The Qatari Businessmen Association is studying establishing a fund to support troubled companies

31 Mar 2020 Virtual meeting

The Qatari Businessmen Association held a Virtual meeting, headed by H.E.  Sheikh Faisal bin Qassim Al Thani, QBA Chairman.
The meeting discussed the repercussions of the crisis of Corona virus (Covid 19) on the Qatari economy and the business sector in the country and discussed effective ways to overcome its economic consequences and impacts on the business environment and the private sector.
The meeting was attended by Mr. Hussein Al Fardan, QBA First Deputy and Sheikh Khalid bin Thani Al Thani, QBA Second Deputy, also from QBA Board members, Sheikh Nawaf bin Nasser, Mr. Sherida Al Kaabi, Mr. Saud al Mana. From QBA Members, Mr. Khaled al Mannai, Sheikh Faisal Bin Fahad, Mr. Ibrahim Al Jaidah, Mr. Nabil Abu Issa, Mr. Abdulsalam Abu Issa, Mr. Ashraf Abu Issa, Mr. Mohamed Al Rabban, Mr. Abdullah Al Kubaisi, Mr. Faisal Al Manna, Mr. Maqbool Khalfan, Mr. Mohamed Althaf, Mr. Ihsan al Khiyami, Eng. Haider Mashhadi all attended the meeting as well as Ms. Sarah Abdallah, QBA Deputy GM.
The Members of the Qatari Businessmen Association first discussed and praised the directives of HH Sheikh Tamim bin Hamad Al Thani, the Emir of the State of Qatar, to avoid and contain the human and economic effects of the Corona virus on public life, and to continue to achieve economic and social stability in the country
During the meeting, the members stressed out that the bundle of economic support to the private sector and the associated executive programs and the announced financial incentives would give the private sector more confidence and would restore balance and stability to the business environment, and protect it from financial turmoil. It 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.

QBA Chairman and the members of the Qatari Businessmen Association valued the speed of the government's response, headed by His Excellency Sheikh  Khalid bin Khalifa bin Abdulaziz Al Thani, Prime Minister and Minister of Interior, which was revealed in a wide range of precautionary measures to control the transmission and spread of the Pandemic within the state, and the adoption of Economic support programs, monitoring the progress of its implementation, and examining the results, in a way that contributes to protecting the national economy and restoring its health in cooperation with all entities in the country.
QBA Members also praised the efforts of the Minister of Commerce and Industry and the Ministry and the challenging Role they are undertaking in order to maintain a stable economic environment in light of the current Pandemic
Also, all parties discussed and thanked the Ministry of Public Health and all the health workers in the country, including doctors, nurses and administrators, for their tremendous efforts in serving the citizen and the resident and protecting the country from the spread of the Corona virus among the community members.
The meeting covered a number of ideas and proposals that would reduce the economic impact of the Corona pandemic on the business sector in the country, protect the gains of the private sector, and support stimulus programs.

They stressed the importance of continuing cooperation between the public and private sectors in light of the exceptional circumstances the country is going through, and pledging to put all capabilities of all Qatari businessmen in the service of the government to avoid the human and economic impact of the Corona pandemic, and support companies to maintain an economic and Stable social environment.
During the meeting, there were a number of initiatives that were agreed upon, most notably the establishment of a (crisis committee) composed of members from the Qatari Businessmen Association and chaired by His Excellency Sheikh Faisal bin Qassim Al Thani, QBA Chairman, the committee aims at creating direct communication between the Qatari Businessmen Association and the government, to follow up and coordinate with the various ministries, on mechanisms for the allocation of incentives that HH Sheikh Tamim bin Hamad Al Thani, directed to support the private sector and compensate the affected parties. The committee will raise the study and the attached proposals included to the competent authorities.

The Crisis Committee also proposed the establishment of a “business fund” to support the private sector in facing potential economic consequences of the Corona virus, and to reduce the economic impact on the business environment, in line with government directives, provided that its tasks are limited to providing technical and financial support For troubled companies from the private sector, within the regulatory, legal and supervisory framework in place by the relevant authorities in the state