Economic Institution & Organization
Qatar General Organization for Standards and Metrology
Qatar General Organization for Standards and Metrology aims to upgrade the quality of commodities and materials. It is the only body authorized to discharge the following duties:
1- Prepare, endorse and publish the standard specifications of commodities and products; operation, test and examination procedures of raw materials and equipments; the basis for assessment, the standard measurement systems, terms, definitions and hallmarks, in addition to other functions in coordination with concerned departments.
2- Issue and endorse conformity certificates for standard and quality specifications, designate the basis of offering such certificates and approve laboratories and non-government service utilities.
3- Follow up local and imported commodities and products to ensure their conformity with the declared standard specifications.
4- Spread awareness of standardization and metrology activities among all concerned parties and highlight the regional and international developments in this field.
5- Conduct studies and researches on conformity with the standard specifications and quality systems to reach the solutions for involved impediments.
6- Represent the State in the Arab and foreign organizations for standards and metrology.
7- Follow up the implementation of regional and international agreements in the field of standards and specifications and coordinate with concerned parties in this field.
8- Propose the legislations pertaining to standards and metrology.
The financial resources of the organization include the following:
1- The financial resources allocated by the State.
2- The income generated by its activities.
3- Loans and financial facilities.
4- Grants, legacies, donations etc.
5- Other resources endorsed by the council of ministers on the basis of proposals from the organization's board of directors and concerned ministers.
The Supreme Council for Economic Affairs and Investment
Presided over by His Highness the Emir, with His Highness the Heir Apparent as vice president, the Council is generally concerned with economic and energy affairs and the investment of the country's surplus financial resources.
It is namely responsible for the following functions:
1- Drawing out the State's general policies in the economic, financial, commercial and energy fields, as well as endorsing and following up the implementation plans thereof.
2- Coordinating between the ministries and government departments, public authorities and companies working in the fields referred to on paragraph (1) in order to achieve the required integration in service of public interest.
3- Outlining the general principles to be observed in preparing and implementing the development plans of the State.
4- Endorsing the financial and monetary policies of the State including the priorities of public spending.
5- Designating the criteria to be observed in preparing the general budget and the budgets of public authorities, establishments and companies in service of the declared objectives.
6- Approving the projects to utilize the natural resources of the country as well as the major industrial and economic projects in which the State or public authorities, establishments and companies are involved.
7- Designating the general principles of commercial policies on the local and international levels in such a way as to develop the internal trade, stimulate commercial exchange and increase the financial returns thereof.
8- Outlining the policies required to diversify the economic base and increase the sources of public income.
9- Preparing the policies, controls and criteria for designating the priorities of the privatization of public sector projects.
10- Endorsing the policies aiming to activate the private sector and increase the contribution thereof in the national economic activity and development.
11- Designating the policies and procedures to be taken to encourage national and foreign investments, and deciding the suitable incentives to be offered in this respect.
12- Following up the international economic developments and their potential impact on the national economy, and taking the required steps and precautions to benefit from their advantages and curtail their disadvantages.
13- Deciding the suitable frameworks through which to support economic and commercial cooperation at the regional and international levels.
The council is responsible for the following tasks in the field of investing the country's surplus financial resources:
1- Designating - within the general strategy of the State - the objectives of investing the country's surplus financial resources.
2- Drawing out a long-term policy and annual implementation plans thereof to invest the State's surplus financial resources.
3- Following up the implementation of investment programs and periodically evaluating the results thereof.
4- Designating the banks and financial establishments in or through which to invest the State's surplus financial resources.
5- Designating the foreign currencies by which to evaluate the investment assets of the State's surplus financial resources.
6- Designating the securities in which to place the investments.
7- Discharging any other duties ordered by the amir.
The Council has a general secretariat chaired by a secretary general who is aided by two deputies one for economic affairs and the other for investment affairs. The secretary general and his two deputies are appointed by a decision from the Council's president.
The general secretariat is composed of the following administrative units:
1- Financial Investment Department.
2- Direct Investment Department.
3- Investment Accounts Department.
4- Energy General Policies Department.
5- Administrative and Financial Affairs Department.
Qatar Finance Center
Qatar Finance Center seeks to stimulate the national economic activity in line with the international economic developments and create the suitable environment to enhance development and open new horizons for investment.
The Center is authorized to license the establishment and economic activities of companies, individuals, banks, investment projects, finance companies, insurance companies, all sorts of stock and securities markets, asset management and all kinds of brokerage services. It offers its services in the field of investment categorization and evaluation, financial representation, counseling, financial facilities, holdings and operations and management of offshore companies.
The entities authorized to operate at or through the Center enjoy the freedom to repatriate their profits and investment assets in addition to being secured against nationalization, expropriation or the imposition of restrictions on private ownership. All entities licensed to operate at or through the Center can be 100% owned by foreigners or non-resident individuals or companies.
It has a three-tier authority structure comprising Qatar Financial Center Authority, Qatar Financial Regulatory Authority and an Arbitration Body, each of which is financially and administratively autonomous. The Center Authority aims to enhance the position of the Center as a pioneering international financial and business hub and boost the operational efficiency of the Qatari economy in line with the best international standards. The Regulatory Authority undertakes licensing tasks and organizes and supervises banking, insurance and business activities discharged at the Center. The Arbitration Body is concerned with hearing the appeals presented by the companies and legal entities against the decisions of the Regulatory Authority; and its decisions are final, unchallengeable and are binding to all parties.