Business

AlRayan Bank, the new trade name of Masraf Al Rayan, unveiled its new strategy, vision, and identity during an exclusive event held on Tuesday at Al Baraha, Msheireb in the presence of HE Sheikh Bandar bin Mohammed bin Saoud al-Thani, the Governor of Qatar Central Bank, along with board members, executive management, and distinguished guests. The pivotal milestone marks a defining moment in the bank’s journey to redefine modern Islamic banking. Under the slogan ‘Leading Forward’, the transformation reflects AlRayan Bank’s commitment to innovation, customer empowerment, and supporting Qatar’s vision for sustainable growth. In his opening address, HE Sheikh Mohammed bin Hamad bin Qassim al-Thani, chairman of AlRayan Bank, said: “In the years following the merger, AlRayan Bank successfully leveraged the combined strengths of the two entities, enhancing operational efficiency and managing the bank’s assets more effectively. “At the same time, our primary focus remained on development and improvement, culminating in the creation of a comprehensive strategic plan to modernise the bank and position it as a model of excellence in contemporary services. Today, we witness the first step in implementing this vision with the launch of our new brand identity, reflecting the bank’s forward-looking approach.” He added: “The new identity embodies the continuous evolution of the bank and its renewed strategic focus as a contemporary Islamic bank. We aim to integrate innovation with digital excellence, offering exceptional and comprehensive services to our customers. Our priority is to place the customer at the centre of all that we do.” Expanding on this vision, Fahad al-Khalifa, Group CEO of AlRayan Bank, underscored the broader implications of the transformation: “This is not merely a redesign of the bank’s identity; it is a declaration of a new era for AlRayan Bank. Guided by Leading Forward’, we are committed to delivering a banking experience that embodies innovation, resilience, and deep-rooted values. “This transformation aligns with Qatar National Vision 2030, ensuring our contribution to the nation’s economic and social development by integrating advanced digital tools and innovative solutions. Our goal is to provide an exceptional and modern experience for our customers.” Iman al-Nuaimi, assistant general manager of Corporate Communication at AlRayan Bank, said: “Our new brand identity captures the essence of AlRayan Bank — a perfect balance of tradition and modernity. The refreshed logo and vibrant blue palette symbolize trust, growth, and progress, reflecting our dedication to delivering seamless, personalized, and innovative banking experiences. This identity not only represents who we are today but also embodies our aspirations for the future of Islamic banking.” It’s worth noting that the transformation reflects AlRayan Bank’s ambition to lead Islamic banking into a new era, reshaping modernity while preserving core values. It encompasses long-term customer success through tailored solutions and improved operational efficiency driven by sustainable practices. This achievement is the result of collective efforts, showcasing the unity and dedication of the entire AlRayan Bank team, from the board of directors to employees. The transformation embodies a shared vision to redefine the future of Islamic banking, guided by the motto ‘One team, one dream, one family’. The new identity reaffirms AlRayan Bank’s mission to create a banking future defined by innovation, transparency, and sustainability. As a trusted partner in local, regional, and global markets, AlRayan Bank is poised to lead forward and shape the future of modern Islamic banking.

Officials of Web Summit Qatar and the German Mittelstand GCC Office signed a partnership agreement on Tuesday bolstering Qatar-Germany relations, particularly in the field of innovation and entrepreneurship.The strategic agreement was signed by HE Sheikh Jassim bin Mansour bin Jabor al-Thani, Director of the Government Communications Office and Chairman of the Permanent Web Summit Organising Committee, and Christoph Ahlhaus, the chairman of the Federal Executive Board of The German Mittelstand.Representatives from the embassy of the Federal Republic of Germany to the State of Qatar and members of the Permanent Web Summit Organising Committee also attended the ceremony.The agreement aims to increase the participation of German startups in the second edition of Web Summit Qatar, scheduled to take place in Doha this February. The summit provides an exceptional platform for showcasing innovations and fostering connections with entrepreneurs and investors from around the globe.Sheikh Jassim said: “This partnership comes at a crucial time as Qatar prepares to host Web Summit Qatar 2025. We are focused on fostering an environment that supports small and medium-sized enterprises and promotes their international growth. Through this agreement, we also seek to strengthen Qatar's position as a leading global innovation hub, supporting digital transformation and a knowledge-based economy, in line with the goals of the Third National Development Strategy.“The signing of this partnership agreement is a key move to enhance cooperation and support opportunities for small and medium-sized enterprises in both Qatar and Germany. We recognise the vital role these companies play in driving economic diversification and innovation, and this agreement reinforces our mutual commitment to creating a sustainable and prosperous economy.”Ahlhaus added: “Qatar offers a strong environment that fosters innovation and entrepreneurship. We are thrilled to sign this agreement and contribute to Qatar National Vision 2030, which focuses on driving economic diversification and supporting startups both locally and globally. Our participation in the first edition of Web Summit Qatar was a fantastic experience, and we look forward to having an even larger and more impactful presence at the next edition.”Nizar Maarouf, regional director of the German Mittelstand GCC Office, said: “We are delighted to contribute to organising the first-of-its-kind German Pavillion in the region. Our participation in Web Summit Qatar 2025 offers a unique opportunity to showcase German innovations at this major tech event.“The German pavilion, workshops, and panel discussions will undoubtedly enhance understanding and foster strong partnerships between German companies and their international counterparts while strengthening economic and innovation collaboration between the two nations.”Web Summit Qatar 2025 is set to play a pivotal role in strengthening cooperation between Qatar and Germany. The summit will feature a dedicated German pavilion, showcasing over 24 startups, alongside a high-level delegation of more than 30 company founders, CEOs, and investors. The event will also offer workshops and panel discussions designed to highlight cutting-edge German innovations and encourage collaboration between German startups and global industry leaders.Qatar prioritises the support of startups both locally and internationally, aiming to empower entrepreneurs by providing an integrated business environment that fosters innovation and growth. As part of this effort, Qatar launched the StartUp Qatar Programme, which has experienced exceptional demand, with over 2,000 startups registering from around the world. This initiative aligns with Qatar National Vision 2030, which focuses on building a sustainable, knowledge-based and innovation-driven future.The German Mittelstand GCC Office was inaugurated in Qatar last year, following a strategic partnership with the Ministry of Economy and Commerce and Industry and Invest Qatar. This initiative also supports ongoing efforts to foster Qatar's entrepreneurial ecosystem, providing a comprehensive framework to assist startups and SMEs, ultimately contributing to the diversification of the national economy.

Commercial Bank has unveiled the ‘Limited-Edition World Elite Mastercard Gold Credit Card’, featuring an exclusive fully engraved gold design, as part of its continuous efforts to provide customised solutions that address the needs of its valued customers.The launch reinforces the strong partnership between Mastercard and Commercial Bank and reflects Qatar’s significant position within the industry.Commercial Bank has distinguished itself as the preferred partner for customers, consistently delivering unparalleled value and empowering them to achieve their financial objectives. The new card has been specifically designed for the Bank’s distinguished limited-edition customers in appreciation of their trust and loyalty.Commercial Bank Managing Director Omar Hussain Alfardan said: “Since the inception of our bank 50 years ago, we have envisioned a banking experience that is profoundly transformative. We are committed to providing our customers with exceptional experiences and supporting their financial ambitions. As we mark Commercial Bank’s 50th anniversary, we unveil the exclusive Limited-Edition World Elite Credit Card in gold to celebrate this pursuit and our shared achievements.”“Qatar is home to an increasingly affluent population with rapidly evolving preferences and an expectation for bespoke, exclusive and curated lifestyle experiences. Building on our long-standing collaboration with Commercial Bank, we are delighted to bring this innovative product to the market that befits the discerning nature of the Bank’s customers,” said Dimitrios Dosis, President, EEMEA, Mastercard.Commercial Bank Group CEO Joseph Abraham said: “The values and vision of our founding fathers have been our guiding principles, driving us to introduce innovative and award-winning services across Qatar. The launch of our Limited-Edition World Elite Credit Card in gold reflects our gratitude for our customers’ trust and marks the start of another 50 years of continued partnership.”“At Mastercard, we are harnessing the power of partnerships with leading ecosystem players, such as Commercial Bank, to drive payment innovation and accelerate digital transformation in the country. The launch of the Limited-Edition World Elite Mastercard Credit Card represents a significant step in expanding the variety of payment solutions available in the country, and an exciting new extension of the bespoke products we are offering cardholders in the market,” added J K Khalil, executive vice-president and division president, East Arabia, Mastercard.

The Qatari Businesswomen Association (QBWA) and the International Businesswomen’s Association of Uzbekistan (Tasbircor Ayol) have unveiled their alliance through the signing of a memorandum of understanding (MoU).The MoU signifies the launch of a strategic collaboration focused on empowering women within the global business landscape. It also represents both organisations’ dedication to promoting cooperation, exchanging expertise, and advancing efforts that drive the progress of women in the business world.Aisha Alfardan, vice-chairwoman of QBWA, and Oydin Sharafiddinova, chairwoman of the Surkhandarya region, signed the MoU on Tuesday, highlighting the mutual commitment of both organisations to advancing the role of women as pivotal contributors to economic growth and entrepreneurship.Through the collaboration, QBWA and Tasbircor Ayol aim to expand their influence by organising joint initiatives, such as business forums, educational workshops, and networking opportunities, believing that women bring a wealth of unique perspectives and experiences to the table.These diverse viewpoints boost creativity and drive innovative solutions. Their main goal is to benefit businesses from a broader range of ideas and strategies, believed to happen when women are actively involved in leadership roles, leading to more effective decision-making.“Collaboration knows no borders. By uniting with women’s associations around the world, we strengthen our collective voice and create a global network of empowered leaders.“Together, we bridge nations, share knowledge, and inspire meaningful change, proving that when women join forces, they not only transform industries but also shape a more inclusive and prosperous future for all,” said Alfardan.Sharafiddinova said: “Supporting women goes beyond just one organisation. It amplifies our impact on communities and the industry as a whole. Women in leadership roles advocate for broader social issues, driving conversations about gender equity and inspiring others to take action. By championing women leaders, organisations play a crucial role in shaping a more inclusive and equitable society.”By signing the MoU with Tasbircor Ayol, QBWA is continuing its role in paving the way of mentoring and inspiring others, offering guidance and support throughout its initiatives, which is crucial for nurturing the next generation of female leaders, who will continue to champion progress and foster innovation whether in Qatar, Uzbekistan or the whole world.While Tasbircor Ayol is dedicated to fostering unity, shared success, and a powerful collective voice across various fields and industries, it views collaboration as a key driver for breaking glass ceilings and amplifying women's influence in diverse sectors.

HE Sheikh Bandar bin Mohammed bin Saoud al-Thani, Governor of the Qatar Central Bank, met with Teo Chee Hean, Senior Minister and Co-ordinating Minister for National Security of the Republic of Singapore. During the meeting, they exchanged views on a range of topics of mutual interest, and discussed ways to enhance bilateral co-operation in relevant fields.

ExxonMobil Qatar has appointed Rashid bin Rashid al-Hajri as its new vice-president and manager of Public and Government Affairs.Al-Hajri began his career with ExxonMobil Qatar in 2019 as a Joint Venture Asset adviser. During this time, he was responsible for providing technical and operational support to partners in LNG operating businesses associated with QatarEnergy LNG, and the three LNG terminals in Italy, the UK, and the US. In 2022, he was seconded to Golden Pass LNG in Texas as Facilities and Process Engineering supervisor.Prior to joining ExxonMobil, al-Hajri worked at a Pearl GTL production site in Ras Laffan Industrial City (RLIC) where he held managerial positions in operation, engineering and shutdowns throughout his tenure.Al-Hajri’s in-depth industry knowledge brings a wealth of information to the Public and Government Affairs department and his expertise provides crucial support to the company’s strategic initiatives.“We’re thrilled to have Rashid step into the role of vice-president and manager of Public and Government Affairs. His expertise, vision and dedication will be instrumental in leading this important function that is key to strengthening our business and partnerships in Qatar. We look forward to seeing his contributions unfold and wish him every success in his journey ahead,” said Taher Hamid, president and general manager for ExxonMobil Qatar.“I’m honoured to take on this role at ExxonMobil Qatar. The Public and Government Affairs team plays a pivotal role in engaging with key partners, including QatarEnergy and QatarEnergy LNG, as well as our community partners and the public. We’re dedicated to making a meaningful impact in all we do,” said al-Hajri.Al-Hajri holds a Bachelor’s degree in Chemical Engineering from Leeds University in the UK and an Executive Master’s degree in Energy and Resources from Hamad Bin Khalifa University. His multifaceted background exemplifies the dynamic spirit that is valued and celebrated at ExxonMobil.Al-Hajri succeeds Saleh al-Mana, who retired after 30 years of service at ExxonMobil Qatar.

The Ministry of Commerce and Industry (MoCI) has earned ISO 20000:2018 for IT Service Management and ISO 27001:2022 for Information Security Management, granted by the International Organisation for Standardisation, in recognition of the ministry’s success in IT services.

Mohamed bin Towar al-Kuwari, the first vice-chairman of Qatar Chamber, met with a business delegation from the Republic of Belarus led by Kirill Zalessky, the deputy director of Hi-Tech Park, on Tuesday.The meeting focused on ways to strengthen economic and commercial co-operation between the private sectors of both countries, particularly in the high-technology sector.Al-Kuwari emphasised the chamber’s commitment to strengthening co-operation between the Qatari private sector and its Belarusian counterpart and encouraging Qatari investors to explore the abundant opportunities available in Belarus.He noted that trade exchange between the two countries “remains below expectations,” despite the presence of numerous Qatari-Belarus joint investments and several Belarusian companies operating in Qatar.Underscoring the importance of the delegation’s visit, al-Kuwari highlighted the Qatari private sector’s keen interest in high-tech services and digital transformation, adding that Qatari businessmen are eager to learn more about the services offered by Belarusian companies.Zalessky expressed the delegation’s interest in exploring co-operation opportunities with Qatari companies in the IT sector. He provided an overview of Hi-Tech Park Belarus, highlighting that it hosts over 1,000 leading companies, contributes 4% to Belarus’s GDP, and accounts for 30% of the country’s exports.He emphasised the significance of the IT sector in Belarus, noting that Belarusian companies are leaders in European markets. He also commended Qatar Chamber for hosting the meeting, describing it as a vital platform for fostering economic alliances and partnerships between companies from both countries, whether in Qatar or internationally.

Qatar Development Bank (QDB) has won three prestigious awards from Global Finance magazine, one of the world’s most prestigious financial publications, which recognised QDB’s role as a leading digital bank in 2024.QDB was recognised as ‘Best in Digital Transformation in Qatar and the Middle East’ and ‘Best in SME Banking Platform’. The awards marked the second consecutive year of achievements for QDB, reflecting the bank’s continuous efforts to lead in the field of digital transformation and provide innovative solutions that meet the needs of SMEs and entrepreneurs.Amna Jassim al-Sultan, QDB acting executive director of Innovation & Digital, said: “The awards are a testament to the great efforts that our team undertook in developing digital services, embracing digital transformation, and providing support for SMEs, which represent a pillar of our vision to build a strong and advanced economy and empower entrepreneurs to grow and succeed through advanced solutions. We are determined to pursue our journey of innovation and to provide pioneering digital services that live up to the ambitions and aspirations of Qatar National Vision 2030.”For the second consecutive year, QDB has been named Qatar’s Best in SME Banking, in recognition of its remarkable efforts in supporting the private sector and SMEs in developing their business. QDB was selected based on the strength of strategy for attracting and servicing digital customers, success in getting clients to use digital offerings, growth of digital customers, breadth of product offerings, evidence of tangible benefits gained from digital initiatives, and web/mobile site design and functionality.QDB has been named Best in Digital Transformation in Qatar, in recognition of its ongoing digitisation initiatives and its efforts in enabling, inspiring and equipping private companies with the necessary tools to embark on their digital transformation journey. In recent years, the bank has taken several strategic steps towards enabling digital transformation, including its collaborative project with leading telecommunications company Ooredoo to support private companies and Qatari entrepreneurs in digital transformation.In this context, QDB embarked on a project to digitise its model factory, Factory One, the first centre of its kind for developing industrial capabilities in Qatar and the region, providing services and training programmes to build the capabilities of SMEs in the fields of digital transformation and the digitisation of operations, with the aim of launching the digital model factory.On the other hand, QDB won the Best in Digital Transformation in the Middle East in recognition of its tangible achievements in the field of digital transformation both locally and regionally. The bank led digital transformation operations across its various departments while providing advanced banking solutions aimed at enhancing innovation and technology.These solutions contributed to improving customer experience and services, with a focus on developing innovative digital platforms that support various business aspects, including providing advanced solutions in the field of financial technology and digital innovation, thus empowering companies to contribute to a digital economy.In this regard, the bank launched various initiatives, such as the Technology and Digitisation Financing Programme, which enables companies to adopt modern technological solutions to enhance their competitiveness, reflecting the bank's commitment to accelerating the private sector's adoption of technology and digital solutions in line with the country's national strategy.Banks were evaluated based on the strength of their strategy for attracting and servicing online customers, the growth of their online customer base, the breadth of the bank’s online products, the benefits gained from digital initiatives, and their website design and functionality. Winners were then selected based on the strength and success of their digital products and services.The three awards reflect QDB’s commitment to implementing its long-term strategy which centres on innovation and digital transformation, in line with the Qatar National Vision 2030, to build a diversified and sustainable economy. By supporting significant investments in technology and innovation, the bank seeks to drive digital transformation in Qatar forward, especially among SMEs.

A Bank of Canada official said policymakers aim to keep inflation near their 2% target, and pushed back on the idea that officials should slow price gains further or cause deflation.Deputy Governor Rhys Mendes said it was reasonable to expect further cuts to interest rates if inflation and the economy continue to evolve as forecast but said that the timing and pace of further cuts would be guided by incoming data.He offered little new guidance on the near-term path for borrowing costs, reiterating that policymakers “no longer need interest rates to be as restrictive as they were.”Mendes said policymakers would be “looking closely” at third-quarter gross domestic product data released later this week, as well as November employment data. Traders in overnight swaps put the odds of another 50 basis point cut at about one third.In his first speech as deputy governor, Mendes also justified the bank’s aggressive interest rate-hiking cycle, saying the increase in borrowing costs was necessary to cool excess demand during a supply shock.The central bank’s campaign was successful in part due to the primacy of the 2% inflation target, Mendes said, and longer term inflation expectations didn’t drift too much higher during the pandemic and subsequent run up in prices.“The presence of excess demand in the economy amplified the inflationary effects of supply shocks. By eliminating excess demand, we were able to stop that.”“We believe inflation will once again fade into the background as it settles back at 2%,” he said.In prepared remarks, Mendes also explained that costs of deflation or a sustained period of below-target inflation would be harmful. The central bank isn’t aiming to bring yearly price pressures significantly below the 2% target, he said.“It would take a pretty big hit to the economy to get a meaningfully lower level of prices,” and the trade-off would “like leave most people feeling worse off,” Mendes said.The central bank cut borrowing costs by half a percentage point in October, bringing the benchmark overnight rate to 3.75% after starting to lower interest rates from 5% in June.“We’ve restored low inflation. We now need to ensure it stabilizes near the 2% target. We need to stick the landing,” Mendes said.Mendes pointed out that while inflation is back to normal, “it may not feel that way for many people.” His comments echoed remarks on Monday by Finance Minister Chrystia Freeland, who said Canada may be in a “vibecession” as positive macroeconomic data isn’t changing Canadians’ gloomy mindsets.Freeland’s government has tried to counter this national mood, and turn around its sinking poll numbers, by announcing a temporary halt to the federal sales tax on some items starting Dec. 14 and promising to send C$250 checks to nearly 19mn Canadians in the spring.The Bank of Canada, meantime, has sought to defend its actions during the pandemic and the ensuing period of high prices to Canadians who had previously paid little attention to inflation or monetary policy. The central bank plans to release a review of its response to Covid-19 in the new year.Mendes’s speech appears aimed at those Canadians, particularly those questioning whether the central bank’s rate hikes were really necessary given the supply shocks that helped drive up inflation, and those now wondering if a period of deflation might give them some desperately needed affordability relief.

The health of the US consumer and the retail sector will be in focus in the coming week on Wall Street, as Black Friday kicks off a holiday shopping season that could shed light on how buyers are grappling with higher prices.The benchmark S&P 500 rose 1.7% in the past week and approached all-time highs as investors digested the end of a solid third-quarter corporate reporting season. Earnings are on pace to have climbed about 9% from a year earlier.But recent earnings from two high-profile retailers yielded sharply different prospects: Walmart on Tuesday raised its annual sales and profit forecast for the third consecutive time, while Target shares tumbled after it forecast holiday-quarter comparable sales and profit below estimates on Wednesday.The holiday shopping season could give further insight on consumer spending, which accounts for more than two-thirds of US economic activity. Even though inflation rates have moderated from 40-year peaks hit two years ago, higher prices are still challenging consumers, said Abby Roach, portfolio analyst at Allspring Global Investments."It's easy to be excited about inflation coming down year over year, but...consumers are really still under pressure, and I think that's the biggest pain point," Roach said. "Consumers are continuing to feel like their dollars don't go as far as they did." Robust spending into year end could bolster a recent run of data that has shown a stronger-than-expected economy. While investors have welcomed signs of economic health, worries remain over a potential inflationary rebound, crimping expectations for how deeply the Federal Reserve will be able to cut interest rates in coming months.As it stands, Americans have a more upbeat outlook for holiday shopping than in the prior two years, according to a Morgan Stanley survey of about 2,000 consumers published earlier this month, with about 35% saying they expect to spend more this season than a year ago."Companies could see a little more holiday cheer this year but spending isn't likely to increase across all categories as consumers remain selective," the Morgan Stanley analysts said in the report.The holiday shopping season will also be a test for shares of retailers, which have diverged in 2024.Among the industry's largest players by market value, Walmart is up over 70%, warehouse retailer Costco Wholesale has jumped 46%, while online giant Amazon, which has a diversified business that includes cloud computing, has climbed 30%.Other stocks have struggled. Discounters Dollar General and Dollar Tree are down over 40% and 50%, respectively, in 2024, as analysts point to inflation particularly hitting the companies' lower-income consumer base. Shares of Target, whose weak forecast came as value-conscious consumers shopped for low-priced essentials at rival retailers, are down 12% on the year."Target is really struggling to find a unique identity in retail right now," said Chuck Carlson, chief executive officer at Horizon Investment Services.The two S&P 500 sectors that include most retailers, the consumer discretionary and consumer staples sectors, are up 23% and 16%, respectively, in 2024, against a 25% rise for the overall index.Another batch of retail earnings are due in the coming week, including reports from Best Buy, Macy's, Nordstrom and Urban Outfitters.Investors will also get a fresh view of inflation, with the Nov 27 release of the monthly Personal Consumption Expenditures Price Index, which is closely followed by the Fed. The inflation gauge is expected to have climbed 2.3% in October on an annual basis, according to Reuters data."The economy is in a good spot. It's just more about trying to process several years of high inflation," said Michael O’Rourke, chief market strategist at JonesTrading. "From a retailer perspective, a lot of it's about making sure they're protecting their margins while trying to provide that value that's going to attract the consumer."

Commercial Bank, a leader in innovative digital banking solutions in Qatar, has unveiled the Limited-Edition World Elite Mastercard Gold Credit Card, featuring an exclusive fully engraved gold design, as part of its continuous efforts to provide customized solutions that address the needs of its valued customers.The launch reinforces the strong partnership between Mastercard and the Bank and reflects Qatar’s significant position within the industry.Commercial Bank has distinguished itself as the preferred partner for customers, consistently delivering unparalleled value and empowering them to achieve their financial objectives. The new card has been specifically designed for the Bank’s distinguished Limited-Edition customers in appreciation of their trust and loyalty.Omar Hussain Alfardan, Managing Director of Commercial Bank, said: “Since the inception of our Bank 50 years ago, we have envisioned a banking experience that is profoundly transformative. We are committed to providing our customers with exceptional experiences and supporting their financial ambitions. As we mark Commercial Bank’s 50th anniversary, we unveil the exclusive Limited-Edition World Elite Credit Card in gold to celebrate this pursuit and our shared achievements.”“Qatar is home to an increasingly affluent population with rapidly evolving preferences and an expectation for bespoke, exclusive and curated lifestyle experiences. Building on our long-standing collaboration with Commercial Bank, we are delighted to bring this innovative product to the market that befits the discerning nature of the Bank’s customers,” said Dimitrios Dosis, President, EEMEA, Mastercard.Joseph Abraham, Group CEO of Commercial Bank, said: “The values and vision of our founding fathers have been our guiding principles, driving us to introduce innovative and award-winning services across Qatar. The launch of our Limited-Edition World Elite Credit Card in gold reflects our gratitude for our customers’ trust and marks the start of another 50 years of continued partnership.”“At Mastercard, we are harnessing the power of partnerships with leading ecosystem players, such as Commercial Bank, to drive payment innovation and accelerate digital transformation in the country. The launch of the Limited-Edition World Elite Mastercard Credit Card represents a significant step in expanding the variety of payment solutions available in the country, and an exciting new extension of the bespoke products we are offering cardholders in the market,” added J.K. Khalil, EVP, Division President, East Arabia, Mastercard.

Sheikh Bandar bin Mohammed bin Saoud al-Thani, Governor of the Qatar Central Bank, met with Teo Chee Hean, Senior Minister and Coordinating Minister for National Security of the Republic of Singapore.During the meeting, they exchanged views on a range of topics of mutual interest, and discussed ways to enhance bilateral cooperation in relevant fields.

Gulf Warehousing Company (GWC) has announced that its wholly owned subsidiary, GWC Energy Services, has signed a memorandum of understanding (MoU) with Saudi Offshore Fabrication Company (OFC) to develop 100,000 square metres of Grade ‘A’ logistics facilities at Ras Al-Khair Industrial Port in Saudi Arabia.The MoU was signed by Matthew Kearns, Deputy CEO, GWC; and Fahhad Alharbi, CEO of OFC.Under this agreement, GWC Energy Services will develop OFC’s storage and logistics facilities, leveraging its expertise in logistics and energy supply chain solutions to ensure the facilities are optimised to serve the clients’ needs.Kearns said, “We are delighted to sign this new MoU with OFC, a distinguished leader in Saudi Arabia’s industrial sector. This collaboration represents a significant step in our expansion strategy and reinforces our commitment to strengthening our footprint in the Saudi market.“Recently, GWC has also signed a head of terms with GFH Financial Group (GFH) to develop 200,000 square metres of Grade ‘A’ logistics facilities across key locations in Saudi Arabia, including Riyadh, Jeddah, and Dammam.”He added: “Combining the expertise of GWC Energy Services with the capabilities of OFC will drive operational excellence and efficiency. This collaboration also underscores our dedication to strengthening our regional presence through strategic partnerships with leading companies, further cementing our position as a leading logistics and supply chain solutions provider across the region.”GWC Energy Services is fully committed to promoting innovation and excellence, providing cutting-edge solutions to clients in the energy sector. These efforts are geared towards enhancing operational efficiency and setting new benchmarks in integrated shipping, logistics, and marine services for companies in Qatar, across the GCC and globally.Alharbi stated: “Our partnership with GWC Energy Services is a strategic move that aligns with Saudi Arabia's Vision 2030, which seeks to establish the Kingdom as a global logistics hub connecting Asia, Africa, and Europe together. It also paves the way for delivering world-class supply chain solutions and services within the energy sector.”In 2022, Alharbi, CEO and founder, established OFC, as the first Saudi company specialising in manufacturing offshore rigs and providing comprehensive offshore logistics support to drilling contractors, offshore platforms, and subsea pipeline projects for Saudi Aramco and other key players in the Gulf region.Funded by Aramco’s Wa’ed Ventures and the Saudi Social Development Bank, OFC is strategically positioned at Ras Al-Khair Port, proximate to the world’s largest offshore field ‘Safaniyah’, and the King Salman International Complex for Maritime Industries and Services, the largest full-service marine yard in the Middle East.In May 2023, GWC launched its wholly owned subsidiary, GWC Energy, which provides expert logistics solutions for the entire energy cycle. Committed to supporting clients' business growth, GWC Energy places the strategic objectives and ambitions of its customers at the core of its operations.GWC Energy offers complete shipping, maritime, and logistics solutions that are customised for clients in the energy sector. Manpower, equipment, marine logistics, warehousing, supply base management, bunker supply and rig, and mob/demob assistance are among the core service.From humble beginnings in 2004, GWC has expanded its infrastructure to encompass half a million square metres of energy infrastructure, largely clustered in two dedicated hubs to the north and south.These include open yards for pipe laydowns, hazmat storage, and specialised equipment for repair and refurbishment. GWC's strategic placement of hubs, coupled with advanced tracking technology, ensures optimal efficiency in handling gas-related projects.

The State of Qatar, represented by the Ministry of Finance, organised on Sunday the first GCC Economic Competitiveness Forum in co-operation with the World Economic Forum, with the attendance and participation of members of the GCC countries.Chaired by Assistant Undersecretary for Economic Affairs at the Ministry of Finance Dr Saud bin Abdullah al-Attiyah, the forum seeks to bring together the parties concerned with economic competitiveness in the GCC countries under one roof to discuss the common opportunities and challenges related to improving the competitiveness of the Gulf countries and unifying efforts between the GCC countries by establishing a common framework to enhance coordination and co-operation, which contributes to enhancing the competitiveness and supporting the Gulf economy of each country individually and as a single bloc.In a speech delivered at the opening of the forum, the assistant undersecretary for Economic Affairs at the Ministry of Finance said that the aim of organising the forum is to answer some questions such as what is economic competitiveness, and ways to come up with a unified Gulf definition proposal for economic competitiveness, especially in light of the changing methodologies and indicators of economic competitiveness, some of which do not necessarily reflect the reality of the Gulf economy, especially when relying on international indicators.He added that the forum will also address how the GCC countries can benefit from each other's experiences and form a joint Gulf framework for coordination and communication regarding Gulf competitiveness, especially unifying messages directed to international institutions, and how to benefit from the capabilities and expertise of existing Gulf institutions, such as the Economic and Development Affairs Authority of the GCC General Secretariat as well as the GCC Statistical Center.The Assistant Undersecretary for Economic Affairs at the Ministry of Finance stressed that the GCC countries enjoy great economic strength, as they have been able in recent years to confront economic, financial, and geopolitical crises and challenges, such as fluctuations in oil prices, Covid-19 pandemic, interest rates, and others, thanks to political stability, financial, monetary, and economic policies.In turn, Director of the Economic Competitiveness Department at the Ministry of Finance Baraa al-Mansouri addressed the definition of competitiveness by global institutions, the importance of this ability at the global level, and the extent of the need for cooperation between the GCC countries in this field, whether among themselves or with major economies, reviewing the main foundations for cooperation between the GCC countries and the field of competitiveness.Al-Mansouri said that the forum will discuss these topics in detail through two discussion sessions, the first of which will address the future of competitiveness of the GCC countries, while the second will address methodologies of global reports, especially the World Economic Forum's Competitiveness Index, as it is one of the most followed indicators around the world.In his remote speech, Aengus Collins of the World Economic Forum praised this Gulf initiative aimed at examining the GCC countries' ability to add tools and mechanisms that help formulate the GCC's economic policies and increase their competitiveness as a Gulf economic bloc. He stressed that today's meeting embodies the values of dialogue, cooperation, and institutional innovation, which are important concepts that support the Gulf's competitiveness.Collins discussed the work undertaken by the World Economic Forum in the field of competitiveness, addressing the chronology of the transformations it underwent later after its European launch in 1979, especially the development of the definition of competitiveness during 2010, 2014, and 2019, especially when the forum became global and held its annual meetings in Davos, Switzerland.He pointed out that the World Economic Forum defines competitiveness as the set of institutions, policies, and factors that determine the level of productivity in any country, which in turn determines the level of development and progress in any country, indicating the factors affecting competitiveness in terms of production costs, productivity, and many other elements that play a role in this regard, such as the country's internal dynamics, the quality of its human resources, the way it prepares for the future, and others. This competitiveness can also be affected by various factors such as wages, the cost of social programmes, the efficiency of telephone systems, or even the ability to speak foreign languages.After exchanging experiences between the GCC countries in the field of competitiveness, the forum concluded its work with a number of outputs and recommendations, to enable everyone to benefit from pioneering experiences, achieve greater economic integration, and establish a co-ordination framework between the GCC countries to enhance cooperation in the field of economic competitiveness, and to ensure continuous co-ordination in this field.

Ooredoo Qatar has partnered with Doha Bank to leverage the strengths of both organisations to meet growing market demand through innovative business streams and enhanced customer experiences.The collaboration, formalised through the signing of a memorandum of understanding (MoU) marks the beginning of a strategic partnership designed to benefit both parties' customers. It outlines joint initiatives such as employee services, cross-selling opportunities, loyalty programmes, and advanced customer analytics.Sheikh Ali bin Jabor bin Mohammad al-Thani, Ooredoo Qatar CEO, said: “We are pleased to join forces with Doha Bank to deliver exceptional value and create mutually beneficial opportunities for our customers. With our expertise, we will bring a host of innovative services and benefits, from co-branded card offerings to exclusive mobile device plans and more. This is a significant step in our ongoing mission to upgrade our customers’ world.”Sheikh Abdulrahman bin Fahad bin Faisal al-Thani, Group CEO of Doha Bank Group, said: “Our partnership with Ooredoo represents a significant step in Doha Bank’s mission to deliver transformative solutions that meet the evolving needs of Qatar’s vibrant economy.“By joining forces, we are committed to driving innovation and connectivity that will enhance individual and business experiences across Qatar. This collaboration underscores our dedication to fostering a resilient, integrated community aligned with Qatar’s ambitious vision for the future.”

Since the launch of Qatar National Vision (QNV) 2030 in 2008, Qatar has strengthened its position as an advanced nation, fostering sustainable development through a pro-business ecosystem, world-class infrastructure and seamless connectivity. The recently released Third National Development Strategy (NDS3) outlines bold and transformative initiatives aimed at achieving the remaining economic and societal QNV 2030 goals.At the forefront of this ambitious agenda is the transportation and logistics sector, a vital engine driving Qatar's economic diversification through tourism and trade.Hamad International Airport (HIA) and Qatar Airways, recognised as the 'World’s Best Airport' and the 'World’s Best Airline' respectively in 2024 by Skytrax, exemplify Qatar’s emergence as a prominent global air travel and logistics hub. Boeing stands as a dedicated partner in realising the nation's ambitious vision for the aerospace sector. This collaboration aligns with Qatar’s strategic goals in human capital development, sustainability and global connectivity, contributing significantly to economic diversification.Regional and global connectivity: With 80% of the world’s population within a six-hour flight from Doha, Qatar is strategically positioned as an aviation hub. The NDS3 aims to enhance this position by significant investments in transportation infrastructure.Since our partnership began, Qatar Airways has placed landmark orders of Boeing 777, 787 Dreamliner, and 777X models, solidifying Qatar’s global reach.With over 135 Boeing airplanes already in operation and more than 130 on order, including the advanced 787 Dreamliner and upcoming 777-8 Freighter, Boeing is committed to helping Qatar Airways to further elevate passenger experience, meet its sustainability goals and open new routes connecting Doha to the world.Sustainability efforts: As Qatar expands its connectivity, environmental sustainability remains a priority. Since joining ICAO in 2022, Qatar has aligned with its 2050 net-zero target, a commitment echoed by Qatar Airways as a member of the Oneworld Alliance. Qatar Airways, in partnership with Boeing, is leading efforts to minimize the environmental impact of air travel by using digital innovations for operational efficiency, exploring sustainable aviation fuel (SAF) options and flying one of the youngest fleets in the industry.The airline's fleet includes 48 Boeing 787 Dreamliners, recognised as one of the most innovative and fuel-efficient airplanes in operation today. Designed with sustainability at its core, the 787 Dreamliner incorporates advanced technologies that reduce fuel consumption by 25% compared to the airplanes it will replace.Building a future-ready workforce: A crucial aspect of NDS3 is equipping Qatar’s workforce with the skills needed for a dynamic economy. Boeing’s 2024 Pilot and Technician Outlook indicates a demand for 235,000 new aviation personnel in the Middle East. Since 2009, Boeing has been committed to empowering Qatar's youth by investing $1.5mn in STEM education and workforce development. Through partnerships with institutions like Qatar University and Injaz Qatar, we are nurturing the next generation of innovators and leaders who will drive Qatar into the future.Our joint research projects with the Qatar Computing Research Institute (QCRI) and the Qatar Research, Development, and Innovation Council support technological advancements in artificial intelligence (AI), machine learning, connected cargo solutions and uncrewed aerial systems while providing new opportunities for local talent.In 2013, Boeing and QCRI launched the Machine Learning and Data Analytics Symposium (MLDAS), drawing researchers and scientists from around the world to Qatar.Qatar’s transformation, guided by the National Vision 2030 and NDS3, positions the nation for sustainable growth and leadership in transportation and logistics. Together, we are not just building an aerospace sector, we are catalysing a diversified economy that will drive Qatar's success for generations to come.Kuljit Ghata-Aura is President, Boeing Middle East, Africa, Turkiye and Central Asia

The health of the US consumer and the retail sector will be in focus in the coming week on Wall Street, as Black Friday kicks off a holiday shopping season that could shed light on how buyers are grappling with higher prices.The benchmark S&P 500 rose 1.7% in the past week and approached all-time highs as investors digested the end of a solid third-quarter corporate reporting season. Earnings are on pace to have climbed about 9% from a year earlier.But recent earnings from two high-profile retailers yielded sharply different prospects: Walmart on Tuesday raised its annual sales and profit forecast for the third consecutive time, while Target shares tumbled after it forecast holiday-quarter comparable sales and profit below estimates on Wednesday.The holiday shopping season could give further insight on consumer spending, which accounts for more than two-thirds of US economic activity. Even though inflation rates have moderated from 40-year peaks hit two years ago, higher prices are still challenging consumers, said Abby Roach, portfolio analyst at Allspring Global Investments."It's easy to be excited about inflation coming down year over year, but...consumers are really still under pressure, and I think that's the biggest pain point," Roach said. "Consumers are continuing to feel like their dollars don't go as far as they did." Robust spending into year end could bolster a recent run of data that has shown a stronger-than-expected economy. While investors have welcomed signs of economic health, worries remain over a potential inflationary rebound, crimping expectations for how deeply the Federal Reserve will be able to cut interest rates in coming months.As it stands, Americans have a more upbeat outlook for holiday shopping than in the prior two years, according to a Morgan Stanley survey of about 2,000 consumers published earlier this month, with about 35% saying they expect to spend more this season than a year ago."Companies could see a little more holiday cheer this year but spending isn't likely to increase across all categories as consumers remain selective," the Morgan Stanley analysts said in the report.The holiday shopping season will also be a test for shares of retailers, which have diverged in 2024.Among the industry's largest players by market value, Walmart is up over 70%, warehouse retailer Costco Wholesale has jumped 46%, while online giant Amazon, which has a diversified business that includes cloud computing, has climbed 30%.Other stocks have struggled. Discounters Dollar General and Dollar Tree are down over 40% and 50%, respectively, in 2024, as analysts point to inflation particularly hitting the companies' lower-income consumer base. Shares of Target, whose weak forecast came as value-conscious consumers shopped for low-priced essentials at rival retailers, are down 12% on the year."Target is really struggling to find a unique identity in retail right now," said Chuck Carlson, chief executive officer at Horizon Investment Services.The two S&P 500 sectors that include most retailers, the consumer discretionary and consumer staples sectors, are up 23% and 16%, respectively, in 2024, against a 25% rise for the overall index.Another batch of retail earnings are due in the coming week, including reports from Best Buy, Macy's, Nordstrom and Urban Outfitters.Investors will also get a fresh view of inflation, with the Nov 27 release of the monthly Personal Consumption Expenditures Price Index, which is closely followed by the Fed. The inflation gauge is expected to have climbed 2.3% in October on an annual basis, according to Reuters data."The economy is in a good spot. It's just more about trying to process several years of high inflation," said Michael O’Rourke, chief market strategist at JonesTrading. "From a retailer perspective, a lot of it's about making sure they're protecting their margins while trying to provide that value that's going to attract the consumer."

An official of the Ministry of Communications and Information Technology (MCIT) has emphasised that the breakthroughs achieved in Artificial Intelligence (AI) will define the future of Qatar and its place in the world.Speaking at the opening ceremony of ‘QSTP AI WEEK 2024’, a five-day event organised by the Qatar Science and Technology Park (QSTP), Reem al-Mansoori, Assistant Undersecretary of Digital Industry Affairs at MCIT, said AI is “not just another technology” but a “force for transformation.”AI is expected to contribute “$15.7tn” to the global economy by 2030, more than the combined GDPs of China and India today, remarked al-Mansoori during her opening speech.“But what makes AI remarkable is not just the numbers. It is the way it amplifies human potential. AI is already helping doctors diagnose diseases faster, enabling farmers to produce higher yields with water, and optimising energy use to make cities smarter and more sustainable. These aren't hypothetical scenarios. They are happening now,” she noted.Al-Mansoori also elaborated on the Qatari government’s efforts to place the country at the forefront of AI transformation, citing initiatives like ‘Fanar’, Qatar's world-class Arabic GenAI built on Arabic language learning model (LLM), and international partnerships with tech giants like Nvidia for the deployment of cutting-edge AI and graphics technology in Ooredoo’s data centres.Under the leadership of His Highness the Amir Sheikh Tamim bin Hamad al-Thani, al-Mansoori pointed out that AI has become a cornerstone of Qatar’s National Development Strategy and Digital Agenda.“We are diving in with a clear vision and bold initiatives. Our government has committed QR9bn to advanced technology and innovation programmes, placing AI at the heart of our urban and economic growth.“Through our National AI Strategy, we are integrating AI into services like traffic management, energy optimisation, and public safety. These efforts are not just making our cities smarter, they are making them more liveable and sustainable for every resident,” al-Mansoori stressed.The assistant undersecretary also emphasised that while AI possesses “great potential” in nation-building, the government of Qatar also recognises that this comes with “great responsibility.”“AI must be developed with ethics, inclusivity, and sustainability at its core...we must ensure that this technology uplifts society. That’s why Qatar is not only advancing AI capability but also leading the global conversation on its governance and ethical use,” she said.Al-Mansoori added: “AI is not just a tool. It is an invitation to rethink how we solve our problems, grow our communities, and improve lives. It challenges us to act boldly, to innovate responsibly, and to lead with purpose. Qatar is ready to lead.”Dr Jack Lau, QSTP president, explained in his welcome remarks that the first edition of ‘QSTP AI WEEK’ highlights the park’s 15th anniversary. He said over the next few days, the event will explore various aspects of AI.“During this event, we’ll showcase our commitment to advanced technology innovations and entrepreneurship in alignment with our effort to support the nation’s strategic national goals, the Qatar National Vision 2030, the Third National Development Strategy, and the Digital Agenda 2030,” Lau said.

QatarEnergy LNG has received the ‘Best Water Recycling Initiative’ award from Kahramaa’s Tarsheed Programme, recognising its efforts in sustainable water management.This award highlights QatarEnergy LNG’s commitment to water recycling and conservation, supporting Qatar National Vision 2030 for sustainable resource management.Ahmed Helal al-Mohannadi, Chief Onshore Operations and Support Officer at QatarEnergy LNG, accepted the award at the Tarsheed Forum for Energy and Water Efficiency held in Doha recently.Since its commissioning in 2019, QatarEnergy LNG’s Treated Industrial Process Water (TIPW) facility has recycled over 3.5mn cubic metres of desalinated water, reducing the intake from Kahramaa by 96%.The recent introduction of a near-zero liquid discharge solution has allowed over 90% of treated wastewater to be reused for process and irrigation needs.This achievement demonstrates QatarEnergy LNG’s commitment to environmental sustainability, moving towards the company’s environmental strategy target of zero liquid discharge to the sea by 2030.