Posted on August 07, 2017

Nearly 10,000 investors are vying for 250 investment opportunities in the industrial sector announced as part of the "own a factory in Qatar within 72 hours" initiative launched under the Single Window System Management.

Chairman of the Coordinating Panel for the Single Window System Management Salman Mohammed Keldari said that the initiative, the second one under the Single Window System witnessed a huge turnout of 9,349 investors. In a press conference held on the sidelines of an induction session for investors, Keldari said that the initiative covers eight major industrial sectors: food, paper, medical, chemical, electrical, machinery and automotive, rubber and plastics, and metals.

He underlined the great turnout by investors, noting that the food industry sector alone accounted for the lion's share of the number of registered investors to obtain opportunities in this sector by 3,168 investors, while the number of investors registered in the metal industry 1,334 investors, paper industry 1,086 Investors, rubber and plastics industry 941 investors, chemical industries 826 investors, medical industries 710 investors, electrical industries 732 investors, machinery and vehicles 552 investors. He added that Qatari investors registered for investment opportunities were nearly 85%. There were also more than 3,000 investors from 52 countries who applied for investment opportunities in this initiative.

The committee will take a month to study the applications submitted by investors. After selecting the investors who will win the projects, they will be given a wide range of privileges, most notably environmental and operational licenses with the plot of land. He said that the Coordinating Committee for the Single Window System Management, which follows the Office of the Prime Minister, distributed 75 market studies on the basic activities proposed to investors and gave them valuable information after consulting some expert houses on how to conduct feasibility studies based on the extent to which the domestic market needs products.

Keldari noted that the second initiative of the Single Window System provides a wide range of privileges to the investor, the most important of which is the possibility of issuing licenses within 72 hours, in addition to land readiness and access to visas immediately, and the readiness of industrial infrastructure of water, electricity, gas and roads, as well as priority for purchases with local manufacturing. Among other privileges are also the provision of means to promote exports from local industries and guarantees to the investor such as exemption from income tax for ten years and customs exemptions for raw materials, and the provision of 10% support for the national product and government products, in addition to the financing facilities provided through Qatar Development Bank, he added.

Keldari said that "own a factory in Qatar within 72 hours" initiative completes other initiatives in the State that aim at promoting local enterprises and industries, noting that the competition between investors to get the opportunity to invest 250 plots affirms the strength of the Qatari market and its ability to attract investments. On the volume of investments in the provided opportunities, he stressed that investments cannot be quantified yet due to the diversity of projects and opportunities and that the division of 250 opportunities currently available is based on the needs of the local market for products, which need, for example, to calculate the number of factories to be established to provide a specific product, as well as what investors offer from different projects to cover this product fully or completely.

He pointed out that the standards required for industrial projects are to give priority to factories that are fully managed automatically and do not need a human factor in production. The factories are preferred to by high quality, and the companies and industries that come in Qatar should be of high quality and bearing international brands for the marketing the product in the country easily, and other criteria introduced to investors in the previous meetings, which were accepted by all, as well as the presence of two key partners in the initiative, namely Qatar Development Bank and the Economic Zones (Manateq) which have considerable experience in this area and were highly dependent on the development of valuation tools and the selection of investors.

He noted that the Coordinating Panel for the Single Window System Management were formed in 2016 and represents one of the most important government initiatives launched to develop the business environment, stimulate real participation of the private sector, encourage domestic and foreign investments and channel them towards sectors with added value to the national economy in line with Qatar National Vision 2030. The first initiative of the committee was the launch of the Single Window System for the primary purpose of improving the administrative procedures in the state, followed by second initiative "own a factory in Qatar within 72 hours" which helps the investor in the industrial sector get all the necessary facilities to start his business within just 72 hours.

The initiative is being operated by the Ministry of Interior, the Ministry of Energy and Industry, the Ministry of Municipality and Environment, the Ministry of Economy and Commerce, the Ministry of Administrative Development, Labor and Social Affairs, Qatar Development Bank, Manateq and Qatar Chamber.

Categories: