Business

The escalating Russia-Ukraine crisis and the weakened oil prices had their cascading effect on the Qatar Stock Exchange, whose key barometer tanked 344 points and capitalisation eroded QR13bn this week.The telecom, banking and industrials counters witnessed higher than average selling pressure as the 20-stock Qatar Index knocked off 2.74% from its 20-stock Qatar Index this week which saw Commercial Bank and Ooredoo migrate to large cap in the MSCI Qatar Index.More than 72% of the traded constituents in the main market were in the red this week which saw the rating agencies Standard and Poor’s as well as Moody’s upgrade Industries Qatar’s rating outlook to “positive” from “stable”.The foreign institutions’ net buying was seen weakening considerably this week which saw Lesha Bank co-invest in Ekaterra, the world-renowned tea business.The domestic institutions continued to be net sellers but with lesser intensity this week which saw Qatar’s food inflation was seen ebbing month-on-month this October.The Gulf institutions’ net profit booking also declined in the market this week which saw Al Faleh Educational Holding seeking further accreditation for its Doha Academy and plan to introduce new degree programmes at AFG College as part of cementing its position in Qatar's academic trajectory and strengthen its topline.The Islamic index was seen declining slower than the other indices this week which saw Qatar, like other host countries for the previous versions of the World Cup, expected to give attractive double-digit returns to investors during the three-year window leading to the august soccer tournament.The local retail investors were seen bullish this week which saw a total of 0.53mn Masraf Al Rayan-sponsored exchange traded fund QATR worth QR1.45mn trade across 35 deals.Trade turnover and volumes were on the decline in the main and venture markets this week, which saw as many as 0.08mn Doha Bank-sponsored QETF valued at QR1mn change hands across 66 transactions.Market capitalisation was seen weakening QR12.58bn or 1.8% to QR678.6bn on the back of large and midcap segments this week which saw the industrials and banking sectors together constitute more than 62% of the total trade volume in the main market.The Total Return Index plummeted 2.74%, All Share Index by 2.83% and All Islamic Index by 2.29% this week, which saw no trading of sovereign bonds.The telecom sector plunged 4.56%, banks and financial services (3.3%), industrials (3.15%), real estate (2.58%), consumer goods and services (1.14%) and insurance (0.42%); while transport gained 0.11% this week, which saw no trading of treasury bills.Major losers in the main market included Qatar Electricity and Water, Qatari German Medical Devices, Qatar Cinema and Film Distribution, Dlala, Al Khaleej Takaful, QNB, QIIB, Alijarah Holding, Salam International Investment, Mannai Corporation, Industries Qatar, Aamal Company, Gulf International Services, Mazaya Qatar, Ezdan and Ooredoo. In the venture market, Mekdam Holding saw its shares depreciate in value this week.Nevertheless, Qatar General Insurance and Reinsurance, QLM, Doha Bank, Estithmar Holding, Gulf Warehousing and Qatar Industrial Manufacturing were among the gainers in the main market. In the junior bourse, Al Faleh Educational Holding saw its shares appreciate in value this week.The foreign funds’ net buying decreased considerably to QR4.84mn compared to QR390.6mn the week ended November 11.However, the Qatari individuals turned net buyers to the tune of QR21.82mn against net sellers of QR87.02mn the previous week.The Arab individuals’ net buying strengthened substantially to QR18.33mn compared to QR7.86mn a week ago.The foreign individuals were net buyers to the extent of QR15.38mn against net sellers of QR33.33mn the week ended November 11.The Gulf retail investors turned net buyers to the tune of QR2.44mn compared with net sellers of QR8.45mn the previous week.The Arab institutions were net buyers to the extent of QR0.78mn against net profit takers of QR0.27mn a week ago.The domestic funds’ net selling shrank significantly to QR12.12mn compared to QR210.21mn the week ended November 11.The Gulf institutions’ net profit booking eased perceptibly to QR51.46mn against QR59.2mn the previous week.Total trade volume in the main market was down 8% to 523.47mn shares, value by 7% to QR2.08bn and deals by 11% to 72,079.The venture market saw a 33% contraction in trade volumes to 0.79mn equities, 33% in value to QR6.09mn and 25% in transactions to 371.

Commercial Bank and Ooredoo have migrated to large cap segment from the midcap slot in the MSCI Qatar Index, to be effective from November 30, 2022.Moreover, Mannai Corporation and Estithmar Holding have found place within MSCI Qatar Small Cap Index, said the leading provider of critical decision support tools and services for the global investment community.The MSCI Qatar Index is designed to measure the performance of the large and mid-cap segments of the Qatari market. With 12 constituents, the index covers approximately 85% of the free float-adjusted market capitalisation in Qatar.Year-to-date (as on October 31, 2022) MSCI Qatar has been the best performer as it reported net returns of 7.97% compared to -29.42% in MSCI emerging markets and -21.14% in MSCI ACWI.The index, which was launched on January 23, 2006, is based on the MSCI Global Investable Market Indexes (GIMI) methodology; a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalisation size, sector and style segments and combinations.This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability.The index is reviewed quarterly — in February, May, August and November — to reflect change in the underlying equity markets in a timely manner, while limiting undue index turnover. During the May and November semi-annual index reviews, the index is rebalanced and the large and mid-capitalisation cutoff points are recalculated.The financial sector has the maximum weight of 70.69% in the MSCI Qatar Index, followed by industrials (9.22%), energy (7.55%), materials (3.86%), utilities (3.15%), communication services (3.03%) and real estate (2.51%) at the end of October 2022.Among the top constituents in the MSCI Qatar Index are QNB, Qatar Islamic Bank, Industries Qatar, Masraf Al Rayan, Commercial Bank, Nakilat, Mesaieed Petrochemical Holding, Woqod, QIIB and Qatar Electricity and Water.

Members of the United Nations Conference on Trade and Development (UNCTAD) have selected Qassim al-Darwish Fakhro, Commercial Attache at the Office of the State of Qatar to the World Trade Organisation (WTO) and other economic organisations in Geneva, to hold the post of Vice-Chairman of the Investment, Enterprise and Development Commission during its thirteenth session, which continues until November 18.The Ministry of Commerce and Industry has said in a statement that the selection of the State of Qatar for this post comes in light of the great interest the State attaches to developing investment policies in order to achieve its development goals in accordance with the Qatar National Vision 2030.The Ministry stated that the meetings of the Investment, Enterprise and Development Commission discuss the key and emerging issues in the fields of investment, enterprises, technology, and their impact on sustainable development, noting that the deliberations focus on ways to mobilise public and private funding to be invested for the goals of sustainable development. The commission also considers ways to utilise the impact of new technologies on formulating science, technology and innovation policies to serve sustainable development.It also examines the challenges and potential solutions facing developing countries in this field, with a special focus on energy and agriculture technologies.Doha hosed the 13th session of the UNCTAD in 2012, where the Documents of Doha Manar (Arabic for beacon) and Doha Mandate were adopted.The documents were significant achievements as they underscored the importance of development and the concerns of developing countries in international trade.

LuLu Exchange, one of Qatar’s leading remittance and currency exchange companies, has inaugurated the sale of the QR22 commemorative banknotes issued by the Qatar Central Bank (QCB) for the FIFA World Cup Qatar 2022 across all branches in the country. The first note was handed over to MA Yusuff Ali, chairman and managing director of LuLu Group International, by the company’s senior management. The commemorative note reflects Qatar’s cultural heritage and football history and is the first of its kind by the QCB to be made from polymer. Customers can purchase the commemorative banknote from any of its branches of LuLu Exchange in Qatar. LuLu Exchange Company is an ISO 9001:2015 certified financial services enterprise in Qatar.

Some 86% of respondents believe Qatar is set to hold a “carbon neutral” world cup event and are convinced that it will succeed in this aim, a study by market research firm Toluna has revealed.Besides Qatar, the study covered Saudi Arabia and the UAE to assess sentiment and viewership behaviour among the population in the run-up to the FIFA World Cup Qatar 2022, the first in the Arab world.According to the study, majority of the respondents applaud the fact that the upcoming World Cup will be carbon neutral, in keeping with the Qatar National Vision 2030, which emphasises sustainability as one of its cornerstones.Furthermore, over 90% of respondents are pleased about this year’s competition, and they are glad that it will be held in the Middle East; they feel the tournament will help to promote football as a sport in the Middle East.On a more down-to-earth view, and taking into account the effects of global inflation on rising prices in global and regional markets, the study found that, while some Gulf football fans are concerned about the rising cost of living, two-thirds have confirmed that they plan to spend as much or more than they did for previous World Cups on going out and socialising with family/friends while watching the matches, with 54% more in Qatar, versus 42% in UAE and 45% in Saudi Arabia.According to the study, three in five Qatari fans plan to watch matches live in the stadium with 82% of respondents planning to watch complete matches on either their TV or smartphone/tablet, with 70% of respondents aiming to watch more matches than in past World Cups.Approximately 87% are pleased that the FIFA World Cup is taking place at this time of year, despite the fact that it is generally held in the summer.They feel that the good weather in the Gulf region throughout November and December will make attending the event a pleasant experience for football fans coming to Qatar from all over the world.“It’s apparent that fan engagement for the FIFA World Cup Qatar 2022 is momentous in the Gulf region, especially because it’s happening in Qatar, the first time an Arab country organises such a huge event,” Manisha Juneja, research lead at Toluna MEA, said of the survey findings.“The respondents strongly believe that the World Cup will be carbon neutral, and that growing living costs will not refrain them from enjoying their favourite sport,” Juneja noted.

Planned output cuts from the Opec+ group of oil producers will keep global stockpiles tight over the coming months, according to the latest outlooks from the world’s three big forecasting agencies.After converging in October, oil demand forecasts for 2022 from the International Energy Agency, the US Energy Information Administration and the Organisation of Petroleum Exporting Countries diverged again this month. While the two consumer-focused groups increased their assessments of demand, forecasters at Opec continued to grow more bearish and are now the most pessimistic of the three groups for the first time this year. That may explain why the group and its allies decided to cut their output target when they met last month.A deteriorating economic outlook in the midst of rampant inflation, China’s ongoing Covid Zero policy and Russia’s invasion of Ukraine are weighing on oil demand outlooks. While the IEA and the EIA were quick to cut their forecasts for global oil demand after Moscow’s troops crossed the border in February, Opec’s analysts have responded much more slowly.By October, all three groups had converged on a figure of just over 99.6mn barrels a day as an average for the year, but the producer group’s analysts continued to cut their forecast in the latest report, while the IEA and EIA both increased theirs, widening the gap again. Even so, the difference between the highest and the lowest forecast is just 260,000 barrels a day, or 0.26% of total demand.But this apparent agreement on an annual average figure hides some much bigger differences in their views of the current quarter and the next.The IEA sees global oil demand contracting on a year-on-year basis in the final quarter of 2022 and growing by only a tiny amount at the start of next year. The EIA and Opec both have much more positive views of oil consumption, seeing growth of about 750,000 barrels a day this quarter, rising to about 2mn barrels a day in the first three months of next year.Forecasts converge briefly for the second quarter of 2023 before diverging again for the second half of the year, this time with the US-based EIA taking a more pessimistic view.The differing views on demand have implications for output decisions from the Opec+ producer group, which unites the 13 Opec members with 10 allied countries. When they last met, in early October, the alliance decided to cut their output target by 2mn barrels a day with effect from the beginning of November. The cut in actual production will be much smaller, with many of the group’s members already pumping well below their targets. Some of the real cuts that are expected from the likes of Saudi Arabia, Kuwait and the United Arab Emirates will be offset by rising production in Kazakhstan and Nigeria.The Opec members of the alliance pumped 29.5mn barrels a day of crude last month, according to data compiled from the secondary sources they use to monitor output levels.Keeping their output flat at that level would result in small increases in global oil inventories, averaging less than 200,000 barrels a day, over the current quarter and through the first half of next year.And they need to be rebuilt. Commercial oil stockpiles in the OECD countries were sufficient to meet just 58 days worth of forward demand at the end of 3Q22. That’s about four days less than the pre-pandemic level of cover. Emergency stockpiles controlled by governments were about six days lower using the same measure.Whether those stockpiles can be replenished will depend on both the depth of the output cut and the resilience of global oil demand over the Northern Hemisphere winter. Both remain highly uncertain.

Floward, the go-to online flowers and gifts destination in MENA and UK announced it has completed the acquisition of Mubkhar, the leading brand defining authentic standards of perfumery in the GCC. Since its establishment in 2015, Mubkhar has witnessed a dramatic growth in the region led by their innovation, high-quality fragrances, and loyal customer base; and has since expanded its footprint to Saudi Arabia, Bahrain, and Qatar from its homebase in Kuwait. Floward believes in the enthusiastic and energetic entrepreneurs that took Mubkhar from nothing to where it is right now in a very short amount of time. The management will continue running Mubkhar on a day-to-day basis.**media[559]** The acquisition fits Floward’s strategy in maintaining and strengthening the vision of being the dominant online quick commerce gifting platform in the MENA region, and in the UK.Floward has initially partnered with Mubkhar to sell their luxurious fragrances on its platform years ago and the brand has since become a top-seller across the GCC, making this acquisition the natural next step of the two companies’ relationship. Floward will be investing in expanding Mubkhar’s product breadth and points of sales and furthering their growth, while preserving the uniqueness and exclusivity of their offering. Commenting on the acquisition, Floward Chairman & CEO, Mr. Abdulaziz B. Al Loughani said: “We are thrilled to join forces with Mubkhar, a brand that without a doubt has left its mark in the fragrances and gifts market. This acquisition is proof that we’re forging ahead in the right direction with expanding our gifting categories and having an exceptional team led by Khalid AlMannaa on board is a pivotal step forward in our expansion strategy. With our companies aligned on the same vision to offer our clients the best gifts through great customer services, we are certain that we will be further cementing our leading market position.” Mubkhar’s Founder and CEO Mr. Khalid Nawaf AlMannaa said: “We are proud of what Mubkhar achieved since we launched and being acknowledged and acquired by a brand as big and as successful as Floward is a true testament to the success we’re witnessed over the years. We are happy about taking our relationship with Floward to the next level and excited for Mubkhar’s future as we continue to bring our customers the best fragrances and the great customer experience they’re used to.”Established in 2017, Floward is a full-fledged e-commerce platform that offers prime fresh-cut flowers and gifts across the MENA region, and the UK covering 36 cities and nine countries. Floward sources products from the best suppliers around the world for its flowers and gifts, that include confectionary products as well as perfumes, jewellery, and a range of other categories. Floward also fully manages the last-mile delivery to its customers.Mubkhar is a fragrances company that offers the finest oriental and western fragrances manufactured with high quality specifications and is considered as the only perfumery store in the Middle East that carries natural essential oils that are certified and registered worldwide.

QNB Group continues to promote the national tourism industry and is proud to be part of the successful launch of operations of the ‘Lusail Winter Wonderland’, the latest entertainment destination in Qatar.In implementation of its vision to support Qatar’s tourism sector, QNB as one of the main founders of Lusail Winter Wonderland, has played a major role in financing a part of the landmark project, while it continues to build a market-leading position, develop its brand internationally and strengthen its presence as the bank of choice.As a vital pillar of its strategy, tourism - a key driver of socio-economic growth in the country - has always been at the heart of the Group’s vision towards growth and development.The world-class project is led by Estithmar Holding, IMG, in collaboration with Qatar Tourism Authority and Qatari Diar.Al Maha’s key attraction, Lusail Winter Wonderland, is managed by IMG, a global leader in events and media and the producer and operator of the London’s famous Hyde Park Winter Wonderland.Lusail Winter Wonder Land is a 93,000sq m theme park that will have something for everyone. The park will host 50 amusement rides including 10 thrill rides with a 395-roller coaster, 25 family rides with a giant 150ft Ferris wheel, and 15 children’s rides.QNB Group actively participates in promoting local communities and social inclusion using the positive values of sport, culture and tourism to connect generations and strengthen Qatari deeply rooted customs, traditions, and fundamental principles.Heba Ali al-Tamimi, general manager, QNB Group Communications, said: “We are proud to be one of the founding partners of the Lusail Winter Wonderland project in line with the Group’s strategy to support various sectors in the country, especially the tourism sector, in a way to put Qatar on the global tourism map.”“The bank aims to promote Qatari tourism and benefit from the assets that Qatar possesses, in addition to the infrastructure that the country has successfully put in place, as part of its journey of preparations to host the World Cup in Qatar,” she added.Al-Tamimi also highlighted QNB’s role in supporting and developing the national tourism sector and investment opportunities, especially for entrepreneurs and Qatari owners of small and medium enterprises (SMEs).In implementation of its vision to support Qatar’s tourism sector, QNB as one of the main founders of Lusail Winter Wonderland, has played a major role in financing a part of the landmark project.

This is the fourth year that he has appeared in The Legal 500 GC Powerlist having previously been included in the list in 2017, 2018 and 2019.Since his appointment as QFC’s Chief Legal Officer in 2015, al-Taweel has succeeded in building and developing a multi-award-winning in-house legal team, which was also named Middle East In-House Legal Team of the Year by The Legal 500 in 2017 and as the Qatar In-House Legal Team of the Year (Government and Regulatory) by Lexis Nexis in 2016, 2019, 2021 and 2022.“Sharing a space in this years’ Legal 500 GC Powerlist alongside incredible legal talent and leaders from across the region is a tremendous honour that I share with, and attribute to, the dedication and expertise of the QFC’s in-house legal team.Over the past year, and within the context of Qatar’s rapidly expanding business landscape, we have continued to provide exceptional and innovative legal services to our stakeholders in support of their efforts to deliver the State of Qatar’s wider growth ambitions,” he said. The Legal 500 is a global research and publishing company that has been analysing the capabilities of law firms in over 150 jurisdictions for over three decades.It highlights exemplary general counsels (GCs) and senior in-house legal counsels.“Spearheading our distinct regulatory and legal environment is a challenging task, and Nasser has distinguished himself as a key contributor to the QFC’s world-class legal and business infrastructure, leading the team to gain far reaching recognition in Qatar and the region,” said QFC Authority Chief Executive Officer Yousuf Mohamed al-Jaida.The Legal 500 GC Powerlist is based on feedback from 300,000 clients worldwide, submissions from law firms, and interviews with leading private practice lawyers and researchers to identify the practice area teams that provide the most cutting-edge and innovative advice to corporate counsel.

Dolphin Energy Limited has announced it achieved ISO 9001:2015 certification. The company now has certified management systems that are in line with globally recognised quality management standards.Commenting on the certification, Dolphin Energy Limited chief executive officer Obaid Abdullah al-Dhaheri said, “This reconfirms to all our stakeholders that our management systems are efficient and will help produce consistent results in compliance with international standards.”The journey to ISO 9001:2015 certification has been a comprehensive one. It included analysis of the standard requirements against the company’s existing practices to identify gaps and the development of action plans to close those gaps.In addition, skills training for the company’s employees leading the initiative was undertaken and processes and procedures mandated by the standard and best practices to ensure effective implementation were also developed.The project was led by Dolphin Energy’s Corporate Risk and Quality team which worked closely with management and representatives from all business units. The team tasked with overseeing the certification used new, available digital technology for documented information management, status dashboards and automation of workflows.The company’s strategy to reach the required standards was underpinned by continuous employee engagement and an extensive communication programme.Ali Alrahbi, general manager (Qatar) added, “Obtaining ISO 9001:2015 certification allows us to manage our business in a way that will ensure time, resources, and costs are optimised. This approach will carry the company forward for many years to come.”

The telecom service providers Ooredoo Qatar and Vodafone Qatar have co-operated with the Communications Regulatory Authority (CRA) to amend the registration process for getting a prepaid mobile SIM card to facilitate telecom services for the FIFA World Cup Qatar 2022 fans while maintaining regulatory requirements.The updated process enables fans to apply for a SIM card online through their respective digital channels and verify their identity digitally by using the ‘Hayya’ card as an identification document of the applicant.This enables applicants, based on their preference, to instantly get an embedded SIM (e-SIM) card without the need to visit the retail outlets of the telecom service providers or get a physical SIM card from their retail outlets in the State of Qatar.According to the process, each fan can obtain two cards. Also, minor fans under the age of 18 can obtain two cards with the consent of their parents. Fans can activate e-SIM and physical SIM cards when arriving in Qatar. Service providers will disconnect the cards automatically once the fans’ Hayya cards expire. Still, fans can request to terminate the service before that based on their desire.“CRA is keen to effectively regulate the Information and Communications Technology (ICT) sector to contribute to its development and benefit all stakeholders, whether service providers or telecom consumers, especially concerning the FIFA World Cup Qatar 2022.“CRA has been keen to ensure that the telecom service providers provide high-quality services that effectively meet the needs of consumers,” said Amel Salem al-Hanawi, director of Consumer Affairs Department, CRA.She added: “I want to thank the Supreme Committee for Delivery & Legacy for their co-ordination efforts and to thank Ooredoo Qatar and Vodafone Qatar for their co-operation and keenness to provide innovative telecom services that contribute to the success of the FIFA World Cup Qatar 2022, improving the experience of telecom consumers in the State of Qatar, and reducing carbon footprints.”Qatar is expecting 1.2mn visitors for the FIFA World Cup Qatar 2022. To meet expected needs, CRA has assigned around 3mn mobile numbers and about 40,000 fixed-line numbers to telecom service providers to be used by visitors and organisers of the tournament.

US retail sales posted the biggest increase in eight months in October, indicating demand for goods is broadly holding up despite decades-high inflation and a worsening economic outlook.The value of overall retail purchases climbed 1.3% last month after stagnating in September, Commerce Department data showed Wednesday. Excluding gasoline and autos, retail sales were up 0.9%. The figures aren’t adjusted for inflation.The median estimate in a Bloomberg survey of economists called for a 1% increase in total retail sales.Nine of 13 retail categories rose last month, according to the report, including firm results at auto dealers, grocery stores and restaurants. The value of sales at gas stations climbed 4.1%, mostly reflecting higher pump prices.The data illustrate that consumers are continuing to prove largely resilient and suggests the economy got off to a good start in the fourth quarter. That may complicate the argument posed by several Federal Reserve officials pushing for a slower pace of interest-rate hikes in the coming months, but policymakers acknowledge that inflation is still far too high.Consumer and producer price growth both eased by more than forecast last month, spurring a rally in stock and bond markets in hopes that the Fed will downshift to smaller hikes as soon as December. After Wednesday’s retail report, two-year Treasury yields rose and US stock futures remained lower.Even though some price pressures are easing, retailers are still seeing the impact of inflation in earnings. Home Depot Inc’s profit exceeded expectations last quarter, but was driven by higher prices rather than more transactions. Walmart Inc, meanwhile, raised its full-year guidance as US shoppers flocked to its stores to find discounts.At the same time, Target Corp warned that shoppers are pulling back, “with guests’ shopping behaviour increasingly impacted by inflation, rising interest rates and economic uncertainty,” chief executive officer Brian Cornell said in a statement yesterday.“Consumers kept their wallets open at the start of the fourth quarter, with strength in retail sales extending beyond expected sources like autos and gasoline. A Bloomberg Economics model suggests there’s a good chance consumers will hunker down early in 2023, but resilience in the October retail data means the Fed will need to stay the course on rate hikes at coming meetings,” say Eliza Winger and Andrew Husby, economists at Bloomberg.Many retailers, stuck with a glut of inventory, have deployed deep discounts to try to move stock off their shelves for the crucial holiday season.Customers seen carrying shopping bags at a mall in Anne Arundel, US. Retail sales in the US posted the biggest increase in eight months in October, indicating demand for goods is broadly holding up despite decades-high inflation and a worsening economic outlook.

QatarEnergy and Chevron Phillips Chemical Company (CPChem) announced they have taken a Final Investment Decision (FID) on the Golden Triangle Polymers Plant, an $8.5bn world-scale integrated polymers facility in the Texas Gulf Coast area in the US.Located about 180 kilometres east of Houston, the plant will include an ethylene cracker unit with a capacity of 2.08mn tonnes per year, making it the largest in the world, and two high-density polyethylene units with a combined capacity of 2mn tonnes per year, also making them the largest derivatives units of their kind in the world. Construction of the plant will begin immediately, with an expected startup date in 2026.$8.5bn world-scale integrated polymers facility in Texas Gulf Coast area in USA will be owned by Golden Triangle Polymers Company, a joint venture in which QatarEnergy holds a 49% equity interest with 51% held by Chevron Phillips Chemical CompanyThe plant will be owned by Golden Triangle Polymers Company LLC, a joint venture in which QatarEnergy holds a 49% equity interest with 51% held by CPChem.Commenting on the FID, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy said, “We are excited to announce taking the FID on our largest petrochemical investment ever, highlighting QatarEnergy’s integrated position as a major player in the LNG and international exploration sectors, as well as being a global petrochemicals producer. In addition to complementing QatarEnergy’s growing international portfolio, as well as in the United States, this important project will help meet growing global demand for polymers.“It also represents a major step in the implementation of our downstream strategy and the next phase of QatarEnergy’s growth, which includes major investments in ethylene, ethylene derivatives and polymers in general.”The project, expected to create more than 500 full-time jobs and approximately 4,500 construction jobs, is QatarEnergy’s second largest investment in the US after the $11bn investment (100% basis) in the Golden Pass LNG production and export facility, which is currently under construction and is expected to start up in late 2024.Al-Kaabi added: “When added to our existing production in Qatar, this new investment will place QatarEnergy amongst the largest petrochemical producers in the world. It will also significantly expand our footprint in the United States, contributing substantially to the communities of the Golden Triangle region of Texas by generating an estimated $50bn of net economic impact over 20 years”Once operational, the plant will produce polyethylene, which is used in the production of durable goods like pipe for natural gas and water delivery and recreational products such as kayaks and coolers. It is also used in essential packaging applications to protect and preserve food, helping prevent it from going to landfills, and keep medical supplies sterile. The polyethylene produced by the project will be sold primarily to Asia, Europe and Latin America.Al-Kaabi added, “This new joint venture builds on our long-term and successful partnership with Chevron Phillips Chemical and we look forward to further collaborations in the future.”Bruce Chinn, President and CEO of CPChem said, “Chevron Phillips Chemical and QatarEnergy have collaborated for over 20 years on the assets we operate together in Qatar. We have a great relationship and a proven track record of operating these facilities safely and reliably. Our products make life better for billions of people every day, and they are part of a lower carbon future. This facility will help meet the growing demand for our products and improve the quality of life for the world’s growing global population.”The project enjoys special environmental and sustainability attributes that would be reflected in about 25% lower greenhouse gas emissions than similar facilities in the United States and Europe.CPChem will manage engineering, procurement and construction for the project, which will be undertaken by a number of joint ventures and contractors including Zachry Industrial Inc, T.EN Stone & Weber Process Technology, Inc, PCL Industrial Construction Co, JGC America, Inc, Kiewit Energy Group, Inc, Burns & McDonnell Engineering Company, Inc, Emerson Process Management, LLLP, and W.T. Byler Co, Inc. CPChem will also operate the facility after start-up.

QIIB concluded its campaign for the FIFA World Cup Qatar 2022 in partnership with Visa, by announcing the latest list of winning customers in the campaign, which was launched by the bank on September 1 and lasted until October 30.The campaign allowed as many as 34 Visa credit/debit card holders to win tickets to attend one of the matches of the FIFA World Cup Qatar 2022.The last list included some 17 winners from the bank's customers, each of whom received two tickets to attend one of the matches in different rounds of the tournament, including the group league, the opening match, the round of 16, the quarter-finals, and the final.The campaign reflects QIIB’s continuous commitment to rewarding its customers and offering them the best benefits. And one way to honour QIIB customers is by providing them the opportunity to attend the World Cup matches and cheer for their favourite team during such an exceptional event, according to a statement.Under the campaign, all QIIB visa credit/debit cardholders have the chance to win once they use their cards inside or outside Qatar during the campaign period.Any transaction of the value of QR100 is considered as one chance to win. However, customers with the highest numbers of transactions during the specified period will win, provided that their total spending during the period of the campaign is not less than QR5,000.QIIB visa cards provide a unique added value to customers, with payment features and solutions that keep pace with the best international standards and are accepted both locally and abroad, in addition to contactless solutions.All cardholders will also get the chance to win QIIB points from purchases using credit cards and discounts from local and international partners.

Qatar Free Zones Authority (QFZA) and AeroFarms, a US-based Certified B Corporation and leader in indoor vertical farming, announced yesterday its plan to expand further in the Middle East with a partnership with QFZA and Doha Venture Capital (DVC) to build a commercial indoor vertical farm in Qatar Free Zones (QFZ), offering unparalleled connectivity and access to the region.As a purpose-driven organisation, AeroFarms is both a change-the-world company and an award-winning retail brand leading the way with smart, indoor vertical farming to elevate agriculture with people and planet. AeroFarms starts by selecting the most flavourful agricultural varietals and then perfects them for optimal quality, colour, nutrition, texture, yield, and taste, setting a new culinary standard with billions of data points while utilising state-of-the-art technology.The new commercial indoor vertical farm in Qatar will deploy AeroFarms’ latest generation of proprietary growing technology that achieves up to 390 times greater productivity per square metre annually, compared to traditional field farming, while using up to 95% less water and zero pesticides.Thanks to AeroFarms’ new technology, local food production is expected to increase, making high-quality food products available locally throughout the year, which will reduce imports and increase the country’s self-sufficiency. AeroFarms’ endeavour in Qatar is set to pave the way for more local and international private sector companies in this field to expand their operations in QFZ and capitalise on the innovative technologies in place.HE the Minister of State and chairman of QFZA Ahmad al-Sayed said, “AeroFarms is a pioneer in the food space and vertical farming, and we’re delighted to welcome them to Qatar Free Zones. Through this strategic partnership with the Ministry of Municipality and Doha Venture Capital, AeroFarms will join a rapidly growing community of innovators in the food and agritech cluster at QFZ, backed by world-leading logistical infrastructure and cold chain storage capabilities, as well as a shared commitment to technology, growth, and environmental awareness.“Qatar Free Zones is a natural base for companies shaping the future of their industries, and we look forward to working with AeroFarms as they establish and scale in the region and beyond.”David Rosenberg, co-founder and CEO of AeroFarms, said: “AeroFarms is committed to reimagining how and where our food is grown and we are excited to expand further in Qatar as part of our longer-term commitment to the Middle East and North African region to enable local production and increase greater food resiliency.“QFZA and DVC are great partners that share a similar long-term vision for how AgTech can positively disrupt and transform our food system in the face of increased macro pressures with traditional field farming.”AeroFarms specialty greens are safely grown indoors in state-of-the-art commercial indoor vertical farms that are certified for SQF Level 2 Good Manufacturing Practices, USDA Good Agricultural Practices, Non-GMO Project Verification, and the industry-leading CEA Food Safety Seal that was developed to differentiate indoor clean growing practices from traditional challenges in the field. AeroFarms specialty greens are completely pesticide free and are ready to eat without any need to wash, providing a major benefit to customers looking for safety and convenience.Qatar Free Zones plays a key role in the realisation of Qatar’s National Food Security Strategy, playing host to many food and agritech companies. The free zones offer modern green infrastructure to investors and QFZA is committed to sustainability in every aspect of its operations. The free zones is designed to be as efficient as possible, making use of a wide range of innovative technologies to deliver on QFZA’s vision to become one of the world’s most sustainable free zone groups.

Beyond the Tarmac The International Civil Aviation Organisation (ICAO) recently agreed to adopt a Long Term Aspirational Goal (LTAG) to achieve net-zero CO2 emissions by 2050. This important step aligns with both the objectives of the Paris Agreement, and the net-zero CO2 emissions by 2050 resolution agreed at the IATA annual general meeting last year.The significance of the LTAG agreement cannot be overstated, points out Conrad Clifford, IATA Deputy Director General. To achieve net-zero CO2 emissions by 2050, government policy support in key areas of decarbonisation is critical, he noted at an industry event in Bangkok.Achieving net-zero carbon emissions by 2050 will require substantial and sustained investment and financing over the coming decades.One such area is in incentivising the production capacity of SAF. SAF is currently expected to account for 65% of carbon mitigation in 2050. It will be the largest contributor to future sustainability. But there are challenges.Airlines bought every drop of SAF available in 2021, and want to use more. They have committed to $17bn of forward purchasing agreements.The problem is the limited supply and high costs. In 2021, only 125mn litres of SAF were available on the market. That was less than 0.05% of the total fuel used.According to IATA, in 2021, irrespective of price (SAF is between two and four times the price of conventional jet fuel), airlines have purchased every drop of the 125mn litres of SAF that was available. And already more than 38 countries have SAF-specific policies that clear the way for the market to develop.Taking their cue from these policy measures, airlines have entered into $17bn of forward-purchasing agreements for SAF.In October 2021, IATA member airlines came together and took the monumental decision to commit to achieving net-zero emissions by 2050. This commitment brings the industry in line with the Paris Agreement’s 1.5C goal.Climate change is the greatest threat facing the societies and achieving net-zero emissions will be a huge challenge as the expected scale of the industry in 2050 will require the mitigation of 1.8 gigatons of carbon.“I urge governments in the Asia-Pacific region to look at stimulating SAF production. Government incentives for SAF could see 30bn litres of production capacity by 2030. This will also reduce the cost of SAF,” Clifford said and noted, “Japan and Singapore have demonstrated an exemplary approach to SAF. They actively involve the industry in their consultation process, and also promote domestic production of SAF. We urge other States to take similar steps, and to support the efforts to develop a global framework for a Book & Claim system for SAF.”Research has shown SAF can reduce emissions by up to 80% during its full lifecycle. More than 450,000 flights have so far taken to the skies using SAF, IATA data reveal.On its part the ICAO, launched its Assistance, Capacity-building and Training for Sustainable Aviation Fuels (ACT-SAF) programme in June.It will provide tailored support to countries on sustainable fuel development and deployment, and facilitate related partnerships and cooperation around the world.An increasing number of countries and international organisations are becoming actively involved in this programme, which recognises the key role to be played in this endeavour by sustainable fuels, and many more are expected to join in the coming months.To reduce the impacts of aviation on the global climate, countries, the industry, and all other relevant stakeholders have in fact been pursuing a basket of CO2 reduction measures through ICAO for many years now. This contributed to modern aircraft being 70% quieter and 80% more fuel-efficient than their early predecessors.“Achieving net-zero carbon emissions by 2050 will require substantial and sustained investment and financing over the coming decades. We must furthermore assure reliable and affordable support and capacity-building for the many developing countries and States with particular needs, who will be depending on it to help play their part,” ICAO Council President Salvatore Sciacchitano said at the COP 27 in Sharm El-Sheikh, Egypt, recently.National airline Qatar Airways said it is willing to promote SAF if the costs are affordable.Group Chief Executive HE Akbar al-Baker said: “As for me, I will be delighted to fuel my aircraft as much as possible, provided the SAF costs are affordable. Worldwide, there is a huge demand for alternate fuel – sustainable fuels.”In an earlier industry event in Doha, al-Baker had said: “Refining companies should provide adequate sustainable aviation fuel so that the airline industry could buy SAF and meet the emission targets even faster.”“Right now adequate quantities of SAF are not available. At Qatar Airways, we have contacted many refining companies, but they are unable to provide us the quantities of alternate fuel that we want.”Clearly, wider aviation industry is collectively committed to ambitious emissions reduction goals. Sustainable aviation fuel has been identified as one of the key elements in helping achieve these.Therefore, governmental support is essential to using sustainable aviation fuels to achieve the industry's climate goals.

The Qatar Stock Exchange Wednesday lost as much as 117 points and its key index retreated below 12,300 levels and capitalisation eroded QR6bn, reflecting the global apprehensions over the escalating Russia-Ukraine crisis.An across the board selling – particularly at the telecom, banking and insurance counters – dragged the 20-stock Qatar Index 0.94% to 12,290.8 points but recovered from an intraday low of 12,219 points.The Gulf institutions were increasingly into net profit booking in the market, whose year-to-date gains further truncated to 5.72%.The foreign funds were also increasingly bearish in the main bourse, whose capitalisation saw QR6.24bn or 0.9% erosion to QR685.08bn, mainly on the back of midcap segments.The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.03mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.3mn changed hands across 23 deals.Trade turnover and volumes were on the increase in both the main and venture markets.The Arab individuals were seen bearish in the bourse, which saw no trading of sovereign bonds.However, the local retail investors were seen net buyers in the main market, which saw no trading of treasury bills.The Total Return Index knocked off 0.94%, the All Share Index by 0.91% and the Al Rayan Islamic Index (Price) by 0.78%.The telecom sector index tanked 1.45%, banks and financial services (1.22%), insurance (1.01%), transport (0.81%), consumer goods and services (0.51%), industrials (0.33%) and real estate (0.06%).More than 76% of the traded constituents were in the red in the main market and included Mannai Corporation, Medicare Group, Baladna, Qatari German Medical Devices, Aamal Company, QNB, Qatar Islamic Bank and Commercial Bank. In the venture market, Mekdam Holding saw its shares appreciate in value.Nevertheless, Doha Bank, Zad Holding, Qatar Industrial Manufacturing, United Development Company and Mesaieed Petrochemical Holding saw their shares appreciate in value.The Gulf institutions’ net profit booking increased markedly to QR16.86mn compared to QR7.31mn on November 15.The foreign institutions’ net selling expanded considerably to QR5.18mn against QR0.54mn the previous day.The Arab retail investors turned net sellers to the tune of QR3.63mn compared with net buyers of QR2.34mn on Tuesday.However, the local retail investors’ net buying strengthened noticeably to QR12.9mn against QR7.4mn on November 15.The domestic institutions were net buyers to the extent of QR7.18mn compared with net sellers of QR4.02mn the previous day.The foreign individual investors’ net buying grew significantly to QR4.12mn against QR2.55mn on Tuesday.The Gulf individuals turned net buyers to the tune of QR1.33mn compared with net sellers of QR0.42mn on November 15.The Arab institutions were net buyers to the extent of QR0.15mn against no major net exposure the previous day.Total trade volume in the main market soared 35% to 105.22mn shares, value by 50% to QR440.17mn and deals by 29% to 15,116.The venture market’s trade volumes doubled to 0.16mn equities and value more than doubled to QR1.25mn on 45% jump in transactions to 80.

US Transport Secretary’s tightening of airline passenger rights has seen six airlines forced to pay more than $600mn in refunds to passengers because of major delays or cancelled flights, the Transportation Department confirmed this week following a summer of travel disruption.The department, which said its enforcement actions on refunds led to hundreds of thousands of flyers getting money back, is also issuing more than $7mn in fines because of “extreme delays in providing refunds,” with some more than 100 days. The Office of Aviation Consumer Protection has now assessed the most civil penalties in a year in its history.“This really shouldn’t be happening,” Transportation Secretary Pete Buttigieg told media earlier this week. “It shouldn’t take enforcement action from the US Department of Transportation to get airlines to pay refunds that they’re required to pay, and so I have asked the team to undertake an exercise to make sure that the fines are calibrated to deter this in the future.”US low-cost airline Frontier Airlines has been ordered to pay $222mn in required refunds and has been hit with a $2.2mn fine. Air India has been ordered to pay $121.5mn in required refunds with a $1.4mn penalty. Portugal’s national airline TAP AIr Portugal must pay $126.5mn in required refunds and has been hit with a $1.1mn fine. Aeromexico must pay $13.6mn in required refunds with a fine of $900,000. El Al Israel Airlines has been ordered to pay $61.9mn in required refunds, and hit with a $900,000 penalty, and Colombia’s Avianca Holdings with an obligation to pay $76.8mn in required refunds with a $750,000 penalty. Frontier in a statement said it issued “goodwill refunds” of nearly $100mn to customers, showing the company’s “commitment to treating our customers with fairness and flexibility.” It added it would pay an additional $1mn after getting a “goodwill refund credit.”The delayed refunds for Air India mostly occurred during the pandemic when it was still publicly owned, the company said in a statement. Air India, which was privatised in January, said it implemented new systems to expedite refunds and has worked to clear its refund backlog with more than 250,000 cases processed. “We very much regret that customers were inconvenienced and accept the fine,” the company said.This year airlines around the world have struggled with the increased demand, and officials hope the threat of fines can keep them on schedule. Almost 3% of flights were cancelled and about 21% delayed so far this year, and air travel complaints increased more than 320% from pre-pandemic levels in the most recent data, from August.“We’re expecting this coming holiday season to be one of the busiest,” Buttigieg said. He said the revived demand for air travel led to operational issues this summer with “unacceptable levels of delays and cancellations.” The department will continue increasing penalties until there is “less of this kind of behaviour to begin with,” he said.Last year, Air Canada agreed to pay $4.5mn to settle charges that it didn’t properly give refunds to travellers when it cancelled or altered flights during the pandemic. The department has escalated its work on airline disruption as US lawmakers and passengers have stepped up pressure.Last month, the Department of Transportation said of the 7,243 consumer complaints received about the airlines in August, almost one in every five concerned refunds.The process of getting airlines to issue refunds varied by airline, according to Blane Workie, DOT assistant general counsel for the Office of Aviation Consumer Protection, who spoke on the call with Buttigieg.International traffic climbed 122.2% versus September 2021. September 2022 international (measured in revenue passenger kilometres or RPKs) reached 69.9% of September 2019 levels. All markets reported strong growth, led by Asia-Pacific.North American carriers had a 128.9% traffic rise in September versus the 2021 period. Capacity increased 63.0%, and load factor climbed 24.6 percentage points to 85.4%, which was the highest among the regions for a fourth consecutive month.“Even with economic and geopolitical uncertainties, the demand for air transport continues to recover ground. The outlier is still China with its pursuit of a zero-Covid strategy keeping borders largely closed and creating a demand roller coaster ride for its domestic market, with September being down 46.4% on the previous year. That is in sharp contrast to the rest of Asia-Pacific, which, despite China’s dismal performance, posted a 464.8% increase for international traffic compared to the year-ago period,” said Willie Walsh, IATA’s Director General.“Strong demand is helping the industry cope with sky high fuel prices. To support that demand in the long-term, we need to pay attention to what travellers are telling us. After nearly three years of pandemic travel complexity, IATA’s 2022 Global Passenger Survey (GPS) shows that travellers want simplification and convenience. That’s an important message for airlines but also for airports and governments.They own many of the facilitation processes that let passengers down at some key airports over this year’s northern summer travel season. According to the GPS, a majority of passengers want to use biometric data rather than passports for border processes. And 93% of passengers are interested in trusted traveller programmes to expedite security screening. Modernising the facilitation experience will not only help alleviate the choke points, it will create a better experience for all,” said Walsh.The author is an aviation analyst. Twitter handle: @AlexInAir

The Digital Incubation Center (DIC) affiliated to the Ministry of Communications and Information Technology (MCIT) announced its new partnership with Huawei, through its Huawei Cloud Startup Program, with the aim of accelerating the digital transformation process of tech startups in the MENA region.The partnership comes in line with the strategic objectives of TASMU Smart Qatar Program to support the digital economy in the State of Qatar and Huawei's vision, empower emerging digital companies in the Middle East, and contribute to their expansion abroad.Through this partnership, incubated startups at DIC will benefit from Huawei Cloud Startup Program services, including technical and operational support from Huawei experts and the funding support that can be used to purchase cloud resources from Huawei, such as cloud storage, cloud network, and cloud database, in addition to mentoring sessions provided by digital industry experts at Huawei and the global expansion program that will connect startups with accelerators and VCs in China and the rest of the world.On this occasion, DIC’s Manager Duha Albuhendi said: "This partnership falls within MCIT’s and DIC’s strategic objectives to support Qatar's digital economy, which are also in line with Huawei's vision to help emerging digital startups in the Middle East region to expand and grow." Liam Zhao, Huawei's Gulf North CEO, said: "As Qatar's digital economy is rapidly evolving, cloud computing is now more important than ever, especially to enhance productivity and service quality. With the increasing dependency on cloud computing, emerging companies and SME owners will now be able to better understand and meet the demands of their clients, therefore grow their businesses and further contribute to the national economy. As Huawei Cloud is currently the fastest growing business around the world, we are proud to provide our global expertise in this field and support local startups within the Program, empowering them to meet the requirements of the digitally connected world." Huawei Cloud has emerged as an essential platform for internet companies and organisations to go digital. Now as the fastest-growing cloud services provider in the world, Huawei Cloud has attracted more than 2.6 million developers, 28,000 consulting partners, 9,000 technical partners, and has released 6,100 Marketplace products during five years since its launch. In the Middle East, Huawei Cloud offers more than 220 cloud services, 210 solutions, 19 data centres, over 200 local partners, and a growing list of more than 80 marketplace offerings.The Digital Incubation Center (DIC) was created to boost ICT innovation in the State of Qatar.

Reflecting the global concerns on weak oil prices and the US’ stand on inflation, the Qatar Stock Exchange saw its key index plummet 178 points and capitalisation erode QR10bn.An across the board selling, especially in the telecom and industrials counters, led the 20-stock Qatar Index tank 1.42% to 12,407.79 points, although it touched an intraday high of 12,569 points.The Gulf institutions were seen increasingly into net profit booking in the market, whose year-to-date gains further truncated to 6.73%.The domestic funds’ increased net selling pressure had its influence in the main bourse, whose capitalisation saw QR9.72bn or 1.39% decrease to QR691.32bn, mainly on the back of large and midcap segments.The Islamic index was seen declining slower than the other indices in the market, which saw a total of 0.29mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR1.04mn changed hands across 27 deals.Trade turnover volumes were on the decline in the main market; while the venture market saw increased turnover and volumes.The foreign institutions were seen bearish in the bourse, which saw no trading of sovereign bonds.The Gulf retail investors were seen net sellers in the main market, which saw no trading of treasury bills.The Total Return Index knocked off 1.42%, the All Share Index by 1.32% and the Al Rayan Islamic Index (Price) by 1.18%.The telecom sector index tanked 1.87%, industrials (1.85%), banks and financial services (1.3%), consumer goods and services (1.09%), insurance (0.73%), real estate (0.7%) and transport (0.43%).About 76% of the traded constituents were in the red in the main market and included Al Khaleej Takaful, Qatar Electricity and Water, Ooredoo, Qatari Investors Group, Mesaieed Petrochemical Holding, QNB, Commercial Bank, QIIB, Woqod, Industries Qatar, Ezdan, Mazaya Qatar, Salam International Investment, Mazaya Qatar, Barwa and Nakilat.Nevertheless, Qatar General Insurance and Reinsurance, Mannai Corporation, Al Meera, Inma Holding and Aamal Company were among the gainers in the main market.In the venture market, Mekdam Holding saw its shares appreciate in value.The Gulf institutions’ net profit booking increased markedly to QR7.31mn compared to QR3.67mn on November 14.The domestic institutions’ net selling grew noticeably to QR4.02mn against QR0.26mn the previous day.The foreign funds turned net sellers to the tune of QR0.54mn compared with net buyers of QR12.49mn on Monday.The Gulf individuals were net sellers to the extent of QR0.42mn against net buyers of QR0.65mn on November 14.However, the local retail investors’ net buying strengthened markedly to QR7.4mn compared to QR1.9mn the previous day.The foreign individuals turned net buyers to the tune of QR2.55mn against net sellers of QR12.21mn on Monday.The Arab retail investors’ net buying expanded perceptibly to QR2.34mn compared to QR0.95mn on November 14.The Arab institutions had no major net exposure against net buyers to the extent of QR0.15mn the previous day.Total trade volume in the main market plunged 27% to 77.79mn shares, value by 30% to QR293.62mn and deals by 27% to 11,677.The venture market saw a 14% jump in trade volumes to 0.08mn equities, 9% in value to QR0.61mn and 27% in transactions to 55.