Business

Turkiye and the State of Qatar possess components of economic integration through trade co-operation across numerous economic sectors shared by the two countries, Turkish economic experts and analysts confirmed.Speaking to Qatar News Agency (QNA), they underscored the importance of the 10th Session of the Qatari-Turkish Supreme Strategic Committee, which convened in Ankara, in giving impetus to the economic and trade co-operation between the two countries, as well as exploring new economic opportunities for the shared interests of the two nations.In this regard, Vice-President of the International Business Forum, Gazi Misirli, noted the strength of the Qatari-Turkish ties, especially that they are constantly evolving in all fields, particularly in economy and tourism, adding that the bilateral relationship has remarkably advanced in the economic arena, with significant growth in shared investments between the two nations, as well as a boom in trade exchange.Qatar-Turkiye joint co-ordination in the economic area has become more robust than ever and has entered a new phase of strategic co-operation in the long term, Misirli underlined.Chairperson of the Arab-Turkish businessmen Association in Istanbul (ARTIAD), Jamal Al Din Kareem, said that Qatari-Turkish relations are currently the best in both the political and economic spheres, given the close rapprochement they have forged over the past decade. He underscored Turkiye’s unwavering support for co-operation and partnership between the Turkish and Qatari businessmen, affirming that elevating the co-operation between Turkish and Qatari businessmen and investors is essential in the coming period.Given the growing economic co-operation, the political harmony and converging perspectives, the bilateral relationship has been evolving increasingly, culminating in Turkiye being a crucial destination for Qataris. Subsequently, interest in the banking and real estate investment sectors by Qatari investors has been on an upward trajectory, ultimately leading them to secure the top position among foreign investors in Turkiye in 2018, Kareem highlighted.During his participation in the conference titled Business and Investment Opportunities in Turkiye, held in Doha recently, Turkish Minister of Treasury and Finance, Mehmet Simsek, described the Qatari-Turkish political and economic ties as incredible, highlighting that they underscored the constantly evolving trade relations.Conditions are favourable to reinforce this relationship and pave the way for businessmen to forge further trade relations, Simsek said.The bilateral relationship has been strengthening in recent years across all fields, with a particular emphasis on economic ties.Over 711 Turkish firms are operating in Qatar, including 664 with joint Qatari-Turkish capital, 47 fully Turkish-owned, and 15 located in Qatar's free zones. Additionally, more than 183 Qatari firms are operating in Turkiye.Qatar's direct investments in Turkiye have largely increased to a value of $33.2bn, whilst the value of projects implemented by Turkish construction firms in the Qatari infrastructure reached $22bn.In the tourism segment, the number of Qatari visitors to Turkiye increased to 30,000 in 2016, then rose to nearly 110,000 in 2019, and over 150,000 in 2023.The two nations established the Qatar-Turkiye Business Council, which periodically convenes between the Foreign Economic Relations Board of Turkiye (DEIK) and the Qatari Businessmen Association (QBA).Turkiye is considered one of the major economies whose GDP draws on diverse sectors, including industry, tourism, services, investment, banking, and agriculture, and recently has remained one of the preferred tourism destinations for Qataris, thereby undergirding its economy.Additionally, leveraging the Qatari investments in the tourism sector could squarely support the Turkish economy.

The Abu Dhabi Investment Authority, which manages around $1tn in assets, plans more investments in the private equity sector, underlining its clout as a globally influential dealmaker.ADIA last year boosted it targeted allocation to private equity to 12%-17% of its overall portfolio, according to its 2023 annual review published on Thursday. That was up from 10%-15% a year earlier. The allocation to all other asset classes, including developed market equities or real estate, remained unchanged.The fund’s increased focus on private equity comes as rising interest rates last year damped dealmaking activity in the sector which plunged to its lowest level in five years, according to the review.Despite the challenges, ADIA’s private equity department made over 20 direct investments of more than $150mn. It also invested in some of its existing portfolio companies to support growth opportunities including acquisitions, it said.Last year’s market dislocation also meant that private creditor providers increasingly play a major role in funding leveraged buyouts, according to the report. ADIA made further inroads in that space, anchoring several investments in platforms such as Jefferies Credit Partners’ Direct Lending BDC and Overland Advisors, a partnership between Centerbridge and Wells Fargo that’s focused on non-sponsored middle-market direct lending.“Overall, ADIA was well positioned to capitalise on the strong gains in parts of these markets, while benefiting from dislocations in areas where conditions were more challenging,” said ADIA’s managing director Hamed bin Zayed al-Nahyan.ADIA’s widening interest in private equity and credit is one of the many ramifications of the fund’s internal overhaul that took place in recent years.The investment behemoth adopted a more data-driven approach by reorganising departments and setting up an in-house team staffed with more than a hundred artificial intelligence, computing and math scientists with the aim of making the entire fund more nimble and faster in its decisions.ADIA is one of several Abu Dhabi sovereign entities that combined manage almost $1.7tn in wealth, according to consultancy Global SWF. That’s helped the emirate’s financial centre attract some of the biggest international names in asset management and investing.“In private equity, for example, ADIA has leveraged its often decades-long relationships in the sector to broaden and deepen how it accesses the sector, and ultimately enhance returns,” said Hamed bin Zayed al-Nahyan.In the first three quarters of the year, ADIA and Abu Dhabi’s two other main funds together invested $36bn across the globe, according to data from Global SWF.Looking forward, ADIA in its review pointed to the various elections that took place around the globe, saying that voters’ decisions will have significant impact on domestic policy and relations between countries.Even as financial systems worldwide could again prove resilient to geopolitics, “this is no cause for complacency, as an unpredictable outlook often has real-world outcomes that eventually cascade down to financial markets,” Hamed bin Zayed al-Nahyan said.

Doha has identified six critical factors, which include national innovation strategy, high research and development level and diverse funding options for SMEs or small and medium enterprises, for establishing and maintaining a successful startup ecosystem, according to Invest Qatar."By examining the key elements of leading global startup ecosystems, we can identify several critical factors and policies essential for establishing and maintaining a successful ecosystem," Invest Qatar said in a report.Highlighting that the critical factors also include talent and startup attraction strategies, an entrepreneurial culture and robust support systems; it said "for any startup ecosystem to thrive, it must be built on these foundational elements."Stressing that the development of Qatar’s startup ecosystem is an ongoing process, continuously evolving to match global standards; it said public and private stakeholders are committed to improving the foundational elementsof the ecosystem, including education, R&D, funding, support systems and entrepreneurship competitions.Findung that Qatar’s startup ecosystem is a vital engine of economic development and diversification, it said the efforts of entrepreneurs, academic and research entities, and public and private sectors have "significantly" strengthened the ecosystem in recent years.This progress is evident in the well-connected and established network of startups that is now poised to capitalise on numerous opportunities for growth and success, it said, citing a prime example of “Startup Qatar” initiative.This initiative provides a comprehensive support to startups, offering resources such as funding, business setup and registration support, access to information and other support services.By enhancing the local business environment and attracting foreign direct investment, “Startup Qatar” aims to aid the growth of new ventures and position the country as a key player in the global startup landscape."This initiative underscores the significant progress Qatar has made in fostering entrepreneurship and developing a robust startup sector," it said.

LuLu Mall Al Khor has been awarded the prestigious Silver Award (NOI Enhancement) for Sustainability Excellence in Energy Optimisation at the MECS+R Award 2024, organised by the Middle East Council of Shopping Centres & Retailers (MECS+R).The accolade was jointly presented by Dr Younis al-Mulla, chairman of MECS+R, and David Macadam, CEO of MECS+R, during a ceremony held in Riyadh.LuLu Mall’s recognition as the Silver Winner in the Sustainability Excellence category, particularly for its outstanding achievements in energy optimisation, underscores its commitment to implementing sustainable practices that reduce its environmental issues while improving its financial performance.The prestigious award marks a significant milestone for Al Khor Mall as it continues to elevate its standards of operation, sustainability, and customer experience in the competitive retail landscape of the Middle East.As the first premium shopping destination of its kind in Al Khor, LuLu Mall emphasises sustainability and energy efficiency and features an international standard LuLu Hypermarket, cinemas, amusement zones, a food court, restaurants, cafes, and over 100 global brands. Blending Arabic architecture with ample parking, it caters to the leisure and shopping needs of locals and expatriates alike.LuLu Mall Al Khor exemplifies sustainable retail, integrating energy optimisation, waste management, plastic-free initiatives, and digitisation. Through advanced eco-friendly practices and participation in Earth Hour, the mall actively promotes environmental stewardship, setting a benchmark for sustainability in the retail industry.The mall’s journey to achieving sustainability excellence is rooted in its collaboration with Honeywell, a global leader in energy management solutions. The mall deployed the Honeywell Forge Energy Optimisation system, a cloud-based platform designed to monitor and optimise energy consumption in real time. By analysing data from weather patterns, occupancy levels, and operational conditions, the system autonomously adjusts chiller temperatures, fan speeds, and other HVAC settings to maintain peak energy efficiency.This initiative has resulted in impressive results for LuLu Mall Al Khor. Over 18 months, the mall achieved an average of 15% savings on HVAC energy consumption, reducing its energy expenses significantly. In 2019, before these optimisations were implemented, the mall’s energy costs amounted to $1.28mn. From August 2023 to July 2024, the mall successfully lowered its energy costs to $1.17mn, saving $110,000.The award highlights LuLu Mall’s strategic focus on sustainability, which aligns with the broader goals of LuLu Group International to prioritise eco-friendly operations. The group’s ongoing investment in sustainable technologies and practices showcases its leadership in driving positive environmental change within the retail industry.In Qatar, LuLu Group has consistently demonstrated its dedication to sustainability through various initiatives. Notably, the LuLu Hypermarket in Al Meshaf became the first carbon-neutral hypermarket in the GCC region, achieving this milestone in January 2023.Additionally, LuLu Hypermarket actively supported Qatar Sustainability Week 2024, organized by the Earthna Centre for a Sustainable Future, in partnership with the Ministry of Environment and Climate Change, reinforcing its commitment to environmental stewardship.As a part of LuLu Group International, LuLu Al Khor Mall’s achievement is a testament to the group’s unwavering commitment to sustainability, innovation, and operational excellence. The award reinforces the mall’s role as a pioneer in the Middle East’s retail sector and sets a high standard for sustainable practices in the region.

Apple’s AirTag, the small, coin-sized device, originally launched as a consumer tool for tracking personal items, has fast become an essential travel companion, specifically for one of the more unpredictable aspects of air travel: Checked baggage.AirTag, a product of Apple’s far-reaching ecosystem, work by using a network of Bluetooth connections from nearby Apple devices, transmitting their location back to the owner via the Find My app. For travellers, this has proved invaluable. Instead of waiting anxiously by the baggage claim, hoping their suitcase materialises, AirTag-equipped passengers can monitor the precise location of their bags in real-time. And as any seasoned traveller knows, peace of mind is a precious commodity. However, the story doesn’t end with the passenger’s reassurance. In fact, it only begins there.When an AirTag-equipped bag goes missing, the owner can see exactly where it is, often before the airline is even aware of the issue. This has introduced a new dynamic to the passenger-airline relationship. In previous years, passengers were largely passive in the process, accepting that airlines would be the first—and often the only—point of contact for any updates on delayed or lost baggage. Now, travellers arrive with precise location data, which can sometimes expose the limitations in airline baggage handling and tracking systems. For airlines, this creates both an opportunity and a challenge, especially in an era where customer loyalty is more fragile than ever.Airlines have long struggled with baggage handling. The International Air Transport Association (IATA) has made significant strides in standardising systems and reducing instances of lost or mishandled baggage over the past two decades, yet lost luggage remains an ongoing issue, particularly during peak travel seasons. The implementation of AirTags by passengers could theoretically benefit airlines, offering additional tracking capabilities that augment existing systems. Yet, there is a resistance to fully embrace or integrate this consumer-grade technology, as seen with Lufthansa’s initial stance against AirTags, citing “security concerns” due to their transmission abilities on flights. This begs the question: Are such concerns based on genuine issues, or are they simply a reflection of an industry unprepared to meet the transparency AirTags demand?For passengers, the real value of AirTags lies in accountability. When passengers know exactly where their bag is—even if it’s halfway around the world due to an airline routing error—the power dynamic shifts. Passengers now have verifiable data, which they can use to request faster resolution and sometimes even additional compensation. From the airline’s perspective, this visibility can increase the pressure to resolve issues swiftly, given that a customer’s frustration is amplified when they can pinpoint the precise location of their misplaced belongings but are still unable to retrieve them.The rise of AirTags is pushing airlines to re-evaluate their own baggage-tracking technologies. Currently, many carriers rely on RFID (Radio Frequency Identification) and barcode systems to monitor baggage, systems that are robust but not universally accurate or accessible in real-time. RFID technology, although advanced, operates on a different frequency and within a limited range, unlike AirTags, which depend on Apple’s global network of connected devices. The challenge is clear: as passengers become accustomed to the immediacy and convenience of AirTags, will airlines be compelled to adopt similar technologies? Or, perhaps more challengingly, will they need to offer interfaces that integrate customer data with airline systems, creating a seamless experience?For a long time, we’ve wondered if Apple were able to strike a partnership with a major airline to integrate AirTag technology directly into the carrier’s baggage systems, it could set a new standard in the industry, eliminating the disconnect that currently exists between consumer tracking and airline monitoring.Apple is now preparing to introduce a feature that can help people find their lost belongings with AirTag by sharing tracking data with airlines. The new feature, compatible with iOS 18.2, will be released in December. It is named the Share Item Location feature, allowing users to share the position of an AirTag or other Find My network assets for a limited time with other people. Delta, United, British Airways, and Air Canada will implement this new tool for airport workers to use AirTag tracking information safely and securely, Apple explained on Monday.Apple wants the feature to be available in other airlines, with United Airlines offering it for some airports and its network later in early 2025."We know many of our customers are already travelling with AirTags in their checked bags, and this feature will soon make it easier for them to share location information with us safely and securely, helping our customer service agents work more efficiently and giving our customers added peace of mind," said David Kinzelman, United's chief customer officer.He added that the service will be available in only a handful of airports initially, but that the airline hopes to have integrated the service across its network by early 2025.A key partner in Apple's bid to make luggage more traceable is Sita, a tech company that makes the baggage-tracking tech WorldTracer, which is used by over 500 airlines and ground handlers at more than 2,800 airports worldwide."With global passenger traffic set to double by 2040, airports and airlines worldwide will face important challenges," said Nicole Hogg, Sita's director of baggage. The Share Item Location links will make for more efficient baggage management and be a "huge benefit to customers," she added.The author is an aviation analyst. X handle @AlexInAir.

Qatar Chamber has announced the staging of ‘5th World Conference on International Arbitration’ from November 19 to 20 at the Waldorf Astoria Lusail Hotel in Doha.Organised by the Qatar International Centre for Conciliation and Arbitration (QICCA), the event will be held under the patronage of HE the Prime Minister and Minister of Foreign Affairs Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani.The event was announced in the presence of Qatar Chamber acting general manager Ali Saeed Bu Sherbak al-Mansouri and QICCA board member for International Relations Sheikh Dr Thani bin Ali al-Thani.Al-Mansouri said QICCA’s regular hosting of the conference reflects its commitment to promoting a culture of arbitration and facilitating the exchange of insights on various arbitration issues, noting that the event brings together a distinguished group of local, regional, and international speakers.He also said the conference aligns with Qatar’s strategy of hosting leading international events and expressed hope that it will achieve its objectives by fostering collaboration among arbitrators and lawyers to address issues and challenges in arbitration as a means of dispute resolution.Sheikh Thani said the conference’s fifth edition in Qatar underscores the country’s growing status as a leading hub for international arbitration, emphasising that Doha has become a leading platform for efficiently and professionally resolving commercial and investment disputes.He highlighted that the conference brings together a prominent group of experts, lawyers, and arbitrators from around the world to discuss the latest issues and challenges in international arbitration.Sheikh Thani noted that the event provides an opportunity to promote dialogue and exchange ideas, serving as a platform for sharing best practices and experiences that contribute to advancing arbitration mechanisms for the benefit of both the local and international business community.He said the event aligns with Qatar’s ambitious vision to support economic and investment activities, and highlighted that arbitration plays a vital role in strengthening the business environment and providing a safe, attractive climate for investment. He also affirmed QICCA’s commitment to promoting a modern arbitration system that keeps pace with global developments.The conference aims to exchange experiences with Arab, regional, and international arbitration centres and to promote arbitration as an effective alternative for resolving commercial disputes, he said, adding that arbitration offers numerous advantages, including technical efficiency, speed, confidentiality, and streamlined procedures, all contributing to a better investment environment in alignment with Qatar National Vision 2030.The conference will feature local and international participation, including lawyers, arbitrators, judges, academics, counsellors, prosecutors, and others interested in arbitration, with over 35 speakers from prominent figures in international arbitration.Sheikh Thani said the conference would cover a range of important topics and themes related to arbitration issues and recent developments in the field. He also expressed his gratitude to all sponsors, supporters, and participants for their tireless efforts in making this event a success.

Foreign institutional investors are increasingly penetrating the Qatar Stock Exchange (QSE), typically accounting for 30%-40% of average daily turnover in the recent past and continue to have an active presence in the QSE, which is becoming an investment destination in view of the country embarking on a new phase of growth driven by the proposed North Field expansion.This was the message conveyed by top QSE officials to international investment managers at a roadshow in New York, hosted at the Bank of America’s offices. The roadshow was part of the QSE’s strategy to expand its investor base, attract further foreign investment and showcase the strength and potential of Qatar’s capital markets.The bourse led a delegation of its leading listed companies such as QNB, Commercial Bank of Qatar, Qatar Islamic Bank, Masraf Al Rayan, Mesaieed Petrochemical Holding, Industries Qatar, Gulf International Services and Qamco, Qatar Insurance, Milaha and Nakilat.The roadshow offers the US investors an opportunity to expand their relationship with Qatar as an investment destination and strengthen their understanding of investment opportunities with Qatar’s leading companies. It also reflects the increased penetration of foreign institutional investors into Qatar’s capital markets."The QSE’s and our listed companies' commitment to ongoing outreach is part of a long-term commitment. In fact, the Third Financial Sector Strategy enshrines internationalisation as one of its key objectives," QSE acting chief executive officer Abdulaziz Nasser al-Emadi said."This covers not just equity investors but also fixed income investors as well as the regional and global market participants who provide the international connectivity that has been such an important part of Qatar’s overall growth. The two go hand-in-hand with increased awareness, requiring further development of market access and market infrastructure that will make portfolio investment more efficient," he added.Post World Cup and its related infrastructure build-out, he said Qatar is embarking on a new phase of growth driven by the proposed North Field expansion, which will increase liquefied natural gas production capacity to 142mn tonnes per annum by 2030, an 85% increase.According Standard & Poor's (S&P), an international credit rating agency, Qatar's LNG production increase would imply demand for additional exports, particularly to Europe and enhancing of the country's per capita income to above $80,000.Qatar derives about 40% of its GDP or gross domestic product, 80% of government revenue, and 90% of exports from the hydrocarbon sector. As a result, S&P forecasts the country's strong fiscal and current account surpluses will persist in 2024-27, based on a Brent oil price assumption of $81 per barrel (/bbl) in 2024 and $75/bbl in 2025-2027, together with expected increases in LNG production capacity by 2027.

The growing importance of digital technology in global commerce and the critical role of international courts in resolving complex technology-related disputes came under scrutiny at an event organised by Qatar International Court and Dispute Resolution Centre (QICDRC) and Hamad Bin Khalifa University (HBKU) College of Law.The event, which was held in collaboration with Lexis Nexis, focused on the role of international commercial courts in resolving digital technology disputes.As part of the QICDRC-HBKU lecture series, the event brought together legal experts, academics, and practitioners to discuss how international commercial courts manage digital disputes and leverage digital technologies in their proceedings.The session also explored whether these courts are the most suitable for digital technology-related disputes compared to alternative dispute resolution (ADR) and online dispute resolution (ODR) methods.“In a world increasingly shaped by digital innovation, the role of international courts in managing disputes related to these technologies is crucial. This event highlighted the need for legal systems to stay ahead of the curve and ensure they are well-equipped to address the challenges posed by the digital economy," said Lord Thomas, President of the Qatar International Court and former Chief Justice of England and Wales.Highlighting that courts need to embrace technologies like artificial intelligence (AI) in commercial cases, he said while some states permit digital documents, the business community remains cautious. "Openness to change is crucial, as technology can enhance judgments without sacrificing quality," he added.The panel discussion, moderated by Professor Georgios Dimitropoulos, Professor of Law at HBKU and WTO Chair of International Trade Law, featured distinguished speakers, including Lord Thomas, William Blair (Chairman of the Qatar Financial Centre Regulatory Tribunal and former Judge-in-Charge of the Commercial Court of England and Wales), Linda Fitz-Alan (Registrar and Chief Executive Officer of the Abu Dhabi Global Market Courts), and Professor Pietro Ortolani (Professor of Digital Conflict Resolution at Radboud University)."This event underscores the increasing importance of digital technologies in modern legal systems. By engaging with international experts, we are better positioned to understand the complexities of digital disputes and enhance Qatar’s legal landscape in this evolving field, Susan Karamanian, the Dean of HBKU College of Law, said.Panelists shared their perspectives on how these courts can adapt to the rapidly evolving digital landscape.“A court’s readiness is essential in deciding whether to adopt AI, as premature use could impact stakeholders. Technology should also be customised to each court’s unique needs, not vice versa,” said Linda Fitz-Alan."Legal frameworks are slow to change, but tools like digital processes and paperless courts enable gradual progress and streamline authentication," Ortolani said.

Ahead of the US inflation data, the Qatar Stock Exchange on Wednesday continued to be in the negative trajectory with its key index losing more than 38 points as majority of the traded constituents were in the red.The real estate, industrials, telecom and transport counters witnessed higher than average selling pressure as the 20-stock Qatar Index knocked off 0.36% to 10,420.04 points, although it touched an intraday high of 10,495 points.The foreign individuals were seen net profit takers in the main bourse, whose capitalisation melted QR1.82bn or 0.29% to QR618.4bn primarily on the back of small and microcap segments.The domestic institutions’ weakened net buying had its influence on the main market, which saw as many as 0.05mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.14mn change hands across 16 deals.The Islamic index was seen declining faster than the other indices of the main bourse, whose trade turnover and volumes were on the decrease.The local individual investors’ lower net buying had its say in the main market, which saw no trading of treasury bills.The foreign funds continued to be bearish but with lesser intensity in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.36%, the All Islamic Index by 0.64% and the All Share Index by 0.19% in the main market.The realty sector index tanked 1%, industrials (0.92%), telecom (0.78%) and transport (0.55%); while insurance gained 0.26%, banks and financial services (0.22%) and consumer goods and services (0.04%).As much as 68% of the traded constituents were in the red with major losers being Ezdan, Aamal Company, Gulf Warehousing, Commercial Bank, Industries Qatar, QIIB, Qatar German Medical Devices, Medicare Group, Baladna and Qamco.Nevertheless, Doha Bank, Mekdam Holding, QNB, Meeza and Doha Insurance were among the gainers in the main bourse.In the venture market, both Al Mahhar Holding and Techno Q saw their shares appreciate in value.The foreign retail investors were net sellers to the tune of QR5.32mn compared with net buyers of QR5.31mn on November 12.The domestic institutions’ net buying declined significantly to QR31.34mn against QR56.65mn the previous day.The Qatari individuals’ net buying weakened perceptibly to QR25.94mn compared to QR28.13mn on Tuesday.The Arab retail investors’ net buying shrank markedly to QR2.32mn against QR9.33mn on November 12.The Gulf individual investors’ net buying eased marginally to QR0.2mn compared to QR0.93mn the previous day.However, the foreign institutions’ net selling decreased substantially to QR40.23mn against QR60.26mn on Tuesday.The Gulf institutions’ net profit booking declined noticeably to QR14.25mn compared to QR40.08mn on November 12.The Arab institutions had no major net exposure for the eighth straight session.Trade volumes in the main market fell 16% to 132.61mn shares, value by 22% to QR362.1mn and transactions by 7% to 15,388.In the venture market, trade volumes more than tripled to 0.67mn equities and value also more than tripled to QR1.62mn on more than doubled deals to 81.

QNB Group has announced its sponsorship as ‘Platinum Sponsor’ of the 3rd edition of the Qatar-Africa Business Forum (QABF) taking place in Marrakech, Morocco, on November 16-17 as part of the Qatar-Morocco 2024 Year of Culture.This sponsorship emphasises QNB’s commitment to aligning its strategic objectives with Qatar’s efforts to enhance economic development in Africa through growing partnerships in line with the African Union's Agenda 2063 and the Sustainable Development Goals (SDGs) 2030, leveraging the continent's abundant talentBy sponsoring this event, the bank is also dedicated to support initiatives to celebrate bilateral profound ties with Morocco while promoting QABF’s mission to cultivate sustainable and equitable partnerships between Qatar and Africa.Heba al-Tamimi, senior executive vice-president (Group Communication) at QNB, said, “Our sponsorship for this event, which highlights Africa’s crucial role as a hub of human capital, affirms our commitment to supporting Qatar’s efforts aimed at harnessing the continent’s rich talent and resources, emphasising our brand's visibility and impact as the largest financial institution in the Middle East and Africa.Over 300 policy makers, CEOs, entrepreneurs and innovators from Qatar, Africa, and around the world will gather for the event to discuss the opportunities of "Al and Development."High-level meetings will also focus on the pivotal role of the private sector in achieving sustainable development goals.QNB Group is one of the leading financial institutions in the MEA region and among the most valuable banking brands in the regional market.Present in some 28 countries across Asia, Europe, and Africa, it offers tailored products and services supported by innovation and backed by a team of over 31,000 professionals dedicated to driving banking excellence worldwide.

Airfares remain more than 10% higher in several markets as international air traffic rebounds and seat capacity is expected to surpass pre-pandemic levels by the end of the year.A recent study covering 60,000 routes in some 19 countries showed that several key markets experienced significant airfare increases on both domestic and international routes. The airfare study was undertaken by ACI APAC & MID in partnership with Flare Aviation Consulting.Several markets experienced significant airfare increases. The study showed a sharp rise in domestic airfares during the first half of 2024 compared to 2019 levels. Notable increases were seen in key domestic markets such as India (+43%), Vietnam (+63%), Malaysia (+36%), Thailand (+26%), and Australia (+21%), all of which heavily rely on domestic air travel.Despite the anticipated recovery in international seat supply in these countries, airfares remain elevated compared to pre-pandemic levels.In India and Vietnam, international fares rose by 16%, Malaysia by 21%, Australia by 14%, and Thailand by 7%, with low-cost carriers (LCCs) contributing to the sharpest increases.The study also notes that low-cost carriers (LCCs) in the Asia-Pacific region have demonstrated greater resilience to the Covid-19 pandemic, increasing their market share and bargaining power, further influencing airfare trends.In the Middle East, traffic volumes have surpassed pre-pandemic levels in most countries by second quarter (Q2) 2024. Countries such as Bahrain (+24%), Qatar (+27%), Saudi Arabia (+30%), and the United Arab Emirates (+39%) have experienced robust traffic growth.Market analysts say rising airfares can indeed become a barrier for potential customers, especially for price-sensitive travellers. They include leisure travellers, students, and lower-income groups.Even among business travellers, where demand has traditionally been more inelastic, shifts are being seen in behaviour as companies adapt to cost-cutting measures and increased acceptance of virtual meetings, post-pandemic.For many passengers, especially those travelling for leisure, the demand is relatively elastic. As fares rise, these customers may reduce the frequency of their trips, switch to more budget-friendly options, or choose alternative travel modes.Increased fares for full-service airlines tend to drive travellers toward budget airlines, which continue to focus on leaner operational models and ancillary revenue (fees for extras like seat selection or checked bags) to keep fares relatively low.Another challenge, analysts say, is that higher costs might prompt more businesses to replace some trips with virtual meetings. Although in-person interactions are sometimes essential, many businesses have realised that video conferencing can effectively substitute for face-to-face meetings in a number of scenarios.Commenting on the study, Emmanuel Menanteau, President of ACI Asia-Pacific & Middle East and Regional Director, VINCI Airports, said: “Affordable airfares is crucial not only for ensuring accessibility to air travel but also for supporting the economic vitality of our communities. Excessive fare increases can discourage passengers, hinder connectivity, and ultimately impact the growth of our sector. It is critical to keep air travel within reach for all, allowing our airports and local economies to thrive together.”Stefano Baronci, Director General, ACI Asia-Pacific & Middle East, said: “While passenger numbers in Asia-Pacific are returning to pre-pandemic levels this year, many travellers are paying significantly more, especially on domestic routes. This indicates that the demand for air travel is likely higher than in 2019.“We must ensure that rising airfares do not become a barrier for potential customers. Passengers deserve transparency about these costs. Airfares result from a complex pricing system set by airlines, influenced by demand and supply, price elasticity, competition on any given route. For example, routes that are reliant on a single airline saw fare increases of over 25%, while those with steady competition experienced only about a 10% rise.”Baronci added: “It is important to note that the increase in airfares is not related to airport charges. Considering the airlines' cost structure, fuel prices and inflation have a much greater impact than airport charges. For a long time, airport charges have represented a stable component of airlines' operating costs, averaging around 4%. From 2019-2024, airport charges have decreased by 7% for domestic flights and increased by only 6% for international flights, making their influence on the recent spike in airfares in the region negligible”.In the long term, if airfares continue to rise without accompanying increases in income or economic growth, they could limit consumer access to air travel, particularly for discretionary trips.

Thai Airways International PCL said its Rolls-Royce Holdings Plc engines are spending more time than ever undergoing maintenance checks, adding to a chorus of criticism over the power units.Chief Executive Officer Chai Eamsiri said the engines powering its Boeing Co 787 Dreamliner aircraft are spending as long as 120 days undergoing checks, significantly longer than the 90-day wait when the British manufacturer previously encountered similar delays.“We send it for a shop visit and it doesn’t come back,” he said at an annual meeting of Asian airlines in Brunei on Tuesday. “It used to be 90 days. Now it’s longer, toward 120 days.”Rolls-Royce blamed industry-wide supply chain constraints for the delays. The company is working to prioritize resources needed to reduce the impact on airlines, a spokesperson said.Thai Airways’ comments on the increased wait times shed more light on the growing discontent among Rolls-Royce customers. British Airways and Virgin Atlantic Airways Ltd have suspended several routes over the past month due to a shortage of aircraft caused by the backlog.On Monday, Rolls-Royce said it had formed a task force to address maintenance issues with its Trent 1000 engines used on the 787. The group is bringing together employees from operations, supply chain, engineering, technology and planning teams to speed up maintenance on the engine model.Thai Airways has fewer than 10 Rolls-powered 787s but one is currently grounded without engines, according to Chai.He said he wasn’t sure about the details of the renewed delays. Rolls-Royce appears to be facing too much demand for maintenance visits from “every airline” with the engines spending fewer hours flying and more time in the shop, he said.The situation is “not getting worse but it should be better,” Chai said, given Thai Airways’ previous struggles with Rolls-Royce engines that led it to pick General Electric Co to supply the power units for the 45 787 Dreamliners it ordered earlier this year.

American Airlines Group Inc and JetBlue Airways Corp still want to team up in the Northeastern US after an earlier pact was scuttled by US courts.American Chief Executive Officer Robert Isom and JetBlue President Marty St George on Tuesday each hinted that a new partnership was still possible, even after a federal appeals court last week upheld an earlier finding that their Northeast Alliance violated antitrust laws and had to be dismantled.“I do think it was pro-consumer for JetBlue and American to get together,” St George said at the Skift Aviation Forum in Dallas. “I certainly think there is a structure that could work going forward. We could work with other carriers too.”The government’s case that ended the alliance was part of the Biden administration’s aggressive posture on corporate mergers in several industries to ensure combinations don’t hurt consumers or drive up prices. JetBlue’s planned acquisition of Spirit Airlines Inc also was blocked for those reasons.Analysts have suggested that President-elect Donald Trump’s incoming administration will take a less-hostile stance on corporate deal activity.American is still reviewing the appeals court decision on its alliance with JetBlue and is weighing its options, Isom said, without specifying whether the carrier will appeal to a higher court. JetBlue did not join American in appealing the initial court ruling against the partnership.“We’re not done yet figuring out how to best serve our customers,” Isom said at the Skift Aviation Forum. “That doesn’t stop us from going out and taking a look at the marketplace.”The two carriers created the alliance to better compete against rivals Delta Air Lines Inc and United Airlines Holdings Inc in the US northeast, including the New York City and Boston markets.

Qatar’s Islamic banking assets account for nearly 29% of total banking assets as of September this year, which is equivalent to QR576bn, according to Hamad Ahmed al-Mulla, Assistant Governor (Supervision) at Qatar Central Bank.He was addressing a capacity-building programme QCB jointly hosted with the International Islamic Liquidity Management Corporation (IILM) for banks and financial institutions operating in the country.The event was titled ‘The Role of Islamic financial markets and instruments in the development of debt capital market in Qatar’.Al-Mulla emphasised Qatar's prominent role in the Islamic finance industry globally. The country ranks sixth among the top Islamic finance jurisdictions, according to the latest report issued by the Islamic Financial Services Board (IFSB). Qatar, he noted, has over four decades of experience in the Islamic finance sector.Al-Mulla stated that sukuks (Islamic bonds) are a key pillar in enhancing Islamic capital markets and improving liquidity management tools for Islamic financial institutions, especially given the global growth of the sukuk market, which has proven resilient despite the global macroeconomic challenges.In this context, al-Mulla reiterated Qatar Central Bank's important role as a key shareholder in the International Islamic Liquidity Management Corporation, supporting the development of IILM's sukuk, with Qatar holding a 74% share of IILM's asset portfolio, fully guaranteed by the State of Qatar.He also highlighted the importance of the joint initiative between QCB and IILM in organising the programme, which is designed to enhance and develop Islamic capital markets in Qatar in line with the Third Financial Sector Strategy, which envisions the creation of an innovative and efficient financial market. He added that the programme would help enhance the understanding of the role of Islamic financial markets and instruments, explore emerging opportunities, and share best practices that can help achieve strategic objectives.In his remarks, Sheikh Ahmed bin Khalid al-Thani, Assistant Governor for Financial Instruments and Payment Systems at QCB expressed confidence that the capacity building programme would significantly contribute to the development of Islamic capital markets in Qatar in line with strategic initiatives, including the Third Financial Sector Strategy and the recently launched Qatar Central Bank Strategy 2024-2030 in conformity with Qatar National Vision 2030.Sheikh Ahmed called for continued knowledge sharing and collaboration among financial industry stakeholders, particularly market practitioners, and international Islamic finance institutions, expressing his hope for the continued contribution of such platforms to fostering financial stability and growth within the Islamic finance ecosystem in Qatar.The one-day programme was attended by a diverse group of stakeholders and key players in the banking and financial sectors, along with representatives of Qatari banks and financial institutions. It provided a unique opportunity to explore the role of Islamic financial markets in enhancing and developing capital markets in Qatar.The capacity-building programme also included a series of sessions on key topics pertaining to Qatar’s financial sector, the outlook for national economy, Qatari capital markets, and the Qatar Central Bank’s role in fostering the growth of Islamic capital markets and Islamic banking services in Qatar

Qatar is advancing its position as a premier destination for innovation and entrepreneurship, fostering a conducive ecosystem for startups in technology and the digital economy. Guided by the Qatar National Vision 2030, which emphasises innovation and digital transformation as key drivers for its development journey, the nation is becoming a magnet for global investment and exceptional talent. Leveraging modern infrastructure, comprehensive incentives and a supportive regulatory environment, Qatar has transformed this vision into action. The State’s strategic initiatives support startup growth and pave the way for substantial investment opportunities for businesses locally and globally. As part of its mission to drive innovation, Invest Qatar unveiled the first cohort of the Startup Qatar Investment Program at Web Summit Lisbon 2024. Eleven groundbreaking startups from diverse sectors will benefit from funding and support to scale their operations in Qatar. This distinguished roster of selected startups includes Ynmo, Stemly, Sekgames, Huupe, Nafasaria, PaintIt.ai, Realyze Intelligence, Polymerize, Wahed, Nybl, and Byanat. Ahead of the announcement, the Qatar Development Bank hosted a welcoming event in Doha for the selected startups, offering an introduction to the country’s thriving tech ecosystem. The event featured matchmaking sessions on the second day, connecting startups with key institutional stakeholders and highlighting the comprehensive suite of incentives available to support their growth in Qatar. On this occasion, Ahmed Alghadani, Co-Founder and CEO of Byanat, an Oman-based company specialising in advanced data analytics, said: “We viewed the Startup Qatar program as the perfect gateway to connect with Qatar’s dynamic business ecosystem. It all began with an invitation from the Ministry of Communications and Information Technology last year to visit Qatar, during which we explored the country’s business environment. Later that year, during Web Summit Lisbon, we connected with Invest Qatar, who provided vital insights into the support available for tech startups in Qatar.” He continued: “Our interest in Qatar has grown ever since, culminating in our participation at Web Summit Qatar this year. We discovered even more about the program and Qatar’s forward-looking support for startups, particularly in research and innovation. The application process was challenging, with over 2,000 startups vying for selection, making it an honour to be one of the 11 chosen. We’re eager to support Qatar’s digital economy and contribute to its business ecosystem.” The inaugural edition of the program attracted nearly 2,000 applications from around the world, including the United States, Canada, the United Kingdom, Turkey and India. Following a rigorous selection process, startups were selected for their innovative concepts and potential to make a significant impact. These startups represent a wide range of sectors, including edtech, B2B software, sportstech, cleantech, proptech, healthtech, fintech, and e-gaming—reflecting the diversity of global expertise and creativity. One of these beneficiaries is Syed Ahmed, Head of Wahed UK, a company specialising in Sharia-compliant investment solutions across eight markets, including the United States, Malaysia, Saudi Arabia, UAE, Nigeria, India, Indonesia, and Mauritius. He noted: "Qatar’s business environment and the opportunities available, coupled with the country’s commitment to supporting startups, encouraged us to participate in this program. It fills us with the confidence that we will have the support and the infrastructure here ready for us to grow and also contribute to the Qatari economy.” He continued: "The synergies between our values and those shared by Qatar, as well as the potential in Qatar and the GCC, made this move an easy decision. We look forward to growing within this ecosystem and being part of Qatar’s economic journey." Nathan Rustandi, Co-Founder and CEO of NAFAS, an Indonesian air quality technology startup, described the program as transformative: "The application process proved to be an exhilarating journey, and the program's comprehensive support framework for selected startups only heightened our enthusiasm. We were particularly drawn to the opportunity, as it not only offered access to Qatar's dynamic market but also provided the crucial momentum needed to establish our presence here." Rustandi continued: "Being selected for the program has been nothing short of transformational. The timing couldn't be more opportune for our expansion into Qatar, particularly given the nation's instrumental role in advancing sustainable economic development—a mission that perfectly aligns with our expertise. This strategic alignment exemplifies Qatar's forward-thinking approach to cultivating a diverse and integrated economy." Piotr Jakubowski, Co-Founder of NAFAS, added: "We've been truly impressed by Qatar's business ecosystem, its embrace of startups, and the scale of investments the nation is channeling into this sector with the vision of transforming Qatar into both a regional and global hub for startups." Jakubowski added: "We're receiving tremendous support from Qatar Development Bank, Qatar Research, Development and Innovation Council, and numerous other entities backing us through the Startup Qatar program. This represents an exceptional growth opportunity, not just within Qatar, but across the entire Middle East region and we are eager to showcase Qatar's potential as a world-class destination for startups globally." Selected startups will receive a total of QAR 43.8mn in funding, alongside valuable incentives, including shared office space in premier incubators, complimentary accommodation and free entrepreneur visas. These startups will be eligible for seed funding of up to $500,000 or scale-up funding of up to $5mn to expand their operations in Qatar. With this support, selected startups are expected to make significant contributions across sectors in Qatar, establishing research and development offices, supporting local companies and strengthening the country's artificial intelligence and machine learning capabilities. In addition, by collaborating with local universities and creating opportunities for graduates, this initiative will serve as a catalyst for innovation, supporting the nation's vision of establishing itself as a leavhding global technology hub. Aaron Brauser, CEO of Realyze Intelligence, an American software company focused on healthcare and clinical trial management, shared: "My 14-hour journey to Doha represents part of our quest for an environment conducive to growth and what made Qatar interesting to us was our shared focus on precision medicine and healthcare development. We offer innovative solutions enabling direct access to medical records and provide diverse healthcare systems." He added: "Qatar's hosting of the FIFA World Cup 2022, Web Summit and The Wall Street Journal’s Tech Live has dramatically elevated the nation's visibility, particularly among American investors and business leaders, sparking widespread interest in exploring opportunities here. When we discovered the Startup Qatar program, we really started to learn about Qatar’s National Vision 2030 and the investments being put in to grow various aspects of the country, specifically in healthcare. Applying after that was a no-brainer and being selected for this transformative program has been incredibly exciting for us." Launched during Web Summit Qatar 2024, Startup Qatar is a flagship initiative by Invest Qatar. The program offers an integrated online platform tailored to the needs of startups, providing a one-stop resource for information, support and opportunities. A high-level Qatari delegation, led by Sheikh Jassim bin Mansour bin Jabor Al Thani, Director of the Government Communications Office and Chairman of the Permanent Web Summit Organising Committee, is participating in Web Summit Lisbon 2024 between 11-14 November. This strategic engagement precedes the upcoming second edition of Web Summit Qatar in February 2025, following Qatar's groundbreaking achievement as the region's first host earlier this year. Building on the success of last year's pavilion, which helped drive record attendance at Web Summit Qatar 2024, the Qatar Pavilion returned to Web Summit Lisbon this year to showcase the nation's thriving business ecosystem and investment opportunities to thousands of global attendees. Such initiatives reflect Qatar’s dedication to nurturing a vibrant ecosystem for innovation and entrepreneurship, advancing digital transformation and sustainable development while enhancing the State’s global presence, in line with the Qatar National Vision 2030.

HE the Minister of Finance Ali bin Ahmed al-Kuwari met Bill Thomas, Global Chairman and CEO of KPMG on the sidelines of his participation in the MESAC Partners’ Conference, which is being held in Doha. The meeting discussed a host of topics of mutual interest, with a special focus on economy and finance, in addition to exploring potential ways to increase the scope of cooperative efforts.

Qatar Chamber first vice-chairman Mohammed bin Towar al-Kuwari met on Tuesday with Manuel Couto Miranda, the representative of the Portuguese Trade and Investment Agency, in the chamber’s Doha headquarters.The meeting, which was held in the presence of Portuguese ambassador Paulo Neves Pocinho, discussed ways to enhance bilateral co-operation, focusing on the investment climate of Qatar and Portugal, available investment opportunities, and the potential for boosting mutual investments.The discussions also explored the establishment of joint ventures between Qatari and Portuguese business owners, in either country, as well as ways to develop bilateral trade.Furthermore, the meeting reviewed the possibility of organising reciprocal visits for Qatari and Portuguese business delegations to gain a broader understanding of available investment and trade opportunities and to enhance co-operation between the business sectors of both countries.

HE the Minister of Finance Ali bin Ahmed al-Kuwari participated in the 21st Middle East and South Asia Partners Conference (MESAC), which is being held in Doha.The MESAC conference is a key platform to promote economic dialogue and exchange of experiences among the region's leaders and reflects Qatar's commitment to supporting regional and international cooperation through sustainable strategies for economic growth and diversification.Al-Kuwari welcomed all attendees and members participating in this conference, and praised the gathering and its importance in supporting the Qatari and global economy and stressed Qatar's approach to enhancing its economic sustainability, which is evident in adapting to the increase in liquefied natural gas production by more than 80% to reach 142mn tonnes annually by 2030.In addition to the significant progress made in economic diversification and sustainability, the country's hosting of the FIFA World Cup in 2022, strengthened the infrastructure and tourism sectors.In line with the Third National Development Strategy towards the Qatar National Vision 2030, al-Kuwari stressed the importance of cooperation and benefiting from the expertise among members to build a future-ready workforce capable of facing economic challenges, noting, “Global expertise networks such as KPMG can help support international cooperation and exchange of expertise and best practices.”On the sidelines of the conference, dialogue continues between members and partners to achieve common goals and enhance economic cooperation.

Reflecting the apprehensions in the global oil market and ahead of the key US economic data, the Qatar Stock Exchange (QSE) on Tuesday saw its key index plummet 147 points and market capitalisation erode QR8bn.The foreign institutions were increasingly net profit takers as the 20-stock Qatar Index tanked 1.38% to 10,458.21 points, although the index touched an intraday high of 10,578 points.The industrials and banking counters witnessed higher than average selling pressure in the main market, whose year-to-date losses widened further to 3.44%.The Gulf funds turned net sellers in the main bourse, whose capitalisation melted 1.27% to QR620.22bn primarily on the back of large cap segments.However, the domestic institutions were seen increasingly bullish in the main market, which saw no trading of exchange traded funds.The Islamic index was seen declining slower than the other indices of the main bourse, whose trade turnover and volumes were on the increase.The local individual investors were increasingly net buyers in the main market, which saw no trading of treasury bills.The Arab retail investors were also increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 1.38%, the All Islamic Index by 1.01% and the All Share Index by 1.34% in the main market.The industrials sector index tanked 2.07%, banks and financial services (1.46%), consumer goods and services (0.9%), transport (0.63%), insurance (0.41%) and telecom (0.4%); while real estate was up 0.05%.As much as 62% of the traded constituents were in the red with major losers being Industries Qatar, QNB, Qatar Electricity and Water, Gulf International Services, Dlala, Qatar Islamic Bank, Dukhan Bank, Woqod and Qatar National Cement. In the venture market, both Al Mahhar Holding and Techno Q saw their shares depreciate in value.Nevertheless, Aamal Company, Doha Bank, Ezdan, Lesha Bank and Estithmar Holding were among the gainers in the main bourse.The foreign institutions’ net selling increased noticeably to QR60.26mn compared to QR58.37mn on November 11.The Gulf institutions were net sellers to the tune of QR40.08mn against net buyers of QR15.34mn on Monday.The Gulf individual investors’ net buying weakened perceptibly to QR0.93mn compared to QR1.54mn the previous day.However, the domestic institutions’ net buying expanded significantly to QR56.65mn against QR38.27mn on November 11.The Qatari retail investors’ net buying strengthened considerably to QR28.13mn compared to QR1.65mn on Monday.The Arab individual investors’ net buying increased markedly to QR9.33mn against QR2.32mn the previous day.The foreign retail investors were net buyers to the extent of QR5.31mn compared with net sellers of QR0.76mn on November 11.The Arab institutions had no major net exposure for the seventh straight session.Trade volumes in the main market soared 23% to 158.49mn shares, value by 17% to QR461.6mn and transactions by 8% to 16,532.The venture market saw 74% contraction in trade volumes to 0.22mn equities, 75% in value to QR0.53mn and 46% in deals to 32.

Qatar Chamber board member Ibtihaj al-Ahmadani recently participated in the opening ceremony of the ‘Arab-African Investment and International Co-operation Summit’, which is being held from November 11 to 15 in Cairo and Aswan, Egypt.Organised by the Arab Women Investors Union, the summit is being held under the theme ‘Economic Ties...Tourism...Industry...Agriculture...Comprehensive Sustainable Development’.In her remarks at the inaugural session, al-Ahmadani, who is also president of the Qatari Businesswomen Forum, said the summit serves as a platform for encouraging investment and exchanging ideas among businesspeople and investors, emphasising that investment is one of the main drivers of economic growth.She said Arab and African countries possess enormous resources and significant potential for co-operation, adding that effectively utilising these distinctive resources can create real opportunities to enhance investment and co-operation, benefiting their economies and advancing further steps toward sustainable development.Al-Ahmadani also emphasised that international co-operation is essential for advancing development and addressing common global challenges, such as climate change, food security, and public health.Furthermore, al-Ahmadani noted that building effective partnerships between countries and international institutions fosters knowledge and expertise exchange, opening broad horizons for co-operation in various fields, especially trade and economic sectors, ultimately contributing to a better future for all. She underscored the importance of strengthening co-operation among Arab and African countries, particularly in the field of investment.For her part, Hoda Jalal Yassa, president of the Arab Women Investors Union, called for strengthening economic co-operation and partnerships between Arab and African countries, as well as fostering international co-operation and openness to all countries, to address the various challenges facing the Arab region.The summit’s inauguration was attended by delegations from 35 countries, along with business leaders, investors, and representatives from civil society organisations, associations, federations, and business councils.