BUSINESS START UP QATAR

Qatar and Spain launch a Joint Business Council in line with strong relations The State of Qatar and the Kingdom of Spain have announced the establishment of the Qatari-Spanish Joint Business Council during a recent webinar. The signing of a memorandum of understanding between the Qatari Businessmen Association (QBA) and the Confederation of Employers & Industries of Spain (CEOE) signals another step in the historic relations between the countries. It is expected that the memorandum of understanding will contribute to economic development and to further strengthen the cooperation between the countries - especially in terms of commerce, trade and investment.

  An update on the most recent real estate reforms in Qatar Investing in Qatar`s real estate sector is more attractive than ever before due to the recent reforms. Foreign investors are able to access a wider range of properties in more locations due to a resolution announced by the Council of Ministers in 2020. To prepare and provide more information and to showcase the property ownership opportunities and possibilities in the country, the  Investment Promotion Agency Qatar  (IPA Qatar) organised the ‘Spotlight on Qatar’s Real Estate Market Reforms’ webinar recently.

Qatar to launch FinTech Venture Capital Fund to support the ecosystem Qatar is making considerable progress towards developing a more competitive FinTech ecosystem. The National FinTech Strategy was published in 2019 and the  Qatar Fintech Hub  (QFTH) was established soon after. The QFTH supports the initiatives of Qatar Central Bank (QCB) and manages its incubator and accelerator programs. To further the development of the ecosystem,  Qatar Development Bank  (QDB), a partner of the QFTH, is launching a FinTech venture capital fund. The fund will finance future QFTH graduates and other FinTechs in the country and the region. It will target early- to later-stage businesses and projects.

Qatar makes remarkable progress in the fintech sector Qatar has made remarkable progress in the fintech sector and is accelerating the ecosystem. In order to advance and enhance the development of the sector, the key stakeholders have published the Qatar National Fintech Strategy (QNFS) 2020 with the establishment of the  Qatar FinTech Hub  (QFTH) in a very central role. The QFTH aims and intends to aid the digital transformation of the financial sector and to make the country a(n) regional and international hub for fintech in line with the  Qatar National Vision  (QNV) 2030. Its incubator and accelerator programmes are the most prominent initiatives to attract global talent.

  Qatar to be top LNG producer for at least two decades Qatar aims to be the world’s biggest producer of liquefied natural gas (LNG) for at least the next two decades. The country will spend billions to develop the North Field and to increase the capacity by more than 50% to 126 million tons per year. The country is already a major supplier of LNG and is looking at rising demand as the world transitions from oil and coal to cleaner energy. State owned oil and gas producer  Qatar Petroleum  (QP), took a final decision on the North Field expansion project and it is likely to be the only one in the world to pass this milestone in 2021.

MME successfully promotes the sale of local fruits and vegetables Qatar has seen a significant increase in the volume and value of locally produced fruit and vegetable sales in the recent past with over 23,565 tons of local produce sold in 2020 and over 3,752 tons in January 2021. This success story is partly due to the introduction of the “Premium Qatari Vegetable” marketing campaign. The initiative was launched by the  Ministry of Municipality and Environment  (MME) in cooperation with the  Ministry of Commerce and Industry  (MoCI) in January 2017.

Businesses shall be prepared for updates in the tax system in Qatar Qatar is getting ready to implement a Value Added Tax (VAT) and the private sector have been urged to prepare for it accordingly. It is advised to be VAT ready at least six to nine months before the implementation. Qatar signed the Gulf Cooperation Council (GCC) VAT framework in 2016 and has seen the establishment of the  General Tax Authority  (GTA) which has been working on the finalization of the regulations and the Information Technology (IT) systems.