Business

Airbus has revealed that it is developing a hydrogen-powered fuel cell engine. The propulsion system is being considered as one of the potential solutions to equip its zero-emission aircraft that will enter service by 2035.Airbus will start ground and flight testing this fuel cell engine architecture onboard its ZEROe demonstrator aircraft towards the middle of the decade. The A380 MSN1 flight test aircraft for new hydrogen technologies is currently being modified to carry liquid hydrogen tanks and their associated distribution systems.“Fuel cells are a potential solution to help us achieve our zero-emission ambition and we are focused on developing and testing this technology to understand if it is feasible and viable for a 2035 entry-into-service of a zero-emission aircraft,” said Glenn Llewellyn, VP, Zero-Emission Aircraft, Airbus. “At scale, and if the technology targets were achieved, fuel cell engines may be able to power a one hundred passenger aircraft with a range of approximately 1,000 nautical miles. By continuing to invest in this technology, we are giving ourselves additional options that will inform our decisions on the architecture of our future ZEROe aircraft, the development of which we intend to launch in the 2027-2028 timeframe.”Airbus identified hydrogen as one of the most promising alternatives to power a zero-emission aircraft, because it emits no carbon dioxide when generated from renewable energy, with water being its most significant by-products.There are two ways hydrogen can be used as a power source for aircraft propulsion. First, via hydrogen combustion in a gas turbine, second by using fuel cells to convert hydrogen into electricity in order to power a propeller engine. A hydrogen gas turbine can also be coupled with fuel cells instead of batteries in a hybrid-electric architecture.Hydrogen fuel cells, especially when stacked together, increase their power output allowing scalability. In addition, an engine powered by hydrogen fuel cells produces zero NOx emissions or contrails thereby offering additional decarbonisation benefits.Airbus has been exploring the possibilities of fuel cell propulsion systems for aviation for some time. In October 2020, Airbus created Aerostack, a joint venture with ElringKlinger, a company with over 20 years of experience as both a fuel cell systems and component supplier. In December 2020, Airbus presented its pod-concept which included six removable fuel cell propeller propulsion systems.Long touted as a sustainable fuel, hydrogen is now gaining serious traction as a possibility for aviation, and already tests are underway to prove its effectiveness.Commercial airline jets using hydrogen would emit only water, and initial tests suggest they can be just as fast as traditional planes, carrying more than a hundred passengers per flight over thousands of kilometres. A recent report on the potential of hydrogen-powered aviation said such planes could enter the market as soon as 2035.In today’s aircraft, wings are where the fuel is stored, and they are in no way large enough to store the hydrogen that would be needed for a long flight. Hydrogen planes of the future could have extra-large fuselages, but more likely they will be what’s called blended wing, in which the planes are shaped like large triangles. This would not only allow them to store more fuel, but also reduce fuel consumption to make the aircraft aerodynamics even better.Planes using hydrogen would emit only water, and initial tests suggest they can be just as fast as traditional planes, carrying more than a hundred passengers per flight over thousands of kilometres.Most of the world’s hydrogen today is produced by reforming methane from natural gas – a fossil fuel – which produces carbon dioxide. Efforts are underway to develop green hydrogen by using an electric current from a renewable source to convert water into oxygen and hydrogen and reduce emissions in its production. If that is possible, along with no emissions from the planes themselves, aviation could become a green form of travel.There are significant challenges that remain.If Europe were to fully achieve the environmental benefits of hydrogen-power – for example, for air travel, the production of clean – or green – hydrogen needs to be dramatically scaled up. Clean hydrogen is produced from water using an electric current from a renewable source, rather than from fossil fuels. Today only a tiny fraction of hydrogen used in Europe is categorically “clean.”Hydrogen is a high-potential technology with a specific energy-per-unit mass that is three times higher than traditional jet fuel. Airbus notes that, if generated from renewable energy through electrolysis, given the fact it emits no CO2 emissions, it will enable renewable energy to potentially power large aircraft over long distances but without the undesirable by-product of CO2 emissions.The reality is this: For now, we are still years away from commercial hydrogen aircraft becoming a reality, though. The refuelling infrastructure doesn’t exist yet and hydrogen is more expensive and difficult to store onboard than kerosene-based fuel. But the journey to a greener, cleaner era of flying is well underway.The author is an aviation analyst. Twitter handle: @AlexInAir

Qatar's producers' price index (PPI), which captures the price pressure felt by the producers of goods and services, shrank 5.8% month-on-month in October 2022, according to the official estimates.The decline in the country's PPI on a monthly basis has been more due to the hydrocarbons and certain manufacturing businesses such as refined petroleum products, according to figures released by the Planning and Statistics Authority (PSA).However, Qatar's PPI was seen surging 19.85% on an annualised basis this October.The PSA had released a new PPI series in late 2015. With a base of 2013, it draws on an updated sampling frame and new weights. The previous sampling frame dates from 2006, when the Qatari economy was much smaller than today and the range of products made domestically much narrower.The hardening of the global crude oil and industrial input prices, on account of higher inflation and interest rates, had its reflection on the PPI on an annualised basis.The mining PPI, which carries the maximum weight of 82.46%, reported a 6.59% shrinkage month-on-month in October 2022 as the average selling price of crude petroleum and natural gas was seen plummeting 6.59%.However, the mining PPI soared 23.86% year-on-year this October as the average selling price of crude petroleum and natural gas shot up 23.88% and that of stone, sand and clay by 8.78%.The manufacturing sector PPI, which has a weight of 15.85% in the basket, shrank 0.84% on a monthly basis in October 2022 due to a 3.73% plunge in the average price of refined petroleum products, 1.86% in basic metals and 0.71% in rubber and plastics products.Nevertheless, there was a 0.1% increase in the average price of food products, 0.05% in chemicals and chemical related products, and 0.01% each in beverages and cement and other non-metallic mineral products.The manufacturing PPI was down 0.42% year-on-year in October 2022 on account of a 6.31% slump in the average price of chemicals and chemical related products and 3.49% in printing and reproduction of recorded media.However, there was a 23.21% surge in the average price of rubber and plastics products, 13.11% in refined petroleum products, 7.45% in basic metals, 5.22% in cement and other non-metallic mineral products, 3.22% in food products and 1.06% in beverages.The index of electricity, gas, steam and air conditioning supply reported 3.73% and 6.9% increase on monthly and yearly basis respectively this October.The index of water supply was seen declining 1.42% and 4.06% month-on-month and year-on-year respectively in October 2022.

Qatar's corporate executives, who are upbeat about future economic growth prospects, view that the FIFA World Cup, currently underway, would make a drastic shift in global perception about the country as an international tourism hub, according to Ernst & Young (EY). The EY's Qatar Investment Outlook Pulse 2022 revealed that 82% of interviewed executives believe that hosting the prestigious football event would make a “strong” to a “very strong” impact in shifting the perception of Qatar as a global tourism hub, ultimately resulting in improved tourism flows and spending. The report is based on extensive one-on-one discussions, from the fourth quarter of 2021 to the first quarter of 2022, with executive decision-makers across the largest businesses in Qatar. While 55% indicated that they have invested in projects specifically to capitalise on the opportunities presented by the football event, EY said, half of these investments went into tourism, hospitality, and real estate. The prestigious football event, the start of the North Field South (NFS) expansion, the award of the 2030 Asian Games, and the strategic national goal of diversifying the economy away from hydrocarbons, have all drawn the attention of foreign investors and "resulted in positioning Qatar as an investment destination of choice." Executives in Qatar remain bullish about the country's future economic prospects, with about 82% expecting the growth of the coming five years to meet or exceed forecasts, the report said. The country’s GDP (gross domestic product) is expected to rise to QR764bn this year, which is "significantly" up compared to the QR525.7bn in 2020 amid the Covid-19 pandemic, it said. Oil and gas as well as consumer services had the most positive sentiments, with respectively 64% and 45% of interviewees expecting the sectors to outgrow the general economy over the next five years. “Qatar has shown great resilience in the face of many challenges and has resolutely navigated regional and global events, particularly the Covid-19 pandemic, which was brought under control through an efficient and agile vaccination programme," said Ammar Sudki Hattab, Qatar country market leader, EY. This, according to him, has instilled great confidence in executives and investors, despite the ongoing global economic headwinds, with optimism around the promise of more opportunities throughout the country. Around 55% of interviewees had bearish sentiments relating to the growth of the construction sector, especially since most mega projects would be either complete or nearly complete in the coming months. New mega projects, however, such as the postponed Sharq Crossing, the planned airport expansion and the development of the Lusail City project, might help alleviate some of the worries surrounding the sector’s prospects. Nearly 60% of interviewed executives indicated that their investments have managed to yield "positive" returns in the past 12 months, through a period that still had many imposed restrictions from the Covid-19 pandemic, indicating business and consumer activities in the country were largely resilient. Despite geopolitical crises outside of the region and increasing inflation, executives in Qatar remain "highly optimistic" regarding investment performance over the coming 12 months. The report found that 91% of them indicated that they expect their investment performance to improve relative to the previous year’s performance. Around 64% of the respondents indicated some difficulties in access to capital. However, recent initiatives indicate that regulators are taking steps to improve capital accessibility, such as with the launch of the Qatar Venture Market, aimed at increasing access to capital for the small and medium enterprises or SMEs. Furthermore, the Qatar Fintech Hub was launched as part of a wider strategy to improve innovation and access to capital within the Qatari economy.

Beyond the Tarmac The Covid crisis has had a massive impact on India's civil aviation sector with air traffic falling to all-time low last year.On Tuesday, India just recorded 215 new coronavirus infections and one Covid-related death within a 24-hour period, the lowest since April 2020, according to the country’s Ministry of Health.In the first quarter of 2021, at the height of the pandemic, India recorded the highest one-day tally of new Covid-19 cases anywhere in the world- exceeding 400,000 cases.Since then, in a nation-wide free inoculation drive, millions of Indians had been administered Covid vaccination, which helped bring down the daily caseload.But the recovery in India’s civil aviation market was hampered and got delayed because of the Ukraine war, which is the case in most major global markets.Due to a temporary halt in all airline operations at the peak of the pandemic and the subsequent rise in aviation turbine fuel (ATF) pricing, the finances of Indian airline companies have been in disarray.Experts say Indian airlines’ losses mounted to the tune of $2.5bn in last financial year and may hover around $1.7bn in the current fiscal, despite the opening up of the economy.Despite being loss-making, the Indian aviation industry continues to garner investors’ interest, attracting investments mainly from the private sector.India is the world’s third-largest air passenger market, after China and the United States.According to the India’s Director General of Civil Aviation (DGCA), in FY22, country’s passenger traffic stood at nearly 189mn, out of which domestic passenger traffic accounted for over 166mn, a 58% year-on-year (y-o-y) rise from 105mn in FY 21.On the other hand, international passenger traffic saw a 118% y-o-y rise to 22mn from 10mn in FY21. The Indian aviation sector is expected to touch 400mn passengers annually in seven-10 years.Despite the pandemic, domestic airlines have continued to add new aircraft to their fleets. Indian civil aviation ministry estimates the overall fleet size to almost double to 1,200 in five years from the current size of over 700 planes.In this context, the Tuesday’s announcement of Vistara airlines’ merger with Tata-owned Air India by March 2024 assumes significance.Singapore Airlines, which owns minority share in Vistara in its joint venture with Tata, will own around 25% of the enlarged Air India, into which it will infuse over ₹20bn.The rearrangement will mean a larger fleet and more routes under the Air India brand as Tata Sons rebuilds a mega aviation wing of its empire. At present, 51% share in Vistara is with Tata, while Singapore Airlines owns the remaining 49% in the joint venture set up in 2013.India’s aviation market may be moving towards a duopoly following the merger of two full-service carriers Air India and Vistara, noted consultancy and research firm CAPA India.The merger, it said, would strengthen the sector.“The competitive dynamics in India are moving towards a two-pillar system around the Air India Group and IndiGo. The two carriers combined are in due course expected to achieve a domestic market share of 75-80%,” CAPA India said.“This will redraw market and consumer power in the international arena back to Indian carriers, which has historically been dominated by foreign airlines”.India needs a high quality, dependable long-haul and ultra-long-haul airline to meet the country’s air connectivity requirements. The combined entity is in line with India’s aspirations to be a $5tn economy shortly, CAPA stated.Stating that there has been continuous improvement on the policy front, but if further reforms can be fast tracked, this will provide a powerful impetus to India's aviation system, CAPA said and emphasised that the confluence of world class entities on the corporate front, accompanied by fiscal (both direct and indirect taxes) and regulatory reforms, will enable India's true aviation potential to be realised in the medium to long term.An earlier Airbus’ forecast showed India will require 2,210 new aircraft over the next 20 years. That fleet could comprise 1,770 new small and 440 medium and large aircraft.Over the next decade, India will grow to have the largest population in the world, its economy will grow the fastest among the G20 nations, and a burgeoning middle class will spend more on air travel.As a result, Airbus noted passenger traffic in India will grow at 6.2% per year by 2040, the fastest among the major economies and well above the global average of 3.9%.Prominent Indian aviation analyst Ashwini Phadnis said “the merger of Air India and Vistara is on expected lines.”“This development augurs well for the Indian aviation market as AI and IndiGo will now be the two players with the largest market share within India. The merger along with IndiGo’s fleet induction plan should also help India claw back some of the international traffic from international carriers, which are presently carrying over 60% of outbound traffic from India,” Phadnis told Gulf Times.The merger of Vistara and AI will benefit both the airlines, he said. India is set to become the third largest global aviation market. Indian domestic passenger traffic hit pre-Covid levels of around 400,000 a day for a few days in November but has been around the 350,000 mark.A recent Nangia Andersen and FICCI study estimates that the out bound travel market from India will surpass $42bn by 2024.Given the financial position of the India aviation market with CAPA India revising upwards its loss estimates for Indian airlines to $2.5bn from $1.4-1.7bn earlier, excluding accounting adjustments and major impairment costs consolidation and mergers might be one way forward for the Indian aviation industry, he said.However, Phadnis noted it remains to be seen whether given the precarious balance sheet of most Indian carriers any carrier or investor will be ready to pump in funds right now.

QatarEnergy has announced fuel prices for the month of December, where the prices of diesel and Gasoline 95 remained stable and the price of Gasoline 91 decreased. QatarEnergy has set the price for Premium Gasoline 91 at QR1.95 per litre, the price for Super Gasoline 95 at QR2.10 per litre and the price of diesel at QR2.05 per litre.

Tata Group will merge Air India Ltd with Vistara, which it jointly holds with Singapore Airlines Ltd, creating a behemoth in one of the world’s fastest-growing aviation markets.The deal will give Singapore Air a 25.1% stake in the merged carrier for an investment of $250mn, according to an exchange filing yesterday. Both the partners have agreed to inject fresh capital if needed in the coming two years in the enlarged Air India, with Singapore Air’s share potentially as much as $615mn, according to thefiling.The integration will make Air India the country’s largest international and second-largest local carrier with a fleet of 218 aircraft, Tata Sons Pvt, group’s main holding company, said in a separate statement.The consolidation will happen after relevant approvals are received and is expected to be complete by March 2024.Bloomberg News reported earlier this month that the coffee-to-cars conglomerate is considering a plan to integrate its four airline brands under Air India and scrap the Vistara moniker while Singapore Air was evaluating the size of stake it would take in the combined entity. Air India is gearing up for a revamp under its new owner Tata, as the sprawling company prepares to recast its faltering aviation empire. The full-service carrier is considering ordering as many as 300 narrow-body jets, a transaction that would be one of the largest orders ever in commercial aviation history.Air India chief executive Campbell Wilson last month said the airline will triple its fleet of 113 aircraft over five years, with a “significant” increase in both narrow- and wide-body aircraft. The airline, which was set up by the Tata Group in 1932, then taken over by the Indian government in the 1950s before it was returned to the Tata fold in January, is planning to add 25 Airbus SE and five Boeing Co. aircraft from lessors, starting in December.Tata was selected as the winning bidder for India’s flag carrier in October last year, ending decades of attempts to privatise a money-losing and debt-laden airline that was kept alive on years of taxpayer-bailouts. The transaction marked the country’s most high-profile privatisation under Prime Minister Narendra Modi, ending decades of attempts to offload the money-losing, debt-laden carrier that survived on years of taxpayer bailouts.

Opec and its allies are expected to consider deeper supply curbs when they meet this weekend against the backdrop of a faltering global oil market.Saudi Arabia and its partners surprised traders – and drew a fierce rebuke from US President Joe Biden – when they announced a 2mn barrel-a-day cutback last month. Even so, prices have since weakened, briefly slipping to almost $80 a barrel in London as the situation in China deteriorates.Delegates from the group, who until this week had predicted they would pause to assess the impact of the cuts, now say additional reductions could be an option. Discussions within the alliance haven’t yet formally got underway before the December 4 meeting.Riyadh already sent the market an unusually clear pre-meeting signal. Last week, Saudi Energy Minister Prince Abdulaziz bin Salman said Opec+ was “ready to intervene” with further supply reductions if it was required “to balance supply and demand.”“Opec will probably choose between rollover, or further cuts,” said Amrita Sen, chief oil analyst and co-founder of consultant Energy Aspects Ltd. They “are always vigilant about supply-demand balances.”Ten of 16 traders and analysts surveyed by Bloomberg this week anticipated a new supply cutback, with estimates ranging from 250,000 to 2mn barrels a day. Consultants FGE predict the cutback may be at the upper end of the range.While the Organisation of Petroleum Exporting Countries and its partners appear to be focused on the downside risks to the market, there are countervailing forces. Brent rebounded as much as 3.4% to $86 a barrel yesterday as signs of the group’s readiness to act lends support to futures.The alliance remains under pressure from consuming nations to stave off inflation by keeping the taps open. In particular, additional cuts would run the risk of further straining relations between the Biden administration and Saudi Arabia.Global markets are by some measures tight, with inventories in developed nations at the lowest since 2004. The day after Opec+ meets, the European Union will impose a ban on seaborne imports of crude from Russia, while a price cap on the country’s oil is also under discussion by EU diplomats.Russian output stands to slump 15% early next year as these measures bite, according to the International Energy Agency. Yet the country’s oil output has proven surprisingly resilient to international sanctions since its invasion of Ukraine, and the IEA’s forecasts often too pessimistic.“Fundamental balance forecasts don’t suggest there is any urgency in cutting,” said Paul Horsnell, head of commodities at Standard Chartered Bank. “Especially as inventories are still on the low side.”Whether these considerations are ultimately eclipsed may depend on the trajectory of crude futures in the coming days.“Opec+ will seriously consider a new production cut at its upcoming meeting, particularly if crude prices fall much below their current level in the next week,” analysts at Eurasia Group including Raad Alkadiri said in a report.The outlook for key Asian markets continues to darken after protests over harsh anti-virus curbs erupted over the weekend, including demonstrations in Beijing and Shanghai. Chances are growing of a messy exit from the Covid-zero policy as infections spread and residents protest virus controls, according to banks including Goldman Sachs Group Inc.The unrest has triggered a broad sell-off in commodities. Last week, a critical gauge of Asian crude markets – the premium of Oman futures over Dubai swaps – plunged as surging virus cases threatened fuel consumption in China, the world’s biggest oil importer.The forward curves for Brent and West Texas Intermediate – the two international benchmarks – have developed a discount for near-term contracts known as a contango. The price pattern typically signals oversupply and encourages refiners to hoard unwanted barrels – often a problematic occurrence for Opec+ nations.

QNB Group has concluded the ‘Emerging Leaders Programme’ with a graduation ceremony held to honour its employees who successfully completed it. QNB Emerging Leaders Programme aims to identify and develop the bank’s Qatari staff who excel in their current role and who demonstrated the potential to advance to more challenging positions within the Group. Over the course of 10 months, the 26 Qatari candidates participated in a combination of face-to-face modules, online learning, on-the-job assignments and a work place project, as well as completed functional training and job rotations. The course modules were developed by ‘Kaplan’, a leading provider of training solutions for professional qualifications programmes, leadership, and professional development. Upon the successful completion of the programme, the candidates receive a Certificate Level Accreditation from NOCN, a market-leading international awarding organisation. This programme comes as part of the bank’s effort to prepare emerging Qatari talent for management roles. It also aims to complement QNB’s current Leadership and Management Course offerings and the bank’s ongoing efforts to provide its employees’ with top-tier learning and development opportunities. In his speech during the graduation, Group Chief Executive Officer, Abdulla Mubarak al-Khalifa said, “I would like to take this opportunity to congratulate all the employees who completed this programme successfully. It is a clear indication of the effort that the bank undertakes to ensure the quality of the career development for each member of QNB’s family and to ensure their ongoing success which in turn, reflects as the bank’s own success.”

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.