DUBAI - Qatar has opened up three sectors to 100 percent foreign ownership and paved the way for other sectors to follow suit as the government looks to boost foreign investment in the Gulf state, local daily the Peninsula reported on Sunday.The government has amended its investment law to allow full foreign ownership of companies in consultative and technical work services, the technology sector, and distribution services, the newspaper reported.
The amendment also gives ministers the power to increase the amount non-Qataris can hold of companies in agriculture, industry, health, education, tourism and natural resources development, the paper reported.
The amendment prohibits foreign nationals from investing in the banking and insurance sectors, except for in exceptional circumstances, the paper added.
The Peninsula said the relaxation of foreign ownership restrictions was welcomed by the local business community, which hailed the move a “landmark” moment for Qatar’s economy.
Qatar, like all Gulf states, restricts the among foreign nationals can own in companies.
Gulf states mandate local companies must be majority-owned by nationals. Full foreign ownership is only allowed in designated areas, known as free zones.
Restrictions on business ownership have been blamed for curtailing foreign investment in the region.
Gulf states are increasingly looking at relaxing foreign ownership laws in the face of the global recession, which has seen foreign investment exit the region.