Qatar: Central Bank Issues DTL Guideline

Qatar Tribune, 26 July 2024: In line with Qatar’s Third Financial Sector Strategy, FinTech Strategy, and Qatar Central Bank’s commitment to regulating and developing the financial sector, the bank has issued the “Distributed Ledger Technology (DLT) Guideline”.

This guideline aims to establish a regulatory framework for financial institutions to develop smart solutions using DLT.

DLT provides a transparent and secure platform for recording transactions, enabling instant settlement and reducing the need for intermediaries.

Its benefits include increased efficiency, lower costs, enhanced transparency, and improved security, ultimately streamlining processes and fostering greater trust in the financial sector.

Qatar Central Bank has affirmed its ongoing efforts to create a favourable environment for the financial technology sector in the country.

This guideline supports the financial sector’s development, aligning with Qatar’s Third National Development Strategy, the final stage towards achieving Qatar National Vision 2030.

The vision aims to build a digital economy while stimulating widespread technology adoption and encouraging technological innovations, including in the financial sector.

The guideline is available on Qatar Central Bank’s official website.

Earlier, Qatar Central Bank had launched a national campaign, “Stay Aware,” in cooperation with the Ministry of Interior, National Cybersecurity Agency, and Qatar Financial Center Regulatory Authority.

The campaign aims to enhance awareness of cybersecurity risks and build a cyber-resilient society.

The campaign seeks to spread awareness among the public about the importance of data privacy and the dangers of financial fraud, highlighting cyber threats arising from rapid technological and digital development.

It identifies the main channels of cyber fraud, such as phone calls, social media, emails, SMS messages, and URL links, and provides the public with best practices and practical strategies to avoid falling victim to such threats.

Qatar Central Bank and its partners in this campaign emphasise the vital role of ongoing awareness efforts in building a safer electronic society capable of responding to cyber threats.

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Qatar: Opens New Post Outlet to Enhance Services for Investors

Qatar Tribune, 18 July 2024: Qatar Free Zones Authority (QFZ) has announced the opening of the newest outlet of Qatar Postal Services Company (Qatar Post) at the Investor Relations Centre in the Business Innovation Park at Ras Bufontas Free Zone.

The new postal outlet opening follows a recently signed MoU between QFZ and Qatar Post.

This emphasises establishing strategic partnerships to jointly attract more foreign direct investments.

The outlet aims to offer companies operating in the free zones a wide range of tailored postal solutions, providing easy access to comprehensive services that cater to their needs.

This will support operational efficiency and drive business growth.

The new Qatar Post outlet will offer various postal services to free zone companies, including mail collection, mailboxes, international shipping, Connected services, and specialised solutions enhancing operational efficiency and global connectivity.

This joint cooperation between QFZ and Qatar Post is part of Qatar’s free zones’ efforts to provide an advanced business environment for investors.

It offers an integrated platform for companies to obtain necessary permits and certificates.

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QICDRC Special Edition Newsletter: SIFOCC 5th Full Meeting

Qatar: New Regulations for Buying Shares Issued

Mubasher, 14 July 2024: The Qatar Financial Markets Authority has issued new regulations for the company’s purchase of its shares for the purpose of selling.

These new regulations come within the framework of the Authority’s efforts to develop the Qatari capital market and improve investor confidence, while the Authority affirms its commitment to protecting investors’ rights and ensuring a fair and transparent investment environment.

The provisions of the new regulations specified by the Authority include notifying the Authority and the Market of the Board of Directors’ decision to purchase a percentage of the company’s shares immediately upon its issuance.

The application shall be submitted to the Authority on the approved form within two days from the date of issuance of the Board of Directors’ decision approving the purchase process.

The application is for either purchasing a percentage not exceeding 10% of the fully paid issued shares or purchasing a percentage exceeding the ownership ceiling specified in the company’s articles of association.

The required documents from the Authority must be attached to complete the procedure.

The regulations also include, among other things, that the Authority shall issue its decision on the application within fifteen days from the date of submitting the application that fulfils the conditions and requirements.

The lapse of this period without issuance of a decision by the Authority shall be considered an implicit rejection of the application.

The company shall notify the market of the authority’s approval immediately upon its issuance, provided that the market announces the approval according to its procedures.

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Qatar: Shura Council Approves Several Draft Laws

Qatar Tribune, 2 July 2024: After reviewing the reports of the competent committees and discussing the provisions of various draft laws, the Shura Council has approved several significant legislative measures.

These included a draft law amending certain provisions of Qatar Law No. 11/2004, a draft law regulating district cooling services, a draft law on the protection of public electrical and water facilities, and a draft law establishing a unified industrial regulation law system for the GCC countries.

The Shura Council has also approved its final account for the fiscal year 2023 and the Council’s draft budget for the fiscal year 2025, following a review of the Financial and Economic Affairs Committee’s report.

The Council has reviewed numerous reports on the participation of its members in regional and international parliamentary meetings and events.

It also approved three requests to extend the work of its permanent committees to study the topics referred to them by the Council.

The Speaker has highlighted that the Council examined and discussed 24 draft laws and amendments to existing laws.

The Shura Speaker has also outlined the Council’s accomplishments, noting the approval of 15 draft laws after thorough discussion, including the draft state budget for the fiscal year 2024, and significant laws related to real estate registration, judicial enforcement and job localisation in the private sector.

The Council has discussed nine draft laws amending existing provisions and submitted 13 general discussion requests and a proposal addressing various issues such as rainwater accumulation, tourism economy development, investment support and domestic worker departure procedures.

The Speaker has emphasised the Council’s interaction with educational institutions and collaboration with the Sports and Youth Ministry in implementing the ‘Simulation of Shura Council Sessions’ programme, aimed at improving youth involvement in the decision-making process.

He has also highlighted the Council’s active participation in Gulf, Arab and international parliamentary activities, reiterating its support for just causes, particularly the Palestinian cause, condemning the aggression on Gaza and urging other parliaments to support peace efforts.

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Qatar: Municipality Ministry Lowers Rents for Industrial Area Plots By 90%

Qatar Tribune, 1 July 2024: The Municipality Ministry has issued Qatar Ministerial Decision No. 123/2024, reducing the rental value of the Industrial Area land affiliated with the ministry.

The move aims to support the growth of the national economy and enhance the role of the private sector in diversifying the economy, and contribute to supporting the development process witnessed by the country.

The minister has stated that the decision to reduce the rental value of land in the ministry’s industrial zone aligns with the recently launched strategy and the objectives of the Third National Development Strategy 2024-2030.

This strategy aims to achieve sustainable economic growth, improve market mechanisms, enhance the competitiveness of local products, and support Qatar’s efforts towards achieving its National Vision 2030.

The decision also aims to support activities on the land of the industrial zone affiliated with the Municipality Ministry, whether they are commercial, industrial, logistical, or for workers’ housing purposes.

The decision states that reducing the rental value of land allocated for commercial activities from QR100 to QR10 per square metre annually, which is a 90% reduction.

Additionally, it reduces the rental value of land for logistics projects from QR20 to QR5 per square metre annually, and land with an industrial licence to QR5 per square metre annually, compared to QR10 previously.

Regarding mixed activities, the ministerial decision has clarified that if the land area is used solely for commercial purposes without industrial or logistical activities, the rental value is QR10 per square metre annually.

This rate also applies to food outlets, commercial activities supporting industrial or logistical operations, petrol stations, and car service stations, based on the covered area of the commercial buildings.

The decision indicated that if the land is used for non-commercial activities, such as workers’ housing as a service annex to the industrial or logistical facility, the rental value is calculated at QR5 per square metre annually.

As for the land fully used for residential purposes without the availability of industrial or logistical activity, the rental value is calculated at QR10 per square metre annually.

The ministerial decision stated that for exhibition activities, the rental value is QR5 per square metre annually if the exhibition displays goods related to the existing on-site activity and for the same tenant.

However, if the exhibition or existing property is for commercial use by someone other than the actual land investor, the rental value is QR10 per square metre annually for the covered area.

The new decision states that contracts for the land of the industrial zone affiliated with the Municipality Ministry will be for 25 years from the date of receiving the leased land.

The rental value can be reviewed every five years from the implementation date of the ministerial decision, and after this period, the Municipality Minister may reconsider the value.

The ministerial decision to reduce the rental value of the ministry’s Industrial Area land aims to strengthen the private sector’s role in diversifying the national economy.

It allows the private sector to drive economic growth and focuses efforts on highly productive, specialised, and competitive economic clusters.

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