Business

Qatar Stock Exchange index declined at the beginning of Wednesdays trading by 0.10 %, or 9.72 points, falling to the level of 10,016 points, compared to Tuesdays close, under pressure from five sectors.The stock market figures attributed the decline in the general index to the transportation sector, which recorded a negative performance of 0.22 %, the industrial sector by 0.20 %, the insurance sector by 0.07 %, the consumer goods and services sector by 0.06 %, and the banking and financial services sector by 0.01 %. On the other hand, the performance was positive for the telecommunications sector by 0.17 % and the real estate sector by 0.02 %.At 10:00 am, Qatar Stock Exchange recorded 1,098 transactions worth QR 25.332 million, distributed among 9.805 million shares.

Qatar’s vital role in the global LNG market and commitment to diverse sectors, including sports and tourism, is fostering economic stability and growth, Allianz Trade has said in an economic update.The trade credit insurer noted that the North Field East LNG expansion project will be a major economic driver, first through "significant investment spending" until the (expected) completion date (2026) and then by fast-expanding liquefied natural gas output.As the first phase of the North Field East gas development project begins, the country's budget surplus will increase by 2026. With a strong fiscal outlook, public debt is expected to decrease from 45% of GDP at the end of 2023 to 33% by the end of 2028.Qatar’s low inflation, along with "progressive monetary relaxation", will also help to maintain private spending, while the government’s "emphasis on economic diversification will drive stable development" in non-energy sectors.According to Allianz Trade, “Qatar has one of the highest levels of GDP per capita in the world”, yet the economy relies significantly on hydrocarbon exports.GDP growth is expected to accelerate to 3% in 2024, Allianz Trade said. Investment in the energy sector, including renewables and fossil fuels, as well as a stronger tourism industry and better partnerships with neighbouring countries, will drive momentum.External liquidity will remain "unproblematic" in the next two years. Qatar has recorded large, sometimes huge, annual current account surpluses for more than two decades, with the exception of 2016 and 2020, when global oil and gas prices were particularly low.These surpluses have contributed to the buildup of the Qatar Investment Authority (QIA), the sovereign wealth fund, which is currently estimated at approximately $480bn.The combined international reserves of the central bank and the QIA represent over two times the annual GDP and cover more than 80 months of imports, Allianz Trade said.The economic acceleration reflects the government’s willingness to move forward with a variety of new infrastructure projects worth slightly less than $19.2bn. The Public Works Authority (Ashghal) will play a key role, as the projects cover many sectors and provide potential for private sector engagement.“We also expect the tourism industry to sustain its recent vibrancy – visitor arrivals more than doubled year on year in the first nine months of 2023, reaching 2.9mn. Qatar hosted the World Aquatics Championships in February.“Qatar has confirmed its ambitions as a worldwide athletic powerhouse and has also expressed interest in bidding for the summer Olympic Games in 2036,” Allianz Trade noted.

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani has underscored the importance of strengthening public-private partnerships (PPPs) in key areas, such as petrochemicals, tourism, and education, in light of the Third National Development Strategy (NDS3) 2024-2030.In the latest issue of Al Moltaqa, the chamber’s monthly economic magazine, Sheikh Khalifa stated that the launch of NDS3 reflects the country’s commitment to achieving Qatar National Vision 2030. The national vision was launched in 2008 with ambitious goals aimed at transforming Qatar into a developed nation capable of achieving sustainable development, he pointed out.Sheikh Khalifa said, “The Third National Development Strategy 2024-2030 represents the final stage in realising the objectives outlined in this ambitious vision, which focuses on four key pillars: human development, social development, economic development, and environmental sustainability.“The strategy assures the state’s interest in empowering the private sector and enhancing its role in driving economic growth. It underscores the development of the government’s role to enable the private sector to lead and drive economic growth.”According to Sheikh Khalifa, the NDS3 aims at creating highly productive, specialised, and competitive economic groupings, which includes adopting rapid reforms in the business environment.He said the strategy also encourages the active participation of leading national companies, foremost among which is the Qatar Investment Authority, to support the development of economic diversification groupings and quality innovations led mainly by businesses.Sheikh Khalifa said, “Undoubtedly, the Wise Leadership provides significant and sustained support for the private sector as a genuine partner in the country’s overall development of the national economy. Therefore, the state’s incentives to support the private sector are essential drivers of its development and its role in the development process.”Highlighting the private sector’s progress, Sheikh Khalifa noted: “In recent years, the private sector has demonstrated its capabilities and efficiency, achieving remarkable progress in industrial and agricultural projects. These projects have successfully enhanced the provision of strategic commodity needs and supported the flow of goods and products to the Qatari market.“Additionally, providing more incentives for private sector enterprises in the industrial sector is fundamental. In fact, the development of the state's infrastructure provides an environment conducive to the private sector's progress and growth. This stimulates the private sector to forge new partnerships and alliances with global technology transfer companies and implement projects that add value to the national economy.”Sheikh Khalifa added: ‘In this context, Qatar Chamber is committed to effectively engaging with relevant official and private authorities. It strives to provide all necessary facilities to private companies and institutions, aiming to create a pro-business environment. This consequently enables the private sector to pursue its active role in the development process and be an integral part of achieving the goals outlined in the Third National Development Strategy 2024-2030.”

Workinton Qatar, which provides workspace solutions, including Doha’s leading coworking locations in West Bay, M7, Lusail, and Alfardan Centre has launched three new products designed to meet the evolving needs of modern businesses.The introduction of suites, enterprise, and starter office marks a significant step forward in providing customisable and efficient workspace solutions for business sizes.The ‘enterprise’ is a comprehensive solution for businesses aiming to expand effortlessly. The service extends beyond conventional workspace offerings, with a focus on strategic location solutions, expert project management, and streamlined operational excellence.Workinton Qatar’s enterprise empowers companies to capitalise on prime real estate in Qatar taking advantage of the brand’s extensive marketability and established network of strategic partnerships, including support from Alfardan Properties, one of Qatar’s leading real estate developers.The Workinton ‘suites’ is an unparalleled private workspace experience, meticulously designed to accommodate teams looking for a dedicated and inspiring environment. The suite’s spacious design includes exclusive amenities, such as a fully equipped coworking area, a well-furnished meeting room or a manager’s office.Workinton suites are designed to ignite innovation and align seamlessly with the needs of businesses while prioritising the critical role of a dedicated workspace in enhancing team productivity and fostering professional development.The starter office is ideal for budding startups and businesses taking their first steps. It is designed to provide the best environment for launching your venture and reaching new heights in business success. With streamlined trade license application support, Workinton’s dedicated Government Relations team simplifies the complexities of trade license applications, ensuring a smooth and hassle-free process of launching a business from start to finish.New founders will experience unparalleled support and guidance as they take those crucial first steps towards setting up their presence and achieving business aspirations in addition to being part of Workinton Qatar’s community of like-minded professionals.

Qatar Stock Exchange index lost 23.48 points, or 0.23 %, at the beginning of Tuesday's trading session, dropping to 10,069 points compared to Monday's closing, under pressure from three sectors.The stock market numbers showed an increase in the performance of the real estate sector, which rose by 0.72 %, the banking and financial services sector by 0.35 %, the insurance sector by 0.31 % and the industrial sector by 0.07 %. On the other hand, there was a negative performance for the communications sector by 0.08 %, the goods and consumer services sector by 0.10 % and the transportation sector by 1.14 %.At 10:00 am, Qatar Stock Exchange recorded 1,787 transactions worth QR 65.476 million, distributed in 18.628 million shares.

The Qatar Stock Exchange (QSE) on Monday saw its key index plummet more than 122 points and capitalisation erode QR9bn, reflecting the global concerns, ahead of the US inflation.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[130236]**data.An across the board selling, particularly in the banks and industrials counters, dragged the 20-stock Qatar Index 1.2% to 10,092.68 points, although it touched an intraday high of 10,213 points.The foreign institutions were seen net profit takers in the main market, whose year-to-date losses widened to 6.81%.More than 89% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR8.9bn or 1.51% to QR579.03bn with large and midcap segments leading the pack of losers.The Gulf institutions’ lower net buying interests had its marginal influence in the main market, which saw as many as 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.04mn trade across eight deals.However, the local retail investors were increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.The Islamic index was seen declining slower than the other indices in the main market, which reported no trading of treasury bills.The Total Return Index shed 1.19%, the All Islamic Index by 0.78% and the All Share Index by 1.37% in the main bourse, whose trade turnover and volumes were on the decline.The banks and financial services sector index tanked 1.71%, industrials (1.36%), real estate (1.12%), transport (0.83%), consumer goods and services (0.71%), insurance (0.55%) and telecom (0.54%).Major losers in the main market included Qatar Islamic Insurance, Qatar Cinema and Film Distribution, Qatari German Medical Devices, Lesha Bank, QNB, Doha Bank, Dlala, Meeza, Industries Qatar, Gulf International Services, Estithmar Holding, Ezdan and Nakilat. In the venture market, Al Mahhar Holding saw its shares depreciate in value.Nevertheless, Mekdam Holding, Al Meera and Qatari Investors Group were the three constituents that extended gains to investors in the main bourse.The foreign institutions turned net sellers to the tune of QR36.72mn compared with net buyers of QR20.58mn on March 24.The Gulf institutions’ net buying decreased marginally to QR8.59mn against QR9.36mn the previous day.However, the local retail investors’ net buying increased drastically to QR42mn compared to QR0.73mn on Sunday.The Arab individuals turned net buyers to the tune of QR6.24mn against net profit takers of QR2.15mn on March 24.The foreign individuals’ net buying strengthened markedly to QR1.38mn compared to QR0.37mn the previous day.The Gulf individual investors’ net buying expanded marginally to QR0.97mn against QR0.2mn on Sunday.The domestic institutions’ net profit booking shrank perceptibly to QR22.45mn compared to QR29.08mn on March 24.The Arab funds had no major net exposure for the second straight session.Trade volumes in the main market shot up 29% to 136.21mn shares, value by 68% to QR461.64mn and deals by 69% to 16,344.The venture market saw 91% plunge in trade volumes to 0.02mn equities, 91% in value to QR0.03mn and 91% in transactions to 3.

‘Build Your House Exhibition 2024’, slated from May 13 to 16 at the Qatar National Convention Centre (QNCC), will witness a strategic collaboration with the Ministry of Social Development and Family to host the second edition of the ‘Gulf Housing Week Conference.’With an anticipated attendance of over 300 exhibitor participants and insights from over 60 expert speakers, the conference promises to be a dynamic platform for knowledge exchange, collaboration, and networking. It will coincide with the Build Your House Exhibition, held directly within the exhibition area, providing a comprehensive experience for attendees.The opening ceremony will be attended by HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani and HE the Minister of Social Development and Family Maryam bint Ali bin Nasser al-Misnad.The exhibition space will feature booths from all six GCC countries, with Qatar’s booth strategically represented within the Ministry of Social Development and Family’s space. Additionally, the GCC Council will host a booth, covering a total space of 800sq m and is expected to encourage cross-border collaboration, fostering a sense of unity and shared purpose within the region.Rawad Sleem, co-founder and general manager of NeXTfairs for Exhibitions and Conferences, said the partnership aims to enrich urban and real estate life, promoting the advancement of the construction sector in the Gulf Co-operation Council (GCC) and strengthening the groundwork for a sustainable urban economy.He said this joint effort with the ministry highlights a crucial stride towards fostering a sustainable urban economy and fostering the advancement of the construction sector.“The fifth edition of Build Your House Exhibition, a Qatar-created event, has demonstrated a significant impact on the growth of the construction industry and Qatar’s urban renaissance. The success of Build Your House Exhibition 2023 is evident in the remarkable business introductions and an impressive QR800mn in deals.“The upcoming fifth edition will further enhance the experience for our visitors and exhibitors as we collaborate with the Ministry of Social Development and Family to present the second edition of the Gulf Housing Week Conference. This collaboration with the Ministry is a pivotal effort aimed at fortifying the foundation for a sustainable urban economy and fostering the growth and development of the construction sector.”He added: “With the participation of esteemed ministers from the GCC, Qatari homeowners, industry professionals, 300 varied companies, and decision-makers, this promises to be an inspiring and enlightening conference and exhibition. This collaboration holds immense potential to instigate change and growth, ultimately shaping the future of cities, real estate development, and the lives of people residing in Qatar and the GCC."

The Qatar Financial Centre Authority (QFCA) has recast its board with HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani as chairman.During its meeting on Wednesday, the cabinet approved the reform of the board, which brings together a distinguished group of individuals renowned for their expertise across various sectors.The board comprises prominent figures, including Mansoor bin Ebrahim al-Mahmoud, Abdulaziz bin Nasser bin Mubarak al-Khalifa, Akbar al-Baker, Ahmed bin Abdullah al-Jamal, Mohamed Hassan al-Maliki, Sheikh Ali bin Alwaleed al-Thani, Ahmad Abdulla al-Muslemani, Yousuf Mohamed al-Jaida, and Robert Wigley."We recognise the profound implications this decision holds for Qatar's economic landscape. With the collective wisdom and experience of the new board of directors, the QFCA is poised to further advance its mission of facilitating business growth, attracting foreign investment, and nurturing a thriving financial ecosystem,” said al-Jaida.As it enters this new phase, the QFC moves forward with renewed leadership and a steadfast commitment to fostering Qatar’s economic development.

HSBC Qatar has been voted “market leader” for trade services in the country for the seventh consecutive year in the 2024 Euromoney Trade Finance Survey.The bank also received the award for best service in the country and was voted best bank for trade finance across the Middle East.HSBC ranked first globally with 52 first-place rankings which are split into 28 market leader and 24 best service awards across all regions. The rankings represent the views of thousands of business customers on their preference for trade finance in the region.Abdul Hakeem Mostafawi, CEO, HSBC Qatar, said: “HSBC Trade Services are at the heart of our strategic priorities and bring local expertise and global connections to our customers.“Our 70-year heritage in Qatar was founded on trade services where we were able to connect our customers to the world. We will continue to invest in the best technologies to ensure secure and streamlined transactions for our customers.”

Commercial Bank and Mastercard have joined hands to sign sustainability pledge that promotes environmental initiatives in Qatar.Various commitments were signed in Doha, at an event that was attended by Group CEO of Commercial bank, Joseph Abraham; executive general manager and head (Retail Banking) at Commercial Bank, Shahnawaz Rashid; assistant general manager and head (Cards and Payments) at Commercial Bank, Dr. Sudheer Nair and head (Cards Issuance, Products and Portfolio) at Commercial Bank, Srikumar Chandrot.Present on the occasion for the signing ceremony from Mastercard were the president of Eastern Europe, Middle East and Africa (EEMEA) at Mastercard, Dimitrios Dosis; president of the Middle East and North Africa Division (MENA), Khalid Elgibali; general manager of MENA East responsible for the UAE, Pakistan, Qatar, Kuwait and Oman, J.K. Khalil; country manager (Qatar and Kuwait) Erdem Çakar; and account Manager of Qatar, Zulkarnain Qureshi.For Commercial Bank and Mastercard alike, accelerating the transition to a sustainable and regenerative economy for all is a key business priority.Commercial Bank is the first in the market to sign Mastercard’s Qatar Sustainable Cards Pledge, which mobilises the country’s banks to switch to cards made from more sustainable materials- including recycled or bio-sourced plastics such as rPVC, rPET, or PLA1 - by 2026.Commercial Bank also signed an agreement to introduce Mastercard’s ‘Carbon Calculator’, making them the first financial institution in Qatar to do so.Developed by Mastercard in partnership with Swedish fintech company Doconomy, the Carbon Calculator allows consumers to receive a snapshot of the estimated carbon emissions generated by their purchases.Commercial Bank is further joining Mastercard’s ‘Priceless Planet Coalition’, which unites the efforts of citizens, businesses, and corporate partners to fight climate change through funding the restoration of 100mn trees with the aim of contributing to the fight against climate change.By restoring 50,000 trees across the globe in collaboration with Conservation International, the World Resources Institute (WRI) and Mastercard, Commercial Bank will help cultivate a healthier global forest ecosystem.Commenting on this agreement, Abraham said, "We are delighted to announce our partnership with Mastercard, solidifying our commitment to sustainability and environmental stewardship in Qatar. By joining forces, we aim to leverage innovation and responsible business practices to drive positive change and create a more sustainable tomorrow for generations to come.”Dosis said, “At Mastercard, we are actively working with our global partner network to build a better future in line with our ethos of doing well by doing good. We are delighted to join forces with Commercial Bank to harness the power of our collective technology, scale, and commitment in creating a sustainable future for all.”Rashid said, "Together with Mastercard, Commercial Bank is poised to create a meaningful impact and lead by example in promoting a more sustainable and eco-conscious society. By signing this pledge, and through our innovative initiatives and collaborative efforts, we aim to reduce our environmental footprint and inspire others to join us in prioritising sustainability.”The pledge signed by Commercial Bank and Mastercard stands as a testament to the steadfast commitment to paving the way for a more sustainable future, one rooted in responsibility, innovation, and collective action.

The general index of Qatar Stock Exchange (QSE) dropped 32.67 points, or 0.32%, at the beginning of trading on Monday to reach the level of 10,182 points, compared to yesterday's closing.The performance of QSE general index was weighed down by a decline in five sectors: Real Estate by 0.80%; Industrials by 0.52%; Consumer Goods and Services by 0.42%; Telecoms by 0.30% and Banks and Financial Services by 0.27%.However, Transportation remained stable by 0.00%, while the QSE index saw a rise in Insurance by 0.10%.At 10:00 am, Qatar Stock Exchange recorded 1608 transactions worth QR 47.763 million distributed to 19.716 million shares.

Barwa Real Estate Group announced the appointment of Ahmed Mohamed al-Tayeb as its CEO.“Ahmed Mohamed al-Tayeb is recognised as one of Qatar's competencies with extensive experience and proficiency in real estate development and project management,” Barwa said last night.Al-Tayeb held executive positions in several national companies and institutions. He served as the CEO (Investment Sector) at Qatari Diar Real Estate Investment Company, where he managed a portfolio worth $35bn.He began his professional career by working for seven years in communications and operations management for the Special Forces, Ministry of Interior.He then joined RasGas and served the LNG company for six years, working on various projects.After that, he worked for two years at the Amiri Diwan. He also worked for two years in the Project Management Office at the Supreme Committee for Projects and Legacy.Additionally, al-Tayeb served as chairman and member of board of directors of several companies in Qatar.He holds a master's degree in Electrical Engineering from the University of Colorado, Denver, US.HE Abdullah bin Hamad al-Attiyah, chairman, Barwa's Board of Directors welcomed al-Tayeb to the new position, expressing their great confidence in him and BoD’s anticipation of his role in implementing the board's vision, which aims to continue the company's journey, enhance its position locally and globally, and sustain shareholders returns.Al-Attiyah and Barwa board members also expressed their gratitude to Abdullah bin Jobara al-Rumaihi for his efforts during his tenure as CEO of the Group.

The Qatar-Ukraine Business Forum (QUBF) is making technological advancements a key priority as part of its 2024 action plan, aligning closely with the country’s Third National Development Strategy (NDS3) 2024-2030, an official has said.“Acting in line with Qatar’s Third National Development Strategy, the QUBF intends to make its possible contribution by prioritising the potential industries in Qatar-Ukraine partnerships,” QUBF chairperson Dr Olga Revina told Gulf Times on Sunday.In a move to strengthen ties between Qatar and Ukraine’s tech sectors, Revina said QUBF has announced a new collaboration with UNIT.City, one of the largest innovation parks in Central and Eastern Europe based in Ukraine.“QUBF, in collaboration with UNIT.City – one of the biggest innovative platforms in Central and Eastern Europe – agreed to jointly form the ‘Tech and Innovation Committee’ under the umbrella of QUBF. The goal is to create a portfolio of innovative tech startups from Ukraine that will be able to realise numerous opportunities offered by the Qatari ecosystem,” Revina pointed out.According to Revina, the partnership aims to identify promising Ukrainian startups and connect them with the vibrant startup environment of Qatar, which is positioning itself as a global business hub.“QUBF’s Action Plan 2024 outlined a number of events with a primary focus on technological advancements,” said Revina, who also lauded Qatar for remaining focused on diversifying its key economic sectors, fostering a business-friendly climate, and attracting foreign investment along with skilled talent.Citing potential partnerships with startups in Qatar, Revina said Ukraine has developed an impressive startup ecosystem despite the ongoing war, producing several unicorn companies like People.ai, Grammarly, and Gitlab, among others, with massive global user bases.UNIT.City plays a vital role in nurturing this ecosystem as the first innovation park in the country, Revina noted. “As QUBF founders, we were very confident in this collaboration because we believe that Ukrainians have a lot to offer and contribute. UNIT.City helps us select attractive Ukrainian startups to be introduced in Qatar,” Revina emphasised.Revina also pointed out that the Tech and Innovation Committee will leverage resources and expertise from both QUBF and UNIT.City, whose focus has been on supporting early-stage startups through funding, facilitating access to support services, and bolstering globally competitive incubation and acceleration programmes.She also underscored the strategic partnership between Qatar and Ukraine in the technology domain holds immense potential, saying that by tapping into Ukraine’s robust tech talent pool, the collaboration could open new avenues for innovation, entrepreneurship, and cross-border investments aligning with Qatar’s economic diversification ambitions.

Principal market for Qatari LNG continues to be Asia, accounting for 72% of its total supplies in 2022, Doha-based Gas Exporting Countries Forum (GECF) said in a report.Qatar accounted for 16% of European LNG imports in 2022, GECF said in its ‘Global Gas Outlook 2050’.In 2022, net gas exports from the Middle East amounted to 139 bcm. Projections indicate a significant surge in overall net exports to 292 bcm by 2050.In 2022, the Middle East contributed 96mn tonnes to global LNG exports, representing 25% of the total global LNG exports.Qatar secured the top position as the leading global LNG exporter, shipping 79mn tonnes, while Oman and the UAE exported 11mn tonnes and 5.5mn tonnes respectively.“Notably, Qatar supplied 16% of European LNG imports. However, Europe only represented 24% of Qatar’s overall LNG exports, while the principal market for Qatari LNG continued to be Asia, accounting for 72% of the total,” GECF said.According to the forum, the “primary force propelling natural gas exports” from the Middle East is set to be growth in LNG supplies, notably led by Qatar.The upward trajectory of Qatar’s position as a leading global LNG exporter in 2022 indicates a growing momentum towards additional expansions or advancements post-2030s and 2040s following the North Field expansion projects.With ambitions to increase its current capacity of 77mn tonnes per year by 64%, Qatar aims to reach 126mn tonnes per year through the North Field expansion by 2028.By 2050, LNG exports from the Middle East will reach 205mn tonnes, largely due to the expansion efforts in Qatar. Anticipated long-term LNG imports are predicted to reach 16mn tonnes by 2050.Consequently, the long-term outlook suggests an expansion of LNG net exports to reach 189mn tonnes. Primary destination for Middle Eastern LNG is expected to continue being Asia, with that region set to have an even more significant role in the long run.By 2050, GECF noted, the Asia Pacific region is poised to receive 186mn tonnes of LNG sourced from the Middle East, constituting over 90% of all LNG exported from that region.The region possesses 101mn tonnes per year of liquefaction capacity, primarily dominated by Qatar’s 77mn tonnes per year. Plans are in progress from 2022 to 2050 to add approximately 130mn tonnes per year of extra LNG liquefaction capacity to the region, with Qatar leading expansion efforts.The utilisation rate of this increased LNG liquefaction capacity is projected to be high, surpassing 90% by 2050, GECF said.

Qatar Chamber recently held a joint meeting with the Ministry of Labour (MoL) to address the private sector’s perspectives and viewpoints about the mandatory health insurance system for non-Qataris.Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani and Ministry of Labour assistant undersecretary for Migrant Labour Affairs Sheikha Najwa bint Abdulrahman al-Thani chaired the meeting.Also present at the meeting were several Qatar Chamber board members, the Qatar Chamber acting general manager Ali Saeed bu Sherbak al-Mansouri, representatives of insurance companies, and several Qatari businessmen.In his remarks, Sheikh Khalifa lauded the MoL’s interest to get acquainted with the perspectives and viewpoints of business owners regarding the mandatory health insurance system for migrant labour. He also stressed the chamber’s keenness to convey the private sector’s perspectives on the system to the relevant authorities.Sheikh Khalifa emphasised the importance of addressing the challenges encountered by the Qatari private sector about the system with the MoL before finalising the system and commencing its implementation.For her part, Sheikha Najwa emphasised that business owners are the most crucial stakeholders with a direct connection to the system. She stressed the ministry’s keen interest in familiarising itself with their perspectives and proposals before finalising the system’s draft.Sheikha Najwa also emphasised the ministry’s commitment to conducting necessary consultations with all concerned parties in the country, including business owners, stressing the aim is to formulate the best model that serves the national health strategy.The meeting also addressed the private sector’s concerns regarding the challenges it may encounter during the initial implementation of the system, such as the standards for calculating the insurance policies, managing chronic diseases, accrediting medical service providers, setting insurance coverage limits, defining the implementation stages, and other related viewpoints and challenges.

Ooredoo deputy Group CEO Sheikh Mohamed bin Abdulla al-Thani was honoured with the Gold Stevie Award in the ‘Most Innovative Leader of the Year’ category during the ‘2024 Middle East & North Africa Stevie Awards’ for his outstanding achievements during his tenure as Ooredoo Qatar CEO.Sheikh Mohamed led Ooredoo Qatar from 2020 to 2023, steering the company through the unprecedented challenges of the global pandemic and achieving one of the operation’s greatest successes, including record-breaking accomplishments during the first-ever 5G-connected football mega event held in Qatar in 2022.Under his leadership, Ooredoo made significant strategic investments in network development and cutting-edge technologies. This included the deployment of Digital Twins, leveraging AI-enabled automated decision-making to enhance user experience and optimise network performance.Additionally, outdoor radio sites were upgraded with the latest 5G technology, expanding network coverage and capacity across stadiums, airports, and fan zones. These initiatives collectively ensured seamless connectivity and delivered an unparalleled digital experience for fans and customers alike.During Sheikh Mohamed’s tenure, Ooredoo also completed recertification for ISO 22301:2019 and was certified as the ‘Best Place to Work in Qatar’.He said, “I am honoured to receive the Gold Stevie Award for Most Innovative Leader of the Year. This award is a testament to the dedication and hard work of the entire Ooredoo team. Together, we have achieved remarkable success and set new standards of innovation and excellence in the telecommunications industry.”Sheikh Mohamed currently serves as the chairman of the board of Ooredoo Kuwait and Ooredoo Oman, and vice-chairman of the board of Asiacell in Iraq. Previously, he was CEO of Ooredoo Kuwait and chairman of the board of Ooredoo Myanmar, Ooredoo Algeria, and president commissioner of Indosat Ooredoo, where he achieved great success.The Middle East & North Africa Stevie Awards honour and recognise the achievements of organisations and business professionals in the Mena region. The Gold Stevie Award is the highest honour presented at the awards ceremony.

Qatar's stock market will move to 'T+2' settlement cycle from 'T+3', effective from today, in a bid to help investors receive their cash faster and substantially.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[130236]**reduce the operational and counterparty risks.The strategic move focuses on shortening the settlement period at the Qatar Stock Exchange and complements the Qatar financial market development initiatives. The move to T+2 further align the Qatar's capital market with international standards and make it more attractive to both domestic and foreign investors.The endeavour is to follow the best international practices in the global financial markets in order to provide the best ways and functions to enhance the efficiency of Qatar’s securities market.The settlement cycle has remained at trade date plus three business days (T+3) in Qatar, where the global fund managers have been eyeing the fastest growing economy due to its strong macro fundamentals, especially after Doha unveiled its plans to enhance its liquefied natural gas production from the present 77mn tonnes per annum, which offered indirect benefits to the private sector as well.The ‘T+2’ settlement cycle ensures seamless international fund management, which in turn, helps in enhancing the competitive edge of the Qatari capital market, market sources said.In conjunction with the launch of T+2 settlement, the QSE has amended the covered short selling procedures for exchange traded fund (ETF) units, and of the market maker, liquidity provider and qualified investor.A key industry demand has been to shorten the settlement cycle in view of Qatar having the necessary enablers such as the market and technological infrastructure.A cost-benefit analysis of the shortened settlement cycle has found that major bourses across the world favour shortened settlement period as it helps reduce clearing and settlement risk as well as the overall costs for the securities' industry, thus making the market safer.The significant improvements in straight through processing and the underlying technology over the last few years call for a shortened settlement cycle, which at this point of time greatly improves volume and liquidity in the system, market experts said.

QNB, the largest financial institution in the Middle East and Africa, won Euromoney‘s award for ‘Best Private Bank for 2024’ in Qatar, a “reflection of its pioneer position” in investments and private banking.The prestigious award represents the highest distinction to the banks who demonstrate an exceptional business performance in private banking industry.Part of the QNB Group, QNB Private is the first private bank in Qatar, which provides world-class wealth management for its customers, who are given access to globally recognised wealth management opportunities and a team of advisors.From private banking to wealth management, QNB Private’s products and solutions are specially designed to meet customers’ financial needs and satisfy their aspirations.Adel Khashabi, senior executive vice-president, QNB Group Asset and Wealth Management, said, “Winning this prestigious award aligns with our belief that private banking is a personal journey where each customer receives a customised experience bringing international wealth management expertise and tailor-made solutions.“Our qualified wealth management team work closely with customers to understand their individual financial needs and develop investment portfolios to meet their expectations in line with our vision to become their trusted financial partner for generations to come.”Euromoney’s recognition was based on comprehensive certified qualitative and quantitative criteria and standards across a range of measures.QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa. Through its subsidiaries and associate companies, the group extends to some 28 countries across three continents providing a comprehensive range of advanced products and services.The total number of employees is more than 30,000 operating from approximately 900 locations, with an ATM network of over 4,800 machines.

HE Sheikh Mohamed bin Hamad bin Qassim al-Thani, Minister of Commerce and Industry, on Sunday met with Timmy Davis, the US ambassador to Qatar. The meeting discussed the co-operation relationships in fields like trade, investment, and industry between the two countries, and ways to enhance and develop them. Besides, a number of subjects of mutual interest also came up for discussions.

TCP deals are part of second ship-owner tender under QatarEnergy’s historic LNG fleet expansion programmeQatarEnergy signed time-charter party (TCP) agreements with Qatar Gas Transport Company (Nakilat) for the operation of 25 conventional-size LNG vessels as part of the second ship-owner tender under QatarEnergy’s historic LNG fleet expansion programme.The agreements were signed on Sunday by HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, and Abdullah al-Sulaiti, CEO, Nakilat, at a ceremony held at QatarEnergy’s headquarters in Doha, and attended by senior executives from QatarEnergy, QatarEnergy LNG, and Nakilat.Some 17 of the 25 LNG vessels are being constructed at the Hyundai Heavy Industries (HHI) shipyards in South Korea, while the remaining eight are being constructed at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) also in South Korea.Commenting on this occasion, al-Kaabi said, “These agreements firm up last month’s selection of Nakilat as the owner and operator of up to 25 conventional-size LNG carriers, underscoring our continued confidence in Qatar’s flagship LNG shipping and maritime company. This is a testament to Nakilat’s world-class capabilities as well as to the significant contributions of Qatari listed companies to our country’s national economy.”Al-Kaabi added: “The agreements we signed today play an important role in implementing QatarEnergy’s historic LNG shipping programme, which will cater for our future requirements, as we move forward with the expansion of our LNG production capacity to 142mn tonnes per annum by 2030, ensuring additional cleaner and reliable energy supplies to the world.”Each of the 25 vessels will have a capacity of 174,000 cubic metres and will be chartered out by Nakilat to affiliates of QatarEnergy, pursuant to the 15-year TCP agreements.