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Thursday, March 28, 2024 | Daily Newspaper published by GPPC Doha, Qatar.

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The rating actions follow the upgrade of Qatar's sovereign rating to 'AA' (with stable outlook) and they reflect the agency's view of the increased ability of the Qatari authorities to support the banks.
Business

Fitch upgrades seven Qatar banks with 'stable' outlook

International credit rating agency, Fitch Ratings has upgraded seven Qatari banks on the country's upgrade.The rating agency has upgraded QNB's long-term (LT) issuer default ratings (IDRs) to 'A+' from 'A' and affirmed the short-term (ST) IDR at 'F1'.Fitch has also upgraded the LT IDRs of Qatar Islamic Bank (QIB), Commercial Bank, Doha Bank, Dukhan Bank, QIIB and Ahlibank Qatar to 'A' from 'A-' and their short-term IDRs to 'F1' from 'F2'.The outlooks on all LT IDRs are "stable".The banks' viability ratings (VRs) and ‘xgs’ (ex-government support) ratings are unaffected. ‘xgs’ communicates Fitch’s view of the creditworthiness of an entity or financial obligation excluding assumptions of extraordinary government support.The rating actions follow the upgrade of Qatar's sovereign rating to 'AA' (with stable outlook) and they reflect the agency's view of the increased ability of the Qatari authorities to support the banks.Qatar's sovereign rating upgrade reflects Fitch's greater confidence that debt-to-GDP (gross domestic product) will remain in line with or below the 'AA' peer median after falling sharply in recent years, while Doha's external balance sheet will strengthen from an already strong level. Qatar is likely to retain budget surpluses until the 2030s a result of the North Field expansion.Qatar's 'AA' ratings are supported by large sovereign net foreign assets (SNFA), one of the world's highest ratios of GDP per capita and a flexible public finance structure.The seven banks' IDRs are driven by sovereign support, as reflected in their government support ratings (GSRs). The "stable" outlooks reflect that on the Qatari sovereign rating.The banks' GSRs of 'a’ are in line with Fitch's D-SIB GSR of 'a'; reflecting Fitch's view that the Qatari authorities have a strong propensity to support domestic banks, irrespective of their size or ownership.They also have a strong ability to do so, as indicated by the sovereign rating and substantial net foreign assets and revenue, albeit weakened by the Qatari banking sector's high reliance on external funding and rapid asset growth in recent years. The 'a' GSR for Qatari D-SIBs is three notches below the sovereign 'AA' IDR.The seven banks' short-term IDRs of 'F1' are the lower of two options mapping to 'A+' and 'A' long-term IDRs because a significant proportion of the banking sector's funding is government-related, and financial stress at these banks likely to come at a time when the sovereign itself is experiencing some form of stress.

UDC, master developer of The Pearl and Gewan Islands, participated in the International Immigration & Property Expo 2024 in Hong Kong recently
Business

UDC showcases premium real estate projects at Hong Kong expo

*UDC's participation in expo was in collaboration with its financing partner, Commercial Bank*Commercial Bank is offering mortgage loan packages to foreign investors looking to invest in Qatar propertyUnited Development Company (UDC), master developer of The Pearl and Gewan Islands, participated in the International Immigration & Property Expo 2024 in Hong Kong recently.This event marked a significant opportunity for UDC to showcase its premium real estate investment products in Qatar, particularly at The Pearl and Gewan Islands.UDC's participation in the expo was in collaboration with its financing partner, Commercial Bank, a leader in innovative digital banking in Qatar, to promote attractive financing schemes tailored for international non-resident investors. These schemes aim to provide seamless access to investment opportunities in UDC’s thriving property portfolio.UDC said its presence at the International Immigration & Property Expo underscores its commitment to offering exceptional real estate investment opportunities in Qatar.“Through strategic partnerships like the one with Commercial Bank, UDC aims to provide accessible and attractive financing options for global investors interested in Qatar's dynamic property sector.“Investors can leverage Qatar's residency benefits and capitalise on the booming business climate, coupled with high returns on property investments with UDC, making it an ideal destination for international investors seeking lucrative opportunities.”For its part, Commercial Bank is offering mortgage loan packages to foreign investors looking to invest in Qatar property. Loan products come with flexible tenures of up to 20 years, designed to meet the diverse financial needs of investors looking to invest in and acquire permanent residency in Qatar through the approved real estate investment channels.During the expo, UDC showcased its flagship projects, including developments at The Pearl Island and Crystal Residence at Gewan Island, representing some of the most sought-after apartment buildings in Qatar's newest mixed-use development.UDC's strategic engagement in global events like the International Immigration & Property Expo reflects its ongoing efforts to attract foreign investments into Qatar's vibrant real estate sector.This participation aligns with UDC's mission to deliver premium real estate developments that cater to the needs and expectations of both local and international investors.

Gulf Times
Sports

Al Shamal, Al Ahli coaches eye regaining victories tomorrow

Al Shamal coach Poya Asbhagi stressed the importance of his side match against Al Ahli on Friday in Week 19 of the Expo Stars League.Speaking to the media ahead of their 2023-2024 season Expo Stars League Week 19 match against Al Ahli, Asbhagi, said, "A strong match awaits us against a good team that includes players with good potential, but that does not prevent us from looking forward to winning and getting three points in order to advance another step away from the danger zone in the league table."We will play to win and get three points from the first minute of the match."We worked to correct the mistakes during the last training sessions to avoid them in the upcoming matches. I see that the Al Shamal players are ready to play the match and I have great confidence in the extent of their responsibility and their eagerness to be back on the path of victories," said Asbhagi.From his side, Al Ahli coach Pedro Miguel said: "We will play all the remaining matches of the league as final matches that we must win in order to advance in the standings."Although a large number of players were suffering from injuries and are not that ready, we will have the spirit of one team and play with a high spirit in order to score points. The next stage requires victories to make our fans happy."The last break was an opportunity to continue physical training and help recover the players with the aim of entering the next matches with full ranks without absences. I am counting a lot on the good level that the team has been showing recently despite the absence of influential players due to injuries."I am stressing the importance of the match against Al Shamal and the necessity of winning it, given the closeness of both teams in terms of points. Therefore we will enter the match in order to achieve that goal," said Pedro Miguel. (QNA)

Gulf Times
Sports

Expo Stars League: Al Arabi take on Al Gharafa in strong week 19 contest

Al Arabi will face Al Gharafa in a strong Week 19 match of the 2023-2024 season Expo Stars League at the Al Thumama Stadium on Saturday.The clash is expected to be intense and produce a lot of excitement, with both teams gunning for a win to gain the three valuable points.Al Arabi are currently in fifth place in the standings with 23 points - from five wins and eight draws besides four losses. The team has scored 32 goals and conceded 28 goals so far.On the other hand, Al Gharafa are occupying the second place with 37 points - from 11 wins, four draws and two losses. So far, they have scored 45 goals and conceded 29 goals.The result of the first leg match between these two teams had ended with Al Gharafa beating Al Arabi 5-4.The match represents a big chance for both teams, with Al Gharafa looking to continue their good run to remain in contention for the title and Al Arabi aiming to provide their best against the currently-motivated Cheetahs to gain the much-needed match points and to get into the top four.The matches between Al Gharafa and Al Arabi have always witnessed strong competition and excitement. Given their excellence in all departments of the game and the great desire of both sides to push for a win, picking a winner is difficult.Al Arabi rely on a number of distinguished stars led by Syrian striker Omar Al Somah, Tunisian playmaker Yousef Msakni, goalkeeper Jassim Al Hail, Helal Mohammed, Brazilian Rafinha, Italian star Marco Verratti and other players.On the other hand, Al Gharafa also rely on a number of their stars, most notably Yacine Brahimi, Ferjani Sassi, Ahmed Alaaeldin, Farid Boulaya, Homam Al Ameen, goalkeeper Khalifa Abubakr and others.Moreover, Al Rayyan will take on Al Duhail in Week 19 of the 2023-2024 season Expo Stars League at the Ahmad Bin Ali Stadium on Sunday.Each team is looking forward to achieving the three points in this match, which is expected to be very strong and exciting, given the quality of players in each team in all positions, as well as the desire for both teams to obtain the maximum points at this crucial stage of the league.Al Duhail had achieved victory in the last round by defeating Al Shamal 3-1 after a series of point losses in the previous rounds, which led to a recent state of loss of confidence for some players.On the other hand, Al Rayyan did not achieve victory in their last two matches as they drew 2-2 with Umm Salal. They also suffered a 0-3 loss to Al-Gharafa in Week 18 after having achieved some positive results.Al Rayyan occupy fourth place in the standings with 32 points from 10 wins, five losses, and two draws, scoring 36 goals and conceding 25 times. They will strive to work hard to restore the winning momentum in this round.On the other hand, Al Duhail are in sixth place with 22 points from six wins, seven losses and four draws. They scored 32 goals and conceded 34 times.The team will seek to strengthen their position with the recent victory against Al Shamal by working to continue the journey and regain full confidence.Al Duhail defeated Al Rayyan 3-2 in the match between the two teams in the first leg, which was held in Week 8 at the Abdullah Bin Khalifa Stadium of Al Duhail club.Al Markhiya will face Al Sadd in Week 19 of the 2023-2024 season Expo Stars League at the Al Arabi club's Grand Hamad Stadium on Sunday.Despite the contrast of their placings in the standings Al Sadd being the leaders and Al Markhiya at the bottom the contest is expected to be intense given the desire of both teams to score a win.Al Sadd are seeking to continue their victories in order to compete strongly for the championship, while Al Markhiya are looking to make their presence felt and improve their position in rankings.Al Markhiya are 12th and in last place with eight points after suffering 13 losses and achieving two victories and as many draws, while Al Sadd are in the top spot in the standings with 40 points, three points ahead of Al Gharafa. So far, Al Sadd have achieved 12 victories in addition to four draws and suffered only one reversal.On the sidelines, the confrontation will be special between the coaches Wesam Rizik of Al Sadd, who seeks to confirm the teams superiority and increase their lead to ensure winning the league championship title, and Algerian Madjid Bougherra of Al Markhiya, who hopes to change the teams situation, especially since in the upcoming matches they cannot afford to lose any point given their situation.Both sides have attacking players in their ranks capable of presenting a competitive and enjoyable match for the fans. Al Markhiya would be mainly counting on their Moroccan player Driss Fettouhi, top scorer Yusupha Nije and others.On the other hand, Al Sadd have many stars led by Akram Afif, Baghdad Bounedjah, Guillerme Torres, Boualem Khoukhi and others. Al Sadd may, however, miss their goalkeeper Saad Al Dossari who suffered a muscle injury.Al Sadd had beaten Al Markhiya 5-0 in the first leg.Furthermore, Qatar SC and Al Wakrah will face off in Week 19 of the 2023-2024 season Expo Stars League at the Suhaim Bin Hamad Stadium of Qatar Sports Club on Saturday.The match is expected to be strong and difficult and each team will look to continue the journey after winning the last round, as Al Wakrah achieved a 2-0 victory over Umm Salal and Qatar SC won 2-1 against Al Markhiya.The two teams enter the match with a common desire to obtain the three points in order to improve their standings, especially for Qatar SC, who are in 10th place with 16 points and coming from a victory over Al Markhiya, a victory that brought the team back to winning ways after stumbling in a number of previous rounds.As for Al Wakrah, they are in third place with 34 points and they would want to advance further in the ranking table as they continue their chase for the top spot.Both teams rely on a number of distinguished players in all positions, such as Sebastian Soria, Javi Martinez, Ben Malango, Yohan Boli, Abdullah Al Ahraq, Ibrahim Majed, Khaled Al Mahmoudi and others in the ranks of Qatar SC.Al Wakrah rely mainly on Lucas Mendes, Rabah Yahya, Ayoub Assal, Jacinto Dala, Mohamed Benyettou, Omar Salah, Mahdi Ali and Hamdi Fathi.Meanwhile, Al Shamal will face Al Ahli in Week 19 of the 2023-2024 season Expo Stars League at the Al Bayt Stadium on Friday.Both teams are seeking to achieve victory and obtain the three valuable points. Al Ahli are currently in seventh place in the standings with 20 points, gained from six wins, two draws and nine losses, while Al Shamal are two places behind in the ninth place with 18 points with four wins, six draws and seven defeats.The match is of great importance in view of the rankings of the two teams, as Al Shamal aim to steer clear of the danger zone and to advance in the rankings table, as only three points separate them from the fifth-placed Al Arabi.At Thani Bin Jassim Stadium of Al Gharafa club, Umm Salal will play with Muaither in Week 19 of the 2023-2024 season Expo Stars League on Friday.Each team will look to compensate for the losses they both suffered in the previous rounds and hope to return to winning ways.Umm Salal occupy the eighth place with 20 points, while Muaither are 11th with 11 points. (QNA)

Gulf Times
Region

Jordanian Foreign Minister, British Counterpart discuss efforts to reach ceasefire in Gaza

Minister of Foreign Affairs of Jordan Ayman Safadi discussed via a phone call with his British counterpart David Cameron efforts to reach an immediate ceasefire and end the humanitarian catastrophe in the Gaza Strip.The two ministers stressed the importance of the United Nations Security Council (UNSC) adopting resolution No. 2728 demanding an immediate ceasefire for the month of Ramadan.They also agreed to continue cooperation and coordination to bring sufficient, sustainable and immediate humanitarian aid to all parts of the Gaza Strip.The Jordanian and British Foreign Ministers also discussed ways to develop and strengthen bilateral relations between their two countries. (QNA)

Gulf Times
Qatar

Expo 2023 Doha honors winners of outstanding pavilion awards

The International Horticultural Expo 2023 Doha honored the winning pavilions in recognition of their outstanding contributions and efforts throughout the months of the Expo. The winning pavilions were selected by a jury of ten specialized experts from Qatar, the Bureau International des Expositions (BIE), and the International Association of Horticultural Producers (AIPH).The event was attended by HE Minister of Municipality and Chairman of Expo 2023 Doha Organizing Committee Abdullah bin Hamad bin Abdullah Al Attiyah; HE President of BIE Alain Berger; HE President of AIPH Leonardo Capitano; and a number of Their Excellencies officials, heads of diplomatic missions accredited to the State of Qatar, and pavilion commissioners.Commenting on the award ceremony, HE Expo 2023 Doha Commissioner General Ambassador Bader bin Omar Al Dafa indicated that the event celebrates 6 consecutive months of concerted efforts by all participating countries, adding: "We were pleased to meet the representatives of all countries that have graced Expo 2023 Doha with their effective and positive participation. We offer sincere congratulations to the winners for the well-deserved awards, and express our sincere gratitude and appreciation to all participating countries, institutions, organizations, and entities whose combined efforts helped us attract millions of visitors and added a unique touch to this world-class event which brings us closer than ever to delivering the objectives stated in the Qatar National Vision 2030, which we have made sure to include in the Expo's mission statement and main themes given their importance to our wise leadership and future generations in Qatar and the world."Secretary-General of Expo 2023 Doha Organizing Committee, Dr. Faiqa Ashkanani, affirmed that the success achieved by this edition in terms of participation, visitor numbers, workshops, entertainment programs, innovative initiatives, and Guinness World Records achievements was not coincidental but rather the result of years of work, efforts, and preparations that continued during the exhibition. She pointed out that behind these efforts was a harmonious team keen on delivering this major event in a manner befitting Qatar and astounding all who participated in it.She added that after six months of continuous successes, Thursday marks the conclusion of Expo 2023 Doha, which has surpassed expectations by achieving all its objectives. She noted that this success prompted some countries to participate in the exhibition's final weeks and contributed to forging partnerships with various countries, enabling the exploration of their cultures, tourism potentials, and investment and commercial opportunities. She emphasized that these relationships will continue beyond the exhibition.Dr. Ashkanani further stated that a committee will be formed to evaluate the exhibition and build on it in the future, developing a plan to utilize some of the existing structures in organizing events and enhancing environmental awareness across different segments of society as a sustainable legacy of the exhibition. She expressed her appreciation for the Expo team and the organizing committee for their valued efforts, which have led to this great success.The ceremony highlighted the Expo 2023 Doha Organizing Committee's appreciation of all participating countries that spared no effort to take part in the event and introduce visitors to their initiatives and innovations in sustainability, environmental conservation, traditional and modern agriculture, and environmental stewardship. The event presented an optimal opportunity to celebrate participants from all over the world, and praise the effort they dedicated to make their countries proud and leave a permanent mark on our collective journey of sustainability and concerted environmental efforts.HE Minister of Municipality and Chairman of Expo 2023 Doha Organizing Committee Abdullah bin Hamad bin Abdullah Al Attiyah handed over the awards, which covered various categories and segments, including the award for self-constructed pavilions, which went to the UAE, as well as the large pavilion award which was swept up by the Republic of Korea and the midsized pavilion award that was garnered by Senegal. The gold medal for interior design went to the Japan pavilion, while the programming award went to Italy, Angola, and Mexico for self-constructed, large, and midsized pavilions respectively.The Organizing Committee also celebrated the most educational exhibitions, with a special nod to Kuwait, the Arab League, and Cuba, as well as hospitality, where the medals were swept up by the GCC, Yemen, and Algeria.Additionally, Turkiye was the recipient of the AIPH award, while Japan was chosen for the best product category. An award was also dedicated to pavilions that highlighted the main theme of Expo 2023 Doha, and Cabo Verde, Sudan, and Oman shared the spoils. (QNA)

Gulf Times
Sports

Three players from Qatar to participate in IHF Beach Handball Showcase in Paris

The International Handball Federation (IHF) has selected three players from Qatar to participate in the "IHF Beach Handball Showcase" in Paris ahead of the Paris 2024 Olympics.The three players are Mohsen Mohamed Al Yafai, Mohammed Zaky Hassan and Hani Marwan Kakhi.The IHF will hold competitions from July 27 to 29 in cooperation with the Paris 2024 Organizing Committee for the Olympic and Paralympic Games (COJOP2024), the French Handball Federation (FFHB) and the International Olympic Committee (IOC).The competitions feature eight teams: three men's and three women's All-Star Teams, plus the French men's and women's national teams.The event will bring 64 of the world's best beach handball players from 18 countries, including players from Qatar, Argentina, Brazil, Croatia, Denmark, France, Germany, Greece, Hungary, Iran, the Netherlands, Norway, China, Poland, Portugal, Spain, the United States of America, and Uruguay.Guiding the All-Star Teams will be six coaches: Khaled Hassan (Qatar), Leticia Brunati (Argentina), Mladen Paradzik (Croatia), Maria Karantoni (Greece), Tamas Neukum (Hungary) and Alexander Novakovic (Germany). (QNA)

Gulf Times
Region

Israeli occupation forces arrest 17 Palestinians in West Bank

Israeli forces arrested 17 Palestinians on Thursday from several areas in the West Bank.According to Palestinian news agency (WAFA), the occupation forces arrested four Palestinians from Ramallah, one from Nablus, and two from Tulkarm after raiding and searching their homes.Additionally, ten Palestinians, including a young boy, from several towns in Hebron were also arrested after their homes were raided, searched, and their contents were tampered with.In recent weeks, the Israeli occupation forces have escalated their raids and incursions into Palestinian villages and towns in the occupied West Bank and Occupied Jerusalem. They have also increased the pace of their arrests of Palestinian activists and youth. (QNA)

Gulf Times
International

IMF accused of aiding asset theft in Ukraine amid legal battle with ABH Holdings

ABH Holdings S.A. (ABHH) has raised serious allegations against the International Monetary Fund (IMF), accusing it of complicity in the unlawful expropriation of Sense Bank in Ukraine.The contentious issue stems from Ukraine’s nationalisation of Sense Bank without compensation, which ABHH claims was an act of theft.IMF recently announced its intention to prepare Sense Bank for sale. ABHH has asserted in a recent press release that in so doing, the IMF is implying that Ukraine’s expropriation of the bank was legitimate, and so this move directly interferes with the ongoing arbitration proceedings with the International Centre for the Settlement of Investment Disputes (ICSID), in which ABHH is seeking full compensation exceeding $1 billion for the bank’s expropriation.The IMF’s involvement has drawn criticism from ABHH, with allegations that the institution is facilitating the disposal of stolen assets and undermining the rule of law. ABHH claims the IMF is acting as a ‘fence’ for stolen goods, bringing the integrity of Western institutions into question.ABHH’s comments underscore the company’s determination to pursue justice through all legal avenues, and to ensure the rule of law is upheld.This development is the latest in a saga which began in 2022, when Ukraine nationalised Sense Bank following the passing of a series of arbitrary and discriminatory laws which enabled the seizure of the bank from its rightful owners, which included the Mark Foundation for Cancer Research and UniCredit.ABHH, the previous owners of the bank, has warned against its potential privatisation as they would view the transfer of any assets as the sale of stolen property.ABHH’s legal battle with Ukraine raises questions about the adherence to the rule of law and the role of international institutions in resolving these complex investment disputes. The outcome of this case will have implications for future investment protection, and the credibility of Western institutions in upholding international justice.

Gulf Times
Qatar

Qatari aircraft carrying assistance for Palestinians in Gaza arrives in Egypt's El Arish

A Qatar Armed Forces aircraft arrived in the city of El Arish in the sisterly Arab Republic of Egypt, carrying 57 tons of aid, including food supplies provided by the Qatar Charity, in preparation to be delivered to Gaza, bringing the total number of aid planes to 88.HE Minister of State for International Cooperation at the Ministry of Foreign Affairs Lolwah bint Rashid Al Khater received the aircraft at El Arish Airport.This aid comes within the framework of the State of Qatar's assistance to the brotherly Palestinian people during the difficult humanitarian conditions they are currently exposed to.

Gulf Times
International

QSE rises 9,991 points at beginning of Thursdays trading

Qatar Stock Exchange index rose at the beginning of Thursday s trading to the level of 9,991 points, compared to Wednesday s close, adding to its balance 33.35 points, or 0.33 %, with support from 6 sectors.The Stock Exchange showed a positive performance for the communications sector by 0.75 %, the banking and financial services sector by 0.49 %, the consumer goods and services sector by 0.25 %, the transportation sector by 0.12 %, the industrial sector by 0.06 %, and the insurance sector by 0.06 %. In contrast, the real estate sector had a negative performance of 0.14 %At 10:00 am, Qatar Stock Exchange recorded 1,542 transactions worth QR 38.836 million, distributed among 17.507 million shares.

Gulf Times
International

ESCWA: War on Gaza, Ukraine, Sudan weigh on Arab, global economies

With the persistence of the war in Ukraine, economic uncertainty continues to prevail globally and in the Arab region, where the war on Gaza and the Sudan conflict are weighing on economies and slowing down growth, the United Nations Economic and Social Commission for Western Asia (ESCWA) warned.These findings were released by ESCWA in the 2022-2023 issue of its annual "Survey of Economic and Social Developments in the Arab Region."With the stabilization of oil and gas prices at moderate levels in 2023, the regions gross domestic product (GDP) was expected to grow around 3.6 percent in 2024 and 4.2 percent in 2025; however, current predictions bring the figure down to 3.3 percent for 2024, the survey reported.Poverty rates in Arab low-income and conflict-affected countries have jumped from 56 percent and 45 percent in 2019, respectively, to about 63 percent and 50 percent in 2023. The war on Gaza is threatening to push the entire population of the Strip, about 2.3 million Palestinians, into multidimensional poverty, which will affect the whole country as well as Lebanon, according to the survey.This years edition also highlights that inflation reached 12.3 percent in 2023 in the Arab region, mainly because of the halting of the Black Sea Grain Initiative which had a significant negative impact on the prices of essential food items imported by Arab countries.Moreover, the outlook in Arab least developed countries (LDCs) also remains highly uncertain and gloomy, affected by the escalating conflict in Sudan. The Survey notes that the subregions GDP could decrease by 3.8 percent on average during the 20232025 period, with Arab LDCs continuing to face constrained fiscal space and challenging socioeconomic conditions. Nevertheless, their fiscal deficit is expected to improve from 3.2 percent of GDP in 2023 to 2.6 percent and 2.3 percent in 2024 and 2025, respectively.On the social front, besides high poverty rates, the Arab region continues to register the worst global gender gap score worldwide, and the estimated time to bridge this gap is over 150 years according to the Survey. As for unemployment, it is estimated to be around 11.6 percent in 2023 and may marginally decrease to 11.5 percent in 2024.One of five United Nations regional commissions, ESCWA supports inclusive and sustainable economic and social development in Arab States and works on enhancing regional integration.