(MENAFN- The Peninsula) By Lani Rose R Dizon I The Peninsula
Qatar's new public- private partnership (PPP) law, which is still under discussions, will reinforce the participation of the private sector and foreign investors in various economic development projects in the country, Manateq CEO Fahad Rashid Al Kaabi has said.-
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In an interview with 'The Business Year Qatar 2019, Al Kaabi said the government has made significant progress since forming a technical committee to stimulate private sector participation in the Qatari market under the direction and management of the Prime Minister's office.-
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He added: 'The committee seeks opportunities in PPPs, and Manateq plays a crucial role in this. Qatar's private sector also plays an important role, and the country is currently working on a PPP law that will support the sector and foreign investors. We are confident in Qatar's sustainable economic policies and ability to consolidate its position as a regional business hub. The government, meanwhile, is committed to invest its oil and gas revenues to build a diversified and competitive economy.-
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Manateq is the leading developer and operator of the Special Economic Zones, Industrial Zones, Logistics Parks, and Warehousing parks in Qatar. It has recently celebrated the successful completion of four warehousing parks which have been developed in partnership with the private sector.-
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'We have now offered around 2 million sqm of warehousing space by inviting developers in the field of warehousing and logistics services to tender for the construction of these. Following the tendering process, contracts for the project were awarded to four developers on a build-operate-transfer (BOT) basis for 25 years, added Al Kaabi.-
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Meanwhile, the draft PPP law, which has been approved by the Cabinet in April, is expected to pave the way for the launch of several investment projects in Qatar. The newly approved draft PPP law includes allocation of land through rent or use license, for development by the private sector through build-operate-transfer (BOT), build-transfer-operate (BTO), build- own-operate-transfer (BOOT), and operations and maintenance (OM) among other provisions.-
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Al Kaabi added that Manateq sees numerous opportunities for Qatar to increase foreign direct investment (FDI) inflow. He said: 'World-class infrastructure coupled with incentives and legislative framework regulating foreign investments in Qatar, among other measures, have made the country's logistics infrastructure on par with the best. Qatar has the right infrastructure and flexibility in the system to attract more international companies and compete with any other logistics park or industrial zone in the world.-
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He also reiterated the new laws and amendments to existing legislation in the country, which aim to attract and encourage domestic and foreign investments. These include amendments to the Investment Free Zones Law and a law regulation for the Investment of Non-Qatari Capital in Economic Activity. With new laws in place, Qatar now offers 100 percent ownership to foreign investors. He added: 'We aim not just to have new domestic,-
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SME, and foreign businesses locate their projects here, but also encourage import substitution and added value in the form of new jobs, skills, technologies, and locally purchased materials and services. As a full-service agent, we are able to ease the strain and reduce the time it takes for companies to set up business in Qatar.-
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