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Wednesday , March 22 2017
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Qatar

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 »

Qatar’s SWF part of group to buy $7b stake in UK’s National Grid

QATAR

DOHA: Britain’s National Grid has sold a majority stake in its gas network in a 5.4 billion pound ($7 billion) deal which could test Prime Minister Theresa May’s pledge to vet infrastructure sales to foreign buyers. The FTSE 100-listed group said on Thursday that a consortium led by Australian investment bank Macquarie and which includes Chinese and Qatari state investors, ... Read More »

Qatar’s QInvest launches new European equities fund

QATAR

DOHA: Qatari investment bank QInvest said on Monday it is launching a sharia-compliant European equities fund in partnership with Pioneer Investments, a firm with over $246 billion in assets under management. The fund will focus on investing in pan-European blue-chip, mid and large-cap stocks and Pioneer Investments will manage the fund and act as sub advisor, a statement said. Dr ... Read More »

Qatargas agrees to double LNG supplies to Poland

QATAR

DOHA: State-owned Qatargas has agreed to double volumes of liquefied natural gas (LNG) it supplies to Poland’s gas firm PGNiG to 2 million tonnes per year at a price that may have positive impact on PGNiG’s bottom line, the companies said. The agreement comes as Poland is struggling to reduce its reliance on supplies of Russian gas, while a deepening ... Read More »

Nakilat embarks on further expansion into global markets

QATAR

DOHA: Nakilat, which has grown from just an LNG (liquefied natural gas) shipping company to a comprehensive maritime service provider, has embarked on a multi-pronged strategy to further its expansion into global markets. The strategy was emboldened by its foray into repair and construction operations at the Erhama Bin Jaber Al Jalahma Shipyard as well as agency, towage and vessel ... Read More »

Qatar Airways renews plans for Indian market entry

QATAR

DOHA: Qatar Airways (QR, Doha Hamad Int’l) has once more reiterated its plans to enter the Indian market, this time through an airline wholly-owned by its parent firm. Airline Chief Executive Officer (CEO) Akbar al Baker told a media conference at the ongoing ITB Berlin Travel Trade Show that the Qatar Investment Authority, Qatar’s sovereign wealth fund and Qatar Airways ... Read More »

SAP to open cloud data centre in Qatar

QATAR

DOHA: Company targets a 50% increase in ICT spending expected from companies in the Middle Eastern nation as cloud becomes of paramount relevance to businesses across the board. Continuing a wave of data centre openings, software giant SAP has announced it will launch a private cloud data centre in Qatar. The plans were unveiled by the company at QITCOM 2017 ... Read More »

Multi-billion dollar tourism investment in Qatar

QATAR

DOHA: In the years leading up to the 2022 FIFA World Cup, Qatar plans to almost double tourism income as visitor numbers grow. By 2026, the tourism sector’s contribution is predicted to reach QAR81.2bn ($22bn) or 7.3% of GDP, up from QAR48.5bn ($13bn) in 2015, according to the Qatar Tourism Authority (QTA), The National reported. In 2015 the sector comprised ... Read More »

Qatar to introduce GCC sin tax

QATAR

DOHA: Qatar is planning to introduce a sin tax on luxury items and products that are “harmful to human health and the environment,” in line with the unified agreement among Gulf Cooperation Council (GCC) member states. The country’s cabinet has newly approved draft legislation on the tax prepared by the ministry of finance, Qatar’s state-run news agency, QNA, said. The ... Read More »

Qatar: QNCC to commission two cement mills H1 2017

QATAR

DOHA: H1 2017 will see the commissioning of two cement mills, which are set to increase daily production capacity. According to a Qatar National Cement Company (QNCC) top official, the company will commission two cement mills of Plant 5 for the first half of this year to increase the production capacity by 5,500 tonnes per day, Addressing shareholders during the ... Read More »

Bahrain praises solid ties with Qatar, Kuwait

QATAR

DOHA: His Royal Highness Prime Minister Prince Khalifa bin Salman Al Khalifa chaired the regular weekly Cabinet session, attended by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, Deputy Supreme Commander and First Deputy Premier, at the Gudaibiya Palace today. HRH Premier informed the session about the brotherly visit he is making to the State of ... Read More »

Qatari al-Shaheen crude loading delays seen in Feb-March

QATAR

DOHA: Supply disruptions at Qatar’s largest offshore oilfield al-Shaheen are expected to last until April as at least three lifters have been notified of loading delays in February and March, three trade sources said on Friday. The crude is one of four grades approved for delivery in trades that are carried out during the Platts Market on Close assessment process. ... Read More »

QCB to track US rates as BMI sees another 0.25% hike in Qatar

QATAR

DOHA: The Qatar Central Bank will continue tracking the US Federal Reserve in its tightening cycle over the coming quarters, given the riyal’s dollar peg, BMI Research said and noted it expect another 25 basis points (0.25%) hike in the QCB’s policy rate to 5% this year. Hikes will be enacted without delay as Qatar’s economic growth accelerates, inflation rises ... Read More »

Qatar’s to launch $1.5b new Laffan Refinery

QATAR

DOHA: Officials in Qatar this morning are celebrating the opening of a new refinery in Ras Laffan that will boost the country’s ability to process natural gas. The $1.5 billion Laffan Refinery 2 (LR2) processes some 146,000 barrels per day of condensate from the North Field. This is the single largest natural gas reserve in the world. This effectively doubles ... Read More »

Qatar to impose tax on harmful goods soon

QATAR

DOHA: The Cabinet yesterday approved a draft law on “selective tax” which is to be imposed on specific goods, such as items that causes adverse impact on environment and health of end-users. The decision was announced after the Cabinet’s regular weekly meeting yesterday which reviewed a number of decisions and measures on the agenda, including the draft law on upcoming ... Read More »

Emaar Properties net profits jump 28%

QATAR

DOHA: Dubai-based developer Emaar, which built the world’s tallest tower Burj Khalifa, said yesterday its net profits rose sharply last year due to increased revenue in real estate, retail and hospitality. Emaar Properties recorded annual net profits of 5.233bn dirhams ($1.425 bn) for 2016, up 28 percent from the previous year, it said in a statement. They were boosted by ... Read More »

GCC set to impose 5% VAT in 2018

QATAR

DOHA: spite administrative and technical obstacles, policymakers in the Gulf Cooperation Council (GCC) are all set to introduce a 5 percent value-added tax at the start of next year, a senior UAE official has said. The tax, planned to be adopted in 2018, is aimed at increasing non-oil revenues, but economists and officials in some countries have said privately that ... Read More »

Qatar Petroleum joins international consortium to develop LNG import project in Pakistan

LNG imports

DOHA: Qatar Petroleum (QP) has joined an international consortium comprising major oil companies to develop a liquefied natural gas (LNG) import project in Pakistan, in collaboration with Global Energy Infrastructure Limited (GEIL). In addition to QP, the consortium includes Total, Mitsubishi, ExxonMobil and Höegh. The LNG project will have a floating storage and regasification unit (FSRU), a jetty and a ... Read More »

Qatar Airways cargo increases pharma express flights

Qatar Airways cargo increases pharma express flights

DOHA: Qatar Airways Cargo announced the launch of additional Pharma Express flights from the pharmaceutical hubs of Basel and Brussels to Doha, providing a unique and dedicated air service to the growing pharmaceutical industry. Basel and Brussels are both home to the headquarters of major pharmaceutical companies, while the Swiss chemical exports are largely shipped out of Basel. Qatar Airways ... Read More »

Qatar says producers sticking to oil output cuts

QATAR

DOHA: Qatar’s energy minister says OPEC members and oil-producing allies are adhering to previously agreed production cuts aimed at taking supply off the market to push up the price of crude. Mohammed bin Saleh al-Sada said in Doha on Wednesday that “adherence is excellent” to cuts in oil production agreed on in December 2016. He currently serves as president of ... Read More »