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GCC economies adjust to low oil prices

DOHA: Kuwait Finance and Investment Company (KFIC) clarified in its financial annual report that the International markets closed the year 2016 in bullish territory after enduring a difficult start to the year, with positive economic data coming from Advanced Economies and Emerging Markets. Geopolitical events continued to impact economies on a global standpoint, with the ongoing war in Syria, Yemen, ... Read More »

Qatar agrees to buy $12m in fuel for Gaza power plant

DOHA: Qatar has agreed to pay $12 million for fuel for the Gaza Strip’s sole power plant, in a move that seeks to end the serious energy crisis gripping the Palestinian enclave. Gaza is currently experiencing the worst electricity shortage in years, with power supplied to households only three to four hours a day in a cold winter. In recent ... Read More »

Qatar inflation rate falls to 2016 low in Dec

DOHA: Qatar’s inflation rate fell to 1.8 percent in December, the lowest mark in 2016, according to latest official figures. Qatar’s Statistics Authority released the December consumer price data, showing the inflation rate fell from 2 percent in November and from 2.7 percent in December 2015. The figures showed that housing and utility costs, which account for 22 percent of ... Read More »

Qatar CPI inflation rises 1.8% in Dec

DOHA: Increased expenses towards transport, utilities, education and recreation led Qatar’s cost of living, based on consumer price index (CPI), rise 1.8% year-on-year (y-o-y) in December 2016, according to official estimates. The CPI inflation, however, fell 0.3% month-on-month (m-o-m), mainly on falling prices of food, recreation and miscellaneous goods and services, according to figures released by the Ministry of Development ... Read More »

Qatar’s firms Q4 profits to grow by 18%

DOHA: Led by Industries Qatar (IQ), Qatar’s listed companies’ fourth quarter (Q4, 16) are projected to grow by an estimated 18 percent on year-on-year basis. IQ earnings (+46 percent) are expected to benefit from higher steel and commodity chemical prices. Ooredoo (+46 percent) and QNB (+29 percent) are among other companies that are expected lift the Q4 earnings. QIIB is ... Read More »

IMF approves Qatar’s cost cutting measures

DOHA: Qatar is “moving in the right direction” amid lower energy prices and is well-positioned to grow in 2017, the International Monetary Fund (IMF) has said. In a year-end note, the IMF said authorities’ decision to reduce subsidies on petrol, electricity and water in 2015 and 2016 was in line with their expectations, Doha News reported on January 8. It ... Read More »

Qatar Airways plans major expansion of Americas cargo network

DOHA: Qatar Airways Cargo has announced that it will launch freighter operations to four new destinations in the Americas, starting in February. Boeing 777 freighters will fly twice a week to the South American cities of Buenos Aires, Sao Paulo, Quito and the North American city of Miami, the airline said in a statement. The twice weekly freighter service will ... Read More »

Qatar urged to broaden tax base

DOHA: Qatar should consider revenue-raising reforms, including making Gulf Cooperation Council (GCC) companies liable to corporate tax, the International Monetary Fund said in its annual Article IV report for the country. In the report, the IMF welcomed the country’s decision to introduce VAT next year. “The GCC agreement on the introduction of VAT by 2018 is a welcome development, and ... Read More »

Qatar rail sets ambitious 2017 Doha metro goals

DOHA: Qatar Rail has stated that by 2018, the ambitious Doha Metro project will achieve 70% “project progress rate”. Presently, there are as many as 37 stations of the Doha Metro project under construction with a workforce of more than 41,000 workers on site. This information was revealed during Qatar Rail’s recent third all-staff town hall meeting, attended by management ... Read More »

Qatar’s fiscal deficit set to decline in 2017

DOHA: Qatar’s Ministry of Finance (MoF) released its budget for 2017 in which it outlined its fiscal outlook for the coming year. The budget committed to reducing Qatar’s planned deficit by 38.9% from QAR46.5bn in 2016 to QAR28.4bn in 2017. The deficit is expected to decline due to a pickup in government revenues and continued rationalisation of current expenditure. However, ... Read More »

Qatar’s real economic growth in 2016 expected to rise to 3.9%

DOHA: Despite lower oil prices, the Ministry of Development and Planning Statistics (MDPS) Qatar Economic Outlook 2016–2018 report suggests real economic growth in 2016 is expected to rise to 3.9 per cent, strengthened by continued vitality of the non-hydrocarbon sector and the boost to upstream hydrocarbon production from the Barzan gas project. However, nominal gross domestic product (GDP) is expected ... Read More »

Qatar to trim oil output ‘more than 11%

DOHA: Qatar’s oil output is slated to be lower by more than 11% year-on-year in 2017, in line with the decision of the Organisation of the Petroleum Exporting Countries (Opec) to cut production, according to an estimate of a leading economic think-tank in the Gulf Cooperation Council. According to the Global’s calculation, Qatar’s oil production is estimated at 0.62mn barrels ... Read More »

Qatar, Turkish meeting brings various cooperation agreements

DOHA: The second meeting of the Qatar-Turkish Supreme Strategic Committee was held Sunday in Trabzon under the auspices of President Recep Tayyip Erdoğan and Qatari Emir Sheikh Tamim bin Hamad al-Thani with an agenda for the further deepening of bilateral relations between Turkey and Qatar while views on the regional issues were exchanged. The meeting brought memoranda of understanding, agreements, ... Read More »

Qatar plans to invest $10b in US infrastructure

DOHA: The Qatar Investment Authority (QIA) has notified the U.S. of its plans to invest $10 billion in U.S. infrastructure programs, according to Reuters. The announcement follows on the heels of the wealth fund’s previous statements that it would finance $35 billion worth of projects in the U.S. between 2016 and 2021. QIA officials did not say whether the $10 ... Read More »

Qatar, German company sign LNG deal

DOHA: Qatar and a major German company yesterday signed an LNG  deal  on the sidelines of the Qatar-German Business Forum. This was announced by the visiting German Deputy Minister of Economic Affairs and Energy, Matthias Machnig. The Europe’s largest economy started importing LNG from Qatar after a German energy company, E.ON, which is one of the world’s largest investor-owned electric ... Read More »

Qatar ‘offers clear strategy amid global flux’

DOHA: Qatar offers a positive example of strong leadership and clear polices at a time when the global economy is passing through a period of high instability caused by geopolitical pressures, according to experts. More than 600 senior finance and banking executives attended The Euromoney Qatar Conference 2016 in Doha, Qatar, where they heard from a range of major speakers ... Read More »

Qatar’s rasgas seeks inclusion of natural gas in GST

DOHA: Qatar’s RasGas, the largest LNG exporter to India, today sought inclusion of natural gas in the Goods and Services Tax (GST) regime to make taxes on the green fuel uniform and spare consumers from cascading multiple levies. Speaking at the Petrotech conference here, RasGas CEO Hamad Mubarak Al Muhannadi said India lacks infrastructure to support a gas-based economy and ... Read More »

Qatar’s foreign reserves stable $35.6b

DOHA: Gas production is being augmented by the launch of the Barzan facility in 2016, NBK’s chartbook on Qatari economy noted. Inflation cooled slightly to 2.2 percent year-on-year in October as housing & utilities costs continue to ease. Food price deflation deepened. Real estate prices fell by 11 percent y/y in September, affected by a surfeit of housing units and ... Read More »

Austria to bolster ties with Qatar

DOHA: Austria is looking to further bolster its ties with Qatar. After witnessing a jump in Austria’s exports to Qatar in 2015, the country wants to attract Qatari investments. Talking to Dar Al Sharq Group’s Lusail Daily, Dr Willy Kempel , Austria’s first Resident Ambassador to Qatar said Austrian exports to Qatar have doubled in 2015 and a large variety ... Read More »

Qatar telecom market revenue performance revealed

DOHA: The telecom service revenue in Qatar is expected to grow at a CAGR of 5.1 percent during 2016-2021, primarily driven by growth in data revenue. Fixed VoIP will be the fastest-growing segment in Qatar with a CAGR of 15.7 percent over the 2016-2021 period owing to investment and expansion in fiber networks, said Pyramid Research in its latest telecom ... Read More »