Ministry of Municipality Reduces Industrial Zone Land Rents by 90%

Qatar

Ministerial Decision Slashes Ministry of Municipality Industrial Zone Land Rents by 90%

In a move aimed at bolstering economic growth and supporting local industries, Minister of Municipality HE Abdullah bin Hamad bin Abdullah Al Attiyah has issued Ministerial Resolution No. (123) for 2024, drastically reducing the rental rates of Ministry-owned industrial zone lands. The new rates, effective immediately upon publication in the Official Gazette, mark a significant decrease: from QR100 to QR10 per square meter annually for lands designated for commercial activities.

This decision, part of broader efforts to stimulate the national economy and enhance private sector participation, also includes reduced rents for logistical projects (from QR20 to QR5 per sq meter annually) and lands with industrial licenses (now QR5 per sq meter annually, down from QR10). Mixed-use lands will be charged QR10 per sq meter annually if used for commercial purposes other than industrial or logistical activities.

Moreover, the resolution introduces long-term lease contracts of 25 years, allowing for rental value reviews every five years. It aims to encourage economic activities across various sectors, including commercial, industrial, logistical, and residential developments serving workers' housing.

By supporting these initiatives, Qatar aims to bolster economic diversification and sustain the ongoing development momentum within the country.   

 

 

Source: The Peninsula Qatar