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Qatar, Pakistan sign multi-billion dollar gas deal

DOHA: Qatar and Pakistan signed on Wednesday a multi-billion dollar gas deal to supply Pakistan with 3.75 million tonnes of liquified natural gas (LNG) annually for 15 years. Under the 15-billion-dollar agreement, Qatar Liquefied Gas Company Limited will supply 3.75 million tonnes of LNG to Pakistan State Oil Company from 2016 to 2031, with the first cargo expected to be ... Read More »

QIMC annual net profit rises 4.9% to QR168.8m

DOHA: Qatar Industrial Manufacturing Company (QIMC) has announced the financials for 2015 and reported a net profit of QR168.8m ($46.35m) for the full year ended December 31. The Group’s net profit increased by 4.9 percent in 2015 compared to QR160.9m ($44.19m) in 2014. The company’s assets has increased to QR1.85bn with an increase of 6.7 percent compared to the previous ... Read More »

MPHC records QR1.1bn net profit in 2015

DOHA: Mesaieed Petrochemical Holding Company (MPHC), a subsidiary of Qatar Petroleum and one of the region’s premier diversified petrochemical conglomerates, recorded a net profit of QR1.1bn for the full year ended December 2015. Total income reported for the year, including the tax refund was QR1.1bn, a decrease of QR707m, or 39 percent, versus the same period of 2014. The decline ... Read More »

Industries Qatar reports QR4.4bn net profit

DOHA: Industries Qatar, one of the region’s industrial giants with interests in the production of a wide range of petrochemical, fertiliser and steel products, yesterday announced its financial results for the period ended December 31, 2015 with net profit of QR4.4bn. Net profit for the period under review was down QR1.8bn, or 29.9 percent, against the same period of 2014. ... Read More »

Real estate transaction value touches QR418.8m

DOHA:The combined value of Qatar’s real estate transactions amounted to QR418.8m during the fourth week of January, 8 percent up compared to the previous week. However, the total number of deals declined to 40 against 57 deals closed in the third week. The increase in the transaction value during January 24-28 was triggered by a mega deal worth QR100m, Ezdan ... Read More »

Qatar and Tajikistan to enhance trade

DOHA: Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim Al Thani said yesterday that cooperation and trade volume between Qatar and Tajikistan should be further enhanced. The Minister’s comments came during the second meeting of the Joint Qatari-Tajik committee for economic cooperation. Along with the Minister, the committee was chaired on the Tajikistan side by their Minister ... Read More »

GIS revenue hits QR4.2bn in 2015

DOHA: Gulf International Services (GIS) the largest services group in Qatar, with interests in a broad cross-section of industries, delivered a revenue of QR4.2bn and a net profit of QR801.4m for the full year 2015. The revenue recorded for the year represents a moderate decrease of QR92.5m, or 2.2 percent over last year. Versus the last quarter, the group revenue ... Read More »

GCC sovereigns to tap global loan market

DOHA: Key GCC sovereigns, including Qatar, are looking to issue syndicated loans financed by international banks. Qatar is seeking $10bn, while Oman is looking to tap $1bn. GCC sovereigns have increasingly issued syndicated loans in 2015 in an efforts to tap international markets. The sovereigns mainly looking to tap this market are Qatar and Oman, NBK’s economic update on GCC ... Read More »

Trade between Qatar and India set to increase this year

DOHA: The trade figures between Qatar and Indian are likely to rise in current year, despite sharp decline in oil prices. The recent pact for additional supply of Liquefied Natural Gas (LNG) between inked between the two countries will give boost to bilateral trade. “Qatar is an extremely important partner of India. The trade between the two side two years ... Read More »

QDB signs MoU with Islamic Corporation

DOHA: Qatar Development Bank (QDB) has signed a Memorandum of Understanding (MoU) with The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of Islamic Development Bank (IDB) Group. The new agreement is a joint strategic collaboration in examining innovative means and opportunities to support small-and-medium enterprises (SMEs) in Qatar. The MoU commits the two ... Read More »

Global expansion part of risk aversion strategy: QNB

DOHA: QNB Group’s ongoing global expansion plans are part of the bank’s risk aversion strategy. The Group is expecting a 40 percent of its net profit for the year 2016 from its foreign operations, H E Ali Shareef Al Emadi, the chairman of QNB Group said yesterday. “Qatari market is of course important for us. But geographical expansions are bringing ... Read More »

Qatar’s Commercial Bank profit falls by 24.9% to QR1.45bn in 2015

DOHA: The Commercial Bank delivered a net profit of QR1.45bn for 2015, a 24.9 percent decrease in profitability compared to 2014. On a quarterly basis, Commercial Bank generated net profit of QR117m in the fourth quarter 2015, as compared to QR387m in the fourth quarter 2014. The Board of Directors is recommending, for approval at the annual general assembly on ... Read More »

QIIB’s income grows 4.6%, net profit touches QR784m

DOHA: Qatar’s major Islamic lender International Islamic (QIIB) recorded a total income amounting to QR1.59bn, with a net profit of QR784.2m for the full year 2015. QIIB’s net profit stood at QR825.8m at the end of 2014. QIIB has achieved earnings per share (EPS) equivalent to QR5.18 in 2015. The results were announced after the board of directors’ meeting chaired ... Read More »

Qatar foreign trade surplus falls 14.8% to QR9.3bn in Dec

DOHA: Qatar’s foreign merchandise trade surplus (the difference between total exports and imports) was at QR9.3bn for December 2015. It showed a decline of QR11.7bn, or 55.8 percent, compared to December 2014, said the Ministry of Development Planning and Statistics yesterday. The surplus decreased by QR1.6bn, or 14.8 percent, compared to November 2015. In December 2015, the total exports of ... Read More »

Qatar launches fast-track customs clearance initiative

DOHA: The General Authority of Customs (GAC) in Qatar has launched a major marketing campaign to help build awareness for its single-window customs clearance system called Al Nadeeb. The GAC has also launched Al Nadeeb smartphone application to facilitate easy access to the online customs clearance system. The objective of the campaign is to create awareness for the advanced features ... Read More »

Qatar’s healthcare spending projected to touch $12bn by 2024

DOHA: Qatar is expected to witness an estimated spending of about $12bn (QR43.7bn) by 2024, a sharp jump of 150 percent compared to $4.7bn (QR17.12bn) in 2014, according to a latest report. When compared with the 2010 spending of $2.6bn (QR9.47bn), Qatar will register a remarkable about 360 percent growth in its healthcare spending by 2024, according to the EY’s ... Read More »

Doha Bank profits up at QR1.37bn

DOHA: Doha Bank recorded an impressive QR1.37bn net profit for the year 2015, reflecting a growth of more than 1.1 percent as compared to QR1.35bn for the year 2014. Announcing the financial results, Doha Bank Chairman Sheikh Fahad bin Mohammad bin Jabor Al Thani said the bank’s total assets increased by QR7.8bn, a growth of 10.3 percent to QR 83.3bn ... Read More »

Qatar’s real estate prices slip from peak

DOHA: Qatar’s real estate prices softened a bit during the final quarter of 2015 compared to the previous quarter, after hitting a record peak in November 2015. The Qatar Central Bank’s (QCB) updated real estate price index released yesterday shows the country’s real estate value declined 2.6 percent to 292.0 points during the Q4, 15 from 299.8 points recorded during ... Read More »

Qatar, Mexico to deepen economic cooperation further

DOHA: Economic cooperation between Qatar and Mexico will deepen further said Enrique Pena Nieto, President of Mexico yesterday speaking at ‘The Qatar – Mexican Business Forum’. He expressed hope that both Qatar and Mexico continue their economic growth while taking advantage of the existing bilateral relations. Minister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada was ... Read More »

GWC’s full year net profit grows 32% to QR185m

DOHA: GWC, Qatar’s leading logistics provider, concluded the year 2015 with a strong and stable rate of growth of 32 percent in its net profits, achieving QR185m compared to QR140m by the end of 2014. The company’s revenue streams had an equally consistent rise, with total revenues peaking at QR787.9m at the end of 2015, a solid 20 percent increase ... Read More »