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Friday, April 12, 2024 | Daily Newspaper published by GPPC Doha, Qatar.
 Santhosh V. Perumal
Santhosh V. Perumal
Santhosh V. Perumal, a postgraduate in Econometrics with an advance qualification in Capital Markets and Financial Services, is Gulf Times' journalist. His coverage areas are debt and equity, hydrocarbons, international trade, environment, banks, insurance and real estate. Previously, he was in New Delhi, India as Senior Finance Correspondent of PTI.
Gulf Times
Business
Domestic funds help QSE tread positive trajectory after four days of bearish spell

The domestic institutions’ net buying support Tuesday helped the Qatar Stock Exchange snap four consecutive days of bearish run and its key index added 16 points. .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}} **media[87185]**The real estate, industrials, telecom, consumer goods and banking counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.16% to 9,851.97 points.More than 51% of the traded constituents extended gains in the main market, whose year-to-date losses truncated to 7.76%.The Arab retail investors were seen net buyers in the main bourse, whose capitalisation added QR1.81bn or 0.31% to QR581.56bn with midcap segments gaining the most.The foreign individuals were increasingly bullish in the main market, which however touched an intraday high of 9,944 points.The Islamic index rose faster than the main index in the main bourse, which saw a total of 0.06mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.59mn changed hands across 21 deals.The foreign institutions’ weakened net selling had its influence in the main market, which saw no trading of sovereign bonds.The local retail investors continued to be net buyers but with lesser intensity in the main bourse, which saw no trading of treasury bills.The Total Return Index gained 0.16%, All Share Index by 0.2% and Al Rayan Islamic Index (Price) by 0.2% in the main bourse, whose trade turnover and volumes were on the increase.The realty sector index rose 0.9%, industrials (0.73%), telecom (0.29%), consumer goods and services (0.25%) and banks and financial services (0.21%); while transport and insurance declined 1.34% and 0.79% respectively.Major gainers in the main market included Lesha Bank, Qatari German Medical Devices, Inma Holding, Beema, Al Khaleej Takaful, Dlala, Industries Qatar, Aamal Company, Mazaya Qatar, Gulf International Services and Ezdan.Nevertheless, Gulf Warehousing, Nakilat, Qatari Investors Group, Qatar Insurance, Doha Bank, Alijarah Holding and Qatar Islamic Bank were among the shakers in main bourse. In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their shares depreciate in value.The domestic institutions turned net buyers to the tune of QR12.61mn compared with net sellers of QR1.16mn on October 9.The Arab individual investors were net buyers to the extent of QR4.97mn against net sellers of QR1.7mn on Monday.The foreign retail investors’ net buying increased perceptibly to QR4mn compared to QR1.32mn the previous day.The foreign institutions’ net profit booking decreased substantially to QR1.13mn against QR31.97mn on October 9.However, the Gulf institutions’ net selling increased significantly to QR33.49mn compared to QR6.95mn on Monday.The Gulf individual investors’ net profit booking expanded markedly to QR9.52mn against QR0.95mn the previous day.The local retail investors’ net buying weakened considerably to QR22.58mn compared to QR41.42mn on October 8.The Arab institutions continued to have no major net exposure for the second straight session.Trade volumes in the main market shot up 10% to 200.18mn shares, value by 12% to QR515.98mn and deals by 3% to 17,192.The venture market saw a 65% surge in trade volumes to 0.66mn equities to more than double value to QR0.85mn on 41% jump in transactions to 65.

The telecom, real estate and banking sectors witnessed higher than average selling pressure as the 20-stock Qatar Index knocked off 1.64% to 9,836.22 points Monday.
Business
Foreign funds’ stronger net selling drags QSE 165 points; M-cap erodes QR10bn

The Qatar Stock Exchange Monday lost a huge 165 points in key index and more than QR10bn in capitalisation with foreign funds increasingly squaring off their position. .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}} **media[86856]**The telecom, real estate and banking sectors witnessed higher than average selling pressure as the 20-stock Qatar Index knocked off 1.64% to 9,836.22 points.As much as 84% of the traded constituents were in the red in the main market, whose year-to-date losses widened further to 7.91%.The foreign funds were increasingly net profit takers in the main bourse, whose capitalisation eroded QR10.16bn or 1.72% to QR579.75bn with large and midcap segments losing the most.The Gulf institutions turned net sellers in the main market, which, however, regained from an intraday low of 9,807 points.The Islamic index declined faster than the other indices in the main bourse, which saw a total of 0.02mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.22mn changed hands across 17 deals.The domestic institutions were seen bearish in the main market, which saw no trading of sovereign bonds.The Gulf retail investors were increasingly into net selling in the main bourse, which saw no trading of treasury bills.The Total Return Index shed 1.65%, the All Share Index by 1.64% and the Al Rayan Islamic Index (Price) by 1.71% in the main bourse, whose trade turnover and volumes were on the increase.The telecom sector index plummeted 2.47%, realty (2.28%), banks and financial services (2.05%), consumer goods and services (1.39%), transport (1.12%) and industrials (1.05%); while insurance rose 0.27%.Major losers in the main market included Ooredoo, Mazaya Qatar, Ezdan, Dlala, Qatari German Medical Devices, Meeza, QNB, Doha Bank, Masraf Al Rayan, Salam International Investment, Baladna, Gulf International Services, Qamco, Al Khaleej Takaful and United Development Company.In the venture market, Mahhar Holding saw its shares depreciate in value.Nevertheless, Qatar Insurance and Doha Insurance were the two losers in the main market. In the junior bourse, Al Faleh Educational Holding saw its shares appreciate in value.The foreign institutions’ net profit booking increased substantially to QR31.97mn compared to QR4.78mn on October 8.The Gulf institutions turned net sellers to the tune of QR6.95mn against net buyers of QR8.02mn the previous day.The Arab individual investors’ net selling strengthened perceptibly to QR1.7mn compared to QR0.55mn on Sunday.The domestic institutions were net sellers to the extent of QR1.16mn against net buyers of QR6.21mn on October 8.The Gulf retail investors’ net profit booking expanded marginally to QR0.95mn compared to QR0.11mn the previous day.However, the local retail investors turned net buyers to the tune of QR41.42mn against net sellers of QR4.08mn on Sunday.The foreign individuals were net buyers to the extent of QR1.32mn compared with net sellers of QR4.63mn on October 8.The Arab institutions had no major net exposure against net profit takers to the extent of QR0.09mn the previous day.Trade volumes in the main market shot up 23% to 182.35mn shares, value by 43% to QR461.37mn and deals by 53% to 16,618.Nevertheless, the venture market saw a 2% contraction in trade volumes to 0.4mn equities, 38% in value to QR0.42mn and 22% in transactions to 46.

Gulf Times
Business
QSE index falls 61 points; M-cap erodes QR4bn

The Qatar Stock Exchange Sunday opened the week on a weaker note with its key index falling below 10,000 points intraday but some last minute buying helped it finally settle at.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[86490]**10,001.16 points.The real estate, insurance, industrials, consumer goods and transport sectors witnessed higher than average selling pressure as the 20-stock Qatar Index lost 0.61% or 61 points.As much as 75% of the traded constituents were in the red in the main market, whose year-to-date losses widened further to 6.37%.The foreign individuals turned bearish in the main bourse, whose capitalisation melted QR3.58bn or 0.6% to QR589.91bn with small and midcap segments losing the most.The local retail investors were seen net profit takers in the main market, which regained from an intraday low of 9,985 points.The Islamic index declined faster than the other indices in the main bourse, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.26mn changed hands across 15 deals.The Arab individuals turned bearish in the main market, which saw no trading of sovereign bonds.The Gulf retail investors were seen net sellers in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.61%, the All Share Index by 0.65% and the Al Rayan Islamic Index (Price) by 0.75% in the main bourse, whose trade turnover and volumes were on the decline.The real estate sector index plummeted 2.12%, insurance (1.95%), industrials (0.98%), consumer goods and services (0.96%), transport (0.94%) and banks and financial services (0.3%); while telecom gained 0.38%.Major losers in the main market included Al Khaleej Takaful, Doha Insurance, United Development Company, Qatar Oman Investment, Lesha Bank, Inma Holding, Qatari German Medical Devices, Baladna, Industries Qatar, Estithmar Holding, Gulf International Services, Qamco and Mazaya Qatar.In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their shares depreciate in value.Nevertheless, Widam Food, Mannai Corporation, Ooredoo, Mekdam and Vodafone Qatar were among the gainers in the main bourse.The foreign individuals turned net sellers to the tune of QR4.63mn compared with net buyers of QR4.19mn on October 5.The local retail investors were net sellers to the extent of QR4.08mn against net buyers of QR34.72mn last Thursday.The Arab individuals turned net sellers to the tune of QR0.55mn compared with net buyers of QR0.06mn the previous trading day.The Gulf retail investors were net profit takers to the extent of QR0.11mn against net buyers of QR0.98mn on October 5.The Arab institutions turned net sellers to the tune of QR0.09mn compared with no major net exposure last Thursday.The Gulf institutions’ net buying weakened noticeably to QR8.02mn against QR9.81mn the previous trading day.However, the domestic institutions were net buyers to the extent of QR6.21mn compared with net sellers of QR2.09mn on October 5.The foreign institutions’ net profit booking decreased substantially to QR4.78mn against QR47.68mn last Thursday.Trade volumes in the main market decreased 20% to 148.82mn shares, value by 33% to QR323.05mn and deals by 31% to 10,833.Nevertheless, the venture market saw a 71% surge in trade volumes to 0.41mn equities, 84% in value to QR0.68mn and 64% in transactions to 59.

Gulf Times
Business
The Group Securities, QNBFS constitute 72% of share trade turnover of brokerages in QSE in January-September 2023

The Group Securities and QNBFS, the brokerage subsidiary of QNB, together constituted about 72% share trade turnover of the brokerages in the Qatar Stock Exchange (QSE) during the first nine months of this year.The QNB and Commercial Bank's brokerage subsidiaries as well as that of Wasata Financial Securities saw their share of trade turnover improve year-on-year during January-September 2023, according to the Qatar Stock Exchange data.The Group Securities’ share stood at 39.19% in January-July 2023 compared to 37.74% the previous year period. Its trading turnover tanked 26.52% year-on-year to QR75.46bn. The transactions through it however expanded 6.47% on an annualised basis to 2.47mn even as volumes fell 14.36% to 38.16mn shares at the end of September 30, 2023.The QNB subsidiary QNBFS' trade turnover amounted to QR62.75bn, which constituted 32.59% of the total traded value during January-September 2023 against 32.21% a year-ago period. The turnover shrank 28.4% year-on-year, even as volumes rose 3.15% to 12.45mn equities but transactions fell 9.78% to 2.12mn in the review period.The Commercial Bank Financial Services accounted for 13.14% of trade turnover compared to 12.75% during January-September 2023. The brokerage house's trade turnover plummeted 27.05% year-on-year to QR25.3bn as volumes were down 7.24% to 6.92mn stocks, whereas deals were flat at 0.71mn in the review period.The Commercial Bank Financial Services was the first bank brokerage in the country to launch margin trading product. The bourse recently amended the list of securities eligible for market making, liquidity provision, margin trading, and covered short‐selling activities; making more companies eligible.Wasata Financial Securities' share was 4.15% of trading turnover during January-September 2023 compared to 3.91% in the comparable period of 2022. Its trade turnover plunged 24.88% year-on-year to QR8bn as volumes shrank 8.18% to 2.92mn equities but deals soared 47.06% to 0.25mn at the end of September 2023.Qatar Securities accounted for 6.49% of trade turnover during the first nine months of 2023 compared to 7.2% the previous year period. The brokerage's trading turnover dipped 36.24% year-on-year to QR12.49bn as volumes fell 11.29% to 2.83mn shares and transactions by 10.26% to 0.35mn at the end of September 2023.Dlala Brokerage, a stock broking business arm of Dlala Holding, accounted for 3.4% of trade turnover (QR6.54bn), which tanked 43.33% year-on-year. The brokerage’s share was 4.24% the previous year period. The deals through it shrank 14.29 on a yearly basis to 0.18mn and volumes by 24.86% to 2.69mn stocks at the end of September 2023.Al-Ahli Brokerage, a subsidiary of Ahlibank Qatar, saw its trade turnover zoom 86.11% on an annualised basis to QR2.01bn, cornering a market share of 1.05% during the first nine months of 2023 compared to 1.95% a year ago period. The volumes handled by the banking subsidiary fell 53.7% to 0.5mn shares and deals through it by 45.45% to 0.06mn during the review period.

The foreign institutions were seen net profit takers as the 20-stock Qatar Index plummeted 1.85% this week which saw Doha's non-energy private sector signal “strong and stable” expansion in September with solid increases in output and new orders as employment rose at the fastest rate since June 2022.
Business
US rate concerns weigh on sentiments as index tanks 190 points; M-cap erodes QR10bn

Reflecting the interest rate concerns in the US, the Qatar Stock Exchange (QSE) saw its index plummet 190 points in index and more than QR10bn in capitalisation this week..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[85576]**The foreign institutions were seen net profit takers as the 20-stock Qatar Index plummeted 1.85% this week which saw Doha's non-energy private sector signal “strong and stable” expansion in September with solid increases in output and new orders as employment rose at the fastest rate since June 2022.The insurance, telecom, industrials and real estate counters witnessed higher than average selling pressure in the main market this week which saw QSE allow more companies eligible for margin trading, market making, liquidity provision and covered short selling.As much as 80% of the traded constituents were in the red in the main bourse this week which saw Qatar's trade surplus rise 8.7% to QR21.36bn this August against the previous month's levels owing to faster growth in shipments to Asian markets.The Gulf individuals were seen increasingly into net selling in the main bourse this week which saw the country's producer price index jump 4.5% month-on-month in August on noticeable jump in the indices of hydrocarbons and certain manufactured items such as refined petroleum products, chemicals, cement and beverages.The Islamic index was seen declining faster than the other indices in the main market this week which saw Estithmar Holding sign a memorandum of understanding with the Ministry of Health of Uzbekistan to study new investments in the healthcare sector and potential areas of co-operation medical tourism and healthcare services in the central Asian country.The domestic institutions’ substantially weakened net buying had its influence in the main bourse this week which saw a total of 0.04mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.08mn trade across 12 deals.However, the Gulf institutions were increasingly net buyers in the main market this week which saw as many as 0.27mn Doha Bank-sponsored exchange-traded fund QETF valued at QR2.64mn change hands across 64 transactions.Market capitalisation eroded QR10.46bn or 1.73% to QR593.49bn on the back of large and midcap segments this week which saw the industrials and banks together constitute about 65% of the total trade volume in the main bourse.The Total Return Index shed 1.85%, the All Islamic Index by 2.02% and the All Share Index by 1.7% this week, which saw no trading of sovereign bonds.The insurance sector index tanked 3.93%, telecom (3.15%), industrials (2.38%), realty (1.79%), banks and financial services (1.47%), consumer goods and services (0.51%) and transport (0.13%) this week which saw no trading of treasury bills.Major losers in the main market included Al Khaleej Takaful, Dlala, Qatar Insurance, Qatari German Medical Devices, Gulf International Services, Commercial Bank, Doha Bank, Lesha Bank, Masraf Al Rayan, Dukhan Bank, Medicare Group, Baladna, Industries Qatar, Mesaieed Petrochemical Holding, Mazaya Qatar, Ezdan and Qatari Investors Group. In the venture market, both Al Faleh Educational Holding and Mahhar Holding saw their shares depreciate in value this week.Nevertheless, Qatar Oman Investment, Doha Insurance, Meeza, Qatar General Insurance and Reinsurance, Aamal Company, Ahlibank Qatar and Widam Food were among the gainers in the main market.The foreign funds were net sellers to the tune of QR90.99mn against net buyers of QR38.55mn the week ended September 28.The Gulf individuals’ net profit booking increased noticeably to QR5.24mn compared to QR2.2mn a week ago.The domestic institutions’ net buying weakened substantially to QR14.47mn against QR42.67mn the previous week.However, the Gulf funds’ net buying grew drastically to QR37.43mn compared to QR6.25mn the week ended September 28.The local retail investors were net buyers to the extent of QR36.04mn against net sellers of QR61.41mn a week ago.The foreign individuals turned net buyers to the tune of QR6.99mn compared with net sellers of QR14.75mn the previous week.The Arab individual investors were net buyers to the extent of QR1.32mn against net sellers of QR9mn the week ended September 28.The Arab institutions had no major net exposure compared with net profit takers of QR0.11mn a week ago.The main market witnessed a 1% slump in trade volumes to 896mn shares, 13% in value to QR2.22bn and 12% in deals to 75,060 this week.In the venture market, trade volumes plunged 15% to 3.67mn equities, whereas value rose 6% to QR6.1mn and transactions by 13% to 477.

Speakers address McNair International and Moroğlu Arseven seminar.
Business
McNair International, Moroğlu Arseven co-host seminar on ‘Protecting Foreign Investments and Resolving Disputes' in Turkiye

McNair International and Moroğlu Arseven, two leading names in international dispute resolution and business law, came together to co-host a breakfast seminar “Protecting Foreign Investments and Resolving Disputes in Changing Times: The Perspective from Turkiye.”The seminar brought together a distinguished panel of experts and professionals to discuss crucial aspects of foreign investments, dispute resolution, and the evolving landscape in Turkiye as levels of investment and economic co-operation between Qatar and Turkiye continue to rise. It was attended by corporate executives, legal practitioners, in-house lawyers and professionals interested in international business affairs.Anthony Wilson, a solicitor-advocate at McNair International, led the seminar as the host and moderator. Levent Sadik Küçükdaban, the Qatar country adviser at the Investment Office of the Presidency of Türkiye, provided a government perspective on foreign investments in Turkiye and Qatar. His presentation shed light on the support and assistance the Investment Office provides to both Qatari investors and Turkish businesses.Dr E Seyfi Moroğlu, Partner at Moroğlu Arseven, offered valuable insights into the Turkish perspective on protecting foreign investments. Fulya Kurar, Senior Associate at Moroğlu Arseven, shared her expertise on navigating legal complexities in Turkiye. Her practical advice on dispute resolution strategies and compliance with Turkish laws resonated with the audience.Anastasia Medvedskaya, an Associate at McNair International, explored the advantages and disadvantages of umbrella clauses as an important aspect of investor-State dispute resolution and Sergey Ryapisov, Senior Counsel at McNair International addressed the difficulties of enforcement against States through effective dispute resolution.“The exchange of ideas and experiences between industry experts and participants was truly enriching. We hope that this event has provided valuable insights into protecting foreign investments between Qatar and Turkiye, resolving disputes in today’s dynamic business environment and contributing to fruitful trade between Turkiye and Qatar," said Wilson.

Nicholas Lyons, Lord Mayor of City of London. PICTURE: Thajudheen
Business
Lord Mayor of London welcomes QFC's sustainable sukuk and bonds framework

London Wednesday welcomed the Qatar Financial Centre's (QFC) sustainable sukuk and bonds (SSB) framework, the first in the Gulf region; saying it will not only promote transparency but minimise greenwashing risks."The (London) city welcomes the QFC's development of a sustainable sukuk and bonds framework. It will promote transparency and minimise risks of greenwashing as the country pursues its National Vision 2030," Lord Mayor of City of London, Nicholas Lyons, told the 15th Middle East and North Africa (Mena) Regulatory Summit.The QFC's SSB framework is based on the latest International Capital Markets Association (ICMA)’s Green Bond Principles (GBP), Social Bond Principles (SBP), and Sustainable Bond Guidelines (SBG).The SSB framework integrates local requirements and features with ICMA’s globally accepted principles to create a harmonised financial market ecosystem locally, based on international standards.London's endorsement to QFC's SSB framework came as it fully supports the harmonisation of frameworks across international boundaries, according to him.Highlighting that Lord Mayors have visited Qatar 16 times since 2001; he said it shows the importance and depth of the relations between London and Doha and it is a two-way relationshipElaborating on greenwashing, Lyons said: "As the world steps up to tackle climate change, we have seen proliferation of investment products marketed as green. While many of these are bona-fide, some organisations are making exaggerated claims about their products and ESG (environment, social and governance) credentials, damaging the credibility of the wider market."Many organisations rely on ready-made ESG scoring, he added.Greenwashing is a false, misleading or untrue action or set of claims made by an organisation about the positive impact that a company, product or service has on the environment.Lyons said the financial centres of London and Doha have been successful owing to the strength of their regulations."Regulation is the cornerstone of financial stability, preventing excessive risk taking and ensuring financial institutions are able to weather economic downturns," he said.Regulation is also the guardian of market integrity, ensuring that the market operates with fairness, transparency and credibility; promoting confidence and in turn, stimulating long term growth, according to him.While the speed of change in some areas have been very impressive, Lyons said the world is moving even faster, new innovations like artificial intelligence, big data analytics, blockchain and distributed ledger technology prove new challenges.With the advent of new technologies, money laundering has increasingly become a complex threat to individual businesses and wider economy, he said.Highlighting that anti-money laundering compliance possesses a high cost to business, he said it is estimated that anti-money laundering costs to the world between 2% and 5% of its GDP (gross domestic product) annually."Global hubs like London and Doha should innovate to address these fast evolving issues in the anti-money laundering beneficial space," he said.

File photo shows a part of the Ras Laffan Industrial City, Qatar's principal site for the production of liquefied natural gas and gas-to-liquids. The mining PPI, which carries the maximum weight of 82.46%, reported a 4.59% surge month-on-month in August 2023 owing to a 4.6% increase in the index of extraction of crude petroleum and natural gas.
Business
Qatar industrial producers' price pressure increases month-on-month in August: PSA

Qatar's producers' price index (PPI), which captures the price pressure felt by the producers of goods and services, rose month-on-month but was seen drifting southwards on an annualised basis in August, according to official estimates.The country's PPI jumped 4.5% on a monthly basis owing to a noticeable increase in the indices of hydrocarbons and certain manufactured items such as refined petroleum products, chemicals, cement and beverages, according to figures released by the Planning and Statistics Authority (PSA).The PPI – which measures inflation from the perspective of costs to industry or producers of products as it measures price changes before they reach consumers – however saw a 32.23% plunge on an annualised basis in August 2023 on hydrocarbons, chemicals and basic metals.The PSA had released a new PPI series in late 2015. With a base of 2018, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.The mining PPI, which carries the maximum weight of 82.46%, reported a 4.59% surge month-on-month in August 2023 owing to a 4.6% increase in the index of extraction of crude petroleum and natural gas.The mining sector PPI had seen a 34.73% plunge year-on-year in August 2023 as the index of crude petroleum and natural gas was seen dropping 34.77%, even as that of other mining and quarrying was up 0.02%.The manufacturing sector PPI, which has a weight of 15.85% in the basket, soared 4.28% on a monthly basis due to a 13.82% increase in the index of refined petroleum products, 4.46% in chemicals and chemical products, 2.64% in beverages, 2.63% in cement and other non-metallic mineral products and 0.03% in food products. However, there was a 7.18% contraction in the index of basic metals in August 2023.The manufacturing PPI, however, plummeted 18.32% on a yearly basis in August 2023 on account of a 25.37% contraction in the index of chemicals and chemical products, 21.41% in basic metals, 6.07% in refined petroleum products and 5.36% in rubber and plastics products.However, there was a 3.36% increase in the index of food products, 3.29% in beverages, 2.76% in cement and other non-metallic mineral products and 0.16% in printing and reproduction of recorded media in the review period.The index of electricity, gas, steam, and air conditioning supply reported 3.26% decline on a monthly basis but shot up 8.22% year-on-year in August 2023.The index of water supply soared 9.59% and 20.24% month-on-month and year-on-year respectively in the review period.

Sheikh Ahmed bin Eid al-Thani, Head of Qatar Financial Information Unit. PICTURE: Thajudheen
Business
Qatar calls for regulatory frameworks to address emerging risks while maintaining trade and capital flows

Qatar Wednesday stressed the importance of developing regulatory frameworks that can address emerging risks, while maintaining the flow of trade and capital.This was articulated by Sheikh Ahmed bin Eid al-Thani, Head of Qatar Financial Information Unit (QFIU), at the 15th Middle East and North Africa Regulatory Summit, organised by the London Stock Exchange Group (LSEG) and in the presence of HE Sheikh Bandar bin Mohamed al-Thani, the Qatar Central Bank Governor.Sheikh Ahmed emphasised the goal of creating a regulatory environment grounded in knowledge, development, and transparency, fostering dialogue and evaluation to support government efforts in combating financial crimes and driving economic growth.He also commended the role of financial investigation units within international organisations like MENAFATF (Middle East and North Africa Financial Action Task Force) and Egmont Group, noting their contributions to shaping unified policies and finding solutions to common challenges.‏Nadim Najjar, managing director of Central and Eastern Europe, Middle East, and Africa at LSEG, echoed the importance of adapting to the evolving financial landscape as he discussed the role of artificial intelligence (AI) in combating money laundering and emphasized the need for vigilant regulatory oversight in light of recent challenges, including the crypto token price crash and the rise of stable coins.Money laundering and associated offences affect not only the financial landscape of the region but also the very fabric of the society, he said, adding the challenges are getting increasingly sophisticated approach from regulators and corporations."In this evolving landscape, when digitalisation is accelerating, AI has become an essential tool to ensure that our financial system remain robust. The challenges we face are beyond the digital realm," he said.‏Najjar emphasised the delicate balance between protecting consumers and fostering innovation, particularly in the realm of fintech. He also highlighted the challenges faced by corporations in complying with anti-money laundering obligations and data protection laws.‏Xolisile Khanyile, former chair of the Egmont Group of Financial Intelligence Units, shared insights into the critical importance of compliance.She highlighted that compliance is essential to prevent financial systems from being infiltrated by criminality, protect the integrity of institutions, and support intelligence-driven investigations, prosecutions, and asset recovery.The implementation of risk-based approaches is still in its early stages in many countries, she said, highlighting the need for better implementation of preventative measures by the private sector.She stressed that asset recovery remains a challenge, with countries recovering only a fraction of actual proceeds.Finding unintended consequences of overregulation, including the shrinking of civic space under the guise of compliance; she advocated for more holistic criminal justice frameworks and encouraged public-private partnerships (PPPs) to foster collaboration and information sharing.

Q-Max LNG carrier Mekaines operated by Nakilat. PICTURE: www.nakilat.com. The country’s exports of petroleum gases and other gaseous hydrocarbons were valued at QR17.65bn, which grew 3.9% on a monthly basis; crude at QR6.79% (26.7%), non-crude at QR3.15bn (13%) and other commodities at QR2.93bn (4%) in August 2023.
Business
Qatar trade surplus jumps 8.7% month-on-month to QR21.36bn in August: PSA

Qatar's trade surplus rose 8.7% to QR21.36bn in August against the previous month's levels owing to faster growth in shipments to Asian markets, according to official statistics.However, the country registered a 41.1% year-on-year decrease in trade surplus in the review period, according to the Planning and Statistics Authority (PSA).Qatar’s exports to Japan, China, Singapore and India were on the rise this August against those in August 2023.The share of petroleum gases and other gaseous hydrocarbons in the country's total export basket was seen declining substantially; while those of crude and non-crude increased robustly in the review period.The country's total exports of goods (including exports of goods of domestic origin and re-exports) were up 8% month-on-month to QR31.42bn. On an annualised basis, it tanked 32.9% in August 2023.More than 63% of the exports went to China, South Korea, India, Japan and Singapore. In August 2023, Qatar's shipments to China amounted to QR7.51bn or 23.9% of the total exports of the country, followed by South Korea QR3.89bn (12.4%), India QR3.29bn (10.5%), Japan QR2.72bn (8.7%), and Singapore QR2.4bn (7.6%).On a monthly basis, Qatar's exports to Japan zoomed 33.83%, China by 24.61%, Singapore by 22.36% and India by 17.66%; whereas those to South Korea were down 5.9% in September 2023.On a yearly basis, the country's exports to Japan plunged 47.5%, India by 27.19%, Singapore by 13.87% and South Korea by 13.31%; while those to China shot up 38.98% in the review period.The country’s exports of petroleum gases and other gaseous hydrocarbons were valued at QR17.65bn, which grew 3.9% on a monthly basis; crude at QR6.79% (26.7%), non-crude at QR3.15bn (13%) and other commodities at QR2.93bn (4%) in August 2023.On a yearly basis, the exports of petroleum gases and other gaseous hydrocarbons plunged 47.4% and other commodities by 29.8%; even as those of crude surged 30.1% and non-crude by 8.4% in the review period.Petroleum gases constituted 57.81% of the exports of domestic products in August 2023 compared to 73.17% a year ago period; followed by crude 22.24% (11.39%), non-crude 10.32% (6.35%) and other commodities 9.6% (9.1%).Qatar's total imports (valued at cost insurance and freight) amounted to QR10.06bn, which showed a 6.6% increase month-on-month; even as it fell 4.8% on an annualised basis in August 2023.The country's imports from the US amounted to QR1.78bn, which accounted for 17.7% of the total imports; followed by China QR1.36bn (13.5%), Germany QR0.85bn (8.5%), India QR0.54bn (5.3%) and Italy QR0.51bn (5%) in the review period.On a monthly basis, the country's imports from Germany expanded 33.96%, the US by 31.86% and India by 4.87%; whereas those from Italy shrank 19.01% and China by 13.71% in August 2023.On a yearly basis, Qatar's imports from Italy declined 29.58%, China by 25.93% and India by 22.7%; whereas those from Germany surged 51.6% and the US by 17.14% in the review period.In August 2023, the group of "Turbojets, Turbo propellers and Other Gas Turbines; Parts Thereof" was at the top of the imported group of commodities and valued at QR0.51bn, showing an annual decline of 14.1%In the second place was “Parts of Aeroplanes or Helicopters, with QR0.49bn, showing an increase of 93.7% on an annualised basis in the review period.In third place was "Motor Cars & Other Motor Vehicles for The Transport of Persons”, with QR0.48bn, which however showed an increase 3.9% year-on-year in August 2023.

Lisa McGeough, co-head, Global Banking Coverage, HSBC
Business
High energy price-led capital inflows create opportunities; Doha ideally placed take advantage of India-Middle East-Europe Economic Corridor: HSBC

The recent high energy prices have led to “significant" capital inflows, opening new opportunities for Qatar, which is also ideally placed to take advantage of the India-Middle East-Europe Economic Corridor (IMEC), according to a top official of HSBC.In an interview to Gulf Times, Lisa McGeough, co-head, Global Banking Coverage, HSBC, said recent high energy prices have brought significant inflows of capital to Qatar, which is already the world’s biggest exporter of LNG (liquefied natural gas) and plans to boost production by 63% by 2027."This capital opens a wealth of new opportunities aligned with the future economy and new industries," she said, ahead of her meeting with clients in Doha.There are countless global opportunities in both developed markets and the global south where commodities that will be a mainstay of future technologically-enabled economies reside and where climate change needs are most pressing, she said, adding taken together, these forces are shaping the next phase of the global economy’s evolution.The infrastructure that will provide the backbone of this phase is also in development, with a great example being the IMEC announced at the G20.This cost-effective, cross-border, ship-to-rail transit network will not only further secure regional supply chains but also increase trade accessibility, improve trade facilitation and support an increased emphasis on environmental social, and government (ESG) impacts."Qatar is ideally placed to take advantage of these new megatrends. Qatar’s National Vision 2030 is the embodiment of that," she said.Stressing that HSBC will use its unique global network in more than 60 countries and territories to support Qatar with reaching its ambitions; McGeough said that means helping unlock new ideas in Asia, the US, and Europe, broadening and deepening domestic capital markets and helping companies embrace both climate and sustainable finance-related opportunities.As far back as 2003, HSBC prioritised Qatar as a growth market globally, through what management back then called the ‘Managing for Growth’ strategy, she said, adding "that hasn’t changed. If anything, our focus has sharpened."On Qatar's capital market, she said the "progress is clear for all to see". Since securing MSCI Emerging Market status almost a decade ago, the market infrastructure has been strengthened through new legislation and the introduction of new products, which has led to a deepening of the investor base, both locally and internationally, according to her."It’s perhaps no surprise, then, that the share of foreign investors in QSE’s trading values has seen significant increases in 2022 and 2023," she said, adding "we see similar trends across the Gulf Cooperation Council (GCC), where capital markets are highly active."Asked about sustainability trends in the Gulf bourses, she said in January this year, Gulf exchanges announced unified ESG metrics for the GCC-listed companies.Enshrined in 29 standards aligned with the World Federation of Exchanges and Sustainable Stock Exchanges Initiative, they comprise categories covering greenhouse gas emissions, energy usage, water usage, gender pay, employee turnover, gender diversity, data privacy, ethics and more, according to her."Whilst voluntary, they represent a significant step towards standardising ESG disclosures across the GCC region," she said.

Yousuf Mohamed al-Jaida says Qatar PMI continued its steady run in September
Business
Qatar's non-energy firms' employment rose at fastest rate since June 2022: QFC

Doha's non-energy private sector signalled “strong and stable” expansion in September with solid increases in output and new orders as employment rose at the fastest rate since June 2022, according to Qatar Financial Centre (QFC).The 12-month outlook for the non-energy private sector improved in September. Expectations were strongest among manufacturers and construction firms, said the QFC's latest purchasing managers’ index (PMI) survey data.The PMI posted 53.7 in September, little-changed from 53.9 in August and indicating another strong improvement in business conditions. The latest figure was above the average for 2023 so far (53) and the long-run trend since 2017 (52.4). The PMI has remained in a narrow range of 53.7-55.6 since March, indicating "stable, solid" economic growth.The headline QFC PMI is a composite single-figure indicator of non-energy private sector performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.The PMI indices are compiled from survey responses from a panel of around 450 private sector companies. It covers the manufacturing, construction, wholesale, retail, and services sectors, reflecting the structure of the non-energy economy according to official national accounts data.“The Qatar PMI continued its steady run in September, coming in at 53.7 and indicating another strong improvement in business conditions. Growth over the third quarter as a whole softened slightly compared with the second quarter, but remained comfortably above the long-run trend of the survey’s six-and-a-half year history," said Yousuf Mohamed al-Jaida, chief executive officer, QFC Authority.New business increased for the eighth successive month in September, and the growth rate stabilised at a strong pace. Construction provided a notable boost to demand during the month.Total business activity among Qatari non-energy private sector firms rose further. Output has risen every month for more than three years, except for a brief correction in January following the conclusion of the FIFA World Cup Qatar 2022. The latest rate of expansion was softer than in each of the prior four months, but still stronger than the long-run average."The soft patch in the PMI immediately following the FIFA World Cup in early-2023 was recently corroborated by the latest GDP figures, where annual growth slowed to 2.7% in the first quarter. The PMI is signaling a subsequent uplift to GDP growth in the second and third quarters,” al-Jaida said.Non-oil private sector employment expanded for the seventh month running in September, and at the fastest rate since June 2022. Companies reported efforts to gain experienced, highly qualified employees. Three of the four main monitored sectors registered solid increases in staffing, as did financial services.Purchasing of inputs expanded for the seventh consecutive month in September, but supply chains continued to improve as average lead times fell for the seventeenth successive month, a series-record sequence. Input inventories were broadly stable, as companies continued to manage stock levels efficiently.Total financial services activity and new business both increased at marked rates, albeit ones that eased slightly since August, while the 12-month outlook improved, the QFC said, adding September data signalled lower charges levied by finance companies in Qatar, the third instance of discounting in four months. Average input costs fell marginally.

From left: M Mustafa Goksu, Turkish ambassador in Doha; Dr Omer Bolat, Turkiye Minister of Trade; O Volkan Agar, deputy 
minister of trade; and Ali Kilickaya, director general of exports, at the unveiling of Turkish pavilion for Expo 2023 Doha. 
PICTURE: Thajudheen
Business
‘Turkiye and Qatar to enter into comprehensive trade, economic pact by year-end’

Turkiye and Qatar are expected to enter into a comprehensive trade and economic agreement by the end of this year, which would stimulate and strengthen the bilateral commercial relations between the two countries.This was disclosed by Turkiye Minister of Trade Dr Omer Bolat as he unveiled the Ankara’s pavilion at the Expo 2023 Doha.The pavilion – one of the largest settlement areas of expo, covering an area of 1,024sq m – aims to promote environmentally friendly and environmentally sensitive approaches to agriculture, development, and technological advancement. It showcases Turkiye’s biodiversity, plant cultivation richness, plant cover, natural and geographical features.Attaching great importance to enhancing its trade relations and economic cooperation with Qatar, with which it has deep-rooted friendship bonds; he said “we are continuing our efforts to further advance the bilateral trade volume, which reached $2.3bn in 2022.” Turkiye’s exports increased by 30.7% to $1.5bn dollars in 2022, while imports decreased by 8.6% to $773mn, he said in the presence of O Volkan Agar, deputy minister of trade; M Mustafa Goksu, Turkish ambassador in Doha; and Ali Kilickaya, director general of exports.Optimistic that the bilateral economic relations have the potential to reach higher growth trajectory in the coming years; he said a comprehensive trade and economic agreement would be signed by the end of this year, which would stimulate investments flows (both ways) between the two countries.The proposed agreement would abolish customs duty, he said, adding it would augur well for trade and investments.Stressing that as many as 130 Turkish businessmen participating in the Turkish pavilion to review vistas of co-operation with their Qatari counterparts; the visiting minister said “we will like to work together” as he expect the expo to be fertile ground for co-operation.“We see this (expo) as beginning” (of strengthening the relations between the two countries in the agricultural sector, he said. Bolat said there are 720 Turkish firms working in Qatar in various fields, and about 120 Qatari firms operating in Turkiye and have successful investments.According to Qatar Chamber, the two countries’ bilateral trade volume reached QR8.1bn in 2022, showing an 18% annual increase, making Turkiye one of Qatar’s most significant trading partners.Qatari companies, with $9.9bn in direct investments in Turkiye since 2002, demonstrate the importance of investment relations between two countries, he said, adding big Qatari funds have invested in Turkiye’s large big projects amounting to $19bn.“We are doing our best (from both the sides) to stimulate bilateral investments into Turkiye and into Qatar in the near future,” according to him.He said the potential areas where Turkiye and Qatar could collaborate further in mutual investments are in the areas of tourism, banking and financial services, renewable energy, transportation, environmental protection, information technologies, construction, and consultancy.

Gulf Times
Business
Qatar ports see robust year-on-year jump in cargoes, livestock and building materials movement in September 2023

Cargoes, livestock and building materials movement through Qatar's three main ports saw a robust year-on-year growth in September 2023, according to official statistics.The positive momentum in the country’s maritime sector is expected to continue in view of 12-month optimistic outlook, especially for the country’s non-energy private sector, as indicated by the latest purchasing managers’ index of the Qatar Financial Centre.The ports – Hamad, Doha and Al Ruwais – showed growth in terms of number of vessels, containers, general cargoes and livestock on monthly basis in the review period, according to the figures released by Mwani Qatar.The number of ships calling on Qatar's three ports stood at 266 in September 2023, which saw a 3.62% decline compared to the previous year period; whereas it reported 6.83% increase on a monthly basis.Hamad Port – which offers opportunities to create cargo movement towards the upper Gulf, supporting countries such as Kuwait and Iraq and south towards Oman – had seen as many as 145 vessels moored in the review period.During the first nine months of this year, as many as 2,057 vessels had called on the three ports.The general cargo through three ports amounted to 163,103 tonnes in September this year, showing a robust 23.31% and 1.86% expansion on an annualised and monthly basis respectively.Hamad Port – which features an intermodal transport network that offers direct and indirect shipping services to more than 100 destinations, facilitating efficient transportation and logistics services locally and abroad – handled as much as 159,538 freight tonnes of breakbulk.On a cumulative basis, the general cargo movement through the three ports amounted to 1.46mn tonnes during January-September 2023.The three ports handled as many as 28,577 livestock heads in September 2023, which zoomed 339.71% and 65.85% year-on-year and month-on-month respectively. The three ports together handled as many 347,027 livestock heads during the first nine months of this year.The building materials traffic through the three ports amounted to 45,079 tonnes in the review period, which shot up 64.74% on a yearly basis but was down 2.16% month-on-month. They had handled as much as 401,143 tonnes during January-September 2023.The container handling through three ports stood at 122,616 TEUs (twenty-foot equivalent units), which fell 0.32% year-on-year but grew 2.23% month-on-month in September 2023. Hamad Port saw a total of 119,956 TEUs of containers handled in the review period.The container handling through the three ports cumulatively stood at 976,423 TEUs during the first nine months of this year.The container terminals have been designed to address the increasing trade volume, enhancing ease of doing business as well as supporting the achievement of economic diversification, which is one of the most important goals of the Qatar National Vision 2030.The three ports handled 6,011 RORO in September 2023, which registered a 1.2% and 23.67% decline year-on-year and month-on-month respectively. Hamad Port alone handled 6,007 units in the review period. The three ports together handled as many as 60,092 vehicles during January-September 2023.

Gulf Times
Business
QSE allows more companies eligible for margin trading, market making, liquidity provision and covered short selling

The Qatar Stock Exchange (QSE) has amended the list of securities eligible for market making, liquidity provision, margin trading, and covered short‐selling activities; making more companies eligible.This amendment – which aligns with the semi‐annual review of the QSE indices, based on the criteria established by the Qatar Financial Markets Authority – will be effective from October 2.The constituents of 20-stock Qatar Index and Al Rayan Islamic Index would be eligible for margin trading and covered short-selling.Stocks of companies with an annual turnover rate equal to or greater than 10%, and a quarterly turnover rate in their trades exceeding 80% of trading days in each quarter, have been made eligible through the amendments.Tradable units of the exchange traded funds QE Index ETF (QETF) and the Al Rayan Qatar ETF (QATR) are also eligible for margin trading and covered short selling. Companies with at least one liquidity provider or market maker are also eligible."If any stock is excluded from the qualified list, brokers will have a three‐month period to close open positions of the relevant activities," a QSE communique said, adding all securities qualified for covered short selling are eligible for lending and borrowing activities.The securities eligible for margin trading and covered short selling are Ooredoo, Qamco, Qatar Insurance, QATR, QETF, Qatar Electricity and Water, Qatar Islamic Bank, Woqod, Qatari German Medical Supplies, Nakilat, Qatar Islamic Insurance, QIIB, Qatari Investors Group, Qatar Industrial Manufacturing Company, QLM, QNB, Qatar National Cement, Milaha, Qatar Oman Investment, Salam International Investment, United Development Company, Vodafone Qatar, Widam Food and Zad Holding.The list also includes Aamal Company, Al Khaleej Takaful, Baladna, Barwa, Commercial Bank, Dlala, Doha Bank, Dukhan Bank, Ezdan, Al Faleh Educational Holding, Gulf International Services, Gulf Warehousing, Estithmar Holding, Inma Holding, Industries Qatar, Masraf Al Rayan, Mannai Corporation, Medicare Group, Al Meera, Meeza, Mahhar Holding, Mekdam Holding, Mesaieed Petrochemical Holding, Mazaya Qatar and Alijarah Holding.The bourse also said all companies listed on the main market and the venture market, and all ETFs listed on the QSE are eligible for both market maker and liquidity provider activities.

The local retail investors were increasingly net sellers as the 20-stock Qatar Index lost 0.69% this week which saw Oxford Economics view that the Gulf Co-operation Council economies will experience an extended period of higher interest rates.
Business
QSE loses 35 points as rate concerns loom large

The Qatar Stock Exchange (QSE), which on Sunday experienced technical snag in the pre-opening, saw its key index lose more than 35 points, reflecting the last week’s continued rate concerns in the global markets.A higher than average selling pressure, especially in the insurance, consumer goods and banking counters led the 20-stock Qatar Index 0.35% to 10,216.15 points.The Gulf individuals turned net profit takers in the main market, whose year-to-date losses widened further to 4.35%.The Arab retail investors were net sellers in the main bourse, whose capitalisation melted QR2.8bn or 0.46% to QR601.15bn with midcap segments losing the most.The foreign individuals turned bearish, albeit at lower levels, in the main market, which however touched an intraday high of 10,284 points.The Islamic index declined slower than the other indices in the main bourse, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.32mn changed hands across 12 deals.The domestic individuals’ lower net buying had its influence in the main market, which saw no trading of sovereign bonds.The Gulf funds’ weakened net buying also had its say in the main market, which saw no trading of treasury bills.The Total Return Index fell 0.35%, All Share Index by 0.53% and Al Rayan Islamic Index (Price) by 0.16% in the main bourse, whose trade turnover fell amidst higher volumes.The insurance sector index tanked 4.84%, consumer goods and services (0.84%), banks and financial services (0.63%) and industrials (0.11%); while transport shot up 0.66%, real estate (0.52%) and telecom (0.06%).Major losers in the main market included Qatar Insurance, Al Khaleej Takaful, Dukhan Bank, Woqod, Doha Bank and Widam Food. In the venture market, Mahhar Holding saw its shares depreciate in value.Nevertheless, Doha Insurance, Salam International Investment, Lesha Bank, Qamco, United Development Company, Milaha and Gulf Warehousing were among the gainers in the main bourse.The Gulf retail investors turned net sellers to the tune of QR2.91mn compared with net buyers of QR0.15mn on September 28.The Arab individuals were net sellers to the extent of QR2.84mn against net buyers of QR3.87mn the previous trading day.The foreign individuals turned net profit takers to the tune of QR0.22mn compared with net buyers of QR0.19mn last Thursday.The domestic institutions’ net buying decreased significantly to QR20.51mn against QR37.7mn on September 28.The Gulf institutions’ net buying weakened noticeably to QR9.85mn compared to QR16.96mn the previous trading day.However, the local retail investors’ net profit booking declined substantially to QR5.75mn against QR26.6mn last Thursday.The foreign institutions’ net profit booking shrank markedly to QR18.65mn compared to QR32.68mn on September 28.The Arab institutions had no major net exposure against net sellers to the extent of QR0.11mn last Thursday.Trade volumes in the main market rose 8% to 197.87mn shares, while value declined 27% to QR414.02mn and deals by 34% to 11,656.The venture market saw a 17% contraction in trade volumes to 0.4mn equities, 19% in value to QR0.79mn and 15% in transactions to 74.

A view of the Ras Laffan Industrial City, Qatar's principal site for the production of liquefied natural gas and gas-to-liquids. Qatar Fabrication Company (QFAB) is nearing the completion of construction of five wellhead jackets for the North Field South (NFS) project for which it has put in more than 4.3mn accident-free work hours.
Business
QFAB nears completion of construction of wellhead jackets for NFS; clocks 4.3mn LTI-free workhours

Qatar Fabrication Company (QFAB) is nearing the completion of construction of five wellhead jackets for the North Field South (NFS) project for which it has put in more than 4.3mn accident-free work hours."This important milestone is the culmination of more than 4.3mn LTI-free (lost time incident-free) work hours of fabrication and constructing the process module," said the latest issue of Nakilat's magazine 'Voyages'.The total weight of the jackets is approximately 18,000 tonnes and they were loaded out from Qatar Fabrication Company's (QFAB) facility in the QatarEnergy-owned and Nakilat-operated Erhama Bin Jaber Al Jalahma Shipyard in Ras Laffan Industrial City.QFAB, a joint-venture between Nakilat and McDermott International, is nearing the completion of the construction and loadout of five wellhead jackets, for its client McDermott on the NFS project, which, together with the North Field East, aims to increase Qatar’s liquefied natural gas (LNG) production capacity to 126mn tonnes per annum by 2027.“The sail away of the jackets is of key importance for the NFS project as it marks the conclusion of onshore construction, and with this the remaining installation and hook-up work on NFS will take place offshore where the jackets will be integrated with the wellhead topsides at the NFS site,” said John Macpherson, QFAB’s managing director.Highlighting it as an incredible milestone on the largest scope of offshore construction of its kind ever built in Qatar; he said "we are immensely proud that our work at QFAB contributes to the Qatar National Vision 2030 and is in line with the Tawteen and QatarEnergy’s In-Country Value (ICV) initiative."ICV is economic value added from local operations and spend retained in the country. It is measured using a formula that captures how much out of the revenue is contributed back into the economy.The wellhead jackets will be a crucial part of the NFS project development which will add new offshore wellhead topsides, pipelines, and onshore facilities to boost LNG production for export, the magazine said.The new development will add 50 wells on five wellhead platforms (WHP’s) located about 20-30 km from Ras Laffan with a water depth variation of 18 to 24 meters in the North Field.The five WHPs shall feed two LNG mega trains; one pair of WHPs shall support one LNG mega train. Each pair of WHPs is connected through an intrafield pipeline tying into a trunk line.In May this year, QatarEnergy had awarded $10bn engineering, procurement and construction contract for the NFS project to TotalEnergies, Shell, and ConocoPhillips, which together would hold 25% stake, with the remaining majority 75% being held by Qatar's hydrocarbon bellwether.

The local retail investors were increasingly net sellers as the 20-stock Qatar Index lost 0.69% this week which saw Oxford Economics view that the Gulf Co-operation Council economies will experience an extended period of higher interest rates.
Business
Interest rate concerns weigh on sentiments as index drifts south; M-cap melts more than QR1bn

The interest rate concerns in the global markets had its dampening effect on the Qatar Stock Exchange (QSE), which experienced net profit booking pressure this week..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[82144]**The local retail investors were increasingly net sellers as the 20-stock Qatar Index lost 0.69% this week which saw Oxford Economics view that the Gulf Co-operation Council economies will experience an extended period of higher interest rates.The real estate, transport and industrials counters saw higher than average selling pressure in the main market this week which saw QTerminals, in which Milaha is an equity stakeholder, disclose its firm plans to construct and operate a new deep-well container terminal in Poland.The foreign individuals were increasingly into net profit booking in the main bourse this week which saw the global credit rating agency Fitch affirm Commercial Bank’s issuer default rating at ‘A-’ with positive outlook.The Arab retail investors’ net selling increased markedly in the main market this week which saw United Development Company (UDC) enter into agreement with Commercial Bank for QR2bn real estate financing.The Gulf individuals were seen into increased net selling in the main bourse this week which saw QNBFS terminate liquidity provision agreement with Estithmar Holding.The Islamic index was seen declining faster than the other indices in the main market this week which saw Edaa amend foreign ownership limit in Qatar Insurance Company u to 100%.The Arab institutions were bearish, albeit at lower levels, in the main bourse this week which saw a total of 0.17mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.39mn trade across 33 deals.However, the domestic funds turned bullish in the main market this week which saw as many as 0.06mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.56mn change hands across 32 transactions.Market capitalisation melted QR1.29bn or 0.21% to QR603.95bn on the back of small and microcap segments this week which saw the industrials and banks together constitute about 62% of the total trade volume in the main bourse.The Total Return Index shed 0.69%, the All Islamic Index by 1% and the All Share Index by 0.21% this week, which saw no trading of sovereign bonds.The realty sector index plummeted 2.54%, transport (2.53%), industrials (1.07%), telecom (0.62%) and banks and financial services (0.07%); while insurance shot up 6.65% and consumer goods and services 1.84% this week which saw no trading of treasury bills.About 53% of the traded constituents were in the red with major shakers being Milaha, Doha Insurance, UDC, Commercial Bank, Industries Qatar, QIIB, Qatar Oman Investment, Qatar National Cement, Estithmar Holding, Barwa and Mazaya Qatar. In the venture market, Mahhar Holding saw its shares depreciate in value this week.Nevertheless, QLM, Qatar Insurance, Al Khaleej Takaful, Gulf International Services, Beema, Lesha Bank, Woqod, Qatar Industrial Manufacturing and Qamco were among the gainers in the main market. In the junior bourse, Al Faleh Educational Holding saw its shares appreciate in value this week.The local retail investors’ net selling rose substantially to QR61.41mn compared to QR25.06mn the week ended September 21.The foreign individuals’ net profit booking expanded significantly to QR14.75mn against QR0.61mn the previous week.The Arab individual investors’ net selling strengthened markedly to QR9mn compared to QR1.92mn a week ago.The Gulf individuals’ net selling grew noticeably to QR2.2mn against QR0.94mn the week ended September 21.The Arab funds turned net sellers to the tune of QR0.11mn compared with net buyers of QR0.21mn the previous week.The Gulf institutions’ net buying decreased drastically to QR6.25mn against QR66.78mn a week ago.However, the domestic funds were net buyers to the extent of QR42.67mn compared with net sellers of QR26.96mn the week ended September 21.The foreign institutions turned net buyers to the tune of QR38.55mn against net profit takers of QR11.49mn the previous week.The main market witnessed a 4% jump in trade volumes to 909.39mn shares, 12% in value to QR2.56bn and 6% in deals to 85,234 this week.In the venture market, trade volumes plunged 63% to 4.34mn equities, value by 57% to QR5.76mn and transactions by 13% to 422.