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Posted On: 1 December 2021 05:33 pm
Updated On: 1 December 2021 05:49 pm

Cabinet approves draft resolution allowing investment by non-Qataris in certain banks

Vrinda Abilash
Vrinda Abilash
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H.E. the Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani chaired the Cabinet's regular meeting held at its seat at the Amiri Diwan on Wednesday.

Following the meeting, H.E. Minister of State for Cabinet Affairs Mohammed bin Abdullah Al Sulaiti issued the following statement:

At the beginning of the meeting, the Cabinet welcomed Their Highnesses and Excellencies Heads of State and heads of delegations of Arab countries, who participated with H.H. the Amir Sheikh Tamim bin Hamad Al-Thani in the opening of the FIFA Arab Cup Qatar 2021 on Tuesday.

The Cabinet also welcomed the delegations and teams of the Arab countries participating in the tournament.

The Cabinet expressed Qatar's pride in hosting this tournament, which symbolizes solidarity and embodies the spirit of Arab brotherhood.

After that, the Cabinet considered the topics on the agenda as follows:

First - The Cabinet approved a draft Cabinet resolution approving the non-Qatari investor's ownership of the capital of some banks.

Under the draft resolution, a non-Qatari investor may own up to 100 percent of the capital of the following banks:

  • Qatar National Bank (QNB)
  • Qatar Islamic Bank (QIB)
  • Masraf Al Rayan
  • Commercial Bank

Second - The Cabinet approved a draft Cabinet resolution amending some provisions of resolution No. 11 of 2009 reorganizing the Permanent Population Committee.

The draft resolution was prepared within the framework of the developments of the administrative restructuring of some authorities in the country.

Among the competencies of this committee is studying the demographic structure and its characteristics and trends, proposing the state's population policy and following up its implementation after its approval, establishing a database and information for population demographic variables, and preparing appropriate demographic and economic models for the state.

Third -
The Cabinet took the necessary measures to ratify a memorandum of understanding in the legal fields between the Ministry of Justice in the State of Qatar and the Ministry of Justice in the Republic of Iraq.

Fourth -
The Cabinet approved:

1- A draft memorandum of understanding on cooperation in the field of standardization activities between the government of the State of Qatar and the government of the State of Kuwait.

2- A draft air services agreement between the government of the State of Qatar and the government of the Central African Republic.

Fifth -
The Cabinet listened to a presentation by H.E. the Minister of Municipality on the results of the work of the committee concerned with the strategy for the development of the real estate sector. Through the presentation, His Excellency addressed the assessment of the main challenges in the real estate sector and ways to face these challenges by preparing a strategy that consists of programs and initiatives, including improving the governance of the sector, enhancing the availability of real estate data, and stimulating real estate investment.

Also, H.E. the Minister referred to the committee's recommendations, including the establishment of a new authority for the development of the real estate sector, the development of a digital platform that collects and disseminates real estate data and statistics on the Qatari real estate market, and the formulation of policies in coordination with the Qatar Central Bank to support real estate financing for individuals.

The Cabinet decided to take the necessary measures to establish the new authority concerned with regulating and developing the real estate sector.

Source: QNA
Cover image source: Shutterstock