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Newsletter

15 December 2005
Doha: Qatar's Finance Minister, H E Yousef Hussain Kamal, has stressed the importance of formulating laws that are compatible with the existing realities and in a way that are conducive to stimulate regional and international investments in the country.

Speaking at the 9th Arab Businessmen Forum yesterday, in a session on investment environment and opportunities in Qatar, Kamal elaborated on topics related to the formulation of laws and translating them into practice.

Investment environment, he said, implies laws, their application and implementation, procedures and adequate infrastructure that meets investors' expectations.

He said that while for the past six years Qatar has been formulating laws so that they are in compliance with international laws, there is a need to develop a new concept whereby these laws are formulated from the point of view of the business community rather than the power of the authority.

He also stressed the importance of much stronger coordination between the business community and the authorities in reviewing the laws so as to improve the investment environment in the country.

Also speaking at the session, Sheikha Hanadi Nasser bin Khalid Al Thani, Vice Chairperson and Managing Director of Amwal, highlighted the investment outlook and turnkey projects in Qatar.

She noted that current investment in the energy sector in Qatar totals well over $31bn with about $26bn committed to natural gas projects in partnership with a number of world class international companies.

Referring to the upcoming Qatar Energy City, Sheikha Hanadi said that the multi-billion dollar energy city is poised to revolutionize the oil and gas sector in the Gulf, pointing out that the city will house an integrated complex where international and state-owned oil companies and service providers will base their operations.

She also briefed the session on infrastructure projects, like the $5bn new Doha International Airport and the $9bn and real-estate projects like the Pearl of the Gulf, Al Dafna Residential Towers and the Al Waab City.

In his address, Zayed Al Khayreen, Director-General of Public Works Authority (Asghal), detailed the infrastructure projects worth a total of QR25bn for the next five years being undertaken in the country.

He said that the five-year plan includes 32 road projects, 19 buildings and six drainage works, adding that priorities are given to projects pertaining to the 15th Asian Games due to be held in December 2006.

Other panelists at the session discussed topics related to the development of Doha Securities Market since its inception, projects being undertaken in the oil and gas sector and the petrochemical industry in Qatar as well as tourism sector and the activities of the Qatar Foundation.