Author

Total assets of commercial banks in Qatar increased by 1.2% during November 2024 to reach QR2.031tn, QNB Financial Services (QNBFS) has said in a report.The total assets rise in November was mainly due to an increase by 4.9% in foreign assets and 0.6% in domestic assets, QNBFS said in its latest ‘Qatar Monthly Key Banking Indicators’.Total assets were up by 3.1% in 2024, compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023), the report said.Liquid assets to total assets moved up to 29.8% in November 2024, compared to 29.3% in October 2024.According to QNBFS, loans disbursed by commercial banks in the country went up by 0.3% during November 2024 to reach QR1,364.9bn.The loans increase in November 2024 was mainly due to a gain by 0.9% in the private sector.Credit facilities went up by 6% in 2024, compared to a growth of 2.5% in 2023. Loans grew by an average 6.5% over the past five years (2019-2023), QNBFS said.Loan provisions to gross loans stood at 4.2% both in October and November 2024.The overall loan book went up (by 0.3%) in November 2024, pushed up mainly by private sector loans. Total private sector loans moved up by 0.9% m-o-m (+4.8% in 2024) in November.Real estate and consumption and others segment was the main growth drivers for the private sector loans in November.The real estate segment (contributes 21% to private sector loans) increased by 1.8% m-o-m (+10.5% in 2024), while consumption and others (contributes 20% to private sector loans) rose by 1.2% m-o-m (+0.4% in 2024), with services (contributes 32% to private sector loans) going up by 0.6% m-o-m (+4.9% in 2024) and general trade (contributes 22% to private sector loans) gaining 0.6% m-o-m (+5.9% in 2024) in November 2024.Deposits gained by 0.4% during November to reach QR1,042.1bn. Thedeposits rise was mainly due to gains by 1.4% in non-resident deposits and 0.4% in private sector deposits.Deposits increased 5.7% in 2024, compared to a decline of 1.3% in 2023. Deposits grew by an average 4.1% over the past five years (2019-2023), the report showed.Non-resident deposits increased by 1.4% m-o-m (+10.8% in 2024) during November 2024. Non-resident Deposits as a percentage of total deposits moved up to 19.0% as in November, compared to 18.2% as at year-end 2023.“Hence, this indicates that banks are still relying on external funding,” QNBFS noted.Private sector deposits moved up by 0.4% m-o-m (+2.2% in 2024) in November. Public sector deposits pushed lower by 0.2% m-o-m (+7.8% in 2024) in November last year.QNBFS noted the “net interbank position” remained “negative” at QR313bn as in November 2024.An analyst told Gulf Times: “The key highlight for November 2024 is the surge in total assets by QR23.7bn or 1.2% during that month to reach QR2.031tn. Total assets rise was mainly catapulted by an increase by 10.1% in due from banks, mainly foreign and also domestic. The gains in the overall loan book came from the private sector, largely from a pickup in the real estate segment and personal retail segment.”

Qatari banks have seen a year-on-year increase in domestic credit disbursement by 6.9% to reach QR1.3tn in November 2024, key indicators provided by the Qatar Central Bank have shown.An increase in total domestic credit for banks generally means that the banks are lending more money to businesses, individuals, and the government sector within Qatar.“Higher demand for credit signifies a positive outlook on the Qatari economy and rising consumer confidence,” an analyst told Gulf Times on Sunday.“Increased lending often signifies that businesses and individuals are borrowing to invest in projects, expansion, or consumption, which can stimulate economic growth. It also indicates that consumers and businesses are confident about the future, hence willing to take on more debt,” he noted.Bank credit has become attractive for both businesses and individuals with rates falling and expected to fall further this year.On December 18 last year, the QCB decided to reduce the interest rates for deposits, lending and repo by 0.30% or 30 basis points (bps).The new rates took effect on December 22.The QCB's deposit rate (QCBDR) is now 4.60%, lending rate (QCBLR) 5.10% and the repo rate (QCBRR) is 4.85%.Explaining the rate reduction, the QCB said the cut followed its “assessment of the current monetary policy” of the State of Qatar.Top officials at the US Federal Reserve have predicted that they will cut rates to 3.9% this year in their fresh economic estimates.Since Qatari riyal is pegged to the dollar, the QCB rates are also expected to follow suit.QCB data also show an increase in broad money supply (M2) by 2.5% to QR735.5bn year-on-year in November last year.Broad money supply (M2) includes cash, checking deposits, and easily convertible near money like savings deposits, money market securities, and other time deposits.An increased money supply has seen stimulating economic activity by making more funds available for businesses and consumers to borrow and spend, which then boosts overall economic growth.With more money in circulation, there may be more investment in various sectors, leading to potential economic expansion and development.According to the QCB, total domestic deposits with local banks increased by 5.6% (year-on-year in November 2024) to QR843.8bn.Analysts say higher level of deposits obviously strengthens the banking sector, as banks have more reserves to cover withdrawals and invest in opportunities.With more deposits, banks have more money to lend, which automatically boosts economic activities such as business expansion, consumer spending, and infrastructure projects.“More deposits indicate public confidence in the financial system, which is essential for the smooth functioning of the economy,” the analyst said.The total assets of local (commercial) banks have increased 4.3% (year-on-year in November 2024) to QR2tn, the QCB’s latest banking sector indicators show.Higher assets indicate that banks are growing and managing more resources, which enhance their stability and reliability.More assets allow banks to extend more loans to businesses and consumers, fuelling economic growth through investments and consumption.It clearly suggests that both domestic and foreign investors have confidence in Qatar’s financial system, leading to increased capital inflows.

The World Travel & Tourism Council forecasts travel and tourism to account for 13.3% of GCC’s GDP ($371bn) by 2034.In its latest annual research, WTTC expects travel and tourism to have contributed 11.4% of the GCC region’s GDP in 2024. This will have amounted to $247.1bn.In 2034, travel and tourism is expected to employ 5.65mn people in the GCC region compared to 4.3mn in 2024.Last year, international visitor spent in the region was estimated at $151.1bn, WTTC said and forecasts that it may scale up to $223.7bn in 2034.Domestic visitor spent in the region last year was estimated at $72.7bn and may rise to $108.3bn in 2034, WTTC said.As for Qatar, the global tourism body is forecasting that the sector will grow its annual GDP contribution to more than QR135bn by 2034, nearly 13% of Qatar’s economy, and is projected to employ nearly 458,000 people across the country, with one in five residents working in the sector.In an earlier forecast, WTTC said travel and tourism was set to contribute an all-time high of QR90.8bn to the Qatari economy (11.3% of the total) and would have supported more than 334,500 jobs across the country (15.8% of the total workforce) in 2024.Spending by international travellers would have increased significantly in 2024, with forecasts indicating a record spend of QR69.6bn last year, while domestic spend was projected to have reached QR12bn.Meanwhile, Qatar expects to see tourism share to its GDP to increase considerably by 2030.Qatar Tourism data indicate that 2024 clocked an “impressive final tally” of 5,076,640 visitors, reflecting a 25% increase from 2023’s 4,046,281 visitors.December alone turned in strongly with 594,079 visitors, a 14.6% rise from the previous year. The growth was driven by an additional 48,000 air travellers and 35,000 land visitors, offsetting a minor decline of 7,000 cruise passengers compared to 2023.Visitor numbers in December also surged by 74,000 compared to November 2024.Qatar’s hospitality sector achieved a new record, surpassing 10mn room nights for the first time. As of December 30, 2024, the figure stood at 10mn room nights, with the final tally expected to be bolstered by an additional 35,000 room nights on December 31.Visitor demographics revealed a diverse appeal, with GCC nationals accounting for 41% of visitors and the remaining 59% coming from key international markets. Top five countries include Saudi Arabia, India, the United Kingdom, Germany, and the US.

Providing adequate facilities for differently-abled airline passengers is not only a matter of compliance with international regulations, but also a moral and business imperative.International regulations necessitate total compliance by airlines on treaties such as the 'UN Convention on the Rights of Persons with Disabilities' or airline-specific accessibility guidelines.Also, compliance with regulations such as the Air Carrier Access Act (ACAA) or EU Regulation 1107/2006 avoids legal liabilities and potential penalties for airlines.Providing accessible services like priority boarding, accessible seating, in-flight assistance, and wheelchair support reduces stress for differently-abled passengers.Such facilities improve overall passenger satisfaction, leading to positive reviews and increased recommendations.The World Health Organisation (WHO) estimates that over 1.3bn individuals live with some form of disability, representing around 16% of the global population.As the population ages, the percentage of people with disabilities is expected to increase. Fortunately, most countries, and the airline industry in particular, have demonstrated a strong commitment to improving accessible air transport for differently-abled passengers.While current regulations focus predominantly on addressing concerns through individual jurisdictions, achieving significant progress will require shifting the focus to the establishment of a cohesive global framework.“Universally co-ordinated and accessible air transport can only be achieved through close collaboration along the aviation value chain. ICAO is heightening co-operation with IATA and ACI on this priority, because it is only by showing governments and operators how to work together as one that we will successfully tackle existing barriers in air travel,” noted Juan Carlos Salazar, ICAO’s Secretary-General.“Airlines want to ensure safe, reliable, and dignified travel for every passenger, including those with disabilities. To deliver this, airlines, airports and the disability community must work together. On top of this, national regulatory frameworks for passengers with disabilities must support successful service delivery no matter where a journey begins or ends. Co-ordination among all these players is the key to empowering passengers with disabilities to travel with confidence. We have high expectations that this event will move us towards that goal,” said Willie Walsh, IATA’s Director-General.ACI World Director-General Justin Erbacci points out: “ACI is committed to helping our member airports enable barrier-free environments that provide equal access and outstanding travel experiences for all guests, regardless of ability. This symposium will bring together aviation stakeholders from across the ecosystem to engage in meaningful dialogue to identify actionable steps toward creating a more accessible air transport system.”Recently, ICAO, along with Airports Council International (ACI) and the International Air Transport Association (IATA), hosted the Symposium on Accessibility in International Civil Aviation at ICAO headquarters in Montréal.The event brought together governments, industry leaders and advocacy groups to tackle barriers to air travel faced by persons with disabilities or reduced mobility.Held under the theme “Inclusive and Universally Accessible Air Transport for Persons with Disabilities and Reduced Mobility,” explored strategies that create a more accessible air transport system.Industry experts have stressed the need for more “accessible” terminals with ramps, elevators, and wide pathways with focus on people with special needs.They require specialised seating such as accessible seating arrangements with extra legroom and adjustable armrests.Such passengers also need support services such as on-ground assistance for navigation, boarding, and deplaning.Industry experts also call for accessible communication with announcements in multiple formats, including visual, auditory, and braille.Specialised equipment such as in-flight wheelchairs and accessible lavatories will come in handy for such passengers.More personnel trained to handle various disabilities with empathy and skill have also to be deployed in airports around the world.Tailor-made facilities for differently-abled people ensure all individuals, regardless of their abilities, can travel with dignity and independence.Such efforts demonstrate respect for diversity and promotes equal opportunity for leisure, work, or emergency travel.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

National carrier Qatar Airways and the country’s global gateway Hamad International Airport (HIA) made significant strides in 2024, expanding in terms of route and network, handling record passengers, embracing cutting-edge technology and winning many prestigious awards.Many international airlines from China, India, Tajikistan, Afghanistan, Indonesia and Japan launched services to HIA in 2024.HIA is Qatar Airways’ home and hub in Doha.In June, Qatar Airways was awarded the ‘Airline of the Year’ title by Skytrax, returning to the top for an unprecedented eighth time.The 5-star carrier was also recognised with three additional awards: ‘World's Best Business Class’, ‘World's Best Business Class Airline Lounge’, and ‘Best Airline in the Middle East’.In April, HIA again secured its position as the ‘World’s Best Airport’ by the prestigious 2024 Skytrax World Airport Awards held at the Passenger Terminal Expo 2024 in Frankfurt.The airport also clinched the title of ‘World’s Best Airport Shopping’ for the second time in a row and ‘Best Airport in the Middle East’ for the tenth consecutive year.HIA's recognition was based on “meticulous assessments” conducted by air travellers. They evaluated the airport's performance across key performance indicators and selected it as the best in the world amongst a group of over 500 global airport contenders.Qatar Airways Group Chief Executive Officer, Badr Mohamed al-Meer, who spearheaded the development and growth of HIA over the past decade, said: “This is a remarkable achievement for Hamad International Airport, as it celebrates its 10th anniversary of operational excellence, connecting passengers seamlessly from all around the world.In October last year, HIA reported serving 13.7mn passengers in the third quarter (Q3), reflecting a robust 7.9% growth compared to the same period last year.Point-to-point traffic also experienced growth by 11.7%, contributing to the airport's overall performance.The passenger traffic growth was driven by strong demand for air travel, with July marking the airport’s busiest month ever, handling 4,742,068 passengers followed by 4,717,885 passengers in August and 4,246,742 in September.In the same month in 2024, Qatar Aviation Services (QAS), the ground handling provider for HIA, received the ‘Enhanced Ground Support Equipment’ (GSE) recognition certification from the International Air Transport Association (IATA).QAS was the “first ground handling service in the GCC region” to achieve this esteemed recognition, further establishing its leadership in ground operations.Building on the "dynamic growth" observed in the first half (H1) of 2024, HIA announced that July became the busiest month in its operational history, serving a “remarkable” 4.73mn passengers.This milestone represented a significant 10.2% increase compared to July of the previous year, solidifying the airport’s status as a leading global aviation hub.In July last year, HIA partnered with Siemens to optimise its district cooling infrastructure, aimed to conserve and reduce energy consumption and support the airport’s growth plans.Completed in November 2023, the project is in line with HIA’s environmental sustainability goals which includes reducing carbon efficiency by 30% by 2030.HIA’s district cooling infrastructure includes five district cooling plants, with a production capacity of 62,000 tonnes, to cater to the cooling requirement for the airport. With Phase B of the airport’s expansion underway and to reduce the consumption of electricity required for cooling, the airport partnered with Siemens to leverage its patented ‘Demand Flow’ technology from the Siemens Xcelerator portfolio, which enables digital transformation in industry and infrastructure faster and at scale.The world’s first Gulfstream G700, a premium business jet, owned by Qatar Executive (QE), the corporate jet subsidiary of Qatar Airways Group, was “exclusively revealed” at HIA in May 2024.By welcoming the delivery of two new Gulfstream G700 aircraft to the fleet, Qatar Executive became the worldwide exclusive commercial operator of the aircraft.Qatar Executive is the first carrier to offer the Gulfstream G700 to charter customers, continuing to provide an ultra-modern fleet with the ultimate in aircraft capabilities, luxury and performance.In March last year, HIA introduced “dedicated screening lanes” for families with younger children transferring through the airport.The dedicated family lanes will reduce wait times at security checkpoints and provide staff assistance to aide families with their personal belongings.“This initiative reflects the airport's commitment to minimising stress and wait times, underscoring its dedication to providing a seamless and efficient travel experience for all passengers,” HIA said.Since its inauguration in 2014, HIA has emerged as a leading global aviation hub, continuously expanding and enhancing its network.Many recent partnerships reflect Qatar’s commitment to strengthening its tourism offerings, aligning with Qatar National Vision 2030.Hamad International Airport's innovative air service development strategy has been pivotal in attracting numerous airlines and establishing seamless routes, reinforcing the airport’s position as a critical gateway for global connectivity.

Qatar’s banking sector remains healthy, driven mainly by robust buffers, diligent QCB supervision and ample hydrocarbon liquidity.The Qatar Central Bank’s diligent policies have certainly helped to safeguard banking sector stability in the country in 2024.The QCB has broadly maintained the monetary policy in line with the US Federal Reserve, consistent with the currency peg to the dollar.Its progress in enhancing liquidity management is commendable, and continued efforts are important to further strengthen the effectiveness of the monetary operational framework.However, the International Monetary Fund (IMF) recently cautioned continued vigilance to address pockets of vulnerabilities.Maintaining the momentum in deepening domestic financial market is also crucial, guided by the Third Financial Sector Strategy.The strength, resilience, and high flexibility of Qatar’s banking sector has been reflected in its capital adequacy ratio, which according to the QCB, remains robust, reaching 19.9% at the end of September this year, compared to 19.2% in December 2023.Total assets of commercial banks in Qatar stood at QR2.007tn in October, according to data provided by QNB Financial Services (QNBFS).Total assets, however, declined by 0.9% during October mainly due to a decrease by 4.1% in foreign assets and by 9.5% in reserves.Total assets were up by 1.9% in 2024 (as of October), compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023).Liquid assets to total assets moved lower to 29.3% in October, compared to 30.3% in September, QNBFS noted.Qatar’s Islamic banking assets accounted for nearly 29% of total banking assets as of September this year, which is equivalent to QR576bn, according to the QCB.In 2024, the QCB achieved many milestones by launching a plethora of strategies in alignment with the Third National Development Strategy and the Qatar National Vision 2030.The Third strategy for financial sector will augment Qatar’s economy and financial institutions, in addition to reinvigorating the role of financial sector to offer solutions that protect investors and help their growth.In addition, the QCB launched the fintech strategy that gives priority to innovation in financial services to keep up with technological advancements and expand the utilisation of artificial intelligence (AI), thereby shaping a more advanced future for financial sector that is capable of converting challenges into opportunities for growth and prosperity.An array of initiatives and projects have been launched to modernise and enhance the financial sector, along with a series of instructions that would bolster its capability to adapt to potential evolutions, such as digital banking instructions, AI tips, distributed ledger technology, digital insurance company regulation, cloud computing, electronic Know Your Customer (KYC) regulations, regulations for ‘Buy Now, Pay Later’, regulations for loan-based crowdfunding and for insurance policy comparison websites.The year has also seen the launch of several other QCB projects and initiatives, including the central bank’s digital currency project and the accelerated regulatory sandbox.Qatari banks continue to set themselves apart through groundbreaking innovation in product offerings, advancements in supply chain logistics, and cutting-edge trade finance and transactional banking solutions.Their strategic focus on emerging digital assets, voice-enabled services, augmented reality, and blockchain technology is redefining industry benchmarks and spearheading the financial sector’s digital transformation.The diversification of portfolios to include green bonds and sukuk has garnered significant interest from both domestic and international investors, underscoring Qatar’s unwavering commitment to sustainability and regulatory excellence.This strategic emphasis not only strengthens market confidence but also positions the country as a leader in green finance.Enhanced governance, risk management, and compliance frameworks reflect a progressive shift from basic regulatory adherence to proactive, impactful implementation.By prioritising asset quality and maintaining robust liquidity, Qatari banks are consistently exceeding regulatory expectations.Moreover, the introduction of new regulations in open banking and micro-financing is catalysing growth in these emerging sectors, driving innovation and strategic execution.Amidst a global talent shortage, Qatari banks are successfully attracting mainly local expertise and making significant investments in nurturing homegrown talent. These efforts are pivotal to sustaining long-term growth and aligning with national development goals.Qatar’s banking sector continues to lead by integrating advanced technologies, delivering exceptional financial performance, and aligning closely with national strategic priorities.While tackling challenges such as fluctuating interest rates, evolving customer demands, and asset liquidations, the sector remains a beacon of stability and growth, reinforcing its reputation as one of the most resilient and promising financial landscapes in the region.As is the case globally, Qatar’s banking sector is also navigating emerging challenges, driven by the rapid advancement of financial technology and the transition to a knowledge-based digital economy.In this evolving landscape, the establishment of proactive regulatory and supervisory frameworks is essential to safeguard stability, foster innovation, and ensure sustainable sector growth.

Invest Qatar has marked 2024 with a solid commitment to economic diversification and fostering innovation, as well as strengthening the country’s global business hub status.The country’s investment promotion agency (IPA) kept a busy timeline as it aspires to attract international investments, stimulate local enterprises, and enhance overall competitiveness on the global stage.Among its significant milestones in the first quarter of the year was the launch of ‘Startup Qatar’, a key initiative dedicated to fostering the growth and development of startups in Qatar, providing support for those already in operation as well as those aspiring to launch their businesses in the region.According to Invest Qatar, the initiative provides a comprehensive online platform to meet business needs by connecting them with support services, funding, incubation programmes, government grants, and various other resources via startupqatar.qaAt the inaugural Web Summit Qatar, the initiative attracted significant interest from participants of the global tech event, with over 200 businesses registering through the Qatar Financial Centre (QFC).Similarly, the Startup Qatar Investment Programme, provided by Qatar Development Bank (QDB), has also received more than 750 applications since launching during Web Summit Qatar, according to Invest Qatar.Invest Qatar’s ‘Startup Qatar’ pavilion at Web Summit Qatar also provided attendees with a one-stop location to explore the country’s welcoming business environment, as well as many opportunities emerging in Qatar’s growing tech sector.In its monthly newsletter, Invest Qatar stated: “As underscored by HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani in his opening address at the summit, Qatar’s competitive advantages shine as a launch pad for tech innovation.Invest Qatar has published several reports focused on technology, showcasing the country's efforts to accelerate its technological transformation across various sectors. These initiatives aim to create greater opportunities. The reports were produced in collaboration with the Ministry of Communications and Information Technology (MCIT) and Deloitte.For the second consecutive year, Invest Qatar organised the Qatar Pavilion at global real estate event MIPIM 2024 in France, in collaboration with Qatari Diar, United Development Company (UDC), and Ariane Real Estate.Invest Qatar also hosted a workshop on dispute resolution for foreign investors in Qatar, which featured expert presentations by the Ministry of Commerce and Industry, the Investment and Trade Court, and the Qatar International Court and Dispute Resolution Centre.At the 2024 World Economic Forum (WEF) Annual Meeting held in early January in Davos, Invest Qatar participated in a global WEF initiative to create a coalition aimed at direct foreign investment (FDI) for climate action. Invest Qatar explained that the coalition, comprising 14 international investment agencies, as well as the World Association of Investment Promotion Agencies (WAIPA), is committed to fostering climate-aligned growth and development.Invest Qatar partnered with the ‘Bloomberg House’ at the 2024 World Economic Forum Annual Meeting in Davos, where Invest Qatar CEO Sheikh Ali Alwaleed al-Thani participated in the discussion ‘Gulf Rising: A Zero-Sum Game’ on the Increasing Global Influence of the Gulf Region’. Similarly, Invest Qatar was an active player during the Qatar Economic Forum 2024, powered by Bloomberg.Another highlight of 2024 for Invest Qatar was the launch of Ai.SHA, its cutting-edge AI-powered assistant, positioning the agency as one of the first IPAs globally to embrace AI technology. “Developed in partnership with Microsoft, Ai.SHA paves the way for transformative changes in professional interactions between investors and businesses in Qatar, harnessing GPT capabilities through the Azure OpenAI service,” Invest Qatar stated.Invest Qatar also celebrated its fifth anniversary in 2024, “marking half a decade of successful collaborations, new business ventures, and overall success in showcasing Qatar’s conducive investment landscape.”The agency stated: “Our commitment to fostering a dynamic and robust business environment has been unwavering, and our progress is a testament to the collaborative spirit and dedication of our partners, stakeholders and team members.One of the significant milestones since our inception is the success of the Invest Qatar Gateway, which now boasts more than 7,000 users. This innovative platform has become a cornerstone of our efforts, enabling users to find partnerships, access business opportunities in the public and private sectors, and tap into a wealth of supportive resources.”During Q2, Invest Qatar made the first international debut of ‘Startup Qatar’ at Collision 2024 in Toronto, Canada. The pavilion facilitated connections between global attendees and key stakeholders in Qatar’s startup and entrepreneurial ecosystem throughout the four-day conference.“Additionally, our participation as a Gold Sponsor of Vision Golfe 2024 in Paris, organised by Business France under the high patronage of the President of the French Republic, for the second consecutive year, underscored our dedication to fostering international collaborations and promoting Qatar as a premier investment destination,” Invest Qatar stated.

Qatar’s energy sector took giant strides this year with the launch of a slew of projects that will boost the country’s production capabilities in LNG, oil, petrochemical and renewable energy portfolios.The year also saw Qatar announcing huge investments in petrochemicals, fertiliser and the renewable energy sectors.QatarEnergy continues to play its leading role in the optimal investment of the country's natural resources of oil and gas, in accordance with the principles set forth by Qatar National Vision 2030.The goal is to meet the country's energy needs and provide the national economy with the financial resources necessary for the comprehensive development of the country.On February 19, His Highness the Amir Sheikh Tamim bin Hamad al-Thani laid the foundation stone for the $6bn Ras Laffan Petrochemical Complex, one of the largest in the world, which will raise Qatar’s overall petrochemical production capacity to about 14mn tonnes a year by the end of 2026.The groundbreaking ceremony for the world-scale integrated polymers complex was held at Ras Laffan Industrial City, and attended by HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy; Mark Lashier, President and CEO of Phillips 66; Bruce Chinn, President and CEO of Chevron Phillips Chemical; and senior executives from QatarEnergy and Chevron Phillips Chemical.The complex will house an ethane cracker with a capacity of 2.1mn tonnes per year of ethylene, making it the largest in the Middle East and one of the largest in the world, and raising Qatar’s ethylene production capacity by more than 40%.Another major project launched this year was the QR4.4bn Blue Ammonia Plant at Mesaieed Industrial City.Under the patronage of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, His Highness the Deputy Amir Sheikh Abdullah bin Hamad al-Thani laid the foundation stone of the blue ammonia plant at a special ceremony at Mesaieed Industrial City on November 26.The blue ammonia plant is the largest of its kind in the world and represents an important milestone in QatarEnergy’s strategy to expand in the clean energy sector by producing low carbon ammonia – one of the most important solutions to reduce CO2 emissions.HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi said: “This facility consists of an ammonia production unit with a capacity of 1.2mn tonnes per year, along with an additional unit for CO2 injection and storage, with a capacity of 1.5mn tonnes per year. QatarEnergy will provide the new plant with more than 35 megawatts of electricity from the solar power plant currently being built in Mesaieed Industrial City, thereby becoming blue ammonia. This plant will enhance our ability to provide the world with low-carbon products, in line with the global efforts to reduce carbon emissions.”HE al-Kaabi noted: “In building this facility, we will rely on our own capabilities and expertise in the construction and operation of ammonia plants used for the production of fertilisers. This will be carried out in cooperation between QatarEnergy and Qatar Fertiliser Company - Qafco.”The plant at Mesaieed Industrial City will offer a strategic location, integrated infrastructure, ideal capabilities, and a port that is considered one of the largest petrochemical export facilities in the Middle East.The plant is expected to start production in the second quarter of 2026, marking a milestone in Qatar Energy’s strategy to expand into the cleaner energy sector.At the Doha Forum this month, al-Kaabi said Qatar will be doubling its LNG production in a few years to almost 160mn tonnes per year (mtpy) in a “responsible way” with carbon capture and sequestration.The country’s LNG production will go up from the current 77 mtpy to 142 mtpy with the operation of North Field development projects, al-Kaabi said and noted: “Internationally, we are adding 16-18 mtpy with our partner, ExxonMobil through the Golden Pass Project in the United States.”The Golden Pass LNG Export Project is located in Sabine Pass, Texas.This month, QatarEnergy and Shell entered into a new long-term sale and purchase agreement (SPA) for the supply of 3 mtpy of liquefied natural gas (LNG) to China.LNG deliveries under the SPA will commence in January 2025, underscoring the commitment of both entities to meeting the world's growing energy demands. The agreement also highlights the continued growth of China’s LNG market, which is projected to be the largest globally.Al-Kaabi said: "We are pleased to enter into this new long-term LNG SPA with our trusted partner, Shell. This agreement helps meet the requirements of Shell's end customers in China and enhances our contributions to meeting the needs of LNG end-users worldwide."In October, QatarEnergy signed a partnership agreement with TotalEnergies to enter into a solar power project that is part of the Gas Growth Integrated Project (GGIP) in Iraq.Pursuant to the terms of the agreement, which is subject to regulatory approvals, QatarEnergy will acquire a 50% interest in the solar photovoltaic project, while TotalEnergies will retain the remaining 50%.MPHC, QIMC, Turkiye’s Atlas Yatirim Planlama signed an agreement in September to establish a joint venture - Qatar Salt Products Company (QSalt), which will build a new salt production facility at Um Al Houl in Qatar.The new joint venture will build a QR1bn salt production plant in Qatar’s Um Al Houl area and will be operated by Qatar Petrochemical Company (Qapco) and Qatar Vinyl Company (QVC).The MoU was signed in the presence of HE al-Kaabi, which was attended by senior executives from QatarEnergy and the participating companies.This strategic partnership, an initiative by QatarEnergy’s Tawteen localisation programme, brought together Mesaieed Petrochemical Holding Company (MPHC - 40% share), Qatar Industrial Manufacturing Company (QIMC- 30% share), and Turkiye’s Atlas Yatirim Planlama (30% share).In September, QatarEnergy signed an agreement with China State Shipbuilding Corporation (CSSC) for the construction of six additional state-of-the-art QC-Max vessels, bringing the total number of LNG vessels on order under its fleet expansion programme to 128, including 24 QC-Max mega vessels.In the same month, QatarEnergy inaugurated the first conventional-size LNG vessel under its historic shipbuilding programme. The ship – ‘Rex Tillerson’ was named after the former chairman and CEO of ExxonMobil as a tribute to his life-long accomplishments in the energy sector.The traditional naming ceremony was held at the Hudong-Zhonghua Shipyard in the Chinese city of Shanghai and was attended by minister al-Kaabi.In September, QatarEnergy announced that it will build a new solar power mega project at Dukhan, which will more than double the country’s solar energy production, significantly contributing to lower carbon emissions in the framework of a realistic energy transition.The new project will boost Qatar’s PV solar power production capacity to about 4,000 megawatts by building one of the world’s largest solar power plants in the Dukhan area, with a production capacity of 2,000 megawatts.In the same month, QatarEnergy also announced that a world-scale urea fertiliser complex will be built at the Mesaieed Industrial City, which will make Qatar the world’s largest urea exporter by 2030.The plant will double Qatar’s annual urea production capacity to 12.4mn tonnes.Al-Kaabi said the new mega project entails building three ammonia production lines that will supply feedstock to four new world-scale urea production trains in Mesaieed Industrial City.“The new facilities, which are planned to be built, will more than double the State of Qatar’s urea production from about 6mn tons per year currently to 12.4mn tons per year. Production from the project’s first new urea train is expected before the end of this decade,” al-Kaabi noted.In April, QatarEnergy signed an agreement with China State Shipbuilding Corporation (CSSC) for the construction of 18 ultra-modern QC-Max size LNG vessels, at a cost of $6bn, marking a significant addition to its historic LNG fleet expansion programme.The new vessels, with a capacity of 271,000 cubic meters each, will be constructed at China’s Hudong-Zhonghua Shipyard, a CSSC wholly-owned subsidiary, and will feature state-of-the-art technological innovation and environmental performance.In February, QatarEnergy announced that it was proceeding with a new LNG expansion project, the ‘North Field West’ project, to further raise Qatar’s LNG production capacity to 142mn tonnes per year before the end of this decade, representing an increase of almost 85% from current production levels.HE al-Kaabi said extensive appraisal drilling and testing have confirmed that productive layers of Qatar’s giant North Field extend towards the west, which allows for developing a new LNG production project in Ras Laffan.In January QatarEnergy announced the award of the four main Engineering, Procurement, Construction, and Installation (EPCI) contract packages related to the next development phase of the offshore Al Shaheen field (Qatar’s largest oil field) to increase production by about 100,000 barrels of oil per day.The award is part of Project Ru’ya (vision in Arabic), the third phase of Al Shaheen’s development since North Oil Company, a joint venture between QatarEnergy (70%) and TotalEnergies (30%), took over the field’s operation in July 2017.Al-Kaabi also highlighted Qatar’s investments in petrochemicals, fertiliser and renewable energy sectors at the Doha Forum this month.“We have already announced to increase our petrochemicals production by almost 130%. This will be realised through the largest polyethylene plant in the Mena region, which we are building in Ras Laffan along with Chevron Phillips Chemical Company (CPChem).“And in the US, we have partnered with Chevron Phillips Chemical for the Golden Triangle Polymers Plant in Texas, which is considered the biggest in the world.”Qatar’s urea production, he said, will go up from about 6 mtpy currently to 12.4 mtpy (by 2030) with production commencing at the world-scale urea fertiliser complex at Mesaieed Industrial City.“Now we are the second largest fertiliser producer in the world. And by 2030, we will become the largest fertiliser producer in the world. It will contribute significantly to global food security by helping feed around 160mn people around the world,” al-Kaabi noted.He reiterated Qatar’s commitment to “clean air and clean water” and said the country is giving a lot of push to production of renewable energy.“In Qatar, we are working on renewables. A few years ago, we had zero renewables in Qatar. Now, 10% of the power we enjoy in Qatar comes from solar. Next year, we will add two more solar plants – one in Mesaieed and another one in Ras Laffan. At that time, solar will contribute to almost 15% of our power output.“We will build a fourth solar plant with a production capacity of 2,000 megawatts in Dukhan. This represents approximately 30% of Qatar’s total electrical power production capacity,” HE al-Kaabi said.With the addition of the new Dukhan Solar Power Plant, QatarEnergy’s portfolio of solar power projects in Qatar will reach a capacity of about 4,000 megawatts by 2030.

Domestic gas consumption in Qatar remained steady at 43.2bn cubic metres (bcm) in 2023, reveals GECF's just released annual statistical bulletin.Qatar’s marketed natural gas production saw a slight increase in 2023, reaching 170.9 bcm, it said.In terms of LNG infrastructure, Qatar has seven liquefied natural gas plants with 14 liquefaction trains and a total capacity of 106 bcm/year (77 Mt/year), all operated by Qatargas, the bulletin noted.In 2023, GECF countries continued to demonstrate their dominance in the natural gas sector, holding more than 69%of the world’s proven reserves, equivalent to almost 145,000 bcm. This unrivalled share underscores the long-term resource security offered by GECF Countries, led by major reserve holders like Russia, Iran, and Qatar.Collectively, GECF countries contributed 41% of global marketed production, solidifying their role as reliable suppliers to meet global energy demand. In the realm of consumption, GECF countries represent 28% of global domestic consumption.The lower consumption share, relative to production (28%), highlights GECF’s significant role as net exporters in the natural gas markets. GECF’s influence is particularly pronounced in exports, where they hold 49% and 45% shares of the LNG and pipeline exports respectively.GECF countries retained their position as leaders in LNG trade, accounting for more than 49% of global LNG exports.“Qatar remained the top LNG exporter more than 107bcm, catering to growing demand in Asia and Europe,” GECF noted.Asia’s LNG demand rebounded to 352 bcm, with 47% (167 bcm) supplied by GECF Countries.Europe increased its LNG imports to 168bcm, with 51% (86bcm) coming from GECF Countries to enhance energy security.Africa emerged as a key supplier, with countries leveraging their resources to meet global demand like Algeria, Nigeria, and Mozambique which achieved a milestone by entering the LNG market, signalling its growing role in global energy trade and further diversified GECF countries LNG portfolio, while expanded liquefaction capacity (up to 241 mtpy) and a fleet of 155 LNG carriers ensured seamless delivery to global markets.In 2023, GECF Countries reinforced their global position through significant investments in natural gas infrastructure operating 37 liquefaction plants (70 Trains) with a combined capacity of over 241 mtpy, ensuring reliability and scalability in LNG exports.The pipeline network, spanning thousands of kilometres, remained a critical component for regional and crossborder gas transportation. GECF Countries continued to optimise their pipeline systems to meet changing trade flows, particularly considering shifting energy policies and geopolitical pressures.Notable contributors to pipeline stability include Algeria, which sustained exports to Europe, and Russia, which maintains one of the largest pipeline infrastructures globally.LNG shipping logistics further enhanced GECF’s competitive edge. Member countries collectively operated a fleet of 155 LNG carriers, capable of transporting large volumes across long distances.These carriers ensured the flexibility and accessibility of natural gas, making LNG a cornerstone of the global energy transition.The combined strength of liquefaction plants, pipelines and LNG fleets showcases GECF’s commitment to delivering reliable and efficient natural gas supplies, maintaining its position as a leader in the global energy market.The GECF Annual Statistical Bulletin 2024 showcases the significant impact of forum’s member countries on the global natural gas sector, emphasising key achievements and trends through 2023.

Global airports face several challenges due to capacity crunches, as passenger demand exceeds infrastructure and operational capabilities in many countries.Excessive passenger volumes have led to long queues at check-in counters, security checkpoints, immigration desks, and boarding gates in many airports.Overburdened runways and taxiways cause bottlenecks, leading to take-off and landing delays.Delays at one airport often disrupt schedules across interconnected flight networks.Limited gate availability will result in aircraft delays, as they have to wait for gates to free up, adding to turnaround times.Another major challenge due to airport capacity constraints is baggage handling. Overloaded systems will invariably lead to lost or delayed luggage.Recently, the International Air Transport Association (IATA) warned that the airport capacity crunch is threatening the freedom for people to travel, and constraining economies.With little prospect for airport infrastructure to fully keep pace with growing demand, IATA released a ‘white paper’ including proposals for how slot regulations must incentivise airports to generate more capacity from existing infrastructure.The number of airports unable to fully meet the demand for air connectivity and requiring slot coordination using the IATA Worldwide Airport Slot Guidelines has already grown to nearly 400 worldwide. If current trends prevail, this number could grow by 25% over the next decade.An example of the severe consequences of this growing problem is evident in Europe where Airports Council International (ACI) Europe expects that airport infrastructure will be unable to meet up to 12% of demand in 2050.With large scale airport developments, especially new runways, unlikely to be built due to political constraints, this will further undermine Europe’s competitiveness which, as the Draghi report has concluded, is already significantly under-performing. It is therefore vital that airports deploy best practice to deliver as much capacity from existing infrastructure as possible.“The only cure for insufficient capacity is construction. But as long as large-scale endeavors such as building new runways or terminals remain politically out-of-reach in many parts of the world, we must squeeze every last unit of capacity out of the infrastructure we have. Some airports set strong benchmarks for maximising capacity, but too many fail to follow the guidance in the Worldwide Airport Slot Guidelines,” said Nick Careen, IATA’s senior vice-president for Operations, Safety and Security.The newly published IATA white paper on airport slots calls for stronger obligations on the part of airports to maximise capacity.“Under the slot regulations, airlines are obliged to utilise the slots they are granted efficiently or face penalties for cancelling flights, or not operating to schedule. But airports face no penalties if they don’t deliver promised capacity. They have little pressure to meet global benchmarks on efficiency.“Moreover, there is often insufficient transparency for the capacity declarations that they do make. This needs a major rebalancing so that airports and airlines are equally obliged to maximise the potential social and economic value of airport capacity,” said Careen.Specifically, IATA calls for modifications to slot regulations that will hold airports to account if they are not doing enough to create more capacity, including:Requiring airports to review their capacity declarations on a regular basis, and implementing a meaningful capacity consultation process, to ensure greater transparency and reveal where potential capacity increases are being neglected.Obligations to improve and increase capacity where possible, benchmarked against global best practice.Consequences if declared capacity is not delivered as promised.“The current airport slots regulations have helped create a global air transport network which delivers ever-increasing connectivity, consumer choice, and cheaper fares. For the slot system to continue growing these benefits, we need performance obligations on airports.“Stronger regulation is needed to close the enormous gap between the best and the mediocre airports in delivering capacity. That will give better service to passengers with greater accessibility to air transport and bring more benefits to the world,” said Careen.Industry experts say airports with huge capacity constraints will not attract airlines and passengers, affecting competitive positioning.Their inability to meet growing passenger demand limits tourism, trade, and economic growth in connected regions.Addressing these challenges, experts point out, requires innovative solutions, such as investing in new technologies like automated check-in and biometric security, expanding infrastructure where feasible, and enhancing collaboration between airlines, airports, and regulatory bodies to optimise airspace and schedules.

GCC debt capital market reached $1tn in November, Fitch Ratings said and noted it expects the GCC to remain among the largest emerging-market dollar debt issuers in 2025 and 2026 and the largest sukuk issuers and investors globally.Qatar is among the developed debt capital markets, Fitch noted.In a report, Fitch said it expects GCC countries’ debt capital markets (DCMs) to grow further and for the Gulf Co-operation Council countries to remain among the largest emerging-market dollar debt issuers in 2025 and 2026 (excluding China), and the largest sukuk issuers and investors globally.Oil revenues are among the main drivers of GCC DCM activity, it noted. Sovereign issuances are likely to rise as oil prices fall (2025F: $70/barrel; 2026F: $65), given modestly rising demand, and ample global supply. While not the key funding source, GCC banks and corporates are also likely to diversify through DCMs.“After 11% year-on-year growth, the DCM reached a milestone of about $1tn outstanding at end-11M24, with 40% as sukuk,” noted Bashar al-Natoor, Global Head of Islamic Finance at Fitch. “It is poised for growth in 2025 on the need to finance government projects, maturing debt, fiscal deficits, diversification goals, and regulatory reforms. We rate around 70% of GCC US dollar sukuk, 81% of which is investment-grade, and with no defaults.”Fitch expects the US Federal Reserve to cut rates by 125bp to 3.5% by Q4-2025 (end-2026F: 3.5%), and most GCC central banks are likely to follow suit. This should make the funding environment more favourable. The evolution of the Middle East conflict is uncertain and escalation could limit DCM growth, according to the report.However, four out of six GCC sovereigns are investment-grade; all on stable outlooks. Shariah complexities, including from linked to AAOIFI Standard 62, could be a risk for sukuk. ESG debt reached $48bn outstanding, with 42% sukuk.DCM development is fragmented across the GCC. Saudi Arabia and the UAE have the most developed DCMs, followed by Qatar, Bahrain, and Oman, with Kuwait being the least mature.The new government in Kuwait is aiming to update the liquidity law to permit borrowing in capital markets, but the timeline is uncertain. The recent GCC fund passporting regulations could open new DCM investment options across the GCC, Fitch noted.

Qatar’s conservative oil price assumption of $60/barrel “underscores the country’s fiscal discipline and sustainable policies”, Oxford Economics said in a report released Thursday.Qatar has announced its 2025 budget, focusing on education, healthcare, and sustainability, with total expenditure set at QR210bn.The municipality and environment sector is allocated QR21.9bn, while the sports sector will receive QR6.6bn.The budget forecasts revenue of QR197bn, resulting in a projected deficit of QR13.2bn, which Oxford Economics noted is due to conservative oil price assumptions.“This supports Qatar’s strong credit rating, but we believe these oil price assumptions are conservative since Qatar has maintained a budget surplus over the past three years. We expect a surplus of around QR25bn for 2024, narrowing to QR12bn in 2025. These projections underscore Qatar’s fiscal discipline and sustainable policies,” Oxford Economics said.In a recent report, Oxford Economics estimated Qatar’s non-energy economy would grow by 2.4% in 2024 (versus its previous projection of 2.5%), up from 1.1% in 2023.Growth in the non-energy sector improved at the end of last year, picking up to 1.7% year-on-year (y-o-y) in Q4, from an average of 0.8% in the preceding three quarters.Performance was mixed across sectors at the end of last year, with positive trends in the wholesale and retail and hospitality-related sectors offset by drags spanning administrative and professional services, finance and insurance, and information and communications technology.Tourism has provided a key support to non-energy activities and will remain a driver of future growth.Data show the number of foreign arrivals neared 3mn in the year to July, on track to meet the researcher’s forecast of 4.5mn overnight visitors this year.The launch of the pan-GCC visa should help extend the positive performance in 2025.Oxford Economics sees Qatar’s energy sector growing just 1% in 2024, amid the weak performance of industry year-to-date, before strengthening to 2% next year.The authorities have doubled down on the North Field gas expansion project, which will have a positive medium-term impact. The target liquefied natural gas (LNG) capacity was raised to 142mn tonnes per year (mtpy) by the end of 2030, up nearly 85% from 77 mtpy currently and 13% on the intermediate target of 126 mtpy by 2027.Last year, Qatar awarded a $10bn contract for the second phase of the project, North Field South, which will include the delivery of two LNG trains.Qatar is also making progress in contracting future gas output. The government has signed long-term supply contracts with India, China, France, Germany, Hungary, Kuwait, and Taiwan and is negotiating a deal with South Africa, Oxford Economics noted.

Retail sales in Qatar projected to grow at an annualised rate of 2.2% up to 2028, according to researcher Alpen Capital.Main drivers are government’s ambitious strategy to make Qatar a tourist destination, growing population and rising income levels, Alpen Capital said in a recent report.The government's efforts are anchored around three pillars, which are business facilitation, family-oriented activities and enhancing cultural experiences, it said.The country is actively leveraging its modern infrastructure to enhance the MICE market while also establishing new leisure destinations and districts, launching luxury shopping centres and investing in its natural assets.Qatar is also likely to benefit from the long-list of global sporting events lined up to take place in the country during the forecasted period.Qatar’s retail industry is currently going through a period of rapid expansion with several regional and international brands expanding their presence across the country. This has led to increased footfall in markets such as Doha and the market is expected to witness significant traction as Qatar gears up to host numerous global sporting events.As part of Qatar National Vision 2030, the government is working to diversify the country's economy with the travel and retail sectors being recognised as two of the main drivers, Alpen Capital noted.The high level of wealth coupled with rising population (1.5% CAGR between 2018 and 2023), an expanding tourism sector (74.1% CAGR between 2020 and 2023), and continued investments towards infrastructure development has thus positioned the country as a promising retail market in the GCC.Consequently, the retail sector is undergoing transformation from traditional independent shops and souqs to modern shopping malls, supermarkets, and digital platforms that feature a wide range of domestic and international brands.“This transition not only offers a broader variety of products but also enhances shopping experiences, attracting a diverse consumer base,” the report said.Amid a rising demand for global brands, sales across e-commerce platforms in Qatar is estimated to have grown at a CAGR of 8.1% between 2018 and 2023 to reach $2.8bn in 2023.The sector’s contribution to GDP stood at 1.2% as of 2023, second highest in the region and above the GCC average of 1%, Alpen Capital said.This has been primarily driven by the government’s NDS-3 (2024-2030), a commitment to diversification and sustainability for future prosperity.In order to facilitate growth within the sector, the country has been leveraging customs programmes and trade agreements, investing in strong ICT infrastructure and advanced technologies, as well as using PPP models to bolster its logistics and industrial infrastructure.Although it accounted for just 13.2% of the total GCC e-commerce market as of 2023, the industry is witnessing an influx of platforms offering niche products and services.Post-pandemic, several retailers in Qatar have moved to a blended, omni-channel distribution strategy, which involves boosting and expanding their digital offerings while also maintaining a brick-and-mortar footprint.Qatar is also regarded as the world’s fastest-growing luxury market that encompasses a diverse range of goods, spanning from high-end fashion attire, accessories, timepieces, jewellery, cosmetics, fragrances, and high-end vehicles among others.Qatari luxury goods market is also in the midst of a digital transformation, as brands are adopting e-commerce platforms, utilising social media for marketing, and employing digital engagement tactics to connect with millennial and tech-savvy affluent consumers.As of 2023, Qatar’s supply of organised retail space exceeded 2.3mn sq m of gross leasable area (GLA).Supply in the organised retail real estate sector in the country has remained largely static in 2023, Alpen Capital said.

Some countries devise unconventional means to shore up their depleted treasuries, notwithstanding the damage these can inflict on their profile.One way of channelling funds into their kitty seems to be preventing foreign airlines from repatriating funds.Governments’ blocking airline funds, often due to foreign exchange shortages or restrictive economic policies, significantly impacts the airline industry in several ways.Countries that block funds are very likely to deter foreign investment and reduce their appeal to international businesses.Obviously, investors and stakeholders will see the affected markets as high-risk, influencing strategic decisions.The result will be fewer flights to these countries, which can lead to a decrease in tourist inflows and trade opportunities, hurting local economies.Certainly, fewer flight options will inconvenience travellers and businesses relying on air connectivity. Increased fares and reduced competition will make travel more expensive for passengers.Recently, the International Air Transport Association (IATA) reported that $1.7bn in airline funds are blocked from repatriation by governments as of the end of October this year. This is a small improvement compared to the $1.8bn reported at the end of April.“Over the last six months, we have seen significant reductions in blocked funds in Pakistan, Bangladesh, Algeria and Ethiopia. At the same time, amounts are rising in some Central African countries and Mozambique. Bolivia has also emerged as a problem, where repatriating sales revenues is becoming increasingly difficult and unsustainable for airlines.“This unfortunate game of ‘whack-a-mole’ is unacceptable. Governments must remove all barriers for airlines to repatriate their revenues from ticket sales and other activities in accordance with international agreements and treaty obligations,” said Willie Walsh, IATA’s Director General.“No country wants to lose aviation connectivity, which drives economic prosperity. But if airlines cannot repatriate their revenues, they cannot be expected to provide a service. Economies will suffer if connectivity collapses. So, it is in everyone’s interest, including governments, to ensure that airlines can repatriate their funds smoothly,” Walsh noted.Nine countries account for 83% of the airline industry’s blocked funds, amounting to $1.43bn.Pakistan continues to top the list of blocked funds countries at $311mn. However, this is an improvement from $411mn in April this year. The main issue is the system of audit and tax exemption certificates which is causing long processing delays.Bangladesh has seen the amount of blocked funds decrease to $196mn (from $320mn in April).The Central Bank needs to continue to prioritise airlines’ access to foreign exchange in line with international treated obligations, IATA said.About $1bn of airline money blocked from repatriation is in African countries. That is about 59% of the global tally. Over the last six months, there were significant reductions in blocked funds in Algeria ($193mn from $286mn in April) and Ethiopia ($43mn from $149mn in April).At the same time, Central African countries (+$84mn), Mozambique (+$84 million) and West African countries (+$73mn) contributed to the largest increases.Bolivia is new to the list of blocked fund countries. A further deterioration in the availability of foreign exchange, particular the US dollar, has resulted in an estimated $42 million in airline funds being blocked in the country.Industry analysts say airlines are unable to repatriate revenue earned in these countries, leading to a liquidity crunch.Carriers rely on consistent revenue to manage operations, pay debts, and fund investments. Blocked funds disrupt these cash flows.Airlines may have to account for these funds as potential losses, adversely impacting their financial performance.All along, IATA has raised concerns about this issue, urging governments to release funds and adopt policies fostering fair access to international markets.For airlines, diversifying operations and improving liquidity management are common strategies to navigate these challenges.

Qatar’s payments industry is set for notable growth, with total revenues projected to reach $4.15bn by 2028, according to the latest Global Payments Report 2024 from Boston Consulting Group (BCG).Amid a global slowdown in growth rates, Qatar’s focus on digital transformation and investment in fintech innovation positions it strongly within the competitive landscape of the GCC region.Qatar’s payments sector has experienced steady growth, with revenues rising from $2.6bn in 2018 to $3.2bn in 2023, reflecting a CAGR of 4.4%.By 2028, Qatar’s revenue pool is expected to increase by another 29%, reaching $4.15bn.Transaction volumes in Qatar are projected to rise from 988mn in 2023 to 1.38bn by 2028, marking a 40% growth. This expansion is driven by Qatar’s efforts in digital transformation, increased fintech adoption, and initiatives aimed at broadening financial inclusivity across the country.Globally, payments revenue growth is projected to slow significantly, with CAGR halving to 5% through 2028, resulting in a global payments revenue pool of $2.3tn. This marks a sharp decline from the 9% CAGR observed over the previous five years, which pushed the global revenue pool to $1.8tn in 2023.Lukasz Rey, managing director and partner and head of Middle East Financial Institutions Practice at BCG, commented: "Qatar’s payments sector is reaching a critical phase in its evolution, transitioning from rapid growth to sustainable, resilient frameworks. Qatari firms must modernize their infrastructure to stay competitive, adopting cloud-native, modular systems that optimise unit economics and reduce tech debt.“Companies enhance customer interactions and reinforce fraud detection and operational efficiencies by integrating advanced technologies like generative AI and real-time payment capabilities. As global regulatory pressures increase, firms that build end-to-end responsibility into their technology stack and develop robust risk and compliance frameworks will lead to delivering seamless, secure digital experiences that meet the demands of both consumers and shareholders."As technologies like generative AI, real-time payments, and digital currencies reshape the global payments landscape, Qatar’s payments sector is positioned for continued progress through innovation and strategic investment.Nabil Saadallah, managing director & partner at BCG, added: "Qatar’s payments sector faces a pivotal moment where meeting investor, regulator, and consumer expectations requires a shift from traditional models to forward-thinking strategies. As transaction volumes are projected to rise by 40% by 2028, companies must advance beyond business-as-usual practices, embracing decisive capital allocation and refined portfolio strategies to unlock profitable growth.“Firms that prioritise interoperability, robust customer experiences, and regulatory collaboration will be best positioned to foster broad adoption and trust. By focusing on flexible, high-margin models that adapt to regulatory shifts, Qatar’s payments firms can help shape the region’s financial future while capturing long-term value across an evolving landscape."

Extensive investments by Qatar have helped “maintain high levels of satisfaction” with the country’s digital services, which fosters confidence in government use of artificial intelligence (AI), Boston Consulting Group has said in a report.This foundation of trust and strategic investment supports the GCC’s leading position in citizen satisfaction and presents an opportunity for the region to shape next-generation digital government services.As countries worldwide explore GenAI integration, the GCC stands poised to set new standards in AI-powered public service that adapts to evolving citizen needs.GCC region’s exemplary performance in digital government services has been highlighted in a recent report by Boston Consulting Group with Qatar, Saudi Arabia and the United Arab Emirates “achieving global leadership” in citizen satisfaction.BCG’s findings show that GCC countries lead globally in citizen satisfaction with digital government services, reaching a net satisfaction score of 81%.GCC citizens also report using these services 22% more frequently than the global average, reflecting high engagement and a strong commitment from governments to deliver quality digital experiences.Notably, 76% of GCC citizens embrace AI-powered government services driven by virtual assistants and personalised solutions that enhance accessibility and efficiency.Additionally, 42% of GCC respondents expect services to perform at regional and global top-performer standards in 2024, underscoring citizens’ high expectations for public service quality, BCG noted.“The citizens of the GCC are increasingly holding their governments to the same standards as major tech players, expecting rapid, innovative solutions that meet their needs efficiently and seamlessly,” said Rami Mourtada, Partner & Director of Digital Transformation, BCG.“GCC governments are delivering on these expectations by embracing a digital-first approach and moving at the pace with global emerging tech trends. With the transformative potential of Generative AI ahead, sustained investment and innovation will be crucial to maintaining their leadership in government services and meeting the evolving demands of the digital age. “As global interest in GenAI expands, GCC emerges as a leader. As found in the report, citizens in the GCC exhibited a net trust of 71%, forty-nine percentage points higher than the global average, for their government use of AI in digital services.This leading level of trust has also been matched with substantial investments in AI and digital infrastructure across the region led by public initiatives.Leading this charge, Saudi Arabia’s National Strategy for Data and AI targets economic growth with a projected contribution of $133.3bn to GDP by 2030.Similarly, Qatar is driving digital transformation through strategic collaborations with Qatar University and tech providers to upskill ICT professionals in AI, 5G, and cloud computing.Rounding out these advances the UAE’s Technology Innovation Institute has positioned itself as an AI leader by developing the open-source Falcon LLM, demonstrating the region’s technology capabilities in generative AI.These coordinated efforts across GCC combine public trust with strategic investments and technological advancement in AI, the report noted.With some of the highest global rates of GenAI usage, GCC citizens demonstrate a solid readiness to adopt AI-driven solutions in public services.“The GCC stands at a real and unprecedented opportunity,” said Dr Lars Littig, Managing Director & Partner, BCG, and EMESA Leader of BCG’s Center for Digital Government.“Achieving a cohesive, government-wide digital evolution requires a strategic vision, solid governance, and effective coordination within and outside the public sector.“In the GCC, governments are advancing data governance and responsible AI practices to build citizen trust, treating data as a national resource that fuels smarter policy decisions.”

An additional 170,000sq m gross leasable area (GLA) is expected to be delivered in Qatar’s office segment by the year-end, ValuStrat Research said in a report.An estimated 38,000sq m gross leasable area was added during the quarter with the completion of the Mercedes Flagship Commercial Complex, bringing the total stock to over 7.2mn sq m GLA.One of the remaining Lusail Plaza Towers is anticipated to be completed by the year-end, with the final tower scheduled for delivery by mid-2025. Grade-A office inventory was concentrated in Doha Municipality, accounting for 61% of the total supply, while Lusail contributed an additional 31%, the report said.Office occupancy at a country level was estimated at 63% with premium locations experiencing higher occupancy compared to secondary areas, ValuStrat said. The office sector showed consistent performance on a quarterly basis, reflecting no notable fluctuations, it said.Citywide office rents averaged QR66 per sq m, steady from last quarter but down 2.2% year-on-year (y-o-y) Offices in Grand Hamad Avenue and West Bay declined by 13% and 6% respectively compared to last year, while remaining unchanged quarter-on-quarter (q-o-q).Offices in Al Sadd witnessed a yearly increase of 4.7%. Other major locations like Lusail and Salwa Road observed annual declines between 3% and 7%, with no shift compared to the second quarter (Q2).According to ValuStrat, the third quarter (Q3) indicated continued stability across Qatar’s real estate market.While certain high-end areas experienced increased rental rates for larger bedroom units (in the residential segment), the primary observation is that the market remained notably steady throughout the period.The ValuStrat Price Index held consistent with the prior quarter at 96.6 points and showed no significant annual shift. Benchmarked to a base of 100 points set in first quarter (Q1) of 2021, the apartment index registered at 97.5 points and villas at 96.3 points, with valuation prices in both categories showing no quarterly or yearly fluctuations.Mortgage transactions declined by 10% q-o-q and 8.5% y-o-y. Similarly, sales transactions dropped by 18% since the last quarter and 15% compared to the same period last year.“While Q3 presented a stable real estate landscape, market signals suggest a measured outlook for the coming months, hinting at a mix of steady performance with selective areas of optimism,” noted Anum Hassan, Head of Research (Qatar) at ValuStrat.

Qatar’s general budget for fiscal year 2025 expects total revenues of QR197bn and an expenditure of QR210.2bn with an anticipated deficit of QR13.2bn, HE the Minister of Finance Ali bin Ahmed al-Kuwari announced Thursday.Qatar has set an oil price of $60 per barrel in preparing the budget.Al-Kuwari said, “Qatar continues to adopt a conservative approach in estimating oil and gas revenues, with an average oil price of $60 per barrel. This approach aims to enhance financial flexibility and ensure spending stability.”Among the highlights of the budget is QR41.4bn allocation for the health and education sectors, accounting for 20% of the total budget.The minister noted that Qatar's total expected revenues for the 2025 fiscal year budget are estimated at QR197bn, reflecting a 2.5% decrease compared to the 2024 budget revenues.He stated, "The anticipated oil and gas revenues for 2025 are QR154bn, down from QR159bn in the 2024 budget, marking a 3.1% decrease. Non-oil revenues for 2025 are estimated at QR43bn, which remains unchanged from 2024 levels.”Al-Kuwari said total expenditures projected at QR210.2bn next year, showed a 4.6% increase compared to 2024.He noted the expected budget deficit of QR13.2bn will be financed through local and external debt instruments, as required.HE the Minister of Finance underlined that allocations for the health and education sectors (QR41.4bn that accounts for 20% of the total budget) “underscores Qatar's commitment to enhancing human capital development and improving public service quality.” Furthermore, he said, “strategic sectors such as trade and industry, research and innovation, tourism, digital transformation, and information technology have been allocated significant resources to support economic diversification and sustainable development efforts.”Allocations for salaries and wages are set to rise by 5.5% in 2025 compared to 2024, totalling QR67.5bn.Current expenditures will see a 6.3% increase, while secondary capital expenditures are expected to grow by 7.7%.Meanwhile, major capital expenditure allocations will experience a modest 1.4% increase to ensure the ongoing implementation of strategic and developmental projects.According to Ministry of Finance, al-Kuwari will provide further details on Qatar's general budget for the 2025 fiscal year at a press conference on Sunday.Ends