(MENAFN- The Peninsula) DOHA: The State Cabinet yesterday endorsed a draft law on economic zones and referred it to the Advisory Council. Provisions of the bill stipulate that the cabinet, based on a proposal from the board of the Economic Zones Company, can establish an economic zone or more for the purpose of executing projects and stimulating and attracting investments.
The decision to establish the zone shall specify its area and borders, and can also include the establishment or attachment of one or more ports to the economic zone, whether a sea, an air or a land port, QNA reports.
All types of companies, sharing contracts or other legal entities can be created or established at the economic zone whether owned by one or more normal or legal persons whether citizens or others.
The project is exempted from obtaining another license, approval, permission, or registration to practice that business, and enjoys unrestricted transfer of capital, revenues or investments out of the country.
The company is to be granted a 50-year concession from the date of application of the law.
During this period, the company solely becomes in charge of the management, development, operation, and maintenance of the zone as per the law and the company’s statute.
The Peninsula