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Qatar's maritime sector saw brisk business year-on-year this May with more vessels calling on Hamad, Doha and Al Ruwais ports, leading to higher cargoes, container handling, vehicles (RORO) and livestock through the three ports, according to the official data.The positive momentum in the ports reflects the 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 number of ships calling on Qatar's three ports stood at 242 in May 2024, which saw 6.61% and 26.04% increase year-on-year and month-on-month respectively.Hamad Port, whose strategic geographical location offers opportunities to create cargo movement towards the upper Gulf, supporting countries such as Kuwait and Iraq and south towards Oman, saw as many as 129 vessels call (excluding military) in the review period.A total of 1,081 ships had called on the three ports during January-May this year.The general and bulk cargo handled through the three ports surged 158.19% on an annualised basis to 213,492 freight tonnes in May 2024. However, it was seen declining 9.32% month-on-month in May 2024.Hamad Port – whose multi-use terminal is designed to serve the supply chains for the RORO, grains and livestock – handled 136,716 freight tonnes of breakbulk and 52,654 freight tonnes of bulk in May 2024.A total of 816,274 freight tonnes of general and bulk cargoes were handled by the three ports during the first five months of this year.The container handling through the three ports saw 29.6% and 41.98% year-on-year and month-on-month jump respectively to 123,530 TEUs (twenty-foot equivalent units) in May this year.The container terminals have been designed to address the increasing trade volume, enhance ease of doing business and support economic diversification, which is one of the most vital goals of the Qatar National Vision 2030.Hamad Port, which is the largest eco-friendly project in the region and internationally recognised as one of the largest green ports in the world, saw 122,238 TEUs this May.The container volume at the three ports totalled 562,099 TEUs during January-May 2024.The three ports handled 10,632 RORO (vehicles) in May 2024, which registered 71.1% and 1.92% growth year-on-year and month-on-month respectively in May 2024.Hamad Port alone handled 10,610 units this May. A total of 40,264 RORO units were handled by three ports during January-May 2024.Qatar's automobile sector has been witnessing stronger sales, especially in heavy equipment, private motorcycles and private vehicles, according to the latest data of the National Planning Council.The three ports were seen handling 58,374 livestock in May 2024, which showed 19.3% and 198.24% surge on yearly and monthly basis respectively. As many as 299,342 livestock heads were handled by three ports during the first five months of this year.The building materials traffic through the three ports stood at 40,094 tonnes this May, which declined 35.8% year-on-year but shot up 67.53% month-on-month.As much as 206,911 tonnes of building materials were handled by Hamad, Doha and Al Ruwais ports during January-May this year.

The Qatar Stock Exchange (QSE) Sunday opened the week on a stronger note with key index gaining as much as 65 points on the back of buying interests, especially in the consumer.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[165545]**goods and transport counters.Foreign funds were seen bullish as the 20-stock Qatar Index rose 0.71% to 9,385.45 points, although it touched an intraday high of 9,452 points.The Gulf retail investors were seen net buyers, albeit at lower levels, in the main market, whose year-to-date losses truncated to 13.34%.More than 63% of the traded constituents extended gains in the main bourse, whose capitalisation added QR3.49bn or 0.64% to QR545.33bn on account of small cap segments.The Gulf institutions’ weakened net profit booking had its influence in the main market, which saw 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.12mn trade across 20 deals.The domestic institutions continued to be net buyers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The local retail investors were seen net sellers in the main market, which saw no trading of treasury bills.The Islamic index was seen gaining slower than the other indices in the main bourse, whose trade turnover and volumes were on the decline.The Total Return Index gained 0.71%, the All Share Index by 0.59% and the All Islamic Index by 0.45% in the main market.The consumer goods and services sector index tanked 4.02%, transport (1.31%), banks and financial services (0.5%) and real estate (0.25%); while insurance declined 1%, industrials (0.13%) and telecom (0.01%).Major gainers in the main market included Woqod, Ahlibank Qatar, Nakilat, Medicare Group, Dlala, Lesha Bank and Qatari German Medical Devices. In the venture market, Al Mahhar Holding saw its shares appreciate in value.Nevertheless, Milaha, Mesaieed Petrochemical Holding, Al Khaleej Takaful, Qatar Insurance, Gulf International Services and Widam Food were among the shakers in the main bourse.The foreign funds turned net buyers to the tune of QR11.86mn compared with net sellers of QR105.83mn on May 30.The Gulf individual investors were net buyers to the extent of QR0.14mn against net sellers of QR0.6mn last Thursday.The Gulf institutions’ net selling declined substantially to QR11.5mn compared to QR62.61mn the previous trading day.However, the Qatari individuals turned net profit takers to the tune of QR10.48mn against net buyers of QR58.89mn on May 30.The Arab retail investors were net sellers to the extent of QR5mn compared with net buyers of QR1.17mn last Thursday.The foreign individuals turned net profit takers to the tune of QR1.8mn against net buyers of QR6mn the previous trading day.The domestic institutions’ net buying weakened drastically to QR16.79mn compared to QR102.71mn on May 30.The Arab institutions had no major net exposure against net buyers to the extent of QR0.27mn last Thursday.Trade volumes in the main market plummeted 63% to 127.08mn shares, value by 75% to QR352.91mn and transactions by 51% to 13,191.The venture market witnessed flat trade volumes at 0.06mn equities and value at QR0.1mn despite 46% lower deals at 7.

The Qatar Central Bank (QCB) has developed the infrastructure for the much-touted Central Bank Digital Currency (CBDC) project, which represents an important milestone and a strategic step towards building a digital economy in the country.The project, which will enter its first experimental phase extending to October 2024, aims to achieve a set of primary objectives, including leveraging artificial intelligence technologies, distributed ledger technology (DLT), and emerging technologies and establish a strong foundation to enhance liquidity by expanding participation in financial market facilities, considering the aspects related to information security during project implementation."The results of this experiment will be the cornerstone towards identifying the different use cases that the QCB will adopt in the future, which will contribute to enhancing the efficiency of the current systems and instant settlement," the central bank said.After successfully completing the comprehensive study conducted in this field, the QCB will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies.The project will focus on the applications of the CBDC to increase access to capital markets for operating banks in the country, enhance domestic settlement, and improve the efficiency of securities transactions.The move by QCB comes in line with the Third Financial Sector Strategy, the Fintech Strategy, and Qatar National Vision 2030, and based on its ongoing efforts to regulate and develop the financial sector in the country.A CBDC is a country's fiat currency in digital form and is managed by the central bank. Various reports indicate that trade regions like the Middle-East are uniquely positioned to take advantage of CBDC as energy and global trade trends shift.At the recently concluded Qatar Economic Forum, Sheikh Bandar bin Mohamed bin Saoud al-Thani, QCB governor, had said "we are in the foundation stage and evaluating the pros and cons of issuing the CBDC."The QCB is keen to keep pace with the digital transformations witnessed by the financial and banking sector both regionally and globally, confirming the necessity of investing in modern technologies, which aims to build a pioneering system that adopts emerging technologies to accelerate the pace of digital transformation in line with the Third National Development Strategy 2024-30, according to it.Most countries are still in the research and development stage, but a few have already started trials and have gone beyond the stages of development, according to reports.According to reports by the Atlantic Council, 87 countries are taking initiatives to create a CBDC. This accounts for more than 90% of the global GDP (gross domestic product). As the popularity of digital currencies is increasing, the global finance sector is preparing for a transformation.In the Gulf region, as part of its 2023-26 strategy, the UAE Central Bank is preparing to launch its digital currency. In May 2021, the Central Bank of Bahrain started collaboration with JP Morgan and Bank ABC to develop a cross border digital currency settlement pilot programme.The QCB reaffirms its continuous commitment to introducing distinguished and valuable initiatives that will help create a conducive environment for the growth of the financial sector, stimulate the widespread adoption of emerging technologies, and promote technological innovations across various fields.

Uncertainty over Federal Reserve's stand on interest rate and the US inflation data had their dampening effect on the Qatar Stock Exchange (QSE), which saw its key index .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[183041]** plummet 243 points and market capitalisation erode more than QR11bn this week. The foreign institutions’ increased net selling led the 20-stock Qatar Index plummet 2.54% this week which saw the Qatar Central Bank launch "Express Sandbox", the first of its kind in the Middle East. The real estate and consumer goods counters witnessed higher than average selling pressure this week which saw Aamal Company enter into agreement with Masraf Al Rayan to purchase the latter's 50% stake in Ci San Trading, a joint venture, for QR32mn. The Gulf institutions were seen increasingly net profit takers in the main market this week which saw Standard and Poor’s confirm Doha Insurance’s ‘A-‘ rating with stable outlook. About 79% of the traded constituents were in the red in the main bourse this week which saw Qatari German Company for Medical Devices enter into a memorandum of understanding with Huawei Technologies to collaborate in the development of smart healthcare solutions. However, the domestic funds were increasingly net buyers in the main market this week which saw Commercial Bank Financial Services to commence the liquidity provisioning for Doha Bank and its exchange traded fund QETF from next week. The local retail investors were increasingly bullish this week which saw a total of 0.56mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR1.24mn trade across 51 deals. The Arab individuals were seen increasingly net buyers in the main bourse which saw as many as 0.02mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.17mn change hands across 19 transactions. The Islamic index was seen declining faster than the other indices in the main market this week which saw the banks and industrials sectors together constitute more than 58% of the total trade volumes. Market capitalisation eroded QR11.44bn or 2.07% to QR541.84bn on the back of large and midcap segments this week, which saw no trading of sovereign bonds. Trade turnover and volumes were on the increase in both the main market this week which saw no trading of treasury bills. In the case of venture market, trade turnover and volumes were on the rise this week. The Total Return Index tanked 2.54%, the All Share Index by 2.19% and the All Islamic Index by 3.17% this week. The realty sector index plunged 6.21%, consumer goods and services (5.94%), transport (2.38%), banks and financial services (2%), industrials (1.29%) and telecom (0.65%), while insurance gained 0.34% this week. Major losers in the main market included Qatari German Medical Devices, Woqod, United Development Company, Medicare Group, Masraf Al Rayan, Commercial Bank, Ahlibank Qatar, QIIB, Dukhan Bank, Qatar Oman Investment, Alijarah Holding, Salam International Investment, Meeza, Baladna, Industries Qatar, Mesaieed Petrochemical Holding, Qamco, Barwa and Nakilat. In the venture market, Al Mahhar Holding saw its shares depreciate in value this week. Nevertheless, Doha Insurance, Qatar General Insurance and Reinsurance, Vodafone Qatar, Al Meera and Qatar Electricity and Water were among the gainers in the main bourse this week. The foreign funds’ net selling increased substantially to QR351.1mn compared to QR126.17mn the week ended May 23. The Gulf institutions’ net selling strengthened significantly to QR88.89mn against QR28.62mn the previous week. However, the domestic institutions’ net buying grew considerably to QR228.37mn compared to QR113.4mn a week ago. The Qatari individuals’ net buying expanded drastically to QR168.32mn against QR29.81mn the week ended May 23. The Arab retail investors’ net buying soared noticeably to QR27.09mn compared to QR3.47mn the previous week. The foreign individual investors’ net buying shot up markedly to QR10.66mn against QR7.1mn a week ago. The Gulf retail investors were net buyers to the tune of QR4.35mn compared with net sellers of QR0.43mn the week ended May 23. The Arab institutions’ net buying grew marginally to QR1.21mn against QR0.58mn the previous week. The main market witnessed about 1% expansion in trade volumes to 882.17mn shares, 31% in value to QR3.12bn and 10% in deals to 92,526 this week. In the venture market, trade volumes zoomed 80% to 0.97mn equities, value by 77% to QR1.61mn and transactions by 27% to 74.

Faster sales of private vehicles and trailers led Qatar's automobile sector record a robust double-digit year-on-year (y-o-y) growth in March 2024, according to the National Planning Council (NPC).The country saw 7,835 new vehicles registered this March jumping 10.5% and 8.4% year-on-year and month-on-month respectively in the review period, which saw a total of 7,936 driving licenses issued in March 2024 with non-Qatari males constituting 6,254 or 79% of the total, non-Qatari females 1,252 or 16%, Qatari males 239 or 3% and Qatari females 191 or 2%.The registration of new private vehicles stood at 6,039; which surged 23.5% and 9% on yearly and monthly basis respectively in March 2024. Such vehicles constituted 77.07% of the total new vehicles registered in the country in the review period.As many as 37 trailers were registered in March 2024, which shot up 27.6% and 8.8% year-on-year and month-on-month respectively. These constituted 0.61% of the total new vehicles in the review period.The registration of new private transport vehicles stood at 1,240; which zoomed 12.4% and 27.7% year-on-year and month-on-month respectively in March 2024. Such vehicles constituted 20.53% of the total new vehicles in the review period.The registration of new private motorcycles stood at 225 units, which was down 2.6% on an annualised basis but soared 58.5% month-on-month in March 2024. These constituted 3.73% of the total new vehicles in the review period.The new registration of other non-specified vehicles stood at 203 units, which plummeted 70.1% and 51.9% respectively year-on-year and month-on-month respectively in March 2024. These constituted 3.36% of the total new vehicles registered in the country in the review period.The registration of new heavy equipment stood at 91, which constituted 1.51% of the total registrations this March. Their registrations had seen 43.1% and 26.6% contraction year-on-year and month-on-month respectively in the review period.The registration was renewed in 75,056 vehicles, which saw a 4.7% decline on a yearly basis but grew 3.2% month-on-month in March 2024. It constituted 55.87% of the clearing of vehicle-related processes in the review period.The transfer of ownership was reported in 33,378 vehicles in March 2024, which shrank 6.8% on an annualised basis but increased 8.3% on a monthly basis. It constituted 24.85% of the clearing of vehicle-related processes in the review period.The lost/damaged vehicles stood at 9,600 units, which shot up 63.3% and 16.2% year-on-year and month-on-month respectively in March 2024. They constituted 7.15% of the clearing of vehicle-related processes in the review period.The modified vehicles’ registration stood at 3,759; which tanked 40.7% and 3.9% year-on-year and month-on-month respectively in March 2024. They constituted 2.8% of the clearing of vehicle-related processes in the review period.The number of vehicles meant for exports stood at 2,687 units, which zoomed 53.5% year-on-year but was down 2.4% on a monthly basis in March 2024. It constituted 2% of the clearing of vehicle-related processes in the review period.The number of cancelled vehicles was 1,776; dropping 47.6% and 17.1% year-on-year and month-on-month respectively this March. They constituted 1.32% of the clearing of vehicle-related processes in the review period.The re-registration was done in 123 vehicles, which grew 7% on an annualised basis but declined 3.9% month-on-month in March 2024.The clearing of vehicle-related processes stood at 134,343 units, which was down 3.4% year-on-year but expanded 5% on a monthly basis in the review period.

The Qatar Central Bank (QCB) has launched "Express Sandbox", the first of its kind in the Middle East, as part efforts to offer quicker market entry for solutions or innovations that demonstrate product readiness and potential.This comes in line with the Third Financial Sector Strategy, the FinTech Strategy, and the QCB's ongoing efforts to regulate and develop the financial sector.The Express Sandbox, an expedited programme, offers a faster track through the usual regulatory assessment while maintaining high standards of risk management, consumer protection, and system integrity.Financial institutions, licensed fintech companies, startups, and technology companies partnered with licensed financial entities (both domestic and international) can apply for the Express Sandbox programme to test and introduce their fintech innovative solutions in the Qatari market."Entities that succeed in joining the Express Sandbox will benefit from a reduced testing period, rapid testing cycles, and a streamlined overall evaluation process," QCB said.Key eligibility criteria for the Express Sandbox include strong track record in financial services, understanding of the local Qatari market, financial soundness, mature business and operating model, and adherence to international and local standards.The QCB has taken on a role of the “orchestrator” of Qatar’s fintech strategy, in addition to acting as the central regulatory authority of its fintech ecosystem, a report of the Qatar Financial Centre-Refinitiv had said.In alignment with the second strategic plan for the financial sector, the QCB has set itself four key objectives as part of the national fintech strategy, which included creating a connected and collaborative fintech ecosystem, maintaining global competitiveness of fintech services, having a strengthened financial system and providing meaningful solutions to local consumers.Through fulfilling these targeted objectives, the central bank launched three initiatives related to regulating the fintech sector in Qatar, aiming to maintain a balance between enabling fintech innovation while also protecting consumers and the integrity of Qatar’s financial system.The QCB has embarked on regulating aspects of the fintech business and ecosystem. In 2019, it began with issuing regulations on payments, the fastest growing segment in the region and a priority focus of the National Fintech Strategy.In its third financial sector strategy, built upon four pillars and supported by five cross-cutting themes; the QCB has suggested incentives to the Big Tech and fintech entities for facilitating their entry into the country.The third financial sector strategy is to make Qatar a leading ecosystem embracing emerging technologies to accelerate digital transformation supported by adaptable and consistent regulatory frameworks and trusted market infrastructure.

The early months of 2024 have seen evidence of a gap emerging between residential rental levels in new towers, and towers that were completed more than 10 years ago, according to Cushman and Wakefield Qatar (CWQ).Many tenants are focused on new, modern, well-managed buildings where rents are inclusive of utility bills and furniture. This has led to discounted rents in many older buildings, particularly for apartments owned by private investors, CWQ said in its report.Residential rents in Qatar have stabilised to a large degree after a period of fluctuation both ahead of, and after the FIFA World Cup, it said, adding occupancy rates in prime apartment buildings and villa compounds have climbed over recent months with strong demand witnessed for most new buildings in Lusail and The Pearl Island.While new developments continue to reach the market, it said an increase in new residents to Qatar has ensured that occupancy rates have remained stable.New types of real estate product continue to launch in master-planned neighbourhoods in Doha, Lusail and Al Wakra, the report said.Apartment buildings in Giardino Village on the Pearl Island offer tenants high quality apartments at more affordable rents than are typically available in Porto Arabia or Viva Bahriya. The Al Janoub Gardens project, which provides almost 2,400 new apartment units, is now competing with projects such as Ezdan Oasis and Madinatna at the more affordable end of the market, ensuring that rents should remain stable, according to CWQ.Finding that occupancy rates remain high in most villa compounds around Qatar, it said "we are starting to see upward pressure on rents in some of Doha’s more popular compounds in recent months."While rents have generally remained stable so far this year, some landlords no longer offer the rental incentives to new tenants that had been commonplace, it added.According to the latest statistics released by the National Planning Council, the number of residential sales transactions fell by 16.2% year-on-year in 2023. This trend reversed in January and February 2024, with the number of residential sales up by 30% on the corresponding months last year, reflecting an increase in transaction value of 46%.The sales market has been dominated by owner occupiers rather than investors in recent months, it said, adding typically, apartment sales are being driven by residents looking to secure residential permits and avoid paying rent.Purchasers are being encouraged by the increasing flexibility of structured payment plans for new off-plan sales being offered by many developers in Lusail’s various residential districts.

The foreign institutions’ increased net profit booking on Wednesday led the Qatar Stock Exchange (QSE) to a four-year low, tracking the sentiments across the globe on .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[165545]** uncertainty over interest rate cuts by the US Federal Reserve. The insurance, real estate, industrials and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index declined 1.04% to 9,279.05 points, although it touched an intraday high of 9,392 points. The Gulf retail investors were seen net profit takers in the main market, whose year-to-date losses widened to 14.33%. As much as 88% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR5.73bn or 1.06% to QR536.74bn on account of large and midcap segments. The Gulf institutions continued to be net sellers but with lesser intensity in the main market, which saw 0.09mn exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.19mn trade across 14 deals. The domestic institutions were seen increasingly net buyers in the main bourse, which saw no trading of sovereign bonds. The local retail investors’ higher net buying was seen in the main market, which saw no trading of treasury bills. The Islamic index was seen declining faster than the other indices in the main bourse, whose trade turnover and volumes were on the increase. The Total Return Index shed 1.04%, the All Share Index by 1.03% and the All Islamic Index by 1.33% in the main market. The insurance sector index plummeted 2.37%, realty (2.1%), industrials (1.27%), banks and financial services (1.2%) and telecom (0.85%); while transport gained 0.33% and consumer goods and services 0.32%. Major losers in the main market included Qatar General Insurance and Reinsurance, Qatar German Medical Devices, Al Khaleej Takaful, Estithmar Holding, Widam Food, Qatar Islamic Bank, Doha Bank, QIIB, Lesha Bank, Dukhan Bank, Salam International Investment, Mekdam Holding, Al Faleh Educational Holding, Qatar Industrial Manufacturing, Industries Qatar, Qamco, United Development Company, Ezdan and Mazaya Qatar. In the venture market, Al Mahhar Holding saw its shares depreciate in value. Nevertheless, Gulf Warehousing, Woqod, Dlala, Al Meera and Milaha were among the gainers in the main bourse. The foreign institutions’ net profit booking increased substantially to QR90.47mn compared to QR57.41mn on May 28. The Gulf individual investors turned net sellers to the tune of QR0.11mn against net buyers of QR1.03mn on Tuesday. However, the domestic institutions’ net buying expanded drastically to QR50.76mn compared to QR34.44mn the previous day. The Qatari individual investors’ net buying strengthened perceptibly to QR32.94mn against QR30.07mn on May 28. The Arab retail investors were net buyers to the extent of QR7.11mn compared with net sellers of QR2.18mn on Tuesday. The foreign individual investors’ net buying expanded markedly to QR3.04mn against QR1.78mn the previous day. The Arab institutions turned net buyers to the tune of QR0.18mn compared with net sellers of QR0.01mn on May 28. The Gulf institutions’ net profit booking declined notably to QR3.44mn against QR7.7mn on Tuesday. Trade volumes in the main market soared 55% to 162.9mn shares, value by 25% to QR496.93mn and transactions by 9% to 18,823. In the venture market, trade volumes doubled to 0.1mn equities and value also doubled to QR0.16mn on almost quadrupled deals to 15.

Buying interests, especially in the banking counter, on Tuesday lifted the Qatar Stock Exchange (QSE) more than 45 points, a day after it hit a seven-month low..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[165545]**The domestic institutions were seen increasingly net buyers as the 20-stock Qatar Index gained 0.48% to 9,376.88 points although it hit an intraday high of 9,417 points.The foreign retail investors turned bullish in the main market, whose year-to-date losses truncated to 13.42%.More than 47% of the traded constituents extended gains in the main bourse, whose capitalisation added QR1.34bn or 0.25% to QR542.47bn on account of midcap segments.The Gulf individuals were increasingly net buyers in the main market, which saw 0.26mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.6mn trade across 17 deals.The foreign institutions’ weakened net profit booking had its influence in the main bourse, which saw no trading of sovereign bonds.The local retail investors continued to be net buyers but with lesser intensity in the main market, which saw no trading of treasury bills.The Islamic index was seen gaining slower than the main barometer in the main bourse, whose trade turnover and volumes were on the decrease.The Total Return Index rose 0.48%, the All Share Index by 0.35% and the All Islamic Index by 0.43% in the main market.The banks and financial services sector index gained 0.84%, transport (0.44%) and industrials (0.1%); while consumer goods and services declined 0.9%, real estate (0.57%), insurance (0.41%) and telecom (0.35%).Major gainers in the main market included Qatar General Insurance and Reinsurance, Qatar Islamic Bank, Doha Insurance, Qatar Oman Investment, Widam Food and Milaha. In the venture market, Al Mahhar Holding saw its shares appreciate in value.Nevertheless, Qatar German Medical Devices, Al Khaleej Takaful, Qatar Insurance, Estithmar Holding, Woqod, Zad Holding, United Development Company and Gulf Warehousing were among the losers in the main bourse.The domestic institutions’ net buying expanded noticeably to QR34.44mn compared to QR23.24mn on May 27.The foreign individuals turned net buyers to the tune of QR1.78mn against net sellers of QR1.3mn the previous day.The Gulf individual investors’ net buying increased perceptibly to QR1.03mn compared to QR0.24mn on Monday.The foreign institutions’ net profit booking weakened markedly to QR57.41mn against QR59.84mn on May 27.However, the Gulf institutions’ net selling strengthened notably to QR7.7mn compared to QR5.74mn the previous day.The Arab retail investors were net sellers to the extent of QR2.18mn against net buyers of QR4.27mn on Monday.The Arab institutions turned net sellers to the tune of QR0.01mn compared with net buyers of QR0.44mn on May 27.The Qatari individual investors’ net buying eased markedly to QR30.07mn against QR38.69mn the previous day.Trade volumes in the main market fell 26% to 105.13mn shares and value by 11% to QR397.43mn, while transactions were up 3% to 17,339.The venture market saw 62% contraction in trade volumes to 0.05mn equities, 64% in value to QR0.08mn and 64% in deals to 4.

Ahead of the US inflation data this week, the foreign institutions were seen increasingly profit takers, leading the Qatar Stock Exchange (QSE) tank more than 63 points to hit a seven-.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[165545]**month low.The banking and transport counters saw higher than average selling pressure as the 20-stock Qatar Index lost 0.68% to 9,332,39 points, although it touched an intraday high of 9,415 points.The foreign retail investors turned bearish in the main market, whose year-to-date losses widened to 13.83%.As much as 66% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR3.23bn or 0.59% to QR541.13bn on account of small and midcap segments.The Arab individuals’ weakened net buying interests had its influence in the main market, which saw 0.15mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.4mn trade across 15 deals.The Gulf institutions continued to be net profit takers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The local retail investors were seen increasingly bullish in the main market, which saw no trading of treasury bills.The Islamic index was seen declining slower than the other indices in the main bourse, whose trade turnover and volumes were on the increase.The Total Return Index shed 0.68%, the All Share Index by 0.67% and the All Islamic Index by 0.36% in the main market.The banks and financial services sector index tanked 1.22%, transport (0.8%), real estate (0.44%) and consumer goods and services (0.22%); while telecom gained 0.31%, insurance (0.29%) and industrials (0.03%).Major losers in the main market included Mekdam Holding, Commercial Bank, Alijarah Holding, Qatar Islamic Insurance, Qatar German Company for Medical Devices, QNB, Medicare Group, Widam Food, Gulf International Services, United Development Company, Milaha and Vodafone Qatar. In the venture market, Al Mahhar Holding saw its shares depreciate in value.Nevertheless, Doha Insurance, Qatar Industrial Manufacturing, Qatar Electricity and Water, Dlala and Gulf Warehousing were among the gainers in the main bourse.The foreign institutions’ net selling strengthened drastically to QR59.84mn compared to QR37.54mn on May 26.The foreign individuals turned net sellers to the tune of QR1.3mn against net buyers of QR1.13mn the previous day.The Arab retail investors’ net buying declined substantially to QR4.27mn compared to QR16.71mn on Sunday.The Gulf individual investors’ net buying weakened noticeably to QR0.24mn against QR3.8mn on May 26.However, the Qatari individuals’ net buying strengthened significantly to QR38.69mn compared to QR7.75mn the previous day.The domestic institutions’ net buying expanded perceptibly to QR23.24mn against QR17.22mn on Sunday.The Arab institutions’ net buying grew marginally to QR0.44mn compared to QR0.33mn on May 26.The Gulf institutions’ net profit booking decreased markedly to QR5.74mn against QR9.39mn the previous day.Trade volumes in the main market rose 14 to 141.62mn shares, value by 27% to QR445.29mn and transactions by 31% to 16,772.The venture market saw 79% contraction in trade volumes to 0.13mn equities, 79% in value to QR0.22mn and 65% in deals to 11.

Strong international and regional trade pacts could enhance Qatar's trade flows as Doha is poised to emerge as a logistics hub, PricewaterhouseCoopers, a global consultant, has said.This, along with continued investment in ICT (information, communication and technology) infrastructure and public private partnerships (PPPs), was outlined by PwC as it chalked the 'future-focus' strategy for Qatar."Setting out strategic bilateral agreements with key trading partners can open new avenues for exports and imports, further integrating Qatar into the global trade ecosystem," PwC said.By refining customs collaboration and cultivating strong trade agreements on both global and regional levels, Qatar can facilitate more fluid trade flows, it said."This strategy will boost efficiency and reliability in international commerce," the report added.Moreover, embracing global initiatives such as the World Trade Organisation and the Gulf Co-operation Council (GCC) common market, it said, Doha can streamline customs procedures, reduce trade barriers, and stimulate economic growth."By creating a balance between global aspirations, regional integration, and local economic development, Qatar can be poised to emerge as a comprehensive logistics hub, serving as a gateway to both global and regional markets," it said.Dwelling deep into the future-focus strategy, PwC said local initiatives such as the expansion of free zones and tailored incentives for specific industries underscore the country’s commitment to attracting businesses and fostering economic growth.Qatar has also been actively cultivating its e-commerce and online platforms to address the evolving needs of its local market, according to the report."Three key areas can further support Qatar’s efforts in attracting more trade flow, regional co-operation, and improving local e-commerce," it said.On ICT and advanced technologies, PwC said this can support Qatar in enhancing its ICT backbone to ensure seamless information flow throughout the supply chain, enabling efficient tracking, documentation, and communication.Automation capabilities can address labour shortages with automatic freight handling, expediting cargo movement, and enhancing overall operational efficiency and cargo volumes.On PPPs, the report said advanced infrastructure projects to create more opportunities for the private sector to both invest and align with their needs. Through attracting private investment, automated cargo handling systems at ports, the government can ease its financial burden, while private entities gain attractive investment opportunities."The collaboration ensures infrastructure aligns with private needs," it said, adding an example of this could be port facilities designed for efficient, bespoke container handling or automated warehouses – all shaped through private sector input during PPP planning."This blend of public oversight and private expertise can help foster efficiency and innovation," it said.

Qatar has formally accepted an agreement on fisheries subsidies as part of efforts to protection of the maritime ecosystem, and environmental sustainability, the Word Trade Organisation (WTO), announced Wednesday."The depositing today of our instrument of acceptance of the WTO Agreement on fisheries subsidies is a symbol of Qatar’s steadfast engagement towards regulated fishing, the protection of the maritime ecosystem, and environmental sustainability," said Dr Hend bint Abdalrahman Mohamed al-Muftah, Qatar’s Permanent Representative to UN-Geneva after presenting the country's instrument of acceptance to WTO director-general Ngozi Okonjo-Iweala."We hope that this step forward in our collective efforts to protect the planet and the environment for us and next generations will ignite a succession of similar endeavours aimed at consolidating our multilateral objective,” she said.Qatar is the third Gulf Cooperation Council country to accept the agreement. Saudi Arabia and the UAE are the other two Gulf countries.Qatar's instrument of acceptance brings to 76 the total number of WTO members that have formally accepted the agreement. Three members from the Middle East have formally accepted the agreement. As many as 34 more formal acceptances are needed for the agreement to come into effect. The agreement will enter into force upon acceptance by two-thirds of the membership."By taking this step, Qatar has shown its support for sustainable fisheries and combatting illegal fishing in the Gulf region. Qatar also has affirmed the WTO's vital role in delivering global public goods — in this case contributing to marine sustainability by curbing subsidies to harmful fishing practices," said Okonjo-Iweala.The swift entry into force of the agreement would bolster both the health of oceans and the livelihoods of the millions of people who depend on them, she said, expressing the hope that the remaining WTO members will follow suit quickly for the benefit of people and oceans.Adopted by consensus at the WTO's 12th Ministerial Conference (MC12), held in Geneva on 12-17 June 2022, the agreement on fisheries subsidies sets new, binding, multilateral rules to curb harmful subsidies, which are a key factor in the widespread depletion of the world's fish stocks.In addition, the agreement recognises the needs of developing and least-developed countries and establishes a fund to provide technical assistance and capacity building to help them implement the obligations.The agreement prohibits support for illegal, unreported and unregulated (IUU) fishing, bans support for fishing overfished stocks and ends subsidies for fishing on the unregulated high seas.Members also agreed at MC12 to continue negotiations on outstanding issues, with a view to adopting additional provisions that would further enhance the disciplines of the agreement.

The Qatar Stock Exchange on Tuesday gained more than 39 points on the back of buying interests, notably in the banks, realty and industrials 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[165545]**Notwithstanding the uncertainty on the US interest rates, the 20-stock Qatar Index gained 0.4% to 9,716.34 points, recovering from an intraday low of 9,662 points.The domestic institutions stronger buying support lent support to the main market, whose year-to-date losses narrowed to 10.29%.The Arab retail investors turned bullish in the main bourse, whose capitalisation added QR2.22bn or 0.4% to QR561.87bn on account of small cap segments.As much as 50% of the traded constituents extended gains in the main market, which saw some 0.01mn exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.03mn trade across two deals.The foreign individuals were seen increasingly into net buying in the main bourse, which saw no trading of sovereign bonds.The Gulf retail investors’ lower net profit booking had its marginal influence on the main market, which saw no trading of treasury bills.The Islamic index was seen gaining slower than the other indices in the main bourse, whose trade turnover grew amidst lower volumes.The Total Return Index rose 0.4%, the All Share Index fell 0.41% and the All Islamic Index by 0.32% in the main market.The banks and financial services sector index gained 0.74%, realty (0.63%), industrials (0.55%), transport (0.24%) and insurance (0.23%); while telecom shrank 1.43% and consumer goods and services 0.87%.Major gainers in the main market included Mesaieed Petrochemical Holding, Beema, Medicare Group, Widam Food, Barwa, QNB, Qatar Islamic Bank and Gulf International Services.Nevertheless, Inma Holding, QLM, Ooredoo, Zad Holding and Woqod were among the major losers in the main bourse.The domestic institutions’ net buying increased substantially to QR66.13mn compared to QR11.79mn on May 20.The Arab individual investors were net buyers to the tune of QR4.88mn against net sellers of QR2.46mn on Monday.The foreign individuals’ net buying expanded perceptibly to QR2.46mn compared to QR1.53mn the previous day.The Gulf individual investors’ net profit booking eased marginally to QR0.02mn against QR0.55mn on May 20.However, the foreign institutions’ net selling strengthened considerably to QR56.91mn compared to QR27.64mn on Monday.The Qatari individuals turned net sellers to the extent of QR11.28mn against net buyers of QR16.01mn the previous day.The Gulf funds were net profit takers to the tune of QR5.27mn compared with net buyers of QR1.32mn on May 20.The Arab institutions had no major net exposure for the second straight session.Trade volumes in the main market fell 20% to 162.56mn shares, while value was up 2% to QR528.53mn despite 1% lower transactions at 17,732.The venture market saw a 76% contraction in trade volumes to 0.04mn equities, 79% in value to QR0.06mn and 81% in deals to six.

Amidst the geopolitical concerns, the Qatar Stock Exchange (QSE) on Monday fell 31 points on the back of foreign institutions’ profit booking pressure..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[165545]**The telecom, transport, consumer goods and banking sectors experienced higher than average.net selling as the 20-stock Qatar Index shed 0.32% to 9,677.17 points, although it touched an intraday high of 9,725 points.The Arab individual investors turned net sellers in the main market, whose year-to-date losses widened to 10.65%.The Gulf retail investors were seen increasingly bearish in the main bourse, whose capitalisation lost QR2.23bn or 0.4% to QR559.65bn on account of small cap segments.About 57% of traded constituents were in the red in the main market, which saw as many as 3,110 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.01mn trade across five deals.The domestic institutions’ weakened net buying had its influence in the main bourse, which saw no trading of sovereign bonds.However, the local retail investors turned bullish in the main market, which saw no trading of treasury bills.The Islamic index was seen declining slower than the other indices in the main bourse, whose trade turnover volumes were on the rise.The Total Return Index shed 0.32%, the All Share Index fell 0.35% and the All Islamic Index by 0.09% in the main market.The telecom sector index tanked 1.38%, transport (0.76%), consumer goods and services (0.68%), banks and financial services (0.4%) and real estate (0.27%); while insurance gained 0.38% and industrials 0.1%.Major losers in the main market included Inma Holding, Meeza, Salam International Investment, Mekdam Holding, Ooredoo, QNB, Woqod, Qatari Investors Group, Milaha and Gulf Warehousing.Nevertheless, Qatar German Medical Devices, QLM, Mesaieed Petrochemical Holding, Doha Insurance, Qamco, QIIB and Widam Food were among the gainers in the main bourse. In the venture market, Al Mahhar Holding saw its shares appreciate in value.The foreign institutions turned net sellers to the tune of QR27.64mn compared with net buyers of QR4.51mn on May 19.The Arab individual investors were net sellers to the extent of QR2.46mn against net buyers of QR4.93mn on Sunday.The Gulf individuals’ net profit booking grew marginally to QR0.55mn compared to QR0.34mn the previous day.The domestic institutions’ net buying weakened perceptibly to QR11.79mn against QR13.1mn on May 19.The foreign individuals’ net buying declined markedly to QR1.53mn compared to QR4.51mn on Sunday.However, Qatari individuals turned net buyers to the tune of QR16.01mn against net sellers of QR13.56mn the previous day.The Gulf funds were net buyers to the extent of QR1.32mn compared with net profit takers of QR13.61mn May 19.The Arab institutions had no major net exposure against net buyers to the tune of QR0.13mn on Sunday.Trade volumes in the main market soared 41% to 205.09mn shares, value by 45% to QR520.27mn and transactions by 45% to 17,928.The venture market saw a 13% jump in trade volumes to 0.17mn equities, 16% in value to QR0.29mn and 28% in deals to 32.

Qatar, which has embarked on a strategic fusion of tourism and sports and is swiftly establishing itself as a prominent cruise destination, should enhance its global presence with multiple tourism offices worldwide, according to PricewaterhouseCoopers (PwC).Following the examples of Spain and Singapore, which have successfully established multiple tourism offices worldwide, and having forged partnerships with celebrities, bloggers, influencers and global entertainment platforms; Qatar could similarly enhance its international presence, PwC said in its latest report."By setting up comparable tourism offices and securing collaborations with celebrities and entertainment entities, Qatar can significantly amplify its global visibility and content outreach," it said.Spain has 33 tourism offices across the world and invested €478mn in 175 tourism sustainability projects across destination types. In the case of Singapore, it has three-year partnership with Warner Bros to spotlight the country and allowed visitors from more than 150 countries visa free short stays.Qatar has become a leading destination for sports and tourism, leveraging strategic investments in top-notch sports facilities – like the FIFA World Cup 2022 stadiums and the Lusail International Circuit – and enhancing its tourism sector offering.Highlighting that Qatar has invested heavily in developing tourism infrastructure to provide visitors with a holistic experience; PwC said it can now develop innovative and sustainable touristic experiences that create a complete visitor experience in Qatar.The Arab country should adopt a comprehensive development strategy that enhances port infrastructure, diversifies excursion options, and promotes year-long cruise activities."Key initiatives (should) include upgrading Doha Port to serve an increasing number of vessels and passengers, offering customised and culturally immersive excursion packages, and organising a continuous calendar of events to attract tourists throughout the year," it said.The 2023-24 season saw 73 cruise ships and hosting more than 378,000 visitors, making 2023-24 one of the largest ever cruise seasons for Qatar Tourism and Mwani Qatar. This marks an increase from the 2022-23 season that witnessed as many as 54 cruise ships and 253,191 passengers.Finding that regional and global diverse tourism strategies involve establishing a global footprint marketing network, diversification of offerings, and a review of tourism policies, it said these insights could be leveraged by Qatar for its future development.Terming that Qatar's strategic fusion of tourism and sports marks a new chapter in Qatar’s journey towards a diversified economy and global prominence, PwC said by synergising these sectors, Qatar can "redefine the global narrative on the power of tourism and sports for national development."Suggesting widened utilisation of Qatar’s sports assets, it said by hosting a wide array of activities beyond traditional sports events, including entertainment, culture, and leisure, Qatar can optimise the utility of its sports infrastructure and offer tourists a diverse experience."This approach takes advantage of Qatar's experience in hosting sporting events and ensures that the country's investment in its sports venues pays off while offering tourists a rich and diverse experience," it said.Urging Doha to target investments in differentiated sports subsectors; PwC said Qatar’s successful track record of investments in sports leagues and teams highlights its ability to add tremendous value to clubs.The country has a large network of world-class state-owned enterprises (SOEs) and private sector players that can generate synergies for the country’s investments and acquisitions in the sports sector, it said."Following its model with PSG, Qatar can look to replicate this success across other sports where regional players have not penetrated," it added.Observing that Qatar has accrued invaluable expertise in the field of sports events operations and execution through its successful hosting of global tournaments, such as the Asian Games 2006 and FIFA World Cup 2022, and the Qatar Grand Prix, it said this expertise can be transferred to prospective hosts of future tournaments through the creation of a Centre of Excellence designed to support countries throughout the entire value."By sharing this expertise and knowledge in event management, Qatar will also catalyse improvements across other sectors, elevating tourism by enriching the visitor experience and broadening the country's international appeal," it said.

The Qatar Stock Exchange (QSE) on Sunday opened the week on a flat note despite strong buying in the transport 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[165545]**The domestic institutions were seen net buyers as the 20-stock Qatar Index rose 0.05% to 9,707.81 points, although it touched an intraday high of 9,750 points.The Arab individual investors turned net buyers in the main market, whose year-to-date losses were at 10.37%.The foreign retail investors were bullish in the main bourse, whose capitalisation however fell QR1.3bn or 0.23% to QR561.88bn on account of microcap segments.The Arab institutions were seen net buyers in the main market, which saw as many as 3,756 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.04mn trade across six deals.The foreign institutions continued to be net buyers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The local retail investors’ weakened net selling had its influence in the main market, which saw no trading of treasury bills.The Islamic index was seen gaining faster than the other indices in the main bourse, whose trade turnover grew amidst lower volumes.The Total Return Index was up 0.05%, the All Share Index fell 0.02% and the All Islamic Index by 0.11% in the main market.The transport sector index shot up 1.54% and insurance 0.95%, while consumer goods and services declined 0.6%, real estate (0.36%), banks and financial services (0.15%), industrials (0.08%) and telecom (0.06%).Major gainers in the main market included Qatar General Insurance and Reinsurance, Milaha, Qatar German Medical Devices, Inma Holding, United Development Company, Medicare Group, Qatari Investors Group, Qamco, Qatar Insurance and Nakilat.Nevertheless, Qatar Cinema and Film Distribution, Ahlibank Qatar, Dlala, QLM, Beema, Woqod, Al Faleh Educational Holding and Barwa were among the losers in the main bourse. In the venture market, Al Mahhar Holding saw its shares depreciate in value.The domestic institutions turned net buyers to the tune of QR13.1mn compared with net sellers of QR1.2mn on May 16.The Arab individual investors were net buyers to the extent of QR4.93mn against net sellers of QR6.67mn last Thursday.The foreign individuals turned net buyers to the tune of QR4.51mn compared with net sellers of QR0.77mn the previous trading day.The Arab institutions were seen net buyers to the extent of QR0.13mn against no major net exposure on May 16.The Qatari individual investors’ net selling declined substantially to QR13.56mn compared to QR38.04mn last Thursday.The Gulf individuals’ net buying weakened perceptibly to QR0.34mn against QR1.72mn the previous trading day.However, the Gulf funds’ net profit booking strengthened noticeably to QR13.61mn compared to QR4.74mn on May 16.The foreign institutions’ net buying shrank considerably to QR4.51mn against QR53.15mn last Thursday.Trade volumes in the main market tanked 16% to 145.44mn shares, value by 25% to QR359.45mn and transactions by 22% to 12,355.The venture market saw a 42% plunge in trade volumes to 0.15mn equities, 43% in value to QR0.25mn and 38% in deals to 25.

The Hashgraph Association (THA), the Swiss-based entity at the forefront of global digital enablement, has entered into a strategic partnership with the Qatar Financial Centre (QFC) to launch a $50mn Digital Assets Venture Studio on the sidelines of the Qatar Economic Forum 2024The studio is a platform to support local Qatari and global portfolio companies in the development of regulatory-compliant decentralised finance (DeFi) solutions and digital assets built on the Hedera Distributed Ledger Technology (DLT) network."This partnership is closely aligned with Qatar’s fintech strategy and is instrumental in advancing our efforts in developing and launching innovative projects that establish the country as a financial and commercial hub by 2030," said QFC Authority chief executive officer Yousuf Mohamed al-Jaida.The digital assets venture studio will focus on investments in Hedera-powered Web3 startups and enterprises building bankable DeFi solutions. The programme will span over the next five years (2024-28) with The Hashgraph Association investing $10mn (20%).THA will launch a custom-designed studio to enable local Qatari firms as well as international portfolio companies to build innovative regulatory-compliant structured financial products and secure digital asset solutions, which will include the tokenisation of real-world financial assets, on the Hedera DLT network.The studio will be part of Qatar’s Digital Assets Lab within the QFC Innovation Dome, an initiative launched in December 2023 as part of Qatar’s National Vision 2030 to accelerate research and development within the digital asset space."We are committed to investing and fostering the growth of a vibrant Web3 and DLT/blockchain ecosystem with a special focus on decentralised finance and digital assets in support of Qatar’s Vision 2030 aimed at fostering an innovative regulatory compliant digital economy,” said Kamal Youssefi, President of THA.Earlier this year, THA signed a strategic partnership with the Saudi Ministry of Investment, for a $250mn DeepTech venture studio focused on enabling the convergence of deep technologies such as AI, IoT, Blockchain/DLT, Robotics, and quantum computing."We are excited to launch our Swiss/Qatari government-endorsed digital assets venture studio in Doha that will empower the next generation of Web3 financial entrepreneurs by supporting the launch of structured financial products and tokenised financial solutions, leveraging financial instruments and investment structures such as equity, funds, real estate, and aircraft financing," said Stefan Deiss, co-founder and chief executive officer of THA.

Qatar, which has strategised efforts to strengthen its tourism industry, has seen more than 2mn visitors in the first four months of this year.The country recorded 4mn visitors in 2023, which showed a 58.4% growth compared to 2022, said Saad bin Ali al-Kharji, chairman of Qatar Tourism, at the Qatar Economic Forum powered by Bloomberg.Discussing the future of tourism in the Gulf region at one of the panel sessions, he underscored the role of tourism in job creation and emphasised the need for continuous infrastructure development to support the rapid growth of sectors such as transportation, agriculture, and construction, which contribute to creating both direct and indirect job opportunities.Emphasising the pivotal role of the FIFA World Cup 2022 in supporting the region's tourism industry growth, he said the tournament contributed "significantly" to portraying the Arabian culture and Gulf heritage to the world, thereby attracting visitors and stimulating interest in the Gulf region's unique culture.This resulted in notable growth in tourism investments, visitor numbers, and the development of new tourist destinations, he said in the presence of Saudi Arabia's Tourism Minister Ahmed al-Khateeb.Qatar’s strategic plan calls for tourism to contribute 12% to gross domestic product. According to The World Travel and Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) report, travel and Tourism is set to contribute an all-time high of QR90.8bn to the Qatari economy (11.3% of the total) and will support more than 334,500 jobs across the country (15.8% of the total workforce).It also said spending by international travellers is expected to increase significantly this year, with forecasts indicating a record spend of QR69.6bn this year, while domestic spend is projected to reach QR12bn.In 2023, the travel and tourism’s GDP contribution grew by 31% to a record-breaking QR81.2bn, representing 10.3% of Qatar’s total economic output, demonstrating the sector’s importance to the national economy.Addressing the resilience of the tourism sector, al-Kharji pointed out its ability to adapt to economic and geopolitical conditions and recover rapidly from crises."Despite challenges, global tourism has rebounded significantly from the impact of the Covid-19 pandemic, with travel levels surpassing 88% of pre-pandemic levels worldwide and exceeding pre-pandemic levels in the Middle East," he added.