Qatar woos foreign cash with ownership reforms

* username: rupertbu

Qatar, one of the fastest growing economies in the Middle East, is stepping up efforts to attract foreign investment as neighbour and long-time business magnet Dubai struggles through a debt crisis. New laws to allow full foreign ownership in sectors such as consultancy services, information technology, entertainment and sport will relax restrictions that had limited non-Qatari ownership outside free zones to 49 percent.

The reforms highlight a debate about the merits of liberalising foreign residency and ownership rules to increase competitiveness as Gulf nations attempt to diversify their economies away from dependency on energy exports.

Qatar's neighbour United Arab Emirates, of which Dubai is a member, proposed a draft law last year allowing foreigners 100 percent ownership outside the free zones that have long lured businesses with the promises of tax-free earnings.