Business

Qatar has an "incredibly bright" future for its capital market and distributed ledger technology (DLT) and digital assets are set to drive the future of the financial industry, according to Sheikh Ahmed bin Khaled al-Thani, Assistant Governor for Financial Instruments and Payment Systems at Qatar Central Bank (QCB)."The future of capital markets in Qatar and the GCC (Gulf Co-operation Council) is incredibly bright. By embracing DLT, AI (artificial intelligence), and other innovative technologies, we are setting the stage for a more efficient, secure, and globally integrated financial system," Sheikh Ahmed, who is also the chairman of Edaa, told the Network Forum Middle East, organised by Edaa for the first time in Qatar.Recognising the immense potential of DLT and digital assets in driving the future of the financial industry, he said since the launch of the fintech strategy, Qatar has made tremendous strides in advancing digital transformation across various sectors."As part of our fintech strategy, we have made tremendous strides in advancing digital transformation across various sectors, positioning ourselves as a key player in the adoption of innovative financial technologies," he said, adding the country has introduced regulatory guidelines for innovative solutions such as Buy Now, Pay Later (BNPL), crowdfunding, and e-KYC, creating a strong regulatory foundation for new digital products and services.Highlighting that the goal is to cultivate a thriving fintech ecosystem, attracting startups and established players alike to innovate and grow in the Qatari market; he said "we are all aware that international investors are increasingly focusing on our region, drawn by the stability, strategic opportunities, and commitment to innovation that the GCC offers."Stressing that Edaa has been working diligently to ensure that its financial infrastructure meets the highest global standards, particularly by shortening the settlement cycle; he said Edaa has been at the forefront of this transformation, successfully modernising its systems to bring settlement times in line with global norms, ensuring that Qatar remains an attractive and competitive market.Innovation is central to the future of capital markets, and CSDs (central securities depositories) play a vital role in maintaining the integrity of financial systems, he said.“As part of the capital markets platform, we are constantly leveraging cutting-edge technologies like AI to enhance our post-trade infrastructure. AI can revolutionise our operations by improving trade monitoring, detecting fraud, and optimising regulatory compliance," he added.These technological advances will not only streamline services but also significantly improve risk management, delivering faster and more reliable outcomes for both local and international investors. Besides, the growing interest in securities lending and digital custody further highlights the need for strong frameworks to manage risk and ensure the security of digital assets, according to him.Highlighting the need to strike a balance between trust and ease of use; Qatar Stock Exchange acting chief executive officer Abdulaziz Nasser al-Emadi said "regulation should not restrict innovation, but regulators should play a key role in the way market behaviours and practices are regulated."

The State of Qatar participated in the 40th ministerial session of the Standing Committee for Economic and Commercial Co-operation of the Organisation of Islamic Co-operation (COMCEC), held in Istanbul through Tuesday.HE the Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim al-Thani led Qatar's delegation at the session.The opening session featured a keynote speech by President of the Republic of Turkiye and Chairman of COMCEC, Recep Tayyip Erdogan.Speaking on behalf of the Arab Group, HE Sheikh Mohammed highlighted the importance of strengthening economic and commercial co-operation under COMCECs framework, particularly in light of global shifts that are prompting countries to seek closer co-ordination for expanding economic and commercial ties.He emphasised that the meeting serves as an opportunity to adopt initiatives aimed at enhancing intra-trade among the OIC member states, and to address obstacles limiting trade and investment exchanges. These efforts are directed towards achieving the OIC Ten-Year Action Plan goal of raising intra-trade to 25% by 2025.HE Sheikh Mohammed further noted that 27 OIC member states have already achieved the target of increasing intra-Islamic trade, expressing optimism for intensified efforts to enable remaining members to reach this target by next year, thereby strengthening the level of trade among Islamic countries.He voiced confidence that the resolutions and recommendations issued during the session will bolster mechanisms to advance co-operation and foster intra-trade among OIC member states. He highlighted the additional potential for strengthening bilateral and multilateral economic and commercial co-operation.In conclusion, HE Sheikh Mohammed indicated that this platform opens new avenues for stimulating joint investments and enhancing e-commerce capacities of member states through digital transformation technologies, ultimately contributing to the shared prosperity of the peoples of the OIC countries.The session included a review of the report on the implementation of the COMCEC strategy and the Executive Program of the Organisation of Islamic Co-operation 2025. The OIC General Secretariat presented a progress report on the 2025 Work Programs milestones.Key agenda items included discussions on global economic developments and their implications for OIC member states, as well as enhancing financial co-operation, improving transportation and communications, boosting the tourism sector, increasing agricultural production and maintaining food security, and advancing digital transformation. The meeting also explored views on "digital transformation of payment systems in OIC member states."On the sidelines of the meeting, HE Sheikh Mohammed held bilateral discussions with the Minister of Commerce in the Kingdom of Saudi Arabia, Dr Majid bin Abdullah al-Qasabi, and the Minister of Investment and Foreign Trade in the Arab Republic of Egypt, Eng Hassan al-Khatib.During these meetings, they reviewed the bilateral trade and investment relations between Qatar and each of Saudi Arabia and Egypt, exploring avenues to further develop and advance these ties.

Doha saw faster increase in new business in the non-energy private sector, generating renewed expansion in the overall business activity and signalling a booming labour market, especially in the financial services, in October 2024, according to the Qatar Financial Centre (QFC).The 12-month outlook remained stronger than the long-run survey trend, according to the QFC's purchasing managers' index (PMI), a composite single-figure indicator of non-energy private sector performance derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases.Demand for goods and services increased at a faster rate, leading to growth in total activity and the greatest build-up of outstanding business in over two years, it said."The headline PMI rose to 52.8 in October, taking it above the average for the third quarter (52.0) and signalling renewed momentum in the non-energy sector. New business growth accelerated, driving total activity higher and leading to a faster build-up in outstanding work," QFC Authority Chief Executive Officer Yousuf Mohamed al-Jaida said.The Qatar PMI indices are compiled from survey responses from a panel of around 450 private sector companies from the manufacturing, construction, wholesale, retail, and services sectors, reflecting the structure of the non-energy economy according to official national accounts data.The rise in the PMI since September mainly reflected a faster increase in new business, which in turn generated a renewed expansion in overall business activity. Inflows of new business expanded for the 10th month running, linked to successful marketing, service enhancements, population growth and client satisfaction. Outstanding business increased for the second month running and at the fastest rate since June 2022.October data signalled continued investment in staff in order to boost capacity. Over the past two months non-energy employment has risen more quickly than at any other time in the survey history. Service providers in particular raised staffing levels at a rapid rate."A key theme of recent months has been the booming labour market, and this continued at the start of the fourth quarter. The employment and staff costs sub-indices remained close to September’s record highs as firms reported hiking salaries to boost capacity and retain skilled and experienced staff. However, higher staff costs have not been passed on to customers as prices charged fell further in October," al-Jaida said.Wage inflation in the non-energy sector remained close to September's record level in October. The seasonally adjusted Staff Costs Index was the second highest on record. Companies reported boosting salaries to retain experienced and skilled staff in a highly competitive market.Overall cost pressures were the highest since July 2020. In contrast, prices charged for goods and services fell for the third month running as firms competed for business.Confidence regarding the next 12 months remained strong in October, with sentiment the second highest since early-2023, it said, adding positive forecasts were linked to improving market conditions, population growth, real estate investment, new products, marketing and tourism.Competition among suppliers and good relationships led to another reduction in average lead times in October. Inventory levels rose, leading to a downward adjustment in purchasing activity.There was a further marked increase demand for Qatari financial services in October, driving a record increase in employment in the sector. The seasonally adjusted Financial Services Employment Index rose to 63.3, from 60.9 in September, the highest since the series began in April 2017. New business (index 60.8) expanded at a relatively strong rate.Companies were strongly optimistic regarding the 12-month outlook, with sentiment at the second-highest level since early-2023 (69). Total financial services activity increase at a faster rate (57).In terms of prices, average charges set by financial services companies fell for the third month running. Meanwhile, average input prices rose the most since July 2020.

Energy giant Saudi Aramco reported a 15% year-on-year drop in third quarter profit on Tuesday, citing prices which have stayed low despite production cuts and conflicts in the Middle East.The fall in net income to $27.56bn from $32.58bn in 2023 is the seventh consecutive quarterly drop for Aramco, one of the world's biggest companies by market capitalisation.Aramco is the chief source of revenue for Crown Prince Mohammed bin Salman's Vision 2030 reform agenda, which aims to remodel the Gulf kingdom's crude-reliant economy.The lower third quarter profit "was mainly due to the impact of lower crude oil prices and weakening refining margins", Aramco said in a statement to the Saudi stock exchange.Following a series of output cuts since October 2022, the world's biggest crude oil exporter is currently producing roughly 9mn barrels per day (bpd), well below its capacity of 12mn bpd.Yet despite lower production, as well as conflicts in the Middle East, prices have remained low because of concerns about market oversupply.Brent crude was priced at around $75 per barrel on Tuesday — much cheaper than Saudi Arabia's estimated fiscal break-even mark."Aramco delivered robust net income and generated strong free cash flow during the third quarter, despite a lower oil price environment," chief executive Amin Nasser said in a statement.The firm will maintain its $10.8bn performance-based dividend for another quarter alongside its $20.3bn base dividend, the statement said.Soaring energy prices following Russia's invasion of Ukraine allowed Aramco to post record profits in 2022, before they dipped by 25% last year.Profits were down 14.5% in the first quarter of 2024 and 3.4% in the second quarter.While Brent rose above $80 per barrel in early October, it has not approached $96.2 — the mark the International Monetary Fund has identified as break-even for the Saudi budget at current production levels."The markets appear to be dismissing geopolitical risk in the Middle East, so anything short of an actual supply disruption" will be unlikely to exert upward pressure on prices, said Amena Bakr, senior research analyst at Energy Intelligence. "So far there have been no supply disruptions."The year-on-year drop in profits "isn't coming as a surprise to the government which has already revised down revenue expectations for this year based on weakening oil markets", said Jamie Ingram, senior editor at the Middle East Economic Survey.On Sunday, Saudi Arabia and seven other members of the Opec+ group of oil-producing nations said they were extending a 2.2mn-barrel reduction announced in November 2023 by another month, until the end of December."When it comes to oil production policy, they'll be trying to assess what will ultimately bring in the most revenue," Ingram said. "Is it maximising volumes or maximising prices? For now, the strategy remains the latter."The government's stake in Aramco is around 81.5%, while the Saudi sovereign wealth fund, the Public Investment Fund, holds 16%.Aramco is pushing to diversify from its core business, "investing big-time in renewable and hydrogen and carbon capture and storage" while also "making sure that we are growing our oil and gas activities and petrochemicals", Nasser told an investor forum in Riyadh last week.The company's initial public offering in 2019, the biggest flotation in history, raised $29.4bn, and a secondary offering this year of nearly 1.7bn shares fetched $12.35bn.Aramco's profits help finance flagship projects including NEOM, the planned futuristic mega-city being built in the desert, a giant airport in Riyadh and major tourism and leisure developments.The Saudi finance ministry has acknowledged that spending will outstrip revenue in the short term, and in September it projected a budget deficit of 2.3% of GDP in 2025 and for deficits to continue through 2027.

For years, the Warehousing Solutions of Al Abdulghani Motors (AAM) has been driving innovation in Qatar’s logistics and supply chain sectors, offering comprehensive storage and material handling solutions through its flagship brands, Toyota and Godrej.The solutions offered by AAM includes Racking Systems, Material Handling Equipment, Sectional Doors, Docking Solutions, PVC Warehouses, and HVLS Industrial Fans. Backed by expert installation, maintenance, and service, AAM ensures optimal warehouse operationsAbout GodrejEstablished in 1897, Godrej is an Indian company serving over 1.1 billion consumers globally across a diverse range of products. Renowned for quality and innovation, Godrej is dedicated to delivering exceptional storage solutions that consistently exceed customer expectations.From the meticulous selection of raw materials to rigorous adherence to international standards, every aspect of Godrej’s products are designed to ensure durability, reliability, and safety. Customers can explore a diverse range of offerings, including selective pallet racking, heavy-duty shelving, multi-tier shelving, automated storage and retrieval systems (AS/RS), shuttle racking systems, mobile pallet racking, and gravity flow racking.Premium Materials and Rigorous TestingGodrej prioritizes the use of premium materials, such as ‘PRIME’ steel, to guarantee the strength and longevity of its products. Every stage of production, from raw materials to finished goods, undergoes rigorous testing to ensure compliance with international standards.Innovative Product DevelopmentGodrej’s R&D team is dedicated to pushing the boundaries of innovation. By leveraging advanced design software and state-of-the-art testing equipment, the team ensures that every component is designed to withstand the specific demands of its intended usage.Comprehensive Design ValidationGodrej’s state-of-the-art structural lab plays a crucial role in validating the design and performance of its products. Through a series of rigorous tests, including compression, deflection, and joint stiffness tests, Godrej ensures that its products meet the highest quality standards.Quality & DurabilityGodrej’s racks are built to last, designed for efficient storage and retrieval. Their state-of-the-art manufacturing facility ensures consistent quality and reliability. Rigorous testing and quality assurance guarantee product durability. Godrej prioritizes safety, optimizing warehouse design for smooth operations and minimizing hazards. Committed to sustainability, Godrej reduces its environmental impact. By delivering reliable and efficient storage solutions, Godrej empowers businesses to optimize their operations.Projects in QatarOver the past 16 years, AAM’s Warehousing Solutions has successfully designed, supplied, and installed over 2,000 projects across Qatar. Godrej Racking & Shelving systems has been successfully executed in every nook and corner of Qatar including Ras Laffan and Mesaieed areas. Projects as high as 17m, covering more than 20,000 sqm and storing more than 40,000 pallet positions are executed meeting demanding timelines without compromising on quality and safety.These projects stand tall and proud further reinforcing its name as the most dependable partner for any warehousing needs within Qatar.For more information: www.aamotors.com

Containers, bulk cargo and RORO (vehicles) through Qatar's ports saw a brisk year-on-year growth in October 2024, indicating the country's growing trade and economic ties with the rest of the world, according to the official data.The number of ships calling on Hamad, Doha and Al Ruwais ports stood at 259 in October 2024, which saw a 4.02% increase on a monthly basis but down 1.52% year-on-year, according to the figures released by Mwani Qatar.Hamad Port, whose strategic geographical location offers opportunities to create cargo movement towards the upper Gulf, supporting countries such as Kuwait and Iraq and south towards Oman, saw as many as 149 vessels call (excluding military) in the review period. A total of 2,304 ships had called on the three ports during the first 10 months of this year."We’ve hit all-time highs in total F/T (freight tonnes) and units handled for our RORO operations at Hamad Port," QTerminals had said in its social media handle X.The general and bulk cargo handled amounted to 151,663 freight tonnes through the three ports, which surged 94.77% year-on-year but fell 6.17% month-on-month in October 2024.Hamad Port – whose multi-use terminal is designed to serve the supply chains for the RORO, grains and livestock – handled 268,477 freight tonnes of cargoes of which break-bulk was 91,056 freight tonnes and bulk was 45,022 freight tonnes this October. A total of 1.43mn freight tonnes of general and bulk cargoes were handled by the three ports during January-October 2024.The container handling through the three ports stood at 131,608 twenty-foot equivalent units or TEUs, which saw 10.18% and 5.43% growth year-on-year and month-on-month respectively in October this year.The container terminals have been designed to address the increasing trade volume, enhance ease of doing business and support economic diversification, which is one of the most vital goals of the Qatar National Vision 2030. With a stacking area of 176,000sq m, the container terminal 2 or CT2 is equipped with the latest advanced technology, including remote-operated ship-to-shore cranes, hybrid rubber-tyred gantries, and electric tractors.Hamad Port, which recently celebrated a huge milestone of exceeding 10mn TEUs since beginning operations in 2016, has rapidly evolved into a critical hub for international shipping, catering to the needs of all major global shipping lines.Hamad Port, which is the largest eco-friendly project in the region and internationally recognised as one of the largest green ports in the world, saw 130,627 TEUs this October. The container volume at the three ports totalled 1.23mn TEUs during January-October 2024.The three ports handled as many as 16,187 RORO in October 2024, which registered a 149.26% and 56.65% surge on annualised and monthly basis respectively. Hamad Port alone handled 16,145 units this October. A total of 105,483 RORO units were handled by three ports during January-October 2024.RORO ships – which are designed to transport vehicles like cars, trucks, and motorcycles – feature ramps that allow vehicles to drive directly on and off, eliminating the need for cranes and making it an efficient way to move cargo across the seas.Qatar's automobile sector has been witnessing stronger sales, especially in heavy equipment, private motorcycles and private vehicles, according to the latest data of the National Planning Council.The three ports were seen handling 40,661 livestock in October 2024, which shrank 3.09% year-on-year but shot up 43.42% on a monthly basis. As many as 471,581 livestock heads were handled by three ports during the first 10 months of this year.The three ports had reported no traffic of building materials this October. As much as 264,719 tonnes of building materials have been so far handled by Hamad, Doha and Al Ruwais ports.

HE Ali bin Ahmed al-Kuwari, Minister of Finance, has welcomed a delegation of heads of major French companies who are members of the Qatari-French Economic Association (Qadran) at the Ministry of Finance.

Qatar's liquefied natural gas (LNG) production will increase by 35% from the current levels by 2027, suggesting demand for additional exports, particularly to Europe and enhancing the country's per capita income to rise above $80,000, according Standard & Poor's (S&P), an international credit rating agency."Qatar's LNG production is set to rise further once the North Field Expansion (NFE) project comes online, which we expect by 2026-27. The strategic pivot away from Russian gas, particularly by European economies, suggests there will be demand for additional exports from Qatar," S&P said, affirming 'AA/A-1+' long-and short-term foreign and local currency sovereign credit ratings on Qatar with a "stable" outlook.The stable outlook reflects its view that Qatar's fiscal and external buffers should continue to benefit from the country's position as one of the world's largest exporters of LNG over the next two years, further boosted by production increases through the NFE project over 2026-30.Qatar remains supported by its sizeable external and fiscal net asset positions, underpinned by funds accumulated within the sovereign wealth fund, the Qatar Investment Authority (QIA), from past exports of hydrocarbons, in particular LNG. "We forecast the government's liquid assets will average 165% of GDP (gross domestic product) over 2024-27."We expect Qatar to remain one of the largest exporters of LNG globally. The government plans to increase Qatar's LNG production capacity to 126mn tonnes per year (Mtpa) by 2027 from 77 Mtpa currently and further to 142 Mtpa before 2030, an almost 85% increase above the current capacity," it said.Qatar derives about 40% of its GDP, 80% of government revenue, and 90% of exports from the hydrocarbon sector. As a result, S&P forecasts the country's strong fiscal and current account surpluses will persist in 2024-27, based on a Brent oil price assumption of $81 per barrel (/bbl) in 2024 and $75/bbl in 2025-2027, together with expected increases in LNG production capacity by 2027.Finding that almost all of Qatar's exports currently pass through the Strait of Hormuz and more than 70% of Qatar's LNG exports go to Asia; the rating agency said "we expect this to remain broadly unaffected by the current geopolitical tensions, including the widening war between Israel, Hamas, and Hezbollah, and the incidents in the Red Sea.""We understand that disruptions have not prevented delivery of Qatar's LNG, as shipments going north to Europe have been rerouted around the Cape of Good Hope," it added.Qatar's fiscal and external inflows are expected to remain supported by uninterrupted export flows, given that Qatar predominantly exports LNG to Asian buyers and these flows have remained unaffected by the ongoing disruption of Red Sea trade, according to S&P.Despite the geopolitical risks in the Middle East, it anticipates that the macroeconomic conditions in Qatar would remain broadly stable.Forecasting the fiscal surplus to strengthen to about 8% of GDP by 2027 as new LNG production comes on stream from the NFE project, S&P said in the first half of 2024, the central government's fiscal surplus stood at QR4.6bn (0.6% of GDP)."We expect real GDP to expand by 2% on average in 2024-25, supported by nonhydrocarbon sectors, such as wholesale and retail trade, finance, and hospitality. We forecast growth will temporarily accelerate to 7% in 2027 as additional gas production starts and the spillover effects also benefit the nonhydrocarbon sector," it said.Highlighting that Qatar's income levels remain among the highest of rated sovereigns, supporting its credit profile; S&P forecasts GDP per capita should increase above $80,000, once the NFE project boosts LNG production after 2026.

Qatar is the fifth largest Islamic finance market in the world with assets valued at QR656bn, growing at 3.3% on an annualised basis, according to Bait Al-Mashura Journal, published by Bait Al-Mashura Financial Consultations Company."The estimates indicate that Islamic banks are expanding all over the world and witnessing an increase in their market share and demand for their innovative financial products. Takaful insurance companies and Islamic investment firms are also experiencing significant growth worldwide," said Dr Khalid bin Ibrahim al-Sulaiti, Editor-in-Chief of Bait Al-Mashura magazine and Vice-Chairman of Bait Al-Mashura Financial Consultations Company.Bait Al-Mashura Journal was ranked first in the Arab world for the specialisation of “Islamic Economics and Finance” among “19” Arab countries and more than “1500”scientific and research institutions. The rank was awarded by the Arab Citation and Impact Factor (ARCIF), for the year 2024.It was classified in the first quartile (Q1), which is the top quadrant for the field. It also obtained an impact factor of (0.5926) and succeeded in achieving the accreditation criteria of the (ARCIF) factor, by meeting the 32 global standards required by ARCIF, which aligns with the international benchmarks.The ARCIF database collects, studies and analyses data from thousands of titles of Arab scientific and research journals in various disciplines, while the Supervisory and Coordination Council for the ARCIF Impact Factor consists of representatives of several Arab and international entities, namely: UNESCO Regional Office for Education in the Arab States in Beirut, United Nations Commission for Western Asia (ESCWA), Bibliotheca Alexandrina, and the Knowledge Database of the Association of Special Libraries - Gulf Branch.

Commercial Bank has hosted a ladies’ exclusive seminar, in collaboration with Commercial Bank Financial Services and the Qatar Stock Exchange, on Qatar’s stock market for premium banking customers to empower women’s financial independence.The seminar featured insights from industry experts, offering attendees a comprehensive understanding of the Qatari stock market, its fundamentals, and potential opportunities. Participants had the chance to explore smart investment strategies, enabling them to make informed decisions to grow their wealth.Furthermore, the seminar provided valuable guidance on achieving financial independence, equipping attendees with the confidence and expertise to take full control of their financial journey, which was well received by the audience from their feedback and their questions asked during the panel.Hamad al-Shahri, general manager of Commercial Bank Financial Services, said: “Commercial Bank has placed a five-year strategic plan upon which every course of action is determined. Hosting this seminar marks a step forward in our vision, specifically our commitment to culture, creativity, and innovation, as we strive to empower women as active participants in the financial sector. By enhancing their financial experiences, we gain valuable insights into what it takes to advance Qatar’s banking sector to newer heights.”Reham Sabri Thawabi, AGM, senior director of Premium Banking of Commercial Bank, said: “As a woman in the banking sector, I am proud to take part in Commercial Bank’s seminar as it served as a motivator and an eye-opener to the many investment opportunities and tools that are at our disposal. Having a good financial partner by your side makes you realise your full potential and enables you to feel empowered and confident to make informed financial decisions.”Moderated by Thawabi, the panel included al-Shahri; Sulaiman al-Haidar, Venture Market manager of Qatar Stock Exchange; Maryam al-Sulaiti, Senior Website and Social Media officer of Qatar Stock Exchange; and Samer Abou Zaghla, Education manager of Qatar Stock Exchange.

The International Chamber of Commerce Qatar (ICC Qatar) has convened the Strategic Co-ordination Meeting for ICC National Committee (NC) Leadership in the Gulf Co-operation Council (GCC) Countries.The meeting was held recently in Doha, marking a significant milestone in fostering unified regional collaboration.The event brought together senior leaders, including CEOs, board members, heads of trade relations from ICC National Committees, chambers of commerce from the region and federations.The inaugural assembly served as a platform to advance shared priorities, establish cohesive action, and build strengthened partnerships on matters of mutual interest.Sheikh Khalifa bin Jassim al-Thani, chairman of Qatar Chamber and ICC Qatar, alongside Sheikha Tamader al-Thani, secretary-general of ICC Qatar, co-chaired the discussions underscoring the importance of this strategic dialogue in addressing regional challenges in the ICC context and aligning efforts across the Gulf.Sheikha Tamader opened the discussions with an overview of ICC’s current programme of work, emphasising the impact a co-ordinated GCC approach can achieve. Leaders discussed the importance of strengthening ties among GCC national committees, chambers of commerce, and federations to advance the ICC agenda and amplify the region's influence.Key topics included enhancing public-private sector dialogue, financial compliance and assessing international regulations impacting businesses in the B-Mena region, particularly addressing barriers to financial transactions and their effect on business growth.The meeting concluded with a resolution to hold regular strategic meetings to advance shared goals within the ICC framework, setting a powerful precedent for future collaboration, and marking a new chapter in unified leadership across the Gulf.

The International Monetary Fund will this week begin its delayed fourth review of Egypt's 46-month loan programme, Prime Minister Mostafa Madbouly said on Sunday.The review had originally been scheduled for the end of September.It comes under an agreement Cairo signed with the IMF in April, expanding an original loan from $3bn to $8bn to help Egypt manage its economic challenges.The fourth review will unlock $1.2bn in new financing.At a Cairo joint news conference with IMF's managing director Kristalina Georgieva, Madbouly said the IMF team would start work on the review on Tuesday "with Egypt's central bank and relevant ministries".Georgieva praised "the commitment and the strength of the actions Egypt has already taken".She cited moving to "a flexible exchange rate regime", boosting "the role of the private sector as a source of growth and jobs" and consolidating "social protection by moving away from untargeted subsidies".The IMF chief acknowledged the challenges faced by the country's economy amid regional conflicts.She said "conditions have become more difficult for no fault of your own, but because of the conflict in your neighbourhood".Earlier on Sunday, Georgieva met President Abdel Fattah al-Sisi.A statement from the presidency quoted al-Sisi as saying Egypt "would prioritise easing the burden of inflation on citizens", focusing on curbing rising prices, attracting investments and empowering the private sector.The government raised fuel prices last month by up to 17% after inflation hit 26.4% in September.Last month, al-Sisi said his government might reconsider the loan programme if it creates "unsustainable public pressure".He cited challenges from ongoing regional instability, particularly the prolonged conflict in the Gaza Strip.Despite the rising cost of living, Georgieva said on Sunday Egyptians "will see the benefits of these reforms in a more dynamic, more prosperous Egyptian economy".She said she expected inflation to slide to 16%-17% by the end of this fiscal year (to June 2025) after peaking at 37%.Jihad Azour, the IMF's Middle East and Central Asia director, last week also acknowledged challenges faced by Egypt's economy.In addition to the Gaza, Lebanon and Sudan conflicts, he cited a significant decline in Suez Canal revenue."The reduction in trade volume going through the Suez Canal has affected revenues by more than 60% to 70% on average, which would represent $4.5b to $5bn in revenues," Azour said.In May, the IMF said traffic through the canal dropped by 66% the previous month as ships avoided Red Sea shipping lanes to avoid attacks by the Houthi rebels in Yemen.

Mwani Qatar, in collaboration with the Ministry of Interior, the General Authority of Customs, and QTerminals Group, has organised a seminar on 'Facilitating the Entry and Exit of Transit Shipments Through Land Border'.The seminar, which is part of Mwani Qatar's commitment to strengthening the country's position as a regional logistics hub, brought together representatives from shipping agencies and companies involved in the maritime transport sector in the country.The event showcased the simplified procedures and exclusive benefits available for transshipment cargo at Hamad Port, enabling efficient and cost-effective transportation of goods to neighbouring countries.During the event, a presentation on the seminar's objectives and a summary of simplified protocols applied to transshipment goods at Hamad Port was delivered. These protocols include simplified customs procedures and enhanced handling operations designed to reduce costs and improve efficiency for companies using Hamad Port as a transit gateway to nearby countries.Hamad Port offers several competitive advantages for transshipment, including reduced tariffs, additional free storage, lower customs fees, and highly efficient vessel and yard operations.The port features fast truck transit procedures and an advanced electronic infrastructure. This includes automated gates, a platform for scheduling truck appointments, and electronic payment facilities through the integrated Port Community System, 'MWANINA', which connects all parties operating within the port.These features ensure smooth workflow and provide essential support at every stage of the shipment journey until it reaches its final destination via the land border.

Turkish inflation is expected to have continued its deceleration for a fourth month in October, though officials focus more on other metrics to decide on the timing of an interest-rate cut.Annual price growth probably fell to 48.3% in October from 49.4% in September, according to the median forecast of economists surveyed by Bloomberg. Monthly prices, the favoured measure of central bankers, are seen to have eased to 2.66% from 2.97%.The statistics office will publish October’s inflation data on Monday. Seasonally-adjusted prices, also closely watched by policymakers, will be released the following day.Monthly prices unexpectedly rose in September and reduced the possibility of an interest-rate cut before the end of this year, though some analysts still see room for one in December. Turkiye has kept the main borrowing rate at 50% for the last seven months, sitting out the start of a global cutting cycle.After September’s worse-than-expected inflation data, the central bank tilted to a more hawkish stance and noted uncertainty over the pace of improvement.A gauge for measuring Istanbul inflation showed Friday that price rises are higher in Turkiye’s most populous city than nationwide, with retail-price growth at 59.1% in annual terms in October, compared with 59.2% the previous month.Another key indicator that policymakers will be looking at is services inflation, which has been a key factor in higher-than-desired prices in recent months. Finance Minister Mehmet Simsek said that if it weren’t for that, Turkiye would be closer to its targets. The central bank said that it expects improvement in the final quarter.“Turkiye’s rampant inflation will continue its slide down, albeit at a slower pace. Bloomberg Economics expects the data due on November 4 to show that annual inflation retreated to 48.3% in October, down about a percentage point from September’s 49.4%. Further out, we see the rate approaching 43% by year-end,” says Selva Bahar Baziki, economist, Bloomberg Economics. Turkish Central Bank Governor Fatih Karahan will deliver the year’s final quarterly outlook on inflation on November 8 in the capital, Ankara. Officials are targeting 38% inflation at the end of the year, though markets expect it to be higher.“The central bank is likely to reaffirm its commitment to a tight monetary policy,” said Tufan Comert, global markets strategy director at BBVA in London. “What is important for the markets is obviously the projections for 2025 and 2026.”

Delegates at last month’s IMF summit discussed the mixed economic data from a globalised economy, and the likely impact of tariffs as many politicians move away from free trade policies. The subject of Donald Trump hung over every discussionAs US voters go to the polls to decide their next President, the decision they make will have momentous consequences, domestically and globally. This may sound like hyperbole but, having just returned from Washington DC to attend the IMF summit, I don’t think so. This week’s election really matters.The possibility of a win for candidate Donald Trump raises the prospect of trade wars which, in addition to the negative impact on trade, could cause relations between the major powers to deteriorate further. He has called for sweeping 20% tariffs, and 60% tariffs on Chinese imports. Conservatives in the US complain that trade terms have been non-reciprocal and unfair, leading to US trade deficits, notably with China.The higher trade tariffs proposed by Trump would knock 0.8% off global GDP growth in 2025, and 1.3% in 2026, the IMF has warned. The projection was not the worst-case scenario, according to Pierre-Olivier Gourinchas, the IMF’s top economist, ‘because we’re assuming that it stops after one round’, he told the Financial Times.There is strong support for tariffs on the right wing of US politics. The Project 2025 manifesto drafted by US conservatives, although not specifically endorsed by Trump, calls for an end to support by the US Government for the World Bank and the IMF, the two Bretton Woods institutions set up after the Second World War and which have encouraged free global trade, as well as loans and other support for lower-income countries.From outside the US, the appeal of a verbally abrasive figure like Trump, opposed to free trade in a great capitalist nation, can be puzzling. Having just returned from the US to attend the IMF summit, I received a glimpse as to the appeal of Trump. He is seen as someone who will fight for them on the world stage, who will put America first, as they would express it. They expect the economy to be strengthened by his interventionist approach. His long-running campaigns to reduce in relative terms the US contributions to the Nato budget compared with other members, and to address the trade deficit with China, lands well with many voters.Another feature is that the liberal agenda supported by the Democrat party is unpopular with many US citizens, not only white evangelicals. The ‘woke’ campaigns on certain rights and abortion policies are opposed by many in the Muslim and Catholic communities, many of whom are second or third generation immigrants. One can also encounter anti-immigration attitudes among second generation immigrant families, who fear undocumented people taking their jobs and being able to vote.There is a significant level of scepticism about climate change in the US, and support for the oil and gas industry. One of the complaints by authors of Project 2025 is that the World Bank and IMF invest too much in measures to counter climate change. In the investment community, appetite for the ESG (Environmental, Social and Governance) dimension has cooled.For Middle East economies, a second Trump administration will be impactful. His policies are likely to result in lower prices for oil and LNG as he plans significant increases in production by the US while ditching commitments on reducing greenhouse gas emissions. On geopolitics, while he would be a supporter of Israel, this does not necessarily alarm leaders in the Arab world, as it has the result that he would have more influence over the Israeli leadership when it comes to negotiating a peace deal.Another unsettling feature for delegates at the IMF, and people around the world, is the likely closeness of the vote. A contested result could lead to challenges in the courts or even result in civil disorder, as in January 2021 when rioters stormed Capitol Hill, claiming that Trump had really won the 2020 election.If Trump loses, that is not the end to his populist policies. The moves away from free trade towards protectionism, along with support for strict anti-immigration policies, appear to be a lasting strategic switch by conservatives, not only in the US but also in Europe.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Economist Jim O’Neill said markets still need convincing over the investment plans set out in Labour Chancellor Rachel Reeves’s first budget, after scepticism over her spending decisions helped drive up the UK’s borrowing costs last week.“The whole thing is to boost investment spending but to make it better,” O’Neill said in an interview. “Are we suddenly supposed to believe that a £20bn spend on the NHS will be more productive than in the past? The market is showing some scepticism about that.”O’Neill, a former Conservative Treasury minister under David Cameron who now sits as a neutral crossbench peer in the House of Lords, is a long-time advocate for changing Britain’s fiscal rules to allow for more borrowing for investment, which Reeves delivered in her budget on Wednesday.He said Reeves could have allocated more investment to areas that the Office for Budget Responsibility would have viewed as likely to generate higher growth — such as further childcare provision to boost participation in the workforce — or vowed to put her investment plans through a process of expert advice to determine what would generate the best returns.“Markets would’ve probably loved that,” said O’Neill, a Goldman Sachs Group Inc. veteran who advised Labour while they were in opposition on their plan for supporting startup businesses. “But because they’ve announced such a big increase on buildings for education and day-to-day spending in the NHS, markets are a bit suspicious.”Reeves’ budget — which raised more than £40bn ($51.7bn) in extra taxes and announced £100bn of net public investment over the next five years — was met with a negative reaction by markets, with UK bonds, stocks and the pound all sliding amid concerns over the inflationary impact of the package and the prospect of interest rates staying higher for longer.One of the disappointing aspects for Reeves was the OBR’s meagre growth projection, predicting the economy would be 0.1% smaller in 2029-30 than it had previously forecast in March under the former Conservative administration. The OBR blamed Reeves’ tax hikes, which included an increase in the national insurance payoll tax for employers that was criticized by many businesses.The OBR also didn’t add a significant boost to its longer-term growth forecasts despite Labour’s £100 billion of capital spending. The OBR said that investment would only boost GDP by 0.5% in 10 years’ time, rising to 1.4% by 2073-74.“It isn’t really big positive multiplier stuff,” O’Neill said of Labour’s investment plans. Spending on childcare or preventing infectious diseases would’ve generated bigger multipliers, he said.The weak growth projections are a setback for Reeves and Prime Minister Keir Starmer, who emphasized the importance of economic growth during the election campaign. Both Reeves and Starmer had said tax increases beyond those set out in Labour’s manifesto wouldn’t be needed because extra spending on public services could be funded through higher tax receipts from higher growth.Nevertheless, a group of economists including O’Neill wrote a co-signed letter in the Times newspaper on Saturday expressing support for Labour’s move to expand investment, but cautioned the money needed to be spent well.“It is crucial that the independent oversight that the new chancellor has announced ensures new investment is targeted and cost-effective,’ wrote the economists, including Mohamed El-Erian, former deputy director of the International Monetary Fund, and Anton Muscatelli, chairman of the Royal Economic Society. “Such guardrails will ensure that rules are not ‘gamed’ and that joint investments with the private sector are good value for money.”O’Neill told Bloomberg News he expected Reeves to have more to say about the government’s investment approach in due course. The Treasury has already indicated how it plans to improve the strategy and delivery of infrastructure projects by creating a new National Infrastructure and Service Transformation Authority (NISTA), and insists it will have “guardrails” over how public money is spent.“I think we will see the new process around improving investments coming in the spring,” O’Neill said. “I do think the new framework will prove to be quite a positive thing for the UK.”O’Neill also said it was “pretty wide of the mark” to compare the market reaction to Reeves’s plan to that which met the infamous mini-budget in 2022. The yield on benchmark 10-year gilts had risen 21 basis points to 4.45% by the end of the week, far off the roughly 100 basis-point move in the three days following former Prime Minister Liz Truss’s plan.

A double dose of potentially market-moving events arrives in the coming week as Americans vote on their next president and the Federal Reserve offers more insight on the path of interest rates at its monetary policy meeting.The November 5 vote culminates an election cycle that has captivated the country and sparked swings in corners of financial markets. Among these has been the waxing and waning of the so-called Trump trade, a bevy of asset price moves reflecting sentiment that Republican Donald Trump is gaining momentum in his race against Democrat Kamala Harris for the US presidency.Those trades have included a rise in the US dollar and a sell-off in Treasuries possibly fuelled by strong economic data and a bitcoin surge spurred by hopes that Trump would deregulate the crypto industry.Still, polls remain deadlocked and bets leaning towards Trump were narrowing at the end of the week. Some investors expect volatility to accompany next week's vote, no matter the result."In either scenario, it seems like there's some near-term risk," said Walter Todd, chief investment officer at Greenwood Capital.Todd said a win by the Republican could be a "sell the news" event that sparks profit-taking in Trump trades. A win by Harris could spark a more serious unwind, he said.Control of Congress will also be determined with Tuesday's vote, adding another wrinkle for investors as they weigh how various political outcomes could impact assets over the longer term, with the two candidates offering starkly different paths for the US economy.For example, the expectation that Trump would seek to lower regulations stands to benefit banks, while higher tariffs could benefit domestically focused small-cap companies while ramping up the potential for volatility in broader markets.Expectations that Harris would be more supportive of clean energy initiatives means solar and other renewable energy stocks could rise in the event she prevails, analysts said.Investors are also wary of volatility from an election result that is not immediately clear due to the closeness of the race or is contested by one of the parties. In 2020, Trump tried to overturn the results of his loss to President Joe Biden, falsely claiming it was the result of voter fraud in multiple states."The market did fine under Trump. It can do fine under Harris," said Robert Pavlik, senior portfolio manager at Dakota Wealth. "We just need clarity."Thursday's Fed decision on monetary policy looms as another risk for the S&P 500's rally of some 20% this year, though mixed earnings from several tech giants this week led the index to end October in the red, following five straight months of gains.Fed funds futures trading shows the market expects the US central bank to cut its benchmark policy rate by a modest 25 basis points, LSEG data showed, after easing rates in September for the first time in four years.For many investors, the focus will be on guidance from Fed Chair Jerome Powell, including whether the central bank might consider pausing its rate-cutting cycle at future meetings in light of strong economic data.Citigroup's economic surprise index which measures how economic data performs versus expectations, is at its highest level since April. Data this week showed the US economy grew at a solid 2.8% pace in the third quarter.Friday's monthly employment report, the last key piece of data before the Fed meeting, ran counter to that trend as it showed job growth almost stalled in October. The data, however, was clouded by aerospace industry strikes and hurricanes that impacted the response rate for the payrolls survey."This week's data ... suggest the reasoning for a cut is still valid," JPMorgan economist Michael Feroli said in a note. "Even if the election is decided by Thursday, we think there are enough uncertainties in the outlook to warrant a cautious approach to forward guidance" from the Fed.

The Federal Reserve and many rich-world peers are widely expected to lower interest rates again in the coming week, right after a US presidential election that may not be decided yet.Central banks responsible for more than a third of the global economy will set borrowing costs in the wake of the vote, clinging to whatever certainties they can discern on the likely path of American policy for the next four years.With Vice-President Kamala Harris and former president Donald Trump neck-and-neck before Election Day on November 5, monetary officials from Washington to London may find themselves still in suspense.Election aside, US policymakers have already communicated a desire to proceed with a more gradual pace of rate cuts after September’s half-point reduction. Economists widely expect a quarter-point move on Thursday, followed by another in December — and their conviction grew after data on Friday showed the weakest hiring since 2020.Fed officials try to steer clear of politics, yet they kicked off a rate-cutting cycle heading into the final stretch of an election whose outcome may hinge on how voters feel about the economy. While Chair Jerome Powell will likely stress that the current conditions warrant less restrictive policy when he speaks after the decision, he and his colleagues still risk political backlash.“With polls showing the campaign in a dead heat, the stakes couldn’t be higher. The winner will be able to reshape trade policy – Trump, especially, is likely to make use of this power if he wins,” says Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G Collins, economists at Bloomberg.Central banking counterparts elsewhere are confronting a panoply of risks ranging from slowing economic growth to lingering inflation, even before they contemplate what sort of hit to global trade Trump’s threat of tariffs would effectively entail.While the Reserve Bank of Australia will probably keep borrowing costs on hold again in a decision on Tuesday, hours before US polls open, other peers are poised to act. Those in the UK, Sweden, the Czech Republic and elswewhere are anticipated to cut rates in decisions after Election Day, while Brazilian officials may hike by as much as a half point.With such a close-run presidential race, policymakers at the 20 or so central banks setting borrowing costs in the coming week may need to prepare for an extended wait until there’s a settled result. In modern US elections, the losing candidate generally concedes within a day or two, but the 2020 outcome wasn’t called until four days later.Apart from the Fed decision, data due in the US include the preliminary estimate of third-quarter productivity growth. Such gains have been robust recently as businesses invest in new technology and artificial intelligence, which could enable firms to raise wages without fanning inflation.The Institute for Supply Management will also release its October report on the economy’s service sector. The University of Michigan is due later in the week to report consumer sentiment in early November, against a backdrop of an underlying labour market that continues to cool.Turning to Canada, the labour force survey due for October will follow a surprisingly solid report in September that saw the jobless rate tick down to 6.5%.The Bank of Canada nevertheless proceeded with a 50 basis-point cut on weak inflation and economic growth, and the fresh jobs data will offer insight into how the labour market is holding up.The central bank will release a summary of deliberations that led to their jumbo-cut decision and Senior Deputy Governor Carolyn Rogers will speak at the Economic Club of Toronto.The week may start with some excitement in South Asia, where Pakistan’s central bank is likely to keep its monetary easing cycle moving at a quick pace with another 2-percentage-point cut, bringing its key rate to 15.5%.The following day, Australian officials are expected to hold their cash rate target at 4.35% after consumer inflation stayed elevated in the three months through September, cementing notions that policymakers will have to wait before pivoting.The RBA will also release a new round of economic forecasts that could shed light on the timing of a potential cut. Malaysia’s central bank is seen standing pat on its benchmark rate on Wednesday.South Korea releases an update on inflation on Tuesday, with figures expected to show further easing, supporting the Bank of Korea’s policy pivot last month.Consumer-price statistics are also due from the Philippines, Thailand, Vietnam and Taiwan. Japan publishes wage data that may keep the central bank on track for a rate hike late this year or early next, and trade data are due from China, Australia, Vietnam, Taiwan and the Philippines.Countries publishing third-quarter gross domestic product data include the Philippines and Indonesia.Finally, China releases key updates on price trends on November 9, with the focus on whether consumer inflation continues to stagger along at a pace just north of zero, and factory-gate prices slide further, after declines deepened in the previous two months.The Bank of England decision on Thursday may draw particular attention, coming just after plans for higher borrowing and spending unveiled in the Labour government’s budget pushed UK borrowing costs to their highest in a year.That tense backdrop isn’t anticipated to distract policymakers from further easing for now. They’re predicted by all 49 economists surveyed by Bloomberg to deliver a quarter-point rate cut on Thursday.With the budget featuring a fiscal loosening, Bloomberg Economics reckons that quarterly forecasts accompanying the decision will probably show higher growth and medium-term inflation.Meanwhile, the UK will take a tougher approach to future public sector pay awards, part of a renewed effort by Chancellor Rachel Reeves to reassure financial markets she will carefully manage the nation’s finances.Turning to Sweden, expectations for the Riksbank have shifted decisively in favour of a half-point cut to 2.75% on Thursday, after data showed the economy remains in a holding pattern. Output shrank in the third quarter, and the country’s large export sector is becoming more pessimistic.After almost three years of stagnation, Swedish officials may adopt a greater sense of urgency in aiding growth, especially as inflation has fallen below its 2% target and threatens to remain stuck there unless domestic demand picks up again.On the same day, Norges Bank is expected to keep its rate at 4.5%, with renewed krone weakness likely to preserve its outlook for no easing until March next year.Even with underlying inflation slowing, a currency drifting closer to multi-year lows is clouding projections for imported price growth. Norway’s ruling coalition has also drafted a budget for 2025 that’s more expansionary than expected by policymakers, adding to arguments for them to stay hawkish.

Mannai InfoTech, an ICT Division under Mannai Trading Company, has announced the signing of a software distributorship agreement with Rockwell Automation as part of initiatives to transform Qatar’s industrial landscape.The agreement was finalised during the ConteQ Expo in Doha, further reinforcing Mannai InfoTech’s leadership in the region’s technology sector. The signing ceremony was attended Mannai InfoTech Senior Vice-President Binu M R and Rockwell Automation Regional Vice-President for the META region Ediz Eren.High-ranking officials from both companies were present, including Rockwell Automation Country Sales Director Middle East Wael Radwan, Software Channel Manager META region Sheeraz Ahamed K, Country Manager Qatar Shakeel Moidin, and Head of Sales, Enterprise Digital Solutions, META region Mohammed Elnakib. Mannai InfoTech Senior Director Ramchandra Pawar and Presales Manager Lakshmana Panchena also played instrumental roles in fostering the partnership.The strategic collaboration marks a significant milestone for both companies, leveraging Rockwell’s cutting-edge solutions and Mannai’s deep market expertise to deliver unparalleled industrial innovations. The partnership is expected to drive heightened efficiency, productivity, sustainability, and safety across smart cities, the oil and gas sector, and other manufacturing segments in Qatar.Binu M R said: “This strategic collaboration with Rockwell Automation marks a significant milestone for Mannai and Qatar’s industrial sector. By combining our extensive expertise with Rockwell’s cutting-edge technologies, we are not only redefining industrial operations but also accelerating the evolution of smart infrastructure and cities in Qatar. Together, we will set new benchmarks for efficiency, safety, and innovation, strengthening our role as a leading force in the region’s digital and industrial transformation.”Eren said: “Qatar has always been at the forefront of technological advancement in the region. With Mannai, we can better serve our installed base across various customers, including Q companies, and advance smart, sustainable AI-based initiatives.”Sheeraz Ahamed Khateeb, Software Channel Manager META region, Rockwell Automation, said: “The partnership with Mannai, combined with our robust ecosystem of partners in Qatar and globally, now creates the strongest ecosystem among any technology provider in the country. This enables us to serve Qatar in a more refined and enhanced manner, delivering greater value and innovation to our customers.”The partnership aligns with Qatar’s vision towards embracing digital transformation and industrial modernisation, with both companies committed to driving sustainable, future-ready solutions for the region.

Commercial Bank has participated in the 2024 annual meetings of the International Monetary Fund (IMF) and the Institute of International Finance (IIF) held recently in Washington, DC.The Qatari banks jointly hosted a successful reception with the presence of HE the Finance Minister, Ali bin Ahmed al-Kuwari; the Governor of the Qatar Central Bank HE Sheikh Bandar bin Mohammed bin Saud al-Thani; CEOs, and board members of Qatari banks.Commercial Bank was represented at the meetings by Mohamad Ismail Mandani al-Emadi, board member; Joseph Abraham, Group CEO; Fahad Badar, EGM, Chief Wholesale and International Banking officer; Parvez Khan, EGM, Treasury and Investments; and Omran al-Sherawi, AGM and head of ALM.With its aspiration to continuously bring the latest banking solutions to customers, Commercial Bank attended the IIF and IMF conferences to forge relationships with prominent banks across the region and the world, and to maximise opportunities in new areas of business.