Manufacturing Anti-drone radar deal signed by Qatar and Italy’s Fincantieri A company owned by Qatar’s Ministry of Defence has signed an agreement with the Italian shipbuilding company Fincantieri for the joint development of a short-range anti-drone radar programme. The deal between Fincantieri and Barzan Holdings is worth about €100 million ($109 million), excluding the support, training and maintenance services linked to the radars, Reuters reported. The […] October 24, 2024
Analysis Banking & Finance Analysts expect ‘mixed’ picture from Gulf banks’ Q3 results The Gulf’s largest banks are likely to report mixed earnings for the third quarter, analysts say, as pressure on margins lessens the benefit of lending growth. Qatar National Bank and Dubai’s Emirates NBD – the Middle East and Africa’s largest and fifth largest banks by assets – have already published Q3 results. QNB’s profit rose […] October 23, 2024
Aviation Qatar Airways partners with Elon Musk’s Starlink Qatar Airways has operated its first flight with internet provided by Elon Musk’s Starlink satellite internet service. The airline says all of its Boeing 777s will have the service within a year. On-board access to Starlink-enabled internet will be completely free of charge, Qatar Airways said. In a video call with Qatar Airways executives, Elon […] October 23, 2024
Oil & Gas Qatar faces rising competition for LNG exports to Asia Qatar is facing increasing competition for liquefied natural gas exports to Japan and South Korea because of inflexibility on contract terms, reports suggest. The Gulf country is the third-largest exporter of natural gas behind the US and Australia and is traditionally the largest supplier of LNG to Asian nations. However, competition from the US, the […] October 22, 2024
Tourism US and European visitors behind Qatar tourism surge Qatar has reported a 25 percent year-on-year rise in visitors during August, a figure largely attributed to a significant increase in travellers from the US, Europe and Africa. The country welcomed 328,000 visitors, with 41 percent of those coming from GCC countries, an 18 percent increase on 2023, according to data from the National Planning […] October 15, 2024
Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024
Analysis Economy Qatar to write off SME loans in bid to boost non-oil growth Qatar will write off some private sector loans as part of government efforts to boost the subdued non-oil economy. Its government said on Wednesday that the loan write-offs will include those for Qatari companies “benefiting” from the National Response Guarantee Program (NRGP), launched in 2020 to support businesses during the Covid-19 pandemic. State-run Qatar Development […] October 11, 2024
Telecoms Ooredoo’s $500m bond oversubscribed more than 3 times Qatar telecom company Ooredoo has raised $500 million from a bond sale as part of its $5 billion global fund-raising initiative. The 10-year unsecured bonds, issued by Ooredoo International Finance Limited, a wholly owned subsidiary, are listed on the Irish Stock Exchange. Priced with an annual coupon rate of 4.625 percent, the bonds achieved a […] October 10, 2024
Energy QatarEnergy signs 20-year naphtha deal with Shell QatarEnergy has signed the “largest and longest” naphtha supply agreement with Singapore-based oil company Shell. Under the 20-year agreement, QatarEnergy will supply up to 18 million tonnes of naphtha to Shell, starting from April 2025. The state-backed energy company has joint investments with Shell within the country and globally, including its LNG projects and Pearl […] October 9, 2024
Finance Qatar National Bank’s Q3 profit rises on loan growth Qatar National Bank (QNB), the largest lender by assets in the GCC, reported a 5 percent year-on-year growth in its net profit for the third quarter of 2024, on higher levels of loans and advances. The bottom line rose to QR4.5 billion ($1.23 billion) from July to September, as net interest income and net fees […] October 9, 2024
Analysis Oil & Gas North Field expansion to power Qatar’s economy Qatar’s economy is likely to record only modest growth this year, but analysts predict that revenues generated from a North Field gas expansion will make it among the fastest-growing globally in two years’ time. Gross domestic product is forecast to surge to nearly 13 percent in 2026, after sluggish growth of only 1.5 percent this […] October 1, 2024
Aviation Qatar Airways to buy 25% stake in Virgin Australia Qatar Airways is to acquire a minority 25 percent stake in Virgin Australia from US private equity firm Bain Capital to gain access to the wider Australian market. The deal closure is subject to the approval of Australia’s foreign investment review board. No financial details were disclosed. Last year, the airline’s former CEO Akbar Al-Baker […] October 1, 2024
Oil & Gas UAE tops list of tax payments from ExxonMobil US energy giant ExxonMobil paid the UAE $7.4 billion in taxes and royalties last year, more than it paid any other country in the world. From declared annual earnings of almost $41 billion, Exxon paid $49 billion of global tax and duties, including more than $16 billion in income taxes, according to a regulatory filing […] September 26, 2024
Trade Qatar is first Gulf state to join US visa waiver programme Qatar has become the first Gulf state to join the US visa waiver programme, allowing Qatari citizens to visit visa-free for up to 90 days from December 1. The US Department of Homeland Security and the Department of State said in a statement on Tuesday that the move would help to “significantly enhance the security […] September 25, 2024
Tech Ooredoo secures $552m loan for data centre expansion Qatar’s telecom major Ooredoo has secured a QR2 billion ($552 million) financing deal to accelerate the development of its data centres and artificial intelligence (AI) ventures. The 10-year hybrid facility, comprising both commercial and Islamic tranches, was provided by Qatar National Bank, Doha Bank and Masraf Al Rayan. The company claimed this is the “largest […] September 25, 2024
Opinion Business of Sport Qatar scores Champions League deal in battle for Gulf skies Qatar Airways has added a new trophy to its prestigious sponsorship collection September 23, 2024
Finance QIA looks at investments in Australia and Asia Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […] September 20, 2024
Oil & Gas QatarEnergy LNG awards $4bn contract to Saipem QatarEnergy LNG, one of the world’s largest liquefied natural gas (LNG) companies, has awarded a $4 billion contract to Italy’s Saipem to boost its gas production. The engineering, procurement and construction (EPC) contract will aid in sustaining production at the North Field natural gas reservoir off the northeast coast of Qatar. The work scope includes the […] September 16, 2024
Analysis Food & Drink Champagne shipments to the Gulf slow but still flowing The growth in champagne shipments to the Gulf has slowed in recent years but the market is still one of the strongest in the world, bucking a global trend for declining sales. Around 3.5 million bottles of champagne were shipped to the Gulf states in 2023, an increase of about 40 percent, according to data […] September 13, 2024
Banking & Finance Qatar Islamic Bank sukuk three times oversubscribed Qatar Islamic Bank, the Gulf state’s largest Islamic lender, has raised $750 million through a new sukuk (Islamic bond) issue. The five-year unsecured sukuk was priced at 100 basis points over US Treasuries at 4.485 percent, the lowest rate achieved by a lender in the GCC, the lender said in a statement. The sukuk order […] September 11, 2024
Oil & Gas QatarEnergy signs $2bn deal with Chinese shipyard State-run QatarEnergy has ordered six additional large LNG vessels valued at $2 billion from China State Shipbuilding Corporation (CSSC). The new order brings the total number of LNG vessels to 128, including 24 QC-Max mega vessels. The QC-Max vessels will be built at China’s Hudong-Zhonghua Shipyard, a wholly-owned CSSC subsidiary. These vessels will have a […] September 10, 2024
Analysis Aviation Qatar Airways’ expansion ‘on a different path from Etihad’ Qatar Airways is reportedly keen to buy more stakes in legacy airlines – a strategy that sounds familiar to anyone who knows the history of Etihad but is likely to have a different outcome, according to aviation experts. Almost a decade ago Abu Dhabi’s flag carrier was running into serious problems with its aggressive expansion […] September 3, 2024
