Doha (Web Desk): Qatar on Thursday approved legislation allowing 100-percent ownership for foreign investors in most sectors of the economy.

The move comes at a time of political crisis in the Gulf, with Qatar under an economic and diplomatic boycott by neighbouring countries for the past seven months.

It is also an attempt by Qatar , the third largest economy in the Gulf, to secure new revenues to finance a budget deficit due to the slump in oil prices since mid-2014.

Overseas investors will be able to fully own businesses in almost all economic sectors but they are not allowed to purchase real estate or own franchises, according to the ministry of economy and trade.

To invest in the banking and insurance sectors, foreigners need to secure a special permit from the government, the law states.

Currently, foreign investors can own up to 49 percent of companies listed on Qatar 's stock exchange in accordance with a law passed in 2014.