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QCB to track US rates as BMI sees another 0.25% hike in Qatar

DOHA: The Qatar Central Bank will continue tracking the US Federal Reserve in its tightening cycle over the coming quarters, given the riyal’s dollar peg, BMI Research said and noted it expect another 25 basis points (0.25%) hike in the QCB’s policy rate to 5% this year. Hikes will be enacted without delay as Qatar’s economic growth accelerates, inflation rises ... Read More »

Qatar’s to launch $1.5b new Laffan Refinery

DOHA: Officials in Qatar this morning are celebrating the opening of a new refinery in Ras Laffan that will boost the country’s ability to process natural gas. The $1.5 billion Laffan Refinery 2 (LR2) processes some 146,000 barrels per day of condensate from the North Field. This is the single largest natural gas reserve in the world. This effectively doubles ... Read More »

Qatar to impose tax on harmful goods soon

DOHA: The Cabinet yesterday approved a draft law on “selective tax” which is to be imposed on specific goods, such as items that causes adverse impact on environment and health of end-users. The decision was announced after the Cabinet’s regular weekly meeting yesterday which reviewed a number of decisions and measures on the agenda, including the draft law on upcoming ... Read More »

Emaar Properties net profits jump 28%

DOHA: Dubai-based developer Emaar, which built the world’s tallest tower Burj Khalifa, said yesterday its net profits rose sharply last year due to increased revenue in real estate, retail and hospitality. Emaar Properties recorded annual net profits of 5.233bn dirhams ($1.425 bn) for 2016, up 28 percent from the previous year, it said in a statement. They were boosted by ... Read More »

GCC set to impose 5% VAT in 2018

DOHA: spite administrative and technical obstacles, policymakers in the Gulf Cooperation Council (GCC) are all set to introduce a 5 percent value-added tax at the start of next year, a senior UAE official has said. The tax, planned to be adopted in 2018, is aimed at increasing non-oil revenues, but economists and officials in some countries have said privately that ... Read More »

Qatar Petroleum joins international consortium to develop LNG import project in Pakistan

DOHA: Qatar Petroleum (QP) has joined an international consortium comprising major oil companies to develop a liquefied natural gas (LNG) import project in Pakistan, in collaboration with Global Energy Infrastructure Limited (GEIL). In addition to QP, the consortium includes Total, Mitsubishi, ExxonMobil and Höegh. The LNG project will have a floating storage and regasification unit (FSRU), a jetty and a ... Read More »

Qatar Airways cargo increases pharma express flights

DOHA: Qatar Airways Cargo announced the launch of additional Pharma Express flights from the pharmaceutical hubs of Basel and Brussels to Doha, providing a unique and dedicated air service to the growing pharmaceutical industry. Basel and Brussels are both home to the headquarters of major pharmaceutical companies, while the Swiss chemical exports are largely shipped out of Basel. Qatar Airways ... Read More »

Qatar says producers sticking to oil output cuts

DOHA: Qatar’s energy minister says OPEC members and oil-producing allies are adhering to previously agreed production cuts aimed at taking supply off the market to push up the price of crude. Mohammed bin Saleh al-Sada said in Doha on Wednesday that “adherence is excellent” to cuts in oil production agreed on in December 2016. He currently serves as president of ... Read More »

Qatar Chamber hopes to resume EU-GCC FTA talks

DOHA: After negotiations were stalled in 2008, private sector leader Qatar Chamber is hoping that talks on a free trade agreement (FTA) between the European Union and the Gulf Cooperation Council would resume to further develop EU and GCC (Gulf Cooperation Council) economies, an official has said. Qatar Chamber vice chairman Mohamed bin Towar al-Kuwari made the statement before 200 ... Read More »

Qatar Holding to invest $250m in ArthVeda Fund

DOHA: Qatar Investment Authority’s subsidiary Qatar Holding has committed to invest $250 million in Mumbai-based ArthVeda Fund Management’s affordable low and middle income fund. This is the first such commitment received by an Indian fund following the Budget 2017 proposal to grant affordable housing infrastructure status. “The subscription of the entire corpus of its FDI-compliant affordable housing fund by Qatar ... Read More »

IQ posts QR3b profit in 2016

DOHA: Industries Qatar (IQ) has posted a net profit of QR3bn in 2016, the region’s industrial giant announced last night. The net profit is down 34% on the previous year, mainly “impacted by weaker prices, and one-off items.” Incorporated as a Qatari joint stock company in April 2003, IQ directly holds shares in the following subsidiaries or joint ventures Qatar ... Read More »

Residential rents falls by up to 10% in Q4

DOHA: With the fall in residential rents throughout the first 9 months for the year, rents for housing units stabilised to some degree in fourth quarter of last year (Q4, 2016). Overall, residential rents fell by an average of between 5 percent and 10 percent in 2016, said DTZ, a leading real estate services firm in a presentation yesterday. There ... Read More »

Qatar, Azerbaijan to boost bilateral ties

DOHA: The Qatar-Azerbaijan joint intergovernmental trade-economic and technical commission held its first session in Baku yesterday in a friendly atmosphere dominated by a spirit of mutual co-operation and the desire to develop the bilateral relations within the framework of the agreement on setting up of economic, trade and technical commission between the governments of the two countries, which was signed ... Read More »

Qatar interested to co-op with Azerbaijan, says FM

DOHA: Qatar has a great interest in cooperation with Azerbaijan, said Qatari Foreign Minister Sheikh Mohammad bin Abdulrahman Al-Thani during a briefing in Baku. Qatar and Azerbaijan intend to create an investment fund, said the minister. Al-Thani noted that prospects of cooperation in several spheres will be discussed today during a meeting of the intergovernmental commission on economic cooperation. He ... Read More »

GCC countries could save $165b in capital expenditures by 2021

DOHA: If GCC countries increase the involvement of private sector in their economies, they can avoid $165 billion in capital expenditure by 2021, says a recent study by management consultancy Strategy&. The Gulf states could also generate $114 billion in revenues from sales of utility and airport assets, and up to $287 billion from sales of shares in publicly listed ... Read More »

Qatar’s trade surplus reaches QR10.75b in Dec

DOHA: A surge in value of crude exports, ahead of the January 1 deadline for production cuts, helped Qatar’s trade surplus reach QR10.75bn in December 2016, showing a stupendous 21.7% growth year-on-year and 10.7% month-on-month. Japan, South Korea, India, China and Singapore were among the largest export markets of Qatar, while imports mainly came from the US, the UAE, China, ... Read More »

Qatar economic growth to pick up in 2017: QIF

DOHA: The recovery in oil price and a strong expansion in non-hydrocarbons sectors will help Qatar effectively manage future interest rate hikes, helping the country’s economic growth to pick up this year, according to a report by the Qatar Investment Fund (QIF). “The investment adviser expects Qatari economic growth to pick up in 2017, amid the recovery in oil prices ... Read More »

QIIB records QR1.7b total revenue in 2016

DOHA: Leading Islamic lender QIIB has recorded a total revenue of QR1.7bn for the full-year 2016. The bank’s net profit increased to QR785m during the year, compared to QR784m recorded in the previous year. QIIB board of directors made a recommendation to the ordinary general assembly of the bank’s shareholders for distribution of profits equivalent to QR4 per Share, subject ... Read More »

Qatar ranked 2nd among 50 EMs for best business climate

DOHA: tar has been ranked second among the 50 emerging markets (EM) for the best business climate or market compatibility, according to findings in the 2017 Agility EM Logistics Index. The UAE was ranked first within the market compatibility sub-index, while Oman was ranked third, Bahrain (fourth), Saudi Arabia (seventh) and Kuwait (10th), according to the index – now in ... Read More »

GCC industrial gases market aims to hit CAGR of 7.3% by 2022

DOHA: Consumption of industrial gases in GCC will reach 3.75 million tonnes in 2016, witnessing an increase of 5.4% over 2015. Chemicals & petrochemicals will continue to be the largest application segment for industrial gases in terms of volume in 2016, accounting for 815.6 KT (Kilo tonnes) in 2016, up from 772.2 KT in 2015. Upcoming mega events in GCC, ... Read More »