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Civilian aircraft carry thousands of passengers every single day. Ensuring their safety is paramount, especially during conflicts where there are heightened risks of missile strikes, airspace closures, or targeted attacks.Protecting civil aviation safeguards innocent lives and prevents tragic losses.The aviation industry is a significant contributor to the global economy. Disruption to air travel will have severe economic repercussions, affecting trade, tourism, and employment. Airports, airlines, and related businesses suffer, impacting communities that rely on aviation for their livelihoods.In the wake of the Middle East crisis and ongoing war between Russia and Ukraine, the International Air Transport Association (IATA), recently reminded governments around the world of the importance of protecting civil aviation, including airport and air navigation infrastructure, during times of conflict.Civil aviation fulfils a purpose that transcends politics to ‘create and preserve friendship and understanding among the nations and peoples of the world’.The Chicago Convention, signed some 80 years ago as the Second World War raged, begins with those words.They are a timeless reminder of civil aviation’s essential and unique role in connecting people and delivering goods over vast distances. In the turbulent world of 2024, the truth of the Chicago Convention’s preamble rings loudly.“We all want to live in a world at peace. Sadly, today, that is far from reality for many people. That is why it is necessary to remind all involved in conflict of the need to ensure that flights are safe, and that critical airport and air navigation infrastructure is not targeted in any hostilities,” according to IATA.Civil aviation does not take sides in political conflicts. As an industry that requires the effective implementation of global standards to operate, aviation upholds global standards and the international rules-based order on which they rely.“As the name implies, civil aviation serves the civilian population. It must be kept out of harm’s way by all actors in a conflict. This is our firm belief,” IATA noted.More importantly, it is the unquestionable obligation of governments under international law.International conventions, such as the Chicago Convention on International Civil Aviation, emphasise the importance of protecting civil aviation and maintaining safe airspace. Violating these norms during conflicts undermines global stability and lead to legal and diplomatic consequences.During conflicts, managing airspace becomes all the more challenging, with increased military activities and potential threats to commercial aircraft. Protecting civil aviation requires coordinated efforts to ensure safe flight routes, timely information sharing, and compliance with international regulations.According to Willie Walsh, Director General, IATA, the Chicago Convention explicitly obliges states to protect civil aircraft and passengers in flight, refrain from the use of force against civil aircraft, and by corollary coordinate and communicate any activities potentially hazardous to civil aviation. These are essential to keep flying safe.“As the world works towards more peaceful days, aviation will support the effort by connecting people and goods. In the meantime, combatants must know and abide by the rules of conflict and humanitarian assistance as laid out in international law. To simplify: do no harm to civilian aircraft, airports or air navigation services. This is non-negotiable and must be respected, even at the height of hostility,” Walsh noted.Aviation connects people, nations, and economies. Disrupting civil aviation during conflict isolate regions, hinder evacuations, and cut off essential services.Even in conflict zones, civil aviation often plays a vital role in transporting humanitarian aid, medical supplies, and personnel. Therefore, disruption to air travel hamper these efforts, exacerbating the humanitarian crisis. Protecting civil aviation helps ensure that life-saving assistance reaches those in need.Maintaining civil aviation helps keep lines of communication and transport open, even in difficult circumstances.Ensuring the safety of civil aviation during conflicts is not only a legal obligation but a moral imperative to protect lives, uphold international norms, and maintain the functioning of global society.

A workshop hosted by the National Committee for Combating Money Laundering and Terrorism Financing, in co-operation with the Middle East and North Africa Financial Action Task Force (MENAFATF) in Doha on Sunday provided a comprehensive understanding of combating the financing of the proliferation of weapons of mass destruction, its mechanisms, and to help identify and assess the associated risks.The workshop was titled ‘Investigation and Prosecution in the Field of Countering the Financing of the Proliferation of Weapons of Mass Destruction’.The workshop also seeks to offer insights into the international legal framework governing proliferation financing, including relevant international organisational resolutions and recommendations from the Financial Action Task Force (FATF), which will enrich participants' practical experience.In his opening remarks at the workshop, Essa al-Hardan, Secretary of the National Committee for Combating Money Laundering and Terrorism Financing in Qatar and Head of the Technical Assistance and Typologies Working Group at MENAFATF, stressed that the proliferation of weapons of mass destruction posed a significant threat to global peace and security.He noted that the international community has focused on proliferation financing for nearly two decades, recognising the need to implement financial measures to prevent the spread of these weapons, based on UN Security Council Resolution 1540 of 2004.In 2008, the Financial Action Task Force addressed proliferation financing by adopting an application report that identifies and analyses the current threat of proliferation financing, as well as the methods used by those involved in proliferation and its facilitators.Since 2012, FATF has worked to enhance and refine its recommendations to provide countries with more effective tools to combat the financing of weapons of mass destruction. Regarding national responses, judicial authorities worldwide have varied in their handling of this issue, with many displaying deficiencies in the framework and implementation of counter-proliferation measures. For example, mutual evaluation reports have highlighted that the majority of jurisdictions do not specifically address proliferation financing separately from other financial crimes, such as terrorism financing or money laundering.Accordingly, al-Hardan affirmed that the workshop will assist participants from MENAFATF member states in taking actions and measures to meet the requirements of combating the financing of proliferation, enhancing investigative frameworks, supporting relevant authorities in fulfilling their duties, and establishing sound practices in this field.It will also help develop a broader understanding of FATF standards, relevant Security Council resolutions, and the importance of effective tracking and prosecution of proliferation financing crimes, in addition to emphasising the need for widespread and effective application of targeted financial sanctions.Experts from the United Nations Office on Drugs and Crime, the German Agency for International Co-operation, the Executive Office for Control and Non-Proliferation from the United Arab Emirates, as well as experts from the Technical Committee for Implementing Targeted Financial Sanctions, are participating in this workshop alongside MENAFATF observers.

Qatar’s non-energy sector will strengthen and estimated to grow by 2.4% this year, up from 1.1% in 2023, according to Oxford Economics.Growth in the non-energy sector improved at the end of last year, picking up to 1.7% year-on-year (y-o-y) in Q4-2023, from an average of 0.8% in the preceding three quarters.Performance was mixed across sectors at the end of last year, with positive trends in the wholesale and retail and hospitality-related sectors offset by drags spanning administrative and professional services, finance and insurance, and information and communications technology.The latest Purchasing Managers' Index (PMI) survey showed business conditions in Qatar have continued to improve, consistent with Oxford Economics’ 2024 non-energy sector growth projection of 2.4%.The August PMI rose to 53.1 (the third-highest reading this year), from 51.3 in July. Most of the subindices, including output and new orders, showed stronger growth in August, and expectations about future activity strengthened to the highest level in nearly 18 months. The employment index was a key contributor to the improvement in the headline index in August as it surged to a near-record high.Meanwhile, industry posted a sixth consecutive year-on-year decline in July, though downward pressure appears to be easing outside of plastics and cement production.According to Oxford Economics, tourism has provided a key support to non- energy activities and will remain a driver of future growth.Data show the number of foreign arrivals neared 3mn in the year to July, on track to meet the researcher’s forecast of 4.5mn overnight visitors this year.The launch of the pan-GCC visa should help extend the positive performance in 2025, it said.The researcher’s average inflation forecasts are unchanged at 0.9% this year and 1.8% for 2025. Headline inflation rose to 1.2% in August, from 0.2% in July, lifted primarily by higher communications and recreation and culture prices.Restaurant and hotel costs also rose at a faster pace, while clothing, housing, and utilities remained on a disinflationary path. Rising wage pressures and non-staff costs will push output prices higher in the months ahead, contributing to a rise in inflation into 2025, Oxford Economics noted.

The market for air travel remains hot as is evident from the load factor, which reached record high of 86.2% in August.All regions showed growth for international passenger markets in August compared to the same period last year.Ticket sales in May-July for travel in August-September showed a 6.6% year-on-year increase, which bodes well for further strong growth this year, according to IATA, the global trade body of airlines.Total demand, measured in revenue passenger kilometres (RPK), was up 8.6% in August compared to the same month in 2023.Total capacity, measured in available seat kilometres (ASK), was up 6.5% year-on-year. The August load factor was 86.2% (+1.6ppt compared to August 2023), a new record high.International demand rose 10.6% compared to August 2023. Capacity was up 10.1% year-on-year and the load factor rose to 85.7% (+0.4ppt compared to August 2023).Domestic demand rose 5.6% compared to August 2023. Capacity was up 1.2% year-on-year and the load factor was 86.9% (+3.6ppt compared to August 2023).The record load factor (the percentage of available seats that are filled) is definitely a positive news and good for airlines around the world.However, experts warn that the continued strong demand growth signals that the industry could be fast approaching an infrastructure capacity crunch that would restrict connectivity and choice for passengers and businesses.When airlines experience record-high passenger load factors several challenges arise despite the obvious financial benefits.Airport infrastructure, including terminals, runways, and gates, become congested when airlines operate at high load factors. This invariably causes bottlenecks during peak hours and reduce operational efficiency.More passengers mean more baggage, which puts a strain on the airport’s baggage handling system, potentially leading to delays and lost luggage incidents.Increased load factors have seen resulting in congested airports, both on the ground (check-in, security) and in the air (takeoff and landing slots), increasing the likelihood of delays.More passengers mean longer times for boarding, deplaning, and baggage handling, potentially delaying the turnaround time for flights.More passengers and full flights may lead to higher incidents of customer service complaints related to overbooking, delays, or dissatisfaction with the overall experience.Airlines frequently overbook flights, assuming some passengers won’t show up. With record-high load factors, there is a higher risk of overbooking and "bumping" passengers, which then leads to adverse publicity, compensation costs, and regulatory fines.Operating close to maximum capacity also raises issues with adhering to safety regulations and emergency procedures, as airlines and airports must ensure that services remain safe despite the high volume of passengers.IATA’s Director General Willie Walsh noted: “The market for air travel is hot and airlines are doing a great job at meeting the growing demand for travel. Efficiency gains have driven load factors to record highs while the 6.5% capacity increase demonstrates resilience in the face of persistent supply chain issues and infrastructure deficiencies.“Looking ahead, the continued strong demand growth signals that we could be fast approaching an infrastructure capacity crunch that would restrict connectivity and choice for passengers and businesses. If governments want to maximise the benefits of aviation, they must take bold decisions to ensure sufficient infrastructure capacity.”In the interim, both airports and air navigation service providers need to do more with the resources they currently have, Walsh suggested.“In particular, the variance in declared capacity of airports with broadly the same infrastructure needs to be resolved, with airports emulating the best performers. The industry cannot afford to under-utilise the airport infrastructure that we have,” said Walsh.Undoubtedly, airlines around the world must balance these challenges with maximising revenue during high load periods to maintain operational efficiency and customer satisfaction.

Commercial Bank, a leader in innovative digital banking solutions in Qatar, has officially launched its ‘For Everyone, Every Day, For Just QAR 1’ campaign across Qatar.The offer is valid until December 31.With this “first-of-its-kind” offer, Commercial Bank has once again set the standard with its latest customer-focused initiative: ‘For Everyone, Every Day, For Just QAR 1’ campaign.For a limited time, Commercial Bank cardholders can unlock an exciting new offer every day for just QR1, bringing unparalleled value and daily rewards straight to their fingertips.Addressing a media event at the Commercial Bank Plaza yesterday, Shahnawaz Rashid, executive general manager and head of Retail Banking at Commercial Bank said, “Guided by our unwavering commitment to delivering unmatched value and enhancing the everyday lifestyle of our customers, this campaign represents yet another milestone in our mission to introduce exclusive, first-of-their-kind offers in Qatar.“With Commercial Bank at the forefront of innovation, we are making it easier than ever for customers to enjoy a wide range of experiences across the city for a fraction of the cost, ensuring that extraordinary moments are always within reach.”Commenting on this initiative, Hussein al-Abdulla, executive general manager, Marketing and CB Real Estate, said, "Our customers have always been at the core of our vision, shaping every step we take. This campaign is more than just a promotion; it reflects our commitment to enriching the lives of our customers by delivering exceptional experiences that go far beyond traditional banking.“Whether through innovative services or exclusive opportunities, we strive to enhance their daily lives, reinforcing our promise to always put them first."Both Rashid and al-Abdulla and other Commercial Bank executives expressed optimism that the campaign would continue to be a huge success.“We have had excellent feedback from our partners and customers following the launch of the campaign,” Rashid said.Commercial Bank thanked its partners in this campaign: Rafeeq, Doha Quest, Powerhouse Gym, Mr. Valet, Papa John’s, Bo’s Coffee, and Tasty Tea.Senior executives of Commercial Bank partners in the campaign also attended the media event.

Global testing, inspection and certification firm Bureau Veritas is “deeply aligned” with Qatar National Vision 2030 and helps local businesses, organisations achieve compliance with international standards, according to its CEO Hinda Gharbi.“Bureau Veritas is deeply aligned with Qatar National Vision 2030 as we have our own integrated sustainability strategy that spans across all our business operations. Our expertise helps clients to address challenges related to safety, the environment, social responsibility, and product quality across multiple supply chains,” Gharbi said in a recent interview with Gulf Times.From resource selection to production, Bureau Veritas ensures sustainable practices at every stage, she said.“In Qatar, we work closely with clients in construction and infrastructure, providing guidance during development and refurbishment. We also support the implementation of internal sustainability measures within our clients’ work environment. As a result, we help these local businesses and organisations achieve compliance with international standards and local ambitions that promote environmental responsibility, sustainable development, and safety,” Gharbi noted.Recently, Bureau Veritas completed 40 years of presence in Qatar.With a history dating back to 1828, globally Bureau Veritas has become a trusted partner to many businesses and organisations, ensuring compliance, supporting sustainability, and assuring reliability worldwide.Bureau Veritas, she said, has utilised its deep understanding of global markets and tailored its offerings to meet the unique needs of each country.In Qatar, this has meant leveraging both local expertise and global best practice to deliver high-quality services across various sectors. The company's ability to adapt to Qatar’s dynamic economic landscape and its long-standing commitment to excellence have been key to its sustained success and consistency over the past 40 years.Over the past four decades, Bureau Veritas has contributed to the development of many of Qatar’s leading businesses and organisations, she noted.For example, the company supported Ooredoo in driving digital business growth through the renewal of "world-class" certifications. Bureau Veritas also certifies QNB Head Office for ISO 45001, contributing to enhance their safety management practices.Bureau Veritas also played a crucial role in helping Qatar Tourism attain ISO certifications, helping them to streamline the implementation of robust policies, procedures, and efficient processes, whilst increasing its environmental awareness – particularly when it comes to delivering sustainable events.On Bureau Veritas plans to enhance its role in Qatar’s critical infrastructure projects, especially as the country diversifies its economy and invests in sectors beyond oil and gas, Gharbi noted: “We plan to continue our support for Qatar’s critical infrastructure projects by providing end-to-end solutions that address both immediate and future challenges in developing and operating various assets. By delivering quality management, risk analysis, regulatory compliance, and sustainability assurance solutions, we are able to support projects and ensure they meet the highest standards of safety and efficiency as the country continues to diversify its economy beyond oil and gas.The GCC region offers unique opportunities for a global company like Bureau Veritas due to its rapid economic growth, diversification efforts, and significant investments in infrastructure and technology. The region’s focus on large-scale projects, such as smart cities and sustainable development, aligns well with the company’s expertise in testing, inspection, and certification.Additionally, the GCC’s commitment to regulatory compliance and international standards presents a valuable opportunity for us to provide tailored solutions that support the region’s ambitious goals.Gharbi has had an impressive career in the energy sector before transitioning to Bureau Veritas.“At Schlumberger, I gained valuable experience in managing large-scale operations and leading technology development, which has equipped me with a deep understanding of the complexities and demands of the energy sector. This background, along with years of collaborating with diverse experts, has shaped my informed and inclusive approach which values diverse perspectives and insights.“Additionally, my experience in cross-functional roles, including human resources and health, safety, and environment, allows me, together with the executive team, to drive initiatives that ensure our services not only meet but exceed industry standards, aligning with Qatar’s growth and sustainability goals. Today, we are fully dedicated and equipped to support Qatar’s ambitious advancements in the energy sector.”

The Qatar Central Bank (QCB) has expanded ‘Fawran’, providing corporate customers in the country to avail of benefits of the instant payment service.To avail of ‘Fawran’, corporates should register in the service using identifiers such as establishment ID, commercial registration and commercial license, the QCB said on Wednesday."Upon successful registration, corporates in the country will be able to send or receive fund transfers, instantly using their registered identifiers," QCB noted.According to the QCB, the participating banks are QIIB, Commercial Bank, Masraf Al Rayan, Doha Bank, Dukhan Bank and Ahli Bank.Fawran is considered one of the innovative and advanced services, in line with the third strategy for the financial sector in the country and in continuation of the QCB's efforts to develop the infrastructure of payment systems and keep pace with the latest developments in payment systems and electronic transfer of funds.Fawran was designed in accordance with a system based on the latest technologies and security standards, to maintain the security and confidentiality of the information created by the QCB to enable financial institutions to provide the service to their customers with complete reliability.One of the most prominent advantages provided by the instant payment service is enabling bank customers to send and receive money in the country immediately, and within moments. It will also be available round-the-clock without interruption.Earlier, the QCB noted that the launch of the Fawran is part of the projects it has undertaken to enhance the country's payment system.This initiative plays a significant role in strengthening the financial sector, providing diverse payment options for all segments of society, facilitating payment processes, and reducing reliance on cash, thereby lowering associated costs.

An escalation of war in the Middle East is very likely to cause a dramatic rise in oil prices and lead to spiralling jet fuel bill for airlines around the world.The ongoing crisis has already injected volatility into global energy markets, raising concerns about the potential impact on fuel prices.Industry experts point to the possibility of major disruptions in oil production and transportation, particularly in critical regions like the Strait of Hormuz, a vital channel for global oil shipments.As fuel accounts for approximately 30% of airline operating costs, this issue has prompted airlines to intensify their efforts to improve efficiency and mitigate financial risks.Efficiency improvements can come in various forms, such as modernising fleets with newer, more fuel-efficient aircraft, optimising operations, and urging governments to eliminate airspace and airport inefficiencies, which contribute to around 5% of fuel wastage annually.A marginal increase in crude oil prices can significantly affect airline profitability, as fuel costs have historically accounted for 14% to 31% of operational expenses over the past decade.In response to the volatile nature of fuel prices, airlines employ fuel hedging strategies, locking in fuel prices at favourable rates to shield themselves from sudden price spikes. They also focus on operational efficiency and fleet modernisation to reduce consumption.Other strategies include flexible ticket pricing, schedule adjustments, and capacity management, all aimed at maintaining operational and financial stability in uncertain fuel markets.But according to IATA, the global production of sustainable aviation fuel (SAF) is only about 100mn litres a year, or 0.1% of all aviation fuel used.Various airlines have, however, committed to bringing this figure to 10% by 2030, a truly ambitious goal.Airlines employ various strategies to manage the financial impact of fluctuating fuel prices.Fuel hedging is a key tactic, allowing airlines to lock in fuel prices at favourable rates and shield themselves from sudden price spikes.Additionally, airlines focus on operational efficiency improvements and fleet modernisation to reduce fuel consumption and lower costs.Other strategies include adjusting ticket prices, flexible scheduling, and capacity management.By implementing these measures, airlines aim to maintain operational stability and financial health despite volatile fuel markets.Global body of airlines - IATA forecasts that the average cost of jet fuel in 2024 will be roughly $2.7095/gallon, up from the $2.6643/gallon average forecasted for 2023.Meanwhile, oil futures jumped by almost 5% on Tuesday following reports that Iran had fired missiles at Israel. This escalation in Middle East tensions has sparked worries about possible disruptions to the global oil supply.The growing conflict increases uncertainty in an already unstable energy market, where concerns about supply shortages often result in rapid price increases.According to reports from Forbes, West Texas Intermediate (WTI) crude for November delivery rose by 4.7% to $71.31 per barrel, marking its largest one-day percentage increase since October 2023.Brent crude for December delivery rose by 4.2%, reaching $74.71 per barrel.This surge shows increasing concern among market players about the future of oil supplies from a region that contains some of the world's biggest reserves.Lower oil prices are certainly good for economic growth. Lower prices will also help curtail inflation and arguably allow central banks to loosen monetary policy further.Such expectations are already contributing to weakening the US dollar to a 2024 low, which lends further support to growth in most of the global economy. Airlines will benefit on the demand side as GDP underpins air travel.Moreover, as fuel represents around 30% of airlines’ costs, lower oil prices will shore up profits and might help expand the currently estimated slim 3% net profit margin for the industry in 2024, according to trade body IATA.What the impact of the lower oil price will be on the relative appeal of investing in SAF production is hard to say. However, with the near 20% net margins in oil and gas production, chances are that SAF investments still need some essential policy support.As the Middle East crisis unfolds, the aviation industry faces the dual challenge of managing rising fuel costs while navigating a complex path toward sustainability.

The Qatar banking sector’s total assets reached QR2tn for the first time in August, driven by domestic assets, QNB Financial Services said in its ‘Qatar Monthly Key Banking Indicators’.According to QNBFS, total assets of banks increased by 0.7% during August to reach QR2.002tn. The total rise in August was mainly due to a gain by 1% in domestic assets.Total assets were up by 1.7% in 2024, compared to a growth of 3.4% in 2023. Assets grew by an average 6.8% over the past five years (2019-2023)Liquid assets to total assets edged down to 29.7% in August this year, compared to 29.9% in July, QNBFS noted.Deposits with banks were higher by 0.3% during August to reach QR1,035.2bn. The deposits rise was mainly due to an increase by 1.9% in public sector deposits.Deposits increased 5% in 2024, compared to a decline by 1.3% in 2023. Deposits grew by an average 4.1% over the past five years (2019-2023), QNBFS said.In terms of credit facilities extended by commercial banks, QNBFS said loans went up by 0.5% during August to reach QR1,342.9bn.The loans gain in August was mainly due to a rise by 0.4% in the private sector and 0.5% in the public sector. Loans moved up by 4.3% in 2024, compared to a growth of 2.5% in 2023. Loans grew by an average 6.5% over the past five years (2019-2023).Loan provisions to gross loans stood at 4%, both in July and August this year, according to QNBFS.The Loans to deposits ratio went up to 129.7% in August. Loans went up by 0.5% in August to reach QR1,342.9bn, while deposits moved up 0.3% that month to reach QR1,035.2bn.The overall loan book was higher by 0.5% in August, driven mainly by private sector loans. Total private sector loans increased by 0.4% m-o-m (+2.8% in 2024) during August.The real estate sector continued to be the main driver for the private sector loans in August 2024. The segment (contributes 21% to private sector loans) rose by 2.1% m-o-m (+8.5% in 2024), while consumption and others (contributes 20% to private sector loans) moved up by 0.7% m-o-m (-2.6% in 2024).However, general trade (contributes 21% to private sector loans) edged down by 0.2% m-o-m (+3.3% in 2024) and services (contributes 32% to private sector loans) was marginally down m-o-m (+3.6% in 2024) in August.Total public sector loans gained 0.5% m-o-m (+6.3% in 2024) in August. The government segment (represents 29% of public sector loans) was the main driver for the public sector with an increase of 1.7% m-o-m (+7.7% in 2024), while the semi-government institutions segment went up by 2.6% m-o-m (-6.1% in 2024).However, the government institutions’ segment (represents 65% of public sector loans) edged slightly lower by 0.1% m-o-m (+6.9% in 2024) in August, QNBFS said.Outside Qatar loans increased by 1% m-o-m (+13.6% in 2024) in August.Public sector deposits moved up by 1.9% m-o-m (+8.9% in 2024) in August.Looking at segment details, the government segment (represents 34% of public sector deposits) shot up by 7.1% m-o-m (+31.1% in 2024), while the government institutions’ segment (represents 55% of public sector deposits) went up by 1% m-o-m (+6.5% in 2024).However, the semi-government institutions’ segment dropped by 7.8% m-o-m (-23% in 2024) in August.Private sector deposits was marginally lower by 0.1% m-o-m (+0.5% in 2024) in August.On the private sector front, the companies and institutions’ declined by 0.4% m-o-m (-5.9% in 2024). However, the consumer segment edged up by 0.2% m-o-m (+6.1% in 2024).Non-resident deposits declined by 2.1% m-o-m (+9.1% in 2024) during August, the report said.An Analyst told Gulf Times: “The key highlight for the month of August is the increase in total assets by 0.7%, reaching the QR2tn mark for the first time, as domestic assets drove the monthly rise. The 0.5% increase in the overall loan book came from a continued rapid increase by 2.1% from the real estate segment in the private sector and a 1.7% gain in the government segment from the public sector.“Overall deposits were driven mainly by the surge in government deposits, which increased by 7.1% in August and showed a jump by 31.1% for the year 2024.”

Qatar Central Bank (QCB) has urged general public to safeguard passwords for their online transactions and not to share one-time password (OTP) with anyone.In an advisory Sunday, QCB urged public to use OTP to enhance security of their online transactions.“OTP, QCB said is a security code that is used only once to verify the user’s identity. It is randomly generated and only valid for a short period of time or for a single login.“OTPs help protect accounts from unauthorised access, even when passwords are compromised, by being sent in different ways.”These ways, QCB noted, are text messages (SMS), special authentication applications and emails.On ways to protect the OTP, Qatar Central Bank noted, “Be cautious and do not share your OTP with anyone. Public should ensure that all applications and programs used to generate or receive OTPs are up to date. Change your password immediately if you notice any unusual activity in accounts that use OTPs. Enhance the security of your online transactions with one-time passwords.”Meanwhile, in line with Qatar's efforts to enhance awareness of cybersecurity risks and its vision towards building a cyber-resilient society, Qatar Central Bank has already launched a large-scale national campaign to raise awareness of information security under the slogan “Stay Aware" in cooperation with the Ministry of Interior, National Cybersecurity Agency, and Qatar Financial Center Regulatory Authority.The campaign aims to build an information security culture within the society that can face challenges that accompany the accelerating technological revolution.Mainly, the campaign seeks to spread awareness amongst the public on the importance of data privacy and dangers of financial fraud, highlighting cyber threats that may arise in light of the rapid technological and digital development.By identifying emerging and critical risks in the digital landscape, the campaign identifies the main channels of cyber fraud, which include phone calls, social media, emails, SMS messages and URL links. The campaign also provides the public with best practices and practical strategies to avoid falling victim to such threats.Qatar Central Bank, along its partners in this campaign, emphasise the vital role of the ongoing awareness efforts in building a safer electronic society capable of responding to such threats.As such, the campaign aims to empower and protect individuals and institutions, establish a culture of electronic vigilance, and protect citizens from ever changing cyber threats.Ends

The favourable pricing of QIIB’s $300mn Tier 1 sukuk on the London Stock Exchange reinforces the global appeal and strength of the Qatari economy, which continues to enjoy exceptional investment attractiveness, noted CEO Dr Abdulbasit Ahmad al-Shaibei.“Qatar’s strong and attractive economy plays a pivotal role in supporting the country’s institutions, especially the banks. The significant demand for our sukuk reflects the financial strength and credit worthiness of QIIB, which is backed by the assets quality, strong liquidity, robust capitalisation, and high efficiency in the banking sector,” Dr al-Shaibei said in an interview with Gulf Times.“We are proud to celebrate another significant milestone in our journey towards growth and innovation as we list our $300mn Tier 1 sukuk on the London Stock Exchange. This is particularly notable as it marks the fourth time QIIB has listed a sukuk on this esteemed exchange and the second time in 2024, following the successful issuance of our $500mn sustainability sukuk in January this year.”The CEO explained: "Issuing the sukuk within the Tier 1 capital framework is a strategic move to bolster QIIB’s financial strength and meets our growth ambitions. This also enhances our presence in international markets and strengthens relationships with global investors and financial institutions.""Earlier this year, QIIB issued a $500mn sustainable sukuk, listed on the LSE. As Qatar’s first institution to issue sustainable sukuk, we received a phenomenal response from investors across the globe. The $500mn sustainability sukuk represents a source of immense pride for QIIB, highlighting our commitment to sustainability and ethical financing.”Acknowledging the strong demand for QIIB’s sukuk, Dr al-Shaibei stated: “The overwhelming interest in our $300mn issuance, with subscriptions exceeding eight times the offering, reaffirms our strategic direction and reinforces our confidence in pursuing further growth.“We are also pleased that the pricing of this issuance ranks among the most competitive for similar offerings both regionally and locally, with a final return of 5.45% per year.”Dr al-Shaibei expressed his gratitude to the partner banks and advisors who played a pivotal role in the successful issuance, including Standard Chartered Bank as sole global coordinator, along with Al Rayan Investment, Citibank, Doha Bank, Dubai Islamic Bank, Dukhan Bank, Emirates NBD Capital, HSBC, Bank Lesha, Mashreq, QNB Capital, and Warba Bank as joint lead managers.

The global airline industry will need to spend an average of $128bn in annual capital expenditure if it is to achieve its ambitious net-zero emissions goal by 2050, according to trade body IATA.The updated ‘IATA Policy and Finance Net Zero Roadmaps’ say that decarbonisation by 2050 is indeed possible.Success, however, would be facilitated by governments redirecting subsidies away from fossil fuels and toward renewable energy production, of which sustainable aviation fuel (SAF) is just one type of product.Annual transition cost, meaning the cost that comes on top of that of jet fuel as a result of procuring SAF, hydrogen, and other key levers, is estimated at $1.4bn in 2025.In 2050, the transition cost could be as high as $744bn, based on IATA’s analysis. These numbers highlight the need for speed and scale in bringing solutions to market so that net zero CO2 emissions can be achieved.The air transport industry’s energy transition is feasible on the 2050 horizon, although, IATA says it success in the transition depends critically upon policymakers’ unity of purpose.The association also sounds a warning bell that, to achieve this, all stakeholders, particularly policymakers, must collaborate more broadly and act with greater urgency.Transition involves huge expenditure and is a costly affair. And transitioning to low-carbon technologies, such as SAFs, electric aircraft, or hydrogen-powered planes, requires significant investments in new infrastructure (fuelling stations, manufacturing facilities, etc.). Many airports are not equipped to handle these new technologies yet.Industry experts say the research and development required to bring these technologies to market are costly, and airlines, already operating on thin profit margins, will face challenges funding these innovations.Green technologies, especially SAFs, are significantly more expensive than traditional jet fuels. This price gap needs to narrow for widespread adoption, but market mechanisms to ensure affordability remain underdeveloped.Also, the Covid-19 pandemic had severely affected the financial health of airlines, leaving many companies struggling to fund the transition to greener technologies, which are often more expensive.“To be successful, we need clear policy and financial frameworks that will support air transportation’s needs in a way that is realistic and coherent with the massive changes that must take place simultaneously in all economic sectors,” noted Willie Walsh, IATA’s Director General.According to IATA’s chief economist Marie Owens Thomsen, “The costs and challenges associated with the energy transition are large, but the opportunities are even greater. Countries have an opportunity to build new industries in agriculture and energy, and to benefit from the catalytic growth impact of sustainable air transport. To realise the opportunities, we need all minds to unite in this mission, and all policymakers, multilateral organisations, investors, solution providers, and the air transport industry to work together.“Such transformative collaboration can pool resources and target meaningful action for greater impact. This is what is needed to deliver a sustainable air transport industry by 2050.”While advancements in fuel efficiency have been made, the fact remains that the current aircraft models rely heavily on fossil fuels.The development and widespread deployment of zero-emission aircraft, such as electric or hydrogen-powered planes, are still in the experimental or early development phases. It may take decades to bring these to market at scale.SAFs are able to reduce emissions, but they are not yet produced at scale, and their costs too are significantly higher than traditional jet fuel. Scaling production while maintaining environmental sustainability is a huge challenge.Aviation is a global industry, so decarbonisation efforts need international co-operation. Different countries have varying levels of commitment and regulatory environments regarding climate change, leading to inconsistent policies and goals.These challenges highlight the complexity of achieving net-zero for the aviation industry, which will require co-ordinated efforts from governments, businesses, technology developers, and consumers.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

The Indian state of Rajasthan is providing incentives and benefits to attract foreign investors, particularly from GCC countries including Qatar, noted Rajyavardhan Rathore, Minister for Industry and Commerce, Government of Rajasthan.“A complete overhaul of the existing administrative order and policy framework has been undertaken by the Rajasthan government to make the state more business friendly. The government is cutting the regulatory red-tape and bringing the cost of doing business in Rajasthan substantially down in comparison to the other Indian states,” Rathore said in an interview with Gulf Times in Doha.Rajasthan has launched online portal ‘Rajnivesh’ to eliminate the need of any physical interface with the officials and departments concerned. The single-window mechanism will ensure that the proposals are processed and approved digitally in a seamless, time-bound and transparent manner.“Eight focus sectors under the Rajasthan Investment Promotion Scheme (RIPS) have also been provided a number of fiscal incentives that will bring the cost of setting-up business substantially down for the investors from around the world including the Qatar and other countries from the region,” Rathore said.Highlighting flagship projects in Rajasthan that are geared towards foreign investment, he said over 58% of the state falls in the vicinity of Delhi Mumbai Industrial Corridor (DMIC), which is going to emerge as one of the biggest economic arteries of the country. Similarly, a large part of Rajasthan falls in proximity with the Western Dedicated Freight Corridor of the Indian Railways. Additionally, a refinery and petrochemical complex is also being constructed in Rajasthan’s Barmer district that is going to supplement the existing energy-based infrastructure in the state in a substantial manner.The state hosts about 415 well-developed industrial areas across the state that are well connected to major infrastructural nodes. Rajasthan is also developing one of the largest solar parks in the world with a capacity of 2,245MW.Rajasthan is going to get a major push with the incorporation of key growth drivers that are going to be developed in the coming years such as the proposed Medical Devices Park in Jodhpur and Fintech Park in Jaipur.He said Rajasthan is among the largest state economies in India with an edge across several sectors that could prove extremely beneficial to the investors.Rajasthan has the highest share in installed solar generation capacity in India with the state receiving over 320 days of sunshine.It is the leading onshore producer of crude oil in India, second largest producer of natural gas in the country.Asked whether Rajasthan was looking at corporate investments, such as Qatar’s sovereign wealth fund (SWFs) to invest in the state's industrial sector, Rathore said, “In an economy like Rajasthan, which has huge reservoir of natural resources, basic infrastructure and a young workforce, the foreign investment by sovereign wealth funds will give the required push to the domestic investors to collaborate with the foreign investors and boost the economic potential of the state.“Foreign investment in any form reduces the pressure on the credit infrastructure in an economy and leaves the pool of credit available to the domestic and small-scale investors at an affordable cost.“We have been trying to work out a series of engagements in Qatar including with a number of government dignitaries. We hope to fructify those engagements and invite government as well as private investors to visit Rajasthan for the ‘Rising Rajasthan’ Global Investment Summit 2024 in Jaipur from December 9”.So far as the ‘Rising Rajasthan’ Global Investment Summit 2024 is concerned, he said, the government of Rajasthan is aiming at securing domestic and foreign investments in key sectors including renewable energy, chemicals and petrochemicals, agri-processing, real estate, health and pharma, tourism, textile, skill development and education among others.Rathore explained that Rajasthan is improving its infrastructure, such as roads, ports, and airports, to support increased foreign investment and trade.The state already hosts the third largest road network and fifth largest rail network in the country and seven airports that offer direct international and national connectivity. It boasts of about 20 Highways, nine inland container depots, one air cargo complex and close to 415 well-developed industrial areas across the states.In addition to close proximity with the Kandla and Mundra ports of Gujarat, Rajasthan is also a major conduit between the commercial ports on the western coastline and northern part of India, noted Rathore, who was in Doha leading a delegation from his state to showcase foreign investment opportunities in his state.

Point of sale transactions (PoS) were valued at QR6.94bn in Qatar in August, according to the Qatar Central Bank (QCB).In August last year, the PoS valuations stood at QR6.74bn. And in August 2022, these totalled QR6.19bn.The total number of PoS transactions in Qatar stood at 32.24mn in August compared with 27.7mn in the same period last year and 24.02mn in August 2022.QCB data showed that there were 74,621 PoS devices in Qatar (as of August this year) compared with 68,898 in August last year and 53,241 in the same period in 2022.A point of sale transaction is a payment for goods or services, usually made in a retail setting. PoS transactions can be conducted in person or online and are typically completed using credit or debit cards.According to the QCB, debit cards far outnumbered credit cards in the country.As of August this year, the number of debit cards in Qatar exceeded 2.32mn while credit cards stood at 731,514 and pre-paid cards at 712,870.E-commerce transactions in Qatar totalled QR3.4bn in August this year compared to QR3.19bn in August 2023 and QR2.65bn in August 2022.The volume of e-commerce transactions in the country exceeded 6.98mn in August this year compared with 5.46mn in August last year and 4.51mn in August 2022.The QCB introduced the National Network System for ATMs and Points of Sale (NAPS), which is the central payment system, in 1996 to facilitate the acceptance of cards transactions (debit cards and prepaid) on ATM, PoS and e-commerce terminals throughout the GCC region and Egypt.Additionally, the system accepts cards issued by the QCB, GCC and Egypt regulated banks.According to the QCB, NAPS is one of the first switches in the region to achieve full (EMV) compliance both as an acquirer and issuer.The system was upgraded in 2023 in line with the latest global standards in cards industry. It is a round-the-clock service, which supports card tokenisation and card-less payments. All banks in Qatar are members of the National Network System for ATMs and Points of Sale.

Qatari banks’ resilience has been praised by international credit rating agency Moody's, which highlighted their robust growth, asset quality, and substantial capacity to navigate various challenges.In its recent report, Moody's noted Qatari banks have demonstrated impressive liquidity coverage ratios and successfully attracted significant financial inflows through diverse deposits.The report notes that, during the recent period, Qatari banks have been primarily funded by customer deposits, which accounted for approximately 52% of total assets as of June this year.In its recent report, international credit rating agency noted Qatari banks have demonstrated impressive liquidity coverage ratios and successfully attracted significant financial inflows through diverse depositsMoody's specifically pointed out the substantial level of deposits from government and government-owned entities, which represented around 36% of total deposits as of June 2024.Moody's commended Qatari banks for their successful efforts in expanding and attracting deposits from the domestic private sector while also drawing in foreign and international deposits.The agency also highlighted the ongoing expansion in the credit sector, which is in line with the country's economic growth trajectory.In particular, Moody's observed that credit extended to the private sector is projected to see notable growth this year, reflecting the sustained momentum in implementing large-scale projects within the country.Moody's forecasts that private sector credit growth will be around 3% to 4%.Moreover, Moody's emphasised the reduced credit risks faced by Qatari banks.The agency noted that Qatari banks have effectively mitigated the risks associated with unexpected economic shocks due to their loan portfolios and credit exposures and their ability to manage associated challenges.A significant portion of credit is directed towards the public sector, which significantly reduces the risk of credit defaults.The report also underscores the pivotal role of prudential regulations issued by Qatar Central Bank (QCB) and aimed at curbing Qatari banks' over-reliance on foreign funding.These regulatory frameworks have reinforced financial stability and helped decrease foreign liabilities to 33% of total liabilities (as of end-June), down from a peak of approximately 39% as of year-end 2021.Additionally, banks have successfully diversified their foreign liabilities across various maturities and geographies.Moody's also anticipates that Qatari banks will shift toward a longer-term funding structure in a lower interest rate environment. At the end of March this year, Qatari banks' stocks of liquid assets stood at around 24.7% of total assets, providing a sound buffer against potential market fluctuations and risks and supporting their growth trajectory.

QatarEnergy’s historic LNG fleet expansion programme will help the energy major maintain its leadership position in the global LNG market.Recently, QatarEnergy signed an agreement with China State Shipbuilding Corporation (CSSC) for the construction of six additional state-of-the-art QC-Max vessels, bringing the total number of LNG vessels on order under its fleet expansion programme to 128, including 24 QC-Max mega vessels.The QC-Max vessels, which will be built at China’s Hudong-Zhonghua Shipyard, a wholly-owned CSSC subsidiary, are the largest LNG vessels ever built with a capacity of 271,000 cubic metres each. The new advanced carriers are scheduled to be delivered between 2028 and 2031.The new ship order is a testament to QatarEnergy’s focus on quality and reliability. The six new advanced vessels are in addition to 18 QC-Max vessels recently ordered from Hudong-Zhonghua Shipyard.This brings the total number of QC-Max vessels ordered by QatarEnergy to 24, with a total value of about $8bn.The QC-Max vessels, designed with cutting-edge technology, will enhance QatarEnergy’s capacity to meet the growing global LNG demand while reinforcing its dedication to operational excellence and environmental sustainability.HE the Minister of State for Energy Affairs, Saad bin Sherdia al-Kaabi said, “The signing of the agreement is underscored by the strategic importance of QatarEnergy’s historic LNG fleet expansion programme and its commitment to maintaining a leadership position in the global LNG market.”Minister al-Kaabi added, "We are very pleased to expand our excellent working relationship with CSSC and Hudong-Zhonghua, one of the world’s premier shipbuilders. We look forward to receiving these advanced LNG vessels and expanding our role in providing the world with the cleaner energy needed for a realistic and practical energy transition.”Recently, QatarEnergy named two of the 12 conventional-size LNG vessels contracted with the Hudong-Zhonghua Shipyard- 'Rex Tillerson' and 'Umm Ghuwailina'.All these vessels will be equipped with the latest maritime technology, ensuring optimal operational efficiency and compliance with the most stringent environmental regulations reflecting QatarEnergy’s commitment to sustainability and environmental stewardship.The two vessels, set to be delivered ahead of their contracted delivery schedule, are under long-term charter by QatarEnergy Trading (QET).With the highest and most advanced safety, technical, and environmental standards, the vessels are equipped with state-of-the-art dual-fuel engines, generators, and boilers to further reduce both fuel consumption and emissions.

An increase in the price of air tickets for travel to and from the European Union based on a tax proposal may be delayed with EU putting it on hold for the foreseeable future.The European Commission proposed an overhaul of energy tax rules in 2021 to make them more climate-friendly, including by gradually introducing taxes on fuels for flights within the 27-nation bloc, which currently escape EU-wide levies.European Union countries are considering delaying the introduction of EU-wide taxes on polluting aviation fuels for 20 years, as they seek a breakthrough on tax reforms that have been negotiated for years with little progress, a recent Reuters’ dispatch showed.Levying a tax on jet fuel due to pollution concerns, however, is a complex issue, especially given the current global context, market analysts say."Since currently there is not enough sustainable aviation fuel (SAF) on the market, the taxation of aviation fuels would result in price increases of air tickets and not in a general switch from fossil fuels to SAF,” the agency said.After countries could not agree on earlier proposals that would introduce a minimum EU tax rate for jet fuel from 2028, they are now considering exempting both aviation and maritime fuels from these taxes for a further 20 years, a draft compromise seen by Reuters showed.Only small aircraft with a maximum of 19 seats, and boats used for “private pleasure navigation” would face minimum EU taxes before the 20 years are up, it said.For other aircraft and vessels, countries can introduce national levies if they choose – but they are not obliged to.Under the draft compromise, EU countries would reconsider in 15 years whether to start applying EU minimum tax rates to aviation and maritime fuel once the 20-year holiday ends.Other fuels, such as petrol used in cars, as well as electricity, already face minimum EU tax rates.The compromise was reportedly drafted by Hungary, which holds the EU’s rotating presidency and therefore chairs negotiations among EU countries until the end of the year.EU country diplomats will discuss the proposal later this month.Changing EU tax policy is fiendishly difficult because it requires unanimous approval from EU countries – meaning any one government can block it.Climate campaigners, who have long called for an end to jet fuel’s EU tax holiday, said a 20-year delay would be at odds with the EU’s target to reach net zero emissions by 2050.“By the time this tax would be in effect, the world is meant to have reached climate neutrality,” said Jo Dardenne, aviation director at non-profit group Transport & Environment.A fuel tax on airlines would generally increase the cost of airline tickets, as airlines invariably pass higher operating costs, including taxes, on to consumers.In all likelihood, airlines operating in the EU region would have raised ticket prices to offset the additional cost of the proposed fuel tax.But the extent of the price increase would depend on the tax rate and the competitiveness of the airline market.The airline industry is still recovering from the devastating impact of the Covid-19 pandemic. Airlines have faced massive losses, and a fuel tax will undoubtedly increase their operating costs, potentially hampering recovery.The aviation sector accounts for approximately 2-3% of global CO2 emissions, and its share is only expected to grow given the industry’s rapid growth.Taxing jet fuel, therefore, could incentivise airlines to adopt cleaner technologies, reduce fuel consumption, and promote sustainable aviation fuels.While there may be a strong environmental case for taxing jet fuel to curb emissions, the timing is delicate given the global economic uncertainty, airline industry recovery, and inflationary pressures.A phased or globally coordinated approach, combined with incentives for green innovation, may be more suitable at this moment. The EU’s rethink on the issue might be on those lines.Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

Opec+ delay in production increase will help put a floor under prices but any rally needs to be sparked by demand, Emirates NBD has said in a report. The Opec+ countries that have been making additional voluntary cuts agreed to delay returning production by two months in an unscheduled meeting.Output was meant to be moving higher from October and over the course of the year into the end of 2025 but now that process will only begin in December.Production levels at the end of 2025 are unchanged from what had been agreed in June this year when the production cut phase-out was initially announced.The delay looks to have been a response to the sell-off in oil that has taken hold over the last few months and the deteriorating macro conditions for oil demand for the remainder of 2024 and for potentially the early months of 2025.“As we noted previously, Opec+ had given itself the room to adjust their production plans based on market conditions and in their latest statement on September 5, the grouping of countries making the voluntary adjustments said they would maintain the flexibility to pause or reverse the adjustments as necessary,” Emirates NBD noted.The statement also again stressed the need for those countries that have “overproduced” to make compensatory adjustments, highlighting in particular Iraq and Kazakhstan which have missed production targets since the start of the year.Both countries will reportedly put more fields on maintenance as well as cancelling sales that had been agreed in August.The delay to production increases was widely expected by markets and immediate price reaction has been limited. Brent futures are holding just under $73/b while WTI remains below $70/b.Slowing down the pace of increase will likely help to set a floor under prices rather than necessarily spark a bump in oil back up to $80/b for Brent in the short term.For a more sustained rally in oil markets, positive signals would need to come from the demand side of balances, Emirates NBD added.