Qatar is begging foreigners for dollars

In a bid to provide relief to stressed property market amid the pandemic, Gas-rich Qatar has flung open its property market to foreigners. 

The scheme, announced in September, is the latest in a series of measures designed to help Qatar's falling economy, soaking up an oversupply of units, which has left gleaming towers half-empty and seen prices drop by almost a third since 2016.

Previously, investors needed sponsorship from a Qatari business or individual for residency, but now a $200,000 property purchase secures temporary residency for the term of ownership. A $1 million purchase buys the benefits of permanent residency, including free schools and healthcare.

Yet, it remains unclear how attractive the tiny, ultra-conservative nation known for terror funding, to wealthy individuals where strict curbs apply to free speech and efforts are ongoing to hide and manipulate the truth around the world's highest per-capita coronavirus infection rate.

Qatar is a valuable market for us and we want to continue here but it has become difficult and if there's no improvement we will have to review our strategy [in Qatar]," said a commercial manager at a European construction services company.

International businesses are being caught in the crossfire of Qatar's dispute with its Arab neighbors as it delays shipments, lengthens travel times and prompts contingency plans in case the pandemic crisis deepens.

The feud between Arab powers threatens to undermine the region's progress in positioning itself as business friendly and raises concerns that some firms may be forced to pick sides.