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The Qatar Central Bank's (QCB) move to tighten the credit to the real estate sector is expected to not only lessen the stress in the banking industry but also augur well for the proposed real estate investment trusts (REITs)."The (commercial banks') exposure towards the (real estate) sector has been a key stress factor. The latest salvo will certainly address the imbalance," an analyst with a leading investment house said, viewing the move as “positive” by market experts.Finding that realty is one of the problematic areas in the country's non-performing loans; he said credit concentration has remained a "cause of concern", a phenomenon common across the banks in the Gulf Co-operation Council.Although the banking sector’s asset quality is currently good and capital buffers remain strong, banks are exposed to "significant" lending concentrations (in the real estate), global credit rating agency Capital Intelligence had said.The central bank had last week put in place new real estate financing controls to include determining the maximum -loan-to-value (LTV) and tenure- for mortgages within Qatar, as part of measures to bulwark the banking sector.Branches and overseas subsidiaries of Qatari banks should comply with the instructions and conditions of the host regulatory authorities as long as the collaterals and financed properties are outside the country.As Qatari banks’ total exposure to real estate reportedly represent roughly one-fifth of the total loans, the lenders have historically been focusing on lending to the sector, resulting in high loan concentration and asset-quality vulnerabilities.The latest financial stability report of the QCB said real estate continued to remain as one of the most important sector in Qatar’s economy."Despite some decline in recent years, the share of real estate in bank credit continues to be large," it said, adding "as a result, movements in real estate prices have the potential to impact the balance sheets of both individual borrowers and financial institutions, with implications on financial stability."Stressing that the banking sector already has strong capital adequacy ratio and Tier 1 capital ratios; the amendments will bring in a rationalised regime to the borrowers. Sources said the amendments also come in view of soon to be introduced REITs.The strong non-energy private sectors, especially the real estate and construction, and the permits issued in the realty sector, make REITs good investment option, the sources said.The cabinet resolution No 28 of 2020 allowed real estate investment funds that will specialise in property investment in the various regions, thus providing an opportunity that was previously unavailable to middle and limited-income citizens to invest in the real estate sector.

The Qatar Stock Exchange Monday gained about 55 points mainly on the back of increased buying interests of foreign and Gulf institutions..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[55123]**A higher than average demand for the banking scrips was visible as the 20-stock Qatar Index rose 0.54% to 10,280.37 points.The local retail investors’ weakened net selling had its influence on the main market, which recovered from an intraday low of 10,197 points.However, about 54% of the traded constituents were in the red in the main market, whose year-to-date losses dropped to 3.75%.The domestic funds were seen increasingly into net profit booking in the main bourse, whose capitalisation added QR2.57bn or 0.42% to QR607.4bn with mid and microcap segments gaining the most.The Arab individual investors were seen net sellers in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.11mn changed hands across nine deals.The Gulf retail investors continued to be net buyers but with lesser vigour in the main market, which saw no trading of sovereign bonds.The Islamic index was seen gaining slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index rose 0.54%, the All Share Index by 0.48% and the Al Rayan Islamic Index (Price) by 0.38% in the main bourse, whose trade turnover was on the rise amidst lower volumes.The banks and financial services sector gained 0.8%, consumer goods and services (0.52%), insurance (0.45%), industrials (0.28%) and telecom (0.23%); while real estate declined 0.53% and transport (0.26%).Major gainers in the main market included Qatar Islamic Bank, Doha Bank, Qatar Electricity and Water, Dukhan Bank and Qatar National Cement. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.Nevertheless, Qatari German Medical Devices, Mekdam Holding, Al Khaleej Takaful, Qamco and Widam Food were among the losers in the main market. In the junior bourse, Mahhar Holding saw its shares depreciate in value.The foreign institutions’ net buying increased substantially to QR33.88mn compared to QR4.3mn on July 16.The Gulf institutions’ net buying strengthened significantly to QR27.88mn against QR14.05mn the previous day.The local retail investors’ net selling declined noticeably to QR12.68mn compared to QR30.11mn on Sunday.The foreign individuals’ net profit booking eased marginally to QR0.93mn against QR1.53mn on July 16.However, the domestic funds’ net selling grew considerably to QR46.53mn compared to QR0.15mn the previous day.The Arab individual investors turned net sellers to the tune of QR1.49mn against net buyers of QR12.74mn on Sunday.The Arab institutions’ net profit booking was up notably to QR0.14mn compared to QR0.01mn on July 16.The Gulf retail investors’ net buying weakened perceptibly to QR0.03mn against QR0.72mn the previous day.The main market saw a 31% decline in trade volumes to 128.18mn shares but on 4% jump in value to QR410.69mn and 26% in deals to 17,896.In the venture market, trade volumes shrank 26% to 0.75mn equities and value by 22% to QR1.57mn, while transactions were up 2% to 144.

Soft music, cozy interiors and decor, soothing surroundings and a coffee shop. Don't get carried away by thoughts of a plush foyer of a five-star hotel; this is the new normal in Doha's working environment, reflecting the metamorphosis in the country’s office market.It is exactly what Qatar's colourful and vibrant co-working spaces have to offer as an ergonomic solution to the rising demand, especially from millennials as they scout for such unconventional spots that can unleash and enhance their productivity and save on overhead costs.Co-working is a new style of workspace where people from variegated entities share an open common space rather than work in a private office. It is a better way to work; sharing space with other like-minded professionals not only creates a more dynamic workplace, but it is also a lot more cost effective than a regular office space.Interestingly, the co-working space helps break the monotony of working from the same place with some of the providers offering flexibility to work from any of their places in Qatar."There is plenty of demand for these trendy, alternative places to work from, especially among people who have studied abroad, and there isn’t yet that much offering available," said Pedro Caetano, head of Ecosystem, Vesuvio Labs, who is a client in M7, one of the co-working spaces in the country.At present, the flexible offices account for around 8% of the total office stock in Amsterdam and around 5% in London.In Qatar, occupancy is catching up in the co-working sector in view of flexible working models in a post-pandemic world. It is an indicator of growing acceptance due to the proactive approach towards fintechs and other such establishments.Opportunities are abounding for the sector and appurtenant services in view of the growing entrepreneurship in the fastest-growing economy.According to reports, the co-working office spaces in Qatar are slated to see a compound annual growth rate in excess of 5% during 2022-2027, driven by the organisations’ drive to strike a balance between productivity and cost optimisation.This also comes in view of the demand for flexible workspaces, especially among startups, real estate, SMEs or small- and medium-sized enterprises, and consultancies.Doha is witnessing a surge in demand for flexible office space, which has the potential for higher returns. This is helping not only small and medium-sized businesses find new opportunities but also the millennial generation that finds entrepreneurship more rewarding because of the encouragement and support from the government and other stakeholders.Qatar Development Bank (QDB), which offers financial services, had in 2021 launched a hackathon, which was held in collaboration with Workinton, the fastest-growing entrepreneur in the co-working sector, as the venue partner.This hackathon was held to address many contemporary challenges that aim to unlock the capabilities and innovative ideas of Qatar’s aspiring entrepreneurs, its brightest thinkers, innovators and businessmen.Among the key providers of co-working space in Qatar are Servcorp, Workinton, Co-worker, Easy Cowork, Alliance Business Centres Network and Regus.Australia-based Servcorp is the frontrunner in bringing the co-working space concept to Qatar and it has three locations – Tornado Tower, Doha Tower and Commercial Bank Plaza.Regus has nine locations - Shourmouk Towers, Al Ghanem Building, Lusail Twin Towers, Alfardan Towers, Al Muntazah Commercial Centre, Bank Street Blue Building, Jaidah Square, D-Ring Road and The Pearl Island.Smaller suites and serviced office space have been seeing an upward trend in demand as they become more affordable and many businesses can be seen relocating in search of better deals.The launch of Workinton M7, an intersection of an art gallery and a working space, marks a brand-new concept that will be home to talents in the creative and technology fields. Workinton M7, a creative and tech startup hub opened its fourth co-working space in the heart of Msheireb Downtown Doha last year.M7, a fusion of art and technology yet not losing the essence of Arabic architecture, has fast become the new place to be for design, innovation and entrepreneurship, dedicated to empowering creative talents to explore, collaborate and grow into successful entrepreneurs."Usually I work from the M7 downtown Msheireb branch, but sometimes it is good to change the view for a couple of days, and without further notice, I can work from Workinton’s Lusail or Bank Street branch. That means a lot to me," Caetano said.The global co-working space market size is expected to reach $19.05bn this year from $16.17bn in 2022, translating into 17.8% CAGR. It is slated to further grow to $34.99bn in 2027 at a CAGR of 16.4%.According to a recent study, by 2025, flexible workspaces will make up more than 60% of the total office demand in the Gulf Co-operation Council.

The Qatar Stock Exchange Thursday fell more than 20 points on the back of selling pressure especially in the consumer goods and banking sectors..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[42826]**The foreign institutions were increasingly net sellers as the 20-stock Qatar Index shed 0.2% to 10,271.46 points.The Arab individuals were seen increasingly into net profit booking in the main market, which however regained from an intraday low of 10,218 points.More than 55% of the traded constituents were in the red in the main market, whose year-to-date losses increased to 3.83%.The foreign retail investors turned bearish in the main bourse, whose capitalisation however was up QR0.59bn or 0.1% to QR611.44bn, mainly on account of microcap segments.However, the domestic institutions were increasingly net buyers in the main market, which saw a total of 13,644 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.08mn changed hands across eight deals.The Gulf funds were increasingly bullish in the main market, which saw no trading of sovereign bonds.The Islamic index was seen declining slower than the main index in the other indices in the main market, which saw no trading of treasury bills.The Total Return Index was down 0.2%, All Share Index by 0.21% and Al Rayan Islamic Index (Price) by 0.04% in the main bourse, whose trade turnover and volumes were on the decrease.The consumer goods and services sector index fell 0.53%, banks and financial services (0.48%) and industrials (0.1%); while real estate gained 1.85%, insurance (0.21%), telecom (0.14%) and transport (0.13%).Major losers in the main market included Qatar General Insurance and Reinsurance, Qatar National Cement, Inma Holding, Widam Food, Al Khaleej Takaful, Commercial Bank, QIIB, Al Meera, Mesaieed Petrochemical Holding and Estithmar Holding. In the venture market, both Al Faleh Educational Holding and Mahhar Holding shares depreciated in value.Nevertheless, QLM, Ezdan, Dukhan Bank, United Development Company, Qatar Insurance, Mazaya Qatar and Nakilat were among the gainers in the main market.The foreign institutions’ net profit booking increased substantially to QR48.18mn compared to QR28.79mn on June 14.The Arab retail investors’ net selling shot up considerably to QR16.08mn against QR1.9mn the previous day.The foreign individuals turned net sellers to the tune of QR5.88mn compared with net buyers of QR15.06mn on Wednesday.However, the domestic institutions’ net buying strengthened significantly to QR38.52mn against QR9.3mn on June 14.The Gulf institutional investors’ net buying grew drastically to QR31.89mn compared to QR15.83mn the previous day.The Gulf individual investors were net buyers to the extent of QR0.04mn against net sellers of QR1.83mn on Wednesday.The Qatari individuals’ net profit booking eased noticeably to QR0.32mn compared to QR7.68mn on June 14.The Arab institutions had no major next exposure for the fifth straight session.The main market saw a 36% surge in trade volumes to 343.55mn shares, 92% in value to QR1.07bn and 21% in deals to 22,914.The volumes in the venture market shrank 29% to 0.37mn equities, value by 32% to QR0.84mn and transactions by 40% to 48.

The Qatar Stock Exchange Wednesday gained for the second consecutive day and its index added another 76 points, mainly lifted by the insurance and banking sectors..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[42826]**The foreign individuals were seen increasingly into net buying as the 20-stock Qatar Index rose 0.76% to 10,291.76 points.The domestic institutions turned bullish in the main market, which regained from an intraday low of 10,240 points.As much as 63% of the traded constituents extended gains in the main market, whose year-to-date losses truncated to 3.64%.The foreign institutions’ weakened net selling had its influence on the main bourse, whose capitalisation added QR5.38bn or 0.89% to QR610.85bn, mainly on account of mid and small cap segments.The Gulf institutions continued to be net buyers but with lesser intensity in the main market, which saw a total of 22,391 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.05mn changed hands across nine deals.The local retail investors turned net profit takers in the main market, which saw no trading of sovereign bonds.The Islamic index was seen declining slower than the main index in the other indices in the main market, which saw no trading of treasury bills.The Total Return Index shot up 0.75%, the All Share Index by 0.81% and the Al Rayan Islamic Index (Price) by 0.53% in the main bourse, whose trade turnover and volumes were on the increase.The insurance sector index rose 1.2%, banks and financial services (1.06%), industrials (0.7%), telecom (0.6%), real estate (0.5%) and transport (0.35%); while the consumer goods and services were down 0.04%.Major gainers in the main market included Lesha Bank, Inma Holding, Salam International Investment, Ezdan, Qatar Oman Investment, Industries Qatar, QNB, Qatar Insurance, Mazaya Qatar and Al Khaleej Takaful.In the venture market, both Al Faleh Educational Holding and Al Mahhar Holding saw their shares appreciate in value.Nevertheless, Qatari German Medical Devices, Mannai Corporation, Qatar National Cement, Qamco, Woqod and Barwa were among the shakers in the main market.The foreign individuals’ net buying increased substantially to QR15.06mn compared to QR0.89mn on June 13.The domestic institutions turned net buyers to the tune of QR9.3mn against net sellers of QR17.84mn on Tuesday.The foreign institutions’ net profit booking decreased noticeably to QR28.79mn compared to QR40.87mn the previous day.However, the Qatari individuals were net sellers to the extent of QR7.68mn against net buyers of QR5.46mn on June 13.The Arab retail investors turned net profit takers to the tune of QR1.9mn compared with net buyers of QR6.55mn on Tuesday.The Gulf individual investors were net sellers to the extent of QR1.83mn against net buyers of QR0.15mn the previous day.The Gulf institutional investors’ net buying decreased considerably to QR15.83mn compared to QR45.65mn on June 13.The Arab institutions had no major next exposure for the fourth straight session.The main market saw a 56% surge in trade volumes to 252.96mn shares, 18% in value to QR558.81mn and 12% in deals to 19,001.The volumes in the venture market doubled to 0.52mn equities and value more than doubled to QR1.22mn on 43% increase in transactions to 80.

The Qatar Stock Exchange Monday lost another 58 points and its key index settled below 10,200 levels, mainly on the back of profit booking from domestic funds.The transport and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index fell 0.57% to 10,150.63 points.More than 53% of the traded constituents were in the red in the main market, which had touched an intraday high of 10,223 points.The foreign institutions were increasingly bearish in the main bourse, whose year-to-date losses widened to 4.97%.The foreign individual investors were seen net sellers in the main bourse, whose capitalisation eroded QR2.77bn or 0.46% to QR601.12bn, mainly on account of small cap segments.The Gulf institutions’ weakened net buying had its influence in the main market, which saw a total of 0.05mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.13mn changed hands across four deals.However, the local retail investors turned net buyers in the main market, which saw no trading of sovereign bonds.The Islamic index was seen declining slower than the main index in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.57%, All Share Index by 0.45% and Al Rayan Islamic Index (Price) by 0.19% in the main bourse, whose trade turnover and volumes were on the decline.The transport sector index shed 0.84%, banks and financial services (0.68%), consumer goods and services (0.38%), industrials (0.31%) and telecom (0.07%); while insurance and real estate gained 1.39% and 0.37% respectively.Major losers in the main market included Qatari German Medical Devices, Widam Food, Nakilat, Medicare Group, Commercial Bank, Inma Holding, Mesaieed Petrochemical Holding, Qamco, QLM and Gulf Warehousing. In the venture market, Mahhar Holding saw its shares depreciate in value.Nevertheless, Estithmar Holding, Qatar Insurance, United Development Company, Lesha Bank and Mannai Corporation were among the gainers in the main market.The domestic institutions turned net sellers to the tune of QR20.72mn compared with net buyers of QR15.77mn on June 11.The foreign institutions’ net profit booking increased perceptibly to QR13.28mn against QR11.77mn the previous day.The foreign individuals turned net sellers to the extent of QR3.98mn compared with net buyers of QR0.12mn on Sunday.The Gulf institutional investors’ net buying decreased markedly to QR8mn against QR9.24mn on June 11.However, the Qatari individuals turned net buyers to the tune of QR27.95mn compared with net sellers of QR6.59mn the previous day.The Arab retail investors were net buyers to the extent of QR1.1mn against net sellers of QR6.4mn on Sunday.The Gulf individual investors turned net buyers to the tune of QR0.92mn compared with net sellers of QR0.38mn on June 11.The Arab institutions had no major next exposure for the third straight session.The main market saw an 85% surge in trade volumes to 182.34mn shares, 80% in value to QR483mn and 97% in deals to 17,919. The volumes in the venture market shrank 34% to 0.23mn equities, value by 35% to QR0.53mn and transactions by 42% to 43.

Mekdam Holding is planning to raise as much as QR75.3mn through a rights issue as part of the efforts to shore up its capital base and part fund its expansion plans in view of the “promising” opportunities for growth.The company's extraordinary general assembly approved the board's proposal to offer 30mn shares at QR2.51 (including QR1.51 premium). This was announced by Mekdam Holding chairman Sheikh Mohamed Nawaf N B K al-Thani after the meeting.After the rights issue, the company's capital would increase by 40% (QR40mn) to QR105mn; while the remaining would be utilised for its expansion plans.As per the company's prospectus, the rights issue is expected to hit the market on July 4 and will run up to July 17.Mekdam Holding believes that the group's business is promising and there are great opportunities for steady growth as it reasoned for the capital increase. The company's revenues grew by 94.3% and 85.4% in 2021 and 2022, respectively. The earnings per share grew by 21.1% and 20% in 2021 and 2022, respectively, on an annualised basis.Two shares are being offered for every five shares held in accordance with the provisions of the Commercial Companies Law No. (11) of 2015 amended by Law No 8 of 2021 and the Offering and Listing of Securities Regulations and the Rights Issue Trading System issued by the Qatar Financial Market Authority (QFMA).The issuance premium includes the offering fee, which will not exceed 1% of the value of the subscribed shares, provided that the group obtains the necessary approvals from the regulatory and competent authorities during and upon completion of the procedures.The extraordinary general assembly approved the mechanism for trading the subscription rights granted to the shareholders of the group in accordance with the provisions of Article (195) of the Commercial Companies Law No 11 of 2015 amended by Law No 8 of 2021 and the system of offering and listing of securities and the system of trading of subscription rights issued by the QFMA.The meeting also approved the authorisation of the chairman of the board of directors to set a date and announce the start and end of periods for trading rights issue and subscription to new shares and all information according to the applicable laws and regulations.

Qatar's realty and construction sector painted a rosy picture in May this year as building permits issued in the country witnessed a strong double-digit growth on an annualised and monthly basis, according to official estimates.Qatar saw as many as 758 building permits issued in May 2023, which increased 17.5% and 98% year-on-year and month-on-month, respectively, in the review period, showed figures released by the Planning and Statistics Authority.Al Rayyan, Doha and Al Wakra municipalities together constituted 69% of the total building permit issued in May 2023.The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy.Of the total number of new building permits issued, Al Rayyan constituted 187 permits or 25% of the total, followed by Doha 168 (22%), Al Wakra 165 (22%), Al Daayen 109 (14%), Umm Slal 51 (7%), Al Khor 43 (6%), Al Sheehaniya 23 (3%) and Al Shamal 12 (2%) in May 2023.Total building permits issued in Al Khor witnessed 186.7% surge year-on-year this May, followed by Al Sheehaniya (130%), Al Wakra (21.3%), Al Shamal (20%), Al Daayen (16%), Al Rayyan (112%), Umm Slal (8.5%) and Doha (1.2%).On a monthly basis, the total building permits issued in Al Shamal reported a 300% jump, Umm Slal 240%, Al Sheehaniya 130%, Al Daayen 127%, Al Wakra 101%, Doha 89%, Al Rayyan 83% and Al Khor 26% in May 2023.The new building permits (residential and non-residential) constituted 302 permits or 40% of the total building permits issued in May 2023, additions 442 (58%) and fencing 14 (2%).Of the new residential buildings permits, villas topped the list, accounting for 84% (203 permits), apartments 8% (19) and dwellings of housing loans permits 7% (17).Among the non-residential sector, commercial structures accounted for 48% or 29 permits, the industrial buildings as workshops and factories 28% (17 permits) and governmental buildings 13% (eight permits).Qatar saw a total of 464 building completion certificates issued in May 2023, of which 374 or 81% were for new buildings (residential and non-residential) and 90 or 19% for additions.On an annualised basis, the total building completion certificates issued in the country saw an 87.1% growth in May 2023 with Al Shamal registering a 220% surge, Doha 180%, Umm Slal 121.4%, Al Sheehaniya 116.7%, Al Wakra 69.4%, Al Rayyan 65.7%, Al Khor 62.5% and Al Daayen 62.3%.Qatar saw an 83% month-on-month expansion in the total building completion certificates issued in May 2023 with Doha registering a 200% growth, Al Shamal 167%, Al Wakra 144%, Al Sheehaniya 117%, Al Rayyan 55%, Al Daayen 46% and Umm Slal 29%, while those in Al Khor remained flat.Al Rayyan constituted 116 certificates or 25% of the total number of certificates issued in the review period, Al Wakra 105 (23%), Al Daayen 86 (19%), Doha 84 (18%), Umm Slal 31 (7%), Al Khor 16 (3%), and Al Shamal and Al Shahaniya 13 each (3%) in May 2023.Of the 289 residential buildings completion certificates issued, as many as 251 or 87% were for villas, 24 or 8% for apartments and 14 or 5% for dwellings of housing loans.Of the 251 villas completion certificates issued in May 2023, as many as 67 were in Al Rayyan, 63 in Al Daayen, 52 in Al Wakra, 25 in Doha, 21 in Umm Slal, 12 in Al Shamal, eight in Al Khor and three in Al Sheehaniya.In the case of 24 apartments, Doha issued 11 completion certificates; Al Rayyan 10 and one each in Al Wakra, Al Daayen and Al Shamal.Among the non-residential building completion certificates issued, commercial structure numbered 52 or 61% of the total, followed by industrial buildings 18 or 21% and mosques seven or 8%.

The Qatar Stock Exchange Sunday opened the week weak with its key index losing as much as 48 points on than across the board selling, especially in the insurance and telecom.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[36045]**sectors.The local retail investors were seen net profit takers as the 20-stock Qatar Index shed 0.47% to 10,208.99 points.More than 77% of the traded constituents were in the red in the main market, which had touched an intraday high of 10,265 points.The Arab retail investors were seen increasingly bearish in the main bourse, whose year-to-date losses widened to 4.42%.The Gulf individual investors were increasingly net sellers in the main bourse, whose capitalisation eroded QR3.51bn or 0.58% to QR603.89bn, mainly on account of small and microcap segments.The foreign retail investors’ weakened net buying had its influence in the main market, which saw a total of 9,783 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.03mn changed hands across six deals.However, the domestic funds turned net buyers in the main market, which saw as many as 100,000 sovereign bonds valued at QR920mn changed hands across two transactions.The Islamic index was seen declining faster than the main index in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.47%, All Share Index by 0.53% and Al Rayan Islamic Index (Price) by 0.53% in the main bourse, whose trade turnover and volumes were on the decline.The insurance sector index tanked 1.48%, telecom (1.11%), industrials (0.81%), transport (0.71%), real estate (0.32%), consumer goods and services (0.31%) and banks and financial services (0.31%).Major losers in the main market included Doha Insurance, Dlala, Al Khaleej Takaful, Gulf International Services, Medicare Group, Lesha Bank, Qatari German Medical Devices, Industries Qatar, Estithmar Holding, Qamco, QLM and Ooredoo. In the venture market, Mahhar Holding saw its shares depreciate in value.Nevertheless, Alijarah Holding, Mannai Corporation, Commercial Bank, Qatar Islamic Insurance and Dukhan bank were among the gainers in the main market. In the juniour bourse, Al Faleh Educational Holding saw its scrips appreciate in value.The Qatari individuals turned net sellers to the tune of QR6.59mn compared with net buyers of QR26.15mn on June 8.The Arab retail investors’ net selling increased notably to QR6.4mn against QR3.85mn the previous trading day.The Gulf individual investors’ net profit booking rose marginally to QR0.38mn compared to QR0.32mn last Thursday.The Gulf institutions’ net buying decreased substantially to QR9.24mn against QR15.97mn on June 8.The foreign individual investors’ net buying shed perceptibly to QR0.12mn compared to QR1.33mn the previous trading day.However, the domestic institutions turned net buyers to the extent of QR15.77mn against net sellers of QR16mn last Thursday.The foreign institutions’ net profit booking shrank markedly to QR11.77mn compared to QR23.27mn on June 8.The Arab institutions had no major next exposure for the second straight session.The main market saw a 5% fall in trade volumes to 98.65mn shares, less than 1% in value to QR267.86mn and 28% in deals to 9,092.The venture market saw a total of 1.79mn equities valued at QR0.81mn change hands across 74 transactions.

Qatar banks' interbank deposits, which are “potentially more volatile”, have increased over the past 15 months, reaching QR217.5bn at the end of March 2023 against QR164bn in 2021, according to Standard and Poor's (S&P).Moreover, Qatar banks' domestic resource mobilisation growth is contingent upon the government's new investments; S&P said a report.Finding that the Qatari lenders have the highest recourse to external funding among the GCC or Gulf Co-operation Council banks; it said the system's loan-to-deposit ratio reached 124% at March 31, 2023, or 152% at the same date if factored only the resident deposits and loans."This resulted in an overall funding gap (total domestic loans minus total resident deposits) of $112.4bn, equivalent to almost two times the public sector deposits," it said.Although the Qatari banks benefit from geographical funding diversification, some of these external sources are less stable, it said, adding at the end of March 31, 2023, the equivalent of almost two-thirds of the domestic funding gap was covered by capital markets and due to branches and head offices, while the remainder was covered by interbank deposits, which the rating agency sees as "potentially more volatile.""We also note that the contribution from this source has increased over the past 15 months, reaching QR217.5bn at March 31, 2023, compared to QR164bn at year-end 2021," S&P said.The rating agency views that the Qatari authorities are highly supportive of their banking system and the strong track record in providing such support are mitigating factors.In this regard, it observed that when the banking system lost about $20bn of external funding (due to Gulf crisis), it was more than compensated by twice that amount in the form of government and related entity deposits."Amid scarcer and more expensive global liquidity, we expect Qatari banks to continue mobilising domestic resources to meet future growth. However, we do not expect the latter to materially pick up until a major new investment programme is implemented by the government," the report said.S&P found that funding risk is a prominent topic among investors in the GCC banks, particularly as the regional transitions from cheap and abundant liquidity to a more restrictive environment.Major central banks have made it clear that interest rates will be higher for longer, implying that the liquidity will be scarcer and more expensive."This could significantly affect banking systems in emerging markets," it said, suggesting that the availability of a well-functioning domestic debt capital market can make a "significant difference" for the GCC banking sector's funding opportunities.In terms of relative stability, funding sourced from the domestic debt capital market tends to be more stable than cross-border funds, but less stable than core customer deposits, according to S&P."Having a broad and deep local debt capital market can therefore help a banking system reduce its dependence on external funding and ease concentration and maturity mismatches," it said.

The Qatar Stock Exchange witnessed strong buying interests in the insurance counter as it settled 48 points higher this week which saw Meeza's maiden offer begin subscription..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[40288]**The foreign individuals turned net buyers as the 20-stock Qatar Index rose 0.47% this week which saw Al Mahhar Holding make its debut in the venture market.The Gulf retail investors were seen increasingly into net buying this week which saw the newly listed Al Mahhar Holding eye two acquisitions.About 56% of the traded constituents extended gains to investors in the main market this week which saw tourism and financial services demand instill confidence in Qatar's non-energy private sector in May.The Islamic equities was seen declining vi-a-vis gains in the other indices this week which saw Aamal Trading and Distribution, a wholly-owned subsidiary of Aamal Company, intend to start negotiations with Integrated Information Systems Company (IIS) to acquire the latter for QR500,000.The foreign institutions’ substantially weakened net selling had its influence in the main market this week which saw five of seven sectors experience buying interests.The domestic funds’ weakened net selling pressure also had its say in the main market this week which saw Qatar's hospitality sector saw improved rooms' yield this April, mainly lifted by five-star hotels and deluxe hotel apartments.The local retail investors continued to be net buyers but with lesser intensity this week which saw a total of 0.25mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.57mn trade across 22 deals.The Gulf funds continued to remain bullish but with lesser vigour in the main market this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.11mn change hands across 14 transactions.Market capitalisation was seen gaining QR1.44bn or 0.24% to QR607.4bn on the back of microcap segments this week which saw the banks and consumer goods sectors together constitute more than 52% of the total trade volume in the main market.The Total Return Index rose 0.47% and the All Share Index by 0.51%, while the All Islamic Index was down 0.03% this week, which saw no trading of sovereign bonds.The industrials sector index zoomed 3.7%, banks and financial services (0.9%), consumer goods and services (0.46%), transport (0.45%) and telecom (0.16%); whereas industrials and realty fell 0.71% and 0.28% respectively this week which saw no trading of treasury bills.Major gainers in the main market included Widam Food, Al Khaleej Takaful, Qatar Insurance, Commercial Bank, Beema, Dlala, Woqod, Qatari German Medical Devices, Mekdam Holding and Mesaieed Petrochemical Holding. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value this week.Nevertheless, Salam International Investment, Gulf International Services, Medicare Group, Qatar Oman Investment, Ezdan, Industries Qatar, Qamco, Estithmar Holding, Qatar Islamic Insurance and United Development Company were among the losers this week.The foreign individuals turned net buyers to the tune of QR1.15mn compared with net sellers of QR3.64mn the week ended June 1.The Gulf retail investors’ net buying increased marginally to QR0.82mn against QR0.74mn the previous week.The foreign institutions’ net selling weakened substantially to QR18.92mn compared to QR112mn a week ago.The domestic funds’ net selling declined markedly to QR56.45mn against QR76.67mn the week ended June 1.However, the Arab individuals turned net sellers to the tune of QR1.84mn compared with net buyers of QR35.42mn the previous week.The local retail investors’ net buying declined drastically to QR17.44mn against QR82.69mn a week ago.The Gulf institutions’ net buying tanked noticeably to QR57.58mn compared to QR72.89mn the week ended June 1.The Arab institutions’ net buying eased marginally to QR0.23mn against QR0.56mn the previous week.The main market witnessed a 42% contraction in trade volumes to 836.25mn shares, 48% in value to QR2.25bn and 20% in deals to 86,432.The venture market saw as many as 6.52mn equities valued at QR17.45mn changed hands across 1,044 transactions.

Qatar maintained a steady upward trend in the sales of new private vehicles, which constituted three-fourth of the total vehicles sales, according to the official estimates.However, the overall sales in the vehicles market were on a slippery road, according to the Planning and Statistics Authority (PSA) data.The country saw 6,816 new vehicles registered in April 2023, declining 6.9% and 3.9% on an annualised and monthly basis respectively in the review period.The registration of new private vehicles stood at 5,132, which nevertheless shot up 8.9% and 5% year-on-year and month-on-month respectively in April 2023. Such vehicles constituted 75% of the total new vehicles registered in the country in the review period.The registration of new private transport vehicles stood at 896; which declined 20.4% and 18.8% on a yearly and monthly basis respectively in April 2023. Such vehicles constituted 13% of the total new vehicles in the review period.The new registration of other non-specified vehicles stood at 516 units, which zoomed 116.8% on a yearly basis but shrank 24% month-on-month this April. These constituted 8% of the total new vehicles registered in the country in the review period.The registration of new private motorcycles stood at 144 units, which plummeted 86.3% and 37.7% year-on-year and month-on-month respectively in April 2023. These constituted 2% of the total new vehicles in the review period.The registration of new heavy equipment stood at 113, which constituted 2% of the total registrations in April 2023. Their registrations had seen a 28% and 29.4% contraction year-on-year and month-on-month respectively in the review period.The registration of trailers amounted to 15 units, which reported a 61.5% and 48.3% plunge month-on-month and year-on-year respectively in the review period.The renewal of registration was reported in 57,269 units, which saw 4.1% and 27.3% shrinkage on yearly and monthly basis respectively in April 2023. It constituted 55.3% of the clearing of vehicle-related processes in the review period.The transfer of ownership was reported in 28,829 vehicles in April 2023, which declined 5.2% and 19.5% year-on-year and month-on-month respectively. It constituted 27.84% of the clearing of vehicle-related processes in the review period.The modified vehicles’ registration stood at 4,570; which expanded 58.1% on an annualised basis but fell 27.9% month-on-month in April 2023. They constituted 4.41% of the clearing of vehicle-related processes in the review period.The number of lost/damaged vehicles stood at 3,212 units, which tanked 55.3% and 45.4% year-on-year and month-on-month respectively in April 2023. They constituted 3.1% of the clearing of vehicle-related processes in the review period.The number of vehicles meant for exports stood at 1,442 units, which reported a 36.6% and 57.5% decrease on a yearly and monthly basis respectively in April 2023. It constituted 1% of the clearing of vehicle-related processes in the review period.The re-registration of vehicles stood at 241, which soared 164.8% and 109.6% year-on-year and month-on-month respectively in April 2023.The clearing of vehicle-related processes stood at 103,559 units, which tanked 7.1% and 25.6% on a yearly and monthly basis respectively in the review period.Hamad, Doha and Al Ruwais ports had handled 8,025 RORO (vehicles) in April 2023, which registered a 2.14% and 14.53% jump year-on-year and month-on-month respectively. Hamad Port alone handled 7,992 units in April 2023.

The Qatar Stock Exchange Thursday fell more than 39 points on the back of selling pressure, mainly in the telecom and insurance counters. .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[40288]** The domestic institutions were seen net sellers as the 20-stock Qatar Index shed 0.38% to 10,257.21 points. The Gulf retail investors were seen bearish, albeit at lower levels, in the main market, which had touched an intraday high of 10,315 points. The foreign individuals’ weakened net buying had its influence on the main bourse, whose year-to-date losses were at 3.97%. However, the local retail investors were increasingly net buyers in the main bourse, whose capitalisation declined QR1.59bn or 0.26% to QR607.4bn, mainly on account of small cap segments. The Arab institutions continued to be increasingly bullish on the main bourse, which saw a total of 10,434 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.02mn changed hands across seven deals. The Arab retail investors continued to be profit takers but with lesser intensity in the main market, which saw no trading of sovereign bonds. The Islamic index was seen gaining slower than the main index in the main market, which saw no trading of treasury bills. The Total Return Index shed 0.38%, the All Share Index by 0.35% and the Al Rayan Islamic Index (Price) by 0.37% in the main bourse, whose trade turnover and volumes were on the decline. The telecom sector index shrank 1.2%, followed by insurance (0.68%), industrials (0.39%), transport (0.37%), banks and financial services (0.3%) and consumer goods and services (0.12%); while real estate gained 0.3%. Major losers in the main market included Dlala, Widam Food, Al Khaleej Takaful, Inma Holding, Aamal Company, Ooredoo and Milaha. In the venture market, both Al Faleh Educational Holding and Al Mahhar Holding saw their shares depreciate in value. Nevertheless, Mazaya Qatar, Beema, Dukhan Bank, Qatar National Cement, Mekdam Holding, Qatari German Medical Devices and Salam International Investment were among the gainers in the main market. The domestic institutions turned net sellers to the tune of QR16mn compared with net buyers of QR2.89mn on June 7. The Gulf retail investors were net sellers to the extent of QR0.32mn against net buyers of QR0.45mn the previous day. The foreign individual investors’ net profit booking eased perceptibly to QR1.33mn compared to QR3.31mn on Wednesday. However, the Qatari individuals’ net buying shot up noticeably to QR26.15mn against QR23.96mn on June 7. The Gulf institutions’ net buying increased substantially to QR15.97mn compared to QR1.42mn the previous day. The foreign institutions’ net profit booking declined markedly to QR23.27mn against QR26.96mn on Wednesday. The Arab retail investors’ net selling weakened notably to QR3.85mn compared to QR5.07mn on June 7. The Arab institutions had no major next exposure. The main market saw a 34% plunge in trade volumes to 103.65mn shares, 38% in value to QR268.87mn and 28% in deals to 12,706. The venture market saw a total of 1.79mn equities valued at QR4.25mn change hands across 292 transactions.

The newly listed Al Mahhar Holding is planning to acquire two domestic companies and has chalked out plans for its subsidiaries to expand into the other Gulf countries, according to its top official.The company, a prominent player in the energy and infrastructure sectors, has started due diligence on one; and expecting to complete both the acquisitions within this fiscal in view of the immense opportunities in the country's hydrocarbons sector."We are looking at two acquisitions right now (locally) in the oil and gas sector. On one, we have started due diligence," Al Mahhar managing director Clifford W Lasrado told Gulf Times on the sidelines of a function to mark its debut on the Qatar Stock Exchange's venture market.However, he declined to give further details but expressed the hope that both the acquisitions could be completed within this fiscal year.Asked whether the company was looking at raising capital from the market to finance its proposed acquisitions, Lasrado replied in negative as he said "funding is not at problem and we can do it ourselves."Al Mahhar had fully acquired Petrotec’s equity in April 2022 and the deal was structured through an in-kind contribution.In its listing prospectus, Al Mahhar had hinted at its expansion plans for its subsidiaries."We are already working in Kuwait and Oman and we are now looking at opportunities in the other GCC countries," Lasrado confirmed.The group is currently present in Oman through Solarca, a joint venture between the company and Solarca, which expanded its operations to serve oil and gas clients in Kuwait and Oman in 2019.On the domestic front, the company is hopeful of doing more businesses in view of the increasing investments in Qatar's hydrocarbons sector.Asked how the North Field Expansion (NFE) will benefit Al Mahhar Holding, he said, "It is much more than that (NFE). There are petrochemicals, fertilisers, and offshore projects. We are the suppliers to them and provide services to them, so definitely we will be in the running."The group is assessing the feasibility of expanding in the medium term into manufacturing, assembly, as well as system integration of certain products and equipment related to the energy sector in-house in Qatar as it believes that QatarEnergy’s ongoing localisation programme (Tawteen) is a major driver for these opportunities.The company’s major sources of revenue come from the sale of equipment and products under agency agreements representing various OEMs in Qatar and from the provision of industrial specialised services provided by the portfolio companies. Other revenue sources include equipment rental and design and assembly of electrical switchgear.Energy sector contributed 78.2% to the group’s total revenue in 2021. Revenue from sale of goods contributes 69-71% to its revenue; while revenue from services and rentals make up the remainder.

Al Mahhar Holding, a prominent player in the energy and infrastructure sectors, Wednesday began its journey on the Qatar Stock Exchange (QSE)'s venture market 'QEVM' with its shares gaining as much as 145% intraday, before settling 30% higher.The company's shares were listed with the ticker MHAR and price was floated on the first trading day. The stock’s opening price was QR2.89, and the last transaction price was QR2.6.The highest price reached QR4.9 against the reference price of QR2; implying an increase of 145%; and the lowest price was QR2.6 or 30% higher. Starting from Thursday, the stock price will be allowed to fluctuate by 10% up and down, as is the case for other companies listed on the market.The company listed 207mn shares with market capitalisation of QR414mn (at the reference price of QR2 a share).With the listing of Al Mahhar Holding, the number of listed companies on QEVM has increased to two with the other one being Al Faleh Educational Holding.The shares of Al Mahhar Holding were listed through the “direct listing” mechanism, a common mechanism in all the regional markets, which allows companies to be listed without an IPO or initial public offering."The listing of this company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital, while providing investors with the opportunity to invest in leading Qatari companies,” Qatar Stock Exchange acting chief executive officer Abdul Aziz Nasser al-Emadi said.The QSE is making unremitting efforts to increase the number of listed companies by raising awareness of the advantages of listing on the QSE’s market, according to him.Clifford W Lasrado, managing director of Al Mahhar Holding, said the "strategic" rationale behind the company's decision to list its shares on the local bourse is to further enhance its growth and development."It represents a natural step in our corporate journey, while also providing an opportunity for all stakeholders to participate in our future success through share ownership. We believe this move will support our expansion plans, foster stakeholder engagement, and position Al Mahhar Holding for sustained success in the market," he said.

Al-Mahhar Holding Company, which provides support services to energy sector, will Wednesday list on the Qatar Stock Exchange's venture market (QEVM).With this listing, the number of companies listed on QSE’s junior bourse will increase to two.Al-Mahhar Holding, whose capital base stands at 207mn shares, will be listed through direct listing without offering shares for public subscription.The shares will be listed with the symbol "MHAR". The reference price for the share has been set at QR2 (QR1 nominal value + QR1 issuance premium) based on the documents submitted by the company.On the first day of listing, the company’s price will be floated, while from the second day, the price will be allowed to fluctuate by 10%, up or down, as is the case for other companies listed on the market.Companies applying for listing in the venture market are required to have at least 20 non-founding shareholders, who own no less than 10% of the company's capital upon listing.The founders will also be allowed to sell and trade no more than 30% of their shares in the company’s capital upon listing, provided that they retain 60% of their shares in the company’s capital.Al-Mahhar Holding Company has been operating in the Qatari market since 1989 through its wholly owned subsidiary, (Petrotec Group) to enhance the level of support provided to the energy sector.The group is assessing the feasibility of expanding in the medium term into manufacturing, assembly, as well as system integration of certain products and equipment related to the energy sector in-house in Qatar, according to its prospectus filed with the QSE.The group, which believes that QatarEnergy’s ongoing localisation programme (Tawteen) is a major driver for these opportunities, finds opportunities to expand its portfolio of products and services relating to the energy sector in Qatar and is analysing the whole value chain (upstream, midstream, and downstream).The company’s major revenue sources come from the sale of equipment and products under agency agreements representing various OEMs in Qatar and from the provision of industrial specialised services provided by the portfolio entities. Other sources of revenue include equipment rental and design and assembly of electrical switchgear.Energy sector contributed 78.2% to the group’s total revenue in 2021. Revenue from sale of goods constituted 69% to 71% to the group’s kitty, while those from services and rentals mad up the remainder.

Qatar's hospitality sector saw an improved rooms' yield this April, mainly lifted by five-star hotels and deluxe hotel apartments, as visitor arrivals surged compared to the same month last year.This was revealed by the Planning and Statistics Authority (PSA) in its Qatar Monthly Statistics bulletin.The rosy scenario in the hospitality sector comes in view of a 231.5% annual increase in visitor arrivals, especially from the Americas, Europe and other African countries. Qatar received a total of 324,374 visitors in April.On a monthly basis, however, the total visitor arrivals decreased by 25.1% in April 2023.Qatar's overall hospitality sector saw a 25% year-on-year surge in average revenue per available room to QR210 in January 2023 as the average room rate jumped 15.03% to QR444 and occupancy by 3% to 47% in the review period.The visitor arrivals from Europe were 149,733 or 46% of the total; followed by Americas 66,867 or 21%; other Asia (including Oceania) 58,781 (89.8%); other African countries 18,760 (6%); other Arab countries 18,486 (6%); and the Gulf Cooperation Council or GCC 11,747 (4%) in the review period.The visitor arrivals from the Americas soared 1,013.2% and 151.7% year-on-year and month-on-month respectively; those from other African countries by 1,006.1% and 160.5%; and those from Europe by 648% and 30.6% in April 2023.In the case of visitor arrivals from other Arab countries, they witnessed 107.5% increase on an annualised basis but declined 47.2% on a monthly basis. Similarly, those from other Asia (including Oceania) jumped 89.8% year-on-year but fell 31% month-on-month in the review period.The visitor arrivals from the Gulf region were seen declining 61.2% and 92.9% year-on-year and month-on-month, respectively, in April 2023.In the case of five-star hotels, the average revenue per available room increased 41.62% on annualised basis to QR279 in April 2023 as the average room rate grew 27.97% to QR668 and the occupancy by 4% to 42%.The two-star and one-star hotels' average revenue per available room shot up 9.17% year-on-year to QR131 this April as the occupancy improved by 9% to 865 but the average room rate dipped 2.56% to QR152 at the end of April this year.However, the average revenue per available room in the four-star hotels plummeted 12.5% on a yearly basis to QR105 in April 2023 as the occupancy plunged 7% to 43% although the average room rate was up 0.83% to QR243.The three-star hotels saw an 8.53% year-on-year contraction in average revenue per available room to QR118 as the average room rate shrank 0.54% to QR184 and the occupancy by 6% to 64% in the review period.The deluxe hotel apartments registered a 25.32% year-on-year surge in average revenue available per room to QR193 in April this year even as the average room rate in the category was seen gaining 2.53% on an annualised basis to QR365 and the occupancy by 10% to 53% in the review period.In the case of standard hotel apartments, the room yield decreased by 1.33% year-on-year to QR148 this April as the occupancy plummeted 13% to 62% although average room rate zoomed 19% to QR223.

Qatar saw strongest improvement in business conditions in non-energy private sector since July 2022 on accelerated growth in output, new orders, employment and purchasing, according to the Qatar Financial Centre (QFC).The PMI rose for the sixth time in seven months to 55.6 in May, from 54.4 in April, indicating the strongest improvement in business conditions since July 2022. The latest figure moved further above the long-run trend of 52.3."Qatar's non-energy private sector remained on an upward growth trajectory in May, as inflows of new business accelerated in part due to tourism and demand for financial services," said Yousuf Mohamed al-Jaida, chief executive officer, QFC Authority.The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies. The panel covers the manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data.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 figure was mainly boosted by the output and new orders components in May, while employment and stocks of purchases also had positive overall contributions.New business increased at the fastest rate in ten months in May. Companies reported signing new contracts with both existing and new customers, alongside new product offerings and tourism demand. New business in financial services was also a strong point in the latest findings.Total business activity rose further in May. Output has risen every month for almost three years straight, except for a brief correction in January following the conclusion of the FIFA World Cup Qatar 2022. The rate of expansion in May was the strongest of 2023 so far and well above the six-year survey trend.The 12-month outlook for the non-energy private sector improved in May. The Future Output Index rose for the first time in three months to 59.2, with confidence strengthening in the services, wholesale and retail, and construction sectors.Non-oil private sector employment rose to the greatest degree since July 2022, helping firms to further reduce their levels of outstanding business in May. Demand for inputs strengthened, but supply chains coped admirably as average lead times were cut again.According to the QFC PMI, May data signalled a strong month for financial services companies in Qatar. Rates of expansion in new business and total activity both accelerated since April, and the 12-month outlook strengthened."Financial services continued to outperform the wider economy, with its key indices for activity and new business registering 61.4 and 61.8, respectively. Financial services firms also raised their charges, in contrast to little change across the non-energy sector as a whole," al-Jaida said.