DOHA (The Thursday Times) — Qatar Chamber has announced the implementation of Cabinet Decision No. 19 of 2024, leading to a significant reduction in fees for a range of services provided by the Chamber. This move, ratified by the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, marks an effort to stimulate economic activity and foster a more business-friendly environment. The changes took effect on October 20, 2024, and are set to benefit both new and established companies in the country.
Sheikh Khalifa bin Jassim Al Thani, Chairman of Qatar Chamber, has expressed confidence in the positive impact of this fee reduction, especially for Qatari businesses. By alleviating some of the financial burdens on companies, the Chamber aims to encourage entrepreneurship, create a more dynamic economy, and stimulate investment across various sectors.
Supporting the growth of new businesses
The reduction in fees is particularly significant for start-ups and emerging businesses, which often face financial challenges in their early stages. With lower costs of Chamber services, these businesses are expected to find it easier to establish themselves in the market. The decision will likely result in an increase in the number of new companies being formed, helping to diversify Qatar’s economic landscape.
Boosting investment and foreign companies
Foreign companies involved in state contracts are also set to benefit from this decision, which reduces the annual membership fee for foreign businesses, shareholding companies, and holding companies. This is expected to enhance Qatar’s appeal as a business destination, particularly for multinational corporations and investors looking for opportunities in the Middle East. By lowering the cost of doing business, Qatar Chamber hopes to attract more foreign investment and strengthen the country’s position as a regional business hub.
Encouraging economic diversification
The reduction in fees comes at a time when Qatar is actively pursuing economic diversification as part of its long-term development strategy. By lowering barriers to entry for businesses, the country can expect growth in non-hydrocarbon sectors such as finance, technology, and manufacturing. This aligns with Qatar’s Vision 2030, which aims to reduce reliance on oil and gas revenues and create a more sustainable, diversified economy.
Strategic timing and long-term benefits
The timing of this decision is crucial, as Qatar looks to capitalise on the post-World Cup momentum and international attention it has garnered in recent years. By implementing cost-saving measures for businesses, the Chamber is reinforcing Qatar’s commitment to fostering a favourable business climate that is conducive to long-term economic growth. The fee reduction is expected to have a ripple effect across various industries, from construction to hospitality, as more companies take advantage of the new financial incentives.