Banking & Finance Qatar firms boost hiring to clear backlogs Business conditions in Qatar’s non-oil private sector continued to improve in June, according to a report by Qatar Financial Centre and ratings firm S&P Global. The financial services industry was the biggest beneficiary. Rising employment helped firms “reduce their levels of outstanding business” and smooth supply chains, the report said. However, cost burdens rose – […] July 5, 2023
Business of Sport Bayern Munich and Qatar Airways end $50m sponsorship German football club Bayern Munich will not renew its five-year sponsorship deal with Qatar Airways after it expires this month. The decision was made by mutual consent, according to a joint statement issued on the club’s website on Wednesday. “The connections that FC Bayern has been able to forge with its fans in the Arab […] June 28, 2023
Banking & Finance Qatari Islamic banks set for rebound on high demand Islamic banking made up 25 percent of total banking sector assets in Qatar in the first quarter of 2023, slipping from 27 percent in the same period a year earlier. This makes the Gulf state the fifth-largest Islamic banking market globally, Fitch Ratings said. The ratings agency expects the market share to increase overall in […] June 28, 2023
Employment Doha and Dubai most competitive cities for jobs Doha and Dubai are the top two most competitive cities in the world for applying for new jobs, according to a study from online resume builder Resume.io. The Gulf cities boasted the highest number of candidates per LinkedIn job posting in February this year. In Doha, the average listing received more applicants (399) within a […] June 26, 2023
Business of Sport Qatar ‘closing in on major US sports investment’ Qatar is ready to take a shot at the $500 billion US sports market with a reported investment interest in Monumental Sports & Entertainment. The Qatar Investment Authority (QIA) is set to buy a 5 percent stake in Monumental, the parent company of basketball side Washington Wizards and the National Hockey League’s Washington Capitals, according […] June 23, 2023
Food & Drink Deliveroo riding the storm in Kuwait and Qatar Kuwait and Qatar are predicted to continue to buck the trend as Deliveroo’s worldwide orders tumble. The online food delivery platform received 72.1 million orders worldwide in the first three months of this year, a drop of 9 percent over the same period last year, according to a statement from company headquarters in London. Earlier […] June 22, 2023
Oil & Gas QatarEnergy signs long-term LNG deal with CNPC State-owned QatarEnergy has signed its second long-term liquefied natural gas (LNG) supply agreement with a Chinese government-owned energy company. Under the 27-year supply agreement, China National Petroleum Corporation (CNPC) will purchase four million metric tons of LNG a year from the Gulf nation. In addition, CNPC will take a five percent equity stake in one of […] June 21, 2023
Banking & Finance Qatari companies to develop projects worth $9.5bn in Iraq Three Qatari companies and Iraq’s National Investment Commission have agreed to develop $9.5 billion worth of projects in Iraq, including the construction of a pair of power plants that will generate a total of 2,400 megawatts, according to statements. UCC Holding and the investment commission signed a 25-year public-private partnership linked to the two power […] June 19, 2023
Business of Sport Manchester United and Qatari sheikh near $6bn deal English football club Manchester United is negotiating granting exclusivity to the consortium led by Qatar’s Sheikh Jassim bin Hamad Al Thani in talks to sell itself for more than $6 billion, people familiar with the matter said on Thursday. While a deal remains uncertain, the development represents a major milestone in the efforts of Sheikh […] June 16, 2023
Economy Qatar plans $5bn investment to fuel Iraqi economy Qatar will invest $5 billion in Iraq over the coming years, after the two countries signed several memorandums of understanding to expand cooperation on investment and energy projects. State-run Qatar News Agency reported the commitment, quoting Emir Sheikh Tamim bin Hamad Al Thani. The Qatari ruler oversaw the signing of the MoUs alongside Iraqi prime […] June 16, 2023
Banking & Finance Qatari fund in talks to invest in Egypt’s historic hotels Qatar’s sovereign wealth fund is in talks with Egypt about potentially investing in seven historic hotels there, in what could be a landmark deal between the two countries that restored diplomatic ties in 2021 after a long-running dispute. The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about […] June 15, 2023
Banking & Finance QIA sovereign fund eager to invest in Asia and US Qatar Investment Authority, the world’s 10th-largest sovereign wealth fund by assets, will expand its portfolio in the United States and Asia – particularly China and India – and aims to take advantage of more “investor-friendly” deal terms. Several senior QIA executives outlined the fund’s plans to Bloomberg this week in what were rare public comments […] June 14, 2023
Transport Qatar’s EV ambitions grow with Vim brand launch Electric vehicle sales could make up 20 percent of the total auto market in Qatar by 2032, experts forecast, as the Gulf state launches its first EV brand. Qatar-based Ecotranzit showcased the first prototypes of its Vim-branded electric vehicle earlier this month. They are manufactured under its exclusive intellectual property rights deal with partners including […] June 14, 2023
Business of Sport Manchester United shares up as Qatar bid tipped to win Shares of Manchester United rose 13 percent to hit a two-month high on Tuesday after a news report indicated that Sheikh Jassim bin Hamad Al Thani of Qatar was likely to succeed with his takeover bid for the English football club. Qatar’s Al-Watan newspaper reported that Sheikh Jassim was likely to be announced as the […] June 14, 2023
Banking & Finance Gulf Investment Fund turns to Saudi stocks to drive growth The Middle East’s stock markets have struggled to attract Western portfolio investors, despite strong performances. Gulf Investment Fund (GIF), which has $83 million invested across the seven markets, is seeking to change that. The fund, which is listed on the London Stock Exchange, recorded a net asset value increase of 15.4 percent for the year to June […] June 13, 2023
Business of Sport Latest ‘deadline’ looms in Manchester United takeover Manchester United fans can be forgiven if they refrain from eagerly checking the news on Friday as the latest ‘deadline’ looms in the meandering seven-month saga of the club’s sale that is beginning to resemble the final series of TV’s Succession. In this real-life battle of the billionaires, Qatari Sheikh Jassim bin Hamad Al Thani […] June 12, 2023
Analysis Infrastructure Ooredoo to cut losses in Myanmar to tune of $2.3bn Should Ooredoo succeed in selling its Myanmar subsidiary, the Qatari telecom operator will exit nursing multi-billion-dollar losses in what has proved to be a disastrous strategic failure for the former monopoly. Ooredoo Myanmar’s customer base has shrunk by nearly half in just over two years, while its cumulative pre-tax losses from 2013-2022 total QAR8.6 billion […] June 8, 2023
Sustainability Fifa blamed for false claims on ‘green’ Qatar World Cup Soccer’s world governing body Fifa made false and misleading statements about the reduced environmental impact of the 2022 World Cup in Qatar, a Swiss regulator said on Wednesday. The Swiss Fairness Commission, the self-regulatory body of the advertising and communications industry, made its determination after investigating five claims that Zurich-based Fifa marketed the tournament as […] June 8, 2023
Real Estate Lusail is first choice for wealthy Qatari buyers Lusail, Qatar’s second-largest city and host for much of the Fifa World Cup last year, has become wealthy buyers’ preferred destination for residential real estate in the Gulf state, a new report shows. Lusail Marina and Lusail Waterfront were named as the most popular destinations where Qatar-based high net worth individuals (HNWIs) are planning to […] June 7, 2023
Economy Oil and gas account for 92% of Qatar’s Q1 budget surplus Qatar recorded a budget surplus of QAR19.7 billion ($5.4 billion) in the first quarter of 2023, driven primarily by revenue from oil and gas, the finance ministry said. Total revenue for Q1 2023 hit QAR68.6 billion, of which QAR63.4 billion – 92 percent – was from oil and gas, the state-run Qatar News Agency said, […] June 6, 2023
Aviation Qatar Airways may scrap first-class on long-haul flights Qatar Airways CEO Akbar Al Baker says the airline plans to avoid including first-class seats on its future next-generation long-haul Boeing 777X aircraft. The investment in the “most luxurious seats” does not justify the returns, as the airline’s business class offers much of the same perks, he added. “Why should you invest in a subclass […] June 4, 2023
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
