Energy QatarEnergy to sign LNG supply deal with Bangladesh QatarEnergy will sign a long-term liquefied natural gas (LNG) supply deal with Bangladesh’s state-owned gas company Petrobangla on Thursday, the second Asian sales deal to be sealed for Qatar’s North Field expansion project. The 15-year agreement is for the supply of two million tonnes annually, Petrobangla’s chairman Zanendra Nath Sarker told Reuters. Supplies are set […] May 31, 2023
Retail Harrods checks into hotels as it awaits return of Chinese shoppers Harrods, the London department store owned by Qatar, has opened its first branded hotel project, diversifying into hospitality overseas as the retail sector faces challenges at home. In late March it launched the Harrods Residence Suite, a two-storey luxury suite in Swire Hotels’ Beijing property the Opposite House. The retailer also has a hospitality outpost […] May 30, 2023
Economy Qatar’s dollar peg to remain despite US debt concerns The governor of Qatar’s Central Bank has reaffirmed his country’s commitment to the dollar peg, despite the US being just days away from a potential debt default. The Qatari riyal has been linked to the US dollar since mid-2001. “It’s been very effective and efficient for our economy,” Sheikh Bandar bin Mohammed bin Saoud Al-Thani […] May 26, 2023
Aviation Qatar Airways CEO calls for realism over net-zero targets The CEO of Qatar Airways has said the lack of readily available aviation fuel alternatives will throw the industry’s goals of achieving net-zero emissions by 2050 into doubt. Akbar Al Baker is a long-standing critic of suppliers of sustainable aviation fuel (SAF), labelling it “exorbitantly expensive” and claiming it’s only available in low volumes “because […] May 24, 2023
Banking and Finance QIA leads $250m funding for London-based AI startup London-based Builder.ai, an artificial intelligence-powered composable software startup, has raised $250 million in Series D funding led by the Qatar Investment Authority (QIA). The investment will help drive its innovation pipeline and expand its geographic presence, the company said in a statement. The startup has raised over $450 million so far since its inception. The […] May 24, 2023
Banking and Finance StanChart CEO surprised by Credit Suisse sale to UBS Standard Chartered CEO Bill Winters said the sale of Credit Suisse to UBS was “surprising” given the “unusual” terms of the deal, which prioritised shareholders over bondholders. “The conclusion was very surprising to me, in terms of the way that the bank was resolved through this very unusual sale to UBS, with associated unusual payments […] May 24, 2023
Logistics Boeing CEO predicts supply chain pressure until 2024 Boeing CEO Dave Calhoun said it could take until the end of 2024 to iron out sector-wide supply chain problems that have hampered global jetliner production. “Priority one for the two airplane manufacturers is stability,” Calhoun told the Qatar Economic Forum, referring to Boeing and its main European rival Airbus. “We have to resolve the […] May 24, 2023
Markets Qatar fund steps in to up trading on Doha bourse Qatar Investment Authority will provide up to QAR1 billion ($274.7 million) to fund a programme for the country’s stock exchange that it says will boost share trading, improve pricing and help attract more foreign investors. Such market making programmes are pivotal to the functioning of many stock markets by guaranteeing they will always buy or […] May 23, 2023
Analysis Banking and Finance Qatar’s QIA challenges UBS Credit Suisse takeover The Qatar Investment Authority (QIA) is said to be considering taking legal action against the Swiss financial authorities following the forced takeover of Credit Suisse by domestic rival UBS. The Qatari fund increased its stake in Credit Suisse in late 2022 as part of the ailing lender’s ultimately failed attempts to bolster its finances following […] May 18, 2023
Banking and Finance Qatari fund explores claims against Credit Suisse losses Qatar’s sovereign wealth fund, Credit Suisse’s second-largest investor, has explored seeking redress for losses incurred by the bank’s takeover, two people familiar with the matter said, as legal challenges to Switzerland’s state-backed rescue mount. The Qatar Investment Authority (QIA) sought legal advice on whether it had any claim against Swiss authorities, including through international arbitration, […] May 18, 2023
Energy Qatar cuts July Al Shaheen oil price to 27-month low Qatar Energy set the term price for cargoes of Al Shaheen oil loading in July at the lowest level since April 2021, as refining margins remained sluggish and crude supplies were ample despite an additional Opec+ output cut. Qatar set the price for July cargoes at a premium of about $1.03 a barrel above Dubai […] May 18, 2023
Economy Qatar announces revamp of sovereign wealth fund Qatar will reorganise its sovereign wealth fund in what will be its latest economic reform following the successful staging of last year’s Fifa World Cup. The Qatar Investment Authority (QIA) is the world’s 10th largest sovereign wealth fund with $475 billion of assets under management according to the Sovereign Wealth Fund Institute. The country’s ruler […] May 17, 2023
Energy Qatar awards $10bn contract to boost LNG project Qatar has signed a $10 billion contract with joint venture headed by French engineering and technology company Technip Energies which aims to substantially increase the capacity of the North Field South (NFS) gas project. State-owned QatarEnergy signed the engineering, procurement, and construction contract for the NFS project with a joint venture consisting of Technip Energies […] May 17, 2023
Business of Sport Qatar’s sheikh sweetens final bid for Manchester United Qatar’s Sheikh Jassim bin Hamad Al Thani has submitted a new bid, estimated close to £5 billion ($6.31 billion), for Manchester United Football Club. The sweetened offer intends to beat the bid made by British petrochemicals billionaire Sir Jim Ratcliffe, UK-based news outlets reported. Al Thani is offering to buy 100 percent of the club […] May 17, 2023
Aviation Bahrain and Qatar resume direct flights Direct flights between Bahrain and Qatar are set to restart on May 25, as relations improve between the two GCC members. Bahrain’s Civil Aviation Affairs agency confirmed the resumption of flights “in accordance with what was agreed upon between the concerned authorities in the two brotherly countries”, according to the kingdom’s news agency. The move […] May 16, 2023
Economy Qatar’s 2023 GDP growth to slow after World Cup Qatar’s GDP growth is expected to weaken to 2.3 percent this year from almost 5 percent in 2022 as the positive impact of World Cup-related activity tapers off. Ratings agency S&P Global Ratings said the country’s strong economic growth last year was “partly supported” by business momentum in the run-up to and during the Qatar […] May 12, 2023
Energy QatarEnergy to explore oil off Suriname coast QatarEnergy has signed a 30-year production-sharing contract with Suriname’s state-owned oil company Staatsolie for a block off the coast of the South American country. The Qatari state-owned company has signed a similar deal with France’s TotalEnergies for a second offshore block, according to a Staatsolie statement. The two blocks (No 6 and No 8) are […] May 9, 2023
Video length: 02:33 Aviation Qatar Airways CEO plays down threat of competition The CEO of Qatar Airways has said he is “very excited” by the growth of Saudi Arabia’s aviation industry, despite the prospect of tougher competition as regional airline capacity increases. “We will co-operate with them, we will support them, because we feel that relationships matter and there is a lot of business to go around […] May 2, 2023
Business of Sport Qatari sheikh submits final bid for Manchester United Sheikh Jassim bin Hamad Al Thani has submitted a third and final bid to buy Manchester United FC. It is understood the offer from the Qatari businessman, which was placed ahead of the club’s deadline on Friday, includes investment in manager Erik Ten Hag’s squad as well as money to develop the stadium and surrounding […] April 30, 2023
Tourism Qatar relaunches World Cup visa platform for tourism Qatar has relaunched the visa platform it used to welcome 1.4 million football fans during last year’s Fifa World Cup with a broader tourism remit, as it seeks to attract over six million visitors a year by 2030. The new-look Hayya platform will become the single portal for all tourist and business visas to the […] April 17, 2023
