QBA hails Qatars bundle of measures to combat COVID-19

17 Mar 2020 Doha - Qatar

QBA Members attended

The Board members of the Qatari Businessmen Association headed by Sheikh Faisal Bin Qassim Al Thani QBA Chairman, stressed that the directions of HH Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, to the Supreme Committee for Crises Management, to take the necessary measures and decisions to avoid the human and economic impacts of the new Corona disease (Covid-19), reflects a sublime human sense, wise and responsible behavior by His Highness towards the people and everyone who lives in Qatar, and touches strikingly with the accuracy and sensitivity of the difficult stage that our country and the rest of the world is going through as a result of the spread of Corona pandemic, and its serious repercussions on the business environment and the global economy in general, as it translates in word and action the wisdom of great leadership, its insightful vision, its rapid response, and its responsible handling of the crisis with a high national sense and high responsibility, which manifested itself through the adoption of a wide range of precautionary measures to control the transmission and spread of the epidemic, and set an example for many countries in the world to follow their example and work according to them, which is consistent with the supreme national interest, and with the general policies of the state and its vision that prioritizes the human being and his safety above all else.

QBA board members also added that the important economic decisions announced by the Supreme Committee for Crisis Management concerning the Precautionary Procedures for Corona Virus, would give the business environment and the private sector in Qatar a huge support, and reduce the size of the economic impact Expected for the epidemic, highlighting that the directions of His Highness, to support the private sector with financial and economic incentives in the amount of 75 billion riyals, will support the financing needs of the private sector to continue its work efficiently and maximize its role in the sustainable development projects, as it will reduce the pressure and financial burden on small and medium-sized companies, which in return will also benefit from the instructions of Qatar Central Bank for local banks to postpone loan installments for a period of six months, in addition to reducing the burdens and operating expenses on companies operating in the hospitality, retail, tourism, commercial complexes, logistical areas and sales outlets by granting exemptions from Electricity and water fees for a period of six months, Which will be reflected on the social level of reassurance and solvency of the purchasing power of the citizen, the resident, and members of society. in addition to supporting the stock market and the general investor market, by directing government funds to increase their investments on the Qatar Stock Exchange by 10 billion riyals.

QBA Board members also mentioned that the bundle of economic incentives will be reflected on the business environment in Qatar, through the economic growth rates, and on all other economic indicators, including the current account and balance of payments, and inflation rates, as it will give strong signals of the solidity and durability of the Qatari economy, the high financial solvency of the financial and banking systems, and important signals on the flexibility and speed of decision-making, to face urgent challenges, and the wisdom in making bold and difficult decisions in critical times.

H.E. Sheikh Faisal bin Qassim Al Thani, pointed out that the world is currently experiencing a crisis due to the rapid spread of the Corona virus and the major economic consequences of its spread globally, putting the world in front of a great challenge, and a real test of the human race, in his ability to confront and cohesion, and surpass the effects of the epidemic storm, as it provides an important human lesson in how to deal with crises, and ways to deal with them with minimal damage, indicating that the measures and procedures that the State of Qatar has followed in dealing with the crisis represented an advanced model, and a civilized situation that reflects years of preparation,, work, education, and effort, utilizing and maximizing capabilities, and investing in people first.

it is worth mentioning that the members of the Qatari Businessmen Association are in constant coordination in regard to any economic developments and are always ready to support the government's plans to address the current situation