Business

Qatar's banking sector saw total assets reach QR2.03tn in September 2024, an increase of 1.2% month-on-month and 2.9% year-on-year, according to QNB Financial Services (QNBFS).The asset enhancement in September has been on account of a 1.1% rise in domestic assets, QNBFS said in its ‘Qatar Monthly Key Banking Indicators’.Liquid assets to total assets went up to 30.3% in September 2024 compared to 29.8% in August 2024, which remains in a "healthy" position, it said.The banks’ total assets had grown by an average 6.8% over the past five years (2019-23).The loan book moved up by 0.5% month-on-month (up 4.8% in 2024), while deposits went up by 1.1% (up 6.2% in 2024) in September 2024. Loans grew by an average 6.5% during 2019-2023.With deposits rising (1%) more than loans during September, the LDR (loan-to-deposit ratio) slipped to 128.9% against 129.7% in August 2024.Loan provisions to gross loans edged up to 4.2% in September 2024 compared to August 2024, the report said.The overall loan book moved up by 0.5% in September 2024, pushed up mainly by private sector loans, which expanded 0.7% month-on-month (+3.5% in 2024) during September 2024.Consumption and others was the main driver for the private sector loans in September 2024. Consumption and others (contributes about 20% to private sector loans) increased by 2.7% month-on-month, while services (about 32%) moved up by 0.2% month-on-month (+3.9% in 2024), with general trade (about 21%) going up by 0.3% (+3.6% in 2024) and the real estate (about 21%) gaining 0.2% (+8.8% in 2024) in the review period.Total public sector loans were marginally down month-on-month (+6.3% in 2024) in September 2024, which remains the primary drive of credit. The semi-government institutions segment was the main catalyst for the public sector decline with a 2.3% drop (-8.3% in 2024), while the government institutions’ segment (representing about 65% of public sector loans) went down by 0.2% (+6.7% in 2024). However, the government segment (about 29%) went up by 0.8% (+8.6% in 2024) during September 2024.The banks' overseas loans edged up by 0.3% month-on-month (+13.9% in 2024) in September.Public sector deposits grew 1.3% month-on-month (+10.3% in 2024) in September 2024. The government institutions’ deposits (representing about 55% of public sector deposits) rose by 1.5% (+8.2% in 2024), while the semi-government institutions’ segment moved up 0.6% (-12.7% in 2024) in September.Non-resident deposits increased by 2% month-on-month (+11.3% in 2024) during September 2024. Non-resident Deposits as a percentage of total deposits moved up to 19% as at September 2024 compared to 18.2% at year-end 2023; indicating that banks are still relying on external funding.Private sector deposits in banks was higher by 0.6% month-on-month (+1.1% in 2024) in September. On the private sector front, the consumer segment increased by 1% (+7.2% in 2024), which indicates retail prefer to increase their savings vis-a-vis borrowings. Moreover, companies and institutions’ edged up by 0.2% (-5.7% in 2024).The return on equity or RoE for the banking sector stood at an annualised 11.1% at the end of September 2024 against 14.9% at year-end 2023. Major drag on the overall sector RoEs is mainly due to low single digit RoEs generated by Masraf Al Rayan and Doha Bank. On the other hand, QNB Group and Qatar Islamic Bank continue to generate strong double digit RoEs, QNBFS said.

Gulf Warehousing Company (GWC) – one of the fastest-growing logistics businesses in the Middle East and North Africa (Mena) region – has been adjudged the winner of the Best Water Recycling Initiative Award for its Water Recycling System (Sewage Treatment Plant) in GWC Bu Sulba Warehousing Park during Tarsheed Energy Efficiency Forum 2024.Organised by Qatar General Electricity & Water Corporation (Kahramaa) as part of its National Programme for Conservation and Energy Efficiency (Tarsheed), the event was held on November 4-5, 2024. Syed Maaz, Chief Business Development Officer, accepted the award.The sewage treatment plant at GWC Bu Sulba Warehousing Park adheres to world-class standards for water treatment and sustainability best practices, effectively generating TSE Water (Treated Sewage Effluent) to irrigate plants and trees. Using TSE water for irrigation can improve soil fertility, reduce the need for chemical fertilizers, and conserve water resources, which aligns with Qatar’s sustainable development goals and promotes sustainable agricultural practices.The plant has produced a total of 268,195 cubic metres or 268.2mn litres of water since the plant’s inception in September 2022 and all the recycled water was used for irrigating a total area of 20,766sq m, which consists of various trees, shrubs and grass. On average, the plant generates up to 119,197 cubic metres of water yearly by using this process.This prestigious award underscores GWC's position as a leader in sustainability, propelling the company to rank ninth regionally in the transport and logistics category on Forbes Middle East's 2024 Sustainability Leaders list, which recognises 105 companies leading impactful sustainability initiatives across the region.

The Qatar Financial Centre Authority (QFCA) has entered into a memorandum of understanding (MoU) with Dukhan Bank (DKB), one of the largest Shariah-compliant banks, to pursue certain areas of collaboration that benefit both parties.The MoU establishes a framework for positioning the bank as a strategic partner for new and existing QFC-licensed firms and their employees on a non-exclusive basis.This collaboration includes co-branding a temporary shared physical space within the QFC premises; allowing Dukhan Bank to effectively serve QFC-licensed firms and their staff, as well as promoting DKB offers specifically tailored for QFC firms.Under the MoU, the lender will provide corporate banking accounts and create customised banking solutions for new QFC-licensed firms referred by the QFCA once obtaining their corporate registration credentials.Additionally, the bank will offer immediate banking services to all employees of these firms who are new to Qatar."This MoU with Dukhan Bank represents a significant step towards enhancing the financial services available to QFC-licensed firms. By providing tailored banking solutions and a dedicated space for their needs, we are creating an environment that fosters growth and innovation within the QFC community. Together, we are fostering a more robust financial ecosystem in Qatar," said QFCA chief executive officer Yousuf Mohamed al-Jaida.Ahmed I. Hashem, acting group chief executive officer of Dukhan Bank, said the MoU helped the bank to offer tailored banking services that meet the unique needs of QFC-licensed firms and their employees."This collaboration underscores our commitment to delivering innovative Shariah-compliant financial solutions that support the growth and success of businesses in Qatar. By combining our expertise with QFC's strong business platform, we aim to enhance the ease of doing business and contribute to building a dynamic and thriving financial ecosystem," he said.

Qatar’s Marsa Port will soon become home to the newly-developed Milaha Yachts and Ships Yard, following an agreement between Milaha and Qatar Free Zones Authority (QFZA).A strategic collaboration agreement was signed by Sheikh Mohammed bin Hamad bin Faisal al-Thani, chief executive officer of QFZA and Fahad bin Saad al-Qahtani, Group chief executive officer of Milaha, the industry-leading provider of maritime and logistics solutions, on the sidelines of this year’s Qatar Boat Show, in the presence of Minister of Transport HE Jassim Saif Ahmed al-Sulaiti and Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani, Milaha chairman.The agreement and new facility will reaffirm Milaha and QFZ’s commitment to support Qatar's growing position as a global maritime services hub, aiming to create new job opportunities, with a focus on prioritising the attraction of Qatari talent.The Milaha Yacht Yard will be located at the Marsa Port within Umm Alhoul Free Zone and span 22,000sq m. It is set to include two covered sheds, three workshops, and an expansive open yard, making it an ideal environment for a wide range of services.The major project seeks to meet the increasing demand for maintenance services for luxury yachts, naval ships, and wooden boats (traditional dhows), as well as refits, exterior upgrades, modifications, and necessary repairs."We are working to develop Marsa Port at an accelerated pace and aim to achieve multiple milestones in the near future as part of our commitment to enhancing the infrastructure in our free zones. We are confident that these steps will create an attractive investment ecosystem that will not only boost opportunities in the maritime industry and yacht tourism but also promote sustainable economic growth, strengthening Qatar's unparalleled connectivity to the world," said Sheikh Mohammed.He highlighted Qatar's position as a preferred destination for international maritime companies and as a unique regional hub that supports growth and expansion throughout the Middle East."This agreement will enhance the efficiency of maritime industry operations at Marsa Port and elevate the level of services provided by Milaha, aligning with international best practices. It leverages the port’s exceptional advantages, most notably its strategic location in the business-friendly Umm Alhoul Free Zone, positioning it as a premier hub for regional and international maritime operations,” said al-Qahtani.Marsa Port is strategically located in the Umm Alhoul free zone, adjacent to Hamad Port, the world’s largest Greenfield seaport, and only 20 minutes from central Doha city. Marsa has a 7.5 meter deep draught, which serves as a base for companies from around the world to conduct a variety of activities including ocean vessel building and repair, internal design and fit-out, ship provisions supply, safety training, boat brokerage as well as maritime research.The port’s Synchro Lift is designed to accommodate vessels more than 70m in length and weighing more than 2,200 tonnes, it will also feature a travel lift designed to handle vessels up to 30m in length and weighing up to 300 tonnes.

Cryptocurrencies have been associated with speculative trades and criminal activity, but now form part of the portfolio of mainstream investors. It was one of the hottest topics at the IMF summit – will regulation confirm the trend, following Donald Trump’s election win?In a three-day period in October BlackRock, the world’s biggest asset management firm, invested $1bn in bitcoin, through its ETF (exchange traded fund). The pre-eminent cryptocurrency has moved from the fringes of economic activity to the mainstream within just a few years. Robbie Mitchnik, head of crypto at BlackRock, described bitcoin as a ‘risk-off’ asset.Bitcoin ETFs are now an established asset class, as respectable as stocks or government bonds. BlackRock’s iShares Bitcoin Trust has attracted around $1.9bn of inflows and the Fidelity Wise Origin Bitcoin Fund about $1.6bn. Spot bitcoin ETFs have attracted around $22bn of inflows.And perhaps the biggest boost to the rise of cryptocurrencies came in early November with the election of Donald Trump as presidency and the Republican party gaining control of the Senate. Trump has championed bitcoin, proposed a Federal Bitcoin Reserve, and encouraged more bitcoin mining in the US. Most significantly of all, potentially, he has promised to replace Gary Gensler, head of the Securities and Exchange Commission. Gensler has issued lawsuits against crypto projects for allegedly breaking securities laws, part of a policy which crypto enthusiasts claim is holding back innovation. Gensler and other crypto sceptics argue that they are protecting individual investors, not holding back progress, and the collapse of FTX and Terra Luna in 2022 serve as warnings. More scandals may follow deregulation and cool the enthusiasm, but for the time being the trend is heading in one direction.At the IMF summit in Washington, DC, at around the same time as BlackRock’s $1bn investment, some of the best attended sessions were those on cryptocurrencies and digital currencies. The rooms were full, with many standing at the back. Much of the discussion was about regulation, as one would expect among an audience that included many central bankers and administrators. Regulation, however, does not necessarily mean clamping down on activity, but rather ensuring that there are guardrails, and greater transparency. It is too early to assess the impact of a change in leadership at the SEC.More confirmation of crypto assets as a legitimate part of mainstream institutional investment came with the news that the endowment of Emory University, based in Atlanta Georgia, has confirmed ownership of $15mn-worth of shares of the Grayscale Bitcoin Mini Trust. Similarly, some pension funds have invested in bitcoin ETFs. The Municipal Pension Plan of Jersey City, New Jersey, has allocated 2% of its assets into bitcoin ETFs.Cryptocurrencies are based on blockchain technology, which enables an unalterable digital confirmation of transactions – the transaction is the receipt. This has many applications. So while some cryptocurrencies have been associated with speculative trades, or use by criminal and terrorist gangs, the technology itself is ethically neutral. Blockchain is increasingly used to ensure that farmers who are part of a fairtrade network receive the funds that they are due, for example.In a parallel development, digital currencies are commonly used by low-income unbanked individuals to trade and make purchases through their mobile phone.Tokenisation is another development that is likely to grow as a trend. This is a proof of ownership of a real world asset, such as real estate, in the form of a token or tokens on a blockchain. This can facilitate multiple ownership of an asset, and trading of the tokenised assets. In July the Middle East-focused blockchain platform Mantra announced that it would tokenise $500mn-worth of real estate assets of Dubai-based MAG Group. Investors will earn yield through stablecoins and Mantra’s OM token.The Bank for International Settlements has called tokenisation a ‘paradigm shift’, that is set to create new financial instruments and new business models.The price of bitcoin has topped $76,000, up from around $42,000 at the start of 2024. The price of gold has risen in tandem with the appreciation of bitcoin, topping $2,700 per ounce. Gold is often seen as a safe haven asset during times of political and economic turbulence.An additional underlying factor behind these asset price rises is faltering confidence in the US dollar. It is the primary global reserve currency but its value is affected by the very high US public debt, which shows little sign of falling following the presidential election.The IMF has published a Central Bank Digital currency (CBDC) Virtual Handbook, as a reference guide for policymakers and specialists at central banks and ministries of finance. The aim is to collect and share knowledge and best practice ideas. In June, Qatar Central Bank announced that the pilot project of its digital currency would involve both the central bank and local banks participating in trials involving high-value wholesale payments.It is likely, perhaps inevitable, that digital currencies will become an integrated part of the financial ecosystem. The speed and convenience of digital world extends to money, but as ever with new technology, there are risks as well as advantages, and a corresponding need for a regulatory response.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

HE Ali bin Ahmed al-Kuwari, the Minister of Finance, on Sunday met with Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan, during his current visit to the country. The meeting, which took place at the Ministry of Finance headquarters, focused on bilateral relations and aspects of co-operation as well as issues of common concern.

Qatar Islamic Bank (QIB), Qatar’s leading digital bank, has been recognised as the Safest Islamic Bank in Qatar and 2nd in the GCC by Global Finance in its annual World’s Safest Banks 2024 - Islamic Banks In GCC ranking. This prestigious acknowledgment solidifies QIB's position as a beacon of safety and stability in Islamic banking locally and globally.QIB's inclusion in this list reflects Qatar's standing as a safe, stable, and prosperous nation in the Middle East, underpinned by its sophisticated banking system. Within the Islamic banking sector, QIB has secured the top position among Qatari banks in the Safest Islamic Bank rankings, with assets of QAR 197.5 Billion for the nine months’ period ended 30 September 2024, which makes it the largest Islamic bank in the country. Additionally, the bank has ranked among the Top 10 Islamic financial institutions 2024, showcasing its response to diverse economic and geopolitical factors to maintain its safety and stability.In July 2024, Fitch Ratings affirmed QIB credit rating at ‘A’ with a stable outlook. In June 2024 Moody’s Investors Service, (“Moody’s”) affirmed the Long-term deposit ratings at ‘A1’ with a stable outlook. In April 2024, Capital Intelligence Ratings (CI) has affirmed the Bank’s Long-term rating to ‘AA-’ with a stable outlook.QIB's strategic focus on digitalisation has significantly improved customer experience while also streamlining internal operations, with an impressive 99% of transactions now seamlessly conducted through self-service channels. The bank's award-winning Mobile App offers over 280 digital products designed to cater to customers' evolving needs, leading to the instant processing of over half of all Personal Financing and Credit Card applications. Furthermore, QIB's strategic alignment with Qatar’s National Vision 2030 underscores its dedication to economic diversification and the financial well-being of its customers. Through continuous investment in cutting-edge technology, rigorous cost optimisation strategies, and a dedication to exceeding customer expectation, QIB has achieved the best cost-to-income ratio in Qatar at 17.3%, while also surpassing local market benchmarks with a 2.5% Return on Assets (ROA) and 17.7% Return on Equity (ROE). These achievements, combined with a record net profit of QAR 3,265 Million for the nine months’ period ended 30 September 2024 and strong financial ratios, further reinforces QIB's position as the leading Islamic bank in Qatar.Bassel Gamal, Group CEO of QIB, said: “Our focus on fortifying the strength and security of our institution remains top priority. We prioritise our customers’ needs and proudly serve as a trusted partner to all stakeholders. This prestigious acknowledgement is a testament to the dedication of our team and the support of our Board of Directors. As we continue to navigate the evolving financial landscape, QIB stands firm in its commitment to excellence, innovation, and safety standards.” Global Finance's assessment of the safest Islamic banks acknowledges institutions committed to advancing Shari’a-compliant banking models, influencing adjustments in rankings for 2024.

Qatar Development Bank (QDB) is expanding its support to local non-hydrocarbon exporters to compete in the international markets through a new suite of solutions that builds on its ‘Going Global’ products bundle to empower local exporters and overseas buyers seeking to import from Qatari companies.In this regard, QDB signed a new memorandum of understanding with QNB Group, signalling a strong competitive advantage for Qatari exporters.QDB’s partnership with QNB will benefit both Qatari exporters and contractors undertaking global projects, as the new financial solutions are expected to bolster confidence among trading partners to expand their commercial activities, which will in turn enable Qatari businesses to boost their competitiveness in global markets and expand their international customer base.The partnership aligns QNB’s financial strength as well as its extensive international network and expertise in providing advanced products and solutions in regional and global banking markets; while the QDB plays a pivotal role in terms of offering credit facilities to help Qatari exporters boost their exports, enhance competitiveness and facilitate access to global markets.The MoU is expected to reflect positively on both parties with QNB benefiting from QDB’s export solutions, including the ‘Buyer’s Credit’ programme, which provides long-term credit facilities to international buyers or international importers, with repayment terms based on the asset lifecycle as well as the country and borrower’s risk profile, to offer coverage of up to 90% of the contract value.QDB’s ‘Line of Credit’ programme, on the other hand, provides low-cost financing to international buyers who purchase Qatari goods, covering up to 100% of the original facilities through direct financing or bank guarantees through global financial institutions in the buyer’s country of origin.Through these programmes, QDB aims to boost Qatar’s exports by incentivising international buyers to trade with Qatari exporters, in line with the bank’s strategy to foster Qatari exports across global markets."We aim to provide integrated solutions that enable Qatari exporters to tap new opportunities in international markets, which will reflect positively on their current and future projects. This cooperation also enables us to provide solutions that address the financing challenges which Qatari companies may face abroad,” said Khalid Abdulla al-Mana, vice president (Enterprise Development) at QDB.These new initiatives fall in line with the updated business strategy that QDB recently launched - ‘Qatar Exports’ brand and the ‘Going Global’ bundle - which features a set of export financing and promotion solutions in global markets, according to him.Khalid Ahmed al-Sada, senior executive vice-president, Group Corporate and Institutional Banking at QNB Group, said this agreement reflects the depth of its fruitful partnership with QDB, enhancing its role in supporting national exports and local companies and contributing to Qatar’s economic growth."QNB Group offers innovative financing services and solutions specifically designed to facilitate local and international trade and enhance the competitiveness of Qatari products and their reach across global markets, in an important step towards achieving Qatar National Vision 2030,” he said.

The Australia Qatar Business Association (AQBA) has officially been launched, strengthening bilateral relations between the two countries.Domiciled in the Qatar Financial Centre (QFC), AQBA aims to tap into more than 3,000 Australians residing in Qatar by delivering and facilitating business connections, thereby cementing the presence of Australian industries in Qatar.Working closely with AQBA to support this ambition is the QFC, currently the platform of choice of more than 2,200 businesses from various countries.The opening of AQBA follows the recent visit by HE Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani, Prime Minister and Minister of Foreign Affairs of Qatar, to Australia for meetings with the Anthony Albanese, Prime Minister of Australia; Richard Marles, Deputy Prime Minister; and Penny Wong, Minister of Foreign Affairs."Today, we are proud to be further enhancing the relationship, with the launch of the business association. AQBA will support engagement between two important partners, and I look forward to attending an event with our new members in due course,” said Australian ambassador to Qatar, Shane Flanagan.“I’m delighted to welcome AQBA to the QFC community, where we can work together to support Australian businesses, bolster bilateral trade and enhance the exchange of innovation and expertise, contributing to the long-term prosperity of both economies,” QFC Authority CEO Yousuf Mohamed al-Jaida said.Qatar is the third largest trading partner for Australia in the Middle East and North Africa (Mena) region, with key exports including engineering services, fertiliser, aluminium, and aviation services, with the latter primarily driven by Qatar Airways, which plays a critical role in enhancing connections between Qatar and Australia.As the driving figures behind AQBA, Flanagan; Justin Kerr-Stevens, founding chair of AQBA; and Lauren Fryer, secretary, will continue liaising with QFC and senior Australian business leaders to expand the association and further enhance bilateral cooperation.“In bringing together this group it is our hope that we can support and enhance the many lucrative business opportunities already in place between Australia and Qatar. I’m thrilled to be playing a role in strengthening trading connections,” said Kerr-Stevens.

Qatar Development Bank (QDB) has signed a memorandum of understanding (MoU) with Saudi Small and Medium Enterprises General Authority (Monsha'at) to reinforce co-operation and provide new services in Business Incubators and Accelerators programmes with emphasis on supporting innovation and providing sessions and workshops to upgrade the capacities of entrepreneurs.The MoU was co-signed by CEO of QDB, Abdulrahman Hisham al-Suwaidi, and Monsha'at Governor, Sami bin Ibrahim al-Husseini, on the margins of Biban24 forum held under the theme "A Global Destination for Opportunities", at the Riyadh Front Exhibition & Conference Center in Saudi Arabia.Based on the MoU, the two sides will collaborate in providing training programs and consultancy services pertaining to entrepreneurship for small and medium sized enterprises (SMEs) in both countries, in addition to supporting national entrepreneurship ecosystems to tap into local and global markets and foster their competitiveness in these markets, through myriad programmes and services aimed at enhancing their skills and capabilities, as well as products and businesses.In this context, al-Suwaidi said that QDB believes in the importance of co-operation pillar in entrepreneurship, and exchanging expertise and knowledge with business systems that share QDB's ambitions, challenges and visions for the future, indicating that this initiative with Monsha'at underscores the ironclad friendship ties and represents a strategic step toward enduring success of private sectors in the two countries.He affirmed that this collaboration would ensure the diversification of support channels to enhance the positive contribution of both sectors to the national economies of the two countries.Monsha'at Governor Sami bin Ibrahim al-Husseini said regional co-operation is one of the keys of success in advancing entrepreneurship, emphasising that the MoU with QDB represents a launch pad towards a strategic partnership aimed at enabling SMEs to access broader horizons in local and international markets, through the provision of innovative training programmes and consultancy services that motivate entrepreneurs and foster the competitiveness of their projects, in alignment with the Saudi Arabia’s Vision 2030 to promote a sustainable economy.Biban24 forum is one of the largest events dedicated to entrepreneurs in the world, bringing together more than 250 speakers and 150 enabling organisations, offering over 420 workshops.Through this event, Monsha'at intends to motivate idea owners to launch their projects, connect with local and global expertise, and strengthen the sector, fostering a culture of innovation and entry into the business world.

Saudi Arabia’s stock exchange operator is eyeing mergers and acquisitions (M&A) as a means to broaden the kingdom’s capital markets amid a flood of local offerings, a senior official said.“M&A will play more of a role in our future than it has done in our past,” Lee Hodgkinson, chief strategy officer at Saudi Tadawul Group Holding Co, said in an interview in London. The company will aim for “digestible” and “strategically relevant acquisitions,” he said, without providing details of any potential targets.Saudi Arabia has seen numerous companies coming to its Tadawul stock exchange in recent years. As part of Crown Prince Mohammed bin Salman’s Vision 2030 plan, the country is seeking to build out its markets and diversify the economy away from oil.So far this year, $15.6bn has been raised through stock sales on the bourse, including a mammoth offering from oil major Saudi Aramco, according to data compiled by Bloomberg.Hodgkinson didn’t rule out bolting on other stock exchanges in the future, but said the group’s current focus is on diversifying its revenue mix.Earlier this year, Tadawul acquired a stake in the owner of the Dubai Mercantile Exchange for $28.5mn in a bid to grow into the commodities space.According to Hodgkinson, the group is looking into introducing a number of post-trade services around stock lending and collateral management, and is also exploring data services such as indices.When considering acquisition targets, the group will “exercise a great deal of discipline” on valuation and potential synergies, Hodgkinson said. M&A is intended to support the group’s organic growth strategy, he added.

Japan National Tourism Organisation (JNTO) has said visa waiver for the Qatari nationals has helped in increasing tourists’ inflows to the Asian nation and will partake in the upcoming Qatar Travel Mart (QTM) to work together with partners in Doha, a move seen mutually beneficial for both the economies."The number of Qatari nationals visiting Japan has been on the rise. From January to June 2024, 1,926 Qatari nationals visited Japan, which is a 17.3% increase from the same period last year," JNTO executive director Daisuke Kobayashi told Gulf Times in an interview.Since the introduction of the visa waiver for Qatari nationals, Japan has seen some increase in number of visitors, he said.Japan activated the system of visa exemption for Qatari citizens effective from August 21, 2023; enabling them to apply electronically for visas at the Embassy of Japan in Doha to further register their passports and then finalising registration for the visa waiver online.By offering travellers varied experiences across Japan, he said, JNTO aims to ensure that tourism growth remains sustainable while enhancing the quality of experiences for both visitors and local communities.Highlighting JNTO has an essential role in promoting new seasonal and regional attractions, he said it will participate in the upcoming QTM.QTM - which brings the world's top destinations together to share the latest trends in Sports, MICE, Business, Cultural, Leisure, Luxury, Medical and Halal Tourism - is scheduled to take place on November 25-27."It is important for JNTO to create and maintain positive and productive relationships with airlines and travel agencies in the GCC (Gulf Co-operation Council) region in order to promote Japan as preferred leisure destination," Kobayashi said.Many people in the Gulf region know Japan to enjoy cherry blossoms. However, with Japan's 47 prefectures, each offering its own unique attractions, and four distinct seasons, there is always something new to discover, according to him."That’s one of the most special things about Japan: no matter how many times you visit or which season you explore, there is always an opportunity for endless discoveries," he said.Asked about the growing concerns on over-tourism in Japan, he said it was limited to certain popular areas. Nevertheless, JNTO and other Japanese tourism authorities are taking proactive steps to address this issue, led primarily by the Japan Tourism Agency."Our approach focuses on finding a balance between promoting tourism and managing visitor numbers to ensure that Japan remains a sustainable and welcoming destination," he said, adding "we believe that by carefully planning and executing our promotional activities, we can mitigate the impact of over-tourism."In this regard, he said, JNTO is encouraging visitors to explore Japan in different seasons beyond the cherry blossom period, such as enjoying the autumn foliage or winter snow, which helps distribute visitors throughout the year."Additionally, we are promoting diverse regions across Japan to broaden the appeal of travel destinations beyond the traditional “Golden Route” of Tokyo, Kyoto, and Osaka. This allows visitors to discover the unique charm of lesser-known regions and contributes to a more balanced distribution of travellers," according to him.

Just 10 days after delivering her first UK budget, Chancellor of the Exchequer Rachel Reeves is already at risk of breaking Labour’s manifesto pledge to hold just one fiscal event a year.Rising borrowing costs and weaker growth both threaten to wipe out the £9.9bn ($12.8bn) of headroom Reeves has against her “stability rule” that day-to-day spending must be paid out of taxes in 2029-30.If the Office for Budget Responsibility, the UK’s fiscal watchdog, concludes the chancellor is set to break her rules at its update in spring, Reeves will respond with tax rises or spending cuts, according to a person familiar with the situation, who spoke on condition of anonymity about government thinking.It’s an unenviable position for Reeves, who has promised to restore stability to the management of the UK economy after what she’s described as the chaos under successive previous Conservative administrations. Part of that was the pledge to give businesses and households more certainty and stability by making tax changes just once a year.The market reaction to last week’s budget underlined the risk the chancellor is carrying. Investors repositioned their portfolios to reflect £142bn of additional borrowing, leading to a spike in government bond yields that wiped out the margin Reeves had against her stability rule.Andrew Goodwin, chief UK economist at Oxford Economics, said Reeves took a gamble by leaving herself less fiscal space than almost every chancellor since 2010. “If you leave yourself with very little headroom, you leave yourself a hostage to fortune,” he said. “There was always a risk of this.”Borrowing costs are 0.3 percentage points higher than forecast by the OBR at the budget on October 30, which the watchdog said would remove her entire fiscal buffer. A growth downgrade poses another threat. Goldman Sachs this week cut its UK forecast for next year to 1.4% from 1.6% after Donald Trump won the US presidential election, because of the risk of a renewed trade war if he implements election pledges to levy tariffs on imports.The OBR’s forecast for 2% growth next year was already far more optimistic than Goldman Sachs and the consensus of other economists. Next week’s official third quarter GDP figures are expected to disappoint. Economists forecast growth to slow to just 0.2% from 0.5% the previous quarter, according to the median of responses collected by Bloomberg. The Bank of England expects growth of less than 0.4% a quarter on average over the next few years.The Treasury said the OBR forecasts show the government is on course to deliver the biggest current-budget surplus in over 20 years. “The chancellor has been clear that fiscal stability is the bedrock of this government’s economic plans,” it said in a statement, declining to comment on future forecasts.Reeves has built a safeguard into her fiscal rules to avoid having to return to Parliament for more money, but it will not apply until 2026-27. From then on, she will be able to run a deficit of up to 0.5% of GDP, about £15bn, to “support the government’s commitment to a single fiscal event every year by avoiding the need for policy adjustment at forecasts outside of fiscal events,” according to budget documents.The buffer is triggered once 2029-30 becomes the third year of the forecast, at which point the binding year will roll forward annually. It will not apply next year and, as a result, Reeves faces the prospect of having to come back with measures to bring in more money, turning the OBR’s forecast into another policy event despite promising in the Labour manifesto just “one major fiscal event a year” to “stop the chaos with a strategic approach that gives certainty and allows long-term planning.”Reeves has also signalled that next year’s spending review, for 2026-27 and 2027-28, will not come alongside the OBR’s forecast. It will be in “late spring,” she said at the budget, which suggests April or May. The OBR must produce its outlook before the end of March. Reeves will set out each department’s spending budget at the review.

Bologna, Italy: The top official of the Cia-Agricoltori Italiani (Italian Farmers Confederation) has called for innovation and mechanisation to address major challenges for farms, such as balancing reduced inputs and soil fertility, reflecting the need to transition to more sustainable, regenerative farming practices.Cia president Cristiano Fini’s statement came at the heels of a ‘Agromechanical Industry Technologies, Professional Skills, and Markets: New Challenges for the Agricultural Enterprise’ conference held on the sidelines of EIMA International 2024, which concludes on November 10 at the Bologna Exhibition Centre.Moderated by Piero Fachin, co-editor of Quotidiano Nazionale, the conference was also attended by Mariateresa Maschio, president of FederUnacoma; Francesco Lollobrigida, Minister of Agriculture, Food Sovereignty, and Forests; Valentino Valentini, Deputy Minister for Business and Made in Italy; Matteo Zoppas, president of the ICE Agency; and Luca Brondelli, vice president of Confagricoltura.The conference tackled topics and challenges facing the global and domestic agriculture industry, such as technological innovation, training, support for investments in the latest-generation machinery, and the promotion of “Made in Italy” products on global markets.The event also underscored that the investments in technology are a key factor for the Italian agricultural economy in increasing yields, optimising the use of production factors, and improving the quality of foodstuffs. However, these investments are held back by the sector's low profitability, the conference further emphasised.Fini said: “Our farms have to reduce inputs and, at the same time, counteract the loss of soil fertility. It is a very complex challenge that has environmental and social implications. To overcome it, we must focus on innovation and mechanisation, which have already enabled us to navigate complex economic phases in the past. However, low farm incomes do not facilitate investment in advanced machinery, which must instead be made accessible to operators.”The conference pointed out that the high cost in raw materials, especially energy, is driving the increase in production costs. To address this, Valentini emphasised the Italian government’s plans to reintroduce nuclear energy. "We reiterate that we are in favour of this solution. It is on the EU agenda and it is an objective for the Italian government. We are working to arrive at concrete proposals soon,” the deputy minister stressed.Meanwhile, Brondelli spoke on the importance of innovation in training, saying: “The latest generation of mechanical equipment has very advanced features that increase productivity and safety levels at work but at the same time require highly specialised skills. I am thinking, for example, of the enormous amount of data collected by the machines. These data are essential for our daily work, but they must be studied, analysed, and shared based on specific know-how.”Zoppas added: “Training is also of strategic importance for the promotion of ‘Made in Italy’ products on global markets.”The conference noted that supporting investments in new-generation machinery is necessary even in the face of an unfavourable economic situation. The strategic role of training and cooperation is crucial not only to promote Italian-made products in global markets but also to overcome the “two- or three-speed” model of agriculture.

Bologna, Italy: Farms in Qatar, as well as other agricultural lands in the GCC and the wider Middle East, stand to gain from the benefits of “conservative agriculture”, according to an industry expert.On the sidelines of EIMA International 2024, which concludes on November 10 at the Bologna Exhibition Centre, MAAG director of business development Serena Ruggeri explained that conservative agriculture is a sustainable agricultural production system that utilises innovative cultivation and soil management practices that protects the soil from erosion and degradation.This, Ruggeri continued, improves soil quality, maintains biodiversity, and contributes to the conservation of the soil fertility and improvement of agricultural production.Ruggeri emphasised that she is quite familiar with the challenges of growing various agricultural produce in harsh desert climates, hence MAAG, an agricultural machinery manufacturer based in Casal Brutani in northern Italy, has been promoting the practice of conservative agriculture in GCC countries for the past 12 years.Citing a presentation that she delivered recently in Dubai, Ruggeri said traditional agriculture, through deep and intensive cultivation, contributes to soil degradation, causing a loss of organic substances, erosion, and compaction. Ruggeri lamented that soil degradation, a global environmental challenge, is occurring at an alarming rate and causes a major threat to crop productivity worldwide.“This unquestionably leads to the negative effects on the quality of the soil’s water and air, contributing to the production of additional carbon dioxide emissions into the atmosphere and not allowing agriculture through negative advocacy to play its natural role in the food chain,” Ruggeri’s presentation stated.Since her father founded MAAG, the company has been developing and producing equipment for minimum tillage and conservative agriculture, which through the combination of different working elements, could ensure high productivity combined with a reduction in labour, fuel cost, and greater respect for the environment, Ruggeri explained.According to Ruggeri, conservative agriculture allows farmers to achieve three operational objectives: minimal tillage, stream tillage, and direct seeding. She noted that minimum tillage represents “an excellent solution” to counteract the phenomenon of soil degradation and is also “the best tool “for for improving the soil's ability to absorb carbon, retain humidity, and contain tillage costs.“So, the idea of minimum tillage is also very important in a desert climate and desert country because you need only to work on 15cm or 20cm of depth without reversing the soil. Why? Because the fertility of the soil is inside, so you have to work inside the soil without reversing.“Our concept, the combination of the different tools on our machines, permits you to do this; you break the soil inside and mix the soil inside, so the fertility and the nutrients of the soil stay within, so that when you seed, the seed can take all the nutrition and can grow without any problems,” Ruggeri told Gulf Times.

The Qatar Stock Exchange (QSE) closed in the positive terrain with its key index gaining 44 points and capitalisation added about QR2bn this week, which otherwise saw truncated sessions in view of holidays declared after the historic constitutional referendum.The foreign funds were seen bullish as the 20-stock Qatar Index gained 0.42% this week which saw the Qatar Central Bank or QCB decide to bring down the deposit rate and the lending rate by 30 basis points to 4.9% and 5.4% respectively.The telecom and real estate counters witnessed higher than average demand in the main market this week which saw QatarEnergy inaugurate four new conventional-size liquefied natural gas vessels built in the Samsung Heavy Industries Shipyard and the Hanwha Ocean Shipyard in Korea as part of the energy major's historic fleet expansion programme.The Arab retail investors were increasingly net buyers in the main bourse this week which saw the Qatar Financial Centre’s latest purchasing managers’ index suggest Doha saw faster increase in new businesses in the non-energy private sector, generating renewed expansion in the overall business activity in October 2024.The Qatar individuals’ weakened net selling had its influence in the main market this week which saw an International Monetary Fund data suggest Qatar to lead the Gulf Co-operation Council or GCC in real oil gross domestic product growth this year with a 1.2% jump against a 3.2% fall in the region.The Gulf retail investors’ lower net profit booking also had its say in the main bourse this week which saw Standard and Poor's (S&P), an international credit rating agency, view that Qatar's LNG production is slated to rise by 35% from the current levels by 2027 with additional demand coming from Europe and the country’s per capita income rising above $80,000.The Gulf institutions were seen net buyers in the main market this week, which saw the QCB assistant governor Sheikh Ahmed bin Khaled al-Thani say that the country has an "incredibly bright" future for its capital market with distributed ledger technology (DLT) and digital assets driving the future of the financial industry.However, the foreign retail investors were seen bearish in the main bourse this week which saw a total of 0.21mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.46mn trade across 39 deals.The domestic institutions also turned net sellers in the main market this week which saw as many as 4,637 Doha Bank-sponsored exchange-traded fund QETF valued at QR0.05mn change hands across six transactions.The Islamic index was seen outperforming the other indices in the main market this week, which saw the industrials and realty sectors together constitute about 56% of the total trade volumes.Market capitalisation added QR1.87bn or 0.3% to QR627.08bn on the back of small cap segments this week, which saw no trading of treasury bills.Trade turnover and volumes were on the declined in both the main and venture markets this week, which saw no trading of sovereign bonds.The Total Return Index gained 0.42%, the All Share Index by 0.27% and the All Islamic Index by 0.73% this week, which saw container and bulk cargo through Qatar's ports report a double-digit year-on-year growth in October 2024, indicating the country's growing trade and economic ties with the rest of the world.The telecom sector index shot up 2.08%, real estate (0.73%), banks and financial services (0.4%) and industrials (0.31%); while transport declined 1%, insurance (0.8%) and consumer goods and services (0.27%) this week.Major gainers in the main bourse included Estithmar Holding, Ooredoo, Qatar Islamic Insurance, Qatar National Cement, Qatar German Medical Devices, Qatar Islamic Bank, QIIB, Dukhan Bank, Qatari Investors Group, Aamal Company, Industries Qatar and Mazaya Qatar. In the venture market, Al Mahhar Holding saw its shares appreciate in value.Nevertheless, about 64% of the traded constituents were in the red in the main market with major losers being Doha Insurance, Inma Holding, Gulf Warehousing, Milaha, Alijarah Holding, Lesha Bank, Salam International Investments, Medicare Group, Baladna, Meeza and Gulf International Services. In the juniour bourse, Techno Q saw its shares depreciate in value this week.The foreign institutions turned net buyers to the tune of QR53.37mn compared with net sellers of QR74.73mn the week ended October 31.The Arab individual investors’ net buying increased perceptibly to QR15.83mn against QR13.24mn the previous week.The Gulf institutions were net buyers to the extent of QR5.34mn compared with net profit takers of QR15.83mn a week ago.The local retail investors’ net selling weakened considerably to QR45.03mn against QR61.59mn the week ended October 31.The Gulf individuals’ net profit booking eased marginally to QR2.11mn compared to QR2.33mn the previous week.However, the foreign individuals turned net sellers to the tune of QR16.67mn against net buyers of QR2.83mn a week ago.The domestic funds were net sellers to the extent of QR10.72mn compared with net buyers of QR138.52mn the week ended October 31.The Arab institutions had no major net exposure against net profit takers to the extent of QR0.11mn the previous week.The main market witnessed a 59% plunge in trade volumes to 468.05mn shares, 58% in value to QR1.03bn and 56% in deals to 33,881 this week.In the venture market, trade volumes tanked 87% to 1.53mn equities, value by 87% QR3.95mn and transactions by 78% to 153.

International reserves and foreign currency liquidity at the Qatar Central Bank (QCB) increased by 4.36% in October, reaching QR254.166bn, compared to QR243.534bn in the same month in 2023.Data released by the Qatar Central Bank on Friday showed a rise in its official reserves at the end of October compared to the same month last year, by approximately QR10.438bn, bringing the total to QR195.158bn. This increase is due to a rise in the central bank's holdings of foreign bonds and treasury bills, which grew by about QR2.280bn to reach QR138.478bn riyals in October 2024.The official reserves consist of main components, including foreign bonds and treasury bills, cash balances with foreign banks, gold holdings, Special Drawing Rights (SDRs) deposits, and Qatar’s quota at the International Monetary Fund (IMF). In addition to official reserves, there are other liquid assets (foreign currency deposits), and together these two elements form what is known as total international reserves.Gold holdings increased by around QR12.563bn riyals at the end of October, compared to October 2023, bringing the total to QR35.736bn.The balance of Qatar's SDR deposits at the IMF also rose by QR2.9mn at the end of October, reaching QR5.190bn, compared to October 2023.On another note, balances with foreign banks decreased by approximately QR4.407bn, bringing the total to 15.753bn riyals at the end of October this year, compared to October 2023.

Bologna, Italy: Uncertainty in both international and domestic markets, and mainly, contraction on foreign demand, have led to the decline in national production of Italy’s agricultural machinery, an official of FederUnacoma, the Italian Agricultural Machinery Manufacturers Federation, has said.Speaking to journalists covering this year’s ‘International Agricultural and Gardening Machinery Exhibition’ (EIMA International 2024), which will run until November 10 at the Bologna Exhibition Centre, FederUnacoma president Mariateresa Maschio said the overall value of national production of agriculture and gardening technologies is set to close 2024 with a 19.5% decrease compared to the same period in 2023, amounting to only €13.2bn.“The decline is due to the contraction of domestic demand, but above all, to the slowdown of foreign markets, which contribute significantly to the turnover of Italian agricultural machinery companies. FederUnacoma will have to wait for the second half of 2025 to see a recovery,” she said.Forecasts of the construction association FederUnacoma indicate a 19.5% decline, for a total value of €13.2bn, or €3.2bn less than the previous year. Data relating to the production of mechanical vehicles for agriculture was taken from the total of the different types of machines, Maschio stated.She said tractors account for just over €2bn (-25% compared to 2023), incomplete tractors and spare parts account for €1bn (-28.6%), operating machines and equipment represent a value of €6.2bn (-16.5%), components for €3.3bn (-17.5%), while gardening and green care machines contribute €700mn, with a 22.2% decrease from the previous year.“The decline in domestic demand weighed on the contraction in turnover in the first half of the year. The Italian market for technologies for the primary sector, which in 2023 had closed with a 12.9% decrease for tractors and with declines also for other types of vehicles from January to October, recorded even more pronounced declines, with registrations of tractors at -14.6%, combine harvesters (-31.5%), tractors with loading platforms (-18.2%), telescopic handlers at (14,9%), and trailers at (2.4%).“The data relating to the sales of gardening machinery and equipment, processed by Comagarden on the basis of the Morgan survey group and referring to the month of September, are slightly more positive (+1.2%), but do not compensate for the strong deficit recorded by the garden sector in the two-year period 2022-2023,” Maschio explained.In the first six months of 2024, Maschio said Italy’s exports of tractors, tractor parts, and other agricultural machinery (excluding data on components and gardening) fell by 9% overall, with a value of €3bn and €408mn, while maintaining a positive trade balance of €2.2bn.She said the US, France, and Germany were once again the main destination countries for agricultural technologies bearing the “Made in Italy” trademark, followed by Turkiye, which ranks fourth on the exports list.Maschio said, “No improvements are expected in the end-of-year budget as shown from the monitoring that the federation of builders systematically carries out among its associated companies. In the third quarter of this year, 70% of the industries in the sector reported a worse turnover trend compared to the same period last year, with a prevalence of companies indicating a decline of between 11% and 20%.“According to 60% of the manufacturers surveyed, a reversal of the trend could materialise from the second half of 2025. The recovery could be helped by a stabilisation of the overall economic picture, but as far as domestic demand is concerned, much depends on the implementation of the incentive system for the purchase of latest-generation agricultural machinery.”

Bologna, Italy: Italy’s cutting edge technologies in the field of robotics is seen to play a key role in driving innovation in Qatar’s agriculture sector, a professor from the University of Bologna has said.According to Lorenzo Marconi, Italy and Qatar will benefit from the sharing of best practices and expertise, as well as in research and development (R&D), especially between universities from both nations. Marconi, who is also the co-founder of Italian company FieldRobotics, made the statement on the sidelines of EIMA International 2024, which will run until November 10 at the Bologna Exhibition Centre.Marconi and his team are participating at EIMA to showcase the ‘HammerHead’, an autonomous ground rover vehicle designed for agricultural applications in orchards, vineyards, and even in remote environments with poor GPS signals.The HammerHead made its debut in Qatar in early 2024 during the ‘International Horticultural Expo 2023 Doha Qatar’, where Marconi showcased the revolutionary autonomous field robot’s versatile applications in agriculture and its potential uses in other industries.Asked about potential collaboration between FieldRobotics and Qatar’s private sector and the academe, Marconi said: “I absolutely see a future in strong synergy with the University of Bologna and universities abroad.“That is just the first step because there is a need to keep building applications, sensors, algorithms, and other implements. And all that kind of improvement needs formation, training, and support from the universities and research centres. So, it’s very important to have a tight connection between them,” Marconi told Gulf Times.When the HammerHead showcased its capabilities at the Expo 2023 Doha, it was still a prototype, Marconi explained. He noted that the robot underwent further improvements in the production line, as well as certifications in safety, making it a reliable industrial product.Marconi pointed out that the HammerHead is like a small tractor, where its users could attach or plug any kind of conventional or even futuristic implements aimed at bringing robotics and industrial automation into the field, and not only in indoor settings. The company has placed a lot of emphasis and attempts in creating a platform that is reliable, robust, and attractive to enable all these technologies outdoors, Marconi said.The HammerHead is equipped with AI algorithms, cameras, laser scanners, and sensor fusion for robust environmental mapping and precise autonomous navigation, said Marconi, further describing it as a “perfect example of a mechatronics system.”With the latest improvements to the HammerHead, Marconi said the robot has been integrated with implements for mechanical weeding, spraying, trimming, data harvesting, and other elaborations, among other features.To adapt to Qatar’s desert climate, the HammerHead can be equipped with many other implements for soil management, data harvesting, and the counting of fruit or canopy density, as well as in managing irrigation, treatments, and soil management, among other applications.“For the robot’s applications in Qatar, we can put many other implements on board...if ever resources are not enough or must be managed in a precise way, this is a machine that can enable these kinds of solutions,” Marconi pointed out.He also said, “The HammerHead is equipped with certain thermal sensors, which could detect if certain parts of the plant are experiencing water shortage or not, which helps in managing resources that are limited, like water, in a very smart way.“It can also detect the density of the canopy. This information will enable the sprayer to spray in a very surgical and precise way without wasting chemical products. This machine helps avoid chemicals for the anti-weeding because it makes mechanical weeding into a specific weeding. This machine has a big computer on board and could be equipped with any kind of intelligence that you can imagine.”Asked about the company’s plans to expand its footprint in markets like Qatar, Marconi said the company’s market strategy for 2025 is to expand the platform in Italy and to identify international partners abroad, such as Qatar.

Bologna, Italy: FederUnacoma, the Italian Agricultural Machinery Manufacturers Federation, is eyeing closer partnerships with Qatar to help the Gulf nation address its requirements in the agriculture industry, an official has said.“As an Italian industry, we can provide the appropriate solutions for Qatar, especially in areas such as irrigation, vertical farming, smart farming through greenhouses, and robotics, among others. We are global leaders in providing and designing solutions for greenhouses, especially for vegetables. In 2025, we are planning to increase FederUnacoma’s promotional activities in those particular areas” its deputy general manager Fabio Ricci told Gulf Times on the sidelines of EIMA International 2024, which was formally inaugurated here on Wednesday. EIMA International 2024 or the ‘International Agricultural and Gardening Machinery Exhibition’ is on its 46th edition and will conclude on November 10.According to Ricci, Qatar’s desert climate and lack of arable lands pose a wide range of challenges to growing different types of produce, as well as to the nation’s food security strategy, citing desertification as a priority issue.Ricci said: “We know that some of the main challenges in this area are desertification and greenhouses because most of the vegetables in Qatar are grown in greenhouses. Vertical farming and managing water for irrigation systems are among the many areas that Italy can provide with support, technology, and expertise.“We are aware that Qatar has some niches where Italian technology could play a fundamental role to increase the level of mechanisation in those areas. Aside from water consumption, Qatar needs fertile land to increase the number of hectares of cultivated lands.”In early 2024 through the auspices of the Italian Trade Agency (ITA) in Doha, Ricci led a delegation from FederUnacoma and industry experts from Italy’s private sector and the academe during 2023 Expo Doha to promote EIMA International 2024 and to showcase Italy’s most advanced machines and equipment to cultivate arid soils and to create highly automated farming models.This year’s exhibition kicked off in Bologna with over 1,750 participating industries, 700 of which are international companies covering every market segment. EIMA International 2024 is showcasing cutting-edge vehicles, machinery, and advanced digital systems for an increasingly scientific agriculture industry connected to the service system and other production sectors.Speaking at the Palazzo dei Congressi in Bologna, FederUnacoma general director Simona Rapastella, presented the exhibition’s leading role in machinery and technologies for agriculture, forestry, livestock farming and greenery maintenance.“The EIMA international exhibition raises expectations ever higher by offering technological solutions to the great challenges of agriculture and the environment. Population growth, climate change, polluting emissions, animal welfare, and the protection of biodiversity are all crucial issues for the future of the planet and can only be addressed with new generation agro-mechanical technologies,” Rapastella emphasised.Organised into 14 product sectors and five thematic shows: Components, Digital, Energy, Green, and Hydrotech, EIMA offers a wide platform to increase agricultural productivity while drastically reducing its impact on the environment. There are approximately 60,000 models of vehicles, equipment, and components produced by over 1,750 exhibiting industries, 700 of which are from 50 countries, on display at the Bologna Exhibition Centre.Rapastella stressed that the technical content of the exhibition has set a new record for ‘Technical Innovations’ awarded. Similarly, the numerous previews and new products presented by participating manufacturers, as well as the presence of the EIMA Campus, where eleven universities are represented, together with research centres and training facilities, have elevated the event to greater heights.During the five-day event, many representatives of the Italian government and institutions will be present, including delegations of European and national parliamentarians, and diplomats from foreign countries, to explore the most suitable technological solutions for their respective regions. They will also take part in the discussion on agricultural models, the economic and geopolitical variables that influence trade, and cooperation strategies.According to Rapastella, this year's EIMA event will also feature digital and robotic technologies, including applications of Artificial Intelligence (AI) and Big Data, which now makes it possible to connect the activities of agricultural companies to weather forecasting systems, mapping and control of territories, and the monitoring of products for health purposes, management of agro-industrial supply chains, distribution on markets, as well as control of the operating parameters of machinery for technical assistance and work safety.Rapastella said: “Modern mechanisation thus allows companies to remain competitive and to keep pace with the ecological needs of the planet and allows agriculture to be included within a macro-system that involves everyone, from consumers to institutions, and even the world of school and training. This is why this exhibition is no longer merely an ‘industry event’ but rather an ‘Innovation Factory’, open to agro-industrial supply chains and related economic sectors, and very much looking towards the future.