Additional Financial Support for Private Sector Announced

Qatar’s Prime Minister and Interior Minister has announced additional financial support for private sector entities. The aim is to implement Emiri directives, to support and provide 75 million Riyals worth of financial and economic incentives to private sector entities adversely affected by anti-Coronavirus measures. Under the additional support, these entities will not have to pay customs duties on food and medical goods for another three months provided these entities reflect this exemption in consumer prices. In addition, the hospitality, tourism and retail sectors as well as small and medium industries and commercial complexes will be exempt from paying electricity and water fees for an additional three months providing they provide services and exemptions to their tenants. Finally, logistical areas and small and medium industries will be exempt from paying rent for three months. Elsewhere, the National Guarantee Programme ceiling will be increased from 3 to 5 billion Riyals. It is managed by the Qatar Development Bank. The programme will also be extended for another three months and the Bank will be responsible for implementing the extension. Expired licenses and commercial registrations will also be automatically renewed for another three months but the relevant fees will have to be paid later on. Full story

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