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Untapped insurance premium volume can reach $12bn

DOHA: Minister of Finance H E Ali Sherif Al Emadi yesterday said that Qatar’s insurance sector has huge growth potential as the total volume of untapped insurance premium can reach $12bn (about QR43.70bn) if the country achieves the insurance penetration level of 6 percent of GDP, currently the global average. Qatar’s insurance premium in 2015 accounted for 1 percent of ... Read More »

Qatar’s insurance premium reaches $2bn in 2015

DOHA: Qatar’s Insurance premium reached $2bn in 2015, registering 11 percent compound annual growth rate since 2007. Qatar’s insurance sector, along with Middle East and North Africa (Mena) region, is expected to remain resilient in coming years despite economic headwinds, according to ‘Mena Insurance Barometer 2016’ released yesterday. “Since inception of Multaqa, market values almost tripled to $2bn, a compound ... Read More »

Global leather makers eye Gulf region’s $6bn industry

DOHA: The 2nd edition of Leatherworld Middle East will take place from 26-28 April 2016 at the Dubai International Convention and Exhibition Centre, and will return following a rousing industry response to the inaugural show in May 2015. More than 125 exhibitors are expected at the three-day event in 2016, all eager to capitalise on the GCC’s leather trade that ... Read More »

Mideast homeland security market to double

DOHA: The Middle East’s homeland security market is set to double to $34bn by 2020, demonstrating the Arab World’s robust homeland security and national resilience agenda, industry experts announced yesterday in the build-up to the International Exhibition for National Security and Resilience (ISNR) 2016. Over the next five years, the Middle East’s homeland security market is set to grow from ... Read More »

Qatar’s 2015 gross debts hit $19.09bn

DOHA: As debt issuances in the GCC are moving in an upward trajectory amid prolonged low oil price regime, Qatar’s gross debt, including sovereign and corporate, during 2015 stood at $19.09bn. Total government bonds issued during the year was $8.24bn and corporate debt amounted to $10.85bn, SICO Research noted yesterday. In 2015, total debt issued in the GCC reached $171bn, ... Read More »

Qatar & Sweden to tie up for entrepreneurship development

DOHA: Qatar and Sweden is set to establish a strategic partnership to offer Qatar tailor-made solutions for innovation and entrepreneurship development. This will help Qatar in transforming its energy-rich economy into a knowledge-based society. “Qatar and Sweden can do a lot together to help Qatar achieve its objective of diversifying the economy. We are going to establish a partnership to ... Read More »

MEA’s fragrance market value touches QR19bn

DOHA: The combined value of fragrance market of the Middle East and African (MEA) region in 2015 stood at $5.2bn (about QR19bn) in 2015, up 7 percent compared to 2014 figure, according to a London-based market research firm. Analysts from ‘Euromonitor International’ (EMI), say that the MEA region will be second only to Latin America in the global fragrance growth ... Read More »

Ooredoo Group revenue hits QR32bn in 2015

DOHA: Ooredoo Group’s revenue touched QR32.2bn in 2015. The group net profit to Ooredoo shareholders maintained at QR2.1bn in 2015 driven by a strong EBITDA performance. Ooredoo Group’ customers reached 117 million at the end of 2015, an increase of 9 percent, or 9.5 million net customer adds over 2014 driven by strong performances in Qatar, Indonesia, Myanmar, Oman, Algeria, ... Read More »

Qatar-Italy trade reaches $3bn in 2015

DOHA: The total trade exchange between the two countries reached about $3bn in 2015, accounting for 2.8 percent of Qatar’s foreign trade said Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim Al Thani yesterday at the Qatar-Italy joint committee meeting. The fourth session of Qatar- Italy joint committee for economic cooperation was held yesterday and chaired by ... Read More »

Customs Authority expands Al Nadeeb service

DOHA: The General Authority of Customs has launched a major marketing campaign to help build awareness for its Single Window Customs Clearance System called Al Nadeeb. It has also launched the Al Nadeeb smartphone application to facilitate easy access to the online customs clearance system. The purpose of the marketing campaign is to create awareness for the advanced features and ... Read More »

Qatar-UAE trade volume hits QR26.1bn

DOHA: Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani yesterday announced that the economic ties between Qatar and the United Arab Emirates (UAE) is growing fast and the bilateral trade volume in 2015 touched QR26.1bn (about $7.17bn). The Minister, in his opening address at the Qatar-UAE Economic Forum, which kicked off yesterday in Abu Dhabi, ... Read More »

Producer Price Index falls in December

DOHA: The Monthly Producer Price Index (PPI) of the Industrial sector for December, 2015 is estimated at 49.3 points showing a decrease of 6.8 percent compared to November same year. The fall was driven decline in the “Mining (which includes crude oil and natural gas)”, and “Manufacturing” while an increasing in “Electricity and water”. On year on year basis, PPI ... Read More »

QEWC’s AGM gives approval for QR825m cash dividend

DOHA: Qatar Electricity and Water Company (QEWC) yesterday held its Annual General Assembly (AGM) and approved the Board of Directors’ recommendation to distribute a cash dividend of QR825m (about $226.55m) to its shareholders for the last financial year ended December 31, 2015. The board had decided to offer a recommendation to the General Assembly to approve the distribution of cash ... Read More »

Al Meera r net profit drops by 28.4% to QR162.1 million

  DOHA: Retail major Al Meera has reported a net profit of QR162.1 million for the financial year ended December 31, 2015, a drop by 28.4% compared to QR226.6 million registered in 2014. The consumer goods retailers Earnings Per Share for the period ended December 2015 declined to QR8.10 from QR11.33 reported in 2014. The company’s board of directors have ... Read More »

Instant customs clearing for top global expos

DOHA: Taking advantage of the advanced single-window clearance system, Nadeeb, at ports of entries in Qatar, the General Authority of Customs (GAC) for the first time is providing instant clearing services for exhibitions. The special service will be first used in the Doha Jewellery and Watches Exhibition (DJWE) which begins here on Monday. The system facilitates temporary release measures for ... Read More »

Qatar tourism receipts to reach $7.2bn by 2025

DOHA: Qatar’s tourism and hospitality industry is building momentum as it enters the second half of the decade, with an ambitious target of four million visitors by 2020, supported by $40-45bn worth of sector investment under the country’s National Tourism Sector Strategy 2030 plan. The Gulf state returns to Arabian Travel Market (ATM) this year to showcase its expanding hotel ... Read More »

Top oil exporters to freeze output

DOHA:Top oil exporters Russia and Saudi Arabia agreed yesterday to freeze output levels but said the deal was contingent on other producers joining in — a major sticking point with Iran absent from the talks and determined to raise production. The Saudi, Russian, Qatari and Venezuelan oil ministers announced the proposal after a previously undisclosed meeting in Doha. It could ... Read More »

UDC profit increases by 8%

DOHA: United Development Company (UDC), a leading Qatari shareholding firm, announced its financial results for the year 2015. The company reported net profit of QR732.8m as compared to QR 676.3m recorded in the 2014, an increase of 8 percent. The net profit attributable to owners of the company stood at QR689.6m, compared to QR625.6m in the same period of 2014 ... Read More »

Qatar’s private consumption to increase on stable spending: QNB report

DOHA: Qatar’s investments as a share of its  gross domestic product (GDP) rose to 39.6 percent in Q2 2015 from 32.4 percent in 2014 on stable government capital spending. The country’s private consumption rose to 20.8 percent of GDP in Q2 2015 from 14.8 percent of GDP in 2014, with imports similarly increasing from 30.5 percent to 36.1 percent of ... Read More »

Oil and gas capex drops 26%; BofA Merril Lynch projects another 10% cut in 2016

DOHA: Global oil and gas capital expenditures (Capex) dropped by 26 percent in 2015, and is expected another round of cuts this year to the tune of 10 percent globally. Capex is a function of prices, and with prices recently below the $30/bbl mark, the actual 2016 cut is likely to end up larger than these expectations. In that respect, ... Read More »