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Total domestic credit issued by local banks reached QR1.33tn in June, up 5.2% on the same period last year, according to the Qatar Central Bank.An increase in total domestic credit for banks generally means that the banks are lending more money to businesses, individuals, and the government sector within Qatar.“Higher demand for credit signifies a positive outlook on the Qatari economy and rising consumer confidence,” according to an analyst.“Increased lending often signifies that businesses and individuals are borrowing to invest in projects, expansion, or consumption, which can stimulate economic growth. It also indicates that consumers and businesses are confident about the future, hence willing to take on more debt,” he noted.Bank credit has become attractive for both businesses and individuals with rates remaining stable and expected to fall further this year.In its latest banking sector indicators, the QCB noted that total domestic deposit increased by 1.9% (on the same period in 2024) to reach QR850.5bn in June.Higher level of deposits obviously strengthens the banking sector, as banks have more reserves to cover withdrawals and invest in opportunities.With more deposits, banks have more money to lend, which automatically boosts economic activities such as business expansion, consumer spending, and infrastructure projects.“More deposits indicate public confidence in the financial system, which is essential for the smooth functioning of the economy,” the analyst said.QCB data reveal broad money supply (M2) increased by 1.1% to QR740.3bn in June. This represents an increase of 1.1% on the same period last year.M2 includes cash, checking deposits, and easily convertible near money like savings deposits, money market securities, and other time deposits.An increased money supply has seen stimulating economic activity by making more funds available for businesses and consumers to borrow and spend, which then boosts overall economic growth.With more money in circulation, there may be more investment in various sectors, leading to potential economic expansion and development.Total assets of commercial banks in the country increased by 6.3% year-on-year to reach QR2.13tn in June, the QCB said.Higher assets indicate that banks are growing and managing more resources, which enhance their stability and reliability.More assets allow banks to extend more loans to businesses and consumers, fuelling economic growth through investments and consumption, analysts say.It clearly suggests that both domestic and foreign investors have confidence in Qatar’s financial system, leading to increased capital inflows.

Total domestic credit issued by local banks reached QR1.33tn in June, up 5.2% on the same period last year, according to the Qatar Central Bank.An increase in total domestic credit for banks generally means that the banks are lending more money to businesses, individuals, and the government sector within Qatar.“Higher demand for credit signifies a positive outlook on the Qatari economy and rising consumer confidence,” according to an analyst.“Increased lending often signifies that businesses and individuals are borrowing to invest in projects, expansion, or consumption, which can stimulate economic growth. It also indicates that consumers and businesses are confident about the future, hence willing to take on more debt,” he noted.Bank credit has become attractive for both businesses and individuals with rates remaining stable and expected to fall further this year.In its latest banking sector indicators, the QCB noted that total domestic deposit increased by 1.9% (on the same period in 2024) to reach QR850.5bn in June.Higher level of deposits obviously strengthens the banking sector, as banks have more reserves to cover withdrawals and invest in opportunities.With more deposits, banks have more money to lend, which automatically boosts economic activities such as business expansion, consumer spending, and infrastructure projects.“More deposits indicate public confidence in the financial system, which is essential for the smooth functioning of the economy,” the analyst said.QCB data reveal broad money supply (M2) increased by 1.1% to QR740.3bn in June. This represents an increase of 1.1% on the same period last year.M2 includes cash, checking deposits, and easily convertible near money like savings deposits, money market securities, and other time deposits.An increased money supply has seen stimulating economic activity by making more funds available for businesses and consumers to borrow and spend, which then boosts overall economic growth.With more money in circulation, there may be more investment in various sectors, leading to potential economic expansion and development.Total assets of commercial banks in the country increased by 6.3% year-on-year to reach QR2.13tn in June, the QCB said.Higher assets indicate that banks are growing and managing more resources, which enhance their stability and reliability.More assets allow banks to extend more loans to businesses and consumers, fuelling economic growth through investments and consumption, analysts say.It clearly suggests that both domestic and foreign investors have confidence in Qatar’s financial system, leading to increased capital inflows.

Africa holds immense untapped potential in aviation — in both passenger and cargo markets — but realising this opportunity requires tackling a combination of infrastructure, policy, skills, and market challenges.Industry experts highlight that many African airports suffer from congestion, outdated facilities, and limited capacity.Upgrading runways, terminals, air traffic control systems, and cargo handling facilities will be essential to improving efficiency and safety, they say.Top aircraft manufacturers Boeing and Airbus project that Africa’s air traffic could more than double in the next 20 years — but only if systematic barriers are tackled.In 2018, an initiative was launched in Africa to liberalise air services in the continent.Dubbed Single African Air Transport Market (SAATM), the initiative focused on prioritising air transport for the economic benefit of the entire continent.Unfortunately, many African countries haven’t either committed or are slow to enforce SAATM.Easier travel between African states would have significantly boosted tourism, business travel, and intra-African trade.Recently, the global body of airlines - IATA urged African governments to prioritise aviation as a catalyst for economic growth, job creation, connectivity, and social development.The airlines body said each state on the continent can do this by enhancing safety, reducing the cost burden, and resolving the issue of blocked airline funds.“Africa’s aviation sector is a vital economic driver, contributing $75bn to GDP and supporting 8.1mn jobs,” noted Somas Appavou, IATA’s Regional Director External Affairs, Africa.“The continent’s aviation market is projected to grow at 4.1% over the next 20 years, doubling by 2044. More important than the growth of the sector is the impact that a successful aviation industry has on social and economic development.As governments prioritise how to deliver their agendas with limited resources it is critical to recognise that supporting aviation underpins jobs, trade, and tourism.”IATA outlined three key priorities for African governments, such as improving safety, reducing taxes and charges on air travel, and ensuring airlines are able to repatriate revenues from the African market.Although aviation safety has improved in the region, the continent’s safety rate lags the global average in its implementation of ICAO Standards and Recommended Practices (SARPS).Also, taxes on air transport in Africa are 15% higher than the global average, while $1bn of carrier revenues are being blocked from repatriation by some 26 different African governments, according to IATA data published during association’s AGM in New Delhi in June this year.Airlines facing blocked funds often reduce flight frequencies or suspend routes.“These challenges are not new but solving them is urgent—that’s why IATA launched the Focus Africa initiative in 2023, working hand-in-hand with governments, industry, and development partners to deliver real improvements in safety, affordability, and connectivity,” Appavou pointed out.“Aviation is not a luxury. It is an economic and social lifeline. Focus Africa is about turning potential into jobs, growth and prosperity.”Mandatory reporting of the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) will begin in 2027—as of 2025, 129 countries are participating in CORSIA, including 20 African states.IATA has called on African governments to ensure the success of CORSIA as the only globally agreed, market-based mechanism to address CO2 emissions from international aviation.Africa’s ticket prices are inflated by multiple levies on airlines and passengers. For example, jet fuel costs in many African airports are often far higher than the global average.Analysts project Africa will need tens of thousands of new pilots over the next 20 years, but training capacity is limited. They recommend establishing technical colleges and aviation academies to meet the growing demand for aviation professionals in the continent.If Africa can modernise infrastructure, open its skies, harmonise rules, and train the workforce, the aviation sector could indeed become a growth engine — supporting tourism, trade, and integration across the continent.

In the strongest quarterly performance since Q3, 2020, Qatar’s real estate sector recorded transactions worth QR8.9bn in the second quarter of this year, up 29.8% compared to the same period in 2024.This was revealed by Qatar’s Real Estate Regulatory Authority (Aqarat) in the first edition of its ‘Real Estate Bulletin’.The bulletin monitors developments in the country’s real estate sector and highlights trends in real estate transactions, shifts in the rental market, and the geographical distribution of demand.Real estate transactions also saw a significant rise during the mentioned period, reaching 1,915 transactions across various categories, marking a 44% increase compared to the second quarter of 2024. This represents the strongest quarterly performance since the third quarter of 2020.Doha Municipality accounted for the “largest share” of transaction volume, with sales totalling around QR4.8bn, followed by Al Rayyan Municipality with QR1.9bn.According to Aqarat, residential transactions accounted for approximately 44% of the total number of real estate transactions during the period.The Pearl topped the list of “most sought-after” areas, recording some 266 transactions, followed by Lusail with 125 transactions — driven by their strategic locations, quality projects, and growing appeal to both investors and residents alike.Doha recorded the highest percentage of sold units, accounting for around 39.2%, followed by Al Rayyan at 18.2%, and Al Daayen at 17.2%.The rental market was also active, with as many as 58,246 lease contracts registered during the first half of the year — the highest rate recorded for the first half in the past six years.This represents an increase of approximately 26% compared to the same period last year, which recorded 46,073 contracts, Aqarat noted.Al Wakrah Municipality witnessed the “highest demand” for rental contracts, especially in areas like Al Wukair, Al Mashaf, and Al Thumama, which together recorded 5,337 contracts, due to their popularity among tenants for offering reasonably priced housing options.The second-quarter data affirms the strong trajectory of real estate sector in the country, driven by a notable rise in transaction volumes and renewed momentum in lease registrations, especially in mid-income and high-demand areas.Established investment hubs such as The Pearl and Lusail continue to attract investors, while emerging areas like Al Wakrah are becoming key pillars for expanding the market base and enhancing its diversity.Aqarat noted, “The sector is expected to continue benefiting from the accelerating pace of digital transformation, improved regulatory transparency, and strategic investment in infrastructure in line with Qatar National Vision 2030.“Barring any major external disruptions, these strategic pillars position the market for sustainable growth, expanded investment participation, and strengthening Qatar’s position as a leading real estate investment destination in the region.”

Driven by Qatar, first half LNG exports by the Gas Exporting Countries Forum members rose by 0.8% (0.82mn tonnes) year-on-year to reach 97.52mn tonnes in June, GECF has said in a report.In June, LNG exports from GECF member and observer countries grew by 5.7% (0.85mn tonnes) year-on-year to reach 15.94mn tonnes, marking a record high for the month.This increase in LNG exports was driven mainly by higher exports from Qatar, Mauritania, Nigeria, Senegal and Trinidad and Tobago, which offset lower exports from Algeria, Russia and the United Arab Emirates.The LNG exports from Mauritania and Senegal increased due to the ramp-up in production at the jointly developed GTA FLNG 1 facility. Nigeria also recorded higher exports, supported by improved feedgas availability.In Qatar and Trinidad and Tobago, reduced maintenance activity compared to a year earlier contributed to the rise in exports. Conversely, Algeria’s decline in LNG exports was likely driven by lower feedgas availability.In Russia, the decrease was mainly attributed to lower output from the Portovaya and Vysotsk LNG facilities, while exports from the Sakhalin 2 LNG facility marginally declined.Furthermore, higher maintenance at the Das Island LNG facility resulted in lower exports from the UAE.In June, global LNG exports increased by 4.8% (1.56mn tonnes) year-on-year to reach 34.33mn tonnes, marking a record high for LNG exports in the month of June.GECF member countries led the increase, followed by smaller gains from non-GECF countries and LNG re-exports.During H1, global LNG exports reached 213.41mn tonnes, representing growth of 4.1% (8.40mn tonnes) year-on-year, driven mainly by stronger exports from non-GECF countries, with GECF Member Countries and LNG re-exports contributing to a lesser extent.Non-GECF countries maintained their dominance in global LNG exports with a market share of 53%, slightly down from 53.6% a year earlier.Meanwhile, GECF member countries and LNG re-exports accounted for 46.5% and 0.5%, up from 46.1% and 0.3%, respectively, in June 2024.The US, Qatar, and Australia retained their positions as the top three LNG exporters in June this year, according to GECF.In June, the Mena region’s LNG imports jumped by 36% (0.40mn tonnes) year-on-year to reach 1.52mn tonnes, supported by stronger imports in Bahrain and Egypt.Mena region’s LNG imports in H1 surged by 79% (3.00mn tonnes) year-on-year to 6.81mn tonnes.Bahrain continues to ramp up its LNG imports following the resumption of imports in April Meanwhile, Egypt’s increased LNG imports have compensated for lower domestic gas supply.

Beyond the Tarmac The global airline industry is currently grappling with significant challenges due to massive delivery backlogs at major aircraft manufacturers like Boeing and Airbus. These backlogs are having ripple effects across airline operations, financial planning, and growth strategies around the world. In 2025, deliveries are forecast to rise to 1,802, having been revised down from 2,293, and further cuts to this number are to be expected, according to the International Air Transport Association (IATA). The backlog (the cumulative number of unfulfilled orders) of new aircraft has reached 17,000 planes this year, a record high for the industry, IATA noted at its Annual General Meeting in New Delhi in June. At present delivery rates, it would take 14 years to clear the backlog, double the six-year average for the 2013-2019 period. In other words, the delivery backlog of 17,000 implies a 14-year wait between ordering and delivery. The number of deliveries scheduled for 2025 is 26% less than what was promised a year-ago. However, the waiting time is expected to shorten as delivery rates increase. IATA data reveal that over 1,100 aircraft under 10 years of age are in storage. That’s 3.8% of the entire fleet, nearly three times the pre-pandemic comparison of 1.3%. And the annual fleet replacement rate of 3% is well below the normal 5-6%. Aircraft deliveries have fallen sharply from the peak of 1,813 aircraft in 2018. The estimate for deliveries in 2024 is 1,254 aircraft, 30% fewer than what was predicted at the start of the year. As a result of delayed deliveries, the average age of the global fleet has risen to a record 14.8 years, a significant increase from the 13.6 years average for the period 1990-2024. An older fleet translates into higher maintenance costs and higher fuel burn. Therefore, existing supply chain issues are at least partially responsible for the deceleration in fuel efficiency gain – in 2024 fuel efficiency (measured in litres per Available Tonne-Kilometres – ATK) was broadly unchanged (declining a mere 0.1% y-o-y), which is a most regrettable departure from the long-term (1990-2019) trend of annual fuel efficiency improvements in the range of 1.5-2.0%. Had efficiency improvements continued in 2024 at 1.5%, the industry would have burnt 1.4bn gallons less jet fuel and CO2 emissions would have been 13.6mn tons lower, all things being equal. The supply chain issues have also boosted demand for used aircraft, leading to an increase of 20-30% in lease rates of narrow-body aircraft compared with 2019. This, together with higher interest rates, has impacted airlines’ financing costs and bottom lines. Including the contraction in ticket yields, these factors have contributed to limiting the industry-wide net profit in 2024 to $31.5bn (down 10% y-o-y from 2023). IATA estimates that if lease prices, interest rates, and unit maintenance costs had been unchanged compared with 2023, and if fuel efficiency had continued its downward trend, the net profit in 2024 could have been $7.5bn higher – in that case it would have eliminated the drop from 2023 and left the net margin flat year-on-year. Industry analysts say airlines will not be able to expand or modernise their fleets as planned, if aircraft deliveries get further delayed. This is especially problematic for low-cost carriers and emerging market airlines with aggressive growth ambitions. Globally, new routes or frequency increases are also being postponed due to aircraft shortages. Airlines are forced to keep older aircraft flying longer, which impacts fuel efficiency and maintenance costs. With manufacturers behind schedule, airlines increasingly turn to leasing companies to fill the gap. Lessors seem to be capitalising on the high demand, pushing lease prices up substantially. Leasing aircraft often involves longer-term commitments and less customisation, limiting operational flexibility, analysts point out. The delay in aircraft deliveries means airlines have fewer backup aircraft, making them more vulnerable to delays and maintenance-related disruptions. Increased strain on existing fleets often leads to scheduling challenges and potential delays, industry analysts point out. Airlines with sustainability targets are also struggling in view of the delay in new aircraft deliveries, they say, as older planes are less fuel-efficient and emit more CO2.

Qatar’s broad economy is in good shape, with “positive” annual growth across all components of GDP in the first quarter (Q1), according to Emirates NBD.Indications are that growth has been maintained in the second quarter, with the Qatar Financial Centre PMI survey remaining above the neutral 50.0 level in April and May, the Dubai-based banking group has said in a report.While Qatar saw a record first quarter in terms of LNG exports, hitting 22mn tonnes amid high demand from northeast Asia, there was only a modest 1.5% y-o-y rise in the extraction of crude petroleum and natural gas industrial production index.The second quarter also appears to have got off to a fairly weak start, with the index’s April print down 3.8% year-on-year (y-o-y).“We have pencilled in a 2.0% expansion in the hydrocarbons side of the economy this year. In 2026, however, we project a much more robust 8.0% growth rate given the expected start of operations at the North Field East expansion project in the middle of next year.“This will drive headline GDP growth up to 4.8% next year according to our projections, which if realised would be the fastest growth rate since 2015,” Emirates NBD said.The researcher’s non-hydrocarbons growth forecast for Qatar this year is 3.0%, which would represent a modest slowdown from the 3.4% seen last year.Although the Q1 growth print does offer some upside risk to this projection there has been a slowdown in quarterly growth, which if maintained would see softer annual growth through the remainder of the year.Qatar’s real GDP growth rate slowed to 3.7% y-o-y in Q1, down from 6.1% in Q4-2024. This still marked a strong performance, however, coming in well above the 2.5% averaged over the previous four years.On a quarterly basis, growth was 0.3%, from 0.4% in Q4. The slowdown in annual growth was driven primarily by a drop in ‘mining and quarrying’, mainly from the hydrocarbons sector, where growth fell to 1.0% y-o-y, from 6.3% the previous quarter.There was also a more modest slowdown in non-hydrocarbon GDP, which maintained a robust growth rate of 5.3%, compared with 6.2% previously.“We forecast headline GDP growth of 2.6% this year, compared with 2.4% in 2024,” Emirates NBD said.Notable growth drivers in Q1 include wholesale and retail trade, which expanded 14.6% y-o-y and accounted for 8.4% of GDP, and manufacturing, which made up 7.4% of the total and grew 5.6% y-o-y, compared with a 0.2% decline in Q4-2024.Building and construction saw growth of 4.4% and the outlook for the rest of the year is positive given high levels of project spending in the pipeline.As of June, MEED Projects data gives $52.8bn worth of projects budgeted in Qatar. The bulk of this is in construction, closely followed by transport with investment going into the New Doha International Airport and the Doha Metro network.Transport and storage saw growth of 4.1%, maintaining the healthy pace set over the previous three years.While visitor arrivals in Q1 were down 7% to 1.5mn, the ongoing expansion of Qatar Airways and the development of Doha International as a regional and global hub likely provided support to the sector – in 2024 passenger volumes through Hamad International Airport expanded by 15% to reach 52.7mn passengers, Emirates NBD said.

Beyond the TarmacAirlines operating in Europe are facing mounting challenges stemming from compliance fees imposed by Sustainable Aviation Fuel (SAF) producers and suppliers.While these fees are designed to support regulatory and sustainability goals, they are adding significant financial, operational, and strategic burdens to an industry already navigating tight margins and a highly competitive landscape.“While it is encouraging that SAF production is expected to double to 2mn tonnes in 2025, which is just 0.7% of aviation’s total fuel needs. And even that relatively small amount will add $4.4bn globally to the fuel bill. The pace of progress in ramping up production and gaining efficiencies to reduce costs must accelerate,” said IATA’s Director General Willie Walsh.The problem with mandates: Most SAF is now heading towards Europe, where the European Union and United Kingdom mandates kicked in on January 1.“Unacceptably, the cost of SAF to airlines has now doubled in Europe because of compliance fees that SAF producers or suppliers are charging,” IATA says.For the expected 1mn tonnes of SAF that will be purchased to meet the European mandates in 2025, the expected cost at current market prices is $1.2bn.Compliance fees are estimated to add an additional $1.7bn on top of market prices—an amount that could have abated an additional 3.5mn tonnes of carbon emissions.Instead of promoting the use of SAF, Europe’s SAF mandates have made SAF five times more costly than conventional jet fuel.“This highlights the problem with the implementation of mandates before there are sufficient market conditions and before safeguards are in place against unreasonable market practices that raise the cost of decarbonisation.“Raising the cost of the energy transition that is already estimated to be a staggering $4.7tn should not be the aim or the result of decarbonisation policies. Europe needs to realise that its approach is not working and find another way,” Walsh said on the sidelines of IATA’s annual general meeting in New Delhi last month.Global SAF market: To support the development of a global SAF market, IATA has worked on two initiatives:A SAF registry managed by the Civil Aviation Decarbonisation Organisation (CADO) that brings a transparent and standardised system for tracking SAF purchases, usage and associated emissions reductions in compliance with international regulations such as Carbon Offsetting Scheme for International Aviation (CORSIA) and the EU Emissions Trading Scheme.The SAF Matchmaker that will facilitate SAF procurement by matching airline requests for SAF with supply offers.IATA urges governments to focus on three areas:Creating more effective policies. Eliminating the disadvantage that renewable energy producers face compared with big oil is necessary to scale renewable energy production in general and SAF production in particular. This includes redirecting a portion of the $1tn in subsidies that governments globally grant for fossil fuel.Develop a comprehensive approach to energy policy that includes SAF. Firstly, advancing SAF production requires an increase in renewable energy production from which SAF is derived.Secondly, it also requires policies to ensure SAF is allocated an appropriate portion of renewable energy production. A holistic approach should support joint use of infrastructure, co-production and other measures that will benefit the energy transition for aviation and for all other economic sectors.Ensure the success of CORSIA as the sole market-based mechanism to address international aviation’s CO2 emissions. IATA urges governments to make Eligible Emissions Units (EEUs) available to airlines. To date Guyana is the only state to have made their carbon credits available for airlines to purchase and claim against their CORSIA obligations.Focus on India: India, one of the emerging economies on the world stage today, is the third-largest oil user after the US and China. India launched the Global Biofuels Alliance to position biofuels as a key to energy transition and economic growth.This includes a target for 2% SAF blending for international flights by 2028 with enabling policies such as guaranteed pricing, capital support for new projects, and technical standards. IATA will be working with the Indian Sugar & Bio-Energy Manufacturers Association (ISMA) and Praj Industries, to provide guidance on global best practices for life cycle assessment of the use of feedstocks in the country.As the third-largest global civil aviation market, India can strengthen its leadership in biofuels with the accelerated adoption of SAF through progressive policies.IATA SAF Matchmaker platform: Recently, IATA announced the release of the Sustainable Aviation Fuel (SAF) Matchmaker platform, to facilitate SAF procurement between airlines and SAF producers by matching requests for SAF supply with offers.When there is a match, airlines and suppliers can connect and take their negotiation offline to agree on specific terms including price and payment terms.The growing use of SAF is essential to decarbonising aviation. However, excessive compliance fees in Europe risk undermining adoption by inflating costs and reducing efficiency.Airlines must balance regulatory obligations with economic realities—something only achievable through smarter, more supportive policy frameworks.Europe’s current approach serves as a cautionary example- without synchronised market development, SAF mandates can do more harm than good!

Tourism remained a “strong contributor” to Qatar’s economic activity, with 1.5mn visitors recorded — primarily from the GCC in the first quarter (Q1) of the year, according to researcher ValuStrat.Qatar's hotels achieved an estimated occupancy rate of 71% in Q1-2025, ValuStrat said in its latest country report.The total hospitality stock estimated by Qatar Tourism was 40,787 keys, according to ValuStrat.Some 68% of the total stock comprised 4- to 5-star hotels, whereas 7.7% was classified within the 1-star to 3-star category, while the remaining 24.3% consisted of hotel apartments.The report noted that an estimated 845 hotel keys are set to enter the market in 2025, majorly concentrated in the four and 5-star segments.Travellers from GCC nations accounted for 36% of the total 1.5mn visitors in the first quarter of the year, it said.“A mix of Eid celebrations, jewellery showcases, desert and food festivals, cruise arrivals, and various MICE activities drew over 1mn visitors during Q1,” ValuStrat noted.For Q1, 2025, the Average Daily Rate (ADR) was QR445, a drop of 6.4% YoY.Whilst the Revenue Per Available Room (RevPAR) was QR317, declining 10.7% from Q1 last year, the ADR for 5-star hotels was QR522.The ADR for 3- and 4-star hotels was QR175 and QR220 respectively, it said.In Q1, 2025, the Government of Qatar prioritised real estate and tourism, implementing new policies to enhance investment opportunities and streamline regulations, reinforcing its commitment to economic expansion, ValuStrat noted.Anum Hassan, Head of Research (Qatar) at ValuStrat said: “The first quarter of 2025 reflected a broadly stable real estate landscape in Qatar, with most sectors experiencing either consolidation or modest downward adjustments.”The ValuStrat Price Index (VPI)-Residential Capital Values held firm at 96.5 points, benchmarked against a base of 100 set in Q1, 2021.Both apartment and villa indices recorded no significant movement, maintaining levels of 98.7 and 96 points respectively on a quarterly and annual basis, she said.Retail leasing values “held steady” over the period, while the industrial segment showed encouraging signs of growth, Hassan said.Rents for ambient and cold storage facilities rose by 2.8% and 3.6% respectively. Additionally, recent ministerial directives streamlining business set-up processes for foreign investors have resulted in a notable increase in commercial activity.“In the months ahead, we anticipate further seasonal adjustments, particularly during the summer period, as the market continues to demonstrate resilience while adapting to evolving dynamics,” Anum Hassan added.

Beyond the TarmacAir cargo plays a pivotal role in the global transport of perishable goods, providing the speed and reliability necessary to preserve product quality and reduce spoilage.Items such as fresh fruits and vegetables, seafood, flowers, dairy products, and pharmaceuticals have limited shelf lives, making air freight the preferred mode of transportation for ensuring freshness and meeting tight delivery windows — especially for sectors like retail, hospitality, and healthcare.According to the International Air Transport Association (IATA), a seamless and efficient supply chain — heavily reliant on air transport — is essential for getting perishable goods to consumers in top condition.The latest data from IATA’s CargoIS marketing intelligence platform underscores this point: in 2024, the global fresh produce market transported by air grew by 8%.Fruit and vegetables were by far the biggest segment in 2024, representing almost a third of all perishable goods transported by air, IATA noted in a recent report.The next biggest segments were fish (21%), flowers (13%) and meat (10%). The fastest-growing segments were cool goods, up 45% and meat, up 21% year on year in 2024.One of the busiest trade lanes for fruit and vegetables, was between Mumbai and London Heathrow, driven by demand from a thriving Indian community in the UK.The second busiest, was a domestic route between Davao, the Philippines’ agricultural hub and the capital Manila.Australia was by far the biggest exporter of Meat by air in 2024 — with more than 50% of the market. Melbourne was by far the biggest Australian gateway, with meat transported from the city by air growing 55% year on year.Most of these shipments were to key consumer markets in Singapore, Dubai, Doha and Frankfurt.Pakistan and South Africa also featured as top source markets for Meat, with South African shipments by air virtually doubling year on year in 2024.Demand for certain products has shown to be highly seasonal and driven by key celebrations globally. Flower shipments spiked in the first two weeks of February ahead of Valentine’s Day, with Ecuador, Kenya and Colombia making up the top source markets.Similarly, fish shipments increased sharply ahead of Chinese New Year. Norway was by far the biggest source market. Between 20 November 2023 to 4 February 2024, Norway accounted for 46.54% of the chargeable weight of fish transported by air.Most of these shipments were destined for Asia, with Japan, Thailand and China the largest markets.Industry analysts say, currently, over 60% of international fresh flower exports move via air freight.Air cargo moves millions of tons of perishables annually, especially between Latin America, Africa, and major consumption hubs in Europe, Asia, and North America.The pharmaceutical industry alone accounts for billions of dollars in air freight revenue annually due to strict handling requirements.Rising demand for fresh, organic, and exotic foods — fuelled by e-commerce and urban affluence — is increasing reliance on air cargo to meet consumer expectations for availability and freshness.IATA’s Global Head of Cargo Brendan Sullivan said, “The growth in perishable goods volumes highlights the vital role air travel plays in helping farmers, production companies, and traders get their produce from the farm to the supermarket shelf.“Shipping perishable goods by air saves precious time for cargo that has a short shelf life while making it more sustainable by reducing waste. To cope with sustained market growth and consumer needs, IATA has worked with airlines and shippers to develop standards, training, efficient handling techniques, and packaging methods to ensure food safety and a logistics chain where speed of transit is non-negotiable.”Although air cargo handles less than 1% of global trade volume, it accounts for nearly 35% of trade value — a testament to the premium and time-sensitive nature of the goods it carries.For the perishable goods industry, air freight is not just important — it is essential. Without it, modern supply chains for many temperature-sensitive products would not be viable.

The Organisation of the Petroleum Exporting Countries (Opec) said it expected the global economy to remain resilient in the second half of this year and trimmed its forecast for growth in oil supply from the United States and other producers outside the wider Opec+ group in 2026. In its latest monthly report, Opec also left its forecasts for global oil demand growth unchanged in 2025 and 2026, after reductions in April. It said the economic outlook was robust despite trade concerns. Opec noted that the global economy has outperformed expectations so far in H1, 2025, with data indicating better-than-expected growth in India, China and Brazil in Q1. In the US, underlying growth remained solid, while the eurozone experienced a modest rebound from last year. This strong base from H1 is anticipated to provide support and sufficient momentum into a sound H2. However, the growth trend is expected to moderate slightly on a quarterly basis. “With these dynamics, global economic growth is forecast at 2.9% in 2025,” Opec noted. Global oil demand is forecast to grow by an average of 1.4mn bpd, y-o-y, in H2. For the full year 2025, it is forecast to expand by 1.3mn bpd. In the report, Opec said supply from countries outside the Declaration of Co-operation – the formal name for Opec+ – will rise by about 730,000 barrels per day in 2026, down 70,000 bpd from last month’s forecast. Opec now expects US output of tight oil, another term for shale, to hold steady next year at 9.05mn barrels per day. Last month, it expected small growth year on year and in January had forecast output in 2026 would reach 9.28mn bpd. “The 2026 forecast assumes sustained capital discipline, further drilling and completion efficiency gains, weaker momentum in drilling activities and increased associated gas production in key shale oil regions,” Opec said of tight oil.

Higher oil prices will likely support bank liquidity in Qatar, despite rising exposure to construction and real estate and persistent foreign funding risk, according to Oxford Economics.Trade credit risk of the country – a measure of private sector repayment risk – is "very low" by regional standards at 3.0 (determined by Oxford Economics under its data-driven methodology) compared with the regional average of 6.1."The main factors underpinning this rating are Qatar’s macroeconomic stability, the credible and well-established exchange rate regime, robust growth, extremely high GDP per capita, and a healthy, well-developed banking sector.Although the country’s external debt burden became large due to heavy investment in a relatively short period of time, and trended up between 2013 and 2021, it has since declined," the researcher noted.Debt is balanced by the large but undeclared foreign assets (including over $40bn of official reserves), current account surpluses, sustained economic growth, and access to cheap external borrowing due to Qatar's high sovereign credit ratings.The country's large external surpluses have been invested abroad in property, financial, retail and other sectors by the Qatar Investment Authority (QIA), which is estimated by the Sovereign Wealth Fund Institute to have assets of more than $500bn. The aim is to reduce the state's reliance on oil and gas earnings.According to Oxford Economics, Qatar’s crude oil production will rise modestly this year and next.“Qatar isn't involved in the Opec+ pact on production quotas and its oil output has been relatively flat in recent years, at around 600,000 barrels per day.“We think growth in the energy sector will remain modest this year, following a 0.6% expansion in 2024, before picking up strongly in 2026-2027,” Oxford Economics said and noted the “gas sector is a priority.”Last year, the authorities doubled down on the North Field gas expansion project, which will have a positive medium-term impact. Qatar raised its liquefied natural gas capacity target to 142mn tonnes per year (mtpy) by end-2030.This is up nearly 85% from the current 77 mtpy, and up 13% on the intermediate target of 126 mtpy by 2027.The first production boost will come from the North Field East project by mid-2026, followed by the North Field South phase of the expansion.The North Field West phase is in its early stages, with construction likely to begin in 2027.Qatar is also making progress in contracting future gas output. The government has signed long-term supply contracts with India, China, France, Germany, Hungary, Kuwait, and Taiwan, the researcher noted.

LNG exports by GECF member countries and observers got a boost in May driven mainly by Qatar, the Gas Exporting Countries Forum said in its latest monthly report.The surge in Qatar’s LNG exports was supported by reduced maintenance activity compared to a year earlier, and production exceeding the facility’s nameplate capacity, GECF noted.In May, LNG exports from GECF member and observer countries jumped by 8.9% (1.31mn tonnes) y-o-y, reaching 16.11mn tonnes, which is a record high for the month.The stronger LNG exports came mainly from Qatar, Nigeria, Trinidad and Tobago and Angola, which offset weaker LNG exports from Malaysia and Algeria.Between January and May this year, GECF LNG exports increased marginally by 1% (0.79mn tonnes) y-o-y, reaching 82.40mn tonnes.In May, global LNG exports continued to grow sharply, rising by 8% (2.61mn tonnes) y-o-y to reach 35.1mn tonnes. This marked the 10th consecutive monthly year-on-year increase in LNG exports.Higher LNG exports from both GECF and non-GECF countries drove the overall growth, offsetting a decline in LNG re-exports, the report noted.Between January and May, global LNG exports increased by 5% (8.67mn tonnes) y-o-y to reach 180.91mn tonnes, primarily supported by non-GECF exporters, while exports from GECF countries and LNG re-exports grew to a lesser extent.Non-GECF countries were the largest LNG exporters globally in May 2025, with a market share of 54%, followed by GECF countries at 45.9% and LNG re-exports at 0.1%.Compared to May 2024, the market shares of non-GECF and GECF countries increased from 53.6% and 45.6%, respectively, while the share of re-exports declined from 0.8%.“The US, Qatar and Australia were the top three LNG exporters in May,” GECF said.In May, global LNG imports jumped by 6.9% (2.25mn tonnes) y-o-y to reach 34.75mn tonnes, marking a record high for the month.Europe continued to drive the growth in global LNG imports, followed by a smaller contribution from the Mena region, while Asia Pacific’s LNG imports remained subdued.The stronger netback for US LNG delivered to Europe, compared to Asia Pacific, along with weak LNG demand in the Asia Pacific region, supported the continued strong flow of US LNG into Europe.From January to May, global LNG imports totalled 181.66mn tonnes, reflecting a y-o-y increase of 4.2% (7.36mn tonnes), primarily driven by higher European imports.In May, the Mena region’s LNG imports surged by 94% (0.79mn tonnes) y-o-y, reaching 1.6479mn tonnes, driven mainly by Egypt and Kuwait.Between January and May, the Mena region’s LNG imports doubled, increasing by 2.65 Mt to reach 5.3479mn tonnes.Increased LNG imports in Egypt have compensated for declining domestic gas availability to meet its gas demand. Furthermore, higher gas demand has boosted Kuwait’s LNG imports, GECF noted.

Beyond the TarmacAccommodating the strong demand for air travel requires new technologies, harmonised regulations, and fit-for-purpose infrastructure.The global body of airlines - IATA is collaborating with its members, industry partners and governments worldwide to enable airlines to deliver a more seamless, inclusive, and secure passenger experience while improving efficiency and lowering industry costs.Digital travel is a major component of this effort, the International Air Transport Association says.Travellers can store identity documents in a 'digital wallet' and then, by consenting to share their biometrics, pass through various airport checkpoints—such as bag drop, security, immigration, and boarding—without needing to show physical documents.In 2024, a proof of concept (PoC) using different digital wallets and travel credentials was tested with select travellers on the route between Hong Kong and Tokyo.Cathay Pacific, Hong Kong International Airport, Narita International Airport, Branchspace, Facephi, NEC, Neoke, Northern Block, and SICPA partnered in the PoC, which took place in a functioning airport environment, IATA noted in a report published during its Annual General Meeting in New Delhi early this month.The successful PoC—developed in the IATA Data and Technology Hub—integrates seven verifiable credentials (e-passport copy, live biometric image, visa copy, company ID, frequent flyer membership, retail order, and boarding pass); two digital wallets; and a trust registry to verify issuers.This validates the flexibility of the required technology across travel stages and jurisdictions.It also aligns with government efforts to adopt digital travel credentials based on International Civil Aviation Organisation (ICAO) standards.The European Union (EU), for instance, is preparing to issue digital wallets—a secure means of storing and sharing digital documents—to citizens and residents by 2027.Travel documentation: With passenger traffic set to double by 2040, optimising and enhancing airport processes will need to continue. Verifying passengers’ travel documentation is one of the more time-consuming tasks which will benefit from further automation.IATA’s ‘Timatic Suite’ of products, which includes ‘Timatic Autocheck’, has evolved over decades, earning the trust and reliance of both industry professionals and travellers.Annually, more than 1bn passenger document checks are performed through Timatic. The recent redevelopment of the Timatic Suite of products marks an important progression in simplifying and streamlining the offering to enhance the experience for passengers and users alike.This includes the relaunch of ‘Timatic Web’. With a new Ease of Travel index and an enhanced interface, Timatic Web makes it easier than ever for airlines and travel organisations to provide travellers with real-time updates to help them prepare for their journey.Modern airline retailing: IATA’s Modern Airline Retailing (MAR) initiative is expanding throughout the aviation value chain. Decades-old technologies, processes, and standards that were inhibiting customer centricity are being replaced by MAR’s 100% Offers and Orders typical of genuine retailing.This grants air travellers the same level of transparency on airline products and services that they get when they shop for consumer products online and regardless of where they shop and pay. Indeed, MAR fully integrates payment management.Moreover, travellers will no longer need to juggle reference numbers and various documents, such as passenger name records (PNR); e-tickets; and electronic miscellaneous documents (EMD). Instead, they will have an order detailing their purchase, and the airline internal processes of revenue accounting and reconciliation will be simplified.New Distribution Capability (NDC) messaging standard—integral to the offers phase of the Offers and Orders journey— is established, enabling the industry to focus on the transformation to MAR.This will further smooth passengers’ ability to purchase and receive air travel products and services seamlessly through their preferred channels and at a level of convenience and personalisation akin to genuine modern retailing.By 2026, the Passenger Standards Conference (PSC) aims to develop standards involving Offers and Orders communication, such as product taxonomy, tax integration, and interline data exchange.Importantly, all standards are being developed with a cross-functional approach to break down silos, IATA noted.In 2024, meanwhile, a survey by IATA of major IT providers found that significant progress was being made in the technical architecture that makes ‘Offers and Orders’ possible.The transition to Offers and Orders is thus gathering speed at airlines. The acceleration is demonstrated by the high-level industry transition roadmap released by IATA in November 2024.According to the roadmap, core solutions are anticipated by 2026, with adoption at scale expected from 2030. Leading airlines have already embarked on the journey.The journey to Offers and Orders will affect numerous airline departments. Finance departments, for example, will be transformed. Transactions will be transparent from booking to destination, eliminating the need for lengthy reconciliation processes.The move to transform payment standards has also begun. Conventional payment standards can have proprietary add-ons that lock in an airline to a particular product.Updating these standards will empower airlines to enhance value creation and ultimately offer customers additional preferred payment options.

Qatar's overall economic risk is well below that of Mena and the country’s levels of risk are consistently low, according to Oxford Economics.Geopolitics aside, fluctuations in oil and gas prices have dampened the pace of domestic activity and the impact of the pandemic exacerbated this.“But the government's strong fiscal position compared with its GCC peers infrastructure spending, and ongoing benefits for public sector workers likely cushioned demand growth, helped by elevated oil and gas prices,” Oxford Economics noted.According to the researcher, Qatar's overall economic risk score of 3.1 (ranked by Oxford Economics) is “well below” the Middle East-North Africa average of 5.2 and places Qatar 19th out of the 164 countries in its ranking.The economy's pace of growth has cooled since 2012, initially due to the moratorium on the North Field gas expansion, lower oil prices, and the associated fiscal austerity since 2014.Although the economy contracted in 2019-2020, it surpassed its pre-pandemic level in 2022 as growth recovered solidly.“The pace of growth eased in 2023 following the World Cup but is now picking up again, with a stronger rise expected in 2026-2027 as additional LNG capacity comes online,” Oxford Economics said.The market demand risk score of 4.0 is below the Mena average of 5.5, reflecting Qatar's high per capita income, large government reserves, and lack of overheating.The end of the GCC diplomatic dispute has supported demand, investment, trade, and project implementation, as well as the flow of people.The market cost risk score is 4.0, below the regional average of 5.4, reflecting contained inflationary pressures, a credible US dollar peg, and extremely high GDP per capita.After inflation turned negative in 2020, it climbed to 2.3% in 2021 and 5% in 2022 amid rising global food and energy prices and increasing demand in the run-up to the World Cup.Inflation subsided to an average of 3% in 2023 and 1.1% last year. But the researcher thinks it will rise to 2% in the medium term.Under Oxford Economics’ methodology, the exchange rate risk score is now 1.5, slightly up on six months ago but well below the Mena average of 4.1.The Qatari riyal is pegged to the US dollar at QR3.64, and the researcher sees a negligible chance of de-pegging in the near to medium term.The low risk score reflects the authorities' long-standing commitment to the dollar peg, as well as large foreign exchange reserves.Risk rose when the current account shifted into deficit in 2020. But the score improved in 2021 as the current account shifted back to surplus as exports recovered and oil and gas prices rebounded from the 2020 lows.The surpluses have been wide since, firmly in double digits. The researcher projects a surplus of 16.4% of GDP this year, down from 17.4% last year.Qatar’s sovereign credit risk score under the researcher’s data-driven methodology is 2.9, well below the Mena average of 4.7.The score reflects high per capita incomes, large government reserves, strong external finances, and political stability, it said.The budget deficit in 2017 was temporary, returning to a surplus in 2018, but began to narrow again in 2019 and, due to the slump in oil and gas prices, moved into a deficit of 2% of GDP in 2020.The balance returned to a small surplus in 2021and has remained in positive territory since.“We estimate a surplus of 2.8% of GDP this year, up from 0.7% in 2024, which marked the weakest annual outturn since 2021,” Oxford Economics noted.The country’s trade credit risk – a measure of private sector repayment risk – is very low by regional standards at 3.0, compared with the regional average of 6.1.“The main factors underpinning this rating are macroeconomic stability, the credible and well-established exchange rate regime, robust growth, extremely high GDP per capita, and a healthy, well-developed banking sector.“Higher oil prices will likely support bank liquidity, despite rising exposure to construction and real estate and persistent foreign funding risk,” the researcher noted.

QatarEnergy LNG remains at the “forefront” of rising vessel capacities (globally), ordering 24 new 271,000 cm (QC-max) vessels from China for delivery between 2028 and 2031, according to the International Gas Union (IGU).Globally, some 337 LNG vessels were under construction as of end-2024, IGU said in its ‘2025 LNG World Report’.Of the 64 newbuilds delivered in 2024, all have a capacity of between 174,000 and 200,000 cm.Vessels of this size remain within the upper limit of the Panama Canal’s capacity following its expansion in 2016. They also benefit from economies of scale, particularly as additional LNG capacity is developed in the US Gulf Coast (USGC) for long-haul delivery to Asia, IGU noted.Moving forward, 200,000 cm vessels, or larger, could find favour due to their economies of scale for long-haul voyages, especially for long-term charters, if some flexibility is maintained (Panama Canal, terminal compatibility, etc).The current orderbook for such ships comprises 37 vessels, each with a capacity of either 200,000 cm or 271,000 cm, scheduled for delivery between 2025 and 2031.The global LNG orderbook had 337 newbuild vessels under construction at the end of 2024, equivalent to 45.4% of the current active fleet, with deliveries stretching into 2031.This illustrates shipowners’ expectations that LNG trade will continue to grow in line with scheduled increases in liquefaction capacity, particularly from the US and Qatar, and fleet renewal demand from oncoming retirements of older, more inefficient vessels.An expected 97 carriers are scheduled to be delivered in 2025. The orderbook includes 21 icebreaker-class vessels for the Arctic LNG 2 project in Russia.These vessels are highly innovative and require high capital expenditure (CAPEX) which grant them the capability to traverse the Arctic region.Due to the Russia-Ukraine conflict, these vessels have faced a risk of delayed deliveries or cancellations due to international sanctions on Russia that have complicated equipment delivery and payments.IGU also noted the current global LNG fleet is relatively young, considering the oldest operational LNG carrier was constructed in 1977.As of end-2024, some 84.9% of the fleet is under 20 years of age, consistent with the rapid growth of liquefaction capacity since the turn of the century.Additionally, newer vessels are larger and more efficient, with superior project economics and emissions performance over their operational lifetime.In total, some 7,065 LNG trade voyages were undertaken in 2024, a 0.9% increase from the 7,004 seen in 2023, IGU said.This is in line with minimal growth in LNG production. While Asia remains the dominant demand centre with 4,609 trade voyages, European trade voyages declined by 13% to 1,929 in 2024 due to weak market fundamentals through most of 2024, with Europe importing just over 100mn tonnes.

Qatar’s non-energy economy is expected to grow steadily in 2025, Oxford Economics said and noted tourism has provided significant support to non-energy growth and will remain a driver of future activity and employment.“Output data reported in April showed the non-energy economy expanded by 3.4% last year, and we project the same pace of growth in 2025,” Oxford Economics said in its latest country report.Tourism has provided significant support to non-energy growth and will remain a driver of future activity and employment, it said.Qatar welcomed 5.1mn overnight arrivals in 2024, a 25% increase on 2023 and 138% higher than 2019 levels.“The launch of the pan-GCC visa will likely help extend the positive performance and we forecast arrivals to increase to 5.3mn this year,” Oxford Economics said.The researcher’s 2025 average inflation estimate remains at 1%, the lowest in the GCC region.Oxford Economics said it thinks any upward pressure on imported inflation from recent US dollar weakness (via the currency peg) will likely be offset by the dampening effect of tariffs on global demand.Qatar’s annual inflation rate was negative in the first quarter (Q1) for the first time since early 2021. Prices fell by 0.8% q-o-q in seasonally adjusted terms, led by declines in food prices and the cost of recreation and culture. The 3.2% y-o-y fall in food prices in Q1 was among the largest in the current series. The drag from the housing and utilities category on annual inflation deepened, with prices falling by 4.5% y-o-y, the most since Q3 2021.“We still expect inflation to settle at around 2% in the medium term,” the report noted.The Qatar Central Bank followed the US Federal Reserve in holding interest rates steady in May, continuing the pause from January this year.In 2024, the US Fed delivered a cumulative 100bps of cuts.Meanwhile, the QCB cut rates by a total of 115bps, with the lending rate at 5.1%.“In the coming months, we think the QCB’s rate moves will echo those in the US, as we continue to expect the Fed to stay on pause until December. Our baseline anticipates a further 100bps of cuts next year,” Oxford Economics said.The 2025 budget targets a deficit of QR13.2bn (1.6% of projected GDP). The authorities plan to raise spending by 4.6% relative to last year’s budget and 1.2% relative to realised expenditure, with a strong focus on development in education and healthcare.The budget assumes an average oil price of $60/ barrel, Oxford Economics noted.

Information technology adoption across the global airline industry has been steadily rising, with IT investments reaching nearly $50bn last year, according to V K Mathews, founder and executive chairman of IBS Software — a technology partner to the global aviation sector.“Today, airlines typically allocate about 5% of their revenue to technology. A decade ago, that figure stood at just 2%. In essence, the industry’s IT spend has more than doubled over the past 10 years,” Mathews stated in an interview with Gulf Times.He emphasised that in today’s aviation landscape, underinvestment in IT is often a sign of organisational weakness. Drawing on his extensive experience—including a 15-year tenure with the Emirates Group in Dubai where he spearheaded the airline's global IT strategies—Mathews has been a key contributor to some of the industry's notable growth stories.Highlighting the transformative trends shaping the aviation sector, Mathews pointed to personalisation, disintermediation, and aggregation or virtualisation as three defining shifts.“In the past, the industry was largely supply-driven. Now, it is increasingly demand-focused,” he noted.“Airlines are prioritising personalisation—offering passengers what they want, rather than simply what is available. To do this effectively, they must understand customer profiles and preferences at a granular level.”Disintermediation — removing intermediaries to create direct relationships with customers — is another significant shift. This allows airlines to streamline the delivery of products and services.Meanwhile, aggregation or virtualisation enables carriers to offer services they may not directly produce or operate.“With digital connectivity, airlines can now act as travel platforms, aggregating services from partners and elevating their role to that of total travel management providers,” Mathews explained.An alumnus of the Indian Institute of Technology (IIT) Kanpur and Harvard Business School, Mathews is optimistic about the future of global aviation.He sees immense potential, particularly in fast-growing markets like India, and envisions a sector increasingly defined by next-generation technologies.“The future of aviation will be shaped by advanced tools such as biometrics, artificial intelligence (AI), blockchain, and the Internet of Things (IoT),” he said.“These innovations will not only enhance safety and efficiency but also enable a more seamless and personalised passenger experience.”Founded in 1997 by Mathews with just 55 engineers and one client, IBS Software has grown into a global enterprise with a presence in over 35 countries and a customer base exceeding 150 airlines and travel companies. Today, it employs more than 5,000 professionals representing 42 nationalities.Looking ahead, Mathews underscored the centrality of technology to the continued growth of airlines, especially in emerging markets. “Technology is the backbone — from operational efficiency in areas like crew scheduling and flight operations to transforming into modern retail platforms. Ultimately, AI will enable deeper, more personalised engagement with travellers,” he noted.