Published: 1 July 2024
NT Bureau
Doha
Minister of Municipality, H E Abdullah bin Hamad bin Abdullah Al Attiyah, has issued a ministerial decision to reduce the rental value of the land of the Ministry in the industrial zone, with the aim of supporting the growth of the national economy, and enhancing the role of the private sector in diversifying the economy.
This was announced by the Ministry on X platform on Sunday.
The rent has been reduced by up to 90 percent and the decision is expected to give a huge boost to the private sector.
According to the decision, the rental value of lands designated for commercial activities has been reduced from QR 100 to QR 10 per square meter annually, which is a reduction of a whopping 90 percent.
The rental value of lands for logistics projects has been slashed from QR20 to five riyals per square meter annually, and the rental value of land for industrial activity has been reduced to 5 riyals per meter square annually from 10 riyals previously.
The Ministry said on social media that the rent reduction will boost economic growth and support local industries, subsidise essential goods and stabilise local market, encourage investors to expand their businesses, create an attractive environment for investment and contribute to national economic diversification.
The Ministry further said that the lease agreements are for a period of 25 years and rates are subject to review every five years. “The Minister of Municipality may, after this period, reconsider these values,” it said.
