Business

HE Sheikh Bandar bin Mohamed bin Saoud al-Thani, Governor of the Qatar Central Bank (QCB), participated in the joint meeting of the governors of central banks in the Gulf Co-operation Council or GCC countries and the governor of the People's Bank of China (PBoC).The meeting, which was held virtually, discussed issues of mutual interest. The meeting is a continuation of the outcomes of the first joint meeting of GCC central bank governors with the governor of the People's Bank of China that was held on September 28, 2021.

The Qatar Stock Exchange (QSE) Tuesday snapped three days of bearish run and its key index gained more than 170 points and capitalisation added QR10bn as the country’s bellwether QatarEnergy entered into a pact to supply liquefied natural gas to Germany for the next 15 years.The banking and industrials counters saw higher than average demand as the 20-stock Qatar Index vaulted 1.46% to 11,799.9 points, but recovering from an intraday low of 11,642 points.The foreign institutions were seen bullish in the market, whose year-to-date gains improved to 1.5%.More than 73% of the traded constituents extended gains in the main bourse, whose capitalisation saw QR9.85bn or 1.51% jump to QR661.39bn, mainly on large and midcaps.The Islamic index gained slower than the other indices in the main market, which saw a total of 0.18mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.57mn changed hands across 19 deals.Trade turnover and volumes were on the increase in the main and venture markets.The Arab individuals were net buyers, albeit at lower levels, in the main bourse, which saw no trading of sovereign bonds.The foreign retail investors’ weakened net selling had its influence in the main market, which saw no trading of treasury bills.The Total Return Index shrank 1.46%, All Share Index by 1.43% and Al Rayan Islamic Index (Price) by 1.01%.The industrials sector index zoomed 1.86%, banks and financial services (1.76%), insurance (1.38%), consumer goods and services (0.7%), real estate (0.16%) and telecom (0.15%); while transport declined 0.28%.Major gainers in the main market included Mesaieed Petrochemical Holding, Estithmar Holding, Industries Qatar, Aamal Company, Ooredoo, QLM, Mannai Corporation, Qatar National Cement, Zad Holding, QNB and Commercial Bank. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares appreciate in value.Nevertheless, Vodafone Qatar, Inma Holding, Qatar Cinema and Film Distribution, Widam Food and Dlala were among the losers in the main market.The foreign institutions turned net buyers to the tune of QR41.56mn against net sellers of QR15.08mn on November 28.The Arab retail investors turned net buyers to the tune of QR0.48mn compared with net sellers of QR3.28mn on Monday.The foreign individuals’ net selling declined noticeably to QR2.33mn against QR4.16mn the previous day.However, the domestic funds were net sellers to the extent of QR34.02mn compared with net buyers of QR12mn on November 28.The local retail investors turned net sellers to the tune of QR2.41mn against net buyers of QR10.4mn on Monday.The Gulf individuals’ net profit booking expanded noticeably to QR2.02mn compared to QR0.39mn the previous day.The Gulf institutions were net sellers to the extent of QR1.26mn against net buyers of QR0.5mn on November 28.The Arab institutions turned net profit takers to the tune of QR0.01mn compared with net buyers of QR0.08mn on Monday.Total trade volume in the main market fell 4% to 99.92mn shares, value by 19% to QR395.95mn and deals by 21% to 16,773.The venture market saw 73% contraction in trade volumes to 0.04mn equities, 64% in value to QR0.34mn and 63% in transactions to 32.

Qatar Security Systems Company (QSS), a subsidiary of Qatari Investors Group Technology, has been immensely contributing to the security of the stadiums hosting the first FIFA World Cup in the Middle East; Qatar 2022.QSS - specialised in integrated security systems, detection, life safety and other innovative digital systems - has secured the entrances of the stadiums with personal screening devices and metal detectors along with a full support team throughout the tournament.The company has secured as well the spectator entry access at Ahmad Bin Ali Stadium with automated turnstile gates and managed the ticketing system for smooth access entry.Established in 1995, QSS has a wide network of international partners, such as “Smiths Detection”, the global leader in threat detection and screening technologies for aviation, ports and borders, defence and urban security.Another partner is “Ceia”, an industrial company focused on the design and manufacturing of electromagnetic inspection systems and induction heating systems.Through its strong global partnerships and cooperation, the company was able to provide turnkey solutions from the design phase all the way to operations and maintenance for high-value clients in Qatar.QSS, which owns security systems approved by the Ministry of Interior and has world-class integrated security solutions, provided the necessary support to the tournament’s security and safety operations committee and other security authorities through the provision of mobile vehicle screening units, advanced under vehicle screening systems and threat detection equipment for the vehicle checkpoints with operational event support supplied for FIFA event.In addition, the company has set up checkpoints to screen fans onboard three MSC Cruises ships, serving for the World Cup fans at Doha Port.Furthermore, its role extends to providing X-ray baggage scanners, threat detection system and self-screening security system for persons at both Hamad International Airport and Doha International Airport, while providing a specialised team of technicians to support inspections 24x7.

Milaha and Norwegian LNT Marine have entered into a Memorandum of Understanding (MoU) to collaborate on repair, conversion, construction projects, and repair of tanks, and marine insulation systems.The companies are looking at insulation repairs for all types of gas carriers, including LPG or liquefied petroleum gas, LEG or liquefied ethylene gas and LNG or liquefied natural gas, as well as reefers, said.They would explore solutions and projects for fuel conversion projects for all types of vessels, in particular containerships and tank systems with insulation for alternative fuels, including LNG and ammonia, it said.Milaha’s interim president and chief executive officer Mohamed Abdulla Swidan, was quoted as saying the deal with Norwegian LNT Marine adds new sophisticated technologies to its services related to all gas carriers and tank systems.Milaha would provide repair, and installment of all giant gas tanks’ systems in Qatar alongside the other maritime services provided at its shipyard.“We believe the synergies between Milaha’s vast maritime base and capabilities in ship repair and fabrication and LNT’s capabilities within cryogenic insulation as well as in tank system design and engineering, will prove to be very fruitful,” LNT Marine, chief executive officer, Kjetil Sjolie Strand, said.“LNT has just received approval in principle for carriage of ammonia with its type A tank system and is eager to work with Milaha to offer fuel conversion solutions for ships in Qatar and the Gulf region,” he said.LNT Marine is a technology provider and contractor within the LNG sector, gas carrier segment and all other types of cold cargo. We invent and develop new innovative and cost efficient technologies.In 2021, QatarEnergy has entered into a multi-party agreement, which included LNT Marine, to collaborate on the development of new medium and large LNG carrier designs.

Qatar is continuing to talk to German buyers about additional LNG supplies; HE the Minister of State for Energy Affairs Saad Sherida al-Kaabi said and noted “many European and Asian countries now want natural gas that we do not have enough negotiators to cope.”Germany is set to receive new flows of Qatari liquefied natural gas (LNG) from 2026 after QatarEnergy and ConocoPhillips Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period.A ConocoPhillips subsidiary will purchase the agreed quantities to be delivered to the German receiving terminal at Brunsbuttel in the northern part of the country, which is currently under development.“We are discussing other possible deals for Germany and with many Asian and European countries. We are negotiating with German companies to further increase the volumes being sent,” al-Kaabi said in reply to a question by Gulf Times Tuesday."We are committed to contribute to the energy security of Germany and Europe at large," al-Kaabi said.Lance hailed the accord as "a vital contribution to world energy security".“QatarEnergy and ConocoPhillips are excited for the opportunity to responsibly and securely supply world markets with LNG from the Qatari expansion projects.”“These agreements will provide an attractive LNG offtake solution for our new joint ventures with QatarEnergy and position the joint ventures as reliable sources of LNG supply into Europe,” Lance added.According to a Bloomberg dispatch, the five (LNG) import facilities chartered by the German government will cost a total of €6.5bn over the next 10 to 15 years. There is also one privately chartered terminal planned. Once operational, they will be able to cover around one third of Germany’s current gas demand, according to a government estimate.Last week, QatarEnergy entered into a 27-year sale and purchase Agreement (SPA) with China Petroleum & Chemical Corporation (Sinopec) for the supply of 4mn tons per year (MTPY) of LNG to China.Under the terms of the SPA, the contracted LNG volumes will be supplied from QatarEnergy’s North Field East (NFE) LNG expansion project and will be delivered to Sinopec's receiving terminals in China.QatarEnergy earlier this year signed five deals for North Field East (NFE), the first and larger of the two-phase North Field expansion plan, which includes six LNG trains that will ramp up Qatar's liquefaction capacity to 126mn tonnes per year by 2027 from the current 77mn in two phases.

HE the Governor of Qatar Central Bank (QCB) Sheikh Bandar bin Mohammed bin Saoud Al-Thani participated, on Tuesday via video conference, in the joint meeting between the governors of central bank in the Gulf Cooperation Council (GCC) countries and the Governor of the People's Bank of China.The meeting discussed a number of topics of common interest.The meeting is a continuation of the outcomes of the first joint meeting of GCC central bank governors with the Governor of the People's Bank of China that was held on September 28, 2021.

Deal signed to supply Qatar LNG to Germany QatarEnergy, ConocoPhillips sign deal to supply LNG to GermanyQatar’s first long-term LNG supply deal with Germany was announced Tuesday with QatarEnergy signing two LNG sale and purchase agreements (SPAs) with ConocoPhillips affiliates for the delivery of up to 2mn tonnes per year for at least 15 years.Pursuant to the two SPAs, a ConocoPhillips wholly-owned subsidiary will purchase the agreed quantities to be delivered ex-ship to the LNG receiving terminal, which is currently under development in Brunsbüttel in northern Germany, with deliveries expected to start in 2026.The LNG volumes will be sourced from the two joint ventures between QatarEnergy and ConocoPhillips that hold interests in Qatar’s North Field East (NFE) and North Field South (NFS) projects.The SPAs were signed by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, and Ryan Lance, Chairman and CEO of ConocoPhillips at the QatarEnergy headquarters in Doha Tuesday.Speaking at the signing ceremony, al-Kaabi said, “We are pleased to sign these agreements with our partner ConocoPhillips to supply up to 2mn tonnes per year of LNG to Germany from the two QatarEnergy-ConocoPhillips joint ventures in the NFE and NFS LNG expansion projects respectively, starting in 2026.“These agreements are momentous for several reasons. They mark the first ever long-term LNG supply to Germany with a supply period that extends for at least 15 years, thus contributing to Germany’s long-term energy security. They also represent the culmination of efforts between two trusted partners, QatarEnergy and ConocoPhillips, over many years, to provide reliable and credible LNG supply solutions to customers across the globe, and today, to German end-consumers. This is a concrete demonstration of QatarEnergy’s resolve to provide reliable energy supplies to all major markets around the world, and of our commitment to the German people.”

Egypt’s newly flexible currency is still too tame for a market that’s bracing for more disruption ahead.Although Egypt has allowed the pound to slide more than almost every other currency in the world this quarter, investors are questioning whether authorities would completely loosen their grip if it comes under more pressure. They may not need to wait long for answers.Among developing peers, Egypt is the economy most vulnerable to a currency crisis over the next 12 months, according to a Nomura Holdings Inc gauge that’s predicted past selloffs. HSBC Holdings Plc, which previously expected the pound to stabilise around 24 per dollar, now tentatively envisions a move toward 26, which implies a depreciation of around 5.5% from current levels.At stake is the willingness of foreign investors to plough money back into the one-time darling of emerging markets. Their reluctance so far has contributed to a steep rise in the yields on Egypt’s Treasury bills, which reached the highest since early 2019 at the latest auctions.“Right now there is a lot of confusion as to whether we are in a truly flexible regime,” said Farouk Soussa, an economist at Goldman Sachs Group Inc in London. “Whether the pound will be more flexible in the face of external shocks going forward and act as an automatic stabiliser to the external accounts is yet to be tested.”The North African nation devalued the pound by 18% in late October and signalled it’s shifting to a more flexible foreign-exchange regime as the economy grapples with the fallout from Russia’s invasion of Ukraine. The currency has weakened about 20% against the dollar to record lows this quarter, the worst performer in the world after Ghana’s cedi.But a recent bout of dollar weakness globally served to cushion the pound’s fall to around 2% this month. Emerging-market currencies have jumped almost 3% in November as the dollar retreated.One-week historical volatility in the dollar-pound - which measures how far traded prices move away from their average - has fallen back to levels seen before the latest sharp devaluation.“After an initial sharp move at the time the IMF deal was concluded, the Egyptian pound has been little changed against the dollar, at a time when other EM currencies have been more volatile,” Simon Williams, chief economist at HSBC Holdings Plc for Central & Eastern Europe, the Middle East and Africa, said in a report.“If the status quo persists and the FX market struggles to clear, the likelihood of a deeper downward shift in the value of the pound will rise,” Williams said.The backdrop meanwhile remains difficult for Egypt. It scored the highest among emerging counterparts in Nomura’s early warning indicator of exchange-rate crises. The nation is one of four developing countries “not yet out of the woods” even after experiencing a currency selloff, according to the Tokyo-based bank.For now, Egypt is set to allow for “some accelerated depreciation” ahead of an expected approval next month of a $3bn loan from the International Monetary Fund, which favours a more flexible exchange rate as a condition of financial support, according to Gordon Bowers, a London-based analyst at Columbia Threadneedle Investments.Looking ahead, Egypt faces several pressure points.The central bank plans by end-December to remove a requirement for importers to acquire letters of credit to buy some goods abroad. The country also needs to clear a backlog of requests - estimated at over $5bn - from importers and companies to access hard currency, another move that could add pressure on the pound.“It seems like the authorities want to manage this clearing process, and once the backlog is at manageable levels we could see more flexibility,” Bowers said. “But until then, I think it’s too soon to get a sense of how truly flexible the new exchange rate regime will be.”Concerns about inflation and social stability may be putting constraints on policy in a country where the majority is vulnerable to price shocks. While Egypt is adding instruments for investors and corporates to hedge against foreign-exchange risks, trading in the local derivatives market is still thin.In the offshore market, derivatives traders have stepped up bets that the pound will additionally depreciate over 13% in the next 12 months.The pound will remain under pressure until there are more dollar inflows from Gulf allies that have rushed to Egypt’s aid with pledges of deposits and investments, according to Carla Slim, an economist at Standard Chartered Plc.

The foreign institutions’ net selling Monday led the Qatar Stock Exchange plunge 106 points in key index and erode QR6bn in capitalisation.The telecom, consumer goods and transport counters witnessed higher than average selling as the 20-stock Qatar Index shed 0.91% to 11,629.55 points, but recovering from an intraday low of 11,499 points.About 78% of the traded constituents were in the red in the market, whose year-to-date gains truncated to 0.03%.The foreign individuals were increasingly net sellers in the main bourse, whose capitalisation saw QR5.6bn or 0.85% decline to QR651.54bn, mainly on midcaps.The Islamic index fell faster than the other indices in the main market, which saw a total of 0.06mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.48mn changed hands across 31 deals.Trade turnover and volumes were on the increase in the main and venture markets.The Arab individuals were increasingly net sellers in the main bourse, which saw no trading of sovereign bonds.The local retail investors’ weakened net buying had its influence in the main market, which saw no trading of treasury bills.The Total Return Index shrank 0.91%, All Share Index by 0.81% and Al Rayan Islamic Index (Price) by 0.94%.The telecom sector index tanked 2.27%, consumer goods and services (2.07%), transport (1.41%), industrials (0.82%), real estate (0.71%) and banks and financial services (0.6%), while insurance gained 1.85%.Major shakers in the main market included Al Khaleej Takaful, Widam Food, Estithmar Holding, Mannai Corporation, Ooredoo, Commercial Bank, QIIB, Masraf Al Rayan, Qatar Electricity and Water, Qamco, Mazaya Qatar, Ezdan and Nakilat. In the venture market, both Al Faleh Educational Holding and Mekdam Holding saw their shares depreciate in value.Nevertheless, Qatar General Insurance and Reinsurance, Qatar Insurance, Qatar Islamic Insurance, Medicare Group and Qatar National Cement were among the gainers in the main market.The foreign institutions turned net sellers to the tune of QR15.08mn against net buyers of QR0.25mn on November 27.The foreign individuals’ net selling expanded noticeably to QR4.16mn compared to QR0.7mn the previous day.The Arab retail investors’ net selling grew marginally to QR3.28mn against QR3.26mn on Sunday.The Gulf individuals turned net sellers to the tune of QR0.39mn compared with net buyers of QR1.72mn on November 27.The local retail investors’ net buying shrank perceptibly to QR10.4mn against QR12.65mn the previous day.The Gulf institutions’ net buying eased marginally to QR0.5mn compared to QR0.55mn on Sunday.However, the domestic funds were net buyers to the extent of QR12mn against net sellers of QR11.24mn on November 27.The Arab institutions’ net buying rose marginally to QR0.08mn compared to QR0.04mn the previous day.Total trade volume in the main market rose 48% to 103.56mn shares and value more than doubled to QR488.98mn on more than doubled deals to 21,292.The venture market saw its trade volumes more than double to 0.15mn equities and value jumped 81% to QR0.94mn and transactions by 83% to 86.

Merchants in Qatar stand to gain from the solutions being offered by digital gift cards marketplace, YOUGotaGift, allowing them to capture new business and retain customer loyalty.YOUGotaGift, with its catalogue of more than 700 regional brands, distributes its eGift cards or digital gift cards through a broad network of clients across loyalty, incentives, online and retail, and other international networks, according to Sarah al-Rahim, country manager of Dubai-based YouGotaGift.com“We know that businesses in Qatar, from hospitality to retail, are realising the importance of having a digital presence and offering gift cards to increase revenues. We’ve made it easy for companies to process their own gift cards on their website by empowering them with multiple ways to extend their brand’s reach,” al-Rahim told Gulf Timesin an interview.She explained: “Our first offering is gift card e-commerce, which allows merchants to sell their own gift cards on their website without complex integration with our white-label solution. We offer hassle-free no-code integration.“Secondly, we offer omnichannel gift card programme (SaaS) solution, which empowers their brand with our end-to-end management of processing services and leveraging our systems that provide secure, flexible, and scalable architecture.”Al-Rahim said the gift card industry continues to thrive worldwide. The global gift card business is speculated to cross “$2tn” by 2027 with the Mena market witnessing the growth of gift card purchases and giving, especially after the pandemic, she said, citing data from Globenewswire.com.“Our vision since our pioneering beginnings in 2012 is to lead the cultural shift to eGifting among Gulf consumers.The purpose of YOUGotaGift.com has always been simple – to celebrate life’s special moments and reward, motivate and show appreciation to friends, loved ones, employees, customers, and partners, wherever and whenever, with seamless gifting and lifestyle solutions.“It’s all about ‘YOÜ’ and your happiness. With our new services and branding, YOÜ is poised to provide an even bigger and more innovative suite of digital solutions delivered through APIs, web services, and apps to power major businesses across loyalty, employee and customer rewards, and become the digital gift card provider for gifting happiness in the region,” she said.Al-Rahim said YOUGotaGift.com features more than 700 integrated brands across Mena, along with extended international coverage. Additionally, YOUGotaGift.com has added more than 2,000 international brands to its suite of regional and international programmes.“With strategic operations in Qatar, Saudi Arabia, the UAE, and Kuwait, as well as Egypt, Lebanon, and India, YOUGotaGift.com is a market leader in the sector in the Mena and is poised for an accelerated growth in eGift card adoption,” she added.

QNB Group, the Official Middle East and Africa Supporter of the FIFA World Cup 2022, issued a brand new Visa virtual prepaid card for the World Cup, marking the first card of its kind aimed at providing residents and visitors an easy, rewarding, and safe experience during the tournament.This comes as an addition to the bank’s wide selection of digital products and services, focused on providing FIFA World Cup fans and visitors with an easy, convenient, and widely accepted digital payment method, and as a part of its efforts to work towards cashless payments.Users will have to download the QNB mobile app and submit an automated application using a few simple steps. After verification, cards will be issued instantly and free of charge, and customers will be able to load them using any of their cards safely during the exclusivity period.Adel Ali al-Malki, general manager, QNB Group Retail Banking, said: “We are very proud to be the first bank in Qatar to launch a fully digitised card and continue to be the regional leader in implementing the latest, cutting-edge payment technology with the highest security standards.“We are pleased to have worked with our strategic partner, Visa to bring about this latest payment product in time for the FIFA World Cup Qatar 2022, aiming to further accelerate the cashless agenda.”Dr Sudheer Nair, Visa country manager for Qatar, stated: “We are proud to partner with QNB to bring football fans this innovative Visa virtual prepaid card which is a great way to offer both residents and tourists an easier, more secure way to pay both at the stadiums and anywhere Visa is accepted so they, along merchants, can enjoy the benefits of digital payments. We are delighted to bring this new payment solution and support QNB’s efforts to promote digital commerce in the country during FIFA World Cup Qatar 2022 and beyond.”QNB Group currently ranks as the most valuable bank brand in the Middle East and Africa and is proud to be the Official Middle East and Africa Supporter of the FIFA World Cup 2022.Through its subsidiaries and associate companies, the group extends to more than 30 countries across three continents providing a comprehensive range of advanced products and services. The total number of employees is 27,000 operating through 1,000 locations with an ATM network of more than 4,700 machines.

The Qatar Stock Exchange Sunday opened the week weak as its key index plunged 131 points, mainly dragged by the telecom, consumer goods and banking sectors.The Arab individuals were seen net profit takers as the 20-stock Qatar Index settled 1.11% lower at 11,735.84 points although it touched an intraday high of 11,843 points.More than 82% of the traded constituents were in the red in the market, whose year-to-date gains truncated to 0.95%.The foreign institutions’ substantially weakened net selling had its influence in the main bourse, whose capitalisation saw QR6.29bn or 0.95% decline to QR657.14bn, mainly on the back of mid and small cap segments.The Islamic index was seen declining slower than the main index in the main market, which saw a total of 0.35mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.14mn changed hands across 38 deals.Trade turnover and volumes were on the decline in both the main and venture markets.The local individuals’ net buying was seen weakening in the main bourse, which saw no trading of sovereign bonds.However, the Gulf individual investors were seen bullish in the main market, which saw no trading of treasury bills.The Total Return Index shrank 1.11%, All Share Index by 1.03% and Al Rayan Islamic Index (Price) by 1.08%.The telecom sector index tanked 2.37%, consumer goods and services (1.72%), banks and financial services (1.23%), industrials (0.72%) and real estate (0.47%); while transport and insurance gained 0.38% and 0.03% respectively.Major shakers in the main market included Qatar General Insurance and Reinsurance, Estithmar Holding, Ooredoo, Dlala, Doha Insurance, Commercial Bank, QIIB, Woqod, Gulf International Services and Qamco. In the venture market, Mekdam Holding saw its shares depreciate in value.Nevertheless, Ezdan, Qatar Islamic Insurance, Qatar Insurance, Qatar Oman Investment and Nakilat were among the gainers in the main market.The Arab retail investors turned net sellers to the tune of QR3.26mn against net buyers of QR2.84mn on November 24.The foreign institutions’ net buying fell substantially to QR0.25mn compared to QR30.53mn the previous day.The local retail investors’ net buying shrank noticeably to QR12.65mn against QR26.97mn last Thursday.The Arab institutions’ net buying eased marginally to QR0.04mn compared to QR0.1mn on November 24.However, the Gulf individuals turned net buyers to the extent of QR1.72mn against net sellers of QR0.12mn the previous day.The Gulf institutions were net buyers to the tune of QR0.55mn compared with net sellers of QR4.4mn last Thursday.The domestic institutions’ net selling weakened drastically to QR11.24mn against QR40.29mn on November 24.The foreign individuals’ net profit booking shrank noticeably to QR0.7mn compared to QR30.53mn the previous day.Total trade volume in the main market fell 49% to 69.87mn shares, value by 53% to QR219.48mn and deals by 42% to 8,667.The venture market saw 30% shrinkage in trade volumes to 0.07mn equities, 32% in value to QR0.52mn and 34% in transactions to 47.

The FIFA World Cup Qatar 2022, which kicked off on November 20 in the country, has provided impetus to all sectors of the Qatari economy, including the real estate sector, which received huge investments in light of the government's keenness to provide the necessary incentives for this sector.The real estate sector has benefited over the past 12 years from huge spending on "major projects" and infrastructure projects related to the World Cup, since Qatar’s historic victory in organising the most prominent global football event, which is organised for the first time in the Arab and Islamic region.Since that victory, and starting with its general budget for the year 2011-2012, Qatar has so far spent about QR730bn on "major projects" and infrastructure projects serving the FIFA World Cup Qatar 2022.Spending was generous on the construction of stadiums, training grounds, metro, subway networks, airports, ports, water, electricity, sewage, parks, hospitals, schools, public transportation and other logistical works.The financial allocations for these projects also allowed Qatari government companies and private investors to spend billions of riyals on commercial projects, such as shopping centres, hotels, real estate, and entertainment arenas, which resonated in all arteries of the Qatari economy, including the tourism sector.In light of the infrastructure and other projects related to the World Cup, tourism and hotel occupancy rates are likely to flourish, and the number of tourists in the country will triple, to reach 7mn tourists annually by 2030.And just as the spending allocated by the state paved the way for the World Cup, it also provided all the reasons for success in terms of sports and logistical equipment and construction, to organise an exceptional World Cup, it sparked a major modernization in the country to achieve an integrated modern infrastructure.The requirements of the Qatar National Vision 2030, and the plans and objectives of diversifying the Qatari economy, have been reinforced by heavy investment in non-oil sectors.At the forefront of these sectors is the real estate sector, which has witnessed a wide renaissance in recent years, with which it has become one of the most attractive sectors for capital in Qatar, and one of the most dynamic and attractive markets in the Middle East.Market research provider Mordor Intelligence has estimated the sector's compound annual growth rate of 11.5% for residential, 13% for commercial and 7.5% for luxury residential over the next five years.The latest report from Al Asmakh Real Estate Projects Company has stated that the indicators for 2022 carry positive expectations for the construction sector in Qatar, amid a positive reflection of expected economic activity, which is expected to affect real estate trading in various residential, commercial and administrative sectors. It indicates a future direction to focus on the programmes and projects included in the third national development strategy, in addition to providing the necessary financial allocations to complete the implementation of strategic projects in accordance with the Qatar National Vision 2030, especially projects related to supporting economic diversification and achieving sustainability, as well as projects in the health and education sectors.In this context, the financial analyst and real estate expert Ahmed Aqel, confirmed, in a statement to Qatar News Agency (QNA), that the performance of the real estate sector in Qatar was remarkable during the past years, as a result of the strong growth, high demand supported by the recovery from the coronavirus (Covid-19) pandemic, and the lifting of restrictions on movement, mainly also from the World Cup, in addition to the increase in the population of Qatar to more than 3mn people.He stressed that these factors contributed to the increase in demand, especially for residential real estate, and "directly affected the profits and performance of the real estate companies listed on the Qatar Stock Exchange. The companies were able to achieve excellent growth, raising their profits in the third quarter of the year 2022.He pointed to the strong support received by the real estate sector in the country from the World Cup, and the facilities and government support represented in a set of positive incentives that expanded the circle of non-Qatari ownership and use of real estate, in accordance with conditions, controls and advantages, including Cabinet Resolution No 28 of 2020, which stimulated investors to enter the real estate market. This is in parallel to the construction of a large number of new hotels, and the boom in the retail sector, which included more than 500,000 square meters of retail space during the year 2022.In addition to the huge deal numbers, and high rental and occupancy rates that reflect the prosperity of the sector, aggregated data issued by the Planning and Statistics Authority indicate that the number of building permits reached 34,570 permits in four years, of which 9,505 permits were obtained in 2021, which is the highest level of building permits monitored since the issuance of monthly and annual data issued by the authority.

There are debates as to whether a nation hosting the World Cup benefits economically. It helps to dovetail planning of the tournament with wider economic regeneration.Qatar is undoubtedly receiving a huge boost to its international profile as it hosts the 2022 World Cup. But does being the tournament host help the nation’s economy?There has been research, and debate, on this issue for decades. Economic impact is difficult to assess. There is a challenge in assessing the long-term economic impact because the scale of the World Cup has grown. By the time long-term data is available, you are not comparing like with like. One study into the effect of West Germany hosting the tournament in 1974 was that there was no benefit to employment levels over a 30-year period, but the tournament was much smaller in scale nearly 50 years ago.While the revenues have grown, so have the costs. FIFA, the organising body, requires that a host nation has at least eight stadiums with capacity for at least 40,000 fans, and around 80,000 for the final. Standards on safety, environmental impact, transport and security have to be high.Economic studies have considered both revenues and capital investments. On the revenue side, the undoubted boost for hotels and restaurants in host cities is balanced by what are known as substitution and crowding out effects – some expenditure may be transferred from other parts of the economy, and those who dislike football and the crowds may leave. Much of the revenue from tickets, sponsorship and TV rights goes to FIFA, not the host nation.On the investment side, the high standards expected of modern stadiums may imply considerable investment by the host nation. This has meant that developed nations tend to experience more positive economic impact, or at least lower losses, because the stadiums are more likely to have a long future use as the home ground of a top-division side, able to attract 30-40,000 fans or more each fortnight of the season for a home game.A study comparing the economic impact of the World Cup respectively for Germany, hosting in 2006, and Brazil in 2014, indicated more economic losses for Brazil, while reporting potential intangible benefits for the nations.In the history of both the Olympic Games and the World Cup, however, nations have been learning. Expecting a positive return, or even keeping losses to a minimum, is unrealistic if the balance sheet compares the aggregate investment in preparation with the economic takings in the four or five weeks of the tournament.Accordingly, it makes sense to combine preparation for the competition with wider economic development. So the strategy becomes: Let’s modernise our sporting, transport and other infrastructure, together with other investments to attract and nurture business hubs, and while doing so, let’s apply to host the World Cup or other global sporting event.This has been the approach in Qatar. So the observation that $200bn investment in infrastructure in the past ten years makes it the most expensive World Cup to date is misleading: The economic life of the vast majority of the facilities constructed will be far longer than the tournament, and covering many more sectors than sport.In addition, research has found that the intangible, ‘feel-good’ factor associated with hosting the games – increased local pride, enhanced image of the nation globally – can be substantial and can lead indirectly to social and economic benefits. There’s more to the World Cup than football.In my next article, I will provide a breakdown of the $200bn capital expenditure, and discuss the benefits for Qatar.* The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Qatar will take part in the "exclusive" Ministerial Panel featuring energy ministers from across the GCC at the 16th Annual GPCA Forum in Riyadh in December, according to the Gulf Petrochemicals and Chemicals Association.HE the Minister of Energy Affairs Saad bin Sherida al-Kaabi will be on the panel that will address the topic “Balancing net-zero ambitions in the energy sector with growth – a policymaker’s balancing act”.The other panelists are Prince Abdulaziz bin Salman al-Saud, Minister of Energy, Saudi Arabia and Dr Mohamed Bin Mubarak Bin Daina, Minister of Oil & Environment, Special Envoy for Climate Affairs, BahrainAccording to GPCA research, GCC chemical revenue in 2021 soared by 77.2%, the highest level recorded since 2013 due to post-Covid recovery that led to increasing demand and high chemical prices globally. Quantifying, the chemical revenue grew to $96bn last year from $54.1bn in 2020.On the back of higher chemicals prices, GCC chemical trade balance revenue almost doubled between 2020 and 2021 from $27bn to $53bn, with trade balance volume also growing by 30%, reaching 56.5mn million tons.While the industry remained buoyant over the last 18 months, it is currently off track to achieve its ambitious net-zero targets by 2050. According to the International Energy Agency, globally direct CO2 emissions from primary chemical production amounted to 925tons in 2021, a 5% increase with respect to the previous year.This is due to a production increase to levels above those in 2019. In the GCC, average CO2 intensity increased by 3% in 2021 as emissions rebounded since the Covid-related lockdowns in 2020. Nonetheless, CO2 intensity has remained on a declining trend since 2013.GPCA Secretary General Dr. Abdulwahab al-Sadoun commented, “If the industry is to achieve its net- zero ambitions by 2050, it would need to focus on growing its utilisation of renewables, improving its energy efficiency, reducing its emissions, and capitalising on new markets for carbon and other by-products as part of the circular economy.“Regional producers alongside their regional and global value chain partners are taking concerted steps, committing new investments and accelerating their research and innovation efforts in line with their decarbonisation efforts. Both the public and private sector have a crucial role to play on the road to net-zero.“GPCA is, therefore, pleased to host some of the region’s most prominent policymakers for an exclusive ministerial panel where forum delegates will have an opportunity to hear first-hand about our regional governments’ plans and initiatives enabling the transition.”

A delegation from Baladna Food Industries visited the El Beyadh province of Algeria to discuss the possibility of launching a large-scale dairy investment project in the region. The Baladna delegation, which was accompanied by officials from the Ministry of Agriculture, visited a model farm in the Bougtob area of Algeria’s western province, where plans were presented for the establishment of a milk production and cow breeding project that can prove to be a huge asset for Algeria’s periodic milk supply crisis. The planned project area covers over ten thousand hectares. Depending on the results of the feasibility reports on soil and climate, the project is expected to launch at the beginning of next year. Commenting on the visit, Piet Hilarides, Baladna CEO said: “The visit to the pilot farm in Bougtob was one of the most important steps in our discussion about dairy production and breeding in the region. This is a very encouraging relationship as Algeria is a promising market with growing needs, and Baladna is well-equipped to create a successful partnership that will support the country’s journey towards dairy self-sufficiency.”The successful launch of this project could help reduce Algeria’s milk powder imports, which currently amount to 1.4 billion dollars annually and extend the bilateral relations in the agriculture sector, helping Baladna expand its presence in the Pan-Arab market.

Printemps Doha, the largest luxury department store in the Middle East is now open, bringing its unique Parisian savoir faire to Qatar for the first time with the one-of-a-kind lifestyle destination: Doha Oasis. Representing the first glimmer into the future of retail after a global pandemic, Doha Oasis invites guests back to the kind of immersive shopping experience that can only happen in person. Printemps Doha is a new-generation department store combining an immersive physical experience and new technologies in the service of an ultra-personalized customer relationship.Reflecting the size of the ambitious project, the flagship Doha department store is the first Printemps outpost outside of France, the second-largest Printemps store worldwide and the largest luxury department store in the Middle East, spanning over 40,000 sqm across three floors.An unmatched luxury fashion, beauty and lifestyle department store that offers the largest designer portfolio, carefully curated by Printemps Doha’s team of experts, Printemps Doha is the only department store in Qatar to house all the most iconic fashion houses under one roof, including Louis Vuitton, Dior, Valentino, Bottega Venetta, Balmain, Pinel & Pinel, Bäumer Vendôme, LÉTRANGE, as well as the most diverse selection of new and established designers from all around the world. Printemps Doha aims to be the main destination for urban lifestyle, art de vivre and interior design, offering the most renowned luxury and contemporary home and audio brands. Printemps Doha also boasts the biggest beauty and wellness area in Qatar with 2,600 sqm and over 130 brands, ranging from the most iconic names in the industry to the latest sustainable and vegan brands and all-time consumer favourites.A ONE-OF-A-KIND LIFESTYLE DESTINATION AT THE HEART OF DOHA Doha Oasis is a one-stop lifestyle destination for guests of all ages seeking unrivalled luxury shopping, dining and leisure experiences. Its distinctive elliptical shape is complemented by its unique offering of premium attractions and services, including Banyan Tree hotel & residences, a Vox cinema complex offering a mix of immersive and VIP experiences and Quest, the largest indoor-themed experience center in Qatar.AWE-INSPIRING ARCHITECTUREWeaving together the essence of Paris and the character of Doha, award-winning global design studio, Yabu Pushelberg conceived the design of Printemps Doha. Intended as if the department store were Parisian art galleries or museums of Qatari culture, Yabu Pushelberg provided ample space for exhibiting luxury garments as wearable art and inviting shoppers to interact with the offerings on display. To echo the style and sophistication of Paris, Yabu Pushelberg outfitted Printemps Doha with vast assortments of furniture the studio designed for iconic European houses. Doha is represented through soft, organic architectural forms throughout the store, realized in thoughtful materiality and an earth-toned palette. Yabu Pushelberg’s references to iconic Parisian style in combination with its celebration of Doha’s culture and landscape defines the future of luxury retail as an embodied experience, rather than an exclusively virtual one.A CUSTOMER-CENTRIC PROMISE. PEOPLE AT THE HEART OF ALL OUR INTENTIONS AND ATTENTIONSToday Printemps Doha is keen to continue writing history with new standards of quality, exceptional customer services and a memorable shopping and lifestyle experience. An unfailing service and unique attention for each and every one, Printemps strives to provide a caring, inspiring and memorable shopping experience where everything is orchestrated to make shoppers’ life more beautiful, more vibrant and more exclusive. One to one exclusives services include:Customization studioVIP concierge, personal shoppers and stylists available online and in-storePre-orders of the latest collections by international designers available upon requestThe beauty studio & servicesVIP Lounges Customers will be able to shop virtually and book the most hard-to-find or sold-out pieces through Printemps’ team of dedicated personal shoppers who are directly connected with the Printemps Paris team, thanks to interactive Hologram / 3D sessions and live TV interactions from the privacy of the store’ VIP lounges. 14 EXCLUSIVE WORLD CLASS RESTAURANTS & CAFES To punctuate the customer’s journey with gastronomic surprises, Printemps Doha is bringing an exciting variety of exclusive restaurants and cafés, all launching for the first time in Doha, among them: the Milanese institution Cova Montenapoleone, Monaco’s lively restaurant Twiga, Maître Choux, the choux pastry specialist from London, the renowned chocolatier Pierre Marcolini, Crazy Pizza and its innovative yeast-free concept, as well as Printemps’ elegant salon de thé curated by French gourmet tea company Mariage Frères, the popular Parisian plant-based all-day café concept Wild & The Moon, and XYST and the vegan restaurant from NYC celebrity Chef Matthew.More than a department store: a second home, Printemps Doha aims to inspire, surprise, guide, pamper and delight customers’ day after day – with optimism, elegance and always with a touch of mischief. Proud to be able to shout out loud and clear: EVERYTHING BEGINS AT PRINTEMPS.

Saudi Aramco Base Oil Co., a unit of the state-owned oil producer, has received regulatory approval for an initial public offering in Riyadh, as the world’s biggest crude producer looks to list some of its subsidiaries.The IPO will consist of the sale of 50mn shares – a 29.7% stake – in the company, Saudi Arabia’s Capital Market Authority said on Thursday. The unit, also known as Luberef, makes base oils used in lubricants for motor vehicles, ships and industrial machinery.The refinery business, with operations in Saudi industrial cities Jeddah and Yanbu, is 70% owned by Saudi Aramco, while the rest is held by local private equity firm Jadwa Investment. Citigroup Inc, HSBC Holdings Plc and SNB Capital have been hired to advise on the offering that could raise about $1bn, Bloomberg reported in June.Aramco is separately considering selling a stake in its oil trading business, people familiar told Bloomberg. It’s already sold off stakes in units that lease its oil and gas pipelines to private equity investors.The energy-rich Gulf has been one of the world’s IPO hotspots this year, accounting for almost half the proceeds from new share listings across Europe, the Middle East and Africa. While share sales elsewhere have dried up amid aggressive interest rate rises, Middle Eastern markers have benefited from high oil prices, and Saudi Arabia alone has seen a record 27 IPOs this year, according to data compiled by Bloomberg.Saudi Aramco this month reported its second-highest earnings as a listed company, although its downstream unit, responsible for refining, chemicals and fuel distribution, made a pretax loss of $1.1bn, versus almost $4bn in profits a year earlier.Jadwa, which is expected to sell a stake in the IPO, had acquired its Luberef holding in 2007 from Exxon Mobil Corp. Exxon had originally invested in the refinery in 1978.

Egypt’s finances remain in a precarious state despite two major currency devaluations this year and a brand new $3bn International Monetary Fund rescue package, economists say.With debt interest payments set to soak up over 40% of the government’s revenues next year and a lack of foreign currency still hurting the economy, investors remain cautious despite a post-IMF bounce in sentiment.Bankers in north Africa’s largest economy point out that the Egyptian pound’s black market rate of 26-26.5 per dollar is still 8% below the 24.53 official rate despite a 36% overall devaluation this year.Foreign exchange traders, meanwhile, seem convinced it will be 28 to the dollar this time next year and Japanese bank Nomura has just put Egypt top of its list of countries at high risk of a currency crisis..“The Egyptian pound will likely remain under pressure until more US dollar inflows from GCC (Gulf nations) and committed foreign direct investment materialises,” said Carla Slim at Standard Chartered Bank.Last month’s IMF deal has provided some respite.Egypt’s soon-to-pay-out government bonds have rallied some 15% and the premiums demanded by investors to hold them rather than US Treasuries have shrunk by almost a third.Bonds that won’t have to be paid for another 15-20 years have also gained sharply, although at 65-70 cents in the dollar and a third below their face value, analysts stress they still indicate danger.“Egypt has got a high debt load and arguably it is more vulnerable even than Pakistan in terms of debt payments as a share of revenues,” said Renaissance Capital’s chief economist Charlie Robertson.“But the difference is, it has been proactive and been quick to go to the IMF,” Robertson added, noting Egypt also has strong support from rich Gulf countries.Sales of Egyptian short-term treasury bills to foreigners — a key source of government finance until the Ukraine crisis — have also remained relatively stagnant at around 4bn-6bn Egyptian pounds ($163mn-$244mn), two bankers in Egypt who requested anonymity for this story estimated.This is partly because of the government’s reluctance to raise the interest rate — or yield — on the bills above the rate of inflation, particularly when another sharp currency devaluation is being priced in.Egypt’s swollen current account deficit and $33.9bn of international debt payments due for the three years to mid-2025 leave Egypt vulnerable, ratings agency Fitch said this month when it slapped a downgrade warning on the country’s credit rating.Only default-stricken Sri Lanka and soon-to-default Ghana spend more than the 41% of government revenues Egypt is forecast to spend on interest payments on its debt next year.With very limited amounts of dollars and other foreign exchange available in Egypt, importers continue to face problems financing goods from abroad, creating bottlenecks for factories and retailers, bankers say.Farouk Soussa, an economist at Goldman Sachs, said a backlog of corporate demand for foreign exchange and tight liquidity in the system would continue to push the pound weaker if it were allowed to trade freely.“Fundamental valuation models suggest the pound is undervalued by as much as 10% at the moment,” Soussa said, while James Swanston of Capital Economics said the pound probably had to weaken to at least 25 to the dollar to account for the inflation differential with Egypt’s main trading partners.Egypt’s IMF negotiations dragged on for seven months and drove its second big devaluation of the year.The central bank continues to allow the pound to weaken incrementally by 0.01 or 0.02 pounds each trading day.Many Egyptians on the street view the strength of the currency as a barometer of how well the economy is managed, and as a result the government has long been reluctant to allow it to weaken rapidly, analysts say.Authorities also fear a fully free-floating currency could overshoot, prompt businesses to hike their prices and ramp up inflation already at a four-year high.

With Chinese markets prone to sharp turning points followed by long and powerful trends, timing when to buy is almost as important as choosing what to purchase. Investors who jumped into Chinese stocks on November 11 when Beijing cut Covid-19 quarantine periods and dialled back testing have shared in a rally that’s added almost $370bn to the value of equities in the MSCI China Index.Others are still waiting for clearer signals after Wall Street got it so wrong this time last year. Goldman Sachs Group Inc, JPMorgan Chase & Co and BlackRock Inc were among those who recommended piling into the market then, only to see more than $4tn in value destroyed over the 10 months through October.“Chinese policies are like a giant freight train coming down the track,” said John Lin, a fund manager for China equities at AllianceBernstein in Singapore. “What you do first is get out of the way. Don’t stay on the track! Then the instant that you can, jump onto the train.”China’s benchmark CSI 300 Index has risen about 8% from this year’s low set in late October even as Covid cases have been rising. Daily infections climbed above 30,000 for the first time on Thursday as officials struggle to contain outbreaks that have triggered new restrictions in some of the largest cities. Abrdn Plc is among those who already see opportunities in the nation’s corporate bonds after the Covid policy changes and a sweeping package of measures to aid the property sector.Investors can also position right away to take advantage of a likely steepening in China’s government bond yield curve as the economy reopens from Covid, according to Ray Sharma-Ong, a fund manager for multi-asset and investment solutions at abrdn. “Go along on the front-end of the curve while going short on the back-end,” Sharma-Ong said. A better outlook for growth will push up back-end rates, while China’s supportive monetary policy will contain front-end rates, he said.Dollar-denominated Chinese corporate bonds already offer opportunities with yields around 8%, he said. Investing in local currency corporate debt comes with a bonus of 2% positive carry after investors hedge back the yuan to the dollar, according to Sharma-Ong, who expects the yuan to keep strengthening.M&G Investments (Singapore) Pte and Eastspring Investments Singapore Ltd are in the market buying Chinese stocks. Eastspring says they can’t get much cheaper, while M&G favours domestic-facing consumer brand names, original equipment manufacturers for electric and traditional vehicles, and factory automation. “We are very close to trough valuations and very, very close to trough assumptions on earnings as well,” said Bill Maldonado, chief investment officer at Eastspring, which oversees $222bn. “You’d be buying now and expecting things to kind of rebound on a three-to-six-month basis.”Catherine Yeung, investment director at Fidelity International, said so much negative newsflow has already been factored into the price of Chinese stocks that the worst is likely over for investors.For those still on the sidelines, a Politburo meeting in early December, followed by the annual Central Economic Work Conference, may offer useful signals.Jason Liu at Deutsche Bank AG’s international private bank plans to keep an eye on state media around this time. News from the closed-door work conference, which will bring policymakers together to review the economy this year and set goals and tasks for 2023, may be a catalyst for further re-opening trades. “We may see some signals from the top leadership,” said Liu, who expects near-term volatility in Chinese assets and a “very gradual” shift away from Covid Zero over the next few quarters.Liu recommends looking past the likely choppiness and taking a broad position in Chinese equities, including the technology sector, to benefit from a gradual shift in sentiment. He also sees the yuan as attractive given likely appreciation through the first half of next year. Liu doesn’t recommend credit at the moment, saying it may take longer for the property market to improve.Morgan Stanley is among those with high hopes for an acceleration of China’s economic opening in spring, when the weather turns more friendly, vaccinations may increase and the National People’s Congress in March looms as a key event for market-moving developments. Investors who have been underweight in Chinese assets may shift to neutral around this time, according to Andrew Sheets, chief cross-asset strategist at Morgan Stanley. China’s domestically-focused consumer companies stand to benefit, according to the investment bank.“If investors are presented with a pausing Fed and China reopening, and growth being stronger in the second half of 2023, I think they’ll view that as a positive backdrop for a lot of different emerging-market assets,” Sheets said. Reopening of the economy from Covid may drive a positive swing of inflows into China’s equities in 2023 equivalent to 1% of gross domestic product, according to Bloomberg macro strategist Simon Flint. This in turn will buoy the yuan, he said.James Leung, head of multi-asset for Asia Pacific at Barings, recommends aligning China stock portfolios with the government’s policy priorities by investing in the electric vehicle sector, renewable energy and the hardware technology supply-chain.AllianceBernstein sees stocks in energy and technology security as low-hanging fruit for investors, so long as the companies are aligned with the government’s goals.The market has changed from the era before the pandemic and the regulatory crackdown, when investors would hunt for the latest tech and biotech darlings “and then watch the money grow 10 times, 100 times,” AllianceBernstein’s Lin said. “Now you can still find growth, but it has to be policy-sensitive kind of search.”