Qatar’s Ministry of Finance announced that it will launch ‘TAHFEEZ’, a programme aimed at enhancing local services and products in an effort to strengthen Qatar’s private sector. The programme will consist of three pillars, Qatar In-Country Value (QICV), Environmental, Social and Governance (ESG) and Small and Medium Enterprises (SMEs).
Commenting on the initiative, Minister of Finance HE Ali bin Ahmed Al Kuwari said, “The launch of TAHFEEZ will enhance Qatar’s local offering and contribute to diversifying the economy in line with the National Vision 2030 set forth by His Highness the Amir of State of Qatar Sheikh Tamim bin Hamad Al Thani.”
He said, “The programme is designed to support the growth of Qatar’s private sector development, create jobs and promote further exports of local products to the world.”
TAHFEEZ will launch via its first pillar, QICV, an extension of QatarEnergy’s Tawteen programme, launched in February 2019. Its objective is to create new investment opportunities and enhance the private sector through knowledge transfer.
QICV’s roll-out will consist of several phases, starting in the first quarter of 2022, with the first one being made available to contractors in collaboration with the Public Works Authority, before extending to other government entities and institutions.
One of the most important aspects of QVCI is the adoption of the In-Country Value policy designed to reward contractors, suppliers, and service providers who fulfil their contracts by contributing to the growth of the economy.
This initiative is part of several measures taken by the Ministry of Finance to stimulate the local market, starting with the system contracts between Hamad Corporation and national companies in the healthcare field, and the development of food security policies for national products. The Ministry continues to collaborate with various government entities and institutions to develop policies, regulations, and incentives to further attract businesses to expand to Qatar.
For more information about the Qatar In-Country Value Program, one can visit the Qatar Energy (Tawteen) website: https://icv.qa.