The first Law Update of 2024 is here, and our first focus of the year spotlights Healthcare and Lifesciences, a sector that is undergoing significant growth and development across the MENA region.
Our focus provides an insight into some of the most important regulatory updates across the region, such as the UAE’s groundbreaking law on the use of human genome, Kuwait’s resolution on nuclear and radioactive materials, the new regulations for healthcare services in Qatar, Egypt’s healthcare regulatory framework, and the impact of the Saudi Civil Transactions Law on the healthcare and life sciences sector … and there is so much more!
Beyond the healthcare pages our lawyers share with you multi-sector insights where you will discover articles on Dubai’s DIFC regulatory framework for startups, Bahrain’s commercial agencies law, and we also shed light on Kuwaiti civil code and the advantages of setting up a joint stock company in Saudi Arabia.Read the full edition
Ahmad Al Jaafir
Qatar has amended the foreign investment law no (13) of 2000 regulating foreign investment in economic activities by virtue of law no (1) of the year 2010 to include additional sectors to be permitted for foreign investors allowing them to own up to 100% of the share-capital in any company in the following sectors:
These sectors were added to the previous permitted sectors, being Agriculture, Industry, Health, Education, Tourism, Development and Exploitation of natural resources, Energy and Mining.
To promote such a vision, the Ministry of Business and Trade (“MBT”) has granted the “Investment Promotion Department (IPD)” at the MBT with full authority to recommend the approval of applications made by foreign investors to invest in the permitted activities as described above. The IPD will have a private role in facilitating investment procedures through liaising and coordinating with other governmental departments and competent authorities in relation to each of the permitted activities to include without limitation;
Once the application is submitted to the IPD, they will coordinate with the competent authority in order to facilitate and accelerate the process of granting the approval, after fulfilling all the requirements and completing all the required documentation to include:
The Investment Promotion Department itself has the following sections to supervise certain sectors:
1. Investment Opportunities Section
2. Joint Ventures Section
3. Promotion Media Section
4. Investors Service Section
Investment Promotion Department is headed by Dr. Khalid Al-Derbasti.
We met with Dr. Khalid to understand more on the anticipated implications of such step. Dr. Khalid noted that this is a significant step undertaken by the MBT to provide a unified application process to expedite the registration procedures. “We are taking all measures necessary to facilitate the process of welcoming foreign investor into Qatar through this investment regime route and we can now say, with certainty, welcome to Qatar business world quite swiftly” he added.
This is a major procedural step that will most definitely bolster the position of Qatar’s Investment law regime, just on time for major projects in the pipeline.