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Qatar Executive to purchase up to 30 aircraft from Gulfstream

DOHA: Qatar Executive —Qatar Airways’ business jet division —announced that it has agreed to purchase up to 30 aircraft from Gulfstream Aerospace Corp as part of a Memorandum of Understanding originally announced in October of last year. The original sale called for Qatar Executive to purchase up to 20 Gulfstream aircraft, including the all-new Gulfstream G500. The recently signed final ... Read More »

OPEC countries need oil prices above $100/barrel to break in budgets: Experts

DOHA: Energy expert Dr Mamdouh G Salameh says that, with the exception of Qatar and possibly Kuwait, most OPEC countries need oil prices above $100 a barrel to break even in their budgets. Here he puts the focus on Iran’s inflated oil reserves, saying that Iran may actually need nuclear power to fuel its economy and also to remain an ... Read More »

Qatar plans signing of €6.3b of contracts for Rafale fighter jet

DOHA: Qatar’s planned signing of €6.3 billion (US $7.1 billion) of contracts for the Rafale fighter jet and missiles boosts French arms exports to more than €15 billion, the highest value France has ever reached in a single year, defense officials said. President François Hollande is due to attend the May 4 signing for 24 fighters by Dassault Aviation and ... Read More »

Qatar, Lebanon ready to enhance trade

DOHA: Minister of Economy and Commerce H E Sheikh Ahmed bin Jassim bin Mohammed Al Thani met Mohamed Choucair, Chairman of the Federation of Chambers of Commerce, Industry and Agriculture in Lebanon and head of the Beirut Chamber and Mount Lebanon, along with a number of key Lebanese businessmen in the field of services, tourism and telecommunications. During the meeting, ... Read More »

Qatar’s Ooredoo inks $500m revolving credit facility

DOHA: Ooredoo announced the signing of a $500m revolving credit facility agreement. In a regulatory filing to Qatar Exchange (QE) here the other day, Ooredoo noted the agreement was executed between Ooredoo and a consortium of banks including Qatar National Bank, Barclays Bank, BNP Paribas Fortis SA/NV, Citibank, HSBC Bank Middle East Limited, and Societe Generale. Qatar National Bank will ... Read More »

Qatar inflation falls 0.9%

DOHA: Inflation in Qatar continued to slow in the first four months of 2015 with Ministry of Development Planning and Statistics figures showing consumer price index (CPI) inflation falling to 0.9 percent (year-on-year) in April 2015, QNB said in its weekly economic analysis. The slowdown in inflation is attributed to lower foreign inflation, particularly food prices. Going forward, the report ... Read More »

Qatar executives become second highest paid in GCC

DOHA: With the GCC’s economic growth once again on an upswing, pay packages are now seeing a return to form following the dip in 2014. As per market research, average income across the region and across different sectors has registered a 7 percent surge with the turn of the year. Meanwhile, top-tier executive salaries have seen a whopping 39 percent ... Read More »

Qatar Customs seizes 660g marijuana

DOHA: The Customs Authority says drug traffickers have started taking transit flights to smuggle narcotics into the country. Customs officials recently seized 660 grams of marijuana from an Asian transit passenger who was coming from a GCC country. A customs official stationed at Hamad International Airport (HIA) found a suspected packet placed in the bag of the passenger during screening ... Read More »

Remittances from Qatar reach to $10bn in 2014

DOHA: Workers’ remittances have almost doubled in the last five years helped by rising population. Total remittances from Qatar were $5.6bn in 2010 which nearly doubled to $10bn in 2014, according to the World Bank data. “Qatar has been a very lucrative country for migration owing to the myriad infrastructure projects that are currently underway which have led to a ... Read More »

Qatar foreign trade surplus drops 53.7%

DOHA: Qatar’s foreign merchandise trade surplus (the difference between total exports and imports) has declined 53.7 percent in March 2015 compared to same period last year. According to preliminary figures released by the Ministry of Development Planning and Statistics, the trade balance of goods showed a surplus of QR19.1bn, a fall of QR16.5bn compared to March 2014. The fall was ... Read More »

Qatar starts $1bn environmental gas project

DOHA: Qatar officially unveiled what it said is the world’s biggest environmental project, a $1 billion plant to capture wasted gas. The Jetty Boil-Off Gas Recovery Project (JBOG) would capture enough gas to power 175,000 cars per year or 300,000 homes, Qatari officials said. It also allows Qatar, the largest producer of liquefied natural gas (LNG) in the world, to ... Read More »

Qatar court fines QR1,000 to expat for smuggling empty hand grenade

DOHA: A Qatar court has reportedly sentenced a resident to a suspended one-month jail term and a fine of QR1000 ($275) for attempting to “smuggle” a dummy hand grenade into the country. The grenade was found by customs officials at Hamad International Airport in the middle of the defendant’s son’s clothes and toys. It was deemed “safe” because it did ... Read More »

Qatar court sentences 7 month jail to GCC man for smuggling liquor

DOHA: A criminal court has sentenced a GCC national to seven months in jail and fined him QR768,000 for trying to smuggle large quantities of liquor into the country. The man was drunk when he was caught carrying liquor. He was sentenced to a month in jail for consuming alcohol and six months in jail and fined QR768,000 for trying ... Read More »

Al Rayan Bank operating income up 168% to £11.8m in 2014

DOHA: Al Rayan Bank, formerly known as Islamic Bank of Britain (IBB), announced its strongest financial performance to date, resulting in the Bank more than doubling its operating income and posting its first profit since its inception in 2004. The bank’s operating income increased 168 percent to £11.8m in 2014 from£4.4m in 2013. The bank saw 86 percent increase in ... Read More »

Qatar imports from UK up 78% in 2014

DOHA: The UK-Qatar economic partnership is currently very strong in both directions with the two countries having seen a jump in bilateral trade figures last year, British ambassador Nicholas Hopton told Gulf Times. UK exports to Qatar posted a 74% surge compared to the 2013 figures, Hopton said. On the other hand, Qatar’s trade with and investment in the UK ... Read More »

‘Project Qatar’ to boost trade and commerce: Minister

DOHA: H E Sheikh Ahmed bin Jassim Al Thani, the Minister of Economy and Commerce, yesterday inaugurated ‘Project Qatar 2015’ — the 12th International Construction Technology and Building Materials Exhibition — at the Qatar National Convention Centre (QNCC). This year’s four-day exhibition will see participation of 1,130 exhibitors, representing over 2,000 companies and brands and 21 pavilions from 40 countries. ... Read More »

Qatar inks $7.02bn Rafale jet deal with France

DOHA: France and Qatar signed a $7.02bn deal for the sale of 24 Rafale fighter jets, an accord President Francois Hollande hailed as a mark of Gulf Arab regard for French regional strategy including its firm line on Iran. The contract — the third this year for Dassault AVMD.PA after deals to sell Rafale jets to Egypt and India — ... Read More »

Qatar’s GWC becomes service contractor for UPS

DOHA: Gulf Warehousing Company (GWC), Qatar’s leading logistics provider, has signed an agreement to become the ‘Authorized Service Contractor for UPS (ASC)’ for express parcel service in the State of Qatar as of June 2015. The agreement allows GWC to provide UPS products and services, including express parcel delivery, as well as access to the UPS global network serving over ... Read More »

Qatar to confer judicial powers on Customs officials

DOHA: Qatar is preparing to pass a new law that would confer judicial powers on customs officials. The legislation would automatically give all customs officials on duty the power to act immediately against violations. Under current rules, customs officials must be singled out and armed with judicial powers with special permission from the higher-ups on a case-by-case basis. The draft ... Read More »

Qatar Customs ‘single window system’ helps to eradicate clearance issues

DOHA: The Single Window system launched by Qatar’s General Authority of Customs has helped reduce Qatar’s customs clearance time in a considerable way. According to data, if 11 days and five hours was the average clearing time for 15,201 ‘finalised declarations’ during 2011, it took just one day and ten hours for the clearance of 1.02 million ‘finalised declarations’ in ... Read More »