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Traders are on a record-long streak of hedging against a decline in the Egyptian pound as some Wall Street banks warn growing pressures on the currency could soon force the central bank’s hand in allowing another devaluation.Time may be short for a country facing what Citigroup Inc said is growing pent-up demand for dollars that won’t ease without more currency flexibility and stronger investment flows. Half measures haven’t been enough, stalling deals and resulting in an underperformance of Egypt’s bonds.The market verdict also reflects scrutiny of Egypt’s pledge in October to move to a flexible exchange rate, which helped it clinch a $3bn deal with the International Monetary Fund. But the pound has been on a short leash for weeks as a dire inflation outlook at home becomes a focus for authorities, especially after hiking fuel prices and with only days left before the holy month of Ramadan. Accelerating inflation is adding pressure on the currency, which has traded “relatively flat” since the January devaluation “despite clear signs of ongoing FX liquidity shortages,” Farouk Soussa, an economist at Goldman Sachs Group Inc, said in a note.Ahead of the first review of the IMF’s programme this month, the derivatives market is signalling a deeper slide in the pound even after three devaluations in the past year lopped off almost half its value.The one- and 12-month contracts on the currency in the non-deliverable forwards market posted their 10th week of losses in the five days through Friday, the longest such streak in data going back to 2007.In another measure of expectations for a devaluation, Commercial International Bank’s depository receipts on the London Stock Exchange are trading at a 14% discount to their shares in Cairo.Egypt will need to loosen its grip on the pound “sooner, rather than later,” said Edwin Gutierrez, head of emerging-market sovereign debt at abrdn in London.“It’s still a very managed currency, which is not what the fund wants to see — or emerging-market debt managers for that matter,” Gutierrez said. “The equilibrium is for a weaker currency, which would cause higher inflation, as they aren’t getting any capital inflows.”The Arab world’s most populous nation is struggling again to clear out billions of dollars of imports that have remained blocked at its ports. That’s created an unfulfilled demand for hard currency and worsened the fallout of Russia’s invasion of Ukraine on one of the world’s biggest buyers of commodities such as wheat.The backlog is currently estimated at around $4bn, from as low as $2.5bn in January, according to Citigroup. Reflecting a deterioration in confidence, foreign-currency deposits increased in January by the most since July, it said in a report last week.Facing investor impatience and doubts over progress in pursuing asset sales, the government said it will begin the process of offering two military-affiliated companies this week, and is planning to put forward another four large firms.The central bank may have to raise interest rates by as much as 300 basis points when it meets later this month, after February’s inflation far surpassed forecasts, according to Goldman Sachs.In February, policymakers defied most analysts’ expectations by leaving borrowing costs unchanged for the first time since September, saying they were assessing the impact of a combined 800 basis points of increases in 2022.While posing a risk for inflation, a weaker pound would help ease pressure on Egypt’s balance of payments and make the funding gap more manageable.In the non-deliverable forwards market, the one-month contract on the pound has weakened about 4% since the end of February to 32.6 per dollar, while the 12-month contract is at around 38.Non-deliverable forward contracts allow investors to take a view on the exchange rate and settle the difference between the agreed rate and the actual price in dollars.The pound traded at almost 31 versus the dollar on Monday. It’s weakened about 2% since end-January, less than declines seen in the Russian rouble, Argentina’s peso, the Zambian kwacha and South Korea’s won. The Egyptian currency’s real effective exchange rate is 23% cheaper than its 10-year average, according to Citigroup.

China reported a rebound in consumer spending, industrial output and investment this year after coronavirus restrictions were dropped, while warning of risks to the economy’s recovery as unemployment rose and real estate investment continued to slump.Retail sales rose 3.5% in January and February compared to the same period last year, the National Bureau of Statistics said on Wednesday. Industrial output rose 2.4% and fixed-asset investment grew strongly, as local governments increased infrastructure spending to spur the recovery. However, the unemployment rate increased, pointing to weakness in domestic demand.The numbers were broadly in line with economists’ estimates and came after Beijing signalled that it would provide a similar fiscal stimulus to the economy as last year, betting on consumers to drive the recovery. Economists said the data was consistent with China meeting its target of around 5% GDP growth this year, a significant boost to global demand as the US and European economies face recession fears.The data is “pointing to a steady rather than accelerating momentum, which also indicates strong policy support is needed to unleash the growth potential,” said Zhou Hao, chief economist at Guotai Junan International Holdings. “The relatively high jobless rate seems to suggest that the further recovery of consumption will hinge on policy dynamics,” he said.The two-month data may not fully reflect recent strength in consumer spending, as it includes January when China was hit by a wave of coronavirus infections that followed the government’s sudden ending of Covid restrictions the previous month. Cases apparently peaked ahead of the Lunar New Year holiday in late January, prompting people to travel and spend again. Factories also benefited as workforce shortages due to Covid eased.The value of new apartment sales over the period rose 3.5% on-year, compared with a 22% slump in the first two months of 2022. That recovery from a low base is a sign that Beijing’s financial support for the property sector is taking effect following a deep real estate slump which has lasted for more than a year. However, residential property investment fell 4.6%, meaning better sales are not yet leading to growth in housing investment which economists estimate drives up to 20% of demand in China’s economy. Beijing has refrained from providing cash stimulus to households, betting that a pick-up in hiring by companies will boost wages and spending. However, China’s official urban unemployment rate rose to 5.6% from 5.5% in December, and the jobless rate for young people jumped to a six-month high of 18.1%.“The problem of insufficient demand is still prominent. The economy’s foundation for rebounding is not yet secured,” the statistics bureau said in a statement.The bureau combines the data releases for the two months of January and February to avoid distortions from the Lunar New Year holiday, which can fall in either month in different years.Key highlights of the data:n Industrial output rose 2.4% in January-February from a year earlier, lower than the 2.6% forecast.n Retail sales increased 3.5% in the period, in line with expectations.n Fixed-asset investment climbed 5.5% during the two-month period, better than the 4.5% estimate and 5.1% growth for the whole of last year. Overall property investment contracted 5.7%, less than the 8.5% decline predicted by economists.n The urban unemployment rate rose to 5.6% from 5.5% in December. The jobless rate for young people jumped to a six-month high of 18.1%.

The startup OpenAI yesterday said it is beginning to release a powerful artificial intelligence model known as GPT-4, setting the stage for human-like technology to proliferate and more competition between its backer Microsoft Corp and Alphabet Inc’s Google.OpenAI, which created the chatbot sensation ChatGPT, said that its latest technology is “multimodal,” meaning images as well as text prompts can spur it to generate content. The text-input feature will be available to ChatGPT Plus subscribers and to software developers, with a waitlist, while the image-input ability remains a preview of its research.The highly-anticipated launch signals how office workers may turn to ever-improving AI for still more tasks, as well as how technology companies are locked in competition to win business from such advances.Alphabet Inc’s Google yesterday announced a “magic wand” for its collaboration software that can draft virtually any document, days before Microsoft is expected to showcase AI for its competing Word processor, likely powered by OpenAI.The startup’s latest technology in some cases represented a vast improvement on its prior version known as GPT-3.5, it said. In a simulation of the bar exam required of US law school graduates before professional practice, the new model scored around the top 10% of test takers, versus the older model ranking around the bottom 10%, OpenAI said.While the two versions can appear similar in casual conversation, “the difference comes out when the complexity of the task reaches a sufficient threshold,” OpenAI said, noting “GPT-4 is more reliable, creative, and able to handle much more nuanced instructions.”

Two Saudi Arabian airlines announced plans on Tuesday to order a combined 78 Boeing 787 Dreamliners, a big win for Boeing that marks the fifth largest commercial order by value in its history.State-owned Saudi Arabian Airlines (Saudia) and new national airline Riyadh Air will each buy 39 widebody 787s from the US-based planemaker.The deal contains options for 10 additional Dreamliners for Saudia and 33 for Riyadh Air.Reuters reported details of the planned order on Monday, citing sources.The list prices for 78 planes would total nearly $37bn, Reuters previously reported.Boeing chief executive Dave Calhoun said the order showed the huge demand for widebody airplanes around the world as tourism continues to rebound, and is the latest in a series of big 787 orders.“It’s like the biggest I’ve ever seen,” Calhoun said of 787 demand. “The world wants to connect in this post-Covid moment.”Calhoun said the planemaker was standing by its 787 production guidance announced in November, which calls for Boeing to ramp up to 10 787s by the 2025-2026 timeframe.All customers, “specifically Riyadh Air, are all built into that schedule”, Calhoun said. “We have a lot of confidence that we can meet it and that was an important part of this deal.”The Federal Aviation Administration on Friday approved Boeing’s plan to resume deliveries of the 787.Boeing shares were up 3.6% in early trading.The company’s clean sweep of the lucrative widebody order is a blow for European rival Airbus which as recently as late last year had been expected to secure at least part of the deal.Saudia currently operates both Airbus and Boeing jets.Richard Aboulafia, an aerospace analyst at AeroDynamic Advisories, said Boeing’s success in capturing the entire order could partially be due to “a greater US presence in the region — politically, diplomatically, economically”.He added however that “it’s also quite likely that the 787 is just closer to their requirements right now”.Saudi Arabia’s Crown Prince Mohamed bin Salman announced on Sunday the creation of new national airline Riyadh Air, with industry veteran Tony Douglas as its chief executive, as the kingdom moves to compete with regional travel hubs.“We’ve got a blank sheet of paper,” Douglas told Reuters on Tuesday.Riyadh Air is wholly owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which has more than $600bn in assets and is the main driver of the kingdom’s efforts to wean itself off oil.The airline will serve more than 100 destinations around the world by 2030.

Egypt’s central bank may have to raise interest rates by as much as 300 basis points when it meets later this month, after February’s inflation far surpassed expectations, according to Goldman Sachs Group Inc.A rate hike of that size has a recent precedent in Egypt, which has also had to devalue its currency several times over the past year. In December, the central bank hiked the benchmark deposit rate by 300 basis points — the most since 2016 — to 16.25% but has since kept it there.“Containing inflation expectations and, in particular, improving domestic FX liquidity to ease chronic pressure on the Egyptian pound will require the Central Bank of Egypt to pursue tighter monetary policy in the coming months,” Farouk Soussa, an economist at Goldman in London, said in a report.Goldman previously said it couldn’t rule out an unscheduled rate increase in response to pressure on inflation and the pound. Economists at Cairo-based Naeem Brokerage said after the latest inflation data that “an emergency meeting” may precede a hike of 200-300 basis points.A surge in inflation to the fastest in over five years has turned Egypt’s official borrowing costs deeply negative when adjusted for inflation. A real rate that was once the world’s highest is now almost 16% below zero, one of the lowest among more than 50 major economies tracked by Bloomberg.The Monetary Policy Committee surprised by leaving rates on hold last month, saying it was assessing the impact of a combined 800 basis points of increases in 2022. It targets inflation of 7%, plus or minus 2 percentage points, by the fourth quarter of next year.But in February consumer prices climbed an annual 31.9%, with food costs growing at a record pace. The pound has lost almost half of its value since last March as Egypt struggles with its worst foreign-exchange shortage in years.The International Monetary Fund approved a $3bn loan for Egypt in December, with the full disbursement conditional on reforms that include a shift to a more flexible exchange rate.“The risk of further pound weakness in the immediate term is high, particularly within the context of the first review under the IMF programme, due this month,” Soussa said.

For anyone hoping that Dubai’s red hot property market would start to cool this year, there’s bad news — it’s getting worse.The average annual rent for a villa, or family home, in the emirate jumped 26% in the year through to February to reach 295,436 dirhams ($80,436), according to real estate adviser CBRE Group Inc. Average apartment rents, meanwhile, soared 28% to 99,737 dirhams.The average sale price for villas rose 14%, while apartment prices rose 11% through February, according to CBRE.Still, the jump in prices isn’t deterring investors or property developers. The number of transactions in February soared 43.9% to 8,515. Sales were mostly underpinned by developers starting new projects and the return of so-called off-plan sales when homes are sold ahead of construction. The number of these type of properties surged 78.1% in February, while secondary market sales rose 18.8%.Demand for Dubai property is booming as the government’s handling of the pandemic and its liberal visa policies attract more foreign buyers. Home prices and rents have surged amid an influx of Russians looking to protect their wealth after the invasion of Ukraine, and as Israeli investors, crypto millionaires, and hedge fund executives set up in the city. “We have seen the strongest start to the year, in demand terms,” Taimur Khan, CBRE’s head of research, said in an interview. “Developers, who mostly held off on new projects in the past couple of years, are getting back into building as they see strong demand.”Many developers in Dubai sell properties with buyers paying in instalments sometimes before even a single brick has been laid. Although developers are building more off-plan properties, the scale of construction isn’t the same as 2014 when thousands of homes were launched, Khan said. Most development is now close to existing neighbourhoods and is limited due to higher material costs and tighter credit.

British Prime Minister Rishi Sunak and French President Emmanuel Macron yesterday agreed a new pact to stop illegal cross-Channel migration after a summit in Paris aimed at overcoming years of Brexit tensions.Both leaders hailed a new start in relations between the two neighbours, after intense talks in Paris which were also marked by expressions of unity in their support for Ukraine in fighting the Russian invasion.It was the first UK-French summit in five years, after Sunak became prime minister in October following the stormy tenures of Boris Johnson and Liz Truss marked by rancorous relations with Paris.The centrepiece of the new atmosphere yesterday was the deal to thwart illegal cross-Channel migration, a prime political priority for Sunak as he seeks to rescue the popularity of the ruling right-wing Conservative party.London will step up funding to France over the next three years to total 541mn euros ($575mn), allowing the deployment of “hundreds” of extra French law enforcement officers along the Channel coast to stop the illegal migration, the British government said in a statement.Macron said his talks with Sunak marked a “new start” while Sunak said it was “a new beginning, an entente renewed”.“We’re writing a new chapter in this relationship,” Sunak added, acknowledging the relationship “has had its challenges in recent years”.Under the deal, for the first time the UK will help fund a detention centre in France to enhance its ability to cope with the number of people being trafficked across the Channel.“We don’t need to manage this problem, we need to break it,” said Sunak.“And today, we have gone further than ever before to put an end to this disgusting trade in human life.”The new funding from the UK this year is already more than double last year’s package worth over 70mn euros that increased the number of French police patrolling Channel shores.Sunak is under fierce pressure at home to reduce the number of asylum seekers arriving in Britain, and this week unveiled legislation that critics said would make Britain an international outlaw on refugee rights.“There is no one silver bullet to solve this problem. So the legislation we introduced this week is incredibly important, co-operation with the French is important, illegal migration enforcement at home is important,” Sunak explained as he travelled to Paris on the Eurostar train.The United Nations’ children’s agency yesterday joined critics of the proposed law aimed at stopping migrants arriving by small boat, saying it was “deeply concerned” about its impact on minors.Jon Sparkes, head of United Nations Children’s Fund in the UK, said the bill could deny children and families the chance to seek safety in the UK. “For almost all children fleeing conflict and persecution there is no safe and legal route into the UK,” Sparkes said.The bill plans to ban people who have arrived in the country illegally from seeking asylum. Instead they will be detained and sent to a third country deemed safe. Exceptions would be made for minors, but only if they were unaccompanied.Sparkes said the bill was published without an assessment of its impact on children, leaving many critical questions unanswered.“It is not clear how this bill will be compatible with existing UK government duties to act in the best interests of the child, and it is questionable whether the removal of a child to a third country, following a perilous journey to the UK, could ever be in their best interest,” he said.Speaking on Ukraine, Britain and France said that they would jointly train Ukrainian marines. The two leaders said they were in complete agreement on helping Ukraine to defeat the Russian invasion and it should be Kyiv that chooses when any peace talks start.“We want Ukraine to win this war. We are absolutely united on this,” said Sunak.Macron’s distrust of Brexit figurehead Johnson was barely concealed, while Truss said she didn’t know whether the French leader was a “friend or foe” during her campaign to become prime minister.But both sides now see an opportunity to reset the “Entente Cordiale” between Western Europe’s two nuclear powers.“I hope it can be the start of a stronger relationship between us and it’s a privilege to be able to play a part in that,” Sunak told reporters as he travelled over.As part of the British government’s post-Brexit outreach, the summit paves the way for King Charles III to make France his first foreign destination when he heads there on a state visit at the end of March.

The United Kingdom yesterday announced the rollout of an Electronic Travel Authorisation (ETA) scheme, with visitors from Qatar the first to use it from October.Qataris will apply in advance for an ETA, which authorises an individual to travel to the UK and which the government says will make border crossings more efficient and secure.After the initial launch for Qatar, the scheme will be open to visitors from the rest of the Gulf Co-operation Council states and Jordan from February 2024.By the end of 2024, ETAs will be required for all foreign visitors who are eligible to come visa-free for short stays, including from Europe.Currently, travellers from the continent and countries such as the United States and Australia do not need to make any form of application to visit to the UK.“Strengthening our border remains one of the government’s top priorities,” British Immigration Minister Robert Jenrick said.“ETAs will enhance our border security by increasing our knowledge about those seeking to come to the UK and preventing the arrival of those who pose a threat.“It will also improve travel for legitimate visitors, with those visiting from Gulf Co-operation Council states being among the first to benefit,” he added. (AFP)

The Civil Services and Government Development Bureau of Qatar (CGB) has announced a partnership with the Global Innovation Management Institute (GIMI) to hold Qatar’s first government services “Hackathon”, at the Qatar Research, Development and Innovation (QRDI) Council, from March 19-21, exclusively targeting government sector employees, with the aim of developing innovative upgrades and solutions for government services.CGB president Abdulaziz bin Nasser bin Mubarak al-Khalifa said that organising this first Hackathon, with the objective of developing government services, comes within the framework of Qatar’s Qatar Research, Development and Innovation Strategy 2030 (QRDI 2030).GIMI managing director Dr Hitendra Patel expressed enthusiasm for this collaboration by remarking that visionary leaders and governments are the first to imagine a better future and create it.He cited the government of Qatar as being a case in point, as it does not wait for the future to come to it, instead it leads proactively to better its services for the well-being of its citizens, residents and guests through innovation.The CGB and GIMI organised two preparatory workshops for 60 participants, on innovation in governmental services, targeting five government bodies, with the aim of enabling employees to be part of the service development process, training them on using various techniques and programmes to set and track government services’ workings, identify challenges, and come up with best solutions.This co-operation is part of the CGB’s efforts to upgrade and update organisational and administrative work, as well as training public sector staff, whilst constantly reviewing governmental strategies, programmes, initiatives and services, and benefiting from global expertise and partnerships. – QNA

HE the Minister of Social Development and Family Maryam bint Ali bin Nasser al-Misnad said that the first year of marriage programme is a comprehensive social movement that reflects the ministry’s slogan highlighting the importance of the strength of the family in Qatar.The minister said that the programme for the first year of marriage covers the theoretical, educational and awareness aspects, in addition to training and practical packages, with the aim of strengthening the strength and solidity of the Qatari family, and the success of the marriage institution within the local community.She emphasised the close joint work between the Qatar’s private and governmental institutions to raise awareness of family-related issues, in addition to raising awareness of the behaviours that spouses must adopt, such as managing financial affairs, mutual and continuous dialogue, and how to face crises, manage psychological stress, and other basic information that couples need during the first years of marriage. – QNA

Qatar University (QU) alumni gathered and reconnected at the Alumni Reunion 2023 this week.The event was attended by a number of dignitaries, distinguished guests, senior officials, faculty and staff.As part of the event, QU alumnus and HE the Minister of Municipality Dr Abdullah bin Abdulaziz bin Turki al-Subaie was honoured.He holds an undergraduate degree in electrical engineering, a master’s degree in Business Administration, and a PhD in Management from the QU.QU Alumni Association president and HE the Minister of Environment and Climate Change Sheikh Dr Faleh bin Nasser bin Ahmed bin Ali al-Thani, in his speech, urged the alumni to maintain contact with their alma mater.During the ceremony, a documentary highlighting the efforts of the QU Alumni Association, among other sectors in the QU, was shown.The Alumni Relations Office manager Buthaina Ibrahim Lanaqwi spoke about the importance of the occasion bringing together generations of QU alumni.She called on them to participate effectively in serving their university from their areas of work.

Minister of International Co-operation of Egypt Rania al-Mashat praised the Doha Programme of Action (DPoA) for the decade 2022-2031, and what it contains of basic criteria, and its considerable solutions related to innovation, policy setting, and providing support that can be used to build on in the next phase to support the least developed countries (LDCs) and graduate them from the list.In her exclusive remarks to Qatar News Agency (QNA), the Egyptian Minister of International Co-operation stressed that the 5th United Nations Conference on the Least Developed Countries (LDC5), convened in Doha, represents a valuable chance for these countries to meet with development partners from different countries. She pointed out that Egypt is the president of the steering committee of the New Partnership for Africa’s Development (NEPAD), which includes the vision of the African Union for the economic and social development of the African continent. She also pointed out that she held bilateral meetings with Qatar Fund for Development (QFFD), inviting it to participate in developmental projects in Egypt through financing with other development partners. She said that the LDC5 conference formed a valuable chance to meet with officials from Asian Infrastructure Investment Bank to discuss issues related to that field. She added that the LDC5 conference is witnessing considerable momentum in light of the crises facing the world, which started with the Covid-19 pandemic followed by the Russian-Ukrainian war and its great repercussions on the LDCs. She noted that the LDC5 included several discussions and qualitative sessions led by the South-South and Triangular Co-operation and other topics related to activating the role of UN institutions and international financing organisations, state relations, and exchange of expertise. She indicated that she participated in a number of sessions related to the structural reforms of states, stressing that any structural reforms must stem from the state itself, and not from outside. Therefore, countries must create a balance in developing and implementing structural reforms. (QNA)

HE the Minister of State for Foreign Affairs Sultan bin Saad al-Muraikhi, said that Doha Programme of Work and Doha Political Declaration constitute an important legacy for Qatar and the international community to co-operate in the field of development, as part of the humanitarian duty towards the people of the least developed countries. He stressed, during his presidency of the closing session of the Fifth United Nations Conference on the Least Developed Countries (LDC5), which was held in Doha from March 5-9, that the Doha Programme of Work embodied, within the framework of six broad thematic areas, the main elements of the sustainable development plan for the year 2030, in addition, he discussed the new and emerging challenges posed by the current global landscape and the opportunities it offers.HE al-Muraikhi explained that this document represents an important tool for the international community through which the global challenges faced by the least developed countries are addressed, and that it will generate a new impetus for achieving fair, sustainable and inclusive economic development for all in the least developed countries. He expressed Qatar’s aspiration for member states, parliaments, civil society, the private sector, academics and youth to play an effective role in working to implement the Doha Work Programme and achieve the desired results in accordance with the commitments made during the past five days. HE al-Muraikhi stressed that these goals should not remain on paper, but must be translated into actions and tangible results, through practical measures to bring about the desired transformation in the lives of the people of the least developed countries, pointing to the announcement of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, in his opening speech to the conference, regarding Qatar’s contribution of $60mn, of which $10mn has been allocated to support the implementation of the activities of the Doha Programme of Action for the Least Developed Countries, and $50mn to support the outcomes of the Doha Programme of Action and build adaptation capacities in least developed countries.HE al-Muraikhi stressed that Qatar will not only provide financial contributions to follow up and monitor the implementation of the Doha Programme of Action, but will also seek to include issues related to the least developed countries at the top of the international community’s priorities and contribute to efforts to find solutions to the urgent problems afflicting the least developed countries. He added that while Qatar pledges to be at the forefront of countries working to implement the Doha Program of Action, and because no country can act alone, we urge development partners to follow the example of Qatar and take the initiative to support the implementation of the Doha Programme of Action.He called on the participants in the conference to pledge in Doha to harness all possible means to transform the capabilities of the least developed countries into effective tools to achieve prosperity and improve the conditions of 1bn and 200mn people around the world, until the world meets again after 10 years, to work on turning the hopes represented by the Doha Programme of Action into reality, by working together to enable this program and the opportunity it represents for hope and change.HE al-Muraikhi pointed out that based on the firm policy of Qatar and its belief in work based on the principle of partnership and co-operation with the international community, its preparations for the Fifth United Nations Conference on the Least Developed Countries have started since March 2019, when Qatar submitted a request to the Secretary-General of the United Nations, which includes its full readiness to host the conference. He stated that Qatar harnessed all its capabilities in the framework of preparing for the conference, and was keen to hold many regional and thematic meetings, and to actively participate in all activities that culminated in the adoption of the Doha Programme of Action for the Least Developed Countries for the Decade 2022-2031.He continued: “We stand today at the end of five days of rich deliberations and fruitful activities, including plenary sessions, round tables, and multiple side meetings, which highlighted the convergence and consensus on how to address the various challenges facing the least developed countries”.

The Fifth UN Conference on the Least Developed Countries (LDC5): From Potential To Prosperity concluded Thursday at Qatar National Convention Centre (QNCC) with member states and organisations pledging assistance of $1.4bn for poor states across the world. While supporting biodiversity improvement, addressing malnutrition and building resilience, the assistance will be disbursed as grants, investments, loans, aid, development projects and technical support. LDC5 host Qatar announced a financial package of $60mn of which $10 mn will be spent to support the implementation of the Doha Programme of Action and $50 mn to help build resilience in the LDCs. Germany pledged €200 mn in new money in 2023 for financing the LDCs while Canada announced $59 mn to deliver vitamin supplements in 15 LDCs and ecosystem conservation in Burkina Faso. The EU Commission announced cooperation agreements advancing sustainable investments in Africa totalling more than €130 mn of investment. Finland announced an annual event called the United Nations LDC Future Forum in Helsinki, with the United Nations Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) to ensure that the latest thinking and research is being put to work to ensure progress in the most vulnerable states. The Green Climate Fund announced a new project to give $80 mn in equity to offer green guarantees to businesses in LDCs and bring down the cost of capital. The United Nations World Tourism Organisation (UNWTO), announced a new €10 mn Tourism for Development Fund for LDCs, supported by TUI Care Foundation, that will invest by 2030 to support sustainable tourism in LDCs as a key driver of development. The government of Kazakhstan pledged $50,000 to continue their work supporting the most vulnerable member states of the UN. Saudi Arabia announced a major new loan package of $800mn for LDCs, according to AFP.HE Minister of State for Foreign Affairs Sultan bin Saad al-Muraikhi presided over the closing session. Al-Muraikhi said Qatar harnessed all its capabilities in preparing for the conference and was keen to hold many regional and thematic meetings and to participate actively in all activities.“We stand today at the end of five days of rich deliberations and fruitful activities, including plenary sessions, round tables, and multiple side meetings, which highlighted the convergence and consensus on how to address the various challenges facing the least developed countries,” he said adding that the outcomes of the conference and what has been accomplished during these days will be an opportunity to achieve the desired change.UN Deputy Secretary-General Amina J Mohamed said the conference achieved a considerable amount. She called for the international community’s support and commitment for LDCs. “LDCs cannot wait. They need commitment now. We go forward with renewed hope and determination, and commit to a decade of delivery for the LDCs,” she said.“We have adopted a safe, secure and irreversible path towards graduation from the poverty bracket to middle income status,” said Dr Lazarus Chakwera, President of Malawi and current Chair of the Group of LDCs.“The commitments made this week are a true embodiment of global solidarity and partnership and will pave the way for a new era of international cooperation,” said Secretary General of the Conference and UN High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States Rabab Fatima. HE the Permanent Representative of Qatar to the UN Sheikha Alya Ahmed bin Saif al-Thani and several other dignitaries attended the closing session.****LDC5 adopts ‘Doha Declaration’ The Fifth United Nations Conference on the Least Developed Countries (LDC5) concluded its work yesterday evening at the Qatar National Convention Center, with the adoption of the “Doha Declaration”, which reinforces the international community’s commitment to the Doha Program of Action (2022-2031) towards the 46 least developed countries (LDCs).

Saudi Arabia yesterday announced that all GCC residents can now obtain a Saudi tourist visa regardless of their profession. “Saudi visa application is now simpler, more convenient and straightforward for residents of GCC States, regardless of their profession. Apply now,” Saudi Minister of Tourism and Chairman of Saudi Tourism Authority Ahmed al-Khateeb tweeted.The visa enables the holder to visit Saudi Arabia for tourism and Umrah. It can be for a single entry or multiple entries. To apply, one has to visit the eVisa page on the Visit Saudi Arabia website (https://www.visitsaudi.com/visa) and fill out the required information, upload the required documents and pay the eVisa fees. The applicant will then receive the eVisa by e-mail.“The tourist visa allows you to take part in tourism-related activities such as events, family and relative visits, leisure and Umrah (excluding Haj), and excludes other activities such as studying,” the website says.The multiple-entry tourist visa is valid for one year from the date of issuance, and the permissible period of stay is 90 days. On the other hand, the single-entry tourist visa is valid for three months from the date of issuance, and the permissible period of stay is 30 days.The cost of the eVisa is 300 Saudi riyals plus full health insurance fees. The visa application fee is non-refundable.The minimum age of applicants is 18. For children under 18, the parent is required to apply first. “For religious tourists, please note that visa holders can perform Umrah anytime except during the Haj season,” the website explains. “Applicants must complete separate visa applications for each member of their direct family and must accompany the member upon entering Saudi.”The conditions also state that the applicant’s residency document from a GCC country must be valid for at least three months, and the passport for six months.

Qatar Chamber has held meetings with officials from Uganda and Chad to review investment relations with both countries.Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari met with Uganda’s Minister of Foreign Affairs Odongo Jeje Abu Bakr, as well as with Ali Adji, the president of the Chamber of Commerce, Industry, Agriculture, Mines and Handicrafts of Chad.Al-Kuwari’s meeting with the minister touched on the economic and commercial relations between Qatar and Uganda and the means to enhance them, and the most prominent sectors in which Qatari investors can invest.Al-Kuwari stressed that the chamber strongly encourages Qatari businessmen to explore the investment opportunities available in friendly countries, such as Uganda, noting that Uganda is rich in investment opportunities and offers many incentives in various sectors like mining, agriculture, and infrastructure.Abu Bakr said his country offers a host of investment opportunities in a number of sectors, indicating that there is room for enhancing co-operation between businessmen from both countries, as well as establishing partnerships that are advantageous for both economies. He also underscored the leading role of chambers on both sides in stimulating businessmen to explore available opportunities.The minister also called on Qatari investors to invest in his country, which offers multiple opportunities in agriculture, mining, halal products, and Islamic banking. He invited Qatari investors to visit Uganda to learn about its investment climate and review the possibility to forge partnerships with their Ugandan counterparts.Al-Kuwari’s meeting with Adji, on the other hand, discussed means to enhance investment and commercial relations between Qatar and Chad, and the available opportunities in the Central African nation’s diverse sectors, such as agriculture, livestock, and housing.Al-Kuwari underscored the interest of Qatari investors to explore investment opportunities in Chad, saying they are looking at African markets, such as Chad, which is replete with plenty of opportunities.Adji said Chad welcomes Qatari investments, noting that the country owns “tremendous potential” in agriculture and livestock. He also said Chad has a host of products that could be exported to Qatar, including meat, cotton, sesame, corm, natural gum, peanuts, and salt.

Equity and funding are the major challenges facing energy transitions, according to a session exploring the topic on the second day of Qatar Foundation’s Earthna Summit 2023. The session brought together a group of experts in the field of energy and sustainability who discussed how international policies are affecting current energy transition, and the tools and plans countries are using to decarbonise their economies.Shedding light on the challenges in the area of global energy transition, Omran Hamad al-Kuwari, CEO, Qatar Foundation International (QFI) said, “We need to consider cumulative carbon emissions as many countries have contributed to the emissions in ways others haven’t. And what tends to be the case is that the countries that are most affected by climate change are the ones who have emitted the least.“And, unfortunately, although renewable energy capacity is increasing at a rapid pace in various parts of the world, that development cannot really happen the same way in other countries.“The other challenge is funding – how to enable developing countries reach their energy transition targets and transfer the required resources and knowledge to them in a way that is equitable.” The session also heard from Dr Dhabia al-Mohannadi, assistant professor, Chemical Engineering at Texas A&M University in Qatar – a QF partner university – who spoke about the multiple policies that governments can follow to reduce their CO2 emission, and the need to understand where the emissions come from depending on each country’s specific emissions profile. “In Qatar, a lot of our CO2 emission is coming from the extraction of natural gas and separating CO2 in the process of liquefied natural gas production,” she said. “The rest comes mainly from the power and water sector. Once the emissions profile is understood, the tools that can help in energy transition are then looked at. It can be economic tools, technological tools, or policies that are adapted from international level to a local level.Dr Dhabia al-Mohannadi explained that with Qatar having adopted the climate targets of reducing emission by 25% over the coming years, “most of these emissions would be reduced by using more efficient technologies in the industrial sector.”The session reflected that the age of unabated fossil fuel production is being left behind. Even for companies that will continue to use fossil fuels, they are trying to reduce their emissions.

HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani met with several ministers and senior officials on the sidelines of the 5th United Nations Conference on Least Developed Countries, which took place in Doha on March 5-9.The minister met, separately, with Faisal bin Fadel al-Ibrahim, Minister of Economy and Planning, Saudi Arabia; Daniyar Amangeldiev, Minister of Economy and Commerce, Kyrgyz Republic; Kairat Umarov, Special Envoy of the President of the Republic of Kazakhstan and First Deputy Minister of Foreign Affairs; Moses Kiarie Kuria, Minister of Trade, Investment, and Industry of Kenya; Rodrigo Malmierca, Minister of Foreign Trade and Investment of Cuba; and Zavqi Zavqizoda, Minister of Economic Development and Trade of Tajikistan.The meetings discussed ways to strengthen and develop co-operation, especially in the fields of trade, investment, and industry. The minister showcased the economic policies and incentives adopted by Qatar to support the private sector, in addition to the legislations and promising opportunities that are available to foreign investors and businessmen in Qatar.Additionally, he met separately, with Daren Tang, director general of the World Intellectual Property Organisation (WIPO), Dr Gerd Muller, director general, United Nations Industrial Development Organisation (UNIDO), and Dr Guy Diedrich, senior vice-president and Global Innovation Officer for Cisco Systems.During the meetings, the minister expressed Qatar’s recognition for the support provided by WIPO in developing the policies and strategies related to intellectual property, especially the National Strategy for Intellectual Property, and how to benefit from the MoUs signed so far.HE Sheikh Mohamed also emphasised the role played by UNIDO in facilitating industrial development in developing countries and stressed Qatar’s keenness to support the organisation in facing global challenges.