Aamal Company has posted a first-quarter net profit of QR94mn, up 7.5% on the same period in 2023.Aamal vice-chairman and managing director Sheikh Mohamed bin Faisal al-Thani commented: “Building on these positive first quarter results, we look ahead to the remainder of 2024 with confidence and optimism, fuelled by our ongoing evaluation and pursuit of new opportunities and by the continued enhancement of our existing operations.“Aamal's diversified business model remains highly resilient, positioning us favourably to capitalise on opportunities as they arise and to drive sustained growth, benefiting our shareholders and wider stakeholder community.”Chief executive officer Rashid bin Ali al-Mansoori added, “I am pleased to report that Aamal has made a solid start to 2024, showing robust year-on-on year growth with revenue up by 6.2% and total net profit up by 8.2%, results which underline our ongoing commitment and ability to deliver value for all our stakeholders while navigating through dynamic market conditions.“Our Trading and Distribution segment saw strong revenue growth, driven in particular by the excellent performance of Ebn Sina Medical. Furthermore, Aamal Medical's recently signed strategic partnerships and representation agreements with leading healthcare suppliers - such as Austco Healthcare, Gleamer, and Healthometer Professional Scales - underscore our commitment to meeting evolving market demands and to expanding our product portfolio to serve the growth and development of Qatar’s healthcare sector.“Industrial manufacturing performed well, led by Elsewedy Cables' significant QR1.2bn contract win from Kahramaa. Our diversified industrial activities, including Aamal Readymix, Aamal Cement Industries, Senyar Industries, and Frijns Industrial Steel, also all contributed positively to our overall growth.“Our property segment saw a marginal increase in rental levels due to higher occupancy rates. At City Center Doha, our initiatives to maintain its market leadership included the recent inauguration of the ‘Gold Souk’ and infrastructure enhancements such as the direct bridge, which will shortly link the metro station to the mall's second floor, further enhancing accessibility and the customer experience.“Our Managed Services segment saw a significant increase in revenue due to the contribution of the newly-added Maintenance Management Solutions ‘MMS’ subsidiary. As expected, our Aamal Services and Aamal Travel subsidiaries faced a slight slowdown in their activities. We remain committed to optimising our operations and seizing new opportunities across this sector.”

In order to promote innovation in fintech, the Qatar Central Bank has issued ‘Digital Insurer’ regulations defining the regulatory framework for digital insurer activities in the country.This is in line with the Third Financial Sector Strategy, Fintech Strategy, and the QCB’s ongoing endeavour to regulate and develop the financial sector, in accordance with the Qatar Central Bank Law and the Regulation of Financial Institutions No. (13) of 2012.The QCB said digital insurers leverage technology to provide the best insurance services while enhancing customer experiences through effective services and smart digital solutions to enable the insurance sector to become a leader in the region.This sector is characterised by the variety of its insurance products and services that help meet internal needs and support the expansion of the sector in domestic and external markets to achieve growth and increase profitability through insurance technology solutions and products based on insurance laws and regulations that meet the latest international standards.Digital insurers offer many benefits including cost efficiency, faster claims processing, improved risk assessment, and enhanced competitiveness in the sector, in order to deliver best services at a lower cost.The QCB affirmed its commitment to providing “outstanding and valuable” initiatives that help create a favourable environment for the financial technology sector in the country to grow.The regulations support Qatar’s financial sector development and enhance transparency and efficiency of transactions in the insurance sector.Moreover, these regulations enable insurance companies to meet their customers' needs in a modern and fast manner with rapid access to different categories of customers that traditional channels may not cater to holistically.The Qatar National Vision 2030 aims to build a digital economy, while stimulating the widespread adoption of technology and accelerating and encouraging technological innovations in various areas, including the financial sector.