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International Bank of Qatar’s $500m bond evokes huge response

DOHA: International Bank of Qatar (ibq) yesterday announced the successful closing of a debut 5-year, $500m bond issuance under its $2bn Euro Medium Term Note programme, according to a statement. The deal, which evoked strong response from international, regional and local investors, was oversubscribed. Omar Bouhadiba (pictured), Managing Director at ibq, said: “We are extremely pleased that our first bond ... Read More »

Ooredoo Group , Ericsson ink ‘frame agreement’

DOHA: Ooredoo Group and Ericsson have signed a ‘frame agreement’ for the supply of radio, core and transmission solutions, as well as related implementation and integration services, said a statement yesterday. The group frame agreement includes radio, core and transmission equipment as well as related services. The agreement also covers Ericsson’s Software model with its predefined software value packages, which ... Read More »

Qatar invests $5.24bn in global real estate in H1

DOHA: Qatar was ranked among top 10 in terms of outflow into global direct real estate in a report by CBRE Group. Outflows from Qatar and UAE into global direct real estate stood at $5.24bn and $4.54bn, respectively in the first half (H1) of 2015, ranking the Gulf countries in the fifth and seventh positions, according to the latest research ... Read More »

Qatar inks LNG deal with Pakistan

DOHA: Qatar and Pakistan are working to finalize financial arrangements of a long-term agreement for the supply of liquefied natural gas (LNG) to the south Asian country. This came in remarks made by the Pakistan Petroleum Minister and Natural Resources Shahid Khaqan Abbasi , who recently took part in the 6th Asian Ministerial Energy Roundtable (AMER 6), held in Doha. ... Read More »

Qatar’s milaha facility repairs over 6,600 ships

DOHA: Milaha’s ship repair facility at Mesaieed, which is a preferred yard of major yacht owners in Qatar, has repaired more than 6,600 ships over the past 37 years, said a statement yesterday. The Qatar-based marine transport and logistics conglomerate, demonstrated its core marine services, particularly in ship repairs, to business visitors during the Qatar International Boat Show 2015, the ... Read More »

Law seeks to combat smuggling, illegal trade of petroleum products

DOHA: The Cabinet on Wednesday ratified a draft law that seeks to combat the smuggling and illegal trade of petroleum products, and referred it to the Advisory Council. The draft law includes penalties like confiscation of petroleum products smuggled or illicitly traded, or payment of an equivalent amount if the products are not found, in cases of conviction. The tools ... Read More »

Vodafone Qatar mobile users surge 8% to 1,486,000 in H1

DOHA: Qatar’s second telecom operator Vodafone Qatar reports an 8% increase to 1,486,000 cellphone subscribers for the first-half period ended September 30 compared to the same period in 2014. In its first-half financial results, the company reports net loss of QR 213 Million and QR 0.25 loss per share. Total revenue declined 7% to QR 1,066 Million over the same ... Read More »

Qatar one of the fastest growing in region: IMF Cheif

DOHA: Qatar has been one of the fastest growing countries in the region and the near-term macroeconomic outlook remains strong, said a statement issued by managing director of the International Monetary Fund (IMF) Christine Lagarde on the occasion of her visit to Qatar. Lagarde said that growth could accelerate this year and next, supported by a large public infrastructure programme, ... Read More »

Qatar’s real estate trading volume hits QR1 billion in a week

DOHA: The total value of trading in real estate sales contracts registered with the Real Estate Registration Department at the Ministry of Justice from 1 to 5 August mounted to QR 1,043,852,382. According to the weekly bulletin issued by the department, the list of properties that were traded by sale includes open plots of land, houses and multi purpose buildings, ... Read More »

Qatar exploration investments shrink 20%

DOHA: The fall in global energy prices are threatening the economic feasibility of new projects in the oil and gas sector. The exploration investments in the sector were down 20 percent, or by $130bn, year-on-year in 2015, H E Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry, said yesterday. Speaking at the Asian Ministerial Energy Roundtable here ... Read More »

Qinvest revenue surges 37% to $78.7m in Q3

DOHA: QInvest, Qatar’s leading investment group and one of the most prominent Islamic financial institutions globally, yesterday announced that its net profit for the third quarter grew 69 percent to $33.8m while revenues jumped 37 percent to $78.7m. “We are very encouraged by our performance during the third quarter of 2015. With our commitment to drive growth and innovation across ... Read More »

Qatar court sentences 5 year jail to Bangladeshi expat for smuggling drugs

DOHA: A Doha Criminal Court has sentenced a Bangladeshi expatriate to five years in jail after he was convicted of smuggling illicit drugs worth QR835,000, local Arabic daily Arrayah has reported. The court has also imposed a fine of QR300,000 on him and ordered his deportation upon serving the sentence. The man was travelling from his home country when Customs ... Read More »

Mena healthcare spending to reach $144bn by 2020

DOHA: Healthcare spending in the Middle East and North Africa (Mena) region is on its growth track to reach an estimated $144bn by 2020, following enormous development witnessed over the last 10 years, according to estimates by Al Masah Capital. Exceeding $95.8bn in 2013, government spending in healthcare across the region tripled from just $30.4bn in 2003. The Dubai-based alternative ... Read More »

India customs seizes 1.17 kg of gold smuggled from Doha

NEW DELHI: Indian customs officials arrested an airline crew member at Sardar Vallabhbhai Patel international airport for smuggling 1.17 kg of gold from Doha. The Times of India reported that the Indian national, and crew member of Qatar Airways, was found with $47,521 (Rs 31.24 lakh) worth of gold bars when stopped by customs officials this week. The airline attendant ... Read More »

Qatar banks’ credit to real estate surges 29.5% in Q3

DOHA: Qatar banks’ credit to real estate sector jumped 29.5 percent in the third quarter of 2015 (Q3, 2015) year-on-year. Qatar Central Bank’s (QCB) latest data showed the credit distribution to the sector hit at QR114bn in September 2015, compared to QR88bn a year ago. Commercial banks’ total domestic credit rose to QR633bn in Q3, from QR617bn in the previous ... Read More »

QatarGas recovers 535,000 metric tonnes of LNG

DOHA: Qatargas announced that its Boil-Off Gas (JBOG) recovery facility has safely recovered approximately 535,000 metric tonnes of Liquefied Natural Gas (LNG), which is enough to power as many as 300,000 homes. JBOG recovery facility has recently achieved a major milestone marking its 1000th loading with the LNG Ship, Rasheeda, since operations started in October 2014, the company said in ... Read More »

Beema’s profit surges by 23% in 3Q

DOHA: Damaan Islamic Insurance Company (Beema) announced its results for the third quarter of 2015 after their Board of Directors meeting on the September 25, chaired by Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, Chairman of the company. The Chairman said in his address that Beema achieved a total profit for both shareholder and policy holders an ... Read More »

Aamal’s net profit rises 23.7% to QR366.7m

DOHA: Driven by strong revenue growth and margin expansion, Aamal, one of the GCC’s fastest growing diversified companies, delivered an impressive QR366.7m total net profit for the first nine months of 2015 (9M, 15). The 9-month net profit is up 23.7 percent compared to the corresponding period in the previous year. Aamal’s revenue for grew by 29.6 percent to QR2.07bn ... Read More »

Qatar’s UDC net profit jumps 6% to QR595m

DOHA: United Development Company (UDC), one of the leading Qatari public shareholding companies and master developer of The Pearl-Qatar, delivered an impressive QR595m net profit attributable to equity holders of the parent for the third quarter of 2015, up 6 percent compared to the same period in the previous year. UDC’s total net profit stood at approximately QR620m compared to ... Read More »

Qatar Fuel’s net profit surges 3.36% to QR884.8m

DOHA: Qatar Fuel’s (Woqod) net profit, after excluding minority interest, reached QR884.8m for the third quarter of 2015 (Q3, 15). The Q3, 15 profit reflects an increase of QR28.7m or 3.36 percent as compared to the same period of 2014. Woqod’s Board of Directors, chaired by Sheikh Saoud bin Abdulrahaman Al Thani (pictured), the Chairman of the Board, reviewed and ... Read More »