(MENAFN- The Peninsula) By Mohammad Shoeb | The Peninsula
The Amir H H sheikh Tamim bin Hamad Al Thani's recent ratification of the mostawaited Law No. 12 of the year 2020, regulating Public-Private Partnership (PPP) projects, will accelerate Qatar's economic growth and industrial diversification in a big way. It will also ease a lot of burden and free valuable resources on the part of the government which can be optimally utilised for other purposes, said the CEO of Manateq (Economic Zones Company, Qatar), Fahad Rashid Al Kaabi, yesterday.
Speaking to The Peninsula over telephone yesterday, Al Kaabi praised and highlighted the benefits of the new law noting that it will have a significant impact on accelerating the initiation and implementation of projects and government will be able to focus on other things such as social development and welfare-related activities.
'The new law which His Highness signed yesterday (Sunday) will help the private sector businesses and companies in a big way. It will create a lot of new opportunities for the private sector businesses and investor to develop new projects, and the government focusing more on the regulatory aspects of them. This will also reduce a lot of headache and cash flow on the part of the government, Al Kaabi added.
'The PPP law will also boost the confidence of investors, both local and international, and hopefully in the near future government will not have to develop infrastructure projects like schools, hospitals and others, and reducing the government's overhead. Commenting on Manateq projects he said that works on all the ongoing projects are progressing, and the lockdown due to the COVID-19 did not have much impact. And the developers put in place all the needful measures to protect the health and safety of workers.
Manateq is a state-backed company responsible for overseeing, developing and operating several logistics parks, industrial enclaves and warehousing complexes as part of Qatar's long-term strategy to diversify the energy-rich economy into a more sustainable society. Manateq has announced offering several attractive incentives to potential investors, which include easy access to project financing of up to 60 percent of the project cost.
To make things easy and hassle-free access to financing for investor, Manateq has partnered with the Qatar's leading Shariah-compliant. 'That's the advantage of opting for Manateq! You can make your new business a reality in no time by getting up to 60% project financing from our partner, Qatar Islamic Bank (QIB). Plus, conveniently, these loans are provided against land and personal guarantees, the Company said in a Tweet, yesterday.
Elaborating on the credit access, Al Kaabi said: 'We have had signed an agreement with QIB nearly six months ago to finance project buildings for Manateq. Under the agreement any investor taking land will be provided up to 60 percent loan against that. Manateq has also launched an exclusive bilingual investor portal and a mobile app (available in Arabic and English languages) which provide all the needful information at fingertips. The userfriendly platforms enable companies and investors to apply for inquiries and submit new applications online.
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