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Hamad International Airport has unveiled state-of-the-art concourses D and E, marking a major milestone in its expansion and boosting HIA’s passenger capacity to 65mn annually.The new concourses were unveiled at a global media event hosted by Qatar Airways Group at the Hamad International Airport Wednesday night.Dignitaries including Qatar Airways Group CEO Badr Mohammed al-Meer and HIA Chief Operating Officer Hamad Ali al-Khater attended the ceremony.Addressing the media, al-Meer said the expanded concourses, which were completed ahead of schedule, offer enhanced facilities, cutting edge technology and seamless connectivity to travellers, further establishing Qatar as a global aviation hub.Al-Meer said, “Hamad International Airport is more than a gateway; it is a vital pillar of Qatar’s growth and global connectivity. I am pleased to see this expansion project, with conclusion of both concourses going live, which I have personally been involved with since 2018.“While many global airport expansions have faced delays, we are proud to have delivered this major development ahead of schedule. This achievement reflects our commitment to operational excellence and strategic planning. This is not just about increasing capacity—it is about strengthening the entire Qatar Airways network, enhancing operational resilience, and supporting Qatar’s economic growth in line with the Qatar National Vision 2030. This development allows us to meet the evolving demands of global travel while reinforcing Qatar's position as a leading aviation hub.”Later speaking to Gulf Times, al-Khater said HIA served almost 53mn passengers in 2024. The airport continues to strengthen its role as a key global hub for airlines and passengers.This development (new concourses) elevates traveller comfort and further establishes Doha as a key global aviation hub.The expansion project, which began in 2018, has now been completed with the opening of Concourse D and E, marking the culmination of the airport's ambitious development plan.This milestone represents the final phase of a transformational journey initiated in 2022 with the unveiling of the ‘ORCHARD’, a 6,000-square-meter indoor tropical garden.The new concourses integrate seamlessly into the existing terminal, introducing cutting-edge technology and enhanced facilities to meet growing passenger demand.Al-Khater said the terminal now spans 845,000 square meters—a 14% increase—while the addition of 17 new aircraft contact gates increases the total to 62, nearly 40% more than before, ensuring greater connectivity, streamlined operations, and significantly reducing bus transfers.“This means about 350,000 bus journeys can be avoided annually in terms of moving passengers between the aircraft and the terminal.”Al-Khater said, “Our focus is to deliver operational excellence that supports both current demands and future growth. The opening of Concourses D and E marks a significant milestone in expanding our capacity and enhancing operational efficiency. This combined development streamlines passenger flow, optimises resource management, and strengthens airline connectivity, ensuring smoother and more efficient passenger services.”The newly inaugurated Concourses D and E feature the following enhancements:Seamless boarding through smart technology: The new concourses feature cutting-edge self-boarding systems, streamlining the boarding process for a faster, more efficient journey. Smart technology enables swift document verification, reduces wait times, and ensures smooth transitions from terminal to aircraft.Enhanced connectivity and global reach: The expansion of Hamad International Airport with Concourses D and E significantly strengthens connectivity for both passengers and airlines.With increased gate capacity and optimised flight operations, the airport can accommodate a greater number of international carriers and offer more direct routes to key global destinations.Elevating passenger journey: The expansion prioritises passenger comfort and convenience, offering upgraded facilities to cater to diverse traveller needs. A wider selection of premium retail outlets and global dining brands enhances the leisure experience, while ergonomically designed seating.With Concourses D and E expansion, Qatar Duty Free is unveiling 9 new retail outlets food and beverage venues, enhancing the airport's retail space by 2,700 square meters.This initiative further cements Hamad International Airport’s standing as a beacon of innovation, a world-class destination for shopping, dining, and unforgettable experiences.A commitment to sustainability: Hamad International Airport remains a leader in sustainable aviation, with Concourses D and E designed to meet GSAS 4-Star Design & Build Certification and aiming for LEED Gold Certification. The development incorporates energy-efficient systems, innovative water management solutions, and optimised thermal comfort strategies, reinforcing the airport’s alignment with global sustainability objectives.Accessibility is a core focus, with universal design principles ensuring a seamless experience for all travellers. Features such as hearing loops, barrier-free pathways, spacious seating areas, and dedicated assistance services underscore the airport’s commitment to creating a traveller-centric environment.A landmark expansion beyond Concourses D and E: The opening of Concourses D and E marks the final phase of Hamad International Airport’s broader expansion, which has introduced several landmark enhancements.At the heart of this transformation is the ORCHARD, a lush indoor tropical garden that redefines the passenger experience with its serene ambiance and natural beauty.The Central Concourse has been expanded to improve passenger flow and operational efficiency, while an enhanced retail and dining portfolio now features an array of global luxury brands and diverse food and beverage offerings.

Beyond the TarmacThe global airline industry continues to grapple with persistent supply chain disruptions, leading to increased costs, delays in fleet expansion, and operational inefficiencies.The sector relies heavily on highly intricate global supply chains for critical components such as engines, avionics, and landing gear. Already, disruptions in these supply chains have significantly impacted aircraft deliveries, particularly from the industry’s leading manufacturers—Boeing and Airbus.Ongoing bottlenecks in raw materials and essential components have extended aircraft production timelines, affecting airlines’ fleet expansion and renewal strategies.Carriers engaged in cargo transportation are also facing capacity constraints and delivery delays, further complicating global trade logistics.In addition, airlines require a steady supply of spare parts to maintain operational efficiency. Supply chain disruptions have led to prolonged maintenance cycles, keeping aircraft grounded longer than expected.The limited availability of spare parts has forced many airlines to explore alternative suppliers, often at a premium cost, industry analysts point out.Disruptions in the supply chain have also affected fuel availability and distribution, contributing to fuel price volatility—one of the most significant cost factors for airlines. These challenges have placed further strain on operational budgets, compelling carriers to refine cost management strategies.Despite these challenges, airlines—particularly those in the Asia-Pacific region—are experiencing robust demand for air travel, driven by strong passenger traffic in key markets such as China and India.According to the International Air Transport Association (IATA), total demand, measured in revenue passenger kilometers (RPK), was up 10% in January compared to the same month in 2024. Total capacity, measured in available seat kilometers (ASK), was up 7.1% year-on-year.The January load factor was 82.1% (+2.2 ppt compared to January 2024), an all-time high for that month.International demand rose 12.4% compared to January 2024. Capacity was up 8.7% year-on-year, and the load factor was 82.6% (+2.7 ppt compared to January 2024), an all-time high for January.Domestic demand rose 6.1% compared to January 2024. Capacity was up 4.5% year-on-year. The load factor was 81.2% (+1.2 ppt compared to January 2024), an all-time high for January.“We have seen a notable acceleration in demand this January, with a particularly strong performance by carriers based in the Asia-Pacific region. The record high load factors that accompany this strong demand are yet another reminder of the persistent supply chain issues in the aerospace sector,” said Willie Walsh, IATA’s Director General.“The strong growth in demand aligns with the results of our latest passenger survey (November 2024 ) in which 94% of travellers indicted that they planned to travel as much or more in the coming 12 months than they did in the past year.“Airlines are doing a good job of accommodating growing demand amid fleet and infrastructure constraints with satisfaction levels above 95%, and nearly 80% of travellers agreeing that air travel is good value for money.“Choice is an important component of this satisfaction. Some 70% prefer to pay the lowest fare and customise the additional services they need. It is important for regulators to clearly understand that the majority of travellers do not want to pay automatically for services they don’t need,” Walsh noted.Industry experts stress that persistent supply chain disruptions continue to affect aircraft manufacturing, maintenance, and overall airline profitability.To mitigate these challenges, airlines need to diversify their supplier base, enhance inventory management, and adopt more flexible operational strategies to ensure resilience in an evolving aviation landscape.

Banks in Qatar exhibit sufficient profitability and robust capital strength, with both Tier 1 and capital adequacy ratio (CAR) surpassing the mandated regulatory thresholds, a report by EY has shown.Domestic funding avenues are predicted to adequately finance credit expansion in Qatar this year with the completion of major infrastructure projects and increased liquefied natural gas (LNG) production, ‘EY GCC Banking Sector Outlook 2024 report’ said.“The expansion of gas production in Qatar will underpin the resilience of local banks this year,” it said.According to the report, GCC banks will continue to benefit from strong capital levels, supporting their overall performance in 2025. Credit growth in most GCC countries is broadly based on a strong project pipeline, with aggregate contract awards driven by infrastructure development, especially in Saudi Arabia and the UAE.The positive trajectory is expected to continue in the near future. This outlook is supported by rising lending volumes, increased fee income, stable margins and effective cost management. As the cost of lending turns more favorable, GCC countries might expand their investments globally.EY MENA Financial Services leader Mayur Pau noted, “As we go into the first quarter of 2025, the GCC banking industry should remain strong due to considerable capital cushions, healthy asset quality indicators and adequate profitability. Furthermore, resilient economies, the region’s economic diversification efforts and enabling policies will support higher consumption and investment, further boosting the sector’s performance.“The upcoming financial year looks to be a transformative period, with advancements in technology, shifts in consumer behavior and regulatory changes shaping the future of banking.”Non-oil growth remains a bright spot: GDP growth in the GCC is projected at 3.5% in 2025. Interest rate cuts, together with further investment and structural reform initiatives, will mean non-oil growth of over 3.4% in the region’s two largest economies – Saudi Arabia and the UAE.As per the International Monetary Fund (IMF), the current account surplus is expected to be 8.2% of the GDP in 2025. On the fiscal front, a surplus of 3.9% of the GDP is forecast for 2025.Global oil demand is forecasted to increase by 1.6mn bpd to 104.5mn bpd in 2025, reflecting the end of the post-Covid-19 pandemic release of pent-up demand, challenging global economic conditions and clean energy technology deployment.Non-OPEC+ producers are likely to account for the bulk of the increase if OPEC+ voluntary cuts remain in place. High oil prices – with the average for 2024 estimated at $81 per barrel – and favorable economic growth have supported the GCC banks’ healthy finances.GDP growth in the GCC is forecast to rebound to 3.5% in 2024, up from 1.4%, as oil production gradually increases, providing a boost to the region's economies, EY said.Hydrocarbon growth is likely to be 3.3%, while non-hydrocarbon sectors are forecast to grow at 3.4%, supported by strong domestic investment momentum.GCC banks have shown sustained growth in credit facilities during 2024, supported by economic transformation plans, robust project pipeline, healthy demand and resilient economic conditions. The banks are well-capitalised with strong asset quality indicator and are likely to uphold this strong performance trajectory throughout 2025.“To fortify their profitability and improve cost optimisation in the current landscape, GCC banks should consider how to best to navigate a new normal that not only addresses regulatory fragmentation and national interests, but fully harnesses the power of technology and its multiple scopes such as digitisation, generative AI (GenAI), open banking and APIs, and the digital currency revolution – all while committing to a sustainable future. This will ensure they remain competitive and agile to better counteract the pressure of contracting margins,” Pau said.Ends

The Middle East region is expected to increase its LNG exports by approximately 106mn tonnes, accounting for 27% of the global LNG supply by 2050, GECF said and noted Qatar will mainly drive the region’s gas exports during the forecast period.LNG exports are projected to expand significantly over the next three decades, the Gas Exporting Countries Forum has said in its ‘Global Gas Outlook 2050’.The number of LNG-exporting countries is expected to rise from the current 22 to 27 by 2050, leading to a more diversified supply landscape, with North America emerging as the dominant LNG-exporting region by mid-century.The Middle East is set to follow closely behind North America, with its share of global LNG exports projected to reach 25% by 2050, compared to 24% in 2023.Qatar, already a leading LNG exporter, is expanding its liquefaction capacity through the North Field East and North Field South projects, while the UAE and Oman are ramping up production to meet growing global demand.These investments will further strengthen the Middle East’s position as a key LNG supplier, particularly to Asia Pacific and Europe, reinforcing its strategic importance in the evolving global LNG market.Qatar aims to nearly double its LNG production capacity, increasing output by approximately 85% from the current 77Mtpy to 142Mtpy by 2030.This ambitious growth, led by the North Field Expansion project, will be implemented in three phases – through the North Field East (NFE), South (NFS), and West (NFW) expansion projects – and could contribute to a global oversupply later in the decade.“This significant expansion will underpin Qatar’s continued and sustainable economic growth, aligning with the Qatar National Vision 2030,” GECF said.GECF noted Qatar remains the dominant player in the Middle East’s midstream gas sector. With the North Field East (NFE) and North Field South (NFS) expansion projects, Qatar is set to significantly increase its LNG export capacity by 65Mtpy, bringing the total to 142Mtpy by the early 2030s.The NFE project, valued at approximately $29bn is expected to commence operations by 2026, while the NFS project, estimated at over $14bn will follow shortly thereafter.In 2023, some 12 of the 20 LNG suppliers were GECF member countries, collectively supplying 193Mt of LNG and meeting 47% of global LNG demand.LNG trade is poised for significant growth among GECF member countries over the forecast period. This trend is driven by financial and technological advancements, making LNG more accessible to new consumers.As global natural gas demand increases, LNG is emerging as a strategic commodity, influencing the political and economic landscapes of gas-producing countries.Projections indicate that LNG exports from GECF member countries will reach approximately 445Mt by 2050, accounting for 56% of global LNG exports.

QatarEnergy benefits from significant scale of its proven gas reserves and the low-cost nature of its operations, according to Moody’s.“QatarEnergy has a strong LNG franchise, with a global market share of around 20% in 2023, and continues to expand capacity. We expect the company's credit quality to remain strong over the investment period thanks to earnings and cash generation driven by favourable hydrocarbon prices.“QatarEnergy's focus on LNG distinguishes it from peers in the context of the carbon transition. Demand for LNG is likely to peak significantly later than demand for other fossil fuels thanks to its use as a transition fuel away from more polluting primary energy sources such as coal and oil,” Moody’s said in a recent report.GCC exporters such as national oil and gas companies and petrochemical producers usually have very strong operating profiles underpinned by large scale, a very good track record of execution and low cost operations. The hydrocarbon producers also benefit from favourable geological characteristics in the region.Many rated GCC companies have very strong credit quality thanks to sound macroeconomic and operating conditions, robust business models, sound operating execution and prudent financial discipline. This, Moody’s noted, translates into good financial performance, strong credit metrics and solid liquidity which are likely to be sustained over the next 12 months.Rated GCC companies’ total outstanding debt has been stable at around $410bn in recent years and is likely to remain at this level in 2025, Moody’s noted.Oil and gas and petrochemical companies reduced their debt burdens in 2022-23 thanks to buoyant industry conditions and are likely to sustain these lower levels in 2024-25.By contrast, non-energy related companies modestly increased their debt in 2023-24, although generally in line with their business growth.Cash holdings rose to $200bn in 2023 from $125bn in 2019.The bulk of that increase came from oil and gas and petrochemical companies thanks to high hydrocarbon prices and favourable petrochemical industry conditions.However, this accumulated cash will be used in 2024-25 for capital spending and dividend payments amid more moderate market conditions.For the other companies Moody’s rate, cash accumulated at a slower pace.Total revenue increased to $742bn in 2023 from $507bn in 2019, up 46%, and is likely to remain flat in 2024-25. For sectors other than oil and gas and petrochemicals, growth has been steady.Revenue has fluctuated in the oil and gas sector in line with oil prices, while petrochemical companies have faced pressure over the last two years because of global industry conditions.Profitability remains robust in most sectors. Oil and gas, utilities and telecoms demonstrate stable and high profitability compared with peers. This is likely to be sustained in 2024-25, Moody’s noted.

Artificial Intelligence (AI) is transforming air travel in several key ways, making it more efficient and customer-friendly.AI-driven chatbots and virtual assistants now help passengers with booking, check-in, and flight updates. Many top airlines have been extensively using AI-powered chatbots to assist travellers in real time.Industry experts say AI-powered biometric systems (facial recognition, iris scans) will reduce the need for physical passports and boarding passes, speeding up security and immigration checks. Ultimately, it will reduce wait times at airports around the globe.Artificial Intelligence analyses passenger data to offer personalised recommendations for seats, meals, and upgrades. Another incentive is that AI-driven tracking will be able to minimise lost luggage and automate baggage movement for faster transfers.Recently, the World Travel & Tourism Council (WTTC) and Trip.com Group unveiled ‘Technology Game Changers: Future Trends in Travel & Tourism’ at ITB Berlin, spotlighting the innovations set to revolutionise the industry.The report explores some six transformative technologies shaping the future across four major trends: digital technologies, financial technologies, future of mobility, and breakthrough innovations.It suggests that by the end of the decade, AI agents won’t just automate travel searches and bookings – they could match human intelligence across many tasks, transforming travel and tourism as we know it.According to WTTC, quantum computing could soon be solving problems beyond our wildest thinking. From optimising global air traffic in real-time with unprecedented efficiency, to unlocking the next frontiers of space travel and deep-sea tourism, bringing both closer to reality.Supersonic flight is set to make a spectacular comeback, more than twenty years after Concorde retired. Boom Technology and United are gearing up to carry passengers at blistering speeds within the next four years.Meanwhile, smart cities with driverless cars and advanced air mobility won’t just reshape today’s top destinations – they’ll open doors to places once thought unreachable, redefining the tourist experience for the travellers of tomorrow.Julia Simpson, President & CEO, WTTC, said: “The travel and tourism sector is in the midst of a digital revolution. From AI-driven personalisation to advancements in aviation sustainability, innovation is reshaping how we explore the world.“As travellers turn to social media, streaming platforms, and cutting-edge tech to inspire and book trips in real time, platforms like Instagram are shifting from selling products to selling experiences. Meanwhile, technology is unlocking new adventures off the beaten track.“With innovation accelerating at an extraordinary pace, businesses that embrace these advancements today will be the industry leaders of tomorrow.”Boon Sian Chai, Managing Director & Vice President of International Markets at Trip.com Group, added: “Travellers today expect planning and booking to be intuitive, efficient, and hyper-personalised.“At Trip.com Group, we are pioneering AI-powered travel assistance, Super Apps, and innovations to cater to, and even exceed such expectations. This report is also an essential guide for businesses looking to stay ahead of rapid digital change.”Key insights from the report include:AI revolutionising travel: Some 94% of industry leaders see AI as mission-critical. AI-powered assistants like Trip.com’s TripGenie saw a 200% surge in usage in 2024, revolutionising trip planning and customer experiences.Super Apps redefining seamless travel: A survey of nearly 8,000 travellers found 97% want a single platform integrating flights, hotels, activities, and payments, for a frictionless journey.Greener travel takes off: From Virgin Atlantic’s first-ever 100% sustainable fuel transatlantic flight, to Port Miami’s expansion of shore power, the travel and tourism sector is advancing towards a more sustainable future.Space tourism lifts off: Once a distant dream, commercial space travel is rapidly approaching reality, with infrastructure and demand accelerating at an unprecedented pace.The report also underscores the critical need for investment in digital skills and regulatory frameworks to unlock the full potential of these technologies.With 91% of travel businesses planning to increase their tech investments, the industry is on the brink of its most significant transformation since the dawn of the Internet.Experts believe AI will make global air travel more connected, efficient, and environmentally friendly, leading to shorter travel times, lower costs, and (possibly) enhanced safety.However, they caution that addressing privacy, cybersecurity, and regulatory challenges will be essential for smooth implementation.

Natural gas demand has been projected to increase to 5,317 bcm by 2050, representing 32% growth over the forecast period, according to the Gas Exporting Countries Forum.Gas’ share in the global energy will rise from 23% to 26%, GECF noted.The power sector is expected to drive this expansion, adding 475 bcm (1.1% per year) to reach 1,866 bcm.Industrial demand, including feedstock applications, is expected to grow by 238 bcm (0.9% per year) to 1,095 bcm, maintaining its position as the second-largest source of natural gas consumption.Natural gas demand for hydrogen production is also set to rise significantly, with consumption exceeding 480 bcm by 2050, reflecting blue hydrogen’s growing role in decarbonisation strategies, GECF said in its latest ‘Globas Gas Outlook’.The share of natural gas in final energy consumption is projected to reach 16% by 2050, slightly increasing from 15% in 2023, despite shifting consumption patterns.A gradual transition is underway, with natural gas use shifting from direct consumption in end-use sectors toward transformation sectors such as power generation and hydrogen production, reinforcing its role in supporting cleaner energy systems.With the exception of Europe and North America, natural gas demand is set to continue expanding across all other regions.Asia Pacific is projected to surpass North America as the largest natural gas-consuming region within this decade, maintaining its lead through midcentury.The region is expected to witness a 710 bcm increase in demand, accounting for 55% of the total net growth by 2050, outpacing all other regions.The Middle East will closely follow, contributing nearly 24% of the global demand increase, as its consumption rises from 554 bcm in 2023 to 865 bcm by 2050, reflecting increasing industrialisation and expanding energy intensive sectors.Africa is poised for the strongest relative growth, with natural gas demand more than doubling (+126%) to reach 385 bcm by 2050, driven by accelerated energy access initiatives, industrial expansion, and economic development.Latin America will also experience substantial growth, adding 125 bcm to reach 275 bcm by 2050, accounting for nearly 10% of the global net increase, solidifying its role as an emerging natural gas market.Despite initial growth in natural gas demand in North America through 2030, the region is expected to peak thereafter, followed by a gradual decline by 2050, as mature markets shift toward lower-carbon alternatives and efficiency improvements reduce consumption. Europe’s demand is anticipated to continue declining over the coming decades, falling by 154 bcm to 309 bcm by 2050, reflecting its energy policies and deindustrialisation.These trends underscore natural gas’s dual role — acting as a transition fuel in Europe and a destination fuel in developing regions where infrastructure, energy security, and economic priorities drive long-term reliance on natural gas.The global natural gas supply landscape is undergoing a fundamental shift, with production increasingly concentrated in non-associated conventional gas resources, primarily in the Middle East, Eurasia, and Africa.In contrast, North America’s unconventional gas production is expected to peak at 1,205 bcm in the 2030s before gradually declining to 1,126 bcm by 2050 due to the maturation of key shale plays and a slowing expansion of new developments.Meanwhile, new projects, including yet-to-find (YTF) resources, are forecast to account for 81% of total global gas production by 2050, highlighting their critical role in offsetting natural decline from mature fields and sustaining long-term supply growth.

Qatar’s share of the Middle East region’s upstream investment is “substantial”, Gas Exporting Countries Forum (GECF) said and noted in 2023, Qatar accounted for 45% of the region’s upstream gas investment at $9.6bn.In 2023, the region’s upstream gas investment stood at $21.3bn.According to GECF, the Qatar Gas LNG T8-T11 project in the North Field, Qatar Gas LNG T12-T13 in the North Field South, the North Field Sustainability project, and the North Field Compression project drive the growth in investment and future production.The key driver of the Middle East’s natural gas exports is expected to be the growth in LNG supplies, with Qatar at the forefront, GECF noted in the latest edition of its ‘Global Gas Outlook’.“Qatar’s position as a leading global LNG exporter is set to strengthen further, with 2024 marking the continued expansion of its liquefaction capacities,” GECF said.The Middle East is projected to hold an 18% share of global liquefaction investments, with Qatar leading the charge through its North Field Expansion (NFE and NFS).“These projects will significantly boost Qatar’s LNG output, solidifying its position as a cost-competitive, high-volume supplier to Asia and Europe,” GECF said.Qatar aims to nearly double its LNG production capacity, increasing output by approximately 85% from the current 77 mtpy to 142 mtpy by 2030.This ambitious growth, led by the North Field Expansion project, will be implemented in three phases – through the North Field East (NFE), South (NFS), and West (NFW) expansion projects – and could contribute to a global oversupply later in the decade.“This significant expansion will underpin Qatar’s continued and sustainable economic growth, aligning with the Qatar National Vision 2030,” GECF said.GECF noted Qatar remains the dominant player in the Middle East’s midstream gas sector. With the North Field East (NFE) and North Field South (NFS) expansion projects, Qatar is set to significantly increase its LNG export capacity by 65 mtpy, bringing the total to 142 mtpy by the early 2030s.The NFE project, valued at approximately $29bn is expected to commence operations by 2026, while the NFS project, estimated at over $14bn will follow shortly thereafter.These projects are supported by partnerships with leading global energy companies such as ExxonMobil, Shell, TotalEnergies, and Eni, ensuring robust financing and access to advanced technology. “Qatar’s long-term contracts and reliable export infrastructure further enhance its role as a stable LNG supplier to Asian and European markets,” GECF said.

Qatar’s natural gas production is expected to reach 244bcm in 2030 and grow to 300bcm by 2050, Gas Exporting Countries Forum (GECF) has said in its Global Gas Outlook 2050.The focus on expansion and sustainability reflects Qatar’s strategic approach to energy development, balancing growth with responsible resource management, Doha-headquartered GECF said in its ‘Global Gas Outlook 2050’, which was released here on Monday.Qatar’s natural gas demand is projected to grow by 22bcm, reaching 71bcm by 2050, with an annual growth rate of 1.4%.Expanding LNG export production capacity and energy sector-related needs primarily drive this increase, GECF said.Qatar’s production stood at 169bcm in 2023, adding 4bcm primarily from the Barzan project, GECF noted.According to GECF, Qatar’s strategy focuses on expanding its LNG capacity, with gas production projected to reach 300bcm by 2050. This significant growth requires massive investments toward the North Field Expansion Project, the world’s largest natural gas reserve.These efforts aim to solidify Qatar’s position as a leading LNG exporter to Asia and Europe, strengthen its energy security, and align with global energy transition goals. Qatar’s stable investment environment, strengthened by long-termcontracts and established market access, further supports its growth as a reliable supplier in global energy markets.Qatar is also diversifying its gas use by investing in fertiliser production and low-carbon gas-based solutions, including the Ammonia-7 blue ammonia project, expected to begin operations in 2026.However, gas demand in power generation is expected to see only modest growth, GECF noted.Qatar aims to install 4GW of large-scale solar PV capacity by 2030, reflecting its commitment to renewable energy.GECF noted the Middle East’s long-term average annual growth rate is projected to reach 3% by 2050, reflecting a moderate slowdown compared to the historical average of 3.7% between 1996 and 2023.This deceleration is influenced by the maturing economies of key oil and gas exporters, including Qatar, Saudi Arabia, and the UAE, which are expected to collectively account for over 55% of the region’s GDP through mid-century.Long-term growth rates for these countries are forecasted at 3%, 3.2%, and 3.4%, respectively, signalling a gradual easing of economic momentum as these economies transition from reliance on hydrocarbons to more diversified economic models.According to the outlook, the Middle East is positioning itself as a global leader in blue hydrogen production, leveraging its proximity to extensive natural gas reserves.This strategic focus not only enables the production of low-carbon hydrogen but also fosters the establishment and expansion of hydrogen markets.By 2050, 14% of the total incremental gas use in the region is projected to be associated with low-carbon hydrogen production. State-owned companies and government funding are driving the development of hydrogen projects, supported by advancements in CCUS technologies.These initiatives will ensure the long-term viability of the natural gas sector while contributing to global decarbonisation goals, GECF noted.Across the region, growing demand for natural gas in industry and power generation is expected to account for 57% of the total growth, or an additional 163bcm by 2050.As an energy source and feedstock, industrial gas use is set to play a pivotal role, adding 83bcm over the forecast period. Expanding gas-to-chemicals, petrochemicals, fertiliser production, and light manufacturing industries will drive this growth.“Natural gas is expected to remain integral to powering water desalination through cogeneration facilities or membrane technologies reliant on electricity,” GECF said in its latest gas outlook.

There has only been a marginal rise in the number of announced greenfield FDIs in the GCC in 2024, according to Emirates NBD.In a recent research, the bank said the number of greenfield FDIs in the GCC grew just under 1% to 1,830 in 2024 from 1,813 in 2023.Despite the low pace of growth, the number of new projects remains well above the pre-Covid average.There does, however, appear to have been a decline in the average project value across the GCC, with the total value of projects having fallen by 26% year-on-year (y-o-y) in 2024.The primary sources of FDI into GCC economies in 2024, on a value basis, included the US (25%), China (17%), the UK (9%) and India (9%).The UAE also made a material contribution to greenfield FDI in the rest of the GCC, accounting for 5% of announced projects in 2024. Sectors seeing the highest value of greenfield projects include communications (18%), renewables (14%), metals (8%), electronic components (8%), as well as coal, oil and gas (8%).Global FDI flows declined in 2024 in both value and volume. UNCTAD estimates that the number and value of announced greenfield FDI projects declined by 8% and 7% y-o-y respectively.Despite the annual decline, the value of greenfield project announcements remains high by historical standards because of several large-scale projects related to the manufacturing of semiconductors and AI technology.The UAE features as the source country for two of the top 10 projects by value of investment, including a real estate investment into Ras El-Hekma in Egypt by ADQ and an investment by Mubadala in semiconductor manufacturing in the US.While the aggregate value of greenfield projects fell in 2024, there were pronounced differences across geographical regions.Developed economies saw a 15% y-o-y rise in the value of announced greenfield projects, disproportionately driven by large increases in the value of projects in the US (+93% y/y) and the UK (+32% y/y).In contrast, developing economies in saw a 24% y-o-y decline in the value of announced greenfield projects, Emirates NBD noted.

The Qatari insurers’ profitability metrics, particularly underwriting performance and return on equity (ROE), have outperformed those of other GCC insurers, S&P Global Ratings has said in a report.The other tailwind favouring local insurers, according to S&P, is that exposure to natural catastrophes and potential earnings volatility from weather events is relatively low in Qatar.However, S&P cautioned that Qatari insurers’ exposure to equity and real estate assets is high and could cause earnings and capital volatility.Despite ongoing geopolitical tensions and global trade disputes, S&P forecasts that economic conditions in the Gulf Co-operation Council (GCC) region will remain favourable in 2025.“We expect economic expansion, population growth, and mandatory insurance schemes will increase insurance demand in most GCC countries this year. Overall satisfactory underwriting results and relatively high interest rates will support earnings,” the report said.Yet, S&P noted that increasing competition and volatile equity markets could weigh on bottom line results. The size and profitability gaps between large and small companies will likely continue to widen.“Although we forecast that credit conditions of highly rated insurers in our portfolio will remain stable, we anticipate that the credit strength of some smaller and midsize insurers could continue to weaken. This is because ongoing topline growth, weak earnings, and high operating costs could impair these players’ capital and solvency buffers,” the report said.Ongoing infrastructure developments, introduction of mandatory insurance schemes, population growth, and rate adjustments have been key growth drivers, particularly in Saudi Arabia and the UAE, where the size of insurance markets doubled over 2020-2025.S&P projects top-line growth of about 5%-15% in most GCC insurance markets in 2025.Apart from the UAE, insurance penetration – measured by gross written premiums divided by GDP – remains relatively low in GCC countries, compared with other regions, S&P noted.However, GDP data in the GCC region captures the high income from the oil and gas sector, meaning insurance penetration ratios are distorted.Growth potential is significant, particularly in the long-term life and savings sector.The long-term life and savings business represents only 5% of total premium income in Saudi Arabia and Qatar.The rating outlooks on insurers in S&P’s portfolio, which typically comprises market-leading insurers, are mainly stable, supported by robust earnings and capitalisation.About 90% of rated insurers hold capital at the highest level, as per our risk-based capital adequacy model.“That said, we expect some rated and not rated smaller and midsize insurers could face headwinds in 2025 if competition further intensifies. This could widen the gap between top-tier and lower-tier insurers,” S&P said.

Qatar’s banking sector kicked off the year on a “positive note” with loan book and deposits making good gains in January, according to QNB Financial Services (QNBFS). Credit facilities extended by local banks increased by 1.9% during January to reach QR1,372.5bn. The loans rise in January was mainly due to a jump by 5.3% in the public sector. Loans went up by 4.6% in 2024, compared to a growth of 2.5% in 2023, growing by an average 5.4% over the past five years (2020-2024) Loan provisions to gross loans was marginally lower at 3.8% in January, compared to 3.9% in December 2024. Deposits went up by 1.3% during January to reach QR1,040.0bn. The deposits gain in January 2025 was mainly due to a surge by 1.5% in private sector deposits and a rise by 1% in public sector deposits. Deposits increased 4.1% in 2024, compared to a decline by 1.3% in 2023, growing by an average 3.9% over the past five years (2020-2024). Total assets edged lower by 0.3% during January to QR2.040tn, QNBFS data reveal. The total assets slide in January was mainly due to a decline by 2.3% in foreign assets and a 8.4% drop in reserves. Total assets gained by 3.9% in 2024, compared to a growth of 3.4% in 2023; assets grew by an average 5.7% over the past five years (2020-2024). Liquid assets to total assets moved lower to 30.2% in January, compared to 31.3% in December 2024, which still remains in a healthy position. Loan provisions to gross loans edged lower to 3.8% in January, compared to 3.9% in December 2024. Loan provisions have increased from 2.3% in 2019 to 3.9% in 2024 and 3.8% (as at January) as banks have been provisioning for Stage 2 and Stage 3 loans mainly emanating from contracting and real estate sectors. The overall loan book gained (by 1.9%) in January, pushed higher mainly by public sector loans, QNBFS noted. Total public sector loans rose by 5.3% MoM (+5.0% in 2024) in January. The government segment (represents 31% of public sector loans) was the main driver for the public sector gain with a jump by 13.3% (+3.6% in 2024), while the government institutions’ segment (represents 65% of public sector loans) moved up by 2.2% MoM (+7.7% in 2024). However, the semi-government institutions segment was marginally lower by 0.2% MoM (-18.0% in 2024) during January, QNBFS noted. According to an analyst “2025 has started on a positive note as both the loan book and deposits made good gains during January.” “The 1.9% rise in the overall loan book in January 2025 came mainly from the public sector as government credit facilities jumped by 13.3%, driven by government overdraft facilities shooting up by 26.5% in January and gives indication of increased government spending needs. The overall deposits growth of 1.3% at the start of 2025 has come in from all three main sectors, namely private sector, public sector and non-residents,” the analyst told Gulf Times.

Global trade growth, declining fuel costs, and the expansion of e-commerce continue to present positive prospects for the air cargo industry.However, concerns persist over the potential impact of tariff-driven trade policies under the Trump Administration in the United States.According to the latest data from the International Air Transport Association (IATA), global air cargo demand, measured in cargo tonne-kilometres (CTK), increased by 3.2% in January compared to the same period in 2024 (3.6% for international operations), marking the 18th consecutive month of growth.Meanwhile, cargo capacity, measured in available cargo tonne-kilometres (ACTK), rose by 6.8% year-on-year (7.3% for international operations).“January marked the 18th consecutive month of growth for air cargo, but the 3.2% year-on-year increase reflects a moderation from the double-digit peaks witnessed in 2024,” said Willie Walsh, IATA’s Director General.“Similarly, while yields remain above January 2024 levels, they declined by 9.9% from December, alongside a 1.5 percentage point drop in cargo load factors."External factors such as trade growth, lower fuel costs, and expanding e-commerce remain favourable for air cargo, but it is crucial to monitor evolving market conditions. The potential for tariff-driven trade policies under the US Trump Administration remains a significant uncertainty. Fortunately, the air cargo industry has demonstrated resilience in navigating shifts in the operating environment."Despite facing multiple headwinds, the air cargo sector has continued to chart a steady course toward growth. The potential imposition of US trade tariffs presents the latest challenge, with possible long-term implications for cargo volumes.In the short term, however, there may be an uptick in shipments as businesses accelerate deliveries ahead of tariff implementation.Following a double-digit increase in CTKs in 2024, the air cargo sector now accounts for 15.6% of total industry revenues, up from 12% in 2019. Growth has been observed across all regions and major trade routes.With global trade and GDP growth projected to remain stable at approximately 3%, 2025 is poised to be another strong year. IATA forecasts industry revenues to reach $157, driven by an anticipated 6% increase in demand.Additionally, air cargo yields remain about one-third above 2019 levels, with no indication of a return to pre-pandemic rates. “It appears there has been a structural improvement in the market since the pandemic,” Brendan Sullivan, IATA’s Head of Cargo said recently.The strength of e-commerce is a key growth driver, with the sector expected to represent an increasing share of air cargo business. Currently accounting for approximately 20% of industry-wide cargo shipments, e-commerce is projected to expand to at least one-third of all shipments in the coming years.By 2027, the e-commerce market is expected to reach $8tn, positioning the air cargo sector for significant gains if it can effectively adapt its offerings.Sustainability initiatives also play a crucial role in the industry's future. Circular economy principles, such as optimising the lifecycle of Unit Load Devices (ULDs), can help reduce waste while enhancing operational efficiency.Furthermore, Sustainable Aviation Fuels (SAF) are increasingly relevant, particularly as nearly half of all air cargo is transported in the belly hold of passenger aircraft, many of which are capable of incorporating SAF in their fuel mix.Nevertheless, the industry remains vulnerable to external risks. The prospect of US-imposed trade tariffs remains a pressing concern, with long-term implications for cargo volumes. However, there may be an immediate surge in shipments as businesses expedite deliveries before potential tariff enforcement.Trade tariffs must also be considered within the broader context of customs regulations. While such measures are generally unwelcome, they could serve as a catalyst for discussions on improved digitalisation and streamlined clearance processes, addressing a longstanding challenge for the sector.Operating within a highly interconnected global environment, the air cargo industry remains susceptible to geopolitical tensions, including trade disputes, economic sanctions, armed conflicts, and regulatory changes.As such, adaptability and resilience will be critical in navigating the evolving landscape and ensuring continued growth.

QatarEnergy celebrated the graduation of a new group of Qatari nationals who have successfully completed their academic studies and vocational programmes and have joined QatarEnergy and other energy sector companies.The graduates will be working with QatarEnergy, QatarEnergy LNG, QAFCO, Shell Qatar, North Oil Company, Woqod, Q-Chem, ORYX GTL, QAFAC, QAPCO, Qatalum, and Qatar Steel.HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, congratulated the graduates in remarks at the celebration, and thanked their parents and families for the support they provided.The minister also thanked all those involved in the education and training programmes in QatarEnergy and its affiliates for their efforts in supporting the students and following up on their progress.Minister al-Kaabi said: “You are embarking on joining a major phase in the history of QatarEnergy and the Qatari energy sector, in which Qatar is taking leadership positions among the largest producers of LNG, petrochemicals, urea, and helium.“Being with us at this particular stage is a major challenge to bring about all the thinking, achievement, and creativity you can offer. You must remember that the path to success is not easy or paved with roses, but it requires work, commitment, and discipline. I wish you all every success in your tasks and duties at the beginning of your journey and in the future.”At the end of the ceremony, Minister al-Kaabi handed certificates of appreciation to all graduates, along with symbolic gifts for outstanding graduates in their fields of specialisation.The ceremony was attended by senior executives and officials from QatarEnergy and energy sector companies.

The air transport industry delivered another year of strong overall performance on safety including showing improvements on the five-year average for several key parameters in 2024, but it took a step back from an “exceptional” performance in 2023.According to the International Air Transport Association (IATA), the all-accident rate of 1.13 per million flights (one accident per 880,000 flights) was better than the five-year average of 1.25 but worse than the 1.09 recorded in 2023.In its ‘2024 Annual Safety Report’ released on Wednesday, IATA noted there were seven fatal accidents last year, among 40.6mn flights. That is higher than the single fatal accident recorded in 2023 and the five-year average of five fatal accidents.There were 244 on-board fatalities in 2024, compared to the 72 fatalities reported in 2023 and the five-year average of 144. Fatality risk remained low at 0.06, below the five-year average (0.10), although double the 0.03 reported in 2023.In the Middle East and North Africa, with two accidents in 2024, the all-accident rate improved from 1.12 accidents per million sectors in 2023 to 1.08 in 2024 and was also better than its five-year average of 1.09.Fatality risk in the region has remained zero since 2019. While no accidents were related to GNSS interference, it has emerged as a critical area of concern in the region.IATA’s Director General Willie Walsh said: “Even with recent high profile aviation accidents, it is important to remember that accidents are extremely rare. There were 40.6mn flights in 2024 and seven fatal accidents. Moreover, the long-term story of aviation safety is one of continuous improvement.“A decade ago, the five-year average (2011-2015) was one accident for every 456,000 flights. Today, the five-year average (2020-2024) is one accident for every 810,000 flights. That improvement is because we know that every fatality is one too many. We honour the memory of every life lost in an aviation accident with our deepest sympathies and ever greater resolve to make flying even safer. And for that, the accumulation of safety data, including the 2024 safety report, is our most powerful tool.”Key safety insights include:• Rising conflict zone risks: The downing of two aircraft in conflict zones (Kazakhstan with 38 fatalities and Sudan with five fatalities) has reinforced the importance of the Safer Skies initiative, established in the aftermath of the PS752 tragedy to facilitate safeguards in high-risk airspace.• Most common accidents: Tail strikes and runway excursions were the most frequently reported accidents in 2024, underscoring the importance of take-off and landing safety measures. Notably, there were no controlled-flight-into-terrain (CFIT) accidents.• Airlines on the registry of the IATA Operational Safety Audit (IOSA) (including all IATA member airlines) had an accident rate of 0.92 per million flights, significantly lower than the 1.70 recorded by non-IOSA carriers.Walsh noted: “Accident investigation is a vital tool for improving global aviation safety. To be effective, the reports of accident investigations must be complete, accessible, and timely. Annex 13 of the Chicago Convention is clear that this is a state’s obligation. Burying accident reports for political considerations is completely unacceptable.“And if capacity is the blocker, then we need a coordinated global effort to provide technical support to countries with limited accident investigation expertise.”He added: "The sharp rise in Global Navigation Satellite System (GNSS) interference events is deeply concerning. Reliable navigation is fundamental to safe and efficient flight operations. Immediate steps by governments and air navigation service providers are needed to stop this practice, improve situational awareness, and ensure that airlines have the necessary tools to operate safely in all areas."

The global air travel industry has experienced a significant resurgence since the Covid-19 pandemic, though the pace of recovery has been uneven across different regions and sectors.As borders reopened and travel restrictions eased, demand surged in 2022 and 2023, signalling a strong rebound.Domestic travel led the recovery, particularly in top three markets - the United States, China, and India.Meanwhile, international travel took longer to regain momentum due to border restrictions, visa processing delays, and lingering concerns over new Covid-19 variants.By mid-2023, global passenger traffic had reached approximately 90% of pre-pandemic levels, with some markets even surpassing the 2019 figures.Airlines, which faced severe financial distress during the pandemic, saw a return to profitability in 2023. While leisure travel rebounded swiftly, business travel remained sluggish due to the rise of virtual meetings and corporate cost-cutting measures.However, premium travel segments, including first and business class, demonstrated resilience, supported by the growing trend of blended travel — combining business and leisure trips.According to the International Air Transport Association (IATA), 2024 underscored travellers' strong desire to fly, with demand increasing by 10.4%. Both domestic and international travel reached record levels.Airlines responded by optimising efficiency, achieving an average seat occupancy rate of 83.5% — a new industry high, driven in part by supply chain constraints that limited capacity growth.IATA data also revealed that, in 2024, international traffic exceeded its 2019 peak by 0.5%, with growth observed across all regions. Capacity remained 0.9% below 2019 levels, while the load factor improved by 0.5 percentage points to reach a record high of 83.2%.Middle Eastern airlines, in particular, experienced a 9.4% increase in traffic compared to 2023, with capacity rising by 8.4% and the load factor climbing to 80.8%. December 2024 saw a 7.7% increase in demand compared to the same period in 2023.GCC-based carriers have significantly contributed to the region's traffic growth.Highlighting aviation's broad economic impact, IATA Director General Willie Walsh stated: "Aviation growth reverberates across societies and economies at all levels through jobs, market development, trade, innovation, exploration, and much more."Looking ahead, industry leaders remain optimistic. Walsh projected continued growth in 2025, albeit at a moderated pace of 8.0%, aligning more closely with historical trends.However, he also emphasised the challenges ahead. "The tragic accident in Washington (in January) reminds us that safety needs our continuous efforts. Our thoughts are with all those affected. We will never cease our work to make aviation ever safer," he stated.On January 30, an American Airlines commuter jet collided with a military helicopter during a landing approach in Washington, DC, causing both aircraft to crash into the frigid Potomac River and killing some 67 people in the worst US commercial aviation disaster in years.Meanwhile, sustainability remains a top priority, with airlines committed to achieving net-zero carbon emissions by 2050. Despite record investments in Sustainable Aviation Fuel in 2024, SAF met less than 0.5% of the industry’s fuel needs due to supply shortages and high costs.Walsh called for greater government support, suggesting that prioritizing renewable fuel production and reallocating subsidies from fossil fuel extraction to sustainable energy initiatives could enhance energy security and economic growth.Clearly, the pandemic has forced airlines to reevaluate their financial strategies, focusing on cost efficiency, digital transformation, and fleet modernisation. Sustainability initiatives have gained traction, with significant investments in SAF and fuel-efficient aircraft.Additionally, industry consolidation has accelerated as airlines seek to strengthen their market positions.Airports have also embraced technological advancements, incorporating automation, biometric screening, and AI-powered operations to enhance efficiency and passenger experience.Despite strong growth prospects for 2025, concerns remain regarding economic uncertainties, geopolitical tensions, and their potential impact on the industry.Airlines continue to grapple with pilot and crew shortages, contributing to operational disruptions such as delays and cancellations.Additionally, evolving sustainability regulations and carbon emission targets will necessitate the adoption of greener technologies.While the air travel industry has largely recovered from the pandemic’s disruptions, it continues to evolve in response to shifting travel behaviours, economic conditions, and sustainability imperatives.The coming years are likely to bring further innovations, industry restructuring, and transformations in global travel patterns.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn.

Archer Daniels Midland Company, a global agricultural supply chain manager and processor, in cooperation with QNB, has launched ADM STF LLC at the Qatar Financial Centre (QFC).ADM is the first agro-commodity trader licensed in the QFC, setting a benchmark for agricultural and commodity trading entities seeking to enter the region.With an unmatched global asset base, unparalleled product portfolio, and indispensable experience and expertise, ADM is uniquely positioned to support the global food supply system, providing needed nutrition and nourishing the quality of life for billions of people across the world.Olivier Boujol, Vice President and Global Head of Structured Trade Finance at ADM, commented "The launch of ADM STF LLC in the Qatar Financial Centre marks an important milestone in our strategy to expand our presence in the Middle East. This new entity not only strengthens our ability to support the global food supply system but also helps utilise Qatar's dynamic business environment and growth opportunities.By establishing a foothold in this thriving economic hub, we are better equipped to meeting nutritional needs across the region.Commenting on this partnership, Khalid Ahmed Al-Sada, Senior Executive Vice President – QNB Group Corporate and Institutional Banking said: “Over the past decade, we have built a strong and successful relationship with ADM across various areas. We are proud to be one of their core relationship banks across the GCC and Middle East, and look forward to further strengthening our collaboration, by supporting their growing business interests in Qatar”.Qatar’s thriving business ecosystem and a vast array of growth opportunities have established the country as a rising economic powerhouse. Not only does this milestone set a significant precedent for growth in the agro-commodity sector, but it also encourages other international companies to expand their operations in Qatar and contributes to the diversification and long-term development of the nation’s economy.Fahad Badar, EGM, Chief Wholesale, and International Banking Officer commented: “We believe ADM’s licensing in QFC marks a pivotal moment for us as it reinforces the Bank’s role as a trusted financial partner for international businesses in Qatar. This achievement sets the stage for future growth in the agro-commodity sector and demonstrates Qatar’s ability to attract global companies.“We look forward to seeing further international businesses flourish in this dynamic market."QFC’s exceptional regulatory environment and competitive tax incentives have also enabled ADM’s smooth integration into QFC.Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC, commented: “We are thrilled to welcome ADM as the first agro-commodity trader licensed under the Qatar Financial Centre. ADM’s establishment in Qatar highlights the strength of our business ecosystem and reinforces the country’s position as a gateway to regional and global markets.“This move also underscores the promising potential of Qatar’s agriculture and commodities trade sector, as well as its commitment to attracting world-class enterprises that drive economic diversification and sustainable growth.”Ends

Mesaieed Petrochemical Holding Company plans to invest QR2.5bn in capital expenditure over the next five years, Abdulla Yaaqob al-Hay, manager, Privatised Companies Affairs at QatarEnergy, said at the MPHC Annual General Assembly on Monday.He said MPHC spent QR415mn in 2024 on maintenance, safety, and environmental projects, including its share in a new PVC plant (QR219mn last year).The project is progressing as per the timetable for completion by second half of 2025, with a capacity of 350,000 tonnes per year.Furthermore, in the petrochemical segment, capital expenditure for this year focused on several key projects aimed at enhancing operational efficiency and sustainability, while upholding the best standards for HSE.In addition to adding value for shareholders and attracting investment opportunities, the Group has signed a memorandum of understanding (MoU) with key stakeholders to develop a state-of-the-art salt production facility under QatarEnergy’s TAWTEEN localisation programme.This facility will produce industrial and food-grade salt, ensuring Qatar’s self-sufficiency and supporting the local market. The Group is currently in the feasibility study phase and will announce progress in the future.In 2024, MPHC maintained its excellent HSE record, receiving international certifications, improving process safety, and achieving 17 consecutive years without heat-stress incidents at some facilities.MPHC, he said, remains committed to maintaining its position as a low-cost operator without compromising HSE standards.In his opening remarks, Ahmad Saif al-Sulaiti, Chairman, MPHC said, “In 2024, uncertainty and oversupply challenges persisted, complicating margin evolution amid softened global demand. Energy and commodity prices decelerated as global supply was restored, easing supply chain bottlenecks and allowing producers to restart capacities. This added pressure on global markets and influenced price trajectories.“Additionally, hawkish monetary policies to combat inflation led to high-interest rates, impacting global GDP, reducing consumer spending, and affecting demand for most commodities. Despite these hurdles, global downstream demand began to stabilise during the second half of the year.”He noted the supply and demand environment were impacted by several factors throughout the year. Notably, the global economic environment presented challenges, particularly in the first half of the year, which constrained consumer purchasing power and softened demand.Despite challenging macroeconomic conditions, MPHC demonstrated resilience and agility, achieving commendable results throughout 2024, even with segmental shutdowns.These turnarounds were essential to ensure the long-term reliability and efficiency of the assets, and maintaining the competitive edge in the market.“Our dedication to HSE, product quality, and comprehensive employee safety remains unwavering, ensuring operational reliability in accordance with international standards,” al-Sulaiti said.MPHC achieved a net profit of QR719mn in 2024 and recorded an earnings per share (EPS) of QR0.057.Considering the current market projections in both the medium and short terms, as well as the company’s capital spending and operational programs, the Company's Board of Directors proposed a second half 2024 dividend distribution of QR377mn, equivalent to QR0.03 per share.This brings the annual dividend distribution to QR0.057 per share for the full year. This dividend represents a 100% net earnings payout ratio.