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Middle Eastern airlines saw a 33.3% traffic rise in 2023 compared to 2022, IATA said in a report.Capacity increased 26% and load factor climbed 4.4 percentage points to 80.1%. December demand climbed 16.6% compared to the same month in 2022.The International Air Transport Association noted that the recovery in air travel continued in December 2023 and total 2023 traffic edged even closer to matching pre-pandemic demand.Total traffic in 2023 (measured in revenue passenger kilometres or RPKs) rose 36.9% compared to 2022. Globally, full-year 2023 traffic was at 94.1% of pre-pandemic (2019) levels.December 2023 total traffic rose 25.3% compared to December 2022 and reached 97.5% of the December 2019 level. Fourth quarter traffic was at 98.2% of 2019, reflecting the strong recovery towards the end of the year.International traffic in 2023 climbed 41.6% compared to 2022 and reached 88.6% of 2019 levels. December 2023 international traffic climbed 24.2% over December 2022, reaching 94.7% of the level in December 2019. Fourth quarter traffic was at 94.5% of 2019.Domestic traffic for 2023 rose 30.4% compared to the prior year. 2023 domestic traffic was 3.9% above the full year 2019 level. December 2023 domestic traffic was up 27.0% over the year earlier period and was at 2.3% above December 2019 traffic. Fourth quarter traffic was 4.4% higher than the same quarter in 2019.IATA’s Director General Willie Walsh said, “The strong post-pandemic rebound continued in 2023. December traffic stood just 2.5% below 2019 levels, with a strong performance in quarter 4, teeing-up airlines for a return to normal growth patterns in 2024. The recovery in travel is good news. The restoration of connectivity is powering the global economy as people travel to do business, further their educations, take hard-earned vacations and much more. But to maximize the benefits of air travel in the post-pandemic world, governments need to take a strategic approach.“That means providing cost-efficient infrastructure to meet demand, incentivising Sustainable Aviation Fuel (SAF) production to meet our net zero carbon emission goal by 2050, and adopting regulations that deliver a clear cost-benefit. Completing the recovery must not be an excuse for governments to forget the critical role of aviation to increasing the prosperity and well-being of people and businesses the world over.”Walsh added, “Our push to connect our world even more strongly than before the pandemic must not come at the expense of our environment. The industry’s goal to reach net zero CO2 emissions by 2050 remains steadfast. To accelerate the transition, we need governments and fuel suppliers to step up and do more. We saw a strong increase in the use of SAF in 2023, but SAF is still only 3% of all global renewable fuels production. That is unacceptable. Aircraft have no option but to rely on liquid fuels, whereas other transport modes have alternatives. A massive collective effort is needed to increase SAF output as a proportion of overall renewable fuel production as quickly as possible.”

Sea freight has always been cost-effective for transporting large quantities of goods over long distances..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[134580]**While sea cargo is slower compared to air freight, it is suitable for goods, where speed is not a critical factor.But more manufacturers are reportedly seeking to fly their products these days as attacks on Red Sea shipping force them to find alternate routes, a potential boon for a sector dealing with muted post-pandemic demand and overcapacity.The Red Sea, which leads to the Suez Canal, lies on the key east-west trade route from Asia's manufacturing hubs to Europe and onto the east coast of the Americas.About 12% of world shipping traffic accesses the Suez Canal via its waters, according to a Reuters estimate.Air freight is costly compared to sea freight, and not competitive for bulky, low-margin items. Such constraints have limited air cargo to less than 1% of global trade by volume, according to airline industry association IATA.The diversion of container vessels away from the risk of attacks in the Red Sea is pushing up air freight costs as shippers try to keep Asian-produced goods on shelves despite delays to sea traffic, according to The Financial Times.Logistics providers said the rerouting of ships from the Suez Canal to longer passages between Asia and the west following Houthi missile and drone attacks had generated intense interest in moving goods by a mixture of sea and air. A logistics provider said demand for this method was 25-30% higher than normal for January.The shift in transport mode, mainly a result of decisions by big container shipping line to send ships around the Cape of Good Hope, has helped push up air freight costs.The average cost to fly 1kg of cargo from the Middle East to Europe has increased 35% in the last month to $2.03, according to Freightos, a logistics information service.As tensions in the Red Sea continue to disrupt ocean freight, retailers and manufacturers are increasingly turning to air shipping as an alternative to maintain supply chains.The latest report from freight platform Xeneta reveals a significant increase in air cargo volumes from Vietnam to Europe, a major trade route for clothing exports.The route witnessed a significant rise in air cargo volumes in January. This surge in demand has pushed up air shipping rates last month compared to December, 2023. This development marks the first impact of the Red Sea crisis on air freight.The Financial Times quoted Freightos’s chief marketing officer Eytan Buchman and said shippers were resorting to air because of the delays from the extended transit times via the Cape.“One strong argument for bridging part of a supply chain by air would be to avoid the delays and uncertainties,” Buchman said.He said supply chains that could be disrupted included those for the manufacture of computers and cars and even for the making of sauces that needed a single key ingredient sourced from Asia.Although sea freight is slower compared to air cargo, container ships are the main means of worldwide transport for finished and semi-finished goods.Ships have a much larger cargo capacity, making sea freight a more economical choice for bulk shipments.Obviously, it is suitable for goods where speed is not a critical factor.On the other hand, limited cargo space is available in aircraft, so it's more suitable for smaller shipments or high-value goods.Many businesses have been using a combination of both modes, known as multimodal or intermodal transportation, to optimise their logistics based on the unique characteristics of each shipment.

Qatar's food inflation is among the lowest in the world, according to the World Bank’s food price inflation tracker.In 2023, until September, Qatar's food inflation was less than 2% and from October to December, it was less than 5%, World Bank said in its latest ‘Food Security Update’.Based on a traffic light approach, Qatar was given green and yellow colour code with green indicating a year-on-year increase of less than 2% and yellow a year-on-year increase of 2% to 5%.Qatar’s food price inflation (percent change, year on year) in 2023, according to the World Bank, was -0.6% (January), -1.9% (February) 0.7% (March) 1.4% (April), -2.2% (May) -0.7% (June), 1% (July), 0.5% (August), 1.9% (September) 3.7% (October) 3.8% (November) and 4.6% (December).According to the World Bank, food insecurity remains high in the Middle East and North Africa and is exacerbated by the ongoing conflicts.In Gaza, food insecurity has reached alarming levels and is projected to increase. The IPC (Integrated Food Security Phase Classification) Famine Review Committee was activated on December 11, 2023.Based on data covering November 24 through December 7, 2023, 25% of the population in the northern governorates, 15% of internally displaced people in the southern governorates, and 10% of residents of the southern governorates were in catastrophe (IPC Phase 5).The committee warned that the risk of famine was increasing daily amid intense conflict and restricted humanitarian access. It is projected that, between December 8, 2023, and February 7, 2024, the entire population of the Gaza Strip (about 2.2mn people) will be classified in IPC Phase 3 or above (crisis or worse), with half of these expected to be in emergency (IPC Phase 4) and 25% in catastrophic (IPC Phase 5) conditions.“This is the highest share of people facing high levels of acute food insecurity that the IPC initiative has ever classified for any given area or country,” the World Bank noted.In Lebanon, the most recent IPC acute food insecurity analysis, published in December 2023, estimates that, for October 2023 through March 2024, about 1.05mn Lebanese refugees, Syrian refugees, Palestine refugees in Lebanon, and Palestine refugees from Syria will face acute food insecurity and be classified in IPC Phase 3 (crisis) or above, corresponding to 19% of the analysed population.It is projected that this will increase to 1.14mn people between April and September 2024.The causes of the decrease in food security in Lebanon are the country’s continued economic crisis and food inflation.The projection assumed that the tensions at the southern border will not escalate into a wider conflict.Although Jordan is considered to have moderate food insecurity overall, according to the 2023 Global Hunger Index, its refugee communities are facing an increase in food insecurity.“Funding shortfalls for the UN aid organisations, which the conflict in the Middle East has exacerbated, are limiting the aid available to these communities, further undermining their food security,” the World Bank said.

Carriage of dangerous goods on aircraft poses several significant challenges and concerns due to the potential risks associated with transporting hazardous materials..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[131654]**These materials, often referred to as dangerous goods or cargo, include substances or articles that can pose a risk to health, safety, property, or the environment.Some items may endanger the safety of an aircraft or travellers on board, and these dangerous materials can either be forbidden or restricted for air transport.These can only be transported by air if they are prepared by qualified personnel, unless exempted.However, some dangerous goods may be carried in baggage by passengers and crew if the specified requirements are met.Industry guidelines indicate there are restrictions on carrying lithium batteries, small lithium battery powered vehicles and battery-powered mobility aids in an aircraft.All portable electronic devices (PED) carried on an aircraft are subject to specific requirements to ensure that they do not pose a hazard to aircraft systems due to electromagnetic radiation.PEDs, which may include electronics such as cameras, mobile phones, laptops and tablets containing batteries, when carried by passengers for personal use, should be carried in carry-on baggage.If devices are carried in checked baggage, experts say, measures must be taken to protect the device from damage and to prevent unintentional activation and the device must be completely switched off (not in sleep or hibernation mode).Spare lithium batteries: Spare batteries must be individually protected to prevent short circuits by placement in the originalretail packaging or by otherwise insulating terminals, e.g. by taping over exposed terminals or placing each battery in a separate plastic bag or protective pouch and carried in carry-on baggage only.Articles containing lithium cells or batteries, the primary purpose of which is to provide power to another device, e.g. power banks, are considered as spare batteries and are restricted to carry-on baggage only.Electronic cigarettes including e-cigars and other personal vapourisers containing batteries when carried by passengers for personal use must be in carry-on baggage only.Recharging of these devices and/or batteries on board the aircraft is not permitted and the passenger must take measures to prevent accidental activation.For a baggage equipped with lithium battery, other than lithium button cells to be checked in, the lithium battery must be removed from the baggage and carried in the cabin; or the baggage must be carried in the cabin.Baggage where the lithium battery is designed to charge other devices and cannot be removed, is forbidden for carriage.Recently, the International Air Transport Association (IATA) and the International Civil Aviation Organisation (ICAO) extended their long-standing co-operation on setting and implementing global standards for the safe carriage of dangerous goods by air.IATA began issuing guidance for the carriage of Dangerous Goods on aircraft back in 1956 and has been updating and devising standards ever since.A more formalised approach on this subject was taken at a regulatory level by the adoption of ICAO Annex 18 in January 1984. This outlines the broad principles for the international transport of dangerous goods.‘Technical Instructions for the Safe Transport of Dangerous Goods by Air’ amplify the basic provisions of Annex 18 and contain all the detailed instructions necessary for the safe international transport of dangerous goods by air. In addition, they provide guidance to States for inspection and oversight.Based on the technical instructions agreed on at government level through ICAO, IATA works with the aviation industry to develop the applicable practical tools and operational recommendations.These are issued as the ‘Dangerous Goods Regulations’ and are global standards applicable to the entire value chain – manufacturers, shippers, airlines, freight forwarders and ground handlers.These regulations include operator variations, supporting documents, tools, guidelines and notes which are essential for a practical, consistent approach to the safe acceptance, inspection, handling and carriage of dangerous goods on aircraft.IATA’s Director General Willie Walsh noted: “The safe carriage of dangerous goods has become common practice, thanks to the strict adherence to global standards and guidelines. Today’s agreement ensures that dangerous goods will continue to be handled according to the highest globally applicable standards. To this effect, IATA will continue its advocacy work with key stakeholders to maintain a globally aligned, and practically focused approach to the regulated transport of dangerous goods. This will lead to more efficient and robust supply chains whilst upholding aviation’s number one priority of safety”.Certainly, the carriage of dangerous goods on aircraft requires strict adherence to regulations, comprehensive training, effective communication, and a strong focus on safety to mitigate the associated risks and ensure the well-being of passengers, crew, and the general public.

QIIB, which successfully issued Qatar’s first Sustainable Sukuk and listed it on the London Stock Exchange (LSE), has gained significantly from the strength of the robust Qatari economy, noted bank CEO Dr Abdulbasit Ahmad al-Shaibei.“The success achieved by the bank is due to many factors, foremost of which is the great confidence and strong position of the Qatari economy, which continues to achieve distinguished results in its various sectors. These enhance the appetite and interest of international investors to invest in Qatari financial instruments in particular, and Qatari economy in general,” Dr al-Shaibei told Gulf Times in an interview.“This $500mn issuance is not just a financial transaction; it is a testament to QIIB’s unwavering commitment to sustainability and responsible banking.“In an age where environmental, social, and governance considerations play a pivotal role in shaping the financial landscape, we are proud to take the lead in aligning our financial activities with the principles of sustainability,” Dr al-Shaibei stressed.He said QIIB’s success in issuing Sustainability Sukuk and its listing on the London Stock Exchange is part of its support and interest in implementing the contents of the Third Financial Sector Strategy, recently launched by the Qatar Central Bank, which pays special attention to environmental, social and institutional governance and sustainability.Dr al-Shaibei noted: “QIIB has a long history in the field of sukuk and was the first Qatari bank to issue an “AT1” sukuk and list it on the London Stock Exchange. We are proud to follow our success story in this field, as our current issuance of sukuk amounts to $500mn. We are now celebrating its listing on the London Stock Exchange, which was successful by all standards.”Highlighting QIIB’s relationship with the LSE, Dr al-Shaibei said: “This is our third sukuk to be listed on the LSE. Our first sukuk on the LSE was in 2019. Our journey with the LSE has been one of collaboration, trust, and shared commitment to excellence.“We value the strong relationship we have built, and the launch of this Sustainable Sukuk stands as a testament to the enduring partnership between QIIB and the LSE.“The incredible success of our issuance of sukuks, and the tremendous demand they received from investors after they were priced at distinguished rates, is also based on the solid position and trust that QIIB enjoys regionally and internationally. This is also based on the high credit ratings that QIIB enjoys, with an ‘A2’ rating from Moody’s and ‘A-‘ rating from Fitch.“We chose LSE to list the bank’s sukuk due to many factors including the high-level professional working relationship established with the LSE and the pivotal economic role that London plays, especially in Islamic finance,” Dr al-Shaibei noted.“This marks a historic moment for QIIB and, indeed, for our nation as a whole. Qatar and the United Kingdom enjoy an exceptionally strong and unique relationship because of the historic friendship and the economic cooperation between our two countries,” he added.

Qatar's housing market is in the "midst of a mismatch" between supply and demand, global real estate consultancy Knight Frank said and noted that in one year up to Q3-2023, residential sales transactions declined by 18%. The housing market in Qatar is in the midst of a mismatch between supply and demand, with the latter still lagging the former, sustaining downward pressure on value and rent, Knight Frank said in a recent report. Furthermore, with the headline interest currently standing at 6.25%, up from 5% last November, affordability issues are being exacerbated, contributing to a decline in residential sales activity. Despite this, however, the total value of residential sales climbed by 12% over the same period, highlighting the significant price appreciation in some submarkets, such as Doha and Al Daayen municipalities, where prices have risen by 58% and 46% over the last 12 months. However, the number of transactions in these districts declined by 37% and 38%, respectively, over the same period. Al Rayyan (235 sales) and Doha (174 deals) municipalities recorded the highest volume of residential transactions during the third quarter, Knight Frank said. Average villa prices decreased by 2.5% over the past 12 months, falling to QR7,100/sq m in Q3-2023, with West Bay Lagoon commanding the highest sales price at QR8,471/sq m, while Al Kharaitiyat has the lowest sale price at QR5,773/sq m. Neighbourhoods with modern infrastructure and proximity to essential facilities such as schools, hospitals, and shopping centres, offering more services and amenities, tend to command higher sales prices. Similar to sales prices, rental rates for both villas and apartments have also decreased over the past 12 months. Lease rates have declined across almost all districts, with West Bay and The Waterfront recording the highest quarterly depreciation, at 24% and 20%, respectively, for average quoted rents for apartments, Knight Frank noted in its report.

The global aviation industry's efforts to reduce carbon emissions are significant primarily because it contributes to greenhouse gas emissions, primarily through the.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[128685]**combustion of fossil fuels in aircraft engines. A recent international conference has given a clarion call to achieve 5% carbon reduction by the aviation industry in another six years.The 3rd Conference on Aviation Alternative Fuels (CAAF/3) hosted by the International Civil Aviation Organisation (ICAO) was an important step forward for the industry as it agreed a global framework to promote sustainable aviation fuels (SAF) production in all geographies.The agreement calls for fuels used in international aviation to be 5% less carbon intensive by 2030. At this point, at current rates, CO2 emissions for international aviation are expected to reach 682mn tonnes, meaning SAF and low carbon aviation fuel (LCAF) need to abate some 34mn tonnes of CO2.To achieve this requires about 17.5bn litres or 14mn tonnes of SAF to be produced. Airlines’ desire to buy SAF at this quantity is already there. Forty-three airlines have nearly $50bn of voluntary agreements in place that equate to approximately 13mn tonnes and that will doubtless increase. The demand for SAF is so strong that they added $756mn to a record high fuel bill in 2023, global body of airlines IATA said in a recent analysis.Supply is a different story, however. In 2023, airlines were able to put just 0.5mn tonnes of SAF into their aircraft. To get to the 14mn tonnes of SAF required by the CAAF/3 agreement, as well as other commitments, means that SAF need to account for about 25%-30% of the 63mn tonnes of renewable fuels that will be produced in 2030.“In 2023, though, it accounts for only 3%,” says Hemant Mistry, IATA’s director, Energy Transition.“We had hoped SAF would be about 0.5% of total aviation fuel by now but it is only 0.2%. SAF production is increasing though, and we hope additionally that SAF will be 6% of renewable fuels in 2024, which should get us to SAF representing 0.5% of total jet fuel.”There are new refineries pledged to SAF support coming online. A new $7.7bn bio-refinery is under construction in Panama, for example. Due to come online in 2027, the bio-refinery is reported to have earmarked SAF as a core product and Panama’s logistical excellence will add to the proposition. And Neste’s Singapore plant was expanded in early 2023.Furthermore, IATA reports that though only 10 facilities are producing SAF, over 150 projects in 35 countries are being explored that could be used for SAF production by 2029.Policy support: Even so, significant policy support will be essential. “Governments want aviation to be net zero by 2050,” says Mistry.“Having set an interim target in the CAAF process they now need to deliver policy measures that can achieve the needed exponential increase in SAF production.”Incentivising the scaling up of SAF production is a primary focus though mandates are coming into force in the European Union and elsewhere. In total, some 40 countries have either implemented or are known to be discussing SAF-related policies.Promoting the diversification of feedstocks will be an essential element of any good policy. Approximately 85% of SAF facilities coming online over the next five years will use the hydrotreatment (HEFA) pathway, which relies on inedible animal fats (tallow), used cooking oil, and industrial grease as feedstock. But these substances are limited in quantity and high in price.Other certified pathways include Alcohol-to-Jet (AtJ) and Fischer-Tropsch (FT), which use bio/agricultural wastes and residue. In fact, there are eight pathways certified for SAF production with an additional seven being assessed in the coming years.“We need to leverage all SAF technologies to provide diversification and regional options, including those with side-benefits, such as environmental restoration,” says Mistry. “Aggregating wastes or re-cultivating land adds socio-economic benefits, for example, and every region has an opportunity to create new value chains.”Passenger support: Mistry points to passenger support for aviation’s efforts to encourage SAF production. In a recent survey, 86% of travellers agreed that governments should provide production incentives for airlines to access SAF.In addition, 86% agreed that it should be a priority for oil companies to supply SAF to airlines.“As an industry, we are committed to reaching net-zero carbon emissions by 2050,” Mistry noted.“That means we need a cost-effective and environmentally efficient way to incentivise the scaling up of SAF production but avoid the physical matching of SAF supply and demand in any specific geographic location. There is a long road ahead and oil companies and governments must support our ambition. But we can get there and meet the CAAF/3 goal and other commitments on our way to the 2050 aspirational target,” Mistry said.Undoubtedly, the significance of carbon reduction by the global aviation industry lies in its contribution to environmental sustainability, climate change mitigation, regulatory compliance, technological innovation, economic considerations, and fostering global collaboration to address a shared environmental challenge.

Qatar's GDP growth is projected to accelerate in 2024, FocusEconomics said and noted the country's energy sector investment — in both renewables and fossil fuels - as well as tourism sector, will boost momentum.GDP growth is projected to accelerate this year from 2023 despite lingering below the average of the Mena region.A strengthening tourism sector and improved relations with neighbouring countries will also boost momentum, FocusEconomics said in its latest country report.FocusEconomics panellists see Qatar’s GDP expanding 2.3% in 2024, which is down by 0.2 percentage points from one month ago, and expanding 3.6% in 2025.According to FocusEconomics, Qatar’s GDP will scale up from an estimated $232bn to $301bn in 2028. Next year, it may total $245bn, $265bn in 2026 and $285bn in 2027.GDP per capita has been projected to scale up to $101,627 in 2028 from $80,015 this year. Next year, it may total $84,018, $90,292 in 2026 and $96,770 in 2027.GDP grew at a modest rate in the first six months of 2023, and available data suggest a similar pace of expansion in the third quarter.Energy output shrank year on year in August for the first time since January, and the government issued fewer construction permits in the third quarter (Q3) than in the same period a year earlier.More positively, non-oil business activity rose robustly from the prior quarter, according to PMI data.In addition, visitor arrivals shot up 78% to rise above pre-pandemic levels. Turning to Q4, available data is downbeat.Energy output tanked at the sharpest speed since February 2022 in October, while non-oil business conditions came close to stagnating.Inflation dropped to 1.3% in November from 2.5% in October last year.“Average inflation is projected to cool in 2024 from 2023 on a tougher base effect and the lagged impact of past interest-rate hikes. That said, the riyal’s peg to the US dollar will add upward pressure, given that the dollar is set to depreciate ahead,” FocusEconomics noted.FocusEconomics panelists see consumer prices rising 2.2% on average in 2024, which is unchanged from one month ago, and rising 1.9% on average in 2025.The Qatar Central Bank (QCB) has kept interest rates unchanged since hiking the overnight lending rate from 6% to 6.25% in late July (2023), following the US Federal Reserve’s same-sized hike.“Interest rates are expected to decline in 2024 in line with monetary easing by the Fed,” FocusEconomics said and noted its panellists see the overnight lending rate ending 2024 at 5.25% and ending 2025 at 4.17%.Qatari riyal’s peg (at QR3.64 per USD) is likely to remain in place over the researcher’s forecast horizon to 2028, given the economic stability it provides and the fact that Qatar has ample international reserves to defend it.The country’s public debt (as a percentage of GDP) will drop from an estimated 40.4% this year to 35.5% in 2028. Next year, it may be 38.8%, 39.5% in 2026 and 36.6% in 2027.The unemployment rate in Qatar (as a percentage of active population) will remain at a meagre 0.2% this year and in 2025 and may drop to 0.1% in 2026, FocusEconomics noted.

Air cargo is set for a positive 2024 with all regions expected to experience growth this year, according to the global body of airlines..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[125867]**The Middle East, whose aviation is driven by the GCC countries, is set for the biggest rise at 12.3% while Africa will see a more modest 1.5% growth. On average, air cargo is forecast to grow 4.5%, noted the International Air Transport Association (IATA).“Yields will likely decline in 2024 but they will still be above their 2019 levels,” noted Rachel Yuting Fan, senior economist at IATA Sustainability and Economics.“Cargo revenue will also be about 11% above 2019 and comprise 12% of total industry revenue. In other words, 2024 will see sustained revenue growth and the sector outperform pre-pandemic levels,” she said.The relevant economic markers are also positive with 3.5% growth in global trade projected for 2024. Broadly, belly capacity is back and will carry the majority of air cargo while freighters have disappeared entirely. Dedicated freighters will maintain their usual share of the market.Other beneficial factors include the continued growth of e-commerce, the reduction in delivery times, and the robust performance of high-value specialised products, such as pharmaceuticals, which seem resilient to the industry’s usual volatility, IATA said.Possible downsides, according to the association, include China’s supply chain and currency fluctuations.Overall, cargo revenues are expected to fall to $111bn in 2024. Yields will remain high by historical standards, despite falling last year, and likely in 2024. Cargo volumes are expected to reach 61mn tonnes in 2024.According to IATA, digitalisation and sustainability will continue to be critical to air cargo’s progress.Digitalisation must overcome 50-year-old legacy systems and embrace a true data-sharing environment rather than just digitise paper documents.The problem is the varied data in air cargo, which covers different functions, stakeholders, and formats. This makes any streamlining attempts extremely complex.“ONE Record will help,” says Henk Mulder, IATA’s Head, Digital Cargo.Explaining ‘ONE Record’, Mulder said: “It is an open standard that will connect the data and will be vital to digitalisation success. It has been tested and validated by over 200 companies for reliability and efficiency and all airlines must implement it by January 1, 2026.”With ONE Record in place, there will be a unified approach to structuring air cargo data, which in turn will facilitate consistency in information exchange.Importantly, this seamless data sharing will utilise advanced encryption and security protocols to protect sensitive information.According to IATA, the implementation of Preloading Advance Cargo Information (PLACI) will also be a notable milestone. The objective is increased cargo security, but PLACI is a complex undertaking and governments are not harmonising their efforts.Unaligned PLACI programmes make data sharing more difficult and run the risk of slowing down cargo flows.Digitalisation will give air cargo not only the ability to serve e-commerce growth and smooth capacity fluctuations but also provide the analytics to boost sustainability, the association says.Several elements of sustainability—aside from carbon emission reduction—are at play in air cargo, including eliminating single use plastics, lowering the loss of perishables, advocating for sustainable facilities and attracting and retaining young talent.Air cargo will also continue to be a conduit for humanitarian aid, IATA said.In 2023, the UN World Food Programme estimated that 362mn people were in need in humanitarian assistance globally. This was a record high, with basically one in 22 people in the globe requiring assistance.Air cargo is pivotal to people receiving assistance where necessary. Since 2020, the EU Humanitarian Air Bridge has delivered more than 4,000 tons of aid.And following the earthquake in Türkiye and Syria, some 29 key carriers delivered over 3,500 tons of aid from over 90 countries and provided transport for over 130,000 responders from across the world.“The air cargo industry is in a better place than it was in 2019,” says Brendan Sullivan, IATA’s head (Cargo).“We had an exceptional period during the pandemic. We became financially stronger, more efficient with advances in digitalisation, and were appreciated for the heroic efforts that we all made to keep cargo going during a very difficult crisis. Now, the challenges and opportunities that we face are familiar to us and we will work hard to make progress in every aspect,” Sullivan said.

Qatar may record budget surplus in the current financial year, Emirates NBD said and noted GCC governments will need to rein in spending growth to prevent budget balances shrinking further as little rebound in oil revenues is expected in 2024.Qatar’s general budget for 2024 approved last month expects revenue of QR202bn and expenditure of QR200.9bn and forecasts a deficit of QR6.2bn.According to the banking group, the budget surpluses enjoyed in 2022 (by GCC countries) narrowed sharply last year on oil production cuts and lower oil prices, while spending increased.“We expect Saudi Arabia to run a deficit of -4.3% of GDP this year, up from -1.9% in 2023, as ambitious development plans will require continued investment spending. Bahrain and Kuwait are also likely to run small deficits this year, but Oman, the UAE and Qatar are expected to record surpluses.“Overall, sovereign balance sheets in the GCC are much stronger than a few years ago, with lower public debt and healthy FX reserves, which should allow governments to tap capital markets at attractive rates, if needed,” Emirates NBD said.In 2024, global growth is expected to slow slightly to 2.9% from 3% in 2023 as tight monetary policy continues to weigh on demand and investment, particularly in the first half of the year.This scenario is consistent with softer demand for oil, particularly in the advanced economies, and oil GDP growth in the GCC will remain a drag on headline GDP growth in 2024.“We expect oil prices to average $82.5/barrel this year, similar to 2023,” Emirates NBD said.However, the researcher thinks non-oil growth will remain relatively robust, averaging 3.6% across the GCC in 2024, underpinned by continued investment as oil exporting countries push ahead with ambitious economic diversification programmes.While government expenditure growth will likely be more modest in 2024 than over the last couple of years, it does not expect governments to cut spending or tighten fiscal policy through higher taxes (other than those already announced such as the UAE’s corporate income tax, which came into effect in mid-2023).In addition, economic and social reforms are likely to support continued private sector investment, and growth in the expatriate population particularly in Saudi Arabia and the UAE.Rate cuts from the US Federal Reserve, expected in H2, 2024, should also boost demand for credit and support investment and consumption.Finally, tourism is expected to remain a key driver of economic growth in the region in 2024 (and beyond), with the return of visitors from China and the growth of the Saudi tourism sector off its relatively low base.Inflation slowed to an average 2.8% in the GCC (weighted by nominal GDP) from 3.5% in 2022. Lower fuel, food and services inflation were offset in the UAE and Saudi Arabia by rising housing costs.“We expect the disinflation trend to continue in 2024, with average CPI inflation for the region forecast at 2.6% this year,” Emirates NBD noted.

Overall growth in deposits and a promising rise in private sector credit were the highlights of the latest Qatar Banking Sector update by QNB Financial Services (QNBFS).Driven by the government segment, deposits with Qatari banks inched up 0.2% during November 2023 to reach QR981.5bn, QNBFS said Monday.The country’s private sector remained resilient with total sector loans going up 0.8% MoM (+4.2% in 2023) in November last year, QNBFS noted.The Qatai banking sector's total assets went up 0.4% MoM (up 2.2% in 2023) in November 2023 to reach QR1.946tn, while total loan book edged lower by 0.2% MoM (up 1.4% in 2023) to QR1,273.4bn.The public sector pushed the overall credit lower. As deposits went up in November, the loans to deposits ratio (LDR) declined to 129.7% vs. 130.3% in October 2023.The overall loan book was slightly down 0.2% in November 2023. Total public sector loans declined 2.5% MoM.Loans moved up by 1.4% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022).Loan provisions to gross loans was at 3.9% in both November and October 2023, QNBFS noted.The government segment (represents 27% of public sector loans) was the main drag on the public sector with a drop by 9.0% MoM (-15.2% in 2023), while the semi-government institutions’ segment declined by 5.4% MoM (+23.9% in 2023).However, the government institutions’ segment (represents 66% of public sector loans) moved up 0.8% MoM (-0.8% in 2023).Total private sector loans went up 0.8% MoM (+4.2% in 2023) in November 2023. Consumption and others, general trade and services segments were the main drivers for the private sector loan rise.Consumption and others (contributes 21% to private sector loans) increased 2.2% MoM (+7.7% in 2023), while general trade (contributes 21% to private sector loans) went up 1.7% MoM (+7.6% in 2023), and services (contributes 31% to private sector loans) moved up 1% MoM (+10.1% in 2023).However, the real estate segment (contributes 20% to private sector loans) went down 1.0% MoM (-6.5% in 2023) in November 2023. Outside Qatar loans edged up by 0.2% MoM (-2.7% in 2023) during the month of November 2023.Non-resident deposits increased 1.3% MoM (-5.2% in 2023) in November 2023, QNBFS said.Public sector deposits went up 0.4% MoM (-5.4% in 2023) in November 2023.Looking at segment details, the government segment (represents 29% of public sector deposits) increased by 4.4% MoM (-10.4% in 2023).However, the government institutions’ segment (represents 55% of public sector deposits) went down 0.8% MoM (-6.3% in 2023), while the semi-government institutions’ segment declined 2% MoM (+9.0% in 2023) in November 2023.Private sector deposits moved lower by 0.3% MoM (+2.5% in 2023) in November 2023. On the private sector front, the companies and institutions’ segment went down slightly by 0.5% MoM (-1.9% in 2023), while the consumer segment edged down by 0.2% MoM (+6.8% in 2023) during November 2023.According to QNBFS, the deposits gain in November 2023 was mainly due to an increase by 1.3% in non-resident deposits and by 0.4% in the public sector.Deposits went down by 1.8% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022)Loan provisions to gross loans was at 3.9% during both November and October 2023.The sector’s liquid assets to total assets was at 31.4% in November 2023, compared to 31.1% in October 2023.An analyst told Gulf Times: “The main highlights for the month of November 2023 is the overall growth in deposits and the promising rise in private sector credit. The overall growth in deposits was driven by the government segment as oil and gas prices remained buoyant, adding to government revenues.“Even as overall loans declined due to the cutback in short-term funding for the government through overdrafts, the private sector remained resilient with gains in private consumption, general trade and the tourism sector.”

Qatar’s fiscal balance as a percentage of the country’s GDP has been forecast at 5.9% this year, according to a report by Oxford Economics.The researcher has forecast Qatar’s current account (as a percentage of its GDP) at 12.6% this year.Qatar’s real GDP growth has been forecast to grow 2.5% year-on-year, Oxford Economics noted.The country’s inflation has been forecast to fall to 2.2% this year from 2.9% last year.According to Oxford Economics, the Purchasing Managers Index (PMI) for Saudi Arabia remained at 57.5 in December, indicating a strong expansion in non-oil activity.PMI is a measure of the prevailing direction of economic trends in manufacturing.Throughout 2023, the PMI indicated non-oil output increased every month, helped in part by an aggressive purchasing strategy by the Public Investment Fund (PIF). The fund spent $31.6bn in 2023, the most amount disbursed by any sovereign wealth fund worldwide as the government continued their push towards Vision 2030 goals.In the UAE, the PMI rose to 57.4, the second highest reading since June 2019. A resilient domestic market supported purchasing, sales, and new orders as cost pressures eased due to slowing purchase price inflation.The survey indicated that activity contracted in Qatar during December, with the PMI at 49.8, down from 51.5 in November. This was the first contraction since January 2023, when output adjusted following the World Cup, Oxford Economics noted.Following three months of relatively steady price rises, inflation in Turkey rose in December to 64.8% from 62% in November. Assuming the central bank (CBRT) remains steadfast in its fight to curb price pressures, we project inflation will fall below 40% by the end of 2024.But risks to Oxford Economics’ 2024 inflation estimate are skewed to the upside, given the likely fiscal loosening ahead of the local election.Elsewhere, inflation in Bahrain fell to -0.4% in November and Kuwait's remained steady at 3.8%.

Qatar is emerging as a leader in sustainable finance with successful green bond issuances, and poised to expand its market and attract diverse investors in the Mena region, a new report has shown.Focusing on sustainable finance in Qatar will open doors to new markets and attract responsible investors who prioritise ESG factors, enhancing the industry’s reputation and competitiveness, KPMG said in its ‘Qatar Banking Perspectives – 2023’.As Qatar continues to diversify its economy, the financial services industry has a unique opportunity to drive sustainable development, it said.By integrating sustainable finance principles, developing innovative products, and fostering collaboration among stakeholders, the industry can shape a resilient and prosperous future.Embracing sustainable finance practices not only addresses global challenges but also enhances the industry’s reputation, attracts new investors, and positions Qatar as a leader in sustainable finance within the region.Qatar’s financial services industry’s commitment to sustainable finance will be pivotal in achieving both national and global sustainability goals, KPMG said.Sustainable finance offers a transformative approach to traditional financial practices, recognising the interplay between economic, social, and environmental factors.According to KPMG, for Qatar’s financial services industry, embracing sustainable finance is paramount for several reasons.Firstly, it aligns with Qatar’s commitment to United Nations Sustainable Development Goals (UN SDGs), contributing to a more resilient and inclusive economy.Secondly, it mitigates risks associated with climate change, resource scarcity, and social inequalities, safeguarding long-term financial stability.Qatar’s commitment to the Paris Agreement and the Qatar National Vision 2030 further emphasise the importance of focusing on sustainable finance.Embracing sustainable finance aligns with these ambitious national goals and underscores Qatar’s dedication to creating a more sustainable and prosperous future for its citizens and the planet.Green bonds and sustainable debt instruments have gained significant traction globally, KPMG noted. These financial products raise capital specifically for environmentally friendly projects, such as renewable energy infrastructure, energy-efficient buildings, and sustainable agriculture.Qatar has already made noteworthy contributions to this space, with recent successful green bond issuances from financial institutions in the country.These issuances mark important milestones, including the first green bond issued from Qatar and the largest green issuance by a financial institution in the Mena region.The successful subscriptions to these green bonds underscore the confidence of global investors in the solid financial fundamentals and strong performance of Qatar’s financial institutions.The use of proceeds from these green bond issuances for verified Eligible Green Projects further reinforces Qatar’s commitment to financing, as well as refinancing sustainable initiatives.As the momentum of green bonds in Qatar continues to build, the country has the opportunity to expand its green bond market and explore new avenues for sustainable financing.By encouraging the participation of various stakeholders and developing a favourable regulatory environment, Qatar can attract a broader range of issues and investors, according to KPMG.

Air transport still remains the safest mode of travel based on the number of flights and accidents recorded worldwide, although a Japan Airlines flight with hundreds of passengers.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[123032]**erupted into a terrifying fireball as it touched down at Tokyo’s Haneda airport on Tuesday.At Haneda, one of the busiest airports in the world, a Japan Airlines (JAL) Airbus A350 passenger plane had collided with an earthquake relief aircraft on the runway – killing five people – and the crew had just minutes to ensure all passengers were evacuated before flames consumed the entire plane.All 379 people on JAL flight 516, including eight children under the age of two, were safely evacuated – a feat that surprised aviation experts and has been described as miraculous by some on board.Meanwhile, of the 15 accidents reported in the first half of 2023, only one was fatal, according to the global body of airlines – IATA.With 18.2mn sectors flown in this period, air transport remains the safest mode of travel with 0.82 accidents per million sectors, noted Nick Careen, senior vice-president (Operations, Safety & Security) at the International Air Transport Association.The accident data from the first half of 2023, while it only represents six months, compares generally well with the rolling average of the past five years (2018-2022).In the Middle East, the region was tracking at 1.2 accidents per million flights (in the first half of 2023) —slightly higher than the global average. But it was tracking towards an improvement on the region’s full year 2022 performance, which was 1.3 accidents per million flights.At a recent media event, Careen said six regions saw improved safety performance in the first half of 2023 compared to 2022.In North America, there were five accidents in the first half of the year, all of which involved substantial damage to the aircraft but none of which resulted in a hull loss.These included a tail strike, ground damage, hard landing, in-flight damage (hail), and landing gear collapse.Asia-Pacific experienced two accidents in the 2023 first half, including the fatal accident mentioned above and a tail strike.Both regions’ first-half performance declined compared to the previous full year but were improved compared to the five year average.The first half of the year also saw an increase in accidents to IATA member airlines.But none of these accidents involved fatalities or a hull loss. The accident rate in the first half of 2023 exceeded the full year 2022 rate but was below the five-year average.“While the ongoing long term improvements in safety performance are encouraging, continuous efforts and vigilance are required to sustain and further enhance safety levels in the aviation industry,” Careen pointed out.“We can also be impressed by the industry’s safety record,” points out Willie Walsh, IATA Director General.This year marks 20 years of the IATA Operational Safety Audit (IOSA). In September 2003, Qatar Airways was the first to join the IOSA registry.Today, over 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.“It is never ‘job done’ on safety. So, we are marking two decades of success by making IOSA even more effective with a transition to a risk-based approach.“Of course, IOSA is not the only global standard improving safety. We prevent future accidents by learning from accident reports.“But, of the 214 accidents in the last five years, only 96 final accident reports are available. This is an inexcusable violation of the Chicago Convention and a disservice to the safety of our passengers and crew. Governments and their agencies must improve.”Walsh noted IATA is creating the world’s most comprehensive database for aviation safety through its Global Aviation Data Management (GADM) initiative.“We don’t yet have a comprehensive picture of the Mena region due to limited contribution by airlines from this region. But by contributing, you’ll enable us to have the complete picture of safety performance and that in turn we enable you to analyse trends and events that may not yet be evident to you or highlight issues that appear specific to your area of operation.“A good example of this data at work is our analysis of GPS signal loss. We have numerous reports from carriers operating in the region on GPS signal loss, which could potentially be a result of GPS jamming or GPS signal interference. Knowing this from contributed data is helping our work with ICAO and others in finding solutions,” Walsh added.Aviation is incredibly safe around the globe. And the performance of the Middle East region’s carriers is no exception.The goal must always to be to improve. And at these very high levels of safety performance, the best way to improve performance is through detailed data analysis.Pratap John is Business Editor at Gulf Times. Twitter handle: @PratapJohn

Qatar's banks have showcased remarkable agility despite challenges such as surging interest rates, margin pressures, geopolitical uncertainties, and a complex credit environment, KPMG said in a report on Sunday.Steered by effective cost management, embracing digital transformation, and an unwavering risk-centric approach, banks have not just endured but thrived, preserving robust profitability levels, it said.In its 'Qatar Banking Perspectives–2023’ report, KPMG noted the past year has been one of rapid transformation for Qatar's banking sector.“We have witnessed the introduction of a range of regulatory enablers designed to facilitate the entry of new digital fintech players and support traditional incumbents in their shift to digital channels. Despite challenges such as rising interest rates, margin pressures, geo-political uncertainty, and a complex credit environment, Qatar's banks have demonstrated remarkable agility,” noted Omar Mahmoud, partner and head (Financial Services) at KPMG in Qatar.“By managing costs effectively, embracing digital transformation, and maintaining a risk-focused approach, banks have succeeded in preserving robust profitability levels.“The Qatar Central Bank has also played a crucial role in this journey, by strengthening governance, transparency, accountability, and regulatory reform. These efforts are instrumental in fostering a healthy financial ecosystem,” Mahmoud said.The report provides an overview of the dynamic landscape of Qatar's banking sector, its emerging trends, and the forces shaping its future.In this edition, the researchers explore key areas including digital innovation, regulatory changes, fraud detection strategies, and the growing importance of sustainable finance.“Our aim is to offer decision-makers an invaluable resource for assessing current trends and strategising for a resilient and prosperous banking future,” KPMG said.The past year witnessed unprecedented transformation in the sector, marked by the introduction of regulatory enablers designed to usher in new digital fintech players while supporting traditional incumbents in their digitisation, it said.

Qatari banking sector has had an impressive 2023 with local lenders recording a growth in their assets, overall loan book and deposits in the most part of the year.Qatari banking sector recorded a growth in its overall loan book and deposits in October, QNB Financial Services (QNBFS) said in a recent report.The sector’s total assets increased 1% MoM (up 1.8% in 2023) in October to reach QR1.93tn, QNBFS said.Total assets increase in October was mainly due to a gain by 1.2% in domestic assets and 2.5% in foreign assets.Assets grew by an average 6.9% over the past five years (2018-2022), QNBFS said and noted liquid assets to total assets was at 31.1% in October, compared to 31.5% in September this year.October recorded an increase in both the credit facilities offered and deposits held by the local banks.The overall loan book gained in October. Loans went up 1.5% during that month to reach QR1,275.6bn.Loans gain in October was mainly due to a rise by 3.1% in the public sector and 0.8% in the private sector.Loans moved up by 1.6% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022).Qatar’s banks registered the biggest quarter-on-quarter increase in net interest income (NII) and topline growth and the lowest operating cost within the Gulf banking industry during the third quarter (Q3) of 2023, according to Kamco Invest, a regional economic think-tank."Qatari banks recorded the biggest quarter-on-quarter increase in net interest income during Q3-2023 at 10.8%, followed by Kuwaiti- and the UAE-listed banks with growth of 6.9% and 5.5%, respectively. Saudi banks were next with a growth of 3.8%," Kamco said.Recently, the Qatar Central Bank (QCB) expressed its keenness to provide effective and valuable initiatives that help create an environment conducive to the growth of the financial technology sector in the country, as these platforms support the development of the financial sector and enhance the transparency, efficiency and ease of the borrowing process.Under this, the QCB issued instructions for the loan-based crowdfunding regulation in the country.This, the QCB said, is for the purpose of licensing and regulating loan-based crowdfunding activities and services in Qatar.All companies wishing to work in this field must apply to obtain the necessary licence from the QCB.Loan-based crowdfunding platforms are considered innovative financial platforms that enable borrowers in need of financing to communicate with various investors and obtain short-term financing.Borrowers, such as SMEs, who find it difficult to access traditional bank loans, can obtain the financing necessary for growth of their business and overcome the challenges that they may face with the expansion of their projects.Loan-based crowdfunding platforms represent an important opportunity for investors to diversify their investments and participate in supporting SMEs.Qatar’s banking sector will see the advent of new products to support growth in priority sectors, expansion of trade and export finance for corporates, special finance for small and medium enterprises (SMEs), and savings and investment products for expatriates.Moreover, Islamic finance and ESG (environment, social and governance) products are also on the pipeline, according to the QCB.These figured among the important suggestions made by the QCB in the recently released third financial sector strategy as part of efforts to unlock the full economic potential of the country.The strategy, through which the central bank aims to enhance the financial sector's contribution to QR84bn in gross domestic product, highlighted the select growth areas within the banking pillar such as tailored financing, specialised advisory services and digital banking and payment solutions.The banking pillar suggested launching of new products to support growth ambitions in priority sectors, expansion of trade and export finance for wholesale and corporate segments, developing special financing programmes to support SME growth, offering savings and investment products for the expats to encourage them to invest in Qatar (mortgages and investment products) and providing a range of Islamic and ESG product offerings.The initiative should be to increase financial service solutions to fill gaps and broaden market offerings, including digital and virtual asset service solutions, and net zero transaction offerings, the strategy said.It suggested initiatives to implement targeted market infrastructure guidelines to foster the growth of the fintech industry and facilitate the digital transformation of the banking sector.For improving the financial stability and operational effectiveness, the QCB suggested initiatives to develop measures to enhance the banking system's resilience and establish cybersecurity and business continuity frameworks that adapt to changes in banks' business models, market trends and external risks.Majority of Qatari banks consider 'risks from cyber world' has 'high to very high risk', the QCB said in its Financial Stability Report.Vulnerabilities on account of ‘risk from fraud’ is also considered to be reckoned among high risk factors as opined by banks, the QCB said in its latest ‘Risk Perception Survey’ (RPS).The RPS was conducted among 16 banks including the Qatar Development Bank.The survey collected bank’s opinion on the level of risk on various risk factors. Seven risk factors are provided under ‘global risks’ while six factors are provided under domestic macroeconomic risks.The survey also sought bank’s opinion on various risk elements on ‘credit risk’, ‘liquidity risk’, ‘market risk’ and ‘operational risk’. The risk levels are captured through a five-point ‘Likert scale’ ranging from ‘very low’ to very high’.The responses received on each risk variables are converted into an index ranging from 0-100, where zero represents no risk and 100 represents very high risk as per the opinion of the surveyed banks.Meanwhile, Qatari banks actively participated in the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund held in Marrakesh, Morocco in October, 2023.HE the Minister of Finance Ali bin Ahmed al-Kuwari participated in the reception of Qatari banks, which was held under the auspices of the QCB and in the presence of HE the Governor Sheikh Bandar bin Mohamed al-Thani on the sidelines of the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund.

Majority of CEOs in Qatar have adopted a three-year growth strategy and are prioritising capital investment in buying new technology, and in developing their workforce’s skills and capabilities to support their growth and transformation, a new report has shown.“Despite ongoing challenges, CEOs remain optimistic and are taking a proactive approach to deliver positive outcomes,” noted ‘2023 Qatar CEO Outlook’ by KPMG.Economic outlook: Qatar's CEOs are optimistic about the growth of their organisations and industries, boasting an impressive 80% confidence for the next three years.ESG: Despite potential challenges Qatar's CEOs recognise the long-term benefits of ESG in enhancing brand, customer relations, and talent attraction. They view ESG not just as a trend but as a transformative force in corporate strategy.Talent: Qatar's CEOs are reassessing work environments, with 72% expecting a full office return and 24% considering hybrid models.Incentives for office return reflect a traditional mindset.Disruptive technology: CEOs consider generative AI to increase profitability, efficiency, and productivity with the majority of CEOs indicating that it poses a challenge to implement generative AI in their organisation.Against the backdrop of a complex and rapidly evolving environment, Qatar’s CEOs are facing numerous threats characterised by emerging/disruptive technology, cybercrime and cyber insecurity, regulatory concerns, and talent.The report also reveals that while acknowledging that an organisation’s reputation is closely tied to a trusted CEO, the majority of CEOs are still prepared to demonstrate strong personal integrity by taking a stand on politically or socially contentious issues, even if the Board was concerned about the risks of taking such a public stance, and are also prepared to divest a profitable part of the business that was damaging the organisation’s reputation.Ahmed Abu-Sharkh, country senior partner, KPMG in Qatar, noted: "We find CEOs navigating economic uncertainties with optimism, prioritising disruptive technologies like generative AI, and championing ESG governance.“Despite challenges from cyber threats to regulatory hurdles, their commitment to integrity and long-term strategic planning remains unwavering - ready to make bold decisions for the greater good, even in complex times.”According to the report, CEOs remain optimistic despite the challenges and uncertainty, and are concentrating their efforts on strategic, long-term planning and resisting the allure of reactive short-term leadership.

After registering solid growth in 2023, Qatar Airways is looking to expand further next year with new destinations and resumption flights, which will take the national carrier’s route network in excess of 170 destinations around the world.In 2024, Qatar Airways will add Venice, Italy in June, followed by Hamburg, Germany in July.These come on the back of recent expansion to the Qatar Airways winter schedule, which includes increased flight frequencies to key leisure destinations, including Amsterdam, Bangkok, Barcelona, Belgrade and Miami.Recently, Qatar Airways introduced an in-house application that enables its cabin crew to deliver personalised experiences to passengers. In the initial phase, the application offers real-time insights on flight information, and customer and service information.This allows cabin crew to view passengers’ profiles, including privilege club members and oneworld members, as well as all special service requests and preferences for a more personalised and integrated journey with the award-winning airline. The application also empowers them by providing access to up-to-date digital training materials.In the coming months, Qatar Airways will have reached the first milestone in this phase of digital transformation by providing cabin crew with more than 15,000 mobile devices. The airline will complete the roll-out of the new project in multiple stages, with plans to expand its scope to Hamad International Airport and overseas airports and lounges, integrating passengers’ unique itinerary and requirements across all touch-points.This month, the airline announced collaboration with renowned Qatari chef, Noof al-Marri, who will bring her exceptional talent and passion for Qatari cuisine to the airline's business class.Noof al-Marri joined the airline as the latest Qatari chef and will introduce a new era of Qatari culinary excellence in the sky.In November, Qatar Airways renewed its longstanding partnership with FIFA, extending through to 2030.The renewed collaboration will include the FIFA World Cup 2026, FIFA Women's World Cup 2027, and FIFA World Cup 2030, as well as youth tournaments starting with FIFA U-17 World Cup in IndonesiaThis month, Qatar Airways Group and the Asian Football Confederation (AFC) signed a global partnership set to transform the fan experience at Asian football competitions in the coming years.The partnership will run until 2029. The package of rights also includes other key competitions such as the AFC Asian Cup Saudi Arabia 2027, AFC Women’s Asian Cup 2026, AFC U23 Asian Cup Qatar 2024, AFC Futsal Asian Cup 2024, 2026 and 2028, as well as all AFC youth national team competitions during the period.Early this month, Qatar Airways Group Chief Executive Officer, Badr Mohamed al-Meer, who took over from HE Akbar al-Baker, following his retirement from the airline, announced a special package of benefits for Qatari retirees holding the official retirement card. This new offering is a tribute to the Qatari retirees for their dedication and service towards their country.From January 2024, all Qatari retirement card holders will be entitled to discounts on all Qatar Airways flights, with discounts of 25% for first and business class, and 50% for economy class tickets to over 170 destinations worldwide.This month the airline announced that al-Meer has been elected to the International Air Transport Association’s Board of Governors.The International Air Transport Association (IATA) is the trade association for the world’s airlines, representing some 320 airlines or 83% of total air traffic.Marking the start of environmental celebrations with EXPO 2023 Doha, Qatar Airways has introduced new menu items onboard sourced from local organic farms in Qatar. The airline’s latest delicious additions are available for passengers travelling from Doha until March 2024.In November, the airline announced its commitment as the Official Airline Partner of United for Wildlife (UfW), an initiative working to tackle the illegal wildlife trade and protect endangered species, founded by Prince William and The Royal Foundation of The Prince and Princess of Wales in 2014.That month, Qatar Airways commemorated its 10-year anniversary as a member of the oneworld alliance, alongside 12 of the world's leading airlines.During this journey, Qatar Airways has grown to become the alliance’s second largest member, by expanding its online network from 125 to 163 destinations and doubling its fleet from 125 to 259 aircraft.On November 1, Qatar Airways Group reported a net profit of QR3.73bn for the first half of fiscal year 2023/2024, which represented an increase of 113.8% compared to the same period last year (2022/2023).Qatar Airways total passenger count for the first six months ending September-2023 increased to 19.078mn, representing an increase of 22.5% compared to the same period last year.In October, Qatar Airways announced its agreement with Starlink to provide seamless, complimentary high-speed, and low-latency Wi-Fi to its global passengers, onboard specific aircraft and routes.With the spotlight on Doha as the first city in the Middle East and North Africa to host an A1 International Horticultural Exhibition, Qatar Airways Holidays launched (in September), flight-and-hotel packages with complimentary access to Expo 2023 Doha.In September, Qatar Airways announced a new codeshare partnership with Xiamen Airlines, the first Chinese airline to operate passenger nonstop flights from Mainland China to Qatar.Under the cooperation agreement, Xiamen Airlines will launch daily flights between Beijing’s Daxing International Airport and Hamad International Airport.In the same month, Qatar Airways’ Oryx One Inflight Entertainment debuted its new theme song ‘The Ascent’ by Dana Al Fardan, the Official Composer of Qatar Airways Group.In July, Qatar Airways, British Airways, and Iberia, the national carriers of Qatar, the United Kingdom, and Spain announced they are joining forces.Together, Qatar Airways and British Airways already operate the world’s largest airline joint business covering more than 60 countries.In July, Iberia joined the partnership in a move that will transform connectivity for global travellers.At the 2023 Paris Air Show in June, Qatar Airways unveiled the new Gulfstream G700 in the presence of Qatari and global dignitaries.Leading the industry with innovation, Qatar Airways introduced new ‘QVerse’ environments in June, allowing users to navigate their travel arrangements in an immersive digital experience prior to entering an airport.In May, Qatar Airways signed a deal with Shell to source 3,000 metric tonnes of neat Sustainable Aviation Fuel (SAF) at Amsterdam Schiphol airport.It encompasses the existing jet fuel contract with Shell at Amsterdam, which will now see Qatar Airways using at least a 5 per cent SAF blend over the contract period for the fiscal year 2023-2024.In May, Google Cloud and Qatar Airways agreed to collaborate to set out the airline’s intention to explore leveraging Google Cloud’s data analytics and artificial intelligence (AI) solutions to create superior customer experiences for its passengers.The month also saw Qatar Airways announcing a codeshare agreement with Air Seychelles, allowing passengers on both networks seamless travel to one of the world’s most exotic and unique destinations.In May, the national airline added a small number of Boeing 737-8 Max aircraft to its fleet, the first of which arrived in Doha on April 15 this year.At the Arabian Travel Market (ATM) conference in Dubai in May, the airline showcased its Formula 1 partnership. Qatar Airways garnered attention around the stand and offered ATM visitors a chance to drive its F1 simulator.In April, the national airline announced its plan to recruit over 3,000 cabin crew from diverse backgrounds, as part of the company's continued growth strategy.Qatar Airways drew major attention at the ITB Berlin 2023 in March, as it unveiled new destinations, and announced flight resumptions and frequency increases.In February, the national airline launched a new brand campaign in collaboration with Indian actor, Deepika Padukone.In the same month, Qatar Airways re-opened its ‘Premium Lounge’ at Paris-Charles de Gaulle Airport (CDG), complementing the airline’s triple daily flights. Spanning over 1,000 square metres, the lounge is equipped with two dining areas and can accommodate more than 200 passengers.In February, Qatar Airways and Airbus reached an “amicable and mutually agreeable settlement” in relation to their legal dispute over A350 surface degradation and the grounding of A350 aircraft.In an industry first, members of Qatar Airways Privilege Club (QRPC) are now be able to collect and spend Avios at almost 200 outlets at Hamad International Airport in partnership with Qatar Duty Free (QDF).In another innovation, passengers at all departure points will be rewarded with Avios points upon check-in which will be credited up to 120 minutes before flights departure.Qatar Executive (QE), the private jet charter division of the Qatar Airways Group, experienced significant year-over-year growth in flight arrivals and departures at its exclusive Premium Terminal FBO (in January) during the completion of a historic FIFA World Cup Qatar 2022.In January, the airline announced it signed a comprehensive codeshare agreement with Air Serbia, allowing passengers seamless travel to over 40 destinations when travelling on each other’s networks.In the same month, Qatar Airways became the second airline in the world to be IATA CEIV Lithium Battery-certified and Qatar Aviation Services, the first ground handling company to be certified globally.The certification aims to improve safety in handling and transportation of lithium batteries throughout the supply chain.