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 & 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 & 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
Sustainability Qatar cut emissions by 9,000 tonnes at World Cup Qatar cut carbon emissions by approximately 9,000 tons by powering temporary facilities at FIFA World Cup stadiums and precincts directly from the national grid instead of using diesel generators. The move involved seven of the eight Qatar 2022 stadiums and was overseen by the Supreme Committee for Delivery and Legacy (SC), Fifa and Qatar General […] April 17, 2023
Energy QatarEnergy raises June crude price on high demand State-owned QatarEnergy set the term price for cargoes of Al Shaheen oil loading in June at a higher level than for May, indicating stronger demand for crude for the summer amid tightening supply after producers agreed to cut output. Qatar set the price for June cargoes at a premium of about $2.37 a barrel above […] April 14, 2023
Economy Qatar and Bahrain to resume diplomatic ties Bahrain and Qatar have agreed to resume diplomatic relations following a meeting between leading officials in the Saudi capital Riyadh. Both state-run news agencies for the Gulf countries announced the news following a second meeting of the Bahraini-Qatari follow-up committee, held at the headquarters of the GCC General Secretariat. “It was decided to resume diplomatic […] April 13, 2023
Energy Sinopec takes 5% stake in Qatar’s $29bn LNG project China Petrochemical Corporation (Sinopec) will acquire part of the $28.8 billion North Field East (NFE) expansion project, said state-owned QatarEnergy, The state-run Chinese company will take a five percent stake in the equivalent of one North Field East LNG train with a capacity of eight million tonnes per year, Qatar’s oil major said in a […] April 13, 2023
Aviation Qatar Airways CEO calls for aviation fuel overhaul The boss of Qatar Airways has called for an overhaul of the sustainable aviation fuel market. The airline is buying sustainable aviation fuel (SAF) as it seeks to reduce the environmental impact of air travel. However CEO Akbar Al Baker has labelled the fuel “exorbitantly expensive” and says it is only available in low volumes […] April 11, 2023
Banking & Finance Qatar National Bank’s Q1 2023 profit up 7% to $1.1bn Qatar National Bank (QNB), the largest lender by assets in the GCC, said that its first-quarter 2023 profit rose seven percent year-on-year on growth across a range of revenue sources despite turbulence in global markets. Net profit for the three months ended March 31, 2023, climbed to QAR3.9 billion ($1.1 billion), up from QAR3.6 billion […] April 11, 2023
Economy World Cup boosts Qatar’s GDP growth to seven-year high A surge in economic activity in the last quarter of 2022 lifted Qatar’s annual GDP growth to 4.8 percent – a level of growth unseen since the middle of the last decade, according to new data from S&P Global Market Intelligence. The Gulf state’s real GDP grew by a robust 8 percent year on year […] April 6, 2023
Energy QatarEnergy enters Mauritania offshore exploration with Shell State-owned QatarEnergy has entered into an agreement with British oil and gas company Shell to acquire a 40 percent working interest in the C-10 block located offshore Mauritania. British oil and gas company Shell will hold a 50 percent interest, while national oil company Société Mauritanienne des Hydrocarbures (SMH) will hold the remaining 10 percent. […] April 3, 2023
