Banking & Finance Qatar Financial Centre manages assets worth $28bn Assets managed by the Qatar Financial Centre (QFC) have reached $28.3 billion, with over 1,500 local and global enterprises operating in the financial and non-financial sectors, the centre’s CEO Yousuf Mohamed Al Jaida told Qatar News Agency. In 2018, the centre announced its objectives for growth by 2022, including registering more than 1,000 companies on […] January 2, 2023
Energy Japan’s Cosmo extends oil production deal with Qatar Japan’s Cosmo Energy Holdings Co Ltd said on Friday it has signed a new agreement with state-run QatarEnergy to continue its operation in the Al-Karkara and A-Structures oil fields, which came into effect after the expiry of the current contract this month. Japan’s Qatar Petroleum Development (QPD), 75 percent owned by Cosmo Energy Exploration & […] December 25, 2022
Analysis Business of Sport Brand Qatar’s legacy once the last World Cup fan has gone home Strolling down Lusail Boulevard on a warm December evening, foreign fans who have lingered on after the World Cup to enjoy some winter sun pause to chat with local vloggers about their lasting impressions of Qatar. “Impressed” is a word they use frequently. “Hospitality” and “generosity” are mentioned often. One pedestrian describes with delight how […] December 22, 2022
Economy Qatar expects a 16% revenue increase in 2023 budget Qatar approved its 2023 fiscal year budget on Monday with revenue projected to increase 16.3 percent next year, its finance minister said, thanks to lower oil prices. Total annual income is estimated at QAR 228 billion ($62.64 billion) and spending at QAR 199 billion, with a budget surplus of QAR 29 billion, state news agency […] December 20, 2022
Analysis Business of Sport Qatar 2022: The making of a sports nation From Formula 1 to the 2030 Asian games, Qatar’s hosting of a series of major events before and after the World Cup has reinforced its role in the global sporting diary. Having built eight stadiums for the 2022 tournament, the Gulf state now boasts an infrastructure that will make it a go-to location for many […] December 19, 2022
Tourism Qatar Airways and Airbus trial to be split as A350 jet row drags on A $2 billion legal battle between Airbus and Qatar Airways looks set to drag through most of 2023 after a UK court split the case, amid a glimmer of hope that high-level contacts on the sidelines of the World Cup might yield a breakthrough. The dispute over damage to the surface and lightning protection on […] December 18, 2022
Energy QatarEnergy secures 20% stake in Brazil’s offshore oil block State-owned QatarEnergy has secured a 20 percent stake in the offshore pre-salt Agua Marinha block in the Campos basin through a joint bid with France’s TotalEnergies and Malaysia’s Petronas. Oil companies Petrobras, TotalEnergies, Petronas and QatarEnergy won the rights in an auction on Friday, said Brazilian oil regulator ANP TotalEnergies, Petronas and QatarEnergy made the […] December 18, 2022
Analysis Aviation Private jet demand to Doha soars despite World Cup price hikes Private jet operators have reported a massive surge in demand for flights to Doha during the World Cup, despite the rise in operating costs caused by the high number of aircraft flying in and out of the Qatari capital. “So far, the World Cup has been an incredibly exciting — albeit intensely busy time — […] December 14, 2022
Economy Oil and gas lift Qatar’s budget surplus past $8bn in Q3 Qatar posted a budget surplus of QR30 billion ($8.2 billion) in the third quarter of 2022, according to its Ministry of Finance. Revenues for the quarter stood at QR81.8 billion and 93 percent of the total – QR76.3 billion – came from oil and gas, the ministry announced on Tuesday, via the state-run Qatar News […] December 13, 2022
Banking & Finance Qatar may take part in Indian payment firms’ $1bn funding drive Indian digital payments firm PhonePe is planning to raise up to $1 billion from existing investors, which includes Qatar Investment Authority, Bloomberg reported, citing informed sources. The other investors are General Atlantic, Tiger Global Management and Microsoft Corporation. The all-equity round will likely close in the next two weeks and may take Walmart-backed PhonePe’s valuation […] December 9, 2022
Analysis Tech Gulf reaches for vertical farming to bolster food security A joint venture has been set up to develop a network of indoor vertical farms across Saudi Arabia as GCC governments seek to reduce their reliance on imported food. Mowreq Specialised Agriculture Co and biotech firm YesHealth Group have founded Vertical Farms Company, which will begin by building the kingdom’s largest indoor vertical farm in Riyadh. The […] December 7, 2022
Analysis Aviation Flight searches to Qatar soar from South Korea and Australia Searches for travel to Qatar from nations competing in the World Cup surged in November as fans raced to reserve last-minute flights and accommodation in the tournament’s host country. Enquiries for Qatar on travel aggregator website Wego from internet users in South Korea were up 168 percent in November versus the same period of 2021, […] December 7, 2022
Business of Sport Qatar-owned football club PSG eyes sale of minority stake Qatar-owned football club Paris Saint-Germain (PSG) is looking to sell a minority stake, chairman and CEO Nasser Al-Khelaifi told CNN. “I think it’s great for the club, and it is proved that we are doing a fantastic job in the club. I mean, we bought it for around 70 million… so is it [a] good investment?” […] December 7, 2022
Analysis World Cup 2022 World Cup has instant impact on Qatari retail and tourism The World Cup has had an immediate impact on private sector activity in Qatar, according to new figures. The Fifa tournament began on November 20 and the latest Purchasing Managers’ Index report, from Qatar Financial Centre, says the country’s wholesale, retail and service providers reported a rapid expansion in the second half of the month. […] December 5, 2022
Analysis Business of Sport How Qatar is handling the world’s football fans More than one million people are expected to visit Qatar during the World Cup and the authorities are hoping that is the start of a new tourism boom. The opportunity for a country to present itself to a global audience of billions does not come around often. As host of the tournament, Qatar certainly finds […] December 4, 2022
Tech US approves potential anti-drone system sale to Qatar for $1bn The US State Department has approved the potential sale of an anti-drone system to Qatar in a deal valued at $1 billion, the Pentagon said on Tuesday. The principal contractors will be Raytheon Technologies Corp , SRC and Northrop Grumman Corp, the Pentagon said in a statement. It added that the Pentagon’s Defence Security Cooperation […] November 30, 2022
Energy Germany to get new flows of QatarEnergy liquefied natural gas Germany is set to receive new flows of Qatari liquefied natural gas (LNG) from 2026 after QatarEnergy and ConocoPhillips on Tuesday signed two sales and purchase agreements for its export covering at least a 15-year period. Since Russia’s invasion of Ukraine in February, competition for LNG has become intense, with Europe in particular needing vast amounts […] November 29, 2022
Business of Sport Messi takes on Ronaldo in ‘cryptoverse’ World Cup 2022 The market for fan tokens, a volatile cocktail of crypto and sport, is heating up in the desert of Qatar. Interest in this niche breed of cryptocurrencies, typically linked to sports teams like Barcelona or Brazil, has been charged up by the soccer World Cup which began on November 20. Average daily trading volumes for […] November 29, 2022
Economy Qatar’s Q3 private sector exports surge 58% Qatar’s private sector exports reached QAR 9.38 billion ($2.58 billion) during the third quarter of 2022, a rise of 58 percent year-on-year, Qatar Chamber said in a quarterly report. The increase affirms the ongoing improvement of the private sector’s performance and a return to pre-pandemic levels, the report said. The total value of private sector […] November 28, 2022
Qatar reviews London investments after transport advert ban Qatar has launched a review of its investments in London after the city’s transport authority this week banned the Gulf state’s tourism advertisements on the capital’s buses, taxis and Underground train system, Saturday’s Financial Times reported. The paper said the move by Transport for London (TfL) was triggered by concerns over the soccer World Cup […] November 27, 2022
Opinion Business of Sport The World Cup could be the next staging post for Qatar’s economy As the World Cup unfolds over the next month, it will be interesting to see how Qatar makes the most of its moment in the global spotlight November 24, 2022
Player 2 has entered the game – Mena eyes $5bn e-sports prize Sunday was a big day for sports fans in the Middle East. With the eyes of the media trained on the World Cup opener in Qatar and the final race of the Formula One season in Abu Dhabi, it was easy to overlook the e-sports grand final taking place in Dubai. It would be wise […] November 22, 2022