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Qatar’s current account surplus will remain in double digits this year and in 2024, Oxford Economics said in its latest country update.The surplus widened to over 26% of GDP in 2022, Oxford Economics noted.Oxford Economics expects Qatar's overall GDP to grow by 2.6% this year and next. Non-oil activity is continuing to rise according to the purchasing managers' index (PMI) survey, ending second quarter (Q2) strongly at 53.8 in June.Robust demand has been a key driver of the recovery in output and employment and has kept businesses optimistic, particularly in the manufacturing and services sectors.“We expect non-oil GDP growth to soften somewhat, slowing from 3.3% this year to 3.2% in 2024,” Oxford Economics said.The latest industrial output data show the mining sector's performance continues to improve, albeit at a slower pace of just 0.8% year-on-year (y-o-y) in May.The trend is “consistent” with Oxford Economics’ energy GDP growth outlook, which the researcher thinks will ease to 1.3% this year, from 1.7% in 2022.“Still, the North Field gas expansion project is driving a more positive medium-term outlook for the sector,” Oxford Economics noted.Budget data for the first quarter (Q1) showed revenues rose 5.5% compared to the same quarter last year, driven by energy income. Meanwhile, spending fell 4.9% y-o-y amid reduced capital and project spending, which widened the quarterly budget surplus to QR19.7bn.Notwithstanding lower global commodity prices, Oxford Economics anticipate a full year budget surplus of 9.2% of GDP this year, before it narrows to 8.4% in 2024.Inflation moderated to a two-year low of 2.5% y-o-y in June, dragging down the Q2 average to 3%, from 4.2% in Q1.Disinflation continued across most categories, but food and recreation and culture prices climbed, driving a 0.1% month-on-month (m-o-m) increase in the headline rate.“We expect inflation to ease further in the next few months and briefly turn negative in Q4. We have hardly changed our 2023 forecast, now at 2.2%, and expect inflation to average 1.9% next year,” Oxford Economics said.Qatar's central bank raised interest rates by 25bps in July, mirroring the move by the US Fed. This, it said, is likely to be the final hike of this cycle given that both inflation and demand are cooling, though further tightening is still a potential.Moreover, the shift to rate cuts will likely be delayed well into 2024, with policy easing only gradually, Oxford Economics added.

Qatar's GDP per capita has been revised to $84,261 this year and $112,353 in 2027 by researcher FocusEconomics.In its latest monthly update, FocusEconomics said Qatar's GDP per capita will scale up to $87,241 next year, $95,159 (2025) and $102,868 (2026).The country’s GDP, according to FocusEconomics, will be $221bn this year, $226bn (2024), $244bn (2025), $261bn (2026) and $282bn (2027).GDP growth has been estimated to be 2.4% this year and in 2024, rising to 4.8% (2025), 4.4% (2026) and 4.3% (2027).Qatar’s merchandise trade balance, FocusEconomics said, will be $73.7bn this year, $71bn (2024), $69.6bn (2025), $72.8bn (2026) and $80.2bn (2027).Current account balance will be $37.3bn this year, $34.1bn (2024), $37.9bn (2025), $35.4bn (2026) and $37.4bn (2027).Fiscal balance (as a percentage of the country’s GDP) will be 6.5% this year, 5.6% (2024), 5.2% (2025), 6.3% (2026) and 7.1% (2027).Public debt (as a percentage of Qatar’s GDP) will be 45.3% this year, 43.8% (2024), 43.8% (2025), 41% (2026) and 38% (2027).Unemployment (as a percentage of the country’s active population) has been estimated at a meagre 0.2% until 2027.According to FocusEconomics, the Qatari economy appears to have “performed well” so far this year. PMI data points to a “solid” expansion in the non-oil private sector in H1, aided by a booming tourism industry; visitor arrivals were up over 300% in annual terms in January–May and well above pre-pandemic levels.Moreover, energy output rose by close to 4% year on year through May.That said, higher interest rates and the end of the World Cup building boom weighed on the construction sector.In late June, Qatar signed a long-term gas supply deal with a Chinese state-controlled company, following an identical deal with a different Chinese state firm last November and a similar supply agreement with Bangladesh reached earlier in June.“This bodes well for long-term energy exports, and further energy contracts with Asian and European nations will likely be announced in the coming months,” FocusEconomics noted.GDP growth is projected to roughly halve this year on a weaker construction sector and tighter monetary policy.However, improved relations with Arab neighbours, a lasting boost to tourism from the World Cup and ongoing energy sector investment—both in fossil fuels and renewables—will provide support, the researcher noted.Higher-than-expected interest rates are a downside risk. FocusEconomics panellists see GDP expanding 2.4% in 2023, which is down by 0.1 percentage points from one month ago, and expanding 2.4% in 2024.Qatar Central Bank hiked rates from 6.00% to 6.25% in late-July, following the Federal Reserve’s same-sized hike.Panellists see inflation moderating on average this year from last on tighter monetary policy, the end of the World-Cup-related demand surge and lower commodity prices.Inflation fell to 2.5% in June from 2.6% in May.FocusEconomics panellists see consumer prices rising 2.9% on average in 2023, which is up by 0.1percentage points from one month ago, and rising 2.3% on average in 2024.

Qatari banks credit to the real estate sector grew annually by 5.4% in 2021, QCB said and noted ‘real estate developers’ constituted the major category with 38.8% share in total real estate loans.In its 13th Financial Stability Review, the Qatar Central Bank noted the real estate sector constitutes an important part of Qatar’s economy by virtue of its role in the economy.This, QCB said, is evident from the share of real estate credit as proportion of the nation’s GDP (24.5% of 2021 GDP) as well as the share of real estate in the banking system’s total credit (13.2%).Accordingly, QCB accords a “high importance” towards monitoring the developments in the real estate sector.During 2021, which was still recovering from the pangs of global pandemic, Real Estate Price Index (REPI), which experienced a decline trend in 2020 revived.The end year price index recorded a growth of 2.1% annually. Even though volume of transactions took a significant dip during the year, median price exhibited stickiness as it fell by lesser extent.The demand side indicator as reflected in the Rental Index (a sub-index in CPI) showed the index stabilised in the second half of the year and shows upward momentum towards the end of the year.Bank credit to the real estate sector grew annually by 5.4%, QCB revealed.A break-up of the composition of real estate loans showed loans to ‘real estate developers’ constituted the major category with 38.8% share in total real estate loans.Among other categories of real estate loans, ‘Commercial housing’ loans stood at 31.7% while ‘Private housing’ loans had a share of 11.5%.An annual change in the issue of completion certificates revealed that non-residential segment saw a higher supply compared to residential segment.Within the residential segment, higher supply of apartments and villas were in line with anticipated demand on the eve of mega sporting event.In general, economic activity started to revive with gradual lift-off of most Covid-19 restrictions and the same accelerated owing to Qatar’s hosting of the 2022 FIFA World Cup and the associated preparations.According to QCB, new areas developed or being developed are experiencing increase in real estate sale transaction of late.The reforms on ownership laws resulted in expansion of freehold zones and consequently increase in demand for residential units.After a period of decline in rental prices, rents have stabilised and is expected to persist for some time at an elevated level, post the FIFA world cup event, QCB said.

Qatar Airways clocked ‘best-in-class’ baggage performance in fiscal 2022/23 with a “low mishandling rate” of only 0.72 items per 1,000 passengers, the national airline said in a report.Annually, the team is serving over 35mn passengers and handles more than 57mn pieces of baggage, Qatar Airways said in its latest annual report.“All the hard work has resulted in the best-in-class baggage performance and enhanced customer experience,” Qatar Airways noted.Qatar Aviation Services (QAS), which is Qatar Airways Group’s ground-handling organisation, achieved an “efficient” on-time delivery of cargo, exceeding 2.1mn tonnes per year with an average growth rate of 2% a year.On the ramp, the QAS team maintained an operational capability of more than 99% for over 2,600 motorised and over 5,800 non-motorised units of ground servicing equipment.Established in 2000 and headquartered at Hamad International Airport (HIA), QAS provides premium end-to-end ground services to international airlines, heads of state and VIPs, private fleets, executive charter flights, and cargo operators using state-of-the-art equipment and cutting-edge technologies.A member of the IATA Ground Handling Partnership, QAS proactively participates in a variety of world-leading technical groups, such as the IATA Ground Operations Manual, Load Control and Messaging, Ground Service Equipment and Environment and Airside Safety Group, implementing recommendations to improve and enhance safety standards in the aviation industry.In August last year, QAS announced its partnership with the International Air Transport Association (IATA) to become the first ground handler globally to join the new expansion of the IATA Environmental Assessment Programme (IEnvA) for ground service providers, playing an instrumental role in helping HIA gain its world-class standing as an environmental leader.Through its participation, it aims to meet and exceed the highest environmental standards whilst developing future expansion strategies.Between November 18 and December 19, QAS achieved a significant milestone by being the sole ground-handler during the FIFA World Cup Qatar 2022 event, the first in the history of world cup tournaments.During the FIFA World Cup, QAS successfully handled more than 200 flight operators between scheduled and private flights.The team managed more than 25,000 movements between arrival and departure with 99.4% on-time performance rate, this includes handling 3.7mn passengers, with nearly 54,000 passengers with restricted mobility.Additionally, QAS FIFA World Cup operations saw more than 2.9mn items of baggage handled with as low as 0.12 baggage missed per 1,000 passengers and more than 3,000 operations segmented between private jets, freighters, and charter flights, Qatar Airways said.

Reducing global food waste by 50% is a key goal of the United Nations and enshrined in its Sustainable Development Goals (SDGs). .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[61171]**This goal aims to end hunger, achieve food security and improved nutrition, and promote sustainable agriculture. Reducing food waste is crucial in achieving this goal as it ensures that the food produced is efficiently utilised and reaches those in need.The global aviation industry is a key stakeholder in the noble initiative. Airlines are working collaboratively with regulators to ensure that aviation makes a positive contribution to this SDG target.The average passenger generates approximately 1.43kg of waste per flight, equating to nearly 6mn tonnes of waste per year once air traffic fully recovers in 2024. Approximately 20% of this is untouched food and drink.That alone is worth about $4bn, money that is effectively incinerated and that could be allocated to environmental initiatives, according to the International Air Transport Association (IATA).Of course, the fact that this food and drink is sealed and untouched also suggests it could be used—perhaps for humanitarian efforts. Or, if bio-treated, it could be a critical energy source. Not so. International Catering Waste (ICW) rules effectively prevent reuse, donation, recycling and bio-treatment.It should be noted that in 2019, IATA’s Cabin Waste Handbook identified some 23 actions that could improve an airline’s cabin waste performance, including meal selection at time of check-in. Even so, it is clear that smarter regulation would alleviate much of the problem.Airline meals are produced using Hazard Analysis and Critical Control Points (HACCP) food safety procedures, initially designed by NASA for the Apollo space programme.“And yet meals produced to such standards are deemed a bio-hazardous waste when discarded by a passenger, requiring specialist handling and treatment,” says Jon Godson, IATA’s Assistant Director, Sustainability.To demonstrate a potential way forward, IATA will work with six airlines on a TransAltantic reuse and recycling trial in 2023. The aim is to show aviation’s ability to recycle uncontaminated waste.Handling cabin waste in airlines poses several challenges due to various factors such as limited storage capacity, weight and balance considerations and hazardous materials.Aircraft cabins have limited storage capacity, and finding adequate space to store waste during a flight can be difficult. As the flight progresses, the volume of waste generated increases, making it necessary to manage the space efficiently to accommodate all waste without obstructing passenger movement or compromising safety.Airlines have strict weight and balance limits for flights. Excessive accumulation of waste impact the aircraft's weight distribution, potentially affecting the plane's performance and safety.As a result, cabin crews must carefully monitor and manage waste to ensure it doesn't exceed the permissible limits.Some waste generated in the cabin, such as batteries, broken glass, or potentially infectious items, are often classified as hazardous materials.Proper handling, storage, and disposal procedures are essential to mitigate the risk associated with such waste and to ensure the safety of passengers and crew.The waste collected during the flight needs to be properly disposed of at the destination airport. Ensuring that adequate waste disposal facilities and processes are available at various airports is a logistical challenge.To address these challenges, airlines continuously work on improving waste management practices, implementing recycling programs, and educating both passengers and crew on the importance of responsible waste disposal during flights. Co-operation from all stakeholders, including passengers, crew, and airport authorities, is vital to mitigate the environmental impact of cabin waste in airlines.With a huge growth in passenger numbers expected in the coming decade, the volume of cabin waste could more than double in the next 10 years!This certainly calls for urgent action towards proper cabin waste recycling across the global airline industry.

Qatar Airways transported more than 1,541,041 tonnes of air freight, accounting for an 8.14% share in the global market from April 2022 to March 2023, according to the national airline’s annual report for 2022/23.The world’s largest cargo carrier serves over 70 freighter destinations and more than 150 belly-hold passenger destinations worldwide.Qatar Airways Cargo said it maintained its position as the world’s leading air cargo carrier throughout the 2022/2023 financial year, forging ahead with a strategic focus on growth, sustainability and digitalisation, and supporting the continuity of global trade, despite ongoing market challenges.With a tonnage of 159,730,903 kg in chargeable weight, Qatar Airways Cargo declined by 9.39% in chargeable weight compared to the same period in the previous year.In 2022/2023, Qatar Airways Cargo successfully managed a broad range of demanding shipments. With an overall 84,000 tonnes of pharmaceutical products transported, including 4,000 tonnes of vaccines and over 1,200 tonnes of Covid vaccines, the cargo carrier maintained its strong engagement in helping curb the pandemic. Moreover, providing safe transportation of 12,600 horses has confirmed its leading position in this field.Qatar Airways Cargo has also achieved a considerable number of charter operations with more than 1,400 charter flights last year, which includes charters for e-commerce, animals, music band tours and FIFA related activities.In addition to this, throughout 2022/2023, Qatar Airways Cargo continued its expansion around the globe by adding freighter frequencies to Athens, Cairo and Riyadh, as well as the passenger freighter flights to Colombo and Penang.By applying its Next Generation vision to all areas of its business, Qatar Airways Cargo has brought enhancements to its services and sharply accelerated its digital transformation.In that respect, another key event in 2022 was the launch of the ‘Digital Lounge’, Qatar Airways Cargo’s new web platform, designed to provide a more streamlined and connected booking experience for customers.As part of the carrier’s omni-channel strategy, the platform offers users direct access to the main three bookings platforms of the industry.Safety and security continues to be the number one priority for the cargo carrier and, in 2022, the carrier received IATA CEIV Lithium Batteries certification for its strict adherence to the highest standards and regulations, becoming the second airline in the world, and the first in the Middle East, to be CEIV Lithium Batteries certified.

Qatar’s banking sector has seen a pickup in loans with total credit moving up 0.3% to reach QR1.26tn in June, latest data provided by QNB Financial Services (QNBFS) has shown.Deposits with Qatari banks edged up by 0.1% to reach QR955.1bn, while their total assets increased 1.4% month-on-month (up 0.05% in 2023) in June to reach QR1.906tn, QNBFS said.An analyst told Gulf Times Tuesday that the banking sector loan book continued to rise and was pushed higher by both the public and private sectors.“From the public sector it was the semi-government institutions that rose significantly by 42.9% in June this year, while from the private sector it was a 1.3% growth in personal consumption,” the analyst noted.Loans gain in June, according to QNBFS was mainly due to a rise by 0.6% in the public sector and 0.2% in the private sector.Loans have edged up marginally by 0.01% so far in 2023, compared to a growth of 3.3% in 2022.Bank loans grew by an average 6.7% over the past five years (2018-2022).Qatari bank loan provisions to gross loans stood at 3.8% for both May and June this year.In terms of loans, the semi-government institutions’ segment shot up 42.9% M-o-M (38.1% in 2023), while the government segment (represents 28% of public sector loans) moved higher by 0.7% M-o-M (-11.5% in 2023).However, the government institutions’ segment (represents 65% of public sector loans) loan book declined by 2.5% M-o-M (-0.3% in 2023).Deposits increase in June this year was mainly due to a rise by 1.5% in non-resident deposits, QNBFS noted.Deposits have declined by 4.4% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022).Loans to deposits ratio moved to 131.5% in June this year, QNBFS noted.Non-resident deposits increased by 1.5% M-o-M (-7.1% in 2023) in June, partly supporting the overall deposits increase for the month.Private sector deposits edged up by 0.1% M-o-M (-1.4% in 2023) in June 2023.On the private sector front, the consumer segment increased by 0.3% M-o-M (+4.1% in 2023), while the companies and institutions’ segment declined by 0.2% M-o-M (-7.0% in 2023) during June.Public sector deposits went down by 0.7% M-o-M (-6.8% in 2023) for the month of June 2023.Looking at segment details, the government institutions’ segment (represents 57% of public sector deposits) mainly pulled down the public sector, with a drop by 6.0% M-o-M (-5.3% in 2023), while the government segment (represents 28% of public sector deposits) moved lower by 2% M-o-M (-13.8% in 2023).However, the semi-government institutions’ segment increased significantly by 29.7% M-o-M (2.3% in 2023) in June 2023.Total assets rise in June was mainly due to an increase by 5.3% in foreign assets and 0.5% in domestic assets, QNBFS noted.Total assets are marginally up by 0.05% so far in 2023, compared to a growth of 4.2% in 2022.Assets grew by an average 6.9% over the past five years (2018-2022)Liquid assets to total assets was at 31.1% in June this year, compared to 30.4% in May, QNBFS said.

In a first for the country, Qatar Airways added some 65 new catering hi-loaders in its fleet compliant with ‘Euro 6 emission standards’.In the financial year 2022/2023, Qatar Airways Group subsidiary Qatar Aircraft Catering Company (QACC) achieved the environmental sustainability milestone of continuously recycling more than 1.7mn kg of solid waste year on year and donating more than 100,000 portions of food, condiments and more than 47,000 pieces of blankets, duvets and other useful fabrics to needy people across the globe.This marks a major milestone towards QACC’s ambitious sustainability goal of achieving zero waste to landfill by 2030.Spanning an extraordinary 69,000 square metres, QACC is one of the world’s largest self-contained catering facilities.QACC’s in-flight-catering facility is located at Hamad International Airport, the hub of Qatar Airways.Comprised of more than 35 nationalities, QACC is committed to raising industry standards across a wide range of operations and has a unified purpose of exceeding expectations.QACC delivers premium in-flight and lounge catering services seamlessly to passengers travelling around the world.It currently prepares an average of 175,000 meals and 70 international cuisines per day in its state-of-the-art kitchen and bakery at HIA.Current renovations entail the installation of fully automated and sustainable industrial equipment, which will enhance product quality, improve delivery efficiency and increase production capacity.Some of the innovative methods adopted by QACC to reduce the overall carbon footprint include reduction of Qatar Airways equipment and linen loading weight by almost 257 tonnes, which ultimately contributes to a reduction in aircraft fuel consumption and carbon dioxide emissions.QACC is also installing energy efficient equipment in its new state-of-the-art catering facilities, including washing systems, which significantly reduce water, energy and detergent consumption and efficient refrigeration units.It is pursuing an “ambitious” vertical farming niche technology that will not only revolutionise the agriculture industry in Qatar but will also guarantee QACC self-sustenance of green leafy vegetables that are currently airfreighted hence greatly reducing its overall carbon footprint.

Qatar Airways has more than 245 aircraft worth over $67.3bn still on order including options and letters of intent, according to the national carrier’s annual report for 2022/23.Its fleet and network continues to grow and position the group well for its future expansion plans. The current fleet includes 210 passenger aircraft, 30 cargo and 19 executive jets.In July last year, Qatar Airways and Boeing finalised an order of 25 737-10 aircraft, providing the airline’s short and medium-haul fleet with improved economics, fuel efficiency and sustainable operations.Qatar Executive became the world’s largest owner and single commercial operator of the Gulfstream G650ER with a total of 15 aircraft, in addition to two A319 aircraft and two Global 5000s.In the last financial year, Qatar Airways Group added seven new aircraft to its fleet, which included four Boeing 787-9 Dreamliner and three Qatar Executive Gulfstream G650ER jets.Additionally, the airline brought back in to service eight of its 10 Airbus A380s in order to increase the fleet capacity on routes with strong premium demand such as London Heathrow, Paris, Bangkok, Sydney and Perth.Qatar Airways uses modern fuel-efficient fleet, which has enabled the airline over the past few years to fulfil its commitment to connecting people globally.The airline said its “strategic investment” in technologically advanced aircraft has helped in maintaining agility when responding to opportunities and challenges.With capacity requirements meticulously planned, the airline continued to meet the increased passenger and cargo demand with adaptability and flexibility during the 2022/2023 financial year.During the last financial year, the airline continued to face considerable capacity limitations due to circumstances beyond the group’s control.These capacity constraints were addressed through a number of different initiatives to balance the business needs promptly.“As a global airline, we adapted our network to serve passenger demand and increase the sustainability of operations,” Qatar Airways noted.The national airline’s Qsuite business class is fitted to 74 of its wide-body aircraft across its Airbus A350 and Boeing 777 fleets and is available on the majority of the airline’s long-haul routes.Qatar Airways Cargo has maintained its position as the world’s largest air freight carrier through the 2022/2023 financial year, bringing great enhancements to its services and sharply accelerating its digital transformation.Qatar Airways Group continued with its strategy to hold a portfolio of investments in leading global airlines such as IAG, which is an Anglo-Spanish multinational airline, LATAM, Santiago, Chile-based airline, Hong Kong-based Cathay Pacific and China Southern airline.These investments contribute towards Qatar Airways Group’s long-term sustainability objectives and are in line with Qatar’s 2030 vision of sustainable development.

Qatar and other GCC countries can “unlock” significant opportunities to enhance their aviation capabilities by “strategically” investing in automation and digital tools like robotics, according to global aerospace company Boeing.In a question and answer interview with Gulf Times, Boeing said, “As Qatar and the broader region have emerged as major hubs for air travel and cargo shipments, the need for safety, sustainability, efficiency and reliability in aviation becomes increasingly crucial. By strategically investing in automation and digital tools, GCC countries can unlock significant opportunities to enhance their aviation capabilities.”Digital solutions and automation can lead to meaningful gains in airworthiness, operational efficiency, affordability and sustainability in maintaining and operating commercial and defense fleets, it said.Moreover, transformational technologies play a significant role in upskilling the local workforce, nurturing talent, and encouraging research and development.By collaborating with companies like Boeing, academic institutions and non-profit organisations in the GCC can empower students to participate in the development of cutting-edge technologies. “Investing in automation and digitalisation will not only advance the aviation sector but also foster economic growth and transition to a knowledge-based economy in Qatar and other GCC countries,” Boeing noted.Robotics are providing the workforce with tools to do complex or physically demanding jobs in a way that is better for the wellbeing of people.“We continue to evaluate future applications that will further enhance the safety of our team members and allow them to meet exacting requirement and produce the highest quality products,” Boeing said.Highlighting the impact of robotics on the aviation industry in general, Boeing said, “Robotics plays an important role in aerospace. The industry is undergoing a significant transformation through automation and digital innovation, with robotics impacting different areas from design to production, operations, maintenance and training.”Design: New technologies like digital twins and model-based systems engineering have revolutionised aircraft design.Manufacturing: Robotics integration is improving workplace safety.Operations: Digital solutions combine data analysis and engineering know-how to enable lifecycle opportunities for customers, technicians and maintainers. They can help operators decrease costs, fuel consumption and associated carbon emissions while maintaining fleet readiness and performance.Maintenance: Autonomous systems like drones can be part of enhanced maintenance practices, allowing for more accurate and efficient aircraft inspections. Additionally, predictive maintenance digital tools can anticipate when and where parts are needed and decrease downtime.Training: Virtual reality technologies are revolutionising aircrew training and are tested in the defense sector.

Boeing and its airline and defense customers are applying besides testing automation and digital innovation throughout the product lifecycle.As part of design automation, Boeing utilises digital twin technology to optimise design and development processes.“Digital twins are precise digital replicas of physical assets or products that simulate their behavior in real-time. Using digital twins, Boeing improves design efficiency and reduces manual processes. This technology allows engineers to extensively test aircraft performance and systems, resulting in improved first-pass quality, maintenance, and sustainability over the entire life cycle of the aircraft,” Boeing said in an interview with Gulf Times.The Boeing T-7A Red Hawk advanced trainer is widely considered the first digital pathfinder jet, embracing advanced manufacturing techniques to improve quality and enhance performance.Using model-based systems engineering and 3D design tools, the T-7A represents an aircraft with a 75% increase in first-pass quality and an 80% reduction in assembly hours. The aircraft moved from firm concept design to first flight in just 36 months.Automation in manufacturing: Boeing's manufacturing facilities are increasingly utilising robotics.Collaborative robots, or "cobots," are working alongside human colleagues in Boeing Aerostructures Australia (BAA) in Melbourne. These autonomous cobots use sensors to prevent collisions and independently select tools in dynamic work environments, streamlining the production process and ensuring safety and first-pass quality.Boeing’s South Carolina facility in the US utilises a quadbot, comprised of four robots, for drilling approximately 3,000 holes in the aftbody of the 787 Dreamliner.The quadbot then inspects the holes, applies sealant, and installs fasteners, exemplifying two decades of Boeing's innovation in automated drilling. Additionally, Boeing uses automated fiber placement machines for laying carbon fiber tape on the aftbody of the 787 Dreamliner, optimizing production efficiency.On the defense platforms, a 4.5-meter-tall robot is busy drilling holes into a Boeing F-15 wing at the Boeing’s St. Louis factory in the US. It receives precise guidance thanks to a Boeing-developed software application.In the space domain, Boeing’s research and development work helps automate the thermoplastic composites welding process. These innovations ensure that there are safe processes in place that reduce touch labor and increase safety for the next generation of crewed and uncrewed spacecraft.Operations: Boeing’s digital solutions provide the software and services to improve performance and reliability across all phases of flight for all types of aircraft, across commercial and military, business, and general aviation.From advanced flight deck and navigation solutions to flight operations and maintenance, Boeing helps customers operate more efficiently, reduce fuel consumption and carbon emissions, optimize flight and crew planning and scheduling, and minimize the impact of disruptions on their operations.Boeing couples design and production with a digital approach to maintenance, sustainment and training systems to better support airline and military customers. From virtual training to augmented reality maintenance guides to predictive maintenance tools, the digital focus underpins all Boeing’s solutions.As an example, the company is developing the Autonomous Aircraft Inspection (AAI) system that employs drones to perform routine inspections on aircraft for issues such as corrosion and missing rivets. This automation offers increased accuracy and efficiency.In addition to customers, Boeing collaborates with government and academic institutions to drive technological advancements and inspire the next generation of aerospace scientists and engineers in the Middle East and beyond.Initiatives include working with Qatar University College of Engineering. Boeing supports the university’s students’ projects to design and test uncrewed aerial vehicles (UAVs) and vision bots capable of complex tasks.

Mirroring the move by the US Federal Reserve (Fed) Qatar and other GCC central banks have all raised rates by 25bps or 0.25%.On Wednesday, Qatar Central Bank raised the QCB deposit rate (QCBDR) by 25 basis points, to 5.75%.QCB also decided to raise the banks’ lending interest rate (QCBLR) by 25 basis points, to become 6.25%, and the repurchase rate (QCB Repo Rate) by 25 basis points, to become 6%The revised rates took effect on July 27, QCB said.According to Oxford Economics, this is likely to be the final hike of this cycle, given that inflation has peaked and economies are slowing rapidly.“We still think the Fed will start cutting rates next year, encouraging banks across the GCC to ease policy rates,” Oxford Economics said in its weekly briefing on Thursday.“We expect the hike to be last of this cycle but think the Fed will stay committed to its data-dependent approach.“The Fed will likely start cutting rates next year, which will allow the GCC central banks to begin easing policy. Still, rates will likely only come down gradually, which will drag non-oil GDP growth in the region down to 3.9% in 2024, from 4.4% this year,” Oxford Economics noted.Recently, the International Monetary Fund (IMF) downgraded its expectations for economic growth in Saudi Arabia, following the cuts to oil supply in April and June.But Oxford Economics said it thinks its revised 2023 forecast is still “too optimistic”, as it expects the supply cuts to be extended into September.“We have downgraded our GDP growth forecast for the Mena region to 2.6% for this year, and to 3.1% for 2024,” Oxford Economics noted.The researcher said inflation has “probably peaked” across the GCC, but unlike the rapid rise in prices, it expects the inflation rate to reduce only slowly into 2025.“Risks remain to the upside given tentative signs of food prices rising globally and waning demand in advanced economies. Conversely, if the US economy avoids a recession later this year, the Fed may delay the cutting cycle, keeping rates higher for longer across the GCC,” Oxford Economics said.In its mid-year update of global forecasts, the IMF slashed the 2023 GDP growth forecast for Saudi Arabia to 1.9% from 3.1%. The revision reflects the decision by Opec+ in April to gradually decrease oil output, as well as the voluntary one million barrels per day cut by Saudi Arabia through July and August.In its baseline, Oxford Economics forecasts GDP growth at 1.1% this year, expanding to 3.9% in 2024. In Egypt, the 2023 IMF projection is in line with our forecast but there is a large diversion for 2024.Oxford Economics baseline incorporates another devaluation against the dollar in mid-September and another 200bps hike to key policy rates this year.

Qatar is second in the world in terms of approved LNG liquefaction capacity by market, as of end-April 2023, shows a study by International Gas Union (IGU).In its ‘World LNG report – 2023’, IGU noted the approved LNG liquefaction capacity in Qatar (as of April this year) was 31.2mn tonnes per year (mtpy).In this regard, only the US is ahead of Qatar with 59.1MTPY.New LNG liquefaction capacity in Qatar is by way of the North Field expansion, which comprises North Field South (NFS) and North Field East (NFE).Ultimately, the expansion project will boost Qatar’s LNG production capacity from the current 77MTPY to 126MTPY.Global energy majors such as TotalEnergies, ExxonMobil, Shell, Eni and ConocoPhillips are QatarEnergy’s partners in the multi-billion dollar North Field expansion project, the largest LNG development in global history.This unique project is characterised by the highest health, safety, and environmental standards, including carbon capture and sequestration, to reduce the project’s overall carbon footprint to the lowest levels possible.The North Field expansion plan includes six LNG trains, of which four trains will be part of the North Field East and the remainder part of the North Field South project.The North Field expansion will provide significant benefits for all sectors of the Qatari economy during the construction phase and beyond.As of April this year, IGU noted there were some 22 markets operating LNG export facilities around the world.The US surpassed Australia to become the market with the largest operational liquefaction capacity at 88.1MTPY. Australia’s liquefaction capacity is 87.6MTPY followed by Qatar with 77.1MTPY.The US increased its total operational capacity to 88.1MTPY by April with Calcasieu Pass liquefaction facility (10MTPY) and Sabine Pass LNG T6 (5MTPY).“The top three LNG export markets- US, Australia and Qatar currently represent more than half of global liquefaction capacity,” IGU said.As of April, 178.3MTPY of liquefaction capacity is either under construction or approved for development, of which approximately 44% is in North America.There is currently 997.1MTPY of potential liquefaction capacity in the pre-FID stage, a slight drop of 37.4MTPY compared to 2022. “With the Russia-Ukraine conflict still ongoing and a huge decline in Russian piped gas volumes being sent to Europe, a wave of proposed liquefaction projects has emerged to offset the loss of Russian supply. Some projects have also been fast-tracked to help meet demand.“However, a fair share of pre-FID projects is unlikely to proceed due to weak economic conditions and increasingly stringent environmental restrictions on fossil fuel projects. Saying that, small-scale LNG remains a growing segment with significant potential,” IGU noted.

Majority of airlines around the world have started making profits after passengers returned to the skies, making the best use of restriction-free travel, post-pandemic.Airline quarterly profits have shot past pre-pandemic levels with the industry on track to a profitable, safe, efficient, and sustainable future.According to the International Air Transport Association (IATA) Director General Willie Walsh, airline net profits are expected to reach $9.8bn in net profit this year based on the projected $803bn of revenues.The estimated net profit this year is more than double the previous forecast of $4.7bn in December 2022. In his report to the 79th IATA Annual General Meeting in Istanbul in June, Walsh said global air passenger traffic is currently more than 90% of 2019 levels.Some 4.35bn people are expected to travel in 2023, which is closing in on the 4.54bn who flew in 2019. Cargo volumes are expected to be 57.8mn tonnes, which has slipped below the 61.5mn tonnes carried in 2019 with a sharp slowing of international trade volumes.Certainly, demand looks robust for the rest of the summer, but industry captains have struck a cautious tone about travel demand for the rest of the year and warned fares may soften by 2023-end on macroeconomic trends.Consumer price inflation, higher interest rates and higher mortgage rates might affect consumer spending in the second half of the year, cautioned Ryanair CEO Michael O'Leary.“Ryanair might have to stimulate demand through lower prices this winter, when we will have 25% more seats to fill than in 2019,” O'Leary noted.Airfares have surged alarmingly, up to 50% in key international markets of late, which industry experts say hampers industry recovery.On the other hand, airport charges have remained flat even as inflation rates soared over 10% since 2019, a recent study by Airport Councils International (ACI) Asia-Pacific has shown.The study, undertaken in collaboration with Flare Aviation Consulting, examined around 36,000 routes in the top 10 aviation markets in Asia-Pacific and the Middle East, reveals an alarming increase in international airfares by up to 50%, while domestic routes went up by less than 10%.The markets that saw the highest airfare increase are India (41%), United Arab Emirates (34%), Singapore (30%) and Australia (23%).Unexpectedly, in the first quarter of 2023, despite a progressive increase in traffic, domestic airfares have continued to increase in several of these markets, including India, Indonesia, Saudi Arabia, South Korea and Japan, only decreasing marginally on international routes.ACI Asia-Pacific noted that airlines are capitalising on low competition and pent-up demand to increase profits and recover losses incurred during the pandemic, while airports continue to provide enhanced services to passengers despite incurring heavy operational and capital expenditures.Expressing concerns about the high-pricing practice, Stefano Baronci, director general, ACI Asia-Pacific said: “These excessive airfares threaten the industry's long-term recovery and may have a far-reaching influence on the associated industry by reducing demand for air travel and increasing the financial burden on the already stressed sector. Airlines should exercise fair pricing that supports recovery and safeguards consumers’ interests.“A supply-demand imbalance should not be exploited by airlines at the expense of customers by restricting the capacity, especially international one which is a key driver of social and economic growth and a major source of revenues for the airport sector. We urge airlines to carefully consider the long-term impacts of their pricing decisions. At the same time, governments must consider liberalising markets through policies such as open skies, which will allow competition while keeping airfares under control.”Fuel prices and inflation are responsible for a significant portion of airfare increase. Fuel prices went up 76% in 2022 compared to 2019. The airlines’ costs increased as the consumer price index saw an average 10% increase over the same period.Obviously, higher airfares make it more expensive for passengers to travel by air. This will deter some potential travellers, particularly budget-conscious individuals or families, who may opt for alternative modes of transportation or choose to postpone or cancel their trips altogether.Consequently, airlines are likely to face dwindling demand for their services, in the medium term.As air travel plays a vital role in tourism industry, higher airfares will have a negative impact on the sector, both domestically and internationally.Pratap John is Business Editor at Gulf Times. Twitter handle: @PratapJohn

The Middle East and Central Asia growth has been forecast to slow to 2.5% this year weighed down by the bigger than expected slowdown in Saudi Arabia, the International Monetary Fund has said.IMF cut its 2023 GDP growth projection for Saudi Arabia to 1.9% in its latest World Economic Outlook update released on Tuesday, to reflect the impact of prolonged oil production cuts.The fund revised its growth forecast for the world's top oil exporter from 3.1% projected in its May regional outlook; in June, it said growth could ease to 2.1% in 2023."The downgrade for Saudi Arabia for 2023 reflects production cuts announced in April and June in line with an agreement through Opec+...whereas private investment, including from ‘giga-project’ implementation, continues to support strong non-oil GDP growth," the IMF said.The Saudi economy grew 8.7% last year, as high oil prices boosted revenue and led to the kingdom's first budget surplus in almost 10 years, according to Reuters.But global macroeconomic worries and an uncertain demand outlook have weighed on prices, pushing growth projections lower.The world's top oil exporter said earlier this month it would prolong an extra production output cut on top of a broader Opec+ deal, and has raised prices for most of its crude to Asian customers in August for a second month.The IMF has upgraded its forecast for world GDP growth in 2023 to 3.0% (+0.2% from its April projection), but still slowing from 3.5% in 2022. This included upgrades for the US to 1.8% (+0.2% from earlier), the eurozone to 0.9% (+0.1%), and the UK to +0.4% (+0.7%), where it no longer sees a recession this year.China's growth was unchanged at 5.2% but both India (financial year 2023/2024) and Japan’s were uprated, to 6.1% and 1.4%, respectively.The IMF also expects global core consumer prices to decelerate more gradually than the headline rates.“The fund’s latest upgrades echo improving incoming economic indicators, especially in developed markets. But its world growth projection for next year was unchanged at 3%, which is still modest by historic standards,” National Bank of Kuwait Economic Research said.

Qatar's external liquidity is “comfortable” on “strong” trade position supported by high energy prices, the Economist Intelligence Unit (EIU) has said in its latest country update.The country’s sovereign credit strengths, it said, are large fiscal and current-account surpluses, which are expected to limit borrowing, and huge external assets.Also, Qatar’s public debt has fallen sharply over the past two years, EIU said and noted sovereign risk rating remains ‘A’.With regard to Qatar’s currency – riyal, EIU said, its peg to the dollar will continue to be backed by healthy foreign reserves and the huge assets of the Qatar Investment Authority (the sovereign wealth fund), which are worth an estimated $475bn.The currency risk rating is ‘BBB’. The rating, EIU said, is supported by strong international demand for Qatar's hydrocarbons exports and by a large current-account surplus.Although the negative net foreign asset position of Qatar's banks remains large, the authorities are taking steps to limit reliance on short-term non-resident deposits and external funding, EIU noted. “The sector is well regulated and strong prudential indicators insulate banks from a deterioration in asset quality. Bank profitability has been bolstered by higher interest rates and a larger net interest margin. The banking sector risk rating is BBB,” EIU remarked.Qatar's over-reliance on hydrocarbons exports remains a “vulnerability”, exposing the country to global energy price movements, EIU said.The economic structure risk rating is ‘BB’.In its previous update, EIU said Qatar's overall business environment score has improved, from 6.60 for the historical period (2017-21) to 7.74 for the forecast period.This has helped Qatar's global ranking to improve by 15 places, from 36th to 21st, although it retains its regional ranking, in third place. The largest improvements in terms of scores are in the infrastructure and market opportunities categories.“Qatar's fairly open foreign investment regime, open trading relationships with regional partners and sophisticated capital markets will remain strong aspects of its business environment.“The main shortcomings are in policy towards private enterprise and competition and in access to financing for small and medium-sized enterprises; these are expected to improve in the medium term,” EIU noted.

Qatar was among the three major liquefied natural gas suppliers to Europe who accounted for 70% of LNG inflows in 2022, the International Gas Union has said in a report.After a slow-growth period from 2018-2021, Europe accelerated regasification capacity additions in 2022 by bringing 14.5mn tonnes per year (mtpy) online, about 47% of global capacity additions last year.The escalation of regional geopolitical tensions has spurred regasification construction by European markets to reduce dependency on Russian gas and enhance energy security.Most of Europe’s new capacity in 2022 was in the Netherlands, which added 8.8mtpy in total.This, IGU said, included the 2.9mtpy expansion of the Gate onshore LNG terminal and the installation of the 5.9 mtpy Eemshaven FSRU, which were commissioned in July and September respectively.Finland brought a small-scale onshore terminal Hamina LNG online last year with capacity of 0.1 mtpy.Europe’s largest gas consumer Germany became a new LNG importer in 2022, with its first LNG terminal the 5.5 mtpy Wilhelmshaven FSRU starting operation in December.The floating terminal is planning an expansion in 2023 by installing another FSRU Excelsior, which will add regasification capacity by 3.7 mtpy.This year, 16.8 mtpy of LNG import capacity has been commissioned in Europe as of April 2023 from four new terminals: Finland’s Inkoo FSRU, Germany’s Lubmin FSRU and Elbehafen FSRU, and Turkey’s Gulf of Saros FSRU, IGU said.Another four projects in Europe with combined capacity of 9.78 mtpy are underway and aim to start up in 2023.Utilisation of European regasification facilities spiked to a record-high of 65% in 2022 from 41% in the previous year, with LNG imports growing significantly by over 66% year-on-year.Many European markets imported LNG at maximum capacity last year to meet gas demand, amid heightened geopolitical tension between Russia and Ukraine and reduced pipeline flows from Russia.France ran its LNG import terminals at full capacity for most of 2022 with Belgium’s utilisation rate averaging 142% last year.In the past, Europe has typically only imported LNG when winter was approaching to meet peak demand, instead mainly relying on stable piped gas for the rest of the year.“Spiking LNG demand from Europe and a lack of growth in global LNG supplies resulted in a tight market in 2022 and soaring gas prices,” IGU noted.Title Transfer Facility (TTF) prices reached a record high of around $100/mmBtu last August, following a major decline in Russian piped gas.The main gas pipeline to Germany from Russia, Nord Stream 1, ceased transmissions to Europe in late August 2022 and one month later an act of sabotage took this pipeline out of service via an explosion, IGU said.

Qatar has seen a surge in Foreign Direct Investment (FDI) outflows of 1391% year-on-year (y-o-y) from a mere $160mn in 2021 to $2.38bn in 2022, Emirates NBD research has said in a report.In the Gulf Cooperation Council (GCC) region, Qatar came in third in terms of FDI outflows last year, the report noted.The GCC region achieved a net positive FDI of $15.25bn in 2022, after a substantial surge of 369% y-o-y.However, this net positive in Foreign Direct Investment for the region is mainly attributed to the substantial decrease in FDI outflows by Kuwait, rather than an increase in FDI inflows.In fact, the total FDI inflows in the region experienced a 18% y-o-y decline, dropping from $45bn to $37bn. The region’s decline in FDI inflows parallels the global decline in FDI, which were down by 12% in 2022 according to UNCTAD’s ‘World Investment Report 2023’.Foreign Direct Investment (FDI) has been at the heart of the GCC countries’ economic vision to grow their economies and diversify away from oil and gas, Emirates NBD said.The region has achieved significant success in deploying capital in various asset classes across the globe, evident from the prominent position of GCC sovereign wealth funds, which consistently make headlines and rank amongst the largest globally. Nevertheless, when it comes to attracting capital to the region, there is still a lot of room for growth.Meanwhile, the UAE led the GCC region in FDI inflows in 2022, attracting $22.73bn, representing a 10% y-o-y increase. Dubai accounted for approximately half of the total FDI inflows, attracting $12.8bn.The top five sectors for FDI inflows in Dubai in 2022 were transportation and warehousing with a 45% share, hotels and tourism and alternative/renewable energy with a 9% share each, software and IT services accounting for 8%, and consumer products with 5%.Saudi Arabia came in second place amongst its GCC neighbors in total FDI inflows with $7.89bn in 2022, a decline of 35% y-o-y. Saudi Arabia’s decline in FDI inflows comes after a record figure of $19.29bn in 2021, the highest in the Kingdom’s history, which can be attributed to the privatisation law passed to facilitate public private partnerships and ease of regulations for foreign investors. The privatisation law has enabled Aramco to sell a 49% stake in its pipelines for $12.4bn to a consortium led by the US-based EIG Global Energy Partners. The Aramco deal accounted for 65% of the total FDI inflows in 2021.Oman followed in third place with $3.72bn, down 8% y-o-y.