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Agthia’s profit growth slows on subsidy changes in Qatar

DOHA: The food and beverage maker Agthia, based in Abu Dhabi, forecasts a slowdown in profit growth for this year as it grapples with the fallout of subsidy removal. The company, which sells Al Ain water and Grand Mills flour among other brands, expects full-year growth in revenue of about 8 per cent, and 9 per cent for profit compared ... Read More »

Doha, Dubai wrestle with hotel revenue slump

DOHA: Doha and Dubai operators will be pinning their hopes on brisk Q4 business after recording year-to-date RevPar slumps of 19.9 per cent and 11.2 per cent respectively. The figures, unveiled by STR Global during the Serviced Apartments Summit MEA held at Fairmont The Palm on Monday, confirm the ongoing slowdown in the hospitality industry. RevPar in Dubai’s serviced apartments ... Read More »

Qatar’s Abu Issa Holding to enter Iran retail market in 2017

DOHA: Abu Issa Holding, one of the largest retail and luxury goods firms in the Middle East, plans to expand into Iran next year and open stores in Tehran selling watches and confectionery as the market opens up after sanctions. The family-run Qatari firm is an example of a Gulf Arab business that could benefit from the lifting last January ... Read More »

Qatar’s trade surplus increases by 2%

DOHA: A faster double-digit decline in imports than exports led Qatar report a modest 2% month-on-month gain in trade surplus to QR8.85bn in September this year, according to official figures. Exports to China and India were on the rise; while imports from other major countries were on the decline, helping the month-on-month growth in trade surplus, which however fell 26% ... Read More »

Qatari Boeing’s profit increases in Q3

DOHA: Boeing Co yesterday beat profit expectations in the third quarter despite declining revenue, a sign that cost-cutting is having an impact at the world”;s biggest planemaker. Boeing also notched up its sales forecast for the year, saying it would deliver more jetliners than originally planned. Factoring out a tax benefit, the results showed the effect of Boeing”;s lean manufacturing ... Read More »

Qatari UDC revenues increases to $356m in Q3

DOHA: Qatar-based United Development Company (UDC) said its revenues surged to QR1.3 billion ($356 million) in the third quarter, up seven per cent over the same period last year despite the overall challenges affecting the real estate market. Announcing the results, UDC said its net profit too witnessed a jump hitting QR484 million. The net profit attributable to owners of ... Read More »

Qatri Ooredoo’s revenue decreases by 3%

DOHA: Ooredoo, an international telecom company based in Doha, Qatar, has reported KWD 533 million in revenues for the nine months ended 30 September 2016, a decrease of 3 percent from the same period in 2015. Total customer base increased by 4 percent to 24.9 million at the close of nine months of 2016, versus 23.9 million for the same ... Read More »

Foreigners may invest up to 100% of project capital in Qatar

DOHA: Foreigners may invest up to 100 percent of project capital in Qatari business sectors under a new law approved on Wednesday. Qatar’s state news agency QNA announced that the cabinet had approved draft legislation governing investment of non-Qatari capital in the economy. The legislation will replace Law No 13 from 2000 to further open up the country to foreign ... Read More »

Qatar’s QDB promotes eight local plastics, rubber product manufacturers

DOHA: Qatar Development Bank (QDB) is promoting eight local plastics and rubber product manufacturers at the ongoing K2016 exhibition, 19 – 26 October 2016, in Düsseldorf, Germany. Notably, this is the first time QDB’s export program, Tasdeer, will be partaking at K Trade, tipped as the “world’s No. 1 trade for plastics and rubber.” Local exhibitors are currently presenting their ... Read More »

Sri Lanka seeks Qatari investment

DOHA: Sri Lanka is keen on seeking Qatari investment in tourism, power and health sectors, says Rajitha Senaratne, Minister of Health and Indigenous Medicine, who is on a two-day visit to the country.  Senaratne met with H E Ali Sherif Al Emadi, Minister of Finance, and discussed investment opportunities in the tourism and power sectors. Discussions also focused on the ... Read More »

Qatari food products to reach global stage after SIAL 2016

DOHA: Qatari food products will soon be displayed at the global level as local companies are set to take part in world’s largest food innovation exhibition. Around 14 companies from Qatar will attend ‘SIAL 2016’, an international food exhibition that will take place in Paris, from Sunday. The exhibition will help local companies to expand their presence overseas and increase ... Read More »

Qatar to take ‘aggressive’ stance in Europe to mitigate LNG risks

DOHA: Qatar’s reign as the world’s largest liquefied natural gas (LNG) exporter may end by 2017 as liquefaction capacity in Australia reaches 120bcma (billion cubic metres per annum), and new supplies from the US begin to kick in; but Doha is taking an “aggressive” stance in Europe to mitigate the risks, according to Arab Petroleum Investment Corporation (Apicorp). Several factors ... Read More »

Qatar Airways launches Helsinki flights

DOHA: Qatar Airways starts daily Doha-Helsinki flights on two-class A320 aircraft from Monday – becoming the first Gulf carrier to offer direct services to the Finnish capital. QR301 departs Doha 0815 and arrives 1450, while QR302 departs Helsinki 1745 and arrives in Doha 0005 the next day. Finland has a highly industrialised, largely free market economy with per capita output ... Read More »

Qatar Airways to purchase 40 new aircraft

DOHA: Doha-based Qatar Airways announced plans Friday to purchase 40 new long-range aircraft from the Boeing Co. with a combined list price of $11.7 billion. Airlines typically get a discount, especially with larger orders. The quick-growing Middle East airline is ordering 30 of Boeing’s new 787-9 Dreamliners and 10 of its widebody 777-300ERs. Boeing has a new version of the ... Read More »

Qatar set to introduce VAT during 2018

DOHA: Qatar is likely to introduce value added tax (VAT) between January 2018 and January 2019, according to audit firm BDO Qatar. Speaking at a seminar the firm organised in Doha, chair of the BDO International VAT Centre of Excellence Ivor Feerick predicted the introduction of the tax will present “significant challenges for the local government authorities,” reported Gulf Times. ... Read More »

Banif Bank Portugal to sell 78.5% stake to Qatari investment group

DOHA: Banif Bank Portugal is to sell its 78.5 per cent stake in Banif Bank Malta to a private Qatari investment group in a deal welcomed by the prime minister. The bank has been acquired by the investment arm of Al Faisal Holding for an undisclosed sum. The Portuguese bank was forced to put all its foreign investments up for ... Read More »

Qatar, British Airways announce flight sharing deal

DOHA: Qatar Airways and British Airways’ parent company, International Airlines Group (IAG), announced a joint business agreement that will come into effect on 30 October 2016. The joint business will benefit customers by offering a wider choice of flights, an enhanced network, greater choice of fares and superior benefits for members of their frequent flyer programmes.Crucially, the partnership between Qatar ... Read More »

Qatar expects to introduce VAT between 2018-19

DOHA: Qatar is expected to introduce value added tax (VAT) between January 2018 and January 2019, a seminar organised in Doha by audit firm BDO Qatar was told. BDO speaker, Ivor Feerick, chair of the BDO International VAT Centre of Excellence said, “Having made presentations to a total number of 1400-1500 clients of BDO local firms in each of the ... Read More »

Al Meera to launch 5 new shops in Qatar

DOHA: tail major Al Meera Consumer Goods Company (Al Meera) is gearing up to launch five new shopping facilities in the country, extending its reach to more popular locations in Qatar. Al Meera said it is in the “final stages of preparations” for five of its upcoming stores in the country. Al Meera plans to launch its five new shopping ... Read More »

Qatar SE gains to be second best performing among Gulf bourses during this week

DOHA: Qatar Stock Exchange witnessed gains to be the second best performing among the Gulf bourses during the week, which saw oil producers’ “exceptional” decision to cut production in the wake of global supply glut. Trade turnover and volumes, however, declined – mainly on banking, realty, transport and insurance — during the week, which saw Qatar bagging the 18th position ... Read More »