(MENAFN - The Peninsula) The Peninsula

DOHA: The Advisory Council held yesterday its regular weekly session under the chairmanship of Speaker of the Advisory Council H E Ahmed bin Abdullah bin Zaid Al Mahmoud and approved Decree Law No. (21) of 2017 amending some provisions of Law No. (34) of 2005 on Investment Free Zones.

At the outset of the session, the Advisory Council reviewed the report of the Financial and Economic Affairs Committee on Decree Law No. (21) of 2017 amending some provisions of Law No. (34) of 2005 on Investment Free Zones.

The Speaker of the Advisory Council stressed the importance of the amendments to this law, which will enhance the investment climate in the country, push the economic development, open new horizons to the private sector and achieve many advantages for citizens and foreign investors.

He added that the amendment of the law comes within the framework of keeping abreast of developments and economic changes internally and externally. It also responds to the objectives and principles of Qatar Vision 2030.

He noted that the economic growth witnessed by Qatar and the rapid pace of the development movement in the country as well as the confidence gained by the Qatari economy regionally and internationally imposed these amendments, under which the Free Zones Authority will be granted administrative and financial autonomy, as well as expanding its powers to issue licenses to companies registered in the Free Zone.

After extensive discussions, the Advisory Council approved the decree as stated and decided to submit its recommendations thereon to the Cabinet.

The Advisory Council also discussed in its meeting today a draft law amending some provisions of Law No. (25) of 2005 on the Commercial Registry and a draft law on the unified economic registry.

The Council decided to refer the two draft laws to the Financial and Economic Affairs Committee for further study and report thereon to the Advisory Council.

MENAFN0602201800630000ID1096435916