the provisions of the laws in force in the country. Under the provisions of the draft, any non-Qatari person, whether a natural or legal person, is prohibited from the following:
1- To practice or invest in a commercial, economic or professional activity that he is not licensed to practice or invest according to the laws in force in the state.
2- Obtaining percentages of profits that exceed the percentages stipulated in the company’s incorporation document or its articles of association.
It is also prohibited for any natural or legal person to cover up non-Qatari persons by enabling them to practice or invest in a commercial, economic or professional activity in violation of the provisions of the laws in force in the country, whether by allowing them to use the name of the one who covers up, their license, or their commercial or professional record, or by any other method that enables them to evade their obligations under the laws in force in the country, and whether this is done for the account of the person being covered up or the one who covers up or others.
The Cabinet also approved the move to increase the percentage of non-Qatari investor ownership in the capital of some banks and joint stock companies listed on the Stock Exchange, based on the proposal of the Minister of Commerce and Industry.
Under this decision, a non-Qatari investor may own up to 100 percent of the capital of the following banks and companies: 1- Qatar International Islamic Bank.
2- Doha Bank.
3- Medical Care Company.
4- Qatar Gas Transport Company Limited (Nakilat).
5- Qatar Fuel Company (Woqod).
At the outset of the meeting, the Cabinet praised His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani’s speech on Tuesday at the opening of the Qatar Economic Forum 2022, Powered by Bloomberg.
The Cabinet affirmed that His Highness’ speech, with its important visions, ideas and contents, clearly identified the causes of the difficulties and challenges that the global economy is currently facing and how to overcome them.
The Cabinet valued HH the Amir’s call during his important speech for all countries to adhere to a set of principles, the first of which is the consolidation of justice, equality and solidarity, and the rejection of double standards, in addition to His Highness’s affirmation that the success in overcoming current challenges depends on the ability to adhere to these principles.
The Cabinet expressed great satisfaction for the continued leadership of Qatar in the Middle East and North Africa region in the Global Peace Index and for occupying an advanced position at the global level, as it ranked first place at the level of the countries of the Middle East and North Africa region.
The Cabinet was then informed of the Shura Council’s approval of the following draft laws: 1- A draft law amending some provisions of Decree Law No. 17 of 2010 on the organization of the National Human Rights Committee (NHRC).
2- A draft law regulating the use of cash in transactions.
3- A draft law on the protection of protection of victims, witnesses and other cooperating persons.
Doha
The Cabinet has approved a draft law on combating the concealment of non-Qatari practice of commercial, economic and professional activities in violation of the law. The Cabinet referred the matter to the Shura Council.
The Cabinet, chaired by Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, took the decision on Wednesday.
The preparation of the draft law comes to replace Law No 25 of 2004 and within the framework of modernizing legislation, creating an investment environment based on transparency, and consolidating the practice of activities in accordance with the provisions of the laws in force in the country. Under the provisions of the draft, any non-Qatari person, whether a natural or legal person, is prohibited from the following:
1- To practice or invest in a commercial, economic or professional activity that he is not licensed to practice or invest according to the laws in force in the state.
2- Obtaining percentages of profits that exceed the percentages stipulated in the company’s incorporation document or its articles of association.
It is also prohibited for any natural or legal person to cover up non-Qatari persons by enabling them to practice or invest in a commercial, economic or professional activity in violation of the provisions of the laws in force in the country, whether by allowing them to use the name of the one who covers up, their license, or their commercial or professional record, or by any other method that enables them to evade their obligations under the laws in force in the country, and whether this is done for the account of the person being covered up or the one who covers up or others.
The Cabinet also approved the move to increase the percentage of non-Qatari investor ownership in the capital of some banks and joint stock companies listed on the Stock Exchange, based on the proposal of the Minister of Commerce and Industry.
Under this decision, a non-Qatari investor may own up to 100 percent of the capital of the following banks and companies: 1- Qatar International Islamic Bank.
2- Doha Bank.
3- Medical Care Company.
4- Qatar Gas Transport Company Limited (Nakilat).
5- Qatar Fuel Company (Woqod).
At the outset of the meeting, the Cabinet praised His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani’s speech on Tuesday at the opening of the Qatar Economic Forum 2022, Powered by Bloomberg.
The Cabinet affirmed that His Highness’ speech, with its important visions, ideas and contents, clearly identified the causes of the difficulties and challenges that the global economy is currently facing and how to overcome them.
The Cabinet valued HH the Amir’s call during his important speech for all countries to adhere to a set of principles, the first of which is the consolidation of justice, equality and solidarity, and the rejection of double standards, in addition to His Highness’s affirmation that the success in overcoming current challenges depends on the ability to adhere to these principles.
The Cabinet expressed great satisfaction for the continued leadership of Qatar in the Middle East and North Africa region in the Global Peace Index and for occupying an advanced position at the global level, as it ranked first place at the level of the countries of the Middle East and North Africa region.
The Cabinet was then informed of the Shura Council’s approval of the following draft laws: 1- A draft law amending some provisions of Decree Law No. 17 of 2010 on the organization of the National Human Rights Committee (NHRC).
2- A draft law regulating the use of cash in transactions.
3- A draft law on the protection of protection of victims, witnesses and other cooperating persons.
