Author

Friday, February 13, 2026 | Daily Newspaper published by GPPC Doha, Qatar.
 Santhosh V. Perumal
Santhosh V. Perumal
Santhosh V. Perumal, a postgraduate in Econometrics with an advance qualification in Capital Markets and Financial Services, is Gulf Times' journalist. His coverage areas are debt and equity, hydrocarbons, international trade, environment, banks, insurance and real estate. Previously, he was in New Delhi, India as Senior Finance Correspondent of PTI.
The Arab individuals were increasingly net sellers as the 20-stock Qatar Index shed 0.22% to 10,585.58 points
Business
QSE snaps three-day bull-run; index falls 24 points

Snapping three consecutive days of bullish run, the Qatar Stock Exchange (QSE) on Tuesday lost about 24 points and its key index retreated below 10,600 points.The Arab individuals were increasingly net sellers as the 20-stock Qatar Index shed 0.22% to 10,585.58 points, although it touched an intraday high of 10,650 points.The telecom and transport counters witnessed higher than average selling pressure in the main market, whose year-to-date gains truncated to 0.14%.About 55% of the traded constituents were in the red in the main bourse, whose capitalisation shed QR0.49bn or 0.08% to QR623.85bn on the back of microcap segments.The domestic institutions turned net profit takers in the main market, which saw as many as 0.19mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.43mn trade across 49 deals.The foreign funds’ weakened net buying had its influence on the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was seen declining faster than the other indices of the main market, which saw no trading of treasury bills.The local retail investors continued to be net profit takers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.22%, the All Islamic Index by 0.33% and the All Share Index by 0.17% in the main market.The telecom sector index declined 1.35%, transport (0.7%), banks and financial services (0.16%) and real estate (0.11%); while insurance gained 0.47%, consumer goods and services (0.17%) and industrials (0.13%).Major losers in the main market included Qatar General Insurance and Reinsurance, Vodafone Qatar, Milaha, Lesha Bank, United Development Company, Doha Bank, Al Faleh Educational Holding, Qatar Insurance and Ooredoo. In the junior bourse, Techno Q saw its shares depreciate in value.Nevertheless, Estithmar Holding, Gulf International Services, Ezdan, Alijarah Holding, Qatar Insurance, Qatar Electricity and Water, Aamal Company and Mazaya Qatar were among the gainers in the main market.The Arab retail investors’ net selling increased noticeably to QR6.41mn compared to QR2.64mn the previous day.The Gulf individual investors’ net profit booking rose marginally to QR1.68mn against QR1.39mn on Monday.The domestic institutions turned net sellers to the tune of QR1.59mn compared with net buyers of QR9.2mn on May 12.The Arab institutions were net profit takers to the extent of QR0.79mn against no major net exposure the previous day.The foreign institutions’ net buying decreased substantially to QR35.78mn compared to QR74.8mn on Monday.The Gulf institutions’ net buying weakened perceptibly to QR1.77mn against QR10.25mn on May 12.However, the Qatari retail investors’ net selling shrank significantly to QR26.46mn compared to QR85.98mn the previous day.The foreign individual investors’ net profit booking eased markedly to QR0.63mn against QR4.25mn on Monday.The main market witnessed a 13% surge in trade volumes to 267.81mn shares, 6% in value to QR565.26mn and less than 1% in deals to 20,630.In the venture market, a total of 24,978 equities valued at QR0.07mn change hands across 10 transactions.

The domestic institutions were increasingly net buyers as the 20-stock Qatar Index rose 0.06% or six points to 10,531.81 points, recovering from an intraday low of 10,475 points.
Business
US-China trade deals lift sentiments in QSE as index gains 77 points; M-cap adds QR5.72bn

The US-China trade deal had its positive influence on the Qatar Stock Exchange (QSE) on Monday as its key index gained 77 points to cross the 10,600 levels.The foreign funds were increasingly net buyers as the 20-stock Qatar Index rose 0.73% to 10,609.25 points, although it touched an intraday high of 10,636 points.The industrials, banks and insurance counters witnessed higher than average demand in the main market, which for the first time this year turned black as it reported 0.36% gains year-to-date.About 68% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR5.72bn or 0.92% to QR624.34bn on the back of large and small cap segments.The Gulf institutions were increasingly net buyers in the main market, which saw as many as 0.03mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.62mn trade across 12 deals.The domestic funds were seen bullish in the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was seen gaining slower than the indices of the main market, which saw no trading of treasury bills.However, the local retail investors turned net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 0.73%, the All Islamic Index by 0.65% and the All Share Index by 0.85% in the main market.The industrials sector index shot up 1.72%, banks and financial services (0.9%), insurance (0.81%), transport (0.49%), consumer goods and services (0.24%) and real estate (0.18%); while telecom declined 0.99%.Major movers in the main market included Qatar Electricity and Water, Estithmar Holding, Industries Qatar, Widam Food, QNB, Qamco, QIIB, Salam International Investment, Al Faleh Educational Holding, Baladna, Gulf International Services, Mesaieed Petrochemical Holding, Milaha and United Development Company. In the junior bourse, Techno Q saw its shares appreciate in value.Nevertheless, Qatar Cinema and Film Distribution, Vodafone Qatar, Commercial Bank, Qatar Oman Investment and Ooredoo were among the shakers in the main market.The foreign institutions’ net buying increased substantially to QR74.8mn compared to QR6.76mn on Sunday.The Gulf institutions’ net buying expanded significantly to QR10.25mn against QR2.21mn the previous day.The domestic institutions turned net buyers to the tune of QR9.2mn compared with net sellers of QR37.12mn on May 11.However, the Qatari retail investors were net sellers to the extent of QR85.98mn against net buyers of QR18.23mn on Sunday.The foreign individuals were net sellers to the tune of QR4.25mn compared with net buyers of QR3.98mn the previous day.The Arab individual investors turned net profit takers to the extent of QR2.64mn against net buyers of QR4.57mn on May 11.The Gulf retail investors were net sellers to the tune of QR1.39mn compared with net buyers of QR1.38mn on Sunday.The Arab institutions had no major net exposure for the fifth straight session.The main market witnessed a 24% surge in trade volumes to 237.29mn shares, 61% in value to QR535.28mn and 96% in deals to 20,585.In the venture market, a total of 57,602 equities valued at QR0.16mn change hands across 12 transactions.

Jean-Jacques Valery Dandrieux, co-chief executive officer of QFC unit of EnergyX.
Business
South Korea's EnergyX incorporates QFC entity

South Korea's EnergyX, a global leader in AI-driven energy self-sufficiency solutions for zero-energy buildings (ZEBs), has officially incorporated its Qatar entity, under the Qatar Financial Centre (QFC) licence.This strategic move establishes a permanent foothold for the company in one of the region’s most innovation-driven markets and initiates the next phase of its global expansion.The newly incorporated entity will serve as the company’s dedicated base for research and development (R&D) in Qatar, enabling the localisation and advancement of its energy optimisation technologies.With EnergyX now established in Qatar, the company is poised to advance its vision of intelligent infrastructure through strategic growth — combining world-class R&D with high-precision capital strategy to expand its regional and global footprint.The decision to formalise operations in Qatar follows EnergyX’s February announcement at Web Summit Qatar 2025, where the company outlined its commitment to working with local partners to scale intelligent infrastructure solutions across the country.During the Web Summit Qatar 2025, EnergyX had disclosed its plans to establish a major R&D centre in Qatar, committing to invest more than $100mn in the GCC (Gulf Co-operation Council) over the next five years.“Establishing EnergyX is a foundational step in our long-term strategy to deepen R&D and drive scalable energy transformation in Qatar,” said Sean Park, global chief executive officer of EnergyX.Alongside the incorporation, EnergyX has appointed Jean-Jacques Valery Dandrieux as co-chief executive officer of QFC unit of EnergyX.Dandrieux will also serve as chief strategy officer of EnergyX globally, with a mandate focused on accelerating the company’s strategic growth through mergers and acquisitions, cross-border partnerships, and high-impact capital deployment.Now in an operating role, Dandrieux’s focus will centre on inorganic growth—leading acquisitions, structuring sovereign partnerships, and building the cross-border frameworks necessary to integrate EnergyX’s energy intelligence technologies into large-scale infrastructure platforms.“Qatar presents a uniquely advanced ecosystem for deploying next-generation infrastructure technologies,” said Dandrieux.EnergyX (QFC) will act as the anchor for executing a targeted M&A and partnership strategy, consolidating Qatar’s energy optimisation value chain and scaling its platform in alignment with Qatar’s long-term development goals, he added.With over 2,000 projects completed across the globe and 285 proprietary intellectual property assets, EnergyX enables developers and building owners to transform real estate assets into energy self-sufficient, high-efficiency systems.EnergyX’s offerings are anchored in two core solutions — EnergyX Zero (AI-powered software and consulting for architectural design and operations) and EnergyX Systems (customisable Building-Integrated Photovoltaics) — enabling clients to meet global standards such as Zero-Energy Building (ZEB), LEED, RE100, and broader ESG (environment, social and governance) goals.

The local retail investors turned bullish as the 20-stock Qatar Index gained 0.12% to 10,532.25 points
Business
US-China trade talks lift QSE 12 points; Islamic equities outperform

The US-China trade talks instilled confidence among investors as the Qatar Stock Exchange (QSE) on Sunday opened the week with more than 12 points gains in index; even as capitalisation was rather seen flat.The local retail investors turned bullish as the 20-stock Qatar Index gained 0.12% to 10,532.25 points, although it touched an intraday high of 10,589 points.The insurance, real estate, industrials and consumer goods sectors witnessed higher than average demand in the main market, whose year-to-date losses truncated further to 0.37%.About 53% of the traded constituents extended gains to investors in the main bourse, whose capitalisation however remained rather flat at QR618.62bn amidst buying in microcap segments.The foreign individuals were increasingly net buyers in the main market, which saw as many as 1,918 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.02mn trade across six deals.The Gulf individual investors were also increasingly net buyers in the main bourse, whose trade turnover and volumes were on the decline.The Islamic index was seen outperforming the other indices of the main market, which saw no trading of treasury bills.The foreign funds continued to be net buyers but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 0.12%, the All Islamic Index by 0.35% and the All Share Index by 0.1% in the main market.The insurance sector index gained 0.56%, realty (0.38%), industrials (0.37%), consumer goods and services (0.31%) and banks and financial services (0.06%); while telecom and transport declined 0.7% and 0.22% respectively.Major movers in the main bourse included Qatar General Insurance and Reinsurance, Qatar Oman Investment, Lesha Bank, Al Faleh Educational Holding, Baladna, Salam International Investment, Al Mahhar Holding, Vodafone Qatar and Milaha. In the venture market, Techno Q saw its shares appreciate in value.Nevertheless, Ooredoo, Widam Food, Nakilat, Al Meera and AlRayan Bank were among the shakers in the main market.The Qatari retail investors turned net buyers to the tune of QR18.23mn compared with net sellers of QR3.38mn last Thursday.The foreign individual investors’ net buying increased noticeably to QR3.98mn against QR0.86mn the previous trading day.The Gulf retail investors were net buyers to the extent of QR1.38mn compared with net sellers of QR0.44mn on May 8.The domestic institutions’ net profit booking eased marginally to QR37.12mn against QR38.79mn last Thursday.However, the foreign institutions’ net buying weakened substantially to QR6.76mn compared to QR24.26mn the previous trading day.The Arab individual investors’ net buying weakened noticeably to QR4.57mn against QR10.3mn on May 8.The Gulf institutions’ net buying decreased perceptibly to QR2.21mn compared to QR7.19mn last Thursday.The Arab institutions had no major net exposure for the fourth straight session.The main market witnessed a 3% fall in trade volumes to 191.06mn shares, 23% in value to QR331.62mn and 49% in deals to 10,502.In the venture market, a total of 31,828 equities valued at QR0.01mn change hands across 15 transactions.

The foreign institutions were increasingly net buyers as the 20-stock Qatar Index settled 0.69% higher this week.
Business
QSE key index gains 72 points; M-cap adds QR3.61bn

Investors pinned hopes on the proposed US-China trade talks as the Qatar Stock Exchange (QSE) closed this week on a higher note with its key index gaining as much as 72 points and capitalisation add in excess of QR3bn.The foreign institutions were increasingly net buyers as the 20-stock Qatar Index settled 0.69% higher this week which saw Al Mahhar Holding Company evaluate two potential acquisition opportunities as part of its strategic growth agenda.The transport, real estate, banks and telecom counters witnessed higher than average demand this week which saw Fitch, a global credit rating agency, forecast Qatar to see a fiscal surplus of 2.5% and debt/GDP (gross domestic product) to remain broadly stable at 49% in 2025.The Arab retail investors were seen net buyers in the main bourse this week which saw the Qatar Central Bank maintain status quo in its interest rates, mirroring the US Federal Reserve’s decision.The local individuals’ weakened net profit booking had its influence on the main bourse this week which saw a Qatar Financial Centre report that said Islamic finance assets in the country reached QR694bn by the end of 2024, with Islamic banking and sukuk making up 97% of the total.More than 60% of the traded constituents extended gains to investors in the main market this week which saw a total of 0.1mn AlRayan Bank-sponsored exchange traded fund QATR worth QR0.22mn trade across 45 deals.The Gulf individuals’ lower net selling had its marginal effect on the main bourse this week which saw as many as 927 Doha Bank-sponsored exchange-traded fund QETF valued at QR0.01mn change hands across seven transactions.However, the domestic funds were seen net profit takers in the main market this week which saw no trading of sovereign bonds and treasury bills.The foreign individuals’ increased net profit booking had its impact on the main bourse this week which saw Lesha Bank's subsidiary Lesha Capital receives an “in-principle” approval from Saudi Arabia's Capital Market Authority to manage investments and operate funds and advising.The Islamic index was seen gaining slower than the other indices of the main market this week, which saw Elsewedy Cables Qatar, a subsidiary of Aamal Company, sign a QR1bn contract with Qatar General Electricity and Water Corporation.Market capitalisation added QR3.61bn or 0.59% to QR618.59bn on the back of mid and small cap segments this week which saw the industrials and banking sectors together constitute more than 61% of the total trade volumes.Trade turnover and volumes were on the decline in both the main and ventures markets this week.The Total Return Index was up 0.69%, the All Islamic Index by 0.59% and the All Share Index by 0.71% this week.The transport sector index surged 4.05%, realty (1.1%), banks and financial services (1.07%) and telecom (0.74%); whereas industrials declined 1.17%, insurance (1.07%) and consumer goods and services (0.11%) this week.Major movers in the main market included Vodafone Qatar, Lesha Bank, Nakilat, Doha Bank, Qatar General Insurance and Reinsurance, QNB, AlRayan Bank, Dukhan Bank, Qatari German Medical Devices, Salam International Investment, Widam Food, Qamco, United Development Company, Mazaya Qatar and Milaha this week.Nevertheless, Beema, Inma Holding, Qatar Insurance, Qatar Electricity and Water, QIIB, Ooredoo, Mannai Corporation, Qatari Investors Group and Industries Qatar were among the shakers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value this week.The foreign institutions’ net buying increased noticeably to QR156.83mn compared to QR109.19mn the week ended May 1.The Gulf institutions turned net buyers to the tune of QR20.26mn against net profit takers of QR3.91mn the previous week.The Arab retail investors were net buyers to the extent of QR3.04mn compared with net sellers of QR23.15mn a week ago.The Qatari individual investors’ net selling declined substantially to QR41.31mn against QR91.98mn the week ended May 1.The Gulf retail investors’ net profit booking eased marginally to QR3.6mn compared to QR3.77mn the previous week.However, the domestic institutions turned net sellers to the tune of QR133.42mn against net buyers of QR14.98mn a week ago.The foreign individual investors’ net selling expanded perceptibly to QR1.81mn compared to QR1.3mn the week ended May 1.The Arab institutions had no major net exposure.The main market saw a 3% fall in trade volumes to 905.37mn shares, 6% in value to QR1.96bn and 12% in deals to 88,298 this week.In the venture market, trade volumes plummeted 86% to 0.02mn equities, value by 87% to QR0.05mn and transactions by 64% to 16.

Quoting the latest GDP data, Cushman and Wakefield Qatar said it confirms that the Qatari economy picked up at the end of last year as GDP grew by 6.3% year-on-year in the fourth quarter of 2024, owing to a supportive base and implying 2.6% expansion last year, above a 1.9% projection
Business
'Prime office rents will need to increase from current levels' as economy poised to expand fast: CWQ

Prime office rents will need to increase from the current levels with economy poised to expand fast, which also exerts pressure to grow for new office development in prime areas, according to Cushman and Wakefield Qatar (CWQ)."As the economy grows, we expect the case for new office development in prime locations to emerge," CWQ said in its latest report, adding to justify new development, prime office rents will need to increase from current levels.Quoting the latest GDP (gross domestic product) data, CWQ said it confirms that the Qatari economy picked up at the end of last year as GDP grew by 6.3% year-on-year in the fourth quarter of 2024, owing to a supportive base and implying 2.6% expansion last year, above a 1.9% projection.Ahead of the escalation in tariffs introduced by the US administration in April, Oxford Economics had raised its 2025 GDP growth forecast for Qatar to 2.6% and further to 5% in 2026. The upgrade to their near-term outlook reflected "better-than-expected" growth at the end of 2024 and positive activity indicators at the start of this year.The report highlighted that after several years of oversupply, the pipeline of new office development in Doha is “minimal”.While the availability of prime office space has reduced, this has yet to be reflected in rental growth across the board, it said, adding Prime CAT A office space typically commands rents between QR100 and QR140 per sq m per month, with larger floorplates of more than 1,000 sqm usually available for less than QR100 per sq m per month.Supply of modern office buildings in Lusail, West Bay, The Pearl Island and Msheireb Downtown has reached 3mn sq m; representing approximately 55% of all purpose-built office supply in Doha.The recent increase in the take-up of offices in prime areas has seen Grade A office availability fall to 10%, it said, adding overall availability in the office sector is estimated to be closer to 20%.Outside of West Bay, Lusail and Msheireb Downtown, the office market is relatively subdued, which is reflected in the lack of take-up and the quoted rents for available space.Office space in secondary locations can be secured for as little as QR50-60 per sq m per month, reflecting the high vacancies and low demand in some of these areas. In many older buildings, rents are inclusive of service charge contributions.Recent activity remains dominated by government bodies acquiring office space in Lusail and West Bay, with more than 150,000 sq m being leased in the past eighteen months.To reduce reliance on the public sector for office demand, Qatar has been promoting the growth of private sector through various initiatives.The Web Summit successfully inaugurated its Qatar edition in 2024 and held its second conference in February of this year. The first two Web Summit events have reportedly seen several companies, particularly those in e- commerce, payment solutions, and digital marketing, laying the groundwork for setting up in Qatar.In February 2025, HSBC joined a growing list of companies that announced relocating to MDD or Msheireb Downtown. The bank, which is moving headquarters to MDD, will occupy about 3,000 sq m.

Gulf Times
Business
Hotel apartments perform 'beyond expectations'; hospitality sector sees 41,000 keys: CWQ

The performance of hotel apartments has improved "beyond expectations" over the past year, even as the overall supply of hotel accommodation in Qatar surpassed 41,000 keys amid international visitors to the country crossing 5mn for the first time, according to Cushman and Wakefield Qatar (CWQ).The overall supply of hotel accommodation in Qatar has now surpassed 41,000 keys, representing a 3.7% increase in supply over twelve months, CWQ said in its latest report, unveiled Wednesday.Highlighting that supply remains dominated by luxury hotels; it said as many as 19,800 hotel rooms are classified as 5 Star, while only 3,038 hotel rooms in Qatar classified as 3 Star or below.International visitors to Qatar surpassed 5mn for the first time last year, reflecting demand for more than 10mn hotel nights, boosting hotel occupancy rates.Visitor arrivals reflected a 25% increase from 2023, with 41% of visitors coming from other GCC or the Gulf Co-operation Council countries, while 23% arrived from Europe.The growth in the tourism sector underpinned improved performance metrics for hotels, with overall occupancy for the year up by 11% to 68.8%, while overall average daily rates for the industry increased 8% to QR442.In March 2025, Qatar Tourism announced a record performance in the hotel sector in the first two months of this year. The number of hotel nights occupied in January and February reached 1.95mn, while the occupancy rate for hotels in February jumped to 81%, up from 69% in the same month last year. Over the entire quarter, the average occupancy rate was 71%, according to STR Global.Finding that the performance of hotel apartments has improved "beyond expectations" over the past year; it said the current supply, estimated to be 9,900 units, enjoyed occupancy of 74.6% in 2024, higher than any hotel star classification. It reflected an increase of 14% from 2023.Qatar Tourism's annual performance report for 2024 was released in the first quarter or Q1 of 2025 and provided details behind the encouraging headlines for the hotel sector that were released at the end of the year.The pipeline of upcoming hotel supply in Doha is relatively small, which could cause performance metrics to improve further if the upward curve in tourism is sustained, according to CWQ.The most noteworthy development proposal in Qatar's hotel sector is the Simaisma Project. On completion, the project led by the Ministry of Municipality and developed by Qatari Diar will include 16 resort hotels, a theme park, an international standard golf club, a yacht club and marina, and significant retail and restaurant provisions.

Gaurav Borikar, Executive Director, Al Asmakh Real Estate Development Company
Business
Better urban planning helps Qatar rewrite affordable housing narrative, says Al Asmakh official

Better urban planning helped Qatar rewrite its affordable housing narrative and avoid the trap of oversupply and commuter strain, as rental pressure eased up to 25–35% against 2014 benchmarks, according to a top official of Al Asmakh Real Estate Development Company.“Stability, with selective rental uplift in under-supplied, well-connected communities,” Gaurav Borikar, Executive Director, Al Asmakh Real Estate Development Company, told Gulf Times when asked about the outlook of the Qatar’s realty sector.Qatar’s residential real estate market is entering a mature, demand-led phase, marked by occupancy stability and clear pricing segmentation across submarkets.While residential supply has expanded steadily since FIFA 2022, market absorption and tenant preferences are now defining performance, he said, adding rents remain aligned with affordability thresholds.With fewer large-scale launches ahead and a shift toward liveability, he said the market is now in optimisation mode; where asset quality, service delivery, and integrated amenities define long-term value.Projects like Barwa Madinatna (with more than 6,700 units), Ezdan Oasis (8,700+ units), and the Ezdan Villages and surroundings across Al Wakra and Al Wukair (15,000+ units combined) didn’t just offer roofs; rather they offered residential ecosystems, according to him.In this regard, he highlighted zoned districts for families and singles; schools, clinics, mosques, supermarkets — built in; road infrastructure connected to growth zones and industrial corridors.Developments such as Barwa Madinatna, Ezdan Oasis, and Ezdan Villages, together serve a large portion of Qatar’s mid-income population, and are operating at more than 75% occupancy, he said. To Page 4

The foreign funds continued to be bullish but with lesser intensity as the 20-stock Qatar Index rose 0.28% to 10,484.46 points
Business
Ahead of Fed meet, QSE gains 29 points; M-cap adds QR2.46bn

Ahead of the US Federal Reserve’s meeting, the Qatar Stock Exchange (QSE) Tuesday gained about 29 points on the back of buying interests, especially in the telecom, banking, transport and consumer goods sectors.The foreign funds continued to be bullish but with lesser intensity as the 20-stock Qatar Index rose 0.28% to 10,484.46 points, although it touched an intraday high of 10,502 points.The Gulf retail investors were seen net buyers, albeit at lower levels, in the main market, whose year-to-date losses truncated to 0.82%.About 59% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR2.46bn or 0.4% to QR617.07bn on the back of midcap segments.The domestic institutions’ weakened net selling had its influence on the main market, which saw as many as 524 exchange traded funds (sponsored by AlRayan Bank) valued at QR1,212 trade across five deals.The local retail investors were seen net profit takers in the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was seen outperforming the other indices of the main market, which saw no trading of treasury bills.The Gulf institutions turned net sellers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 0.28%, the All Islamic Index by 0.24% and the All Share Index by 0.36% in the main market.The telecom sector index gained 0.87%, banks and financial services (0.49%), transport (0.36%), consumer goods and services (0.25%) and industrials (0.05%); while real estate declined 0.24% and insurance 0.06%.Major gainers in the main bourse included Al Mahhar Holding, Vodafone Qatar, Qamco, Mazaya Qatar, Salam International Investment, QNB, Al Meera, Aamal Company, Estithmar Holding and Nakilat. In the venture market, Techno Q saw its shares appreciate in value.Nevertheless, Qatari Investors Group, Dukhan Bank, Baladna, Qatar German Medical Devices and Barwa were among the shakers in the main market.The Gulf retail investors were net buyers to the tune of QR0.12mn compared with net profit takers of QR0.42mn on Monday.The domestic institutions’ net selling decreased substantially to QR12.5mn against QR40.33mn the previous day.The foreign individual investors’ net selling eased marginally to QR0.09mn compared to QR1.1mn on May 5.However, the Qatari retail investors turned net sellers to the extent of QR12.2mn against net buyers of QR9.04mn on Monday.The Gulf institutions were net profit takers to the tune of QR1.57mn compared with net buyers of QR1.29mn the previous day.The Arab retail investors turned net sellers to the extent of QR0.66mn against net buyers of QR1.02mn on May 5.The foreign institutions’ net buying weakened perceptibly to QR26.9mn compared to QR30.41mn on Monday.The Arab institutions had no major net exposure against net buyers to the tune of QR0.1mn the previous day.The main market witnessed a 51% surge in trade volumes to 211.57mn shares, 12% in value to QR397.88mn and 42% in deals to 20,272.In the venture market, a total of 6,012 equities valued at QR0.02mn change hands across two transactions.

Gulf Times
Business
Qatar banks’ exposure to UK totals £4.8bn: CEBR

Qatari banks’ exposure to the UK totalled about £4.8bn with investments and credit facilities accounting for a significant portion of this exposure, according to the UK-based Centre of Economics and Business Research (CEBR).Transactions through Qatar-issued cards in the UK totalled £966mn during 2023 from more than 8.5mn transactions, reflecting the "significant" consumer spending, said CEBR in its report, which was recently unveiled here.The Qatar Central Bank (QCB) holds substantial investments in the UK, where the British pound (GBP) is the fifth-largest reserve currency in the QCB’s foreign reserve portfolio, amounting to £1.63bn (2.87% of its total foreign currency reserves), said CEBR report.The QCB has also maintained a gold custody account with the Bank of England for decades. As of November 2024, the QCB’s total investment in the UK stands at about £7.8bn, including £6.9bn in gold custody and £240.9mn in UK Treasury Notes.Furthermore, the QCB statistics on financial exchanges between the UK and Qatar highlight the significant scale of economic interactions between the two countries.Remittances from Qatar to the UK were at £303.3mn, sent by nearly 15,000 workers, underscoring the economic presence of the UK expatriates in Qatar and the role of remittances in supporting investment, savings, and consumption in the UK."The steady volume of remittances highlights the presence of a significant UK workforce in Qatar. Remittances often facilitate investments, savings, and consumption in the UK, further reinforcing bilateral financial engagement," the report said.The financial services sector was the only one in which Qatar made an investment and later divested during the 2008–22 study period. Qatar acquired a stake in the London Stock Exchange Group (LSEG) in 2009 and reduced its stake under the eligible threshold in 2019.LSEG proved to be one of Qatar’s most impactful investments on the UK economy. Between 2009 and 2019, the business generated £7.4bn in turnover and £5.1bn in gross value added, while supporting an average of 1,221 full time employment jobs, and paying employees £1.8bn in compensation.The report also said Qatar has committed up to £10bn over five years (starting in 2022) to invest in key UK sectors such as fintech, zero-emission vehicles, life sciences, and cybersecurity. This initiative is expected to drive economic growth, create high-quality jobs, and strengthen the bilateral relationship between the two countries.Qatar’s diverse UK portfolio includes major real estate developments, such as the upcoming Chancery Rosewood hotel in Mayfair (opening in 2025) and the redevelopment of 8 Canada Square into a sustainable mixed-use destination (beginning in 2027).Additionally, Qatar Investment Authority’s (QIA) £500mn investment in Severn Trent aims to enhance environmental performance and create 7,000 jobs across the Midlands, demonstrating Qatar’s sustained commitment to supporting regional development, innovation, and infrastructure enhancement in the UK.

A higher than average selling pressure especially in the industrials, banks and insurance sectors led the 20-stock Qatar Index shed 0.42% to 10,455.7 points
Business
QSE index sheds 44 points; M-cap melts QR2.21bn

A caution ahead of US-China trade talks and falling oil prices had their reflection on the Qatar Stock Exchange (QSE), which on Monday lost about 44 points in index and more than QR2bn in capitalisation.A higher than average selling pressure especially in the industrials, banks and insurance sectors led the 20-stock Qatar Index shed 0.42% to 10,455.7 points, although it touched an intraday high of 10,529 points.The domestic institutions were seen increasingly into net selling in the main market, whose year-to-date losses widened to 1.09%.More than 60% of the traded constituents were in the red in the main bourse, whose capitalisation melted QR2.21bn or 0.36% to QR614.61bn on the back of midcap segments.The foreign individuals turned net profit takers in the main market, which saw no trading of exchange traded funds.The Gulf retail investors were seen bearish in the main bourse, whose trade turnover grew amidst lower volumes.The Islamic index was seen declining faster than the other indices of the main market, which saw no trading of treasury bills.The Gulf institutions’ weakened net buying had its influence on the main bourse, which saw no trading of sovereign bonds.The Total Return Index fell 0.42%, the All Islamic Index by 0.47% and the All Share Index by 0.37% in the main market.The industrials sector index shed 0.74%, banks and financial services (0.47%), insurance (0.45%) and consumer goods and services (0.18%); while transport gained 0.51%, telecom (0.13%) and real estate (0.06%).Major losers in the main market included Qatar General Insurance and Reinsurance, Beema, QIIB, Lesha Bank, Ahlibank Qatar, Mannai Corporation, Industries Qatar, Mesaieed Petrochemical Holding, Qatar Electricity and Water and Estithmar Holding.Nevertheless, Milaha, Widam Food, Baladna, Doha Insurance, Vodafone Qatar, Mazaya Qatar and Gulf Warehousing were among the gainers in the main bourse.The domestic institutions’ net selling increased substantially to QR40.33mn compared to QR13.26mn the previous day.The foreign individuals turned net sellers to the tune of QR1.1mn against net buyers of QR1.91mn on May 4.The Gulf retail investors were net profit takers to the extent of QR0.42mn compared with net buyers of QR1.31mn on Sunday.The Gulf institutions’ net buying decreased considerably to QR1.29mn against QR12.68mn the previous day.The Arab retail investors’ net buying weakened perceptibly to QR1.02mn compared to QR3.03mn on May 4.However, the foreign funds’ net buying strengthened significantly to QR30.41mn against QR7.99mn on Sunday.The Qatari retail investors were net buyers to the extent of QR9.04mn compared with net sellers of QR13.55mn the previous day.The Arab institutions turned net buyers to the tune of QR0.1mn against net profit takers of QR0.1mn on May 4.The main market witnessed a 20% slump in trade volumes to 140.31mn shares but on 4% jump in value to QR356.25mn and 12% in deals to 14,264.

Faisal Durrani, Partner – Head of Research, Middle East and North Africa, Knight Frank.
Business
Doha becoming magnet for global wealth: Knight Frank

Doha is becoming a magnet for global wealth as Qatar’s resilient economy, cross-sector opportunities and sovereign support put it on the radar of international realty investors, according to global property consultancy Knight Frank.In its latest Doha Wealth Hub Series report, Knight Frank said Doha emerges as leading wealth destination as the country's global appeal increases.The Qatari capital’s rising prominence is grounded in robust economic fundamentals and long-term national planning. Since the introduction of the Qatar National Vision 2030 in 2018, the country has been supercharged by an estimated $330bn in infrastructure and real estate investment.The recent launch of the government’s Third National Development Strategy (2024-30) signals a clear intent to diversify the economy further, attract foreign direct investment and strengthen Qatar’s global competitiveness.Qatar offers residency to foreign nationals through its residency by investment programme, commonly known as the Qatar Golden Visa. To qualify for permanent residency, foreign investors must invest at least QR3.6mn in eligible real estate projects."The public sector generally drives demand in Qatar's office market and 2024 saw a surge in leases by government ministries and state-owned enterprises in prime business districts. In Doha, Qatar Airways is planning to relocate its headquarters to the new $5.5bn Msheireb Downtown this year, solidifying the area's reputation as a premium business hub,” said Adam Stewart, Partner, Head of Qatar, Knight Frank.West Bay-Prime remains the most expensive office location, with monthly rents of QR105 per sq m, followed by Marina District (QR97 per sq m), which is attracting multinational firms from the finance, technology and professional services sectors.Office growth is underpinned by Qatar’s investment in world-class infrastructure, including the $36bn Doha Metro and $16bn Hamad International Airport, a global transit hub offering direct flights to more than 180 cities.Faisal Durrani, Partner – Head of Research, Middle East and North Africa, said despite its rapid development, Doha maintains low traffic congestion levels relative to many other global hubs, with ongoing investments in public transportation and smart city solutions preserving this enviable status."These qualities, combined with its cultural vibrancy, economic ambition and liveability, reinforce Doha’s growing status as a forward-looking global city," he added.Highlighting that Qatar’s economy continues to demonstrate resilience and stability, underpinned by strong fiscal fundamentals and ongoing diversification efforts; Knight Frank, quoting the International Monetary Fund, said in 2024, real GDP (gross domestic product) growth reached 2%, supported by solid performance in non-hydrocarbon sectors such as tourism, finance, construction and real estate.

The Gulf institutions were seen increasingly net buyers as the 20-stock Qatar Index rose 0.5% to 10,499.64 points
Business
QSE index gains 52 points; M-cap adds QR1.84bn

Reflecting the optimism on a potential resolution of the US-China trade dispute, the Qatar Stock Exchange (QSE) Sunday opened the week on a stronger note with its key index gaining more than 52 points and capitalisation adding about QR2bn.The Gulf institutions were seen increasingly net buyers as the 20-stock Qatar Index rose 0.5% to 10,499.64 points, although it touched an intraday high of 10,519 points.The transport and banking counters witnessed higher than average demand in the main market, whose year-to-date losses truncated to 0.68%.The Arab retail investors turned bullish in the main bourse, whose capitalisation added QR1.84bn or 0.3% to QR616.82bn on the back of mid and small cap segments.The foreign individuals were seen net buyers in the main market, which saw as many as 0.02mn exchange traded funds (sponsored by AlRayan Bank) valued at QR0.05mn change hands across 14 deals.The foreign institutions continued to bet net buyers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the decline.The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills.The domestic institutions were seen net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 0.5%, the All Islamic Index by 0.35% and the All Share Index by 0.4% in the main market.|The transport sector index shot up 1.24%, banks and financial services (0.82%) and real estate (0.07%); while insurance declined 0.86%, telecom (0.57%), consumer goods and services (0.3%) and industrials (0.28%).Major gainers in the main bourse included Nakilat, Qatar German Medical Devices, Doha Bank, Qatar Islamic Bank, Dukhan Bank, AlRayan Bank, Lesha Bank and Qamco.Nevertheless, about 51% of the traded constituents were in the red with major losers being Qatar General Insurance and Reinsurance, Commercial Bank, Qatar Electricity and Water, Qatar Insurance and Milaha.The Gulf institutions’ net buying increased considerably to QR12.68mn compared to QR3.63mn the previous trading day.The Arab retail investors were net buyers to the tune of QR3.03mn against net sellers of QR9.62mn last Thursday.The foreign individuals turned net buyers to the extent of QR1.91mn compared with net sellers of QR0.21mn on May 1.The Qatari retail investors’ net selling declined substantially to QR13.55mn against QR30.11mn the previous trading day.However, the domestic funds were net sellers to the extent of QR13.26mn compared with net buyers of QR6.75mn last Thursday.The Arab institutions turned net profit takers to the tune of QR0.1mn against no major net exposure on May 1.The foreign funds’ net buying declined significantly to QR7.99mn compared to QR28.13mn the previous trading day.The Gulf individual investors’ net buying weakened marginally to QR1.31mn against QR1.44mn last Thursday.The main market witnessed a 13% slump in trade volumes to 176.13mn shares, 22% in value to QR343mn and 27% in deals to 12,830.

Gulf Times
Business
GCC contributes 35% of EM US dollar debt in Q1-2025: Fitch

The Gulf Co-operation Council (GCC) countries contributed over 35% of all emerging-market (EM) US dollar debt issued in the first quarter (Q1)-2025 (excluding China), up from around 25% in 2024, and this is likely to continue growing during 2025–2026, according to Fitch, an international credit rating agency.The GCC debt capital markets (DCMs) are likely to collectively expand on the back of funding diversification, project financing, budget deficits, maturities, and regulatory moves. However, the region is not shielded from global macroeconomic and financial market uncertainty, it said in a report.The GCC DCM continues to be fragmented among its six member countries in its maturity, depth, and credit profile, with Saudi Arabia and the UAE the most mature. In Kuwait, Qatar, Bahrain, and Oman, the lack of a link with international central securities depositories such as Euroclear or Clearstream partly hinders foreign-investor participation in the local-currency DCMs.In Saudi Arabia, foreign investors account for a growing share of government local issuances, at 7.7% of the investor base at end-Q1-2025 (2024: 4.5%).The US tariff-related volatility and faster-than-anticipated Opec+ production cuts have put pressure on oil prices (forecasted at $65 a barrel in 2025 and 2026), which could affect fiscal revenue in the GCC and increase borrowing, including through the DCM, it said.While public finances in Bahrain and Saudi Arabia have more exposure to lower oil prices, Oman is better positioned, and Qatar, Abu Dhabi and Kuwait have large assets to buffer against sustained oil price declines.Fitch projects that US Federal Reserve interest rates will drop to 4.25% by end-2025, with GCC central banks likely to mirror this trend. Many GCC banks and corporates are likely to continue diversifying their funding through DCM issuances.The size of the GCC DCM passed $1tn outstanding (all currencies) at end of Q1-2025, up 10% year-on-year. A varying mix of issuers accessed the market, including sovereigns, corporates, financial institutions, and projects.Total DCM issuance in Q1-2025 grew by 11% over the quarter to $89bn, but was down 3% on an annualised basis. Saudi Arabia has the largest share of DCM outstanding (45.1%), followed by the UAE (29.9%) and Qatar (13%).The GCC countries also account for over 40% of the global sukuk market outstanding. Sukuk has around a 40% share of the GCC DCM at end of Q1-2025, with the rest in bonds.The GCC sukuk issuance fell by 51% year-on-year to $18.2bn in Q1-2025, while bonds were up 29%. The GCC countries' ESG (environmental, social and governance) DCM exceeded $50bn (all currencies) as of Q1-2025.About 83.5% of the GCC US dollar sukuk publicly rated by Fitch are investment-grade as of end of Q1-2025 (outstanding, including multilaterals).

The 20-stock Qatar Index was seen surging 1.3% to 10,459.88 points on an across the board buying, particularly in the banking sector
Business
QSE surges 135 points; M-cap adds QR7.69bn

Ahead of the US economic data and reflecting the easing tariff concerns, the Qatar Stock Exchange (QSE) on Wednesday gained as much as 135 points in index and more than QR7bn in capitalisation.The 20-stock Qatar Index was seen surging 1.3% to 10,459.88 points on an across the board buying, particularly in the banking sector. The market recovered from an intraday low of 10,335 points.The foreign institutions turned bullish in the main market, whose year-to-date losses truncated further to 1.05%.About 54% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR7.69bn or 1.26% to QR616.95bn on the back of large and midcap segments.The Arab retail investors’ weakened net selling had its influence on the main market, which saw as many as 0.02mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.06mn change hands across 12 deals.However, the Qatari individuals turned net sellers in the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was underperforming the other indices of the main market, which saw no trading of treasury bills.The domestic institutions were seen net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 1.3%, the All Islamic Index by 0.9% and the All Share Index by 1.29% in the main market.The banks and financial services sector index shot up 1.72%, insurance (1.23%), real estate (1.09%), telecom (1.03%), industrials (0.96%), transport (0.58%) and consumer goods and services (0.14%).Major gainers in the main bourse included Qatar General Insurance and Reinsurance, Commercial Bank, Al Mahhar Holding, Beema, Salam International Investment, QNB, QIIB, Lesha Bank, Dukhan Bank, Salam International Investment, Mannai Corporation, Industries Qatar, Ooredoo and Milaha. In the venture market, Techno Q saw its shares appreciate in value.Nevertheless, Widam Food, QLM, Qatar National Cement, Doha Bank, Doha Insurance, United Development Company and Vodafone Qatar were among the losers in the main market.The foreign institutions turned net buyers to the tune of QR73.64mn compared with net sellers of QR6.44mn on April 29.The Gulf retail investors were net buyers to the extent of QR0.12mn against net sellers of QR6.02mn the previous day.The Arab individual investors’ net profit booking eased perceptibly to QR4.02mn compared to QR5.86mn on Tuesday.However, the Qatari individuals turned net sellers to the tune of QR40.04mn against net buyers of QR5.14mn on April 29.The domestic institutions were net sellers to the extent of QR21.83mn compared with net buyers of QR14.02mn the previous day.The Gulf institutions’ net profit booking strengthened noticeably to QR5.13mn against QR0.98mn on Tuesday.The foreign individual investors turned net sellers to the tune of QR2.74mn compared with net buyers of QR0.12mn on April 29.The Arab institutions had no major net exposure for the third straight session.The main market witnessed a 1% jump in trade volumes to 198.59mn shares, about 1% in value to QR473.84mn and 14% in deals to 29,220.The venture market saw 12 many as 1,532 equities valued at QR4,221 change hands across one transaction.

The banks, insurance and telecom counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.21% to 10,325.29 points Tuesday.
Business
Easing tariff concerns lift QSE 21 points; M-cap adds QR1.04bn

Easing tariff concerns had its positive influence on the Qatar Stock Exchange (QSE) , which Tuesday gained more than 21 points, on the back of buying support from local retail investors.The banks, insurance and telecom counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.21% to 10,325.29 points, although it touched an intraday high of 10,359 points.The foreign institutions’ weakened net profit booking had its effect on the main market, whose year-to-date losses truncated to 2.33%.The domestic funds continued to be bullish but with lesser intensity in the main bourse, whose capitalisation added QR1.04bn or 0.17% to QR609.26bn on the back of microcap segments.The foreign individuals also continued to be net buyers but with lesser vigour in the main market, which saw as many as 0.01mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.06mn change hands across 11 deals.The Gulf retail investors were seen bearish in the main bourse, whose trade turnover and volumes were on the increase.The Islamic index was outperforming the other indices of the main market, which saw no trading of treasury bills.The Arab individuals were seen increasingly net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 0.21%, the All Islamic Index by 0.35% and the All Share Index by 0.27% in the main market.The banks and financial services sector index shot up 1.05%, insurance (0.56%) and telecom (0.43%); whereas transport declined 1.41%, real estate 90.97%), industrials (0.6%) and consumer goods and services (0.55%).Major gainers in the main bourse included Beema, Qatar National Cement, Vodafone Qatar, QLM, Qatar Islamic Bank, Doha Bank, Lesha Bank, QIIB, Qatar Electricity and Water and Qamco.Nevertheless, about 55% of the traded constituents in the main market were in the red with major losers being Alijarah Holding, Meeza, Nakilat, Al Mahhar Holding, Baladna, Qatari German Medical Devices, Industries Qatar, Aamal Company, Mesaieed Petrochemical Holding and Barwa. In the junior bourse, Techno Q saw its shares depreciate in value.The Qatari individuals turned net buyers to the tune of QR5.14mn compared with net sellers of QR18.39mn on April 28.The foreign institutions’ net profit booking weakened noticeably to QR6.44mn against QR13.19mn the previous day.However, the Gulf retail investors were net sellers to the extent of QR6.02mn compared with net buyers of QR0.52mn on Monday.The Arab individual investors’ net selling strengthened perceptibly to QR5.86mn against QR3.72mn on April 28.The Gulf institutions turned net profit takers to the tune of QR0.98mn compared with net buyers of QR7.2mn the previous day.The domestic institutions’ net selling decreased substantially to QR14.02mn against QR29.71mn on Monday.The foreign individual investors’ net buying eased marginally to QR0.12mn compared to QR0.38mn on April 28.The Arab institutions had no major net exposure for the second straight session.The main market witnessed a 6% jump in trade volumes to 196.55mn shares, 19% in value to QR469.91mn and 55% in deals to 25,605.In the venture market, trade volumes zoomed 20% to 0.04mn equities, value by 11% to QR0.1mn and transactions by 78% to 16.

Sheikh Abdulla bin Mohammed al-Thani, Qatar’s ambassador to the UK and his counterpart Neerav Patel address a function to mark the launch of 'The Economic Contribution of Qatari Investments in the UK'.
Business
UK-GCC FTA ‘in last mile’; to be signed by year-end: Qatar’s envoy to Britain

The UK-GCC (Gulf Co-operation Council) free trade agreement (FTA) is on its last mile and expected to be signed by the end of this year, according to Sheikh Abdulla bin Mohammed al-Thani, Qatar’s ambassador to the UK."It (the UK-GCC FTA) is in the last mile and by the end of this year we should see the light in the tunnel," Sheikh Abdulla said at a function where a report 'The Economic Contribution of Qatari Investments in the UK', prepared by the Centre for Business and Economic Research (CEBR), was launched.The Gulf countries - Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE - which have embarked on reforms to diversify their economies away from hydrocarbons, view that benefits would be plentiful and that the US' tariff policies have now given a renewed thrust for the UK to reach a FTA with the GCC.Highlighting that the GCC are open trading nations, British ambassador to Qatar Neerav Patel said: "I think now or never would be an important moment for us to show the signal that we are ready to deepen that trading partnership to our mutual benefit."Finding that it (FTA) is one of those areas that sometimes don’t get the headlines or the public attention; he said but there's a lot of work going on behind the scenes to try and make that a success.The UK believes a GCC FTA would increase bilateral trade by 16% and could add an extra £8.6bn a year to the existing £57.4bn worth of annual trade between the two sides.In reply to written question in the UK parliament, Douglas Alexander, Minister of State for Trade Policy and Economic Security had in December last year said talks throughout the autumn have continued to be constructive, with good momentum from the GCC, which has enabled further treaty text to be agreed. The focus from both sides is on achieving a modern and commercially meaningful agreement.A mutually beneficial FTA between the UK and the GCC will deliver economic growth, higher wages and new investment, he said, adding the negotiation is progressing at pace and good progress is being made in services, investment and digital; goods; and other areas such as sustainable trade, including environment and labour."Central to growing our economy and ensuring working people in every community feel the benefits of that growth, is an expansion of FTAs with strategic partners," according to him.The UK's recently appointed Economic Secretary to the Treasury, Emma Reynolds, had described a FTA with the GCC as “in development”.The GCC secretary-general Jasem Mohamed AlBudaiwi had last year highlighted a strong interest from the new British government (under Keir Starmer) and a genuine desire to wrap up the FTA negotiation rounds.

The QFCRA is seeking public comments on the proposed draft BANK and IBANK (Market Risk and Miscellaneous) Amendments Rules 2025
Business
QFCRA proposes amendments to prudential framework for market risks in conventional and Islamic banks

The Qatar Financial Centre Regulatory Authority (QFCRA) has issued proposals regarding market risks by proposing to revise the approach to its calculation and other miscellaneous amendments for conventional and Islamic banks.The QFCRA is seeking public comments on the proposed draft BANK and IBANK (Market Risk and Miscellaneous) Amendments Rules 2025.The prudential banking framework in the QFC that applies to conventional banking business firms and Islamic banking business firms comprises the Banking Business Prudential Rules 2014 and Islamic Banking Business Prudential Rules 2015.It is based on the international frameworks developed by the Basel Committee on Banking Supervision (BCBS) and the Islamic Financial Services Board (IFSB).As part of its ongoing work programme to maintain consistency with these international frameworks, the QFCRA is proposing to revise the approach to the calculation of market risk capital requirements in the prudential framework.The key amendment proposed in the draft rules to implement the simplified standardised approach or SSA is the introduction of scaling factors into the calculation of the market risk capital requirements.Guidance is proposed in Islamic banks' prudential rules to clarify that a market risk capital requirement calculated for an Islamic finance contract may be subject to a scaling factor, as determined by the type of market risk to which the capital requirement relates.The QFCRA proposes amendments to the specific risk capital requirements for interest rate risk as the key amendment is to ensure only Qatar Riyal denominated instruments issued by Qatar or certain other state institutions are, by default, subject to a 0% specific risk capital requirement, regardless of rating or maturity. This is to align with the credit risk treatment of relevant exposures in the prudential regulations for conventional and Islamic banks.The QFCRA proposes to implement the simplified standardised approach to market risk measurement from the BCBS and IFSB frameworks.It is also proposing to implement related miscellaneous amendments to introduce limits on QFC banks’ concentrations in foreign currencies.Under the proposed rules, a QFC bank’s net open position in a foreign currency other than US dollar must not be greater than 5% of the bank’s Tier 1 capital; net open position in USD must not be greater than 25% of the bank’s Tier 1 capital; and total net open positions in surplus, or total net open positions in deficit, (whichever is higher) in all foreign currencies (including USD) must not be greater than 30% of the bank’s Tier 1 capital.The proposals support the QFCRA's commitment to the maintenance of high international regulatory standards for financial services, and the continued development of the QFC as a leading financial and business centre in the Middle East.