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Funds parked at a major Federal Reserve facility dropped to the lowest level in more than four years, putting in focus the amount of cash banks have sitting at the US central bank, a measure of liquidity conditions.Some 14 participants on Thursday put a combined $28.8bn at the Fed’s overnight reverse repurchase agreement facility, known as the RRP, which is used by banks, government-sponsored enterprises and money-market mutual funds to earn interest on cash lent to the central bank. It’s the lowest since April 2021, according to New York Fed data. The number of bidders was also the smallest since that period.Usage of the Fed’s overnight reverse repurchase agreement facility, long considered a measure of excess liquidity in funding markets, has been dropping as the Treasury Department issues more short-dated debt to finance the growing deficit, luring cash away from a key backstop source of funding.Once the so-called RRP is nearly empty, cash will start draining from bank reserve balances. These reserves are critical in providing a cushion for markets and determining levels necessary to keep them running smoothly. They can also dictate how far the Fed can go in shrinking its balance sheet.Balances have dropped from $214bn on the last day of July as the Treasury continues issuing billions of dollars of T-bills in order to replenish its cash balance following last month’s increase of the debt ceiling. Citigroup strategists Jason Williams and Alejandra Vazquez Plata estimate use could approach zero by the end of August. They define empty as the “zero to $20 billion-ish” range.While money-market funds, which comprise the biggest RRP users, may opt to keep some cash at the central bank for liquidity purposes, the dwindling balances leave almost no cushion for banks.“With RRP balances close to zero, there’s no additional buffer to watch, so reserves are going to be closely watched,” said Gennadiy Goldberg, head of US interest rate strategy at TD Securities. “The big question, however, is how low reserves are likely to fall before the Fed fully discontinues balance sheet runoff.”The Fed has been unwinding its holdings of debt since June 2022. In April policymakers slowed the pace of the runoff by reducing the cap on the amount of Treasuries allowed to mature each month without being reinvested to $5bn from $25bn. The cap on mortgage-backed securities was left unchanged at $35bn.Reserves were little changed at $3.3tn, according to the latest Fed data, suggesting balances are still in abundant territory. Barclays strategist Samuel Earl said in a note to clients on Thursday he expects aggregate balances to fall below $3tn by mid-September and below $2.9tn by the end of that month, excluding changes in the RRP.Fed Governor Christopher Waller, who is reportedly on the shortlist of candidates being considered by President Donald Trump to be the next Fed chair, said last month the US central bank should be able to lower the level of bank reserves to around $2.7tn without putting strain on bank reserves.

China's factory output growth slumped to an eight-month low in July, while retail sales slowed sharply, raising pressure on policymakers to roll out more stimulus to revive domestic demand and ward off external shocks to the $19tn economy.The underwhelming indicators come as officials navigate pressure on multiple fronts ranging from US President Donald Trump's trade policies to extreme weather, excessive competition in the domestic market, and chronic weakness in the property sector.Industrial output grew 5.7% year-on-year in July, National Bureau of Statistics (NBS) data showed on Friday, the lowest reading since November 2024, and compared with a 6.8% rise in June. It missed forecasts for a 5.9% increase in a Reuters poll.Retail sales, a gauge of consumption, expanded 3.7% in July, the slowest pace since December 2024, and cooling from a 4.8% rise in the previous month. They missed a forecast gain of 4.6%.A temporary trade truce reached between China and the US in mid-May, which was extended by another 90 days this week, has prevented US tariff rates on Chinese goods from returning to prohibitively high levels. However, Chinese manufacturers' profits continue to take a hit from subdued demand and factory-gate deflation at home."The economy is quite reliant on government support, and the issue is those efforts were 'front-loaded' to the early months of 2025, and by now their impact has somewhat faded out," said Xu Tianchen, senior economist at the Economist Intelligence Unit.That policy support has helped the world's second-largest economy avoid a widely anticipated sharp slowdown, along with factories taking advantage of the US-China trade truce to front-load shipments, but analysts say weak demand at home and global risks will drag on growth in coming quarters.Friday's data drew a mixed reaction from investors, with Chinese blue chips up 0.5% and Hong Kong stocks down 1.1% in afternoon trading.Fixed asset investment grew just 1.6% in the first seven months of the year from the same period last year, compared with an expected 2.7% rise. It had expanded 2.8% in the first half."Firms may be running on existing capacity rather than building new plants," said Yuhan Zhang, principal economist at The Conference Board's China Center."The July industrial value-add breakdown tells a more nuanced story than the weak fixed asset investment headline," he added, pointing to China's automobile manufacturing, railway, shipbuilding, aerospace and other transport equipment industries as "outliers (that) indicate policy-driven, high-tech and strategic sectors are still attracting substantial capital." Beijing has recently stepped up policy measures and made pledges to prop up domestic consumption and curb excessive price competition, as authorities strive to lift economic growth towards the government's 2025 target of around 5%.The government's renewed crackdown on 'disorderly' competition will help prices recover, Fu Linghui, a spokesperson for the NBS told reporters following the data release.Officials worry overcapacity among Chinese manufacturers and the price cuts made to clear stock are raising expectations among consumers, who are showing few signs of loosening their purse strings, for ever cheaper goods.China's new yuan loans contracted in July for the first time in 20 years, separate bank lending data showed on Wednesday, pointing to weak private sector demand.A protracted slowdown in the nation's crucial property sector, a key store of household wealth, continues to put pressure on consumer spending.New home prices extended a stagnant phase for over two years, falling 2.8% in July year-on-year, versus a 3.2% drop in June."The accelerating downturn in property prices in the past few months signals that further policy support is needed," Lynn Song, ING's chief economist for Greater China, said in a note."It’s difficult to expect consumers to spend with greater confidence if their biggest asset continues to decline in value every month." Economic activity has also been impacted by extreme weather, from record-breaking heat to storms and floods across the country, disrupting factory production and day-to-day business operations.The latest Reuters poll projected China's GDP growth to slow to 4.5% in the third quarter and 4.0% in the fourth, suggesting that Beijing has its work cut out in getting households to spend more at a time of uncertainty over job security and mounting headwinds from Trump's global trade war.China's 2025 GDP growth is forecast to cool to 4.6% — falling short of the official goal — from last year's 5.0% and ease even further to 4.2% in 2026, according to the poll."We see little reason to expect much of an economic recovery during the rest of this year," said Zichun Huang, China economist at Capital Economics.

Japan eked out modest growth in the second quarter despite painful US tariffs, official data showed Friday, in welcome news to embattled Prime Minister Shigeru Ishiba.A preliminary estimate showed gross domestic product (GDP) in the world's number four economy growing 0.3% in the three months to June, above market forecasts of 0.1%.The cabinet office data also saw a revision upwards for its reading for the previous quarter to show an expansion of 0.1%.On an annualised basis, GDP grew 1.0%, beating market forecasts of 0.4% and following 0.6% in the last quarter.The previous estimate was for a contraction and, without the revision, a second negative reading would have put Japan in technical recession.The new figures are a fillip for Ishiba, whose future has been uncertain since the disastrous upper house elections in July.With voters angry about the cost of living, his coalition lost its majority months after it suffered a similar catastrophe in the lower chamber.An opinion poll this week by broadcaster NHK suggested, however, that more people want Ishiba to stay than to quit.There is also no obvious successor to the 68-year-old leader, who took office in October, while the opposition is likely too fragmented to form an alternative government.The economic growth came despite tariffs imposed by US President Donald Trump being applied to Japanese imports into the US.Causing particular pain are levies of 27.5% on Japanese cars, a sector that accounts for 8% of all jobs in Japan.Japan last month secured a trade deal that cut a threatened 25% "reciprocal" tariffs on other Japanese goods to 15%.The rate on Japanese cars was also cut to 15%, although to Tokyo's consternation, this has yet to take effect.Toyota this month cut its annual net income forecast by 14%, projecting a $9.5bn hit from the tariffs this year.First-quarter profits halved at Honda, but the firm lowered its forecast for the tariff impact, as did electronics giant Sony.Economist Yoshiki Shinke at Dai-ichi Life Research Institute said that Japan's economy still faces "many downside risks", with exports the major concern.Automakers "are expected to rethink their pricing strategies, and there is a possibility they may move to raise prices in the future," Shinke said in a note."In such a case, sales volumes in the US are likely to decrease, and export volumes could also be pressured downward," Shinke said before the release of the data.Trump's administration, meanwhile, is seen as pressuring the Bank of Japan (BoJ) to hike interest rates, which could put a brake on growth.The BoJ has been reluctant to raise borrowing costs, seeing above-target inflation as caused by temporary factors."The Japanese have an inflation problem," US Treasury Secretary Scott Bessent told Bloomberg TV after speaking to the BoJ governor."They are behind the curve, so they are going to be hiking," Bessent said.Experts said the comments were likely driven by the Trump administration's desire to weaken the dollar and address rising yields on US long-term bonds.Marcel Thieliant at Capital Economics said that despite the better-than-expected GDP figures, growth will "slow a bit over the coming quarters." "Nonetheless, with inflation set to remain far above the BoJ's 2% target, we're increasingly confident in our forecast that the Bank will resume its tightening cycle in October," Thieliant said.

The first time Revelstoke Capital Partners asked investors if it could hold on to Fast Pace Health for longer than usual, they obliged. It was 2020, and a global pandemic had markets on edge.So Revelstoke put a piece of the medical clinic chain into a new fund and found fresh investors to replace those who wanted their money back. The move allowed some backers to retrieve their cash without forcing the private equity firm to sell at an unattractive price.Structures like this, often called continuation vehicles, or CVs, have since exploded in popularity as private equity firms limp through a dealmaking drought. Their growth is such that some are now creating CVs of CVs — or CV-squareds, as they’re known.In the case of Revelstoke, backers pushed against a more recent attempt to extend the Denver-based firm’s ownership of Fast Pace Health through a new continuation fund, according to people familiar with the matter. The plans were eventually shelved, said the people, who asked not to be identified as the deliberations were private.The stymied deal highlights a tension building between private equity firms and their investors. Buyout shops have a huge backlog of companies to dispose of as elevated interest rates keep a lid on acquisitions. Investors, meanwhile, are growing impatient. And there are no easy solutions.“I don’t think this is the norm,” Harold Hope, global head of private market secondaries at Goldman Sachs Group, said in an interview. “I can’t think of us having gone into a CV deal where we thought the exit was going to be another CV deal.”Revelstoke declined to comment.Other managers have found success. Accel-KKR Co extended its ownership of isolved, a human-resources software firm, raising $1.9bn for a second continuation vehicle. CapVest, meanwhile, is attempting to move Curium Pharma to a second continuation vehicle, and PAI Partners is looking to do the same with ice cream producer Froneri, the people said.CapVest didn’t respond to a request for comment. PAI declined to comment.Goldman has emerged as the lead investor in Accel-KKR’s CV-squared. It is also a lead investor in PAI’s CV-squared transactions, according to people with knowledge of the deals.Hope declined to comment on the transactions. But in general, he said some companies benefit from remaining private and being held for longer.Private equity firms have been under pressure to return money to their investors as a dealmaking slump drags on for a third year. Distributions as a percentage of fund values tumbled to 7% as of the first quarter of this year, compared to around 25% between 2015 and 2019, according to Abdulla Zaid of MSCI Inc.The number of repeat continuation vehicles is still relatively small, Adam Johnston, partner and a member of Stepstone Group’s private equity team, said in an interview.Many repeat CVs are cases where a bunch of assets were previously rolled into a new fund, and the sponsor is now pursuing a second or third continuation vehicle for just one of the remaining assets, according to market participants.Buyout firms often think “there’s still meat on the bone and they want to continue holding the companies,” he said. In other cases, returning or lead investors want cash and push the firm to raise money for a continuation vehicle, he added.It’s possible that continuation funds are the best use of money for some investors at the moment. An Evercore Inc report shows that by at least one measure, single-asset CVs outperformed buyouts in recent years. They also tend to carry lower management fees than traditional private equity vehicles.Accel-KKR’s investment in isolved, which the firm acquired in 2011, has generated a 19.2 times gross multiple on investment, according to people with knowledge of the matter. It pitched another continuation fund for isolved because the company has more room for growth, the people said.Still, CV-squared deals face unusual amounts of investor scrutiny because sales or public offerings are preferred.“My preferred exit path in every case is a sale to a strategic buyer who can overpay because they’re going to get the benefit of various synergies,” said Amyn Hassanally, global head of private equity secondaries at Pantheon.One problem with CV-squared deals is an inherent conflict of interest between investors and private equity firms, Hassanally said. The process allows private equity firms to renegotiate their fees and interest in the assets as they move them from one continuation fund to another.Buyout firms should show they have run “a full and fair process” to find accurate prices for their assets even if they’re being rolled into a new continuation vehicle, he said.Naturally, some buyers are sceptical, avoiding CV-squared deals despite the pitches of private equity firms.“Our view is that we find better risk-return opportunities in the first chapter of a CV than a second,” said Stepstone’s Johnston.

Market EyeStrengthened oil prices had its reflection on the Qatar Stock Exchange, which Thursday gained more than 14 points as local retail investors turned bullish.The transport, industrials and consumer goods counters witnessed higher than average demand as the 20-stock Qatar Index rose 0.12% to 11,643.31 points, although it touched an intraday high of 11,742 points.The Gulf institutions were increasingly net buyers in the main market, whose year-to-date gains improved further to 10.19%.More than 46% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR0.76bn or 0.11% to QR692.84bn mainly on microcap segments.The foreign funds continued to be net buyers but with lesser intensity in the main market, which saw as many as 0.02mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.12mn trade across 22 deals.The domestic institutions were seen net profit takers in the main bourse, whose trade turnover and volumes were on the decline.The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills.The foreign retail investors turned bearish in the main bourse, which saw no trading of sovereign bonds.The Total Return Index gained 0.12%, the All Share Index by 0.11% and the All Islamic Index by 0.01% in the main market.The transport sector index shot up 1.45%, industrials (0.34%), consumer goods and services (0.31%) and telecom (0.04%); while real estate declined 0.42%, insurance (0.15%) and banks and financial services (0.12%).Major movers in the main market included Doha Bank, Baladna, Milaha, Estithmar Holding, Salam International Investment, Meeza, Industries Qatar, and Nakilat.In the junior bourse, Techno Q saw its shares appreciate in value.Nevertheless, Al Faleh Educational Holding, Mannai Corporation, QIIB, Inma Holding, Qatar Islamic Bank, Qamco and Mazaya Qatar were among the shakers in the main market.The local individuals turned net buyers to the tune of QR15.26mn compared with net sellers of QR63.9mn on August 13.The Gulf institutions’ net buying increased perceptibly to QR15.07mn against QR13.59mn the previous day.The Arab retail investors’ net selling decreased noticeably to QR2.09mn compared to QR3.92mn on Wednesday.The Arab institutions’ net profit booking weakened marginally to QR0.25mn against QR0.26mn on August 13.However, the domestic funds were net sellers to the extent of QR31.05mn compared with net buyers of QR0.91mn the previous day.The foreign individual investors turned net sellers to the tune of QR3.38mn against net buyers of QR1.01mn on Wednesday.The foreign institutions’ net buying decreased substantially to QR6.2mn compared to QR52.08mn on August 13.The Gulf retail investors’ net buying eased marginally to QR0.25mn against QR0.48mn the previous day.The main market saw a 25% contraction in trade volumes to 227.57mn shares and 7% jump in value to QR621.38mn but on 13% jump in deals to 29,636.In the venture market, a total of 0.09mn equities valued at QR0.26mn changed hands across 24 transactions.

LuLu Retail has reported a solid 9.1% year-on-year increase in net profit to $127mn in the first half (H1) of 2025.It has declared an interim dividend of $98.4mn (3.5 fils per share), corresponding to a payout ratio of 78% of H1-2025 distributable profits — consistent with the IPO (initial public offering) dividend policy.“Our steady and resilient H1-2025 performance is a testament to our well established growth pillars, enabling record sales and margin improvements. We expect our growth momentum to persist as we focus on expanding our store network, launching new outlets, enhancing operational efficiency, and unlocking further potential through private label and E-commerce offerings,” said Saifee Rupawala, chief executive of LuLu Retail.Revenues rose to $4.1bn (up 5.9% year-on-year), and like-for-like sales increased by 3.8%, driven by robust performance across key categories.In the second quarter (Q2) of 2025, the company reported revenues of $2bn, up 4.6% on an annualised basis with a strong sales growth. This performance was bolstered by continued growth in private label and the e-commerce category.Private label grew 3.5% year-on-year, accounting for 29.7% of retail revenue; while e-commerce maintained its momentum with sales up 43.4% to $108mn, representing 5.6% of retail revenue. Gross profit increased 6.5% year-on-year to $468mn.Earnings before interest, taxes, depreciation and amortisation (Ebitda) grew 7.6% to $204mn and Ebitda margins improved by 28 basis points in Q2-2025.The Happiness loyalty programme added 1mn new members during the quarter, bringing total membership to 7.3mn.LuLu Retail said seven new stores were opened in H1-2025 plus 4 more in July, taking the total to 259 with full-year target of 20 new stores remaining on track.The UAE (largest market) showed Q2 revenue grow 9.4% year-on-year, driven by continued high demand for fresh food and supported by LuLu’s omnichannel strategy.In Saudi Arabia, revenue grew 3.8% on an annualised basis, aided by strong electrical goods sales and new store openings and in Kuwait, revenue rose 4.9%; consistent positive performance.Founded in 1974, LuLu Retail, together with its subsidiaries, is the largest full-line retailer in the Gulf Co-operation Council (GCC) by selling space, sales, and store count, operating 256 hypermarkets, express, and mini-market stores across the region.The group supports a robust e-commerce presence via its mobile app, online storefront, and partner channels. Serving more than 690,000 daily shoppers from 130 nationalities, LuLu sources products from 85 countries and operates 19 on-the-ground sourcing offices. Its strong brand reputation across the GCC fuels store growth, network expansion, and elevated customer loyalty.

Turkiye’s central bank said its monetary policy isn’t on a preset path, providing little indication on the size of future interest-rate cuts after it began lowering borrowing costs last month.Governor Fatih Karahan on Thursday pledged to keep a tight policy stance, saying that policymakers will assess the level of rates at each individual meeting, looking at actual inflation, expectations and risks to the outlook.“We’re absolutely not on autopilot,” Karahan said during a press conference in Istanbul, where he unveiled his latest inflation forecasts. “Current expectations are above our inflation forecasts. This continues to pose a risk to disinflation and requires us to maintain our tight and determined stance.”The bank’s quarterly inflation report is closely monitored by investors, who take cues from any changes to official predictions as they try to gauge the likely policy path. Karahan said the bank’s year-end inflation target remained at 24% for 2025, while putting its predicted inflation within a range of 25%-29%.He also raised his end-2026 target by four percentage points to 16%, citing food costs and price inertia. The monetary policy chief provided little guidance when asked whether policymakers would consider cuts similar in size to last month’s 300-basis-point reduction at the remaining three meetings of this year.“It’s positive that the central bank raised its projection range for both this year and next. More realistic figures are important for them to restore market confidence,” Batuhan Ozsahin, chief executive officer of Istanbul-based asset manager Ata Portfoy, said.Karahan said the bank would start providing separate sets of short-term forecasts and interim targets, a departure from the current convention. In the past, the inflation report only included projections that were taken by investors as short-term targets. The bank’s official mandate is to bring inflation rate down to 5%.“The Central Bank of the Republic of Turkiye has rebranded its inflation forecast so that it’s now an interim target, a move aimed at rebuilding credibility with markets,” Bloomberg Economics’ Selva Bahar Baziki said. “We think the central bank’s policy guidance from the new inflation forecast backs our baseline view for a contained easing of the policy rate.”Inflation rates have been above the midpoint of the bank’s range of expectations unveiled in May, Karahan said. The composition of domestic demand remains “balanced” as a result of the bank’s policy stance and policymakers aren’t considering any easing of credit growth limits, he said.The Turkish lira was steady during the governor’s press conference, trading at 40.7881 per the US dollar at 11.38am local time.The central bank resumed lowering borrowing costs in July for the first time in four months and kept the door open for further cuts. Policymakers had to reverse an earlier cycle of rate reductions to stem a market fallout after a political spat triggered by the jailing of Istanbul mayor.Keeping Turkish assets attractive has been a challenge since, with foreign outflows from Turkish stocks and government debt reaching nearly $4bn through August 1, according to the most recent official data.

In a strategic partnership with Dohatna Innovative Distribution, Samsung Electronics Qatar launched its latest flagship devices — Galaxy Z Fold7, Galaxy Z Flip7, and Galaxy Watch 8 Series — at an exclusive event held at the Samsung Experience Store in Katara Cultural Village last month.The event marked a major milestone in foldable technology, setting new benchmarks in design, performance, and user experience.The ceremony was attended by key leadership from both organisations, including the Managing Director of Samsung Gulf Electronics Qatar, Hongseok Lee; GCC MX Business Manager, Sonny Yeum; and Country Manager — Samsung Gulf Electronics, Nandagopal.Representing Dohatna were Chief Operating Officer, Sebastien Farhat; Division Manager, Azhar Baksh; and Business Manager, Deepak Jayaram.Lee said the Galaxy Z Fold7 and Z Flip7 redefined what’s possible with mobile technology.“We are proud to introduce devices that are not only aesthetically refined but also engineered for powerful productivity and immersive user experiences. Qatar remains a key market for Samsung, and we are thrilled to bring the latest in foldable technology to our consumers here,” he said.Farhat echoed the sentiment, stating, “Our collaboration with Samsung continues to deliver cutting-edge products to the Qatari market. The enthusiasm and engagement we’ve seen today affirm the strong appetite for premium innovation.”With enhanced multitasking capabilities, improved durability, and sleeker, more ergonomic designs, the Galaxy Z Fold7 and Z Flip7 build upon Samsung’s legacy of pioneering form factors and pushing the boundaries of mobile engineering.

Qatar is doubling down on gas production to secure its future, fDi Intelligence said and noted the country’s economic growth is to be sustained by natural gas, unlike other GCC countries.“Rising global trade tensions and a darkening geopolitical landscape have done little to disrupt Qatar’s steady, if subdued, economic trajectory.“But that subdued pace may soon give way, as the country enters the post-2022 FIFA World Cup era by doubling down on its natural gas riches to secure its future,” fDi Intelligence said in a recent report prepared by James King.In contrast to its regional fossil fuel-exporting peers, Qatar is leaning into its energy advantage, which includes the world’s third-largest reserves of natural gas, to underwrite the long-term health of its public finances and economic security.In particular, the authorities aim to nearly double total liquefied natural gas production over the next five years, a move that will sustain hydrocarbons’ significant role in the broader economy, while boosting growth over the medium to long term.According to data from S&P Global Ratings, the hydrocarbon sector accounts for about 37% of nominal GDP in Qatar, which is higher than both the UAE at 25% and Saudi Arabia at 30%.While Qatar’s bet on LNG promises strong growth in the coming years, it is having little impact on the country’s immediate outlook. For now, the domestic economy remains in a holding pattern.The completion of World Cup–related infrastructure projects, combined with reduced government spending and stagnant LNG output, has slowed economic momentum in recent years, with GDP growth hovering in the low single digits since 2023.The World Bank expects the economy to grow by 2.4% this year, supported in part by a steady non-hydrocarbon sector performance, which is forecast to outpace the broader economy at 3.3%.fDi Intelligence noted that the World Bank expects a sharp economic upturn beginning in 2026, driven by rising hydrocarbon revenues, with GDP growth forecast to reach 5.4%, followed by 7.6% in 2027.“This acceleration will be underpinned by a major increase in LNG production, set to rise from 77mn to 142mn tonnes per year, supported by massive investment in the North Field, the world’s largest natural gas deposit.“As a result, the government aims to raise Qatar’s share of the global LNG market from around 20% to nearly 25%, according to research from Rice University’s Baker Institute,” fDi Intelligence pointed out.Additional volumes are expected to start coming online from late 2025, with capacity scaling up incrementally through the end of the decade.Amid global trade tensions, Qatar's bet on LNG appears largely insulated from rising tariff risks, thanks to US exemptions on fossil fuel imports and the fact that most of its LNG is exported to Asia.“Yet Qatar’s strategy, which assumes sustained LNG demand over the coming decades, is not without risks.For one, the looming possibility of a near-term global oversupply threatens to bring down prices. The International Energy Agency expects a “surplus of supply over demand until 2040”.But Jim Krane, Diana Tamari Sabbagh fellow for energy studies at Rice University, says Qatar is well placed to endure this kind of problem.“The forecast glut of LNG will likely materialise, but it won’t last forever,” he says. “Eventually the market should work out in the Qatar's favour, given the massive and super low-cost reserves they enjoy, and its central location between major markets.”Other challenges also loom for Qatar’s long-term LNG ambitions, particularly as the world accelerates towards a low-carbon future, fDi Intelligence noted.Doha is seeking to stay ahead of evolving attitudes and regulations towards hydrocarbons, including so-called transition fuels like natural gas, by positioning itself as a low-carbon producer.State energy giant QatarEnergy aims to reduce the carbon intensity of its upstream LNG operations by 25% by 2035, and those of its LNG facilities by 35% over the same period, by boosting CCUS capacity targets, among other changes, fDi Intelligence pointed out.

Under President Donald Trump, the US has launched a multipronged attack on China’s economy. Since Chairman Mao Zedong’s reign, China has seen it coming. A US system built around the ideal of openness and interdependence is facing off against a Chinese counterpart constructed as a fortress of control.Both sides have powerful resources. Only one has been preparing for the fight for decades.Since the beginning of Trump’s first term in 2017, the US stance on China has swung from constructive if increasingly cautious engagement to something between fierce rivalry and outright hostility.China’s exports to the US face duties running close to 40%. Supply of bleeding-edge semiconductors for China’s technology companies has been curtailed. The country’s science, technology, engineering and math students, once welcomed into US university labs, are checked at the border. The social media app TikTok, owned by Chinese parent ByteDance Ltd, is on a stay of execution in the US market.The assumption in Washington is that China must now be floundering. Isn’t it hooked on US customers and technologies? It’s only a matter of time, surely, before President Xi Jinping picks up his red phone to call the White House and concede defeat.The reality is rather different. It’s certainly true that Trump’s policy pivot is a problem for Beijing. Bloomberg Economics calculations show tariffs at the current levels would erase more than 50% of sales to the US. But it’s far from the end of China’s development story.China’s exports to the US equal about 3% of gross domestic product—down from a peak of 7% two decades ago, after a campaign to diversify away from American consumers that’s been every bit as deliberate as US efforts to reduce reliance on Chinese supply chains. That means even if half of China’s exports to the US get wiped out, the blow to the overall economy is just 1.5%. Not good news, to be sure, but far from a disaster.With the US starting a trade war against not just China but everyone else as well, its losses may well be around the same size. Model-based estimates from Bloomberg Economics flag a hit of about 1.6% of GDP as import prices rise and supply chains snarl.The algorithmic outperformance of DeepSeek (China’s answer to ChatGPT) shows its coders are smart enough to work around the US embargo on semiconductor supplies. Control of rare earth elements critical for manufacturing and defence industries has given China an export-controls weapon of its own — one it’s used in this year’s negotiations in Geneva and London to extract concessions from the US.The upshot: Even after almost a decade of US efforts to contain its manufacturing might, China’s share of global exports remains elevated.Why is China proving so resilient? Because for more than a century, from the last gasp of the Qing dynasty, through a short-lived Republic, to the chaos of Maoism and the progress of the reform era, there’s been one outstanding constant: preparation for the struggle now playing out.It started in the late 19th and early 20th century, when, after humiliation from foreign invaders, China’s thinkers started to aim at “self-strengthening” through modernisation. Born in 1854, and graduating from the British naval academy, intellectual and educator Yan Fu translated into Chinese the works of Western scholars such as English biologist Thomas Huxley and Scottish economist Adam Smith. From Huxley he introduced the idea of “survival of the fittest,” making the case that nations, like species in the natural world, must continually build themselves up to avoid falling prey to more powerful rivals.In the 1930s, struggle between Mao’s Communists and Chiang Kai-shek’s Nationalists, Mao’s promise of effective resistance against the Japanese invaders, as much as the dream of a more egalitarian society, was the centre of his appeal. In power from 1949, he instituted a forced-march approach to industrialisation that ended in the graveyard for many Chinese. The path was winding, but the aim was unwavering: Stave off foreign threats. “The American imperialists have always wanted to destroy us,” he warned.In the reform era that began soon after Mao’s death in 1976, the self-strengthening objective remained the same, but the policies to deliver it were vastly improved. In the 1980s and ’90s, He Xin — a Chinese Academy of Social Sciences scholar whose work circulated among top leaders — warned that as China rose, “developed countries feeling threatened by the increase in competition will seek to hold China down.” He had a plan to respond: “With the constant threat of being destroyed, building a fully self-reliant industrial system should naturally be the most realistic option for China.” Such thinking was behind successive waves of development plans.In 1983, Deng Xiaoping introduced the State High-Tech Development Plan, aiming to close the gap with the US in information technology, automation and other areas. In 1994, Ren Zhengfei, founder of telecommunications equipment champion Huawei Technologies Co, told then-president Jiang Zemin “a nation that does not have its own switching equipment is like one that lacks its own military.”Ren’s lesson on the link between industrial self-sufficiency and national security is one the US is only now beginning to relearn.Under Jiang’s successor Hu Jintao, the priorities were “indigenous innovation” to bring foreign technologies in and a “Great Fire Wall” to keep Western influence out. More than a decade before the US debate about TikTok’s influence went viral, Google, Facebook and Twitter found themselves on the wrong side of the wall and effectively frozen out of the China market. Blocking the US giants opened space for China’s own tech companies — Baidu, Tencent, Alibaba and others — to flourish.In the top job since 2013, Xi unveiled his “Made in China 2025” plan to extend Beijing’s technology ambitions from self-sufficiency to global leadership in industries including IT, robotics, high-speed rail and electric vehicles. His “Belt and Road” initiative aimed to diversify export markets, reducing dependence on the US consumer and extending China’s global influence through investments in ports, rail networks and roads.While neither plan has been an unequivocal success, there have been tangible wins, including surging EV and solar panel exports and stronger ties with other emerging markets.Trump eyes the expanding Brics coalition — Brazil, Russia, India, China and South Africa, as well as several more countries — an anti-American club.In the US, meanwhile, policy was shaped by post-Cold War hubris. The collapse of the Soviet Union convinced leaders that democracy and capitalism had won and the days of authoritarianism and state control were numbered. President Bill Clinton called support for China’s membership in the World Trade Organisation “the most significant opportunity we have had to create positive social change in China since the 1970s.” His successors George W Bush and Barack Obama did little to change the orientation.Focused on the next quarterly earnings report, US multinationals shifted their supply chains to China’s low-cost factories. An implicit bargain was struck: access to the world’s most populous consumer and labour market in exchange for blueprints for vital technologies that power modern industry.Automakers including Ford Motor Co and Volkswagen AG were welcome so long as they signed on to joint ventures with homegrown Chinese companies. Starbucks Corp and KFC opened thousands of outlets. But access to strategic upstream industries such as power and steel remained strictly walled off.In a first-best world of free trade and market competition, the dynamism of the US approach should win every time. In the second-best world of protectionism and economic statecraft in which we now find ourselves, China’s planned approach still carries significant costs, but the benefits are also easier to discern.The theory of the second best, expounded by economists Richard Lipsey and Kelvin Lancaster in 1956, holds that if one of the conditions for perfect markets is missing, sticking with the others — rather than finding a second-best accommodation — only makes things worse. China’s state planners have spent decades developing tools for a second-best world. Their counterparts in the US haven’t.Of course, the US isn’t entirely bereft of sticks and devoid of carrots. Control of the intellectual property behind advanced semiconductors, and the biggest consumer market in the world, might not enable Washington to deliver a hammer blow against China, but it can certainly land some painful punches.Investment pledges running into the hundreds of billions of dollars from the likes of Apple Inc and Taiwan Semiconductor Manufacturing Co suggest Trump’s attempts to bring manufacturing home are gaining at least some traction. As a free-market democracy, the US has a capacity for course correction that is missing from China’s state-controlled, single-party system.Conversely, China’s slow-motion real estate collapse, burgeoning industrial overcapacity and sky-high debt mean the blow from Trump’s tariffs is hardly coming at an auspicious moment. The European Union following suit with its own protectionist measures threatens to compound the problem.Brussels has imposed tariffs on China’s EVs, and European Commission President Ursula von der Leyen’s recent remarks on China “flooding global markets with cheap, subsidised goods, to wipe out competitors” echo Trump on substance, even as the tone hews closer to diplomatic protocol.“I don’t blame China,” Trump said shortly after his April 2 tariff extravaganza. “I blame the people that were sitting at that desk in that beautiful Oval Office for allowing it to happen.”His solutions might misfire. Tariffs and export controls could end up causing more problems for Silicon Valley than they do for Shenzhen. On diagnosis of the cause of the problem, though, Trump has a point. The US thought free trade would change China’s leaders; in fact, it empowered them. Now it’s the US that faces a wrenching transition. Orlik is chief economist for Bloomberg Economics, Zhu covers China and Hong Kong for BE, and Welch is chief geoeconomics analyst.

Saudi Arabia’s sovereign wealth fund cut the value of major projects on its books by $8bn last year, highlighting the challenges facing the kingdom as it races to diversify away from oil.The Public Investment Fund valued its giga-projects that include the futuristic city Neom and tourism ventures like Red Sea Global at 241bn riyals ($64.2bn) as of end-2024, over 12% lower than the previous year. Annualised returns since 2017 fell to 7.2% from 8.7% a year earlier.Still, overall assets under management rose 19% to $913bn, solidifying the PIF’s position as one of the world’s biggest state-backed investors. It recently raised its 2030 target for assets to $2.67tn, up from a previous goal of $1.87tn.The fund’s assets were boosted by a nearly 60% surge in the value of its Saudi equity holdings, which rose to about $330bn. However, its international capital markets program declined by nearly 32% to around $35bn.PIF helms Saudi Arabia’s Vision 2030 plan, which includes dozens of mega projects such as Neom in the kingdom’s northwest. That mission is becoming more challenging as the government runs fiscal deficits and reins in spending amid lower oil prices. Earlier this year, the PIF said its net profit fell by more than half, hurt by high rates, inflation and impairments on some projects.The fund, chaired by Crown Prince Mohammed bin Salman, deployed nearly $57bn across priority sectors last year, it said in the statement. International investments made up 17% of its portfolio, down from around a fifth of total holdings last year. That’s in line with PIF’s previously stated plan to reduce the share of global investments, though it has stressed that the absolute dollar value of overseas deals is expected to grow.The fund diversified its funding sources last year, raising $9.83bn in public debt and an additional $7bn in private debt, according to the statement. Still, cash and cash equivalents at the end of the year dropped 5% to around $60bn.The PIF has grown into one of the world’s largest sovereign wealth funds, but unlike peers such as the Abu Dhabi Investment Authority and Norway’s Norges Bank Investment Management, it has focused on driving Saudi Arabia’s economic diversification and building national champions. Norway’s wealth fund — the world’s largest — reported a 6.4% return in the second quarter, its best performance since late 2023, propelled by stock-market gains.

Qatar Oman Investment Company reported a 216.15 percent surge in net profits during the first half of 2025, reaching QAR 4.005 million, compared to QAR 1.266 million in the same period of 2024.Figures released by the company, published on the Qatar Stock Exchange (QSE) website on Thursday, showed an increase in earnings per share to QAR 0.013 for the period ending June 30, 2025, compared to earnings per share of QAR 0.004 for the same period of 2024.

Qatar is updating its sovereign green assets register as it strengthens sustainable transformation by pioneering innovative financing solutions and championing investment in green projects, according to the Ministry of Finance."The Ministry of Finance is driving Qatar's sustainable transformation by pioneering innovative financing solutions and championing investment in green projects. These strategic initiatives underscore Qatar's unwavering commitment to the Sustainable Development Goals (SDGs) and the Qatar National Vision 2030," the Government Communication Office said in its social medial handle X.Outlining its sustainability initiatives to drive development; the ministry said it issued Qatar's first sovereign green bonds in the second quarter of 2024. Qatar had set a regional benchmark by issuing $2.5bn in green bonds to fund environmentally friendly projects, marking a new era for sustainable finance.The bonds were divided into two tranches: a $1bn tranche with a five-year maturity priced at a 30 basis point spread over the US treasuries and a $1.5bn tranche with a 10-year maturity priced at a 40 basis point spread over the US treasuries. The country achieved the lowest spread ever recorded by any bond-issuing country in the Middle East, Central and Eastern Europe, and Africa.The Ministry of Finance had revealed that the coverage ratio exceeded 5.6 times the total issuance size, with peak subscription demand reaching more than $14bn, confirming that the issuance enjoyed broad and diversified geographic and institutional investor interest from around the world.Qatar was awarded “Deal of the Year” as part of the Global Banking and Markets: Middle East Awards 2025, in recognition of its landmark inaugural sovereign green bond issuance.The ministry is "currently updating the sovereign green assets register", it said, adding the ministry had also published its first sovereign green bond allocation report.The green assets register - which lists and tracks assets that are considered environmentally friendly or contribute to a sustainable environment - is a crucial tool for transparency and accountability in the growing field of green finance and sustainable investing.The ministry also highlighted that it participated in the development of the National Adaptation Plan (NAP), a strategic framework designed to address vulnerabilities and strengthen resilience against the impacts of climate change.The development of NAP enables the country to identify and address its medium- and long-term priorities for adapting to climate change as part of Qatar’s broader development strategy and green economy transition.By focusing on the most vulnerable sectors, the project aims to safeguard the nation’s economy, population, and coastal regions, while contributing significantly to global climate resilience and sustainability efforts.The ministry’s drive was further reinforced by the Qatar Central Bank's sustainable finance framework guidelines, which are strategically developed to regulate sustainable finance and sustainability-linked finance, unlock new opportunities for growth and innovation and provide market guidance on how these instruments can be channelled and adopted within the country.

Asian markets rose Wednesday on growing hopes of US interest rate cuts after soft inflation data, with Japan's Nikkei hitting a second record high in as many days.In Tokyo, the Nikkei 225 closed up 1.3% to 43,274.67 points; Hong Kong Hang Seng Index ended up 2.6% to 25,613.67 points and Shanghai Composite closed up 0.5% to 3,683.46 points Wednesday.The S&P 500 and Nasdaq finished at fresh highs Tuesday after US data showed a tamer-than-feared impact on prices from President Donald Trump's tariff blitz.That boosted hopes among that the US Federal Reserve and its embattled chief Jerome Powell will cut interest rates next month."Jerome 'Too Late' Powell must NOW lower the rate," Trump said on Truth Social, while also threatening a "major lawsuit" over renovations to Fed buildings.The US consumer price index reading for July showed annualised inflation at 2.7%, unchanged from a month earlier.Investors calculated that the benign data was not enough to sway the Fed away from an expected interest rate cut next month."Stocks... took the (inflation) number as confirmation that September is shaping up to be the long-anticipated 'insurance cut' in an economy still treading water above the break-even line," said Stephen Innes at SPI Asset Management.Katy Stoves, investment manager at Mattioli Woods, warned however: "This gentle cooling of the economy will certainly not justify a cut of interest rates to 1% as President Donald Trump is calling for." Tokyo climbed 1.3% to a record high and Hong Kong rose 2.6% while Seoul, Shanghai, Taipei, Singapore, Kuala Lumpur, Bangkok and Jakarta also saw healthy gains.Europe followed suit, with London, Frankfurt and Paris all higher in early trade.Oil prices edged lower after Opec raised its demand forecast for 2026, signalling it expected stronger global activity next year.Investor focus was also on a summit in Alaska on Friday between Trump and Russian leader Vladimir Putin on the three-year-old Ukraine war.In corporate news, AI firm Perplexity offered Google $34.5bn for its Chrome web browser, which it may have to sell as part of antitrust proceedings.Intel rose 5.5% on Wall Street after CEO Lip-Bu Tan met with Trump, who praised the executive after previously calling for him to step down.

The Department of Trade (DTI) in the Philippines is gearing up for a series of intensified trade missions and investment delegations to Qatar, aiming to significantly expand economic co-operation beyond 2025.Lawyer Maria Katrina D Rivera, assistant director at the DTI’s Export Marketing Bureau (EMB), emphasised that this strategy builds on successful past engagements between the Philippines and Qatar, and seeks to deepen the partnership across a range of key sectors.Highlighting the DTI-EMB’s immediate plans, Rivera said, “That is our main project for 2025 in terms of trade missions. In fact, based on the reported sales, most of the sales were in Qatar among the four countries that we visited for that outbound mission.”She was referring to the Outbound Business Matching Mission (OBMM) held in Qatar, Jordan, Saudi Arabia, and Dubai last year, which saw the participation of a dozen exporting companies seeking to access the Gulf and Middle East markets. The OBMM is an annual initiative of the DTI held in various countries in the Middle East aimed at supporting Philippine export companies.Looking further ahead, Qatar is set to play a crucial role in the Philippines’ participation in ‘Gulfood 2026’, noted Rivera, citing the event as Dubai’s major food and beverage exhibition.“For 2026, we are looking forward to a bigger ‘Gulfood 2026’ in Dubai. And by taking advantage of Gulfood, Qatar will definitely still be part of the outbound mission because it is the most economical route for the companies that we’re bringing to the event. The DTI hopes to invite even more companies to join this mission, anticipating a larger event than in previous years,” Rivera told Gulf Times in an exclusive interview.Rivera also added that there’s growing interest in franchise brands and the furniture industry, given Qatar's continuous hotel expansion plans and its vision to become a major tourism hub.Beyond traditional food exports, the partnership is also expanding into other areas, according to Vince Lorenzo Liwanag, Commercial Attaché of the Philippine Trade Investment Centre (PTIC) – Riyadh.Liwanag mentioned efforts by the Philippine Overseas Construction Board (POCB) to collaborate with Qatari companies in the construction sector, highlighting the Philippines’ capabilities in “very robust BIM (Building Information Modelling) or software for construction” that could benefit Qatar.The POCB was in Doha last year for its inaugural participation in the Big 5 Construct Qatar. POCB Executive Director Doris U Gacho earlier stated that “by establishing ties with industry leaders in Qatar, the Philippines supports Qatar National Vision 2030 and aims to position itself as a preferred partner in addressing Qatar's growing infrastructure demands.”

Market EyeSofter US inflation data and the resultant expectations of cut in the interest rates brightened the prospects in the Qatar Stock Exchange, which Wednesday soared 213 points and its key index surpassed 11,600 points with ease.The banks and telecom counters witnessed higher than average demand as the 20-stock Qatar Index shot up 1.87% to 11,634.75 points, its highest level since December 2022. The market recovered from an intraday low of 11,439 points.The Gulf institutions were increasingly bullish in the main market, whose year-to-date gains improved to 10.06%.About 55% of the traded constituents extended gains to investors in the main bourse, whose capitalisation zoomed QR11.5bn or 1.69% to QR692.08bn mainly on large and midcap segments.The Gulf retail investors were increasingly net buyers in the main market, which saw as many as 0.02mn exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR0.12mn trade across 17 deals.The foreign funds continued to bet net buyers but with lesser intensity in the main bourse, whose trade turnover grew amidst lower volumes.The Islamic index was seen gaining slower than the other indices of the main market, which saw no trading of treasury bills.The local retail investors were increasingly net profit takers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index gained 1.87% and the All Share Index by 1.75% and the All Islamic Index by 1.34% in the main market.The banks and financial services sector index soared 2.72%, telecom (2.37%), transport (0.88%), industrials (0.53%) and real estate (0.08%); while insurance declined 0.98% and consumer goods and services 0.12%.Major movers in the main market included Qatar Islamic Bank, Ooredoo, QNB, Commercial Bank, Dukhan Bank, QIIB, Inma Holding, Estithmar Holding and Milaha.Nevertheless, Qatar Cinema and Film Distribution, Baladna, Qatar General Insurance and Reinsurance, Salam International Investment, Meeza, Qatar Oman Investment and Salam International Investment were among the gainers in the main bourse. In the venture market, Techno Q saw its shares depreciate in value.The Gulf institutions’ net buying increased significantly to QR13.59mn compared to QR7.48mn the previous day.The domestic institutions turned net buyers to the tune of QR0.91mn against net sellers of QR33.73mn on August 12.The Gulf retail investors’ net buying expanded perceptibly to QR0.48mn compared to QR0.03mn on Tuesday.However, the local individuals’ net selling strengthened substantially to QR63.9mn against QR30.63mn the previous day.The Arab retail investors’ net selling increased noticeably to QR3.92mn compared to QR3.18mn on August 12.The Arab institutions’ net profit booking grew marginally to QR0.26mn against QR0.09mn on Tuesday.The foreign funds’ net buying decreased markedly to QR52.08mn compared to QR56.14mn the previous day.The foreign individual investors’ net buying declined notably to QR1.01mn against QR3.97mn on August 12.The main market saw a 10% contraction in trade volumes to 303.36mn shares but on 15% jump in value to QR667.29mn and 19% in deals to 26,184.In the venture market, a total of 0.1mn equities valued at QR0.28mn changed hands across 16 transactions.

Hydrogen technology can redefine net zero pathways in a clean energy breakthrough, according to a global energy transition expert.Frank Wouters has highlighted to the Al-Attiyah Foundation what he believes could be the next great leap in clean energy — one with the potential to accelerate the journey to net zero emissions by 2050.In the latest episode of the Foundation’s podcast, Wouters spotlighted methane pyrolysis — a process that generates hydrogen without CO₂ emissions while turning waste carbon into a valuable resource.He explained how this approach could soon surpass both electrolysis and traditional steam methane reforming as the most efficient and climate-friendly route to hydrogen.“Pyrolysis produces hydrogen and solid carbon. Whereas methane reforming produces hydrogen and CO₂ — so pyrolysis is by nature cleaner,” Wouters said.Drawing on a career that spans from solar electrification projects in Uganda to leading strategic investments in the London Array and Shams concentrated solar plant, he described a technology that’s both technically advanced and surprisingly close to commercial viability.Plasma-based systems, for example, can crack methane at temperatures of up to 1,000 degrees Celsius without using catalysts. “Then you don’t have all the issues associated with catalytic materials,” he said.Molten metal reactors, microwave systems, and nickel-based catalytic beds all offer alternative pathways — with varying levels of cost, complexity, and scalability. Crucially, this is not just theory, according to him.He pointed to Monolith’s Olive Creek facility in Nebraska, which has been producing hydrogen and carbon black for nearly a decade, with backing from industrial giants like Mitsubishi Heavy Industries and SK. BASF, too, has operated a methane pyrolysis prototype in Germany for several years.What sets pyrolysis apart isn’t just its emissions profile — it’s the value of what’s left behind. Depending on the process, the resulting carbon can be refined into materials used in tyres, plastics, electronics, medicine, and agriculture.“Carbon will be used and will be required to do soil improvement,” Wouters noted, referencing growing interest in regenerative farming applications.He continued: “Methane pyrolysis is an endothermic process, requiring high-temperature heat to drive the reaction. Producing 1kg of hydrogen takes about 7kWh — far less than the 50–60kWh needed for water electrolysis.”Hydrogen is already essential across sectors—from refining and fertiliser production to steelmaking, heavy transport, and energy storage — and demand is only projected to grow.

Mannai Corporation reported a revenue (from continued operations) of QR2.1bn for the first half of the year, reflecting a 7% increase on the same period last year.The group's gross profit rose by 7.3% to QR354mn compared to the first half of 2024.Group earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the period amounted to QR198mn.Earnings before tax increased by 3.6%, reaching QR71mn for the first half of the year, compared to QR69mn for the same period last year.Group net profit for the period increased by 4% to QR70mn compared to QR67mn for the same period last year.Mannai Corporation’s Board of Directors has scheduled an extraordinary general assembly on September 8 “to consider, discuss and approve” the share sale of 67% in Damas International Limited to Titan Group.

Saudi Arabia’s sovereign wealth fund solidified its position as one of the world’s biggest state-backed investors as assets surged last year, though returns dropped.The Public Investment Fund’s assets under management rose 19% to $913bn at the end of last year, it said in an annual report published on Wednesday. Annualised returns since 2017 fell to 7.2%, down from 8.7% a year earlier.The fund, chaired by Crown Prince Mohammed bin Salman, is a key vehicle for his efforts to reshape the Saudi economy and reduce its reliance on oil. As part of those efforts, the PIF deployed nearly $57bn across priority sectors last year, it said in the statement.International investments made up 17% of its portfolio, down from around a fifth of total holdings last year.That’s in line with PIF’s previously stated plan to reduce the share of global investments, though it has stressed that the absolute dollar value of overseas deals is expected to grow.The PIF is helming the Vision 2030 agenda, which includes dozens of mega projects such as Neom in the kingdom’s northwest. That mission is becoming more challenging as the government runs fiscal deficits and reins in spending amid lower oil prices.Earlier this year, the PIF said its net profit fell by more than half, hurt by high rates, inflation and impairments on some projects.The fund diversified its funding sources last year, raising $9.83bn in public debt and an additional $7bn in private debt, according to the statement. Still, cash and cash equivalents at the end of the year dropped 5% to around $60bn.

The delivery data for July 2025 confirms a widening gap between Boeing and Airbus, two manufacturers whose output metrics have increasingly diverged over the past five years. Boeing delivered 48 aircraft during the month, while Airbus delivered 67. That brings the year-to-date totals to 328 for Boeing and 373 for Airbus.Both manufacturers are dealing with ongoing production constraints, but the latest figures underscore that Airbus is navigating those constraints with more consistency and predictability than its American rival.Boeing’s July output included 37 737 Max aircraft, eight 787 Dreamliners across the -8, -9 and -10 variants, two 777 freighters and one 767 freighter. While this represents a slight month-on-month decrease from June, when Boeing delivered 60 aircraft, the July number is still higher than the 43 delivered in July 2024.It also marks Boeing’s best July performance since 2017, though the bar is not particularly high when set against the operational difficulties that have defined Boeing’s post-2019 delivery record.Airbus, by comparison, delivered 67 aircraft to 41 customers in July, up from 63 in June. This included 54 aircraft from the A320neo family, five A220s, two A330s and six A350s. The company remains on track to meet its annual target of 820 deliveries, which would represent a seven percent increase over 2024.The ramp-up is cautious but steady. Airbus continues to face challenges in engine availability, and currently has around 60 aircraft built but awaiting engine installation before they can be handed over.What the monthly figures reveal is a persistent delivery delta between the two manufacturers. At the end of July, Airbus had delivered 45 more aircraft in 2025 than Boeing.This figure may appear narrow in absolute terms, but in a market driven by tight margins and cash-flow discipline, even marginal differences in delivery rates can carry long-term significance. For lessors and airlines waiting to induct new aircraft into their fleets, predictability of delivery has become as important as the aircraft type itself.Boeing’s current year-to-date output is made up of 246 737 MAX aircraft, 45 Dreamliners, 22 777s and 15 767s. The mix is telling. The 737 Max remains the company’s volume product and is central to its delivery numbers. But output has been hampered by quality control issues, supply chain slowdowns, and ongoing scrutiny following the mid-air door plug blowout incident in January 2024.That event prompted a renewed focus on inspection processes and regulatory oversight, which has slowed the pace at which aircraft can exit Boeing’s Renton and Charleston facilities.The 787 programme, while no longer in the prolonged delivery pause that affected the type between 2021 and 2022, still operates below its historical highs. While Boeing is gradually increasing production, it is not yet back to the delivery rates seen during the aircraft’s peak commercial years.Deliveries of the 777 and 767 are largely freighter driven and remain in lower, more stable quantities.On the orders front, Boeing recorded 31 gross orders in July, including 30 for the 737 Max and one 787-8. This figure is sharply down from June’s total of 116 orders.The July number also includes one cancellation, a 787 order from the Republic of Iraq. Boeing's order book has grown to 699 gross orders for the year, or 655 net after accounting for cancellations and conversions.The company now holds a backlog of 5,968 aircraft. The majority of these are 737s, though the 787 and 777X also contribute significantly to the total.Airbus, meanwhile, recorded just seven orders in July, after securing 203 gross orders in June. The month-on-month volatility is not unusual. Major announcements are often tied to air shows or strategic customer timelines.Airbus’s total delivery count through July is 373 aircraft to 72 customers. That figure includes a large portion of A320neo family aircraft, which continue to dominate the single-aisle order landscape globally. Despite ongoing issues with both CFM and Pratt & Whitney engine supply, Airbus has maintained a more consistent output rhythm than Boeing.The fact that Airbus is sitting on approximately 60 completed aircraft that cannot be delivered due to engine shortages is a reminder that both manufacturers are operating in an environment constrained by the downstream supply chain. But even with this constraint, Airbus has managed to increase its monthly delivery numbers since the start of the year, while Boeing’s month-on-month performance has shown less stability.The contrast reflects the difference in programme maturity, internal co-ordination, and industrial oversight between Toulouse and Seattle.Boeing has not issued a delivery forecast for 2025. Airbus, on the other hand, has reaffirmed its target of 820. The absence of guidance from Boeing is partly due to the variable pace of inspections and quality control processes across its lines, especially for the 737. It is also a reflection of the cautious tone the manufacturer has adopted in the wake of the high-profile scrutiny it has faced since January 2024.Stability in production remains a core internal priority for the company, though progress has been incremental.The delivery gap has broader implications. Financially, each undelivered aircraft represents deferred revenue and delayed cash inflow. From a reputational perspective, it influences customer confidence.Airlines building future capacity or replacing ageing fleets are making procurement decisions based not only on performance metrics but also on supply reliability. Over the last 24 months, Airbus has benefited from a perception of greater stability. That perception, when backed by consistent data, translates into commercial advantage.Boeing is not standing still. Its leadership continues to emphasise efforts to stabilise the production system, invest in workforce development, and improve its quality control systems. But in an industry where the product cycle spans decades and order backlogs run into the thousands, catching up requires more than promises. It requires execution at scale, over time.What the July numbers show is not simply a momentary difference, but a continuation of a multi-year trend. Airbus has consolidated its lead in commercial aircraft deliveries and is sustaining it in a difficult operating environment. Boeing, meanwhile, is still in a recovery phase — navigating structural issues, managing reputational repair, and recalibrating its manufacturing processes.The author is an aviation analyst. X handle: @AlexInAir.