Cabinet approves 100% foreign ownership of major Qatari banks

QNA Doha The Cabinet has given its nod to increase the percentage of non-Qatari ownership in the capital of major banks to reach 100 percent. The Cabinet,...

QNADohaThe Cabinet has given its nod to increase the percentage of non-Qatari ownership in the capital of major banks to reach 100 percent. The Cabinet, chaired by Prime Minister and Minister of Interior HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, took the decision on Wednesday.The Cabinet approved an increase in the percentage of non-Qatari ownership in the capital of the Qatar National Bank (QNB), Qatar Islamic Bank (Al Masraf), Commercial Bank and Masraf Al Rayan to reach 100 percent, in accordance with the provisions of Article 7 of Law No 1 of 2019 on regulating the investment of non-Qatari capital in economic activity.At the outset of the meeting, the Cabinet was briefed by HE Minister of Public Health on the latest developments to curb COVID-19. The Cabinet then affirmed the continuation of work with the procedures and precautionary measures that have been taken to combat the pandemic.The Cabinet approved a draft law on lost property (al-luqtah) and unclaimed money.The draft law has been made to regulate the procedures for dealing with the lost property (al-luqtah) and unclaimed money, in order to ensure that rights are protected as well as encourage people who find lost property or money to hand them over, and contribute to returning them to their owners.It also approved Qatar Tourism’s participation in a number of forums and exhibitions during 2021. The Cabinet then reviewed the results of participation in the eighth session of the SelectUSA Investment Summit and took the appropriate decisionIt also reviewed the results of participation in the international Hannover Messe Fair.