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Commercial Bank has partnered with Qatar Post to issue the first special edition post stamps in celebration of its 50th (golden) anniversary.This collaboration symbolises Commercial Bank’s legacy and commitment to Qatar’s growth, marking five decades of innovation, dedication, and service excellence.The stamps were unveiled at a media event held at the Commercial Bank Plaza on Sunday.Throughout the years, Commercial Bank’s efforts have been centred around client convenience and community advancement. That, the bank said, has been evident in the instrumental role it has, and continues to, play in elevating the financial landscape across Qatar.Since its establishment, the bank has envisioned a banking experience poised not only to prosper but to revolutionise the landscape of financial services. Its catalysing vision has enabled it to gradually become a pioneer in the banking sector, introducing many first-of-its-kind services that have contributed to Qatar’s economic success story.Commercial Bank opened the first private bank in 1974, and introduced the first ATM in Qatar in 1994, the first ladies-only branch in Qatar, the first ladies branch manager, the first visa card, and many other notable achievements.With these milestones in place, Commercial Bank views its 50th anniversary celebration as a collective accomplishment, one that should be shared with its stakeholders and the wider community in Qatar, and for that, has chosen to launch the first special edition post stamps in Qatar to commemorate this timeless significance."Brand presence has consistently been a fundamental priority for Commercial Bank," stated HE Abdul Rahman bin Hamad al-Attiyah, Board Member of Commercial Bank."Over the years, our brand has gained increasing prominence across Qatar and the region, reflecting our dedication to advancing Qatar's economic leadership and fostering impactful progress. We are honoured to be the first bank to collaborate with Qatar Post in issuing exclusive post stamps to commemorate this significant milestone.“The celebration of Commercial Bank’s golden anniversary marks this moment in our history, illustrating the progression from our modest beginnings to becoming a leading force in innovation and excellence. Through our contributions to Qatar’s remarkable economic development, we have kept the nation’s legacy of perseverance, progress, and agility, which continue to define our aspirations for the future."Qatar Post Chairman and Managing Director Faleh bin Mohammed al-Naemi stated: "We are pleased to collaborate with Commercial Bank in launching the first special edition post stamp to commemorate the Bank's 50th anniversary. This initiative marks an important milestone in our partnership with the banking sector, as it represents the first time that joint post stamps have been created with this vital sector.“Furthermore, it reflects the strengthening of the partnership and the remarkable achievements between Qatar Post and Commercial Bank, particularly in the area of digitising payments for mailbox subscription fees. This new service enables Commercial Bank customers to renew their mailbox subscriptions easily online, providing them with a seamless and user-friendly digital experience.“Qatar Post continues to serve as a leading provider of postal services and a key player in logistics. Additionally, we are proud of our active role in supporting the goals of Qatar National Vision 2030 by offering innovative and reliable solutions that meet the needs of both individuals and businesses, as well as facilitating money transfer operations."As Commercial Bank embarks on a new chapter, it stands as a pioneer in a new age of banking; one that integrates cutting-edge technology with world-class financial services and always puts its customers at the heart of everything it does.

The groundbreaking for ‘Land of Legends Qatar’, which is set to become one of the largest theme parks in the Middle East, and the first state-of-the-art entertainment destination within Simaisma Project, was held under the patronage and presence of HE the Prime Minister and Minister of Foreign Affairs, Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani last night.The milestone project at Simaisma, born of a dynamic partnership between the Türkiye- headquartered FTG Development and Qatari Diar Real Estate Investment Company, is set to transform tourism and entertainment in the region.The ceremony was attended by HE the Minister of Municipality and Chairman of Qatari Diar Real Estate Investment Company, Abdullah bin Hamad bin Abdullah al-Attiyah, other ministers, Qatari Diar Real Estate Investment Company CEO Ali Mohamed al-Ali, Founder of FTG Development and President of Land of Legends in Antalya, Turkey, Fettah Tamince, CEO of Accor Group, Sebastien Bazil, among other dignitaries.Land of Legends Qatar is a “foreign investment project” in Qatar’s tourism sector and the foreign investment in the project is worth $3bn. Its a first major development within Simaisma Project, which spans over 8mn square meters and stretches along a stunning 7km beach.This expansive project emphasises sustainability, integrates smart systems, and leverages advanced construction technologies to create an environmentally responsible development with world-class features. Alongside the theme park, Simaisma will feature an 18-hole golf course, a luxury yacht marina, high-end residential villas, and a variety of dining and retail options, establishing it as a premier leisure destination.Expected to attract 2mn visitors annually, Land of Legends Qatar will play a central role in advancing Qatar’s tourism landscape and supporting the nation’s goals for economic diversification.The project, which spans over 650,000 sqm, offers an unforgettable experience, taking visitors on an enchanting journey inspired by Ibn Battuta, across seven themed zones with multi unique themed attractions.Land of Legends Qatar unfolds as a modern ‘Rihlah’, inviting guests to explore diverse landscapes, immersive experiences, and cultural marvels.This destination is packed with delights for all ages, including the family-friendly Kingdom Hotel with conference facilities and beachside activities, and Music Hotel, a multicultural destination which hosts a futuristic celebration of the world’s music and its forward evolution with a total of 1000 hotel rooms, from an impressive 80-meter-high mountain to boat parades along scenic canals and thrilling water adventures, every corner promises something extraordinary.A first ‘Moving Theater’ of the region, equipped with state-of-the-art interactive technology, promises a fully immersive cinematic experience. ‘Flying Theater’, a soaring adventure ride flying over the ‘Natural Marvels of the Arabic World Today’, which transforms into the fantastical myths and legends of the region. Visitors can also enjoy luxurious villas and a world-class dining selection, making each moment truly special.On the occasion of the groundbreaking for the first major entertainment destination within the Simaisma Project, al-Attiyah said, "This event marks an important step toward realising an ambitious vision aimed at enhancing Qatar's position regionally and internationally, establishing it as a leading tourist destination. The 'Land of Legends' project is a key component of Qatar's strategy to diversify its national economy, offering an exceptional experience that will contribute to attracting investments and advancing the tourism sector."The minister noted that the Ministry of Municipality plays a pivotal role in supporting the project through strategies aimed at improving the quality of life, promoting sustainability, fostering innovation, and providing advanced infrastructure.He also pointed out the Ministry’s commitment to careful planning and ensuring the project’s integration with the master plan for the Simaisma area, which guarantees the project's sustainability and supports the development of a sustainable and long-term community.He added: "This project not only enhances tourism but also contributes to creating promising investment opportunities and strengthening the partnership between the public and private sectors, which supports long-term economic development and lays the foundation for an integrated community that aligns with Qatar's future vision."Al-Ali said the groundbreaking event marked a significant milestone in enhancing Qatar's position as a leading tourism destination on both regional and global levels."The Simaisma Project embodies an inspiring vision that reflects our commitment to delivering a world-class entertainment experience with a distinctive Qatari touch. It also aims to attract investments in the tourism sector and create new job opportunities, all while adhering to the highest standards of sustainability, which are integral to Qatar's future vision."He highlighted that Qatari Diar possesses extensive expertise and advanced resources in real estate development, spanning over two decades across 20 cities in four continents. These projects cover diverse sectors, including entertainment, commercial, residential, and mixed-use developments, as well as smart cities, infrastructure, and their associated services.The Qatari Diar CEO added: “This wealth of experience ensures that our partnership in developing the largest entertainment city in the region is both robust and pioneering, capable of achieving exceptional outcomes."Tamince said, “We are delighted to bring the unique Land of Legends experience to Qatar with our partner Qatari Diar, creating a destination that is more than just a theme park or hotel. It is a lively world of entertainment and leisure that will add a new dimension to Qatar’s attractions and become a top choice for holidays and fun for millions in the region.”Qatari Diar has a rich portfolio of developments within and outside Qatar, having 50 investment projects under development in some 20 countries, combining an investment value of around $35bn.

The use of Sustainable Aviation Fuel (SAF) is rapidly advancing, with global production projected to nearly double this year as airlines around the world sign agreements with producers to purchase future SAF production.Over the past two years, the airline industry made significant strides in this regard, securing some 75 offtake agreements, including 53 binding and 22 non-binding commitments, according to the global trade body of airlines – IATA.Hydrotreated esters and fatty acids (HEFA) and HEFA co-processing are the most mature and commercially viable technologies available, and they account for most SAF offtake agreements.According to IATA estimates, the aviation industry consumed between 450,000 and 500,000 tonnes of SAF at $2,500 per tonne in 2023. This unit cost is 2.8 times higher than the price for conventional aviation fuel, and thus added $756mn to the industry fuel bill in 2023.The aviation industry is set to increase its use of SAF to further reduce its carbon footprint. IATA estimates that SAF production could rise to 0.53% of airlines’ total fuel consumption in 2024, adding $2.4bn to 2024’s industry fuel bill.And this year, SAF production is expected to triple to 1.875bn litres (1.5Mt), accounting for 0.53% of aviation’s fuel need, and 6% of renewable fuel capacity.Despite this growth, analysts say, SAF will still represent less than 1% of aviation fuel demand in the short term. Europe leads in SAF production, driven by regulatory mandates such as the EU’s "Fit for 55" initiative, which requires SAF to make up 6% of aviation fuel by 2030.Meanwhile, the US aims for ambitious SAF production targets of 3bn gallons by 2030 and 35bn gallons by 2050.Undoubtedly, SAF technologies and feedstocks are diversifying. While hydro-processing of waste oils remains dominant, emerging methods like gasification of biomass, ethanol-to-jet, and power-to-liquid fuels are gaining traction. These alternatives address challenges related to feedstock sustainability and supply chain limitations.However, scaling production seems to be constrained by high costs, technological barriers, and limited market transparency.To meet the industry's decarbonisation goals, policy support, investments in infrastructure, and innovation in feedstocks will be critical.Long-term targets require SAF to constitute a significant share of aviation fuel by 2050, underscoring the importance of global collaboration and regulatory frameworksThe small percentage of current SAF output as a proportion of overall renewable fuel is primarily due to the new capacity coming online in 2023 being allocated to other renewable fuels.The 3rd Conference on Aviation Alternative Fuels (CAAF/3) hosted by the International Civil Aviation Organisation (ICAO) last year agreed on a global framework to promote SAF production in all geographies for fuels used in international aviation to be 5% less carbon intensive by 2030.But to reach this level, about 17.5bn litres (14Mt) of SAF need to be produced.According to industry experts, every drop of SAF produced has been bought and used. In fact, SAF added $756mn to a record high fuel bill in 2023.Nearly 45 airlines have already committed to use some 16.25bn litres (13Mt) of SAF in 2030, with more agreements being announced regularly.Projections are for over 78bn litres (63Mt) of renewable fuels to be produced in 2029. Governments must set a policy framework that incentivises renewable fuel producers to allocate 25-30% of their output to SAF to meet the CAAF/3 ambition, existing regional and national policies as well as airline commitments.Experts affirm that effective production incentives for Sustainable Aviation Fuel should support the following objectives:Accelerating investments in SAF by traditional oil companies, ensuring renewable fuel production incentives encourage sufficient SAF quantities, focusing stakeholders on regional diversification of feedstock and SAF production, identifying and prioritising high potential production projects for investment support and delivering a global SAF Accounting Framework.Approximately 85% of SAF facilities coming on line over the next five years will use Hydrotreatment (HEFA) production technology, which relies on inedible animal fats (tallow), used cooking oil and industrial grease as feedstock, IATA says.An earlier IATA survey had revealed significant public support for Sustainable Aviation Fuel.Some 86% of travellers agreed that governments should provide production incentives for airlines to be able to access SAF.In addition, 86% agreed that it should be a priority for oil companies to supply SAF to airlines.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

Standard & Poor’s Global Ratings has affirmed Commercial Bank’s issuer credit ratings at ‘A-/A-2’ with a stable outlook.According to S&P, “The stable outlook on Commercial Bank reflects our view that the bank will continue to reduce the proportion of real estate related risks on its balance sheet while maintaining strong capitalisation.”The ratings also incorporate the extraordinary support provided by Qatari Authorities noting that Commercial Bank has a high systemic importance in Qatar. The long-term rating on Commercial Bank is three notches higher than its stand-alone credit profile.Joseph Abraham, Group Chief Executive Officer, Commercial Bank said, “The rating affirmation with a stable outlook by S&P reflects our bank’s well-established corporate franchise in Qatar.“With the strong position of Qatar’s government and economy, the enduring strength of Commercial Bank’s balance sheet has resulted in sound earnings generation capacity.”Commercial Bank is also rated ‘A2’ by Moody’s with a stable outlook and ‘A’ by Fitch with a stable outlook.

The Doha-headquartered Gas Exporting Countries Forum (GECF) and the Organisation of the Petroleum Exporting Countries (Opec) have declared their shared commitment to strengthen ties, including at the technical level, to navigate complex intersections of energy, climate and development.This was decided at their third co-ordination meeting during COP29 in Baku, Azerbaijan on Tuesday.The meeting underscored the ongoing cooperation between the two organisations and highlighted the significance of their collaboration in addressing the challenges of climate change and energy security.The meeting was co-chaired by Mohamed Hamel, Secretary-General, GECF, and Haitham al-Ghais, Secretary-General, Opec.Hamel noted, “The GECF and Opec are like-minded intergovernmental organisations, and it is vital to provide a platform for our members to exchange views and expertise on the critical negotiating streams of COP29. The outcomes of these negotiations hold profound implications for their socio-economic development.”Al-Ghais reiterated the importance of collaboration between the two organisations, stating that “these meetings continue to allow us to co-ordinate together, giving our interventions increased impact and clarity.“We value this co-operation, as Opec continues to support its members on several fronts during the UNFCCC processes,” adding, “We hope that our meeting today will add to the collaborative spirit and the goals of fairness and equality.”The meeting centred on key topics related to sustainable development, energy and climate change. Participants acknowledged the importance of advancing critical issues under the Paris Agreement framework, which are particularly relevant to developing countries, including climate finance, mitigation, adaptation, loss and damage, the just, realistic and equitable energy transitions, technology transfer and capacity building.Participants reaffirmed the pivotal role of oil and natural gas in driving global economic growth, alleviating poverty and enhancing prosperity. Together, these energy sources currently account for over half of the global energy mix.The discussion included a review of negotiations on climate finance, with a focus on the New Collective Quantified Goal (NCQG), Mitigation Ambition and Implementation Work Programme, work programme on Just Transition Pathways, unilateral trade measures and the adverse impacts of response measures and co-operative approaches under Article 6 of the Paris Agreement, including market and non-market mechanisms.Delegates emphasised the need for an equitable, inclusive, realistic and balanced outcome from COP29 that addresses climate change while safeguarding sustainable development, energy security and affordability. They stressed that no one should be left behind in energy transitions.The meeting reaffirmed the importance of continued collaboration between GECF and Opec member countries in engaging effectively in climate negotiations and addressing shared challenges. Both organisations recognised that co-operation is essential to ensuring their member countries’ interests are upheld while contributing meaningfully to global climate goals.

In October, global LNG exports rose by 1.8% y-o-y to reach at 34.62mn tonnes, marking highest level since March, according to Doha-headquartered GECFBy Pratap JohnBusiness EditorQatar remains among the top three LNG exporters globally, according to the GECF report released yesterday.In October, global LNG exports rose by 1.8% (0.63mn tonnes) y-o-y to reach at 34.62mn tonnes, marking the highest level since March this year, the Doha-headquartered Gas Exporting Countries Forum (GECF) noted.In October, Qatar, the US and Australia were the top three LNG exporters globally.Last month, LNG exports from GECF Member and Observer countries saw a slight y-o-y decline of 0.3% (0.05mn tonnes), totalling 15.52mn tonnes, the report said.The decrease was led by reduced exports from Algeria, Peru, and Trinidad and Tobago, which offset increases from Malaysia and Qatar.Algeria’s LNG exports declined in October due to planned maintenance at the Arzew LNG facility.Peru shipped three LNG cargoes, two fewer than the same period in 2023 and half of September’s total.Meanwhile, Trinidad and Tobago’s LNG exports fell due to reduced feedgas availability for LNG exports.Conversely, Malaysia’s exports increased as feedgas availability to the Bintulu facility improved after repairs to the Sabah-Sarawak pipeline.Furthermore, in Qatar, lower maintenance activity compared to the previous year contributed to higher LNG exports.The Asia Pacific region was the primary market for GECF LNG, receiving 71% of its exports, followed by Europe at 23%, and both Latin America and the Mena region at 3% each.From January to October 2024, GECF’s LNG exports totalled 160.31mn tonnes, reflecting a slight y-o-y increase of 1% (1.53mn tonnes).For the period, global LNG exports stood at 341.83mn tonnes, representing an increase of 1.5% (5.15mn tonnes) y-o-y, driven by stronger exports from both GECF and non-GECF countries.The projected growth in global gas consumption for 2024 has been revised upwards to 2.3%.This revision is primarily due to a faster-than-expected increase in gas consumption in key consuming countries, which together account for 60% of global gas demand.In the first nine months of 2024, gas consumption in these countries rose by 2.8% y-o-y, reaching 1,798 bcm.The growth was primarily driven by Asia and North America, while the EU and the UK experienced declines.There were 523 LNG cargoes exported in October, which was one cargo less than a year ago, according to GECF. Moreover, this represented a 2% increase when compared with the total shipments in the previous month.For the period January to October 2024, the total number of cargoes reached 5,237, which was an increase of 1%, or 66 shipments, when compared with the same period in 2023.

Natural gas provides a cleaner, affordable, versatile, and reliable energy source as a Gas Exporting Countries Forum (GECF) forecast shows primary energy demand is set to expand by 20% by 2050, according to the forum's Secretary-General Mohamed Hamel.The Doha-headquartered GECF forecasts a 34% increase in global natural gas demand by 2050.In his opening remarks at the Ministerial Panel on Natural Gas for Sustainable Development at the COP29 in Baku, Hamel noted, "The global energy system is vast and complex, having evolved and optimised over more than two centuries. It delivers the energy equivalent of 3,500 barrels of oil every second, in the blink of an eye.“Yet, despite this scale, 2.3bn people still lack access to clean cooking fuels, and 700mn are without reliable electricity. Transforming such an extensive system will require considerable time and enormous financial resources. This task is made even more challenging by the reality that global energy demand will only continue to grow.”According to GECF forecasts, primary energy demand is set to expand by 20% by 2050, driven by rising population, expanding urbanisation, growing economy, and the pursuit of improved living standards.This, he noted, raises a central question: How can we meet growing energy needs while safeguarding our environment?There is no one-size-fits-all model; energy pathways must be tailored to each nation's unique circumstances, capacities, and priorities, with international cooperation as a vital enabler. However, a compelling answer lies in natural gas.As the least carbon-intensive hydrocarbon, natural gas provides a cleaner, affordable, versatile, and reliable energy source.Natural gas supports sustainable development through multiple avenues: replacing coal in power generation, transitioning from wood and charcoal to LPG for cooking and heating, stabilising renewable-based power systems, offering low-cost blue hydrogen to decarbonise hard-to-abate industries, and serving as an essential feedstock for chemicals and fertilisers, being thus at the heart of food security.Together, these contributions affirm natural gas’s indispensable role in a sustainable energy future.While natural gas may serve as a transitional fuel in Europe, where demand is projected to decline due to policy shifts and deindustrialisation, it remains a destination fuel across other world regions—especially in developing countries where demand continues to grow well after 2050.The GECF member countries have heavily invested in the development of their natural gas resources to satisfy world growing energy needs, taking geological and economic risks, as this industry is capital-intensive with long lead times and payback period.“Security of demand is critical,” Hamel said and noted a stable and predictable demand over the long term enables producers to plan their operations and investments effectively. This security also entails continued access to markets and financing, as well as economic, regulatory, trade and contractual stability.In this connection, the Algiers Declaration adopted by the 7th GECF Summit of Heads of State and Government, expressed their rejection of unilateral economic restrictions, trade distortive measures, and politically driven interventions in price discovery and risk management functions of markets.While natural gas is already a cleaner energy, technological advancements are further reducing its environmental impact. Carbon capture, utilisation, and storage—or CCUS—along with gas flaring reduction and methane abatement, make it possible to minimise emissions throughout its lifecycle.Recognising the importance of technological collaboration, GECF member countries have established the Gas Research Institute (GRI) in Algiers, Hamel said.

Qatar has taken the lead role in filling ‘significant proportion’ of Asia’s growing need for imported gas over the next decades, International Gas Union (IGU) has said in a recent report.In the Middle East, increased natural gas use has supported oil exports and met growth in power demand. Now, Qatar, the UAE and Saudi Arabia among others, are repositioning natural gas to meet the energy and decarbonisation goals of coal-dependent Asia even as they boost intra-regional gas trade, IGU noted in the latest issue of its ‘Global Voice of Gas’.Just as the move from oil to gas made more oil available for export, the shift from gas to lower carbon generation sources should support the export of gas, primarily as liquefied natural gas (LNG), it said.“A large part of this LNG will end up in Asia, where it can displace both oil in transport and coal in power and heat provision,” IGU said.Alongside Qatar’s much larger expansion of its LNG export capacities (at the North Field), the Middle East’s LNG producers will likely fill a significant proportion of Asia’s growing need for imported gas over the next decades, IGU said.Together with the accelerated growth of renewables, this could eventually turn the tide on the 135.7 exajoules of coal consumed in Asia in 2023.Asia’s gas demand is forecast to rise 78% by 2050 to reach 1,590bn m3, according to the Gas Exporting Countries Forum, equating to a 16% share of the region’s energy mix, compared with 11% in 2022.This will be driven by a combination of electrification and coal-to-gas switching. Although Asian gas production will increase, it will not do so fast enough to keep pace with demand.The GECF estimates that gas exports to Asia will, by 2050, exceed 50% of the region’s total consumption.“If gas is not available, Asia’s retreat from dependency on coal will be slower,” IGU noted.A significant proportion of Asian gas demand can be met by Middle Eastern countries. While Qatar has taken the lead with its giant North Field expansion, other countries also recognise the potential, it said.Energy analyst Ross McCracken noted, “If there is one stand out trend across the Middle East over the last decade, it is the increase in domestic gas use, primarily for power generation. Intra-regional gas trade has also grown, with LNG imports and exports providing flexibility amid a still limited set of regional pipelines.“This has provided energy security for those countries unable to meet rising gas demand from their own resources.”Gas inputs for electricity in the Middle East jumped from 567TWh in 2013 to 1,028TWh in 2023, while oil use for power dropped by about 19%. Prior to that, oil use in power generation was on a strong upward trajectory, with 2013 marking the high point.Middle Eastern electricity consumption has risen at a rate of 3.8% annually over the last decade, second only to Asia, and substantially higher than the world average of 2.5% a year.While absolute emissions have increased, as economies have grown, more gas use and a growing share of non-fossil fuel alternatives have reduced the overall carbon intensity per kWh generated.

QatarEnergy has signed a long-term sulfur supply agreement with OCP Nutricrops, a subsidiary of OCP Group – a world leader in plant nutrition solutions and phosphate-based fertilizers.Under the terms of the 10-year agreement, QatarEnergy will supply up to 7.5mn tons of sulfur to OCP Nutricrops beginning in the third quarter of 2024.OCP Nutricrops is a Morocco-based company responsible for developing soil nutrition solutions to address global challenges in food production and sustainability.Commenting on this occasion, HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, said: “We are pleased to sign this agreement, solidifying our business relationship both with OCP Nutricrops and the Kingdom of Morocco. This agreement marks a significant step in advancing cooperation between our two companies and fostering mutual growth and value for both sides.”This agreement highlights QatarEnergy’s strategy in establishing enduring relationships with reliable leaders in the fertilizers industry, as well as QatarEnergy’s commitment to support the global agricultural sector and greater food security.Qatar is one of the world’s largest exporters of sulfur, with a total annual production capacity of around 3.4mn tons, which will further increase with the commissioning of new gas production projects in the coming years.

Airfares remain more than 10% higher in several markets as international air traffic rebounds and seat capacity is expected to surpass pre-pandemic levels by the end of the year.A recent study covering 60,000 routes in some 19 countries showed that several key markets experienced significant airfare increases on both domestic and international routes. The airfare study was undertaken by ACI APAC & MID in partnership with Flare Aviation Consulting.Several markets experienced significant airfare increases. The study showed a sharp rise in domestic airfares during the first half of 2024 compared to 2019 levels. Notable increases were seen in key domestic markets such as India (+43%), Vietnam (+63%), Malaysia (+36%), Thailand (+26%), and Australia (+21%), all of which heavily rely on domestic air travel.Despite the anticipated recovery in international seat supply in these countries, airfares remain elevated compared to pre-pandemic levels.In India and Vietnam, international fares rose by 16%, Malaysia by 21%, Australia by 14%, and Thailand by 7%, with low-cost carriers (LCCs) contributing to the sharpest increases.The study also notes that low-cost carriers (LCCs) in the Asia-Pacific region have demonstrated greater resilience to the Covid-19 pandemic, increasing their market share and bargaining power, further influencing airfare trends.In the Middle East, traffic volumes have surpassed pre-pandemic levels in most countries by second quarter (Q2) 2024. Countries such as Bahrain (+24%), Qatar (+27%), Saudi Arabia (+30%), and the United Arab Emirates (+39%) have experienced robust traffic growth.Market analysts say rising airfares can indeed become a barrier for potential customers, especially for price-sensitive travellers. They include leisure travellers, students, and lower-income groups.Even among business travellers, where demand has traditionally been more inelastic, shifts are being seen in behaviour as companies adapt to cost-cutting measures and increased acceptance of virtual meetings, post-pandemic.For many passengers, especially those travelling for leisure, the demand is relatively elastic. As fares rise, these customers may reduce the frequency of their trips, switch to more budget-friendly options, or choose alternative travel modes.Increased fares for full-service airlines tend to drive travellers toward budget airlines, which continue to focus on leaner operational models and ancillary revenue (fees for extras like seat selection or checked bags) to keep fares relatively low.Another challenge, analysts say, is that higher costs might prompt more businesses to replace some trips with virtual meetings. Although in-person interactions are sometimes essential, many businesses have realised that video conferencing can effectively substitute for face-to-face meetings in a number of scenarios.Commenting on the study, Emmanuel Menanteau, President of ACI Asia-Pacific & Middle East and Regional Director, VINCI Airports, said: “Affordable airfares is crucial not only for ensuring accessibility to air travel but also for supporting the economic vitality of our communities. Excessive fare increases can discourage passengers, hinder connectivity, and ultimately impact the growth of our sector. It is critical to keep air travel within reach for all, allowing our airports and local economies to thrive together.”Stefano Baronci, Director General, ACI Asia-Pacific & Middle East, said: “While passenger numbers in Asia-Pacific are returning to pre-pandemic levels this year, many travellers are paying significantly more, especially on domestic routes. This indicates that the demand for air travel is likely higher than in 2019.“We must ensure that rising airfares do not become a barrier for potential customers. Passengers deserve transparency about these costs. Airfares result from a complex pricing system set by airlines, influenced by demand and supply, price elasticity, competition on any given route. For example, routes that are reliant on a single airline saw fare increases of over 25%, while those with steady competition experienced only about a 10% rise.”Baronci added: “It is important to note that the increase in airfares is not related to airport charges. Considering the airlines' cost structure, fuel prices and inflation have a much greater impact than airport charges. For a long time, airport charges have represented a stable component of airlines' operating costs, averaging around 4%. From 2019-2024, airport charges have decreased by 7% for domestic flights and increased by only 6% for international flights, making their influence on the recent spike in airfares in the region negligible”.In the long term, if airfares continue to rise without accompanying increases in income or economic growth, they could limit consumer access to air travel, particularly for discretionary trips.

Qatar, Saudi Arabia and Oman have ranked among the top 15 fertiliser exporters in 2023, according to an expert at Gulf Petrochemicals and Chemicals Association (GPCA).GCC’s fertiliser production capacity has grown significantly over the past decade, with a 4.86 % CAGR between 2013 and 2023, clocking additional 13.2mn tons, noted Noora Mukhtar, Research Specialist at GPCA.GCC region, with its vast natural gas reserves and strategic location, is establishing state-of-the-art nitrogen production facilities.The nitrogenous fertiliser segment occupies the larger bulk of the market, where the GCC nitrogen-based fertilisers (mainly urea and ammonia) account for 82.3 % of the regions’ fertiliser portfolio in 2023.The GCC fertiliser industry remains heavily export-oriented, shipping its products to 63 countries from across the globe. India, USA and Singapore ranked the top three GCC nitrogen export destinations, accounting for 62 % of the total nitrogen export value in 2022.Although capacity additions in agri-nutrients have been limited in the past couple of years, they played a pivotal role in boosting revenue within the regional petrochemical industry, Mukhtar noted. Record high prices for agri-nutrients were driven by a complex combination of various factors such as rising energy costs, supply and demand dynamics, and geopolitical factors.With a global focus on ensuring food security for a rapidly growing population, the demand for fertilisers is expected to rise substantially.The global urea and ammonia demand are projected to reach 300mn tons per year (mtpy) and 290mtpy, respectively, by 2030.The surge in demand underscores the urgent need for reliable fertiliser suppliers, enabling GCC producers to meet increasing global demands, particularly in major agricultural markets.Simultaneously, the debate over the use of nitrogen-based products for food security versus fuel is intensifying. The International Maritime Organisation (IMO) targets net-zero GHG emissions by 2050, spurring interest in ammonia as an alternative maritime fuel.Ammonia’s potential as a zero-carbon fuel is compelling, but it competes directly with its role in agriculture.This dual demand presents a strategic challenge for GCC producers: should they prioritise meeting the urgent needs of global food security, or capitalise on the emerging market for clean maritime fuel?Balancing these priorities, GPCA’s expert said, will be crucial in shaping the future of the GCC’s nitrogen investment strategies, ensuring they meet both environmental goals and food supply needs.The nitrogen fertiliser industry stands at a pivotal moment, marked by evolving investment patterns driven by sustainability and resilience.Leveraging its resource advantages and strategic initiatives, the GCC region is poised to play a critical role in the future of nitrogen production, GPCA said.Balancing economic viability with environmental stewardship will be key to the success of these investments.To facilitate the transition in nitrogen investments, regional collaborations and infrastructure development are gaining momentum.Investments in research and development are driving market growth, supported by GCC governments through subsidies, financial assistance, and technological advancements. These measures are fostering more favourable conditions for fertilizer adoption across the region, Mukhtar noted.

12 November 2024, Doha, Qatar: HE Mr Ali bin Ahmed Al Kuwari, Minister of Finance, participated in the 21st Middle East and South Asia Partners Conference (MESAC), which is being held in Doha. The MESAC conference is a key platform to promote economic dialogue and exchange of experiences among the region's leaders and reflects Qatar's commitment to supporting regional and international cooperation through sustainable strategies for economic growth and diversification.His Excellency welcomed all attendees and members participating in this conference, and praised this gathering and its importance in supporting the Qatari and global economy and stressed the State of Qatar's approach to enhancing its economic sustainability, which is evident in adapting to the increase in liquefied natural gas production by more than 80% to reach 142 million tons annually by 2030.In addition to the significant progress made in economic diversification and sustainability, contributed to by the country's hosting of the FIFA World Cup in 2022, which strengthened the infrastructure and tourism sectors.In line with the third national development strategy towards Qatar National Vision 2030, HE stressed the importance of cooperation and benefiting from the expertise among members to build a future-ready workforce capable of facing economic challenges, noting, “Global expertise networks such as KPMG can help support international cooperation and exchange of expertise and best practices.”. On the sidelines of the conference, dialogue continues between members and partners to achieve common goals and enhance economic cooperation.

Airline passengers will soon benefit from increased compensation limits for international flights, following an announcement by the International Civil Aviation Organisation (ICAO).The liability limits under the Montreal Convention for cases involving death, injury, delays, baggage, and cargo issues will rise from December this year.Recently, ICAO notified the 140 ‘States Parties’ that the compensation limits would be adjusted in accordance with the Montreal Convention’s built-in review mechanism, which updates limits every five years to account for inflation.This adjustment ensures that compensation for passengers and cargo remains fair and appropriate over time. The forthcoming increase marks the fourth review since the Convention came into effect in 2003.Formally titled the Convention for the Unification of Certain Rules for International Carriage by Air, the Montreal Convention of 1999 (MC99) established a comprehensive framework for the international carriage of passengers, baggage, and cargo by air. The Convention introduced essential provisions to balance the interests of passengers, shippers, and the aviation industry.According to ICAO, the Montreal Convention sets liability limits for airlines, ensuring passengers receive fair compensation in cases of injury, death, delays, and issues with baggage or cargo. Additionally, MC99 has modernised air travel by permitting the use of electronic tickets and air waybills, reducing paperwork and operational costs for airlines, thereby streamlining processes and enhancing risk management."ICAO continues to advocate for the universal ratification of MC99," said ICAO Secretary General Juan Carlos Salazar."This Convention is fundamental in ensuring the protection of consumer interests in international air travel. By promoting harmonisation and codification of rules governing international carriage by air, MC99 benefits passengers and the shippers of cargo while enabling the unified and equitable development of air services."The liability limits are expressed in Special Drawing Rights (SDRs), a unit of account defined by the International Monetary Fund (IMF). As of October 18, 1 SDR was valued at approximately $1.33318. The revised limits are as follows:The limit for death or bodily injury will increase from 128,821 SDRs to 151,880 SDRs (about $202,500), up from the original 100,000 SDRs in 2003.The limit for delays in passenger transport will rise from 5,346 SDRs to 6,303 SDRs (about $8,400), compared to 4,150 SDRs in 2003.Compensation for destruction, loss, damage, or delay of baggage will increase from 1,288 SDRs to 1,519 SDRs (about $2,000), up from the original 1,000 SDRs in 2003.The limit for destruction, loss, damage, or delay of cargo will rise from 22 SDRs to 26 SDRs per kilogram (about $35), an increase from 17 SDRs in 2003.ICAO has urged States Parties to the Montreal Convention to take the necessary legal steps to implement the revised limits by December 28, 2024, in accordance with their domestic legal requirements.Industry analysts emphasise the importance of compensation mechanisms in promoting fairness. Whether it’s time lost due to delays or compensation for lost or damaged baggage, passengers are provided a means of redress, encouraging airlines to handle personal belongings with greater care.Furthermore, compensation for death or injury reassures passengers that their safety and rights are prioritised, fostering confidence in air travel.This also strengthens airlines' commitment to passenger safety, incentivising adherence to rigorous safety standards. Overall, the significance of compensation lies in the protection it affords passengers and the accountability it imposes on airlines.It upholds fairness, aligns with international legal standards, and fosters trust while improving service in the aviation industry. Without such frameworks, passengers may face financial and emotional burdens from unforeseen incidents during air travel.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

Retail customers in Qatar can now make use of the Qatar Central Bank’s ‘Fawran’ payment service through the National E-Commerce Gateway – ‘QPay’.According to the QCB, the instant payment service can be availed of “via mobile number or alias.”A key feature of ‘Fawran’ payment service for retail customers is that they don’t have to use bank cards for local online shopping.The service “ensures adherence to the highest security and protection standards in payment processing through Qatar Central Bank systems.”To accept customer payments, merchants in Qatar should register for Fawran service.Currently, Doha Bank is the participant in Fawran’ payment service through QPay.Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds.Fawran was designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability.One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption.Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system.This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs.

Real estate investors can find strong value in Qatar’s property market, as the government implements strategic measures to boost the sector, and prices become more attractive compared to international markets, says Joseph Abraham, Group CEO of Commercial Bank.“Qatar’s real estate prices, given the quality, location, and finishing standards, offer exceptional value. When compared to markets like Dubai, Saudi Arabia, and other global hubs, property prices in Qatar remain reasonable. This means investors are truly getting value for their money,” Abraham said in an interview with Gulf Times.Abraham noted that Qatar’s residential market has undergone a “significant correction” over the past six years.“There is more upside than downside. The outlook is more positive than negative, with the commercial segment also experiencing corrections. We anticipate the market to stabilise at current levels in the near term."Regarding residential properties, Abraham remarked, "The sector’s growth potential will be driven by demand. While there are currently active buyers in the market, the expected government initiatives will stimulate a substantial uptick in activity. The government is taking the right steps, and all the necessary elements are in place, giving me reason to be optimistic."He highlighted that Dubai, a neighbouring real estate hotspot, attracted approximately $100bn in real estate investments last year, following the issuance of 158,000 Golden Visas.Abraham dismissed concerns about a potential real estate bubble in Qatar, stating, "There is no bubble. A bubble is reflected in surging prices, demand exceeding supply and flipping of properties before completion. None of those factors are present in the Qatar real estate market. The market saw a surge in demand leading up to the FIFA World Cup Qatar 2022, particularly between 2013 and 2016. Since then, prices have adjusted significantly, eliminating any potential of a bubble."On the real estate exposure of local banks, Abraham said, "Qatar’s banking sector has around 16% exposure to real estate, which aligns with international standards. While the composition may differ — with individual mortgages being more prevalent internationally and commercial funding largely sourced from institutional investors such as pension funds and private equity — the overall exposure is consistent for the banking sector."On the potential impact of global interest rate trends, Abraham commented, "A decrease in interest rates, spurred by revisions from the US Federal Reserve (Fed), could serve as a catalyst for the real estate market. Lower rates would reduce debt service ratios, making home-ownership more accessible and attractive to a broader range of people."He further explained, "Monthly expenses are a key factor in consumers' decision-making process, especially for significant purchases. Interest rates directly influence these outflows, particularly in the early years of a mortgage. This makes interest rates a critical factor for the real estate sector, not just in Qatar, but globally."Speaking about Commercial Bank's mortgage portfolio, Abraham noted, "We were the first bank to collaborate with the UDC and promote Qatar’s real estate offerings to non-residents in some 10 key international markets including Singapore, Hong Kong, France, United Kingdom, India, Saudi Arabia and the UAE, encouraging foreign buyers to invest in Qatar property. Our mortgage solutions cater to non-residents, residents, and nationals, including young Qataris. We even offer green mortgages to support sustainable building initiatives, reflecting our commitment to a sustainable and diversified mortgage portfolio."When asked about customer response, Abraham acknowledged, "Building international market awareness of the attractiveness of the Qatar real estate market takes time, but we have already seen significant interest from both non-residents and long term residents. Educating the market, offering the right products, and effective marketing are all essential components of our strategy."

Qatar aims to attract over 6mn visitors by 2030 and raise the tourism industry’s contribution to national GDP from 7.0% to 12.0%, Alpen Capital has said in a recent report.To support this surge in tourism, the country has a "strong lineup" of hotel projects under construction. By the end of 2023, Qatar had over 36 projects underway, with 8,922 rooms under construction, Alpen Capital said in its report on ‘GCC Hospitality Industry’.According to the researcher, Qatar recorded 2.6mn international tourist arrivals in 2022, compared to 0.6mn in 2021. Qatar was the only country in the GCC to surpass pre-pandemic levels, achieving 119.8% of the 2019 arrival figures.This significant increase in arrivals was due to the major events that took place in 2022, such as the Lusail Super Cup, the Darb Lusail Festival, the Qatar Motor Cycle Grand Prix, and the FIFA World Cup 2022.Following the World Cup, Qatar Tourism launched a series of global marketing campaigns to promote tourism in the country. The ‘Feel More in Qatar’ campaign was launched in December 2022 with the aim of showcasing the country’s position as a tourist destination.As a result, Qatar witnessed a 58.4% growth in international tourist arrivals in 2023, reaching a five-year high of 4.1mn arrivals.In terms of occupancy rates, Alpen Capital noted that in Qatar, it remained stable at 57% (from 2020 – 2022). Although international tourist arrivals in the country surged over threefold to reach 2.6mn in 2022, the demand was met through the increased supply of hotels in anticipation of the FIFA World Cup 2022.Even after the tournament, Qatar continued to consistently attract tourists. However, it is expected to take some time for the surplus hotel supply to be absorbed by the rising demand for accommodation, the researcher noted.The increase in occupancy rates over the last three years and rising average daily rate (ADR) levels resulted in increased RevPAR across all the GCC nations.The average RevPAR in the GCC rose from $45.5 in 2020 to $97.2 in 2022, majorly driven by Qatar, Saudi Arabia, and the UAE.Qatar witnessed the most significant RevPAR increase, from $56.2 in 2020 to $116.5 in 2022. This growth was due to a substantial increase in the country’s ADR during the FIFA World Cup 2022, which overshadowed the minor decline in the occupancy rate.The report noted that the successful execution of EXPO 2020 in Dubai and the FIFA World Cup 2022 in Qatar has already solidified GCC’s presence on the global tourism map. Looking ahead, GCC countries will continue to host major events that attract international visitors, it said.

Civilian aircraft carry thousands of passengers every single day. Ensuring their safety is paramount, especially during conflicts where there are heightened risks of missile strikes, airspace closures, or targeted attacks.Protecting civil aviation safeguards innocent lives and prevents tragic losses.The aviation industry is a significant contributor to the global economy. Disruption to air travel will have severe economic repercussions, affecting trade, tourism, and employment. Airports, airlines, and related businesses suffer, impacting communities that rely on aviation for their livelihoods.In the wake of the Middle East crisis and ongoing war between Russia and Ukraine, the International Air Transport Association (IATA), recently reminded governments around the world of the importance of protecting civil aviation, including airport and air navigation infrastructure, during times of conflict.Civil aviation fulfils a purpose that transcends politics to ‘create and preserve friendship and understanding among the nations and peoples of the world’.The Chicago Convention, signed some 80 years ago as the Second World War raged, begins with those words.They are a timeless reminder of civil aviation’s essential and unique role in connecting people and delivering goods over vast distances. In the turbulent world of 2024, the truth of the Chicago Convention’s preamble rings loudly.“We all want to live in a world at peace. Sadly, today, that is far from reality for many people. That is why it is necessary to remind all involved in conflict of the need to ensure that flights are safe, and that critical airport and air navigation infrastructure is not targeted in any hostilities,” according to IATA.Civil aviation does not take sides in political conflicts. As an industry that requires the effective implementation of global standards to operate, aviation upholds global standards and the international rules-based order on which they rely.“As the name implies, civil aviation serves the civilian population. It must be kept out of harm’s way by all actors in a conflict. This is our firm belief,” IATA noted.More importantly, it is the unquestionable obligation of governments under international law.International conventions, such as the Chicago Convention on International Civil Aviation, emphasise the importance of protecting civil aviation and maintaining safe airspace. Violating these norms during conflicts undermines global stability and lead to legal and diplomatic consequences.During conflicts, managing airspace becomes all the more challenging, with increased military activities and potential threats to commercial aircraft. Protecting civil aviation requires coordinated efforts to ensure safe flight routes, timely information sharing, and compliance with international regulations.According to Willie Walsh, Director General, IATA, the Chicago Convention explicitly obliges states to protect civil aircraft and passengers in flight, refrain from the use of force against civil aircraft, and by corollary coordinate and communicate any activities potentially hazardous to civil aviation. These are essential to keep flying safe.“As the world works towards more peaceful days, aviation will support the effort by connecting people and goods. In the meantime, combatants must know and abide by the rules of conflict and humanitarian assistance as laid out in international law. To simplify: do no harm to civilian aircraft, airports or air navigation services. This is non-negotiable and must be respected, even at the height of hostility,” Walsh noted.Aviation connects people, nations, and economies. Disrupting civil aviation during conflict isolate regions, hinder evacuations, and cut off essential services.Even in conflict zones, civil aviation often plays a vital role in transporting humanitarian aid, medical supplies, and personnel. Therefore, disruption to air travel hamper these efforts, exacerbating the humanitarian crisis. Protecting civil aviation helps ensure that life-saving assistance reaches those in need.Maintaining civil aviation helps keep lines of communication and transport open, even in difficult circumstances.Ensuring the safety of civil aviation during conflicts is not only a legal obligation but a moral imperative to protect lives, uphold international norms, and maintain the functioning of global society.

A workshop hosted by the National Committee for Combating Money Laundering and Terrorism Financing, in co-operation with the Middle East and North Africa Financial Action Task Force (MENAFATF) in Doha on Sunday provided a comprehensive understanding of combating the financing of the proliferation of weapons of mass destruction, its mechanisms, and to help identify and assess the associated risks.The workshop was titled ‘Investigation and Prosecution in the Field of Countering the Financing of the Proliferation of Weapons of Mass Destruction’.The workshop also seeks to offer insights into the international legal framework governing proliferation financing, including relevant international organisational resolutions and recommendations from the Financial Action Task Force (FATF), which will enrich participants' practical experience.In his opening remarks at the workshop, Essa al-Hardan, Secretary of the National Committee for Combating Money Laundering and Terrorism Financing in Qatar and Head of the Technical Assistance and Typologies Working Group at MENAFATF, stressed that the proliferation of weapons of mass destruction posed a significant threat to global peace and security.He noted that the international community has focused on proliferation financing for nearly two decades, recognising the need to implement financial measures to prevent the spread of these weapons, based on UN Security Council Resolution 1540 of 2004.In 2008, the Financial Action Task Force addressed proliferation financing by adopting an application report that identifies and analyses the current threat of proliferation financing, as well as the methods used by those involved in proliferation and its facilitators.Since 2012, FATF has worked to enhance and refine its recommendations to provide countries with more effective tools to combat the financing of weapons of mass destruction. Regarding national responses, judicial authorities worldwide have varied in their handling of this issue, with many displaying deficiencies in the framework and implementation of counter-proliferation measures. For example, mutual evaluation reports have highlighted that the majority of jurisdictions do not specifically address proliferation financing separately from other financial crimes, such as terrorism financing or money laundering.Accordingly, al-Hardan affirmed that the workshop will assist participants from MENAFATF member states in taking actions and measures to meet the requirements of combating the financing of proliferation, enhancing investigative frameworks, supporting relevant authorities in fulfilling their duties, and establishing sound practices in this field.It will also help develop a broader understanding of FATF standards, relevant Security Council resolutions, and the importance of effective tracking and prosecution of proliferation financing crimes, in addition to emphasising the need for widespread and effective application of targeted financial sanctions.Experts from the United Nations Office on Drugs and Crime, the German Agency for International Co-operation, the Executive Office for Control and Non-Proliferation from the United Arab Emirates, as well as experts from the Technical Committee for Implementing Targeted Financial Sanctions, are participating in this workshop alongside MENAFATF observers.