Fuelled by shared goals, mutual investments and growing collaboration, the Middle East and Asia are forging stronger economic ties, writes Sovereign PPG Business Development Manager Yuliya Ihnatsenka.
As this dynamic relationship between the two regions evolves, Qatar chose the Luxury Property Showcase (LPS) Shanghai 2024 to promote its beneficial business environment for foreign investors and booming real estate market.
The event, held from 6 to 8 December, brought together real estate professionals, investors and over 140 luxury property developers from around the world. It provided a platform for Qatar to highlight its world-class infrastructure and strong economic fundamentals as a destination for global investors.
The ‘Qatar Pavilions’ exhibition was led by Invest Qatar, the Qatari investment promotion agency, in partnership with the Real Estate Regulatory Authority (Aqarat) and selected real estate developers, including Qatari Diar, Qetaifan Projects and United Development Company (UDC).
“We were pleased to participate in LPS Shanghai 2024 and showcase Qatar’s conducive business environment,” said Invest Qatar CEO Sheikh Ali Alwaleed Al-Thani. “LPS Shanghai provided an excellent platform to connect with potential investors and discuss the unique opportunities the country offers and to highlight why Qatar is emerging as one of the top destinations globally to live, work and do business.”
With a robust economy and progressive real estate policies, Qatar’s real estate sector has grown by 34% from 2015 to 2023. This impressive growth has been driven by a number of factors, including high GDP growth, an influx of population, abundant employment opportunities and favourable government policies.
One of the most transformative initiatives has been Qatar’s ground-breaking property ownership reforms, which have extended eligibility to own property and invest in the real estate sector to non-Qataris.
In line with Qatar National Vision 2030, the Investor Visa, or ‘Owner of Premises Residence Permit’, is designed for investors in Qatar’s real estate market and offers long-term renewable residency through a qualifying property purchase. The property investment must be made in areas designated for foreign ownership. This currently includes 25 districts such as The Pearl-Qatar, Lusail City and West Bay Lagoon.
Category 1 applicants under must invest at least USD1 million in Qatari real estate, either in a single or in multiple properties. The privileges available to this category are similar to those of a Qatar permanent resident – healthcare, education and select economic investment opportunities.
Category 2 applicants must invest at least USD200,000 in Qatari real estate, which allows the investor to live and work in Qatar without a sponsor. The visa is renewed every five years to confirm that the ownership of the property is still under the investor’s name.
A minimum of 90 days annually must be spent in Qatar to maintain residence but permit holders can stay outside Qatar for more than six months without risking suspension or cancellation of their residency status. Permit holders and their families are also entitled to free access to public healthcare and education and can register businesses in various sectors without requiring a Qatari partner.
As Middle Eastern nations continue to strengthen ties with Asia, platforms like LPS serve as vital connectors for mutually beneficial relationships. By focusing on innovation, sustainability, and economic diversification, Qatar is setting the stage for a bright future in global investment and development.
For companies and investors in Asia, looking at expanding to the Middle East, our teams on the ground both in Asia (Hong Kong and Singapore) and the Middle East (UAE, Oman, Bahrain, Qatar and Saudi Arabia) can facilitate the process of obtaining residency or setting up your business. For further support, please contact Hussein Hachem.
