Qatar is considering to amend its investment law,which will allow foreign ownership to exceed 49 per cent in certain commercial enterprises ,a media report said. "The Minister of Business and Trade may now issue a resolution to allow the foreign ownership limit to exceed 49 per cent in the sectors of business consulting,technical services,information technology,distribution services and cultural,sports and leisure services," a Gulf Times report stated. Currently,more than 49 per cent foreign investment is only allowed in agriculture,health,tourism,development,energy and mining sectors. The amendment is part of a national strategy to "enhance competitiveness and attract investment in a dynamic and increasingly border-less international economy",as outlined in the economic development goals of Qatar Vision 2030,the paper said. "The amendment creates opportunities for foreign partners to buy,and for Qatari partners to sell their ownership interests in joint venture companies," Andrew Wingfield,Qatar-based partner of international law firm Simmons & Simmons,told the newspaper. "It may be worth checking whether existing articles of association or joint venture agreements set out share transfer mechanisms in the event of changes in law," he said. Overseas investors will be allowed to set up new companies and stop providing services and products through joint venture operations.
