Business

The Qatar Financial Centre (QFC) will help the Maldives build an international financial centre in the Asian country, highlighting the growing prominence of the QFC in the global arena.In this regard, the Ministry of Economic Development and Trade (MEDT) of the Maldives has signed a memorandum of understanding (MoU) with the QFC.The MoU would be instrumental in promoting knowledge and capacity building, which are integral to establish a world-class financial centre in the Maldives and build economic resilience.Through the MoU, the QFC will conduct regular knowledge exchange sessions to share best practices in financial management, regulatory frameworks, and operational strategies, supporting the establishment of the financial centre in the Maldives.Additionally, the QFC will facilitate networking opportunities to foster partnerships with financial institutions, regulatory bodies, and industry experts, building a robust ecosystem for the financial centre in the Maldives."This partnership underscores our dedication to fostering a lasting, impactful network with global financial institutions and supports our aim to build a sustainable financial ecosystem that drives economic prosperity,” said Yousuf Mohamed al-Jaida, chief executive officer, QFC Authority.The QFC - home to international and domestic firms -- has attracted more than 2,200 firms since 2005, significantly contributing to Qatar’s economic diversification and growth.“This MoU is a significant step towards establishing a robust international financial centre... We are confident that our collaboration with QFC will provide invaluable insights and support," according to Minister of Economic Development and Trade, Mohamed Saeed.This partnership not only leverages the QFC’s expertise and MEDT’s strategic vision but also strengthens the long-standing friendship between Qatar and the Maldives.The pact is expected to bring significant benefits to countries, fostering economic growth and development through enhanced cooperation and mutual support.In May this year, foreign ministers of both the countries had held high-level talks aimed at further strengthening bilateral relations between the two countries where the future avenues for collaboration to advance Qatar-the Maldives development partnership.In its latest annual report, the QFC, which is on a “renewed trajectory”, said it finds considerable prospects in the run-up to 2030 on increasing demand for digital payments, a stronger focus on sustainability in business and community, and accelerated mobility of skilled talent and private wealth.

HE the Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud al-Thani met French ambassador Jean-Baptiste Faivre here on Tuesday. During the meeting, they reviewed key facets of bilateral co-operation between the two countries, with focus on enhancing collaboration within the financial and banking sectors.

HE the Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud al-Thani met Chinese ambassador Cao Xiaolin here on Tuesday. During the meeting, they reviewed key facets of bilateral co-operation between the two countries, with focus on enhancing collaboration within the financial and banking sectors.

Currency strategists are ripping up forecasts for the euro in the wake of the US election and coming up with a new call: A slide towards parity with the dollar.At least 10 banks — including Barclays Plc, Deutsche Bank AG and Nomura International Plc — have slashed their calls in the past week, a turnaround from recent months when many were lifting the outlook for the common currency. Pictet Wealth Management is among those calling for a 6% drop to parity. And bets in the options market show traders wagering against the euro as a favourite way to play the outlook for Donald Trump’s presidency.The changing landscape in the currency market follows anticipation that global trade restrictions could become a key pillar of Trump’s economic policy when he returns to the White House next year. That’s been prompting investors to dump the euro — it’s already down nearly 3% since his victory to near this year’s low — as tariffs would hurt Europe’s export industries at a time of political uncertainty in its major economies.“This is the worst-case scenario you can think of for the euro,” said Mark McCormick, the global head of FX and EM strategy at TD Securities, who expects the euro to fall to $1.03 by the time Trump takes office in January. Parity “is absolutely in play” after that, he said.While market sentiment already turned against the euro last month as betting markets favoured a Trump win, the scale of his victory — putting Republicans on the brink of full control in Washington — means there’s more chance of his tariff policy plans being implemented. This “Red Wave scenario” increases the risks of getting to euro parity, McCormick said.Others now see a heavy hit for the common currency. Mizuho International Plc expects $1.01 by March, while ING Group NV forecasts it will reach that level by early 2026. The Dutch bank was among those issuing the biggest downgrade — it previously saw $1.10.Overall, analysts tracked by Bloomberg forecast $1.09 for next year, sharply down from $1.13 before the election.The options market is also signalling more weakness for the euro. Data from the Depository Trust & Clearing Corporation show that around €2bn was wagered last month on vanilla options for the euro falling to $1 next year.Bets for a weaker euro by hedge funds and other leveraged investors were already hovering around their biggest in around three years in the run-up to last week’s vote, according to the latest Commodity Futures Trading Commission data, and positions are likely to have ballooned since then.Even for Wall Street banks that haven’t revised their forecasts, parity is a possibility and several have recommended selling the euro. Goldman Sachs Group Inc. sees the risk of the common currency trading below the dollar in the case of Trump imposing global tariffs as well as US tax cuts. Ahead of the vote, Trump pledged to slap 60% tariffs on all goods coming in from China and 10% to 20% tariffs on imports from other countries.The economic hit from tariffs to Europe would also mean the European Central Bank is likely to cut interest rates faster than the Federal Reserve in the US, where pro-growth policies could boost inflation and slow easing.“Euro-dollar could trade through $1.05 and head towards parity assuming the red sweep is confirmed,” JPMorgan Chase & Co currency strategists led by Meera Chandan wrote. They see the currency facing a double whammy of pressure from tariffs and negative sentiment in Europe. Germany narrowly avoided a recession and its government just collapsed, while there’s still political risk in France after its snap election this year.Some are not convinced that the euro will fall as far as parity. Amundi SA points out that the market is already heavily tilted in favour of a weaker euro.“A strong dollar, yes, but not that far,” said Andreas Koenig, head of global currency management at the asset management company. “Too many already have the position and therefore it’s not going that fast.”Others are watching to see if the currency can break through support levels, with this year’s low around $1.06 and then $1.05 the next lines in the sand. A break of the latter would lead RBC BlueBay Asset Management to look at adding to its position of selling the euro.“The market wasn’t really pricing in a GOP sweep,” said portfolio manager Neil Mehta. “Parity is in play if Trump is very hawkish. And there’s a lot of uncertainty about Europe’s economic outlook.”

HE the Minister of State for Energy Affairs Saad Sherida al-Kaabi, also the President and CEO of QatarEnergy, visited the ‘Tawteen Forum 2024’, which concluded two days of sessions in Doha Tuesday.The event included various introductory and specialised sessions that were designed to help explore business opportunities and partnerships towards greater contributions to the local economy.“Tawteen Forum 2024” was organised by QatarEnergy to help expand “Tawteen” programme’s inclusivity and adaptability, and to enhance the localisation of services and industries in Qatar’s energy sector.Sessions during the forum dealt with a number of issues related to the ‘Tawteen’ initiative including the enhanced In-Country Value Programme, as well as various elements designed to enable local companies to meet the evolving demands of the industry and contribute to the country’s economic growth.‘Tawteen Forum 2024’ gave participants the opportunity to learn more about efforts to further empower micro and small enterprises and support their competitiveness in the market.Participants taking part in the forum and the associated exhibition, were also briefed on QatarEnergy’s recently introduced ‘Supplier Principles of Conduct’ through a lively and interactive discussion emphasizing the increasing need for compliance and the significant emphasis QatarEnergy places on safety and integrity in supplier engagements.QatarEnergy interlocutors offered a detailed look at the evolution of QatarEnergy’s Vendor Registration Process, highlighting how the portal facilitates the registration process and offered step-by-step guidance on the registration requirements.Other sessions covered QatarEnergy’s Preferred Manufacturers’ List; QatarEnergy’s health, safety, and environment culture and excellence designed to promote a safe and sustainable future for the energy sector; QatarEnergy’s principles of conduct; and best practices to enhance suppliers' ICV, investor support and participation.

Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has announced the new millionaire of the 7th edition of the Misk Account Draw.The draw was conducted in the presence of official representatives from the Ministry of Commerce and Industry, along with QIB officials, where Mr. Abdulla Rashid Al-Obaid was announced the QAR 1 million winner.Mr. Abdulrahman Rashid Al-Obaid received the Grand Prize on behalf of his brother Mr. Abdulla Rashid Al-Obaid and stated: “We are truly thankful to QIB for this opportunity. The Misk Account has given my brother the chance to experience an effective way of saving money. We are happy to be QIB’s customers and we highly encourage everyone to open a Misk Account and enjoy its rewards”.QIB will continue to reward its customers during Misk 8th edition. The new edition, running until 17 October 2025, will continue the tradition of acknowledging customers for their savings, while introducing several upgrades and enhancements allowing more customers to benefit from the program.With a total prize pool worth QAR 17,400,000, Misk 8 will now offer the opportunity to a total of 858 customers to win. The number of the QAR 1 million grand prize winners will become 6 instead of 4 and the millionaire’s draw will be scheduled every 2 months. In addition, the number of monthly winners of the QAR 50,000 prize will increase to 6 instead of 4, while 15 customers will receive QAR 10,000 each on a weekly basis.Mr. D. Anand, QIB’s General Manager – Personal Banking Group, extended his congratulations to the winner, stating: “We congratulate Mr. Abdulla Rashid Al-Obaid, the new Misk millionaire of this edition. The Misk Account Draw continues to be one of QIB’s most successful savings initiatives, designed to encourage customers to develop saving habits while rewarding them with substantial prizes. This year, with our largest prize pool yet, we remain committed to rewarding our customers and supporting them in achieving their financial goals.”The Misk Account has become one of Qatar’s most popular savings accounts awarding a total of 4,319 customers including 16 millionaires since its 1st edition, and the 8th Misk edition will continue to reflect QIB’s commitment to financial inclusion and innovation.Existing and new QIB customers can open a Misk Account easily through the QIB Mobile App. Customers will receive a free debit card, become eligible to request a free, for the first-year, credit card against their Misk Account balance, receive profits on their savings, and have the chance to frequently win cash prizes.For more information, please visit www.qib.com.qa/en-miskaccount

The Ministry of Economic Development and Trade (MEDT) of Maldives has signed a memorandum of understanding (MoU) with the Qatar Financial Centre (QFC).The MoU between would be instrumental to the promotion of knowledge and capacity building, which is integral to delivering Maldivian President Dr. Mohamed Muizzu’s vision to establish a world-class financial center in the Maldives and build economic resilience.Through the MoU, the QFC will conduct regular knowledge exchange sessions to share best practices in financial management, regulatory frameworks, and operational strategies, supporting the establishment of the financial center in the Maldives.

Al Faleh Educational Holding is exploring options to acquire a school in Qatar as part of its expansion strategy.In a communique to the Qatar Stock Exchange, the company announced its intention to explore the potential idea of acquisition of a school in Qatar with an estimated capacity of around 2,000 students."The company plans to assess the strategic compatibility of such an idea within its current group portfolio, as well as to evaluate the investment return and overall feasibility," the communique said.

South Korea is looking to increase its agri-food exports, particularly processed and non-processed food, excluding aquatic food products, to Qatar.This was raised during a meeting between Song Miryung, the Minister of Agriculture, Food and Rural Affairs of the Republic of South Korea, and HE the Minister of Municipality Abdullah bin Hamad bin Abdullah al-Attiyah, during a recently held meeting in Seoul.During the meeting, both officials discussed a wide range of initiatives for bilateral cooperation on smart farming, including cooperation from the Qatari side for the expansion of exports of Korean agri-food products to Qatar.In a statement to Gulf Times, the Ministry of Agriculture, Food and Rural Affairs in South Korea lauded Qatar for innovating agricultural technologies to expand the production of vegetables and meat.According to the ministry, the most exported Korean agri-food products to Qatar include corn oil and ramyeon, otherwise known as Korean-style instant noodles. Recently, exports of Korean food products, such as dubu (bean curd), processed rice-based products, and kimchi are also increasing.As the importance of food security is growing significantly, Qatar has a large potential for co-operation with South Korea in terms of exchanges of smart farming-related technologies and exports of smart farms, the ministry’s statement further emphasised.The South Korean minister said, “If Qatar gives special attention to bringing the investment co-operation for building a smart-farming innovation complex in Qatar to the next level, it would be highly appreciated.“The Korean government is continuing to provide support for Korean companies to expand their exports to countries, including Qatar. I hope that the bilateral meeting will serve as a valued opportunity to expand the exports of Korean food products to Qatar.”Al-Attiyah said: “On October 2023, the State of Qatar and the Republic of Korea made an amendment to the memorandum of understanding on smart farming. I hope that this amendment will provide an opportunity for both sides to diversify not only the exchanges of technologies but also the trade of agri-food products.”According to the Ministry of Agriculture, Food and Rural Affairs in South Korea, al-Attiyah also asked the Korean government and companies to participate in and support AgriteQ 2025 (International Agricultural and Environmental Exhibition), slated in February 2025 in Qatar.

Aamal Company has announced the completion of the acquisition of its partner Afaq Alalam Alarbi Company’s shares in Advanced Pipes and Casts Company (APC). With this transaction, Aamal now has 100% ownership of APC through its wholly-owned subsidiary, Aamal Readymix.Rashid bin Ali al-Mansoori, CEO of Aamal Company, said: “This acquisition marks another important step in our strategy to further strengthen Aamal’s position within Qatar’s industrial manufacturing sector. With full ownership of APC, we now have greater flexibility to implement targeted improvements and drive growth.“We are confident that this will unlock APC’s full potential and allow us to further support Qatar’s infrastructure development goals, while simultaneously delivering greater value to Aamal’s shareholders and stakeholders. We are committed to investing in capabilities that enhance Qatar’s self-sufficiency and industrial diversity, in line with our nation’s vision for a sustainable, diversified economy.”Established in 2010, APC is a leading pipe manufacturer in the Middle East, producing a wide range of products including circular pre-cast concrete manholes, reinforced concrete pipes, and pre-cast concrete structures.

The Qatar Stock Exchange on Monday fell 19 points on the back of selling pressure, especially at the transport, telecom, realty and industrials counters.The foreign funds were seen increasingly net sellers as the 20-stock Qatar Index shed 0.17% to 10,605.07 points, but recovering from an intraday low of 10,570 points.The foreign individuals were increasingly net profit takers in the main market, whose year-to-date losses widened to 2.08%.The domestic funds’ weakened net buying had its influence on the main bourse, whose capitalisation shed QR0.37bn or 0.06% to QR628.22bn on the back of microcap segments.However, the Gulf institutions turned net buyers in the main market, which saw as many as 0.01mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.04mn trade across four deals.The Islamic index was seen declining faster than the other indices of the main bourse, whose trade turnover grew amidst lower volumes.The Arab individual investors turned bullish in the main market, which saw no trading of treasury bills.The local retail investors were net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index fell 0.17%, the All Islamic Index by 0.21% and the All Share Index by 0.11% in the main market.The transport sector index declined 0.81%, telecom (0.38%), realty (0.36%), industrials (0.34%) and insurance (0.03%); while banks and financial services gained 0.12% and consumer goods and services 0.03%.As much as 66% of the traded constituents were in the red with major losers being Meeza, Al Faleh Educational Holding, Ahlibank Qatar, Estithmar Holding, Nakilat, Salam International Investment, Qamco and Barwa.Nevertheless, Widam Food, Ezdan, Al Khaleej Takaful and Gulf Warehousing 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 institutions’ net selling increased substantially to QR58.37mn compared to QR13.79mn on November 10.The foreign retail investors’ net selling grew marginally to QR0.76mn against QR0.49mn the previous day.The domestic institutions’ net buying declined perceptibly to QR38.27mn compared to QR40.94mn on Sunday.However, the Gulf institutions were net buyers to the tune of QR15.34mn against net sellers of QR14.15mn on November 10.The Arab individuals turned net buyers to the extent of QR2.32mn compared with net sellers of QR1.34mn the previous day.The Qatari retail investors were net buyers to the tune of QR1.65mn against net profit takers of QR11.14mn on Sunday.The Gulf individuals turned net buyers to the extent of QR1.54mn compared with net sellers of QR0.04mn on November 10.The Arab institutions had no major net exposure for the sixth straight session.Trade volumes in the main market shrank 16% to 128.71mn shares, while value was up 1% to QR395.54mn and transactions by 25% to 15,318.The venture market saw a 20% contraction in trade volumes to 0.86mn equities, 21% in value to QR2.08mn and 20% in deals to 59.

Qatar Chamber hosted on Monday the Qatar-Uzbekistan Business Meeting in the presence of Shokhrukh Gulamov, Deputy Minister of Investment, Industry, and Trade of Uzbekistan.The Qatari side was led by Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari and attended by Qatar Chamber board member Abdulla bin Mohamed al-Emadi and several Qatari and Uzbek business owners.The meeting focused on reviewing trade and economic relations, as well as the investment climate and opportunities available in both Qatar and Uzbekistan, with particular emphasis on sectors, such as trade and investment, industry, healthcare, agriculture and food, energy, infrastructure, tourism and hospitality, sports training, and real estate. It also discussed the potential for establishing joint ventures and business alliances between Qatari and Uzbek companies.Speaking at the meeting, al-Kuwari underscored the significance of the meeting in enhancing and developing co-operative relations between the business sectors of both friendly countries. He said that Qatar is keen on strengthening relations with Uzbekistan, noting that these ties are reflected in mutual visits and the signing of agreements and MoUs across various fields.While relations between both countries continue to advance, al-Kuwari noted that trade exchange between the two countries “remains below expectations.” He also underscored the private sector’s significant role in boosting trade through the establishment of joint ventures and investments.Al-Kuwari invited companies from Uzbekistan to invest in Qatar and to form commercial alliances with Qatari counterparts. He further encouraged Qatari investors to explore the abundant opportunities in Uzbekistan.He emphasised that Qatar Chamber welcomes efforts to enhance co-operation between companies from both sides, highlighting its readiness to support Uzbek investors interested in Qatar by providing information on the country’s investment climate and opportunities.Gulamov described Qatar as a global investment platform and expressed the desire of Uzbekistan’s government and private sector to enhance cooperation with Qatari business sectors.He noted that the Uzbekistan delegation included 40 companies from sectors, such as agriculture, food processing, mining, and healthcare, and are keen on discussing partnerships and securing business deals with Qatari companies.Gulamov emphasised the importance of such meetings in strengthening co-operation between the private sectors of both countries and providing opportunities for Qatari and Uzbek companies to discuss joint projects. He noted that these efforts could significantly increase bilateral trade, especially given the abundance of available investment opportunities.For his part, al-Emadi said the chamber is prepared to assist companies from Uzbekistan seeking access to the Qatari market and collaborate with their Qatari counterparts. He also emphasised the interest of Qatari business owners in learning about opportunities available in Uzbekistan across various sectors.

The inaugural session of the Qatari-Uzbek Joint Committee for Economic, Trade, and Technical Co-operation was held on Monday for deepening the bilateral partnerships and enhance trade volumes.HE Sheikh Mohammed bin Hamad bin Qassim al-Thani, Minister of Commerce and Industry, and Laziz Kudratov, Minister of Investment, Industry, and Trade of Uzbekistan, chaired the inaugural session, attended by representatives from various ministries and government agencies, as well as business leaders from both countries.HE Sheikh Mohammed highlighted the joint committee’s vital role as a platform to deepen Qatar-Uzbekistan cooperation across a range of key sectors, including investment, industry, agriculture, information technology, logistics, and other areas of shared interest.Emphasising that Uzbekistan stands as a strategic partner for Qatar, he called for increased collaboration between the public and private sectors to enhance commercial and industrial ties, broaden investment partnerships, and diversify them through new pacts and memoranda of understanding that advance shared interests.He stressed the critical need to expand trade exchanges, strengthen economic ties, and foster partnerships between the private sectors of both nations to drive increased trade volumes.Both sides voiced a strong commitment to deepening bilateral partnerships, affirming that the outcomes of this inaugural committee would act as a catalyst for exploring new opportunities across a broad range of sectors.On the sidelines of the committee session, Sheikh Mohammed held a meeting with Kudratov, where they discussed areas of mutual interest focused on advancing cooperation in trade, investment, and industry. Together, they explored avenues to further support and strengthen these sectors.Sheikh Mohammed underscored Qatar’s effective economic policies aimed at bolstering the private sector, highlighting a range of incentives, favourable legislation, and promising opportunities designed to attract investors, entrepreneurs, and business leaders to Qatar.

QatarEnergy has opened the 2-day “Tawteen Forum 2024”, which is being held to expand “Tawteen” programme’s inclusivity and adaptability, and increase its benefits to all participants that will enhance the localisation of services and industries in Qatar's energy sector.The forum provides a networking platform between QatarEnergy and the companies that are participating in Tawteen’s In-Country Value Programme (ICV), and to help exploring business opportunities and partnerships towards greater contributions to the local economy.The forum will also provide opportunities for greater understanding of the enhanced ICV Programme, which includes key amendments to provide a wider scope of the local contribution for all companies, and a bonus scheme to reward companies for their positive contributions in selected fields, hence, ensuring an accurate reflection of each company's impact on Qatar’s economy.Working sessions during the forum address the elements of the enhanced ICV Programme, accreditation, future plans, QatarEnergy’s principles of conduct, best practices to enhance suppliers of ICV, and investor support and participation, amongst other specialised sessions.More than 4,000 participants are taking part in the forum, which includes an exhibition by companies that are participating in Tawteen programme, which was launched in 2019 with the aim to fostering the development of the energy sector’s local supply chain and to expand the small and medium enterprises base in Qatar, in addition to a sustainable in-country value contribution.Also taking part are representatives from government bodies as well as engineering, contractor, and construction companies.

Shareholders of Al Faleh Educational Holding have approved the board's recommendation to distribute cash dividends equivalent to QR0.019 for each share for the year ended August 31, 2024, having achieved an Ebitda (earnings before interest, tax, depreciation and amortisation) of QR35mn and an Ebitda margin of 31%, alongside a net profit growth of 3%.This was accorded at the annual general assembly meeting via Zoom, attended by the chairperson and founder Dr Sheikha Aisha bint Faleh al-Thani, the company’s chief executive officer Sheikha Anwar bint Nawaf al-Thani, and the board members including Sheikh Mohamad bin Nawaf al-Thani and Sheikh Khalid bin Nawaf al-Thani.“The company's financial results for the year 2024 reflect its commitment to maximising positive and added value for shareholders," Sheikha Aisha said, adding: "This impressive growth demonstrates our ongoing dedication to executing our strategic plan and our commitment to delivering added value to our shareholders.”The company has successfully launched new programmes in the higher education arm of the group; BSc Computing Science, BA (hons) Politics and International Relations in addition to the Master of Public Health.Doha International Kindergarten has joined Doha Academy Al Waab and Salwa branches on the highest accreditation pathway “ACE Learning”, from the New England Association of Schools and Colleges (NEASC). In addition, Doha International Kindergarten conducted its Qatar National Early Years Evaluation (QNEYE) and was successfully awarded four years’ full accreditation. Both Doha Academy Al Waab and Salwa branches were awarded the Qatar National Schools Accreditation (QNSA) for three years in 2022.“We are dedicated to pursuing opportunities for growth, innovation, and sustainability. Al Faleh Educational Holding will remain a symbol of excellence in the Education industry, bringing pride to our shareholders,” said Sheikha Anwar.The general assembly approved the election of Aisha al-Nasr and Rajesh Menon as two independent members of the board of directors from December 5, 2024 to March 15, 2026 (end of term of the first board of directors).The meeting also approved the appointment of Russell Bedford as an external auditor for the company for the year ended August 31, 2025 and also approved the auditors’ report on the appropriateness and effectiveness of internal control systems implemented in the company for the year ended August 31, 2024.With more than 20 years of experience in the education sector, the holding encompasses Doha Academy Schools, Doha International Kindergarten and AFG College with the University of Aberdeen. Being the first company that listed on Qatar Stock Exchange venture market, AlFaleh is the first woman-led Qatari public shareholding company and it is also the first Qatari educational institution to be listed on the stock market.

The biggest supplier of liquefied natural gas in the United Arab Emirates sees strong demand for the fuel through the rest of the decade just as it boosts supply.Adnoc Gas Plc, a unit of Abu Dhabi National Oil Co, raised its capital expenditure plan to about $15bn over the next five years from about $13bn earlier, according to a statement Monday. It’s expanding processing capacity at home by taking control of a coastal LNG plant from its parent company once construction is completed.“Our LNG business is growing on the back of demand that we see,” Chief Financial Officer Peter van Driel said in a Bloomberg Television interview. Supply will follow increasing demand “in particular into the east and Asia.”Middle Eastern oil companies have been ramping up gas projects as they see the fuel as a key bridge in the transition to cleaner energy. Adnoc is building the multibillion-dollar Ruwais LNG project and has taken stakes in export facilities in the US and Africa.Saudi Arabia aims to boost gas production by 60% this decade while Qatar is in the middle of a massive LNG expansion.“We don’t see” any glut in supply that could hurt sales, van Driel said. Adnoc Gas can sell either into Europe or Asia, and expects to sign new firm contracts for LNG supply from the 9.6 million-tonne-a-year Ruwais facility, he said, without providing a time frame for deals.Adnoc last week signed a definitive agreement with Germany’s SEFE to sell 1mn tonnes annually for 15 years from the project.The agreement converts a preliminary deal signed in March to a definitive sales agreement, Adnoc said in a statement. Adnoc will supply the fuel from an LNG export facility it’s building in Ruwais near Abu Dhabi.Germany has acknowledged that gas will play a key role in its energy mix.Adnoc Gas’s higher investment plan doesn’t including two potential gas expansion projects that it has yet to decide whether to implement, van Driel said.The company is set to take 60% in the Ruwais plant in 2028 from its parent Adnoc for about $5bn. Preliminary and firm agreements for 75% of capacity have been signed, and the company will leave 15% to 20% of the gas for sale on the spot market, he said.

HE the Governor of the Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud al-Thani has met with Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan, along with the accompanying delegation. During the meeting, they reviewed key facets of bilateral co-operation between the two countries and topics of mutual interest.

China’s credit expansion slowed more than expected in October, as a surge in government bond sales far exceeded growth in lending during a traditionally slow month for financing activity.Aggregate financing, a broad measure of credit, increased 1.4tn yuan ($195bn), according to Bloomberg calculations based on data released by the People’s Bank of China on Monday. That compares with a median forecast of 1.5tn yuan by economists in a Bloomberg survey, and an increase of 1.8tn yuan in the same month a year ago.Government bond sales accounted for more three-quarters of all new financing and exceeded 1tn yuan for a third month. The stock of total credit grew at the slowest pace since comparable data begins in 2017.“October credit data indicated credit demand of private sectors remained weak,” Goldman Sachs Group Inc analysts led by Xinquan Chen said in a research note. “Both household and corporate loan growth remained low, and the loan extension was mainly driven by short-term financing.”China’s slowing economic activity showed initial signs of stabilisation last month, following a broad package of stimulus introduced from the end of September that included a slew of interest-rate cuts. October is usually a weak month for credit growth because banks aren’t in a rush to hit their quarterly lending targets.“Credit extended in October to Chinese companies was well below the 2019-2023 average, indicating that stimulus measures announced since late September are having limited impact on the economy and confidence is still weak despite some improvement. Continued policy support is needed until business confidence picks up significantly,” says David Qu, economist, Bloomberg Economics.Corporate and household borrowing demand has been sluggish in recent years, as the worst property downturn in recent history dampened consumption and investment in many related sectors. As a result, China hasn’t experienced the typical credit cycles seen before 2022, but rather saw a continued slowdown in lending.Financial institutions offered 500bn yuan of new loans in the month, Bloomberg calculations showed, the lowest amount in three months. The median forecast was for 700bn yuan.The M1 narrow money supply — which includes cash in circulation and corporate demand deposits — fell 6.1% in October, slightly less than forecast by economists. Companies have been using deposits to pay back loans while consumers stayed cautious about spending.The PBoC has indicated it’s ready to ease monetary policy further. Governor Pan Gongsheng said the central bank could reduce banks’ reserve requirement ratio by 25 to 50 basis points by the end of the year, depending on market liquidity.Lowering the ratio frees up money for banks to lend and invest. Economists also expect the central bank to lower interest rates going into next year.

QatarEnergy has entered into an agreement with Chevron to acquire a 23% working interest in the concession agreement for the North El-Dabaa (H4) Block, in the Mediterranean Sea offshore Egypt.Pursuant to the agreement, QatarEnergy will acquire a 23% interest, while Chevron (the operator) will retain a 40% interest. The other partners on the block are Woodside with a 27% interest and Tharwa Petroleum, an Egyptian state company, with a 10% interest.Commenting on this occasion, HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, also the President and CEO of QatarEnergy, said: “This agreement demonstrates our commitment to the oil and gas sector in the Arab Republic of Egypt, and further strengthens our partnership with our valued partner Chevron.”He added: "We look forward to the drilling of the first exploration well on this block and to a successful and promising outcome. I would like to take this opportunity to thank the Egyptian authorities and our partners Chevron, Woodside, and Tharwa Petroleum for their support.”The North El-Dabaa (H4) Block lies about 10 kilometres offshore the Egyptian Mediterranean shore at water depths ranging between 100 and 3,000 metres.

Joint cooperation is the best way to address challenges and take advantage of opportunities in the Gulf Cooperation Council (GCC) capital markets, according to Dr. Tamy bin Ahmad al-Binali, chief executive officer of Qatar Financial Markets Authority (QFMA).Chairing the 29th meeting of the GCC Heads of Capital Markets Authorities (or their equivalent) Committee, which was held on Sunday, via video conferencing; he said the capital markets are considered a mirror of the economy as well as a major pillar of economic growth through their attractiveness to local and foreign investments.This "drives us to pay more attention to enhancing their effectiveness and ensuringJoint cooperation their stability and development, with the aim of advancing their desired role in increasing the diversity of sources of income sought by all our countries," he said.