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Thursday, May 23, 2024 | Daily Newspaper published by GPPC Doha, Qatar.
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 Santhosh V. Perumal
Santhosh V. Perumal
Santhosh V. Perumal, a postgraduate in Econometrics with an advance qualification in Capital Markets and Financial Services, is Gulf Times' journalist. His coverage areas are debt and equity, hydrocarbons, international trade, environment, banks, insurance and real estate. Previously, he was in New Delhi, India as Senior Finance Correspondent of PTI.
Gulf Times
Business
Strong buying interests in banks lift QSE above 10,700 points

The Qatar Stock Exchange Sunday opened the week on a stronger note as its key index gained as much as 75 points despite six of the seven sectors reel under selling pressure.The foreign institutions were seen increasingly net buyers as the 20-stock Qatar Index rose 0.74% to 10,716.45 points.The market, which was skewed towards gainers, saw its key barometer touch an intraday high of 10,778 points, especially in the first 30 minutes of opening.The local retail investors and Arab funds were seen net buyers in the main market, which reported year-to-date gains of 0.33%.The banks and financial services sector witnessed strong buying in the main bourse, whose capitalisation saw QR6.45bn or 1.09% jump to QR600.48bn, mainly led by mid and small cap segments.The Gulf individuals’ weakened net profit booking had its influence in the main market, which saw a total of 0.09mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.22mn changed hands across eight deals.However, the domestic institutions were increasingly net sellers in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index rose 0.7%, Al Rayan Islamic Index (Price) by 0.23% and |All Share Index by 0.92% in the main bourse, whose trade turnover and volumes were on the decline.The banks and financial services sector index shot up 2.27%; while transport declined 1.12%, telecom (1.02%), consumer goods and services (0.66%), real estate (0.25%) and industrials (0.17%).More than 52% of the traded constituents extended gains with major gainers being Qatar General Insurance and Reinsurance, Estithmar Holding, Inma Holding, Al Khaleej Takaful, Gulf Warehousing, QNB, Qatar Islamic Bank, Lesha Bank, Qatari German Medical Devices, Mannai Corporation, Widam Food, Aamal Company, Mazaya Qatar and Ezdan. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.Nevertheless, Qatar Industrial Manufacturing, Doha Insurance, Qatar Insurance, Qatar Oman Investment, Woqod, Gulf International Services, Qamco, Ooredoo and Nakilat were among the losers in the main market.The foreign institutions’ net buying increased substantially to QR27.87mn compared to QR1.83mn on February 16.The local individuals were net buyers to the tune of QR4.91mn against net sellers of QR6.82mn the previous trading day.The Arab institutions turned net buyers to the extent of QR0.22mn compared with sellers of QR0.64mn last Thursday.The Gulf retail investors’ net profit booking declined perceptibly to QR1.44mn against QR3.44mn on February 16.However, the domestic funds’ net selling strengthened notably to QR29.09mn compared to QR27.04mn the previous trading day.The Arab individuals were net profit takers to the tune of QR3.27mn against net buyers of QR11.96mn last Thursday.The foreign individual investors’ net selling expanded marginally to QR2.94mn compared to QR2.36mn on February 16.The Gulf institutions’ net buying weakened considerably to QR3.74mn against QR26.52mn the previous trading day.The main market saw a 33% contraction in trade volumes to 131.82mn shares, 35% in value to QR389.26mn and 38% in deals to 12,728.

Gulf Times
Business
Global gas price rebound buoys QSE as index vaults 192 points; M-cap adds QR12bn

**media[8019]**A rebound in the international gas prices buoyed the Qatar Stock Exchange, which Thursday gained about 192 points and its key index surpassed 10,600 levels with an ease.An across the board buying – especially in the telecom, industrials and real estate counters lifted the 20-stock Qatar Index 1.83% to 10,641.45 points.The market, which was skewed towards gainers, saw its key barometer recover from an intraday low of 10,399 points, especially due to peak demand just before the closing.The Arab retail investors were seen net buyers in the main market, whose year-to-date losses truncated further to 0.37%.The domestic funds’ weakened net selling had its influence in the main bourse, whose capitalisation saw QR12.1bn or 2.08% jump to QR594.03bn, mainly led by large cap segments.The foreign individuals’ lower net profit booking also had its role in the main market, which saw a total of 0.12mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.5mn changed hands across 27 deals.The foreign institutions continued to be net buyer but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining slower than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index zoomed 2.12%, Al Rayan Islamic Index (Price) by 1.73% and |All Share Index by 1.95% in the main bourse, whose trade turnover declined amidst higher volumes.The telecom sector index soared 3.3%, industrials (2.58%), real estate (2.32%), banks and financial services (1.82%), consumer goods and services (1.45%), insurance (0.84%) and transport (0.83%).About 79% of the traded constituents extended gains with major gainers being Industries Qatar, Gulf International Services, Qamco, Qatar Industrial Manufacturing, Ooredoo, Mazaya Qatar, Gulf Warehousing, Estithmar Holding, Mannai Corporation, Qatar Islamic Bank, Doha Bank, Masraf Al Rayan, Inma Holding, Qatari German Medical Devices, Qatar National Cement and Ezdan.Nevertheless, Qatar General Insurance and Reinsurance, Woqod, Lesha Bank, Milaha and Mesaieed Petrochemical Holding were among the losers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.The Arab individuals turned net buyers to the tune of QR1`1.96mn compared with net sellers of QR8.86mn on February 15.The domestic institutions’ net profit booking declined perceptibly to QR27.04mn against QR32.13mn the previous day.The foreign individual investors’ net selling weakened noticeably to QR2.36mn compared to QR4.39mn on Wednesday.However, the local individuals’ net selling strengthened marginally to QR6.82mn against QR6.45mn on February 15.The Gulf retail investors were net sellers to the extent of QR3.44mn compared with net buyers of QR1.33mn the previous day.The Arab institutions turned net sellers to the tune of QR0.64mn against net buyers of QR0.04mn on Wednesday.The Gulf institutions’ net buying shrank noticeably to QR26.52mn compared to QR34.27mn on February 15.The foreign funds’ net buying weakened considerably to QR1.83mn against QR16.19mn the previous day.The main market saw a 21% jump in trade volumes to 197.83mn shares but on 5% shrinkage in value to QR600.46mn and 15% in deals to 20,533.

Gulf Times
Business
Buying interests in financials and consumer goods lift QSE sentiments

The Qatar Stock Exchange Wednesday gained about 59 points, mainly on the back of strong buying interests of the Gulf institutions.The banks, consumer goods and insurance counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.56% to 10,449.93 points, reflecting the investors’ expectations on the 2022 corporate results.The market, which although was skewed towards shakers, saw its key barometer recover from intraday low of 10,347 points.The foreign funds were increasingly net buyers in the main market, whose year-to-date losses truncated to 2.16%.The Gulf retail investors turned bullish in the main bourse, whose capitalisation however saw QR2.58bn or 0.44% dip to QR581.93bn, mainly led by midcap segments.The Arab institutions were seen net buyers in the main market, which saw a total of 0.02mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.2mn changed hands across 10 deals.The Arab individuals’ weakened net selling had is influence in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining slower than the main index in the main market, which saw no trading of treasury bills.The Total Return Index rose 1.14%, Al Rayan Islamic Index (Price) by 0.8% and |All Share Index by 1.16% in the main bourse, whose trade turnover volumes were on the increase.The banks and financial services sector index shot up 2.9%, consumer goods and services (1.49%), insurance (1.47%) and telecom (0.05%); while transport plummeted 3.02%, industrials (1.04%) and real estate (0.89%).Major gainers in the main market included Qatar Islamic Bank, Commercial Bank, Gulf Warehousing, Woqod, Qatar Islamic Insurance, QIIB, Qatar National Cement, Qamco and Mesaieed Petrochemical Holding. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.Nevertheless, more than 54% of the traded constituents were in the red with major shakers being Qatar General Insurance and Reinsurance, Dlala, Qatari German Medical Devices, Lesha Bank, Mazaya Qatar, Industries Qatar, Aamal Company, Mannai Corporation, Ezdan, Nakilat and Milaha in the main market.The Gulf institutions’ net buying expanded significantly to QR334.27mn compared to QR9.84mn on February 13.The foreign funds’ net buying increased perceptibly to QR16.19mn against QR14.56mn the previous day.The Gulf retail investors turned net buyers to the tune of QR1.33mn compared with net sellers of QR0.2mn on Monday.The Arab institutions were net buyers to the extent of QR0.04mn against net profit takers of QR0.19mn on February 13.The Arab individuals’ net selling shrank marginally to QR8.86mn compared to QR10.79mn the previous day.However, the domestic funds’ net profit booking grew considerably to QR32.13mn against QR9.22mn on Monday.The local individuals’ net selling strengthened noticeably to QR6.45mn compared to QR3.48mn on February 13.The foreign individuals’ net profit booking shot up markedly to QR4.39mn against QR0.52mn the previous day.The main market saw a 47% jump in trade volumes to 163.98mn shares, 55% in value to QR632.72mn and 41% in deals to 24,101.

Gulf Times
Business
QSE ends lower ahead of US inflation data; M-cap erodes QR3bn

The Qatar Stock Exchange on Monday lost more than 47 points, mainly dragged by industrials, real estate and transport sectors.The Arab individuals were seen net profit takers as the 20-stock Qatar Index declined 0.46% to 10,391.34 points, ahead of the US inflation data.The market, which although was skewed towards shakers, saw its key barometer touch an intraday high of 10,471 points.The domestic funds were increasingly net sellers in the main market, whose year-to-date losses widened to 2.71%.The local retail investors turned net sellers in the main bourse, whose capitalisation saw QR2.68bn or 0.46% dip to QR585.51bn, mainly led by small cap segments.The foreign retail investors were seen net sellers in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.03mn changed hands across six deals.The Gulf individuals turned bearish, albeit at lower levels, in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen declining faster than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.46%, the Al Rayan Islamic Index (Price) by 0.97% and the All Share Index by 0.37% in the main bourse, whose trade turnover declined amidst higher volumes.The industrials sector index tanked 2.42%, real estate (1.84%), transport (1.21%) and consumer goods and services (1.14%); while telecom gained 1.28%, insurance (1.25%) and banks and financial services (0.67%).About 62% of the traded constituents were in the red, which included Qatari German Medical Devices, Dlala, Salam International Investment, Aamal Company, Mazaya Qatar, Lesha Bank, Alijarah Holding, Mannai Corporation, Industries Qatar, Estithmar Holding, Qatar Electricity and Water, Al Khaleej Takaful, United Development Company, Ezdan, Gulf Warehousing and Nakilat.In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.Nevertheless, Qatar General Insurance and Reinsurance, Ahlibank Qatar, Commercial Bank, Qatar Insurance, Ooredoo, QNB and Qatar Industrial Manufacturing were among the gainers in the main market.The Arab individuals were net sellers to the extent of QR10.79mn compared with net buyers of QR3.42mn on February 12.The domestic funds’ net profit booking increased perceptibly to QR9.22mn against QR8.28mn the previous day.The local individuals turned net sellers to the tune of QR3.48mn compared with net buyers of QR24.55mn on Sunday.The foreign individuals were net profit takers to the extent of QR0.52mn against net buyers of QR1.53mn on February 12.The Gulf retail investors turned net sellers to the tune of QR0.2mn compared with net buyers of QR1.17mn the previous day.The Arab institutions were net profit takers to the extent of QR0.19mn against no major net exposure on Sunday.However, the foreign funds turned net buyers to the tune of QR14.56mn compared with net sellers of QR8.64mn on February 12.The Gulf institutions were net buyers to the extent of QR9.84mn against net profit takers of QR13.75mn the previous day.The main market saw a 12% jump in trade volumes to 111.4mn shares but on 9% decline in value to QR409.32mn amidst a 58% expansion in deals to 17,070.

HE Dr Hanan Mohamed al-Kuwari
Qatar
Six from Qatar feature among Forbes Middle East's 100 most powerful businesswomen

As many as six women from Qatar have featured among the Middle East’s 100 most powerful businesswomen 2023, according to Forbes Middle East magazine.They are HE Dr Hanan Mohamed al-Kuwari, managing director of Hamad Medical Corporation, who has been ranked eighth; followed by Noor al-Sulaiti, chief executive officer of Ooredoo Oman, ranked 31st; Mira al-Attiyah, chief executive officer of QNB Capital, ranked 49th; Sheikha Alanoud bint Hamad al-Thani, deputy managing director and chief business officer of Qatar Financial Centre, ranked 61st; Sheikha Aisha bint Faleh al-Thani, founder and chairperson of Al Faleh Educational Holding, ranked 71st; and Sheikha Hanadi bint Nasser al-Thani, founder and the chief executive officer of Amwal, Al Waab City Real Estate and Injaz Qatar, who is ranked 82nd.HE Dr al-Kuwari is also Qatar's Minister of Public Health.This year’s list of the region’s most powerful businesswomen features 100 entries, with 104 women from 27 different sectors and 27 nationalities.The banking and financial services sector dominates the list with 23 entries, followed by 11 who are leading diversified businesses, eight from the investments sector, six from the retail sector, and five from healthcare.The UAE and Egypt scored the most entries at 15 and 12, respectively; followed by 11 from Saudi Arabia, eight from Kuwait, and six each from Lebanon, Qatar and Oman.When creating the ranking, the Forbes Middle East considered seven criteria with each point assigned a weight.The criteria are the impact that the leader has had on the region and the markets that she serves; the achievements and performance of the leader in the last year; the number and extensiveness of the sustainability and CSR (corporate social responsibility) initiatives led by the leader; designation; size of the business in terms of revenues, assets, AUM or assets under management, market capitalisation, and the number of employees; and the number of years of industry experience that the leader has and the time they have served in their current role.

Gulf Times
Business
Local retail investors’ net buying lifts QSE sentiments

**media[8019]**The Qatar Stock Exchange Sunday opened the week on a stronger note as its key index gained 15 points, mainly lifted by local retail investors’ buying interests.The industrials and consumer goods counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.14% to 10,438.99 points.The market, which although was skewed towards shakers, saw its key barometer touch an intraday high of 10,555 points.The Arab individual investors were seen bullish in the main market, which narrowed its year-to-date losses to 2.27%.However, the Gulf funds were increasingly into net profit booking in the main bourse, whose capitalisation saw QR0.85bn or 0.14% dip to QR587.19bn, mainly led by microcap segments.The domestic institutions were seen net sellers in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.03mn changed hands across nine deals.The foreign institutions were seen increasingly into net selling in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining faster than the key index in the main market, which saw no trading of treasury bills.The Total Return Index rose 0.14% and Al Rayan Islamic Index (Price) by 0.36%, while |All Share Index was down 0.11% in the main bourse, whose trade turnover and volumes were on the decline.The industrials sector index shot up 2.04%, consumer goods and services (0.38%) and telecom (0.01%); while banks and financial services declined 1.07%, transport (0.35%), realty (0.31%) and insurance (0.25%).Major gainers in the main market included Industries Qatar, Mesaieed Petrochemical Holding, Gulf International Services, Qatar Industrial Manufacturing, Qatar Oman Investment, Barwa and Gulf Warehousing.Nevertheless, about 60% of the traded constituents were in the red, which included Qatar General Insurance and Reinsurance, Beema, Qatari German Medical Devices, Qatar Islamic Insurance, Inma Holding, Doha Bank, QNB, Lesha Bank, Commercial Bank, Salam International Investment, Qamco, Mazaya Qatar and Ezdan. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.The local individuals turned net buyers to the tune of QR24.55mn compared with net sellers of QR7.82mn on February 9.The Arab individuals were net buyers to the extent of QR3.42mn against net sellers of QR7.43mn last Thursday.However, the Gulf institutions’ net selling expanded noticeably to QR13.75mn compared to QR5mn the previous trading day.The foreign institutions’ net profit booking strengthened perceptibly to QR8.64mn against QR7.13mn on February 9.The domestic funds turned net sellers to the tune of QR8.28mn compared with net buyers of QR18.53mn last Thursday.The foreign individuals’ net buying declined markedly to QR1.53mn against QR6.33mn the previous trading day.The Gulf retail investors’ net buying eased marginally to QR1.17mn compared to QR2.33mn on February 9.The Arab institutions had no major net exposure against net buyers to the tune of QR0.2mn last Thursday.The main market saw 38% shrinkage in trade volumes to 99.84mn shares, 24% in value to QR450.82mn and 45% in deals to 10,771.

Gulf Times
Business
Doha remains attractive for pharma, healthcare providers: IPA Qatar

Doha, with highest per capita health expenditure of $1,827 in the Gulf region, remains an attractive market for innovative pharmaceutical and healthcare providers, according, IPA Qatar (Investment Promotion Agency Qatar)."Qatar’s major investment in medical infrastructure and R&D (research and development), in addition to an effective legal structure and availability of talent, offers a lucrative business climate for foreign investors eyeing the pharma market," IPA Qatar said in a report.Highlighting that Qatar offers foreign investors a competitive and valuable business environment; it said the government health expenditure will grow steadily at 5% year-on-year and private healthcare expenditure at 9.6% till 2025.Elaborating on the country's robust support systems for the sector, the report said funding and research partnership opportunities with state and private actors including Qatar Foundation, Sidra Medicine, Qatar Biomedical Research, and QRDI (Qatar Research Development and Innovation Council).Qatar has efficient legislation to protect intellectual property rights and industrial designs, it said, adding the Ministry of Public Health's (MoPH) department of Pharmacy and Drug Control enforces effective drug regulations regarding import, export, distribution, and quality monitoring, drug procurement, storage, and supply of medicines in Qatar follow organised and well-established protocols.Moreover, increasing Gulf Co-operation Council (GCC) regulatory alignment increases the attraction of Qatar and lowers barriers to entry.On the prospects in the wider region, the report said with the size of the market set to expand due to the effects of the pandemic and major investments in global healthcare systems, the Middle East pharma industry is poised for a big leap.On the demand side, an expanding middle class and an ageing population across the globe provide a fertile ground for the growth of the pharmaceuticals market, it said, noting that the global middle class is projected to reach 5.3bn by 2030.The generic drug market was worth $390.6bn in 2020 and is expected to reach $574.6bn by 2030, the report said, adding the market size of personalised medicine is slated to reach $796.8bn by 2028, expanding at a compound annual growth rate of 6.2% till 2028.During the pandemic, biopharmaceutical industry deals hit a record high, more than doubling from the year before, IPA Qatar said, adding compared with other high-technology industries, the annual R&D spending by the biopharmaceutical industry is 7.3 and 6.5 times greater than that of the aerospace & defence industries, and the chemicals industry, respectively.

Gulf Times
Business
Foreign funds’ profit booking drive QSE down 274 points; M-cap erodes QR19bn

The uncertainty surrounding the US rate increase and the volatility in the world gas market had their seismic effect on the Qatar Stock Exchange, which witnessed 274 points plunge in key index and QR19bn in capitalisation this week.The foreign institutions were increasingly into net profit booking as the 20-stock Qatar Index plummeted 2.56% this week which saw Industries Qatar report a record net profit of QR8.8bn in 2022.The banking, consumer goods and insurance counters witnessed higher than average selling pressure this week which saw Doha Bank report net profit of QR765mn in 2022.About 76% of the traded constituents were in the red this week, which saw United Development Company’s 2022 net profit at QR390mn.The Arab retail investors were seen bearish this week which saw Qatari Investors Group report net profit of QR188.12mn in 2022.The Islamic index was seen declining faster than main index this week which saw Dukhan Bank disclose that it will start trading on QSE from February 21.However, the local retail investors’ weakened net buying had its influence in the main market this week which saw the Qatar Financial Centre’s purchasing managers index find that the 12-month outlook on non-oil sector as the highest in three years.However, the Gulf funds were increasingly net buyers in the main market this week which saw global credit rating agency Capital Intelligence upgrade Qatar’s long term foreign and local currency rating to ‘AA’ from AA-’.The domestic funds turned bullish this week which saw Capital Intelligence say that Qatar’s debt dynamic remain “favourable”.Trade turnover and volume were on the decline in the main market this week, which saw a total of 0.22mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR0.54mn trade across 20 deals.Market capitalisation was seen eroding QR18.76bn or 3.09% to QR588.04bn on the back of large and midcap segments this week which saw as many as 0.01mn Doha Bank-sponsored exchange traded fund QETF valued at QR0.15mn change hands across 13 transactions.The Total Return Index knocked off 2.56%, All Share Index by 2.73% and All Islamic Index by 2.6% this week, which saw the industrials and banking sectors together constitute more than 72% of the total trade volume in the main market.The banks and financial services sector index plummeted 3.88%, consumer goods and services (3.5%), insurance (3.02%), real estate (1.72%), industrials (0.94%), transport (0.77%) and telecom (0.45%) this week which saw no trading of sovereign bonds and treasury bills.Major losers in the main market included Ezdan, Mazaya Qatar, Inma Holding, Qatari German Medical Devices, Lesha Bank, QNB, Qatar Islamic Bank, Salam International Investment, Woqod, Baladna, Qatar National Cement, Mesaieed Petrochemical Holding, Qamco, Estithmar Holding, Al Khaleej Takaful, Qatar Insurance and Gulf Warehousing. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value this week.Nevertheless, Qatari Investors Group, Aamal Company, Industries Qatar, Doha Insurance and Qatar Islamic Insurance were among the gainers in the main market this week.The foreign funds’ net selling increased substantially to QR71.78mn compared to QR7.62mn the week ended February 4.The Arab individual investors turned net sellers to the tune of QR16.86mn against net buyers of QR3.81mn a week ago.The local retail investors’ net buying weakened considerably to QR1.03mn compared to QR18.62mn the previous week.However, the Gulf funds; net buying expanded noticeably to QR60.87mn compared to QR57.97mn the week ended February 4.The foreign individuals were net buyers to the extent of QR11.9mn against net sellers of QR5.19mn a week ago.The domestic institutions turned net buyers to the tune of QR11.87mn compared with net sellers of QR68.05mn a week ago.The Gulf retail investors’ net buying strengthened perceptibly to QRQ2.44mn against QR0.28mn the week ended February 4.The Arab institutions’ net buying increased marginally to QR0.53mn compared to QR0.18mn a week ago.Total trade volume in the main market shrank 10% to 670.13mn shares, value by 22% to QR2.25bn and deals by 12% to 76,867.

Qatar saw as many as 721 building permits issued in January 2023, which however declined 5% on an annualised basis in the review period, said the figures released by the Planning and Statistics Authority.
Qatar
Qatar sees 37% month-on-month in building permits issued in January: PSA

Qatar's real estate and construction sector began 2023 on a stronger note with building permits issued in the country witnessing a stupendous 37% month-on-month jump in January, according to official estimates.Qatar saw as many as 721 building permits issued in January 2023, which however declined 5% on an annualised basis in the review period, said the figures released by the Planning and Statistics Authority.Al Rayyan, Al Wakra and Doha municipalities together constituted 67% of the total building permit issued in January 2023.The building permits data is of particular importance as it is considered an indicator for the performance of the construction sector which in turn occupies a significant position in the national economy.Of the total number of new building permits issued, Al Rayyan constituted 179 permits or 25% of the total, followed by Al Wakra 160 (22%), Doha 141 (20%), Al Daayen 111 (15%), Al Khor 44 (6%), Umm Slal 38 (5%), Al Shahaniya 31 (4%) and Al Shamal 17 (2%).On a monthly basis, the total building permits issued in Al Khor reported 132% growth, Al Shahaniya (72%), Al Rayyan (64%), Al Daayen (46%), Al Shamal (42%), Al Wakra (23%) and Doha (13%); even as those issued in Umm Slal treaded a flat path in January 2023.On an annualised basis, total building permits issued in Al Daayen shrank 26%, Umm Slal (17.4%) and Al Rayyan (8.7%); whereas those issued in Al Shahaniya shot up 47.6%, Al Shamal (30.8%), Al Wakra (5.3%) and Doha (2.9%) this January.The new building permits (residential and non-residential) constituted 275 permits or 38% of the total building permits issued in January 2023, additions 423 (59%) and fencing 23 (3%).Of the new residential buildings permits, villas topped the list, accounting for 86% (166 permits), apartments 7% (14) and dwellings of housing loans 5% (nine).Among the non-residential sector, commercial structures accounted for 58% or 48 permits, the industrial buildings as workshops and factories 22% (18 permits) and governmental buildings 10% (eight permits).Qatar saw a total of 387 building completion certificates issued in January 2023, of which 266 or 69% was for the new buildings (residential and non-residential) and 121 or 31% for additions.Qatar saw a 15% month-on-month expansion in the total building completion certificates issued in January 2023 with Doha registering 69% growth, Umm Slal (26%), Al Rayyan (14%), Al Wakra (7%) and Al Daayen (4%); while those issued in Al Shamal declined 50%, and Al Khor and Al Shahaniya (22% each).On an annualised basis, total building completion certificates issued in the country saw 20.2% growth with Al Daayen registering 47.3% increase, Al Rayyan (45.1%), Al Shamal (25%), Doha (24.6%) and Al Wakra (2.6%); whereas Al Shahaniya and Umm Slal declined 36.4% and 25% respectively in January 2023.Al Rayyan constituted 103 certificates or 27% of the total number of building completion certificates issued in the review period, Al Daayen 21% or 81, Doha 21% or 81, Al Wakra 20% or 79, Umm Slal 6% or 24, Al Khor 2% or seven, Al Shahaniya 2% or seven and Al Shamal 1% or five in January 2023.Of the 200 residential buildings completion certificates issued, as many as 162 or 81% were for villas, 16 or 8% for dwellings of housing loans and six or 3% for apartments.Of the 162 villas completion certificates issued in January 2023, as many as 52 were in Al Rayyan, 33 in Al Daayen, 29 in Al Wakra, 23 in Doha, 17 in Umm Slal, three each in Al Khor and Al Shamal and two in Al Shahaniya.In the case of 14 apartments, Doha issued 11 completion certificates; three in Al Rayyan; and one each in Al Daayen and Al Khor.

Poised to reach a global market value of $30.4bn by 2028, the additive manufacturing (AM) or 3D printing, which is taking up a growing role in various industries from prototyping to production, has "incredibly dynamic and integrated" value chain.
Business
Qatar holds lucrative potential for 3D printing: Invest Qatar

Qatar holds promise in the futuristic 3D printing, a sector where Doha is actively seeking foreign direct investment (FDI) in view of its infrastructure and construction industry, valued at $26bn this year, according to Investment Promotion Agency Qatar (Invest Qatar)."Aided by a macroeconomic environment infused with strong fundamentals, Qatar provides lucrative opportunities for 3D printing-related businesses, particularly in sectors such as aerospace, infrastructure, and healthcare," it said in a report.Technological collaborations with institutions like Texas A&M in Qatar, Sidra Medicine, Qatar University, and the like strengthen the market potential for players who wish to invest with the help of state support and national programmes, it said.Elaborating on the potential for 3D in aerospace; the report said Qatar Airways, which has the third largest fleet in the Middle East and North Africa (Mena) with $82bn worth of orders until 2029, has installed a 3D printed curtain comfort header on its Airbus in 2019.On the prospects of 3D in healthcare, Invest Qatar highlighted that Sidra Medicine’s state-of-the-art 3D printing technology helped it to create a model for pre-surgical planning for the first conjoined twins' surgery in Qatar.In line with the Qatar National Vision 2030, advanced and sustainable infrastructure is being built, it said, adding Qatar University tested 3D-printed models of football stadiums that Qatar built for the 2022 World Cup to test their cooling mechanisms.Poised to reach a global market value of $30.4bn by 2028, the additive manufacturing (AM) or 3D printing, which is taking up a growing role in various industries from prototyping to production, has "incredibly dynamic and integrated" value chain.Highlighting that several accelerator programmes lend a helping hand to aspiring entrepreneurs and investors; Invest Qatar said the Technology Development Fund (TDF) provides gap funding for early-stage and promising technologies, while the Digital Incubation Centre (DIC) boosts ICT (information, communication and technology) innovation, particularly among young people at the critical stages of growing a tech enterprise."In its pursuit of economic growth with human and natural resources, Qatar captures the innovative spirit of 3D technologies, which – once adopted – can free up time and space to rethink an organisation’s business model and find additional sources of competitive advantage," the report said.Qatar is a global contender among FDI destinations, including in the 3D printing industry. It offers up to 100% foreign ownership in all sectors, unrivalled in the GCC or Gulf Co-operation Council region, and boasts efficient legislation to protect intellectual property (IP) and industrial designs to eliminate cross-border regulation issues, according to Invest Qatar."The Middle East is a frontrunner in the adoption of AM (additive manufacturing) capabilities. In Qatar, foreign investors can access a flourishing 3D printing industry, backed by robust state support and national programmes that have earned the country an estimated market share of over $100mn in the Middle East and North Africa region,” it said.

Gulf Times
Business
QSE tanks below 10,500 level on realty, consumer goods and banks

**media[9264]**The US rate uncertainty had its reflection in the Qatar Stock Exchange, which Thursday lost more than 78 points and its key index settled below 10,500 levels.A higher than average selling pressure in real estate, consumer goods and banking counters led the 20-stock Qatar Index to shed 0.74% to 10,424.2 points.The market, which was skewed towards shakers, however saw its key barometer recover from an intraday low of 10,387 points.The Arab individual investors were seen net profit takers in the main market, which reported 2.4% losses on a year-to-date basis.More than 71% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR7.78bn or 1.31% erosion to QR588.04bn, mainly led by mid and small cap segments.The Gulf institutions were seen net sellers in the main market, which saw a total of 8,500 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR19,660 changed hands across three deals.The Arab institutions’ net buying weakened marginally in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen declining faster than the key index in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.74%, the Al Rayan Islamic Index (Price) by 0.88% and the All Share Index by 1.02% in the main bourse, whose trade turnover and volumes were on the increase.The realty index plummeted 2.77%, consumer goods and services (1.34%), banks and financial services (1.2%), telecom (0.88%), industrials (0.64%) and insurance (0.5%); while transport was up 0.09%.Major shakers in the main market included Inma Holding, Mazaya Qatar, Ezdan, Qatar Industrial Manufacturing, QLM, QNB, Doha Bank, QIIB, Lesha Bank, Qatari German Medical Devices, Salam International Investment, Mekdam Holding, Estithmar Holding, Mesaieed Petrochemical Holding, United Development Company and Gulf Warehousing.Nevertheless, Beema, Qatar Islamic Insurance, Qatar General Insurance and Reinsurance, Commercial Bank, Qatar Islamic Bank and Milaha were among the gainers in the main market.The Arab individuals were net sellers to the tune of QR7.43mn compared with net buyers of QR1.55mn on February 8.The Gulf institutions turned net sellers to the extent of QR5mn against net buyers of QR22.43mn the previous day.The Arab institutions’ net buying declined marginally to QR0.2mn compared to QR0.45mn on Wednesday.However, the domestic funds’ net buying increased significantly to QR18.53mn against QR0.01mn on February 8.The foreign individuals’ net buying strengthened perceptibly to QR6.33mn compared to QR5.45mn the previous day.The Gulf retail investors’ net buying expanded noticeably to QR2.33mn against QR0.47mn on Wednesday.The foreign institutions’ net profit booking shrank markedly to QR7.13mn compared to QR18.28mn on February 8.The local individuals’ net selling weakened notably to QR7.82mn against QR12.08mn the previous day.The main market saw 43% surge in trade volumes to 161.42mn shares, 41% in value to QR593.46mn and 40% in deals to 19,708.

Total banking sector assets, as a share of GDP, were "reasonably" high at 228.9% in 2022,  the rating agency said.
Business
Qatar debt dynamics remains 'favourable' in medium term, says Capital Intelligence

Qatar's debt dynamics is expected to remain "favourable" in the medium term, as the country's gross external and central government debt are expected to decline substantially, according to Capital Intelligence (CI), a global credit rating agency.According to CI’s estimates, gross central government debt (including short-term treasury bills and bank overdrafts) declined further to 55.4% of GDP (gross domestic product) in 2022, from a peak of 73.6% in 2020, reflecting nominal GDP growth and large primary budget surpluses.CI expects "debt dynamics to remain favourable in the medium term, resulting in a further decrease in the central government debt ratio to 49% in 2024."This comes after the rating agency recently upgraded Qatar’s long-term foreign currency rating (LT FCR) and long-term local currency rating (LT LCR) to ‘AA’ from ‘AA-’.Highlighting that current account performance has exceeded its expectations with the surplus increasing to an estimated 27% of GDP in 2022 (14.5% in 2021); CI said gross external debt is expected to have declined to 162.9% of current account receipts (CARs) in 2022 compared to as high as 263.2% in 2021, while official foreign exchange reserves rose to $63.5bn from $42.2bn in 2021."We now expect the current account surplus to be higher than previously forecast in the short to medium term – at an average of around 17% of GDP – contributing to a further strengthening of the country’s external balance sheet," the rating agency said.Considering the government’s contingent liabilities as a risk factor for the ratings, CI said the largest implicit contingent liability for the government is the banking sector.Total banking sector assets, as a share of GDP, were "reasonably" high at 228.9% in 2022, it added.Although the banking sector’s "asset quality is currently good and capital buffers remain strong", it said banks are exposed to significant lending concentrations (in real estate).Furthermore, banks’ reliance on foreign funding (particularly non-resident deposits) is still considered a potential source of risk – albeit significantly declining – with non-resident deposits accounting for 19.5% of total deposits in November 2022 compared to 28.8% in 2021.CI notes that this risk is mitigated by the strong capacity of the government to support the banking system in case of need.Qatar’s economic activity has picked up since 2021 in view of the rebound in both the hydrocarbon and non-hydrocarbon sectors. CI expects real GDP growth to have reached 4.7% in 2022, compared to 1.6% in 2021.

Gulf Times
Business
Selling pressure in consumer goods and banks weighs on QSE

**media[8579]**Global energy price volatility appeared to have shaken the Qatar Stock Exchange, which on Wednesday fell about 70 points, mainly dragged by the consumer goods and banking sectors.The local retail investors turned net profit takers as the 20-stock Qatar Index shed 0.66% to 10,502.4 points, although global rate fears fizzled out after the Federal Reserve indicated “significant decline in inflation” in the US.The market, which was skewed towards shakers, however saw its key barometer touch an intraday high of 10,612 points, indicating the strong demand in the first 60 minutes of the opening.The domestic funds’ weakened net buying was seen in the main market, which reported 1.67% losses on a year-to-date basis.More than 60% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR3.17bn or 0.53% erosion to QR595.82bn, mainly led by midcap segments.The foreign institutions continued to be net sellers but with lesser intensity in the main market, which saw a total of 400 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR976 changed hands across one deal.However, the Gulf institutions were increasingly net buyers, in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen declining slowly than the key index in the main market, which saw no trading of treasury bills.The Total Return Index shed 0.66%, the Al Rayan Islamic Index (Price) by 0.64% and the All Share Index by 0.6% in the main bourse, whose trade turnover and volumes were on the decline.The consumer goods and services sector index contracted 1.39%, banks and financial services (1.14%), insurance (0.38%) and real estate (0.15%); while telecom gained 0.87%, transport (0.5%) and industrials (0.21%).Major shakers in the main market included Beema, Baladna, Doha Bank, Qatari Investors Group, Gulf Warehousing, Qatar Islamic Bank, Commercial Bank, Mesaieed Petrochemical Holding, Al Khaleej Takaful and Ezdan.Nevertheless, QLM, Gulf International Services, Qatar Industrial Manufacturing, Ooredoo, Widam Food, Mekdam Holding, Industries Qatar, United Development Company and Nakilat were among the gainers in the main market.The Qatari individuals turned net sellers to the tune of QR12.08mn compared with net buyers of QR13.48mn on February 7.The domestic funds’ net buying weakened marginally to QR0.01mn against QR0.43mn the previous day.However, the Gulf institutions’ net buying increased substantially to QR22.43mn compared to QR12.68mn on Tuesday.The foreign individuals’ net buying strengthened perceptibly to QR5.45mn against QR3.14mn on February 7.The Arab individuals were net buyers to the extent of QR1.55mn compared with net sellers of QR8.34mn the previous day.The Gulf retail investors turned net buyers to the tune of QR0.47mn against net profit takers of QR0.65mn on Tuesday.The Arab institutions’ net buying expanded marginally to QR0.45mn compared to QR0.23mn on February 7.The foreign institutions’ net profit booking eased perceptibly to QR18.28mn against QR20.95mn the previous day.The main market saw a 9% contraction in trade volumes to 112.59mn shares, 5% in value to QR420.57mn and 12% in deals to 14,037.

Gulf Times
Business
Selling pressure in financials drags QSE 140 points; M-cap erodes QR8bn

The Qatar Stock Exchange on Tuesday plummeted about 140 points, reflecting the global apprehensions ahead of the US Federal Reserve policymaking meeting.The insurance and banking counters witnessed higher than average selling pressure as the 20-stock Qatar Index lost 1.3% to 10,571.91 points.The market, which was skewed towards movers, however saw its key barometer touch an intraday high of 10,750 points, indicating the strong demand in the first 15 minutes, which could not be maintained thereafter.The foreign institutions were seen increasingly into net profit booking in the main market, which reported 1.02% losses on a year-to-date basis.About 56% of the traded constituents were in the red in the main bourse, whose capitalisation saw QR7.97bn or 1.31% erosion to QR589.99bn, mainly led by mid and microcap segments.The Arab retail investors turned net sellers in the main market, which saw a total of 2,163 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.02mn changed hands across six deals.The Gulf individual investors were seen bearish, albeit at lower levels, in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen declining slowly than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index shed 1.3%, Al Rayan Islamic Index (Price) by 0.27% and All Share Index by 1.35% in the main bourse, whose trade turnover and volumes were on the decline.The insurance sector index plunged 3.8%, banks and financial services (2.35%), consumer goods and services (0.34%), real estate (0.32%) and transport (0.18%); whereas telecom gained 0.92% and industrials (0.06%).Major shakers in the main market included Qatar Insurance, Al Khaleej Takaful, QNB, Qatar Islamic Bank, Qatari German Medical Devices, Inma Holding, Ezdan and Mazaya Qatar.Nevertheless, Qatari Investors Group, Doha Insurance, Beema, Medicare Group, United Development Company, Doha Bank, Vodafone Qatar and Milaha were among the gainers in the main market.The foreign institutions’ net profit booking increased markedly to QR20.95mn compared to QR12.2mn on February 6.The Arab individual investors turned net sellers to the tune of QR8.34mn against net buyers of QR4.26mn the previous day.The Gulf retail investors were net profit takers to the extent of QR0.65mn compared with net buyers of QR0.07mn on Monday.

Gulf Times
Business
Hamad Port adds five new services in 2022 as Qatar's trade expands and widens

Hamad Port has added five new services to its growing shipping lines network during 2022 as part of its continuous journey of expansion and in view of Qatar's growing trade ties with the rest of the world.With these new services, the total shipping lines network has reached 28, offering direct and indirect services to over 100 destinations around world.The new services provide additional opportunities for direct trade between Qatar and the world, cementing the port’s role towards achieving the goals aimed at transforming Qatar into a vibrant regional trade hub, a tweet from Mwani Qatar said, adding it would also provide regular service, faster and cost-effective transit."The performance of logistics and operational processes at Hamad Port reflects the major development of the port and the constant attention to improving the quality and productivity in the context of Qatar’s effort to ensuring a smooth flow of cargo and materials to local markets," the Ministry of Transport and Communication had said earlier.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 – had seen total of 1,569 vessels call during 2022, the year that saw QTerminals start the full-scale operation of first and second phase of Container Terminal 2.Hamad Port – whose multi-use terminal is designed to serve the supply chains for the RORO (vehicles), grains and livestock – had handled 520,324F/T (freight tonnes) of bulk and 983,033F/T of break-bulk during 2022.In December 2022, the weekly India to East MED service was started with the port rotation being Abu Dhabi Port (UAE), Hamad Port (Qatar), Jubail Port (Saudi Arabia), Abu Dhabi Port (UAE) and Karachi Port (Pakistan), Mundra Port (India), Hazira Port (India), King Abdullah Port (Saudi Arabia), Alexandria El Dekheila Port (Egypt), Canakkale Port (Turkey), Tekirdag Port (Turkey), Canakkale Port (Turkey), Aliaga Port (Turkey), Mersin Port (Turkey), King Abdullah Port (Saudi Arabia), and Jebel Ali Port (UAE).In November 2022, the terminal operating company announced the shipping line linking Qingdao (China) -Tianjin (China)-Shanghai (China) - Ningbo (China) - Nansha (China) - Jebel Ali (the UAE)- Dammam (Saudi Arabia) - Hamad Port (Qatar) - Qingdao (China).In October 2022, the Gulf-Pakistan Express (GPX) service was started with the port rotation being Sohar Port (Oman) - Hamad Port (Qatar) - Karashi Port (Pakistan) - Sohar Port (Oman).In the same month, Qatar witnessed the commencement of Gulf–India Express 2 (GIX2), with the port rotation being Mundra Port (India) - King Abdulaziz Port (Saudi Arabia) - Khalifa Bin Salman Port (Bahrain) - Hamad Port (Qatar) - Jebel Ali Port (UAE) - Mundra Port (India).In September 2022, QTerminals had announced the commencement of fortnightly AGI2 service operated by the New Golden Sea Shipping (NGSS), a subsidiary of COSCO Shipping Lines, connecting Port of Singapore; Singapore - Mundra Port, India - Port Khalifa, UAE - Hamad Port, Qatar - Khalifa bin Salman Port, Bahrain - Port Khalifa, UAE and Port of Singapore, Singapore.

Gulf Times
Business
QSE ends four-day bearish phase as index gains 57 points on Gulf funds’ buying support

The Qatar Stock Exchange Monday ended four days of bearish run and its key index gained 57 points to settle above 10,700 levels as the Gulf institutions were seen increasingly into net buying.A higher than average demand in the realty, insurance and industrials counters led the 20-stock Qatar Index gain 0.53% to 10,711.48 points with investors expecting better 2022 corporate results for certain underlying scrips and in view of strong macroeconomic outlook.The market, which was highly skewed towards movers, however recovered from an intraday low of 10,603 points.The Arab retail investors were seen net buyers in the main market, which reported 0.85% gains on a year-to-date basis.About 64% of the traded constituents extended gains in the main bourse, whose capitalisation saw QR0.98bn or 0.16% increase to QR606.96bn, mainly led by small and microcap segments.The foreign institutions’ weakened net profit booking also had its influence in the main market, which saw a total of 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.06mn changed hands across five deals.The Arab institutions were seen net buyers, albeit at lower levels, in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen gaining relatively faster than the other indices in the main market, which saw no trading of treasury bills.The Total Return Index rose 0.53%, Al Rayan Islamic Index (Price) by 0.54% and All Share Index by 0.2% in the main bourse, whose trade turnover grew amidst lower volumes.The real estate sector index shot up 2.04%, insurance (1.8%), industrials (1.56%) and consumer goods and services (0.52%); whereas telecom declined 0.67%, banks and financial services (0.48%) and transport (0.29%).Major gainers in the main market included Inma Holding, Qatari Investors Group, Al Khaleej Takaful, Barwa, Qatar Insurance, Commercial Bank, Masraf Al Rayan, Dlala, Qatari German Medical Devices, Industries Qatar, Qamco and Ezdan. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.Nevertheless, Doha Insurance, Qatar Islamic Insurance, QNB, Milaha, Qatar Electricity and Water and United Development Company were among the shakers in the main market.The Gulf institutions’ net buying expanded considerably to QR22.22mn compared to QR8.54mn on February 5.The Arab individual investors turned net buyers to the tune of QR4.26mn against net sellers of QR6.89mn the previous day.The Arab institutions were net buyers to the extent of QR0.02mn compared with net sellers of QR0.37mn on Sunday.The foreign institutions’ net profit booking weakened marginally to QR12.2mn against QR13.21mn on February 5.However, the domestic funds were net sellers to the extent of QR7.53mn compared with net buyers of QR0.44mn the previous day.The local retail investors turned net sellers to the tune of QR4.68mn against net buyers of QR12.15mn on Sunday.The foreign individuals’ net profit booking strengthened markedly to QR2.15mn compared to QR0.86mn on February 5.The Gulf individual investors’ net buying eased perceptibly to QR0.07mn against QR0.23mn the previous day.The main market saw a 6% contraction in trade volumes to 131.47mn shares but on 30% increase in value to QR446.04mn and 61% in deals to 16,747.

Yousuf Mohamed al-Jaida, QFC Authority chief executive officer.
Business
Qatar business outlook over next 12 months strongest in three years: QFC PMI

Doha's business activity was seen cooling off this January, following the conclusion of the FIFA World Cup, but the 12-month outlook soars to the highest in three years, signalling the ongoing growth, particularly in financial services, according to the Qatar Financial Centre (QFC).The first batch of Purchasing Managers’ Index (PMI) survey data from the QFC for 2023 also indicated a relative improvement in the jobs market as the respective employment index posted its largest ever one-month gain to reach a six-month high.The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector entities. The panel covers the manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to the official national accounts data.The headline QFC PMI, which is a composite single-figure indicator of non-energy private sector performance, is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases."Although January saw moderations in current levels of activity and new business, these should be viewed in the context of a very strong 2022, the best calendar year so far during the survey’s six-year history,” said Yousuf Mohamed al-Jaida, QFC Authority chief executive officer.The PMI posted a correction to 45.7 in January, from 49.6 in December, indicating a moderation in overall business conditions as activity and new work cooled following the FIFA World Cup Qatar 2022 tournament.The latest reading was the lowest in 31 months but should be viewed in the context of a stellar 2022 calendar year when the PMI trended at 57.7, the highest annual average sine the survey began in April 2017.The PMI survey said forward-looking data continued to highlight improving prospects for the non-energy private sector in January.The Future Output index rose for the sixth month running to a three-year high of 74.9, indicating a strong degree of optimism as companies reported new business opportunities arising from the FIFA World Cup Qatar 2022."Moreover, the month-on-month rise in the Index was the second largest on record. Sentiment improved across all four sub-sectors and was especially strong in manufacturing," it said.Stamping "strongest" outlook for the financial services in over three years; it said the sector continued to expand at a marked rate in January and the 12-month outlook strengthened "noticeably".The activity increased for the 19th successive month, and at a rapid pace, while expectations for activity surged to the highest since August 2019."The financial services industry in Qatar is experiencing a significant boost in growth and expansion," al-Jaida said.New business grew for the thirty-second consecutive month in January, and at the fastest rate since last August. Meanwhile, financial services firms expanded their headcounts at the sharpest rate in 15 months.On the prospects in the labour market, the survey said the drop in the headline PMI figure was cushioned by a record one-month rise of 4.1 points in the employment index, the third-largest component with a 20% weight.The overall labour market conditions were the best in six months, and headcounts rose in the services and wholesale and retail sectors, according to it.The positive indicators “along with the rise in employment index, reflects a strong degree of optimism as companies reported new business opportunities arising from the FIFA World Cup Qatar 2022,” al-Jaida said.

Dukhan Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani.
Business
Dukhan Bank set to enter QSE trading ring on February 21

Dukhan Bank, the third largest and fastest growing Islamic bank in Qatar with total assets of more than QR100bn, is all set to start trading on the Qatar Stock Exchange (QSE) from February 21.In this regard, the Qatar Financial Market Authority has accorded approval to the bank, which is listing 5.23bn shares at QR4.35 per piece (including premium of QR3.35). Market capitalisation will be QR22.77bn at listing valuation with sufficient free float of 33.344%.With its listing, the QSE will have an overall 50 constituents and 13 in the banks and financial services segment.Asserting that the proposed listing plans are in line with our overall strategy and supported by its shareholders; Dukhan Bank chairman and managing director Sheikh Mohamed bin Hamad bin Jassim al-Thani said "we believe that the direct listing will offer attractive levels of trading liquidity and provide an opportunity for qualified investors and niche clients to join the ongoing growth journey of the bank."The bank's founders represent 66.66% of total share capital upon listing and will be restricted from selling shares for the first year of trading, as per the QFMA rules, while the remaining share capital of 33.34% shall be freely tradable.The founders are General Retirement and Social Insurance Authority (Pension Fund) with 24.48% stake; General Retirement and Social Insurance Authority (Military Pension Fund) with 11.67%; Qatar Holding with 6.96%; Al Sanad Trading Company and its related companies with 10.08% and Brooq Trading Company and its related companies with 13.47%.All of the bank’s listed shares rank pari passu, carrying the same voting rights and same rights to dividends declared, if any. Other than the restrictions imposed and committed to by the founders, the shares are freely transferable.The bank's articles of association restrict any person other than the founders from owning more than 5% of the share capital.The Qatar Central Bank issued a decision on December 14, 2022 approving Brooq Trading Company and Al Sanad Trading Company to own up to 10% of the bank’s share capital, and granted a grace period of five years from the date of the decision for these entities to dispose of any excess shareholding. The Qatar Government directly or indirectly owns 44% stake.The bank was incorporated in 2008 under the name of Barwa Bank and commenced operations in 2009 as a full-service Shariah-compliant entity. It rebranded itself as Dukhan Bank in October 2020, following the merger with International Bank of Qatar in 2019.As part of the merger, the bank solidified its already strong capital position, which helped it to grow and beat the market on multiple fronts including financing assets, customer deposits and net profit, which have shown double digit growth with a compound annual growth rate of more than 20% post-merger in 2019 till last year-end.The existing capital base on back of strong profitability, operational efficiency and prudent risk management in the past, allows it to excel in the future as well with same ambitions, the bank said.