Banking and Finance Saudi turns to discounting as costs rise in Qatar and Egypt Increased competition has led Saudi Arabian businesses to embrace discounting, despite an increase in the price of raw materials and higher wages amid the rising cost of living. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers’ Index (PMI) indicated that “competitive pressures” had limited sales for some businesses, resulting in a decrease in prices […] October 4, 2023
Transport QatarEnergy awards $3.9bn contract to Korean shipyard State-owned QatarEnergy has signed a QAR14.2 billion ($3.90 billion) contract with South Korean shipyard HD Hyundai Heavy Industries for the construction of 17 liquefied natural gas carriers. The deal marks the start of the second phase of the state-run energy company’s LNG ship acquisition programme, which will support expanding its LNG production capacity from the […] September 28, 2023
Markets Qatari company seeks $43m over ‘systematic defamation’ A Qatari company has filed a civil lawsuit seeking more than QR157 million ($43.1 million) for defamation in the run-up to its stock market listing. Mekdam Holding Group, which has interests in technology, engineering, procurement and construction, oil and gas, and logistics, said its compensation claim had been filed with the country’s Investment and Trade […] September 27, 2023
Tourism Dubai and Qatar expand luxury hotel portfolios Thousands of luxury hotel rooms are set to open in Dubai and Qatar over the next few years as the hospitality sector bounces back from the pandemic. In Dubai, about 9,200 hotel rooms will be completed by the end of 2023, according to real estate consultancy Knight Frank. More than two-thirds of the supply will […] September 20, 2023
Energy LNG exporters to benefit from Australian strike Strike action by Australian liquefied natural gas (LNG) workers will offer rival producers in the Gulf the opportunity to gain long-term market share, especially in Asia and Europe, as pressure is put on already tight global supplies. Hundreds of workers at Chevron’s Wheatstone and Gorgon LNG facilities in western Australia downed tools on Friday after […] September 14, 2023
Renewable Energy Qatar plans $5bn UK-Doha green tech centre The not-for-profit Qatar Foundation, which supports education, research and community development projects, is to invest in a £4 billion ($5 billion) green energy research and development centre spanning the UK and Qatar. The project has been dubbed the “MIT for UK energy transition” by organisers at management consultancy McKinsey & Co, The Sunday Times reported, […] September 11, 2023
Opinion Business of Sport The LIV-PGA merger could transform golf for the better The sport can attract new fans with innovative technology, infrastructure and a festival-like atmosphere September 8, 2023
Transport Qatar leads $150m funding for Indian industrial park fund Qatar Investment Authority (QIA) has led the $150 million fundraising round for the new fund of IndoSpace, which develops grade-A industrial and logistics parks in India. QIA is the world’s 10th largest sovereign wealth fund with $475 billion of assets under management, the Sovereign Wealth Fund Institute said in May. The fundraising round also included […] September 6, 2023
Tourism Qatar exceeds 2022 tourism figures in just eight months The number of tourists in Qatar this year has exceeded the figure for the whole of 2022, with officials saying that hosting the Fifa World Cup has put the Gulf state on the map. Qatar Tourism data revealed that the country has welcomed more than 2.5 million visitors as of the last week in August. […] September 5, 2023
Finance Qatar’s budget surplus nears $3bn despite higher capex Qatar reported a budget surplus of 10 billion riyals ($2.74 billion) in the second quarter of 2023, as oil prices remained higher than estimated, the finance ministry said. The Gulf nation has surpassed its 2023 surplus forecast of 29 billion riyals for the year. The first quarter reported a fiscal surplus of 19.7 billion riyals, […] September 1, 2023
Trade Qatar kicks back after post-World Cup slump There has been a rise in international companies considering a move to Qatar following a post-World Cup slump. Experts believe the spike in interest is partly due to the UAE’s decision to introduce corporate tax as well as an update to Qatar’s Single Window system, which was launched in 2019 to help companies set up […] August 31, 2023
Real Estate Qatar wealth fund buys troubled New York hotel A luxury Manhattan hotel, which has been on the market for a number of years after being caught up in the 1MBD Malaysian investment fund scandal, has been sold to Qatar’s sovereign wealth fund. The Qatar Investment Authority has bought the 46-storey Park Lane Hotel for almost $623 million, according to city records, as first […] August 29, 2023
Transport Qatar Airways upbeat on Latin America expansion Qatar Airways is optimistic about Brazil and the overall Latin American market as part of a global network expansion strategy on the heels of a World Cup-driven surge for its business. The airline reported a record annual revenue of $21 billion in 2022, up 45 percent from the year before, and a $1.21 billion net […] August 29, 2023
Business of Sport Qatar buys rival padel tour after legal wrangling State-owned Qatar Sports Investments has agreed to buy the World Padel Tour and will launch a unified global circuit for the fast-growing racquet sport next year. QSI created a breakaway padel competition in early 2022, and the Qatari takeover of the sport mirrors Saudi Arabia’s controversial multimillion-dollar entry into men’s professional golf. Padel uses the […] August 25, 2023
Retail Qatar to invest $1bn for 1% stake in Reliance Retail Qatar Investment Authority will invest $1 billion for a 1 percent stake in India’s Reliance Retail Ventures, nearly doubling its valuation to $100 billion from its last funding round in 2020. Reliance Retail is India’s largest retailer and the retail arm of billionaire Mukesh Ambani’s Reliance Industries. It has been partnering with a slew of […] August 24, 2023
Oil & Gas Hungary to receive LNG from Qatar in 2027 Hungary can begin to receive shipments of liquefied natural gas (LNG) from Qatar in 2027, Hungarian foreign minister Peter Szijjarto told a news conference. Demand for LNG has skyrocketed following Russia’s invasion of Ukraine, giving Qatar and the United States significantly larger roles in supplying gas to Europe and forcing landlocked countries, such as Hungary, […] August 20, 2023
Economy Qatar’s CPI inflation hits highest level since April Qatar’s consumer price index increased 3 percent year on year in July 2023, reaching its highest level since April. The CPI inflation figure was up from the 2.5 percent reported in June, according to Qatar’s Planning and Statistics Authority (PSA). Communication was one of eight groups to record a price increase, with a rise of […] August 18, 2023
Transport Qatari firm buys majority stake in Rotterdam port Qatari port operator QTerminals Group has acquired Kramer Group’s majority stake in the Netherlands’ Port of Rotterdam. The Port of Rotterdam is the largest port in Europe and is a significant addition to QTerminals Group’s plan to diversify its operations. QTerminals is 51 percent owned by Qatar Ports Management Company and 49 percent by Qatar […] August 16, 2023
Construction Parsons wins $52m road design contract in Qatar The Qatar government’s Public Works Authority (Ashghal) has awarded a contract to US firm Parsons Corporation to deliver engineering consultancy services for a new road and infrastructure framework. The $52 million, six-year contract includes design for roads and infrastructure projects within Doha city. More than half of Qatar’s three million-strong population lives in the capital […] August 9, 2023
Renewable Energy QIA buys $500m stake in Adani’s green energy firm India’s Adani Group has raised $500 million by selling a part of its holdings in Adani Green Energy Limited to investors, including INQ Holding, a wholly owned unit of Qatar Investment Authority (QIA). The stake sale by Indian billionaire Gautam Adani aims to reduce promoter-level debt and release stock pledges. Infinite Trade and Investment sold 42.6 million […] August 8, 2023
