Legally Speaking
Invest Qatar
Investment Promotion Agency Qatar. Supporting foreign investors to achieve long-term success in Qatar.
Prepared by AlAnoud M Al-Mosleh, LL.M, Head of Research and Policy Advocacy, Invest Qatar
Law No. (8) of 2024 on Issuing the Internal Regulations of the Shura Council
◥ In the latest issue of the Official Gazette, No. (11) of 2024, Law No. (8) of 2024, concerning the Internal Regulations of the Shura Council, was published. These newly released regulations signify a major advancement in the Shura Council’s operations, enhancing its oversight and legislative functions. They establish the Council's operational framework, detailing the roles of committees and members in public discussions, proposal submissions, and coordination with the government. Designed to align with constitutional provisions and relevant laws, these regulations reflect the Council’s ongoing efforts to meet citizens' needs and support national development under the leadership of His Highness the Emir, Sheikh Tamim bin Hamad Al Thani. The regulations outline the Council's internal system and legislative processes. Comprising 244 articles divided into eight chapters, they address general provisions, the roles of key Council bodies, session protocols, and internal management procedures.
◥ 11 .pdf (moj.gov.qa)
Qatar Central Bank Issues Artificial Intelligence “AI” Guideline
◥ The Qatar Central Bank (QCB) has unveiled the Artificial Intelligence (AI) Guideline as part of its strategic initiatives to regulate and develop the financial sector while enhancing the FinTech ecosystem in Qatar. This new guideline aligns with the Third Financial Sector Strategy and the FinTech Strategy, aiming to establish a clear framework for the use of AI within the financial industry. The QCB emphasises that integrating AI technologies offers numerous benefits to financial institutions. It enables them to utilise advanced technologies and innovative methods to develop new products and services that meet international standards. AI is expected to improve operational efficiency by accelerating service delivery, thus enhancing customer experiences and satisfaction. Additionally, AI can contribute to cost reduction, which further supports the financial sector's growth. The introduction of this guideline is intended to foster development, competitiveness, and sustainability in Qatar's financial sector. It reflects the QCB's commitment to creating a supportive environment for the growth of financial technology and advancing operational efficiency and innovation in financial and banking services. This effort is in line with the broader objectives of Qatar National Vision 2030.
QFC Digital Assets Framework 2024 October 2024
◥ In alignment with Qatar Central Bank's Third Financial Sector Strategy, the Qatar Financial Centre (QFC) Authority (QFCA) and Qatar Financial Centre Regulatory Authority (QFCRA) have introduced the QFC Digital Assets Framework. This new framework provides a comprehensive legal and regulatory structure for digital assets within the Qatar Financial Centre (QFC), including aspects such as tokenization, legal recognition of property rights in tokens, custody arrangements, transfer, exchange, and smart contracts. The framework aims to create a secure and transparent digital asset ecosystem that adheres to international standards and best practices. It sets high standards for asset tokenisation and establishes a reliable technology infrastructure to build trust among consumers, service providers, and industry stakeholders. Developed through extensive consultation with a diverse group of 37 organizations from the financial, technology, and legal sectors, the framework complements the QFC Digital Assets Lab, which has supported over twenty start-ups and fintech firms since its launch in October 2023. Qatar Central Bank Governor H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani emphasized that the launch of the 2024 Digital Assets Regulations is a significant milestone in realizing the Third Financial Sector Strategy and supports Qatar’s digital transformation goals under the Qatar National Vision 2030. Companies can now apply for licenses to provide token services under this new framework.
◥ Link to Law: Qatar Financial Centre Issues QFC Digital Assets Framework 2024 | Qatar Financial Centre (QFC)
Minister of Interior Resolution No. (24) of 2024 establishes licensing conditions for the installation and maintenance of civil defense equipment and materials
◥ The Official Gazette No. (9) of 2024 published Minister of Interior Resolution No. (24) of 2024 that outlines the licensing requirements for installing and maintaining civil defense equipment and materials. According to the resolution, only technicians licensed by the General Directorate of Civil Defence may perform these tasks. To obtain a license, technicians must have valid residency, be employed by a company registered and approved by the General Directorate and meet specific experience and training requirements. Engineers need five years of experience, while technicians require two years. Licenses are valid for three years and are renewable, with engineers' licenses tied to their registration period. Technicians must avoid signing civil defence reports outside their jurisdiction. This resolution, effective from the date of its publication in the Official Gazette, enforces these regulations to ensure qualified personnel manage civil defence equipment.
◥ Link to Law: 9 3 .pdf (moj.gov.qa)
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Decisions on Establishing and Defining Departments within Various Ministries and Administrative Units (2024)
◥ The Official Gazette No. (10) of 2024 published several key decisions outlining the establishment and definition of departments within various ministries and administrative units. These resolutions, issued by the respective ministers aim to enhance organizational structure and clarify competencies within each department.
◥ Link to Law: 10 .pdf (moj.gov.qa)
Minister of Commerce and Industry Decision No. (60) of 2024 outlining fees for services provided by the Ministry of Commerce and Industry
◥ Minister of Commerce and Industry Decision No. (60) of 2024, published in the Official Gazette, Issue No. (9) of 2024, outlines the fees for services provided by the Ministry of Commerce and Industry. The decision includes a detailed fee schedules that are divided into 11 tables covering various service areas such as commercial registration, trade licenses, commercial agents, business consultancy services, auditing services, copyright and related rights, patent services, industrial designs and models, industrial development services, and specialised licensing fees. The tables also specify exemptions and additional fees as determined by other ministries, government bodies, and institutions in accordance with their relevant regulations. Additionally, the decision revokes previous decisions and schedules, including Decisions Nos. (47) of 2005, (410) of 2014, (336) of 2016, and (40) of 2017, as well as Tables No. (1) and (8) attached to Decision No. (43) of 2005, and any provisions that contradict this new decision.
◥ Link to Law: 9 .pdf (moj.gov.qa)
EXPERTS REVIEW
Author:
Amjad Hussain ,Partner
Jaime Oon, Senior Associate
The featured Article by K&L Gates titled "Doing Business in Qatar– A Guide for Foreign Investors" outlines Qatar's efforts to attract international investors amid its rapid economic growth and diversification in such a wide spectrum. Significant regulatory changes have been implemented to enhance the business environment, particularly within economic and free zones like the Qatar Financial Centre (QFC), Qatar Science & Technology Park (QSTP), Media City Qatar (MC), and Qatar Free Zones Authority (QFZ).These changes allow foreign investors to establish companies without requiring a local partner, ensure full repatriation of profits, and offer tax holidays. Previously, foreign ownership was limited to 49%, but recent amendments now enable up to 100% ownership in designated zones. The guide highlights the diverse range of industries supported by these zones and the improved infrastructure and streamlined bureaucracy that facilitate business operations. It also discusses various investment vehicles available to foreign investors, including branches, representative offices, and special-purpose companies. Overall, this article emphasises Qatar’s evolving landscape, making it an attractive destination for global businesses seeking new opportunities.
Read the full article: Doing Business in Qatar —A Guide for Foreign Investors | HUB | K&L Gates (klgates.com)