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Qatar

Qatar wealth fund said to inject dollar deposits in local banks

QATAR

DOHA: Qatar’s sovereign wealth fund has injected deposits into local banks to shore up liquidity as an ongoing Saudi-led campaign to isolate the gas-rich Arab state hurts lenders, according to people familiar with the matter. Qatar Investment Authority has placed billions of dollars of cash with Qatari lenders after some banks in Saudi Arabia, the UAE and Bahrain started withdrawing ... Read More »

Qatar wealth fund said to inject dollar deposits in local banks

QATAR

DOHA: Qatar’s sovereign wealth fund has injected deposits into local banks to shore up liquidity as an ongoing Saudi-led campaign to isolate the gas-rich Arab state hurts lenders, according to people familiar with the matter. Qatar Investment Authority has placed billions of dollars of cash with Qatari lenders after some banks in Saudi Arabia, the UAE and Bahrain started withdrawing ... Read More »

UAE follows Saudi Arabia, Bahrain by banning Qatari broadcaster

QATAR

DOHA: The UAE on Wednesday banned the sale of receivers and cards relating to Qatar-based broadcaster bein Sports. According to state news agency WAM, UAE authorities have warned that any shop found selling or renewing subscriptions for the sports network will be fined. It did not say whether existing subscriptions would be affected in any way. The move comes a ... Read More »

Qatar Airways calls on ICAO to lift “illegal” airspace ban

QATAR

DOHA: In a statement issued earlier today, the airline said 90% of its flights had managed to depart within 15 minutes of schedule despite the airspace ban, implemented after Qatar (the country) was accused of destabilising the Middle East region – allegations it denies. Al Baker said the airline itself is not a political entity and called for the ban ... Read More »

Qatari telco Ooredoo placed on negative credit watch by S&P Global Ratings

QATAR

DOHA: The Qatari telco Ooredoo has been put on negative credit watch by the ratings agency S&P Global Ratings, after the agency cut the country’s sovereign credit rating. S&P trimmed Qatar’s long-term debt rating to AA- from AA last week, the first ratings agency to downgrade the country’s debt after the escalation of diplomatic and economic tensions between the country ... Read More »

Qatar can defend economy and currency: FM

QATAR

DOHA: Qatar can easily defend its economy and currency against sanctions by other Arab states, Qatari finance minister Ali Sherif al-Emadi told CNBC television in an interview broadcast on Monday. He added that the countries which had imposed sanctions would also lose money because of the damage to business in the region. “A lot of people think we’re the only ... Read More »

Blockade on Qatar could threaten $200b World Cup projects

QATYAR

DOHA: Qatar is spending $500 million a week to bring one of the biggest events in sport to the Arab world for the first time. The road to football’s 2022 World Cup has been mired in controversy ever since Qatar won the bid to host it seven years ago. But the country — the richest in the world per capita ... Read More »

Saudi blockade vexes Qatar’s $200b World Cup projects

QATYAZR

DOHA: Qatar is spending $500 million a week to bring the world’s biggest sporting event to the Arab world for the first time. Its neighbours, the intended spectators, are blocking supplies from cement to door handles that the country needs to pull off the feat. The road to football’s 2022 World Cup has been mired in controversy since Qatar won ... Read More »

Blue chips help Qatar rebound, weak oil prices hit Saudi

QATAR

DOHA: Qatar’s stock market rebounded in early trade on Thursday after losing 9.7 percent since neighbouring Arab states cut diplomatic and trade relations with it early this week, while an overnight plunge in oil prices weighed on Saudi Arabia’s bourse. Qatar’s stock index was up 2.5 percent after an hour of trade with all 17 companies that have a market ... Read More »

Middle East airlines expected to post $400m profit this year: IATA

QATAR

MUSCAT: Airlines in the Middle East region are expected to post a $400 million profit (down from $1.1 billion in 2016) which is equal to $1.78 per passenger. Passenger demand is expected to grow by 7 per cent, slightly ahead expected capacity growth of 6.9 per cent, according to the International Air Transport Association (IATA). Trading conditions for the Middle ... Read More »

UAE, Saudi, Bahrain and Egypt cut ties with Qatar

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DOHA: Gulf states on Monday cut diplomatic ties with neighbouring Qatar and kicked it out of a military coalition, less than a month after US President Donald Trump visited the region to cement ties with powerhouse Saudi Arabia. In the region’s most serious diplomatic crisis in years, Qatar’s Gulf neighbours Riyadh, Bahrain and the United Arab Emirates as well as ... Read More »

Trump backer denies $190m Qatar-linked tax fraud claim

QATAR

DOHA: Colony NorthStar Inc chairman Tom Barrack is denying an Italian prosecutor’s accusation that he conspired to evade 170 million euros ($190 million) in taxes when he sold luxury Sardinian properties. Barrack, a billionaire real-estate investor who led President Donald Trump’s inaugural committee and frequently advocates for Trump, issued the denial through a lawyer in response to accusations by prosecutor ... Read More »

GCC construction projects valued at $1tr

QATAR

DOHA: The value of ongoing urban construction projects across the GCC has exceeded the $1 trillion mark, according to new research. New research commissioned by Middle East Stone and compiled by data analysts BNC found that projects in the Gulf region are worth a combined $1,097.9 billion, with buildings and urban developments accounting for more than half of that sum ... Read More »

Qatar’s Hamad Int’l sees 10% rise in Q1 passengers

QATAR

DOHA: Hamad International Airport (HIA), Qatar’s gateway to the world, handled a record 21,842 aircraft take-offs and landings and 177,325 tonnes of cargo in the month of March, making it the busiest month for aircraft movement and cargo handling yet. HIA said in a statement that it served a total of 9,782,202 passengers from January to March, up 10 percent ... Read More »

Qatar,Philippines sign contracts worth millions

QATAR

DOHA: Qatar and the Philippines have signed trade agreements worth $200 million during the final leg of President Rodrigo Duterte’s Gulf tour, Manila’s trade and industry secretary told reporters in Doha Sunday. Ramon Lopez said 6,000 jobs would be created in the Philippines as a result of the 13 agreements signed between private companies at the weekend, which covered areas ... Read More »

Dubai’s trade with Qatar grows 92% between 2016

QATAR

DOHA: Dubai’s trade with Qatar grew 92 per cent in the period from 2011 to 2016, reaching Dh15 billion last year, according to Sultan Bin Sulayem, DP World Group Chairman and CEO and Chairman of Ports, Customs and Free Zone Corporation, PCFC. “The GCC customs union is moving steadily towards a full integration between the GCC countries by supporting trade ... Read More »

Pakistan bourse says in share sale talks with Qatar

QATAR

DOHA: Pakistan Stock Exchange, which is seeking a strategic foreign investor, has had “serious interest” from Turkey and Qatar exchanges, the Pakistan bourse’s deputy managing director said. A Qatar official confirmed the talks but downplayed the interest, while Turkish bourse officials did not respond to a request for comment. Pakistan has been enacting financial sector reforms to attract more foreign ... Read More »

Qatar looks to woo UK with ‘Wall Street of the Middle East’ pitch

QATAR

DOHA: atar is on a fresh drive to woo the UK’s financial community, marketing itself as the “Wall Street of the Middle East” at roadshows across the country as it spruces up its image ahead of the 2022 FIFA World Cup. The Qatar Financial Centre (QFC), a government institution set up in 2005, will wrap up its first week of ... Read More »

Qatar’s Non-hydrocarbon growth should pick-up on higher oil prices

QATYAR

DOHA: Despite the halving of oil prices from their 2014 highs, Qatar’s economy continued to grow robustly in 2016, particularly in the non-hydrocarbon sector where key infrastructure projects maintained progress, QNB Group said. In its weekly economic analysis published on Saturday, QNB Group expected higher oil prices over 2017-19 to have two key effects. First, they will help to boost ... Read More »

Vodafone Qatar’s net profit at QR134m

QATAAR

DOHA: Vodafone Qatar yesterday reported a net profit of QR134m for the financial year ended March 31, 2017, registering an improvement of QR196m from losses previous year. The telecom operator reported that EBITDA (earnings before interest, tax, depreciation and amortisation, which is a measure of a company’s operating performance) increased significantly by 34 percent year-on-year to QR537m due to gains ... Read More »