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QatarEnergy’s “historic” fleet expansion programme now total 104 conventional LNG vessels with Sunday’s long-term time charter party (TCP) agreements with four international shipowners for the operation of some 19 LNG vessels.The agreements were signed with top executives of the four international shipowners by HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy at the company’s headquarters.Sunday’s long-term time charter party (TCP) agreements with four international shipowners for the operation of 19 new, ultra-modern conventional size LNG vessels were part of the second ship-owner tender under QatarEnergy’s LNG fleet expansion programme.The agreements cater for the operation of six vessels by CMES LNG Carrier Investment Inc., six vessels by Shandong Marine Energy (Singapore) Pte Ltd., and three vessels by MISC Berhad; all of which are being constructed at Samsung Heavy Industries in South Korea.The remaining four vessels will be operated by a joint venture of Kawasaki Kisen Kaisha Ltd. (K-Line) and Hyundai Glovis Co. Ltd. and are being constructed at Hanwha Ocean (formerly Daewoo Shipbuilding & Marine Engineering) also in South Korea.Al-Kaabi signed four separate sets of agreements with Wang Yongxin, president & CEO of CMES LNG Carrier Investment, Li Maozhong, chairman, Shandong Marine Energy, Satoshi Kanamori, managing executive officer, K Line and Jungsuk Kim, vice president, Hyundai Glovis and Captain Rajalingam Subramaniam, president & CEO, MISC Berhad.Commenting on the occasion, al-Kaabi said: “Today’s signings form a significant milestone in QatarEnergy’s LNG fleet expansion programme, as it marks the conclusion of the conventional sizes vessels portion of programme, bringing the total number of ships for which we have signed TCPs to 104 vessels, a massive undertaking that is the largest shipbuilding and leasing programme ever in the history of the industry.“These ships will support our expanded LNG production capacity from the North Field in Qatar and Golden Pass in the US, while also meeting our long-term fleet replacement requirements. The careful shipowner selection process followed a detailed and rigorous global tender, signifying QatarEnergy’s commitment to expanding its fleet of modern LNG carriers in collaboration with world-class shipowners and in an open and transparent manner.”Al-Kaabi added, “We are very proud to strengthen our collaboration with these esteemed shipowners. And, we have full confidence that the 19 vessels will be operated with the latest and most advanced safety, technical and environmental standards. This is an important undertaking that will enable QatarEnergy to continue delivering cleaner energy to the world safely and reliably.“I would like to thank the shipowners present with us today, and to extend my thanks and gratitude to the team leaders and members from QatarEnergy and QatarEnergy LNG, who were entrusted with the acquisition and leasing of these vessels, for their dedicated work throughout the past few years.“I am also honored to express my most 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 guidance, and the unlimited support of the energy sector of the State of Qatar.”Since 2022, QatarEnergy has signed a series of TCPs for the long-term charter and operation of 104 conventional LNG vessels, as part of its historic LNG fleet expansion programme.This initiative will support QatarEnergy’s expanding LNG production capacity from the North Field LNG expansion and Golden Pass LNG export projects, as well as meeting its long-term fleet replacement requirements.As many as 43 ships out of the 104 will be chartered by QatarEnergy’s affiliate ‘QatarEnergy Trading’, marking it the single largest one-step ship acquisition program of any single entity in the history of the LNG industry, and placing QatarEnergy and consequently QatarEnergy Trading firmly on the road to becoming a leading global LNG trader.The 19 conventional LNG vessels, part of latest agreements, have a capacity of 174,000 cubic meters each and will be equipped with the latest LNG shipping technologies.These embody QatarEnergy’s ongoing endeavour to achieve optimal fuel efficiency and reduce carbon emissions.

Qatar currently accounts for more than 75% of Middle East region’s LNG liquefaction capacity, the Gas Exporting Countries Forum (GECF) has said in a report.Currently, the region possesses 101mn tonnes per year (mtpy) of liquefaction capacity, “primarily dominated” by Qatar’s 77 mtpy, GECF said in its ‘Global Gas Outlook 2050’.Plans are in progress from 2022 to 2050 to add approximately 130 mtpy of extra LNG liquefaction capacity to the region, with Qatar leading expansion efforts, GECF noted.The primary force propelling natural gas exports from the Middle East is set to be growth in LNG supplies, notably led by Qatar, it said.The utilisation rate of this increased LNG liquefaction capacity is projected to be high, surpassing 90% by 2050. Furthermore, there are plans to consider an extra 1 mtpy of liquefaction facilities in Oman, along with the prospective development of LNG liquefaction facilities in Iraq post-2030s and in Iran post-2040s.Currently, 33 mtpy of liquefaction capacity is under construction at Qatar’s NFE expansion project. Additionally, the FEED work is underway on the NFS expansion project, which would add a further 16 mtpy.Regarding the pipeline trade within the Middle East, the Dolphin gas pipeline stands out as the largest in the region. Linking the North Field in Qatar to the UAE and Oman, this pipeline has a capacity of 33 bcm/year, operating at around 60% of this level.The potential for Qatar’s LNG exports envisions a growth of 2.6 times, reaching 208mn tonnes by 2050 from the current level of 77mn tonnes, with pipeline exports reduced from the present 20 bcm.The UAE participates in both the export and import of LNG, alongside pipeline gas imports. In 2022, the UAE exported 7 bcm of LNG and predominantly sourced gas imports from Qatar via the Dolphin gas pipeline, totalling 18.7bcm, GECF said.LNG exports are facilitated through the Das Island liquefaction plant in Abu Dhabi, possessing an overall capacity of 5.6Mtpy.By 2050, the UAE is projected to become a net exporter of LNG, with its overall LNG exports expected to reach 13Mt, starting with an increase from the current 5.5Mt after 2036.According to GECF, the primary destination for Middle Eastern LNG may continue to be Asia, with that region set to have an even more significant role in the long run.By 2050, the Asia Pacific region is poised to receive 186mn tonnes of LNG sourced from the Middle East, constituting over 90% of all LNG exported from that region, GECF said.

Qatar’s vital role in the global LNG market and commitment to diverse sectors, including sports and tourism, is fostering economic stability and growth, Allianz Trade has said in an economic update.The trade credit insurer noted that the North Field East LNG expansion project will be a major economic driver, first through "significant investment spending" until the (expected) completion date (2026) and then by fast-expanding liquefied natural gas output.As the first phase of the North Field East gas development project begins, the country's budget surplus will increase by 2026. With a strong fiscal outlook, public debt is expected to decrease from 45% of GDP at the end of 2023 to 33% by the end of 2028.Qatar’s low inflation, along with "progressive monetary relaxation", will also help to maintain private spending, while the government’s "emphasis on economic diversification will drive stable development" in non-energy sectors.According to Allianz Trade, “Qatar has one of the highest levels of GDP per capita in the world”, yet the economy relies significantly on hydrocarbon exports.GDP growth is expected to accelerate to 3% in 2024, Allianz Trade said. Investment in the energy sector, including renewables and fossil fuels, as well as a stronger tourism industry and better partnerships with neighbouring countries, will drive momentum.External liquidity will remain "unproblematic" in the next two years. Qatar has recorded large, sometimes huge, annual current account surpluses for more than two decades, with the exception of 2016 and 2020, when global oil and gas prices were particularly low.These surpluses have contributed to the buildup of the Qatar Investment Authority (QIA), the sovereign wealth fund, which is currently estimated at approximately $480bn.The combined international reserves of the central bank and the QIA represent over two times the annual GDP and cover more than 80 months of imports, Allianz Trade said.The economic acceleration reflects the government’s willingness to move forward with a variety of new infrastructure projects worth slightly less than $19.2bn. The Public Works Authority (Ashghal) will play a key role, as the projects cover many sectors and provide potential for private sector engagement.“We also expect the tourism industry to sustain its recent vibrancy – visitor arrivals more than doubled year on year in the first nine months of 2023, reaching 2.9mn. Qatar hosted the World Aquatics Championships in February.“Qatar has confirmed its ambitions as a worldwide athletic powerhouse and has also expressed interest in bidding for the summer Olympic Games in 2036,” Allianz Trade noted.

Principal market for Qatari LNG continues to be Asia, accounting for 72% of its total supplies in 2022, Doha-based Gas Exporting Countries Forum (GECF) said in a report.Qatar accounted for 16% of European LNG imports in 2022, GECF said in its ‘Global Gas Outlook 2050’.In 2022, net gas exports from the Middle East amounted to 139 bcm. Projections indicate a significant surge in overall net exports to 292 bcm by 2050.In 2022, the Middle East contributed 96mn tonnes to global LNG exports, representing 25% of the total global LNG exports.Qatar secured the top position as the leading global LNG exporter, shipping 79mn tonnes, while Oman and the UAE exported 11mn tonnes and 5.5mn tonnes respectively.“Notably, Qatar supplied 16% of European LNG imports. However, Europe only represented 24% of Qatar’s overall LNG exports, while the principal market for Qatari LNG continued to be Asia, accounting for 72% of the total,” GECF said.According to the forum, the “primary force propelling natural gas exports” from the Middle East is set to be growth in LNG supplies, notably led by Qatar.The upward trajectory of Qatar’s position as a leading global LNG exporter in 2022 indicates a growing momentum towards additional expansions or advancements post-2030s and 2040s following the North Field expansion projects.With ambitions to increase its current capacity of 77mn tonnes per year by 64%, Qatar aims to reach 126mn tonnes per year through the North Field expansion by 2028.By 2050, LNG exports from the Middle East will reach 205mn tonnes, largely due to the expansion efforts in Qatar. Anticipated long-term LNG imports are predicted to reach 16mn tonnes by 2050.Consequently, the long-term outlook suggests an expansion of LNG net exports to reach 189mn tonnes. Primary destination for Middle Eastern LNG is expected to continue being Asia, with that region set to have an even more significant role in the long run.By 2050, GECF noted, the Asia Pacific region is poised to receive 186mn tonnes of LNG sourced from the Middle East, constituting over 90% of all LNG exported from that region.The region possesses 101mn tonnes per year of liquefaction capacity, primarily dominated by Qatar’s 77mn tonnes per year. Plans are in progress from 2022 to 2050 to add approximately 130mn tonnes per year of extra LNG liquefaction capacity to the region, with Qatar leading expansion efforts.The utilisation rate of this increased LNG liquefaction capacity is projected to be high, surpassing 90% by 2050, GECF said.

Qatar's nominal GDP has been estimated to reach $233.1bn this year and $246.1bn in 2025, according to an Emirates NBD forecast.The country's real GDP growth has been estimated at 1.7% this year and 2.2% in 2025, according to the regional banking group.Emirates NBD forecasts Qatar's current account (as a percentage of country's GDP) at 18.8% this year and 19.2% in 2025.The budget balance (as a percentage of country's GDP) has been estimated at 4.2% this year and 4.7% in 2025.In its regional outlook for 2024 issued in January, Emirates NBD had noted global growth is expected to slow slightly to 2.9% from 3.0% in 2023 as tight monetary policy continues to weigh on demand and investment, particularly in the first half of the year.This scenario is consistent with softer demand for oil, particularly in the advanced economies, and oil GDP growth in the GCC region will remain a drag on headline GDP growth in 2024. Emirates NBD expects oil prices to average $82.5/b this year, similar to 2023.However, it thinks non-oil growth will remain relatively robust, averaging 3.6% across the GCC in 2024, underpinned by continued investment as oil exporting countries push ahead with ambitious economic diversification programmes. While government expenditure growth will likely be more modest in 2024 than over the last couple of years, it does not expect governments to cut spending or tighten fiscal policy through higher taxes (other than those already announced such as the UAE’s corporate income tax, which came into effect in mid-2023).In addition, economic and social reforms are likely to support continued private sector investment, and growth in the expatriate population, particularly in Saudi Arabia and the UAE.Rate cuts from the US Federal Reserve, expected in H2, 2024, should also boost demand for credit and support investment and consumption.The budget surpluses enjoyed in 2022 narrowed sharply last year on oil production cuts and lower oil prices, while spending increased. With little rebound in oil revenues expected in 2024, governments will need to rein in spending growth to prevent budget balances shrinking further, the report said.“We expect Saudi Arabia to run a deficit of -4.3% of GDP this year, up from -1.9% in 2023, as ambitious development plans will require continued investment spending. Bahrain and Kuwait are also likely to run small deficits this year, but Oman, the UAE and Qatar are expected to record surpluses.“Overall, sovereign balance sheets in the GCC are much stronger than a few years ago, with lower public debt and healthy FX reserves, which should allow governments to tap capital markets at attractive rates, if needed,” Emirates NBD noted.

Uncertainties on jet fuel price remain as demand for aviation gasoline or avgas is expected to rise ahead of the summer travelling season although signs of global economic slowdown .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px; }@media only screen and (max-width: 767px) {.text-box {width: 30%;} } **media[154984]** may temper consumption and weigh on jet fuel limiting price upside. Some analysts see a spike in demand for jet fuel ahead of the summer travelling season in the third quarter of the year. Global jet fuel prices are likely to be "higher by 5.4% over our previous forecast to $111/barrel as soft demand is expected to give way to peak summer travel and stronger prices", BMI analysts wrote in a client note according to Reuters. "However, a global economic slowdown will temper consumption of air travel and weigh on jet fuel prices limiting price upside," they added. Latest fuel price analysis by the global body of airlines- IATA show the global average jet fuel price increased by 1.5% to $107.86/bbl in the week ending March 15. Fuel price is expected to average $113.8/barrel (jet) in 2024 translating into total fuel bill of $281bn billion, accounting for 31% of all operating costs, IATA said and noted airlines are expected to consume 99bn gallons of fuel in 2024. High crude oil prices are expected to continue to be further exaggerated for airlines as the crack spread (premium paid to refine crude oil into jet fuel) is expected to average 30% in 2024. Industry CO2 emissions in 2024 are expected to be 939mn tonnes from consumption of about 99bn gallons of fuel. In this context, IATA says the aviation industry will increase its use of Sustainable Aviation Fuels (SAF) and carbon credits to reduce its carbon footprint. IATA estimates that SAF production could rise to 0.53% of airlines’ total fuel consumption in 2024, adding $2.4bn to this year’s fuel bill. In addition, the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) is a global market-based carbon offsetting mechanism designed to stabilise international aviation emissions. The CORSIA-related costs are estimated at $1bn in 2024. The price of jet fuel has a significant impact on airfares, as it is one of the most substantial operating costs for airlines. Jet fuel is a major expense that directly influences an airline's profitability and pricing strategy and accounts for up to 20% of an airline’s operating expenses. Higher fuel costs jack up ticket prices, and conversely, airfare drops with lower fuel costs. A lower fuel burn-per–hour rate reduces the cost of flying an aircraft. The less it costs to fuel an aircraft, the more airlines can reduce ticket prices, obviously attracting more travellers. The impact of jet fuel prices on the cost of airline travel can be significant, as fuel typically represents one of the largest expenses for airlines. When jet fuel prices rise, airlines often need to adjust their ticket prices to compensate for the increased operating costs. This invariably results in higher airfares for passengers. The elasticity of demand for air travel affects how airlines adjust ticket prices in response to changes in fuel costs. If demand for air travel is relatively insensitive to price changes (i.e., demand is inelastic), airlines may be able to pass on a larger portion of increased fuel costs to passengers without experiencing a significant decline in ticket sales. Some airlines use hedging strategies to lock in fuel prices at a fixed rate for a certain period. This provides them with a degree of protection against sudden increases in fuel prices, although it also limits their ability to take advantage of price decreases. While rising jet fuel prices generally lead to higher operating costs for airlines, the extent to which these costs are passed on to passengers in the form of higher ticket prices vary depending on a range of factors, including fuel efficiency, hedging strategies, market competition, and demand elasticity. Pratap John is Business Editor at Gulf Times. Twitter handle: @PratapJohn

Moody’s has maintained a stable outlook on the Qatari banking system, driven mainly by its expectation of higher economic growth in the country.Businesses in the non-oil-related parts of the economy is expected to benefit from projects linked to the expansion of Qatar’s liquefied natural gas (LNG) production capacity, it noted.“Our stable outlook also takes into account the banks' strong capital and liquidity buffers, although these strengths will be counterbalanced by their weakening loan performance, particularly in the real estate, contracting and hospitality sectors.“Consequently, loan-loss provisioning costs will likely remain high and, combined with stable operating income and costs, will keep profitability broadly stable,” Moody’s said in a report on Wednesday.High oil prices will boost domestic deposits but reliance on confidence-sensitive foreign funding will likely remain high, increasing banks' vulnerability to shocks.The likelihood of government support for banks in financial difficulty remains very high and its capacity to do so has improved.Moody’s expect Qatar's real GDP to accelerate to 2.2% in 2024, from 1.3% in 2023, but down from 4.2% in 2022.Non-oil growth will likely accelerate to 3.5% from an estimated 2% in 2023, benefiting from sporting events, business exhibitions and related economic activities, as well as projects linked to the expansion of Qatar’s LNG production capacity.But this remains well below the 5.7% achieved in 2022, when Qatar hosted the FIFA World Cup and benefited from related infrastructure and investment activity.As a result, Moody’s expects private-sector credit growth in 2024 to be around 3% to 4%. Still, an escalation of the ongoing conflict between Israel and Hamas presents the main geopolitical tail risk, according to Moody’s.Qatari banks' capital benefits from good profit generation and provides substantial loss-absorption capacity. Tangible common equity stood at a high 16.8% of risk-weighted assets as of September 2023 and regulatory ratios remain well above central bank minimum requirements.Moody’s expects Qatari banks' net income to remain between 1.2% and 1.4% of tangible assets in 2024. Growth in fee and commission income will balance a marginal drop in net interest income, keeping operating income broadly stable.Provisioning costs will remain high as pressures on certain sectors, such as real estate, contracting and hospitality persist. Margins will be temporarily compressed by interest rate cuts in 2024, because interest on deposits and other funding costs will fall more slowly than interest received from loans.That is despite the fact that funding is mostly short-term (less than one year maturity) meaning Qatari banks can respond to lower interest rates quickly.The banks’ cost efficiency is the best among the Gulf Co-operation Council (GCC) banking systems, with cost-to-income at 22.9%. This is driven by Qatar’s small and concentrated population, which allows banks to reach customers without the need for extensive and costly branch networks. The banks' high efficiency supports their profitability despite costly investment in digital services and technology.According to Moody’s high oil prices will boost flows of domestic deposits into the banking system. This will help compensate for the impact of prudential regulations aimed at curbing Qatari banks' overreliance on confidence-sensitive foreign funding, a result of their rapid growth.The banks' foreign liabilities fell to 34% of total liabilities at the end of December 2023 from a peak of 39% at the end of 2021. Risks from volatility-prone foreign funding are partially offset by the fact that sources are well-diversified across geographies and maturities. In addition, Qatari banks' have stocks of liquid assets at around 25.1% of total assets as of September 2023 that provide a sound buffer. Most Qatari banks report high liquidity coverage ratios.“We also expect banks to shift towards a longer-term funding structure in a lower interest rate environment,” Moody’s noted.Qatari banks’ benefit from a very high probability of government support in a crisis. The government strong willingness to provide a backstop is shown by the pre-emptive support it has extended to the banks in times of stress and the fact that it has never let a domestic bank default on its debt or deposit obligations.The government’s capacity to support banks has also improved, with the sovereign long-term issuer rating now at Aa2, Moody’s noted.

Qatar Airways and Aer Lingus (EI) have launched a new codeshare partnership, with effect from March 13.The codeshare will give customers greater access to more destinations across the UK and Ireland, and benefit passengers across the globe – including in Africa, Asia, Australia, the Middle East and New Zealand.Qatar Airways will add its codeshare on flights operated by Aer Lingus, the national carrier of Ireland, and Aer Lingus Regional, in a move which further strengthens Qatar Airways’ ongoing partnership expansion with International Airlines Group (IAG).Once implemented, Qatar Airways will have codeshare coverage with all IAG carriers, including British Airways, Iberia, Vueling, and Aer Lingus, solidifying its position in the European market.This new codeshare will enable connections between Qatar Airways and Aer Lingus (EI) flights through Dublin, London, and Manchester. Customers will be able to travel between Irish and UK destinations including Aberdeen, Belfast, Cork, and Glasgow, and Qatar Airways’ extensive global network through Doha’s hub at Hamad International Airport.Qatar Airways Chief Commercial Officer Thierry Antinori said, “Our new codeshare partnership with Aer Lingus demonstrates Qatar Airways’ commitment to its customers, who will benefit from a wider choice of global destinations.The move also builds on our long-term strategic relationship with IAG as we expand our codeshare coverage even further. It is an exciting opportunity to extend our exceptional service to even more travellers through this partnership.”Aer Lingus Chief Strategy and Planning Officer Reid Moody said, “We are pleased to launch our new codeshare partnership with Qatar Airways, offering their customers a great choice of routes and destinations on Aer Lingus’ extensive network of flights across the UK and Ireland. Customers can expect a warm welcome and friendly service and we look forward to welcoming them on board.”This follows the recent expansion of the strategic alliance between Qatar Airways, British Airways and Iberia, which offers global connectivity between more countries than any other airline joint business.

The nine African member countries of Doha-headquartered Gas Exporting Countries Forum account for 245bn cubic metres of annual gas production, which constitutes 94% of the continent’s total, according to GECF secretary-general Dr Mohamed Hamel.He was addressing the Africa Group of Ambassadors Meeting in Doha.Hamel said African countries played an important role in the global energy landscape, and indeed, in the affairs of the GECF.“Since taking office, we have been privileged to welcome three new African countries to the forum – Mozambique, Mauritania, and Senegal.“I wish to reiterate our sincere congratulations for Mauritania, Mozambique and Senegal, and convey our best wishes for peace and prosperity and all the success in the development of their natural gas resources.”He said, “We now proudly count nine distinguished countries from the African continent among our family, representing nearly half of our membership.”Collectively, these nine countries hold over 15tn cubic metres of proven gas reserves, accounting for an impressive 94% of Africa's gas reserves. Furthermore, these countries contribute 245bn cubic metres of annual gas production, which constitutes 94% of the continent’s total gas production.Hamel noted Africa already plays a considerable role in global gas trade, as a major supplier of both pipeline gas and LNG. The pipeline network from North Africa serves as a crucial supply route for the European market, while the region’s LNG exporting capacity significantly contributes to the global LNG trade.Moreover, Africa’s gas production is to become one of the main drivers of incremental global natural gas supply in the medium to long term.Conversely, Africa’s primary energy consumption remains at a relatively low level. Natural gas is the leading source of electricity generation on the continent, contributing 40% to the total power mix. Biofuels and waste dominate the final energy consumption, accounting for 52%, while natural gas represents only 8%.Given the vast natural gas reserves in Africa, he said there is “undoubtedly great potential for growth” in natural gas consumption, which could help alleviate energy poverty and foster social and economic development across the continent.He said the GECF stands firmly beside its African partners in addressing these challenges. The forum presents a distinct opportunity for collaboration among member countries across various segments of the gas markets.It serves as a platform for exchanging expertise, best practices and technologies, harnessing collective experience to drive sustainable development. Developing dialogue with Africa’s consuming countries is also one of our strategic objectives, Hamel added.

Approximately 11,000 residential units were delivered in the country in 2023 out of the expected 12,500 residences for the year, ValuStrat said in a report.Notable projects handed over in Qatar during the last quarter of 2023 include Al Serdal (120 apartments) and Al Kharaej (150 units) residential buildings in Lusail.Residential stock in the country crossed 343,500 units for Q4, 2023 with the addition of 795 homes in the last quarter, ValuStrat said.More than 2,200 units are in the pipeline for Q1 2024, with 40% concentrated in The Pearl Island and 30% in Lusail.In terms of residential sales in Qatar in 2023, ValuStrat said the volume of transactions increased by 14% QoQ and 33% yearly.The median ticket size for residential units remained stable quarterly at QR2.7mn, but decreased 5.3% YoYDoha, Al Rayyan, and Umm Salal had the highest volume of transactions of residential houses during Q4, 2023Qatar in 2023 saw 114 transactions of residential buildings, reflecting a decline of 31% YoY in volume, while the value was down by 19% yearly to QR1.4bn.The Pearl Island and Al Qassar experienced respective surges of 82% and 44% in transaction values and volume in 2023 compared to 2022.During Q4, 2023, total office stock was estimated to be nearly 7mn sq m GLA, with 65% falling within the Grade A categoryProjects expected to be delivered in Q4, 2023 have been pushed to next year, the researcher noted.ValuStrat research has adjusted the expected office supply downward to 490,000sq m GLA in 2023 due to project delays.For this year, office projects in the pipeline are expected to reach 185,000sq m GLA, ValuStrat noted.In Q4, 2023, the retail stock of shopping centres in the country remained stable at approximately 2.4mn sq m GLA.Hamad International Airport debuted Souq Al Matar with seven shops and two restaurants aesthetically designed as Qatari traditional market.In the fourth quarter of 2023, ValuStrat Price Index (VPI) for residential market remained stable on a quarterly basis, but declined 1.7% annually to reach 64.1 points, when compared to a "100 point base" set in Q1, 2016.In the fourth quarter of 2023, ValuStrat Price Index (VPI) for residential market remained stable on a quarterly basis, but declined 1.7% annually to reach 64.1 points, that’s compared to a 100 point base set in Q1, 2016.According to ValuStrat, the gross yield for residential units decreased to 5.9% from 6.1%. Apartments contributed 8.2% while villas accounted for 4.8%. The price-to-rent ratio increased to 19 years, it said.

Air freight plays a crucial role in global economy, providing a fast and efficient means of transporting goods across the world..text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[149702]**The booming e-commerce sector is continuing to help air cargo demand to trend above growth in both trade and production since the last quarter of 2023.Air cargo demand was up 18.4% year-on-year in January, according to data provided by the International Air Transport Association.Total air cargo demand, measured in cargo tonne-kilometres (CTKs), up 18.4% on January 2023 levels (19.8% for international operations).This significant upturn marks the highest annual growth in cargo tonne-kilometres (CTKs) since the summer season of 2021.Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 14.6% compared to January 2023 (18.2% for international operations).This was largely related to the growth in belly capacity. International belly capacity rose 25.8% year-on-year (YoY) on the strength of passenger markets.Air cargo growth outpaced trade and production, IATA said and noted several factors in the operating environment.First, it said the global cross-border trade increased by 1% in December compared to the previous month (-0.2% YoY).In January, the manufacturing output Purchasing Managers' Index (PMI) improved to 50.3, surpassing the 50 mark for the first time in eight months, indicating expansion.The new export orders PMI also saw an increase to 48.8, but remains below the critical 50 threshold, suggesting a continuing yet decelerating decline in global exports.Inflation in major economies continued to ease from its peak in terms of Consumer Price Index (CPI) in January, reaching 3.1% in both the US and in the EU, and 2.1% in Japan.China’s CPI, however, indicated deflation for the fourth consecutive month, raising concerns of an economic slowdown. China’s negative inflation rate of -0.8% was the lowest since the Global Financial Crisis in 2009.In terms of regional performance, IATA said Middle Eastern carriers have had the strongest performance in January this year, with a 25.9% year-on-year increase in cargo volumes. This was a significant improvement from the previous month’s performance (+18.3%).Carriers in the region benefited from growth in the Middle East–Asia (+29.5%) and Middle East–Europe markets (+46.1%). Capacity increased 17.1% compared to January 2023.Asia-Pacific airlines saw their air cargo volumes increase by 24.6% in January 2024 compared to the same month in 2023. This performance was above the previous month (+18.5%).Carriers in the region benefitted from ongoing growth in international CTKs on three major trade lanes: Africa-Asia (+52.5%), Middle East-Asia (+29.5%) and Europe-Asia (+27.5%). Available capacity for the region’s airlines increased by 25.0% compared to January 2023 as more belly capacity came online from the passenger side of the business.However, North American carriers had the weakest performance of all regions in January with a 9.3% increase (YoY) in cargo volumes. This was an improvement in performance compared to December (2.0%).Carriers in the region benefitted from growth on the North America-Asia trade lane (+17.1%) and North America-Europe trade lane (+3.5%). Capacity increased by 3.8% compared to January 2023.On the other hand, European carriers saw their air cargo volumes increase by 16.4% in January compared to the same month in 2023. This was a stronger performance than in December (+8.6%). Carriers in the region benefited from the strong growth in international CTKs in the within Europe market (+18.4%) and the Europe – Asia route (+27.5%).Gains made from the significant expansion in the Middle East-Europe trade lane (+46.1%) also benefited carriers in the region. Capacity increased 12.5% in January 2024 compared to the same month in 2023.African airlines saw their air cargo volumes increase by 17.0% in January 2024, much improved compared to December’s performance (-1.2%).Carriers in the region benefitted from strong growth on the Africa-Asia trade lane. Capacity in January was 19.4% above January 2023 levels.IATA Director General Willie Walsh noted, "Air cargo demand was up 18.4% year-on-year in January. This is a strong start to the year. In particular, the booming e-commerce sector is continuing to help air cargo demand to trend above growth in both trade and production since the last quarter of 2023.“The counterweight to this good news is uncertainty over how China’s economic slowdown will unfold. This will be on the minds of air cargo executives meeting in Hong Kong next week for the IATA World Cargo Symposium with an agenda focused on digitalisation, efficiency and sustainability."Undoubtedly, air freight is a key enabler of global trade, connecting businesses and consumers worldwide, and contributing significantly to the efficiency and resilience of the global economy.

The use of Artificial Intelligence in Shariah audit analytics can significantly enhance the efficiency, effectiveness, and accuracy of compliance processes within Islamic finance institutions, 10th Doha Islamic Finance Conference said in a communiqué.This, it said, can be done through automated data analysis techniques, predictive analytics for risk assessment, enhanced reporting and documentation, and real-time monitoring to promote trust, transparency, and integrity in Islamic finance industry.The conference noted that robots and electronic trading agents may be regarded as legally competent and financially liable by drawing parallels with the financial responsibility of non-human entities, such as groups of individuals, funds, endowments, and bait al-maal (the treasury).Exploring Shariah rulings based on the provisions applicable to the al-‘abd al ma-doon (authorised slave) in Islamic jurisprudence can provide further insight into their legal status and responsibilities.Chat-GPT and similar artificial intelligence applications cannot be independently relied on in issuing authoritative fatwas, particularly in matters that require interpretation skills of religious texts, contextual analysis, and consideration of specific circumstances.Nonetheless, artificial intelligence techniques can be utilised as auxiliary tools in issuing religious ruling, gathering scholarly sources and fast-checking information.“We encourage endowment institutions to embrace advancements of artificial intelligence and incorporate them into their operations for documentation, preservation, and safeguarding endowment assets. Moreover, endowment institutions can leverage on artificial intelligence in endowments management and investment decision making.“The integration of artificial intelligence in endowments operations aims to enhance the effectiveness, governance, and overall management of endowments,” the conference noted.The utilisation of Natural Language Processing (NLP) technology has the potential to advance the creation of Islamic financial products, improve customer services, and deepen the comprehension of Islamic financial products and decision-making among consumers and investors.“We advocate for enhancing collaboration and forming partnerships between Islamic financial institutions and technology firms specialising in Islamic financial product development. This collaboration aims to foster innovation, facilitate knowledge exchange, and devise inventive solutions tailored to market demands.”In light of the urgent need for data sharing, legislation should impose stringent regulations aimed at regulating and safeguarding privacy. Regulatory agencies should fortify the pertinent provisions while organisations operating within this domain endeavour to elevate their expertise and promote ethical awareness regarding data handling and sharing in a way that ensures the protection of the rights of individuals, society, and public order.The communiqué noted it is important to explore the intersection of technology, finance, and ethics, by integrating cutting-edge advancements of artificial intelligence in the ethical framework of Islamic finance, to enhance ethical integrity and transparency, thereby contributing to attracting customers to the Islamic finance industry and the growth and sustainability of Islamic finance institutions in light of the objectives of Sharia.By harnessing the power of generative AI technologies such as machine learning and deep learning, the communiqué said Islamic banks can drive an unprecedented transformation in several areas including decision-making, risk management, fraud detection, customer segmentation and personalisation, algorithm trading, and empower the workforce with modern technological developments, while upholding to the ethical principles of Islamic finance.

In its ‘2023 Annual Safety Report’ for global aviation, IATA said aviation continues to make progress on safety with several 2023 parameters showing “best-ever” results.There were no hull losses or fatal accidents involving passenger jet aircraft in 2023, IATA noted Wednesday.However, there was a single fatal accident involving a turboprop aircraft, resulting in 72 fatalities. There were 37mn aircraft movements in 2023 (jet and turboprop), an increase of 17% on the previous year.Report highlights include:• The all accident rate was 0.80 per million sectors in 2023 (one accident for every 1.26mn flights), an improvement from 1.30 in 2022 and the lowest rate in over a decade. This rate outperformed the five-year (2019-2023) rolling average of 1.19 (an average one accident for every 880,293 flights).The fatality risk improved to 0.03 in 2023 from 0.11 in 2022 and 0.11 for the five years, 2019-2023. At this level of safety, on average a person would have to travel by air every day for 103,239 years to experience a fatal accident.IATA member airlines and IATA Operational Safety Audit (IOSA) registered airlines experienced no fatal accident in 2023.A single fatal accident occurred in 2023, on a turboprop aircraft, resulting in 72 fatalities. This is reduced from five fatal accidents in 2022 and an improvement on the five-year average (2019-2023) which was five. As for the Middle East and North Africa region that covers Qatar and the GCC, the all accident rate improved from 1.30 accidents per million sectors in 2022 to 1.16 in 2023 and was also better than its five-year average of 0.96.While no accidents were related to Global Navigation Satellite System (GNSS) interference, it has emerged as a critical area of concern in the region.The 2023 all accident rate improved compared to 2022 for all regions with the exceptions of North America and Asia Pacific. No regions experienced a jet hull loss in 2023.Asia-Pacific recorded a fatal turboprop hull loss, a loss-of-control accident in Nepal in January 2023 with 72 fatalities. As a consequence, all regions except Asia-Pacific recorded a fatality risk of zero in 2023.IATA’s Director General Willie Walsh said, "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.”

Air turbulence due to irregular and often unpredictable movement of air currents in the atmosphere can severely impact crew and passenger safety. .text-box { float:left; width:250px; padding:1px; border:1pt white; margin-top: 10px; margin-right: 15px; margin-bottom: 5px; margin-left: 20px;}@media only screen and (max-width: 767px) {.text-box {width: 30%;}}**media[146592]**As climate change continues to impact weather patterns, managing turbulence has become challenging. This has implications for both safety and efficiency of flight.In 2023, more than 380mn "turbulence observations" were generated by the global aviation industry, according to International Air Transport Association.At present, some 21 airlines participate in the IATA Turbulence Aware Platform with more than 2,000 aircraft providing data daily.Turbulence is certainly a major safety concern. Every year, a significant number of people get injured by turbulence, while not wearing seatbelts. Cabin attendants are particularly at risk.Occasionally, turbulence events require an aircraft to divert, with all the inconvenience and associated costs that entails. Lacking accurate information to guide them, pilots may opt to minimise risk, but this can adversely impact fuel costs.With industry-wide sharing of actual occurrences, in real time, pilots could take appropriate action with confidence.Although modern aircraft are designed to withstand turbulence, severe turbulence or encounters with unexpected weather phenomena can put stress on the airframe. This can result in damage to the aircraft structure.Highlighting the importance of its Turbulence Aware Platform, IATA says that with "objective, automated, in-situ" turbulence reports, dispatchers, pilots and cabin attendants can know exactly where turbulence and smooth air are, and take appropriate action, be able to reassure passengers and cabin attendants and optimise fuel burn.Recently, IATA expanded transmission of its turbulence aware data for use within industry-leading aviation solutions by The Weather Company, which serves a majority of North American commercial airlines and many others globally.With this enhancement, participating airlines will soon be able to access Eddy Dissipation Rate (EDR) turbulence data directly through ‘Fusion’ and ‘Pilotbrief’ tools by The Weather Company. IATA Turbulence Aware will be enabled as an additional data layer within these tools, allowing pilots, dispatchers and flight planners to have needed turbulence observations integrated directly into their mission critical applications in one place rather than relying on multiple screens.Turbulence can impact crew and passenger safety, route planning, arrival and departure times, customer satisfaction, equipment maintenance and more.Combining IATA Turbulence Aware observations with forecasts from The Weather Company aims to better mitigate the impacts of weather and turbulence for contributing airlines globally.Accessing real-time, accurate turbulence information enables pilots and dispatchers to choose optimal flight paths, avoid turbulence and fly at optimum levels to maximise fuel efficiency and thereby reduce CO2 emissions.IATA Turbulence Aware was launched in 2018 to help airlines mitigate the impact of turbulence, which is a leading cause of passenger and crew injuries and higher fuel costs each year.The platform pools anonymised EDR turbulence data from thousands of flights operated by participating airlines. EDR is the official ICAO and WMO atmospheric turbulence intensity metric.“As weather grows more impactful due to a changing climate, it is critical now more than ever for aviation leaders to incorporate accurate, real-time, globally scaled weather data and insights within decisions,” said Ravi Vanmali, head of aviation for The Weather Company.“Reliable weather data and forecasts, combined with human expertise, can help airlines and pilots plan around inclement weather and turbulence, improve crew and passenger safety, and mitigate impact to the bottom line.”“It is our aim to make access to turbulence-related data as simple as possible. By collaborating with The Weather Company, IATA Turbulence Aware data will be available to pilots and dispatchers through existing flight deck and flight planning applications and tools, enhancing the decision-making process in turbulence mitigation and avoidance”, said Frederic Leger, IATA’s senior vice president (Commercial Products & Services).While turbulence itself is a common and generally harmless phenomenon, it can have various consequences on airline crew and passenger safety, depending on its severity.To mitigate the impact of air turbulence, the airline industry employs various strategies and technologies. These include weather forecasting and route planning, advanced avionics and radar systems, communication and co-ordination, turbulence detection systems, improved aircraft design, training and education and in-flight monitoring and reporting.While these measures can certainly help mitigate the impact of turbulence, it is not always possible to eliminate it entirely. However, through a combination of technology, training, and communication, the airline industry can work to enhance safety and passenger comfort during flights.

Ooredoo has signed a strategic partnership with Qatar Airways to develop and co-design a state-of-the-art ‘Hybrid Multi-Cloud’ environment. This cutting-edge solution will bring together the prowess of world-renowned Hyperscalers, Microsoft Azure and Google Cloud, coupled with the resilience and security of Qatar Airways’ dedicated Private Cloud, powered by global technology providers including Nutanix, F5 and Cisco. Commenting on the partnership at an event Monday, Sheikh Ali bin Jabor bin Mohammad al-Thani, CEO, Ooredoo Qatar, said: “As pioneers in our respective fields, both Ooredoo and Qatar Airways recognise that innovation is about adopting new technologies and reshaping how we connect with the world. Through this collaboration, we are setting a new standard for digital transformations globally.” Reflecting on the joint venture’s potential, Sheikh Ali said: “At Ooredoo, we believe that the future belongs to those who innovate. By joining with Qatar Airways, we are making a bold statement—that together, we are poised to redefine the boundaries of innovation leveraging Hybrid cloud, Analytics and AI, ensuring that Qatar remains a beacon of progress in an ever-evolving digital landscape. “Trust is the foundation of any lasting partnership. With Qatar Airways, we’re not just building a robust digital infrastructure but fostering a bond based on mutual respect and a shared vision for a hyperconnected world.” Qatar Airways Group Chief Executive Officer Badr Mohammed al-Meer shared his insights on the strategic partnership, stating: “Qatar Airways is an unparalleled leader in the aviation industry and consistently offers the best-in-class products and services. “Our commitment to technology innovation and adoption has been a key driver for our success and growth. In our partnership with Ooredoo, we are implementing Hybrid Cloud Infrastructure and Platform services by utilising leading technologies." He added, "This partnership allows us to offer unmatched services to our customers, ensuring seamless scalability, top-tier performance, and robust security. We are thrilled to collaborate with industry giants like Microsoft, Google, and Nutanix to build an efficient and secure Cloud Infrastructure.” One of the key elements of this transformation is the unparalleled agility it promises. The Hybrid Multi-Cloud setup will ensure that Qatar Airways has the flexibility to choose where its workloads reside depending on a host of factors, including but not limited to business demands, data security, data sovereignty and latency. By harnessing the expansive capabilities of the Public Cloud, Qatar Airways is poised to accelerate innovation and rapidly deploy new and exciting services to continually improve its customers’ experience, while operating its high-performance workloads that require unmatched speeds, low latency, and iron-clad security in its dedicated Private Cloud environment. Ooredoo will also provide Qatar Airways with a network fabric that enables direct links between the airlines’ premises and both Microsoft Azure and Google Cloud platforms. This monumental transformation highlights the shared vision between Qatar Airways and Ooredoo to charter a path of innovation and endless opportunity in today’s digital world. “This partnership reinforces Ooredoo’s commitment to innovating ICT solutions that align with evolving market needs and our relentless drive to partner with the best-in-class technology providers to support our customers’ requirements in a continually changing business environment,” an Ooredoo statement said.

The ongoing visit of the high-level Swiss delegation visit to Qatar will provide the platform and framework for bilateral business relationships to flourish, says delegation head and Switzerland’s Federal Councillor Guy Parmelin.“However, it is important to note that Switzerland works bottom-up. It is ultimately the businesses, which decide where to invest and who to trade with,” noted Parmelin, also the head of the Swiss Federal Department of Economic Affairs, Education, and Research in an exclusive interview with Gulf Times in Doha Wednesday.With the Qatar National Vision 2030, the country is pursuing the goal of diversifying its economy and expanding its infrastructure, which opens numerous opportunities for Swiss companies, Parmelin said.“There are several possible fields for an increased co-operation. Swiss companies are traditionally strong in the clean-tech sector, infrastructure sector (such as railways) or the medical sector,” he pointed out.On his current visit to Qatar, which follows a successful one to Saudi Arabia, Parmelin said, “My visit to Qatar, during which I will be accompanied by a large delegation of leading business representatives, aims to evaluate how Swiss companies can potentially contribute to the implementation of QNV 2030 and take further advantage of the solid foundation of bilateral agreements between Switzerland and Qatar to create win-win situations for our economies.“For this, I will meet with various ministers, starting with HE the Minister of Commerce and Industry, Sheikh Mohamed bin Hamad bin Qassim al-Abdullah al-Thani. Then, together with HE the Minister of Finance, Ali bin Ahmed al-Kuwari, I will also open the financial and economic dialogue between the State Secretariat for International Finance, the State Secretariat for Economic Affairs (SECO) and the Qatari Ministry of Finance.“Moreover, at the invitation of HE the Minister of Municipality, Abdullah bin Hamad bin Abdullah al-Attiyah my delegation and I will attend the agricultural and horticultural Expo 2023 Doha, during which I will contribute to an event on innovation in the agri-food sector.Asked whether Switzerland planned to sign new agreements with Qatar, he said ‘No’.“No new agreements are planned to be signed, as there is already a solid foundation of bilateral agreements between Switzerland and Qatar. The Vision 2030 offers interesting opportunities for Swiss businesses. It’s important to see these changes first-hand, to get a better feel for the country and also to better understand the current developments.”On the volume of current bilateral trade between Switzerland and Qatar, Parmelin said that in 2022, Qatar was Switzerland’s third most important trading partner in the Middle East, with trade in goods amounting to over $2bn.“The highlight of the bilateral trade is its volume over the years, which has hovered around the $1bn mark, with 2022 representing a large increase. Given the size of both our countries population, this is an impressive trade statistic,” the senior Swiss minister said.A Joint Commission on Financial and Economic Areas was established in 2022 to promote and strengthen bilateral relationship between the two countries in the areas of finance and economy for mutual benefit. The first session of the Joint Commission was held in Switzerland. The second session will be held in Doha Thursday.Parmelin touched upon Switzerland’s renowned tourism capabilities and said, “I can highly recommend Switzerland as a tourist destination. However, Switzerland cannot determine the entry requirements on its own, since a Swiss visa is valid throughout the European “Schengen area”.Asked whether there are plans (for Qatar Airways) to add more destinations or enhance the number of weekly flights, Parmelin said, “This is something that is regulated by the market and the relevant authorities. Qatar Airways can apply for additional slots at any time.”

The drilling of more than 20 appraisal wells in the past 10 years using state-of-the-art technologies has confirmed significant increase in North Field (NF) gas reserves, to more than 2,000 trillion cubic feet, said HE the Minister of State for Energy affairs, Saad Sherida al-Kaabi.Addressing a press conference at the QatarEnergy headquarters yesterday, al-Kaabi said, “I want to specifically mention the tireless work over the past two decades to evaluate the giant North Field and unlock its potential, especially in sectors that were not covered extensively by previous drilling and evaluation work.”Most recently, QatarEnergy has focused its efforts and attention on determining how far west the North Field extends in order to evaluate the production potential from those areas.“We have continued geological and engineering studies and have drilled a number of appraisal wells in that area.“I am pleased to announce today that, praise be to God, these great efforts have confirmed, through technical tests of the appraisal wells, the extension of the North Field’s productive layers further towards the west, which means the ability to produce significant quantities of gas from this new sector.“Recent studies have shown that the North Field contains huge additional gas quantities in the North Field estimated at 240tn cubic feet, which raises Qatar’s gas reserves from 1,760tn cubic feet to more than 2,000tn cubic feet, and the condensates reserves from 70 to more than 80bn barrels, in addition to large quantities of liquefied petroleum gas, ethane, and helium.”Al-Kaabi noted, “These are very important results of great dimensions that will take Qatar’s gas industry to new horizons, as they will enable us to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 MTPY.“As such, Qatar's total LNG production will reach about 142MTPY when this new expansion is completed before the end of this decade. This represents an increase of almost 85% compared to current production levels. With the completion of this project, Qatar’s total hydrocarbon production will exceed 7.25mn barrels of oil equivalent per day.”The minister revealed that QatarEnergy will immediately commence the basic engineering works necessary to ensure that the planned progress is achieved according to the approved schedule for this new project, which will be called the ‘North Field West’.“These expansion project, which we are working to implement, aim to achieve optimal utilisation and management of our natural resources with the aim of contributing to what our wise leadership aspires to in terms of ensuring the economic and social well-being of current future generations of Qatar as articulated by the Qatar National Vision 2030.“At the same time, these projects reaffirm QatarEnergy’s commitment to reinforce its global leadership in the production and supply of LNG and live up to its commitment to provide an economic, safe and reliable energy source, giving priority to environmental sustainability for a more prosperous and brighter future.”Minister al-Kaabi also expressed his sincere thanks and gratitude to His Highness the Amir, Sheikh Tamim bin Hamad al-Thani for his wise leadership and guidance, and the unlimited support of Qatar’s energy sector.

QatarEnergy has announced that it is proceeding with a new LNG expansion project, the “North Field West” project, to further raise Qatar’s LNG production capacity to 142mn tonnes per year (MTPY) before the end of this decade, representing an increase of almost 85% from current production levels.HE the Minister of State for Energy Affairs Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, made the announcement during a press conference held at QatarEnergy’s Headquarters in Doha Sunday.Addressing local and international media, Minister al-Kaabi said extensive appraisal drilling and testing have confirmed that productive layers of Qatar’s giant North Field extend towards the west, which allows for developing a new LNG production project in Ras Laffan.Al-Kaabi said, “QatarEnergy has focused its efforts and attention on determining how far west the North Field’s productive layers extend in order to evaluate the production potential from those areas. We have continued geological and engineering studies and have drilled a number of appraisal wells in that area.“I am pleased today to announce that, praise be to God, these great efforts have confirmed, through technical tests of the appraisal wells, the extension of the North Field’s productive layers further towards the west, which means the ability to produce significant additional quantities of gas from this new sector.”Minister al-Kaabi also announced the presence of huge additional gas quantities in the North Field estimated at 240tn cubic feet, which raises Qatar’s gas reserves from 1,760tn cubic feet to more than 2,000tn cubic feet, and the condensates reserves from 70 to more than 80bn barrels, in addition to large quantities of liquefied petroleum gas, ethane, and helium.Al-Kaabi noted, “These are very important results of great dimensions that will take Qatar’s gas industry to new horizons, as they will enable us to begin developing a new LNG project from the North Field’s western sector with a production capacity of about 16 MTPY.“As such, Qatar's total LNG production will reach about 142MTPY when this new expansion is completed before the end of this decade. This represents an increase of almost 85% compared to current production levels. With the completion of this project, Qatar’s total hydrocarbon production will exceed 7.25mn barrels of oil equivalent per day.”Al-Kaabi revealed that QatarEnergy will immediately commence the basic engineering works necessary to ensure that the planned progress is achieved according to the approved schedule for this new project, which will be called the ‘North Field West’.He said QatarEnergy continues work to implement various elements of the North Field production expansion projects, including the North Field East project and the North Field South project.“I would like to extend my sincere thanks and appreciation to my colleagues the managers and employees at QatarEnergy and in the energy sector in Qatar, women and men, Qataris and expatriates, who work as one family tirelessly and with dedication to advance the energy sector for the benefit of Qatar, QatarEnergy, and our partners. And I would like to say: I am proud of you all.” 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 guidance, and the unlimited support of Qatar’s energy sector.HE The Minister Of State For Energy Affairs Saad Sherida Al-Kaabi, Also The President And CEO Of QatarEnergy, Addressing The Press Conference Sunday. PICTURE: Shaji Kayamkulam.