Business

Tuesday, September 26, 2023 | Daily Newspaper published by GPPC Doha, Qatar.

Business

Nayef al-Ibrahim, chief executive officer and co-founder of Ibtechar, with other speakers at the Ibtechar roundtable.

'Innovation ecosystem vital for Qatar'

Fostering an innovation ecosystem is imperative for Qatar to develop a knowledge-based sustainable economy, according to experts at the recently roundtable, organised by Ibtechar."In recent months, we have been approached by different governmental, corporate, private and local institutions with one big question: How can we incorporate innovation in our organisations? These institutions faced certain challenges in striking a balance between developing the skills of their employees and applying their set strategies and frameworks with the objective of enhancing innovation," said Nayef al-Ibrahim, chief executive officer and co-founder of Ibtechar.This drove it to reflect on the subject and communicate with different stakeholders to identify the best solutions, he said at the event, titled ‘Corporate Innovations for Sustainable Growth’, convening industry leaders, experts, and innovators to foster insightful discussions, knowledge sharing, and collaboration to drive positive impact on businesses, the environment, and society.David Luong, Digital Innovation Hub Leader at Hamad International Airport (HIA), defined corporate innovation and listed its sources as well as the enablers of transformative innovation.Technology can be a wonderful medium for fostering inspiration and innovation, he said, adding ChatGPT, artificial intelligence, drones, robotics and supply chain networks are typical models of innovation."If a company wants to grow and thrive, it is significantly important for it to apply a supportive innovation culture and strategy. Additionally, it has to pay great attention to the engagement of its staff, stakeholders and customers to ensure that they are part of its transformative innovation journey," Luong said.AlHasan AlSammarraie, founding managing partner at Applab, said technology has become a cornerstone for innovation and digital transformation."Innovation is all about adopting existing technologies, frameworks, methodologies to tackle problems that may affect the sustainability of a company such as reporting as well as measuring and reducing the direct costs of a company," he said.The roundtable was part of a series of roundtables organized by Ibtechar, under its commitment to building a knowledge-based economy in Qatar by propelling practical innovation across all levels of society. To this end, the Ibtechar roundtables provide a platform for active dialogue, knowledge exchange and increased collaboration between various stakeholders and sectors.

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Amir's Speech at UNGA Garners Widespread Media Attention

The Arab and international media followed with great interest the speech delivered by HH the Amir Sheikh Tamim bin Hamad Al-Thani at the opening session of the 78th United Nations General Assembly (UNGA 78), held Tuesday in New York City, USA, as large portion of their news coverage were devoted to it.The media also highlighted the Arab and international issues included in the speech, focusing on HHs statement that the State of Qatar continues to adhere to the principled position on the justice of the Palestinian issue, which has become a test of the credibility of the worlds politicians towards the Middle East.Under the title: Qatar's Amir Vows to Continue Efforts to Promote Peace, the Kuwait News Agency (KUNA) referred to HH the Amirs reaffirmation of "the importance of resolving disputes with peaceful means," declaring his country's commitment to continuing efforts to facilitating and making peace.KUNA added that HH the Amir said that this matter constitutes a "firm commitment deeply rooted in the core of our foreign policy," explaining that "responsibility also prompts the State to strengthen its role in providing humanitarian aid, exerting mediation efforts and resolving conflicts that affect our region."KUNA explained that HH the Amir affirmed that Qatar "continues its adherence to the firm stance regarding the fairness of this cause, which has become a credibility test for world politicians in relation to the Middle East region," adding that "Qatar provides political, humanitarian and developmental support to the brotherly Palestinian people and contributes to the rebuilding of the Gaza Strip which is reeling under the siege, in addition to its continuous contribution to UNRWA funds."The Jordan News Agency (Petra) reported that HH the Amir said that the Palestinian cause became "a credibility test for world politicians in relation to the Middle East region," adding that Qatar, "continues its adherence to the firm stance regarding the fairness of this cause," and "provides political, humanitarian and development support to the brotherly Palestinian people and contributes towards rebuilding the Gaza Strip which is reeling under the siege, in addition to its continuous contribution to UNRWA funds."The Algeria Press Service also noted HH the Amir's statements on the Palestinian issue and how it is not acceptable for the Palestinian people to remain prisoners of the Israeli settler occupation arbitrariness, and the rejection of any just political solution, pointing out that the "the failure of the international organization to take actions against the occupation provided and continues to provide the opportunity for Israel to undermine the foundations of the two-state solution by means of settlement expansion until the occupation has brazenly taken the form of an apartheid regime in the broad daylight."Turkiye's Anadolu Agency noted HH the Amir Sheikh Tamim bin Hamad Al-Thani's call to support the Palestinian people to find a just political solution in addition to stopping the fighting in Sudan that has been raging for five months.The Agency also highlighted HH the Amir's response to the incidents of burning copies of the Holy Qur'an in a number of European countries, where he said "I would say to my Muslim brethren that it is implausible for us to get distracted by an idiot or a biased person whenever it occurs to him to provoke us by burning the Holy Qur'an or by other forms of triviality. The Qur'an is too Holy to be desecrated by a witless person," adding that "I would say to all those who seek to justify these hideous acts as freedom of expression: compromising the sanctity of others deliberately should not be seen as an example of the freedom of expression."In a related context, many visual media outlets followed the speech of HH the Amir at the UNGA.A report by Oman TV, which was covering the speeches delivered by world leaders at the UNGA, stated that the speech of HH the Amir Sheikh Tamim bin Hamad Al-Thani included a call of solidarity and efforts for a safer and more stable world, pointing out to HH the Amir's speech where he said, "if we truthfully constitute an international community, and not a merely diverse entities, it must be our duty to strive towards ending the injustice afflicting them, at least in accordance with what is required by the resolutions of this body, and entailed by international law. It is not acceptable for the Palestinian people to remain prisoners of the Israeli settler occupation arbitrariness, and the rejection of any just political solution in accordance with the principles of international legitimacy by successive Israeli governments. You have to bear in mind that the failure of the international organization to take actions against the occupation provided and continues to provide the opportunity for Israel to undermine the foundations of the two-state solution by means of settlement expansion."The Lebanese Al-Jadeed TV quoted in its news bulletin an excerpt from HH the Amir's speech, noting that the Amir of Qatar Sheikh Tamim bin Hamad Al-Thani stressed in his speech the necessity of finding a sustainable solution to the political vacuum in Lebanon and introducing mechanisms to prevent it from recurring.HH the Amir's speech received the attention of Turkish channel TRT Arabic, which stated in its report that the Amir of the State of Qatar Sheikh Tamim bin Hamad Al-Thani pointed that the peoples on earth are living in two different eras due to the contradiction between scientific and technological development and the spread of famines and wars that have exacerbated the migration crisis.The report, which appeared in the news bulletin, quoted part of HH the Amir's speech in which he said,"in areas such as genetics and artificial intelligence, the possibilities for realizing the well-being of all humanity are increasing. But the gap between possibility and reality is also widening. However, as these possibilities are unfolding in the same era, there are peoples who are grappling with child labor, starvation, unemployment, and civil wars, while developed countries guard their borders against the influx of refugees fleeing this suffering." (QNA)

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Al Diwan Arabic Book Fair ends in Berlin

Moments from the three-day Al Diwan Arabic Book Fair, organised by the Arab Cultural House (Al Diwan) of the Embassy of Qatar in Berlin, that concluded Sunday with the participation of 66 publishing houses from various Arab and foreign countries.

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Mancini eyes Asian Cup as he seals lucrative Saudi move

Roberto Mancini say he hoped to lead Saudi Arabia to Asian Cup victory within months as he signed a multi-million dollar deal on Monday, just a fortnight after quitting as Italy coach. AFP

Gulf Times

QNB: Increasing debt limits global economy growth during coming period

Qatar National Bank (QNB) anticipated that the increasing and unprecedented levels of debt may lead to significant and long-term risks that may limit the growth of the global economy during the coming period due to financial restrictions imposed on companies, and potential vulnerabilities in emerging markets.Qatar National Bank (QNB) in its weekly commentary that the Covid-19 pandemic represented a negative shock of unprecedented magnitude to the global economy, causing the sharpest contraction in activity ever recorded in quarterly national accounts. In response, extraordinary monetary and fiscal policies were put in place to provide support to households and firms, to preserve the economies from a deeper potential collapse. Low interest rates and quantitative easing from central banks, combined with expansionary fiscal policy, fueled unprecedented credit growth. This resulted in skyrocketing public and private debt across the world, adding to the trend that had begun with the Global Financial Crisis (GFC). Since then, government debt has more than doubled to reach USD 85.7 trillion, while total global debt stands at USD 304.9 trillion.Debt levels are not only high by historical standards, they are also expected to continue to rise broadly around the world. In the context of high and rising interest rates, debt becomes even more relevant as a potential drag to GDP growth. In QNB's view, to understand the overall debt dynamics and the risks they pose for long-run growth, it is important to break down the origin of debt increases, as well as to differentiate between advanced economies (AE) and emerging markets (EM). First, rising debt levels in AE are mostly accounted for by the deterioration of public sector accounts and the need to fund ever growing deficits. In 2023, total government debt in AE reached USD 59.7 trillion, an increase of 60% relative to the USD 37.4 trillion after the GFC, equivalent to 113.6% of global GDP.High government debt levels in AE are set to harm growth by diverting resources away from investment. As governments increase their borrowing, the issues of new debt compete with the private sector for a given amount of savings available. As a result, real interest rates increase, which can "crowd out" private investment, and therefore limit economic growth.Second, elevated corporate ineptness combined with higher interest rates can create a "debt overhang" problem that hinders investment by firms. The Covid-19 pandemic generated a massive disruption in economic activity that impacted sales and profits of firms around the world. In order to keep firms operational and contain the destruction of jobs, governments implemented injections of liquidity through loan guarantees as well as new lines of credit. Although, total debt in nonfinancial corporations as share of GDP has declined from its peaks during 2020 in both AE and EM, they are still above their pre-pandemic levels. Now, in a scenario with higher interest rates and tighter credit standards, this can result in a "debt overhang" in firms, where they will find it harder to obtain funding for new investments. Third, an assessment of debt dynamics in EM requires a further differentiation between China and other EM. In the period from Q1-2010 to Q1-2023, China accounted for 65% of the growth in government debt, and 76% of growth in nonfinancial private debt in EM. In China, debt had a very particular form, as the country benefited from abundant domestic savings, the debt was mostly financed by residents in local currency. This prevents the country from suffering the standard balance of payment pressures that affect other EM during periods of economic stress. Hence, China is better positioned to engineer a deleveraging process in the future.In contrast, debt in other EM tends to have a funding profile with more significant participation of external funding, or in hard currencies from advanced economies, making them vulnerable to external shocks and "sudden-stops" in capital inflows. Such vulnerability could be even more pronounced in the current scenario, where tighter monetary policy in major advanced economies pulls capital away from riskier EM. In the past, debt crisis in EM were triggered by sharp increases in international interest rates. High levels of debt now leave the more risky EM exposed to financial distress that can make refinancing difficult, and result in a crisis that resembles previous experiences.All in all, unprecedented and rising debt levels pose significant risks to the global economy going forward, through the diversion of funds from productive investments, financial constraints in the corporate sector, and potential vulnerabilities in EM. (QNA)

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