Banking & Finance Qatari bank Dukhan set to list on Doha’s main market Dukhan Bank, Qatar’s fifth-largest bank, is planning to go public and list on the Doha stock exchange. The bank, which has total assets in excess of QR100 billion ($27.5 billion), agreed the proposal at an extraordinary general assembly meeting on Sunday. Its share capital will be listed on the main market of the Qatar Stock Exchange […] January 17, 2023
Energy EU will return to Russian gas, Qatari minister predicts Europe will eventually return to imports of Russian gas but with reduced dependence, Qatar’s energy boss has predicted. The European Union imposed sanctions on Russian oil imports in March last year in response to Moscow’s invasion of Ukraine, pledging to wean itself off Russian energy. The sanctions were intended to limit Russia’s financing ability for […] January 16, 2023
Banking & Finance Qatar National Bank profit rises 9% to $3.9bn in 2022 Qatar National Bank (QNB), the Gulf’s biggest bank by assets, has reported a nine percent rise in annual net profit after adjusting for hyperinflation related to its business in Turkey. Net profit for 2022 was QR14.3 billion ($3.91 billion) from QR13.2 billion in 2021. Full-year net profit before the impact of hyperinflation was QR16.1 billion, […] January 12, 2023
Business of Sport Qatar’s next big match: a Premier League club to call its own Qatar’s reported plan to buy a Premier League football club is the natural next step for the host of the 2022 World Cup, sports business analysts have told AGBI. Less than a month after Argentina lifted the Fifa trophy at the Lusail stadium, Qatar Sports Investment is said to be turning its attentions to English […] January 10, 2023
Tourism Qatar expects 50 cruise liners and 200,000 visitors by end of April Qatar Tourism and Mwani Qatar, the state-run port management company, expect more than 50 cruise liners with approximately 200,000 visitors to the Gulf nation from now to the end of April. Maryam Saoud, head of Tourism Product Support at Qatar Tourism, said they are seeing continued, increasing preference for Qatar as a destination for both […] January 9, 2023
Energy QatarEnergy and Chevron Phillips to build $6bn petchem complex QatarEnergy has signed a final investment decision on the $6 billion Ras Laffan Petrochemicals Complex with partner Chevron Pillips Chemical, which will be the largest in the Middle East. The complex includes an ethane cracker with a capacity of 2.1 million tonnes of ethylene per year, the energy firm said in a statement published by […] January 9, 2023
Tech IT firm Meeza to be Qatar’s first to use book building for IPO IT services firm Meeza is set to become the first Qatari company to use book building to carry out an initial public offering, it said in a statement, as the country aligns itself with international practices. The company, part-owned by telecoms operator Ooredoo, said it would be selling 50 percent of its share capital in […] January 9, 2023
Banking & Finance Qatar’s forex reserves rise 12.4% to $63bn in 2022 Qatar’s international reserves and foreign currency levels increased by 9.6 percent to QR 230.026 billion ($63.18 billion) in 2022, compared to QR 209.932 billion in 2021, state-run Qatar News Agency reported, citing figures from the central bank. December recorded a monthly growth of 2.7 percent quarter-on-quarter. The bank’s official international reserves stood at QR 172.092 […] January 8, 2023
Economy Qatar World Cup fuels spike in private sector optimism Optimism among non-oil private sector companies in Qatar has risen to a 29-month high following the impact of the Fifa World Cup on the country’s economy. Post-tournament business opportunities and an expected permanent boost to tourism were cited by companies polled in the latest purchasing managers’ index (PMI) survey data from Qatar Financial Centre. The […] January 4, 2023
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
