QBA eyes establishment of ‘business fund’ to support troubled companies
April 01 2020 10:18 PM
The QBA has stressed the importance of continuous co-operation between the public and private sector
The QBA has stressed the importance of continuous co-operation between the public and private sector

The Qatari Businessmen Association (QBA) is studying plans to establish a fund that would support companies whose business operations are impacted by the coronavirus (Covid-19) pandemic.

This was discussed by the QBA board and other members in a virtual meeting led by QBA chairman HE Sheikh Faisal bin Qassim al-Thani. During the meeting, QBA agreed on a number of initiatives, including establishment of a ‘Crisis Committee’ to be chaired by HE Sheikh Faisal.

The Crisis Committee aims to create a direct link between QBA and the government, and to follow up and co-ordinate with various ministries on ways to allocate the incentives that would support the private sector and compensate affected stakeholders as directed earlier by His Highness the Amir Sheikh Tamim bin Hamad al-Thani .

The committee proposed the establishment of a ‘business fund’ to support the private sector in meeting the challenges caused by the coronavirus and to reduce the pandemic’s economic impact on the business environment, in line with government directives.

The tasks of the Crisis Committee are limited to providing technical and financial support for troubled private sector companies “within the regulatory, legal, and supervisory framework in place by the State authorities.” It was also agreed during the meeting that the committee will raise the study and the attached proposals to the authorities concerned.

The meeting covered several ideas and proposals that would reduce the economic impact of the Covid-19 pandemic on Qatar’s business sector, protect the gains of the private sector, and support stimulus programmes.

The QBA stressed the importance of continuous co-operation between the public and private sectors in light of the “exceptional circumstances the country is going through.” The association also pledged to “put the capabilities of all Qatari businessmen in helping the government cushion the human and economic impact of the pandemic, and support companies to maintain an economic and stable social environment.”

The meeting was attended by QBA first deputy Hussain Alfardan and QBA second deputy Sheikh Khalid bin Thani al-Thani, as well as QBA board members Sheikh Nawaf bin Nasser, Sherida al-Kaabi, and Saud al-Mana.

QBA members Khaled al-Mannai, Sheikh Faisal bin Fahad al-Thani, Ibrahim al-Jaidah, Nabil Abu Issa, Abdulsalam Abu Issa, Ashraf Abu Issa, Mohamed al-Rabban, Abdullah al-Kubaisi, Faisal al-Manna, Maqbool Khalfan, Mohamed Althaf, Ihsan al-Khiyami, and engineer Haider Mashhadi, as well as QBA deputy general manager Sarah Abdallah also attended the meeting.

They also discussed and praised His Highness the Amir’s directives aimed at addressing the human and economic effects of the coronavirus on Qatar, as well as to continue to achieve economic and social stability in the country.

Members of the meeting also agreed that the bundle of economic support extended to the private sector, associated executive programmes, and other financial incentives would boost the confidence of the private sector, restore balance and stability to the business environment, and would protect it from financial turmoil.

These initiatives would also help the private sector continue its role as a partner in achieving comprehensive development, in a consistent manner with the national interest, and in coordination with the general policies of the country and its national vision, members of the meeting noted.

The QBA also lauded the speed of the government’s response, headed by HE the Prime Minister and Interior Minister Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani, which announced a wide range of precautionary measures to control the transmission and spread of the virus in Qatar.

They also praised the government for adopting economic support programmes, monitoring the progress of its implementation, and examining the results in ways that contribute to protecting and restoring the national economy, in cooperation with all authorities concerned.

QBA members also praised the efforts of HE the Minister of Commerce and Industry Ali bin Ahmed al-Kuwari and the challenging role the ministry is undertaking to maintain a stable economic environment.

The association also thanked the Ministry of Public Health and all health workers in the country, including doctors, nurses, and administrators “for their tremendous efforts in serving citizens and residents, and protecting the country from the spread of virus.”

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