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Masraf Al Rayan net profit rises 3.6% to QR2.07bn in 2015

DOHA: Masraf Al Rayan has recorded a net profit of QR2.07bn for the full year 2015, an increase of 3.6 percent compared to 2014. The Board of Directors, at a meeting held yesterday, recommended a dividend distribution of QR 1.75 per share, or 17.5 percent of the paid-up capital, pending approval from the General Assembly of shareholders after obtaining the ... Read More »

Barwa signs $157.1m Islamic loan

DOHA: Qatar’s Barwa Real Estate has signed a $157.1 million sharia-compliant five-year loan, the developer said on Sunday. Barwa said it would use the money to refinance an existing Islamic financial liability but did not provide further details. The company on Thursday announced it had signed a $444.3 million sharia-compliant loan with Islamic bank Masraf Al Rayan Read More »

Qatar, Pakistan to finalise LNG price soon

DOHA: Pakistan is still in negotiations to finalise a multibillion-dollar liquefied natural gas (LNG) import contract with Qatar and expects to reach a price for the deal by end of this month or the next, its petroleum minister said yesterday. The 15-year deal was struck last year and will be for 1.5 million tonnes a year of LNG. “The price ... Read More »

Over 90 business deals to be signed at ‘Covertech 2016’

DOHA: Over 90 deals are expected to be signed at the second edition of the upcoming ‘International Exhibition for Wall and Floor Covering Technologies & Materials’, Covertech 2016, which would be about 35 percent higher compared to the deals inked during the first edition of the event. Dr Moyasser Saddiq, Chairman of ‘IBHAR FOR EXHIBITIONS & CONFERENCES’ (IEC), the organiser ... Read More »

QNB net profit rises 7.7% to QR11.3bn, assets surge

DOHA: QNB Group, the region’s largest lender, reported a robust 7.7 percent increase in the net profit for the year 2015, compared to the previous year. The net profit amounted to QR11.3bn ($3.1bn) for the full-year. Based on the strong financial results for 2015 and consistent with QNB Group’s aim of maximising returns to shareholders, the Board of Directors is ... Read More »

Trade shocks gather strength to market speculation on breaking GCC’s dollar pegs

DOHA: The continuing large terms-of-trade shock has increased market speculation that the GCC’s US dollar pegs could break going forward. Key to the view is a combination of still sizeable foreign assets in parts of the GCC and the apparent start of a regional multi-year fiscal adjustment process. There are three aspects to consider when evaluating the future path of ... Read More »

Qatari companies forecast to grow in fourth quarter

DOHA: The earnings of Qatari companies are forecasted to grow by 4 percent year-on-year for the fourth quarter of 2015 (Q4, 15), according to a consensus estimate by Investment Bank SICO. In a research note sent to The Peninsula yesterday, SICO analysts said Ooredoo is expected to report a net income of QR523m for Q4, 15, compared with QR55m reported ... Read More »

Qatar Airways launches Travel Festival promotion

DOHA: Qatar Airways, the national airline of the State of Qatar, has launched its biggest promotion Travel Festival, the first of its kind offering passengers a variety of travel deals and prizes. The Qatar Airways Travel Festival has exclusively designed packages including discounts of up to 25 percent, companion fares for 2-for-1 tickets, family and group discounts, and special discounts ... Read More »

Qatar Development Bank, QIB sign new Al Dhameen Programme agreement

DOHA: Qatar Development Bank announced today that Abdulaziz Bin Nasser Al-Khalifa, CEO of Qatar Development Bank (QDB) , and Mr. Bassel Gamal, Qatar Islamic Bank (QIB) Group Chief Executive Officer, signed a new Al Dhameen Programme Portfolio Agreement sponsored by QDB , enabling further expansion of SME financing in Qatar, on Sunday. The agreement was attended by QDB officials Khalid ... Read More »

GCC equity market shed $200bn in 2015 market cap

DOHA: GCC equities underperformed most international peers with the MSCI GCC total return index retreating 15 percent during the year, its weakest performance since 2008. The correction followed three years of solid performance. While regional markets fared worse than their international counterparts, equities in general were thrashed in 2015. Total GCC market capitalization stood at $904bn at year end, after ... Read More »

Qatar’s trade surplus drops 36.7%

DOHA: The difference between total exports and imports showed a decrease of QAR12.6bn, or 53.6%, compared to November 2014. November saw the value of Qatar’s total export of goods, including exports of goods of domestic origin and re-exports, standing at QAR21.3bn This is a 36.7% decrease year-on-year and a 5.9% decline, month-on-month. November imports, however, touched QAR10.4bn, an increase of ... Read More »

Oil prices to hit GCC sukuk market

DOHA: The global market for sukuk will remain at below-peak levels in 2016, Standard & Poor’s said yesterday. The ratings services expects issuance to reach $50bn-$55bn in 2016, compared with $63.5bn in 2015 and $116.4bn in 2014. The correction started last year, mainly because the central bank of Malaysia (Bank Negara Malaysia; BNM) — the largest issuers of sukuk worldwide ... Read More »

Qatar arrests smuggler with $1.2m in diamonds, pearls

DOHA: Qatar has arrested a man who tried to smuggle US$1.2 million (Dh4.4m) worth of diamonds and pearls into the country. The state-run Qatar News Agency, quoting customs officials, reported that the incident took place on Tuesday at Hamad International Airport in the Qatari capital, Doha. The agency said customs officers found seven diamond rings, three pearl necklaces and 43 ... Read More »

Qatar Customs seizes smuggled pearls, diamonds worth $1.2m

DOHA: The General Authority of Customs recently caught a traveller who tried to smuggle 53 pieces of pearls and diamonds weighing about 1kg into the country through Hamad International Airport (HIA). The authority said in a statement that the traveller had two bags and was asked to enter the country with one and transfer the other on a transit trip. ... Read More »

QPMC inks four deals for aggregates supply

DOHA: QPMC wrapped up 2015 by signing four new agreements for the supply of 19,980,000 tonnes of high quality aggregates (gabbro and limestone) over the next three years from various sources. The agreements were signed to ensure that Qatar’s fast growing construction sector continues to thrive in the right direction by securing the required materials and thus maintaining market stability. ... Read More »

Qatar weathers emerging market storm

DOHA: Despite plunge in oil prices, Qatar has held up relatively well in the current rout in emerging market stocks. FTSE Global Market’s ‘emerging market’ analysis noted Qatar appears to be weathering the gathering storm in emerging market. Although with the exception of the FTSE upgrade, there remains a lack of immediate catalyst for Qatari stocks, even so Qatar maintains ... Read More »

Qatar banks record surge by 14.1% in personal loans

DOHA: Loan growth has remained strong across the GCC markets as a whole, however, banks in Qatar have witnessed the highest increase of 14.1 percent year on year, according to research from Global Investment House. As a reflection, the compareit4me group, who operate finance comparison sites around the Middle East, have noticed a rise of 79 percent in the number ... Read More »

Quality Group to invest QR55m in India

DOHA: Quality Group International, one of the leading Qatar-based Indian companies, has announced to invest QR55m in the Southern Indian state of Karnataka this financial year. The entire amount will be invested in retail and infrastructural development projects as part of the NRI (Non-resident Indian) investment programme initiated by the state government, according to a statement yesterday. Quality Retail Group ... Read More »

Qatar banks’ assets rise 2.6% to QR1.11 trillion in Nov

DOHA: Qatar banks’ assets (and liabilities) increased QR27.9bn, or 2.6 percent, to QR1.11 trillion in November, compared with QR1077.9bn recorded in the previous month. The government and public sector deposits touched QR220.7bn, a decrease of QR11.4bn, in November. Qatar’s total domestic public debt increased by QR9.1bn to QR356bn, The Group Securities noted in its reading of the changes in the ... Read More »

Hamad Port’s partial operations to modernise trade

DOHA:The Hamad Port, one of the largest multi-purpose ports in the region, started partial operations, marking a major milestone for the mega project that will modernise the way Qatar handles ocean imports and exports and help facilitate the growth and diversification of the country’s economy. HE Sheikh Abdullah bin Nasser bin Khalifa al-Thani, Prime Minister and Minister of Interior and ... Read More »