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
Logistics Qatar in race to run operations at three airports in Pakistan Pakistan on Thursday kicked off outsourcing of operations and land assets at three major airports to be run through a public private partnership (PPP), a finance ministry statement said, a move to generate foreign exchange reserves for its ailing economy. The government has been in talks with Qatar to jointly run terminals at Islamabad, Karachi […] March 31, 2023
Energy QatarEnergy buys stakes from Exxon in Canadian offshore blocks State-owned QatarEnergy has signed an agreement with US-based ExxonMobil to buy stakes in two Canadian offshore exploration blocks. The farm-in agreement, signed on Wednesday, gives QatarEnergy a 28 percent interest in licence EL 1167, with ExxonMobil Canada holding 50 percent and Cenovus Energy 22 percent. In addition, QatarEnergy will hold 40 percent of licence EL […] March 30, 2023
Markets Qatar set to launch derivatives exchange after new rules issued Qatar Stock Exchange (QSE) will move ahead with the plans to establish a derivatives exchange and central clearing counterparty after the country’s financial regulator issued a new regulatory framework for listed derivatives. The Qatar Financial Centre Regulatory Authority (QFCRA) issued the derivatives markets and exchanges rules (DMEX) 2023 after a three-month consultation with investors and […] March 28, 2023
Business of Sport Qatari sheikh files second bid in tussle for Manchester United Sheikh Jassim bin Hamad Al Thani has submitted an improved bid to buy Manchester United FC. The Qatari businessman made his first offer for the Premier League club in February, when his spokesperson said the bid was completely debt free. Qatari bid for Manchester United ‘acid test of post-Brexit Britain’ Middle East continues to dominate […] March 27, 2023
Tourism Qatar tourists surge 347% in first two months of 2023 Qatar received nearly 730,000 visitors in January and February this year, a year-on-year increase of 347 percent. January saw 340,000 international visitors, up 295 percent year-on-year, while February reported 389,000 visitors, a 406 percent year-on-year rise, Qatar Tourism said in a statement. Except for the months of the Fifa World Cup Qatar 2022, February marked […] March 27, 2023
Exclusive Aviation VistaJet continues to fly high from Qatar World Cup Private jet operator VistaJet has seen enduring business benefits from the Qatar World Cup, staged at the end of 2022. It witnessed a 146 percent year-on-year increase in its Qatar flights in 2022, driven by a 561 percent rise in December compared to the same month in 2021. Demand at the Dubai-based company has continued […] March 24, 2023
Banking & Finance SNB plans growth despite Credit Suisse losses Saudi National Bank has said its growth strategy will not be impacted by the UBS takeover of beleaguered rival Credit Suisse, despite analysts predicting “heavy losses” for Gulf backers. SNB is joined by Qatar Investment Authority and Saudi Arabian conglomerate Olayan Group, who all have varying levels of interest in the 167-year-old Swiss bank. Rohit […] March 20, 2023
60 seconds with... Alison Milton, Ambassador of Ireland to the UAE Alison Milton has been the Ambassador of Ireland to the UAE, Qatar and Kuwait since August. Before then she worked as the British-Irish director, in Ireland’s Department of Foreign Affairs. What does your company do? I work for the Embassy of Ireland in Abu Dhabi covering the UAE, Kuwait and Qatar. I also have responsibility […] March 17, 2023
Tourism New UK tourist visa set to boost GCC trade corridor Visitors from Qatar will be the first to benefit from the new UK tourist visa scheme, ahead of a worldwide expansion of the scheme throughout 2024. Qatari visitors will be the first to be able to apply for an electronic travel authorisation (ETA) in October. The rest of the GCC and Jordan can apply for […] March 16, 2023
Energy QatarEnergy begins construction of $8.5bn polymers plant in US State-owned QatarEnergy and Chevron Phillips Chemical Company have broken ground on the $8.5 billion Golden Triangle polymers plant in Orange County, Texas, US. Located about 180 km east of Houston, the plant will include an ethylene cracker unit with a capacity of 2.08 million tons per annum and two high-density polyethylene units with a combined […] March 10, 2023
Aviation Airbus reinstates Qatar Airways’ order for 73 A350 aircraft European planemaker Airbus has reinstated orders for 73 aircraft from Qatar Airways after revoking them during a dispute over damage to the surface of grounded A350s. Airbus and Qatar Airways settled the dispute at the end of January, averting a rare and potentially damaging UK court trial in the jet sector. Speaking in Berlin, Qatar […] March 8, 2023
Tourism Qatar Airways eyes rapid growth as travel demand rebounds Qatar Airways has announced plans for rapid growth, as the travel industry recovers from the pandemic. Announcing objectives at the ITB tourism fair in Berlin, the Gulf carrier said it would add seven destinations, restore 11 others and boost the frequency of flights to 35 markets – marking a 21 percent rise in flights by […] March 8, 2023
Economy New Qatari PM takes helm as business activity bounces back Business activity in Qatar rebounded in February, recording its highest month-on-month growth since the country lifted its Covid lockdown. The Qatar Financial Centre purchasing managers’ index (PMI) – released one day before the cabinet reshuffle that elevated Sheikh Mohammed bin Abdulrahman Al Thani to prime minister – hit 51.9 in February, up 6.2 points from […] March 7, 2023
Energy QatarEnergy makes third oil discovery in Namibia State-owned QatarEnergy has made a third oil discovery with its partners, Namibia’s oil major Namcor and Shell, in the Jonker-1X deepwater exploration well, in the Orange Basin offshore southern Namibia. New discoveries could make Namibia, the southern neighbour of Opec member Angola, another oil producer along the African Atlantic coast. “We are delighted to announce […] March 7, 2023
Transport Qatar vetoes Uber’s $3.1bn Careem deal Qatar’s competition authority has vetoed Uber’s $3.1 billion acquisition of Middle East rival Careem, four years after it was announced. Careem confirmed this week it had ceased operations in the Gulf state from February 28, despite the company expanding its fleet of branded cars to help transport fans to and from football matches during last […] March 2, 2023
Analysis Gulf airlines flying high again, but facing fresh headwinds As global air travel continues to rebound from the coronavirus pandemic, the biggest airlines in the Arabian Gulf – Emirates, Qatar Airways and Etihad – are soaring back into clear skies. But can they maintain their rate of climb? Beyond economic and geopolitical pressures, there’s increasing competition from low-cost airlines, resurgent long-haul competitors and globally ambitious […] March 1, 2023
Banking & Finance Egypt and Qatar sign deal to avoid double taxation Egypt and Qatar have signed an agreement to avoid double taxation and stop tax evasion, according to a local newspaper. The agreement specifies the regulations and conditions for imposing taxes to avoid double taxation on immovable property, business revenues, global, maritime and air transportation, joint projects, and stock revenues, Egypt Today reported. Egyptian cabinet spokesperson […] February 28, 2023
