Qatar approves bill to boost foreign investment amid blockade

Qatar has approved a draft law aimed at boosting foreign investment and economic development, the state-run Qatar News Agency reported.

Doha's cabinet made the decision during its weekly meeting, QNA said on Wednesday.

The law is set to open the field for foreign investors to take part in all economic activity with up to 100 percent ownership of the capital.

It would also allow investors to own up to 49 percent of shares of Qatar-listed companies on the Qatar Exchange after approval from authorities.

Qatar's economy minister hailed the move on Friday.

"The most important features of the bill are that it provides many guarantees which contribute to the creation of healthy investment environment," Sheikh Ahmed bin Jassim al-Thani said.

The move comes just days before the anniversary of a bitter Gulf crisis.

Since June 5 last year, Saudi Arabia, the UAE, Bahrain and Egypt have cut all relations with Qatar, accusing it of financing terrorist groups and having close ties with Iran.

The countries subsequently imposed a trade and diplomatic boycott on Qatar, which rejects the charges and says the countries are seeking regime change in Doha.

Qatar, the world's number one exporter of liquefied natural gas, has withstood the economic and financial impact of the crisis.