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Qatar remains the top LNG exporter among GECF member countries and figures among top three global trans-shippers of liquefied natural gas, according to the Gas Exporting Countries Forum (GECF).The top three LNG exporters in November were the US, Australia and Qatar, GECF said in its latest monthly report.In November, global LNG exports saw a slight uptick, increasing by 1.5% (0.52mn tonnes) y-o-y to reach 34.76mn tonnes.The rise in global LNG exports was propelled by non-GECF countries, compensating for declines in LNG exports from GECF member countries and LNG reloads.In terms of the global market share, non-GECF countries led with 51.5%, followed by GECF member countries with 47.0% and reloads with 1.5%.In comparison to November 2022, the market share of non-GECF countries increased from 48.2%, while the shares of GECF member countries and LNG reloads decreased from 49.8% and 2%, respectively.The forecast for global gas production in 2023 indicates a slight increase of 0.7%., GECF noted.This rise is mainly expected in regions such as North America, the Middle East, and Asia Pacific, while Europe, Africa and the CIS regions may potentially witness a decrease in production. Non-GECF countries are anticipated to enhance their gas production by 2.5%, reaching a total of 2,395bcm.In this scenario of growth, the US is set to play a significant role, with a projected growth of 41 bcm over the previous year, largely due to increased associated gas production from shale oil fields.Additionally, the Middle East is expected to see a notable increase in gas production of approximately 18 bcm, with Qatar, Iran and Saudi Arabia being the primary contributors.In November, the global count of gas drilling rigs, indicative of upstream activity, saw a m-o-m rise of three units, bringing the total to 385 rigs.This was a decrease from the 400 rigs recorded in November 2022, showing a y-o-y drop of 15 units. The decline was primarily due to a reduction in gas rigs in the US.Conversely, the recent monthly increase was largely fuelled by the Middle East and Africa, where operational gas rigs rose by 4 units in each region.In October this year, the total volume of gas and liquids discovered amounted to 620mn barrels of oil equivalent (boe). Of this, natural gas represented the majority, accounting for 79% (84bcm), while oil constituted 21% (130mn boe).This marked a rebound from the record low in monthly discovered volumes in September (83mn boe). However, it still represented an annual decrease in volumes (compared to the 915mn boe discovered in October 2022).The cumulative volume of discoveries in the period January to October this year reached 4.2bn boe, compared to discovered volumes of 6.1bn boe for the same period in 2022.This resulted in an average monthly discovered volume of 420mn boe in the first ten months of 2023.The decline in discovered volumes in 2023 reflects the challenges confronting global exploration activity. Approximately 72% of the total discoveries were made offshore. In October 2023, some six new discoveries were announced, 5 of which were offshore.Asia Pacific held the major share in the new discovered volumes with 77%, followed by LAC and North America with 14% and 8%, respectively. No significant discoveries were reported in Africa and the Middle East, GECF noted.

Qatar recorded the highest increase (15.6% CAGR) in domestic food production in the GCC since 2016, driven by National Strategy for Food Security, Alpen Capital has said in a report.Total food production in the GCC region grew at a pace of 6.1% compound annual growth rate (CAGR) since 2016 to reach 16.4mn tonnes in 2021, it said.According to Alpen Capital, Qatar ramped up its food production capacity while also developing alternative trade links for its food supply.Post the completion of its first five-year food strategy (2018-2023), the country is currently formulating the new ‘Qatar National Food Security Strategy’ (2023-2030) that aims to improve self-sufficiency, strategic reserves, enhance international trade, and streamline the domestic market.GCC governments have taken various measures to improve food production, while ensuring food security in order to avoid shortages, Alpen Capital said in its report on ‘GCC Food Industry’.The region, which has historically relied on desalination of seawater and aquifers to meet their water needs, has also increased their focus towards setting up additional desalination plants while boosting investments in water-saving technologies for food production.In addition to increasing investments towards land agriculture, GCC governments have proactively introduced policy reforms while forging international collaborations to contain imports and ensure a steady supply of food through home-grown produce.The GCC food sector has become more self-reliant over the last decade, largely driven by various efforts undertaken by the governments to increase domestic food production, reduce food wastage, support research and development, and streamline logistics. Moreover, the various initiatives by regional governments to boost production through implementing organic farming and technology-enabled processes across the food value chain have aided growth over the past few years. Consequently, the region’s dependency on imports has declined.Food consumption in the GCC is expected to grow at a CAGR of 2.8% to reach 56.2mn tonnes by 2027 from an estimated 49mn tonnes in 2022.This growth is likely to be driven by an increase in population, rise in per capita income due to greater economic stability, and the rebound in tourism activities.Although the ongoing geopolitical concerns may weigh on the GCC food sector due to rising inflation and anticipated supply-chain vulnerabilities, the region’s high purchasing power is likely to support growth.Being the staple food of the region, cereals will continue to remain the most consumed food category. However, it is expected to witness a modest growth rate over the five-year period compared to the rest of the food categories.The vegetables food category is projected to secure the highest annualised growth rate while consumption of meat in the GCC is likely to record marginal gains as consumers turn health conscious amid the rising incidence of non-communicable diseases and growing demand for fresh produce and pesticide-free food with high nutritional value.

Airlines in the Middle East are expected to post profits of $2.6bn this year and $3.1bn in 2024 on higher revenues from good passenger load even as the region's international .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px; }@media only screen and (max-width: 767px) {.text-box {width: 30%;} } **media[99388]** air connectivity already exceeding 105% of pre-Covid levels. Per passenger profit in the region is expected to reach $11.2 this year and $13.3 in 2024, the International Air Transport Association (IATA) said in a recent update. The region has clearly bounced back from the demand destruction caused by the Covid-19 pandemic with domestic and inbound travel reviving the region’s tourism economies. Ticket sales are fluctuating around the 2019 (pre-Covid) levels, the International Air Transport Association noted. The recovery in demand has been driven by large events in the region, according to Kamil al-Awadhi, IATA regional vice-president, (Africa and Middle East). The number of leisure visitors to the region in 2023 is expected to reach 33mn, compared with 29mn in 2019. When measured in dollar terms, the Middle East, GCC countries in particular, lead the way, in growth terms, with a 46% increase in inbound spend compared with 2019, noted the report produced in association with Tourism Economics, which was published to mark the opening of this year’s WTM London. The Middle East is also outperforming all other regions for domestic travel, which has grown by 176% since 2019, albeit from a low base. The success of the region’s recovery from the pandemic is driven by Saudi Arabia, United Arab Emirates and Qatar with their commitment to tourism showing signs of success. The report notes that some GCC countries are investing heavily in tourism infrastructure, viewing tourism development as a key strategy to diversify away from hydrocarbons reliance. Al-Awadhi emphasised that four priorities for airlines in the Middle East region are sustainability, passenger rights, clearing blocked funds and safety. The region is tracking in the first half of 2023 at 1.2 accidents per million flights—slightly higher than the global average but is tracking towards an improvement on the region’s full year 2022 performance which was 1.3 accidents per million flights. “Aviation is incredibly safe. And the performance of the region’s carriers is no exception. The goal must always to be to improve. And at these very high levels of safety performance, the best way to improve performance is through detailed data analysis,” al-Awadhi said. Through IATA’s Global Aviation Data Management (GADM) initiative, it is creating the world’s most comprehensive database for aviation safety. “We don’t yet have a comprehensive picture of the Mena region due to limited contribution by airlines from this region, but as more airlines contribute to the GADM, we will have a complete picture of safety performance and enable us to analyse trends and events that may not yet be evident. “A good example of this data at work is our analysis of GPS signal loss. We have numerous reports from carriers operating in the region on GPS signal loss, which could potentially be a result of GPS jamming or GPS signal interference. Knowing this from contributed data is helping our work with ICAO and others in finding solutions,” al-Awadhi said. Looking ahead, he said the priorities for the region’s airline industry is to see enhancement to the Contingency Co-ordination Framework, continue working with the States to ensure there exists an infrastructure that meets the needs of the airspace user with due regard to those of the provider; increasing access to more efficient and flexible routes through continued development of Civil Military coordination for the Flexible use of Airspace, further development of Free Route Airspace and Regional ATFM implementation.

Standard Chartered forecasts a strong credit outlook for Qatar as a result of its liquefied natural gas (LNG) expansion, strong public finances, robust balance sheet and positive ratings momentum.In its latest ‘MENA Credit Outlook 2024, Standard Chartered noted Qatar recorded a $11.5bn fiscal surplus during the nine months of 2023, approximately 4.9% of GDP, building on last year's 10.3% surplus, with public finances also set to improve further on rising LNG production.QatarEnergy's groundbreaking on the North Field expansion in October underscores the nation's efforts to increase LNG production, with several long-term offtake agreements already signed.This is in addition to a decline in government-funded capex following a period of elevated spending in the run-up to the 2022 FIFA World Cup. Standard Chartered estimates that, following a decline to 42% in 2022 from a high of 73% in 2020, Qatar‘s debt-to-GDP should fall further in 2023-24 as the government continues to use its sizeable fiscal surpluses towards debt repayment.Local banks’ foreign liabilities, historically a vulnerability of the sector, are also declining following regulatory directives by the central bank and slowing credit growth.After a sharp rise in 2018-21, Qatari banks’ foreign liabilities fell to QR655bn in September from a high of QR718bn in March 2022.The research also notes that any debt issuances by Qatar in 2024 will be opportunistic, as it is yet to issue Eurobonds since 2020, reflecting its deleveraging priorities.Muhannad Mukahall, CEO and head (Corporate, Commercial and Institutional Banking, Qatar) at Standard Chartered, said, "Qatar's strategic investments in LNG production and strong fiscal indicators reinforce our positive outlook for the nation’s continued economic growth in 2024.”

HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi has called for greater investments in energy efficiency and low-carbon technologies in conjunction with adopting renewable energy sources.He also called for enhanced efforts to address challenges and achieve complementarity among Arab countries to support their economic growth.The minister was delivering keynote address at the 12th Arab Energy Conference, organised by the Organisation of Arab Petroleum Exporting Countries (OAPEC) here on Monday.Al-Kaabi noted Qatar has taken bold strategic decisions, investing tens of billions of dollars in the LNG industry, at a time when many doubted the feasibility of such investments.“Our decision at the time was based on a realistic understanding of market fundamentals and efforts to reduce global carbon emissions. As a result, we embarked on implementing our plans to raise our LNG production from the current 77mn tonnes per year to 126mn tons by 2026,” the minister said.Al-Kaabi stressed the “urgent need to formulate a realistic and scientifically based vision for a fair, balanced, and sustainable energy transition, and for helping the needs of about 1bn people around the world who have no access to basic electricity, which we all enjoy every day.”The minister also addressed the pivotal role of solar energy in the efforts to provide renewable and sustainable sources of energy in the Arab world.“There is no doubt that our Arab countries are well positioned to develop the use of solar energy, especially because of their geographical location that provides an abundance of solar energy.“Therefore, we have the responsibility to develop greater energy efficiency in the Arab world, in addition to strengthen legislative and regulatory frameworks to support a balanced energy transition.”The minister said: “The changes around us require that we give priority to addressing the energy security challenge and to strengthen our joint action and complementary efforts to support the economic growth of our countries.“While the global energy map is evolving in light of these changes, the State of Qatar stresses the importance of strengthening cooperation between Arab countries to secure a promising future for us and for the coming generations.”Al-Kaabi praised the role of OAPEC in organising the conference and in keeping an eye on global energy market developments and their repercussions on member states, in supporting efforts to develop the energy industry, and in adopting modern technologies that support a partnership between the various components of the energy mix towards a low-carbon future, stressing the State of Qatar’s support of all efforts to enhance Arab energy co-operation.The minister also thanked the State of Kuwait, OAPEC’s host country, for sparing no effort to ensure the success of the organisation’s work.The Arab Energy Conference is held every four years, and discusses topics related to Arab and international energy sources, petroleum industries, Arab cooperation in the field of electric power, energy demand management in the Arab countries, in addition to energy, environment and sustainable development issues.

Intergovernmental organisation BRICS, which originally comprised Brazil, Russia, India, China, and South Africa, can still exist with or without the G7 Group of countries, noted Victor Gao, vice president of the Beijing-based Center for China and Globalisation (CCG), and chair professor of Soochow University.Gao noted, “This is because these member countries of BRICS want to have independence and equality. They want to have their voice heard at the international stage.”“China accounted for more 50% of BRICS economy to start with...when there were only five member states. China did not dictate terms to other BRICS members. All the five members operated in equality with each other. Now, we have 11 members in BRICS,” Gao said at a panel session at the Doha Forum Sunday.“I think this equality and independent decision making of each of the BRICS members will become even more important. And this will serve as a greater incentive for all the other BRICS applicants.“Because they see BRICS as a platform of equality...a platform where they can cooperate to the extent possible and really achieve greater efficiency.Gao noted, “Some 40 years ago, the size of Chinese and Indian economies was on par. Today, one China equals about six India. The fact that India is growing rapidly should be congratulated. Eventually, India will be among the top three economies of the world. I hope it will be quicker rather than slower.“It is expected that by the middle of this century, Chinese economy is will be double that of the United States. Chinese economy is still larger than the US by Purchasing power parity (PPP). In future, China will double the US economy, but I don’t think China will dominate any country.”He emphasised that BRICS is a framework for unity. “You can overcome diversity and differences of opinion sometimes to achieve a common goal. BRICS should not be caught in the framework of geopolitics for confrontation or conflict with anyone, but to promote what matters most– economic development, overcome adversities and achieve financial connectivity, currency cooperation specifically.“It will take a few years for financial connectivity. But don’t be surprised if one day there will be a major announcement for financial or currency cooperation within the BRICS framework,” Gao said.Sri Lanka's Minister of Foreign Affairs, Ali Sabry, Ethiopia's State Minister of Foreign Affairs, Mesganu Arga Moach and Erika Mounyes, chair, Adrienne Arsht Latin America Center Advisory Council also spoke at the panel session.

HE the Finance Minister Ali bin Ahmed al-Kuwari said Qatar will account for about 40% of all new LNG supplies by 2029 and noted the country is providing the world with the “cleanest” hydrocarbon source of energy. He was speaking at a panel session at the Doha Forum Sunday.The minister spoke about the investments Qatar have made in developing its LNG resources, particularly the North Field expansion.The project includes six mega trains, each with a production capacity of 8mn tons per annum of LNG, four of which are in the North Field East (NFE) expansion project, and two in the North Field South (NFS) expansion project.This major expansion will add 48mn tons per year to the global LNG supplies.Stressing the importance of investing in cleaner energy sources, al-Kuwari said Qatar believed natural gas is a “transition fuel” until the net-zero emission targets are reached.Qatar has firmly supported the role of natural gas as a central component of any energy mix on the road to a realistic energy transition.He said lack of investments in developing conventional energy sources have already caused a shortfall in supplies around the world.Al-Kuwari stressed the need for setting realistic goals vis-à-vis climate change. It should be about a reasonable and realistic shift to cleaner alternatives to power economies around the world.In reply to a question, al-Kuwari said the surplus from Qatar’s budgets is divided between servicing debt, sovereign wealth fund Qatar Investment Authority (QIA) and central reserves.QIA, he said, is focused on “investments for future generations.”The minister also spoke about Qatar’s support of International Monetary Fund’s Poverty Reduction and Growth Trust (PRGT) and Resilience Support Trust (RST) mechanisms for financial supportQatar has shown global leadership by pledging 20% of its Special Drawing Rights (SDR) holdings towards IMF’s PRGT and RST mechanisms. It demonstrates Qatar’s leadership role in supporting least developed countries overcome economic shocks and challengesSDR is an international reserve asset created by the IMF to supplement other reserve assets of member countries.

Qatari banking sector recorded a growth in its overall loan book and deposits in October, a report by QNB Financial Services (QNBFS) has shown. The sector’s total assets increased 1% MoM (up 1.8% in 2023) in October to reach QR1.93tn, QNBFS said in its latest monthly report. Total assets increase in October was mainly due to a gain by 1.2% in domestic assets and 2.5% in foreign assets. Assets grew by an average 6.9% over the past five years (2018-2022), QNBFS said and noted liquid assets to total assets was at 31.1% in October, compared to 31.5% in September this year. October recorded an increase in both the credit facilities offered and deposits held by the local banks. The overall loan book gained in October. Loans went up 1.5% during that month to reach QR1,275.6bn. Loans gain in October was mainly due to a rise by 3.1% in the public sector and 0.8% in the private sector. Loans moved up by 1.6% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022). Loan provisions to gross loans was at 3.9% in October, compared to 4% in September. Total public sector loans was higher by 3.1% MoM (-1.6% in 2023). The government segment (represents 29% of public sector loans) was the main growth driver for the public sector with a surge by 11.2% MoM (-6.8% in 2023). The government institutions’ segment (represents 64% of public sector loans) edged up 0.1% MoM (-1.6% in 2023). However, the semi-government institutions’ segment moved lower by 1.1% MoM (+31.0% in 2023). The services segment was the main driver for the private sector loan rise. Services (contributes 31% to private sector loans) increased 2.5% MoM (+9.1% in 2023), while general trade (contributes 21% to private sector loans) moved up by 0.7% MoM (+5.8% in 2023) and consumption and others (contributes 21% to private sector loans) was marginally up MoM (+5.4% in 2023). However, the real estate segment (contributes 21% to private sector loans) declined 0.3% MoM (-5.5% in 2023) in October. Outside Qatar loans moved up by 2.1% MoM (2.9% in 2023) during October. Deposits moved up 2.7% during October to reach QR979.3bn. Deposits increase in October was mainly due to a gain by 2.7% in the private sector and by 3.5% in the public sector. Deposits have gone down by 2% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022), QNBFS noted. Loans to deposits ratio went lower during the month to 130.3% in October. Loans went up 1.5% in October to reach QR1,275.6bn, while deposits moved up 2.7% that month to reach QR979.3bn. An analyst told Gulf Times, “The main highlights for the month of October 2023 is the continued growth in both loans and deposits. The overall loans growth was pushed higher by both the public and private sectors. The government overdrafts increased in October, signalling short-term funding needs for the government, while the services segment increase in the private sector indicates the continued demand and growth in the tourism sector. “The companies and institutions segment showed good growth in deposits, along with the government and semi-government institutions.”

The Middle East, led by Qatar, will be an important region in the global LNG landscape, the International Gas Union (IGU) said in its latest report.With ongoing expansion plans at the huge North Field, Qatar could "potentially boost" LNG export capacity to 126mn tonnes per year (MTPY) by 2030, from 77.8 MTPY (as of August 2023) it said.“Given the low-cost production of North Field East fields and shipping cost advantages, Qatar is primed to serve both European and Asian LNG demand in the long term,” IGU said in its ‘Global gas report 2023’.Qatar, Russia, and Nigeria are the next three dominant exporters of LNG to Europe, with the region’s largest being France, Spain, Belgium, and the Netherlands, it said.The report noted global gas demand decreased by 1.5% in 2022 compared to 2021, with large declines in Europe and Asia offset by strong growth in North America.Falling demand in the regions hit hardest by the energy crisis persisted during the first half (H1) of 2023 and was primarily driven by industrial slowdown and decreased heating demand caused by a mild winter in the northern hemisphere.Although global demand dropped by 1.5% in 2022, regional demand destruction was a lot more pronounced, IGU said.Europe’s gas demand decreased by almost 12% in 2022 year-on-year, in response to the supply and price shocks coming on the heels of the Russia-Ukraine war.The good luck of a very mild 2022-23 winter was a major contributor to Europe’s reduced gas demand, together with significant losses in industrial demand, gas to coal switch, and renewables uptake.Spikes in international spot LNG prices caused the demand in Asia to fall by 18 bcm (1.9%) in 2022 compared to 2021.Significant demand destruction also happened in South Asia, where the price of LNG became unaffordable, causing switching to coal wherever possible and leading to shortages and blackouts.For instance, Pakistan and Bangladesh saw a 12% and 15% reduction in gas demand, respectively. On the contrary, North American gas demand grew by 4.8% or 49 bcm year-on-year in 2022, a notable increase driven primarily by increased gas-fired power generation as well as residential and commercial applications.The North American market prices remained largely isolated and affordable, due to its predominantly regional nature with domestic production.IGU noted that from January to August of this year, the European Union (EU) saw a cumulative gas consumption decrease of roughly 10% year-on-year (both an effect from industrial slowdown and the EU’s intentional switch from gas to other energy sources), while China saw gas demand grow by 5.4% year-on-year during H1, 2023.

The Middle East region, which is driven by GCC-based carriers, will require more than 3,000 new airplanes by 2042, a forecast by planemaker Boeing has shown.The Boeing forecast shows the region’s fleet will more than double by 2042 with new-technology widebodies leading the way.Addressing a media roundtable on Thursday, Boeing vice-president (Commercial Marketing) Darren Hulst said widebody airplanes will comprise 45% of deliveries to Middle East airlines over the next 20 years ─ the highest percentage of the 10 global regions featured in Boeing’s Commercial Market Outlook (CMO) forecast.The region’s fleet of dedicated freighters is projected to more than double to 180 jets by 2042, according to the CMO, Boeing’s annual long-term forecast of demand for commercial airplanes and services.“Airlines in the Middle East have increasingly expanded their influence and reach, transforming the region into an international air transit hub,” said Hulst.“Air travel and cargo demand continue to gain momentum, driven by significant economic growth and national development plans. As airlines in the region will require efficient and versatile fleet solutions, Boeing products will be ready to meet market demands,” Hulst noted.The CMO projects delivery of 3,025 new commercial airplanes in the Middle East by 2042, including 1,350 widebodies.Of the new aircraft, single aisle will comprise 1,570, freighters 70 and regional jets 35.Many airlines in the region provide service between major population centres in Asia, Africa and Europe via growing hubs that offer efficient connectivity. As a result, a higher proportion of widebody aircraft are needed to carry larger passenger volumes.The Middle East’s single-aisle fleet is also expected to more than double as low-cost carriers (LCC) and short-haul networks continue to develop and expand.By 2042, nearly half of the region’s aircraft will be single-aisle jets.The CMO (for the Middle East through 2042) shows two-thirds of new deliveries will support air traffic and cargo growth while one-third will replace older airplanes with more fuel-efficient models.The total fleet will increase 2.4 times to 3,360 airplanes — 1,610 (48%) will be single aisles, while 1,520 (45%) will be widebodies.The commercial fleet will generate demand for $335bn in aviation services including maintenance, repair, training and spare parts until 2042.

The Middle East seems to have bounced back from the demand destruction caused by the Covid-19 pandemic with domestic and inbound travel reviving the region’s.text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[99388]**tourism economies.The number of leisure visitors to the region in 2023 is expected to reach 33mn, compared with 29mn in 2019.This 13% increase means that the Middle East is the only region fully recovered from the pandemic in volume, according to the WTM Global Travel Report.When measured in dollar terms, the Middle East, GCC countries in particular, lead the way, in terms of growth, with a 46% increase in inbound spend compared with 2019, noted the report produced in association with Tourism Economics, which was published to mark the opening of this year’s WTM London.The Middle East is also outperforming all other regions for domestic travel, which has grown by 176% since 2019, albeit from a low base.The success of the region’s recovery from the pandemic is driven by Saudi Arabia, United Arab Emirates and Qatar with their commitment to tourism showing signs of success.The report notes that some GCC countries are investing heavily in tourism infrastructure, viewing tourism development as a key strategy to diversify away from hydrocarbons reliance.Juliette Losardo, exhibition director, World Travel Market London, said, “The Middle East is one of the most exciting and dynamic regions for tourism.The positive findings from WTM Global Travel Report show that the initial investments made in developing new tourism infrastructure are already paying dividends.“The WTM team continues to work closely with our sister event, Arabian Travel Market, to ensure continued support to the region in its ongoing endeavours.”Julia Simpson, president, and CEO of World Travel & Tourism Council (WTTC) pointed out that tourism was growing at double the rate of the global economy as a whole and had the ability to “put food on the table, and break people out of the informal into the formal economy.”She said young people’s association of travel with poor sustainability needed addressing so that this was not a barrier.Simpson stressed that the growth in travel was ‘decoupling’ from the growth in carbon emissions because of efforts made in the sector and by some destinations.Travel leaders also talked post-pandemic trends at World Travel Market, London with enduring shifts in consumer behaviour and inflation in some markets having an effect.In a session responding to the WTM Global Travel Report, Patricia Page-Champion, Hilton’s senior vice president and global commercial director said: “85% now of business travel is through small to medium businesses.”She added there was also an upturn in ‘bleisure’ – people combining business and leisure, with one in four people now bringing a loved one with them as part of a trip in 2024, partly enabled by the rise in flexible working.“Experience is the new luxury,” said Peter Krueger, chief strategy officer and chief executive officer Holiday Experiences for TUI, explaining that although customers were buying the same package holiday components of hotel, flight and transfers, “It’s the experience that triggers the sale, it’s no longer sun and beach.”Krueger also explained how the growing demand for sustainability made strong economic sense.He referred to a couple of hotels in the Maldives that ran on diesel where solar panels were installed and expected to recoup the money in one and a half to two years.“You can earn so much money on sustainability,” he said. “All of our hotels are sun and beach destinations so what you have is a lot of sun!”With a wide spread of markets, Krueger was unconcerned about the financial downturn in some countries. “We see more of a shift in source markets and destinations,” he explained, with, for instance, North America picking up any European slack for the Caribbean and Europeans controlling their budgets by choosing all-inclusive or good value destinations like Bulgaria.Concerning technology, Krueger stressed the importance of digital for a company with a customer base the size of the population of Australia: “If you have a scale of 27mn customers but everyone wants to have a personalised holiday, how do you match this? The answer is technology.”

Qatari banks’ have seen an uptick in loans in September, driven by the private sector and exceeded QR1.25tn, QNB Financial Services has said.The local banks have also seen a surge in deposits, driven by both the private and public sectors, QNBFS said in its ‘Qatar Monthly Banking Sector’ update.Deposits with local banks rose 2.8% during September to reach QR953.3bn, QNBFS said.According to QNBFS, total assets of local banks went up 2.4% to reach QR1.92tn. Total assets increase in September was mainly due to a rise by 1.8% in domestic assets and 6.6% in foreign assets.The overall loan book went up 0.8%, QNBFS said. Total private sector loans climbed up 1.7% month-on-month (m-o-m), +2.5% in 2023) in September.The services and trade segments were the main drivers for the private sector loan rise.Services (contributes 31% to private sector loans) gained 2.5% m-o-m (+6.4% in 2023), while general trade (contributes 21% to private sector loans) increased by 3.2% m-o-m (+5% so far this year).Consumption and others (contributing 21% to private sector loans) went up by 1.6% m-o-m (+5.4% in 2023), with the real estate segment (contributes 21% to private sector loans) going up by 1% m-o-m (-5.2% in 2023) in September.Total public sector loans declined by 0.9% m-o-m (-4.6% in 2023). The government institutions’ segment (represents 66% of public sector loans) dropped 2% m-o-m (-1.8% in 2023), while the government segment (represents 27% of public sector loans) dipped by 3.9% m-o-m (-16.2% in 2023).However, the semi-government institutions’ segment shot up 27.8% m-o-m (+32.5% in 2023).Outside Qatar loans moved lower by 1.9% m-o-m (-4.9% in 2023) during September.Public sector deposits surged up by 4.2% m-o-m (-9% in 2023) in September.Looking at segment details, QNBFS noted the government segment (represents 27% of public sector deposits) was the main growth catalyst for the public sector, rising by 10.5% m-o-m (-18.6% in 2023).The government institutions’ segment (represents 57% of public sector deposits) moved up by 1.1% m-o-m (-6.5% in 2023) and the semi-government institutions’ segment increased by 5.7% m-o-m (+1.7% in 2023) in September.Private sector deposits moved up by 2.8% m-o-m (+0.1% in 2023) in September. On the private sector front, the consumer segment rose significantly by 4.6% m-o-m (+7.2% in 2023), while the companies and institutions’ segment increased by 0.8% m-o-m (-7.0% in 2023) during September.Non-resident deposits edged up by 0.2% m-o-m (-7.6% in 2023) in September.Qatar banking sector loan provisions to gross loans was at 4% in September, compared to 3.9% in August.The sector’s liquid assets to total assets was at a higher 31.5% in September, compared to 30.5% in August this year.An analyst told Gulf Times: “The highlights for September is the continued growth in loans for the private sector, mainly driven by the services and trade segments, which went up by 2.5% (QR6.3bn) and 3.2% (QR5.4bn) respectively, indicating an upbeat in both tourism and trade.“The overall deposits surge by 2.8% (QR25.6bn) was driven by both the private and public sectors, with the consumer segment being attracted by the higher interest rate environment and the government deposits rising with favourable oil and gas prices.”

With mobile banking serving as its primary customer interface, Commercial Bank is now offering more than 130 services in the new and revamped mobile banking app with an “impressive” 93% customer satisfaction rate, top executives have said.Addressing a media roundtable on Thursday, Hussein al-Abdulla, Commercial Bank executive general manager and chief marketing officer and head (Alternative Assets); and Shanawaz Rashid, executive general manager and head (Retail), said Commercial Bank has been at the “forefront of digital transformation” in the financial sector in Qatar, leveraging cutting-edge technology.“95% of Commercial Bank retail customers are now digitally registered. 86% of our transacting customers are digitally active and 80% of our retail customers are onboarded using digitised approach,” Shanawaz Rashid noted.He said, “Migration to digital processes has enabled staff to focus on core banking functions. This pivotal measure has resulted in a boost in the overall productivity and contribution to the retail banking sector.“Our self-service machines have significantly enhanced the overall customer experience. Suite of products sold in branches have expanded to include wealth, insurance and mortgage deals. Multi-product instant onboarding has reduced onboarding time from 50 to 25 minutes,” Rashid said.Rashid stated, “The digital revolution holds immense potential to propel our banking sector forward, and we are gradually unlocking synergies combining both worlds. Our services are driven by state-of-the-art technology, and through them, we are reshaping our customer’s everyday lives. The bank has focused on digitising our payment solutions to provide even greater value and convenience in our customers’ banking journey.”Commercial Bank's latest financial innovation is a cashier less payment solution, enabling customers to walk into a store, collect their groceries, and leave without the need to wait in line for payment.Hussein al-Abdulla remarked: “This level of technology has always been poised to shape the future. We’ve all heard the stories, but today, this is the new reality in Qatar, and we owe it to our advanced payment solutions.“Our dedication to introducing first-of-its-kind with cutting-edge technologies has underscored the pivotal role our bank plays in the digital revolution. This recognition has earned Commercial Bank numerous awards from prominent financial awarding bodies worldwide.”Commercial Bank received the ‘Top Innovation in Mobile Banking Award in the World 2023’ from Global Finance, ‘Leader in Qatar in Digital Solutions, Corporate Banking, and Corporate Social Responsibility’ from Euromoney in 2022, ‘Most Innovative Bank Award in the Middle East’ from World Finance in 2023, and many more.The media roundtable focused on the transformative impact of digital advancements on the banking industry.

Blocked funds have always been a major hurdle before airlines, which prevent them from freely accessing or repatriating their earnings from certain countries. .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[96884]**Blocked funds refer to money held by governments, often as a result of regulatory requirements or economic policies and these severely impact an airline's cash flow.When a significant portion of their revenue is locked in a foreign country, it limits their ability to cover operational expenses, invest in new equipment, or expand their services.When funds are blocked, airlines find themselves in a financial bind, especially if they are unable to convert their earnings into a usable currency. This leads to reduced profitability, delayed payments to suppliers, and difficulties in meeting financial obligations.Blocked funds hinder an airline's ability to maintain and upgrade its fleet. This results in delayed maintenance schedules, reduced safety margins, and decreased competitiveness in terms of service quality.Without access to their earnings, airlines may find it challenging to invest in new routes, purchase additional aircraft, or expand their services in the affected countries. This limits their ability to tap into potentially lucrative markets.The global body of airlines – IATA has seriously taken up the issue, which reached a critical point in the Middle East and Africa region.“We have worked to help clear $2.5bn in blocked funds over the last year. There is always more work to do. Today six countries in the region - Algeria, Egypt, Lebanon, Libya, Sudan and Yemen are collectively holding on to over $500mn of airline revenues that must be processed for repatriation,” noted IATA’s Director General Willie Walsh at the 56th AGM of Arab Air Carrier’s Organisation (AACO) in Saudi Arabia recently.He said IATA and AACO are “partners in supporting the development of air connectivity” in the Middle East and North Africa (Mena) region.“We work together and have always found great strength in partnership through far too many crises,” Walsh said.The IATA chief also said safety is a key issue for the global airline industry.He said the region is tracking (in the first half of 2023) at 1.2 accidents per million flights—slightly higher than the global average but is tracking towards an improvement on the region’s full year 2022 performance which was 1.3 accidents per million flights.Aviation is incredibly safe. And the performance of the region’s carriers is no exception. The goal must always to be to improve. And at these very high levels of safety performance, the best way to improve performance is through detailed data analysis.“With your help we are creating the world’s most comprehensive database for aviation safety through our Global Aviation Data Management (GADM) initiative. We don’t yet have a comprehensive picture of the Mena region due to limited contribution by airlines from this region.But by contributing, you’ll enable us to have the complete picture of safety performance and that in turn we enable you to analyse trends and events that may not yet be evident to you or highlight issues that appear specific to your area of operation.“A good example of this data at work is our analysis of GPS signal loss. We have numerous reports from carriers operating in the region on GPS signal loss, which could potentially be a result of GPS jamming or GPS signal interference. Knowing this from contributed data is helping our work with ICAO and others in finding solutions,” Walsh noted.Another huge challenge is decarbonising the aviation industry.“But getting to net zero CO2 by 2050 will secure our future and that is a great opportunity—albeit not an easy one to achieve.Once again, we can learn from Europe and the mistakes that they are making in this critical area. Suppressing growth and pricing flying to a point that is beyond the reach of the majority of Europeans, may appear an attractive option for the political elite in Brussels but it ignores the massive economic contribution that aviation makes and the opportunity that aviation represents in other parts of the world,” Walsh said.He said IATA believes that it is possible and credible to decarbonise the industry while continuing to facilitate its growth and economic contribution.“The various roadmaps that we published earlier this year outlining the path to net zero, confirm our longstanding assumption that Sustainable Aviation Fuels (SAF) will be the major contributor to the industry’s decarbonisation. We estimate that SAF will account for about 62% of the decarbonisation that we will need,” Walsh said.

The GCC chemical industry accounted for $70bn exports in 2022, Gulf Petrochemicals and Chemicals Association (GPCA) said and noted China, India and Turkiye are the largest export markets for the Gulf countries.Over the past decade, the GCC region has established significant chemical trade relations with China, India, and Turkiye. It has consistently maintained a favourable chemical trade balance, reflecting the region’s competitive edge and comparative advantage in producing and exporting chemical products.“The persistence of a trade surplus in chemicals indicates the economic strength and profitability of the chemical trade relationship between the GCC region and its counterparts in China, India, and Turkiye,” noted Dr Sana Ben Kebaier, head (Economic Research Department) at GPCA.Within this consortium of trade partners, China emerged as the most pivotal counterpart for the GCC in the chemical sector during 2022, constituting 25.3% of the total GCC chemical exports.Subsequently, India stood as the second most significant trading partner, accounting for 21.1% of the GCC’s chemical exports during the same period.As economies regained momentum, the demand for chemicals across various sectors rebounded, driving the increased trade value. In 2022, the chemical exports from GCC to India and Turkiye reached an unprecedented level, setting a new record, which can be attributed to several factors.First, the recovery from the pandemic, resulting in the resumption of economic activity and increased consumer demand. Second, the strengthening of commercial relations through bilateral agreements and diplomatic efforts, such as the UAE-India Comprehensive Economic Partnership Agreement (CEPA).Third, the expansion of industrial sectors in all regions, driving demand for chemicals. Fourth, the market diversification strategies of the GCC, India, and Turkiye and fifth, the positive impact of regional integration initiatives.Taken together, these factors have created favourable conditions for enhanced cooperation, market access, and an increase in the volume of trade in the chemical sector between the GCC region, India, and Turkiye.According to GPCA, establishing a free trade agreement (FTA) in the chemical sector between the GCC and its partners offers a promising outlook.The simulation results indicate a substantial increase in trade volume and economic integration. Trade creation effects are expected to reach $408.3mn with China, $215.8mn with India, and $42.3mn with Turkiye.“This paints a picture of stronger diplomatic relations, expanding market opportunities, and aligned strategic objectives. On the flip side, the trade diversion effect suggests that the GCC countries can expect trade to shift from previous partners to these FTA countries due to the removal of trade barriers,” GPCA noted.

GCC telecom operators are actively looking for and investing in telecommunications enterprises within Europe and potentially in Africa and Asia, Moody’s Investor Service said in a report.This increased market activity, which is evident since 2022, follows several quiet years, Moody’s said in a report.Thanks to the buoyant macroeconomic environment in their domestic markets, the companies demonstrate solid financial performance and benefit from robust balance sheets.Now, they are eager to deploy their significant resources, diversify from oil-dependent or emerging market economies, increase their buyer power over vendors and preserve growth in consolidated revenue and earnings.“These investments could be credit supportive in the long term,” Moody’s noted.But the acquisition benefits will depend on the balance between the maturity and growth potential of new geographies. Previous investments in African and Asian enterprises have so far demonstrated mixed results because of currency and macroeconomic volatility and the sometimes unpredictable legal and regulatory environment in some regions.Therefore, the GCC operators are currently trying to strike a balance between more stable operating environments and some potential for growth in telecommunications markets.According to Moody’s, Europe is likely to be the primary region for expansion. It complements the GCC companies' existing footprint and provides for diversification into more developed jurisdictions. The recently announced deals confirm this direction.However, European governments will be cautious in approving acquisitions of strategic telecom assets by foreign investors. This makes the acquisition of sizeable minority shareholdings a potentially attractive option.The report noted GCC operators are investing in digital consumer services and tech enterprise solutions in parallel with their expansion into new markets.These are complementary to their core connectivity offering and leverage the existing customer base while diversifying from their traditional telecom businesses.Moody’s expects the GCC telecoms operators' annual revenue to increase by 3% on average in 2023-24.The GCC telecoms operators are catching up with the global trend of tower infrastructure divestment, it said. In theory, this should bring operational benefits and help unlock the monetary value of the assets while reducing operating expenses and capital spending.Higher valuation multiples for tower infrastructure than for telecoms operators create a financial arbitrage opportunity.Although tower valuation multiples may compress now because of higher interest rates, limiting potential upside for sellers, they will remain far above those of telecoms operators.Therefore sales of tower infrastructure have the potential to help the companies unlock monetary value and provide cash for deleveraging or capital spending, maximising shareholder value and improving return on capital employed.Moody’s noted tower sales will also help the GCC telecoms operators optimise operating costs and capital spending thanks to sharing of the infrastructure.In addition, as the GCC operators progress with their 5G rollout, collocation arrangements should be strongly beneficial because of the high density of towers on the surface required for this technology.However, depending on tower lease arrangements, currently increased inflation may temporarily curtail the expected benefits because of higher indexation of lease costs, Moody’s said.

Heading into the last few weeks of the year, the global airline industry seems to be nearly fully recovered to 2019 levels of demand. .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px; }@media only screen and (max-width: 767px) {.text-box {width: 30%;} } **media[94091]** The demand for air travel met well in August, latest update from International Air Transport Association (IATA) indicate, which is a huge sigh of relief for an industry that got totally decimated by the Covid-19 pandemic, resulting in huge losses in terms of revenue, passengers and jobs. “For the year to date, international traffic has increased by 50% versus last year and ticket sales data show international bookings strengthening for travel in the last part of the year. The global airline industry expects to fly 4.4bn travellers this year,” said Willie Walsh, IATA’s Director General. The focus, however, has not been on getting back to a specific number of passengers or flights, but rather on meeting the demand by businesses and individuals for connectivity that was artificially suppressed for more than two years, he noted. Total traffic in August (measured in revenue passenger kilometres or RPKs) rose 28.4% compared to August 2022, according IATA. Globally, traffic is now at 95.7% of pre-Covid levels, the association said in its report released recently. In August, industry-wide revenue passenger kilometres grew 28.4% year-on-year and reached 95.7% of August 2019 levels. In seasonally adjusted terms, passenger traffic increased 1% month-on-month, indicating a slowing but still positive trend globally. Seat capacity, measured in available seat-kilometres (ASKs), rose 24.9% year-on-year and was only 3.1% under 2019 levels. Airlines in all regions have achieved growth in traffic and passenger load factors (PLFs), compared to the same month in 2022. Across the whole industry, PLFs have trended near those of 2019, an indication of high demand for air travel and good financial performance for airlines. African and Middle Eastern carriers saw 26.1% and 27.3% year-on-year growth in international RPKs in August, respectively. For both regions, traffic levels are still approaching full recovery, maintaining their upward trends observed since earlier this year. Total domestic RPKs grew 9.2% over 2019 numbers and 25.4% over 2022 levels, maintaining the improvement trend observed in recent months. On the hand, the recovery in international RPKs experienced a decrease compared to July, now standing 11.5% below August 2019 levels. While recovery trends in domestic and international traffic have been diverging since May this year, international RPKs have maintained their growth, albeit at a slower pace than domestic traffic and relative to the strong performance of international traffic in 2019. Two key airline markets- China and India have seen substantial growth in domestic RPKs over recent months. In China, traffic almost doubled compared to last year, with 93.6% annual growth in August, albeit from a higher base. Domestic demand in the country remained 20.8% above pre-pandemic numbers while ASKs were 33.9% higher than August 2019 levels, resulting in a lower monthly PLF. In India, domestic traffic stood above pre-pandemic levels for the 7th consecutive month. RPKs increased 6.7% over 2019 levels and 23.2% year-on-year. Based on the most recent data and developments for the country’s airlines, the Indian domestic market indicates that it has resumed its pre-pandemic growth trend. International RPKs in the Asia Pacific region surged 98.5% year-on-year, almost doubling when compared to the previous year but still down 24.5% compared to 2019 numbers. Nonetheless, the region’s PLF was 5.5 ppts higher than in August 2022 (1.4 ppts above August 2019 levels), revealing the high demand for travel in the region. Despite sustaining a positive trend in levels, the recovery of industry-wide international RPKs has been regressing since May 2023. While most regions have seen continuous recovery, Europe’s momentum has been losing steam over the most recent months. In addition, August 2023 saw lower passenger traffic numbers than July, an unusual pattern in contrast to the historical seasonal trends. The region also faces a wider range of capacity constraints, which could further hinder traffic recovery. International RPKs performed by European carriers were 9.8% lower in August compared to pre-Covid levels, while the load factor remained 2.3 ppts below. At the IATA Annual General Meeting in Istanbul in June, IATA projected that with $803bn of revenues, airlines will share $9.8bn in net profit this year, although industry experts say margins are wafer thin. That said, the pandemic years are behind us, and borders are open as normal. Despite economic uncertainties, people are flying to reconnect, explore, and do business. Airports are busier, hotel occupancy is rising, local economies are reviving, and the airline industry has moved into profitability. Clearly, airlines are en route to a profitable, safe, efficient, and sustainable future.

Woqod (Qatar Fuel) will open one more fuel station before the year-end, taking the total to 118, said company managing director and CEO Saad Rashid al-Muhannadi.Woqod, he said, pursues a “dynamic” plan vis-à-vis construction of fuel stations, taking into account the current and future requirements.Al-Muhannadi said the company has installed some 26 Electrical Vehicle Chargers (EVCs) in as many as 19 petrol stations in Qatar in co-operation with Kahramaa.Last year, Kahramaa and Woqod had signed an agreement to supply, install and operate some 37 charging units for electric vehicles distributed over 22 sites in the country.Al-Muhannadi noted that Woqod is studying several other options in order to increase the income from non-petroleum products segments, which will be “applied” during the current year.He informed that the Cabinet has approved the renewal of Woqod’s concession for an additional five years.Currently, Woqod holds “exclusive concession in Qatar to distribute, sell, transport and market refined petroleum products and gas within the country including airports and seaports.“Woqod Group will continue deploying all efforts in enhancing the benefits of its shareholders and all stakeholders, by taking appropriate initiatives in developing the petroleum products distribution sector in the country.“This will be done within the framework of Qatar’s general policy of modernisation, development, strengthening the pillars of the country's national economy and securing the permanent supply of fuel in accordance with the best international standards in the fields of health, security, safety and environmental considerations,” al-Muhannadi said.Meanwhile, Woqod Group’s consolidated net profit (attributable to the shareholders) for the period ended on September 30 amounted to QR712mn, compared to QR763mn registered during the same period in 2022.This represents a decrease of QR51mn, or 7%.Earnings per share for the period amounted to QR0.72 compared to QR0.77 for the same period last year.“The decrease in net profit and earnings per share was due to supply and demand factors for petroleum products during the period concerned,” Woqod said after a meeting of the company’s Board of Directors presided over by company chairman Ahmed Saif al-Sulaiti.The Board also approved Woqod’s Group's capital and operational budget for 2024, the company said in a statement.