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Qatar’s customs seize 7kg marijuana

DOHA: Customs officers seized 7kg of marijuana from an Asian traveller at the Hamad International Airport recently. The crime was detected after an officer grew suspicious when he inspected a bag belonging to the traveller. When he was sent for more inspection, 7kg of marijuana was found hidden in a secret way inside the bag.  The customs department has transferred ... Read More »

Qatar’s central bank hailed 3b riyal as success for government

DOHA: Qatar’s central bank has hailed the auction three billion riyal in government bonds as a success, Reuters reports. “It was a very successful auction with big demand. It shows liquidity is fine. The demand was fine from both Islamic and conventional banks,” a spokesman said. He did not disclose further details. Like its GCC neighbours, Qatar has been hit ... Read More »

Qatar’s company Qinvest revenue increases to $65.7m in 1H

DOHA:  Qinvest, Qatar’s leading private investment group and one of the world’s prominent Islamic financial institutions, said on Tuesday that its revenues rose to $65.7 million and net profits increased to 25.3 million (QR92.1 million), compared to $24.4 million (QR88.7 million) in H1 2015, as a result of increased activities across its different business lines. Exits in the firm’s investments, ... Read More »

Residential property rents decline 10-20% in Qatar

DOHA: A combination of oversupply and low demand has led to rental declines of between 10 and 20% in Qatar’s high-end residential property market, a Doha-based daily said. While villas and flats in the middle segment have also become cheaper, affordable housing units, including those offered in partitioned villas, have not seen a significant fall in rents due to stable ... Read More »

Qatar’s Milaha revenues decline 7% in 1H

DOHA: Qatar-based shipping group Milaha has reported that its overall revenues declined 7% in the first six months of this year compared with the first half of 2015, despite an increase in container volumes. Its Port Services division was adversely affected by lower demand for ancillary services and reduced shipments of non-containerised general cargo and ro-ro traffic. In addition, pricing ... Read More »

LATAM signs agreement with Qatar Airways

DOHA: Santiago, Chile-based LATAM Airlines Group reported a $92.1 million net loss for the 2016 second quarter, deepened from the group’s $49.7 million net loss in 2Q 2015. Revenues for the South American airline group—which comprises LATAM Airlines and its affiliates in Peru, Argentina, Colombia and Ecuador, LATAM Cargo, TAM S.A. and its affiliates in Brazil and Paraguay, plus loyalty-program ... Read More »

Man sentenced to life imprisonment for smuggling

DOHA: A Doha Criminal Court has sentenced a man to life imprisonment for attempting to smuggle some 22kg of hashish into the country. He was also fined QR300,000 on charges of drug smuggling, according to local Arabic daily Al Sharq. The young man was arrested at the Abu Samra border post while trying to enter Qatar. During a search of ... Read More »

Brazil exported 458 tonnes beef to Qatar after ban over

DOHA: Brazil exported 458 tonnes of beef to Qatar after a ban over the mad cow disease was lifted in March this year, Brazilian embassy’s Charge d’Affaires, Minister Joao Belloc, has said. Speaking to Gulf Times, Belloc noted that the volume of meat that entered the country in four months represents $2.3mn in sales, citing figures from the Association of ... Read More »

Oil export to US 2.92% higher

DOHA: Oil prices jumped more than 3 percent on Monday amid renewed speculation that OPEC would try to restrain output, easing oversupply worries that had sent the market to three-month lows last week. U.S. West Texas Intermediate (WTI) crude futures settled 2.92 percent higher, or $1.22, at $43.02 a barrel. International Brent crude futures were trading at $45.33 a barrel, ... Read More »

Mezzan Holding’s Qatar revenue increases 14.2% in 1H

DOHA: Mezzan Holding KSC, one of the largest manufacturers and distributors of food, beverage, FMCG and pharmaceutical products in the GCC, including Qatar, has reported KD52.8m revenue for the second quarter of 2016 (Q2, 16), representing a 2.4 percent increase on the same period in 2015, thus bringing its year-to-date revenue to KD108.5m, representing a 3.9 percent increase on the ... Read More »

Hill International receives $43m more for Doha Metro Green Line

DOHA: Hill International (HIL), the global leader in managing construction risk, announced today that its joint venture with ASTAD Engineering Consultancy and Project Management Company has received a contract extension from Qatar Railways Company to continue providing project management services in connection with the Green Line, one of four major lines of the new Doha Metro transit system.  The thirty-month ... Read More »

Qatar Navigation net profit $151m in 1H

DOHA: Qatar Navigation (Milaha) has reported a net profit of QR553 million ($151.7 million) for the six months (H1) ended June 30, compared to QR651 million for the same period in 2015. Operating revenues reached QR1.387 billion, compared to QR1.507 billion for the same period in 2015, while operating profit was posted at QR371 million for H1 2016, as against ... Read More »

Qatar Airbus faces downturn

DOHA: In 2010, Airbus Group SE (OTCMKTS:EADSY) launched the revamped A320NEO (New Engine Option) single-aisle commercial aircraft. This version attracted higher demand compared to the A320CEO (Current Engine Option). However, recent technical issues with the aircraft engine have delayed the delivery process of the aircraft by a few more months. Airbus A320NEO is equipped with PW1100G engines manufactured by United Technologies ... Read More »

Sri Lanka aims to import LNG from Qatar

DOHA: The Sri Lankan ambassador said that he is exploring the potential benefits of his country importing liquefied natural gas (LNG) from Qatar. Ambassador WM Karunadasa said Sri Lanka’s current LNG needs are met through imports from Iran and Iraq, among other suppliers, but not Qatar. “I plan to propose this during Sri Lankan President Maithripala Sirisena’s state visit to ... Read More »

Emaar Properties net profit up 8pc in Q2

DOHA: Dubai’s Emaar Properties , builder of the world’s tallest tower, reported an 8 percent rise in second-quarter net profit on Sunday as revenue advanced. The developer, in which Dubai’s government owns a minority stake, made a net profit of 1.27 billion dirhams ($345.8 million) in the three months to June 30, it said in a statement. That compares with ... Read More »

Qatar’s Barwa Real Estate Q2 net profit nearly trebles

DOHA: Qatar’s Barwa Real Estate, one of the Gulf Arab state’s largest listed developers, reported a near-trebling of second-quarter net profit on Monday, according to Reuters calculations. Barwa made a net profit of 550 million riyals ($151.1 million) in the three months to June 30, Reuters calculated based on previous financial statements in the absence of quarterly breakdown. This compares ... Read More »

Siemens appoints new CFO for Mideast region

DOHA: The German engineering giant Siemens has appointed Alia Al Rifai as new Chief Financial Officer (CFO) of the company’s Middle East region. Al Rifai will assume her new role after two years as Senior Executive Vice President of Finance for the Energy Management Division in the region. The 40-year old executive takes over from Stefan Halberstadt, who will join ... Read More »

Qatargas to increase supply of LNG to Pakistan

DOHA: Qatargas, the world’s largest producer of Liquefied Natural Gas (LNG), yesterday announced a long-term Sale and Purchase Agreement (SPA) with Global Energy Infrastructure Limited (GEIL) to meet the growing appetite of clean energy in Pakistan. Under the terms of the agreement, Qatargas will supply 1.3 million tonnes per annum of LNG to Pakistan for 20 years, with provisions allowing ... Read More »

Oil smuggling in Qatar now punishable by QR1 million fine

DOHA: Anyone caught smuggling diesel, petrol or LPG can face a jail term of up to 10 years and a maximum fine of QR1 million, under a new law ratified this week by Qatar’s Emir. Under Law No.6 of 2016, it is illegal to bring any petroleum or oil products into or out of the country or to sell them ... Read More »

Qatar introduces hefty fine for oil product smuggling

DOHA: The emir of Qatar, Sheikh Tamim bin Hamad Al Thani, has issued a new law envisaging fines of up to 1 million rials (US$275,000) and a prison sentence of up to 10 years for smuggling oil products. Oil product, in the law, includes everything that is produced in a refinery, including jet fuel, gasoline, lubricants, and more, the Peninsula ... Read More »