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Pickup in loans for the services segment by 3% (QR7.1bn) is among the highlights of ‘Qatar Monthly Banking Sector update’ for March by QNB Financial Services (QNBFS).Qatar banking sector’s total assets increased 1% during March to reach QR1.862tn.Loans went up 0.6% during the month to reach QR1.25tn. Deposits grew by 1.8% during March to reach QR967.5bn, QNBFS said Tuesday.“The highlight for the month of March is the pickup in loans for the services segment by 3.0% (QR7.1bn), which indicates good demand in restaurants and hotels and pickup in the tourism sector,” an analyst told Gulf Times.The total assets rise in March was mainly due to an increase by 7.7% in foreign assets, QNBFS noted.Total assets have declined by 1.3% in 2023, compared to a growth of 4.2% in 2022. Assets grew by an average 6.9% over the past five years (2018-2022)Liquid assets to total assets was at 30.4% in March, compared to 30.3% in February.The loans gain in March was mainly due to an increase both in the private (0.7%) and public (0.6%) sectors, QNBFS said.Loans have marginally gone down by 0.1% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022).Loan provisions to gross loans was at 3.7% in March compared to 3.6% in February.Deposits growth in March was mainly due to both a rise by 3% in public sector and 2.8% in non-resident deposits.Deposits have gone down by 4.9% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022).The loans to deposits ratio declined during the month to 129.7% in March. Loans went up by 0.6% in March to reach QR1,25tn, while deposits increased 1.8% in March to reach QR967.5bn.The services segment was the main contributor towards the private sector loan gain.Services (contributes 30% to private sector loans) increased by 3% month-on-month (MoM- 2.4% in 2023), while general trade (contributes 21% to private sector loans) gained 0.9% MoM (+1.7% in 2023). However, the real estate segment (contributes 22% to private sector loans) declined by 1.8% MoM (-0.1% in 2023), while consumption and others (contributes 20% to private sector loans) moved lower by 0.3% MoM (-0.8% in 2023) in March.The government segment (represents 29% of public sector loans) gained 2.2% MoM (-10.2% in 2023), while the government institutions’ segment (represents 67% of public sector loans) loan book added 0.1% MoM (+1.6% in 2023).However, the semi-government institutions’ segment declined by 1.7% MoM (-2.3% in 2023). Outside Qatar loans moved up marginally by 0.1% MoM (0.0% in 2023) during the month of March.The government segment (represents 29% of public sector deposits) was the main driver with a growth of 12.4% MoM (-8.4% in 2023), while the government institutions’ segment (represents 59% of public sector deposits) moved up 3.4% MoM (0.7% in 2023).However, the semi-government institutions’ segment fell by 16.4% MoM (-20.3% in 2023) in March, QNBFS said.Private sector deposits moved up by 0.6% MoM (-0.5% in 2023) in March. On the private sector front, the consumer segment increased by 1.1% MoM (+3.0% in 2023) during March, while the companies and institutions’ segment edged up by 0.1% MoM (-4.0% in 2023), QNBFS noted.

As Qatar prepares to host several major global events, Estithmar Holding Group Chief Executive Officer Henrik H. Christiansen is excited about the country’s future."We are thrilled to see Qatar opening up its doors to visitors and further liberalising its procedures, which will undoubtedly have a positive impact on the national economy," said Christiansen in an interview with Gulf Times."We can't wait to welcome more people to the country and show them the incredible facilities we have to offer, including the amazing Al Maha Island, which is an unparalleled entertainment and leisure destination."Looking ahead to the upcoming AFC Asian Cup 2023, Expo 2023 Doha Qatar, Formula 1 - Qatar Grand Prix, and Geneva International Motor Show, Christiansen added: "We are confident that Qatar will continue to shine on the global stage, and we are honoured to be a part of this exciting journey. We were thrilled to have thousands of visitors to our facilities during the FIFA World Cup Qatar 2022, and we are eager to build on that success and generate even more business while providing the highest level of service, food and entertainment to our valued customers."Estithmar Holding is a Qatari public listed company with a diverse portfolio of 45 companies operating in five strategic sectors through its five major divisions.Christiansen is especially proud of Estithmar's flagship property, Al Maha Island, which features a range of world-class attractions and hospitality services."We have worked tirelessly to create an exceptional getaway that combines entertainment and leisure in one place, and we are thrilled with the overwhelmingly positive response we have received from visitors," he said."Our hotels and restaurants are positioned at the high end of the market, and we are confident that we will continue to attract discerning guests who appreciate quality, excellence, great service and innovation."In addition to its tourism and hospitality businesses, Estithmar Holding is also making waves in the healthcare industry with The View Hospital, a state-of-the-art medical facility developed by its subsidiary, Elegancia Healthcare."We are committed to providing the highest level of clinical excellence and becoming the hospital of choice for patients both in Qatar and beyond," said Christiansen."With our international partnership with Cedars Sinai, one of the top hospitals in the United States, we are able to deliver outstanding clinical expertise through highly experienced, multidisciplinary teams and systems. We are confident that The View Hospital will be a game-changer for private healthcare in the region, and we look forward to serving the people of Qatar with world-class care,” Christiansen added.Ends

Qatar Airways Group Chief Executive HE Akbar al-Baker Monday announced additional network expansion within the GCC region including new services to Saudi Arabia and the UAE.Al-Baker introduced the addition of a new destination, Tabouk, Saudi Arabia, as well as the resumption of service to Yanbu, Saudi Arabia.The airline currently flies to Abu Dhabi, Dubai and Sharjah, and will begin services to Ras Al Khaimah in the UAE shortly.Qatar Airways currently operates some 84 weekly flights to the UAE, firmly cementing the importance of the region, he noted at a media event in Dubai.Al-Baker said: “We are excited to be present at this year's Arabian Travel Market. Our commitment to offering our passengers world-class products and services remains steadfast as we continue to grow and expand our network. With exciting events lined up in Qatar, we are certain that our country will continue to thrive as a tourism hub for years to come.”The Arab Tourism Organisation recently named Doha as the Arab Tourism Capital 2023. This is a testament to Qatar's exceptional achievements in leisure and hospitality, solidifying the country's position as one of the world's most sought-after destinations.Qatar Airways will highlight its partnership with Formula 1, and its role as the world-renowned racing series' official airline, demonstrating Qatar Airways’ dedication to supporting top-tier international sporting events and adding on to its sports sponsorship portfolio.The Global Partner and Official Airline of F1, in partnership with Qatar Airways Holidays, launched travel packages allowing fans to be up-close to high-octane action, and exclusively enjoy unique experiences and special events for each F1 racing event.This year, Qatar will host the Geneva International Motor Show (GIMS Qatar 2023). This event is set to present a stunning festival highlighting the finest of the automotive industry, hosted by a pioneering and passionate nation with a true affinity for cars.Guests will be invited to navigate the future of the automotive industry while receiving the best-in-class experiences across travel, hospitality, motorsports, and culture.Qatar Airways continues on the path of growth and success for the years ahead, owing to its industry-leading products and services, innovative approach, and commitment to customer satisfaction.Meanwhile, Qatar’s national carrier held a strong presence on the first day of the Arabian Travel Market (ATM) conference. Showcasing the FIA World Endurance Championship ‘hypercar’, Qatar Airways “garnered heavy attention” around the stand.The national airline offered ATM visitors a chance to drive the vehicle through a simulation, and also provided a relaxing lounge area reflecting the airline’s standards on luxury and comfort, quality and hospitality all in one stand.

Qatar Airways Group Chief Executive HE Akbar al-Baker has forecast robust travel demand for the rest of the year and said the national airline would look to add more routes, depending on how fast it gets new Airbus and Boeing jets. Addressing the media at the Arabian Travel Market conference in Dubai Monday, al-Baker said the total number of destinations could grow up to 190 from 177 destinations now, depending on the delivery of additional aircraft from the two manufacturers. The airline expects planemakers Boeing and Airbus to begin delivering soon. “We have already bought a large number of new aircraft. We have already started taking delivery of our (Boeing) Max aircraft. Qatar Airways is also experiencing delayed delivery of Boeing 787 and 777X planes. All these are now in the pipeline. We were expecting to take delivery of a large number of 787-9 aircraft this year. The 787 delays had been caused by unnecessary concerns raised by the US regulator,” al-Baker noted. Al-Baker expects to begin receiving aircraft from Airbus as the national airline has settled its dispute with the European planemaker. Airbus in March reinstated an order for some 73 aircraft from Qatar Airways, which it had revoked during a major legal dispute over damage to the surface of grounded A350s. Al-Baker expects to begin receiving the aircraft in the "not too distant future". Boeing in February temporarily halted delivery of new 787 aircraft to conduct additional analysis of a fuselage component amid the FAA's concerns. Al-Baker said he did not expect higher oil prices and overall inflation to dent travel demand. “I don’t think there will be any dent in travel demand because of higher oil price. At one time, the oil price had gone up to $150 a barrel, but the travel demand did not go down. The oil price had gone up by nearly 100% but the ticket price might have gone up by 5% because the airlines have imposed fuel surcharge on tickets. “Airlines have then absorbed a lot of fuel costs. But this always will not be sustainable. Because at the end of the day, as an airline we are responsible to our shareholder to give them a return on their investment. So we have had to make sure we have a cushion on the oil price, but not an unlimited cushion.” Al-Baker said the airline was "fighting with oil companies" to scale up the production of sustainable aviation fuel (SAF) in order to bring the price down to affordable levels. The airline aims to adopt the fuel, which has the potential to reduce its carbon footprint, or to use it in combination with conventional fuel, he added.

Qatar's nominal GDP has been forecast at nearly $211bn this year and $222.4bn in 2024, according to the latest update by Emirates NBD.The regional banking group has forecast the country’s real GDP growth at 2.3% this year and 3% in 2024.The country’s current account surplus (as a percentage of GDP) has been forecast at 32.1% this year and 29.3% in 2024.The budget balance (as a percentage of GDP) has been forecast at 5.6% this year and 6% in 2024.Emirates NBD forecasts Qatar’s CPI inflation at 3% this year and 2.5% in 2024.Recently, the regional banking group revised its 2023 GDP growth forecasts for several GCC countries lower, following the announcement of voluntary oil production cuts by Saudi Arabia, the UAE, Kuwait and Oman from May through the end of 2023.For the region as a whole, it has forecast headline GDP growth at 2.3% for 2023, down from 3.2% previously.It had already revised its forecasts for GCC budgets lower on the back of its downward adjustment to the 2023 oil price estimate in March. Reducing the amount of oil produced and sold will further negatively impact budget revenues for oil exporting countries.For the whole GCC, the forecast budget surplus for 2023 is now 1.8% of GDP, from 2.5% previously.Emirates NBD now expects Saudi Arabia to run a close to balanced budget, while Kuwait is likely to post a small deficit of -0.3% of GDP. The UAE’s forecast surplus has been reduced to 5.6% of GDP from 6.2% of GDP previously.With fewer barrels of oil produced this year, the break-even oil price (the oil price required by each one in order to balance the budget) rises as well, unless government spending is reduced proportionately or non-oil revenues increase.The UAE’s breakeven oil price is not easy to estimate as revenues are split into tax and non-tax revenue (not oil and non-oil). However, Emirates NBD thinks the UAE’s break-even oil price in 2023 is likely to be between $60-$65 for a barrel, the lowest in the GCC.“Current account surpluses have also been adjusted to reflect lower volumes of oil produced and exported relative to expectations at the start of the year. All GCC countries are still expected to run current account surpluses in 2023, with the weighted average for the region at 12.5% of GDP this year, down from an estimated 16.8% in 2022,” noted Khatija Haque, Emirates NBD head of research & chief economist.

Qatar’s fiscal balance as a percentage of the country’s GDP has been forecast at 9.6% this year and 7.6% in 2024, Oxford Economics said in its latest update.The country’s current account balance (as a percentage of its GDP) has been forecast at 16.8% this year and 13.8% in 2024.Qatar’s inflation, Oxford Economics noted, is expected to be 2.3% this year and 1.8% in 2024.“We expect disinflation to gather pace in the coming months and continue to forecast average inflation at 2.3% this year. This is less than half the average pace of 5% in 2022,” Oxford Economics said.Real GDP, the researcher noted, may grow 2.5% this year and 2.7% in 2024.In its forecast last month, Oxford Economics said it expects the expansion of gas capacity and the pipeline of planned projects to draw foreign direct investment (FDI), underpinning average growth of 3.2% in the non-oil sector this year and next.The North Field gas expansion project will have a positive medium-term impact, increasing LNG capacity nearly 65% to 126mn tonnes per year (mtpy) by 2027, from 77mtpy currently.Qatar is in the process of signing further multi-year supply contracts following agreements with China and Germany for LNG output set to be added in the first phase of the project due in 2026.The non-oil sector is likely to have expanded by over 6% in 2022, the fastest pace since 2015. But non-oil growth will slow to 3.3% this year as momentum eases after the World Cup, and 3% in 2024.Tourism will be among the sectors that will underpin non-oil recovery this year, thanks to major events, including the Asian Football Cup and Formula 1 Qatar Grand Prix, and in the medium term.Qatar attracted 2.56mn tourists in 2022, and data for January and February show foreign arrivals were about three and four times higher than in the respective months last year.The 2023 budget, based on an oil price $65 per barrel, up from $55 in the 2022 budget, projects a surplus of QR29bn, equivalent to 3.4% of GDP.Oxford Economics’ forecast for Brent is at $85 per barrel in 2023, above the budgeted price, and it now sees a "slower deceleration" in LNG prices.On that basis and with spending growth moderating, the researcher sees a budget surplus of 10.3% of GDP this year.The government ran a surplus of QR89bn (10.7% of GDP) in 2022, Oxford Economics said.

Rogue shippers, or illegal or unauthorised shippers, pose a significant threat to the aviation industry. These individuals or organisations transport hazardous goods or materials.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[21486]**without following proper safety regulations, and as a result, they can cause serious problems for the industry.Some of the problems caused by rogue shippers in the aviation industry include safety and security risks, regulatory violations, financial losses and damage to reputation.Rogue shippers often do not properly package or label hazardous materials, which can lead to accidents during transportation. This can cause harm to the individuals handling the goods, as well as to other passengers and crew members on the plane.Transporting hazardous materials requires strict compliance with international regulations such as ICAO Technical Instructions, IATA Dangerous Goods Regulations, and national regulations. Rogue shippers may not comply with these regulations, which can lead to fines, legal action, or the revocation of licences.The aviation industry may face financial losses due to rogue shippers as they may avoid paying fees associated with proper hazardous materials transportation.Moreover, in case of accidents, the liability and financial burden may fall on the airline and aviation industry.Accidents or incidents involving rogue shippers can damage the reputation of airlines and the industry as a whole. It can lead to public distrust and negative publicity.Rogue shippers can also use the aviation industry for illegal activities such as smuggling illegal items. This poses a security risk to the industry and raises concerns for national security.Undoubtedly, rogue shippers can cause significant problems for the aviation industry, and it is crucial for authorities to take strict measures to prevent such activities. This includes effective monitoring and enforcement of regulations, training and awareness for employees, and penalties for those who violate the rules.Lithium batteries have become increasingly popular due to their high energy density, lightweight and long life, and they are widely used in a variety of electronic devices.However, the use of lithium batteries has also caused problems for the airline industry due to the potential safety hazards associated with them.Problems caused by lithium batteries for the airline industry include fire hazards, risk of explosion, regulatory compliance, flight delays and cancellations and liability issues.Lithium batteries pose a significant safety risk to the airline industry, and it is essential for airlines to take appropriate measures to mitigate these risks.This includes proper packaging and handling of lithium batteries, compliance with regulations, and effective training and awareness programs for employees.Additionally, there is a need for continued research and development of safer battery technologies to minimise these risks.According to IATA’s global head of cargo Brendan Sullivan: “The first priority is to stop rogue shippers. A lot has been done. But, quite honestly, it is still not enough. Civil aviation authorities must take strong action against shippers not declaring lithium batteries in cargo or mail shipments. And all governments need to support ICAO’s efforts to strengthen the standards in Annex 18 – the Safe Transport of Dangerous Goods.”At the recent World Air Cargo Symposium in Turkiye, Sullivan noted: “So, we still need counter measures in case improperly packaged shipments do get on board. Here we are engaging with European Aviation Safety Agency (EASA) and Federal Aviation Administration (FAA) of the United States to develop a test standard for fire-resistant aircraft containers with a fire involving lithium batteries. The aim is for unit load devices (ULDs) to contain a lithium battery fire for up to six hours.“We have made progress on the specific challenge of handling lithium battery powered vehicles. From January 1, 2025 we will have a single standard to identify all such vehicles including vehicles such as hover boards, e-scooters and e-bikes, as well as traditional passenger vehicles throughout the transport process.”More broadly, IATA says the Centre of Excellence for Independent Validators in Pharmaceutical Logistics (CEIV) Lithium Battery programme continues to grow, with some 31 companies now certified. These encompass the supply chain with a mix of airlines, freight forwarders, cargo handling facilities and shippers.Having seen the success of CEIV in promoting better transport of pharmaceuticals, fresh products, and live animals, we can be confident that the growth of this programme will raise the bar for high quality and safe transport of lithium batteries for all participants in the supply chain.

Qatar's sovereign credit strengths are large fiscal and current-account surpluses, which are expected to limit borrowing, EIU said in its latest update.Public debt has fallen sharply, to an estimated 44.4% of GDP at end-2022. High energy prices and a comfortable trade position are supporting external liquidity, and the balance-of-payments position is sound, EIU noted.The riyal's peg to the dollar will continue to be backed by healthy foreign reserves and the huge assets of the Qatar Investment Authority (the sovereign wealth fund), the assets of which are estimated to be worth $475bn, EIU said.The negative net foreign asset position of Qatar's banks remains large, but has shrunk over the past 12 months. The currency peg also limits overall risk.The sector is well regulated and strong prudential indicators insulate banks from a deterioration in asset quality. The non-performing loan ratio is low, but higher interest rates pose a modest risk.However, Qatar's over-reliance on hydrocarbons exports remains a vulnerability, exposing the country to global energy price movements, EIU noted.The researcher noted in a recent update that Qatar’s real economic growth will remain stable throughout most of the long-term forecast period. Elevated global hydrocarbons prices and investment in the QNV development plan will sustain robust growth until 2030, after which growth will start to edge down.There remains potential for bursts of high growth if the government approves further gas export projects, beyond those planned for the mid-2020st.Diversification and the expansion of the services sector, funded by the state's hydrocarbons wealth, will also provide opportunities for growth. The population will gradually rise in the long term, to 3.1mn in 2050. As a result, growth in real GDP per head will be slower than growth in real GDP.Qatar's overall business environment score has improved, from 6.60 for the historical period (2017-21) to 7.74 (up to 2026) for the forecast period. This has helped Qatar's global ranking to improve by 15 places, from 36th to 21st, although it retains its regional ranking, in third place.The largest improvements in terms of scores are in the infrastructure and market opportunities categories. Qatar's fairly open foreign investment regime, open trading relationships with regional partners and sophisticated capital markets will remain strong aspects of its business environment, EIU said.“The main shortcomings are in policy towards private enterprise and competition and in access to financing for small and medium-sized enterprises; these are expected to improve in the medium term,” EIU noted.

Qatar delivered 22 more cargoes in the first quarter of this year compared to the same period last year, the Gas Exporting Countries Forum (GECF) said in its April report.In March, the total number of global LNG export cargoes increased by 8% m-o-m to 551. The total number of LNG shipments for the first three months of 2023 reached 1598, which is 3% (or 50 more cargoes) than during the same period in 2022.The US, Australia, and Qatar lead the number of LNG shipments in 2023 thus far, Doha-headquartered GECF noted.In March 2023, the LNG spot charter rate for steam turbine carriers averaged $38,800 per day, which was 12% higher month-on-month (m-o-m) and 50% higher year-on-year (y-o-y).The spot charter rate in 2023 has generally been following the seasonal trend, hovering around the five-year average.During the majority of March, charter rates held steady at the same levels as the end of February, until they declined during the final third of the month.This, GECF noted that although the average monthly rate increased m-o-m, March concluded with the daily rate actually reaching the lowest level recorded since August 2022.Charter rates softened at the end of the month as a result of reduced tightness in the market, attributed to increased Atlantic Basin deliveries, rather than intra-basin flows.The average price of the leading shipping fuels in March 2023 was $560 per tonne, which was 8% lower than the previous month, and 37% lower y-o-y.In March 2023, the impact of the rise in LNG spot charter rates was offset by decreases in the cost of LNG shipping fuels and the delivered spot LNG prices, resulting in a net decrease in theLNG shipping cost, by up to $0.12/mmBtu compared with the previous month, GECF said.Compared with the same month one year ago, charter rates were higher in March 2023, but fuel prices and delivered spot LNG prices were significantly lower than in 2022, resulting in LNG shipping costs up to $1.32/mmBtu lower.Maintenance activity at LNG liquefaction facilities: In March, both planned and unplanned outages affected 0.80 mtpy of global liquefaction capacity. This represents a significant decrease from 2.07mn tonnes per year (mtpy) in March 2022.The APLNG facility in Australia and Qatar’s LNG facility underwent planned maintenance activity during the month, while the Soyo LNG facility in Angola, QCLNG facility in Australia and Freeport LNG facility in the US encountered unplanned outages, GECF said.

Qatar intends to invest QR337mn in a healthcare Public Private Partnership (PPP) project, Alpen Capital has said in a report.As part of this, the government is increasing private sector participation in the design, construction, operation, and maintenance of two primary health centres in Madinat Khalifa and Umm Ghuwalina to provide enhanced primary care services, it said.GCC governments are actively looking at alternative models to fund and operate new and existing facilities delivering healthcare services in the region, the researcher noted in its recent report on ‘GCC healthcare industry’.As the region focuses on developing domestic R&D capabilities, PPPs coupled with recent regulatory reforms, are likely to support clinical trials and the launch of new biopharma manufacturing and production facilities, it said.This will allow companies to focus on the development of medicines to address areas of high unmet need, such as the treatment of rare diseases. In the long-run, this is likely to lead to reduced costs and build more robust supply chains.It will also help build a mature healthcare ecosystem, supporting the advancement of medical education and critical skills while helping attract global talent.According to Alpen Capital, GCC governments are actively looking at alternative models to fund and operate new and existing facilities delivering healthcare services in the region.As such, they have been encouraging the involvement of private players through a PPP model. Privatisation of hospitals and allied services remains at the forefront of the GCC governments’ economic diversification agenda, which will not only help reduce the cost burden but also bridge the growing demand-supply gap amid rising healthcare needs and thus improve the quality of healthcare in the region.In January 2022, Saudi Arabia designed the new private sector participation law (PSP Law) to boost private investment in the Kingdom.The law marks the beginning of the legal framework on which the government can start to outsource healthcare provision and will cover PPPs. This could be crucial for the Saudi healthcare sector, which currently has $12.8bn worth of projects that will create 224 primary healthcare centres and add more than 20,000 hospital beds across the Kingdom by 2030, as part of its Vision 2030.In June 2019, Saudi Arabia announced its first healthcare PPP project that targets radiology and medical imaging services covering hospitals in the greater Riyadh area.In addition to infrastructure development projects, Saudi Arabia has also been collaborating with foreign players on building a robust healthcare technology ecosystem.Private participation has also been on the rise in the UAE. The country has around 700 healthcare projects under development with a total investment of $60.9bnn), mostly carried out by the private sector.Oman has announced plans to build the $1,242.8mn Sultan Qaboos Medical City Complex under a PPP model. The country has already rolled out several healthcare projects including a dialysis centre, secondary hospital and central laboratory under the PPP model.Similarly, several other healthcare PPPs are in the pipeline across the GCC as the regional governments aim to leverage efficiencies and expertise of the private players to achieve their development goals and match international best practices, Alpen Capital noted.

The Covid-19 global pandemic has led to a significant decrease in air travel demand, resulting in a surplus of parked aircraft worldwide since early 2020..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[18927]**The travel restrictions and border closures, which accompanied the onset of the Covid-19 pandemic, resulted in the number of aircraft in service dropping precipitously.However, with the lifting of travel restrictions and re-opening of airline routes and markets, these dramatic Covid effects on airline fleets have been steadily unwinding.Airlines have shifted their airline assets back into service, in line with the increase in air passenger demand.As of March this year, more than 28,000 aircraft were in service globally while in excess of 6,300 aircraft were in storage, according to IATA.The number of aircraft in storage today (6,300 aircraft) is 83% (or roughly 2,900 aircraft) more than in the pre-pandemic period, IATA data reveal.It is notable that the share of widebody aircraft currently in storage is substantially higher (by 7 percentage points) than in the pre-pandemic period.By the same token, the share of regional turboprop aircraft is considerably lower (by around 9 percentage points).This is consistent with the lagging recovery in international air travel markets compared with the shorterhaul regional and domestic routes. In the latest available data, domestic RPKs are back to around 97.5% of their pre-pandemic level, while international RPKs are at 77%.Clearly, the global pandemic has led to a significant decrease in air travel demand, resulting in a surplus of parked aircraft worldwide.Industry analysts say parked aircraft can lead to several problems globally, including maintenance, cost, depreciation, storage space, safety, security, environmental concerns, and economic impact. Therefore, it is crucial for airline operators to ensure that they have a robust plan to manage and maintain parked aircraft properly.The following are some of the problems associated with parked aircraft globally:Maintenance: Aircraft require regular maintenance, and when they are parked for an extended period, it can be challenging to keep them in good condition. Airline operators must ensure that parked aircraft receive regular maintenance and inspections to prevent damage from occurring.Cost: When aircraft are parked, airlines still have to pay for maintenance, insurance, and other associated costs. The longer the aircraft remain parked, the more costly it becomes for the airline.Depreciation: Aircraft parked for a long time can suffer from depreciation as their value decreases due to wear and tear, ageing, and technological advancements.Storage space: Airports have limited space for parking aircraft. With the increasing number of parked aircraft, it can be challenging to find sufficient space to accommodate them.Safety and security: Parked aircraft require proper security measures to prevent vandalism, theft, or other potential damages. Also, parked aircraft pose safety risks for ground operations, such as ground handling equipment, and other airport operations.Environmental concerns: Parked aircraft produce environmental problems such as soil contamination, fuel leaks, and corrosion. It can also cause aesthetic damage to the environment, and it can take a long time to repair the damage.Economic impact: The parked aircraft may have a severe economic impact on the aviation industry as airlines may face financial problems leading to layoffs or reduced operational capacity.Despite the production challenges for new aircraft, with the current number of aircraft in storage exceeding by some margin on the pre-Covid level, provides further potential for airlines to continue to meet the recovering demand for air travel this year.International traffic climbed 89.7% versus February 2022 with all markets recording strong growth, led once again by carriers in the Asia-Pacific region. International RPKs reached 77.5% of February 2019 levels, IATA data reveal.IATA Director General Willie Walsh noted, “Despite the uncertain economic signals, demand for air travel continues to be strong across the globe and particularly in the Asia-Pacific region. The industry is now just about 15% below 2019 levels of demand and that gap is narrowing each month.”

The reopening of China and its implications for commodity demand, including oil, will “potentially be very positive” for GCC markets, National Bank of Kuwait (NBK) said in a report.Emerging markets equities in particular could perform well later in the year as its largest market, China, stands to benefit from the reopening catalyst (though the effect has been slower than anticipated) and a potentially weaker US dollar, NBK said.GCC equity markets lagged behind their global counterparts in first quarter (Q1, 2023), sinking further into bear territory following the equally lacklustre performance of the previous quarter, weighed down by headwinds including rising borrowing costs, softer outlooks for growth and the oil market and fears of banking crisis contagion.The MSCI GCC fell 3% q/q, with losses led by Abu Dhabi (-7.6%) and Qatar (-4.4%), while Kuwait’s All-Share lost 3.3% amid relatively thin liquidity.Losses in the MSCI GCC were curbed by a small gain in heavy weight Saudi Arabia (+0.4%), while Dubai led the pack, up 2.1%.Looking ahead, NBK noted GCC equities will continue to be influenced by international market developments, including oil, economic growth, and Fed policy.Generally improved fiscal positions thanks to large hydrocarbon windfalls in 2022, and still favourable though moderating growth outlooks in 2023 are supportive of market sentiment.A buoyant IPO market should help maintain investor interest after a record 48 listings and $23bn in capitalisation in 2022, 34 from Saudi Arabia linked to its private sector reform and investment plans.Lastly, oil market volatility and rising borrowing costs are additional regional headwinds, though risks from the former appear modest given OPEC’s preemptive production policies, sometimes moving ahead of the market, NBK noted.

Qatar has driven LNG exports of GECF member countries and observers with y-o-y growth of 6.7% (1.11mn tonnes) to reach 17.66mn tonnes in March, the Gas Exporting Countries Forum (GECF) said in its report released Tuesday.The growth was primarily driven by Qatar (0.62mn tonnes), Norway (0.44mn tonnes), Mozambique (0.30mn tonnes), Trinidad and Tobago (0.15mn tonnes), Nigeria (0.09mn tonnes), the UAE (0.05mn tonnes), Algeria (0.02mn tonnes) and Peru (0.02mn tonnes).The increase in Qatar’s LNG exports was due to lower maintenance activity compared to the previous year.According to GECF, gas and LNG spot prices in Europe and Asia continued to decrease for the third consecutive month.In March 2023, Title Transfer Facility (TTF) and Northeast Asia (NEA) LNG spot prices averaged $13.87/mmBtu and $13.35/mmBtu, falling by 17% and 16% m-o-m, respectively, and representing a 65% decrease y-o-y.Despite lower LNG sendout in the region, European spot prices maintained their bearish trend.Likewise, weak market fundamentals in Asia continued to put pressure on prices.Moreover, the spread between spot prices and oil-indexed LNG prices in both regions has significantly narrowed in comparison to previous months, GECF said.In March 2023, European Union pipeline gas imports rose by 14% month-on-month (m-o-m) to reach 13.7bcm. Global LNG imports increased slightly by 2.7% y-o-y to 35mn tonnes driven primarily by stronger imports in Europe and, to a lesser degree, in Latin America and the Caribbean (LAC) and North America.In contrast, LNG imports decreased in the Asia Pacific and Middle East and North Africa (Mena) regions.Lower pipeline gas imports in Europe continued to support the increased LNG imports while, Asia Pacific’s y-o-y gain in LNG imports reversed from the previous month.Mild winter weather and high LNG inventories led to reduced LNG imports in Japan and South Korea, contributing to an overall decline in imports in the Asia Pacific region.In March, the EU gas consumption recorded a 13% y-o-y decline, reaching 34.1bcm. Factors contributing to the drop in the demand for gas in the EU include warmer than normal temperatures, windier weather conditions, and a year-extension of the implementation of the EU regulation on the voluntary gas demand reduction by 15% until March 2024.In contrast, apparent Chinese gas demand rose by 4.6% y-o-y to 31bcm. According to the CNPC Research Institute, the country's gas demand would expand by 19bcm, or 5.1% in 2023, totalling 386.5 bcm.Europe’s gas production decreased by 3.3% y-o-y to stand at 15.3 bcm in February, primarily due to lower output from the Netherlands and UK.Norway's production remained steady despite technical issues in certain gas fields.Conversely, gas production from the seven major US shale gas/oil regions rose by 7% y-o-y in March reaching 84.5 bcm.The global gas rig count declined by 7 units m-o-m but rose by 61 units y-o-y in March 2023, reaching a total of 410 units, GECF noted.

Qatar Airways does not have to avoid Sudanese airspace because of the situation in that country, Group Chief Executive HE Akbar al-Baker has said.“The airspace of Sudan is not closed, only the airport there is closed. The airspace is open,” al-Baker told Gulf Times yesterday.Qatar Airways is not flying to Khartoum now because of the airport closure, he said.Al-Baker, also Qatar Tourism chairman, said the country has set a target of 6mn foreign visitors annually by 2030.“I think (this year) we will not be too far away from the target we have,” he said.Asked whether there was a lull following Qatar staging the FIFA World Cup 2022 in November and December last year, al-Baker said, “If you look at statistics of the Fifa events that have taken place, it has always been three to four months of quietness following the Fifa tournament. So, we are not unique."Because of FIFA we built so much infrastructure in the hospitality industry and of course now it is our job to make sure that in the coming months we are making sure that occupancy rates go up."He insisted that every World Cup host has the same lull after the tournament and that hotels were still 65-70% full.Al-Baker said Qatar is expecting a huge influx of visitors in the coming months as the country is staging many events including the Expo 2023 Doha.“We are working in every direction. We are trying to promote health tourism, education tourism and MICE in Qatar. We have some great health care facilities and world class educational institutions with campuses in the country.”

Hayya platform is Qatar's single portal for all tourists to enter the countryThree new categories of visitors are now eligible for Qatar’s e-visa- A1, A2 and A3A1 category will include all nationalities who do not qualify either for visa on arrival or visa-free entry into Qatar. A2 category will be GCC residentsA3 category will be international visitors with visa or residency from Schengen, UK, USA, Canada, Australia and New ZealandQatar Tourism has revamped the Hayya platform to enable more nationalities to avail of a tourist visa to visit the country.By expanding the functionality of the Hayya platform, Qatar seeks to invite new tourists who require a visa to visit “our world-class destination”, Qatar Tourism chairman HE Akbar al-Baker said at a press conference Sunday.“The relaunched Hayya platform has become the go-to portal for travellers who require a visa to enter Qatar. Hayya platform will become the country's single portal for all tourists to enter the country,” al-Baker noted..text-box { float:right; width:450px; padding:10px; border:1pt solid black; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 65%;}}Qatar seeks to welcome over 6mn visitors a year by 2030: al-Baker“Qatar’s national tourism strategy seeks to welcome over 6mn visitors a year by 2030, Qatar Tourism chairman HE Akbar al-Baker said Sunday."Qatar’s tourism sector goes from strength to strength. The arrival numbers for first quarter of 2023 has hit record numbers – over 1.16mn by the end of March. These numbers also include a very successful cruise season.“Already, Qatar is considered the most open country in terms of visa facilitation in the Middle East and the 8th most open globally, with more than 95 nationalities granted visa on arrival. We are pleased that the latest developments will further cement Qatar’s position as a leading tourism destination and will provide the opportunity for even more travellers to experience the country’s truly unique touristic offering.”“This will not only provide a valuable contribution to our economy but will help create countless employment opportunities across our country,” al- Baker added.Three new categories of visitors will now be eligible for Qatar’s e-visa. Hayya e-visa will categorise visitors based on nationality, residency or other international visa, which a traveller already has. The three new categories are A1, A2 and A3.Explaining the three new categories who will be granted easier access, al-Baker, also Qatar Airways Group CEO, stated that the A1 category will include all nationalities who do not qualify either for visa on arrival or visa-free entry into Qatar.The A2 category will be GCC residents. From now on, GCC residents of all professions will be eligible for Qatar’s e-visa.The third category - A3 - will be international visitors with visa or residency from Schengen, UK, USA, Canada, Australia and New Zealand. They will be eligible for Qatar’s e-visa.“They (A3 category) don’t require health insurance if the stay does not exceed 30 days,” Saeed Ali al-Kuwari, CEO, Hayya Platform told Gulf Times.“ Streamlining Qatar’s tourist visa process comes as a step to further build on the recognition of Doha being the Arab Tourism Capital for 2023 and will offer new visitors a chance to experience what makes Qatar a one-of-a-kind destination,” al-Baker noted.Taking place with immediate effect, the launch of the well-known Hayya Platform, which allowed the entry of over a million visitors during the FIFA World Cup Qatar 2022 tournament – and its application via smart phones, will become the single portal for all tourist and business visas to Qatar.This will unify visa processes for tourists, GCC residents and companions travelling with GCC citizens (whom are issued an Authorisation Electronic Travel permit).The latest development reflects Qatar’s keenness to continue its investment in the tourism sector, which forms an important pillar to the economy, and reflects the longer-term strategic vision to position the country as the leading tourism destination in the region.Tourists who require a visa to enter Qatar can apply through the Hayya Platform at www.hayya.qa, or through the application on their smartphones, and visit Doha, the Arab Tourism Capital of 2023.In addition, Hayya holders will enjoy seamless travel and connectivity into Qatar as Hayya will be enabled for e-gate entry at Hamad International Airport.For those entering Qatar via land at the Abu Samra border, the Hayya Platform will provide a pre-registration option for faster entry for vehicles, making the start of a weekend getaway or longer stay in Qatar even smoother and more enjoyable.For GCC nationals, the platform provides an option to apply for an entry permit for companions. The Hayya Platform also provides further services that help round out a visitor’s stay, including maps, transportation options, offers and current events.Al-Kuwari commented: “The re-launch of the Haya Platform in its new form today is an extension of the strategic vision that the Supreme Committee for Delivery & Legacy had previously developed, a vision that centres on the sustainable legacy of the FIFA World Cup Qatar 2022.“The launch represents a means by which we will truly sustain the legacy of the World Cup. Previously, the Hayya card allowed fans from around the world to enter Qatar to watch their favourite teams during the world’s biggest football event. Today, the Hayya Platform is the legacy, which we build upon, inviting visitors from all corners of the earth to visit our country and enjoy its authenticity, history, culture, hospitality, natural beauty and much more.”Following the unprecedented success of the FIFA World Cup Qatar 2022, Qatar has continued to welcome record-breaking numbers of tourists in the first quarter of this year.The country’s authentic culture, abundant natural beauty and world-class hospitality and leisure venues were experienced directly by international visitors during the world’s biggest sporting event late last year and witnessed by billions more remotely.Visitors to Qatar will be privy to Qatar’s recently expanded hospitality and leisure landscape, which includes beaches and resorts, such as Fuwairit Kite Beach with its pristine shores and serene waters, and West Bay Beach, which has been developed in the heart of the city.In addition, families can enjoy premium shopping and dining destinations such as ‘Printemps’ and ‘Place Vendôme’, world-class museums including the National Museum of Qatar and the recently re-opened Museum of Islamic Art, all while selecting their stay from a collection of newly opened and industry-leading international and home-grown hotels including The Ned Doha, Raffles and Fairmont Doha and The Outpost at Al Barari.

Qatar "reclaimed" its position as the largest liquefied natural gas exporter in the world with 80mn tonnes of LNG exports in 2022, the Gas Exporting Countries Forum (GECF) has said in a report. Last year, Qatar was followed by Australia (79mn tonnes), the US (78mn tonnes), Russia (32mn tonnes) and Malaysia (27mn tonnes) respectively, GECF said in its ‘Annual Gas Market Report 2023’.In terms of the variation in global LNG exports at a country level, the US continued to drive the increase in global LNG exports while Russia, Qatar, Norway, Malaysia and Trinidad and Tobago contributed to a lesser extent. In contrast, LNG exports were down significantly in Nigeria and Algeria.In 2022, global LNG exports increased by 5% (18mn tonnes) y-o-y to 399mn tonnes, Doha-headquartered GECF noted.This represents a slowdown in the pace of growth in LNG exports, which expanded by 6% (22mn tonnes) y-o-y in 2021. The higher LNG exports last year came from GECF and non-GECF countries as well as higher LNG reloads. GECF’s share in global LNG exports averaged 50% in 2022, relatively unchanged from a year earlier. The start-up and ramp-up of new liquefaction projects, higher feedgas availability, lower unplanned maintenance, and LNG production above the nameplate capacity in some countries, drove the increase in global LNG exports.In 2023, assuming LNG reloads remain at the same level as 2022; global LNG exports including LNG reloads are forecasted to grow by 4-4.5% (16mn-18mn tonnes) y-o-y to 416mn tonnes, GECF said. This represents a slight slowdown in the pace of growth in LNG exports from the previous year. Non-GECF countries are forecasted to account for bulk incremental LNG exports with an additional 11mn tonnes, while LNG exports from GECF member countries are forecasted to rise by 6mn tonnes.In 2024, also assuming LNG reloads remain at the same level as 2023, the pace of growth in global LNG exports is forecasted to accelerate slightly by 4.5-5% (18-20mn tonnes) y-o-y to 435mn tonnes.Both GECF member countries and non-GECF countries are forecasted to boost global LNG exports with additional 10mn tonnes and 9mn tonnes of LNG respectively.Gas markets in 2022 were characterised by significant turbulence and fundamental changes, mainly driven by geopolitical developments and underinvestment in the industry over the past decade, GECF said. Spot gas and LNG prices in Europe and Asia skyrocketed to record highs at the end of summer, while experiencing significant volatility throughout the year. This was mainly attributed to a tight LNG market as Europe’s LNG demand surged to replace lower pipeline gas imports into the region. Amidst record-high spot prices, various countries around the world had to switch from gas to coal and even lignite, chiefly in the power generation and industrial sectors. Energy security concerns took precedence over climate change mitigation goals, with policymakers focusing on meeting the energy needs of their people, and countries heading to solve the energytrilemma of achieving security, affordability and sustainability, GECF said.

Airlines incur unnecessary costs when they are unable to repatriate their overseas sales funds, freely or in a time-bound manner..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[16411]**Typically such costs occur when airlines' funds are forced to sit idle in foreign bank accounts as a result of foreign exchange shortages or regulatory obstacles put in place by certain governments.As of February this year, the total amount of blocked airline funds has reached $2.3bn worldwide, according to the International Air Transport Association (IATA).Of this, the Africa/Middle East region accounted for $1.8bn, Asia $519mn, Europe $24mn and Americas $233,000.The blocked or trapped funds are mostly from the sale of tickets, cargo space, and other activities.IATA, which is the global body of airlines, has urged governments to work with the aviation industry to resolve the issues that prevent airlines from repatriating their rightful funds.This, it said will enable aviation to provide the connectivity needed to sustain jobs and to energise economies as they recover from the pandemic.Airlines will not be able to provide reliable connectivity if they cannot rely on local revenues to support operations. That is why it is critical for all governments to prioritise ensuring that funds can be repatriated efficiently, IATA says.By blocking airline funds from ticket sales, various countries are depriving the aviation industry of the much-needed cash, in contravention of bilateral agreements and global standards.Holding back money belonging to airlines also discourages other carriers from serving the particular market, thereby reducing connectivity and options for passengers.For airlines, this can lead to cash flow problems, reduced profitability, operational difficulties, reduced investment and reputation damage.Blocked funds can cause significant cash flow problems for airlines, as they may not be able to access funds that are owed to them. This can impact their ability to pay for fuel, salaries, and other essential expenses, which could ultimately lead to financial difficulties and even bankruptcy.When funds are blocked, airlines may have to accept lower profits or even losses on their international routes. This is because they may be forced to sell tickets in local currency and then hold onto that currency until they can access it, which can result in exchange rate losses.These can also make it difficult for airlines to operate effectively. For example, they may be unable to pay their suppliers or service providers, which could impact their ability to maintain their aircraft, provide in-flight services, or even pay for landing fees and other airport charges.Trapped funds can discourage airlines from investing in new routes or expanding their operations in certain countries. This can limit the growth potential of airlines and may lead to missed business opportunities.If airlines are unable to provide refunds or make other payments to customers due to blocked funds, it can damage their reputation and reduce customer trust. This could lead to a decrease in bookings and revenue over the long term.Industry analysts say if conditions persist that make the economics of operation to a country unsustainable, one would expect airlines to put their valued aircraft assets to better use elsewhere.Clearly, ongoing problems with blocked funds are extremely damaging to the airline industry. One of the consequences is that flights to countries with blocked funds cost six or seven times more than comparable flights elsewhere! Clearly, Africa is a case in point.Blocked remittances have plagued airlines for years, but the situation has been exacerbated by the Covid-19 pandemic that left airlines cash-strapped after many years of weak travel demand.Therefore, it is critical for governments around the world to prioritise repatriation of blocked funds in the overall interest of the aviation industry, which is a key driver of global economic growth.

Qatar's merchandise exports have been forecast to total $115bn this year and nearly $138bn in 2027, FocusEconomics said in its latest update.Merchandise trade balance, the researcher said may total $81.6bn this year and nearly $98bn in 2027.The country’s merchandise exports next year have been forecast at $111.8bn, $113.3bn (2025) and $123.6bn (2026).Merchandise imports have been forecast at $33.8bn this year, $36bn (2024), $36.4bn (2025), $37.9bn (2026) and $40.2bn (2027).Merchandise trade balance, FocusEconomics said, may total $75.8bn (2024), $76.9bn (2025) and $85.7bn (2026).Qatar’s GDP, the researcher noted, may total $222n this year, $224bn (2024), $243bn (2025), $261bn (2026) and $281bn (2027).GDP per capita has been forecast at $84,955 this year, $86,403 (2024), $94,700 (2025), $102,659 (2026) and $111,860 (2027).Economic growth has been forecast at 2.6% this year and next, 5.3% (2025), 4.9% (2026) and 4.6% (2027).Qatar’s fiscal balance (as a percentage of GDP) has been forecast at 7.5% this year, 5.4% (2024), 5% (2025), 6.9% (2026) and 6.7% (2027).Public debt (as a percentage of GDP) has been forecast at 41.1% this year, 42.6% (2024), 40.7% (2025), 39.7% (2026) and 37% (2027).Current account balance (as a percentage of GDP) may reach 17.9% this year, 15% (2024), 10.9% (2025), 16.1% (2026) and 18.3% (2027).Current account balance may total $39.8bn this year, $33.6bn (2024), $26.5bn (2025), $42bn (2026) and $51.4bn (2027), FocusEconomics said.The economy likely expanded strongly in the fourth quarter (Q4) as the hospitality sector was boosted by the FIFA World Cup; the country welcomed over 1.2mn visitors in November-December, around double the number of arrivals in the whole of 2021.But energy output tumbled in December following strong growth in November. Moreover, the completion of World Cup-related projects tempered construction activity, and public-sector output will have been restrained by the temporary reduction in school and government office hours.Turning to this year, the economic picture remains divergent between sectors. On one hand, the tourism industry remains in rude health, with visitor arrivals up close to 350% year-on-year in January-February.On the flipside, building permits declined in annual terms in the same two months, likely linked to the end of the World Cup and higher interest rates.The economy will lose steam this year as the boost from the World Cup fades, building activity slows, borrowing costs rise and external demand flags, FocusEconomics said.That said, ongoing gas sector development and a stronger tourism industry will provide support. Improved relations with Arab neighbours are an upside risk.FocusEconomics panellists see a 2.6% rise in GDP during 2023, which is unchanged from last month’s forecast, and 2.6% growth in 2024.Inflation rose to 4.4% in February from 4.2% in January. Meanwhile, the Qatar Central Bank hiked its policy rates by 25 basis points in March, in line with the Fed, with the lending rate rising to 5.75%.In 2023, FocusEconomics panellists see inflation moderating from last year as borrowing costs rise and commodity prices recede. FocusEconomics panellists see inflation averaging 3% in 2023, which is unchanged from last month’s forecast, and 2% in 2024.