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Qatar private sector pushes total credit growth up 4.2% in 2014

Qatar private sector

DOHA: Qatar’s private sector has pushed total credit growth up 4.2 percent in 2014. Moreover, deposits gained by 0.3 percent MoM taking the overall 2014 growth to 9.6 percent. Thus, the loan-to-deposit ratio (LDR) grew to 109 percent as against 105 percent at the end of 2013, QNB Financial Services (QNBFS) monthly banking sector update noted yesterday. The Qatar banks’ ... Read More »

Qatar Islamic Bank’s net profit for 2014 rises 20% year-on-year to $439.6 million

Qatar Islamic Bank

DOHA: Qatar Islamic Bank (QIB), the Gulf state’s largest sharia-compliant lender by assets, reported a 30.4 per cent jump in fourth-quarter net profit on Sunday, according to Reuters calculations, beating analyst forecasts. Net profit for 2014 gained 20 per cent year-on-year to 1.6 billion Qatari riyals. QIB made a net profit of QAR470 million ($129.1 million) during the period, Reuters calculated ... Read More »

Qatar Airways pioneer start flights with A350 Airbus to Lufthansa

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DOHA:  Qatar Airways became the first airline to start regular flights with Airbus’s most advanced plane, the A350, throwing down a challenge to Germany’s Lufthansa at its home airport. Lufthansa has been a fierce critic of Middle Eastern airlines including Qatar, Emirates and Etihad, citing competition from them and low-cost carriers, along with economic headwinds, for two cuts to its ... Read More »

Twice weekly Airbus 330 flights: Qatar Airways Cargo to launch new Pharma Express freighter service in 2015

QATAR AIRWAYS

DOHA: Qatar Airways Cargo will start a new ‘Pharma Express’ service in January 2015 linking two major pharma origins – Brussels in Belgium and Basel in Switzerland, with the airline’s network through Doha, Qatar, in order to serve the global pharmaceutical industry. Basel is also the first freighter destination for the airline in 2015. It will launch twice weekly Airbus ... Read More »

Qatar to fund energy, other projects in Venezuela

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DOHA: Qatar is considering funding projects in Venezuela, as the Latin American state lobbies fellow crude producers to help repair the damage done to its economy by plummeting oil revenues. Nicolas Maduro, Venezuela’s President said that his country was firming up billions of dollars of financing from Qatari banks. Qatar said the country was still studying the possibility of investing in Venezuela’s energy, ... Read More »

Qatar Airways launches 1st A350 commercial flight to Frankfurt

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DOHA:Qatar Airways launched first A350 900XWB commercial flight took off from Doha to Frankfurt this morning QR067 departed 0749 and is due to arrive 1220 local time and QR68 will depart Frankfurt 1525 and arrive in Doha 2325. Qatar Airways plans to operate double-daily A350 flights to Frankfurt in March, according to industry website airlineroute.net. The Doha carrier has 80 ... Read More »

Qatar petroleum, Shell not to proceed with $6.4b petrochemical project

QATAR PROJECT

DOHA: Qatar petroleum and Shell said they had decided not to proceed with their $6.4 billion  petrochemical project in the Gulf state, the region’s second big energy project to be shelved since oil prices began to plunge late last year. Prices quoted by contractors to build the huge complex showed the project was “commercially unfeasible, particularly in the current economic ... Read More »

Shell ditches $6.5b Qatar project as falling oil, gas price hits hydrocarbons industry

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HARARE: Shell ditched a $6.5bn (£4.3bn) project in the latest sign of the broadening impact of falling oil and gas prices on the hydrocarbons industry. In a statement on Wednesday, Shell said the decision to abandon the Al-Karaana petrochemicals project “came after a careful and thorough evaluation of commercial quotations from EPC (engineering, procurement and construction) bidders, which showed high ... Read More »

Japan, Qatar sign tax treaty agreement

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TOKYO: A bilateral tax treaty has been signed between Japan and Qatar in order to help business and investors escape double taxation involving the two countries, announced the Foreign Ministry. The agreement aims to clarify the taxation on cross-border investment and economic activities between the two countries and to relieve international double taxation, and is expected to promote further mutual ... Read More »

Airbus A350-1000 to launch airline in Qatar in 2017: Director Mike Bausor

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DOHA:  Qatar Airways will be the first airline to fly the Airbus A350-1000, giving the fast-growing Gulf airline a prestigious double crown as launch customer for both the initial A350-900 and its larger longer-range sibling. “The A350-1000 is next on its way, and yet again Qatar Airways will be first airline to receive the A350-1000, which should be entering service ... Read More »

GCC customs union fully operational from Jan 1

DOHA: The long-awaited Gulf Cooperation Council (GCC) customs union became fully operational from January 1.The move signifies a qualitative leap towards a full-fledged regional common market. The first phase of the customs union was launched in January 2003 and its full implementation has taken 12 years. Hurdles like how customs revenues would be shared by member-states according to their economic ... Read More »

Qatar’s trade surplus for Q3 recorded at QR91.8b, down 7pc in 2014

An investor monitors stock market activities at the Doha securities market

DOHA: Qatar’s trade surplus for third quarter (Q3), 2014 stood at QR91.8bn ($25.2bn), down by nearly 7 percent compared to QR98.7bn ($27.10bn) in Q3, 2013, according to a Quarterly Bulletin on foreign merchandise issued by the Ministry of Development Planning and Statistics. Data suggest that the value of Qatar’s total exports (including re-exports) of goods in Q3, 2014, amounted to ... Read More »

Qatar’s first A350 delivery flight lands in Doha with 70 passengers

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DOHA: Qatar’s first A350 XWB landed in Doha under the cover of darkness with approximately 70 Qatar employees, VIP’s and media on-board the delivery flight from Toulouse, France. Airbus handed over the first A350 XWB to launch customer Qatar Airways, and shortly after taking delivery of the aircraft, several executives and more than a hundred members of the media flew ... Read More »

80 planes order: Airbus delivers first A350 to Qatar Airways

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PARIS:  Airbus has at last delivered its first A350 jet, handing over the wide-body plane to Qatar Airways after years of delays and a multibillion-dollar redesign. The Doha-based company, owned by the energy-rich Gulf state, has ordered 80 of the planes, making it not only the launch customer but also the largest single customer of the A350 so far. Qatar ... Read More »

Qatri coast guards foil bid to smuggle 70 bustards

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DOHA: An attempt of bird trafficking by some shady elements was failed by the Law-Enforcement Agency, who tried to smuggle 70 bustards into the country.. Bustards are known in Arabic as ‘hubara’, which is the most favourite prey of the falcons, and so they are used in falconry whose season has begun here. Bustards are expensive and cost a few ... Read More »

US Raytheon clinches $2.4b contract to supply 10 Patriot missile defense systems to Qatar

Raytheon-logo

WASHINGTON: The Raytheon weapons maker company of US has won a contract valued $2.4 billion to supply 10 Patriot missile defense systems to Qatar, which is beefing up its defenses to counter a growing perceived threat from Iran. The contract was negotiated between the governments of the United States and Qatar as part of a $23 billion arms package announced in ... Read More »

Qatar govt introduces major tax reform bill

qatar tax

DOHA: The government introduced legislation billed as the biggest tax reform since independence, with analysts hailing it as a “game changer” that would cut the cost of doing business and boost economic growth.The long-awaited goods-and-services tax (GST) would replace a slew of levies currently in place to create a single internal market. One of various reforms undertaken by Prime Minister ... Read More »

Turkey, Qatar take bold steps for boosting strategic cooperation

qatri

ANKARA: Qatar and Turkey, whose bilateral and regional cooperation has become remarkably more visible in recent years, have taken yet another assertive step to deepen their bilateral relations, signing a series of agreements in Ankara, including a joint memorandum to found a “Supreme Strategic Committee.” Turkish President Recep Tayyip Erdoğan, speaking at a joint press conference on Dec. 19 following ... Read More »

Costa Rica’s Mora eyes Qatar as Middle East trade gateway

mora

SAN JOSE: Minister of Foreign Trade Alexander Mora said Costa Rica eyes on making Qatar its gateway to the Middle East for various economic and trade related initiatives. Mora said we see Qatar as the gateway to our economic and inter political initiatives in the Middle East region. This reciprocity is a natural connection that we should be taking advantage ... Read More »

QIA to pick up $150m stake in India’s e-commerce Flipkart

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MUMBAI: Qatar Investment Authority (QIA) has picked up a $150 million stake in India’s e-commerce poster boy Flipkart, which closed a $700 million fund raising on Wednesday. QIA is the new investor buying into Flipkart, valued at around $11 billion, taking it among the top five privately held technology startups in the world. Existing investors had committed $500 to 600 ... Read More »