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Italy’s furniture exports to Qatar saw “23.14%” year-on-year growth to reach “€222.8mn” in 2022, according to data from the Italian Trade Agency (ITA) Doha Office.World-class furniture bearing the ‘Made in Italy’ brand “is increasingly appreciated in Qatar,” Italian Trade Commissioner Paola Lisi told Gulf Times on the sidelines of Italian ambassador Paolo Toschi’s visit to B&B Italia’s showroom Tuesday at the Doha Design District in Msheireb.Toschi said Tuesday’s tour of the showroom was part of a series of visits that are being conducted by the embassy in different establishments across Qatar’s new-design district at Msheireb.Lisi reiterated that the increase in exports of the Italian furniture sector to Qatar was “very impressive.” She said: “The main relevant categories of the design industry include furniture and furnishing accessories, in particular, lighting products and ceramic products.”Citing the latest figures by the Italian National Institute of Statistics (ISTAT) for 2022, Lisi said trade volume between Qatar and Italy exceeded “€7bn” and registered a growth of “54.4%.”Lisi said: “The top Italian export industries are represented by the military and defence sectors, machinery and equipment, fashion accessories and footwear, furniture (lighting signs, prefabricated buildings, and healthcare furniture), agri-food, and plastics.”Toschi also said: “Italy had witnessed a record increase in bilateral trade with Qatar and the numbers in the first three months of 2023 are already impressive. We’ve witnessed a huge increase in bilateral trade on yearly basis. The previous year was, of course, affected by the pandemic, but it is still a record year for Italy and we’re looking at a further increase in the numbers going forward.”According to Lisi, the ITA Doha Office and ‘Salone del Mobile.Milano’ have invited several companies from Qatar to join the 61st edition of ‘Salone del Mobile 2023’, a leading international design and furnishing event slated in Milan from April 18-23.She said companies from Qatar visiting the exhibition include Sketch Plus Interior and Design Consultancy, Deco Lusso Interior Design, Dal Architects & Designers, Fosc Studio, JMT Design & Build, and Studio Twelve Interiors.“Salone del Mobile 2023 will again be an unmissable occasion; an opportunity for the entire sector to come together, discuss their particular projects, swap and share ideas and, not least, it will be a chance for the local companies to catch up again with our international community and take stock of the current state of the design industry, along with all of its key players,” Lisi stressed.Speaking about his visit to B&B Italia’s showroom, Toschi said: “We love the idea of a design district, which we believe already complements very well a successful urban space, which is Msheireb; the embassy has had the pleasure of witnessing it blossoming over time.“To have an area that focuses on design, in addition to what is already visible in the buildings and the urban concept of this neighbourhood, is a terrific idea. So, I’d like to commend, in particular, Her Highness Sheikha Moza bint Nasser as the person who brought this idea forward.”

Qatar Chamber will regularly host joint meetings with different stakeholders and major players in the private and public sectors to enhance partnerships aimed at promoting the economic growth strategy of the State, an official has said.The chamber’s general manager, Saleh bin Hamad al-Sharqi, made the statement in the latest issue of Al Moltaqa, citing a joint meeting with different ministries, which studied concerns raised by businessmen in the country and the necessary solutions to these challenges.Al-Sharqi said the joint meeting hosted by Qatar Chamber between different officials from the Ministry of Interior (MoI), Ministry of Commerce and Industry (MoCI), Ministry of Labour (MoL), and Qatar Development Bank (QDB) “represented an essential forum to discuss various issues and obstacles facing the private sector and the appropriate solutions.”The meeting has put emphasis on the “real cooperation” between the public and private sectors for the advantage of the national economy, al-Sharqi pointed out and stressed that His Highness the Amir Sheikh Tamim bin Hamad al-Thani has underscored on many occasions the importance of prioritising public-private partnerships.Al-Sharqi said, “The meeting also demonstrated the keenness of these agencies to cooperate and communicate with the chamber in addressing the private sector's issues that are in connection with these institutions. It further highlighted their interest in combating any obstacles that might hinder the private sector’s desired and positive contribution to economic development.”During the meeting, al-Sharqi said the concerned agencies examined the results of the chamber’s survey on issues affecting the private sector, giving them the opportunity to discuss with businessmen the necessary solutions to these different issues, such as businessmen’s visas, the signing of establishment registration, providing facilities to entrepreneurs and start-ups, displaying national products within distribution outlets, and plans to support investment opportunities for small and medium-sized enterprises (SMEs).Similarly, the topics also included the recruitment of workers’ procedures for obtaining licences and necessary industrial lands, and QDB’s requirements to provide financing for SMEs.“The chamber will follow up on the outcomes of this meeting with the concerned bodies to reassure that all obstacles are solved in a way that facilitates the private sector and eradicates all hurdles facing its role in the development witnessed by the state,” al-Sharqi said.

An electronics manufacturing company in the Philippines is eyeing several business opportunities in Qatar, as it seeks to expand its operations beyond Southeast Asia.According to Ernest Thomas V Nierras, chairman and CEO of Pythos Technology Philippines, the company is exploring six to seven business opportunities in the fields of electronics, manufacturing, engineering, and technical services.“We want to grow outside of the Philippines; Qatar is closer to Europe, so it could serve as a gateway that we would like to explore,” Nierras told Gulf Times.Nierras noted that the company’s solutions, which include medical-grade masks that deactivate viruses, pathogens, bacteria, and mould, are geared toward the commercial, medical, military, and aerospace industries in the areas of electronics and science and technology.“In that product spectrum, we want to manufacture, assemble, design, and build in different parts of the world. One growth centre that we’re looking at is the Middle East. From there, we can address not only the needs of the Middle East and the Gulf states but also those of Africa and Europe. There’s going to be a quick turnaround time if we do it from here,” said Nierras, who is currently in Qatar.In addition to these plans, Pythos is also looking to venture into the food and beverage (F&B) sector, fast-moving consumer goods (FMCG), aqua farming, and the fish farm industry, among others, Nierras stressed.“The company has already been in advanced talks with its partners in Qatar, and it is just a matter of identifying the first phase of our expansion outside of the Philippines to this part of the world,” he said.While the company aims to expand its business outside of the Philippines, Nierras emphasised the potential of the country’s technology and manufacturing industries. “Instead of sending Filipinos to work abroad, the Philippines can pioneer in the areas of technology and manufacturing in other countries,” he emphasised.Asked about the company’s potential contribution to Qatar’s food security efforts, Nierras said the technology being utilised by Pythos, particularly in the fish farm industry and desalination, may play a significant role in Qatar’s food security strategy.“With Pythos Technology Philippines looking to expand its business reach and explore new opportunities, our plans may bring growth and development not only for the company but also for the countries and sectors we seek to venture into,” Nierras pointed out.

Qatar Chamber has emphasised its role as a staunch supporter of the country’s economic development by organising the Private Sector Forum (PSF) held recently in Doha, an official has said.Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani said the PSF, which was held on the sidelines of the 5th UN Conference on the Least Developed Countries (LDC5), was organised by the chamber, in partnership with the UN Office of the High Representative for the Least Developed Countries, Landlocked Developing Countries and Small Island Developing States (UN-OHRLLS) and Microsoft.Sheikh Khalifa said PSF “constituted a decadal unique occasion” to take action and establish innovative partnerships for the development of the private sector in LDCs and to strengthen its role in addressing existing and future challenges.“The forum provided a very important opportunity for us to emphasise the chamber's tireless efforts in providing all kinds of services to support the private sector and enable it to enhance its contributions to economic activity, in accordance with the Qatar National Vision 2030.“It also highlighted the chamber’s keenness to provide all the needed facilitation for private sector companies and institutions with the aim to create the best possibleenvironment for businesses,” he said in the latest edition of Al Moltaqa, the chamber’s economic magazine.Sheikh Khalifa said the three-day forum was characterised by diverse and high-level participation and included several sessions that discussed various topics, which contributed to providing a direct interactive forum between representatives of the private sector, participating delegations, international financial institutions, donor countries, and multilateral organisations, among others.Speaking on Qatar’s hosting of LDC5, Sheikh Khalifa said the initiative has proven Qatar’s capacity to successfully host international conferences, citing the conference as a platform for various stakeholders and the private sector to identify solutions to current world challenges.“The LDC5 reflected Qatar’s important role in supporting least developed countries. Its agenda mainly focused on the implementation of the Doha Programme of Action for LDCs for the Decade 2022-2031 (DPoA), which manifests a new generation of renewed and strengthened commitments between least developed countries and their development partners, including the private sector, civil society, and governments at all levels,” Sheikh Khalifa said.He added: “There is no doubt that the DPoA, which was endorsed last year, constitutes a clear path to advance development in those countries. It serves as a road map for least-developed countries to achieve the Sustainable Development Goals 2030.“It has further given special significance to the private sector and affirmed the commitment to strengthening partnerships with the private sector in order to makefull use of its innovative capacity, encouraging greater investment in science, technology, and innovation for development.”

Qatar and the GCC region are emerging as major players in the global halal economy, which is poised to experience a massive growth spurt, with revenues seen to hit $7.7tn by 2025, according to the Investment Promotion Agency Qatar (IPA Qatar).IPA Qatar’s sectoral study, which was posted recently on its social media channels, also outlined the top three reasons to invest in the State of Qatar’s halal economy, citing access to globally recognised halal certification bodies; as a hub of excellence for Islamic economics and finance; and is ranked among the top-performing countries for Islamic tourism.The study reported that the global halal economy is anticipated to experience exponential growth in consumer expenditure by 2025 driven by the following sectors: Islamic finance, halal food, modest fashion, media, travel, pharmaceuticals, and cosmetics.It also emphasised that amid the rapid growth in the global halal market, Qatar and GCC countries are emerging as major players in this lucrative industry.“Qatar has been focusing on core sectors with growth potential by prioritising the production of a variety of high value-added products and services, shaping a competitive market landscape,” the sectoral study reported.In 2021, Qatar’s Islamic fintech market size stood at $849mn, and Qatar’s financial market assets were valued at $156.4bn. Qatar’s takaful assets market size, on the other hand, reached $1bn in the same year.Also, in 2021, Qatar’s spending on Islamic tourism was pegged at $14.2bn, while the market value of the country’s healthcare stood at $5.1bn.The GCC’s halal food market value, on the other hand, stood at $58.2bn in 2021, while its halal financial assets market was valued at $1.5tn in the same year. Between 2020 and 2026, OIC economies, including Mena countries, are expected to grow at a faster rate (+7%) compared to the global average growth rate, the report stated.Qatar also ramped up its global and national halal accreditation efforts with the establishment of the Organisation of Islamic Co-operation’s (OIC) Halal Accreditation Centre and by issuing the Ministry of Public Health’s (MoPH) guide on importing halal food products with the list of authorised Islamic bodies to issue halal slaughtering certificates.The sectoral study also reported that Qatar’s halal economy value chain displays the collaboration of various players across industries, from pre-production to production, certification and distribution, and end users.IPA Qatar emphasised that Qatar offers foreign investors a valuable and competitive business climate with various available resources. Qatar has a stable and resilient economy, pro-business climate, vibrant knowledge ecosystem and rich culture, and unparalleled market access and connectivity, the study pointed out.It also reported that Qatar’s growing Muslim population and halal lifestyle support the success of the halal economy.The study stated that approximately over 80% of Qatar’s population is Muslim, and it is ranked among the top three OIC nations for Islamic-themed media and lifestyle services. Qatar is also ranked among the top-performing countries for Islamic tourism and hosts events like the annual ‘Halal Qatar Festival’.Qatar is one of the accreditation centres for the OIC, the study noted, adding that the Ministry of Endowments (Awqaf) and Islamic Affairs oversees Islamic affairs of the nation.The Centre for Islamic Economics and Finance (CIEF) serves as a centre of excellence in the scientific discipline of Islamic economics and finance, while Islamic banks in Qatar have the largest share of the Islamic finance market with substantial potential in takaful, green investments, and sukuk issuance. Also, Qatar offers access to various Islamic academic programmes and degrees, such as Islamic law and finance.According to the study, the Qatar National Vision 2030 envisions the halal economy as critical to achieving Qatar’s national goals. Also, Qatar was ranked among the top 10 halal economies on the Global Islamic Economy Indicator (GIEI).Another example of robust government support is the Ministry of Commerce and Industry’s (MoCI) launching of the ‘Halal Livelihood Programme’ to raise awareness about halal living, and the Sheikh Abdulla Bin Zaid Al Mahmoud Islamic Cultural Centre, which is a Qatari state initiative to support the nation’s Islamic values.

The Philippines’ top diplomat here has underscored Qatar’s potential as a strategic gateway for Philippine trade expansion into Africa and Europe.Speaking to Gulf Times on the sidelines of her visit to the Business and Innovation Park of the Qatar Free Zones Authority (QFZ) yesterday, Philippine ambassador Lillibeth Pono lauded the incentives Qatar is offering to foreign investors, saying this presents “a lot of opportunities” for partnerships between Philippine and Qatar businesses.“Qatar can be a hub for the possible distribution of products and services from the Philippines. Qatar could be our gateway to Africa and to other parts of Europe,” Pono pointed out, citing a presentation delivered by QFZ chief markets officer Chong Joon Woon.During the visit to QFZ, Pono was accompanied by Consul General Cassandra Sawadjaan, Vice Consul Jeffrey Batac, and Political & Economic Assistant & Attache Catherine F Palomo, as well as Business Partners Consulting CEO Jyerex Go Abrasado, Pythos Technology Philippines chairman and CEO Ernest Thomas V Nierras, and Caterina Netti, chief scientist.The ambassador also emphasised the importance of sharing best practices and knowledge transfer between Qatar and the Philippines, saying this would benefit both economies.Pono stressed that the Philippines has a very robust Information Technology (IT) sector, which is an area that could be explored further for closer partnership between the Philippines and Qatar.“The Philippines has superb training for IT professionals. In fact, IT professionals are in-demand worldwide,” the ambassador noted.The ambassador noted that the medical sector “is also another field that is full of potential for growth and development, as there is a good number of Filipino doctors and nurses working here.”Abrasado, who organised Pono’s visit to QFZ, stressed that Qatar’s free zones are conducive for expanding business operations, especially for Filipino companies seeking access to international markets.

A Qatari startup is keen on developing e-commerce and digital solutions in the exchange and payment space to help entrepreneurs raise work efficiency and increase productivity and profits.Saleh al-Mansouri, CEO and founder of Fatora.io and MaktApp.com, said MaktAPP is working to contribute to Qatar's economic development by providing free opportunities to start working in e-commerce through the establishment of free online stores.He said the company aims to provide the possibility for entrepreneurs to expand their businesses, collect money, and control and manage their companies through secure electronic payment solutions and billing systems, which is directly reflected in the development of Qatar’s economy.Al-Mansouri said MaktAPP graduated from the Qatar Science and Technology Park (QSTP) Incubation Centre and moved into QSTP’ park and freezone to become a full fledge operating member company. MaktAPP joined QSTP in 2016 and received a lot of support from QSTP as part of the Product Development Fund programme, he explained.He said the company developed Fatora, which is seen as one of the fruits of the success and cumulative effort made by the MaktAPP team in the field of technical progress over the past years.“Fatora is constantly seeking to support the work of startups and medium-sized companies by providing high-quality and professional services and providing the necessary information and action steps necessary for the success of these companies.“Fatora issues books, educational videos, and comprehensive blogs that raise awareness of the importance of digitisation in the development of business and technology companies, and is keen to keep pace with the global development in digital technology,” al-Mansouri told Gulf Times.Al-Mansouri said Fatora is an effective system for promoting products and developing methods for presenting them to the customer, making the marketing process easier, especially for beginners.“The effect was positive in terms of independence at work and the development of long-term plans to raise the level of the company’s operations,” al-Mansouri said.Asked about the challenges MaktAPP is facing in the current market and how the company is addressing them, al-Mansouri said: “One of the challenges we face today is the difficulty of providing one comprehensive service suitable for all categories and needs of the customer.”Despite these challenges, al-Mansouri said MaktAPP is currently working on developing artificial intelligence (AI) technologies in the field of e-commerce and billing systems.“A clear vision of the goal makes us focus heavily on monitoring all changes and developments and trying to work on them to show the best result in business development and commercial projects.“We have a collaborative and inspiring work team that masters the successive cumulative work, and each of them knows their tasks well, excels in their specialisation, and knows how to be a source of inspiration for others. They are the basis of success,” he stressed.Al-Mansouri added: “We always strive to cooperate with all available agencies, especially in conjunction with the expansion of our services in neighbouring countries, and our door is open to all partnerships.“As we all know, the world is now heading towards the electronic digital reality, especially in the field of trade, and this is a major reason why Fatora is at the forefront of the pillars of digital economic development, specifically in Qatar, and this is of course what we aspire to, hope for, and strive for.”

South Korea has expressed its support for Qatar’s food security strategy, according to ambassador Lee Joon-ho, who made the statement in the wake of the recently-held ‘10th Qatar International Agricultural Exhibition (AgriteQ)’.The ambassador lauded the staging of AgriteQ’s 10th edition, which saw the participation of around 55 countries. Many South Korean companies have participated in this exhibition to promote their smart farm and agricultural technologies, he pointed out.“Qatar is pursuing food security as its top priority, and many South Korean smart-farm companies are best capable of providing tailored solutions fit to Qatar’s environment. These companies have full experience in achieving great success in many smart farming projects and they are well-equipped with high technologies like cooling systems in greenhouse or water-saving technology.“I really hope the exhibition had provided us with good opportunities to strengthen our agricultural collaboration and pave the way for concrete smart-farming projects between Qatar and South Korea, Lee told Gulf Times.According to data provided by the South Korean embassy in Qatar, 11 South Korean firms showcased leading innovations during AgriteQ in the following areas: grain milling and processing facility, tarpaulin, agricultural machinery parts, electric carriages, greenhouse materials and construction, smart farm solutions, vertical indoor farming, green biotech, and agricultural machinery parts and work machinery.The data also revealed that POMIT, a leader of a South Korean consortium, is a company that specialises in the production of high-value crops using smart farming technology.POMIT has the capability to produce strawberries from South Korea all year round, thus ensuring a consistent supply of fresh strawberries, the embassy stated.“POMIT recently signed memoranda of understanding with the UAE and Saudi Arabian markets, and are now actively seeking suitable partners in Qatar to expand their footprint.“Their focus on producing high-value crops, such as strawberries, wasabi, and ginseng using smart farms underscores their commitment to innovation and sustainable agriculture. With their cutting-edge technology and expertise in the industry, POMIT is poised to become a major player in the global agricultural market,” the embassy added.Aside from POMIT, other South Korean companies that participated in this year’s AgriteQ included Daewoon GSI, Hanil Tarpaulin, Kukje Danjo, LNS, Mokmin Industries, N Thing, Nexton, Nutra-Park, Woosung Precision Industrial, and Nongshim.

Artificial intelligence (AI) and virtual reality (VR) are among the technologies that would play a key role in the digital transformation journey of small and medium-sized enterprises (SMEs) in Qatar, a PwC official has said.Bassam Hajhamad, country senior partner at PwC Qatar, made the statement yesterday during an executive networking event where the consulting firm’s senior leaders and industry experts shared new digital technologies, discussed PwC’s strategy in Qatar, and outlined potential collaboration opportunities across investments.The event, which reinforces PwC’s commitment to supporting local Qatari SMEs and the private sector, also focused on opportunities within Qatar based on PwC’s recent Qatar Economy Watch report and the recently launched CEO survey.The event was highlighted by a tour of PwC’s Emtech lab where experts showcased cutting-edge technologies and solutions across AI and VR which support the digital transformation journey of local businesses and deliver sustained outcomes by combining the best talent with digital innovation.Hajhamad said: “This event reinforces our commitment to the private sector and its critical role in driving Qatar’s economic growth. We are very excited about the future of Qatari SMEs and the unique opportunities to capitalise on, driven by NDS3 and beyond.”

Saudi Arabia’s recent decision to ease its tourist visa policy has spurred a surge in demand for travel from Qatar, according to industry experts in Doha.As the tourism industry in the Middle East and Gulf region continues to grow, travel agencies in Qatar have been playing a vital role in facilitating travel for tourists.Earlier, Saudi Minister of Tourism and Chairman of Saudi Tourism Authority Ahmed al-Khateeb tweeted: “Saudi visa application is now simpler, more convenient and straightforward for residents of GCC States, regardless of their profession. Apply now.”The visa, which can be for a single entry or multiple entries, enables the holder to visit Saudi Arabia for tourism and Umrah.There are several tourism activities that are expected to be popular among GCC residents who are planning to visit Saudi Arabia, according to Tawfeeq Travel Group CEO Rehan Ali Syed.“Saudi is undergoing a major transformation , the clients are keen to travel to explore the market. We have Qatari citizens, as well as residents travelling to experience the Riyadh season, Winter Wonderland, and new touristic places in Saudi Arabia, especially Diriyah in Riyadh, Al Ula, and not forgetting the pilgrimage traffic, as well,” Syed explained.Syed noted that many people are looking forward to benefiting from this new policy by experiencing tourist destinations and exploring the different business opportunities available in Saudi Arabia.“This is indeed a great initiative to attract different segments of travelers to visit Saudi Arabia...since the land border is opened for all vehicles, there is a big rush. Moreover, travelling to Riyadh is just five to six hours, and Dammam is just three hours, hence many families and individuals are traveling to experience the kingdom,” he further explained.He added: “Saudi was considered very conservative a couple of years back but now with the current transformation in progress, it is indeed an eye opener for all GCC states to open and let in the tourism business. Tourism plays a vital role in pushing the economy of any country.“Qatar had a successful World Cup; tourists who visited Qatar have been totally mesmerised by the beauty and safety of the country. It is important for Qatar to capitalise on this positive image. More than 200,000 passengers arrived during the current cruise season on world-class cruise liners, such as Costa, TUI, Aida, Ponant, and MSC World Europa.”Similarly, Anshad Ebrahim, general manager of Akbar Travels of India, said Saudi Arabia’s new tourist visa policy is expected to create a positive impact on Qatar’s tourism industry, as well.“This is a great opportunity considering the fact that now people can travelto Qatar on a visit visa and then avail of a tourist visa to travel to Saudi Arabia ifthey are accompanied by a Qatar RP holder. This is a great initiative to promote both Qatar and Saudi Arabia,” he pointed out.Ebrahim said, “Saudi Arabia is a land of diversity both in cultures and landscapes. People can enjoy the best of both worlds. They can enjoy the summer, the craggymountains, and dense forests in Abba and Taif, as well as the beautiful beaches in Jeddah, Al Khobar, Dammam, and Jubail, among other destinations.”Citing the company’s offices in Qatar, India, and other international locations, Ebrahim noted that several regional airlines have increased capacity into many cities in Saudi Arabia, giving travel agents the opportunity to offer many options to travellers.“With the current travel trends and Saudi Arabia being largely untapped, this news is creating interest among avid travelers within the GCC, as well as India,” Ebrahim noted, adding that the company is anticipating catering to MICE (meetings, incentives, conferences and exhibitions) movements to Saudi Arabia,” he added.Ends

Cyber-attacks and social engineering, which have been on the rise since the Covid-19 pandemic, are among the biggest security challenges facing the payments industry, an official of Visa has emphasised.“Cybersecurity is a massive area where evolution needs to happen,” Akshay Chopra, vice-president, head of innovation and design, CEMEA at Visa, told Gulf Times in an exclusive interview on the sidelines of the recently held ‘Visa CEMEA Security Summit’ in Dubai.Central and Eastern Europe, Middle East and Africa (CEMEA) has gone through unparalleled digitisation that has completely transformed the world of commerce, payments, and money movement. The rapid adoption of new payment technologies, such as contactless and e-commerce has changed spending both online and offline.It has also coincided with a rise in fraud and cybercriminal activity. These challenges have spurred players across the entire payment ecosystem to focus on resilience and security, invest in cutting-edge technologies, and strengthen collaboration with trusted partners.Chopra explained, “Historically, ‘bad actors’ (cybercriminals, fraudsters, etc) would target transactions, but with the implementation of standards, such as 3D Secure and Visa Secure, fraud has decreased.”However, Chopra noted that cybercriminals are now focusing on attacking organisations and using social engineering to gain access to sensitive information. He emphasised that “innovation is necessary to stay ahead of these challenges.”“Both of these things have always been around. But in light of the increased transaction security, a lot of the bad actors have started putting more energy into that area and so, we have to innovate twice as hard to always stay a few steps ahead,” he stressed.Speaking at the ‘Visa CEMEA Security Summit’, Charles Lobo, regional risk officer for CEMEA at Visa, stated that Visa has invested over $10bn in the last five years on cutting-edge cybersecurity to combat increasingly sophisticated criminals. This includes artificial intelligence (AI) and advanced data analytics to reduce fraud and prevent it before it even happens.Similarly, Subra Kumaraswamy, Visa’s chief information security officer, addressed the security summit by discussing the accelerating action being taken on cybersecurity.Sharing “staggering” figures, Kumaraswamy said the global economy lost $7tn to cybercrime in 2022, which equates to $19.2bn per day or $200,000 per second. With this much economic activity and opportunity at stake, Kumaraswamy highlighted the need for greater security awareness and constant vigilance.During the summit’s fireside chat, Paul Fabara, Visa’s chief risk officer, expounded on the alarming trend of social engineering, a popular tactic that cybercriminals use to extract confidential information from consumers, jeopardising their security.Fabara said social engineering can come in various forms like phishing, pretexting, baiting, and tailgating, and can be used to access personal information, financial data, or even corporate secrets.Aside from Visa’s investments in security and anti-fraud infrastructure, Chopra said Visa is initiating new technologies like tokenisation, as well as collaborating with central and commercial banks to empower individuals to manage their own risk and protect their data and transactions, as well as to identify fraud easily.Andrew Torre, regional president for CEMEA at Visa, told the security summit that contactless payments grew to 82% of all CEMEA transactions in 2022 and the security feature tokenization has reached approximately 25% of all Visa transactions in CEMEA.“Taken together, the broader money movement flows, such as peer-to-peer, business-to-business, business-to-consumer, and government-to-consumer represent a $15tn opportunity in CEMEA,” Torre added.Hector Rodriguez, head of transaction security solutions at Visa, concluded the two-day summit by discussing how the company is leveraging cutting-edge payment risk solutions to drive the future of secure and trusted digital money.He highlighted how Visa Risk & Identity solutions work behind the scenes. For example, the AI/ML integrated platform builds, accelerates, automates, and simplifies data and AI product development and deployment.“This has led to $27bn worth of annual fraud prevented. And Visa’s managed service of 24x7x365 proactive monitoring prevented $74mn in fraud for CEMEA issuers and acquirers,” Rodriguez added.

The ‘9th Doha Islamic Finance Conference’ has recommended the leveraging of the Metaverse to propel the expansion of Islamic banks into wider markets and tap other growth drivers.The conference, which was held in Doha recently, concluded with a set of objectives and recommendations based on presentations and discussions of four main themes: ‘Islamic Finance in the World of Metaverse’, ‘RegTech and SupTech in Islamic Finance’, ‘Cross-border Finance and its Impact on Islamic Finance’, and ‘Sustainability in Digital Finance’.Leading scholars, academics, and specialists participated in the conference, which also witnessed discussions and interventions that led to the following objectives and recommendations:Financial transactions in the virtual world with underlying blockchain technology do not, in principle, conflict with the rulings of Islamic jurisprudence, when the guidelines related to the contract and the transfer of ownership are adhered to in what people consider valuable wealth in the forms of virtual assets or cryptos, as well as the contract shall have its pillars and conditions, and shall be free from the legal impediment or legal violations.To control financial transactions in the world of the Metaverse, it is necessary to adhere to contractual, legal and ethical controls, and special controls related to contracts so that their effects are real, and that their place is something real, even if it is not tangible, in addition to precise technical controls to prevent all types of crimes related to honour, money, and privacy; Islamic banks are urged to leverage metaverse technology to expand into new markets and sectors in order to increase their growth opportunities. They are also advised to adopt regulatory technology applications to enhance transparency and compliance, and improve their overall performance, enabling them to achieve greater competitiveness.Endowment institutions are urged to create virtual spaces for the endowment to introduce it, its history, its roles, and everything related to it in theory and practice, and to arrange global dialogues about developing its tools and activating its products through these spaces.Islamic endowment institutions should be encouraged to integrate metaverse-based solutions into their operations to streamline the collection and management of endowment funds with transparency and high efficiency.The effective use of technology can enhance the chances of achieving the goals of endowment and social financing institutions, while scholars and practitioners should intensify co-operation to design virtual products and services that comply with Islamic law. This will accelerate the use of technology by Islamic financial service providers and enable joint efforts to create smart applications that provide financial solutions for the Islamic lifestyle as an alternative to usurious applications offered by technology giants.Artificial intelligence techniques and virtual reality applications can be utilised to develop Shariah governance mechanisms in Islamic financial institutions. It’s important to emphasise the need for co-operation between competent authorities to create unified standards for supervisory and control technology in Islamic financial institutions.

Spain is keen on supporting Qatar’s initiatives to continue its successful momentum following the country’s phenomenal hosting of the 2022 FIFA World Cup, Spanish ambassador Javier M Carbajosa has said.“We would like to be part of Qatar’s new journey,” the ambassador told Gulf Times on the sidelines of the seventh edition of ‘Friends of Spain’ awards, which was organised by the Spanish embassy and the Chamber of Commerce of Spain in Qatar to honour individuals who have helped strengthen ties of both countries.This year’s awardees include Alfardan Group president and CEO Omar Hussain Alfardan, who received the ‘Individual Businessman Award’; Umm Al Houl Power CEO Jamal al-Khalaf, recipient of the ‘Corporate Award’; and FIFA World Cup Qatar 2022 CEO Nasser al-Khater, receiving a ‘Special Award’ from the organisers.Speaking about the award, Alfardan said: “It’s been a pleasure and honour to accept such an award from the Spanish ambassador and officials of the Spanish Chamber of Commerce. It reflects our close ties and how we had fully developed our relationship with Spain during the World Cup, and by hosting under the umbrella of the Alfardan Group three Spanish restaurants led by Michelin star chefs. We are proud to bring ‘the taste of Spain’ to Doha.”In a statement, organisers noted that ‘Friends of Spain’ emphasises the strong bond between Spain and Qatar.“It provides an opportunity for people to come together and recognise the efforts of those who have worked to strengthen the ties between these two nations. Representatives from various companies and organisations present at the event shared their experiences and the efforts they have made to support Spanish businesses in Qatar and to promote Spanish culture in the country,” the statement explained.In his speech, Carbajosa highlighted the importance of the relationship between Spain and Qatar. “I thank the attendees for their efforts in promoting Spanish culture and business opportunities in Qatar. The embassy recognises the contribution of different individuals and companies who have played a significant role in fostering this relationship,” he said.David Quintanilla, president of the Chamber of Commerce of Spain in Qatar, announced that members of the chamber had now reached 65, representing a wide range of sectors, including energy, roads, railways, water treatment and maintenance, urban maintenance and operations, facility services, oil and gas, IT, Big Data management, and R&D on artificial intelligence, among others.The statement also noted that in 2022, His Highness the Amir Sheikh Tamim bin Hamad al-Thani was received by King Felipe VI during his visit to Spain where various business and commercial collaboration agreements were signed, thus reinforcing the relationship between the two nations.Post-World Cup, Carbajosa emphasised that Spain will be supporting Qatar’s thrust to bolster its food security strategy. Aside from this sector, the ambassador also emphasised Spain’s support for Qatar’s infrastructure, energy, and tourism.“Qatar’s investments in Spain are very important,” Carbajosa also noted, citing the memorandum of understanding between the Qatar Investment Authority and Compania Espanola de Financiacion del Desarrollo (COFIDES) to elevate the value of Qatari investments in Spain by “$5bn.”The ambassador emphasised that Qatar and Spain have agreed to hold a strategic dialogue once a year, the first of which “will take place in Qatar.”

Qatar’s economy grew by 4% in 2022, HE the Minister of Commerce and Industry Sheikh Mohamed bin Hamad bin Qassim al-Thani announced on Tuesday during the ‘9th Doha Islamic Finance Conference’.In his speech, where he underscored the key role of technology in the development of and growth of Islamic finance, HE Sheikh Mohamed said Qatar’s budget surplus stood at QR89bn last year, making it the world’s fifth-largest market for Islamic finance.The minister also emphasised that the financial sector is one of the main pillars of the Qatari economy, citing the quality and the size of its local assets and its resiliency over various regional and global crises.In his speech, HE Sheikh Mohamed noted that major economies worldwide have been adopting advanced technological solutions to accelerate their respective digital transformation strategies.“The Islamic financial technology sector is one of the most important sectors that has achieved significant expansion in the State of Qatar over the years,” stated the minister, adding that Doha is among the top 10 capitals for Islamic finance in Organisation of Islamic Co-operation (OIC) countries.HE Sheikh Mohamed stressed that investments of leading economies in the financial technology sector in 2022 were over $164bn despite competition to adopt the best and most advanced digital programmes like the Metaverse.He said the metaverse is expected to start a “tremendous revolution” in terms of solutions, such as applications for Web 3.0 and blockchain technologies, which are among the most important tools used in “financial portfolio technology.”Sheikh Mohamed said, “The 9th Doha Islamic Finance Conference is an important opportunity to highlight the approach that has been taken at the local and global levels, in order to adopt the best technical standards and regulatory controls to benefit from artificial intelligence solutions and advanced technologies in the field of financial technology and Islamic finance.”Dukhan Bank chairman Sheikh Mohamed bin Hamad bin Jassim al-Thani said the conference brought together top leaders and thinkers in Islamic finance to discuss the future and challenges of Islamic finance and banking.He noted that financial technology constitutes the most prominent direction for the transformation of the world’s financial landscape due to the huge and rapidly developing capabilities that this technology contains that enable it to bring about a transformation in the financial markets and the financing environment.“Banks have positive results that have enhanced their presence, expansion, and improved the quality of their services. However, there are challenges that may arise when the co-operation relationship turns into competition led by giant technology companies to enter financing operations, provide financial services, and compete with the banking sector, which may lead to confusion in the work of banks and the financial and banking environment,” he said.Dr Khalid bin Ibrahim al-Sulaiti, chairman of the conference’s Organising Committee, said the conference “coincides with an overlapping scene suffering from economic imbalances and geopolitical turmoil,” with central authorities and organisations trying to control repercussions according to traditional economic perceptions and ideas that require more innovation and modernisation.“On the other hand, the financial technology revolution and its developments come to compete with these economic systems from time to time to draw their attention towards a new environmental system for the economy that is being marketed as an alternative to solving the dilemmas of the traditional economy,” he said.Al-Sulaiti added that the conference seeks to highlight the role of Islamic finance and the vision it can provide to overcome problems and build structures under an Islamic economic system through discussions and sessions that bring together specialists in Islamic Shariah, law, economics, technology, and industry practitioners.He said, “The governing framework of Islamic law is not seen as a limitation of creativity and innovation but is rather a safety valve to achieve justice and balance between the interests of human beings and the worlds and environments that surround them.”The conference, which carried the theme ‘Islamic Finance and Challenges of the Web 3.0’, showcased four topics, ‘Islamic Finance in the World of the Metaverse’, Regulatory and Supervisory Technology in Islamic Finance’, "Cross-border Finance and its Impact on Islamic Finance’, and "Sustainability in Digital Finance."

Information and Communications Technology (ICT) is among the several sectors that could strengthen economic relations between Qatar and Bangladesh, which witnessed a 900% growth in trade volume in the last five years, an official of the Qatar Financial Centre (QFC) has said.“Qatar and Bangladesh have already established solid economic ties, but it is yet to see its full potential. There is a vast room for these countries’ economic relationship to expand further,” according to QFC CEO Yousuf Mohamed al-Jaida.Al-Jaida made the statement as special guest of the Bangladesh Investment Summit titled ‘The Rise of Bengal Tiger: Potentials of Trade & Investment in Bangladesh’ held in Doha recently.“One example where Bangladesh and Qatar can further strengthen their already flourishing economic and business ties is in ICT. The two countries have exemplary experience on how ICT can accelerate economic growth, create lucrative opportunities, and support talented entrepreneurs and start-ups.“With expanding ICT sectors, there is a vast opportunity for knowledge and technology exchange between Qatar and Bangladesh that cater to various industries, such as healthcare and e-commerce applications,” al-Jaida explained.Aside from ICT, energy, and human capital, al-Jaida pointed out that agriculture, technology education, tourism, culture, and sports, are among the numerous other areas where Qatar and Bangladesh can expand mutually-beneficial investments and partnerships.Other “promising areas with great investment potential” include fintech, logistics, and digital innovation, where both countries “are exhibiting growing strength,” al-Jaida also explained.Al-Jaida also emphasised that Bangladesh and Qatar have been enjoying “a healthy economic relationship” for over four decades, which has significantly grown over the years.“This is evidenced in the exponential growth in the trade volume between the two nations, increasing by over 900% in the last five years from QR948mn in 2017 to more than QR10bn in 2022.“One significant example of trade between Qatar and Bangladesh is the agreement for Qatar to supply 2.5mn tonnes of LNG per annum to Bangladesh for 15 years, signed in 2017,” al-Jaida said.According to al-Jaida, Qatar is also “one of the biggest destinations” of manpower from Bangladesh, providing invaluable support to Qatar’s infrastructure development. Currently, about 420,000 Bangladeshi citizens are estimated to work in the government, semi-government, and private sectors of Qatar, he said.“As one of the fastest growing economies today, with a total export of goods and services worldwide worth about $39bn, Bangladesh can also consider Qatar as a lucrative investment destination to expand business in the rich Middle East market.“Qatar has attractive market conditions and benefits that will allow Bangladeshi businesses to maximise their investments, starting from business ownership of up to 100%. Moreover, investing in Qatar means investing in one of the fastest-growing economies in the world with a GDP estimated to reach $228.8bn by 2024,” al-Jaida stressed.Al-Jaida added: “You will also be investing in the most network-ready, peaceful, and open country in the Middle East. To attract more foreign investments, the state has also approved a public-private partnership law to accelerate the country’s infrastructure development and support the private sector and foreign investors by offering opportunities to participate in the implementation, construction, financing, and operation of Qatar’s various projects.”

Several key sectors, including cybersecurity and banking, are expected to witness “unprecedented co-operation” between Qatar and Canada, according to an official of the Canadian-Qatari Business Forum (CQBF).“There are many important sectors that will witness unprecedented co-operation between Canada and Qatar. We are currently focusing on Information Technology (IT) and the cybersecurity sector, as well as in banking and real estate investment,” CQBF executive director and board member Yasser M Dhouib told Gulf Times in a statement.Dhouib also said, the transport sector, particularly for the Hamad International Port, is also one of the business forum’s points of focus.“The CQBF is working to offer Hamad International Port as a strategic Canadian future option,” Dhouib said, citing a Dubai-based multinational logistics company that announced “it had sold a stake in its main base in the Port of Jebel Ali and other major assets to one of the largest Canadian pension funds for $5bn.”Dhouib said, “The Canadian-Qatari Business Forum believes in the great interest that Canada attaches to investing in this vital sector. We are preparing a file that will be presented to the Canadian Minister of Transport Omar al-Ghabra and HE the Minister of Transport Jassim Seif Ahmed al-Sulaiti.”Asked about the CQBF’s role in contributing to the growth of Qatar-Canada trade ties, Dhouib said since the business forum’s establishment in 2019, it has been serving its mandate as a strategic partner to drive Qatar and Canada’s business community towards a “win-win partnership.”He said, “Both countries share some important similarities in having a young leadership on the top of their governments, and also a deep commitment for sustainable development that includes a comprehensive understanding for international issues that includes peace and development and multilateral partnership in the international business sector.“CQBF sees itself as a facilitator in broadening prospects of co-operation and placing the interest of the Canadian business community closer to the different achievements of Qatar in many fields. Both two countries have important assets and thriving ideas and projects that certainly can provide expertise and knowledge to their region.”Dhouib added: “Qatar and Canada both share the intimate conviction and belief in empowering women in business. The two countries’ business communities will certainly have many things to share from their different backgrounds and experience. CQBF is ready to get these prospects fulfilled.”

Not only has the 2022 FIFA World Cup put Qatar on the global stage, but the “world’s greatest show” – hosted for the first time in the Middle East by the LNG-rich Gulf state – also showcased several innovations in the payment space, a Visa official has said.“Qatar has been a fascinating journey...transactions in the 2022 FIFA World Cup Qatar was 40% higher than the previous edition and 300% higher than the 2014 World Cup,” revealed Akshay Chopra, vice-president, head of Innovation and Design, CEMEA at Visa, the Official Payment Technology Partner of FIFA.Chopra said Visa also utilised several innovations during the World Cup, including ‘tap on phone’, as well as facial biometrics, which was utilised effectively in food and beverage (F&B) by Flat White Specialty Coffee in Qatar, Chopra told Gulf Times in an exclusive interview on the sidelines of the recently-held ‘Visa CEMEA Security Summit’ in Dubai.“From a commerce and payments perspective, this really became an engine of commerce. Because of facial biometrics, there was no need for Flat White’s customers to take out any wallet or make any physical payment method; you literally just scan your face at the point of sale, and you’re done,” Chopra explained.Chopra also said “Visa is working with three major banks in Qatar” to industrialise the tap on phone concept. He said this innovation eliminates the need for small merchants to obtain expensive and bulky payment acceptance devices and, instead, they can simply install the application on their mobile phones.He stressed that Visa is constantly creating comprehensive one-stop solutions for managing business operations, citing tap on phone, which will help empower small business owners to access their inventory, and send payments to customers, suppliers, and employees seamlessly.“In fact, so many people experienced tap on phone for the first time in Qatar...we’re also working with QIB on a first-of-a-kind ability to send money securely from your account or wallet to another Visa card account, prepaid, debit, credit, or anything.“Remittance is another big play, so there’s a lot going on in Qatar. Even from the security perspective, we’re innovating. We’re testing new concepts and all of these are next frontiers for security, as well,” Chopra further explained, adding that there is also a “massive potential” in B2B payments.Asked about Visa’s role in the development of the fintech sector, Chopra said one of the challenges of fintechs in Qatar, the GCC, and elsewhere, is the ability to scale and tap a wider market.“If you work with a partner like Visa, you can immediately plug into our network of financial institutions of issuers; you can immediately start using a lot of solutions, even from the Innovation Centre, which will reduce your time to market and allow you to build faster and scale faster. So, I think that would be one area where we can certainly support fintechs,” he noted.On the Qatar FinTech Hub (QFTH), Chopra lauded its establishment, saying organisations like QFTH will help provide a level of quality and validation for its member fintechs.“In principle, that’s exactly the kind of organisation we would love to partner with because they bring all the fintechs in one place. In general, the emergence of these fintech hubs is an excellent strength because fintech, especially in this region, has the power to genuinely transform people’s lives,” Chopra emphasised.Asked how Visa is collaborating with its partners, such as banks, fintechs, and merchants to ensure that security is a top priority across the payments industry, Chopra said Visa is working on innovations, such as ‘tokenisation’.Chopra explained that tokenisation uses cryptography to make one’s card details only valid on specific devices, thus preventing fraud. He said the concept of tokenisation has helped transformed the payments landscape and is becoming more widely adopted in the CEMEA region each year.“More and more issuers are adopting it, and many customers are increasingly using tokens on their devices, rather than plastic cards. That’s a big one from a tech perspective,” Chopra stressed.

Aamal Company was able to achieve “outstanding results” in 2022 and in all its sectors, said Aamal chairman HE Sheikh Faisal bin Qassim al-Thani during the Annual Ordinary General Assembly Meeting, which approved the distribution of a 5% cash dividend Tuesday.“A number of factors have contributed to this success, including our diversification strategy, the strength of the company's financial position, and the ability to further develop its activities.“However, one of the most important factors is the resilience and strength of the Qatari economy, and the keenness of our wise government to create a distinctive and safe environment for investment under the leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani,” Sheikh Faisal said.Sheikh Mohamed bin Faisal al-Thani, vice-chairman and managing director, reported that Aamal’s net profit stood at QR347.8mn or a 14% growth in 2022, while revenue growth increased 29% to reach QR2.05bn.“Aamal’s subsidiaries are always seeking to capitalise on new opportunities and maintain their market-leading positions by enhancing and expanding their offerings. This reflects our commitment to creating long-term shareholder value through the continued profitable operation and expansion of our diversified business platform,” Sheikh Mohamed said.On the performance of Aamal’s four sectors, Sheikh Mohamed said the trading and distribution sector has seen a remarkable performance, with revenue growth of 23.5% and net profit growth of 4.8%.“Of particular note this year has been Aamal’s further expansion into healthcare and health IT, with major contracts being won to support development, maintenance and equipment installation across the Qatari healthcare sector, including the provision of digital solutions to the e-health portal project,” he said.Similarly, Aamal’s industrial manufacturing sector has seen revenues and net profit increase by 19.9% and 16.6%, respectively.“This sector has also played a major role in supplying products to several key national projects. This included work in relation to all eight of the 2022 FIFA World Cup stadiums, the North Field East LNG Facilities (NFE), and the Kharsaah Solar plant, which aims to fulfil local energy supply needs as well as Qatar Energy’s long-term sustainability goals,” he said.Meanwhile, the property sector maintained its leading position, maximising occupancy rates across its portfolio, which has seen revenue and net profit growth of 14.7% and 13.4%, respectively.“The sector is benefiting from record levels of footfall at City Center Doha, which proved to be a major attraction for many FIFA World Cup visitors due to its central location and easy accessibility,” he said.Sheikh Mohamed said, the World Cup made a positive impact on the managed services sector, which won contracts related to supplying transport logistics, and saw increased demand for its entertainment services to achieve significant year-on-year revenue and net profit growth of 74.1% and 196.5%, respectively.“At a corporate level, we have increased our foreign ownership limit to 100%. This will enhance the company’s attractiveness to foreign investors and should increase the volume of share trading, benefiting Aamal, its shareholders, and the market in general,” Sheikh Mohamed added.