The 25-year-old former Arsenal youngster agreed a move to the Athens-based who have an option to buy him on a permanent basis.
Al Sadd will receive 500,000 euros for the loan of the player while Abeyie will be paid 400, 000 euros for the year.
Owusu-Abeyie quit Spanish side La Liga Malaga before the end of last season for non-payment of salaries.
The former Dutch youth international made 16 appearances and scored three goals.
The dribbling wizard has played for Ajax, Arsenal, Spartak Moscow, Celta Vigo, Birmingham, Cardiff and Portsmouth.
An impressive display could chart his way back into the Ghana squad.
Owusu-Abeyie has not played for the Black Stars since the international friendly against Saudi Arabia in November last year.
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