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Crude oil prices drop to 60% in last 6 months, affects five major oil producers harshly  

DOHA: Qatar’s former oil minister says crude prices in the global markets may oscillate between $60 and $70 a barrel this year and the next. H E Abdullah bin Hamad Al Attiyah , ex-energy and industry minister and the present chairman of Administrative Control and Transparency Authority, said the prices of oil, like any other commodity, depend on demand and ... Read More »

Qatar, Luxembourg ready to enhance strategic cooperation

DOHA: A financial delegation headed by Prince Guillaume, Crown Prince of Luxembourg, accompanied by Crown Princess Stéphanie, and led by Pierre Gramegna, Luxembourg Minister of Finance, is in Qatar to drive greater strategic cooperation between the two countries in the field of international finance. The delegation of senior representatives from the Luxembourg financial services sector takes part in a seminar ... Read More »

Qatar’s Doha bank approves issuance of QR2bn Tier 1 capital instruments

DOHA: The extraordinary general assembly (EGM) of Doha Bank gave approval to the bank to issue Tier 1 capital instruments worth QR2bn here the other day. The issuance of these instruments will enhance bank’s Tier 1 capital base and strengthen its Capital Adequacy Ratio. The shareholders of the bank also gave nod to issue debt bonds using Doha Bank EMTN ... Read More »

Enhance cooperation: Qatari-Russian joint committee holds first meet

DOHA: Qatari -Russian joint committee for trade, economic, scientific and technical cooperation held its first meeting here the other day. Chaired by H E Dr Mohammed bin Saleh Al Sada, Minister of Energy and Industry and Russian Energy Minister Alexander Novak, the meeting discussed bilateral cooperation in the areas of trade, joint investment, energy, industry, science, education, culture and finance. ... Read More »

Qatar’s Ooredoo signs new strategic partnership agreement with Telefَnica

DOHA: Telefَnica and Ooredoo jointly announced the signing of a Strategic Partnership Agreement. The partnership will allow Ooredoo to become part of the Telefَnica’s Partners Program, which enables telecommunications operators to work together and to benefit from Telefَnica’s scale and knowledge. Under the terms of the Agreement, both companies have agreed to work together to capture synergies in Procurement, the ... Read More »

Qatar FDI touches QR111.8bn

DOHA: The size of foreign direct investment (FDI) inflow to Qatar has touched QR111.8bn at the end of 2012, a 1.2 percent increase from a year ago. Though the FDI has targeted various economic activities in Qatar, four major sectors accounted for 90.7 percent of the Qatar’s total inward FDI at the end of December 2012. These sectors include mining ... Read More »

Qatar Shell, QBIC, Social Development Centre, Silatech ink agreement to host the ‘Navigator leadership programme’

DOHA: Qatar Shell, Qatar Business Incubator Centre (QBIC), Social Development Center (SDC), and Silatech have signed an agreement to host the ‘Navigator’, a Common Purpose programme for emerging leaders. The first one will take place between 24th to28th May in Qatar. This announcement came on the first day of the ‘2nd Entrepreneurship in Economic Development Forum’, which aims to foster ... Read More »

Malaysia’s Eversendai gets worth RM269mil construction project in Qatar

KUALA LUMPUR: Malaysia’s Eversendai Corporation Bhd subsidiary in Qatar has clinched a new project worth RM269.2mil for the construction of the Al Wahda Arches and Visitors’ Centre in Doha. The specialist engineering and construction services company said it was the only pre-qualified firm from the Middle East that was involved in the international bidding for the project. The other competitors ... Read More »

Qatar’s imports from Brazil grow by 10.6pc to $369m

DOHA: Exports from Brazil to Arab countries grew significantly in 2014, demonstrating robust bilateral trade relations. According to the most recent figures released by the Arab-Brazilian Chamber of Commerce, the total value of products imported to the Arab World from the South American country touched $13.40bn last year. ‘Aircraft and spacecraft’ emerged as the highlight of the imported products from ... Read More »

Qatar gold market may hit hard due to India new gold scheme

DOHA: India’s new “gold monetisation scheme”, announced by country’s Finance Minister Arun Jaitley in his annual budget speech here the other day, is expected to hit hard Qatar’s gold market, especially the demand for gold bars and coins (bullion, sold in 24 and 22 carats), according to trade sources. “The scheme will definitely have an impact on Qatar’s bullion market. ... Read More »

Wartsila, N-KOM ink MoU to enhance business

DOHA: Wartsila and Nakilat-Keppel Offshore & Marine (N-KOM) have signed a Memorandum of Understanding (MoU) agreeing to work together to improve business opportunities in repair and maintenance services, for marine and offshore vessels as well as onshore structures in Qatar. Wartsila is a major player in complete lifecycle power solutions for the marine and energy markets, while Nakilat-Keppel Offshore & ... Read More »

Qatar’s deputy Emir unveils name of new port ‘Umm Al-Houl’

DOHA: HH the Deputy Emir Sheikh Abdullah bin Hamad al-Thani unveiled the name of the new port at Umm Al-Houl in the Mesaieed area at a ceremony here the other day. Hamad Port will become fully operational in 2016. During the ceremony, the new port’s basin was flooded. HE the Prime Minister and Interior Minister Sheikh Abdullah bin Nasser bin ... Read More »

Qatar Rail inks deal for driverless Doha Metro trains

DOHA: The latest contract awarded by Qatar Rail sheds new light on what passengers will experience while riding the Doha Metro once the system starts operating in 2019. Coinciding with a weekend visit to Japan by Qatar’s Emir, a consortium of five firms led by Mitsubishi Heavy Industries Ltd. Announced that it had signed a letter of conditional acceptance with ... Read More »

Qatar First Bank to sponsor ‘2nd Entrepreneurship in Economic Development Forum’

DOHA: Qatar First Bank (QFB) has announced its sponsorship to the “2nd Entrepreneurship in Economic Development Forum” to be held on March 2 and 3 at the Sheraton Doha Resort and Convention Hotel. QFB acting CEO Ahmad Meshari said, “Our support to this forum falls under the Al Rowad initiative objectives, which aims to reinforce academic outcomes and equipping young ... Read More »

EPS reaches QR0.51: Qatar’s Ezdan net profit jumps 27pc to QR1.36bn

DOHA: Ezdan Holding Group’s full year net profit rose by 27 percent to QR1.36bn in 2014 compared to the previous year. Ezdan Holding share recorded a remarkable jump during the year, where the earnings per share (EPS) reached QR0.51 against QR0.4 in the previous year. The Board of Directors, during its meeting held on Tuesday, recommended distributing cash dividends of ... Read More »

Qatar inflation rate jumps 2.7% in 2014, 3rd highest in GCC

DOHA: inflation rates across the GCC region ranged between 3.1 percent and 0.8 percent over a 12-month period through December 2014, according to the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf (GCC-Stat) here the other day. The highest annual inflation rise was registered in the United Arab Emirates with 3.1 percent, followed by 3.04 ... Read More »

Qatar’s Waqod earns QR1.13bn profit in 2014

DOHA: Woqod (Qatar Fuel) has posted a net profit of QR1.13bn in 2014, up 1% on the previous year. Woqod is exclusively responsible for the distribution of fuel within Qatar. The board of directors of the company, which met in Doha here the other day recommended the distribution of a 90% cash dividend (on the nominal paid up capital), which ... Read More »

Large number of UK-based SMEs to visit Qatar annually: British Minister

DOHA: A large number of UK-based small and medium entrepreneurs (SMEs) are expected to visit Qatar every year with the establishment of the British Chamber of Commerce in Qatar (BCCQ), Francis Maude, British Minister for the Cabinet Office and Paymaster General said here the other day. The City of London’s Lord Mayor Alderman Alan Yarrow, together with British embassy officials, ... Read More »

Qatar’s Widam earns record QR62.2m profit in 2014

DOHA: Qatar Widam Food Company recorded a net profit of QR62.2m for full-year 2014, compared to QR54.9m a year ago. The earnings per share (EPS) amounted to QR3.46 in 2014 compared to QR3.05 in 2013, QNA reported here the other day. The board recommended distribution of cash dividend of 25 percent from the share par value — QR2.5 for each ... Read More »

Qatar Islamic Bank shareholders to raise up to $1.37bn through Sukuk

DOHA: The shareholders of Qatar Islamic Bank (QIB) gave the nod to the bank to raise up to QR5bn ($1.37bn) through a capital boosting Sukuk here the other day. The Bank’s extraordinary general assembly (EGM) gave the approval to the bank for the issuance of unlisted Sukuk that shall be eligible for inclusion as Addition Tier 1 Capital in accordance ... Read More »