Gulf countries discuss laws to encourage foreign investment

The Gulf Cooperation Council (GCC) countries are discussing a plan which aims to attract foreign investments to the Gulf nations.

The plan includes granting foreign investors incentives a five-year exemption from taxes, and partial or complete exemption from customs imposed on raw materials and machinery in addition to allocating needed land for each project and facilitating the entrance of the foreign employees into the region.

Sources said that this plan will be submitted to the 8th Summit of the Higher Council of the GCC, which will be convened in Kuwait during this month. The plan aims to give priority to investments in projects that will help reduce the dependence of the GCC countries on foreign countries for their basic and strategic needs and those projects that will expand the export and production abilities of the GCC countries.

The plan also would exempt foreign investors from the ownership ratio specified in each of the GCC countries. The plan calls for setting up an investment committee in each of the GCC countries whose responsibilities include facilitating the procedures for obtaining permits and to specify the fields of investments and the investment opportunities available in each country.