Qatar is preparing to roll out a trio of new laws aimed at transforming its legal landscape to better appeal to foreign investors, according to the country’s commerce and economy minister. These changes come as part of a broader overhaul across various sectors.

In an exclusive interview with Reuters, Sheikh Faisal bin Thani Al Thani revealed that the nation is set to introduce new regulations governing bankruptcy, public-private partnerships (PPP), and commercial registration. He added that these reforms are part of a larger review encompassing 27 laws and regulations across 17 government ministries, targeting over 500 industries.

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Sheikh Faisal highlighted that the new bankruptcy and PPP laws are expected to be finalized by the end of March, marking a significant step in Qatar’s efforts to modernize its economic environment.

Qatar, a global powerhouse in liquefied natural gas exports, has ambitious goals for the future. As part of its national development strategy, the country aims to attract $100 billion in foreign direct investment (FDI) by 2030. However, it faces a considerable challenge, as its FDI inflows have lagged far behind those of neighboring countries, notably Saudi Arabia and the UAE.

In 2023, Saudi Arabia’s FDI inflows reached $26 billion, boosted by new calculations in its FDI reporting, while the UAE, renowned for its business-friendly environment, attracted just over $30 billion in foreign investment. In stark contrast, Qatar experienced a negative FDI inflow of $474 million in 2023, following a decline from $76.1 million the previous year. This suggests that Qatar saw more disinvestment than new capital entering the country.

Despite offering similar incentives to investors—such as attractive tax rates, free zones, and long-term residency options—Qatar has struggled to keep pace with its regional competitors in terms of regulatory reforms and business-friendliness. The new laws are part of Qatar’s broader strategy to activate its private sector and reduce its reliance on state-funded growth.

Sheikh Faisal, who joined the government in November, previously served as the chief investment officer for Asia and Africa at the Qatar Investment Authority, the nation’s $510 billion sovereign wealth fund. His background is expected to play a key role in driving forward the country’s ambitious investment goals.