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GCC needs flexible tax system

DOHA: Thomson Reuters hosted a seminar about the introduction of value added tax (VAT) in Gulf Cooperation Council (GCC). As many businesses assess the impact that VAT will have on their commercial operations, the seminar debated the VAT framework and compliance challenges. The event was attended by financial professionals and tax consultants. In the introductory panel, Dr. Nasser Saidi, President, ... Read More »

Qatar, Ecuador work closely to boost bilateral trade

DOHA: Qatar-Ecuador bilateral trade has been growing fast over the last few years. The two-way trade volume is expected to witness a sharp jump of over 60 percent in 2016 compared to last year, according to Kabalan Abisaab, the Ambassador of Ecuador to Qatar. Given the wide-range of opportunities of bilateral cooperation, both the counties, including private businesses, are working ... Read More »

Qatar RasGas delivers debut LNG cargo to French terminal

DOHA: RasGas has delivered its first liquefied natural gas (LNG) cargo to the Dunkerque LNG Regasification Terminal in France. The cargo aboard RasGas’ Maran Gas Asclepius was delivered to the EDF Group on Tuesday. “RasGas is proud to support the startup operations of this new LNG Regasification Terminal in France through the delivery of this cargo,” said RasGas CEO Hamad ... Read More »

Qatari Cabinet approves draft budget for 2017

DOHA: Cabinet officials have approved Qatar’s budget for the upcoming fiscal year and referred it to the Advisory Council for consideration, QNA reports. No figures have been publicly disclosed, but officials said the focus in 2017 will be on improving efficiency in public spending; increasing revenue from non-oil and gas sources; and maintaining a high credit rating. Read More »

Qatari women robbed of $5.3m in Paris robbery

DOHA: Two Qatari women were held up on a Paris motorway and robbed of valuables worth more than five million euros ($5.3 million) in the latest heist targeting wealthy visitors to the French capital. The women, in their sixties, had just left Le Bourget airport northeast of the capital on Monday when their chauffeur-driven Bentley was held up by two ... Read More »

Qatar Customs Authority destroys more than 30,000 bottles of liquor

DOHA: Nearly 31,000 bottles of wine and other alcoholic beverages confiscated at Doha Port have been destroyed, Qatar’s General Authority of Customs (GAC) has announced. The spirits had been seized “over a period of time” and were destroyed after court approval. In a statement, officials said the bottles were first emptied and then crushed by heavy machinery. This process is ... Read More »

Sri Lanka eyeing LNG from Qatar to fuel power plants

DOHA: Sri Lanka has voiced keenness on importing liquefied natural gas (LNG) from Qatar, the world’s biggest exporter of LNG, as part of the government policy to shift to clean energy. “In our energy sector, LNG-generated power plants are going to be the next futuristic power generation option. In order to bridge the gap of our energy supplies, we want ... Read More »

Etihad Airways expands agreement with Hong Kong Airline

DOHA: According to Etihad Airways, it had extended its agreement with Hong Kong Airlines to provide connections between Australasia, Asia, the Middle East, Europe, and North America. However, the two carriers had reached the agreement to codeshare on nine additional routes, in order to bring the total number of services to 14. Hong Kong Airlines had expanded its “HX” code ... Read More »

Demand for Qatar’s gas expected to increase

DOHA: The Qatari Minister of Energy and Industry said falling investments will hasten the equilibrium between demand and supply and support gas prices. Also, he said: “Nevertheless, it will probably take a number of years to reach that equilibrium. And in Qatar, we hae seen our gas opening up new markets ” Pakistan is the latest country in this respect.” ... Read More »

Gold prices decrease by 10% in Qatar during September

DOHA: The nine-month long rally of gold price is fizzling out. The yellow metal has fallen around 10 percent in the last two months in the local market. The precious metal has become cheaper by QR13 since the last week of September. Strong surge in dollar and Donald Trump’s- the President Elect of US- plans for economy is pulling down ... Read More »

HSBC holds Middle East Economics Roadshow

DOHA: HSBC held its 19th Middle East Economics Roadshow at the W Hotel here yesterday. The event saw David Bloom (pictured), Global Head of Foreign Exchange Strategy, and Simon Williams, Chief Economist, CEEMEA, discuss the most important global and regional trends shaping the Middle East’s economies. Each year, the roadshow visits Abu Dhabi, Dubai, Kuwait, Oman, Qatar and Riyadh. Simon ... Read More »

Marka’s Q3 revenue increases to $17.9m

DOHA: Marka, the first retail-focused listed company in the UAE, has reported total revenue of Dh65.9million ($17.9 million), and a positive EBITDA of Dh4.2 million for the third quarter (Q3) of the year. The results for this quarter reflect the company’s sale in Q3 2016 of a stake in Cheeky Monkeys Playland& Sweet Surprises. Khaled Almheiri, vice-chairman and managing director ... Read More »

Kenya Airway hires former Qatar Airways executive

DOHA: Kenya Airways has appointed a former KLM executive as its commercial director, filling a critical managerial position that has remained vacant for a year. Vincent Coste, who was hired on November 1, has worked in various senior roles for the Air France-KLM group for a decade and, prior to that, spent seven years at Air France before the two ... Read More »

Turkey, Qatar sign deal to further boost ties

ANKARA: Turkey and Qatar signed a memorandum of understanding on Nov. 10 to enhance bilateral ties further, finalizing a number of previously agreed deals. The agreement was inked by Deputy Prime Minister Mehmet Şimşek and Qatari Economy and Trade Minister Sheikh Ahmed bin Jassim al-Thani in Istanbul.        Şimşek said they had established a stronger foundation to further ... Read More »

Qatar’s crude oil production declines to 643,000 bpd in August

DOHA: Qatar’s crude oil production declined to 643,000 bpd in August compared with 677,000 bpd in July, QNB has said in its ‘Monthly Monitor.’ Brent crude oil prices fell by 1.5% in October to $48.3 per barrel, the bank said yesterday. “Opec’s inability to agree on production limits has put a damper on oil markets, with investors wary of its ... Read More »

Qatar fiscal pressures may ease from 2017 on oil rebound

DOHA: Fiscal pressures on Qatar are expected to ease from 2017, as modest gains in hydrocarbon prices result in a recovery in revenues and the government’s diversification efforts start to pay off, a new report has shown. The government will maintain its efforts to increase its revenue base and to rationalise spending, BMI Research said in a report yesterday. “We ... Read More »

Vodafone Qatar posts 12% surge in 1H

DOHA: Vafone Qatar has reported a 12% growth year-on-year in its earnings before interest, taxes, depreciation and amortisation (Ebitda) to QR237mn and its distributable profits stood at QR38mn in the first half of this year. The telecom operator, which had 1.46mn customers, registered total revenue of QR1bn during the six month ended September 2016. Vodafone Qatar follows the April-March format ... Read More »

Qatari-patent smart AC system to hit GCC market in 2017

DOHA: a first for the GCC region, the first Qatari-patent smart air conditioning (AC) system, which can save up to 80% electricity, is expected to hit the market in 2017, Gulf Organisation for Research and Development (GORD) founding chairman Dr Yousef Alhorr announced yesterday. The “[email protected]” is a fully integrated and controlled all-in-one ventilating and AC system that provides “super-efficient, ... Read More »

Clinton Foundation admits receiving $1m cheque from Qatar

DOHA: Democratic nominee Hillary Clinton’s charity, the Clinton Foundation, confirmed that they accepted a $1m (£798,817) cheque from Qatar government when she was US secretary of state. The charity also admitted that the State Department was not informed about the receipt of the cheque in 2012. Under an ethics agreement signed by Clinton ahead of taking up the cabinet role ... Read More »

OpenText 1Q revenues rise

DOHA: Open Text Corporation (NASDAQ: OTEX) (TSX: OTC) announced today its financial results for the first quarter ended September 30, 2016. “OpenText delivered nearly half a billion dollars in quarterly revenues, double digit cloud and license performance, our fastest start to a fiscal year in the company’s history.  We expect Fiscal 2017 to be a transformative year for OpenText as ... Read More »