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Sunday, April 28, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

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Gulf Times
Qatar

Minister of State at Ministry of Foreign Affairs participates in ministerial coordination meeting

HE Minister of State at the Ministry of Foreign Affairs Dr. Mohammed bin Abdulaziz bin Saleh Al Khulaifi participated in Riyadh today in a ministerial coordination meeting, which brought together the State of Qatar, the Kingdom of Saudi Arabia, the Arab Republic of Egypt, the United Arab Emirates, the Hashemite Kingdom of Jordan, and the State of Palestine.The meeting discussed the latest developments in the Gaza Strip and the occupied Palestinian territories and ways to strengthen regional and international efforts for an immediate ceasefire in Gaza and to facilitate the entry of humanitarian aid without obstacles into the Strip. (QNA)

British PM Rishi Sunak
International

Ireland’s asylum-seeker influx shows UK Rwanda plan having impact: Sunak

An influx of asylum seekers into Ireland from the UK is evidence that London’s plan to send asylum seekers to Rwanda is acting as a deterrent, Prime Minister Rishi Sunak said.Ireland’s Minister of Justice Helen McEntee told a parliamentary committee this week that she estimates around 80% of those applying for asylum in her country came over the land border with Northern Ireland, which is part of the UK.Sunak told Sky News, in comments released yesterday but that will air today, that it showed his controversial plan to send asylum seekers to Rwanda was “already having an impact” as a deterrent. “Illegal migration is a global challenge, which is why you’re seeing multiple countries talk about doing third country partnerships,” Sunak told Sky News.“But what it also shows, I think, is that the deterrent is...already having an impact because people are worried about coming here,” he added.“If people come to our country illegally, but know that they won’t be able to stay there, much less likely to come, and that’s why the Rwanda scheme is so important.” The Rwanda bill cleared its final parliamentary hurdle on Monday, after a marathon tussle between the upper and lower chambers of parliament lasting late into the night.Sunak hopes the bill will prevent asylum seekers from trying to enter the UK illegally by making small boat crossings of the Channel from northern Europe. Immigration is set to be a key issue in a general election due this year, with Sunak’s Tories currently languishing in the polls.

Gulf Times
Qatar

Speaker of Shura Council meets Bahraini Counterpart

HE Speaker of the Shura Council Hassan bin Abdullah Al Ghanim met in Cairo today with HE Chairman of the Shura Council of the Kingdom of Bahrain Ali bin Saleh Al Saleh, on the sidelines of His Excellency's participation in the sixth conference of the Arab Parliament.The meeting tackled a number of topics related to parliamentary cooperation between Qatar and Bahrain as well as ways to enhance them and reviewed the most prominent topics discussed during the Arab parliament conference. (QNA)

Gulf Times
Qatar

Egyptian President meets Speaker of Shura Council, Speakers of Arab Councils and Parliaments

President of the Arab Republic of Egypt Abdel Fattah El-Sisi met with HE Speaker of the Shura Council Hassan bin Abdullah Al Ghanim, as part of His Excellency's meeting with the speakers of Arab councils and parliaments participating in the sixth conference of the Arab Parliament that was hosted by Cairo today.The meeting reviewed a number of topics related to parliamentary efforts aimed at strengthening joint Arab action as well as the most prominent topics on the conference agenda. (QNA)

Gulf Times
Qatar

23rd batch of Palestinians wounded in Gaza Strip arrives in Doha for treatment

The 23rd batch of the Palestinians wounded in the Gaza Strip arrived in Doha, on Saturday, to be further treated within the initiative of HH the Amir Sheikh Tamim bin Hamad Al-Thani, devoted to treating 1500 Palestinians from the enclave.Additionally, several Palestinian brothers holding the Qatari ID were evacuated from the Gaza Strip after they had been trapped due to the war who were previously unable to exit the enclave.HE Minister of State for International Cooperation at the Ministry of Foreign Affairs Lolwah bint Rashid Al Khater welcomed the 23rd batch of the Palestinians upon their arrival in Doha.The initiative of treating the injured Palestinians comes within the unwavering support of the State of Qatar and its steadfast efforts to alleviate the suffering of the Palestinian brothers in the Gaza Strip in the aftermath of the current humanitarian conditions. (QNA)

Gulf Times
Qatar

Shura Council Speaker highlights Qatar's interest in AI and cyber security

HE Speaker of the Shura Council Hassan bin Abdullah Al Ghanim highlighted the importance that the State of Qatar, under the directives of its wise leadership, attaches to Artificial intelligence (AI), cyber security, and setting legal frameworks to manage their use.This came during His Excellency's chairmanship of the Shura Council's delegation to the 6th conference of the Arab Parliament and Speakers of Arab Councils and Parliaments held at the Arab League headquarters in Cairo on Saturday. The conference is held to discuss and issue a draft document for an Arab parliamentary vision for the safe use of AI.His Excellency pointed to HH the Amir Sheikh Tamim bin Hamad Al-Thani's emphasis on and call for the need to hold an international conference to regulate cyber security in international law at the 73rd and 74th sessions of the United Nations General Assembly held in 2018 and 2019 respectively.HE the Speaker of the Shura Council underscored the State of Qatar's efforts to solidify national cyber and ensure the safety of the state's vital interests by forming the National Cyber Security Agency.His Excellency added that the State of Qatar has supported a United Nations' decision to set a comprehensive international convention to counter cyber security crimes, in addition to establishing the Qatar Computing Research Institute in order to meet local needs and enhance Qatar's leading international standing in the field.HE the Speaker of the Shura Council said that the state has adopted Qatar's National AI Strategy in accordance with the Qatar National Vision 2030, to ensure the country's economic and strategic future.His Excellency stressed the importance of the draft document being worked out, however, pointing to member states' divergence in opinions and positions regarding AI legalization.HE the Speaker of the Shura Council continued by saying that AI receives international interest due to AI's impressive role in serving humanity and facilitating life. His Excellency added that as the case with other forms of knowledge and sciences, AI also poses challenges and risks, particularly with regard to its military misuse which has the potential of threatening world peace and security, something on which specialists are working on understanding and mitigating.HE Hassan bin Abdullah Al Ghanim stressed the need for parliamentarians to work with AI experts and specialists on drafting a comprehensive legislation on the safe use of AI in all fields.HE the Speaker of the Shura Council said that Arab AI experts and specialists must be benefitted from in conducting research and studies in the field, as well as in preparing a report on the benefits and risks of AI use, and ways for its safe use, to then be presented to the Arab Parliament's general secretariat and distributed among member states to guide their national AI legislations.His Excellency expressed hope that the conference succeeds in making decisions and setting procedures for a unified comprehensive vision on AI.In his speech, HE Speaker of the Shura Council Hassan bin Abdullah Al Ghanim touched on the suffering of the brothers in Palestine because of the brutal aggression that claimed the lives of tens of thousands of people, denouncing the crimes of genocide and forced displacement committed by the occupation forces in the Gaza Strip and the rest of the occupied Palestinian territories.He denounced the international silence regarding the barbaric crimes committed by the occupation forces, and the inability of the United Nations agencies concerned with protecting international peace and security and their inability to stop the brutal aggression and hold the occupation accountable for its heinous crimes.He stressed the need for parliamentarians to act by forming a parliamentary committee or creating a mechanism that brings together parliamentarians to stop this brutal aggression that disregards all international laws.Pointing to what the world is witnessing these days in relation to student demonstrations in several universities, which began in the United States of America and extended to a number of countries, he explained that the authorities handling of those demonstrations through repression and arrest reveals the false claim of some countries regarding the protection of freedoms and human rights.His Excellency said that he feels pain and bitterness when he sees the failure of two billion Muslims to influence the UN resolution and the positions of the countries supporting the occupying entity.HE the Speaker of the Shura Council pointed out that the brutal entity's continuing violations and defiance of international norms and laws despite the efforts undertaken by the State of Qatar and a number of Arab and Islamic countries is due to the United Nations' lack of mechanisms to implement its decisions, and the urgent need to reform the Security Council.His Excellency reviewed the efforts of the State of Qatar in this file through its active participation in facilitating intergovernmental negotiations on Security Council reform and its hosting in 2017 of the high-level meeting on Council reform with the participation of 30 countries.At the conclusion of the conference, the participants adopted the parliamentary document, with an "Arab parliamentary vision for the safe use of AI," including the approval of an advanced legislative structure to set controls on the uses of artificial intelligence, the development of a national strategy and plans to regulate the uses of artificial intelligence, and the establishment of early warning systems for continuous assessment of the risks of artificial intelligence.The document, scheduled to be presented to Their Majesties, Highnesses and Excellencies leaders of Arab countries during the upcoming Arab Summit, also includes raising societal awareness regarding the challenges and risks of artificial intelligence, taking into account the specificity of Arab societies in the uses of artificial intelligence, localizing its industry, and using it in parliamentary work, and participating in international efforts to reach a binding international agreement to regulate the uses of artificial intelligence.The conference also issued a statement regarding the continued aggression of the occupying entity against the Gaza Strip and the occupied Palestinian territories, in which the parliamentarians called on the UN Security Council to adopt a binding resolution to immediately stop the aggression of the occupying entity and implement the temporary measures contained in the order of the International Court of Justice.The statement stressed the need to break the siege of the occupying entity on the Gaza Strip and bring in aid convoys. Through the statement, the parliamentarians affirmed their rejection of the plans and intentions of the occupying entity to forcibly displace more than one and a half million Palestinian citizens.The statement also stressed the need to provide support to the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) and urged the International Criminal Court to criminally investigate war crimes committed by the occupation forces, provide support for the State of Palestine to obtain full membership in the United Nations, and call on the Security Council to accept this membership.The Shura Council delegation participating in the conference comprises Members HE Abdulrahman bin Yousef Al Khulaifi, HE Yousef bin Ahmed Al Kuwari, HE Dr. Ahmed bin Hamad Al Mohannadi, and HE Abdullah bin Ali Al Sulaiti along with HE Secretary General of the Shura Council Nayef bin Mohammed Al Mahmoud. (QNA)


Smoke billows from the warehouse following an explosion at an army base in Kampong Speu province, yesterday.
International

20 Cambodian soldiers killed in ammunition base explosion

Twenty Cambodian soldiers have been killed in an ammunition explosion at an army base, Prime Minister Hun Manet said yesterday. The blast at around 2.45pm (0745 GMT) at the army base in Kampong Speu province to the west of the capital also wounded several soldiers, according to the PM, with the army saying that an entire truck of munitions had exploded. “I am deeply shocked to receive the news of the ammunition explosion incident,” Hun Manet said in a statement on Facebook, expressing his “deepest condolences” to the families of those killed. It was not immediately clear what had caused the explosion. Pictures on social media showed a destroyed one-storey building wreathed in smoke, with residents of a nearby village also sharing images online of broken windows. Other images showed what appeared to be civilians, including a child in diapers - with cuts and gashes being treated in hospital. Munitions accidents are not uncommon in Cambodia, which is awash with ammunition following decades of civil conflict - accidents that are exacerbated by frequently lax safety standards. Cambodia’s army said the incident was a “warehouse ammunition explosion”, that had destroyed a truck fully loaded with weaponry. An office building as well as nearby barracks were destroyed, with 25 nearby homes also battered by the resulting explosion. In his statement, Hun Manet said he had ordered the defence minister and the commander-in-chief of Royal Cambodian Armed Forces to urgently arrange funerals for the soldiers who died. He also said that the families of those killed would receive roughly $20,000 each, while injured soldiers would get $5,000. Cambodia is littered with discarded ammunition and arms from decades of civil war from the 1960s. In 2005, five Cambodians were killed and three injured after an explosion in a major military arms depot some two kilometres outside the northwestern town of Battambang. It was unclear what had caused the explosion and resulting fire. Deaths from mines and unexploded ordnance are more frequent, with roughly 20,000 people killed in Cambodia since 1979 and twice as many wounded in landmine and unexploded ordnance accidents. In 2018, an Australian and a Cambodian were killed when war-era ordnance exploded during a de-mining training exercise in southern Cambodia. Clearance work continues to this day, with the government vowing to clear all mines and unexploded ordnance by 2025. Only last week four people were also killed by unexploded ordnance (UXO), according to the Cambodian Mine Action Centre. Last year thousands of pieces of UXO left over from the civil war were unearthed inside a northeastern school, including some 2,000 explosives.

Gulf Times
Events

Cartoon Corner

Cartoon


Solar panels stand on sandy soil located on Dave Duttlinger’s farmland that he leased to Dunns Bridge Solar LLC in Wheatfield, Indiana. (Reuters)
Opinion

Risk for some of America’s most productive farmland

Dave Duttlinger’s first thought when he saw a dense band of yellowish-brown dust smearing the sky above his Indiana farm was: I warned them this would happen.About 445 acres of his fields near Wheatfield, Indiana, are covered in solar panels and related machinery — land that in April 2019 Duttlinger leased to Dunns Bridge Solar LLC, for one of the largest solar developments in the Midwest.On that blustery spring afternoon in 2022, Duttlinger said, his phone rang with questions from frustrated neighbours: Why is dust from your farm inside my truck? Inside my house? Who should I call to clean it up?According to Duttlinger’s solar lease, reviewed by Reuters, Dunns Bridge said it would use “commercially reasonable efforts to minimise any damage to and disturbance of growing crops and crop land caused by its construction activities” outside the project site and “not remove topsoil” from the property itself. Still, sub-contractors graded Duttlinger’s fields to assist the building of roads and installation of posts and panels, he said, despite his warnings that it could make the land more vulnerable to erosion.Crews reshaped the landscape, spreading fine sand across large stretches of rich topsoil, Duttlinger said. When Reuters visited his farm last year and this spring, much of the land beneath the panels was covered in yellow-brown sand, where no plants grew.“I’ll never be able to grow anything on that field again,” the farmer said. About one-third of his approximately 1,200-acre farm — where his family grows corn, soybeans and alfalfa for cattle — has been leased.The Dunns Bridge Solar project is a subsidiary of NextEra Energy Resources LLC, the world’s largest generator of renewable energy from wind and solar. Duttlinger said when he approached NextEra about the damage to his land, the company said it would review any remedial work needed at the end of its contract in 2073, as per the terms of the agreement.NextEra declined to comment on the matter or on what future commitments it made to Duttlinger, and Reuters could not independently confirm them. Project developer Orion Renewable Energy Group LLC directed questions to NextEra.The solar industry is pushing into the US Midwest, drawn by cheaper land rents, access to electric transmission, and a wealth of federal and state incentives. The region also has what solar needs: wide-open fields.A renewable energy boom risks damaging some of America’s richest soils in key farming states like Indiana, according to a Reuters analysis of federal, state and local data; hundreds of pages of court records; and interviews with more than 100 energy and soil scientists, agricultural economists, farmers and farmland owners, and local, state and federal lawmakers.Some of Duttlinger’s farm, including parts now covered in solar panels, is on land classified by the US Department of Agriculture (USDA) as the most productive for growing crops, according to a Reuters analysis.For landowners like Duttlinger, the promise of profits is appealing. Solar leases in Indiana and surrounding states can offer $900-1,500 an acre per year in land rents, with annual rate increases, according to a Reuters review of solar leases and interviews with four solar project developers. In comparison, farmland rent in top corn and soybean producers Indiana, Illinois and Iowa averaged about $251 per acre in 2023, USDA data shows.Farmland Partners Inc, a publicly traded farmland real estate investment trust (REIT) has leased about 9,000 acres nationwide to solar firms. Much of that ground is highly productive, said Executive Chairman Paul Pittman.“Do I think it’s the best use of that land? Probably not. But our investors would kill us if we didn’t pursue this,” he said.Some renewable energy developers said not all leases become solar projects. Some are designing their sites to make it possible to grow crops between panels, while others, like Doral Renewables LLC, said they use livestock to graze around the panels as part of their land management. Developers also argue that in the Midwest, where more than one-third of the US corn crop is used for ethanol production, solar energy is key for powering future electric vehicles.Some agricultural economists and agronomists counter that taking even small amounts of the best cropland out of production for solar development and damaging valuable topsoil impacts future crop potential in the United States.Common solar farm construction practices, including clearing and grading large sections of land, also can lead to significant erosion and major runoff of sediment into waterways without proper remediation, according to the US Environmental Protection Agency and the Justice Department.Solar development comes amid increasing competition for land: In 2023, there were 76.2mn — or nearly 8% — fewer acres in farms than in 1997, USDA data shows, as farmland is converted for residential, commercial and industrial use.In response to Reuters’ findings, USDA said that urban sprawl and development are currently bigger contributors to farmland loss than solar, citing reports from the Department of Energy and agency-funded research.No-one knows how much cropland nationwide is currently under solar panels or leased for possible future development. Land deals are typically private transactions. Scientists at the United States Geological Survey and the US Department of Energy’s Lawrence Berkeley National Laboratory have been compiling a database of existing solar facilities across the country. While that project is incomplete and ongoing, Reuters found that around 0.02% of all cropland in the continental US intersected in some way with large-scale, ground-based solar panel sites they had identified as of 2021.The total power capacity of the solar operations tracked in the data set represents over 60 gigawatts of electric power capacity. In the following two years, solar capacity has nearly tripled, according to a December 2023 report from the Solar Energy Industries Association (SEIA) and Wood Mackenzie.To better understand future land-use patterns, Reuters analysed federal government data to identify cropland that USDA classified as prime, unique, or of local or statewide importance. Reuters also reviewed more than 2,000 pages of solar-related documents filed at local county recorders’ offices in a small sample of four Midwestern counties — Pulaski, Starke and Jasper counties in Indiana, and Columbia County in Wisconsin.The counties, representing an area of land slightly bigger than the state of Delaware, are where some of the nation’s largest projects are being developed or built. The sample is not necessarily representative of the broader United States but gives an idea of the potential impact of solar projects in farm-heavy counties.Reuters found the percentage of these counties’ most productive cropland secured by solar and energy companies as of end of 2022 was as follows: 12% in Pulaski, 9% in Starke, 4% in Jasper and 5% in Columbia.Jerry Hatfield, former director of USDA Agricultural Research Service’s National Laboratory for Agriculture and the Environment, said Reuters’ findings in the four counties are “concerning.”“It’s not the number of acres converting to solar,” he said. “It’s the quality of the land coming out of production, and what that means for local economies, state economies and the country’s future abilities for crop production.”More than a dozen agronomists, as well as renewable energy researchers and other experts consulted by Reuters, said the approach to measuring solar’s impact was fair. The news agency also shared its findings with six solar developers and energy firms working in these counties. Three said Reuters’ sample size was too small, and the range of findings too wide, to be a fair portrayal of industry siting and construction practices.By 2050, to meet the Biden Administration’s decarbonisation targets, the US will need up to 1,570 gigawatts of electric energy capacity from solar.While the land needed for ground-based solar development to achieve this goal won’t be even by state, it is not expected to exceed 5% of any state’s land area, except the smallest state of Rhode Island, where it could reach 6.5%, by 2050, according to the Energy Department’s Solar Futures Study, published in 2021.Researchers at American Farmland Trust, a non-profit farmland protection organisation which champions what it calls Smart Solar, forecast last year that 83% of new solar energy development in the US will be on farm and ranchland, unless current government policies changed. Nearly half would be on the nation’s best land for producing food, fibre, and other crops, they warned.Five renewable developers and solar energy firms interviewed by Reuters counter that the industry’s use of farmland is too small to impact domestic food production overall and should be balanced with the need to decarbonise the US energy market in the face of climate change. Doral Renewables, the developer behind the $1.5bn Mammoth Solar project in Pulaski and Starke counties, does not consider corn or soybean yields in its siting decisions.Instead, the company looks at the land’s topography, zoning and closeness to an electrical grid or substation — and tries to avoid wooded areas, ditches and environmentally sensitive areas, said Nick Cohen, Doral’s president and CEO.Shifting corn acres for solar? “I don’t see it as replacing something that is vital to our society,” Cohen said. Solar can make farmland “more productive from an economic perspective,” he added.Indiana farmer Norm Welker says he got a better deal leasing 60% of his farmland to Mammoth than he would have growing corn, with prices dipping to three-year lows this year.“We’ve got mounds of corn, we’re below the cost of production, and right now, if you’re renting land to grow corn — you’re losing money,” Welker said. “This way, my economic circumstances are very good.” — Reuters

Gulf Times
Opinion

Prospects brighten for global treaty on responsible use of plastics

Plastics offer several benefits that have contributed to their widespread use in various industries and daily life in all corners of the globe.Lightweight plastics can be moulded into a wide range of shapes and forms, making them suitable for diverse applications across industries such as packaging, construction, healthcare, automotive, electronics, and consumer goods.Many plastics are durable and resistant to corrosion, moisture, and chemicals, making them suitable for long-term use in various environments.While plastics offer numerous benefits, their environmental impact and sustainability concerns underscore the importance of responsible use, recycling, and the development of alternatives to mitigate their negative effects on the planet.Since the 1950s, 9.2bn tonnes of plastic have reportedly been produced, of which 7bn tonnes have become waste, filling up landfills and polluting lakes, rivers, the soil and the ocean.Plastic pollution is a significant threat to ecosystems worldwide. Plastic debris harms marine life through ingestion and entanglement, disrupts habitats, and leaches harmful chemicals into the environment.Plastics contain toxic additives, and when they break down into microplastics, they can be ingested by humans through food and water, potentially causing health issues such as hormone disruption and the transfer of pollutants.The sheer volume of plastic waste overwhelms waste management systems globally. Improper disposal leads to littering, clogged drainage systems, and increased costs for waste management.The production, transportation, and disposal of plastics contribute to greenhouse gas emissions, exacerbating climate change.Plastic production and waste are set to triple by 2060, and up to 37mn metric tonnes of plastic pollution could be entering oceans every year by 2040. This is leaving a legacy of environmental impacts for future generations.Negotiators from 176 countries are now gathering in Ottawa, Canada, for the fourth session of the Intergovernmental Negotiating Committee, which is hosted by United Nations Environment Programme (UNEP) to develop an international legally binding instrument on plastic pollution, including in the marine environment to advance the development a global agreement, by the end of 2024.Already several countries have clamped domestic ban on harmful single-use plastics, implemented a comprehensive plan to reduce plastic waste and pollution, and moved towards a circular plastics economy.According to the summit host Canada, plastic pollution costs more than $2tn every year, a burden that is largely held by local communities. Without new and effective control measures, and increased international cooperation, the global plastic pollution crisis will intensify.Greenpeace Canada noted the global plastics treaty has the potential to stop the plastic pollution crisis at the source - if governments truly step up and uphold their responsibility to the people, environment, wildlife, and the climate. Ambition needs to be more than just words.According to UN Secretary-General António Guterres, “Plastics know no border. Every living being and every part of the planet is harmed by plastics and their production. To beat plastic pollution, we need a strong plastics treaty that upholds human rights and addresses the full life cycle of plastics.”Addressing problems because of plastics contamination requires comprehensive strategies that encompass reduction, recycling, innovation in alternative materials, policy interventions, and global co-operation.

Sheikha Mayes al-Thani, managing director of USQBC in Qatar.
Business

USQBC underscores role in promoting investments, attracting FDI

An official of the US-Qatar Business Council (USQBC) has underscored its commitment to promoting investment opportunities and attracting foreign direct investments (FDI) in line with the Qatar National Vision 2030.“Promoting trade and business opportunities beyond traditional sectors can help companies explore new avenues and sectors aligned with the vision’s goals, such as technology, innovation, renewable energy, and tourism,” according to Sheikha Mayes al-Thani, managing director of USQBC in Qatar.USQBC aims to foster investment flows that contribute to the goals of the Qatar National Vision 2030 by providing information, market insight, and networking platforms to facilitate the exchange of information between businesses from the US and Qatar, Sheikha Mayes stated in the latest edition of ‘The Business Year: Qatar 2024’.On Qatar’s business climate and potential for growth and investment, Sheikha Mayes told TBY that the government has been active in diversifying the economy and reducing its dependence on hydrocarbon revenues.“The Qatari business environment is favourable, with several factors that contribute to its potential for growth and investment. First, its substantial oil and gas reserves have contributed significantly to Qatar’s economic stability and robustness. Several policies were also implemented by the government to foster economic stability and encourage foreign investment.“Second, Qatar made substantial investment into infrastructure projects in preparation to host the 2022 FIFA World Cup, resulting in a wide range of services now being available to both domestic and foreign businesses, including transportation networks, stadiums, hotels, and more. For businesses engaged in trade and transportation, Qatar’s advantageous location offers logistical advantages,” Sheikha Mayes said.She also lauded the Qatari government for introducing several incentives and initiatives to attract foreign investment, such as tax exemptions, simplified business registration procedures, and sector-specific incentives, among others.“Moreover, there has been an active effort by Qatar to diversify its economy beyond the energy sector. Growth and investment opportunities have been targeted in areas, such as finance, real estate, tourism, infrastructure, and technology,” she pointed out.According to Sheikha Mayes, the USQBC plays a vital role in fostering trade, investment, and collaboration between Qatar and the US by organising networking events, conferences, seminars, webinars, and business forums that bring together business representatives from both countries.“Additionally, USQBC assists in the identification of potential business partners or clients between companies in the US and Qatar, including organising B2B meetings, arranging trade missions, or facilitating introductions based on specific interests in an industry or sector.USQBC contributes to the development of trade between the US and Qatar by showcasing business opportunities, facilitating market entry, and providing market intelligence to its members,” she said.Sheikha Mayes added: “To help companies navigate the business landscape, USQBC provides information on regulations, trade policies, market trends, and investment incentives.“As a member-led organisation, USQBC advocates policies and initiatives that enhance bilateral trade and investment in Qatar and the US. The council works closely with government entities and stakeholders to address any barriers or challenges faced by companies and to promote a favourable business environment.”

Mekdam Holding Group chairman Sheikh Mohamed bin Nawaf bin Nasser bin Khalid al-Thani.
Business

Mekdam Holding reports QR10.4mn net profit in Q1

Mekdam Holding Group recorded a net profit of QR10.4mn in the first quarter of 2024, a 7.6% year-on-year (y-o-y) growth from QR9.7mn.Earnings per share (EPS) amounted to QR0.078 for the same period compared to QR0.100 for 2023, said Mekdam Holding Group chairman Sheikh Mohamed bin Nawaf bin Nasser bin Khalid al-Thani.Sheikh Mohamed said Mekdam's revenue stood at QR144.9mn in Q1 2024, reflecting a 13.7% y-o-y growth from QR127.5mn. Providing comprehensive maintenance services for gas recycling plants enhanced the earning level, he noted.Chief executive officer Ehab Naser said Mekdam was able to sign new contracts this year with a total value of QR119.3mn. The board was also briefed on the total value of the contracts being implemented, which amounted to about QR1.86bn, while the value of the remaining works amounted to about QR120bn.With respect to sales proposals, the total offers submitted and being negotiated with customers amounted to about QR2.52bn. The expected success rate, according to historical indicators, ranges from 20-30%. The customer retention rate was around 90%. The board emphasised the importance of these indicators to the executive management, as these indicators are the key factor in building revenue expectations, net future profits and enhancing the value of shareholders' equity.Mekdam has maintained its liquidity levels of 80.4% of its assets, which are current assets. The current ratio (current assets to current liabilities) is 1.79 times.The group also reduced bank financing from QR63.9mn as of December 31, 2023, to QR57.9mn as of March 31, 2024, reflecting a decrease of 9.4%. Bank financing is granted to the company in the form of projects financing that ends with the implementation of these projects and their delivery to customers.The board reviewed the results of the credit rating, where Standard & Poor’s confirmed the rating of Mekdam Holding Group at (gcBB). The board reviewed the implementation of the general assembly’s resolutions, as the extraordinary general assembly approved an increase in the capital on March 31, 2024, where the capital was increased by QR30mn, bringing the company’s capital to QR135mn. The board emphasised that the timing of the capital increase was appropriate to support the company’s ongoing growth operations, especially in light of the sharp rise in bank financing interest rates.The board also reviewed the performance of the stock on the Qatar Stock Exchange, where the Mekdam was able to increase the shareholder base to approximately 670 shareholders. The founders, through the listing, offered about 34.0% of the group’s capital.