News developments
Qatar’s Prime Minister and Interior Minister has announced all Government agencies and bodies have to announce all tenders and auctions on the unified government tenders website. The aim is to provide equal opportunities and provide information to investors on the needs of Government agencies.
News developments
The Listing Director of the Qatar Stock Exchange has announced the Venture Market will launch this year. It will enable SMEs to list which will enable them to diversify their incomes. Two companies have already been approved to list on it. Companies on the Venture Market will trade on the same UTP infrastructure and benefit from the same regulatory protections as those on the Main Market. It is expected Venture Market companies will move to the Main Market as they grow and develop.
Weekly Spotlight
According to reports by the Kuwaiti state news agency Saudi Arabia is to reopen its land and sea border with Qatar.
The borders have been shut since 2017. The move is seen as the first step to ending the diplomatic crisis between the two countries. According to several reports, Qatar will, in return, drop its lawsuits against Saudi and its allies, as part of a broader agreement to defuse tensions, which is due to be signed on 5 January 2021. The border with Saudi is Qatar’s only land border.
Egypt, the UAE and Bahrain have also been part of the blockade. Kuwait has been mediating between Qatar and the four states. The change allows the Qatari leader to attend the GCC summit which is being held in Saudi.
According to reports in Arab News Saudi will also be reopening its airspace to Qatar. Bahrain, Egypt and the UAE have also agreed to fully restore ties with Qatar.
They signed the Al Ula Declaration with Qatar during the 41st summit of GCC leaders.
They have committed to fully restoring all diplomatic ties, but it is unclear what this means in practice and how long the process will take.
News developments
Qatar’s Shoura Council has approved the Private Associations and Institutions Decree-Law (Qatar Decree-Law No. 21/2020). They approved it after discussing a report from the Public Services and Utilities Committee on it. It defines an association as a group which is composed of several natural or legal persons who participate together to carry out a social, cultural, scientific, educational, or professional activity, without seeking a profit. It also defines the professional association as an association consisting of the owners of one profession regulated by law. In addition, it defines a private enterprise as a private establishment set up by one or more natural or legal persons to achieve one or more charitable or public or private benefit purposes without looking to make a profit. Finally, it specifies the conditions for establishing an association, its founding contract requirements, its articles of association, how to register it, its objectives, the license period and aspects related to its management, finances and control of its business. They have referred it to the Government to consider.
News developments
Qatar’s Interior Ministry has announced cheque complaint cases can now be filed online through the Interior Ministry’s website. The facility is available to companies, banks and individuals who will not have to visit the relevant security department in person. Instead they will be able to log in to the service and submit a report by attaching all the required documents. Once submitted, the relevant department will review the report and the required documents and confirm validity. A text message will then be sent via Metrash confirming the successful receipt of the report and its reference number. If further documents are required, the complainant will get a text message asking them to complete the case procedures and refer to the Public Prosecution in line with the law. Complainants can also make enquiries about the status of the case through the electronic follow up service by giving the case details.
News developments
Qatar’s Central Bank has dismissed reports ATM withdrawal limits have been imposed. The reports were published on social media. According to the posts, limits of 5,000 Riyals will be imposed. The Bank added a circular attached to the posts is a forgery.
News developments
Qatar’s Financial Centre has announced a new policy on providing legal services in the Centre for new applicants. It comes into force immediately. It sets out the conditions to new applicants looking to provide legal services in or from the Centre. Under the new guidance, international law firms can be licensed in the Centre if they are ranked by Legal 500, Chambers and Partners, or a similar reputable ranking acceptable to the Centre’s Authority, the firm will conduct most of its operations from Qatar and at least 51% of the entity’s activities in the Centre are attributed to activities undertaken in Qatar. In addition, the firm will have to have at least three full-time lawyers on the ground whose individual salaries are at least 15,000 Riyals each and the firm will occupy an office with a minimum of eight square metres per person. Exemptions may be made at the Centre’s Authority’s discretion. Firms which have a strategically important substantial contract with the Government or subcontracts, where the Government is not a party will not be exempt.
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News developments
Qatar’s Shoura Council has discussed amendments to the Government Regulation for Sale and Purchase of Chemical and Petrochemical Products produced in Qatar Law. The amendments to Qatar Decree-Law No. 11/2012 have been approved in Qatar Decree-Law No. 16/2020. They have referred it to the Cabinet to consider.
News developments
Qatar’s Supreme Judicial Council has announced it has established new departments. The new departments will be part of the Court of Cassation and Court of Appeal and there will be two new appeal-hearing chambers. A new criminal department will be established in the Court of Cassation. There will also be a chamber to hear implementation disputes and a specialist department for reviewing pretrial appeals.
