To start off, could you give us a brief view on the foundation and evolution of Qatar International Law Firm?
Up until 1996 I was a judge but I felt the need to make a change so I turned into a lawyer and I founded Qatar International Law Firm. During these 27 years of existence, we developed the company with the help of our consultants and associates and we managed to become one of the leading law firms in Qatar.
The multidisciplinary approach is definitely our strong point and our employees come from Sudan, Tunisia, Europe, etc. This multicultural background gives us a lucrative advantage when we interact with international clients. The real estate sector plays a pivotal role in our portfolio either as advisors or as litigators representing the company in court. In addition to these, we leave a valuable legacy through all the companies that we listed on the stock exchange (e.g., Nakilat - one of the leading gas transportation companies).
The legal framework is essential for the real estate sector. How would you describe this environment in Qatar at the present?
Since 1996, there has been a legislative revolution and it started with the establishment of the high court. It was soon followed by the introduction of free zones and new concepts like the education city, energy city or health city. Besides all these novelties, Qatar had the chance to organize the Asian Games in 2006 which was a turning point that led us to getting to host the 2022 World Cup. Evidently, these two events have been an extraordinary catalyst for our economic growth, with many international companies coming and investing here in infrastructure projects and stadiums. Qatar is going to come out completely changed after this event and we must use it as a leverage to become a regional hub for tourism, education, real estate and health.
Free zones are becoming more common in Qatar, what was the strategy behind these and what advantages do companies have?
The law of free zones was established some years ago but it has become effective once the Free Zones Authority was created in 2018. We can now welcome international companies to our country and offer investment opportunities both to startups and to mammoth companies like Microsoft or DHL.
The free zones policy will definitely boost the national economy but it will also enhance the international influence of Qatar.
The famous 49/51-rule that usually forces investors to find a local partner to own the majority of the shares in their new company is not applicable in the free zones. Any international player can set up a business here and own all of the shares. Related to these, in Qatar we also have a "no tax on income" law that applies if the company exports 100% of their production. Furthermore, all companies (regardless of their origin) benefit from a zero VAT policy here. In Qatar, the economic landscape is extraordinarily friendly towards all investors.
Are there any recent legislative changes that investors should be aware of?
A new authority that organizes the real estate sector has been inaugurated in September 2022. It has the purpose to develop this market by analyzing all the data and statistics and by providing guidance based on the results. There are specific premium areas in Qatar where international clients can buy land and real estate properties and obtain lifelong residence permits.
Qatar Financial Center (QFC) is a concept that aims to help foreign investors create a business in strategic markets such as insurance, banking or law. QFC has particular rules for litigation and they usually follow their own course to settle the dispute so there is no need to go to the local court. Last but not least, the state designated nine specific sectors where players can invest without being shadowed by a local sponsor and, luckily, real estate has made the list.
What are you hoping to achieve as a company in the coming two to three years?
The strategy of Qatar International Law Firm is based on the changes that will occur inside the country after the World Cup is concluded. Qatar will become more open to the whole world so our future plans will definitely follow in this path and we will adapt our business model to the newly created environment.
Do you have a final message for our readership?
Currently, the Gulf countries have become a highly desirable destination for the international community thanks to our legal framework that is in line with international standards and that encourages investment. In the context of the energy crisis, we have become a hot spot thanks to the natural gas resources we have in Qatar. However, each country of the region has its own strength and since we are in a loyal and healthy competition with each other, innovation and development are surely going to ensue as a natural result.
Taking into consideration the current geo-political context, we hope for peaceful times ahead, where we can all enjoy the fruits of our labor.
