Officials of the Gulf Bangladesh Business Association (GBBA) called on the recently appointed Bangladesh ambassador to Qatar, Mohamed Nazrul Islam, to discuss business prospects and ways to boost trade between Qatar and Bangladesh.The delegation was led by GBBA president M Saiful Alam, senior vice-president Noor Mohamed, and vice-president Mahbubur Rahman Mahbob. Mohamed Waliur Rahman, Minister (Political) of the Bangladesh embassy, also attended the meeting.GBBA is a multifaceted business association of Bangladesh businessmen, having affiliation in every GCC country, and aims to boost trade in the region. Additionally, it provides guidance, streamlines procedure, and offers help for Bangladeshi businessmen looking to establish businesses in any GCC country.During the meeting, business potential, prospects, and competitiveness of different trade, investment, and grounds for increasing trade volumes from Bangladesh to Qatar and other GCC countries were discussed with the ambassador, who stated that the embassy will help identify commercial standards, regulations, and opportunities in Qatar and elsewhere in the Gulf.Also, Alam handed a cheque with the equivalent of the price of 10 laptops to the ambassador, who is also chairman of the Bangladesh Mashoor-ul-Haque Memorial High School and College. The laptops will be used in the school's laboratory.Mohamed Khyrul Alam, AbulKashem, Mohamed Ali, Soleiman Goni, Mohamed Azizul Haque, Rubel Ahmed, Khaled Jamal Siddiquie, Mashiur Rahman, Golam Mawla Hajari, Abdul Jalil Mia, Babul Ahmed, Atikur Mawla Mithu, Rownak Tahseen, Safayet Ali, A K M Mohi Uddin, Tippan Bepari, and Nurul Alam were also among those who attended the meeting.
Malabar Gold and Diamonds, the sixth largest jewellery retailer globally with a retail network of over 310 outlets across 10 countries in India, the Gulf Co-operation Council (GCC), Far East and the US, has unveiled its new base for international operations, the Malabar International Hub (M-IH) at Dubai Gold Souq in Deira, Dubai.The M-IH was inaugurated by Abdulla bin Touq al-Marri, cabinet member and the UAE minister of economy on March 22 in the presence of Malabar Gold chairman, directors, government officials, distinguished guests, well-wishers, and management team members of the jewellery retailer.Celebrating its 30th anniversary, the opening of M-IH marks a landmark for Malabar Gold and Diamonds, which began international operations in 2008 from the UAE.The 28,000sq ft LEED Gold Certified hub has been designed to be the epicentre of the brand’s current and future business aspirations. Spread across four floors, it houses all functions, from a global centralised supply chain to all enabling and supporting functions for existing operations in GCC, the US, Singapore, and Malaysia; and set the foundation for the growth aspirations of the group to continue its ambitious expansion plans into countries such as the UK, Australia, Canada, Turkey, Bangladesh and New Zealand.The decision by Malabar Gold and Diamonds to setup its global base in the UAE, comes in the wake of CEPA (Common Economic Partnership Agreement) between India and the UAE, a move which opened the gates to a more fruitful and collaborative commercial pathway between the two countries.This move highlights the position of the UAE as one of the most preferred trade destinations for global companies.The gold sector in the UAE accounted for 32% of its total non-oil exports in 2022, cementing its position as a global hub for gold and precious metal trading. Moreover, the UAE accounts for 8.2% of total global gold exports today, ranking third behind Switzerland and the UK in 2021.In terms of exports and imports of gold, the UAE's total exports of gold and its products stood at AED135bn, while the country’s imports of gold and its products totalled nearly AED274bn. The UAE's total trade in gold and gold products, including re-exports, grew by 17% to AED451bn in 2022.“With the establishment of M-IH in Dubai, Malabar Gold and Diamonds has taken one step closer to our dream of being the biggest jewellery retailer in the world. The new facility is all set to be the stepping stone of our Vision 2030 goal of scaling up our operations to conquer new markets and strengthen our presence in existing markets," said Malabar Group chairman M P Ahamed.Shamlal Ahamed, managing director (International Operations), Malabar Gold and Diamonds said the removal of import duty through the CEPA will help it in using that to add new international markets as well as improve the retail presence in current markets such as the US."With the opening of our new global base in the UAE, all our existing international operations including the US and Far East will be managed from Dubai," he said.Abdul Salam K P, vice-chairman of Malabar Group, said the facility has been designed considering the needs and requirements of all the various elements that keep its operations afloat."We earnestly look forward to closely working with the UAE government and other key stakeholders to further our reach in the international jewellery trade and thereby be a key partner in enhancing Dubai’s status as the City of Gold,” he said.
A Qatari startup is keen on developing e-commerce and digital solutions in the exchange and payment space to help entrepreneurs raise work efficiency and increase productivity and profits.Saleh al-Mansouri, CEO and founder of Fatora.io and MaktApp.com, said MaktAPP is working to contribute to Qatar's economic development by providing free opportunities to start working in e-commerce through the establishment of free online stores.He said the company aims to provide the possibility for entrepreneurs to expand their businesses, collect money, and control and manage their companies through secure electronic payment solutions and billing systems, which is directly reflected in the development of Qatar’s economy.Al-Mansouri said MaktAPP graduated from the Qatar Science and Technology Park (QSTP) Incubation Centre and moved into QSTP’ park and freezone to become a full fledge operating member company. MaktAPP joined QSTP in 2016 and received a lot of support from QSTP as part of the Product Development Fund programme, he explained.He said the company developed Fatora, which is seen as one of the fruits of the success and cumulative effort made by the MaktAPP team in the field of technical progress over the past years.“Fatora is constantly seeking to support the work of startups and medium-sized companies by providing high-quality and professional services and providing the necessary information and action steps necessary for the success of these companies.“Fatora issues books, educational videos, and comprehensive blogs that raise awareness of the importance of digitisation in the development of business and technology companies, and is keen to keep pace with the global development in digital technology,” al-Mansouri told Gulf Times.Al-Mansouri said Fatora is an effective system for promoting products and developing methods for presenting them to the customer, making the marketing process easier, especially for beginners.“The effect was positive in terms of independence at work and the development of long-term plans to raise the level of the company’s operations,” al-Mansouri said.Asked about the challenges MaktAPP is facing in the current market and how the company is addressing them, al-Mansouri said: “One of the challenges we face today is the difficulty of providing one comprehensive service suitable for all categories and needs of the customer.”Despite these challenges, al-Mansouri said MaktAPP is currently working on developing artificial intelligence (AI) technologies in the field of e-commerce and billing systems.“A clear vision of the goal makes us focus heavily on monitoring all changes and developments and trying to work on them to show the best result in business development and commercial projects.“We have a collaborative and inspiring work team that masters the successive cumulative work, and each of them knows their tasks well, excels in their specialisation, and knows how to be a source of inspiration for others. They are the basis of success,” he stressed.Al-Mansouri added: “We always strive to cooperate with all available agencies, especially in conjunction with the expansion of our services in neighbouring countries, and our door is open to all partnerships.“As we all know, the world is now heading towards the electronic digital reality, especially in the field of trade, and this is a major reason why Fatora is at the forefront of the pillars of digital economic development, specifically in Qatar, and this is of course what we aspire to, hope for, and strive for.”
European Union (EU) leaders and the European Central Bank (ECB) sought to calm market jitters by presenting a united front on the banking sector yesterday, saying EU lenders are well-capitalised and liquid thanks to lessons drawn after the 2008 Lehman Brothers collapse.“Our banking sector is resilient, with strong capital and liquidity positions,” the leaders of the 27 EU countries said in a statement at the end of a meeting devoted to the economy in general but overshadowed by plunging bank shares.European banking stocks fell sharply again on Friday, with Deutsche bank and UBS knocked by worries that actions by regulators and central banks have yet to contain the worst problems to face the sector since the 2008 financial crisis.Dutch Prime Minister Mark Rutte said it was very unlikely the eurozone would plunge into a new banking crisis because the sector was far stronger than a decade ago.“That is very unlikely if you see how we have organised things in Europe,” he said.Still, Deutsche Bank shares fell for a third day, dropping more than 12% after a sharp jump in the cost of insuring its Bonds against the risk of default. German Chancellor Olaf Scholz dismissed market concerns over his country’s biggest bank.“Deutsche bank has fundamentally modernised and reorganised its business model. It is a very profitable bank, and there is no reason for concern,” Scholz told reporters.European central bank head Christine Lagarde told EU leaders that European banks were safe but called on governments to push on with a stalled EU deposit insurance scheme, officials said.“The euro area banking sector is strong because we have applied the regulatory reforms agreed internationally after the Global financial Crisis to all of them,” Lagarde said, adding that the ECB’s “toolkit” was fully equipped to provide liquidity to the system if needed.Defending the ECB’s push to raise interest rates to stamp out high inflation at a time of turbulence in the financial sector, Lagarde said there was no trade-off between fighting inflation and keeping the banking sector stable.“Our toolbox enables us to address risks to both,” she told the leaders, according to EU officials. “We are determined to bring back inflation to 2%. We will decide on future rates based on incoming Data,” she was reported as saying.French President Emmanuel Macron also told reporters that the normalisation of interest rates was not a threat to the banking system.Still, Lagarde called on the leaders to push on with their banking union project, started in 2012, which still lacks a European Deposit Insurance Scheme (EDIS) that would strengthen or replace the existing patchwork of national schemes.“Completing the banking Union” is EU code for introducing EDIS as the missing element from a project that has already created a pan-eurozone bank supervisor and a single resolution authority with a special Fund to resolve failing Lenders.While most EU countries have some form of national insurance that guarantees deposits up to €100,000 ($108,300), there is no EU-wide scheme, nor a way for authorities to work across borders if a crisis is too much for one country alone.The main opponent of EDIS is Germany, concerned that if deposit guarantees are mutualised at the EU level, Berlin could end up paying deposits of failing banks in other countries, like Italy, still burdened with poor credit or Investment decisions from years ago.
The Qatar Stock Exchange (QSE) gained almost 1% this week, which saw global investors discount apprehensions on the US banking crisis.The telecom, insurance, industrials, consumer goods and real estate counters saw higher than average demand as the 20-stock Qatar Index shot up 96 points this week which saw the Qatar Central Bank hike key rates by 25 basis points in view of the US Federal Reserve raising the reference rates by 25 basis points.The Gulf institutions were seen increasingly bullish this week, which saw the country witness a cumulative 4.5% hike in interest rates in 15 months.About 66% of the traded constituents extended gains in the main market this week, which saw the listed companies report cumulative net profit of QR49.48bn in 2022.The local retail investors were seen net buyers this week which saw Aamal Company wins QR40mn contract for Ashghal project.The Arab retail investors turned net buyers in the main market this week, which saw Nakilat and HSD Engine sign a long-term engine maintenance and service contract.The foreign institutions’ weakened net selling had its influence in the main market this week which saw Barwa outline a multi-axes strategic plan for enhancing free cash flows.The Islamic index was seen gaining slower than the main barometer in the main market this week which saw a total of 2.67mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR6.06mn trade across 100 deals.Trade turnover shrank amidst higher volumes in the main market this week, which saw as many as 0.08mn Doha Bank-sponsored exchange traded fund QETF valued at QR0.77mn change hands across 46 transactions.Market capitalisation was seen expanding QR9.28bn or 1.62% to QR580.4bn on the back of mid and small cap segments this week which saw the industrials and banking sectors together constitute about 68% of the total trade volume in the main market.The Total Return Index gained 1.23%, All Share Index by 1.29% and All Islamic Index by 0.11% this week, which saw no trading of sovereign bonds.The telecom sector index shot up 5.24%, insurance (4.22%), industrials (2.15%), consumer goods and services (1.43%), real estate (1.31%) and banks and financial services (0.97%); while transport declined 2.63% this week which saw no trading of treasury bills.Major gainers in the main market included Estithmar Holding, Qatar General Insurance and Reinsurance, Inma Holding, Zad Holding, Gulf International Services, QIIB, Masraf Al Rayan, Lesha Bank, Dukhan Bank, Qatari German Medical Devices, Industries Qatar, Ezdan, Qatar Insurance, Mazaya Qatar, Ooredoo and Gulf Warehousing. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value this week.Nevertheless, QLM, Qamco, Milaha, Barwa, Baladna, Medicare Group, Mannai Corporation, Widam Food, Qatari Investors Group and Beema were among the shakers in the main market this week.The Gulf institutions’ net buying expanded substantially to QR70.62mn compared to QR37.31mn the week ended March 16.The local retail investors turned net buyers to the tune of QR44.76mn against net sellers of QR3.71mn the previous week.The Arab individual investors were net buyers to the extent of QR2.64mn compared with net sellers of QR18.24mn a week ago.The foreign funds’ net selling declined significantly to QR74.17mn against QR125.2mn the week ended March 16.However, the domestic institutions turned net sellers to the tune of QR27.98mn compared with net buyers of QR103.06mn the previous week.The foreign retail investors were net sellers to the extent of QR13.96mn against net buyers of QR8.29mn a week ago.The Gulf individuals’ net profit booking rose marginally to QR1.63mn compared to QR1.57mn the week ended March 16.The Arab funds were net sellers to the tune of QR0.28mn against net buyers of QR0.06mn the previous week.Total trade volume in the main market was up 2% to 730.69mn shares, while value shrank 14% to QR2.06bn amidst 8% jump in deals to 79,546.
Officials of the Gulf Bangladesh Business Association (GBBA) called on the recently appointed Bangladesh ambassador to Qatar, Mohamed Nazrul Islam, to discuss business prospects and ways to boost trade between Qatar and Bangladesh.The delegation was led by GBBA president M Saiful Alam, senior vice-president Noor Mohamed, and vice-president Mahbubur Rahman Mahbob. Mohamed Waliur Rahman, Minister (Political) of the Bangladesh embassy, also attended the meeting.GBBA is a multifaceted business association of Bangladesh businessmen, having affiliation in every GCC country, and aims to boost trade in the region. Additionally, it provides guidance, streamlines procedure, and offers help for Bangladeshi businessmen looking to establish businesses in any GCC country.During the meeting, business potential, prospects, and competitiveness of different trade, investment, and grounds for increasing trade volumes from Bangladesh to Qatar and other GCC countries were discussed with the ambassador, who stated that the embassy will help identify commercial standards, regulations, and opportunities in Qatar and elsewhere in the Gulf.Also, Alam handed a cheque with the equivalent of the price of 10 laptops to the ambassador, who is also chairman of the Bangladesh Mashoor-ul-Haque Memorial High School and College. The laptops will be used in the school’s laboratory.Mohamed Khyrul Alam, AbulKashem, Mohamed Ali, Soleiman Goni, Mohamed Azizul Haque, Rubel Ahmed, Khaled Jamal Siddiquie, Mashiur Rahman, Golam Mawla Hajari, Abdul Jalil Mia, Babul Ahmed, Atikur Mawla Mithu, Rownak Tahseen, Safayet Ali, A K M Mohi Uddin, Tippan Bepari, and Nurul Alam were also among those who attended the meeting.
Malabar Gold and Diamonds, the sixth largest jewellery retailer globally with a retail network of over 310 outlets across 10 countries in India, the Gulf Co-operation Council (GCC), Far East and the US, has unveiled its new base for international operations, the Malabar International Hub (M-IH) at Dubai Gold Souq in Deira, Dubai.The M-IH was inaugurated by Abdulla bin Touq al-Marri, cabinet member and the UAE minister of economy on March 22 in the presence of Malabar Gold chairman, directors, government officials, distinguished guests, well-wishers, and management team members of the jewellery retailer.Celebrating its 30th anniversary, the opening of M-IH marks a landmark for Malabar Gold and Diamonds, which began international operations in 2008 from the UAE.The 28,000sq ft LEED Gold Certified hub has been designed to be the epicentre of the brand’s current and future business aspirations. Spread across four floors, it houses all functions, from a global centralised supply chain to all enabling and supporting functions for existing operations in GCC, the US, Singapore, and Malaysia; and set the foundation for the growth aspirations of the group to continue its ambitious expansion plans into countries such as the UK, Australia, Canada, Turkey, Bangladesh and New Zealand.The decision by Malabar Gold and Diamonds to setup its global base in the UAE, comes in the wake of CEPA (Common Economic Partnership Agreement) between India and the UAE, a move which opened the gates to a more fruitful and collaborative commercial pathway between the two countries. This move highlights the position of the UAE as one of the most preferred trade destinations for global companies.The gold sector in the UAE accounted for 32% of its total non-oil exports in 2022, cementing its position as a global hub for gold and precious metal trading. Moreover, the UAE accounts for 8.2% of total global gold exports today, ranking third behind Switzerland and the UK in 2021. In terms of exports and imports of gold, the UAE’s total exports of gold and its products stood at AED135bn, while the country’s imports of gold and its products totalled nearly AED274bn. The UAE’s total trade in gold and gold products, including re-exports, grew by 17% to AED451bn in 2022.“With the establishment of M-IH in Dubai, Malabar Gold and Diamonds has taken one step closer to our dream of being the biggest jewellery retailer in the world. The new facility is all set to be the stepping stone of our Vision 2030 goal of scaling up our operations to conquer new markets and strengthen our presence in existing markets,” said Malabar Group chairman M P Ahamed.Shamlal Ahamed, managing director (International Operations), Malabar Gold and Diamonds said the removal of import duty through the CEPA will help it in using that to add new international markets as well as improve the retail presence in current markets such as the US.“With the opening of our new global base in the UAE, all our existing international operations including the US and Far East will be managed from Dubai,” he said. Abdul Salam K P, vice-chairman of Malabar Group, said the facility has been designed considering the needs and requirements of all the various elements that keep its operations afloat.“We earnestly look forward to closely working with the UAE government and other key stakeholders to further our reach in the international jewellery trade and thereby be a key partner in enhancing Dubai’s status as the City of Gold,” he said.
European banking stocks fell sharply yesterday, with Deutsche Bank and UBS knocked by worries that actions by regulators and central banks have not yet contained the worst problems to face the sector since the 2008 global financial crisis.Financial market stress indicators were also again flashing warning signs more widely, with the euro falling against the dollar and bond yields sinking.Deutsche Bank shares fell for a third day, dropping more than 12% after a sharp jump in the cost of insuring its bonds against the risk of default.Shares in Germany’s largest bank have lost a fifth of their value so far this month and the cost of its 5-year credit default swaps (CDS) — a form of insurance for bondholders — jumped to a four-year high on Friday, based on data from S&P Market Intelligence.“Deutsche Bank has been in the spotlight for a while now, in a similar way to how Credit Suisse had been,” said Stuart Cole, head macro economist at Equiti Capital.“It has gone through various restructurings and changes of leadership in attempts to get it back on a solid footing but so far none of these efforts appear to have really worked.”Deutsche Bank declined to comment.The pain was spread across the sector, with the index of top European banks falling 5.1% and British banks losing 4%, down for a third straight session.“We are still on edge waiting for another domino to fall, and Deutsche is clearly the next one on everyone’s minds (fairly or unfairly), said Chris Beauchamp, chief market analyst at IG. The fresh falls in Europe came as investors were looking to see how far US authorities would go to shore up the banking sector, particularly fragile regional lenders.US Treasury Secretary Janet Yellen told lawmakers on Thursday that bank regulators and the Treasury were prepared to make comprehensive deposit guarantees at other banks, as they did at failed Silicon Valley Bank (SVB) and Signature Bank.Shares of major US banks JPMorgan Chase & Co, Wells Fargo and Bank of America fell more than 2% in premarket trade on Friday.Regional lenders, the focus of the strongest investor concerns, also declined, with First Republic Bank, PacWest Bancorp, Western Alliance Bancorp and Truist Financial Corp falling between 2% and 5%.“Underlying sentiment is still cautious and in this environment no one wants to go into the weekend risk-on,” said Nordea chief analyst Jan von Gerich.The global banking sector has been rocked since the sudden collapse this month of SVB and Signature Bank.Policymakers have stressed the turmoil is different from the global financial crisis 15 years ago, saying banks are better capitalised and funds more easily available.But the worries spread quickly, and on Sunday UBS was rushed into taking over Swiss rival Credit Suisse after it lost the confidence of investors.Swiss authorities and UBS are racing to close the takeover within as little as a month, according to two sources with knowledge of the plans.Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus.Brokerage group Jefferies cut its recommendation on UBS stock to “hold” from “buy”, saying the acquisition of its former rival would change an equity story based on a lower risk profile, organic growth and high capital returns.“All these elements, which is what UBS shareholders bought into, are gone, likely for years,” it said.UBS shares were down 7% on Friday and its five-year CDS shot up 14 basis points.The rescue of Credit Suisse has also ignited broader worries about investors’ exposure to a fragile banking sector. The decision to prioritise shareholders over Additional Tier 1 (AT1) bondholders rattled the $275bn AT1 bond market.These convertible bonds were designed to be invoked during rescues to prevent the costs of bailouts falling onto taxpayers.As part of the deal with UBS, the Swiss regulator determined that Credit Suisse’s AT1 bonds with a notional value of $17bn would be wiped out, stunning global credit markets.European banks’ AT1 debt came under fresh selling pressure on Friday, with Deutsche Bank and UBS AT1s down around four and two cents in price, respectively, according to Tradeweb data.Standard Chartered Chief Executive Bill Winters said yesterday the wipeout of Credit Suisse bondholders had “profound” implications for global bank regulations.“I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves,” Winters told a financial forum in Hong Kong.He also said the US Federal Reserve’s move to guarantee non-insured deposits was a “moral hazard”. US authorities had invoked “systemic risk exceptions” after the failures of SVB and Signature Bank that allowed them to protect uninsured deposits, including those of wealthy technology executives and cryptocurrency investors.
Japan’s inflation slowed for the first time in more than a year, as government energy subsidies masked the stronger underlying trend ahead of the Bank of Japan (BoJ)’s first leadership change in a decade.Consumer prices excluding fresh food rose 3.1% in February from a year ago, decelerating by more than a percentage point from the previous month on cheaper energy costs, the internal affairs ministry reported yesterday.While the key gauge for the central bank slowed in apparent good news for incoming Governor Kazuo Ueda, a separate index that strips out fresh food and energy accelerated to the fastest pace in over four decades, pointing to quickening fundamental price strength. That could stoke market speculation that Ueda may have to move toward policy normalisation sooner rather than later.“The government measures are keeping a lid on energy, but I expect food prices to continue to rise for a while,” said economist Yuichi Kodama at Meiji Yasuda Research Institute.Overall inflation would have been as high as 4.4% without the impact of government subsidies for energy and travel, ministry data indicated. A key part of Prime Minister Fumio Kishida’s economic stimulus package announced last year was a 20% discount on household electricity rates, which began to feed into data in February. Tokyo’s figure, a leading indicator of national trends, earlier showed a similarly significant deceleration.“Looking further ahead, we see core inflation dropping below 3% in March due to a comparison with high year-earlier figures. The BoJ forecasts slower inflation in the fiscal year starting in April and is unlikely to make any hasty retreat from its yield curve control policy,” says Yuki Masujima, economist at Bloomberg. Inflation has spread beyond energy and is expected to persist for the foreseeable future.About 3,400 food items were raised in price in March, double the number of the same month last year, according to a Teikoku Databank report.In April, the prices of another 4,900 items, including imported wheat, are scheduled to be lifted. “There are absolutely no signs that the price hikes will end anytime soon,” the data firm said in the report. In February data, processed food prices rose 7.8%, the fastest pace since 1976. Eating out also got pricier with hamburger prices soaring 25%. Consumer durables also showed double-digit gains, with new refrigerator prices jumping by more than a quarter.To cushion the impact of rising prices, the government said on Wednesday that it would add to existing price-relief measures, and is set to allocate more than ¥2tn ($15.3bn) for the new efforts. The fresh support includes subsidies for liquefied petroleum gas, as well as handouts for low-income households and their children.“The fresh economic measures are expected to push prices down and boost consumption,” said Moe Nakahama, a research associate at Itochu Research Institute. “The latest spring wage negotiations also showed strong pay growth momentum.”Large Japanese firms have decided to significantly raise employee wages amid historic inflation. In the latest annual spring wage negotiations, key unions and their employers reached a preliminary agreement to raise total wages by 3.8%, the most in three decades.Higher salaries and government subsidy programmes may also help maintain relatively robust spending. For the BoJ, continued strength in paycheck growth is a key component to achieving its stated stable price goal.“Good results are being seen in the spring wage negotiations, but as inflation remains elevated, many households find their real incomes are shrinking,” said Meiji Yasuda’s Kodama.The Ueda-led central bank will be keeping a close eye on price developments for policy decisions. While the turmoil caused by the recent collapse of Silicon Valley Bank and the Credit Suisse buyout has rocked global markets, the BoJ is expected to keep its policy unchanged for now, following the path set by outgoing Governor Haruhiko Kuroda.
Qatar delivered 12 more LNG cargoes in the first two months of 2023 compared to same period in 2022, according to Doha-based Gas Exporting Countries Forum (GECF).The number of LNG shipments in the first two months of 2023 reached 1,047, up 4% (or 41 more) than during the same period in 2022, GECF said in its latest monthly report.In February 2023, the LNG spot charter rate for steam turbine carriers averaged $34,600 per day, which was 36% lower month-on-month (m-o-m), but 111% higher year-on-year (y-o-y).Spot charter rates usually observe a seasonal increase at the end of the year, as demand for LNG grows for the upcoming winter. In 2022, the same factors were at play, coupled with further tightness in the market due to European buyers purchasing cargoes as floating storage, resulting in extremely elevated charter rates, GECF said.“As the winter season commenced, these floating cargoes began to be discharged, freeing up carriers and reducing spot charter rates. Additionally, the mild winter conditions helped to ease gas demand somewhat, contributing to fewer inter- basin flows, and thus charter rates softening even further, from January into February,” GECF noted.The average price of the leading shipping fuels in February 2023 was $610 per tonne, which was unchanged from the previous month, and 14% lower y-o-y.The impact of decreases in LNG spot charter rates and delivered spot LNG prices, resulted in a net decrease in the LNG shipping cost, by up to $0.53/MMBtu compared with the previous month, it said.When compared with the same month one year ago, in February 2023 charter rates were greater, but fuel prices and delivered spot LNG prices were lower than in 2022, resulting in LNG shipping costs up to $0.33/MMBtu lower.In February, 1.47 Mtpa of liquefaction capacity were impacted by planned an unplanned outages, which was down from 2.03 Mtpa of liquefaction capacity that were impacted in February, GECF noted.At a project level, the Freeport LNG facility in the US was impacted by the unplanned outage in February, while the Skikda LNG facility in Algeria was undergoing planned maintenance activities. Meanwhile, the force majeure on feedgas supply to the liquefaction facility in Nigeria, which was declared in January, remained in effect in February as well, GECF said.
General Tax Authority (GTA) has extended the deadline for submitting the tax returns for 2022 for all entities subject to the income tax law by one month to May 31.Excluded from this extension are companies operating in the field of petroleum operations and petrochemical industries, in addition to taxpayers who have accounting periods different from the tax year defined in Article (1) of the Income Tax Law promulgated by Law (24) of the year 2018 and its amendments, GTA said in a statement on Thursday.GTA said it has always sought to enhance the principle of tax compliance among taxpayers, stressing the importance of the commitment of all companies in the country to submitting tax returns on time. This, GTA noted, results in avoidance of being exposed to financial penalties.GTA explained that companies benefit greatly from the tax system due to the consequent enhancement of their efficiency and governance.
With the Qatar Central Bank (QCB) raising the key rates by 25 basis points, the country has seen a cumulative 4.5% hike in rates since January 2022 in view of the fixed exchange parity with the US dollar.The QCB on Wednesday increased the repo rate, deposit and lending rates by 25 basis points after the US Federal Reserve hiked its reference rate by 25 basis points.The repo rate in Qatar has increased by a cumulative 4.5% or 450 bps from the beginning of 2022. Since January 2022, QCB repo rate has risen from 1% to 1.25% in March, then to 1.75% in May, 2.5% in June, 3.25% in July, 4% in September, 4.75% in November, 5.25% in December and the latest 5.5%. In 2021, the average repo rate was 1%.The central bank’s move (in increasing repo rate) has been necessitated by the fixed exchange parity with the greenback; otherwise higher-yielding dollar-based investments could put downward pressure on the local currency, market sources said, adding it may lead funds flow to bank deposits with higher returns and lower risk.The QCB lending rate has cumulatively increased by 3.25% or 325bps from the beginning of 2022. It was seen jumping from 2.5% in January to 2.75% in May, 3.25% in June, 3.75% in July, 4.5% in September, 5% in November, 5.5% in December and the latest 5.75% in March. The average lending rate in 2021 was 2.5%.On credit facilities, the interest rate (weighted average) on loans less than one year was seen increasing to 6.25% in January 2023 against 3.8% in January 2022; on loans from one to three years to 6.58% (3.39%); on loans of three years and above to 6.72% (4.11%).Similarly, the QCB deposit rate has cumulatively jumped by 4.25% or 425bps, increasing from 1% in January 2022 to 1.5% in May, 2.25% in June, 3% in July, 3.75% in September, 4.5% in November, 5% in December 2022 and 5.25% in March 2023. The average deposit rate stood at 1% in 2021.In terms of customer deposits, time deposits of one-month was seen surging to 4.43% in January 2023 compared to 1.32% in January 2022; three-month deposits to 5.03% (1.41%); six-month deposits to 5.11% (1.55%); one-year to 3.24% (1.89%) and more than one year to 3.78% (1.88%).The weighted average overnight interbank interest rate (on riyal) stood at 4.97% in January 2023 compared to 0.28% in January 2022.The overnight rates noticeably shot up from July 2022 since it was much less than 1% in January-June 2022. In July, it was 1.68% from when it began zooming to 2.62% in August, 2.61% in September, 3.7% in October, 4.31% in November, 4.68% in December and 4.97% in January 2023.
The Qatar Stock Exchange on Thursday gained more than 26 points to cross the 10,000 levels, mainly led by industrials, telecom and banking sectors.The domestic institutions were seen net buyers as the 20-stock Qatar Index rose 0.26% to 10,006.2 points.The market, which was skewed towards gainers, was seen recovering from intraday low of 9,899 points.The foreign funds’ weakened net selling had its influence in the main market, whose year-to-date losses narrowed further to 6.32%.More than 51% of the traded constituents extended gains in the main bourse, whose capitalisation was seen expanding QR2.52bn or 0.44% to QR580.4bn, mainly on account of small and microcap segments.The foreign individuals’ lower net selling pressure had its role in the main market, which saw a total of 0.06mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.19mn changed hands across eight deals.However, local retail investors were increasingly net profit takers 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 0.26%, the All Share Index by 0.29% and the Al Rayan Islamic Index (Price) by 0.18% in the main bourse, whose trade turnover and volumes were on the decline.The industrials sector grew 0.64%, telecom (0.43%), banks and financial services (0.34%) and consumer goods and services (0.04%); while insurance declined 0.88%, transport (0.36%) and real estate (0.12%).Major gainers in the main market included Qatar General Insurance and Reinsurance, Qatari German Medical Devices, Estithmar Holding, Qatar Industrial Manufacturing, Widam food, Dukhan Bank, Qatar Electricity and Water and Ezdan.Nevertheless, Dlala, QLM, Gulf Warehousing, Gulf International Services and Qatar Insurance were among the losers in the main market.The domestic institutions turned net buyers to the tune of QR31.71mn against net sellers of QR0.92mn on March 22.The foreign institutions’ net profit booking eased perceptibly to QR109.39mn compared to QR21.04mn on Wednesday.The foreign retail investors’ net selling weakened noticeably to QR0.59mn against QR4.56mn the previous day.However, the local retail investors’ net selling expanded markedly to QR11.41mn compared to QR4.19mn on March 22.The Arab individuals’ net profit booking strengthened considerably to QR4.1mn against QR2.27mn on Wednesday.The Gulf individual investors’ net selling expanded notably to QR1.16mn compared to QR0.09mn the previous day.The Arab institutions’ net profit booking increased marginally to QR0.33mn against QR0.2mn on March 22.The Gulf institutions’ net buying declined drastically to QR5.28mn compared to QR33.27mn on Wednesday.In the main market, trade volumes shrank 20% to 140.78mn shares, value by 21% to QR428.04mn and deals by 22% to 15,370.
Consider a flight that operates on less than 10% passenger capacity! In an industry that is hard pressed for funds, particularly after the Covid-19 pandemic decimated air travel, it is something very difficult to comprehend.But a recent report in the UK’s Guardian newspaper said that 5,000 “empty”, and 35,000 flights with less than 10% occupancy, had flown in the United Kingdom since 2019!Termed by some as “ghost flights”, they are generally considered to be aircraft that operate on less than 10% passenger capacity, according to the International Air Transport Association.The UK story had “significant flaws”, however, IATA noted.Firstly, this period covered the pandemic, which was completely unrepresentative of a normal air transport market.Secondly, no context was given around the numbers. 40,000 sounds a lot, but in the context of the 4,566,382 flights that took place in the United Kingdom over that period — even during the unprecedented Covid-19 collapse in traffic — that comprises less than 1% of all flights.Of course, any flight that takes place almost empty is bad for the environment and bad for airline finances. But precisely for these reasons, airlines don’t operate ghost flights without cause.The analysis in the Guardian failed to explain that many of these flights were cargo flights, carrying vital supplies, including vaccines and personal protective equipment, during the pandemic. The cargo demand and humanitarian need justified the operation of certain flights, even with low passenger load factors.Similarly, there were a number of repatriation flights, or flights where passenger numbers were deliberately restricted to comply with Covid regulations set by governments.Additionally, there are always some flights to move aircraft to maintenance facilities or, as was the case during the pandemic, fly a significant number into storage.Flights to protect slots?Were any of these flights simply slot blocking? The 80-20 ‘use-it-or-lose-it’ rule was obviously not designed to work during a 95% collapse in demand, and the slot rules were cited as a potential cause of some flights having to operate unnecessarily in Europe.But this was not the case in the United Kingdom, where the slot rules were suspended, IATA noted in a recent analysis.There was a risk that some unnecessary flights could happen in the EU because the European Commission was too quick to restore higher slot use rates. However, for the most part during the pandemic, the slot rules were just about flexible enough that ghost flights were not a major issue.IATA Director General Willie Walsh said: “I’m not aware of any airline company that I have worked with deliberately operating an empty flight simply to maintain a slot.”The ghost flights non-story has, however, raised important questions that need to be answered on slot allocation rules. The European Union is looking again at its Slot Regulation, with a consultation in place leading to a potential revision of the rules in 2023.Although the revision is focusing on wider issues of competition, accessibility, and capacity, the role of slot rules in promoting greener flying is also in the mix. In addition to international efforts to reach net-zero carbon emissions, the European Union has instigated its own initiatives through the EU Green Deal.Some politicians erroneously believe the slot system is creating ghost flights or that the slot process should be used as part of the Green Deal to prioritise the use of quieter or more fuel-efficient aircraft.Aviation is committed to exploring a multitude of options for reaching net-zero CO2, but airlines are united in their view that slot allocation decisions linked to the environment will not help the industry achieve its global sustainability objectives.“The pandemic was an exceptional period and extrapolating lessons or making policy changes based on the industry’s activities during this time would be a huge category error,” says Lara Maughan, IATA’s head (Worldwide Airport Slots). “Fiddling with the slot process to try to promote greener flying sounds positive in theory, but in practice it would make the slot process even more complicated while having minimal environmental gain. Trying to micro-manage slots may even have a detrimental environmental impact.”Part of the reason for this is the globally co-ordinated nature of the slot system. Airlines operating between two slot-coordinated airports must be able to work to a harmonised system of rules to best match demand with their planned schedule.If one country’s rules insist on operating the slot with a certain aircraft (for example for environmental reasons), then the airline may have to prioritise a non-optimal plane for that route, regardless of volume of demand—for example a narrowbody plane over a widebody.This, IATA said will affect consumer access and choice, and potentially impact another route that would have benefited from that aircraft choice.Any attempt to micro-manage the process at a handful of global, slot-constrained airports will only displace aircraft elsewhere, making no overall improvement to emissions and negatively affecting the benefits of aviation connectivity for travellers and the economy.Pratap John is Business Editor at Gulf Times. Twitter handle: @PratapJohn
The density of physicians (including dentists) and nurses in Qatar “stands among the highest” in the GCC while also surpassing developed nations such as Singapore, Alpen Capital said in a report.Qatar had more than 3.4 physicians and approximately 8.1 nurses per 1,000 people as of 2019, Alpena Capital noted.The public sector accounted for 63.8% of the physicians and 74.2% of the nurses’ population in 2019.As of 2020, Qatar had 20 hospitals with the public sector accounting for 70% of the infrastructure. The total number of hospital beds in the country stood at over 3,134 beds in 2019, recording a CAGR of 4.5% since 2016.The public sector hospitals also held a higher bed capacity, accounting for 88.2% as of 2019.Bed density has improved from 1.0 beds per 1,000 people in 2016 to 1.1 beds per 1,000 people in 2019.Healthcare continues to be a priority for Qatar and the government has been constantly upgrading the quality of its healthcare infrastructure and services through reform initiatives, Alpen Capital said in its report on ‘GCC healthcare industry’.The country’s National Health Strategy (2018-2022) within its Vision 2030 Plan identified some 12 areas of focus including development of integrated health systems, and coverage of preventive and curative healthcare among others to deliver improved health outcomes.As part of its Healthcare Facilities Master Plan, the report noted the government aims to deliver some 48 new facilities such as primary healthcare centres, diagnostic and treatment centres, while also focusing on hospital expansions and building general and specialised hospitals.Despite the slowdown in economy, Qatar’s government increased its budget towards healthcare in 2021 and 2022 accounting for 8.5% and 9.8% of the total, respectively, to expand its infrastructureand increase focus towards quality services.The country’s growing population base, high disposable income, rising life expectancy, low infant mortality, and increasing prevalence of lifestyle-related diseases have led to an increase in the demand for healthcare services.Qatar’s current healthcare expenditure (CHE) grew at a CAGR of 2.0% between 2016 and 2020 to reach $6bn.Growth was largely supported by a 6.9% annualised increase in spending by the private sector while government spending has remained relatively flat (0.8% CAGR) over the four-year period.Of the total healthcare spend in 2020, 79.1% ($4.8bn) wasfinanced by the government. Amid rising participation from private sector, the share of government expenditure in Qatar has fallen from 82.7% in 2016 to 79.1% in 2020.Although the country’s CHE as a proportion of GDP has increased to 4.2% in 2020 from 3.7% in 2016, it remains amongst the lowest in the GCC.Being one of the wealthiest nations globally, Qatar recorded the highest per capita healthcare spending at $2,250.8 in 2020 in the GCC, Alpen Capital noted.According to Alpen Capital, CHE in the GCC is estimated to have grown at a CAGR of 9.5% between 2020 and 2022 to reach $104.1bn.The two-year period, when the healthcare sector was primarily combating the pandemic, recorded a high growth in inpatient and outpatient levels. Healthcare expenditure in the GCC is further projected to reach $135.5bn in 2027, growing at a CAGR of 5.4% from 2022.
Ahead of the US Federal Reserve meeting, the global bourses, including the Qatar Stock Exchange were on an upward trajectory for the second straight session and its key index gained more than 103 points to inch towards 10,000 levels.The Gulf institutions were increasingly net buyers as the 20-stock Qatar Index shot up 1.04% to 9,980.02 points, reflecting the sentiments on renewed assurances from the US sovereign support amidst the banking crisis.The market, which was skewed towards gainers, had touched an intraday high of 10,013 points.The industrials, telecom, consumer goods and insurance counters witnessed higher than demand in the main market, whose year-to-date losses narrowed further to 6.56%.About 69% of the traded constituents extended gains in the main bourse, whose capitalisation was seen expanding QR6.75bn or 1.18% to QR577.88bn, mainly on account of midcap segments.The domestic institutions’ weakened net selling had its influence in the main market, which saw a total of 0.42mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.08mn changed hands across 26 deals.However, the foreign funds were increasingly net profit takers 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 1.04%, All Share Index by 0.99% and Al Rayan Islamic Index (Price) by 0.95% in the main bourse, whose trade turnover grew amidst lower volumes.The industrials sector shot up 3.01%, telecom (1.71%), consumer goods and services (1.6%), insurance (1.25%), real estate (0.64%) and banks and financial services (0.17%); while transport shrank 0.18%.Major gainers in the main market included Estithmar Holding, Qatar General Insurance and Reinsurance, Zad Holding, Industries Qatar, Inma Holding, Dukhan Bank, Qatari German Medical Devices, Gulf International Services, QLM, Qatar Insurance, Mazaya Qatar and Ooredoo.Nevertheless, Qatar Investors Group, Dlala, Lesha Bank, Commercial Bank and Qatar National Cement were among the losers in the main market. In the venture market, Al Faleh Educational Holding saw its shares depreciate in value.The Gulf institutions’ net buying increased substantially to QR33.27mn compared to QR21.54mn on March 21.The domestic institutions’ net selling decreased significantly to QR0.92mn against QR26.98mn the previous day.However, the foreign institutions’ net profit booking grew notably to QR21.04mn compared to QR19.59mn on Tuesday.The foreign retail investors were net sellers to the tune of QR4.56mn against net buyers of QR2.32mn on March 21.The local retail investors turned net sellers to the extent of QR4.19mn compared with net buyers of QR10.07mn the previous day.The Arab individuals were net profit takers to the tune of QR2.27mn against net buyers of QR12.56mn on Tuesday.The Arab institutions turned net sellers to the extent of QR0.2mn compared with no major net exposure on March 21.The Gulf individual investors were net profit takers to the tune of QR0.09mn against net buyers of QR0.08mn the previous day.In the main market, trade volumes were down about 1% to 176.78mn shares, whereas value surged 23% to QR545.01mn and deals by 8% to 19,806.
Ooredoo Group has recorded successful participation at Mobile World Congress – the world’s largest and most influential connectivity platform.A delegation of executives from the group and operating companies attended the event, holding a series of top-level meetings with industry peers and world-leading tech giants, and signing new major partnerships that aim to upgrade the world of the company’s customers across a global footprint.Aziz Aluthman Fakhroo, MD and Group CEO, Ooredoo, said: “Mobile World Congress is the ideal platform wherein we can connect with major players in our industry to cement and develop existing relationships and explore new opportunities, both key elements of our robust corporate strategy.“As an industry, we are in an exciting phase of growth with the rapid development of so many new, innovative technologies. It’s vital that we, as a techco leader, remain at the forefront of this development and, in turn, share our own experiences for the benefit of our industry and customers.”Ooredoo Group signed a number of new partnerships, as well as extensions of existing partnership agreements at Mobile World Congress 2023.The group expanded its partnership with Microsoft, enabling its operating companies to provide their business customers with additional cloud services, either individually or bundled with Ooredoo’s connectivity services. The partnership, which will be rolled out throughout 2023, will encompass all of Ooredoo Group’s operating companies and will consolidate Ooredoo’s position as a one-stop shop for connectivity solutions and services and for third-party, cloud-based solutions and services.Two agreements were also signed with Huawei. The first agreement will see Ooredoo adopt Huawei's advanced technologies and latest wireless solutions, including 5G in Kuwait, Oman, Iraq, and Tunisia in an effort to upgrade networks and deliver an enhanced network experience for end users.The second partnership with Huawei will enable the provision of a mobile fintech platform to markets across the Ooredoo Group global footprint. Under the agreement, the two entities will co-operate for Ooredoo to provide state-of-the-art, mobile-first financial services on Huawei’s platform for both consumers and merchants in Ooredoo’s markets.
South Korea has expressed its support for Qatar’s food security strategy, according to ambassador Lee Joon-ho, who made the statement in the wake of the recently-held ‘10th Qatar International Agricultural Exhibition (AgriteQ)’.The ambassador lauded the staging of AgriteQ’s 10th edition, which saw the participation of around 55 countries. Many South Korean companies have participated in this exhibition to promote their smart farm and agricultural technologies, he pointed out.“Qatar is pursuing food security as its top priority, and many South Korean smart-farm companies are best capable of providing tailored solutions fit to Qatar’s environment. These companies have full experience in achieving great success in many smart farming projects and they are well-equipped with high technologies like cooling systems in greenhouse or water-saving technology.“I really hope the exhibition had provided us with good opportunities to strengthen our agricultural collaboration and pave the way for concrete smart-farming projects between Qatar and South Korea, Lee told Gulf Times.According to data provided by the South Korean embassy in Qatar, 11 South Korean firms showcased leading innovations during AgriteQ in the following areas: grain milling and processing facility, tarpaulin, agricultural machinery parts, electric carriages, greenhouse materials and construction, smart farm solutions, vertical indoor farming, green biotech, and agricultural machinery parts and work machinery.The data also revealed that POMIT, a leader of a South Korean consortium, is a company that specialises in the production of high-value crops using smart farming technology.POMIT has the capability to produce strawberries from South Korea all year round, thus ensuring a consistent supply of fresh strawberries, the embassy stated.“POMIT recently signed memoranda of understanding with the UAE and Saudi Arabian markets, and are now actively seeking suitable partners in Qatar to expand their footprint.“Their focus on producing high-value crops, such as strawberries, wasabi, and ginseng using smart farms underscores their commitment to innovation and sustainable agriculture. With their cutting-edge technology and expertise in the industry, POMIT is poised to become a major player in the global agricultural market,” the embassy added.Aside from POMIT, other South Korean companies that participated in this year’s AgriteQ included Daewoon GSI, Hanil Tarpaulin, Kukje Danjo, LNS, Mokmin Industries, N Thing, Nexton, Nutra-Park, Woosung Precision Industrial, and Nongshim.
Bilateral trade between Qatar and Russia stood at QR566mn in 2022, Qatar Chamber board member engineer Ali Abdullatif al-Misnad said during the recently-held webinar.Al-Misnad represented the chamber during a business conference of Russian and Qatari companies organised by the Qatari-Russian Business Council with the participation of many representatives of a number of Qatari and Russian companies.Other participants included Tatiana Rushkevich, deputy general director of the Russian-Qatari Business Council; Vardanyan Suren, vice-president of the Moscow Chamber of Commerce and Industry, and representative of Qatar’s Embassy to the Russian Federation; as well as many government officials from Russia.Al-Misnad said Qatar and the Russian Federation are associated with distinguished and close relations in all fields, especially in the economic and commercial aspects, noting that there are several agreements and MoU signed between them in the fields of economy, trade, and technology.He said Russia welcomed Qatar as a guest country at the St Petersburg International Economic Forum (SPIEF 2021), in which a large Qatari delegation participated. He stressed that the forum was a leading platform for establishing new business ties and signing partnership agreements that led to the signing of more than 60 MoUs and agreements between Qatari and Russian entities in important sectors of business, investment, trade, sports, tourism, and education, among others.Al-Misnad reiterated that bilateral trade exchange reached QR566mn in 2022, adding that there are many jointly-owned Qatari-Russian companies operating in Qatar in various economic and commercial sectors.“There are many Qatari investments in Russia in many sectors, such as petrochemicals and banking. Qatar is currently one of the largest foreign investors in Russia’s economy from the GCC region,” he said.Al-Misnad stressed that Qatari businessmen are eager to boost co-operation with their Russian counterparts and learn about the opportunities available for investment in Russia. He said Qatar also welcomes Russian investments in all sectors, which offers an advanced infrastructure, favourable legislation, and a pro-investment climate.He also underscored Qatar Chamber’s interest to enhance co-operation relations between Qatari and Russian firms, noting that it encourages businessmen from both countries to enter into new partnerships and establish commercial alliances and investment projects that are beneficial to both economies.Suren said the seminar gathered an elite group of Qatari and Russian businessmen to review co-operation ties, noting that there is a joint interest from both sides to enhance co-operation and establish partnerships.He said there is co-operation between various sectors, such as retail, hospitality, and energy, and expressed hope to see more partnerships in the high-technology sector, which offers a host of investment opportunities.Rushkevich stressed that the seminar aims to provide a platform for businessmen from both sides to explore co-operation horizons and investment opportunities available in both countries. During the meeting, a number of presentations from many Qatari and Russian companies were presented.
Nakilat and HSD Engine have signed long-term engine maintenance and services contract for spares and the maintenance services to maintain the reliability of engines onboard Nakilat’s wholly-owned LNG or liquefied natural gas vessels.This agreement will further improve the operational efficiency of the vessels’ engines and contribute to the overall LNG fleet availability thereby maintaining Nakilat’s vision of being a global leader and provider of choice for energy transportation and maritime services.HSD Engine, the second largest ship engine maker in the world in terms of market share, focuses on low-speed marine diesel engines, a key component of the shipbuilding industry, and the construction and maintenance of diesel-engine-based internal combustion power plants."At Nakilat, our priority is to increase the operational efficiency of our vessels and maintaining the highest reliability and safety standards, as it gives us the competitive advantage at a time when the company is expanding its reach in the global gas shipping market,” said its chief executive officer Abdullah al-Sulaiti.HSD Engine chief executive officer Young Youl Koh said through this co-operation, it will seek to contribute to the safe operation and profit creation of the Nakilat fleet."Through this contract, we will further strengthen our co-operative relationship with Nakilat, and through the successful implementation of this project, we will strive to become a trusted business partner that provides the highest level of technical services in Qatar and the Middle East," he said.