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Saturday, June 21, 2025 | Daily Newspaper published by GPPC Doha, Qatar.
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 Pratap John
Pratap John
Pratap John is Business Editor at Gulf Times. He has mainstream media experience of nearly 30 years in specialties such as energy, business & finance, banking, telecom and aviation, and covered many major events across the globe.
Gulf Times
Qatar
QatarEnergy celebrates new group of Qatari energy sector graduates

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

According to the International Air Transport Association, the all-accident rate of 1.13 per million flights was better than the five-year average of 1.25 but worse than the 1.09 recorded in 2023.
Business
Aviation industry delivers 'strong overall safety performance' in 2024

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

Travellers at the Hongqiao International Airport in Shanghai. The global air travel industry has experienced a significant resurgence since the Covid-19 pandemic, though the pace of recovery has been uneven across different regions and sectors.
Business
Global air travel sees resurgence post-Covid-19; IATA estimates continued growth in 2025

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

Gulf Times
Business
QNB, ADM partner to establish a new entity in Qatar Financial Center, driving growth in Qatar

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

Mesaieed Petrochemical Holding Company plans to invest QR2.5bn in capital expenditure over the next five years
Business
MPHC plans to invest QR2.5bn in capital expenditure over next five years

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

HE Ali bin Ahmed al-Kuwari, Chairman of QNB Group's Board of Directors, addressing the General Assembly of shareholders on Sunday.
Business
QNB general assembly approves cash dividend for shareholders

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

Mohamed Hamel speaking at the ‘15th IEA-IEF-Opec Symposium on Energy Outlooks’, at the King Abdullah Petroleum Studies and Research Centre in Riyadh recently.
Business
Cumulative capital requirements for upstream, midstream natural gas infrastructure estimated at $11tn: Hamel

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

Gulf Times
Qatar
Qatar offers one of the best 5G roaming speeds globally: Ookla

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

The agreement was signed by Sheikh Ali Alwaleed Al-Thani, CEO, Invest Qatar and Nivruti Rai, Managing Director and CEO of Invest India in New Delhi.
Business
Invest Qatar and Invest India to foster economic collaboration, facilitate bilateral investments

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

Qatar continues to lead LNG exports to the global market by GECF member countries, which constitute 48% of the total, latest data reveal. 
Some 557 LNG cargoes were exported globally in January this year, the Doha headquartered Gas Exporting Countries Forum said in its latest report.
Business
Qatar leads LNG global exports by GECF producers

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

Qatar’s LNG exports reached a "record monthly high" of 7.71mn tonnes in January, operating well above its designed nameplate capacity, Gas Exporting Countries Forum (GECF) said in its latest report.
The US, Qatar and Australia remained the top three LNG exporters in January 2025, the forum said.
Business
Qatar LNG exports reach ‘record monthly high’ of 7.71mn tonnes in January: GECF

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

Representatives of the Dubai Supreme Council of Energy giving details of the ‘2025 Emirates Energy Award’ at a press conference in Doha on Wednesday. PICTURE: Thajudheen
Business
Emirates Energy Award to honour achievements in energy management, conservation

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

In its latest Financial Stability Report, the Qatar Central Bank said credit risk in the country’s banking sector as measured through NPL marginally increased by end December 2023 over the previous year.
Business
Qatar banks' NPL ratio declines considerably on delinquency rate reduction: QCB

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

In its latest Financial Stability Report, the Qatar Central Bank said credit risk in the country’s banking sector as measured through NPL marginally increased by end December 2023 over the previous year.
Business
Qatar banks' NPL ratio declines considerably on delinquency rate reduction: QCB

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

The total hospitality stock estimated by Qatar Tourism was 39,828 keys at the end of the fourth quarter in 2024. PICTURE: Shaji Kayamkulam
Business
1,100 hotel keys to be introduced into Qatar market in 2025: ValuStrat

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

Qatari banks (commercial) have seen an upswing in total assets in 2024, by QR77.4bn or 3.9% to reach QR2.047tn, compared to QR1.969tn in 2023, according to QNB Financial Services.
Business
Qatari banks see 'upswing' in total assets to QR2.047tn in 2024: QNBFS

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.

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, says  QIIB Chief Executive Officer, Dr Abdulbasit Ahmad al-Shaibei.
Business
Qatar compares with itself, constantly raises performance bar: QIIB CEO

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.”

QIIB 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," he said.
Business
QIIB looks to scale up technology, enhance product offerings and grow customer base in 2025: Al-Shaibei

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.