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Satyendra Pathak & Hisham Aljundi
Doha
The Cabinet’s approval of a draft law on the regulation of non-Qatari ownership and use of real estate will go a long way in realising Qatar’s goal to diversify its economy away from the hydrocarbon sector, financial experts and diplomats have said.
“The decision to allow ownership of real estate for non-Qatari individuals, non-Qatari commercial companies and real estate investment funds is a welcome move,” Doha Bank Group CEO R Seetharaman told Qatar Tribune.
As 2022 FIFA World Cup comes closer, Seetharaman said, the residential and commercial property sectors can witness more activity and reforms in right direction.
“Encouraging non-Qatari investors to invest in Qatar’s residential and commercial property sectors will also boost the country’s financial sector as it would result in lending growth, increase in overseas fund flow and support Qatar’s diversification story,” he said.
Indian Business & Professionals Council (IBPC) President Azim Abbas said, “As we all know Qatar is one of the few countries in the region to have transformed its economy to attract professionals to seek employment and businesses opportunities in the country.”
He said expatriates’ dream of owning property in Qatar has come one step closer to reality. “I am sure the decision by the government to give non-Qataris a chance to own real estate will grow the confidence of investors and will play a major role in the growth and development of Qatar,” Abbas said.
Nepal’s ambassador to Qatar HE Ramesh Prasad Koirala said, “The Qatari Cabinet’s decision to allow non-Qatari ownership of residential properties and shops within commercial complexes has once again proved that Qatar is one of the most expatriate friendly countries in the region.”
The move will have a very positive impact on Qatari economy, he added.
Sheikha al Jufeiry, a CMC member, said, “This is a very wise and beneficial decision by our leadership to boost our local economy and its conditions make it very practical. We have been waiting for this law for a long time. We hope the law will help expand the economy and diversify it rapidly.”
Mohammed al Athba, another CMC member, said: “This decision will definitely attract more investments and businessmen. It will recycle the money within the country and will boost the property sector. I think it gives a good impression about Qatar to the world as it shows the country’s keenness on being open to the world.”
Musa Ramadan, Jordanian Businessman and Managing Director of Qatar Quality Trading Company, said: “The important part of this decision is that non-Qatari investors can now own commercial property which provides more security. Non-Qataris can buy home but what concerns them more is securing their businesses and acquiring a permanent residency which will attract many investors from abroad and boost the economy.”
Doha
The Cabinet’s approval of a draft law on the regulation of non-Qatari ownership and use of real estate will go a long way in realising Qatar’s goal to diversify its economy away from the hydrocarbon sector, financial experts and diplomats have said.
“The decision to allow ownership of real estate for non-Qatari individuals, non-Qatari commercial companies and real estate investment funds is a welcome move,” Doha Bank Group CEO R Seetharaman told Qatar Tribune.
As 2022 FIFA World Cup comes closer, Seetharaman said, the residential and commercial property sectors can witness more activity and reforms in right direction.
“Encouraging non-Qatari investors to invest in Qatar’s residential and commercial property sectors will also boost the country’s financial sector as it would result in lending growth, increase in overseas fund flow and support Qatar’s diversification story,” he said.
Indian Business & Professionals Council (IBPC) President Azim Abbas said, “As we all know Qatar is one of the few countries in the region to have transformed its economy to attract professionals to seek employment and businesses opportunities in the country.”
He said expatriates’ dream of owning property in Qatar has come one step closer to reality. “I am sure the decision by the government to give non-Qataris a chance to own real estate will grow the confidence of investors and will play a major role in the growth and development of Qatar,” Abbas said.
Nepal’s ambassador to Qatar HE Ramesh Prasad Koirala said, “The Qatari Cabinet’s decision to allow non-Qatari ownership of residential properties and shops within commercial complexes has once again proved that Qatar is one of the most expatriate friendly countries in the region.”
The move will have a very positive impact on Qatari economy, he added.
Sheikha al Jufeiry, a CMC member, said, “This is a very wise and beneficial decision by our leadership to boost our local economy and its conditions make it very practical. We have been waiting for this law for a long time. We hope the law will help expand the economy and diversify it rapidly.”
Mohammed al Athba, another CMC member, said: “This decision will definitely attract more investments and businessmen. It will recycle the money within the country and will boost the property sector. I think it gives a good impression about Qatar to the world as it shows the country’s keenness on being open to the world.”
Musa Ramadan, Jordanian Businessman and Managing Director of Qatar Quality Trading Company, said: “The important part of this decision is that non-Qatari investors can now own commercial property which provides more security. Non-Qataris can buy home but what concerns them more is securing their businesses and acquiring a permanent residency which will attract many investors from abroad and boost the economy.”
