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Qatar

Qatari royals said to mull sale of Luxembourg private bank

QATAR

DOHA: The Qatari owners of Banque Internationale a Luxembourg are considering a sale of their controlling stake in the private bank, which could fetch about $1.5 billion, according to people familiar with the matter. Precision Capital, the investment vehicle of Qatar royal family members including former Qatari Prime Minister Sheikh Hamad bin Jassim bin Jabr Al Thani, is weighing a ... Read More »

Russia, Qatar eyeing joint projects worth $12b

QATAR

DOHA: Russia and Qatar may achieve the trade turnover of $500 mln already in three years, Russian Energy Minister and co-chairperson of the bilateral intergovernmental commission Alexander Novak told reporters on Tuesday. “We had a twofold increase last year, in simple terms. If we proceed with such a pace, we will reach $500 mln in about three years,” Novak said. ... Read More »

Russia-Qatar may reach $500 mln trade turnover in three years

trade

MOSCOW: Russia and Qatar may achieve the trade turnover of $500 mln already in three years, Russian Energy Minister and co-chairperson of the bilateral intergovernmental commission Alexander Novak told reporters on Tuesday. “We had a twofold increase last year, in simple terms. If we proceed with such a pace, we will reach $500 mln in about three years,” Novak said. ... Read More »

Iran’s foreign minister visits Qatar, meets ruler

QATAR

DOHA: Iranian Foreign Minister Mohammad Javad Zarif held talks in Qatar on Wednesday with the country’s ruler about improving relations, soured by a dispute last year between Tehran and Gulf Arab powerhouse Saudi Arabia. Tasnim news agency said Zarif also met his Qatari counterpart during the trip to Doha, his second this year. Qatar and two other Gulf Arab states ... Read More »

Qatar Airways says not hopeful will get all A350s this year

QATAR

DOHA: Qatar Airways said it was not hopeful it would get all 12 A350 planes it is supposed to receive this year from Airbus after supply chain problems hit deliveries of the widebody jet. “I don’t think we will get them. That’s why we ordered Boeing, which we will start getting next year, to fill the gap with the Airbus ... Read More »

India’s L&T wins $93m deal to build Oman airport

QATAR

DOHA: Larsen & Toubro (Oman), a subsidiary of India’s L&T, has bagged an order worth $93.1 million to construct a regional airport in Oman. The scope of works includes construction of passenger terminal building, ATC complex, cargo and other service buildings including mechanical, electrical and plumbing (MEP) works, special systems and external works, the company said in a statement. It ... Read More »

Qatar Airways CEO says US electronics ban ‘unnecessary’

QATARS

DOHA: The CEO of Qatar Airways has questioned the need for the ban on large electronic devices on flights to the United States, saying the restrictions have hit bookings. Akbar Al Baker was quoted by CNNMoney as saying that the ban was rushed and introduced without “proper discussion”. He said Qatar Airways has seen a drop in bookings, adding that ... Read More »

Qatar’s foreign trade surplus soars 74% in Feb

QATAR

DOHA: Qatar’s February trade surplus increased by 74 percent from a year earlier, according to data released by the country’s Ministry of Development, Planning and Statistics. The country’s surplus rose to QR12.3 billion ($3,38 billion) in January from QR10.8 billion in December and up from QR7 billion in January 2016. Exports of petroleum gases and other gaseous hydrocarbons climbed 18.9 ... Read More »

Gulf’s largest lender set to increase share capital by 10%

QATAR

DOHA: Qatar National Bank, the Gulf’s largest lender, plans to increase its share capital by distributing bonus shares worth 10 percent of the current capital, it said in a statement on Wednesday. The bank’s current capital amounts to 8.40 billion riyals ($2.3 billion) and after the planned 10 percent rise it will be about 9.24 billion riyals. The statement did ... Read More »

Gulf’s largest lender sees Q1 net profit rise to $900m

QATAR

DOHA: QNB Group, the largest financial institution in the Middle East and Africa (MEA) region, has said its first quarter net profit reached QR3.2 billion ($900 million), up by 12 percent on the same period last year. Qatar National Bank said in a statement that total assets increased by 35 percent to reach QR743 billion, driven by a growth rate ... Read More »

VAT to hit off-plan property sales in UAE

QATAR

DOHA: Sales of off-plan properties in the UAE are expected to see a temporary downturn after authorities confirmed the new value-added tax (VAT) would be applied to the first sale of a residential property. In a briefing with tax advisors, the UAE Ministry of Finance (MoF) said residential property sales and leases would be exempt from VAT, with the exception ... Read More »

Qatar Airways begins laptop loan facility from today

QATAR

DOHA: Qatar Airways will commence laptop loan service on its flights to the United States from today. “The service of offering laptops on board our flights to the US will commence from April 6,” the airline confirmed to Arabian Business. The complimentary laptops will be available to First and Business class passengers, who can collect them from the boarding gate. ... Read More »

Qatar World Cup 2022 organisers slash budget by up to 50%

QATAR

DOHA: Qatar has reportedly slashed its budget for hosting the 2022 FIFA World Cup by up to 50 percent. The Gulf state, which had planned for 12 stadiums in its original bid, is now proposing eight, it was reported. Hassan Al Thawadi, secretary general of the Supreme Committee for Delivery & Legacy organising the tournament, told CNNMoney the original budget ... Read More »

Qatar to sell up to $900m shares in Santander’s Brazil unit

QATAR

DOHA: Qatar Holding is selling as much as $900 million in shares of Banco Santander’s Brazilian unit, according to a prospectus filed on Wednesday. The Qataris are offering 80 million units that are composed of one common share and one preferred share in Banco Santander (Brasil SA) and will be sold in an international sale being underwritten by banks including ... Read More »

Qatar to boost output in world’s biggest gas field

QATAR

DOHA: Energy giant Qatar Petroleum is to launch a new project in the world’s biggest gas field, boosting its output by up to 10 percent, it said Monday. The state-owned firm’s chief Saad Al-Kaabi said it was ending a 12-year moratorium on new projects in the North Field, off the Gulf state’s northern coast. “Qatar Petroleum’s technical studies and assessment ... Read More »

Canada-Qatar business council soon

canada qatar

OTTAWA: In an important step to enhance trade and investment ties between Qatar and Canada, plans are under way to set up a joint business council soon. Canada-Qatar Business Council will be launched in September- October this year, says Adrian Norfolk, Canadian Ambassador to Qatar. Trade and investment are among a range of areas Canada is seeking to develop with ... Read More »

Qatar reveals details of $6.3b UK investment plan

QATAR

DOHA: Qatar plans to increase its investments in the U.K. by 5 billion pounds ($6.3 billion) within the next five years, deepening the countries’ trade ties as London prepares to quit the European Union. The Gulf emirate already has about 35 billion pounds of investments in the UK, ranging from the Harrods department store to The Savoy hotel and the ... Read More »

Qatar approves draft law on domestic workers

QATAR

DOHA: Qatar’s cabinet has approved a draft law specifying the rights and duties of domestic workers in an attempt to regulate the industry, the state news agency QNA announced. The new law is a significant step towards regulating the services of domestic workers as they are not currently covered by Qatar’s existing labour law. The law also sets out the ... Read More »

Qatar defends new labour law amid human rights group criticism

QATYAR

DOHA: Qatar defended its labour law reforms on Monday after coming under attack from a human rights group that said the changes won’t end the abuse and exploitation faced by migrant workers in the country – and may even make it worse. The Qatari government said a new law coming into effect on Tuesday will replace the controversial “kafala” or ... Read More »

Commercial Bank of Qatar misses forecasts with 99% profit slump

QWATAR

DOHA: Commercial Bank of Qatar (CBQ), the Gulf Arab state’s third-largest lender by assets, reported a 99 percent fall in fourth-quarter net profit on Wednesday, according to Reuters calculations. This meant it widely missed analysts forecasts as it was hit by provisions and weakness among its overseas investments. The bank earned a net profit of 1.4 million riyals ($384,499) in ... Read More »