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Customs Authority foils bids to smuggle drugs

DOHA: The General Customs Authority (GAC) has foiled three different attempts to smuggle illicit drugs into the country through the airport and land border. In the first case, 6.5kg of marijuana was seized from an Asian traveller at Hamad International Airport (HIA) when the GAC inspector in charge suspected the behavior of the former and ordered a full search of ... Read More »

Private wealth in Qatar to rise to $0.4 tn by 2020, says BCG

DOHA: Private wealth in Qatar will rise from $0.3 trillion to $0.4 trillion by 2020, according to a new report by The Boston Consulting Group (BCG). In the next five years, the growth of private wealth in Qatar will be driven primarily by equities (6 percent), followed by cash and deposits (3.2 percent) and bonds (1.8 percent), says the report ... Read More »

Brexit to create ‘more business opportunities’ for Qatar

DOHA: Britain’s decision to leave the European Union (EU) has caused adverse impact on stock markets globally, but experts suggest that it may not be “necessarily bad” for the Qatari economy as it will create more opportunities for trade and investments for Qatari businesses in the UK and EU due depreciation in currencies. Enquiries with some analysts and bankers suggest ... Read More »

Qatar Exchange to enhance cooperation with local universities

DOHA: Qatar Exchange (QE) will strengthen and expand its cooperation with local institutions of higher studies, including leading universities and colleges, by developing innovative training programmes, especially in the field of finance and investment to promote business leadership in the country. This was announced by Rashid Ali Al Mansoori, Chief Executive Officer of the Qatari bourse during a Business Sohour ... Read More »

Qatar second largest exporter of fertilizer to Brazil

DOHA: The Arab region has witnessed an unprecedented rise in fertilizer exports to Brazil for the first quarter of this year with a total of 1.14 million tonnes, and Qatar’s share alone accounted for over 305,000 tonnes, or more than one-fourth of the total, emerging as the second largest exporter of fertilizer to the South American country from the Arab ... Read More »

Oil prices slow development

DOHA: A $200 billion infrastructure program could see higher costs and delays because of the slump in oil prices, the government said on Sunday. A study from the Ministry of Development Planning and Statistics said that “continued volatility” in the oil market was likely to have consequences for the vast construction projects underway. The ministry predicted that Doha would run ... Read More »

Milaha to buy Qatar Petroleum stake in Al Shaheen

DOHA: Qatar Navigation (Milaha) has reached a preliminary agreement to buy Qatar Petroleum’s stake in oilfield services firm Al Shaheen Holding, Milaha said in a bourse filing on Sunday. Qatar Petroleum hired HSBC in February to advise it on the sale of Al Shaheen as the state-owned Qatari energy giant, grappling with low oil and natural gas prices, seeks to ... Read More »

Qatar Customs nabs Iranian for smuggling  subsidized food

DOHA: An Iranian expatriate was arrested at Doha Port for attempting to smuggle rationed foodstuff to Iran. According to sources, Doha Port customs officers were inspecting boats that were bound for departure from Doha Port when they found large quantities of commodities, which are subsidized by the Kuwaiti government for citizens, in one of the boats. They arrested the Iranian ... Read More »

Real estate trades exceeded QR 513 million last week

DOHA: The total trading value in real estate sales contracts registered with the Land Registry Department of the Ministry of Justice during the period June 5 to 9 reached 513 million, 1 thousand, and 820 Qatari Riyals. According to the weekly bulletin issued by the Department, the real estate sales included empty plots of land, houses, flats, stores, a residential ... Read More »

Internet advertising to grow by over 11%: PwC

DOHA: Internet advertising is expected to be the fastest-growing division among all segments globally over the next five years registering 11.1 percent growth, ahead of Internet access at a 6.8 percent (CAGR), a latest report has revealed. By contrast, magazine and newspaper publishing will suffer declines. However, even here there will be wide variations between territories: while newspaper publishing revenue ... Read More »

QNB raises QR10bn to boost capital position

DOHA: QNB announced yesterday that it has successfully raised QR10bn in Additional Tier 1 Perpetual Capital Notes by way of private placement, to strengthen the Group’s Capital Adequacy Ratios and to support future growth across the QNB Group in accordance with its strategy. The Additional Tier 1 Perpetual Capital Notes were the inaugural issuance by QNB Group and the single ... Read More »

Ooredoo announces plans to issue bonds worth $5bn

DOHA: Ooredoo International Finance Limited (the Issuer), a wholly -owned subsidiary of Ooredoo, has announced to issue new bonds worth about QR18.2bn ($5bn). The company in a statement yesterday said that it has mandated Australia and New Zealand Banking Group Ltd, Citigroup Global Markets Ltd, DBS Bank Ltd, HSBC Bank plc, Merrill Lynch International, Mitsubishi UFJ Securities International plc, Mizuho ... Read More »

Ooredoo signs $1bn revolving credit facility

DOHA: Ooredoo yesterday announced the signing of a new $1bn Revolving Credit Facility Agreement (RCF). The agreement was executed between Ooredoo as the borrower and Qatar National Bank, Australia and New Zealand Banking Group, Bank of America Merrill Lynch International Ltd, The Bank of Tokyo-Mitsubishi UFJ, Ltd, Citibank, London Branch, DBS Bank Ltd, HSBC Bank Middle East Ltd, Mizuho Bank, ... Read More »

Mannai Corp set to acquire 51% stake in Gfi Informatique

DOHA: Mannai Corporation set to acquire controlling stake (51 percent) in Gfi Informatique. Gfi Informatique (Gfi),  an IT conglomerate, has revenues close to €900m  and employs around 12,000 IT professionals in France and other countries. Gfi is a major player in value-added IT services and software in Europe, and occupies a strategic position in its differentiated approach to global firms ... Read More »

Qatar fund buys Marina Bay office tower for $3.4b

DOHA: Asia Square Tower 1 in the Marina Bay financial district is changing hands for $3.4 billion – said to be the biggest single-tower real estate deal in the Asia-Pacific region. Sovereign wealth fund Qatar Investment Authority (QIA) has agreed to buy the 43-storey office tower, with a string of blue-chip corporate tenants, from United States private equity giant BlackRock. ... Read More »

Qatari-Russian panel decides to boost trade

DOHA: The Qatari-Russian Joint Committee for Trade, Economic, Scientific and Technical Cooperation held its second meeting in the Russian capital Moscow. Qatar’s delegation to the meeting was chaired by Minister of Energy and Industry HE Dr Mohammed bin Saleh Al Sada, while the delegation of the Russian Federation was headed by Minister of Energy Alexander Novak. According to a statement ... Read More »

Mideast carriers’ profits to grow over 14%

DOHA: Middle East carriers, including three major airlines of the region — Qatar Airways, Emirates and Etihad Airways — are expected to post a combined $1.6bn profit in 2016, witnessing a double-digit growth of over 14 percent compared to $1.4bn reported in 2015. According to the latest data released by International Air Transport Association (IATA), which represents some 264 airlines ... Read More »

Qatar’s CPI at 1.6% in 2015: Report

DOHA: The year-on-year change in the Consumer Price Index (CPI) was 1.6 percent for Qatar in 2015, compared to 3.3 percent for the world, 0.3 percent for the advanced economies and 5.9 percent, for the Middle East and North Africa. CPI is a measure that examines the change in the weighted average of prices of a basket of consumer goods ... Read More »

Qatar maintains high rank in world competitiveness yearbook

DOHA: Qatar retained a top place in the 2016 edition of the annual World Competitiveness Yearbook, which is issued by the International Institute for Management Development (IMD), ranking 13th out of 61 countries. In a statement issued Monday, the Ministry of Development Planning and Statistics said the ranking reflects the high status that Qatar continues to achieve on all fronts ... Read More »

QDB and Qatar Shell announce opportunities worth QR70m

DOHA: Qatar Development Bank (QDB) and Qatar Shell yesterday announced business opportunities valuing QR70m for local Small and Medium Enterprises (SMEs). The value of six contracts for 2016 is more than the combined value of contracts offered in the past three years. “In 2013, 2014 and 2015, we have awarded contracts with total value of QR35m. This year we are ... Read More »