Business

Qatar Chamber reported that 2023 was rife with activities and achievements, especially following the successful hosting of the 2022 FIFA World Cup.In a statement, the chamber emphasised that this success came after more than a decade of meticulous preparations at the state level, resulting in numerous benefits and advantages that significantly contributed to the progress of the national economy.These achievements align with the country’s commitment to realising Qatar National Vision 2030. The chamber also stated that members of the 2023-2028 board of directors were elected for the seventh session.In 2023, the chamber continued its role in representing and protecting the interests of the private sector and communicating with state authorities. It sought to solve all the challenges that might hinder the private sector’s role in the country’s development process.The chamber consistently supported and fostered the growth of various business sectors within the country, actively encouraging investment in Qatar and promoting the nation’s economy, the investment climate, and the available opportunities for potential investors.Similarly, the chamber’s sectoral committees continued to network and engage with business owners and company representatives to listen to proposals and identify challenges faced by companies in each sector, working collaboratively to develop effective solutions.Furthermore, the chamber strengthened its digital structure and developed programmes to modernise its services to the business community, as well as simplify policies for its members and its affiliated companies and institutions.The chamber also noted that it continued to equip its new headquarters in Lusail Boulevard, indicating that the transfer to the new building “is expected to take place soon.”In 2023, the chamber completed 92,529 electronic and non-electronic transactions, and issued 46,984 certificates of origin, including 40,879 electronic certificates and 6,105 non-electronic certificates.It also issued five ATA carnets and 25 TIR carnets (Transports Internationaux Routiers or International Road Transport). The total number of Qatar Chamber members as of December 31, 2023, stood at 84,840, with 5,708 new affiliates joining.Throughout 2023, the chamber organised and participated in 175 events and hosted 70 meetings for foreign delegations. These included 10 meetings with heads of state and delegations accompanied by heads of government, ministers, government officials, and representatives of international institutions and chambers of commerce from various countries. During these meetings, they discussed strengthening cooperation relations between Qatari businessmen and their counterparts in various countries of the world.Additionally, the chamber participated in 26 external events, organised and took part in 15 forums and conferences, and signed memorandums of understanding with 10 counterpart entities and chambers of commerce.Over the past year, the chamber organised seven joint Qatari business meetings and forums to bring together Qatari business owners and their foreign counterparts to discuss prospects for cooperation and partnership in trade and investment.Moreover, the chamber convened three joint business council meetings between Qatari businessmen and their international counterparts, including the Qatari-Saudi Business Council, which was held on the sidelines of the Made in Qatar 2023 exhibition.The chamber organised several training courses, including the 29th and 30th editions of the customs clearance programme for customs representatives and brokers, in cooperation with the General Authority of Customs with the participation of 95 attendees. It also held various training courses in the fields of anti-money laundering, as well as food handling, in cooperation with the Ministry of Health, and other courses for the chamber’s employees.The chamber organised several exhibitions, the foremost of which is the 9th Made in Qatar exhibition, in co-operation with the Ministry of Commerce and Industry. Held under the patronage of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, the event attracted 450 companies and factories. The chamber also inaugurated two editions of the Arabian Woman Exhibition, which saw broad participation from many Qatari businesswomen and entrepreneurs.In 2023, the ICC Qatar held several events and webinars and announced the launch of the ‘ICC Customs and Trade Facilitation Commission’. Furthermore, Sheikha Tamader al-Thani, the director of International Relations and Chamber Affairs at Qatar Chamber, and Secretary-General of the International Chamber of Commerce (ICC) Qatar, was elected as World Chambers Federation (WCF) General Council Member for the 2023-2025 term.Similarly, the Qatar International Centre for Conciliation and Arbitration (QICCA) recorded 41 arbitration cases and four conciliation requests and successfully facilitated five settlement processes. QICCA issued 27 arbitral awards, organised a series of seminars on arbitration, and actively participated in various local and international conferences.Also, the chamber became a member of the International Federation of Freight Forwarders Associations (FIATA), which is the world’s largest freight forwarders organisation. The chamber hosted the 39th General Assembly Meeting of the Islamic Chamber and the 63rd meeting of the Federation of GCC Chambers last year.

Qatar may record budget surplus in the current financial year, Emirates NBD said and noted GCC governments will need to rein in spending growth to prevent budget balances shrinking further as little rebound in oil revenues is expected in 2024.Qatar’s general budget for 2024 approved last month expects revenue of QR202bn and expenditure of QR200.9bn and forecasts a deficit of QR6.2bn.According to the banking group, the budget surpluses enjoyed in 2022 (by GCC countries) narrowed sharply last year on oil production cuts and lower oil prices, while spending increased.“We expect Saudi Arabia to run a deficit of -4.3% of GDP this year, up from -1.9% in 2023, as ambitious development plans will require continued investment spending. Bahrain and Kuwait are also likely to run small deficits this year, but Oman, the UAE and Qatar are expected to record surpluses.“Overall, sovereign balance sheets in the GCC are much stronger than a few years ago, with lower public debt and healthy FX reserves, which should allow governments to tap capital markets at attractive rates, if needed,” Emirates NBD said.In 2024, global growth is expected to slow slightly to 2.9% from 3% in 2023 as tight monetary policy continues to weigh on demand and investment, particularly in the first half of the year.This scenario is consistent with softer demand for oil, particularly in the advanced economies, and oil GDP growth in the GCC will remain a drag on headline GDP growth in 2024.“We expect oil prices to average $82.5/barrel this year, similar to 2023,” Emirates NBD said.However, the researcher thinks non-oil growth will remain relatively robust, averaging 3.6% across the GCC in 2024, underpinned by continued investment as oil exporting countries push ahead with ambitious economic diversification programmes.While government expenditure growth will likely be more modest in 2024 than over the last couple of years, it does not expect governments to cut spending or tighten fiscal policy through higher taxes (other than those already announced such as the UAE’s corporate income tax, which came into effect in mid-2023).In addition, economic and social reforms are likely to support continued private sector investment, and growth in the expatriate population particularly in Saudi Arabia and the UAE.Rate cuts from the US Federal Reserve, expected in H2, 2024, should also boost demand for credit and support investment and consumption.Finally, tourism is expected to remain a key driver of economic growth in the region in 2024 (and beyond), with the return of visitors from China and the growth of the Saudi tourism sector off its relatively low base.Inflation slowed to an average 2.8% in the GCC (weighted by nominal GDP) from 3.5% in 2022. Lower fuel, food and services inflation were offset in the UAE and Saudi Arabia by rising housing costs.“We expect the disinflation trend to continue in 2024, with average CPI inflation for the region forecast at 2.6% this year,” Emirates NBD noted.

HE the Minister of State and Chairman of the Board of Directors of Qatar Free Zones Authority Ahmad bin Mohamed al-Sayed met with ambassador of the French Republic to the State of Qatar, Jean-Baptiste Faivre, in the Ras Bufontas Free Zone on Tuesday, reports QNA. The two sides discussed during the meeting ways to enhance bilateral co-operation and exchange of experiences between the two countries in attracting investment, in addition to highlighting the investment opportunities and outstanding benefits offered by the free zones in Qatar.

The Qatar Stock Exchange (QSE) on Tuesday lost more than 66 points, as investors awaited the US inflation data and assessed the timing of potential interest rate cuts by the US.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[124682]**Federal Reserve.A higher than average selling pressure, especially in the telecom and banking sectors, led the 20-stock Qatar Index knock off 0.64% to 10,416.52 points.The foreign institutions were seen net profit takers in the main market, whose year-to-date losses widened to 3.32%.The foreign individuals turned bearish in the main bourse, whose capitalisation melted QR4.1bn or 0.67% to QR608.83bn with midcap segments losing the most.The Gulf retail investors were seen net sellers in the main market, which touched an intraday high of 10,495 points.However, the domestic institutions turned bullish in the main bourse, which saw as many as 0.01mn exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.02mn trade across two deals.The Gulf funds were also seen net buyers in the main market, which saw no trading of sovereign bonds.The Islamic index declined faster than the other indices in the main bourse, which witnessed no trading of treasury bills.The Total Return Index shed 0.64%, the All Islamic Index by 0.72% and the All Share Index by 0.57% in the main bourse, whose trade turnover and volumes were on the decline.The telecom sector index tanked 2.04%, banks and financial services (0.71%), industrials (0.51%), transport (0.35%) and real estate (0.25%); while insurance gained 0.92% and consumer goods and services 0.09%.As much as 64% of the traded constituents were in the red with major losers being Qatar General Insurance and Reinsurance, Qamco, Ooredoo, Qatar National Cement, Doha Bank, Qatar Islamic Bank, Lesha Bank, Estithmar Holding, Ezdan and Vodafone Qatar. In the venture market, Mahhar Holding saw its shares depreciate in value.Nevertheless, Beema, Zad Holding, Inma Holding, Qatari German Medical Devices, Doha Insurance, Meeza and Qatar Insurance were among the gainers in the main market.The foreign institutions turned net sellers to the tune of QR30.63mn compared with net buyers of QR20.74mn on January 8.The foreign individuals were net sellers to the extent of QR0.74mn against net buyers of QR1.25mn the previous day.The Gulf retail investors turned net sellers to the tune of QR0.24mn compared with net buyers of QR0.42mn on Monday.However, the domestic institutions were net profit takers to the extent of QR15.49mn against net sellers of QR0.76mn on January 8.The Gulf funds turned net buyers to the tune of QR13.97mn compared with net profit takers of QR8.61mn the previous day.The local retail investors were net buyers to the extent of QR2.73mn against net sellers of QR7.78mn on Monday.The Arab individuals’ net profit booking declined noticeably to QR0.57mn compared to QR5.25mn on January 8.The Arab institutions had no major net exposure.Trade volumes in the main market were down 7% to 130.31mn shares, value by 5% to QR379.56mn deals by 15% to 15,179.The venture market saw a 67% plunge in trade volumes to 0.11mn equities, 65% in value to QR0.12mn and 56% in transactions to 12.

Overall growth in deposits and a promising rise in private sector credit were the highlights of the latest Qatar Banking Sector update by QNB Financial Services (QNBFS).Driven by the government segment, deposits with Qatari banks inched up 0.2% during November 2023 to reach QR981.5bn, QNBFS said Monday.The country’s private sector remained resilient with total sector loans going up 0.8% MoM (+4.2% in 2023) in November last year, QNBFS noted.The Qatai banking sector's total assets went up 0.4% MoM (up 2.2% in 2023) in November 2023 to reach QR1.946tn, while total loan book edged lower by 0.2% MoM (up 1.4% in 2023) to QR1,273.4bn.The public sector pushed the overall credit lower. As deposits went up in November, the loans to deposits ratio (LDR) declined to 129.7% vs. 130.3% in October 2023.The overall loan book was slightly down 0.2% in November 2023. Total public sector loans declined 2.5% MoM.Loans moved up by 1.4% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022).Loan provisions to gross loans was at 3.9% in both November and October 2023, QNBFS noted.The government segment (represents 27% of public sector loans) was the main drag on the public sector with a drop by 9.0% MoM (-15.2% in 2023), while the semi-government institutions’ segment declined by 5.4% MoM (+23.9% in 2023).However, the government institutions’ segment (represents 66% of public sector loans) moved up 0.8% MoM (-0.8% in 2023).Total private sector loans went up 0.8% MoM (+4.2% in 2023) in November 2023. Consumption and others, general trade and services segments were the main drivers for the private sector loan rise.Consumption and others (contributes 21% to private sector loans) increased 2.2% MoM (+7.7% in 2023), while general trade (contributes 21% to private sector loans) went up 1.7% MoM (+7.6% in 2023), and services (contributes 31% to private sector loans) moved up 1% MoM (+10.1% in 2023).However, the real estate segment (contributes 20% to private sector loans) went down 1.0% MoM (-6.5% in 2023) in November 2023. Outside Qatar loans edged up by 0.2% MoM (-2.7% in 2023) during the month of November 2023.Non-resident deposits increased 1.3% MoM (-5.2% in 2023) in November 2023, QNBFS said.Public sector deposits went up 0.4% MoM (-5.4% in 2023) in November 2023.Looking at segment details, the government segment (represents 29% of public sector deposits) increased by 4.4% MoM (-10.4% in 2023).However, the government institutions’ segment (represents 55% of public sector deposits) went down 0.8% MoM (-6.3% in 2023), while the semi-government institutions’ segment declined 2% MoM (+9.0% in 2023) in November 2023.Private sector deposits moved lower by 0.3% MoM (+2.5% in 2023) in November 2023. On the private sector front, the companies and institutions’ segment went down slightly by 0.5% MoM (-1.9% in 2023), while the consumer segment edged down by 0.2% MoM (+6.8% in 2023) during November 2023.According to QNBFS, the deposits gain in November 2023 was mainly due to an increase by 1.3% in non-resident deposits and by 0.4% in the public sector.Deposits went down by 1.8% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022)Loan provisions to gross loans was at 3.9% during both November and October 2023.The sector’s liquid assets to total assets was at 31.4% in November 2023, compared to 31.1% in October 2023.An analyst told Gulf Times: “The main highlights for the month of November 2023 is the overall growth in deposits and the promising rise in private sector credit. The overall growth in deposits was driven by the government segment as oil and gas prices remained buoyant, adding to government revenues.“Even as overall loans declined due to the cutback in short-term funding for the government through overdrafts, the private sector remained resilient with gains in private consumption, general trade and the tourism sector.”

The Qatar Stock Exchange (QSE) Monday gained more than 39 points on the back of transport and banking counters..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[124969]**The foreign institutions were increasingly into net buying as the 20-stock Qatar Index rose 0.38% to 10,483.15 points.The foreign retail investors turned net buyers in the main market, whose year-to-date losses stood at 3.21%.The Gulf individuals continued to be net buyers but with lesser intensity in the main bourse, whose capitalisation added QR1.81bn or 0.3% to QR612.93bn with microcap segments gaining the most.The Gulf funds were increasingly net profit takers in the main market, which regained from an intraday low of 10,438 points.The local individuals were also increasingly into net selling in the main bourse, which saw as many as 5,590 exchange traded funds (sponsored by Masraf Al Rayan) valued at QR0.01mn trade across two deals.The Arab retail investors were seen increasingly bearish in the main market, which saw no trading of sovereign bonds.The Islamic index underperformed the other indices in the main bourse, which witnessed no trading of treasury bills.The Total Return Index rose 0.38%, the All Islamic Index by 0.23% and the All Share Index by 0.41% in the main bourse, whose trade turnover grew amidst lower volumes.The transport sector index gained 0.83%, banks and financial services (0.67%), telecom (0.3%) and real estate (0.08%); while insurance declined 0.16%, consumer goods and services (0.07%) and industrials (0.03%).Major gainers in the main market included Qatar National Cement, Doha Bank, Doha Insurance, Vodafone Qatar, Aamal Company, Qatari Investors Group and Nakilat. In the venture market, Al Faleh Educational Holding saw its shares appreciate in value.Nevertheless, Inma Holding, Ahlibank Qatar, Al Khaleej Takaful, Qatari German Medical Devices, Qatar General Insurance and Reinsurance, Industries Qatar and Qamco were among the losers in the main market. In the junior bourse, Mahhar Holding saw its shares depreciate in value.The foreign institutions’ net buying increased considerably to QR20.74mn compared to QR4.51mn on January 7.The foreign individuals were net buyers to the tune of QR1.25mn against net sellers of QR1.12mn the previous day.However, the Gulf institutions’ net profit booking strengthened substantially to QR8.61mn compared to QR2.05mn on Sunday.The local retail investors’ net selling expanded noticeably to QR7.78mn against QR4.23mn on January 7.The Arab individuals’ net profit booking shot up perceptibly to QR5.25mn compared to QR4.18mn the previous day.The domestic institutions were net seller to the tune of QR0.76mn against net buyers of QR5.38mn on Sunday.The Gulf individual investors’ net buying eased notably to QR0.42mn compared to QR1.7mn on January 7.The Arab institutions had no major net exposure.Trade volumes in the main market were down 4% to 139.89mn shares, while value rose 6% to QR401.51mn deals by 35% to 17,839.The venture market saw a 43% jump in trade volumes to 0.33mn equities, 31% in value to QR0.34mn and 29% in transactions to 27.

The UK’s exports to Qatar witnessed a 100% growth last year following increased co-operation between British and Qatari companies, which opened “great opportunities,” according to Minister of State for Trade Policy Greg Hands.Hands made the statement during a business lunch hosted by the Qatari Businessmen Association (QBA) on Sunday. The minister is currently visiting Doha to discuss ways to support trade exchange and boost trade between the two countries.His meeting with QBA officials and members covered developments in the free trade agreement (FTA) negotiations between the Gulf Co-operation Council (GCC) countries and the UK.Hands was welcomed by Sherida al-Kaabi, Saud al-Mana, Omar Alfardan, Nabil Abu Issa, Maqbool Habib Khalfan, Dr Mohamed Althaf, and Hakan Ozdemir, along with QBA deputy general manager Sarah Abdallah.During the meeting, both sides highlighted the FTA negotiation’s importance in contributing significantly to economic growth and enhancing trade in goods and services, advanced technologies, and other sectors to serve the common interests of all parties.According to Hands, Qatari officials, during his meetings, demonstrated the commitment to delivering greater prosperity through global free trade by working closely with key organisations, such as the QBA.The minister expressed optimism about “a better future for the UK” after leaving the EU: “In the United Kingdom, we are working on consolidating our relations with important countries, such as the State of Qatar and all Gulf and African countries and other economic partners to enhance the prospects for economic and trade co-operation for the country.“I want to bring a clear message to our partners in Qatar that the United Kingdom looks forward to co-operating with the Qatari Businessmen Association to attract more investments and we now have a great opportunity to strengthen our position in an increasingly interconnected world.”For his part, al-Mana spoke about bilateral relations between Qatar and the UK, “which extend to ancient historical roots.” He also underscored the economic relations between the two countries and the importance of constantly developing them.During the discussion, Alfardan also stressed the interest of Qatari businessmen in the British market, where there are already many Qatari investments, whether in the public or private sector. He added that the British market is the “preferred investment destination for the Qatari businessman,” adding that “it is a market full of opportunities.”Figures from the Planning and Statistics Authority indicate that the UK is a major trading partner for Qatar. Trade volume in 2022 stood at QR36bn, the majority of which comprise Qatari exports to the UK amounting to QR31bn, which was three times higher than 2021 figures (QR11bn).In addition to Shell, which has been one of the major investors in the region, many British companies are active in infrastructure projects in Qatar, including architecture, design, project management, and engineering consulting companies.

HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, Minister of Commerce and Industry, on Sunday met with Greg Hands, UK Minister of State for Trade Policy in the Department for Business and Trade, who is currently visiting the country. The meeting featured previewing issues of common interest aimed at strengthening cooperation between the two countries in trade, investment, and industry. He showcased the successful economic policies of Qatar to support the private sector and pointed out the incentives, legislations, and promising opportunities to encourage investors and businessmen to invest in the country.

Ooredoo has announced a strategic partnership with the Commercial Bank under which an innovative direct debit solution through the CBQ Mobile App has been introduced.The collaboration enables customers to effortlessly establish automatic payments for their Ooredoo services through standing orders.To mark this launch, Commercial Bank customers who opt for this service will enjoy double Nojoom points for their first bill payment during the promotion period.Red members, who typically receive one point for every QR1 spent, will now receive two points.Similarly, Silver members will now collect three points instead of 1.5.Al Nokhba and Gold customers will now collect four points instead of two.Commenting on the partnership, Thani Ali al-Malki, chief business officer at Ooredoo Qatar, said: “For years, we have cultivated a strong and trustworthy relationship with Commercial Bank, an esteemed banking corporation. We are proud to introduce this user-friendly solution for our customers to streamline their bill payments. “At Ooredoo, we remain committed to enhancing user experiences and exploring avenues within our existing e-commerce infrastructure for future innovations.”Raju Buddhiraju, executive general manager and head (Wholesale Banking) at Commercial Bank, said: "Direct debit is the financial navigation solution, which is there to ensure transactions go smoothly, creating a more relaxed and hassle-free experience. And the CBQ Mobile App simplifies the direct debit enrolment process, making it easy with just a few clicks and no paper involved. At Commercial Bank, we take pride in pioneering innovative solutions that empower enterprises and customers.Ooredoo and Commercial Bank are jointly reshaping the landscape of customer bill payments in Qatar.This new partnership provides a modern alternative to traditional bill payments and empowers customers to effortlessly settle their balances through a flexible and convenient standing order on their CBQ Mobile App.

Doha's non-energy private sector completed a year of solid overall growth during 2023, even as the business optimism “softened” this year, according to the Qatar Financial Centre (QFC).Across 2023 as a whole the PMI (purchasing managers’ index) trended at 52.4, mainly in line with the solid long-run average since 2017 (52.3), according to the latest QFC PMI survey.The PMI registered 49.8 in December, from 51.5 in November. The latest figure was close to the no-change mark of 50.“The final PMI for 2023 signalled the stable business conditions for Qatari non-energy firms; completing a year of solid economic expansion. The survey data for the second half of the year suggest that annual growth in official GDP (gross domestic product) will have been maintained," said QFC Authority chief executive officer Yousuf Mohamed al-Jaida.Qatari firms ended 2023 with positive expectations for activity in 2024, although overall confidence was softer than the long-run survey trend, according to the PMI."The business outlook for the year ahead remains positive, although unsurprisingly optimism has softened somewhat compared with the peak seen in the aftermath of the World Cup," according to al-Jaida.The latest PMI survey data from the QFC said volumes of output, new business and backlogs of work were all largely stable compared with November levels, while employment growth was maintained, and the 12-month business outlook remained "positive".The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies. The panel covers manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data.The headline QFC PMI is a composite single-figure indicator of non-energy private sector performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.Of the five components of the headline figure, output, new orders and stocks of purchases registered similar index readings, indicative of stable volumes compared with November. A positive contribution from employment was offset by shorter suppliers' times.Demand for goods and services in Qatar’s non-energy economy were mostly stable in December 2023, completing a year of solid overall growth on average. Firms reported new customers during the month. By sector, manufacturing continued to see comparatively strong new business, as did financial services.Similar to new orders, total activity was broadly unchanged in December since the previous month. Again, financial services remained a source of growth. Meanwhile, the overall level of outstanding business remained stable in December.Qatari firms continued to raise employment in December, extending the current sequence of growth that began in March. Purchases of inputs also rose, albeit only slightly, while suppliers' delivery times shortened.Average input prices rose slightly in December, driven mainly by wages and salaries as purchase prices fell, it said, adding output prices declined marginally again.Financial services remained a key source of growth at the end of the year. Price pressures were still subdued, and supply chains continued to improve.Qatari financial services companies recorded further increases in total business activity and new contracts in December. The seasonally adjusted Financial Services Business Activity Index posted 51.6, still comfortably above the overall private sector figure of 49.6 albeit the lowest in over two years.In terms of prices, average charges set by financial services companies rose to the greatest degree since April, while cost inflation in the sector eased.

The Qatar Stock Exchange (QSE) could muster only 10 points despite strong buying interests in the telecom, transport, real estate and banking sectors..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[124682]**The domestic institutions were seen net buyers as the 20-stock Qatar Index was up 0.1% to 10,443.84 points.The Gulf retail investors were increasingly net buyers in the main market, whose year-to-date losses stood at 3.57%.The Gulf institutions’ weakened net selling had its influence in the main bourse, whose capitalisation added QR2.46bn or 0.4% to QR611.12bn with small cap segments gaining the most.The foreign funds continued to be bullish but with lesser intensity in the main market, which touched an intraday high of 10,494 points.The local individuals were seen net profit takers in the main bourse, which saw as many as 3,972 exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.01mn trade across three deals.The Arab retail investors turned bearish in the main market, which saw no trading of sovereign bonds.The Islamic index underperformed the other indices in the main bourse, which witnessed no trading of treasury bills.The Total Return Index rose 0.1%, the All Islamic Index by 0.02% and the All Share Index by 0.28% in the main bourse, whose trade turnover fell amidst marginally higher volumes.The telecom sector index shot up 1.36%, transport (1.35%), real estate (0.86%) and banks and financial services (0.64%); while industrials fell 1.06%, consumer goods and services (0.2%) and insurance (0.07%).Major gainers in the main market included Alijarah Holding, Ezdan, Aamal Company, Lesha Bank, Qatar General Insurance and Reinsurance, QNB, Masraf Al Rayan, Salam International Investment, Mazaya Qatar, United Development Company, Ooredoo, Vodafone Qatar and Milaha. In the venture market, Mahhar Holding saw its shares appreciate in value.Nevertheless, Beema, Mesaieed Petrochemical Holding, Doha Insurance, Qatar Electricity and Water and Gulf Warehousing were among the shakers in the main market. In the junior bourse, Al Faleh Educational Holding saw its shares depreciate in value.The domestic institutions turned net buyers to the tune of QR5.38mn compared with net sellers of QR17.09mn on January 4.The Gulf individual investors’ net buying increased noticeably to QR1.7mn against QR0.18mn the previous day.The Gulf institutions’ net profit booking declined substantially to QR2.05mn compared to QR22.91mn last Thursday.However, the local retail investors were net sellers to the extent of QR4.23mn against net buyers of QR14.71mn on January 4.The Arab individuals turned net profit takers to the tune of QR4.18mn compared with net buyers of QR11.81mn the previous day.The foreign individuals were net sellers to the extent of QR1.12mn against net buyers of QR4.39mn last Thursday.The foreign institutions’ net buying weakened perceptibly to QR4.51mn compared to QR8.93mn on January 4.The Arab institutions had no major net exposure.Trade volumes in the main market were up about 1% to 146.31mn shares, while value shrank 16% to QR378.57mn deals by 23% to 13,241.The venture market saw a 27% jump in trade volumes to 0.23mn equities and 18% in value to QR0.26mn but on 9% contraction in transactions to 21.

The Qatar Financial Markets Authority (QFMA) has organised a week-long training course (20 training hours) for employees in its various specialised departments on local currency bond market (LCBM).The financial market regulator is working on providing new training programmes and courses that meet the needs of the local market as part of measures to keep pace with the recommendations of the International Monetary Fund to develop LCBM in emerging markets.Through this specialised training course, the QFMA sought to provide deep and practical insights on how to enhance and develop the infrastructure and methods necessary to promote the local bond market, by exploring a variety of concepts and tools that can help develop this market effectively.The course focused mainly on modern strategies and practices that contribute to enhancing market liquidity, increasing investor confidence, and discussed pioneering methods in infrastructure development and policies that contribute to making the local bond market more attractive to investors.The training course included the analysis of the types of bonds and the yield curve, bonds and sukuks in Qatar, in addition to discussing the requirements for developing the LCBM in the country.The yield on bonds in the Qatari market is considered feasible for investors, whether individuals or the private sector, due to the absence of the risk of non-payment, the strength of the Qatari economy, the strength of Qatari companies and their high financial efficiency, and the availability of liquidity for such companies.Investment in bonds is guaranteed and contributes to diversifying shareholders' investment portfolio and it also reduces risks, reflecting positively on expected returns and profits.The high rating of government bonds, or bonds issued by Qatari companies, by most of the major international credit rating agencies, encourages investment in Qatar's bond market.

The Brics constellation of countries is growing both in influence and membership. Expansion will require careful handling but is set to further increase the role of the groupBrics is an acronym from the world of investment banking that has become a global movement. Originally just ‘BRIC’, coined by the investment bank Goldman Sachs at the beginning of the century, it stood for Brazil, Russia, India and China, to describe a significant cluster of the world’s emerging economies with considerable potential for investors. The projection was that the four countries would dominate the global economy by the mid-21st Century. The ‘S’ stands for South Africa, which was added soon after. This year will see nations from the Gulf Co-operation Council join the club. There are around 20 countries applying to join, although one member-elect, Argentina, announced late last year that it would not be joining as planned, following Javier Milei’s win in the presidential election.Since 2009 the five countries have formed themselves into a formal grouping with annual summits aimed at assisting co-operation among non-Western nations, the most recent of which took place in Johannesburg, South Africa in August 2023. It was the 15th meeting of the bloc.The group is not building a unified political structure like the European Union. This is to be expected, given that the five nations are disparate societies and economies with territory in four different continents. There has been talk of a ‘Brics’ currency but if this were to happen, it is some way off.It is, however, much more than a talking shop. There is a strong sense of purpose around creating instruments as alternatives to Western institutions and programmes, with a particular emphasis on development.Brics is growing to become Brics-plus, and the Gulf is set to be involved. Five members are due to join this year, including two GCC countries. They are: Ethiopia, Iran, Saudi Arabia, Egypt and the United Arab Emirates. Argentina’s withdrawal is significant, in that it has observer status in the non-aligned movement of nations, and the move signals a switch to being more pro-Western, but on its own may not signal a major slowdown in the growth of the Brics movement.One tangible investment is the creation of the New Development Bank, agreed in 2014 and operational since 2016, with a headquarters in Shanghai. Its focus is infrastructure and sustainable development, and it has approved 96 projects worth $32.8bn. The approved projects have been fairly evenly distributed between the five nations, with Russia receiving around $4bn, Brazil and South Africa just over $5bn each, and India and China – which have much larger populations – respectively just over $7bn and $8bn. In 2021, four new members of the bank were admitted: Uruguay, Egypt, United Arab Emirates and Bangladesh.While a condition of entry to the Brics group is not to have a binding relationship with a Western power, it is probably more accurate to describe the grouping as non-Western, rather than anti-Western. There is more focus on economic development and co-operation, than geopolitical rivalry. The US prides itself on overseeing a rules-based international order, but the experience of some states is that the rules can tend to favour Western institutions.Although a replacement of the US dollar is not for the short-term, moves in this direction may be incremental yet nonetheless significant. For example, there was an oil transaction between India and the United Arab Emirates designated in rupees in 2023. While using the dollar for oil and more generally as the primary reserve currency is convenient, it can come with costs. When interest rates and the dollar value increases owing to inflation in the US, this increases the cost of government debt for many middle and low-income nations. Sanctions on the Russian economy and use of the rouble following the conflict in Ukraine appear principled from a Western perspective, but reduce options for some countries.The Brics nations are free to develop their relationships with Western states, on the understanding that this does not harm their relations with each other. This may become more complicated, given that tensions have increased in the past two years between the West and both Russia and China.The nations were originally characterised as emerging economies, but China has become a major economic power. Three of them – India, China and Russia – have advanced space industries. In 2021, under India’s presidency of Brics, the nations agreed a co-operative arrangement on remote sensing satellite data sharing. The purpose was to pool information related to common challenges, such as climate change and disaster response.Expansion of the Brics grouping to include nations that do not form part of the acronym is an interesting strategic move. By prioritising expansion rather than integration, it confirms that the objectives are to do with global co-operation and non-Western arrangements for finance and trade. There will be challenges over decision-making, as the group becomes larger, and includes nations of very different populations and economic size. But if the focus remains pragmatic, it can be a positive grouping in terms of economic development.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

The global economy is set to remain lacklustre in 2024, growing below its long-term average, QNB said in an economic commentary.There is no doubt that expectations for 2024 were influenced by the experience of investor sentiment from 2023, when negative initial expectations were countered by positive macro surprises.In fact, Bloomberg consensus forecasts for global growth ended up increasing significantly by 80 basis points (bps) throughout 2023, from a “recessionary” 2.1% in January to a more palatable 2.9% in December.As a result, this year, analysts are more cautious with their forecasts. Bloomberg consensus forecasts currently point to a weak if still positive expansion of 2.7% in 2024. This implies a moderation from last year, maintaining global growth markedly below the 3.4% long-term average.Entering into 2024, QNB’s own view is slightly more bullish than consensus, as it sees the global economy expanding by 2.9%, roughly the same rate as last year.However, while its aggregate view is not materially different from consensus, our projections are meaningfully different on a major economy or regional basis.On the negative side, our expectations for growth in the US are very different from what is embedded into the consensus. While most analysts expect the US to achieve a smooth “soft landing,” where growth gently slows, we project a deeper economic downturn.In QNB’s view, the US economy should grow by 0.6% in 2024, significantly less than the 1.2% projected by the poll of Bloomberg forecasters and the 2% average long-term growth. Its view even implies a “short, shallow” US recession in H1 2024.“Our weaker US view is predicated in three main points. First, the US economy is already slowing rapidly. After an extraordinary GDP growth of 4.9% annualised in Q3-2023, the Atlanta Federal Reserve now cast estimates a growth of only 2.0% for Q4.“This rare sudden deceleration suggests a rapid adjustment to a less benign macro environment. Second, after a period of ebullience, investments are falling sharply, with capital expenditure intentions now nearing negative territory. This is led by a retrenchment from the private sector on the back of higher debt costs.Third, fiscal policy in the US is quickly turning from a tailwind into a headwind. The US fiscal thrust, which measures the net contribution of government budget policies into growth, is set to decelerate from a positive 1.9% in 2023 to a negative 1.4% in 2024. Hence, the US economy should slow down more than most analysts currently expect,” QNB said.On the positive side, however, QNB expects the Euro area and China to outperform consensus projections. In the Euro area, despite the ongoing stagnation, predicated on tight financial conditions, weak external demand, and lasting energy vulnerability, there is scope for modest improvements.QNB believes inflation will return to target more rapidly than currently expected, allowing for earlier and deeper rate cuts by the European Central Bank (ECB).Moreover, the Euro area should benefit from a moderate recovery from the recent “global manufacturing recession,” that weigh negatively on major European exporters.A rapidly falling inflation amid relatively strong labour markets should also produce real income gains, potentially boosting discretionary consumption. Therefore, QNB expects to see a modest, but above consensus growth of 0.8% in the Euro area in 2024, still weak versus a long-term average of 1.4%.In China, following a period of expansion after its late post-pandemic “reopening,” the economy lost momentum again on the back of weak real estate and low consumer confidence. Deflation started to take hold as households seem to be determined to save more.Importantly, the government aims for a more balanced growth strategy, favouring long-term stability and national security rather than the aggressive policy stimulus packages of the past. Fiscal and monetary stimulus are expected to be limited but firm, calibrated to sustain a normal level of activity rather than investment booms.There is significant policy room for state agencies to stimulate and prevent a more significant slowdown, even with all the existing challenges. Microeconomic reforms are set to continue and gradually improve business sentiment, bringing back the “animal spirits” that were hit by the regulatory tightening from 2022.Finally, the country should also benefit from the global manufacturing recovery. As a result, QNB expects moderate growth of around 5% for China in 2024, below the long-term average of 6.2%.“All in all, the global economy is set to remain lacklustre in 2024, growing below its long-term average. All the three main economies (the US, Euro area and China) are expected to grow slower than their long-term averages.“When it comes to performance vis-à-vis consensus expectations, however, there seems to be too much “optimism” about US growth and “pessimism” about Euro area and China growth,” QNB said.

Lesha Bank has announced recognition in six categories in Qatar by ‘Euromoney Market Leaders 2023’.These rankings underscore the bank's steadfast dedication towards excellence and innovation across functional areas. This marks Lesha Bank's second consecutive year in several of the rankings and the acknowledged categories for 2023 include Investment Banking - Notable, Private Banking – Highly Regarded, Islamic Finance - Notable, Digital Solutions – Notable, Environment Social and Governance (ESG) - Notable, and Corporate Social Responsibility (CSR) – Highly Regarded.The recognition emphasises Lesha Bank’s financial position, diversified investment portfolio, and market presence that assisted the bank’s total assets under management (AUM) to be at a value of QR6bn at the end of Q3, 2023.Lesha Bank's standing in Islamic finance and Private Banking underscores its ongoing commitment to providing innovative investment solutions that are Shariah-compliant, catering to high net worth and ultra-high net worth clients.This commitment extends to pursuing the development and structuring of products with global accessibility, potentially enabling local investors to enter the US real estate market and participate in private equity offerings through a Shariah-compliant platform.Lesha Bank recently upgraded its core banking platform to Temenos Transact R23, launched its new cloud-based client relationship management (CRM) system and launched Mobile App, the first banking application in Qatar to be hosted in Microsoft's Azure cloud. This testifies to the bank’s ranking in digital solutions and pursuit of staying at the forefront of technological advancements.The bank's positioning in both ESG and CSR represents a significant milestone, underscoring its pivotal ambition to foster sustainable development through responsible investment and its commitment as an ethical corporate citizen.The bank is advancing commendably on its sustainability journey within the ESG framework and eagerly anticipates navigating the future with integrity and purpose.Lesha Bank is the first independent Shariah-compliant bank authorised by the QFC Regulatory Authority and a listed entity on the Qatar Stock Exchange.

The recent Qatar launch of four Hong Kong and China-based international companies under the Belt and Road Group is seen to attract more Chinese investments into the country, according to a top official.Pegasus Wong, chairman of the Belt and Road Group, said Qatar is an ideal gateway to the region due to the proximity to its Gulf neighbours and other countries beyond the region.“After the 2022 FIFA World Cup, we saw that Qatar is an excellent hub and it is near Saudi Arabia, thus we realised that it is ideal to start our businesses here now,” Wong told Gulf Times on the sidelines of the international launch of the Belt and Road Trading and Contracting, Gallery Five International, Fangda Partners, and SW International.Wong also said: “The timing is right. We have come to Qatar to support the country’s enterprises, projects, and government initiatives, as well as to serve as a link between Asia, Hong Kong, China, and Qatar.“Owing to Qatar’s advanced infrastructure, upcoming events, and the business opportunities it would offer both here and in other GCC countries, we believe Qatar is a strategic location for our future development.”Wong emphasised that the Middle East is “a very important region” for China, which intends to promote its Belt and Road Initiative and collaborate not only in infrastructure-related projects but also in the areas of new energy, high technology, artificial intelligence (AI), electric vehicles (EV) and EV chargers, among others.“China has already developed many advanced technologies and we would like to share this with all countries and the Middle East is one of our major partners. We share a strong relationship with countries in this region, so we expect to forge many collaborations going forward,” Wong explained.He noted that the group has already forged partnerships with LuLu Group and Qatar Post. Still, future collaboration is expected in the fields of airport and port development, and business opportunities with middle-sized companies.In a speech, Wong further explained: “We are committed to excellence across various industries, including investment, infrastructure, trading and contracting, engineering design, new energy, high technology, education, e-commerce, culture, professional services, and more.“With 12 subsidiary companies taking pride in our diverse portfolio and international reach, our primary mission is to foster cooperation between enterprises in China, Hong Kong, and Qatar, aligning seamlessly with the Belt and Road Initiative.”Wong added: “We also play an important role in supporting the Qatar government’s economic and local enterprises, facilitating connections and business opportunities between China and Hong Kong. Today, as we come together, let us celebrate the spirit of partnership, innovation and mutual growth. We intend to serve as a bridge connecting nations and industries.”The event’s guest speaker, Qaiser Nawab, president of the Belt and Road Initiative for Sustainable Development (BRISD), stated: “Since its inception in 2013, we have achieved great success, embodying principles like coexistence, mutual benefit, and sustainability. These principles deeply resonate with Pakistan, creating and connecting beyond borders.“China’s remarkable strides in economic growth and poverty alleviation serve as a beacon in illuminating paths for nations facing similar challenges. The six pivotal roots of the BRI hold the key to uplifting communications along the path, impacting global dignity, happiness, and sustainability.”Nawab added: “Qatar’s geo-economic significance offers potential for global business expansion. Through partnerships, we envision playing a significant role in fostering global economic prosperity, creating employment opportunities and elevating poverty.Collaborations across high technology, artificial technology, AI, sustainability, and cultural arts signify a commitment to innovation and global progress.”During the event, Wong and Nawab signed a co-operative agreement between BRISD and the Belt and Road Trading and Contracting for initiatives in the areas of emerging technologies, IT, climate change and environment technologies, and renewable energy, among others.

QIIB has launched the new innovative banking package ‘World’ with an aim to satisfying customer requirements through an integrated set of services and products that fulfil their aspirations and keep pace with modern trends in banking services and products.Eligible customers for membership in this package will have access to a lot of benefits, which according to QIIB, demonstrates the bank’s “eagerness to provide a unique experience to the package members and suit their lifestyle.”Package members will have access to very attractive features including special profit rates for personal and car financing with grace period, features-packed MasterCard World credit card, the most important of which are 5% monthly payment plan, ‘QIIB Points’ with higher profit rates, MasterCard World features, in addition to membership in ‘QIIB Partners’ programme.On top of these benefits, World package members will get a Visa Platinum debit card with suitable debit limits, that can be used inside and outside Qatar, and that is compatible with the advanced payment solutions offered by QIIB to its customers, such as contactless payment technology, Apple pay, Samsung pay, and Google pay.QIIB Deputy CEO Jamal al-Jamal said: “We are pleased to satisfy the aspirations of our customers and reward them for their loyalty in the best way possible. In fact, the launch of the ‘World’ banking package is a response to the expansion of our customer base and their increasing demand for our products and services.“We have many banking packages that suit different customer segments. World package is a unique addition that will certainly enrich the aspiration of our eligible customers to avail of the many exclusive features offered by the package”.Al-Jamal noted: “World package is the outcome of the cooperation between QIIB and both MasterCard in terms of credit cards and Visa in terms of debit cards. Package members can benefit from the cards services and features offered locally and internationally, in addition to many other benefits offered by QIIB”.He stressed: "QIIB will continue to innovate and provide the best and most advanced banking solutions to its customers while observing utmost privacy and ensuring security and using the latest technological solutions that allow all customer segments to enjoy an integrated banking experience that suits all their needs."Customers eligible for membership in ‘World’ from QIIB can visit any of the bank branches to submit their application for membership and have access to the many features offered.QIIB provides a variety of exceptional banking packages to its customers according to the requirements, needs and expectations of each category of customers, which makes the bank an ideal choice for banking services that suit everyone.

Qatar’s fiscal balance as a percentage of the country’s GDP has been forecast at 5.9% this year, according to a report by Oxford Economics.The researcher has forecast Qatar’s current account (as a percentage of its GDP) at 12.6% this year.Qatar’s real GDP growth has been forecast to grow 2.5% year-on-year, Oxford Economics noted.The country’s inflation has been forecast to fall to 2.2% this year from 2.9% last year.According to Oxford Economics, the Purchasing Managers Index (PMI) for Saudi Arabia remained at 57.5 in December, indicating a strong expansion in non-oil activity.PMI is a measure of the prevailing direction of economic trends in manufacturing.Throughout 2023, the PMI indicated non-oil output increased every month, helped in part by an aggressive purchasing strategy by the Public Investment Fund (PIF). The fund spent $31.6bn in 2023, the most amount disbursed by any sovereign wealth fund worldwide as the government continued their push towards Vision 2030 goals.In the UAE, the PMI rose to 57.4, the second highest reading since June 2019. A resilient domestic market supported purchasing, sales, and new orders as cost pressures eased due to slowing purchase price inflation.The survey indicated that activity contracted in Qatar during December, with the PMI at 49.8, down from 51.5 in November. This was the first contraction since January 2023, when output adjusted following the World Cup, Oxford Economics noted.Following three months of relatively steady price rises, inflation in Turkey rose in December to 64.8% from 62% in November. Assuming the central bank (CBRT) remains steadfast in its fight to curb price pressures, we project inflation will fall below 40% by the end of 2024.But risks to Oxford Economics’ 2024 inflation estimate are skewed to the upside, given the likely fiscal loosening ahead of the local election.Elsewhere, inflation in Bahrain fell to -0.4% in November and Kuwait's remained steady at 3.8%.

Doha is gearing up to be a signatory to the enhanced multilateral memorandum of understanding (EMMoU) of the International Organisation of Securities Commission (IOSCO) as part of its “strategic” objectives to develop a sustainable capital market.This was outlined in the fifth strategic objective of enhanced local and international co-operation in the Qatar Financial Market Authority’s (QFMA) recently released Strategic Plan for 2023-27, which has set out six strategic objectives with 63 initiatives.“For every strategic objective, we identified key initiatives,” said the strategic plan, which considered the Third National Development Strategy and Third Financial Sector Strategy.Highlighting the need for developing a sustainable capital market, the QFMA, which is embarking on a rebranding drive, had identified the initiative of “starting the process of becoming a signatory” to the IOSCO EMMoU.The EMMoU is a benchmark for co-operation standards, which encourages and enables co-operation between securities regulators through exchanging information in order to combat securities and derivatives violations with a cross-border element.The QFMA’s other identified initiatives are establishing strategic cooperation with local regulators and other local government entities, activating channels of collaboration through memorandums of understanding and co-operation with regional and international organisations, and increasing co-ordination and co-operation with counterparts in the GCC (Gulf Co-operation Council) countries.The QFMA also seeks to enter into MoUs and co-operation agreements with well-established international fintech and asset Management hubs as well as create an international resources and research library.To enable future-proof legislations, the QFMA is seeking to determine the legal and regulatory changes (in QFMA and Qatar Central Bank rules) to support the enhancement of the capital market; implement governance codes for financial services companies, companies listed on the main and venture markets, listed funds and entities subject to the authority’s supervision.The initiative aims to develop a framework for fixed-income markets and asset management as well as develop targeted regulations for Green Assets and a framework for Islamic Finance related to the capital market.The QFMA is seeking to establish a Risk Insurance Fund in accordance with Article 53 of Law No 8 of 2012 regarding the QFMA.The QFMA plan aims to develop and execute the digital transformation strategy, adopt the Qatar Financial Centre model on the digital/virtual marketplace, and consider future implementation.It is also considering robotic advisory for asset management and supporting the creation and innovation of the private companies market.

Qatar has figured among the ‘most affordable’ tax-free countries to relocate in 2024, according to research findings of William Russell, which specialises in expat insurance."Coming in seventh and making yet another appearance for the Middle East is Qatar, earning a relocation score of 5.6 out of 10," said the report.The country has a population of approximately 2.7mn. A one-way economy ticket to the country’s capital, Doha, will cost expats around $356 from London and $551 from New York, it said.On an average, buying an apartment in Qatar, costs around $403 per sq m."It is the fourth most affordable tax-free country for monthly utilities, costing approximately $112. The average monthly net salary in Qatar is $4,327," the report said.Oman is the most affordable tax-free country to relocate to in 2024, with a relocation score of 7.92.Oman is the cheapest country to purchase or rent an apartment, as it has the lowest monthly living costs. It is also the third cheapest country for monthly utility bills, costing around $103.Another Gulf country Kuwait is the second most affordable tax-free country to move to this year, with a relocation score of 6.49. It is also the second most affordable country for both monthly costs and utility bills.Bahrain ranks in third place as the most affordable tax-free country to relocate to in 2024, earning a relocation score of 6.36.Bahrain is the second cheapest country to purchase an apartment in, costing $173 per sq m, on average. It is also the fifth most affordable country for both monthly costs and utility bills.The UAE was ranked as the fourth most affordable tax-free country, with monthly costs of around $959, while the average monthly net salary is around $3,474.William Russell said besides insurance, expatriates also need to consider various other costs, such as flights, rent, and utility bills.In fifth place is Brunei, earning a relocation score of 5.58/10. The country is a tiny nation in Asia and has a population of almost 454,000 people. A one-way economy ticket to the country’s capital city, Bandar Seri Begawan, will cost expats around $942 from London and $1,236 from New York.Brunei is the second cheapest country to rent an apartment, costing around $492 per month, on average. It is also the second most affordable country for both monthly costs and utility bills, joint with Kuwait. The average monthly net salary in Brunei is $1,715.The Maldives is the sixth most affordable tax-free country, receiving a relocation score of 5.32/10. The country is located in South Asia and has a population of approximately 518,700 people. Expats can expect to pay around $530 for a one-way economy ticket from London to the country’s capital, Malé. Those flying from New York can expect to pay around $722 for the same ticket.The Maldives is the third cheapest country to both buy and rent an apartment in, costing around $197 per sq m and $740 per month respectively. It is also the third cheapest tax-free country in terms of monthly costs, with expats having around $791 worth of expenses each month. The average monthly net salary in the Maldives is $926.