Qatar extends incentives for private sector to tide over COVID-19 impact
National Guarantee Programme ceiling raised to QR5 bn from QR3 bn
THE Cabinet has extended the financial and economic incentives for the private sector to help it overcome the impact of the coronavirus (COVID-19) pandemic.
The move is in implementation of the directives of His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani to support and provide financial and economic incentives amounting to QR75 billion for the private sector affected by the COVID-19 pandemic.
Chairing the Cabinet meeting on Wednesday, Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani said that food and medical goods will be exempted from customs duties for an additional three months. This should be reflected in the selling price to the consumer.
The PM also directed that electricity and water fees will be exempted for an additional three months for hospitality and tourism sector, retail sector, small and medium industries sector and commercial complexes in exchange for providing services and exemptions to tenants, and the logistic areas.
As per the PM’s directives, the exemption from rents for logistic areas and small and medium industries will continue for a period of three months.
The PM also directed that the ceiling of the National Guarantee Programme that is managed by Qatar Development Bank (QDB) will be increased from QR3 billion to QR5 billion.
The Cabinet also extended the programme for an additional three months.
The Qatar Development Bank will issue the necessary controls and conditions for this.
Automatic renewal of expired licences and commercial registrations will continue for an additional three months, provided that the fees due are paid later.
The Cabinet also affirmed the continuation of work with the precautionary measures to combat the pandemic after it was briefed by HE Minister of Public Health on the latest developments in efforts to curb COVID-19.