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The total hospitality stock estimated by Qatar Tourism was 39,915 keys as of second quarter this year, researcher ValuStrat said in a report.Hotel rooms accounted for 74% of the hospitality stock and 26% are hotel/services apartments, it said.According to ValuStrat, 66% of the total stock comprised 4 to 5-star hotels, whereas 8% was classified within the 3-4 star segments.The report said Mercure Grand Hotel Doha (175 rooms) was re-branded to Treffen House Doha in Msheireb (Zone 4).Another development in the segment during the quarter was the Ministry of Municipality & Environment announcing the Simaisma Project, a mega entertainment district spanning 8mn sq m.The project will feature luxury resorts, an amusement park, residential villas, yacht club, marina, golf course, restaurants, and shops.The report said total international arrivals exceeded 2.9mn in the second quarter, achieving a jump of 26% year-on-year.GCC countries accounted for 43% of foreign arrivals, while 19% and 23% were from other Asian and European countries respectivelyAs of June this year, the average daily rate (ADR) was QR454, an increase of 7% year-on-year.On the other hand, the revenue per available room (RevPAR) was QR312, up 38% yearly.Hotel occupancy rose by 29% compared to last year and stood at 69%.The ADR for 5-star hotels was QR630, while the ADR for 3 and 4-star hotels was QR215 and QR263 respectively, ValuStrat noted.Meanwhile, the report also noted that retail stock remained unchanged at 2.5mn sq m GLA as there was no major addition during the quarter.The median monthly rent for shopping centres recorded a decline of 2% QoQ and 5% compared to the same period last yearRetail outlets across Qatar experienced increased footfall as they participated in festivities leading up to Eid.Inside Doha, the monthly median asking rent for street retail declined to QR125 per sq m, reducing by 5% compared to last quarter and 18% year-on-year.For street retail outside Doha Municipality, the median monthly rent remained unchanged (on a quarterly basis) at QR145 per sq m, while increasing by 2% annually.The second quarter recorded in the region of 1,500 commercial lease contracts, declining by 9.3% year-on-year.Al Wukair, Al Mashaf, and Al Thumama saw the highest concentration of rental activity with some 189 contracts during the quarter, ValuStrat said quoting the Ministry of Municipality & Environment.

Air passenger demand hit an all-time high for the industry, and in all regions except Africa in July, with clear signs that many markets are returning to long-term growth trends after the post-pandemic bounce back. Total demand, measured in revenue passenger kilometres (RPK), was up 8.0% compared to July 2023, data provided by the International Air Transport Association (IATA) reveal.Total capacity, measured in available seat kilometres (ASK), was up 7.4% year-on-year. The July load factor was 86.0% (+0.5ppt compared to July 2023). There was no significant negative demand impact from the CrowdStrike IT outage in the third week of July.International demand rose 10.1% compared to July 2023. Capacity was up 10.5% year-on-year and the load factor fell to 85.9% (-0.3ppt compared to July 2023).Domestic demand rose 4.8% compared to July 2023. Capacity was up 2.8% year-on-year and the load factor was 86.1% (+1.7ppt compared to July 2023).“But persistent supply chain bottlenecks have made deploying the capacity to meet the need to travel more challenging,” noted IATA Director General Willie Walsh.Industry analysts say the global airline industry has faced several challenges in deploying adequate capacity due to supply chain bottlenecks.Aircraft manufacturers including heavyweights Boeing and Airbus have experienced significant delays in production due to shortages of key components, such as engines and avionics. These delays mean that their customers (airlines) cannot receive new aircraft on schedule, limiting their ability to expand or update their fleets.Supply chain disruptions have also affected the availability of spare parts, leading to delays in aircraft maintenance and repairs. This results in longer ground times for aircraft, reducing the number of operational planes and the overall capacity airlines can offer.The aviation industry has also been hit by labour shortages, particularly in skilled positions such as pilots, mechanics, and ground staff. These shortages, compounded by supply chain issues, further strain the industry’s ability to deploy adequate capacity.Airports and other critical infrastructure projects have also been hit due to shortages of materials and equipment. This has prevented many airlines from expanding their operations or adding new routes, limiting capacity.Supply chain disruptions have also driven up the costs of aircraft parts, fuel, and other operational necessities. Higher costs make it difficult for airlines to afford expanding their capacity, particularly as they recover from the financial impact of the Covid-19 pandemic.In some cases, supply chain issues have led to delays in regulatory approvals for new aircraft or modifications to existing ones.This, market analysts say, prevent airlines from deploying new planes or configurations that would help increase capacity.“The winding down of the peak northern summer season is a reminder of how much people depend on flying. As the mix of travellers shift from leisure to business, aviation’s many roles are evident—reuniting families, enabling exploration, and powering commerce. People need and want to fly. And they are doing that in great numbers. “Load factors are at the practicable maximum. But persistent supply chain bottlenecks have made deploying the capacity to meet the need to travel more challenging. As much of the world returns from vacation, there is an urgent call for manufacturers and suppliers to resolve their supply chain issues so that air travel remains accessible and affordable to all those who rely on it,” Walsh remarked. The global nature of the aviation industry means that even small disruptions in the supply chain will have a ripple effect, causing delays in aircraft deliveries, maintenance, and other critical operations. This interconnectedness, obviously, exacerbate capacity challenges.These challenges create a complex environment, where airlines must navigate not only their own operational limitations but also external factors beyond their control.n Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

Credit facilities extended by banks in Qatar increased by 0.9% during July to reach QR1,336.4bn, according to QNB Financial Services (QNBFS). Loans’ gain in July was mainly due to a rise by 1.9% in the public sector and 0.5% in the private sector, QNBFS said in its latest ‘Qatar Monthly Key Banking Indicators’.Loans went up by 3.8% 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), it said. Loan provisions to gross loans stood at 4.0% in July, compared to 4.1% in June this year.Total public sector loans went up by 1.9% MoM (+5.8% in 2024) in July 2024. The government institutions’ segment (represents 66% of public sector loans) was the main driver for the public sector, with an increase by 2.2% MoM (+7.0% in 2024), while the government segment (represents 29% of public sector loans) moved up by 1.3% MoM (+5.9% in 2024) and the semi-government institutions segment pushed up by 0.7% MoM (-8.5% in 2024) in July.The real estate sector was the main driver for the rise in private sector loans in July. The real estate segment (contributes 21% to private sector loans) went up by 1.9% MoM (+6.3% in 2024), while general trade (contributes 22% to private sector loans) moved up by 0.5% MoM (+3.5% in 2024).Deposits with commercial banks in Qatar edged up 0.1% during July to reach QR1,032.6bn.Deposits rise in July was mainly due to an increase by 1.3% in non-resident deposits.Deposits increased 4.7% 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 noted.Non-resident deposits pushed overall deposits higher during the month of July, with a gain by 1.3% MoM (+11.4% in 2024).Public sector deposits edged lower by 0.2% MoM (+6.9% in 2024) in July 2024. Looking at segment details, the government institutions’ segment (represents 56% of public sector deposits) dropped by 0.9% MoM (+5.5% in 2024), while the semi-government institutions’ segment fell by 3.0% MoM (-16.5% in 2024).However, the government segment (represents 32% of public sector deposits) increased by 2.2% MoM (+22.5% in 2024) in July 2024. Private sector deposits moved lower by 0.2% MoM (+0.6% in 2024) in July 2024. On the private sector front, the companies & institutions’ declined by 1.3% MoM (-5.5% in 2024).However, the consumer segment went up by 0.6% MoM (+5.9% in 2024).Loans to deposits ratio for commercial banks in Qatar went up to 129.4% in July, QNBFS noted. Total assets of commercial banks in Qatar declined by 0.6% during July 2024 to QR1.987tn, QNBFS said. Total assets drop in July was mainly due to a fall by 5.2% in foreign assets.Total assets was up by 0.9% 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), QNBFS said.Liquid assets to total assets went down to 29.9% in July, compared to 30.7% in June.“The key highlights for July is the decline in total assets by 0.6%, which went down mainly due to the drop in foreign assets as due from banks abroad dipped 11.7% during that month,” an analyst told Gulf Times.The analyst said, “The 0.9% increase in the overall loan book came from a 2.2% gain from the government institutions in the public sector and from a resurgence by 1.9% from the real estate segment in the private sector.“On the deposits side, non-resident deposits maintained an upsurge in July rising by 1.3%.”

QatarEnergy is “always ready for expansion” of its urea production portfolio, noted HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi.Doubling Qatar’s annual urea production capacity to 12.4mn tonnes, QatarEnergy announced a world-scale urea fertiliser complex at Mesaieed Industrial City, which will make Qatar the world’s largest urea exporter by 2030.Speaking to Gulf Times on Sunday, al-Kaabi said, “QatarEnergy is always ready for this expansion...the market I hope will be ready. As part of the expansion, four trains will be sequentially added. We are confident that the market can withstand the volumes... and it needs that volume. That is why we are embarking on this project. By God’s grace, we have been so far right in our prediction of the markets. Urea will not be any different in our view.”“When we looked at the market for urea in the future, with the growth of humanity today, with 1.5 to 2bn people that will be joining us in the next 20-30 years, the urea requirement for food production will be exponentially increasing," al-Kaabi said.Minister al-Kaabi said, “We have been producing ammonia and urea in Qatar for over 50 years. Today, we are expanding our experience and further solidifying our position by this unprecedented mega project that will make the State of Qatar the world’s largest urea producer, playing a crucial role in ensuring food security for hundreds of millions of people around the globe, day after day.”He noted: “Developing this project in Mesaieed Industrial City will ensure the optimum utilisation of the excellent existing infrastructure for the petrochemical and fertiliser industries, including the city’s export port, which is one of the largest fertiliser and petrochemical export facilities in the Mena region. It will also establish Mesaieed as the urea production capital of the world.”Al-Kaabi added the construction of four new production lines for urea, a key ingredient in fertilisers, would boost output by 106%. He said the first production line would begin before 2030.

New solar power mega project to more than double Qatar’s solar power production capacity to 4,000 megawatts World-scale solar power plant at Dukhan expected to be operational by 2030QatarEnergy has announced that it will build a new solar power mega project at Dukhan, which will more than double the country’s solar energy production, significantly contributing to lower carbon emissions in the framework of a realistic energy transition.The new project will boost Qatar’s PV solar power production capacity to about 4,000 megawatts by building one of the world’s largest solar power plants in the Dukhan area, with a production capacity of 2,000 megawatts.The announcement was made by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, who is also the President and CEO of QatarEnergy, at a press conference Sunday.Al-Kaabi said, “I am pleased to announce that, in line with our Sustainability Strategy, we will more than double our solar power production capacity to about 4,000 megawatts by 2030 through the world-scale, 2,000 megawatt Dukhan Solar Power Plant.”“I would like to emphasise that developing solar power plants is one of Qatar’s most crucial initiatives to reduce CO2 emissions, develop sustainability projects, and diversify electricity production, reducing carbon dioxide emissions by more than 4.7mn tons per year.”The new solar project will be added to QatarEnergy’s solar power portfolio, which includes the existing Al-Kharsaah solar power plant, which was inaugurated in 2022 with a capacity of 800 megawatts of electricity, and to two solar power projects that QatarEnergy is building in Ras Laffan and Mesaieed industrial cities with a total production capacity of 875 megawatts, and which are expected to start production before the end of this year.With the addition of the new Dukhan Solar Power Plant, QatarEnergy’s portfolio of solar power projects in Qatar will reach a capacity of about 4,000 megawatts by 2030. This represents approximately 30% of Qatar’s total electrical power production capacity.Minister al-Kaabi concluded his remarks by expressing sincere thanks and gratitude to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani for his wise leadership and the continued support of Qatar’s energy sector.

New urea complex will make Qatar the world’s largest urea exporter by 2030 besides doubling country's annual urea production capacity to 12.4mn tonsProject set to establish Mesaieed as world's urea production capital Besides achieving continued economic growth for Qatar and the world, new mega-scale urea plant will ensure enhanced energy and food security for global populationDoubling Qatar’s annual urea production capacity to 12.4mn tons, QatarEnergy has announced a world-scale urea fertiliser complex at Mesaieed Industrial City, which will make Qatar the world’s largest urea exporter by 2030.Unveiling the project at a press conference at the QatarEnergy headquarters Sunday, HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi said the new mega project entails building three ammonia production lines that will supply feedstock to four new world-scale urea production trains in Mesaieed Industrial City.“The new facilities, which are planned to be built, will more than double the State of Qatar’s urea production from about 6mn tons per year currently to 12.4mn tons per year. Production from the project’s first new urea train is expected before the end of this decade,” al-Kaabi noted.The construction of four new production lines for urea, a key ingredient in fertilisers, would boost output by 106%.Besides achieving continued economic growth for Qatar and the world at large, al-Kaabi said the new mega-scale urea plant at Mesaieed will ensure enhanced energy and food security of people around the globe through a balanced approach to meeting ever-growing demand and the sound management of the country’s natural resources.Al-Kaabi said, “We have been producing ammonia and urea in Qatar for over 50 years. Today, we are expanding our experience and further solidifying our position by this unprecedented mega project that will make the State of Qatar the world’s largest urea producer, playing a crucial role in ensuring food security for hundreds of millions of people around the globe, day after day."Minister Al-Kaabi added: “Developing this project in Mesaieed Industrial City will ensure the optimum utilisation of the excellent existing infrastructure for the petrochemical and fertiliser industries, including the city’s export port, which is one of the largest fertiliser and petrochemical export facilities in the MENA region. It will also establish Mesaieed as the urea production capital of the world.”Al-Kaabi who is also the President and CEO of QatarEnergy, stressed, “Today’s announcement is another concrete step in our efforts and everlasting commitment to supply the world with the energy products needed to achieve continued economic growth and enhanced energy and food security of people around the globe through a balanced approach to meeting ever-growing demand and the sound management of our natural resources.”Minister al-Kaabi concluded his announcement by expressing sincere thanks and gratitude to His Highness Sheikh Tamim bin Hamad al-Thani, the Amir of the State of Qatar, for his wise leadership and the continued support of Qatar’s energy sector.

Vodafone Qatar’s world first ‘Instant SIM’, which helps customers activate postpaid or prepaid connection within seconds, will be available at more outlets across the country shortly, noted Simon O'Rourke, Consumer Business Unit director at Vodafone Qatar.Speaking to Gulf Times Wednesday, O'Rourke said the ‘Instant SIM’, which is powered by AI’s Electronically Know You Customer (EKYC) feature, is currently available at some 2,600 locations across Qatar.These include AlMeera, Grand Mall, LuLu, Monoprix and Safari hypermarkets, Woqod and Hamad International Airport. Customers can even order an ‘Instant SIM’ from online delivery platforms including Talabat mart and Snoomart.“Our partners will increase over time, which help customers get access to the ‘Instant SIM’ at more convenient locations across the country. As we speak, many customers are availing of the benefits of our ‘Instant SIM’, which is first of its kind in the world. Nowhere else can you get such a product, not even on our global network. So, customers in Qatar will be the first to benefit from Vodafone’s ‘Instant SIM’,” O'Rourke noted.O'Rourke noted that with a Vodafone ‘Instant SIM’, customers can “get connected in seconds”. Only a nominal charge will be levied for the card, which can be recharged based on customer requirements through the smart phone.“Customers can simply self-activate a new Vodafone prepaid or postpaid connection anywhere, anytime in Qatar. All you need is your smartphone and Vodafone’s ‘Instant SIM’ pack. Customers do not have to queue up at our locations to avail of a connection anymore. These are the advantages of the new product,” O'Rourke said.However, O'Rourke noted that customers could still use any of the Vodafone outlets to avail of the company’s service.Instant SIM provides a seamless experience without having to use their data or Wi-Fi to connect.The Vodafone official noted that activation is simple and straightforward - users simply need to insert their new Instant SIM into a smartphone and scan the QR code provided.From here, they can choose their line type, either prepaid or postpaid.Prepaid customers will need their passports and for postpaid packages, QID will be required.A first for mobile customers in the world, Vodafone Qatar’s innovative new technology means that customers are empowered to take control of when and how they use their smartphones, requiring just an Instant SIM pack to get themselves connected.Users can go through the entire verification process - including plan selection and line activation -, offering the ultimate in ease of use and connection anytime and anywhere in Qatar.Furthermore, Vodafone customers can opt for either a physical SIM or an eSIM and do not require a credit or debit card in order to activate their line, enjoying a simple and hassle-free way to get connected without the need to visit stores.At a media roundtable Wednesday, Vodafone Qatar chief executive officer Sheikh Hamad Abdulla Jassim al-Thani commented, “This is a pivotal launch for Vodafone Qatar - one in which we are revolutionising consumer connectivity with a truly seamless digital journey. In today’s fast-paced world, staying connected is essential and we are committed to providing solutions that mean our customers are empowered to stay connected, anywhere and anytime.“We are proud to be pioneers of new and innovative technology and we hope that the new Instant SIM will transform the way residents and visitors to Qatar choose to connect.”At the event, Vodafone team demonstrated how the ‘Instant SIM’ can be installed in a smart phone, quickly and hassle-free.

Qatar’s budget for the current fiscal is set to generate “significant surplus” as Qatari crude oil averaged $83.10 per barrel year to date.For 2024 budget, Qatar had lowered oil price assumption to $60/b compared to $65 per barrel in 2023.Qatari crude price (Dukhan and Marine combined) averaged $81.90 per barrel in January this year, according to Bloomberg.In February, Qatari crude averaged $80.20 per barrel, $86.89 in March, $87.90 (April), $82.90 (May), $86.46 (June), $80.44 (July) and $78.10 (so far in August).The average price (per barrel) fetched by Qatari crude (Dukhan) is as follows: $81.50 (January), $80.20 (February), $86.74 (March), $87.80 (April), $82.77 (May), $86.01 (June), $80.06 (July) and $77.82 (so far in August).The average price (per barrel) fetched by Qatari crude (Marine) is as follows: $82.30 (January), $80.20 (February), $87.04 (March), $88.00 (April), $83.02 (May), $86.91 (June), $80.81 (July) and $78.37 (so far in August).Last month, Ministry of Finance announced that Qatar's budget for the second quarter (Q2) of 2024 recorded a surplus of QR2.6bn.The Ministry of Finance also said the surplus would be directed to reducing the country’s public debt.The total budget revenues for the Q2 of 2024 amounted to QR59.9bn, of which QR41.1bn was oil and gas revenue, while non-oil revenue amounted to QR18.7bn, reflecting a decrease of 12.4% compared to the second quarter of 2023.The total expenditures during the second quarter of this year amounted to about QR57.3bn, of which QR16.5bn was earmarked for salaries and wages, and QR21.2bn for current expenditures.The Ministry of Finance noted that secondary capital expenditures amounted to QR1.3bn and major capital expenditures amounted to QR18.1bn, representing a decrease of 1.8% compared to the Q2 of 2023.Solid fiscal surpluses have been forecast for Qatar in 2024 and 2025 (around 7-8% of GDP) mainly on account of “modest projected increases” in hydrocarbon revenues, according to the National Bank of Kuwait.In its last country report, Kuwaiti bank NBK said the country’s gross public debt, consequently, is expected to continue to decline to an estimated 45% of GDP in 2025 from above 60% in 2021.Qatar's nominal GDP has been forecast at $211.7bn this year and $218.8bn in 2025.Budget balance (as a percentage of Qatar's GDP) has been forecast at 8.1% this year and 6.9% in 2025.Current account balance (as a percentage of country's GDP) has been forecast at 13% this year and 11.7% in 2025.Qatar’s non-oil growth is expected to accelerate to 2-3% in 2024 and 2025, having dipped last year in the aftermath of the FIFA World Cup Qatar 2022.Year-on-year inflation has been forecast at a meagre 2.5% this year and 2.2% in 2025.

Africa accounts for nearly 18% of the global population, but just 2.1% of air transport activities, cargo and passenger segments combined.Clearly, the potential for aviation in Africa is huge. By closing the demand-supply gap, Africa can benefit from the much-needed connectivity, jobs and overall economic growth that aviation enables. Africa’s aviation industry holds significant potential for growth and development, given the continent’s rising population, economic prospects, increasing urbanisation and the need for improved connectivity.Africa has one of the fastest growing populations in the world. A burgeoning middle class with rising disposable incomes is expected to increase demand for air travel.Undoubtedly, many African countries are experiencing rapid economic growth, which boosts both business and leisure travel. This growth will potentially lead to increased investments in the continent’s aviation infrastructure.Africa is home to numerous tourist attractions, including wildlife reserves, historical sites, and beautiful landscapes. Improved air connectivity, therefore, will enhance tourism, which is a vital sector for many African economies. However, the continent also faces several challenges that need to be addressed to fully realise these opportunities.Many African countries lack adequate aviation infrastructure, including modern airports, efficient air traffic control systems, and maintenance facilities.Safety and security are also critical concerns in the African aviation industry. Ensuring compliance with international safety standards and improving security measures are essential for gaining passenger trust. The development of air connectivity in Africa also requires certainty that markets will abide by global standards with respect to the repatriation of funds from sales activities. Airlines still struggle with the inability to repatriate blocked funds efficiently and in line with international agreements and treaty obligations in several African markets.The amount of blocked funds in African countries as of June this year stood at $880mn, just over 52% of the $1.68bn in blocked funds globally. This is an improvement following Nigeria clearing 98% of the total funds blocked ($831mn). Recently IATA, the global trade body of airlines, announced that Africa’s airlines are expected to earn a collective net profit in 2024 for the second year in a row.That is a welcome and hard-won result reflecting the sector’s resilience in its post-Covid recovery. The expected $100mn profit, however, translates into just 90 cents per passenger — well below the global average of $6.14.“The demand to travel is there. To meet it, the African airline sector needs to overcome many challenges, not least of which are infrastructure deficiencies, high costs, onerous taxation, and the failure to broadly implement a continent-wide multilateral traffic rights regime,” Kamil Alawadhi, IATA’s regional vice-president (Africa and the Middle East) noted recently.Tuesday’s announcement by Qatar Airways that it will pick up a 25% stake in Airlink, which is a privately-owned, premium, full-service regional airline based in South Africa, shows the huge potential for aviation in the African continent. The announcement is a continuation of the national airline’s ambition to further develop its operations across the African continent.The investment in Airlink, which flies to more than 45 destinations in 15 African countries will enhance a code-sharing partnership between the two airlines.The deal will bolster Qatar Airways’ Africa growth strategy and cement its role as a key driver to the continent’s economic success.Speaking to Gulf Times on Tuesday, Qatar Airways Group Chief Executive Officer Badr Mohamed al-Meer said: “Qatar Airways cannot cover the whole of Africa as an airline. The idea of having this partnership with Airlink is basically to cover as many destinations as possible, where we are not currently operating.“But we can now make sure we will be able to serve those passengers as well through Airlink. So, Airlink will be the airline that will be bringing all those passengers from that part of the continent where we don’t fly to.Qatar Airways fresh equity in Airlink will enable it to “shift to a high gear and grow faster”, noted the South African airline Chief Executive Rodger Foster.“This investment by Qatar Airways echoes Airlink’s faith in these markets and which we plan to add to our network in future. Crucially, Qatar Airways investments are set to bolster Airlink’s growth trajectory.The fresh equity will enable us to shift to a high gear, enabling the airline to grow faster, to unlock opportunities that enhance our competitiveness across all areas of our business,” Foster added.

Qatar Airways fresh equity in Airlink, which is a privately-owned, premium, full-service regional airline based in South Africa, will enable it to “shift to a high gear and grow faster”, noted Chief Executive Rodger Foster.Speaking to Gulf Times on Tuesday, Foster said: “We have over 60 modern aircraft and fly over 4mn passengers in a year to more than 50 destinations in 15 Southern and East Africa as well as to Madagascar and St Helena Island.“This investment by Qatar Airways echoes Airlink’s faith in these markets and which we plan to add to our network in future. Crucially, Qatar Airways investments are set to bolster Airlink’s growth trajectory. The fresh equity will enable us to shift to a high gear, enabling the airline to grow faster, to unlock opportunities that enhance our competitiveness across all areas of our business.”Asked whether Airlink planned to look beyond the continent in view of Qatar Airways’ investment in the airline, Foster said, “We don’t intend to expand beyond Africa.”Foster said, “Today marks a major milestone for Airlink with Qatar Airways committing to acquiring 25% equity stake in our airline business. Qatar Airways is a highly respected airline. It is widely celebrated for its achievements...it has created a formidable network and continually raises the bar with its service and product offerings. All of which have contributed to its revered brand status.He noted: “Qatar Airways has also been a strong commercial partner to Airlink over the years. And we are looking forward to deepening this relationship. Qatar Airways investment in Airlink is a vote of confidence in Airlink, our business model and our delivery of premium quality services and convenient connectivity to our customers and partner customers.Foster added: “Having Qatar Airways as an equity partner is a powerful endorsement of Airlink and echoes our faith in the markets we currently serve and plan to add to our network.“This transaction will unlock growth by providing efficiencies of scale, increasing our capacity and expanding our marketing reach. By bolstering Airlink and its business, this investment will strengthen all of the existing airline partnerships Airlink has nurtured over the years.”Airlink was established in 1992 and is Southern Africa’s premier privately-owned regional airline. With its fleet of over 65 modern jetliners, Airlink serves these cities and other destinations throughout Southern Africa as well as Madagascar and St Helena Island.A member of the International Air Transport Association and accredited under IATA’s safety audit programme, Airlink offers worldwide connections through its partners, which include Qatar Airways amongst many trusted and well-known inter-continental brands, and its FlyNamibia franchise.In addition, Airlink has launched its innovative ‘Skybucks’ frequent flyer rewards programme.

Qatar Airways partnership with Airlink will ensure that the national carrier be able to serve as many destinations as possible in Africa, Group Chief Executive Officer Badr Mohamed al-Meer has said.Speaking to Gulf Times on Tuesday, al-Meer said: “Qatar Airways cannot cover the whole of Africa as an airline. The idea of having this partnership with Airlink is basically to cover as many destinations as possible, where we are not currently operating.“But we can now make sure we will be able to serve those passengers as well through Airlink. So, Airlink will be the airline that will be bringing all those passengers from that part of the continent where we don’t fly to.Qatar Airways Group has acquired a 25% stake in Southern Africa’s premier independent regional carrier, Airlink.Al-Meer emphasised that the national carrier has had a long relationship with Airlink.“We are now strengthening this relationship and take it to a new level through our stake in Airlink.We have been in discussions with Airlink for a few months. We have had a very close dialogue with each other. We believe it is time to take this relationship to a new level. This helps us bolster our Africa growth strategy and contribute to the continent’s economic success. We could not find a better partner to realise our commitment to Africa than Airlink.Al-Meer added: “Our investment in Airlink further demonstrates how integral we see Africa being to our business’ future. This partnership not only demonstrates our confidence in Airlink, as a company that is resilient, agile, financially robust and governed on sound principles, but also in Africa as a whole, showing huge potential that I am delighted we are able to help start realising.”Qatar Airways currently flies to some 29 destinations in Africa, and there’s been strong growth in the market with new destinations added to the Qatar Airways network on the continent since December 2020.According to the national airline, Abidjan, Abuja, Accra, Harare, Kano, Luanda, Lusaka, and Port Harcourt are the African cities newly added to the extensive Qatar Airways network, while Cairo and Alexandria were resumed.

Qatar Airways Group has acquired a 25% stake in Southern Africa’s premier independent regional carrier, Airlink.The announcement is a continuation of the national airline’s ambition to further develop its operations across the African continent.The investment in Airlink, which flies to more than 45 destinations in some 15 African countries will enhance a code-sharing partnership between the two airlines.The deal will bolster Qatar Airways’ Africa growth strategy and cement its role as a key driver to the continent’s economic success.Speaking to reporters after an agreement signing in Doha Tuesday, Qatar Airways Group Chief Executive Officer Badr Mohammed al-Meer said, “Our investment in Airlink further demonstrates how integral we see Africa being to our business’ future. This partnership not only demonstrates our confidence in Airlink, as a company that is resilient, agile, financially robust and governed on sound principles, but also in Africa as a whole, showing huge potential that I am delighted we are able to help start realising.”Airlink Chief Executive Rodger Foster said: “Having Qatar Airways as an equity partner is a powerful endorsement of Airlink and echoes our faith in the markets we currently serve and plan to add to our network.“This transaction will unlock growth by providing efficiencies of scale, increasing our capacity and expanding our marketing reach. By bolstering Airlink and its business, this investment will strengthen all of the existing airline partnerships Airlink has nurtured over the years.”Both the executives did not disclose the value of the investment and al-Meer said, “We are working on obtaining the regulatory approvals and our teams are busy paving the road for the way forward.”The partnership between Qatar Airways and Airlink seeks to align both carriers’ loyalty programmes - Qatar Airways Privilege Club and Airlink Skybucks.Qatar Airways currently flies to some 29 destinations in Africa, and there’s been strong growth in the market with new destinations added to the Qatar Airways network on the continent since December 2020.According to the national airline, Abidjan, Abuja, Accra, Harare, Kano, Luanda, Lusaka, and Port Harcourt are the African cities newly added to the extensive Qatar Airways network, while Cairo and Alexandria were resumed.Airlink was established in 1992 and is Southern Africa’s premier privately-owned regional airline. With its fleet of over 65 modern jetliners, Airlink serves these cities and other destinations throughout Southern Africa as well as Madagascar and St Helena Island.A member of the International Air Transport Association and accredited under IATA’s safety audit programme, Airlink offers worldwide connections through its partners, which include Qatar Airways amongst many trusted and well-known inter-continental brands, and its FlyNamibia franchise.In addition, Airlink has launched its innovative ‘Skybucks’ frequent flyer rewards programme.Ends

Solid fiscal surpluses have been forecast for Qatar in 2024 and 2025 (around 7-8% of GDP) mainly on account of “modest projected increases” in hydrocarbon revenues, according to the National Bank of Kuwait.In its last country report, NBK said the country’s gross public debt, consequently, is expected to continue to decline to an estimated 45% of GDP in 2025 from above 60% in 2021.Qatar's nominal GDP has been forecast at $211.7bn this year and $218.8bn in 2025.Budget balance (as a percentage of Qatar's GDP) has been forecast at 8.1% this year and 6.9% in 2025.Current account balance (as a percentage of country's GDP) has been forecast at 13% this year and 11.7% in 2025.Qatar’s non-oil growth is expected to accelerate to 2-3% in 2024 and 2025, having dipped last year in the aftermath of the FIFA World Cup Qatar 2022.Year-on-year inflation has been forecast at a meagre 2.5% this year and 2.2% in 2025.A recent "pickup" in credit growth, above-50 PMI readings, and still elevated visitor numbers are supportive of domestic demand which should drive non-oil growth over the forecast period.The "fading" effects of an exceptionally strong 2022 and – eventually – interest rate cuts albeit from high levels are additional drivers, NBK said in a report published a few weeks ago.Total GDP growth, however, will be relatively modest amid growth-neutral budgets and negligible gains in hydrocarbon output until 2026, when the first phase of Qatar’s massive LNG capacity expansion is expected to be completed, bringing LNG output to 110 mtpy (43% increase).Crude output is seen broadly steady at 0.6 mb/d in 2024-25.“Beyond 2025 we see the potential for larger fiscal surpluses following the ramping up of LNG exports, which can be deployed on development plan-linked capital spending. Indeed, a near doubling of LNG capacity by 2030 to 142mn tpy (mtpy) from the current 77 mtpy is now planned, higher than earlier estimates of a 127 mtpy target, allowing Qatar to control a larger share of the global LNG market.“Given the above, risks are skewed to the upside, especially in the event of higher gas prices due to a shortage or stronger demand, while downside risks stem mainly from adverse geopolitics or lower gas prices and demand in the event of a global recession,” NBK noted.

Qatar remains the top liquefied natural gas exporter in the Gas Exporting Countries Forum and figures among the top three LNG exporters globally in July, latest report by GECF has shown.According to the Doha-headquartered GECF, the US, Qatar and Australia were the top three LNG exporters globally last month.In July 2024, global LNG exports increased marginally by 1.1% (0.36mn tonnes) y-o-y to 33.36mn tonnes.This growth, according to GECF’s monthly report was supported by higher exports from non-GECF countries and an uptick in LNG re-exports, which offset lower exports from GECF Member Countries. Non-GECF countries maintained their dominance in global LNG exports with a market share of 53.0%, up from 52.8% in July 2023. The market share of LNG re-exports also increased from 0.6% to 1.2% during the same period, while GECF’s market share declined slightly from 46.6% to 45.8%.Between January and July this year, global LNG exports reached 239.41mn tonnes, representing an increase of 1.1% (2.63 Mt) y-o-y.In July 2024, global LNG imports reached 32.7mn tonnes, marking a 1.8% y-o-y increase and reversing two consecutive months of declines, GECF noted.The growth was driven by the Asia Pacific and MENA regions, which offset declines in Europe and Latin America. A significant spot LNG price spread between Asia Pacific and Europe attracted more LNG cargoes to the Asia Pacific region.Additionally, hotter-than-usual weather supported higher LNG imports in Asia Pacific. Conversely, Europe's LNG imports declined due to lower gas consumption, high storage levels, and stable pipeline gas supply, with the EU LNG imports reaching 13.3bcm, which was the same level as one year ago.On the supply side, US LNG exports fell to their second-lowest monthly level in 2024 due to the impact of Hurricane Beryl on operations at the Freeport LNG facility.According to GECF, gas restocking continue in the EU in July, with the average volume of gas in storage increasing to 84.4bcm, which is equal to an average regional capacity of 81%. Similarly, in the US, the average gas storage level continued to trend above the five-year range, while increasing to 91.2bcm, or 68% of the country’s capacity.In Asia, the combined volume of LNG in storage in Japan and South Korea was at 14.2bcm.Gas and LNG spot prices in Europe and Asia declined after a four-month rally, GECF said.The average Title Transfer Facility (TTF) spot price was $10.24/MMBtu, reflecting a 5% m-o-m decrease.Similarly, the average North East Asia (NEA) spot LNG price experienced a 3% m-o-m decrease to $11.99/MMBtu (Million British thermal units).Additionally, in the US, Henry Hub prices plummeted, averaging $2.07/MMBtu.“Looking ahead, expectations of above-normal temperatures may increase gas demand for cooling, potentially supporting prices. However, high gas storage levels and robust LNG supply may temper any price gains,” GECF noted.

A regional turboprop plane crashed near Sao Paulo in Brazil on August 9, killing all 61 people on board.Video shared on social media showed the ATR-72 aircraft, which was bound for Sao Paulo’s international airport from Cascavel, in the state of Parana, spinning out of control as it plunged down behind a cluster of trees near houses, followed by a large plume of black smoke.Franco-Italian ATR, jointly owned by Airbus and Leonardo, is the dominant producer of regional turborprop planes seating 40-70 people.Despite the recent airline crash in Brazil and many other recorded airline incidents around the world, flying remains the safest mode of transport.A recent report by the International Civil Aviation Organisation (ICAO) indicated that 2023 was the safest year in the past five years in terms of safety indicators such as global accident rate, number of fatal accidents, total fatalities and fatality rate.According to ICAO data, the global passenger traffic continued to increase in 2023 with around 4.2bn passengers transported worldwide, up from 3.2bn passengers in 2022.Although still slightly below pre-pandemic (2019) levels with 4.5bn passengers having been transported worldwide, passenger traffic in 2023 increased 30% from 2022.The number of flight departures for scheduled commercial operations continued to increase by approximately 13% with over 35mn departures in 2023, compared to around 31mn in 2022.Yearly accident statistics indicate a slight increase in the total number of accidents and a decrease in the global accident rate in 2023.From 2022 to 2023, there was a 3.1% increase in the total number of accidents, as reported by states, noting that the flight departures increased around 13% during the same period of time.The global accident rate of 1.87 accidents per million departures in 2023 decreased by 17.9% from the 2022 rate of 2.05 accidents per million departures.In 2023, scheduled commercial air transport accidents resulted in 72 fatalities representing a more than 50 per cent decrease from 160 in 2022, as well as a decrease in fatality rate of 17 people per billion passengers from 50 per billion in 2022.The number of fatal accidents significantly decreased from seven in 2022, to one in 2023.Recently, the International Air Transport Association announced that the number of airline CEOs committing to the IATA Safety Leadership Charter has reached 73. This reinforces aviation’s already strong safety culture which contributed to some best-ever results in 2023, including no fatalities among IATA member airlines or the airlines on the IATA Operational Safety Audit Registry.“Strong leadership and strong safety culture are interdependent. And both are needed to drive continuous improvements in safety performance. By putting their names to the IATA Safety Leadership Charter, 73 airline CEOs have set an example for their airlines and for the industry. In doing so, the Charter is a call to action that keeps in focus the critical obligation of airline CEOs to lead a safety culture that keeps their passengers and staff safe,” noted Willie Walsh, IATA’s Director General.Walsh noted previously: “2023 safety performance continues to demonstrate that flying is the safest mode of transport. Aviation places its highest priority on safety and that shows in the 2023 performance. Jet operations saw no hull losses or fatalities. 2023 also saw the lowest fatality risk and all accident rate on record. A single fatal turboprop accident with 72 fatalities, however, reminds us that we can never take safety for granted. And two high profile accidents in the first month of 2024 show that, even if flying is among the safest activities a person can do, there is always room to improve. This is what we have done throughout our history. And we will continue to make flying ever safer.” Undoubtedly, the air transport industry plays a significant role in global economic activity and development. One of the key elements to maintaining the vitality of civil aviation is to ensure safe, secure, efficient and environmentally sustainable operations at the regional, national and global levels.n Pratap John is Business Editor at Gulf Times. X handle: @PratapJohn

Qatar's gross government debt (as a percentage of country's GDP) is expected to fall to 40.4% this year and 35.4% in 2027, researcher Oxford Economics has said in a report.Next year, Qatar’s gross government debt to its GDP has been estimated at 38.8% and 36% in 2026.While Qatar’s external debt burden became large due to heavy investment in a relatively short period of time, it trended up between 2013 and 2021 before declining last year- a trend Oxford Economics expects to continue this year and next.This, it said, is balanced by the large foreign assets (including over $40bn of official reserves), current account surpluses, sustained economic growth, and access to cheap external borrowing due to its high credit ratings.The country's large external surpluses have been invested abroad in property, financial, retail, and other sectors by the Qatar Investment Authority (QIA), which is estimated by the Sovereign Wealth Fund Institute to have assets of more than $300bn and the aim is to reduce the state's reliance on oil and gas earnings, Oxford Economics noted.As a result of solid growth, Qatar’s GDP per capita (on a purchasing power parity basis) has risen rapidly to make it officially the wealthiest country in the world. It also has one of the most advanced and extensive welfare and free education systems in the Gulf, Oxford Economics said.A heavy investment and diversification strategy has transformed the economy, driving a doubling of GDP and exports in five years and producing budget and current account surpluses until the downturn in the oil price in 2015.“While oil production capacity continued to increase, it was the investment in two LNG projects that changed the country's fortunes, backed by the largest non-associated gas field in the world and the second-highest proven gas reserves in the Middle East,” the researcher noted.Qatar is the world’s second-largest LNG exporter after the US. There is also heavy investment in gas-to-liquids, petrochemicals, a gas export pipeline, infrastructure, and tourism.Some $200bn has been spent on infrastructure, partly relating to the 2022 FIFA World Cup, and partly to an expanding population and the country’s long-term strategy, Qatar National Vision 2030.In addition, Qatar is developing into a significant regional financial and educational centre, the report said.

Point of sale (POS) transactions in Qatar have scaled up to QR7.1bn in July compared to QR6.48bn in the same period last year, Qatar Central Bank (QCB) said on sunday.The value of POS transactions in July 2023 stood at QR6.48bn and QR5.55bn in July 2022, QCB said in a posting on ‘X’.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.The total number of POS transactions in Qatar stood at 32.45mn in July this year, QCB said.It was 27.21mn in July last year and 21.45mn in July 2022, the central bank noted.The total number of POS devices in Qatar stood at 74,092 in July this year. In July 2023, the number of POS devices in Qatar totalled 69,040 and in July 2022, it was 52,421.According to QCB, e-commerce transactions totalled QR3.63bn in July this year compared to QR2.85bn in July last year and QR2.59bn in July 2022.The volume of e-commerce transactions totalled 6.83mn in July this year compared to 5.05mn in July 2023 and 3.93mn in July 2022.QCB data indicated that debit cards issued by local banks outnumbered credit cards in the country.The total number of active (debit) cards in Qatar in July stood at 2.3mn (2,308,809), credit cards (726,744) and pre-paid cards (709,439).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 accept cards issued by QCB, GCC and Egypt regulated banks.According to 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.

Qatar Airways will be the launch customer of Boeing's newest 777-8 freighter with a confirmed order of 34 next generation cargo jet and options for an additional 16 freighters, according to Omar Arekat, vice president, Boeing’s Commercial Sales / Marketing for Middle East.Since beginning of its partnership with the American planemaker, Qatar Airways has made “landmark” orders of Boeing 777s, 787 Dreamliners, 737 MAX and 777X, he said.“We are proud to be a part of Qatar Airways’ success story – and support Qatar’s ambitious growth plans in aviation, trade and tourism – with more than 130 Boeing passenger and cargo airplanes currently in the airline’s fleet and with more than 130 Boeing airplanes on order,” Arekat said in an interview with Gulf Times.“We are very proud to have Qatar Airways as one of the launch customers for the Boeing 777X family. Based on the 777, the most successful twin-aisle airplane ever, and with advanced technologies from the 787 Dreamliner family, the 777X family is designed to maximize efficiency and environmental performance while providing an exceptional experience,” Arekat noted.In 2013, Qatar Airways ordered 60 777X new widebody airplanes. In January 2022, Qatar Airways expanded its commitment to the 777X family by becoming the launch customer for the newest 777-8 Freighter, with a confirmed order of 34 airplanes and options for an additional 16 freighters.In July 2022, the Qatari carrier committed to up to 50 Boeing 737-10s with a firm order for 25 airplanes and options for 25 more. In April 2023, Qatar Airways took delivery of its first 737-8, the first Boeing single-aisle airplane in the airline’s fleet.During the Farnborough International Airshow last month, Boeing and Qatar Airways announced the Doha-based airline's order for 20 more 777-9 airplanes. The order, which expands the carrier's 777X order book to nearly 100 airplanes, was finalised earlier this year.On the current state of Boeing’s relationship with Qatar, Arekat said, “We have been partners since 2006, when Qatar Airways placed its first order for Boeing 777 airplanes. Since then, Boeing’s relationship with Qatar and our commitment to supporting Qatar National Vision 2030, have strengthened and grown.”In 2010, Boeing solidified its relationship with Qatar by establishing its office in Doha, he noted.With over 360 employees, Boeing is active in all sectors of aerospace in the country.“Thanks to the support and continuous partnership with the Government of Qatar, Invest Qatar, and the Qatar Foundation, Boeing’s investments have helped grow the local aerospace sector, creating jobs and driving innovation.“A proud moment for Boeing in Qatar was our contribution during the FIFA World Cup Qatar 2022. More than 60 teammates supported our airline customers, while our defense platforms were monitoring the safety and security of the airspace,” Arekat noted.