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QNB’s General Assembly approved the Board of Directors’ recommendation to distribute a cash dividend of 37% of the nominal share value (QR0.37 per share) for the second half of the year that ended on December 31, 2024.The total dividend distribution for 2024 amounts to 70% of the nominal share value (QR0.70 per share).The General Assembly also approved the Group’s financial statements for the year ended on December 31, 2024.Addressing the meeting, HE Ali bin Ahmed al-Kuwari, Chairman of QNB Group's Board of Directors, presented a report on the bank’s activities and financial position for the year that on December 31, 2024, and plans for 2025.He stated: “This evolution and these achievements over the last 60 years form a strong foundation to navigate future growth and development. Looking back at 2024, the global economic landscape presented both challenges and opportunities.“After expectations for moderate global growth and subsequent negative inflation surprises at the beginning of the year, activity increased and price pressures eased, creating a more positive macro environment. This allowed for the long-awaited initiation of monetary policy easing by major central banks from advanced economies.”“It gives me great pleasure to report that in 2024, we made significant progress in realising our vision and strategy. Complementing our commitment to shareholders, we remain dedicated to our broader strategic objectives that underpin QNB’s continued growth and leadership. QNB’s vision is to maintain its position as the leading bank in MEA, which is aligned with our purpose to promote prosperity and sustainable growth across the markets we serve,” HE al-Kuwari added.QNB Group delivered a strong performance in 2024, achieving a net profit of QR16.7bn, up 8% on the previous year, and an operating income of QR41.3bn, an increase of 6%.As a result, QNB remains one of the world’s top 50 banks in terms of market capitalisation, reaching QR159bn.The General Assembly also approved the amendment of QNB’s Articles of Association in accordance with the Corporate Governance instructions issued by the Qatar Central Bank.The Group is also recognised as the highest-rated banking institutions in the region from leading rating agencies, including Standard & Poor’s (A+), Moody’s (Aa2) and Fitch (A+).QNB Group currently ranked as the most valuable bank brand in the Middle East and Africa region.

Global primary energy demand is projected to increase by 18% by 2050, with natural gas emerging as the second-fastest-growing energy source after renewables, according to Mohamed Hamel, Secretary-General of the Gas Exporting Countries Forum (GECF).He was participating in the ‘15th IEA-IEF-Opec Symposium on Energy Outlooks’, at the King Abdullah Petroleum Studies and Research Centre (KAPSARC) in Riyadh recently.Hamel presented key insights from the forthcoming GECF Global Gas Outlook, scheduled for release on March 10.He underscored the fact global gas demand is expected to rise by 32% by mid-century, with no peak in sight before 2050—driven largely by developing economies, and by the shift from traditional biomass to LPG for cooking, coal-to-gas switching, stabilisation of renewable-heavy power grids, petrochemicals, and fertilisers for food security.He noted the emerging influence of artificial intelligence on energy demand, citing its impact on data centre power consumption and total factor productivity.However, Hamel cautioned that it is still too early to fully assess AI’s long-term effects on the economy, employment, and consumption patterns.Turning to investment needs, Hamel emphasised that cumulative capital requirements for upstream and midstream natural gas infrastructure are estimated at $11tn. He warned that halting investments could lead to supply shortages and extreme market volatility.Hamel also covered supply, trade, investments as well as emissions. He stated: "While a significant decline of greenhouse emissions is expected, we do not see a realistic pathway to net-zero by 2050."He stressed that carbon capture, utilisation, and storage (CCUS), along with direct air capture (DAC), will be essential to achieving net-negative emissions, which are essential for limiting global temperature rise to below 2C by 2100.GECF secretary-general concluded by reaffirming: "Natural gas is not merely a bridge to the future—it is a key pillar of the energy future."

An Ookla study has revealed that Qatar offers one of the best 5G roaming speeds globally, facilitating an enhanced digital experience for visitors. A study based on 'Speedtest Intelligence' data by Ookla, a global leader in connectivity intelligence, has revealed that GCC nations offer some of the best 5G roaming speeds globally, facilitating an enhanced digital experience for visitors. The study assessed the mobile user experience of inbound roamers visiting Gulf countries, including Kuwait, Qatar, Saudi Arabia, and the UAE, in 2024 and compared it with their home network experiences. Karim Yaici, Lead Industry Analyst for the Middle East and Africa at Ookla, said: “Mobile connectivity is a critical factor shaping one’s travel experience by enabling visitors to stay connected with their family and friends, use essential navigation features, locate tourist attractions, access restaurant reviews, and share their experiences on social media. By leveraging 5G technology’s capabilities when roaming, users can access high-speed internet, stream HD videos, and perform lag-free video calls.” Yaici stated: “At Ookla, we are committed to analysing, understanding, and improving connected experiences, in line with our vision to create a world with better connectivity. We also uphold the principles of neutrality and independence in all our analyses.” The research revealed that many travellers visiting Qatar, the UAE, and Kuwait enjoyed top speeds on 5G networks, with median download speeds over 5G reaching 381.05 Mbps in Qatar, 374.60 Mbps in the UAE, and 240.37 Mbps in Kuwait. It also revealed that visitors to the Middle East from Austria, Saudi Arabia, and Hong Kong were most likely to use 5G while roaming. On the other hand, travellers from Pakistan, India, and Egypt were identified as being least likely to use 5G while roaming. In the UAE, over 37% of roaming users anonymously identified by Speedtest were visitors from India, Saudi Arabia, Austria, Russia, and Hong Kong. However, their network experiences varied significantly, with Saudi Arabian and Russian travellers experiencing the fastest download speeds across all technologies and over 5G. Russian tourists experienced more than a threefold increase in median download speeds compared to their home networks. On the other hand, travellers from Austria, India, and Hong Kong experienced comparatively lower performances in the UAE. Saudi visitors to Kuwait experienced a high 5G roaming speed of 240.37 Mbps, but their 'all technologies' speeds were around 40 percent lower than 5G. As the Gulf Cooperation Council (GCC) rapidly evolves into a global tourism and business hub, the demand for seamless high-speed connectivity is also increasing. This is further bolstered by the fact that the travel and tourism market in GCC is poised to sustain its ongoing expansion in coming years, generating $9.57bn in revenue in 2029, growing from an estimated $8.32bn in 2025 at an annual growth rate of 3.56%. This growth will be driven by the region’s ongoing infrastructure investment, world-class amenities, and the availability of simplified visa policies streamlining the tourist entry process. Such a strategic focus on tourism empowers regional mobile operators to leverage 5G roaming as a key revenue driver.

Invest Qatar and Invest India have signed an agreement to strengthen the bilateral investment relationship and foster economic collaboration between Qatar and India.The strategic partnership was announced by Invest Qatar and the National Investment Promotion & Facilitation Agency of India (Invest India) in New Delhi on the sidelines of the official visit of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani to India.A memoranda of understanding (MoU) signed in this regard has set the foundation for enhanced co-operation in investment facilitation. It also enables the exchange of knowledge, insights and best practices on investment regulations and processes in both countries.According to the terms of agreement, Invest Qatar will work closely with Invest India to enable mutual support in business setup, stakeholder engagement and aftercare services.Additionally, the partnership establishes a framework for joint initiatives, including training programmes, business events and conferences, further strengthening the connection between Qatari and Indian businesses.The agreement was signed by Sheikh Ali Alwaleed Al-Thani, CEO of Invest Qatar and Nivruti Rai, Managing Director and CEO of Invest India.Commenting on the new partnership, Sheikh Ali said: “We are pleased to join efforts with Invest India toward deepening our economic collaboration. India has long been a key trade and investment partner for Qatar, and through these agreements, we aim to unlock new opportunities that will drive sustainable growth in both economies.“By fostering stronger connections between our business communities and streamlining investment facilitation, we reinforce Qatar’s commitment to positioning itself as a global investment hub aligned with the Qatar National Vision 2030.”Nivruti Rai said: “India is one of Qatar’s significant investment partners, with over 50 years of collaboration across key sectors, such as renewable energy, metals and IT services. During the Joint Working Group meeting in Doha last year, both countries identified high-potential industries, including pharmaceuticals, food processing, infrastructure, technology, smart cities, and advanced manufacturing.“We are looking forward to a fruitful relationship with Invest Qatar to drive each other’s national priorities, such as the recently announced commitment from Qatar to invest $10bn in India.”

Qatar continues to lead LNG exports to the global market by GECF member countries, which constitute 48% of the total, latest data reveal.Some 557 LNG cargoes were exported globally in January this year, the Doha headquartered Gas Exporting Countries Forum (GECF) said in its latest report.Compared with the previous year, Indonesia delivered six more cargoes in 2025 thus far, Angola, Mexico and the US all increased shipments by three.Angola recorded the largest percentage increase in 2025 thus far, at 100%, followed by Mozambique at 67%, the report said.Spot charter rates for LNG carriers continued the downward trend of the recent months, GECF noted.In January this year, the monthly average spot charter rate for steam turbine LNG carriers again fell by 2% m-o-m, to now reach $6,300 per day.Moreover, this average charter rate stood at 83% less than one year ago, and was $54,600 per day lower than the recent five-year average price for the month of January.Charter rates for the other segments of the global LNG carrier fleet also continued decreasing. The average spot charter rate for TFDE vessels fell by 9% m-o-m to reach $12,400 per day, while the average spot charter rate for two-stroke vessels fell by 11% m-o-m to reach $19,400 per day.Market fundamentals continued to influence the charter market. In Europe, spells of colder than average temperatures have prompted higher demand from gas storage.This driver, along with the ending of the transit of Russian pipeline gas through Ukraine, has tightened the regional balance, and consequently drawn cargoes away from Asia to Europe.With the market already saturated with excess shipping capacity, the shorter voyages from Atlantic Basin suppliers to Europe is keeping downward pressure on charter rates.In January, the average price of shipping fuels increased slightly, by 6% m-o-m, to reach $560 per tonne.While this average price was 5% lower y-o-y, it was also 7% greater than the recent five-year average price for that month.Last month, the LNG spot shipping costs for steam turbine carriers increased slightly, by just up to $0.07/mmBtu on certain routes.This, GECF noted, was driven by the relatively small increases in the cost of LNG shipping fuels and the delivered spot LNG prices, juxtaposed with the small decline in the average LNG carrier spot charter rate when compared with the previous month.Compared to one year ago, in January 2025, the monthly average spot charter rate was much lower, while the delivered spot LNG prices were marginally higher.Consequently, LNG shipping costs were up to $0.41/mmBtu lower than in January 2024, GECF said.

Qatar’s LNG exports reached a “record monthly high” of 7.71mn tonnes in January, operating well above its designed nameplate capacity, the Gas Exporting Countries Forum (GECF) said in its latest report.In January, LNG exports from GECF member and observer countries saw a slight y-o-y decline of 0.5% (0.09 Mt), totalling 17.81mn tonnes.Despite this annual decrease, GECF’s LNG exports increased m-o-m, reaching their highest level since January 2024.At the country level, the decline in exports was driven by Algeria, Egypt and Nigeria, while Angola, Malaysia, Mozambique and Qatar partially offset the drop with higher LNG shipments.In Algeria, the decline in LNG exports was due to planned maintenance at the Arzew and Skikda LNG facilities and reduced feedgas availability, due to higher domestic gas consumption.In Egypt, LNG exports ceased in April 2024 due to declining gas production, which limited feedgas supply.Nigeria also saw a drop in LNG exports, driven by lower feedgas availability resulting from vandalism of gas pipeline infrastructure.Conversely, Angola and Malaysia recorded higher LNG exports, supported by improved feedgas availability. In Angola, increased gas production contributed to the rise, while in Malaysia, the lifting of force majeure on gas supply from the Sabah-Sarawak gas pipeline to the Dua Malaysia LNG facility boosted feedgas availability.According to Doha-headquartered GECF, in January this year, global LNG exports rose by 1.8% (0.67mn tonnes) y-o-y, reaching 37.83mn tonnes, the highest level ever recorded for January.This increase was driven by higher LNG exports from non-GECF countries and an uptick in LNG re-exports, which offset a slight decline in exports from GECF member countries.Non-GECF countries expanded their share of global LNG exports from 50.7% in January 2024 to 51.3% in January 2025, while LNG re-exports grew from 1.1% to 1.6%.In contrast, the share of GECF members declined from 48.2% to 47.1%.The US, Qatar and Australia remained the top three LNG exporters in January 2025, the forum said in its monthly report.In January 5, LNG exports from non-GECF countries reached 19.43mn tonnes, which represents a growth of 3.1% (0.59mn tons) y-o-y.While exports saw a slight decline compared to December 2024, they remained the second-highest monthly level ever for non-GECF countries.The rise in LNG exports was primarily driven by Indonesia, Mexico and the US, which offset lower exports from Australia and Norway.In January, global LNG re-exports surged by 40% (0.17mn tons) y-o-y to 0.59mn tons. This represents the second consecutive monthly y-o-y increase and the highest re-exports since February 2023.The stronger LNG re-exports came mainly from Brazil, China and Indonesia, which offset lower re-exports from Singapore, GECF noted.

Companies and professionals promoting the rationalised use of energy and resources, highlighting exemplary practices in energy efficiency, alternative energy, sustainability, and environmental protection will be considered for the ‘2025 Emirates Energy Award’, representatives of the Dubai Supreme Council of Energy said Wednesday.The Emirates Energy Award (EEA) in different categories, is a biennial regional prize launched in 2013.The ‘2025 Emirates Energy Award’ will be distributed in October, the Dubai Supreme Council of Energy officials said at a press conference.Administered by the Dubai Supreme Council of Energy, the EEA acknowledges the efforts of both public and private sectors in areas such as energy efficiency, energy projects, education, and research.The Emirates Energy Award is an international platform for public and private institutions, as well as individuals, to showcase their initiatives and achievements in energy management and conservation.It also highlights their effective contributions in supporting the use of clean and renewable energy sources, as well as environmental sustainability solutions.The award fosters energy conservation and raises awareness by recognising innovative and cost-effective practices that positively impact the Middle East and North Africa (Mena) region.Applications will be received from relevant organisations and individuals, with the Dubai Supreme Council of Energy conducting assessments and selections based on specific criteria.The Emirates Energy Award 2025 aims to raise awareness on sustainable technologies, not only through recognition and support, but also by creating opportunities for interaction with key stakeholders in the global technology sector.The award acts as a bridge between innovation, technology and sustainability, strengthening efforts at local, regional and global levels to ensure a sustainable and efficient energy future.As an international platform, the award allows institutions and individuals to showcase their contributions toward innovative, sustainable solutions addressing environmental challenges, climate change, carbon emissions and resource scarcity.The EEA also honours exemplary achievements in energy efficiency and related projects, encourages education and scientific research, and promotes creative ideas within the energy sector, with special recognition reserved for distinguished contributors.

The non-performing loan (NPL) ratio of Qatar banks has declined considerably indicating they are taking appropriate measures to reduce delinquency rate, according to the QCB.In its latest Financial Stability Report, the Qatar Central Bank said credit risk in the country’s banking sector as measured through NPL marginally increased by end December 2023 over the previous year.NPL from private sector credit increased by 0.4 percentage points, where the NPL from corporate sector stood below the sector average. Legacy NPL from the individual sector lead to double digit NPL from this sector. As noted in the previous sections, though interest rate continues to remain elevated during the year, quality of credit has not impacted significantly across all the economic sectors.The slippage ratio, fresh accretion to NPLs during the year from the performing credit at the beginning of the year, reduced to 0.41% in 2023 compared to 1.3% in the previous year.The incremental ratio of NPL, which measures the incremental change in NPL vis-à-vis incremental change in credit, also decreased significantly from 39% to 15.7% in 2023, KPMG said.“The decline in slippage ratio as well as incremental ratio coupled with only a marginal increase in gross NPL ratio shows the vulnerabilities of the banking sector from credit risk moderated as compared to last year,” the QCB said.Moreover, availability of sufficient coverage of delinquent loans through provisioning as well as availability of higher capital buffers above the regulatory minimum place the banking sector more resilient to adverse shocks.However, increase in vulnerabilities from stress on household sector and corporate sector balance sheet cannot be ruled out especially in an increasing interest rate scenario.Therefore, to assess the impact of probable credit risk from corporate and household sector, the QCB stressed the banking sector’s credit portfolio by assuming high NPL levels from credit provided to private sector.The stress period is considered as one year, the central bank noted. Economic sector wise credit is expected to grow by three-year Compound Average Growth Rate (CAGR) adjusted with a judgement based on expected macroeconomic environment.Assuming credit provided to consumption sector, contractors and real estate sector will be most affected due to slowdown in demand and decline in rental income, the stress scenarios considered higher percentage of performing loans turned delinquent.A moderate stress condition is assumed for all other sectors except public sector.The stress test results showed the capital ratios of the banks declined in the range of 2.4 to 5.3 percentage points. Individually, some of the banks need to augment their capital level to meet the prescribed minimum level of capital requirements.A reverse stress test - “stress to break-even” analysis - is also conducted to examine the threshold limits of NPLs up to which the banking sector can withstand without adversely impinging on its capital ratios below the threshold minimum.The analysis suggests, considering 12.5% as the benchmark minimum CAR required to be maintained by the banks, at least 12% of the performing loans of all the sectors excluding public sector as at end December 2023 has to migrate to non-performing so that the CAR breach the required minimum.“Thus, the credit stress tests results indicate, even though at individual bank level traces of risk can be identified, overall, the banking sector is at comfortable position owing to the availability of sufficient capital,” QCB noted.

The non-performing loan (NPL) ratio of Qatar banks has declined considerably indicating they are taking appropriate measures to reduce delinquency rate, according to the QCB.In its latest Financial Stability Report, the Qatar Central Bank said credit risk in the country’s banking sector as measured through NPL marginally increased by end December 2023 over the previous year.NPL from private sector credit increased by 0.4 percentage points, where the NPL from corporate sector stood below the sector average. Legacy NPL from the individual sector lead to double digit NPL from this sector. As noted in the previous sections, though interest rate continues to remain elevated during the year, quality of credit has not impacted significantly across all the economic sectors.The slippage ratio, fresh accretion to NPLs during the year from the performing credit at the beginning of the year, reduced to 0.41% in 2023 compared to 1.3% in the previous year.The incremental ratio of NPL, which measures the incremental change in NPL vis-à-vis incremental change in credit, also decreased significantly from 39% to 15.7% in 2023, KPMG said.“The decline in slippage ratio as well as incremental ratio coupled with only a marginal increase in gross NPL ratio shows the vulnerabilities of the banking sector from credit risk moderated as compared to last year,” the QCB said.Moreover, availability of sufficient coverage of delinquent loans through provisioning as well as availability of higher capital buffers above the regulatory minimum place the banking sector more resilient to adverse shocks.However, increase in vulnerabilities from stress on household sector and corporate sector balance sheet cannot be ruled out especially in an increasing interest rate scenario.Therefore, to assess the impact of probable credit risk from corporate and household sector, the QCB stressed the banking sector’s credit portfolio by assuming high NPL levels from credit provided to private sector.The stress period is considered as one year, the central bank noted. Economic sector wise credit is expected to grow by three-year Compound Average Growth Rate (CAGR) adjusted with a judgement based on expected macroeconomic environment.Assuming credit provided to consumption sector, contractors and real estate sector will be most affected due to slowdown in demand and decline in rental income, the stress scenarios considered higher percentage of performing loans turned delinquent.A moderate stress condition is assumed for all other sectors except public sector.The stress test results showed the capital ratios of the banks declined in the range of 2.4 to 5.3 percentage points. Individually, some of the banks need to augment their capital level to meet the prescribed minimum level of capital requirements.A reverse stress test - “stress to break-even” analysis - is also conducted to examine the threshold limits of NPLs up to which the banking sector can withstand without adversely impinging on its capital ratios below the threshold minimum.The analysis suggests, considering 12.5% as the benchmark minimum CAR required to be maintained by the banks, at least 12% of the performing loans of all the sectors excluding public sector as at end December 2023 has to migrate to non-performing so that the CAR breach the required minimum.“Thus, the credit stress tests results indicate, even though at individual bank level traces of risk can be identified, overall, the banking sector is at comfortable position owing to the availability of sufficient capital,” QCB noted.

Some 1,100 hotel keys are to be introduced into the Qatar market in 2025, researcher ValuStrat said in a report.The total hospitality stock estimated by Qatar Tourism was 39,828 keys at the end of the fourth quarter in 2024.Some 67% of the total stock comprised four to five-star hotels, whereas 7.5% was classified within the one to three-star segments, ValuStrat said in its latest country report. Average hotel occupancy was at 67%, an increase of 15%.As of December 2024 (YTD), the Average Daily Rate (ADR) was QR428, an increase of 5% YoY.Whilst the Revenue per Available Room (RevPAR) was QR285, marking a rise of 21%, the ADR for five-star hotels was QR602.The ADR for three and four-star hotels was QR193 and QR240 respectively, it said.Hotel occupancy got a boost in the fourth quarter, when the total visitor count surpassed 5mn, reflecting a 25% YoY increase. Travellers from GCC nations accounted for 41% of the total.In terms of the retail segment, the total retail supply remained stable QoQ at 5.5mn sq m gross leasable area (GLA) since there were no major additions during the fourth quarter.Doha Mall held its soft opening in the last quarter, with plans to feature a total of 250 retail outlets. Key anchor stores, including LuLu Hypermarket and Jarir Bookstore, were already operational.The median monthly rent for shopping centres in Q4 2024 declined by 2% QoQ and 6% yearly.In the office segment, the average monthly rents stabilised on a quarterly basis at QR66 per sq m, while reducing by 1.5% YoY.An estimated 170,000 sq m GLA was expected to be added during the fourth quarter of 2024, however construction delays have pushed the completion dates to 2025, ValuStrat noted.Qatar’s hospitality sector emerged as a standout performer in 2024, supported by a well-structured events calendar that sustained visitor inflows.Annual occupancy rates remained above 66% even during the typically slower summer months, showcasing Qatar’s strategic efforts to position itself as a year-round destination.On the whole, Qatar’s real estate market remained largely stable over the past year, with outcomes closely mirroring expectations, ValuStrat said. While modest declines were observed in certain segments, the overall market held steady.A slight recovery was evident in the second half of the year, particularly in the residential sector, where larger, high-end units saw improved performance in select areas, ValuStrat noted.

Qatari banks (commercial) have seen an upswing in total assets in 2024, by QR77.4bn or 3.9% to reach QR2.047tn, compared to QR1.969tn in 2023, according to QNB Financial Services.Total assets rise in December 2024 was mainly due to an increase by 5.2% in foreign assets, QNBFS said in its latest ‘Qatar Monthly Banking Sector Update’.Assets grew by an average 5.7% over the past five years (2020-2024).Qatari banking sector's liquid assets to total assets moved up to 31.3% in December 2024, compared to 29.8% in November 2024, which “currently remains in a healthy position”, QNBFS noted.The overall loan book contracted by 1.3% in December 2024, to QR1,346.8bn, mainly due to a slide (by 2.3%) in the public sector and (by 0.9%) in the private sector.Loans went up by 4.6% in 2024, compared to a growth of 2.5% in 2023. Loans grew by an average 5.4% over the past five years (2020-2024), QNBFS noted.Loan provisions to gross loans moved lower to 3.9% in December 2024, compared to 4.2% in November 2024.Loan provisions have increased from 2.3% in 2019 to 4.0% in 2023 and 3.9% in 2024 as banks have been provisioning for Stage 2 and Stage 3 loans mainly emanating from contracting and real estate sectors.Deposits went down by 1.5% during December 2024 to QR1,026.7bn. The deposits fall in December 2024 was mainly due to a dip (by 3.4%) in public sector depositsIn 2024, deposits increased 4.1%, compared to a decline (by 1.3%) in 2023. Deposits grew by an average 3.9% over the past five years (2020-2024), QNBFS said.An analyst told Gulf Times Wednesday that the key highlight for the 2024 was the “upswing” in total assets by QR77.4bn or 3.9% in 2024 to reach QR2.047tn compared to QR1.969tn in 2023.The total assets rise in 2024 was mainly pushed up by a QR51.2bn or 4.2% growth in domestic credit and a QR23.0bn or 8.7% gain in domestic investments.The analyst noted that the 2024 increase by 4.6% in the overall loan book came from both the private sector and the public sector, mainly from a pickup in the real estate, services and government institutions segments by 9.0%, 5.6% and 7.7% respectively.“Overall deposits witnessed a return to a growth of 4.1% in 2024, after declining by 1.3% in 2023. The government segment was the main contributor to the overall deposits gain, with a surge by 25.5% in 2024, followed by the personal (consumer) segment with an increase by 7.2%,” the analyst said.

Qatar does not compare itself with other countries including its neighbours, noted QIIB Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei.“If you ask me who we compare ourselves with, I will say: “In Qatar, we don’t compare ourselves with others. We compare Qatar with its past, present and future. We don’t want to compare ourselves with others. Our leadership has a very clear vision in all aspects: social, economy, sport. We constantly raise our performance bar... and work hard to improve our performance.”Dr al-Shaibei said QIIB and other Qatari banks are big beneficiaries of the top-rated and thriving Qatari economy, which continues to grow and prosper under the leadership of His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar.“We are also committed to the Third Strategic Plan for the Financial Sector launched by the Qatar Central Bank, which prioritises environmental, social, and governance (ESG) and sustainability. We are well-regulated, guided and supported by Qatar Central Bank led by Governor HE Sheikh Bandar bin Mohammed bin Saoud al-Thani.”Asked whether the expected fall in global interest rates this year will provide opportunities to banks, he said: “Of course, rate cut will enhance business. When rates drop, our costs will come down because the cost of our deposits will decline.”In the last two or three years, many customers have put projects on hold because of higher rates.“The way the rates go down will encourage customers to be more involved with banks rather than depending on their cash for financing needs. When rates come down, people will also go for refinancing. Refinancing makes sense when rates come down,” Dr al-Shaibei noted.Funding, he said, will not be an issue for Qatari banks. This is because local banks can secure long-term funding at attractive rates due to the strength of the national economy (sovereign).Asked what the impact will be on local banks because of mega projects like the North Field LNG expansion (of QatarEnergy), he said: “While the main contractors for the North Field LNG expansion project are international, they engage sub (local) contractors for project implementation. We have been supporting local contractors. North Field expansion and other mega projects will definitely feed into the local banking system.”Dr al-Shaibei expects many local infrastructure projects to get accelerated since the General Budget for the current fiscal has made adequate provisions for these.On QIIB's plans to expand further in Qatar, he said: “While we have closed some branches in the past, we believe there is tremendous scope for opening newer ones in malls, especially in those facilities that see good footfall.“We will also look at the Doha Metro system,” the QIIB CEO said without elaborating.Dr al-Shaibei also sees good prospects for tapping artificial intelligence (AI) in the banking ecosystem.“At QIIB, this is something, which we already make use of. We use AI in specific areas such as in risk. We have a dedicated team in that area as well.”

Prominent Islamic bank QIIB looks to scale up technology, enhance product and service offerings and grow its customer base, tapping into all segments of the society in 2025, according to Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei.“We believe in innovation, constantly upgrading technology and providing state-of-the-art product and services to our customers. This year, we wish to see more Qatar residents, Arabs and non-Arabs, signing up for QIIB product and services. This is our goal,” Dr al-Shaibei said in an interview with Gulf Times.QIIB, he said, has significantly enhanced its operational efficiency, leveraging the remarkable advancements in digital transformation achieved over the years.“At QIIB, we believe in digital transformation. Investing in technology is investing in our future. We have seen how digital transformation can drive growth and contribute to our bottom line,” the CEO noted.In 2024, QIIB posted a net profit of QR1.26bn, achieving a growth rate of 8.2% compared to 2023, with earnings per share reaching QR0.77.Total assets amounted to QR60bn, and financing assets had gone up by 7.7% compared to the year before, reaching QR39.33bn.On the main drivers of QIIB’s growth in 2024, Dr al-Shaibei noted: “2024 was marked by numerous achievements and progress in delivering exceptional products and services to our retail and corporate clients. We continued to implement our digital transformation plans, achieving tangible milestones that significantly enhanced our operations.“Among these was the launch of a first-of-its-kind service in the local banking sector — personal financing rescheduling through our ‘Mobile Banking App’. This service now allows customers to reschedule their personal financing instantly and seamlessly through mobile banking.“As part of advancing digital transformation efforts, QIIB launched its digital platform for issuing letters of credit, enabling clients to complete the process without the need to visit the bank.“QIIB is the first bank in Qatar to introduce this service. The platform is distinguished by its high standards of efficiency, accuracy, and security, providing companies with the tools they need to seamlessly handle trade finance transactions, thereby enhancing productivity and competitiveness,” Dr al-Shaibei pointed out.Dr al-Shaibei specifically highlighted 'Joud' savings account, which significantly enhanced QIIB’s product portfolio in 2024.This innovative savings solution offers customers quarterly profit distributions and the chance to win some 141 prizes annually, including a grand prize of QR1mn.'Joud' achieves two objectives, he pointed out.First, customers get an opportunity to make profit out of the savings scheme. Second, they stand a chance to win many prizes including the mega prize through 'Joud' savings account.The CEO said QIIB continues to be a “trusted partner” for the local business sector, SMEs and MSMEs in particular.“We focus on the SME and MSME segment...it is very promising. Some of the small and micro businesses have seen facing challenges, adapting to the modern financial and banking system. So, we have taken up the responsibility of educating them, besides financing and help them manage their finance well. We help them grow,” Dr al-Shaibei said.On QIIB’s engagement in the local market, the CEO said: “We remain steadfast in our commitment to the local economy. QIIB continues to be a trusted partner for the local business sector, having established extensive relationships across various industries and contributing to the financing of numerous projects that add value to the local business environment.“We remain committed to this policy of focusing on the local market, recognising the growth opportunities it offers. We see it as our duty to serve our beloved nation.”Asked about rising competition in the local market, Dr al-Shaibei said: “Competition is good, as it leads to innovation. Without competition, there is no innovation. Competition is healthy. And we have reached a point, wherein, if you don’t innovate, you are out of the market. This is why we invest heavily in technology and innovation.”On whether QIIB plans to raise debt from the market this year, the CEO said: “It is too early to get into the market. We are closely watching (the market) in terms of interest rate movement. We want to enter the market at the right time. When there is a good appetite, we will go...but the timing has to be right.“If (at all) we go this year, we will probably go in for the local currency, based in Qatari riyal. Our last issuance was in dollar.”De al-Shaibei said QIIB is focused on reaching out to a huge base of non-Arab customers in Qatar, such as expatriates from India, Pakistan and The Philippines this year.“QIIB is everyone’s bank. We want all segments of our society to try our products and services. We want to serve and deliver them an exceptional banking experience,” the CEO emphasised.

Residential rental rates may stay steady across most locations in the country in early 2025, researcher ValuStrat has said in a report.The total value attributed to mortgage transactions reached QR24.8bn in Q4-2024, reflecting a significant increase of 168% compared to the same period last year, ValuStrat said in a country report.During the fourth quarter of 2024, the Qatar real estate market witnessed some 294 mortgage transactions across all asset classes of ready properties, an increase of 23.5% y-o-y.Approximately 12,000 apartment rental contracts were signed during Q4-2024, measuring a decline of 21.3% yearly. New agreements accounted for 93% of the total leases.Approximately 4,800 lease agreements were finalised for villas, reflecting a 5.3% y-o-y decline, with 86% comprising new contracts.In the office segment, an estimated 170,000sq m gross leasable area (GLA) was expected to be added during the fourth quarter however construction delays have pushed the completion dates to 2025.According to Anum Hassan, head of Research, Qatar at ValuStrat, the country’s real estate market remained largely stable over the past year, with outcomes closely mirroring expectations.While modest declines were observed in certain segments, the overall market held steady.A slight recovery was evident in the second half of the year, particularly in the residential sector, where larger, high-end units saw improved performance in select areas.The ValuStrat Price Index (VPI) showed limited fluctuation, reflecting the market's stability.Both villas and apartments retained their value, reinforcing their appeal as reliable investment options.Initially sluggish, sales transactions accelerated by Q4 of 2024, climbing nearly 50% annually, marking the highest levels of the year.Mortgage activity mirrored interest rate trends, with increased transactions in the first half of the year, likely driven by anticipation of further rate hikes, followed by a slowdown in Q3 of 2024 as rates eased. The fourth quarter delivered robust performance, with transactions rising 25% y-o-y and a remarkable 168% annual growth in value, indicating a sharp rebound as buyers capitalised on favourable conditions.In the office segment, momentum subtly shifted. Grade A offices in West Bay and Lusail saw increased occupancy, affirming their appeal, while secondary locations faced challenges with lower occupancy and softening rents.Overall, office rents across the city remained steady throughout the year, highlighting their consistent demand, Hassan noted.The hospitality sector emerged as a standout performer, supported by a well-structured events calendar that sustained visitor inflows. Annual occupancy rates remained above 66% even during the typically slower summer months, showcasing Qatar’s strategic efforts to position itself as a year-round destination.The retail sector showed mixed performance. Malls and street retail inDoha saw slight quarterly declines, whereas retail outside the city exhibited greater stability, maintaining steady demand throughout the year.The industrial sector also showed mixed trends: dry warehouses dipped in demand early in the year but stabilised later, while temperature-controlled facilities steadily grew, driven by consistent demand for specialised storage.“The outlook for 2025 reflects a sense of measured anticipation. While the market has remained stable in recent quarters, early signs of improvement in certain areas suggest the potential for similar trends across other segments of the real estate market,” Hassan noted.

China and India are two of the most crucial markets in the global aviation industry due to their massive populations, rapid economic growth, and increasing demand for air travel.China is already the world's second-largest aviation market and projected to surpass the United States as the largest by the mid-2030s.On the other hand, India is the third-largest domestic aviation market and one of the fastest-growing globally, with demand driven by a rising middle class.Recently, China and India agreed to resume direct air services after nearly five years, India's foreign ministry said.The in-principle agreement to resume flight services between the two countries, which are suspended since 2020 after the Covid pandemic, was taken during the recent visit of India’s top diplomat Vikram Misri to Beijing, as per the country’s Ministry of External Affairs.According to reports, both sides will negotiate a framework on the flights in a meeting that will be held at an "early date", the ministry said after a meeting between India's top diplomat and Chinese Foreign Minister Wang Yi."The meet also agreed in principle to resume direct air services between the two countries; the relevant technical authorities on the two sides will meet and negotiate an updated framework for this purpose at an early date," as per India’s Ministry of External Affairs.Prior to the halting of air services on the India-China route, the then government-owned Air India and largest domestic carrier IndiGo was operating their flight services to China, according to CNBC TV18.Air India had been operating to China since December 2003 while IndiGo started flying to the neighbouring China only from October 2019 connecting Chengdu from Delhi and Guangzhou with Kolkata.Though later, the airline also announced its plans to connect Chengdu with Mumbai, the plan could not fructify.However, just after nearly four months of the launch of these services in September 2019, all air passenger services had to be temporarily called off in March 2020 owing to the pandemic, with China no exception, CNBC TV18 said.Though the air bubble pact during the pandemic with some 20 countries saw flights to China resuming partially as well, the border issues between the two countries kept the full aviation ties also at bay.However, as China remains India’s largest trading partner, with bilateral trade reaching $101.73bn in financial year 2024, travellers generally fly on airlines of a third country such as Thailand, Singapore, or Hong Kong with one stop for reasons like trade, business and tourism visits.According to prominent aviation analyst Ashwini Phadnis, the announcement will see traction among airlines from both the sides. Indian airlines have always been keen to operate to China. In the early 2000s Air Sahara planned to start services to Guanzhou.While that plan did not materialise, Jet Airways started a Mumbai-Shanghai-San Francisco flight in 2008.The latest announcement will see passenger flights to mainland China as Air India and IndiGo are already flying to Hong Kong.In addition, IndiGo operates an A321F all freighter between Ezhou (a new logistic airport) and Kolkata three times a week but in some weeks the numbers go up depending on demand.IndiGo has also been operating freighter services between Guangzhou and Kolkata.The scope for commercial airlines flying from the two countries can be gauged from the fact that at one time there were over 500 direct flights operated by airlines of the two countries, the New Delhi-based Phadnis pointed out.With Indian airlines taking deliveries of 1,300 aircraft in the next couple of years they will look to open new routes, he said.“With the decision to enhance people-to-people contact being taken at a senior level, at the talks between national security levels on both the sides, it is hoped that the bureaucratic paperwork required for starting flights is not a slow torturous process delaying the implementation of the decision.“However, one factor which could be an impediment is the issue of visas for Indians wanting to go China and for Chinese nationals wanting to come here. Getting a tourist visa can be an uphill task for citizens of both the countries,” Phadnis noted.Analysts say both China and India have seen rapid urbanisation and increasing disposable incomes, leading to higher air travel demand.Government policies, such as China’s ‘Belt and Road Initiative’ and India’s ‘UDAN’ regional connectivity scheme, further boost aviation expansion.China is one of the largest outbound tourism markets. India’s international travel demand is growing, supported by rising incomes and visa reforms.Seeing huge prospects, airlines in China and India consistently place large aircraft orders.Chinese airlines have already placed major orders from Boeing and Airbus, with significant growth in domestic aircraft manufacturing (COMAC C919) as well.Leading Indian carriers have also placed massive orders with both Boeing and Airbus, signalling long-term growth.For those looking at potential investments or partnerships in this sector, the two markets offer immense opportunities. Undoubtedly, both countries are shaping the future of global aviation.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn.

Qatar-based Gulf Warehousing Company’s (GWC) wholly-owned subsidiary FLAG Logistics, which contributes significantly to Oman’s economy, is the first company to be launched in Sultanate’s Khazaen Economic City.The state-of-the-art facility spans 50,000 square meters, divided into specialised areas to meet various storage needs, including dry, air-conditioned, and cold storage, in addition to records management. The warehouse and main distribution center cover an area of 27,500 square meters.Khazaen Economic City boasts of a strategic location close to ports and border crossings in Oman, enabling easy access to approximately 80% of the Sultanate's population within just two hours.A GWC spokesperson stated, “FLAG Logistics was proudly the first 3PL logistics company to start operation Khazaen Economic city. The primary focus of FLAG is streamlining supply chains and enhancing operational efficiency.“With state-of-the-art infrastructure, advanced technology, and a strong global network, FLAG excels in freight forwarding, warehousing, inventory management, transportation, distribution, and relocation services,” he told Gulf Times Tuesday.With state-of-the-art facilities and infrastructure in place, highest quality and safety standards, and dedicated and diligent team on the ground, FLAG handles a diverse set of products that require temperature-controlled / ambient warehousing such as pharmaceutical products and consumables, dry cargo like furniture and homeware.The facility caters to cold storage requirements with cold storage chambers with temperatures ranging from +4 degrees centigrade to -30 degrees centigrade, ideal for frozen and chilled foods and the likes. Moreover, part of FLAG’s speciality in advanced warehousing and logistics, the logistics centre offer documents storage and archiving, where client’s essential data is stored in physical and digital forms. Built to the latest international standard, the facility offer bulk storage areas that is suitable to oversize cargo, thanks to the advanced docking systems installed in place.Benefitting from GWC's 20 years of experience, FLAG specialises in comprehensive logistics solutions, including 3PL, transportation, customs clearance, and value-added services. FLAG embraces a customer-centric ethos and unwavering commitment to operational excellence. ·Asked about plans to expand capacity or diversify FLAG’s service offerings in future, the spokesperson said, “FLAG’s operations in Oman were designed with the objective to support the Sultanate’s economic diversification and empowering its position as an international trade hub. FLAG will leverage the latest industry technologies, including real-time tracking systems and forward-looking analytics, to enhance transparency and optimize transportation routing to ensure timely delivery. “Developing customised solutions, adopting sustainability practices, and committing to environmentally friendly operations are integral to FLAG’s mission as we strive to truly contribute to the economic and environmental goals of the Sultanate of Oman.”FLAG Logistics has also announced its commitment to attracting Omani talent and providing training and mentorship to enhance their capabilities in facing the challenges of the logistics sector.The company plans to build long-term partnerships with various entities in Oman to support the growth of the logistics ecosystem.In an earlier statement, Salem al-Dhahli, CEO of Khazaen Economic City, stated, "FLAG’s presence in Khazaen will support supply and refrigeration chains and provide logistical solutions for companies and investors."Al-Dhahli added that the project aligns with the objectives of the Omani logistics strategy, which aims to transform the Sultanate into a global logistics hub contributing 14% of the GDP by 2040.Ends

E-commerce transactions totalled QR4.11bn in Qatar in December last year, according to the Qatar Central Bank.This represents a significant increase compared to the same period in 2022 and 2023, the QCB said.In December 2022, e-commerce transactions were valued at QR2.74bn while it stood at QR3.11bn in December 2023.QCB data indicate there has been a huge increase in the volume of e-commerce transactions in the country in the last three years.In December 2024, the volume of e-commerce transactions stood at 8.59mn compared to 4.97mn (December 2022) and 5.98mn (December 2023).In terms of bank cards, debit cards outnumbered both credit and pre-paid cards in Qatar, according to the QCB.The number of debit cards in the country totalled nearly 2.45mn in December, 2024. The number of credit cards was 766,649 and pre-paid cards 774,099 in December last year.POS (point of sale) transactions accounted for QR9.49bn in December 2024 compared to QR7.55bn in December 2022 and 7.9bn in December 2023.The number of POS devices in Qatar stood at 75,779 in December 2024 compared to 64,675 in December 2022 and 68,032 in December 2023.The QCB introduced the National Network System for ATMs and Points of Sale (NAPS), which is the central payment system, in 1996 to facilitate the acceptance of cards transactions (debit cards and prepaid) on ATM, PoS and e-commerce terminals throughout the GCC region and Egypt.Additionally, the system accepts cards issued by the QCB, GCC and Egypt regulated banks.According to the QCB, NAPS is one of the first switches in the region to achieve full (EMV) compliance both as an acquirer and issuer.The system was upgraded in 2023 in line with the latest global standards in cards industry. It is a round-the-clock service, which supports card tokenisation and card-less payments. All banks in Qatar are members of the National Network System for ATMs and Points of Sale.

Global LNG exports reached a "record high" of 38mn tonnes in December 2024; representing an increase of 2.6% (0.97mn tonnes) y-o-y, the Gas Exporting Countries Forum (GECF) has said in a report.According to GECF, this represents the largest monthly gain since August 2024.The growth in LNG exports came from all three major suppliers: GECF member countries, non-GECF countries, and LNG reloads.Non-GECF countries remained the largest exporters, increasing their market share to 52.3%, up from 52.1% in December 2023.The share of LNG reloads also rose slightly, from 1.1% to 1.4%, while GECF member countries’ share declined from 46.8% to 46.3% during the same period.In terms of the top LNG exports globally, this was led by the US, Australia and Qatar, GECF said in its latest monthly report.In December 2024, LNG exports from GECF Member and Observer Countries grew by 1.5% (0.26mn tons) y-o-y to 17.59 mn tons.This is GECF’s highest LNG exports since January 2024 and a record high for the month of December.The uptick in GECF’s LNG exports was driven by Malaysia, Nigeria, Russia and Trinidad and Tobago, which offset lower LNG exports from Algeria and Egypt.The stronger LNG exports in Malaysia, Nigeria and Trinidad and Tobago were attributed to higher feed gas availability.In Malaysia, the repair of the Sabah-Sarawak gas pipeline supported the increased feed gas availability.In Russia, an increase in LNG exports from the Portovaya and Vysotsk LNG facilities contributed to the rise in its LNG exports. Conversely, inAlgeria, with planned maintenance activity at the Skikda facility, led to the drop in LNG exports.Meanwhile, the decline in Egypt’s LNG exports was due to lower feed gas availability. The last LNG cargo exported from Egypt was in April 2024.In December 2024, 67% of GECF’s LNG exports were delivered to Asia Pacific, a decrease from 71% in the same month last year.Europe accounted for 29% of exports, up from 27% in December 2023. The remaining 3% was split, with 2% going to Latin America and the Caribbean (LAC) and 1% to the Mena region.In December 2024, LNG exports from non-GECF countries increased by 3.1% (0.59mn tonnes) y-o-y to 19.90mn.The higher LNG exports came mainly from Brunei, Cameroon, Congo, Indonesia and Mexico.Increased LNG production from existing facilities drove the rise in LNG exports from Brunei and Cameroon.In Congo, Indonesia, and Mexico, the growth in exports was fuelled by the ramp-up in LNG production from new LNG facilities, including Congo FLNG 1, Tangguh LNG Train 3, and Altamira FLNG 1, respectively.Meanwhile, LNG exports from Australia and the US remained relatively stable. Notably, the US saw significant developments, with the Plaquemines LNG facility exporting its first cargo in December and the Corpus Christi LNG Stage 3 facility commencing LNG production, GECF noted.