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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.

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.

The airline industry believes its overall financial performance may improve in 2025 on the back of lower jet fuel prices and efficiency gains.Lower oil prices and resulting fuel costs are a major driver of improved prospects for airlines this year. Should these not materialise for any reason and considering the industry’s thin margins, the outlook could change significantly, according to the International Air Transport Association.However, the global average jet fuel price rose 5.6% to $99.91/barrel in the week ending January 17, compared to the week before, IATA said in its latest update.In 2025, IATA expects jet fuel is expected to average $87/barrel (down from $99 in 2024), based on a jet fuel crack spread of $12 per barrel and a crude oil price of $75/barrel (Brent).As a result, airlines’ cumulative fuel spend is expected to be $248bn, a decline of 4.8% despite a 6% rise in the amount of fuel expected to be consumed (107bn gallons).Fuel is expected to account for 26.4% of operating costs in 2025, down from 28.9% in 2024, IATA noted.Cost of compliance with CORSIA (purchasing carbon credits) started to be realised in 2024 and is estimated at $700mn, rising to $1bn in 2025. The costs for the limited quantities of sustainable aviation fuel available are expected to add $3.8bn to industry fuel costs in 2025, up from $1.7bn in 2024.Jet fuel demand has also stabilised as air traffic has largely recovered from pandemic lows. The Energy Information Administration estimated jet fuel demand averaged about 1.65mn barrels per day (bpd) in 2024, 2% above the 2023 average of 1.617mn bpd.IATA estimated demand for air travel this year will rise by 8%, with an estimated 40mn departures globally. That may not, however, translate into a corresponding increase in fuel demand thanks to the deployment of more efficient aircraft, according to MarketWatch.Increased availability of SAF will be one of the larger issues affecting the airline industry in 2025, MarketWatch noted.The Carbon Offsetting and Reduction Scheme for international aviation aims to stabilise global aircraft carbon emissions to 2020 levels. The voluntary first phase began in 2024 and runs through 2026. The second, mandatory, phase, is set to run from 2027 through 2035.SAF is likely to provide most of the early term emission reductions in becoming more available. IATA said about 330mn gallons of SAF was produced worldwide in 2024. That's double the amount made in 2023 and output is expected to continue to rise in 2025, with IATA projecting production at 713.26mn gallons.Still, SAF production represents a fraction of the airline industry's total fuel consumption. The 330mn gallons made in 2024 is less that one day's worth of global aviation industry demand of 336mn gallons/day. IATA said the actual growth has fallen short of expectation.Even so, SAF will become a bigger part of the jet fuel market in 2025. IATA reported 70 airlines have signed voluntary commitments to buy about 11.5bn gallons of SAF by 2030.SAF remains more expensive than conventional jet fuel and will likely boost carriers' total fuel costs, MarketWatch said.IATA said the industry in 2024 paid about $700mn to meet CORSIA obligations and projects that will rise to $1bn next year. SAF is expected to add $3.8bn to fuel costs in 2025 – more than double the $1.7bn addition seen this year for SAF use."SAF volumes are increasing, but disappointingly slowly," IATA's Director General Willie Walsh noted recently."But make no mistake that airlines are eager to buy SAF and there is money to be made by investors and companies who see the long-term future of decarbonisation."Elevated fuel costs, combined with significant taxes and airport fees, often get passed on to airline consumers, affecting ticket affordability.Projections suggest that while jet fuel prices may remain stable, they will continue to impact the cost structure of airlines.This ongoing economic uncertainty requires the industry to navigate challenges with resilience and adaptability.

Qatar’s budget for 2024 is estimated to have generated “significant surplus” as Qatari crude oil averaged $80.01 per barrel last year.For 2024 budget, Qatar had lowered oil price assumption to $60 per barrel compared to $65 in 2023.Qatari crude price (Dukhan and Marine combined) averaged $79.31 per barrel in January last year, according to Bloomberg estimates.In February, Qatari crude averaged $80.24 per barrel, $84.57 in March, $89.51 (April), $84.23 (May), $83.60 (June), $84.61 (July), $77.62 (August), $73.91 (September), $74.99 (October), $73.58 (November) and $73.98 (December), Bloomberg estimates show.The average price per barrel fetched by Qatari crude (Dukhan) is as follows: $78.91 (January), $80.24 (February), $84.42 (March), $89.41 (April), $84.10 (May), $83.15 (June), $84.23 (July), $77.35 (August), $73.78 (September), $75.01 (October), $73.50 (November) and $74.00 (December).The average price fetched by Qatari crude (Marine) is as follows: $79.71 (January), $80.24 (February), $84.72 (March), $89.61 (April), $84.35 (May), $84.05 (June), $84.98 (July), $77.90 (August), $74.03 (September), $74.96 (October), $73.65 (November) and $73.95 (December).Giving details of the 2025 budget last month, HE the Minister of Finance Ali bin Ahmed al-Kuwari said it expects total revenues of QR197bn and an expenditure of QR210.2bn with an anticipated deficit of QR13.2bn.Qatar has set an oil price of $60 per barrel in preparing the budget, he noted.HE al-Kuwari said: “Qatar continues to adopt a conservative approach in estimating oil and gas revenues, with an average oil price of $60 per barrel. This approach aims to enhance financial flexibility and ensure spending stability.”On the anticipated deficit of QR13.2bn in 2025 budget, al-Kuwari clarified it is “theoretical” in nature.“Qatar has set an oil price of $60 per barrel in preparing the budget. This is a very conservative price. If there is a surplus, it will be used to repay debt, strengthen Qatar’s foreign exchange reserves and also channelled into the sovereign wealth fund,” he said.Al-Kuwari had noted that Qatar enjoyed very high sovereign ratings. Moody’s credit rating for Qatar stands at Aa2, S&P Global (AA) and Fitch Ratings (AA).“These highlight Qatar’s robust, well managed economy and its credit worthiness. These help banks and other Qatari companies to obtain debt at attractive prices, among the best in emerging markets,” the minister said.

Outgoing remittances through exchange houses in Qatar moderated during 2023 after increasing for two years, the Qatar Central Bank (QCB) has said in a report.The decline was recorded by all major regional destinations, except developed western nations in Europe and US and Canada.The share of funds to Asia continued to dominate and accounted for more than three-fourth of total remittances.Similarly, share of remittances to the top five countries also continued to moderate and declined from 72.8% to 70.4%. The share of Europe/US/Canada and Mena (excluding GCC) was 9% each, the QCB said in its latest Financial Stability Review.During 2023, the exchange houses in the country lowered their dues from banks which contributed to modest decline in their assets after a sharp rise in the previous year.Total assets as at end of 2023 stood at QR2.4bn. On the liabilities side, dues to banks and dues to money exchangers and branches declined sharply.Paid up capital continued to rise during 2023 leading to continued rise in shareholder’s equity.Exchange houses have been maintaining high level of liquid assets as compared to their liquid liabilities, the QCB noted.“There was some moderation in share of net liquid assets (liquid assets–liquid liabilities) in 2022 but it rose substantially in 2023. Such high level of liquidity indicates both resilience of exchange houses as well as their capability to expand their activities further,” the QCB said.Assets with exchange houses, after rising sharply in 2022, moderated in the year under review mainly due to reduction in dues from banks. Shareholder’s equity increased by 2.5% on top of 12.7% growth in the previous year.This increase coupled with decline in assets in 2023 led to increase in the ratio of shareholder’s equity to total assets. This improved capitalisation was achieved through higher share of paid-up capital.Sale and purchase of foreign currencies is steadily increasing over the past three years. In 2022 and 2023, purchases of foreign currencies exceeded the sales indicating some repayment of past dues and build-up of reserves with them, the QCB noted.

Two major airline crashes towards the end of 2024 have caused major concerns about air passenger safety although flying still remains the safest mode of travel based on the number of flights and accidents recorded globally.Nearly 180 people died after a plane crashed as it was landing in South Korea on the morning of December 29 last year.Harrowing video footage shows the Jeju Air plane coming off the runway before colliding with a barrier and bursting into flames at Muan International Airport.The plane, which was returning from Bangkok, Thailand, was carrying 181 people - 179 of whom were killed. Two crew members were rescued from the wreckage.Four days prior to the South Korean air crash, on December 25, some 38 people died when an Azerbaijan Airlines flight, which had been due to land in Russia, crash-landed in Kazakhstan.The circumstances around the crash still remain unclear, but evidence so far suggests it may have been damaged by missiles fired by a Russian air-defence system as it tried to land in Chechnya.According to FlightGlobal, “There were 16 fatal accidents and 333 resulting fatalities last year, according to our reporting, compared with only six and 115, respectively, the previous year. That, however, is a misleading comparison because 2023 was the safest year in the history of the global commercial air transport industry.”“The two major accidents last month hit the news media particularly hard because they both involved scheduled passenger jets, and the casualty numbers were high,” FlightGlobal noted.This year marks 21 years of the IATA Operational Safety Audit (IOSA). In September 2003, Qatar Airways was the first to join the IOSA registry.Today, more than 400 airlines are on the registry. It is the global standard for managing operational safety.More importantly, it is clear that IOSA helps to improve safety. In 2022, IOSA registered carriers outperformed those not on the registry by a factor of four.IOSA continues to be one of the hallmarks of IATA’s activities in the field of safety, having become the globally recognised standard for airline operational safety auditing since its inception 21 years ago.It is being adapted into a risk-based audit by tailoring the audit activity to the operator’s profile and focusing on high-risk areas.In addition to airlines, IOSA is also being used by numerous authorities in their regulatory safety programmes.According to IATA, the global trade body of airlines, a strong safety culture within the aviation industry is essential for continuous improvement in all aspects of operations.Creating an environment that encourages the transparent and timely reporting of incidents and accidents is essential to be able to identify systemic issues and prevent future occurrences.IATA said it is actively working on two fronts to bolster this effort.Following the Azerbaijan Airlines crash IATA’s Director General Willie Walsh noted, "“Civil aircraft must never be the intended or accidental target of military operations. The strong potential that Azerbaijan Airlines flight 8243 could have been the victim of military operations, as indicated by several governments including Russia and Azerbaijan, places the highest priority on conducting a thorough, transparent, and impartial investigation.“The world eagerly awaits the required publication of the preliminary report within 30 days, in line with international obligations agreed in the Chicago Convention. And should the conclusion be that this tragedy was the responsibility of combatants, the perpetrators must be held accountable and brought to justice."Aviation is incredibly safe around the globe based on the number of flights and accidents recorded. And the performance of the Middle East region’s carriers is no exception.The goal must always be to improve. And at these very high levels of safety performance, the best way to improve performance is through detailed data analysis.

The Qatar Central Bank's Real Time Gross Settlement System (RTGS) settled 0.65mn large value electronic transactions worth QR1.88tn on a gross basis in 2023, according to the central bank.In addition, RTGS settled batches of net interbank obligations arising from other payment systems and large value cheques on a gross basis, the QCB said in its latest Financial Stability Review.According to the QCB, 49% of cheques processed during the year was high-value (QR1mn and above).The usage of electronic payment methods in Qatar has increased significantly in recent years.The number of transactions processed in various payment and settlement systems operated by the QCB stood at 241.7mn in 2023 as compared to 205.6mn processed in 2022, registering an annual growth of 17.6%.Although the QCB manages a number of payment systems, RTGS and NAPS continued to remain the most systemically important, with RTGS handling 77.6% of the total customer and interbank payments in value terms and NAPS handling more than 90.9% of the payments in terms of volume.As part of the central bank market operations, the value and volume of QMR deposits remained much higher than those of QMR loans, indicating that the banking system had adequate liquidity during the year.Despite introducing several electronic payment methods, cheques traditionally remained one of the preferred payment modes in Qatar for a large segment of the population mainly because cheques are considered as a sort of guarantee on future payments.Nevertheless, cheques processed in the Electronic Cheque Clearing System (ECC) recorded an annual decrease of 10.8% in value terms while it declined by 2.4% in volume.The reduction in the volume of cheques reflected digital transformation brought about by prevalence of retail payment systems as against traditional cheque clearing system further supporting the QCB’s strategic approach to minimise dependency on checks in the payment ecosystem.National ATM and Point of Sale System (NAPS) connects all automated teller machines (ATMs), point-of-sale (POS) terminals, and National E-commerce Gateway offered by the local banks to a central payment switch that in turn re-routes the local debit card and Himyan card transactions between the acquirers and the card issuers and settles the transactions on participant account within the QCB.In addition, the system supports routing and settling of GCC and Egypt interbank debit card transactions.In 2023, the transactions settled through NAPS registered an annual growth of 17% in volume and 1.4% in value as compared to 2022.ATM transactions in terms of value declined by 3.1% reflecting the preference of electronic transactions over cash transactions.An annual increase in POS transactions and QPay transactions of 8.4% and 4.4%, respectively indicated the growing adoption of cashless payments and online payments, the QCB said.

Total assets of commercial banks in Qatar increased by 1.2% during November 2024 to reach QR2.031tn, QNB Financial Services (QNBFS) has said in a report.The total assets rise in November was mainly due to an increase by 4.9% in foreign assets and 0.6% in domestic assets, QNBFS said in its latest ‘Qatar Monthly Key Banking Indicators’.Total assets were up by 3.1% in 2024, compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023), the report said.Liquid assets to total assets moved up to 29.8% in November 2024, compared to 29.3% in October 2024.According to QNBFS, loans disbursed by commercial banks in the country went up by 0.3% during November 2024 to reach QR1,364.9bn.The loans increase in November 2024 was mainly due to a gain by 0.9% in the private sector.Credit facilities went up by 6% in 2024, compared to a growth of 2.5% in 2023. Loans grew by an average 6.5% over the past five years (2019-2023), QNBFS said.Loan provisions to gross loans stood at 4.2% both in October and November 2024.The overall loan book went up (by 0.3%) in November 2024, pushed up mainly by private sector loans. Total private sector loans moved up by 0.9% m-o-m (+4.8% in 2024) in November.Real estate and consumption and others segment was the main growth drivers for the private sector loans in November.The real estate segment (contributes 21% to private sector loans) increased by 1.8% m-o-m (+10.5% in 2024), while consumption and others (contributes 20% to private sector loans) rose by 1.2% m-o-m (+0.4% in 2024), with services (contributes 32% to private sector loans) going up by 0.6% m-o-m (+4.9% in 2024) and general trade (contributes 22% to private sector loans) gaining 0.6% m-o-m (+5.9% in 2024) in November 2024.Deposits gained by 0.4% during November to reach QR1,042.1bn. Thedeposits rise was mainly due to gains by 1.4% in non-resident deposits and 0.4% in private sector deposits.Deposits increased 5.7% in 2024, compared to a decline of 1.3% in 2023. Deposits grew by an average 4.1% over the past five years (2019-2023), the report showed.Non-resident deposits increased by 1.4% m-o-m (+10.8% in 2024) during November 2024. Non-resident Deposits as a percentage of total deposits moved up to 19.0% as in November, compared to 18.2% as at year-end 2023.“Hence, this indicates that banks are still relying on external funding,” QNBFS noted.Private sector deposits moved up by 0.4% m-o-m (+2.2% in 2024) in November. Public sector deposits pushed lower by 0.2% m-o-m (+7.8% in 2024) in November last year.QNBFS noted the “net interbank position” remained “negative” at QR313bn as in November 2024.An analyst told Gulf Times: “The key highlight for November 2024 is the surge in total assets by QR23.7bn or 1.2% during that month to reach QR2.031tn. Total assets rise was mainly catapulted by an increase by 10.1% in due from banks, mainly foreign and also domestic. The gains in the overall loan book came from the private sector, largely from a pickup in the real estate segment and personal retail segment.”

Qatari banks have seen a year-on-year increase in domestic credit disbursement by 6.9% to reach QR1.3tn in November 2024, key indicators provided by the Qatar Central Bank have shown.An increase in total domestic credit for banks generally means that the banks are lending more money to businesses, individuals, and the government sector within Qatar.“Higher demand for credit signifies a positive outlook on the Qatari economy and rising consumer confidence,” an analyst told Gulf Times on Sunday.“Increased lending often signifies that businesses and individuals are borrowing to invest in projects, expansion, or consumption, which can stimulate economic growth. It also indicates that consumers and businesses are confident about the future, hence willing to take on more debt,” he noted.Bank credit has become attractive for both businesses and individuals with rates falling and expected to fall further this year.On December 18 last year, the QCB decided to reduce the interest rates for deposits, lending and repo by 0.30% or 30 basis points (bps).The new rates took effect on December 22.The QCB's deposit rate (QCBDR) is now 4.60%, lending rate (QCBLR) 5.10% and the repo rate (QCBRR) is 4.85%.Explaining the rate reduction, the QCB said the cut followed its “assessment of the current monetary policy” of the State of Qatar.Top officials at the US Federal Reserve have predicted that they will cut rates to 3.9% this year in their fresh economic estimates.Since Qatari riyal is pegged to the dollar, the QCB rates are also expected to follow suit.QCB data also show an increase in broad money supply (M2) by 2.5% to QR735.5bn year-on-year in November last year.Broad money supply (M2) includes cash, checking deposits, and easily convertible near money like savings deposits, money market securities, and other time deposits.An increased money supply has seen stimulating economic activity by making more funds available for businesses and consumers to borrow and spend, which then boosts overall economic growth.With more money in circulation, there may be more investment in various sectors, leading to potential economic expansion and development.According to the QCB, total domestic deposits with local banks increased by 5.6% (year-on-year in November 2024) to QR843.8bn.Analysts say higher level of deposits obviously strengthens the banking sector, as banks have more reserves to cover withdrawals and invest in opportunities.With more deposits, banks have more money to lend, which automatically boosts economic activities such as business expansion, consumer spending, and infrastructure projects.“More deposits indicate public confidence in the financial system, which is essential for the smooth functioning of the economy,” the analyst said.The total assets of local (commercial) banks have increased 4.3% (year-on-year in November 2024) to QR2tn, the QCB’s latest banking sector indicators show.Higher assets indicate that banks are growing and managing more resources, which enhance their stability and reliability.More assets allow banks to extend more loans to businesses and consumers, fuelling economic growth through investments and consumption.It clearly suggests that both domestic and foreign investors have confidence in Qatar’s financial system, leading to increased capital inflows.

The World Travel & Tourism Council forecasts travel and tourism to account for 13.3% of GCC’s GDP ($371bn) by 2034.In its latest annual research, WTTC expects travel and tourism to have contributed 11.4% of the GCC region’s GDP in 2024. This will have amounted to $247.1bn.In 2034, travel and tourism is expected to employ 5.65mn people in the GCC region compared to 4.3mn in 2024.Last year, international visitor spent in the region was estimated at $151.1bn, WTTC said and forecasts that it may scale up to $223.7bn in 2034.Domestic visitor spent in the region last year was estimated at $72.7bn and may rise to $108.3bn in 2034, WTTC said.As for Qatar, the global tourism body is forecasting that the sector will grow its annual GDP contribution to more than QR135bn by 2034, nearly 13% of Qatar’s economy, and is projected to employ nearly 458,000 people across the country, with one in five residents working in the sector.In an earlier forecast, WTTC said travel and tourism was set to contribute an all-time high of QR90.8bn to the Qatari economy (11.3% of the total) and would have supported more than 334,500 jobs across the country (15.8% of the total workforce) in 2024.Spending by international travellers would have increased significantly in 2024, with forecasts indicating a record spend of QR69.6bn last year, while domestic spend was projected to have reached QR12bn.Meanwhile, Qatar expects to see tourism share to its GDP to increase considerably by 2030.Qatar Tourism data indicate that 2024 clocked an “impressive final tally” of 5,076,640 visitors, reflecting a 25% increase from 2023’s 4,046,281 visitors.December alone turned in strongly with 594,079 visitors, a 14.6% rise from the previous year. The growth was driven by an additional 48,000 air travellers and 35,000 land visitors, offsetting a minor decline of 7,000 cruise passengers compared to 2023.Visitor numbers in December also surged by 74,000 compared to November 2024.Qatar’s hospitality sector achieved a new record, surpassing 10mn room nights for the first time. As of December 30, 2024, the figure stood at 10mn room nights, with the final tally expected to be bolstered by an additional 35,000 room nights on December 31.Visitor demographics revealed a diverse appeal, with GCC nationals accounting for 41% of visitors and the remaining 59% coming from key international markets. Top five countries include Saudi Arabia, India, the United Kingdom, Germany, and the US.

Providing adequate facilities for differently-abled airline passengers is not only a matter of compliance with international regulations, but also a moral and business imperative.International regulations necessitate total compliance by airlines on treaties such as the 'UN Convention on the Rights of Persons with Disabilities' or airline-specific accessibility guidelines.Also, compliance with regulations such as the Air Carrier Access Act (ACAA) or EU Regulation 1107/2006 avoids legal liabilities and potential penalties for airlines.Providing accessible services like priority boarding, accessible seating, in-flight assistance, and wheelchair support reduces stress for differently-abled passengers.Such facilities improve overall passenger satisfaction, leading to positive reviews and increased recommendations.The World Health Organisation (WHO) estimates that over 1.3bn individuals live with some form of disability, representing around 16% of the global population.As the population ages, the percentage of people with disabilities is expected to increase. Fortunately, most countries, and the airline industry in particular, have demonstrated a strong commitment to improving accessible air transport for differently-abled passengers.While current regulations focus predominantly on addressing concerns through individual jurisdictions, achieving significant progress will require shifting the focus to the establishment of a cohesive global framework.“Universally co-ordinated and accessible air transport can only be achieved through close collaboration along the aviation value chain. ICAO is heightening co-operation with IATA and ACI on this priority, because it is only by showing governments and operators how to work together as one that we will successfully tackle existing barriers in air travel,” noted Juan Carlos Salazar, ICAO’s Secretary-General.“Airlines want to ensure safe, reliable, and dignified travel for every passenger, including those with disabilities. To deliver this, airlines, airports and the disability community must work together. On top of this, national regulatory frameworks for passengers with disabilities must support successful service delivery no matter where a journey begins or ends. Co-ordination among all these players is the key to empowering passengers with disabilities to travel with confidence. We have high expectations that this event will move us towards that goal,” said Willie Walsh, IATA’s Director-General.ACI World Director-General Justin Erbacci points out: “ACI is committed to helping our member airports enable barrier-free environments that provide equal access and outstanding travel experiences for all guests, regardless of ability. This symposium will bring together aviation stakeholders from across the ecosystem to engage in meaningful dialogue to identify actionable steps toward creating a more accessible air transport system.”Recently, ICAO, along with Airports Council International (ACI) and the International Air Transport Association (IATA), hosted the Symposium on Accessibility in International Civil Aviation at ICAO headquarters in Montréal.The event brought together governments, industry leaders and advocacy groups to tackle barriers to air travel faced by persons with disabilities or reduced mobility.Held under the theme “Inclusive and Universally Accessible Air Transport for Persons with Disabilities and Reduced Mobility,” explored strategies that create a more accessible air transport system.Industry experts have stressed the need for more “accessible” terminals with ramps, elevators, and wide pathways with focus on people with special needs.They require specialised seating such as accessible seating arrangements with extra legroom and adjustable armrests.Such passengers also need support services such as on-ground assistance for navigation, boarding, and deplaning.Industry experts also call for accessible communication with announcements in multiple formats, including visual, auditory, and braille.Specialised equipment such as in-flight wheelchairs and accessible lavatories will come in handy for such passengers.More personnel trained to handle various disabilities with empathy and skill have also to be deployed in airports around the world.Tailor-made facilities for differently-abled people ensure all individuals, regardless of their abilities, can travel with dignity and independence.Such efforts demonstrate respect for diversity and promotes equal opportunity for leisure, work, or emergency travel.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn