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High energy prices, despite falling below their recent peaks, will support Qatar's strong trade position in 2023-24 and keep external liquidity comfortable, EIU said in its latest country update.Qatar's sovereign credit strengths are large fiscal and current-account surpluses, which are expected to limit borrowing, and huge external assets. Qatar’s public debt has fallen sharply over the past two years, EIU said and assigned ‘A’ sovereign risk rating.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. 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, EIU said and assigned ‘BBB’ risk rating to the banking sector.According to EIU, the currency risk rating is also ‘BBB’. The rating is supported by strong international demand for Qatar's hydrocarbons exports, a large current-account surplus and an appropriate monetary policy stance.The riyal's peg to the dollar will continue to be backed by healthy foreign reserves and the huge assets of the Qatar Investment Authority (the sovereign wealth fund), which holds assets worth an estimated $475bn.The economic structure risk rating is ‘BB’. Qatar's over-reliance on hydrocarbons exports remains a vulnerability, exposing the country to global energy price movements, EIU noted.In a previous update, EIU said the country’s real economic growth will remain stable throughout most of the long-term forecast period (2022-2050).Elevated global hydrocarbons prices and investment in the Qatar National Vision development plan will sustain robust growth until 2030, after which growth will start to edge down. There remains potential for bursts of high growth if the government approves further gas export projects, beyond those planned for the mid-2020s.Diversification and the expansion of the services sector, funded by the state's hydrocarbons wealth, will also provide opportunities for growth. The population will gradually rise in the long term, to 3.1mn in 2050.As a result, growth in real GDP per head will be slower than growth in real GDP, EIU noted.Qatar's overall business environment score has improved, from 6.60 for the historical period (2017-21) to 7.74 for the forecast period, EIU said. 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 said.

Hundreds of flights across the US and Canada were cancelled this month as smoke from Canada’s blazing forest fires blanketed the region, cut visibility and hugely.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[48451]**impacted air travel in the two countries.Smoke spreading from wildfires in Canada delayed hundreds of flights recently at New York’s LaGuardia Airport, New Jersey’s Newark Liberty International Airport and Philadelphia International Airport because of limited visibility.The US Federal Aviation Administration (FAA) said in an update that it will likely need to take steps to manage the flow of air traffic into Washington, DC, and Charlotte as well.And as the winds shift, federal aviation officials are warning smoky skies could be seen in the US Midwest and as far as the southeast.Wildfire smoke causes more flight delays than rain or fog, according to FAA spokesman Kevin Morris.Safety experts say when aircraft need to land during periods of poor visibility, they rely on advanced navigation systems both onboard the aircraft and on the ground.Smoke from wildfires have a significant impact on air travel, affecting both the safety and efficiency of flights.They result in reduced visibility, flight diversions and cancellations.Obviously, smoke reduce visibility by creating a haze in the air, making it difficult for pilots to see landmarks, runways, or other aircraft. Reduced visibility poses a safety risk, especially during takeoff, landing, and taxiing.Smoke can also affect airport operations, such as air traffic control systems and ground services."Commercial airliners fly through mild and moderate smoke without problems in most cases," aerospace engineer Ben Frank, the founder of aircraft maintenance software company Rotabull, told TripSavvy. "However, volcanic ash or very thick smoke can cause visibility and air quality issues, in addition to degrading jet engine performance."It all boils down to the composition of smoke. "Smoke from wildfire contains different compounds such as carbon monoxide, volatile organic compounds, carbon dioxide, hydrocarbons, and nitrogen oxides, which are far from the hazard of volcanic ashes," noted José Godoy, CEO of flight operations company Simpfly."Volcanic ashes are made up of tiny fragments of rock, minerals, and volcanic glass, which are hard and abrasive.”So while smoke typically gets pulled through a jet engine without a problem, the particles of volcanic ash can damage different surfaces of an aircraft.That’s why air traffic in Europe was halted during the 2010 eruption of Eyjafjallajökull in Iceland, but the majority of air traffic on the West Coast, other than the brief hiatus by Alaska (which was more for the health of ground crews than the planes themselves), has mostly continued as usual.Smoke from wildfires contains various pollutants, including particulate matter, ash, and harmful gases. These pollutants can have adverse effects on air quality, potentially leading to respiratory issues and other health concerns for passengers, crew, and airport personnel.Airlines and airports prioritise the well-being of individuals and may adjust operations accordingly.However, most modern aircraft now are equipped with modern high efficiency particulate air (HEPA) filters, which theoretically can remove at least 99.97% of dust, pollen, mold, bacteria, and any airborne particles with a size of 0.3 microns.These are the same type of filters used in hospitals around the world.So, one need not necessarily worry about smoke entering the cabin as one if flying through it, even though one might smell it.Cabin air, experts say is a roughly 50-50 mix of recirculated and outside air. The recirculated air passes through a highly-engineered filtration system, and turns over every few minutes.That said, smoke introduce airborne hazards such as ash particles into the atmosphere. These particles can be damaging to aircraft engines, leading to decreased performance or even engine failure. Consequently, airlines and aviation authorities closely monitor air quality and take precautions to protect aircraft from potential damage.

Qatar has topped average 5G download speeds in the GCC region at 312Mbps, latest report by independent analytics company Opensignal has shown.The report said 5G video experience in Qatar is "good".5G speeds continue to be impressive across the GCC, Opensignal noted. In five of the markets, average 5G download speeds top 200Mbps with only users in Oman missing out.In Qatar average 5G download speeds are even higher at 312Mbps. 5G peak download speeds are even more impressive, with every market seeing peak speeds over 500Mbps and Bahrain topping the region with a 5G peak download score of 1163.4Mbps.Upload speeds remain much more modest as operators and network vendors have targeted download for the initial improvements in 5G experience.With 5G, users’ experience is considerably better than using older 4G network technology across Gulf Co-operation Council (GCC) markets, Opensignal said.Across the region average download speeds are between 5.2 times faster (Oman) and an astonishing 10.8 times faster (Kuwait) with 5G compared with 4G. This enormous speed increase is because 5G is able to use new high capacity spectrum bands — such as 3.5GHz — which are not suitable for 4G.Saudi Arabia and Kuwait see the biggest jump across the GCC in video experience using 5G. With mobile video streaming there are also significant increases in every market but the improvement is less marked than it is for speed. In Saudi Arabia and Kuwait the video experience score is 19% higher with 5G.In three GCC markets, 5G users spend more than one fifth of their time with an active 5G connection. Top is Kuwait with a 5G availability of 39.4%.However, the GCC market with the largest land area — Saudi Arabia with 23.5% 5G availability — is part of this leading group, an impressive achievement for such a sizeable market.Turning to multiplayer gaming, mobile video streaming and real-time voice app communication, the smaller GCC markets again top the 5G tables, Opensignal noted.Kuwait has the highest 5G video experience score (75.9). On the other two measures, Kuwait drops to second. Instead, Bahrain is top for 5G games experience (81.4) and also for 5G voice app experience (83.2).Despite the complexity of deploying 5G network technology to a much larger country, Saudi Arabia is fourth for 5G video experience with a score of 72.5 and is a creditable third for 5G voice app experience with 81.3, Opensignal said.

Qatar's fiscal balance as a percentage of GDP is expected to be 8.9% this year and 8.2% in 2024, Oxford Economics has said in a report.The country’s current account as a percentage of GDP is expected to be 16% this year and 14.5% in 2024.Qatar’s real GDP growth has been forecast at 2.6% this year and 2.6% in 2024.Oxford Economics estimates Qatar’s inflation to average 2.3% (year-on-year) in 2023 and 1.8% in 2024.In its last update, Oxford Economics noted although commodity prices have softened amid weaker global growth, they remain elevated, providing support to Qatar's macroeconomic environment.Qatar is not involved in the Opec+ agreement on production quotas, and output will likely rise further above 600,000 barrels per day (bpd) this year. That said, following two years of production increasing, output slipped 0.6% last year.The North Field gas expansion project will have a positive medium-term impact, increasing LNG capacity nearly 65% to 126 mtpy by 2027, from 77 mtpy.Qatar is in the process of signing other multi-year supply contracts, following agreements with China and Germany for LNG output set to be added in the first phase of the project due in 2026.The non-energy sector expanded by 6.8% in 2022, exceeding Oxford Economics’ 6.3% projection and marking the fastest pace since 2015. But growth will slow to 3.2% this year, as momentum eases after the World Cup, maintaining a similar pace in 2024/25.Tourism will be among the sectors that will support non-oil recovery this year, thanks to major events, including the Asian Football Cup and Formula 1 Qatar Grand Prix, and in the medium term.Qatar attracted 2.56mn tourists in 2022, and data for January and February show foreign arrivals were about three and four times higher than in the respective months last year.The 2023 budget, based on an oil price $65/b, up from $55/b in 2022 budget, projects a surplus of QR29bn, equivalent to 3.4% of GDP.“Our 2023 forecast for Brent is now at $87/b (up from $85 last month), above the budgeted price, though LNG prices undershot our projection in Q1. On that basis and with spending growth moderating, we see a budget surplus of 9.6% of GDP this year,” Oxford Economics said.The government ran a surplus of QR89bn (10.3% of GDP) in 2022.Oxford Economics noted Qatari banks have been resilient and are well capitalised and profitable, with low levels of non-performing loans. Banks' reliance on foreign funding has eased, thanks to improved domestic liquidity and a decline of 31% y/y in non-resident deposits, but remains high.

Qatar's fiscal balance as a percentage of GDP is expected to be 8.9% this year and 8.2% in 2024, Oxford Economics has said in a report.The country’s current account as a percentage of GDP is expected to be 16% this year and 14.5% in 2024.Qatar’s real GDP growth has been forecast at 2.6% this year and 2.6% in 2024.Oxford Economics estimates Qatar’s inflation to average 2.3% (year-on-year) in 2023 and 1.8% in 2024.In its last update, Oxford Economics noted although commodity prices have softened amid weaker global growth, they remain elevated, providing support to Qatar's macroeconomic environment.Qatar is not involved in the Opec+ agreement on production quotas, and output will likely rise further above 600,000 barrels per day (bpd) this year. That said, following two years of production increasing, output slipped 0.6% last year.The North Field gas expansion project will have a positive medium-term impact, increasing LNG capacity nearly 65% to 126 mtpy by 2027, from 77 mtpy.Qatar is in the process of signing other multi-year supply contracts, following agreements with China and Germany for LNG output set to be added in the first phase of the project due in 2026.The non-energy sector expanded by 6.8% in 2022, exceeding Oxford Economics’ 6.3% projection and marking the fastest pace since 2015. But growth will slow to 3.2% this year, as momentum eases after the World Cup, maintaining a similar pace in 2024/25.Tourism will be among the sectors that will support non-oil recovery this year, thanks to major events, including the Asian Football Cup and Formula 1 Qatar Grand Prix, and in the medium term.Qatar attracted 2.56mn tourists in 2022, and data for January and February show foreign arrivals were about three and four times higher than in the respective months last year.The 2023 budget, based on an oil price $65/b, up from $55/b in 2022 budget, projects a surplus of QR29bn, equivalent to 3.4% of GDP.“Our 2023 forecast for Brent is now at $87/b (up from $85 last month), above the budgeted price, though LNG prices undershot our projection in Q1. On that basis and with spending growth moderating, we see a budget surplus of 9.6% of GDP this year,” Oxford Economics said.The government ran a surplus of QR89bn (10.3% of GDP) in 2022.Oxford Economics noted Qatari banks have been resilient and are well capitalised and profitable, with low levels of non-performing loans. Banks' reliance on foreign funding has eased, thanks to improved domestic liquidity and a decline of 31% y/y in non-resident deposits, but remains high.

Qatar has made significant achievements in the field of aviation over the last decade, establishing itself as a major player in the global aviation industry, thanks to the wise leadership and guidance of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.Last year, the State of Qatar won membership of the International Civil Aviation Organisation (ICAO) Council for the first time in its history on Group C (for three years up to 2025), through an election.Qatar achieved a landslide victory in elections and garnered some 160 votes, making it one of the “highest-scoring” candidates on Group C, emphasising the country’s significant contributions and efforts in the civil aviation industry.According to HE the Minister of Transport, Jassim bin Saif al-Sulaiti, Qatar's winning the membership of ICAO Council emphasises the country’s status and recognition in international forums regionally and globally under the leadership of His Highness the Amir.Qatar Airways has experienced tremendous growth and expansion in the past decade. It has become one of the world's leading airlines, known for its extensive global network, high-quality service, and state-of-the-art fleet. Qatar Airways consistently receives accolades and awards for its excellence in the aviation industry.National carrier Qatar Airways operated nearly 14,000 flights during the FIFA World Cup Qatar 2022, which concluded on December 18 last year and was chosen as ‘The Greatest Tournament in the 21st Century’ in a BBC News poll.Qatar Airways provided “dedicated” passenger overflow spaces outside Hamad International Airport and Doha International Airport, at no cost, where football festivities and live entertainment could be enjoyed while also providing storage space for luggage and carry-ons. This space allowed fans to continue enjoying the celebrations before they departed to their respective destinations.In 2014, Qatar inaugurated Hamad International Airport (HIA) in Doha, replacing the older Doha International Airport. A world-scale airport, HIA is designed to handle a large volume of passengers and aircraft and is Qatar’s gateway to the world.It has state-of-the-art facilities, including a stunning terminal building, advanced passenger amenities, and efficient operations. HIA has become a major transit hub, connecting passengers from around the world.In November last year, Hamad International Airport opened the newly expanded terminal as part of its ‘Phase A’ expansion, which meant the state-of-the-art airport would now be able to cater to 58mn passengers annually.The newly expanded terminal houses HIA’s second airport hotel – ‘Oryx Garden’ and ‘Orchard’ – an indoor tropical garden that has sourced 300 plus trees and 25,000 plants from sustainable forests around the world.Drenched in natural light and featuring sustainably sourced plants and shrubs, it offered a show-stopping, luxury shopping experience to fans with many first-of-a-kind retail outlets.In the expanded terminal, Qatar Duty Free started offering retail and F&B options with more than 65 retail and dining outlets spread across its three levels.The expansion now enables travellers to “seamlessly transfer” from one area to another, greatly reducing their wait time at the airport.Qatar Airways launched Qatar Executive, its business jet subsidiary in 2009. Over the past decade, Qatar Executive has established itself as a leading provider of luxury private jet services, offering a fleet of modern aircraft and premium services to meet the demands of high-end travellers.Qatar has made strategic investments in several international airlines, expanding its influence and partnerships across the aviation industry.The Qatar Airways Group holds stakes in renowned carriers such as International Airlines Group (IAG), the parent company of British Airways and Iberia, and these investments have provided the national airline with valuable alliances and strengthened its global network.Qatar Airways currently flies to more than 160 destinations worldwide, connecting through its Doha hub, Hamad International Airport, voted by Skytrax as the ‘World’s Best Airport’ in 2021 and 2022 consecutively.Qatar's achievements in the field of aviation over the last decade under the leadership of His Highness the Amir clearly demonstrate its commitment to becoming a global aviation powerhouse.Through the expansion of Qatar Airways, the development of world-class airports, strategic investments, and infrastructure projects, Qatar has successfully positioned itself as a key player in the global aviation industry.

Qatar has made significant strides in the energy sector over the past decade, thanks to the guidance and unlimited support of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.Significant accomplishments include boost in liquefied natural gas production, expansion of LNG facilities and diversification of markets, investment in renewable energy, energy efficiency initiatives, research and development and carbon capture and storage.In the past decade, Qatar has implemented world-scale projects to boost its liquefied natural gas production.Qatar is the world's largest exporter of LNG and has consistently expanded its production capacity. Qatari LNG now reaches all continents and the country holds the enviable record of uninterrupted supplies to customers, even during challenging times.The country has actively pursued market diversification for its LNG exports. It has expanded its reach to new customers and regions, including Asia, Europe, and the Americas. Qatar has established long-term supply agreements with various countries, securing its position as a reliable LNG supplier.In 2021, Qatar announced the North Field Expansion project, which comprises North Field South (NFS) and North Field East (NFE) that will increase Qatar’s LNG production capacity from the current 77 MTPY to 126 MTPY by 2026 or 2027.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.Ras Laffan, located on Qatar's northern coast, is now home to the state-of-the-art LNG infrastructure, including massive LNG export terminals.In March 2022, His Highness the Amir Sheikh Tamim bin Hamad al-Thani inaugurated the Barzan Gas Plant in a special ceremony held at the Ras Laffan Industrial City.The Barzan Gas Plant is capable of producing almost 1.4bn standard cubic feet of sales gas per day for local power generation and water desalination; 2,000 tonnes of ethane per day as feedstock for the local petrochemicals industry; 1,500 tonnes per day of liquid petroleum gas (LPG) for export to international markets; 30,000 barrels of condensate per day for processing in the Laffan Refinery and export to international markets; and 3,500 tonnes of sulphur per day for export to international markets.It will also produce associated hydrocarbon products for supply to local refinery and petrochemical industries as well as for export to international markets.Qatargas operates the Barzan Gas Plant on behalf of its shareholders: QatarEnergy (93%) and ExxonMobil (7%).Qatar owns a fleet of LNG carriers, enabling efficient transportation of LNG to global markets. Qatari companies, such as Nakilat, have made substantial investments in building and managing LNG vessels, ensuring a robust shipping infrastructure.Industries Qatar (IQ) and Mesaieed Petrochemical Holding (MPHC) have already given their approval to Qatar Vinyl Company (QVC) for a new PVC (polyvinyl chloride) project with 350,000 tonnes per annum capacity at an estimated cost of $239mn.Qatar has been committed to environmental sustainability in its LNG operations. It has implemented advanced technologies and practices to reduce greenhouse gas emissions, improve energy efficiency, and minimise the environmental impact of LNG production and transportation.In October last year, Qatar’s first and one of the region’s largest solar plants was inaugurated by His Highness the Amir at Al Kharsaah.The multi-billion dollar 800MW Al Kharsaah Solar PV Power Plant (KSPP) was constructed on a 10sq km land area and can provide the national grid with about 10% of peak electricity demand.Qatar has invested in research and innovation to enhance its LNG industry. Institutions like Qatar University and the Qatar Science & Technology Park have collaborated with international partners and conducted research in areas such as LNG technologies, carbon capture and storage, and clean energy solutions.Qatar has played a leading role in developing and implementing advanced LNG technologies. It has continuously improved its LNG production processes, including the utilisation of integrated production facilities, optimised liquefaction techniques, and efficient management of LNG projects.The decade also saw significant achievements in the Dolphin Energy Project, which recorded the first gas flow from Qatar to the UAE on July 10, 2007.Dolphin Energy’s major strategic initiative, the Dolphin Gas Project, involves the production and processing of natural gas from Qatar’s North Field, and transportation of the dry gas by sub-sea export pipeline from Qatar to the UAE, which began in July 2007.Undoubtedly, these achievements have solidified Qatar's position as a global LNG powerhouse and contributed to its economic growth and international influence in the energy sector.

A decade of Qatar’s efforts to diversify the economy culminated in the successful hosting of the 2022 FIFA World Cup, which was highly praised by the International Monetary Fund recently.Over the past decade, Qatar has experienced significant economic development, driven primarily by its vast reserves of natural gas and ambitious economic diversification efforts.Despite challenging situations borne out of the blockade in 2017 and the Covid-19 pandemic three years later - in 2020, Qatar smoothly navigated and managed the situation very well, pursuing prudent policies under the wise leadership of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.These created a safe environment for the successful conduct of the greatest sporting spectacle on earth – the FIFA World Cup Qatar 2022.Qatar is well placed to leverage the top-notch infrastructure built and capitalise on the momentum and visibility created by the World Cup as the government lays out its 3rd National Development Strategy to help achieve the ambitions of the Qatar National Vision 2030.The country’s real GDP growth is expected at 2-2.5% in 2023-24 on robust domestic demand and the ongoing LNG expansion, with inflation moderating gradually to around 3%.”Qatar’s medium-term growth is likely to rise to around 4-4.5% after the North Field expansion starts boosting LNG production, the IMF said in a recent report.Aided by buoyant export revenue and public spending, Qatar’s fiscal and external current accounts are projected to be in surpluses throughout the medium term. Importantly, the outlook remains relatively favourable.Qatar is the world's largest exporter of liquefied natural gas (LNG), and its natural gas reserves have played a pivotal role in driving economic growth. The country has successfully leveraged its gas wealth to attract foreign investments and foster economic development.The country has invested heavily in infrastructure projects to support its economic growth and meet the needs of 2022 FIFA World Cup.In the last 10 years, the country constructed new transportation networks, including the Hamad International Airport and the Doha Metro, as well as numerous stadiums, hotels, and other facilities.Recognising the need to reduce dependence on hydrocarbons, Qatar implemented an ambitious diversification strategy known as the Qatar National Vision 2030. This initiative aims to develop non-energy sectors such as finance, tourism, education, healthcare, and logistics, with the goal of creating a sustainable and knowledge-based economy.Qatar's financial sector has experienced considerable growth over the past decade. The Qatar Financial Centre (QFC) has attracted numerous multinational corporations and financial institutions, establishing itself as a regional financial hub.The country has also witnessed the development of Islamic banking and finance, which aligns with its cultural and religious values.Qatar has actively pursued foreign investments, both domestically and internationally. The Qatar Investment Authority (QIA), the country's sovereign wealth fund, has made substantial investments in various sectors worldwide, including real estate, technology, and infrastructure. These investments have helped diversify Qatar's assets and enhance its global influence.Qatar has focused on developing its tourism and hospitality industry to attract international visitors. The country has invested in luxury hotels, resorts, and cultural attractions, such as the National Museum of Qatar and the Museum of Islamic Art.Qatar's hosting of major sporting events, like the FIFA World Cup 2022, is expected to boost tourism and further stimulate economic growth.Qatar has prioritised investments in education and human capital development. It has established several world-class educational institutions, including Qatar Foundation's Education City, which hosts branch campuses of renowned international universities.These efforts aim to nurture a skilled and knowledge-driven workforce to support economic diversification.Qatar has made strides in promoting sustainability and reducing its carbon footprint. The country has set targets for increasing the share of renewable energy in its energy mix and has invested in solar power projects.Additionally, Qatar has implemented various initiatives to enhance environmental conservation and water resource management.Qatar has made remarkable progress in its economic development over the last decade. By leveraging its natural gas wealth, diversifying its economy away from hydrocarbon resources, investing in infrastructure, and attracting foreign investments, the country has positioned itself as a vibrant and dynamic player in the global economy.

Qatar's fiscal balance as a percentage of GDP is expected to be 8.9% this year and 8.2% in 2024, Oxford Economics has said in a report.The country’s current account as a percentage of GDP is expected to be 16% this year and 14.5% in 2024.Qatar’s real GDP growth has been forecast at 2.6% this year and 2.6% in 2024.Oxford Economics estimates Qatar’s inflation to average 2.3% (year-on-year) in 2023 and 1.8% in 2024.In its last update, Oxford Economics noted although commodity prices have softened amid weaker global growth, they remain elevated, providing support to Qatar's macroeconomic environment.Qatar is not involved in the Opec+ agreement on production quotas, and output will likely rise further above 600,000 barrels per day (bpd) this year. That said, following two years of production increasing, output slipped 0.6% last year.The North Field gas expansion project will have a positive medium-term impact, increasing LNG capacity nearly 65% to 126 mtpy by 2027, from 77 mtpy.Qatar is in the process of signing other multi-year supply contracts, following agreements with China and Germany for LNG output set to be added in the first phase of the project due in 2026.The non-energy sector expanded by 6.8% in 2022, exceeding Oxford Economics’ 6.3% projection and marking the fastest pace since 2015. But growth will slow to 3.2% this year, as momentum eases after the World Cup, maintaining a similar pace in 2024/25.Tourism will be among the sectors that will support non-oil recovery this year, thanks to major events, including the Asian Football Cup and Formula 1 Qatar Grand Prix, and in the medium term.Qatar attracted 2.56mn tourists in 2022, and data for January and February show foreign arrivals were about three and four times higher than in the respective months last year.The 2023 budget, based on an oil price $65/b, up from $55/b in 2022 budget, projects a surplus of QR29bn, equivalent to 3.4% of GDP.“Our 2023 forecast for Brent is now at $87/b (up from $85 last month), above the budgeted price, though LNG prices undershot our projection in Q1. On that basis and with spending growth moderating, we see a budget surplus of 9.6% of GDP this year,” Oxford Economics said.The government ran a surplus of QR89bn (10.3% of GDP) in 2022.Oxford Economics noted Qatari banks have been resilient and are well capitalised and profitable, with low levels of non-performing loans. Banks' reliance on foreign funding has eased, thanks to improved domestic liquidity and a decline of 31% y/y in non-resident deposits, but remains high.

The multi-billion dollar North Field expansion has entered a new phase with value added partners (VAPs) joining the project, beginning with China National Petroleum Corporation (CNPC).On June 20, QatarEnergy signed definitive agreements with China National Petroleum Corporation, covering the supply of 4mn tonnes of LNG annually for 27 years and a 5% stake for CNPC in the North Field East LNG expansion project (NFE).The two energy majors signed an LNG sales and purchase agreement (SPA) for the delivery of 4mn tonnes of LNG per year from the NFE project to CNPC’s receiving terminals in China over a span of 27 years, marking the industry’s longest term SPA commitment.The two parties also signed a share sale and purchase agreement pursuant to which QatarEnergy will transfer to CNPC a 5% interest in the equivalent of one NFE train with a capacity of 8mn tonnes per year.This transfer will see CNPC become a partner (value added) in the NFE project and will not affect the participating interests of any of the other shareholders in the project.The North Field expansion comprises North Field South (NFS) and North Field East (NFE) will increase Qatar’s LNG production capacity from the current 77 MTPY to 126 MTPY.Speaking to Gulf Times at a media event held on the sidelines of the event at QatarEnergy, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi said, “Our project provides lucrative returns in the industry. So the returns are very high.”He said, “The way we have structured the project is that 75% in each venture will be with us - QatarEnergy - and the remaining 25% tendered out to competition for international oil companies (IOCs).“Of the 75% stake we have, 5% is potentially for value added partners. We will only give up 5% of our stake in the project if someone actually secures a long-term market. And add value to the project, long-term. Today’s agreement shows that value addition through CNPC,” al-Kaabi told Gulf Times.He said many Asian countries are in talks with QatarEnergy to take an equity stake in Qatar’s North Field expansion project.“There is a hot competition to associate with the prestigious North Field expansion project. We expect to have a few more VAPs in our project.”Al-Kaabi also said China is now Qatar's top buyer of liquefied natural gas."China is the largest consumer of LNG from Qatar by far...China is our number one customer. China is also the world's biggest buyer of liquefied natural gas."Al-Kaabi said, “Last year, Qatar sold 15mn tonnes of LNG to China. China is also a huge market for LPG, helium and condensates, of which Qatar is the world's top producer.”

Many Asian countries are in talks with QatarEnergy to take an equity stake in Qatar’s North Field expansion project, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi said Tuesday.“There is a hot competition to associate with the prestigious North Field expansion project,” al-Kaabi told Gulf Times at a media event at the QatarEnergy headquarters.The North Field expansion, comprising North Field South (NFS) and North Field East (NFE), will increase Qatar’s LNG production capacity from the current 77 MTPY to 126 MTPY.Al-Kaabi said China is now Qatar's top buyer of liquefied natural gas."China is the largest consumer of LNG from Qatar by far...China is our number one customer. China is also the world's biggest buyer of liquefied natural gas."Al-Kaabi said, “Last year, Qatar sold 15mn tonnes of LNG to China. China is also a huge market for LPG, helium and condensates, of which Qatar is the world's top producer.”QatarEnergy Tuesday signed definitive agreements with China National Petroleum Corporation, covering the supply of 4mn tonnes of LNG annually for 27 years and a 5% stake for CNPC in the North Field East LNG expansion project (NFE).At a ceremony held at QatarEnergy headquarters Tuesday, the two parties signed an LNG sales and purchase agreement (SPA) for the delivery of 4mn tonnes of LNG per year from the NFE project to CNPC’s receiving terminals in China over a span of 27 years, marking the industry’s longest term SPA commitment.The two parties also signed a share sale and purchase agreement pursuant to which QatarEnergy will transfer to CNPC a 5% interest in the equivalent of one NFE train with a capacity of 8mn tonnes per year.This transfer will see CNPC become a partner in the NFE project and will not affect the participating interests of any of the other shareholders in the project.The agreements were signed by HE al-Kaabi, also the President and CEO of QatarEnergy; and Dai Houliang, chairman of CNPC, in the presence of senior executives from both the companies.In his remarks at the signing ceremony, al-Kaabi welcomed CNPC as a “valuable” partner in the NFE project.

QatarEnergy signed definitive agreements with China National Petroleum Corporation, covering the supply of 4mn tonnes of LNG annually for 27 years and a 5% stake for CNPC in the North Field East LNG expansion project (NFE).At a ceremony held at QatarEnergy headquarters Tuesday, the two parties signed an LNG sales and purchase agreement (SPA) for the delivery of 4mn tons of LNG per year from the NFE project to CNPC’s receiving terminals in China over a span of 27 years, marking the industry’s longest term SPA commitment.The two parties also signed a share sale and purchase agreement pursuant to which QatarEnergy will transfer to CNPC a 5% interest in the equivalent of one NFE train with a capacity of 8mn tons per year. This transfer will see CNPC become a partner in the NFE project and will not affect the participating interests of any of the other shareholders in the project.The agreements were signed by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy and Dai Houliang, chairman of CNPC, in the presence of senior executives from both the companies.In his remarks at the signing ceremony, al-Kaabi welcomed CNPC as a valuable partner in the NFE project.The minister said, “We are pleased to embark on this partnership with CNPC and to build on the excellent relations between the People’s Republic of China and the State of Qatar. These agreements demonstrate our unwavering commitment to our customers and partners and to our shared ambition for a sustainable future facilitated by a cleaner, and more eco-friendly energy source that would catalyze substantial socio-economic development.”Al-Kaabi expressed his thanks and appreciation to the teams from CNPC and QatarEnergy for their dedication and for working tirelessly to finalize the agreements.The minister concluded his remarks by stating: “We are forever grateful for the wise guidance of His Highness the Amir Sheikh Tamim bin Hamad al-Thani and for his continued support of the energy sector.”Later al-Kaabi told Gulf Times that China is now Qatar's top buyer of liquefied natural gas."China is the largest consumer of LNG from Qatar by far...China is our number one customer. China is also the world's biggest buyer."Last year, al-Kaabi said, Qatar sold 15mn tonnes of LNG to China. China is also a huge market for LPG, helium and condensates, of which Qatar is the world's top producer.On his part, Houliang said, “Our collaboration over the NFE project represents a major achievement and excellent practice of both CNPC and QatarEnergy in delivering on the strategic consensus of the leaders of our countries. It is another milestone in forming a strategic synergy between China’s ‘Belt and Road’ Initiative and Qatar’s National Vision 2030.“It lays a solid foundation for the energy cooperation between the two sides in the next three decades. From this brand-new starting point, CNPC will continue to actively discuss with QatarEnergy all-round cooperation across the hydrocarbon industry chain and other areas like green and low carbon energies, so as to build a stable, long-term, and multi-dimensional strategic partnership.”

Boeing sees demand for 3,025 jets in the Middle East over the next 20 years, the plane maker said in its 2023 Commercial Market Outlook (CMO) released in advance of the Paris Air Show.The total fleet in the region seen at 3,360 (in 2042) at a projected traffic growth rate of 6%, Boeing said Sunday.In its CMO, Boeing said with a resurgence in international traffic and domestic air travel back to pre-pandemic levels, the projected global demand for 42,595 new commercial jets by 2042 is valued at $8tn.The new CMO comes three years after the pandemic grounded most of the global fleet.According to Boeing, passenger traffic will continue to outpace global economic growth of 2.6%.It sees the global fleet nearly doubling to 48,600 jets, expanding 3.5% per year and airlines replacing about half of the global fleet with new, more fuel-efficient models."The aviation industry has demonstrated resilience and adaptability after unprecedented disruption, with airlines responding to challenges, simplifying their fleets, improving efficiency and capitalising on resurgent demand," said Brad McMullen, Boeing senior vice-president (Commercial Sales and Marketing)."Looking to the future of air travel, our 2023 CMO reflects further evolution of passenger traffic tied to global growth of the middle class, investments in sustainability, continued growth for low-cost carriers, and air cargo demand to serve evolving supply chains and express cargo delivery."Boeing's projections for regional demand and key trends through 2042 include:Asia-Pacific markets to represent more than 40% of global demand with half of that total in China.South Asia's fleet will expand more than 7% annually, the world's fastest rate, with India accounting for more than 90% of the region's passenger traffic.North America and Europe each will account for about 20% of global demand.Low-cost carriers will operate more than 40% of the single-aisle fleet in 2042, up from 10%, some 20 years ago.After omitting demand for Russia and Central Asia in last year's CMO due to uncertainty in the region, this year's forecast covers Russia and Central Asia in the Eurasia region, which comprises about 3% of the global fleet by 2042.Commercial Services forecasts a total served market worth $3.8tn, including digital solutions that increase efficiency and reduce cost; robust demand for parts and supply chain solutions; growing maintenance and modification options; and effective training to enhance safety and support the pilot and technician pipeline.Also in the 20-year forecast period, Boeing anticipates demand for these models: new single-aisle airplanes will account for more than 75% of all new deliveries, up slightly from the 2022 outlook, and totalling more than 32,000 airplanes.New widebody jets will be nearly 20% of deliveries, with more than 7,400 airplanes enabling airlines to open new markets and serve existing routes more efficiently.Air cargo will continue to outpace global trade growth, with carriers requiring 2,800 dedicated freighters. This includes more than 900 new widebodies as well as converted narrow-body and widebody models.

The value of the aggregate sales for Middle East's top 100 listed companies’ has jumped 38.5% to $1.1tn this year, with profits increasing by 37.7% to hit $277.7bn, according to Forbes Middle East.In 2023, the aggregate market value of the Middle East’s Top 100 listed companies has decreased marginally by 5%, from $4tn in 2022 to $3.8tn.The value of their aggregate assets has also risen by 9.5% to $4.6 trillion as of 2022 end.GCC countries dominate 91% of the list, with Saudi Arabia being the most represented with 33 entries, followed by the UAE with 28, Qatar 16, and Kuwait with nine.The world’s largest oil and gas giant, Aramco, retains the top spot with $604.4bn in sales and a market value of $2.1tn, followed by Sabic, Qatar’s QNB Group, and the Saudi National Bank.The UAE’s International Holding Company jumped from the 12th rank in the 2022 list to the fifth spot this year, with $235.9bn in market value and total assets of $62.1bn.Despite the fallout from the collapse of Silicon Valley Bank, the banking and financial services sector still dominates, with 42 entries holding a total of $3tn in assets and generating $45.4bn in net income. However, the energy sector — led by Aramco — generated the bulk of the profits, hitting $162.4bn in 2022, Forbes Middle East noted.The 2023 list welcomed several newly-listed entities, including Qatar’s Dukhan Bank, UAE-based Multiply Group, and Americana Restaurants, along with Saudi Aramco Base Oil Company (Luberef) and Marafiq, Forbes Middle East said.

Qatar's GDP is estimated to reach $217bn this year and $271bn in 2027, FocusEconomics said in its latest research.Next year, the country’s GDP will scale up to $222bn, $234bn in 2025 and $253bn (2026).GDP per capita has been estimated to reach $82,900 this year, $85,754 (2024), $91048 (2025), $99,794 (2026) and $107,791 (2027), FocusEconomics said.The researcher estimates Qatar’s real GDP growth at 2.6% this year, 2.5% (2024), 3.7% (2025), 3.8% (2026) and 5% (2027).Fiscal balance (as a percentage of GDP) has been estimated at 7% this year, 5.6% (2024), 4.9% (2025), 6.2% (2026) and 6.3% (2027).FocusEconomics estimates Qatar’s current account balance (as a percentage of GDP) at 18.7% this year, 16% (2024), 12.7% (2025), 14.3% (2026) and 14.9% (2027).Current account balance has been estimated to total $40.5bn this year, $35.6bn (2024), $29.6bn (2025), $36.2bn (2026) and $40.3bn (2027).Merchandise trade balance has been estimated at $78.7bn this year, $75.5bn (2024), $75.9bn (2025), $82.2bn (2026) and $87.9bn (2027).According to FocusEconomics, Qatar’s public debt as a percentage of GDP will be 43.9% this year, 40.5% (2024), 43% (2025), 40.5% (2026) and 37.8% (2027).Unemployment (as a percentage of active population) will remain at a meagre 0.2% until 2027.According to FocusEconomics, the economy clocked a multi-year high GDP growth rate of 8% in the fourth quarter (Q4) of 2022, driven by the FIFA World Cup, although the energy sector also recorded robust growth.“Turning to 2023, available data is positive,” FocusEconomics noted.The non-oil private-sector PMI rose sharply from February, recording the strongest reading since last July in April amid accelerating demand for goods and services.In addition, visitor arrivals in the first quarter (Q1) averaged over triple the level observed in Q1 last year and well above pre-pandemic levels, suggesting a durable boost to tourism from last year’s hosting of the World Cup.Moreover, energy output surged in annual terms in February–March. However, the end of the World Cup and higher interest rates have dampened the construction sector, with building permits declining year on year in Q1, FocusEconomics noted.The researcher says economic activity will “slow” this year on softer building activity, interest rate hikes and flagging external demand.That said, ongoing energy sector development—both in fossil fuels and renewables—and a burgeoning tourism industry will provide support.Improved relations with Arab neighbours are an upside risk. FocusEconomics panellists see GDP expanding 2.6% in 2023, which is up by 0.1 percentage points from one month ago, and expanding 2.5% in 2024.Inflation fell to 3.7% in April from 4% in March, on easing external price pressures and tighter monetary policy.Qatar Central Bank hiked rates by 25 basis points in May, with the lending rate hitting 6%. On average in 2023, panellists see inflation moderating from last year as borrowing costs rise, the World-Cup-related demand surge ends and commodity prices recede. FocusEconomics panellists see consumer prices rising 2.9% on average in 2023, which is unchanged from one month ago, and rising 2.2% on average in 2024.

The current “one-to-one” investment ratios for renewables to fossil fuels must evolve rapidly, according to an HSBC spokesperson, who called for a global shift in the global energy economy.Zoe Knight, HSBC Group Head, Centre of Sustainable Finance, Head of Climate Change MENAT, lauded Qatar’s cleantech initiatives and efforts to add more renewables into its energy mix.Recognising the programmes initiated by Qatar to advance its renewable-to-fossil transition, Knight emphasised the urgency for accelerated progress on a global scale.“Qatar is sort of ‘leapfrogging’ some other markets in terms of its rapid energy transition, which is noteworthy, ” Knight told Gulf Times in an exclusive interview on the sidelines of Qatar Economic Forum, Powered by Bloomberg, where she participated in the breakout session ‘Scaling Up Climate Finance: Overcoming Barriers to Green Growth’.“But at the same time, the energy economy globally needs to move from investment ratios of ‘one-to-one’ (renewables to fossil fuels) to scaling up renewables to ‘10-to-one’ by 2050,” she stressed.Knight further explained that “from the one-to-one today, we need to go to four-to-one in favour of renewables by 2030, six-to-one by 2040, and 10-to-one by 2050. Whilst that enabling environment in Qatar is particularly good to try and get the renewable to fossil ratio up, on a global scale, we need to try and make it happen faster.”The Investment Promotion Agency Qatar (IPA Qatar) reported in its ‘Cleantech Sectoral Study’ that government policies and advanced technological infrastructure present investment opportunities worth $75bn in Qatar’s cleantech sector by 2030.In the pipeline are investments to develop 100% electric vehicles by 2030, the plan to provide and install over 600 charging devices in various domestic facilities, and the establishment of the “world’s largest e-bus depot,” the report stated.In terms of energy initiatives, QatarEnergy’s new sustainability strategy includes plans to reduce the carbon intensity of its LNG facilities by 35% by 2030 and mandates the deployment of Carbon Capture and Storage (CCS) facilities to capture more than 7Mtpa of CO2 in the country.The report also stated that Qatar was the first GCC country to implement a waste-to-energy programme that currently generates over 30MW of electricity from its Domestic Solid Waste Management Centre (DSWMC) at Mesaeeid.Qatar is also moving towards solar energy adoption and is utilising renewable resources, stated the report, citing the installation of an 800 megawatt (MW) additional capacity of renewable energy sources that range from gas-based to photovoltaics (PV) and wind power, as well as major solar projects like Al Kharsaah (Siraj solar power plant), and Qatar Solar Technologies’ (QSTec) aim to develop a $1bn polysilicon production facility.In the GCC region, where oil and gas supplies are abundant, Knight emphasised the need for “balancing the economy-wide framework that allows for clean electrification of processes.”“This decarbonises the operations of gas-fired power stations and oil extraction so that the carbon intensity of those fossil fuels is going down, and the volume of capacity in clean energy is going up, at a globally significant rate,” Knight stressed.Asked about HSBC’s role in overcoming specific challenges and opportunities in scaling up climate finance, Knight said HSBC can bring new businesses and new technologies, as well as capacity building, to the Qatar market to help with the transition of the energy system to renewables.“But an important aspect is that we can provide global investors with the assurance that Qatar is focused on the climate agenda and scaling up a clean energy system. In Qatar and in other markets, we’ve got subject matter experts who have worked in policy-enabling environments and for governments,” she said.

Qatar has supportive policies that include carbon dioxide (CO2) reduction targets directed at carbon capture, utilisation, and storage (CCUS), noted Gagan Porwal, GE Gas Power head (International Market Partnerships).The country is among promising locations globally to develop active CCUS hubs, Porwal said and noted: “Qatar has several unique advantages that make it ideal for CCUS projects in general and carbon hubs in particular.”In a recent interview with Gulf Times, Porwal said: “The country has large natural gas reserves, which provide abundant feedstock for blue hydrogen production. It has optimal design of industrial areas which allows for a homogenous CO2 flows and optimal concentration levels that are critical to designing an efficient capture hub. It has a favourable geology, with saline aquifer formations that appear ideal for CO2 storage.“The existing pipeline infrastructure can be leveraged to transport CO2, given its proximity to CO2 producing facilities. This can reduce CCUS project costs by reducing complexities around transportation.”According to Porwal, the Ras Laffan Industrial City is an “ideal location for a world-scale carbon hub” for several reasons.First, it is home to more than 80 GE gas turbines, and to major LNG trains and power plants, all of which provide for a benefit of proximity, homogeneity, and consistent volume flows for building a capture hub that can truly operates as a central emissions reduction entity creating a template for the other such regions to follow and learn from.“At the same time, the hub is in close proximity to near oil and gas fields, which can be ideal for storing CO2. As government pushes for its ambition for CCS, we expect to see encouraging development on this side of the equation as well complemented by existing infrastructure, including pipelines,” said Porwal, who recently spoke at the CCUS Forum in Doha, where he provided his perspective on how regional and international co-operation can support the development of CCUS.Co-located in Ras Laffan, there are other heavy industry facilities that generate carbon for capture or can benefit from the low-carbon electricity generated by power plants in the industrial city with CCUS.GE with its capabilities on integration, control systems and being original equipment manufacturer of these power generation assets is bringing its unique capabilities that positions for implementation of carbon capture system with potential of optimum cost and maximum performance.With carbon capture, Qatar has decades of experience and expertise dealing with hydrocarbons and has access to depleted wells and deep saline aquifers that can unlock the most critical element of carbon capture called storage, he said.On the ‘Decarb MoU’ GE signed with QatarEnergy, Porwal said the MoU aims to accelerate collaboration to develop a carbon capture roadmap for the energy sector in Qatar.The roadmap includes the potential development of carbon capture and sequestration, the utilisation of hydrogen, and the potential usage of ammonia in GE gas turbines to reduce their carbon emissions.The focus is to explore the feasibility of developing a world-scale carbon hub at Ras Laffan Industrial City, which as of today, is home to more than 80 GE gas turbines. It is in line with QatarEnergy’s Sustainability Strategy and the efforts to reduce emissions and produce cleaner energy using the latest technologies.“We at GE will pursue all available avenues including the use of clean energy carriers such as hydrogen as a fuel for gas turbines and carbon capturing technologies from such turbines. Exploring pre- combustion technologies such as the use of low carbon fuels to generate power, and post combustion technologies such as carbon capture and sequestration, can potentially significantly reduce the CO2 emissions from QatarEnergy’s facilities,” he said.

India’s leading airline IndiGo, which now flies to 11 GCC destinations including Doha with 386 weekly services, is committed to providing “on-time, hassle-free and affordable” travel experience to passengers, said CEO Pieter Elbers.Speaking to media on the sidelines of IATA’s Annual General Meeting in Istanbul, Elbers said IndiGo now flies, besides Doha, to Abu Dhabi, Bahrain, Dammam, Dubai, Jeddah, Kuwait, Ras Al Khaimah, Riyadh, Sharjah and Muscat.As to why some of the high-demand routes like Thiruvananthapuram in South India had been dropped (from Doha) by IndiGo, Elbers told Gulf Times, “We try to optimise our schedules. And some of these routes and bilateral agreements are based on seat numbers. So, if you add a bigger aircraft in one route, you may have to drop another route. So, we are constantly optimising our network and making sure that we can meet demand in various areas. In the overall optimisation, we sometimes trade off a specific route versus large aircraft.”Asked whether there are plans to add business class cabin in IndiGo, he said, “Today, we are happy with the product we have. We have on order Airbus A321XLRs (which are long range). The moment A321XLRs come in, we will be able to further expand our network. We will be able to fly further into Europe and other places in Asia.”He also told Gulf Times that IndiGo has no “immediate plans” to join any airline alliance.“We have partnerships with different airlines. For example, we work with Qatar Airways, Turkish Airlines, Qantas, Air France – KLM and Virgin. We work with different types of airlines...depending on where it is mutually beneficial and where it serves the need of the two airlines.“In that context and again with India’s geographical position, it makes perfect sense to work with different partners on different routes. Some of them are Star, some of them are oneworld and some of them are SkyTeam. So, if your home is the largest country in terms of population, why should we restrict ourselves to one alliance?”Elbers, the former president and CEO of Dutch flag carrier KLM, said IndiGo aimed to carry 100mn passengers in the year ending March 2024, as the carrier adds more domestic and international routes.The carrier flew 86mn passengers in the financial year FY23. And as on May 21 this year, the airline served 300,000 customers a day.Elbers said the airline expects to have around 350 planes in its fleet by the end of this fiscal (FY24). Currently, the carrier has more than 300 aircraft.Currently, IndiGo is India’s largest airline with more than 57% domestic market share.To a query on bilateral flying rights, Elbers said it is up to the government to decide on whether to give more rights or not. It requires a “tailor-made approach,” he added.