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Available Qatar economic data remains positive, researcher FocusEconomics said citing surge in tourist arrivals and strong growth in private sector Purchasing Managers' Index (PMI) in the country.In its latest country update, FocusEconomics noted tourist arrivals surged in the first quarter (Q1) of 2023.Official figures indicate Qatar’s tourism sector is gaining strength, which is reflected on the arrival numbers for the first quarter of 2023 that has hit record numbers – over 1.16mn by the end of March.FocusEconomics said the private-sector PMI rose strongly from February onward to a nine-month high in April.The country’s economy expanded 8% year on year in fourth quarter (Q4) of 2022, a multi-year high.It was spearheaded by the non-energy sector, with the FIFA World Cup spurring the transport, retail and hospitality industries.The energy sector also recorded robust growth. Energy output increased by 14.3% in annual terms in February.In contrast, the public sector performed sluggishly, likely linked to school closures and reduced government office hours during the month-long sporting event.On the flipside, the construction sector appears to be cooling amid the end of the World Cup construction boom and higher interest rates, with building permits declining year on year in Q1.FocusEconomics noted the economy will lose steam this year on slowing building activity, rising borrowing costs and flagging external demand.That said, ongoing gas sector development and a stronger tourism industry will provide support.Improved relations with Arab neighbours are an upside risk; for instance, in mid-April Qatar and Bahrain announced they would restore ties.FocusEconomics panelists see GDP expanding 2.5% in 2023, which is down by 0.1 percentage points from one month ago, and expanding 2.5% in 2024.Inflation fell to 4% in March from 4.4% in February this year. The Qatar Central Bank (QCB) hiked its policy rates by 25 basis points (0.25%) in May, in line with the Fed, with the lending rate rising to 6%.In 2023, FocusEconomics panelists 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% in 2023, which is down by 0.1 percentage points from one month ago, and rising 2.2% in 2024.According to FocusEconomics, Qatar’s GDP would scale up to $272bn by 2027 from $218bn this year.GDP per capita, it said, would reach $108,095 in 2027 from $83,318 this year. Next year, GDP per capita has been estimated at $85,993 and $91,254 in 2025 and $99,978 in 2026.Merchandise exports have been estimated to reach $127.8bn in 2027 from $112.2bn in 2023, $110.8bn (2024), $108.3bn (2025) and $117.4bn (2026).Fiscal balance (as a percentage of GDP) has been estimated at 7.1% this year, 5.7% (2024), 5% (2025), 6.5% (2026) and 6.2% (2027).Public debt (as a percentage of GDP) has been estimated at 43.8% this year, 44.2% (2024), 42.8% (2025), 40.6% (2026) and 38% (2027).

The outlook for the oil market and prices in 2023 remains highly uncertain amid a myriad of negative and positive risk factors, National Bank of Kuwait (NBK) said in a report Thursday.While the outlook for the next couple of months remains weighed down by demand-impacting macroeconomic concerns, specifically OECD recession fears and lagging Chinese consumption growth, in the second half (H2) of the year, supply-side pressures stemming from Opec+ production cuts will increasingly come to the fore, NBK noted.Allied to expectations of increased oil consumption over the summer months and especially in China and the Far East, the market is expected to flip from a surplus to a deficit, with the result that prices should begin to firm quite a bit from current levels.The global economic growth forecast this year was trimmed by the International Monetary Fund (IMF) in its April World Economic Outlook (-0.1% pts to 2.8%), citing higher interest rates and heightened risk of financial system turmoil.Underwhelming economic readings in the US, particularly GDP, retail sales and jobs also added to headwinds, while in China manufacturing unexpectedly contracted in April, according to the official PMI.These developments as well as more recent concerns about the US defaulting on its debt in the absence of congressional approval to raise the debt ceiling were behind oil’s tumble to a fresh year-low of $72.3/b in early May, NBK said.Moreover, refining margins for petroleum products such as diesel, a key gauge of industrial activity and transportation, have also signalled some weakness in the Far East, amid sub-optimal demand and stock builds.Compounding matters and stoking volatility has been the decline in oil market liquidity, it said.Open interest (the number of outstanding Brent futures and options contracts) declined by 4.7% to 2.15mn contracts by May 2, while money manager net length continued to retreat as speculators increased positions on prices falling amid palpable bearish sentiment.Nevertheless, the consensus among energy agencies and analysts is that global oil demand will eventually accelerate in the second half (H2) of the year, led mainly by China and other non-OECD countries.Despite the near-term softness, Chinese GDP growth in Q1, 2023 actually surprised on the upside at 4.5% year-on-year (y-o-y), and both the International Energy Agency (IEA) and Opec see China as the impetus for their improving oil demand forecast through the rest of the year.They left their demand growth forecasts (annual average) unchanged for 2023 at 2mn bpd and 2.3mn bpd respectively in their April oil market reports.On the supply side, Opec+’s surprise output reduction will likely deepen the anticipated supply shortages in H2, 2023, with the result that oil supply will likely start undershooting oil demand before the end of the current quarter.Based on IEA oil demand and non-Opec crude projections and assuming Opec+ cuts are adhered to for the rest of the year and there is no meaningful increase in output by members currently under-producing relative to their targets, NBK sees the supply deficit widening and implied stock draws of as much as 2.5mn bpd in Q4, 2023.

Qatar Airways, which has started receiving its ordered 737 MAX has deployed the first aircraft on the Kuwait route.In all, Qatar Airways will be receiving nine 737 MAX. The airline has already received two and will receive the remaining seven aircraft by end of July.At a recent media event in Doha, Qatar Airways Group Chief Executive HE Akbar al-Baker told Gulf Times the national airline has already started taking delivery of its (Boeing) MAX aircraft.According to Qatar Airways, the national carrier recently had the opportunity to add a small number of Boeing 737-8 MAX aircraft to its fleet, the first of which arrived in Doha on April 15.Since its arrival the aircraft has undergone post-delivery maintenance, which has included IFE streaming installation and the aircraft has been used for pilot training almost every day, the airline said on its website.The utilisation of the Boeing 737-8s will add capacity to help drive future growth, especially in short haul markets, which will be expanded from the Doha-Kuwait-Doha route to other nations, principally in the GCC as further approvals take place.“As a rapidly growing airline, these efficient and modern aircraft are a welcome addition to the narrow body fleet to support our sustainable expansion plans as the world’s leading airline,” Qatar Airways said.Qatar Airways has now received its second Boeing 737-8 MAX and will receive the remaining seven aircraft by end of July.Qatar Airways is a leading customer for the Boeing 737-10 with 25 of this type ordered at the Farnborough Airshow in 2022. The Boeing 737-10 and Boeing 737-8 have a number of operational synergies, particularly in pilot training and ground handling, which will deliver value to customers, though there are differences in onboard amenities such as the Oryx One Play Wireless Inflight Entertainment, rather than the Individual IFE screens which will be available on the Boeing 737-10.“Whilst the Boeing 737-8 will operate on shorter sectors, these are not expected to be exclusively operated with this aircraft and will flexibly utilise the Boeing 777 and Airbus A350 depending on demand and capacity,” Qatar Airways said.According to manufacturer Boeing, the 737-8 has a 6,570km range.Incorporating advanced technology winglets and efficient engines, the 737 MAX offers excellent economics, reducing fuel use and emissions by 20% while producing a 50% smaller noise footprint than the airplanes it replaces.Additionally, 737 MAX offers up to 14% lower airframe maintenance costs than the competition.

Qatar Tourism, in partnership with the World Tourism Organisation (UNWTO) launched the Qatar Tourism Awards, a programme designed to celebrate and recognise the "remarkable contributions" made by businesses in delivering outstanding and distinct tourism experiences in Qatar.Developed in partnership with UNWTO, the programme will recognise stakeholder efforts in “curating unique and exceptional tourism experiences.”The Qatar Tourism Awards will focus on three principal categories-cultural experiences, smart solutions, and service excellence, which highlight the different aspects of the visitor experience.The three main categories contain multiple subcategories totalling 50 awards.An esteemed jury of prominent businesspeople, along with representatives from Qatar Tourism and the UNWTO will choose the winners, it was announced in Doha Tuesday.The awards will be distributed at a glittering ceremony in Doha in November this year.These awards are designed to shed light on the factors that contribute to curating a visitor's experience at every touchpoint of their journey, by awarding tourism businesses that continually achieve excellence in customer service delivery.This initiative aims to encourage all stakeholders who play a direct or indirect role in the delivery of tourism experiences to continue to develop and emulate exceptional initiatives characterised by uniqueness, sustainability, accessibility, and high-quality service.Chairman of Qatar Tourism and Qatar Airways Group Chief Executive, HE Akbar al-Baker said, “We are delighted to launch the Qatar Tourism Awards, which are designed to recognise the exceptional work of stakeholders in the tourism sector. Qatar is home to some of the world's most iconic tourism experiences, and this is achieved by the vision, hard work, and dedication of the businesses and individuals in the tourism sector.“Through this programme, we hope to inspire and encourage our partners to develop new and innovative initiatives that will continue to elevate Qatar's reputation as a world-class tourism destination.”Entry to the Qatar Tourism Awards is open to all tourism businesses, operators, entrepreneurs, visitor attractions, organisations, and events that operate in Qatar and promote Qatar to a domestic and international audience.Service Excellence awards celebrate both organisations and individuals whose professionalism and quality service delivery created overwhelmingly positive and memorable experiences for Qatar’s visitors.For organisations, there are more than 33 service excellence awards up for grabs across 14 subcategories.For individuals, there are up to seven awards available across three subcategories.The cultural awards recognise organisations that support visitors’ experience of Qatar’s values, traditions, and heritage.In this category, judges review entries that showcase Qatar’s modern, multicultural society. There are about eight cultural experiences awards up for grabs across three subcategories.Smart Solutions awards honour organisations that enhance visitors’ experiences using new technologies, products, processes, or organisational innovations.In this category, judges review entries for excellence in digital information and marketing, visitor mobility and accessibility, environmental conditions, and improvement of the overall visitor experience. In this category, there are up to six Smart Solution awards across three subcategories are up for grabs.Submissions for the awards are now open, and winners will be announced in a special ceremony later this year.Qatar Tourism and the World Tourism Organisation noted “they aim to use the Qatar Tourism Awards to further heighten the service delivery standards of the country’s tourism sector.”The programme emphasises the importance of offering visitors memorable and unique experiences and delivering service that exceeds their expectations.Special consideration will be given to entries that show a commitment to preserving the natural environment, educating the world about local culture and traditions, and contributing to the socio-economic development of Qatar.Entrants are also encouraged to ensure broad access to products and services to all visitors, regardless of gender, age, nationality, language or disability.Qatar Tourism chief operating officer Berthold Trenkel was also present at the press conference Tuesday.ends

Qatar’s private sector will play a key role in boosting tourism sector’s contribution to the country’s GDP, Qatar Tourism chairman HE Akbar al-Baker said Tuesday.“There will be lots of investments in the country’s tourism industry and a roadmap for these investments and projects taking place will be unveiled soon. A lot of projects will be unveiled to the private sector to initiate,” al-Baker said in reply to a question by Gulf Times at a media event at Ned Doha Tuesday.Early this year, Qatar Tourism announced a package of plans and programmes for 2023, as part of its strategy aimed at strengthening the country’s position as a leading global tourist destination by attracting 6mn visitors annually and raising the tourism sector's contribution to the gross domestic product (GDP) to 12% by 2030.Among the most prominent programmes of 2023 is the cruise season, with expectations of more than 100 visits, receiving about 300,000 visitors.With curtain falling on the FIFA World Cup Qatar 2022, the country is moving steadily towards the future to achieve its National Vision 2030, which aims to diversify the national economy.The tourism sector comes at the forefront of sectors that enhance this trend by raising its contribution to the GDP from 7% to 12%, in addition to doubling job opportunities, while continuing efforts to enhance Qatar's position as a leading global destination for service excellence.The recent selection of Doha as the capital of Arab tourism for the year 2023 by the Arab Ministerial Council for Tourism is an additional step towards consolidating its position as an attractive tourist destination.Forecasts indicate that Qatar's economy will grow in excess of 3% in 2023, thanks to the momentum of hosting the World Cup, which will enhance Qatar's position on the tourism map.Qatar’s tourism sector gains strength, which is reflected on the arrival numbers for the first quarter (Q1) of 2023, which has hit record numbers – over 1.16mn by the end of March. These numbers also include a very successful cruise season.

GCC economies have bounced back since the 2020 pandemic, PwC said and noted the region’s non-energy sector recovery has been aided by tourism, notably in Qatar and Saudi Arabia.This positive outlook is attributed to high oil prices and strong balance sheets at the sovereign and corporate levels, as well as continued diversification and economic resilience as countries pursue their national visions, , PwC said in its ‘Middle East economy watch’.However, the wider Middle East remains more vulnerable to these global trends, PwC noted.The sectors that were hardest hit in the region during 2020 were the same as experienced globally, including hospitality, transportation and retail/wholesale trade.Hospitality declined by nearly a third, transportation by a sixth and trade by nearly a tenth. These sectors are all partly driven by domestic demand and partly by tourism.The dip in domestic demand was largely temporary, with tourism slower to recover, but the gap has been closing quickly.In 2022, the five states for which regular tourism data is available, lagged 2019 levels by -8%. However, by Q4, three of the five were well above Q4-19.“Although Qatar’s surge was a temporary boost from the World Cup, its monthly numbers have remained solid in early 2023,” PwC noted.Recovery in expat numbers: In Oman, Qatar, Saudi Arabia and Bahrain, where the population data is most readily available, there has been a strong rebound over the last 18 months, the report noted.By end-2022, expat numbers were above pre-pandemic levels in Bahrain, Qatar, the Saudi Arabia and Oman.In Oman and Bahrain this boost has largely been due to renewed hiring thanks to higher oil prices and other economic drivers, and elsewhere in the GCC recent initiatives such as new visa legislation, alongside geo-political migration drivers from outside the region, will continue to attract more expatriates to the GCC.Indeed, across the region as a whole expat numbers rebounded by 2.8% in 2022 and should surpass the 2019 level later this year, the report said.According to the report, the GCC is especially well placed to implement their long-term National Vision transformation plans due to substantial financial resources to direct to their objectives, and the leadership continuity and commitment to see them through.Overall, progress on key KPIs across the region is promising, with some room for improvement on others.Richard Boxshall, partner and chief economist commented: “The GCC as a whole is making good progress towards achieving its countries’ National Visions, with areas of common focus including non-oil diversification, improving infrastructure, advancing digitalisation, creating competitive business environments and workforce nationalisation targets for the private-sector.“Most GCC countries are also advancing towards their sustainability objectives, such as investing in solar generation capacity. With COP28 on the horizon, we expect the momentum and reinvestments driving this transformation to increase”.The report highlights that the region has been quick to secure the non-oil recovery, even in the hardest-hit sectors of hospitality, transportation and retail/wholesale trade.In 2022, the five GCC states for which regular tourism data is available, Saudi Arabia, UAE, Qatar, Bahrain, and Oman, showed a lag of -8% behind 2019 levels. However, by Q4, Qatar, Saudi and Bahrain were well above Q4, 2019 levels.Stephen Anderson, partner, Middle East Strategy and Markets Leader, said, “The GCC economies have shown great resilience in the face of many obstacles being experienced globally, with the growth of the non-oil economy and increased focus on sustainability enabling them to lead the diversification agenda on a larger scale. “Continued government investment in strategic sectors and projects in pursuit of their National Visions will underpin future growth, allowing us to weather the worst of the global slowdown throughout 2023.”

Middle Eastern airlines saw a 43.1% traffic increase in March compared to a year ago, the International Air Transport Association (IATA) said in its latest report.Capacity climbed 30.5% and load factor pushed up seven percentage points to 79.4%.International revenue passenger-kilometres (RPKs) performed by Middle East carriers grew 43.1% YoY, recovering to 92.5% of 2019 levels, IATA noted.Total traffic in March 2023 (measured in revenue passenger kilometres or RPKs) rose 52.4% compared to March 2022. Globally, traffic is now at 88.0% of March 2019 levels.Domestic traffic for March rose 34.1% compared to the year-ago period. Total March 2023 domestic traffic was at 98.9% of the March 2019 level.International traffic climbed 68.9% versus March 2022 with all markets recording healthy growth, led once again by carriers in the Asia-Pacific region. International RPKs reached 81.6% of March 2019 levels while the load factor at 81.3% exceeded the March 2019 level by 10.1 percentage points.Asia-Pacific airlines had a 283.1% increase in March 2023 traffic compared to March 2022, continuing the robust momentum since the lifting of travel restrictions in the region. Capacity rose 161.5% and the load factor increased 26.8 percentage points to 84.5%, the second highest among the regions.European carriers posted a 38.5% traffic rise versus March 2022. Capacity climbed 27.0%, and load factor rose 6.6 percentage points to 79.4%, which was the second lowest among the regions.North American carriers’ traffic climbed 51.6% in March 2023 versus the 2022 period. Capacity increased 34.0%, and load factor rose 9.8 percentage points to 84.8%, the highest among the regions.Latin American airlines had a 36.5% traffic increase compared to the same month in 2022. March capacity climbed 33.4% and load factor rose 1.9 percentage points to 82.8%.African airlines’ traffic rose 71.7% in March 2023 versus a year ago, the second highest among the regions. March capacity was up 56.2% and load factor climbed 6.5 percentage points to 72.2%, lowest among the regions.Indian airlines’ domestic demand climbed 20.3% in March and was 10.0% above the March 2019 levels.IATA’s Director General Willie Walsh said, “The calendar year first quarter ended on a strong note for air travel demand. Domestic markets have been near their pre-pandemic levels for months. And for international travel two key waypoints were topped. First, demand increased by 3.5 percentage points compared to the previous month’s growth, to reach 81.6% of pre-Covid levels.“This was led by a near-tripling of demand for Asia-Pacific carriers as China’s re-opening took hold. And efficiency is improving as international load factors reached 81.3%. Even more importantly, ticket sales for both domestic and international travel give every indication that strong growth will continue into the peak Northern Hemisphere summer travel season.“As traveller expectations build towards the peak Northern Hemisphere summer travel season, airlines are doing their best to meet the desire and need to fly. Unfortunately, a lack of capacity means that some of those travellers may be disappointed. Part of this capacity shortfall is attributable to the widely reported labour shortages impacting many parts of the aviation value chain, as well as supply chain issues affecting the aircraft manufacturing sector that is resulting in aircraft delivery delays.“However, a significant share of recent flight cancellations, primarily in Europe, are owing to job actions by air traffic controllers and others. These irresponsible actions resulted in thousands of unnecessary cancellations in March. This is unacceptable and should not be tolerated by the authorities,” Walsh added.

The decision by the United States Transportation Administration not to officially delay the deadline for airlines to refit planes with new sensors for addressing possible 5G interference, may cause flight disruptions during the peak summer months.US Transportation Secretary Pete Buttigieg said that the airlines concerned were told the July 1 deadline remained in place.Airlines have repeatedly warned that they will not be able to meet the deadline and may be forced to ground some planes.Telecoms firms have previously delayed 5G rollout to allow airlines to adapt.The Federal Aviation Administration (FAA) and aviation companies have previously raised concerns that C-Band spectrum 5G wireless could interfere with aircraft altimeters, which measure a plane's height above the ground.In a recent call, Buttigieg urged the airline companies to work aggressively to retrofit their planes before the deadline that expires on July 1.That said, three US telecos - AT&T Services, T-Mobile, UScellular, and Verizon agreed to extend until January 1, 2028 the “voluntary mitigation measures” for 5G C-band transmissions at 188 US airports.These mitigation measures, which were put in place in January 2022, concurrent with the rollout of 5G C-band operations at or near US airports, include lowering the power of 5G transmissions and had been set to expire July 1 this year.The latest agreement by the telcos to defer until January 2028 full power-up of 5G C-band transmissions near airports certainly buys time, but does not necessarily address underlying issues.The global body of airlines IATA noted: “While the agreement is a welcome stop-gap development, it is by no means a solution. The underlying safety and economic issues around 5G C-band deployments by telecommunications services providers (telcos) have only been kicked down the road.”“Airlines did not create this situation. They are victims of poor government planning and co-ordination. Industry concerns about 5G, expressed for many years in the appropriate forums, were ignored and over-ridden. Half-measure solutions have been foisted upon airlines to implement at their own expense and with little visibility into their long-term viability.“This extension is an opportunity for all stakeholders, including telcos, government regulators, airlines and equipment manufacturers, to work together for a fair and equitable solution,” said Nick Careen, IATA’s senior vice president (Operations, Safety and Security).“Many airlines have indicated that despite their best efforts they will not meet the July 1 deadline owing to supply chain issues. But even for those that do, these investments will bring no gains in operating efficiency. Furthermore, this is only a temporary holding action. Under current scenarios, airlines will have to retrofit most of their aircraft twice in just five years.“And with the standards for the second retrofit yet to be developed we could easily be facing the same supply chain issues in 2028 that we are struggling with today. This is patently unfair and wasteful. We need a more rational approach that does not place the entire burden for addressing this unfortunate situation on aviation,” Careen added.Industry experts say the rollout of 5G technology in the United States could potentially have an impact on airlines, specifically on their use of radio altimeters during landings.Radio altimeters are instruments that use radio waves to measure the distance between an aircraft and the ground, which is crucial for safe landings, particularly in low-visibility conditions.The frequencies used by 5G technology are close to those used by radio altimeters, which has raised concerns that 5G signals could interfere with the accuracy of the altimeters, potentially causing pilots to receive incorrect altitude readings during landings.This could lead to safety issues, such as planes touching down too soon or too late, which could result in accidents.To mitigate this potential risk, the Federal Aviation Administration (FAA) and Federal Communications Commission (FCC) have been working closely with airlines and telecommunication companies to establish safety protocols and implement safeguards to prevent interference with radio altimeters.Some of the measures include reducing the power of 5G signals near airports and conducting testing to ensure that radio altimeters are not affected by 5G transmissions.But while the rollout of 5G technology in the United States could potentially have an impact on airlines, steps are being taken to ensure that any potential risks are minimised and that the safety of air travel is not compromised.Pratap John is Business Editor at Gulf Times. Twitter handle: @PratapJohn

Pickup in loans for the services segment by 3% (QR7.1bn) is among the highlights of ‘Qatar Monthly Banking Sector update’ for March by QNB Financial Services (QNBFS).Qatar banking sector’s total assets increased 1% during March to reach QR1.862tn.Loans went up 0.6% during the month to reach QR1.25tn. Deposits grew by 1.8% during March to reach QR967.5bn, QNBFS said Tuesday.“The highlight for the month of March is the pickup in loans for the services segment by 3.0% (QR7.1bn), which indicates good demand in restaurants and hotels and pickup in the tourism sector,” an analyst told Gulf Times.The total assets rise in March was mainly due to an increase by 7.7% in foreign assets, QNBFS noted.Total assets have declined by 1.3% 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 30.4% in March, compared to 30.3% in February.The loans gain in March was mainly due to an increase both in the private (0.7%) and public (0.6%) sectors, QNBFS said.Loans have marginally gone down by 0.1% in 2023, compared to a growth of 3.3% in 2022. Loans grew by an average 6.7% over the past five years (2018-2022).Loan provisions to gross loans was at 3.7% in March compared to 3.6% in February.Deposits growth in March was mainly due to both a rise by 3% in public sector and 2.8% in non-resident deposits.Deposits have gone down by 4.9% in 2023, compared to a growth of 2.6% in 2022. Deposits grew by an average 4% over the past five years (2018-2022).The loans to deposits ratio declined during the month to 129.7% in March. Loans went up by 0.6% in March to reach QR1,25tn, while deposits increased 1.8% in March to reach QR967.5bn.The services segment was the main contributor towards the private sector loan gain.Services (contributes 30% to private sector loans) increased by 3% month-on-month (MoM- 2.4% in 2023), while general trade (contributes 21% to private sector loans) gained 0.9% MoM (+1.7% in 2023). However, the real estate segment (contributes 22% to private sector loans) declined by 1.8% MoM (-0.1% in 2023), while consumption and others (contributes 20% to private sector loans) moved lower by 0.3% MoM (-0.8% in 2023) in March.The government segment (represents 29% of public sector loans) gained 2.2% MoM (-10.2% in 2023), while the government institutions’ segment (represents 67% of public sector loans) loan book added 0.1% MoM (+1.6% in 2023).However, the semi-government institutions’ segment declined by 1.7% MoM (-2.3% in 2023). Outside Qatar loans moved up marginally by 0.1% MoM (0.0% in 2023) during the month of March.The government segment (represents 29% of public sector deposits) was the main driver with a growth of 12.4% MoM (-8.4% in 2023), while the government institutions’ segment (represents 59% of public sector deposits) moved up 3.4% MoM (0.7% in 2023).However, the semi-government institutions’ segment fell by 16.4% MoM (-20.3% in 2023) in March, QNBFS said.Private sector deposits moved up by 0.6% MoM (-0.5% in 2023) in March. On the private sector front, the consumer segment increased by 1.1% MoM (+3.0% in 2023) during March, while the companies and institutions’ segment edged up by 0.1% MoM (-4.0% in 2023), QNBFS noted.

As Qatar prepares to host several major global events, Estithmar Holding Group Chief Executive Officer Henrik H. Christiansen is excited about the country’s future."We are thrilled to see Qatar opening up its doors to visitors and further liberalising its procedures, which will undoubtedly have a positive impact on the national economy," said Christiansen in an interview with Gulf Times."We can't wait to welcome more people to the country and show them the incredible facilities we have to offer, including the amazing Al Maha Island, which is an unparalleled entertainment and leisure destination."Looking ahead to the upcoming AFC Asian Cup 2023, Expo 2023 Doha Qatar, Formula 1 - Qatar Grand Prix, and Geneva International Motor Show, Christiansen added: "We are confident that Qatar will continue to shine on the global stage, and we are honoured to be a part of this exciting journey. We were thrilled to have thousands of visitors to our facilities during the FIFA World Cup Qatar 2022, and we are eager to build on that success and generate even more business while providing the highest level of service, food and entertainment to our valued customers."Estithmar Holding is a Qatari public listed company with a diverse portfolio of 45 companies operating in five strategic sectors through its five major divisions.Christiansen is especially proud of Estithmar's flagship property, Al Maha Island, which features a range of world-class attractions and hospitality services."We have worked tirelessly to create an exceptional getaway that combines entertainment and leisure in one place, and we are thrilled with the overwhelmingly positive response we have received from visitors," he said."Our hotels and restaurants are positioned at the high end of the market, and we are confident that we will continue to attract discerning guests who appreciate quality, excellence, great service and innovation."In addition to its tourism and hospitality businesses, Estithmar Holding is also making waves in the healthcare industry with The View Hospital, a state-of-the-art medical facility developed by its subsidiary, Elegancia Healthcare."We are committed to providing the highest level of clinical excellence and becoming the hospital of choice for patients both in Qatar and beyond," said Christiansen."With our international partnership with Cedars Sinai, one of the top hospitals in the United States, we are able to deliver outstanding clinical expertise through highly experienced, multidisciplinary teams and systems. We are confident that The View Hospital will be a game-changer for private healthcare in the region, and we look forward to serving the people of Qatar with world-class care,” Christiansen added.Ends

Qatar Airways Group Chief Executive HE Akbar al-Baker Monday announced additional network expansion within the GCC region including new services to Saudi Arabia and the UAE.Al-Baker introduced the addition of a new destination, Tabouk, Saudi Arabia, as well as the resumption of service to Yanbu, Saudi Arabia.The airline currently flies to Abu Dhabi, Dubai and Sharjah, and will begin services to Ras Al Khaimah in the UAE shortly.Qatar Airways currently operates some 84 weekly flights to the UAE, firmly cementing the importance of the region, he noted at a media event in Dubai.Al-Baker said: “We are excited to be present at this year's Arabian Travel Market. Our commitment to offering our passengers world-class products and services remains steadfast as we continue to grow and expand our network. With exciting events lined up in Qatar, we are certain that our country will continue to thrive as a tourism hub for years to come.”The Arab Tourism Organisation recently named Doha as the Arab Tourism Capital 2023. This is a testament to Qatar's exceptional achievements in leisure and hospitality, solidifying the country's position as one of the world's most sought-after destinations.Qatar Airways will highlight its partnership with Formula 1, and its role as the world-renowned racing series' official airline, demonstrating Qatar Airways’ dedication to supporting top-tier international sporting events and adding on to its sports sponsorship portfolio.The Global Partner and Official Airline of F1, in partnership with Qatar Airways Holidays, launched travel packages allowing fans to be up-close to high-octane action, and exclusively enjoy unique experiences and special events for each F1 racing event.This year, Qatar will host the Geneva International Motor Show (GIMS Qatar 2023). This event is set to present a stunning festival highlighting the finest of the automotive industry, hosted by a pioneering and passionate nation with a true affinity for cars.Guests will be invited to navigate the future of the automotive industry while receiving the best-in-class experiences across travel, hospitality, motorsports, and culture.Qatar Airways continues on the path of growth and success for the years ahead, owing to its industry-leading products and services, innovative approach, and commitment to customer satisfaction.Meanwhile, Qatar’s national carrier held a strong presence on the first day of the Arabian Travel Market (ATM) conference. Showcasing the FIA World Endurance Championship ‘hypercar’, Qatar Airways “garnered heavy attention” around the stand.The national airline offered ATM visitors a chance to drive the vehicle through a simulation, and also provided a relaxing lounge area reflecting the airline’s standards on luxury and comfort, quality and hospitality all in one stand.

Qatar Airways Group Chief Executive HE Akbar al-Baker has forecast robust travel demand for the rest of the year and said the national airline would look to add more routes, depending on how fast it gets new Airbus and Boeing jets. Addressing the media at the Arabian Travel Market conference in Dubai Monday, al-Baker said the total number of destinations could grow up to 190 from 177 destinations now, depending on the delivery of additional aircraft from the two manufacturers. The airline expects planemakers Boeing and Airbus to begin delivering soon. “We have already bought a large number of new aircraft. We have already started taking delivery of our (Boeing) Max aircraft. Qatar Airways is also experiencing delayed delivery of Boeing 787 and 777X planes. All these are now in the pipeline. We were expecting to take delivery of a large number of 787-9 aircraft this year. The 787 delays had been caused by unnecessary concerns raised by the US regulator,” al-Baker noted. Al-Baker expects to begin receiving aircraft from Airbus as the national airline has settled its dispute with the European planemaker. Airbus in March reinstated an order for some 73 aircraft from Qatar Airways, which it had revoked during a major legal dispute over damage to the surface of grounded A350s. Al-Baker expects to begin receiving the aircraft in the "not too distant future". Boeing in February temporarily halted delivery of new 787 aircraft to conduct additional analysis of a fuselage component amid the FAA's concerns. Al-Baker said he did not expect higher oil prices and overall inflation to dent travel demand. “I don’t think there will be any dent in travel demand because of higher oil price. At one time, the oil price had gone up to $150 a barrel, but the travel demand did not go down. The oil price had gone up by nearly 100% but the ticket price might have gone up by 5% because the airlines have imposed fuel surcharge on tickets. “Airlines have then absorbed a lot of fuel costs. But this always will not be sustainable. Because at the end of the day, as an airline we are responsible to our shareholder to give them a return on their investment. So we have had to make sure we have a cushion on the oil price, but not an unlimited cushion.” Al-Baker said the airline was "fighting with oil companies" to scale up the production of sustainable aviation fuel (SAF) in order to bring the price down to affordable levels. The airline aims to adopt the fuel, which has the potential to reduce its carbon footprint, or to use it in combination with conventional fuel, he added.

Qatar's nominal GDP has been forecast at nearly $211bn this year and $222.4bn in 2024, according to the latest update by Emirates NBD.The regional banking group has forecast the country’s real GDP growth at 2.3% this year and 3% in 2024.The country’s current account surplus (as a percentage of GDP) has been forecast at 32.1% this year and 29.3% in 2024.The budget balance (as a percentage of GDP) has been forecast at 5.6% this year and 6% in 2024.Emirates NBD forecasts Qatar’s CPI inflation at 3% this year and 2.5% in 2024.Recently, the regional banking group revised its 2023 GDP growth forecasts for several GCC countries lower, following the announcement of voluntary oil production cuts by Saudi Arabia, the UAE, Kuwait and Oman from May through the end of 2023.For the region as a whole, it has forecast headline GDP growth at 2.3% for 2023, down from 3.2% previously.It had already revised its forecasts for GCC budgets lower on the back of its downward adjustment to the 2023 oil price estimate in March. Reducing the amount of oil produced and sold will further negatively impact budget revenues for oil exporting countries.For the whole GCC, the forecast budget surplus for 2023 is now 1.8% of GDP, from 2.5% previously.Emirates NBD now expects Saudi Arabia to run a close to balanced budget, while Kuwait is likely to post a small deficit of -0.3% of GDP. The UAE’s forecast surplus has been reduced to 5.6% of GDP from 6.2% of GDP previously.With fewer barrels of oil produced this year, the break-even oil price (the oil price required by each one in order to balance the budget) rises as well, unless government spending is reduced proportionately or non-oil revenues increase.The UAE’s breakeven oil price is not easy to estimate as revenues are split into tax and non-tax revenue (not oil and non-oil). However, Emirates NBD thinks the UAE’s break-even oil price in 2023 is likely to be between $60-$65 for a barrel, the lowest in the GCC.“Current account surpluses have also been adjusted to reflect lower volumes of oil produced and exported relative to expectations at the start of the year. All GCC countries are still expected to run current account surpluses in 2023, with the weighted average for the region at 12.5% of GDP this year, down from an estimated 16.8% in 2022,” noted Khatija Haque, Emirates NBD head of research & chief economist.

Qatar’s fiscal balance as a percentage of the country’s GDP has been forecast at 9.6% this year and 7.6% in 2024, Oxford Economics said in its latest update.The country’s current account balance (as a percentage of its GDP) has been forecast at 16.8% this year and 13.8% in 2024.Qatar’s inflation, Oxford Economics noted, is expected to be 2.3% this year and 1.8% in 2024.“We expect disinflation to gather pace in the coming months and continue to forecast average inflation at 2.3% this year. This is less than half the average pace of 5% in 2022,” Oxford Economics said.Real GDP, the researcher noted, may grow 2.5% this year and 2.7% in 2024.In its forecast last month, Oxford Economics said it expects the expansion of gas capacity and the pipeline of planned projects to draw foreign direct investment (FDI), underpinning average growth of 3.2% in the non-oil sector this year and next.The North Field gas expansion project will have a positive medium-term impact, increasing LNG capacity nearly 65% to 126mn tonnes per year (mtpy) by 2027, from 77mtpy currently.Qatar is in the process of signing further 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-oil sector is likely to have expanded by over 6% in 2022, the fastest pace since 2015. But non-oil growth will slow to 3.3% this year as momentum eases after the World Cup, and 3% in 2024.Tourism will be among the sectors that will underpin 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 per barrel, up from $55 in the 2022 budget, projects a surplus of QR29bn, equivalent to 3.4% of GDP.Oxford Economics’ forecast for Brent is at $85 per barrel in 2023, above the budgeted price, and it now sees a "slower deceleration" in LNG prices.On that basis and with spending growth moderating, the researcher sees a budget surplus of 10.3% of GDP this year.The government ran a surplus of QR89bn (10.7% of GDP) in 2022, Oxford Economics said.

Rogue shippers, or illegal or unauthorised shippers, pose a significant threat to the aviation industry. These individuals or organisations transport hazardous goods or materials.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[21486]**without following proper safety regulations, and as a result, they can cause serious problems for the industry.Some of the problems caused by rogue shippers in the aviation industry include safety and security risks, regulatory violations, financial losses and damage to reputation.Rogue shippers often do not properly package or label hazardous materials, which can lead to accidents during transportation. This can cause harm to the individuals handling the goods, as well as to other passengers and crew members on the plane.Transporting hazardous materials requires strict compliance with international regulations such as ICAO Technical Instructions, IATA Dangerous Goods Regulations, and national regulations. Rogue shippers may not comply with these regulations, which can lead to fines, legal action, or the revocation of licences.The aviation industry may face financial losses due to rogue shippers as they may avoid paying fees associated with proper hazardous materials transportation.Moreover, in case of accidents, the liability and financial burden may fall on the airline and aviation industry.Accidents or incidents involving rogue shippers can damage the reputation of airlines and the industry as a whole. It can lead to public distrust and negative publicity.Rogue shippers can also use the aviation industry for illegal activities such as smuggling illegal items. This poses a security risk to the industry and raises concerns for national security.Undoubtedly, rogue shippers can cause significant problems for the aviation industry, and it is crucial for authorities to take strict measures to prevent such activities. This includes effective monitoring and enforcement of regulations, training and awareness for employees, and penalties for those who violate the rules.Lithium batteries have become increasingly popular due to their high energy density, lightweight and long life, and they are widely used in a variety of electronic devices.However, the use of lithium batteries has also caused problems for the airline industry due to the potential safety hazards associated with them.Problems caused by lithium batteries for the airline industry include fire hazards, risk of explosion, regulatory compliance, flight delays and cancellations and liability issues.Lithium batteries pose a significant safety risk to the airline industry, and it is essential for airlines to take appropriate measures to mitigate these risks.This includes proper packaging and handling of lithium batteries, compliance with regulations, and effective training and awareness programs for employees.Additionally, there is a need for continued research and development of safer battery technologies to minimise these risks.According to IATA’s global head of cargo Brendan Sullivan: “The first priority is to stop rogue shippers. A lot has been done. But, quite honestly, it is still not enough. Civil aviation authorities must take strong action against shippers not declaring lithium batteries in cargo or mail shipments. And all governments need to support ICAO’s efforts to strengthen the standards in Annex 18 – the Safe Transport of Dangerous Goods.”At the recent World Air Cargo Symposium in Turkiye, Sullivan noted: “So, we still need counter measures in case improperly packaged shipments do get on board. Here we are engaging with European Aviation Safety Agency (EASA) and Federal Aviation Administration (FAA) of the United States to develop a test standard for fire-resistant aircraft containers with a fire involving lithium batteries. The aim is for unit load devices (ULDs) to contain a lithium battery fire for up to six hours.“We have made progress on the specific challenge of handling lithium battery powered vehicles. From January 1, 2025 we will have a single standard to identify all such vehicles including vehicles such as hover boards, e-scooters and e-bikes, as well as traditional passenger vehicles throughout the transport process.”More broadly, IATA says the Centre of Excellence for Independent Validators in Pharmaceutical Logistics (CEIV) Lithium Battery programme continues to grow, with some 31 companies now certified. These encompass the supply chain with a mix of airlines, freight forwarders, cargo handling facilities and shippers.Having seen the success of CEIV in promoting better transport of pharmaceuticals, fresh products, and live animals, we can be confident that the growth of this programme will raise the bar for high quality and safe transport of lithium batteries for all participants in the supply chain.

Qatar's sovereign credit strengths are large fiscal and current-account surpluses, which are expected to limit borrowing, EIU said in its latest update.Public debt has fallen sharply, to an estimated 44.4% of GDP at end-2022. High energy prices and a comfortable trade position are supporting external liquidity, and the balance-of-payments position is sound, EIU noted.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), the assets of which are estimated to be worth $475bn, EIU said.The negative net foreign asset position of Qatar's banks remains large, but has shrunk over the past 12 months. The currency peg also limits overall risk.The sector is well regulated and strong prudential indicators insulate banks from a deterioration in asset quality. The non-performing loan ratio is low, but higher interest rates pose a modest risk.However, Qatar's over-reliance on hydrocarbons exports remains a vulnerability, exposing the country to global energy price movements, EIU noted.The researcher noted in a recent update that Qatar’s real economic growth will remain stable throughout most of the long-term forecast period. Elevated global hydrocarbons prices and investment in the QNV 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-2020st.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.Qatar's overall business environment score has improved, from 6.60 for the historical period (2017-21) to 7.74 (up to 2026) 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, EIU said.“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 delivered 22 more cargoes in the first quarter of this year compared to the same period last year, the Gas Exporting Countries Forum (GECF) said in its April report.In March, the total number of global LNG export cargoes increased by 8% m-o-m to 551. The total number of LNG shipments for the first three months of 2023 reached 1598, which is 3% (or 50 more cargoes) than during the same period in 2022.The US, Australia, and Qatar lead the number of LNG shipments in 2023 thus far, Doha-headquartered GECF noted.In March 2023, the LNG spot charter rate for steam turbine carriers averaged $38,800 per day, which was 12% higher month-on-month (m-o-m) and 50% higher year-on-year (y-o-y).The spot charter rate in 2023 has generally been following the seasonal trend, hovering around the five-year average.During the majority of March, charter rates held steady at the same levels as the end of February, until they declined during the final third of the month.This, GECF noted that although the average monthly rate increased m-o-m, March concluded with the daily rate actually reaching the lowest level recorded since August 2022.Charter rates softened at the end of the month as a result of reduced tightness in the market, attributed to increased Atlantic Basin deliveries, rather than intra-basin flows.The average price of the leading shipping fuels in March 2023 was $560 per tonne, which was 8% lower than the previous month, and 37% lower y-o-y.In March 2023, the impact of the rise in LNG spot charter rates was offset by decreases in the cost of LNG shipping fuels and the delivered spot LNG prices, resulting in a net decrease in theLNG shipping cost, by up to $0.12/mmBtu compared with the previous month, GECF said.Compared with the same month one year ago, charter rates were higher in March 2023, but fuel prices and delivered spot LNG prices were significantly lower than in 2022, resulting in LNG shipping costs up to $1.32/mmBtu lower.Maintenance activity at LNG liquefaction facilities: In March, both planned and unplanned outages affected 0.80 mtpy of global liquefaction capacity. This represents a significant decrease from 2.07mn tonnes per year (mtpy) in March 2022.The APLNG facility in Australia and Qatar’s LNG facility underwent planned maintenance activity during the month, while the Soyo LNG facility in Angola, QCLNG facility in Australia and Freeport LNG facility in the US encountered unplanned outages, GECF said.

Qatar intends to invest QR337mn in a healthcare Public Private Partnership (PPP) project, Alpen Capital has said in a report.As part of this, the government is increasing private sector participation in the design, construction, operation, and maintenance of two primary health centres in Madinat Khalifa and Umm Ghuwalina to provide enhanced primary care services, it said.GCC governments are actively looking at alternative models to fund and operate new and existing facilities delivering healthcare services in the region, the researcher noted in its recent report on ‘GCC healthcare industry’.As the region focuses on developing domestic R&D capabilities, PPPs coupled with recent regulatory reforms, are likely to support clinical trials and the launch of new biopharma manufacturing and production facilities, it said.This will allow companies to focus on the development of medicines to address areas of high unmet need, such as the treatment of rare diseases. In the long-run, this is likely to lead to reduced costs and build more robust supply chains.It will also help build a mature healthcare ecosystem, supporting the advancement of medical education and critical skills while helping attract global talent.According to Alpen Capital, GCC governments are actively looking at alternative models to fund and operate new and existing facilities delivering healthcare services in the region.As such, they have been encouraging the involvement of private players through a PPP model. Privatisation of hospitals and allied services remains at the forefront of the GCC governments’ economic diversification agenda, which will not only help reduce the cost burden but also bridge the growing demand-supply gap amid rising healthcare needs and thus improve the quality of healthcare in the region.In January 2022, Saudi Arabia designed the new private sector participation law (PSP Law) to boost private investment in the Kingdom.The law marks the beginning of the legal framework on which the government can start to outsource healthcare provision and will cover PPPs. This could be crucial for the Saudi healthcare sector, which currently has $12.8bn worth of projects that will create 224 primary healthcare centres and add more than 20,000 hospital beds across the Kingdom by 2030, as part of its Vision 2030.In June 2019, Saudi Arabia announced its first healthcare PPP project that targets radiology and medical imaging services covering hospitals in the greater Riyadh area.In addition to infrastructure development projects, Saudi Arabia has also been collaborating with foreign players on building a robust healthcare technology ecosystem.Private participation has also been on the rise in the UAE. The country has around 700 healthcare projects under development with a total investment of $60.9bnn), mostly carried out by the private sector.Oman has announced plans to build the $1,242.8mn Sultan Qaboos Medical City Complex under a PPP model. The country has already rolled out several healthcare projects including a dialysis centre, secondary hospital and central laboratory under the PPP model.Similarly, several other healthcare PPPs are in the pipeline across the GCC as the regional governments aim to leverage efficiencies and expertise of the private players to achieve their development goals and match international best practices, Alpen Capital noted.