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QIB profit rises by 24.8% to QR1.4bn

DOHA: Qatar Islamic Bank’s (QIB) net profit attributable to the shareholders amounted to QR1.4bn for the nine-month period ending September 30, 2015, reflecting a growth of 24.8 percent over the same period of 2014. Total assets of the bank have also increased by 28 percent compared to December 2014 and now stands at QR123bn, driven by a continued growth in ... Read More »

Qatari SMEs combined export value to hit QR2.4bn in 2014

DOHA: After initial hitches, Qatar’s ambitious start-ups and small and medium enterprises (SMEs) sector is gathering momentum. The Qatar Development Bank (QDB) yesterday said the combined export value of Qatari SMEs stood at QR2.4bn last year. This figure is all likely to exceed this year, given the available numbers for the current year. “We don’t have an updated numbers for ... Read More »

Qatar’s Ooredoo inks deal with Nokia for advanced broadband network

DOHA: Ooredoo Group and Nokia have signed a major framework agreement in Doha to support Ooredoo’s long-term development strategy across its footprint in the Middle East, North Africa and Southeast Asia. Under the five-year contract, Nokia will provide advanced mobile broadband technologies and professional services to help Ooredoo Group supports superior 2G, 3G, 4G and LTE-A networks to offer advanced ... Read More »

Japan wants to enhance trade, economic relations with Iran, Qatar

TEHRAN: Japanese Foreign Minister Fumio Kishida said Friday he will make a five-day trip to Iran and Qatar from Sunday to hold talks with his Iranian and Qatari counterparts. “I will urge Iran to sincerely implement a final agreement on the nuclear issue and discuss greater economic cooperation between our countries,” Kishida told a news conference on his meeting with ... Read More »

Oil price to increase in 2016: Qatar

DOHA: Rising demand at world level will increase the oil prices next year, said the Qatar’s oil minister. In a statement, Energy Minister Mohammed bin Saleh al-Sada – who is also acting president of OPEC, the Organization of the Petroleum Exporting Countries – said the oil price has “bottomed out” and he sees signs of recovery next year. He said ... Read More »

Qatar expects oil price recovery in 2016

DOHA: Qatar’s oil minister said on Sunday he saw signs of an oil price rise in 2016 because of a recovery in the global economy and growth in demand. In a statement, theMinister of Energy and Industry H E Dr Mohammed bin Saleh Al Sada — who is also acting president of OPEC, the Organization of the Petroleum Exporting Countries ... Read More »

Qatar largest investor from Mideast in global real estate in 2014

DOHA: Qatar was the largest source of Middle East’s capital outflow into the global real estate sector last year. Driven by its Sovereign Wealth Fund (SWF), Qatar invested $4.9bn in international commercial real estate sector. Saudi Arabia has emerged as a significant new source of capital. From almost nothing reported in 2013, Saudi Arabian investors spent $2.3bn on international commercial ... Read More »

Qatar Customs, Supreme Council of Health ink deal for sharing online link

DOHA: Customs clearance at the ports of entry in Qatar would become faster with plans to establish an online link between the General Customs Authority and the Supreme Council of Health (SCH). Both sides yesterday signed a Memorandum of Understanding (MoU) with this objective. The online link has been established as part of the single-window system for customs clearance in ... Read More »

QNB Group profit surges 9% to QR8.7bn in 9 months

DOHA: Qatar National Bank (QNB) Group, the region’s largest lender, recorded an impressive net profit of QR8.7bn ($2.4bn) for the nine months ended September 2015, up 9 percent compared to the same period last year. The net profit was driven by operating income, which increased to QR12.4bn, up by 5.9 percent compared to September 2014. The Group’s prudent cost control ... Read More »

Qatar’s QPMC inks CoA with Hyundai Glovis 

DOHA: Qatar Primary Materials Company (QPMC) has signed a Contract of Affreightment (CoA) with Hyundai Glovis  aimed at shipping a bulk amount of 50 million tonnes of aggregates to Qatar; over the coming five years. During a ceremony took place in Hyundai Glovis’ headquarters in South Korea, Seoul, the agreement was signed by QPMC CEO,  Eisa Al Hammadi, and Hyundai ... Read More »

Qatar Customs ready to unifies declaration meeting

CAIRO: Director of Customs Procedures Unit at General Authority of Customs, Issa Rashid Al Suwaidi, said a unified customs declaration form is ready and will be submit to the next meeting of the committee. Al Suwaidi chaired the fifth meeting of the technical team tasked with preparing a draft of the form at Arab League General Secretariat and stressed the ... Read More »

Qatar trade falls 53% to QR43.3b in H2 of 2015

DOHA: Qatar’s trade surplus fell by 53 percent to QR43.3bn in second quarter of 2015 (Q2, 2015) from a year ago driven by lower energy exports. The country’s trade balance surplus was QR93.1bn in the same quarter previous year. The value of Qatar’s total exports, in second quarter this year, amounted to QR72.6bn, decreased by QR47.1bn, or 39.3 percent, compared ... Read More »

Qatar Customs inks deal with SCH for online link

DOHA: Customs clearance at the ports of entry in Qatar would become faster with plans to establish an online link between the General Customs Authority and the Supreme Council of Health (SCH). Both sides yesterday signed a Memorandum of Understanding (MoU) with this objective. The online link has been established as part of the single-window system for customs clearance in ... Read More »

Qatar chairs Arab unified customs declaration meet

DOHA: Director of Customs Procedures Unit at General Authority of Customs, Issa Rashid Al Suwaidi, said a unified customs declaration form is ready and will be submit to the next meeting of the committee. Al Suwaidi chaired the fifth meeting of the technical team tasked with preparing a draft of the form at Arab League General Secretariat and stressed the ... Read More »

Qatar pension fund focuses heavily on local equities

DOHA: The size of GCC’s public pension funds stands at $397bn, representing nearly a quarter of the GDP and $15,000 per national. Kuwait has the best capitalized fund, EY’s GCC Wealth and Asset Management 2015 report noted. Qatar’s pension assets are also sizeable relative to the population, following a capital injection from the Ministry of Finance in 2012. Since then, ... Read More »

Qatar to move higher in Competitiveness Index: QBA

DOHA: Sheikh Faisal bin Qassim Al Thani, the Chairman of the Qatari Businessmen Association (QBA) in press conference said that Qatar’s economy is moving in the right direction and will move higher in the Global Competitiveness Index in coming years. He said that the association wishes to see Qatar in the top ten in near future. Qatar has moved up ... Read More »

Qatar’s trade surplus falls by 53% to QR43.3bn in Q2

DOHA: Qatar’s trade surplus fell by 53 percent to QR43.3bn in second quarter of 2015 (Q2, 2015) from a year ago driven by lower energy exports. The country’s trade balance surplus was QR93.1bn in the same quarter previous year. The value of Qatar’s total exports, in second quarter this year, amounted to QR72.6bn, decreased by QR47.1bn, or 39.3 percent, compared ... Read More »

NY office of QIA to boost Qatari investments in USA market

DOHA: Qatar Investment Authority’s (QIA) decision to open an office in New York City and its commitment to invest $35bn in the US over the next few years demonstrate Qatar’s confidence in the US market, said Steve Lutes, director of Turkey and Middle East Affairs at the U.S. Chamber of Commerce. In January at the U.S. Chamber, Qatar’s Minister of ... Read More »

Mall of Qatar inks mega deal with Alshaya to open 30 stores

DOHA: Qatar’s largest leisure, entertainment and shopping complex, Mall of Qatar has signed a leasing agreement with M.H. Alshaya Co., one of the world’s leading retail franchise operators to open more than 30 stores and restaurant outlets in the Mall of Qatar. The agreement with Alshaya was confirmed at a signing ceremony between Shem Krey, Managing Director and Rony Mourani, ... Read More »

Qatar’s car market grows 8% in 2014

DOHA: Qatar’s passenger car market has clocked 8 percent growth last year. According to industry sources, the passenger car market saw about 86,000 registrations in 2014 and sport utility vehicles (SUVs) dominated the sales. “SUVs segment dominates the sales in Qatari market. Qatari and expatriates both love to drive SUVs because of many factors,” said branch head of car dealer. ... Read More »