Govt decides to split rents in logistics areas by 50%

Govt decides to split rents in logistics areas by 50%

Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani has issued a decision to reduce the rental value by 50% for all investors for next two years (2018-2019) in the logistics areas – Economic Zones Company – established in southern parts of the country.

Accordingly, the rental values will be reduced from QR40 to QR20 per square metre. The step has come upon the directives of Emir H H Sheikh Tamim bin Hamad Al Thani, and the recommendations made by the Ministerial Group to support, motivate and encourage the private sector to increase its contribution to the economic development in the country.

The Prime Minister has issued several decisions and directives to various ministries and government departments to support investment in the State and provide a wide range of incentives to the private sector to support local industries and increase production to ensure the provision of various commodities in local markets.

It has also been decided to provide more exemptions to stimulate investors to speed up the completion of their projects on time.

As well investors are exempted in the logistics areas south of the State of the rental value of 2018 in the event of the issuance of building permits before January 31, 2018 and exempt them for 2019 in the event of the issuance of licences to complete the construction before January 31, 2019.

This will contribute to the implementation of the development of logistics areas in accordance with the time plan adopted by Manateq (Economic Zones Company).

The Prime Minister has also directed Qatar Development Bank (QDB) to postpone the loan instalments to industrial project owners approved by the Ministry of Energy and Industry’s Committee for up to 6 months to support investors in the industrial sector and give greater role to the private sector in the economic development projects in the State.

The Prime Minister urged all ministries and government’s departments to increase the percentage of purchasing of local products from 30% to 100%, if the local product meets the Qatari specifications and standards and in accordance with the regulations and policies of the tenders and auctions committees in the State.

The decisions and directives will contribute to encouraging the private sector to enter into diversified investments in the logistics sector.


Source: The Peninsula