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Marc Bogaerts says Qatar, Belgium to sign 10-15 contracts

BRUSELS: Around 10 to 15 contracts and Memoranda of Understanding (MoUs) are expected to be signed between Qatar and Belgium during a two-day high-level economic mission to be held here, Belgian Foreign Trade Agency director general Marc Bogaerts said. The delegation would be led by Belgium’s Princess Astrid, who is scheduled to meet with high-level government officials, during the Qatari-Belgium ... Read More »

Oman officials review import capacity of Qatari ports ahead of 2022 FIFA World Cup

QATARI PORTS: A business delegation from Oman, led by the Oman Chamber of Commerce & Industry  Mining and Quarries Committee, has visited Qatar’s ports to assess the country’s ability to expand imports of gabbro for construction ahead of the 2022 FIFA World Cup. A spokesperson for Hamed Nasser, a senior member of the chamber of commerce, said Oman was able ... Read More »

Qatar GIS’s GDI client to ‘release’ jack-up rigs due to oil price fall

DOHA: The Gulf International Services (GIS), the largest service group in Qatar with interests in a broad cross-section of industries, announced one of the clients of its subsidiary Gulf Drilling International (GDI) will “release” one of its jack-up rigs currently working under contract, in early next month. The decision is due to the sharp decline of oil prices, GIS said ... Read More »

Qatar’s QNB earns record QR2.7bn net profit in Q1

DOHA: QNB Group, the region’s largest lender and one of the world’s strongest banks, recorded a net profit of QR2.7bn ($735m) for three months ended March 2015, up by 10.1 percent compared with the corresponding period of last year. On  the back of a strong  8.9 percent growth rate in loans and advances, the bank’s total assets increased by 9.4 ... Read More »

Qatar’s economy swells more than 6% in 2014

DOHA: Qatar’s economy grew by more than six percent in 2014, official figures showed, driven by spending on huge construction projects ahead of the 2022 World Cup. Shrugging off any fears regarding the oil price slump, the energy-rich Gulf economy expanded by 6.2 percent last year, according to the ministry of development planning and statistics. The strong performance is evidence ... Read More »

$200b world cup infrastructure: Qatar economy increases over 6% in 2014

DOHA: The huge construction projects regarding World Cup 2022 has propped up Qatar’s economy, which surged by over 6% in 2014. According to the ministry of development planning and statistics, the energy-rich Gulf economy expanded by 6.2 percent last year shrugging off any fears regarding the oil price slump. The strong performance is evidence of “the resilience of the Qatari ... Read More »

Qatar gas revenue hits due to fall in exports

DOHA: Qatar may see a 30% drop in revenue from gas exports in the next decade as global LNG supply becomes more competitive, according to a report by Columbia University’s Centre on Global Energy Policy, The US Shale Gas Revolution and its Impact on Qatar’s Position in Gas Markets. The report said LNG contracts linked to spot or hub-indexed benchmarks ... Read More »

Qatar’s new rail network to boost trade in GCC

DOHA: The upcoming high-tech rail network being developed in the Gulf Cooperation Council (GCC) region will not only bring the member states more closer but will also facilitate cross-border, regional and international business and trade in a big way, said a statement issued by Qatar Rail here the other day. Qatar Rail, the host of the 1st International Conference on ... Read More »

Exports fall, Imports rise: Qatar trade surplus reaches to QAR73.5bn in Q4, 2014

DOHA: Qatar continues to generate trade surplus, which totalled QR73.5bn in Q4, 2014, although imports have risen and exports fallen, the quarterly bulletin issued by the Ministry of Development Planning & Statistics shows (MDPS). The foreign merchandise trade figures released by MDPS showed that Qatar’s trade surplus dropped last year from QR94.7bn in Q4, 2013. The value of Qatar’s total ... Read More »

Qatari firms ink $5bn deal with Shandong

DOHA: In a major private sector deal, Qatar’s Suhaim Bin Hamad Enterprises Group and Qatra Investment and Development Group (QID) announced a $5bn worth agreement to acquire 49 percent of China’s petrochemical giant Shandong Dongming Petrochemical Group. With an estimated total asset of QR15bn (RMB26bn), Dongming Petrochemical is China’s largest independent refiner. Announcing the plans, QID Chief Executive Ibrahim El ... Read More »

Qatar’s Milaha celebrates arrival of first container vessel

DOHA: Milaha  celebrated the  arrival  of MS Convent, the first direct container vessel that completed its maiden voyage from Nhava Sheva port in Mumbai in India to Doha Port in Qatar (NDX service), on March 26, 2015. The arriving vessel was received by high-level official dignitaries, including Captain Abdulla Al Khanji, CEO of Qatar Ports Management Company (Mwani); Captain Ahmed ... Read More »

Qatar’s Ooredoo forecasts revenue to dip 3% this year

DOHA: Qatar’s Ooredoo forecasts its revenue will fall by as much as 3 percent in 2015 and core earnings will drop by a similar margin, a presentation by the telecommunications operator on its website shows. Ooredoo, which has expanded its operations into about 15 territories in the Middle East, Asia and Africa, is considered among the best-run of the Gulf ... Read More »

Qatar’s Ezdan approves 4% dividend recommendation

DOHA: Ezdan Holding Group held its Annual General Meeting (AGM) here the other day which approved all agenda of the meeting, including the Board’s recommendation to distribute cash dividend of 4 percent of the nominal value of shares, equivalent to 40 dirhams for the year ended December 31, 2014. The shareholders also approved the recommendation of adjusting the Group’s strategy ... Read More »

Qatar’s Qafco inks MoUs with Belgian delegation

DOHA: The visiting high-level Belgian delegation signed various MoUs with Qafco. Jean-Claude Marcourt, Deputy Prime Minister and Minister for Economy, SME’s, Foreign Trade and New Technologies of the Walloon Government and Deputy Prime Minister and Minister for Higher Education of the French Community Government, lead a 15-member high level business delegation comprising of officials from the Belgian Government, media and ... Read More »

Qatar Sheikh Faisal bin Qassim, Belgium Minister sign pacts to bolster trade ties

BRUSSELS: Fresh efforts at bolstering economic and trade relations between Belgium and Qatar kicked-off on a high note as Belgium’s Princess Astrid, representative of the King of Belgium, met Emir H H Sheikh Tamim bin Hamad Al Thani, Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani and other ministers. Princess Astrid also held talks with ... Read More »

Qatar’s QNB Group closes syndication of $3bn loan facility

DOHA: QNB Group has successfully closed syndication of its $3bn three-year senior unsecured term loan facility. The syndication was well supported by 20 International lenders and was over-subscribed, the Bank announced here yesterday. The new loan facility will be used for general corporate purposes. The interest rate is Libor plus 60bps per annum. Barclays Bank PLC and HSBC (the “Coordinators”), ... Read More »

Defence services firm Thales wins deal to secure new $7bn Qatar port

PARIS: Defence services firm Thales has announced that it has been awarded a contract by Qatar to secure its new commercial $7 billion port, which is currently under construction. Thales said in a statement that it will deliver and install an integrated solution for the protection of the infrastructure and its environment, in addition to ensuring the operations of the ... Read More »

Qatar’s Milaha unit launches direct container service to India

DOHA:  Milaha Maritime & Logistics, a subsidiary of the Qatar-based Milaha Group which delivers integrated transport and supply chain solutions in the GCC, has announced the launch of the first direct container service between Qatar and India. The non-Stop service will connect Doha port with India’s largest port Nhava Sheva, also known as Jawaharlal Nehru Port, located in Mumbai, Maharashtra. ... Read More »

Qatar inks slew of pacts with Belgium

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Qatar-based banks post 11.2% growth in total assets in Q4, 2014

DOHA: Qatar-based banks witnessed the strongest growth in terms of total assets in the region during the fourth quarter of 2014. The collective assets of Qatar’s major banks grew by 11.2 percent during the quarter from a year ago. Expansion in asset base was supported by growth in loan book. Qatar Central Bank (QCB) Governor H E Sheikh Abdullah bin ... Read More »