Qatar: New Tendering Services for Investors Launched

Al-Sharq, 27 November 2023: The Vice Chairman of the Board of Directors of Munakasat Company has announced new services for Qatari citizens, residents and investors have been launched.

They include a tender library that includes more than 2,500 integrated engineering designs for citizens and a tender concession card, which provides the services of more than 200 suppliers at discounts of up to 30%.

The services are aimed at providing additional value to owners, investors and those wishing to build new buildings as well as middle income or major merchants and real estate developers.

The aim is to facilitate distribution procedures and make them easier, protect shareholders’ dividends with a reliable party, unify the procedures and party of distribution and accelerate the process of distribution and delivery to beneficiaries.

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Qatar: Financial Markets Authority Issues New Dividend Distribution Rules

Arab News, 19 November 2023: Qatar’s Financial Markets Authority has announced it has issued new dividend distribution rules.

They will come into force in 2024 and are aimed at boosting financial sector activity and increasing liquidity volume.

The rules will include substantial changes to the mechanisms of annual dividends distribution to shareholders in public shareholding companies listed on the Qatar Stock Exchange.

They will also control any interim dividend distributions companies want to distribute.

Under the rules, Qatar Stock Exchange-listed public shareholding will be allowed to engage in dividend distribution on an interim basis every three or six months or annually as they can currently. The companies will also have to distribute dividends within a certain period, which would not be exceeded.

However, public shareholding companies will no longer be allowed to distribute dividends and bonus shares to shareholders.

This role will be performed by the Securities Depository Centre Co or Edaa instead.

They will make dividend distribution to shareholders on behalf of public shareholding companies.

The aim is to facilitate distribution procedures and make them easier, protect shareholders’ dividends with a reliable party, unify the procedures and party of distribution and accelerate the process of distribution and delivery to beneficiaries.

Also reported in Raya on 19 November 2023. For the full story, click here.

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Qatar: Labour Ministry Updates Labour Recruitment Offices E-services

Qatar Tribune, 13 November 2023: Qatar’s Labour Ministry has announced it has updated the e-services offered by labour employment offices.

The updates include an ability to renew or cancel a labour recruitment office licence electronically by following the instructions on the Ministry’s website.

Employers and owners of labour recruitment offices must apply for the renewal of their licences electronically at least a month before they expire through the Ministry’s website.

To be eligible for renewal, the company must have an active ID card and valid commercial registration. They must also have no bans on them or personal bans on their new owner, no active renewal requests and no complaints against the office.

Where a request to cancel a labour recruitment office licence is requested, the application is accepted if there are no bans on the establishment, no personal bans on the current owner, no complaints against the office and nine months have passed since the announcement of the office’s closure in an official newspaper.

They have updated the e-services as part of their digital transformation strategy. The strategy is aimed at improving performance, expediting transactions and simplifying procedures.

Also reported in Al-Sharq on 12 November 2023. For the full story, click here.

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Qatar: Details of New Anti-commercial Concealment Law Provided

Qatar Tribune, 3 November 2023: Qatar’s Commerce and Industry Ministry has provided details of a new Anti-commercial Concealment Law.

Qatar Law No. 3/2023 repeals and replaces Qatar Law No. 25/2004.

Concealment includes any non-Qataris practicing a commercial, economic, or professional activity in any of the fields they are not authorised to practice in.

It also includes obtaining profit percentages which are higher than those specified in the company’s articles of association or incorporation document.

In addition, it includes a Qatari individual or a company national, facilitating non-Qataris in engaging in commercial, economic, or professional activities that violate applicable laws in any way.

The new law has been approved in line with the strategy to modernise legal frameworks in the country and foster a more transparent investment climate.

It has also been introduced to keeps up with legislative amendments related to the regulation of non-Qatari capital investment in economic activities.

The Law allows the practice of various economic activities following approved regulations.

The new Law will ensure fair practices in commercial transactions and establish an investment-friendly environment and provide stability to commercial enterprises by permitting reconciliation and legalising the situation of the concealed party, at the expense of the violator.

It encourages concealment cases to be reported and improve collaboration between government entities to tackle concealment.

In addition, it aims to involve society and increase its role in limiting concealment and increase penalties for concealment offences to deter potential offences from being committed.

It also aims to collect the taxes and any other amounts owed to the state because of illegal activities.

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Qatar: Digital Assets Lab Launched

Lusail News, 29 October 2023: The QFC has announced it has launched a digital assets lab.

The lab will support efforts to benefit from digital technological developments in various sectors and contribute to developing other economic sectors as well as improving Qatar’s financial environment.

It has been launched as part of the financial technology strategy.

The strategy was announced by the country’s Central Bank in March 2023 as part of the Qatar National Vision 2030.

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Qatar: Draft Budget Law Approved

Gulf Times, 18 October 2023: Qatar’s Cabinet has approved a draft budget law.

They approved it after approving it for the 2024 financial year and referred it to the Shoura Council to consider.

The Cabinet also approved a draft Cabinet Decision amending Qatar Cabinet Decision No. 26/2004 establishing the National Committee for the Prohibition of Weapons (NCPW).

In addition, they approved a draft air services cooperation agreement between Qatar and Barbados.

Also reported in Lusail News on 18 October 2023. For the full story, click here.

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Qatar: Qatar: E-contract Platform Updated

Qatar Tribune, 17 October 2023: Qatar’s Labour Ministry has announced it has updated the e-contract platform.

It has updated the authentication of digital employment contract services.

The platform allows private sector employees to verify the contract terms and approve or reject them.

Domestic worker contracts can also be authenticated via the platform without service centers having to be physically attended.

Once the contract authentication process is completed, an automatic contract audit is initiated. The contract authentication service enables an application to be submitted to an establishment via the employer’s portal using the National Authentication System.

The application will then be transferred to the worker for approval via the worker and individual portal.

The contract data will then be verified. It will be available in 11 languages.

Also reported in Al-Sharq on 16 October 2023. For the full story, click here.

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