Article 9

(1) A Qatari Person who is a shareholder of a QFC Company that owns or has a usufruct in Real Estate located outside the Designated Areas may, during the Restriction Period and in such form as may be prescribed by the QFC Authority from time to time, apply for the CRO’s written consent to change their share ownership in the QFC Company.
(2) A change of share ownership in a QFC Company may be effected by any means including:
(a) transfers;
(b) allotments;
(c) buybacks; and
(d) disposition by law or court order.
(3) If the proposed transferee of a Qatari Person's shares in a QFC Company is a Qatari Person, the CRO will issue its written consent to the change of share ownership.
(4) If the proposed transferee of a Qatari Person's shares in a QFC Company is a non-Qatari Person, the CRO will ascertain whether the QFC Company owns, or has a usufruct in, any Real Estate located outside the Designated Areas.
(5) If the CRO has reason to believe that the QFC Company owns, or has a usufruct in, any Real Estate located outside the Designated Areas, it may refuse to approve the change of share ownership, unless the relevant shareholder or the QFC Company proves that it does not own, or have a usufruct in, such Real Estate as the case may be.
Inserted (as from 6th July 2021).