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Qatar Fuel Additives Co to launch Carbon Dioxide Recovery Plant

DOHA: Qatar Fuel Additives Company Ltd (QAFAC) will officially announce the launch of one of their greatest innovations to date, the state-of-the-art Carbon Dioxide Recovery Plant, the company said in a statement here the other day. Built to improve the environmental footprint of the plant, the facility will also help increase methanol production, it said. “By 2050, the global population ... Read More »

Middle East airlines traffic grows by 13% in 2014

DOHA: Middle East carriers had the strongest annual traffic growth at 13% during 2014, more than double the global average, according to International Air Transport Association (IATA) here the other day. “The region’s economies continue to show robust growth in non-oil sectors, and are therefore well-placed to withstand the plunge in oil revenues. Capacity rose 11.9% and load factor climbed ... Read More »

Qatar’s Doha Bank wins ‘Quality Recognition Award 2014 from JPMorgan

DOHA: JPMorgan has awarded Doha Bank with its ‘JPMorgan Quality Recognition Award’ for 2014. Since 1997, the awards have been acknowledging the consistent, high-quality performance of JPMorgan’s clients’ funds transfer operations management and staff in addition to recognising their efforts in achieving best-in-class ‘Straight Through Processing’ (STP) rates. According to JPMorgan, less than 1 percent of its total ‘funds transfer’ ... Read More »

Qatar’s QFC sets precedent to allow reimbursement for tax losses

DOHA: The Qatar Financial Centre (QFC) has set a global precedent by amending its tax law in 2014 to allow cash reimbursement for tax losses, said a statement here the other day. The decision entitles QFC-licensed firms that launched operations after January 1, 2015 to receive cash payments for tax losses incurred in the first two accounting periods of operation. ... Read More »

Qatar expects 7% GDP growth in 2015: Finance Minister

DOHA: Qatar’s GDP growth in 2015 is expected to reach seven percent, with a stable annual inflation rate of three percent, H E Ali Sherif Al Emadi, Minister of Finance, said here the other day. He noted that in past years, Qatar has often made very conservative financial policy, saying the oil price in the current budget is $65 per ... Read More »

Qatar expects 7% GDP growth in 2015: Finance Minister

DOHA: Qatar’s GDP growth in 2015 is expected to reach seven percent, with a stable annual inflation rate of three percent, H E Ali Sherif Al Emadi, Minister of Finance, said here the other day. He noted that in past years, Qatar has often made very conservative financial policy, saying the oil price in the current budget is $65 per ... Read More »

20.8% decrease: Qatar’s IQ earns QR6.3bn in 2014

DOHA: Industries Qatar (IQ), the region’s industrial giant with interests in the production of a wide range of petrochemical, fertiliser and steel products, recorded QR6.3bn net profit for the year ended December 2014, showing a decrease of QR 1.7bn, or 20.8 percent, against 2013. Results in the second half of the year showed a significant improvement over the first half ... Read More »

108.3% increase: Qatar’s GIS earns record profit of QR1.4b in 2014

DOHA: Gulf International Services (GIS), the largest services group in Qatar, recorded a net profit of QR1.4bn for the full-year 2014, an increase of QR0.7bn, or 108.3 percent, on a year-on-year basis. The improvement in net profit was driven by the ambitious growth plans across all segments, especially in the drilling segment. The group’s revenue for the 12 months ended ... Read More »

Qatar’s five-year foreign investments reach QR500bn

DOHA: Qatar has invested an estimated QR477bn abroad over the past five years. The size of Qatar’s foreign investments amounted to about $36.5bn last year, up from $21.5bn in 2013. Qatar’s foreign investments touched nearly $45bn in 2012, compared with $13bn in 2011 and $15bn in 2010. A country-wise breakdown of Qatar’s foreign investment destination shows the UK and Paris ... Read More »

Qatar trade surplus shrinks as exports plunge 21.7% to QR33.84bn in 2014

DOHA: Weak oil prices appears to have had its debilitating effect on Qatar with its trade surplus shrinking considerably in December in view of the sharp decline in exports coupled with robust import growth, according to official figures here the other day. The trade surplus of Qatar, which is fast powering its non-hydrocarbon segments as part of diversification, plummeted 32.8% ... Read More »

GCC customs authorities given training on chemical weapons

DOHA: GCC customs departments are introduced to the technical aspects of transporting chemical materials, especially those for dual use. For this purpose, a training was inaugurated by Staff Major General (Air) Nasser bin Mohamed al-Ali, chairman of Qatar National Committee for the Prohibition of Weapons (NCPW). The two-day training was organised by Doha Regional Centre for Training on Conventions on Weapons ... Read More »

Qatar’s MPHC records QR1.8bn net profit for 2014

DOHA: Mesaieed Petro-chemical Holding Company (MPHC), a subsidiary of Qatar Petroleum, has recorded a consolidated net profit of QR1.8bn for the full-year 2014. MPHC, one of the region’s premier diversified petrochemical conglomerates with interests in the production, distribution and sale of olefins, polyolefins, alpha olefins and chlor-alkali products, reported revenue of QR4.3bn during the period. Revenue for the fourth quarter ... Read More »

Qatar Airport Customs makes one drug seizure a day in 2014

DOHA: Qatar Airport customs inspectors have reportedly been making nearly one drug seizure a day as Qatar continues to grow in popularity as a destination and transit point for narcotics smugglers. According to the Peninsula, authorities recorded 340 seizures at Doha International Airport and Hamad International Airport (HIA) in 2014. While the numbers reflect an increase on previous reports of ... Read More »

Qatar to open QR200m meat processing plant next month

DOHA: A huge and ultra-modern meat processing plant being built at a cost of QR200m ($55m) is all set to open here next month, providing the needed fillip to Qatar’s efforts to achieve self-sufficiency in food production. Production capacity of the upcoming plant that will manufacture all kinds of meat products will be 10 tonnes a day. The plant, owned ... Read More »

Vodafone Qatar’s revenue jumps 21% to QR1.73bn in 2014

DOHA: Vodafone Qatar’s total revenue grew by 21 percent to QR1.73bn for the nine months ended December 31, 2014. The company’s mobile customer base expanded to 1.414 million, up 11 percent, compared to December 2013. Vodafone’s mobile average per user (ARPU) remained at QR125 for the nine-month period. EBITDA achieved QR421m for the period, recording 22 percent year-on-year growth. Distributable ... Read More »

Qatar Airways buys 10% stake in UK’s International Airways Group

DOHA: Qatar Airways has acquired a 10% stake in International Airways Group, the parent company of British Airways, in the latest UK investment by the Gulf state. The move will cement what is already a close commercial relationship between British Airways and the airline, whose owner, the Qatari government, is already a significant investor in the UK. The state’s investment ... Read More »

Qatar exports fall by 21.7%, imports decline by 18.3%

DOHA: Qatar’s trade balance of goods, which represents the difference between total exports and imports, showed a surplus of QR22.7bn in December 2014, a decrease of QR11.1bn, or 32.8 percent, from a year ago. The Ministry of Development Planning and Statistics (MDPS) noted the total exports of goods decreased 21.7 percent in December 2014, compared to the same month in ... Read More »

Enhancing cooperation: Qatar, Italy discuss trade ties

DOHA: The Minister of Economy and Commerce Sheikh Ahmed bin Jassim bin Mohamed al-Thani met Italy’s Minister of Economic Development Frederica Guidi and her accompanying delegation here the other day. During the meeting, the two sides reviewed bilateral ties and discussed means to develop co-operation in the economic and investment affairs. They also discussed enhancing commercial ties by stimulating chambers ... Read More »

Qatar’s QIC profits rise to over QR1bn in 2014

DOHA: Qatar Insurance Company (QIC) has reported a significant growth in its annual profit to over QR1bn for the year ended December 31, 2014 which is up 33 percent compared to 2013, according to a statement here the other day. With the strong performance, the company’s board has recommended distribution of cash dividend of 25 percent from the share par ... Read More »

Qatar invests £30b in UK, Lord Mayor of London opens new British Chamber

DOHA: With investment worth an estimated £30bn in the UK, Qatar is looking to further expand its stakes in Britain. To boost the bilateral trade and to help the Qatari and British companies strengthen their investments in both countries, Lord Mayor of the City of London Alderman Alan Yarrow opened the premises of the new British Chamber of Commerce in ... Read More »