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 and 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
Opinion Employment GCC has an opportunity to change the retirement game Expatriates are concerned that current schemes lack comprehensive benefits September 3, 2024
Industry QatarEnergy’s new plant will double urea production State-backed QatarEnergy will build a new urea production complex to more than double the Gulf country’s urea output to meet growing global demand. The new project involves building three ammonia production lines to supply feedstock to four new urea production trains in Mesaieed Industrial City, located 36 kms from Doha. Accordingly, urea production will increase […] September 2, 2024
Telecoms Myanmar venture proves a big loss for Qatar’s Ooredoo Qatar’s Ooredoo sold its Myanmar mobile network for even less than it originally agreed, new figures reveal, as one expert suggested its multi-billion-dollar losses may also be higher than previously estimated. The new figures in the telecom operator’s latest financial statement shed further light on a market that was once touted as the last major […] September 1, 2024
Opinion Business of Sport Gulf sports wins are sidelined by the summer season An uncertain global economy has dampened sports investments fervour across the region August 29, 2024
Real Estate Sales surge but rents fall in Qatar property market Lively mortgage activity helped sales surge in Qatar’s property market in the second quarter of this year, according to research by real estate research company ValuStrat. However, rents fell across the residential, commercial and industrial sectors. Some 1,300 apartments and 120 villas were built from April to June. An estimated 9,000 units are expected this […] August 28, 2024
Finance Qatari company launches first local currency sukuk Doha-based Estithmar Holding has issued a QAR500 million ($137 million) sukuk (Islamic bond), the first corporate local currency-denominated sukuk in the country. This issuance is the first tranche of its QAR3.4 billion sukuk programme, listed on the London Stock Exchange’s international securities market. The three-year sukuk offers 8.75 percent coupons, attracting interest from banks, insurance companies and […] August 27, 2024
