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His Excellency the Minister of Finance Ali bin Ahmed al-Kuwari met separately with Chairman and CEO of Global Infrastructure Partners (GIP) Adebayo Ogunlesi; Chairman of the Board of Sumitomo Mitsui Financial Group, Makoto Takashima; and Chairman of Julius Baer Noel Quinn, during his participation in the World Economic Forum (WEF) Annual Meeting 2026 in Davos, Switzerland, reports QNA.**media[406870]**The meetings covered the most prominent issues in the financial, economic, and investment sectors, in addition to discussing topics of common interest and those related to the WEF Annual Meeting. 

Last week's announcement naming Doha the GCC Tourism Capital for 2026 wasn't a surprise, it was inevitable. Qatar has been doing something far more impressive than being a show pony: building a tourism economy that actually works. This isn't a participation trophy. It's hard-won recognition that Doha has cracked the code on sustainable, profitable, visitor-focused tourism infrastructure.The numbers don't lie. Over 2.6mn international visitors arrived in the first half of 2025 alone, which is a 3% year-on-year increase, with 36% from fellow GCC nations. The full-year figure hit a record 5.1mn, following a 25% surge in 2024. This isn't luck; it's the dividend of strategic investment finally maturing.Hamad International Airport, a perennial global top-five performer, connects Doha to over 170 destinations. Qatar Airways provides long-haul quality that is itself a destination draw. Within the city, the clean, affordable, punctual metro system liberates tourists from taxi dependency, transforming Doha from transit hub into explorable destination.This seamless connectivity isn't window dressing; it's the foundation of a tourism ecosystem that generated QR55bn (approximately $15.1bn) in GDP contribution in 2024, accounting for 8% of the national economy. With targets to push this to 10-12% of GDP by 2030, the Tourism Capital momentum couldn't arrive at a better moment.Here's where the designation transitions from prestige to powerful economic catalyst. Tourism is the quintessential diversification engine Qatar's National Vision 2030 demands: a sustainable, high-value sector creating quality employment across hospitality, retail, technology, and creative industries.The ripple effects extend far beyond hotel lobbies. The hospitality sector boasts over 42,000 hotel keys with market-wide occupancy consistently above 70%. Qatar's investor-friendly climate and robust financial sector mean tourism enterprises have genuine scale opportunities. The year-long programme of cultural and entertainment events generates sustained demand rather than seasonal volatility.The Tourism Capital title provides extraordinary marketing leverage. International attention translates directly into visitor numbers, which translates into economic growth across multiple sectors simultaneously.What distinguishes Doha is its refusal to pursue superficial attractions. The Museum of Islamic Art and National Museum of Qatar are world-class institutions, not vanity projects. The calendar runs year-round: from the Formula 1 Qatar Grand Prix to Art Basel's 2026 debut, ensuring consistent visitor appeal.This isn't a theme park approach.Perhaps most strategically, Doha's selection signals accelerated regional tourism integration. The GCC Tourism Capital initiative is designed to lift the country’s reputation as a world class host to the next level. Qatar's proven capacity through the Hayya platform, which was initially developed for World Cup visitor management, provides a ready model for a potential unified Gulf visa system.This could unlock enormous potential for multi-destination travel packages, making the entire region more accessible and globally competitive. Imagine seamless travel from Muscat to Doha to Dubai to Riyadh on a single visa. That's not fantasy—it's the logical next step, and Qatar's 2026 spotlight accelerates progress.The infrastructure is world-class. The connectivity is unrivalled. The cultural offerings have genuine depth. The economic framework supports sustainable growth.In 2026, Doha isn't merely hosting a title; it's showcasing a blueprint for how Gulf tourism can thrive whilst respecting cultural identity and environmental responsibility. The Tourism Capital designation is the spark igniting the next growth phase: driving visitor numbers, solidifying economic diversification, and cementing Qatar's position as the Gulf's most complete destination. 

The Public Works Authority (Ashghal) announced the completion of all works on the first package of the Roads and Infrastructure Development Project at Al-Egda, Al-Khor, and Al-Heedan.The project serves the new citizens’ land plots in the area, which is located west of Al-Bayt Stadium, specifically north of Al-Khor Coastal Road and Al-Egda Street, and west of Al-Heedan Street. The project serves the area through the construction of an internal road network and the provision of advanced infrastructure facilities that meet the needs of residents to keep pace with future urban expansion.The project engineer in the Northern Areas Section of the Roads Projects Department at Ashghal, Eng. Tamader Almas, explained that the authority implemented the roads and infrastructure project in Al-Egda, Al-Khor and Al-Heedan, as part of the country's comprehensive plan to develop infrastructure services, upgrade road networks in existing areas, and prepare and equip new land plots with all essential services to make them ready for residents and enable them to begin building their homes.She added the project serves 738 new land plots and aims to achieve significant improvements in the area to enhance the quality of life and facilitate traffic flow.Regarding the works carried out within the project, Tamader said the project provided a road network of 19km along with traffic safety elements such as street lighting systems and poles, directional signs, and road markings.The project also included the construction of a 24km sewage network, a 33km surface and groundwater drainage network, a 7km treated water network, and a 20km potable water network.New drainage pipes were laid, a new water flow distribution system was installed, and the system was connected to the main sewage network. Additionally, a 44,000-cubic-metre emergency rainwater storage tank was constructed to reduce water accumulation during the rainy season.Local materials and manufacturers were used in most of the project works, with the local component reaching 70% of the total materials used. Local Qatari materials used included lighting poles and lamps, drainage pipes, precast manholes, electrical cables, directional signs, and interlocking pavers. This is in line with Ashghal’s support for local manufacturers and the qualification initiative launched by the authority in 2017. 

Mosanada Facility Management Services is sharpening its focus on sustainability and smart infrastructure, positioning itself as a key partner in Qatar’s long-term development goals, a top official has said. Mark Cooke, Mosanada’s chief executive officer, said the company’s listing on the Qatar Stock Exchange (QSE) provides a platform to expand beyond traditional facilities management into consulting and technology-driven services. He highlighted Mosanada’s role in achieving sustainability accreditations for Qatar’s stadiums, noting that the company already has in-house expertise: “As far as the stadiums were concerned, all of them were accredited, so we’ve already got sustainability capability within the team.” Cooke emphasised that this capability is now being developed into a broader consulting offering. “We are obviously looking at other opportunities, but again, we want to make sure. We’re a very careful business in terms of how we operate. We’re very specific on the type of clients that we work with, and with the type of services we want to provide them,” Cooke explained, adding that sustainability consulting and project management are part of Mosanada’s long-term strategy. Cooke pointed out that technology is another pillar of the company’s expansion, even as he described the company as “one of the most advanced FM businesses, probably in the region” when it comes to computer-aided facility management software. The systems developed for stadiums and the Aspire Zone are now being adapted for wider use, he further stated. “We’ve also produced our own in-house commercial tool that can support clients from when they’re tendering all the way through the award of a contract, and we have a software system that manages it throughout,” he said. According to Cooke, Mosanada plans to roll out these tools to existing clients first, with Aspire as the initial test case, before extending them to ministries and other large institutions. He emphasised that the plan is designed to integrate smart infrastructure practices throughout Qatar’s public sector. By combining sustainability expertise with advanced digital platforms, Cooke emphasised that Mosanada aims to differentiate itself in a competitive market. He further pointed out that the company’s approach reflects the country’s broader push toward environmental responsibility and smart city development, as outlined in Qatar National Vision 2030. Mosanada specialises in managing complex, high-profile venues and infrastructure, particularly in preparation for large-scale events. The company’s portfolio includes stadiums, cultural sites, and public facilities central to Qatar’s national events calendar. Cooke pointed out that the QSE listing is not just about capital but about repositioning Mosanada for the future: “This is all very brand new for us today, but in the background, we’ve been working on our strategy, which covers off elements of project management, specialising, and sustainability.” 

Twice in the last century, the foundations of global finance shifted, because the burden placed on the machinery of money became unsustainable. Today, we are witnessing another shift, driven by the rise of stablecoins, tokenized deposits, and central bank digital currencies (CBDCs). But, this time, change is not unfolding through treaties or exchange-rate policies. The question is no longer which central bank issues the global monetary system’s “anchor” asset, but on whose infrastructure value circulates.When Allied countries agreed in 1944 to establish a post-World War II global monetary architecture based on US economic might and a gold-backed dollar, governments accepted limits on their monetary sovereignty in exchange for stable exchange rates and a reliable supply of global liquidity, provided by the United States.As capital markets deepened, however, the Bretton Woods system became untenable. In 1971, the US abandoned dollar convertibility to gold, and the world shifted to a dollar-based floating exchange-rate regime, which was flexible enough for an increasingly integrated global economy and complex financial system, but also fragile and prone to recurrent crises. Nonetheless, the US dollar retained its dominance in international transactions and reserves, thanks to the depth and safety of US Treasury markets, the global reach of US finance, and the credibility of US institutions.Today, the structure of the global economy has changed: China is now the world’s largest trader; the eurozone is a major capital exporter; and emerging economies, such as India and the Asean countries, are central to supply chains and key sources of energy demand. But while the economy has shifted toward multipolarity, the monetary system remains largely unipolar. The dollar still accounts for roughly half of cross-border loans, some 60% of global foreign-exchange reserves, and over 50% of trade invoicing. It is also the currency against which nearly all stablecoins now in circulation are pegged.The resulting structural mismatch has far-reaching consequences, as countries worldwide – even those that have established themselves as global production hubs – remain exposed to US monetary cycles, periodic dollar shortages, and asymmetric shocks.These vulnerabilities are systemic, not episodic, reflected in the global funding gaps that occurred in 2008 with the onset of the global financial crisis, in 2020 during the Covid-19 pandemic, and in 2022 when the US Federal Reserve began raising interest rates to combat inflation. Imbalances were managed, but never resolved.The rise of digital money may now break this stalemate. The critical innovation here is not the currencies themselves, but rather the underlying settlement layers. Tokenized assets, programmable payments, and upgraded messaging frameworks enable states and private actors to build alternative infrastructure capable of circumventing legacy intermediaries. Properly designed, these monetary rails can underpin a stable open system, expanding access, reducing friction, and modernizing the world’s aging financial infrastructure.But there is another, less desirable possibility: this new monetary architecture can entrench a bipolar system, comprising competing geopolitical blocs with incompatible standards. This explains why digital-currency projects have become instruments of geopolitics. China’s cross-border CBDC pilots are as much about shaping governance norms as they are about improving efficiency. Europe’s pursuit of “digital sovereignty” is rooted in security concerns, stemming from America’s apparent unreliability as a partner. Emerging economies are building new clearing arrangements outside traditional dollar channels. Meanwhile, privately issued stablecoins are forcing governments to rethink how influence is exerted.Technology is thus achieving what politics has not: a bottom-up realignment of monetary power. The US still has the potential to lead, because its institutions remain the most trusted, its capital markets the deepest, and its reserve-asset ecosystem the strongest. But fulfilling this potential will depend as much on architecture as on assets. The threat to the dollar’s primacy is not a rival currency, but the possibility that the global financial infrastructure will evolve in ways that dilute the advantages of openness, including the network effects that make holding and settling in dollars attractive.To retain its position at the centre of the global monetary system, the US must help build the rails that will convey global liquidity in the digital era. This means upgrading domestic and cross-border payment infrastructure for interoperability, thereby avoiding digital Balkanization. It also means providing regulatory clarity on dollar-denominated stablecoins and tokenized bank liabilities, so that private actors are not conducting quasi-central-bank functions without safeguards. And it means advancing a multilateral governance framework that ensures that cross-border digital rails reflect the principles that made the post-1970s system resilient: openness, transparency, and trustworthy governance.Such a system is in everyone’s interest. For Europe and China, modernized digital-payment rails would enable greater monetary autonomy without the disadvantages of fragmentation. For emerging economies, they would provide a credible path to reducing exposure to external shocks.And for the US, they would strengthen supply-chain resilience, forestall reliance on rival digital ecosystems, and enhance investment competitiveness by making dollar assets programmable and attractive as collateral.Moreover, embedding trusted digital-identity and compliance standards into the global financial plumbing would extend US influence in commercial diplomacy and economic statecraft.An open, interoperable, standards-based monetary order could finally deliver what neither the Bretton Woods system nor the floating exchange-rate regime could simultaneously: liquidity, stability, and sovereignty. -- Project SyndicateSilvia Sgherri is a visiting scholar and adjunct professor at the George Washington University’s Elliott School of International Affairs. 

One measure of borrowing by China’s local governments for infrastructure is on pace to hit a six-year low, as Beijing clamps down on risks in a strategy shift that calls into question its promise to stop an unprecedented investment slump.Of the 4.4tn yuan ($626bn) quota for new local government special bond sales this year, around 3.02tn yuan is available for infrastructure projects — the lowest since 2019 — after the remaining 1.38tn yuan was used to repay loans, according to Bloomberg calculations based on official data. That puts the amount of bonds meant for investment in line to decrease for a second straight year.The restraint is ushering in a new economic era for China after decades of leaning on local governments to pour money into a network of roads, railways and industrial parks. Fixed-asset investment is on track for its first annual decline in data going back to 1998, after a crash made worse by the drought in funding for infrastructure.“The contraction in FAI signals a break in China’s pattern of economic growth,” said Adam Wolfe, an economist at Absolute Strategy Research. “The restrictions on local government investment are likely to continue into 2026.”While Wolfe expects investment to extend its drop in the first half, he said its trajectory later in the year is uncertain.Behind the downturn is China’s campaign to rein in so-called hidden local debt, along with increasingly stringent rules for screening projects to ensure they generate sufficient returns. Coupled with stubbornly subdued business sentiment and a deepening property downturn, waning government funding support has fuelled a rapid pullback in overall capital spending in recent months.Infrastructure investment contracted by about 12% on year in both October and November, according to Macquarie Group’s estimates based on official figures.Top leaders have vowed to reverse the plunge next year. Yet Beijing’s focus on fiscal sustainability and what it deems as quality driven growth will likely leave local officials in a bind.“A large part of the slump seems to be due to harder local government budget constraints and restrictions on their investment promotion activities,” Wolfe said. “This could shift the economy away from a model based on the regional competition to attract investment to one where central government macro control policies are more effective.”China has been moving responsibilities for borrowing and spending from localities and putting them in the hands of the central government in recent years since it boasts a relatively healthier balance sheet.The country’s top economic-planning agency has acknowledged that deeper factors are at play in putting a limit on investment.In an article last week, the National Development and Reform Commission pointed to a rapidly aging population, slower urbanisation in some regions and a saturation of infrastructure. It also said manufacturers around the country face competition that’s increasingly undifferentiated with low value-added content.The NDRC repeated President Xi Jinping’s definition of high-quality growth, whose criteria include profitable investment.It listed a number of sectors where the government plans to channel capital spending, which range from utilities, public services and advanced manufacturing to low carbon development across energy, transport, construction and consumer industries.As provinces shoulder less of a burden, officials have also pledged to increase the central government’s budget spending on projects and tap the quasi-fiscal financing tools at state-owned policy lenders to help achieve the goal of halting the investment drop next year.But for special local bonds, they only promised to streamline the management of sectors receiving the funding, without hinting at a meaningful expansion in the quota.Lynn Song, chief Greater China economist at ING Bank NV, said the call for stabilising investment reflected “genuine” concern among top leaders over the decline. That said, he expects the authorities will keep the taps of stimulus open just enough to counter any worse-than-expected headwinds for exports and ensure steady economic growth.“We’ve seen pretty measured policy support in the last few years, and this is probably going to continue,” he said.Even if the government ramps up spending, it’s unclear whether that will translate into stronger private investment, with uncertainty and weak confidence still weighing on activity, he said. The key question is whether any pickup is “only seen in public sector investment or if private investment can see a genuine recovery,” he added. 

Morocco’s ambassador to Qatar Mohamed Setri has said that thanks to the wise leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, Qatar has succeeded in securing a prominent position on the international political map as a key, credible, and trusted partner.Speaking to the Qatar News Agency (QNA), the envoy said that Qatar has managed to achieve the highest global standards in economic, social, environmental, and human development by adopting and implementing innovative strategies and initiatives that have helped accelerate reaching goals and realising pioneering projects, including extensive urban development, a comprehensive modernisation of facilities, and a modern infrastructure of airports, ports, and advanced road networks, among other things.He said that the same level of success and excellence was achieved socially, by preserving cultural identity, empowering women, strengthening the role of the family, fostering a spirit of participation and solidarity, and enhancing healthcare, education, and cultural life, manifested in hospitals, educational institutions, libraries, museums, and others.Setri added that celebrating the Qatar National Day (QND) carries layers of meaning, being first and foremost a continuous tribute and commemoration of founder Sheikh Jassim bin Mohammed bin Thani and a recognition of his role in unifying the country, in addition to being an occasion to recall the country's achievements, which are a source of pride for all.On this happy occasion, the envoy extended his sincere congratulations and best wishes to Qatar, its leadership, government, and people, wishing the country continued growth, prosperity, and well-being under the wise leadership of His Highness the Amir.He noted that Qatar has succeeded in managing complex and sensitive dossiers and has mediated between parties to conflicts and wars in various regions of the world, leveraging its diplomatic and humanitarian capabilities to establish peace and reach ceasefire agreements, exchange prisoners and detainees, restore diplomatic relations, as well as support national dialogues and resolve border disputes.He also affirmed that Morocco and Qatar share firmly established and deeply rooted sisterly relations, thanks to the profound and sincere bonds between King Mohammed VI and His Highness the Amir. 

Secretary-General of the Gulf Cooperation Council (GCC) Jassim Mohammed Al Bedaiwi stressed the importance of evaluating and developing the digital infrastructure of the General Secretariat and its affiliated organizational units, to keep pace with developments in this field.This came during a workshop held by the General Directorate of Digital Transformation and Information Technology, at the headquarters of the GCC General Secretariat, with the participation of the assistant secretaries and heads of organizational units at the General Secretariat.The workshop aimed to review the efforts implemented and discuss the strategic guidelines for the future operational model for digital transformation. This workshop comes in support of decision-making and aligning digital initiatives with the institutional work needs of the GCC General Secretariat. 

His Excellency CEO of the Qatar Free Zones (QFZ) Authority Sheikh Mohammed bin Hamad bin Faisal al-Thani said that Qatar National Day is a cherished national occasion to recall the values upon which the State of Qatar was founded, the values of faith, responsibility, and hard work, adding that these are the same principles that today guide the country towards achieving comprehensive development and enhancing its position on the global arena.Speaking to Qatar News Agency (QNA) on the occasion of the country's National Day, Sheikh Mohammed extended his warm congratulations to His Highness the Amir Sheikh Tamim bin Hamad al-Thani, the leader and patron of Qatar's advancement, and to His Highness the Father Amir Sheikh Hamad bin Khalifa al-Thani, whose foresighted vision laid the foundations for the country's development and put it on path towards a bright future.He added that recalling the role of the Founder Sheikh Jassim bin Mohammed bin Thani is not merely a remembrance of the founding history, but a reminder of today's responsibility towards the future, adding that loyalty and belonging in the context of institutions and the economy mean converting the national vision into tangible outcomes, which include quality investments, sustainable job opportunities, a diversified economy, and international leadership supported by trust and achievement.He noted that the authority continues to perform its role as a catalyst for the growth of value-added sectors, in line with the objectives of the Qatar National Vision 2030 (QNV 2030) and the Third National Development Strategy, particularly with regard to attracting foreign direct investment, developing human capital, and achieving environmental and economic sustainability.On a personal level, he said that Qatar National Day is a moment to reflect on and assess institutional responsibility in achieving real economic impact, and evaluating the extent of actual contribution to supporting the stability of the state and its sustainable growth, adding that it is also an occasion to renew the collective commitment to diligent, results-driven work that befits the aspirations of the nation and its leadership.Regarding the QFZ's most prominent achievements in 2025, he said that the authority continued its role in supporting the transition towards a diversified, knowledge-based economy, thanks to an investment base of more than 800 companies licensed in the free zones, providing over 12,000 jobs, with cumulative investments approaching $5bn by the end of 2025.He pointed out that this year marked a shift from attracting investments to operating advanced industrial and technological facilities.In the aviation sector, the Safran Group opened its regional office in the free zones in cooperation with Qatar Airways, enhancing the country's capabilities in aircraft engine maintenance and data analytics.In the logistics sector, FedEx Logistics opened a new facility at the Ras Bufontas Free Zone, thus, strengthening Qatar's position as a key hub for international trade and supply chains.For its part, Alfardan Automotive inaugurated an advanced logistics centre in Umm Alhoul Free Zone.In the maritime sector, the MARSA port project in Umm Alhoul Free Zone was advanced through the signing of two memorandums of understanding (MoUs), with Feadship, and with Marina Port Vell, enhancing Qatar's position as a regional hub for maritime services, marine industries, and luxury yachts.The QFZ also signed strategic agreements with global partners, most notably a strategic MoU with WuXi Biologics, the leading Chinese international company in biologics research, development, and manufacturing, an important step aimed at strengthening Qatar's pharmaceutical ecosystem, driving research, development, and innovation in this field, and cooperating in the local manufacturing of biologic products.QFZ's co-operation in 2025 also included signing an agreement with Samsung C&T Corporation to implement innovative projects in renewable energy and low-carbon digital infrastructure, as well as an MoU with Russia's BIOCAD to develop biologics research, development, and manufacturing facilities.At the local level, the Authority signed an agreement with Jusour to support training national talents to meet the needs of advanced sectors in the free zones.Regarding new projects supporting digital transformation and contributing to the growth of the emerging technology sector, he said that the QFZ continues to enable the state's digital transformation by developing advanced technological infrastructure that enhances the local economy's readiness for next-generation applications.The year 2025 has been pivotal in this regard, with the free zones witnessing an expansion in the presence of global and local digital companies, in addition to the growth of cloud infrastructure and data centres, he noted.The Google Cloud Center of Excellence emerged as one of the key pillars in building digital capabilities, offering specialised training programs this year in artificial intelligence, cloud computing, and data analytics, contributing to the development of national talent and support for the private sector.The free zones also saw digital companies such as Kingdee, Quantiphi, and Qcloud expand data centre capabilities in Ras Bufontas Free Zone, as part of building an integrated digital ecosystem that supports artificial intelligence and Internet of Things (IoT) solutions, forming a foundation for emerging technologies.Digital transformation also strengthens joint projects with Samsung C&T Corporation, which combine digital innovation and sustainability through the development of smart energy solutions and low-carbon infrastructure.Technological advancement has extended to the maritime sector, where the MARSA port project introduced advanced digital systems for marina management and marine maintenance, an initiative showcased during the QFZ's participation in the Monaco Yacht Show 2025.These initiatives contribute to supporting the implementation of Qatar's Digital Agenda 2030 and consolidating the position of the free zones as a leading platform for innovation and advanced technologies in the region.Regarding QFZ's key strategic priorities for the coming year, His Excellency said that the authority will focus on developing a more flexible and competitive investment ecosystem that supports achieving the targets of the Third National Development Strategy to reach $100bn in foreign direct investment over the coming years.The QFZ's priorities include enhancing the regulatory environment through the development of a dual licensing model, which allows companies to operate in the free zones and the local market through an integrated operational mechanism, enabling greater flexibility in expansion, production, and export.The Authority is also working to enhance its investment services by simplifying procedures, expanding digital services, and improving investor experience from establishment through to operation.As part of strengthening national competitiveness, QFZ is focusing on reinforcing economic and logistical integration between the free zones and national infrastructure at ports and the airport, creating a coherent operational network that facilitates the movement of goods and supports companies' expansion into regional and global markets.The authority also seeks to develop a regulatory and operational framework that enables investors to establish centres of excellence and research and development facilities in the free zones, in co-operation with universities and national institutions. This aims to enhance innovation, link future industries with applied research, and create high-quality job opportunities for Qatari talent.Sustainability remains a central pillar in the coming year's plans, adopting low-carbon energy solutions, enhancing environmental, social, and governance (ESG) standards, and ensuring that new projects align with the state's goals of improving energy efficiency and reducing carbon emissions.He concluded his statement to QNA by saying that these priorities aim to enhance the ability of the free zones to attract high-value investments, expand their contribution to driving economic growth, and consolidate the position of the State of Qatar as a leading global destination for investment and innovation.

Ooredoo announced a strategic partnership with Rafay Systems to deliver an enterprise-grade, Platform-as-a-Service (PaaS) powered by Nvidia accelerated computing to organisations across the country, building on its recent deployment of Nvidia AI infrastructure in Qatar.The collaboration enables enterprises to build, train, and deploy AI and GenAI applications faster and more securely, all within Qatar’s sovereign AI cloud. From banks running real-time fraud detection to hospitals adopting AI diagnostics locally to energy firms using predictive maintenance, organisations in Qatar can now access the compute power, generative AI models, and tools they need without compromising data sovereignty.Sheikh Ali bin Jabor bin Mohammad al-Thani, CEO of Ooredoo Qatar, said: “Our partnership with Rafay brings the power of GPU-accelerated AI directly into the hands of Qatar’s businesses. Customers can now tap into secure, on-demand AI infrastructure that shortens time-to-innovation while keeping data fully sovereign.”Through Rafay’s platform, Ooredoo’s enterprise customers gain self-service access to GPU resources, AI tools, and model workbenches for training, fine-tuning, and deploying AI and GenAI applications. The platform includes built-in governance, cost transparency, and full compliance support, ensuring enterprises can safely innovate within Qatar’s borders. 

Saudi Arabia says it can slash its budget deficit in 2026 after a year in which spending and bond issuance soared to fund huge infrastructure projects. Wall Street isn’t convinced.While the Saudi government sees the fiscal shortfall at 3.3% of gross domestic product for next year, analysts at Goldman Sachs Group Inc and Bank of America Corp estimate the figure will be far higher.Goldman predicts the gap coming in at 6%, even wider than this year’s projected figure of 5.3%. The result, according to the bank’s analysts, will be a further $25bn of international borrowing, which would be a record for the kingdom in terms of annual issuance. Bank of America forecasts a deficit of about 5% in 2026.**media[392464]**The government, which published its latest spending plans last week, said revenue should recover next year, helped by a robust non-oil economy. In addition, production of oil — still the source of around 60% of government earnings — is set to be higher after increases agreed to by Opec+.With spending, Saudi Arabia has cut back or delayed some of its economic transformation projects, including parts of the new city of Neom, to avoid overheating the economy.Foreign analysts, however, think the kingdom will struggle to reduce its deficit given that Brent crude is down to around $63 a barrel. Bloomberg Economics estimates Saudi Arabia needs a price of almost $100 to balance its budget.Saudi Arabia has sold around $20bn in dollar- and euro-denominated bonds on international markets this year. That excludes deals from the likes of the sovereign wealth fund and oil giant Aramco.Finance Minister Mohammed al-Jadaan, speaking last week, emphasised the government would prefer to bridge its fiscal gap by borrowing instead of running down reserves. In its favour, its debt levels amount to around 30% of GDP, lower than most other sovereigns.He added that the government will be “very careful to not oversupply the market.”Razan Nasser, a sovereign analyst at T Rowe Price, which manages roughly $1.8tn of assets, says the market can absorb the kingdom’s levels of issuance for now.“Harder questions may need to be asked in the medium term as they use up that space, but we are not there yet,” she said.Still, to minimise the impact on borrowing costs, the government is likely to diversify its funding sources and may look at syndicated loans and tapping investors in Asia, according to Jean-Michel Saliba of Bank of America.“Large and persistent issuance of Saudi Arabia external debt could weaken investor appetite and impact borrowing costs,” said Saliba, who estimates the Saudi Arabia will sell $18bn of Eurobonds next year. 

Global technology giant Microsoft announced Tuesday plans to invest $17.5bn to help build India's artificial intelligence (AI) infrastructure, with CEO Satya Nadella calling it "our largest investment ever in Asia".Several global corporations have announced large investments this year in the South Asian nation, which is projected to have more than 900mn Internet users by year's end."To support the country's ambitions, Microsoft is committing US$17.5B (bn) — our largest investment ever in Asia — to help build the infrastructure, skills, and sovereign capabilities needed for India's AI first future," Nadella said in a post on X.Nadella made the announcement on social media after he met Prime Minister Narendra Modi in New Delhi, thanking the leader for "an inspiring conversation on India's AI opportunity".In a statement, Microsoft said the investment would be spread over four years."Together, Microsoft and India are poised to set new benchmarks and drive the country's leap from digital public infrastructure to AI public infrastructure in the coming decade," the statement said.The tech giant said one of the key priorities of its investment plan was "building secure, sovereign-ready hyperscale infrastructure to enable AI adoption in India"."At the heart of this effort is the significant progress being made at the India South Central cloud region, based in Hyderabad — that is set to go live in mid-2026," Microsoft added.The planned cloud region is twice the size of the iconic Eden Gardens stadium in India's eastern city Kolkata, which has a capacity of over 65,000 people.Microsoft said the latest announcement "builds on" a previous investment pledge Nadella had made earlier this year, committing $3bn for AI and cloud infrastructure in India over the next two years.Modi said he was "happy" that the tech giant had chosen India as the destination for its largest investment in Asia."The youth of India will harness this opportunity to innovate and leverage the power of AI for a better planet," the prime minister said in a post on X."When it comes to AI, the world is optimistic about India," Modi added.Modi Tuesday also met with the heads of tech firms Intel and Cognizant.Intel CEO Lip-Bu Tan said the company was "committed to support India's semiconductor mission"."We had a wide-ranging discussion on a variety of topics related to technology, computing and the tremendous potential for India," Tan said in a post on X.Cognizant said its CEO Ravi Kumar S met with the prime minister "for an inspiring conversation on accelerating AI adoption and advancing education and skill development to enhance AI capabilities and productivity".Global technology giants are aggressively courting more users in India, the world's most populous country and fifth-largest economy.A special area of focus has been artificial intelligence with US startup Anthropic in October unveiling plans to open an office in India. Its chief executive Dario Amodei has also met Modi.The same month, Google said it will invest $15bn in India over the next five years, as it announced a giant data centre and artificial intelligence base in the country.OpenAI has said it will open an India office, with its chief Sam Altman noting that ChatGPT usage in the country had grown fourfold over the past year.AI firm Perplexity also announced a major partnership in July with Indian telecom giant Airtel, offering the company's 360mn customers a free one-year Perplexity Pro subscription.But India's bid to become a global technology and artificial intelligence hub is colliding with increasingly tightening digital regulations.According to recent media reports, authorities are drafting plans to ensure that manufacturers enable satellite location tracking in smartphones that cannot be turned off by users — a proposal that rights groups have raised the alarm over.