Business

Qatar Chamber first vice-chairman Mohamed bin Towar al-Kuwari recently met with Vietnam Chamber of Commerce and Industry (VCCI) vice-president Vo Tan Thanh to address various topics significant to both organisations.The meeting, held in the presence of Truong Thi Bich Ngoc, deputy general manager, discussed commercial and economic relations and explored ways to develop them, including the investment climate, opportunities for the private sectors, and means to encourage Qatari investors to invest in various sectors in Vietnam.Al-Kuwari highlighted the strong relations between the two countries, noting the multitude of opportunities for cooperation and partnership between the Qatari private sector and its Vietnamese counterpart.He affirmed the Chamber’s support for Qatari investors to explore opportunities in Vietnam and encouraged the Vietnamese side to invest in Qatar, which offers a wide range of opportunities across various sectors.Thanh also highlighted the strong relations between both countries, though he noted that trade exchange “remains below expectations.” He identified several sectors that are ideal for private sector co-operation, including infrastructure, food security, renewable energy, IT, and energy.“Vietnam can export high-quality food products, halal foods, garments, and electronics to Qatar,” Thanh said and invited Qatari business owners to visit Vietnam to better understand its investment climate and incentives for foreign investors.He also noted that both chambers signed a Memorandum of Understanding (MoU) in 2014 to strengthen cooperation between their business sectors and emphasised the importance of exchanging business visits to explore available opportunities.

Qatar Chamber Chairman Sheikh Khalifa bin Jassim al-Thani has emphasised the importance of the consultative meeting among the ministers of commerce and industry and the heads of unions and chambers of commerce in the GCC states, highlighting its role in advancing Gulf economic integration.Sheikh Khalifa made these remarks during the recent consultative meeting held in Doha, where he lauded the directives of the council leaders to support the private sector and strengthen its pivotal role in the comprehensive development of GCC nations. He noted that this reflects their commitment to enhancing economic and trade co-operation among our countries.He said Qatar Chamber proposed to conduct a study assessing the impact of imposing a carbon tax on GCC economies, noting that Gulf economies rely primarily on oil, gas, and hydrocarbon industries and that such a tax could therefore reduce the competitive advantage of Gulf exports. Sheikh Khalifa noted that the EU plans to impose this tax in 2026, targeting exports of aluminium, petrochemicals, steel products, and manufactured goods.Sheikh Khalifa expressed hope that the consultative meeting would address the challenges facing GCC countries, expand the role of the private sector in Gulf economic activity, and enhance support for the role of the Federation of GCC Chambers in this context.He emphasised that Qatar Chamber is looking forward to increased cooperation with GCC unions and chambers, as well as stronger partnerships between the private sector in Qatar and its counterparts in the Gulf countries. He stressed that this collaboration aims to enhance trade and economic cooperation and elevate the levels of intra-GCC trade.On the sidelines of the consultative meeting, Sheikh Khalifa participated in the inauguration of the Second Gulf Industrial Exhibition held at the Sheraton Grand Doha Resort & Convention Hotel and attended the ceremony honouring GCC manufacturers and inventors.

Saudi Arabia's move to sign co-investment deals with big money managers at a flagship conference this week shows the country's new proposition to attract foreign cash: Invest here with the security of Saudi money alongside yours.Saudi Arabia is in a race to secure more outside money to keep ambitious plans to diversify its economy on track. The country set itself a lofty target to attract $100bn in annual foreign direct investment by the turn of the decade. It reached about a quarter of that last year."The narrative today is local and reciprocity," Francois-Aissa Touazi, senior managing director at French investment firm Ardian, told Reuters. "Saudi Arabia is leading this trend in the GCC. The role of a fund manager is to adapt their approach to this new trend."Canadian asset manager Brookfield has just announced a new $2bn Middle East fund to be anchored by the Saudi sovereign wealth fund, the Public Investment Fund, as well has the investment arm of the kingdom's main pension fund.The deal was unveiled at the conference — the annual Future Investment Initiative — known sometimes as "Davos in the Desert".Non-binding deals will see PIF anchor the fund, Brookfield Middle East Partners, with an undisclosed sum and Hassana, the Saudi pension fund's investment arm, put in $500mn alongside the same amount from Brookfield."Our whole business is literally pricing risk," Brookfield's CEO for private equity, Anuj Ranjan, said during a panel discussion at the conference. "That's why it was very important to form this partnership...with the PIF, because you know that's going to give us a great amount of confidence and help us underwrite that risk better when investing locally in Saudi."The PIF also signed memoranda of understanding with Japanese financial institutions worth up to $51bn, including with Mizuho, Sumitomo Mitsui Financial Group and MUFG.The $925bn sovereign wealth fund also said it was looking to jointly anchor a new fund with the Hong Kong Monetary Authority targeting $1bn to invest in firms with a "Hong Kong nexus" that are expanding in Saudi Arabia, focused on sectors including manufacturing and renewables.Foreign direct investment inflows reached 96bn riyals ($25.6bn) in 2023, or about 2.4% of GDP, based on government data, reaching the target for that year under the National Investment Strategy, designed to drive the economic overhaul known as Vision 2030."PIF is putting more conditions on mandates for fund managers, telling them it wants to see more investment in Saudi Arabia," sovereign fund tracker GlobalSWF said. "However, PIF has struggled to win co-investment partners in some of its massive investment projects, particularly the array of multi-billion dollar giga-projects that are central to its strategic development initiatives."The Saudi government communications office and PIF did not immediately respond to Reuters' requests for comment.Riyadh has taken steps to try to encourage foreign firms to invest more in the country. The government in 2021, for example, said companies seeking to secure state contracts must set up their regional headquarters in Saudi Arabia.PIF has been increasing its focus on domestic investment as part of its commitment to the country's economic transformation plans. International investments fell to 21% of its assets under management last year from 30% in 2020. It aims to reduce that further to 18%-20%, though its foreign portfolio is still expected to grow in dollar terms.Consulting firm Alvarez & Marsal, which in May said it was incorporating a regional headquarters in Riyadh, is hiring more in the kingdom."We've grown six-fold in the last year to nearly 60 now, and we're planning further significant and rapid growth in the kingdom over the next 2-3 years", said Paul Gilbert, managing director and co-head of Alvarez & Marsal in the Middle East."The centre of gravity is absolutely shifting," he said. "And we are driving hard to reflect that within our organization as well," he told Reuters. "I also see the opportunity for many businesses here to show commitment to the kingdom by some sort of co-investment."

Turkiye’s credit rating was upgraded by S&P Global Ratings for the second time this year due to reserve accumulation, disinflation and an improvement in the current account deficit.The ratings firm late Friday raised Turkiye’s long-term sovereign rating by one notch, to BB-, while adjusting the outlook to stable from a previous “positive,” according to a statement.Turkiye’s rating remains three levels below investment grade, and is on a par with South Africa, Jamaica and Jordan, among others.The “stable” outlook reflects “balanced risks over the next 12 months to authorities’ ambitious plans to bring down still elevated inflation, manage workers’ wage expectations, and rebalance the Turkish economy,” S&P said.The Turkish central bank’s tight monetary stance has enabled authorities to stabilise the lira, bring down inflation, rebuild reserves, and de-dollarise the financial system, S&P Global said. Friday’s move follows an upgrade in May, when the company highlighted improved coordination between monetary, fiscal, and income policies aimed at economic rebalancing.Welcoming the move, Treasury & Finance Minister Mehmet Simsek said all three major rating companies have now raised Turkiye by two notches this year. Market indicators imply “a higher rating,” Simsek said in comments on X on Saturday.Earlier this year, both Fitch Ratings and Moody’s citing confidence in the country’s return to orthodox economic policies in announcing upgrades.S&P Global noted challenges ahead, however, including discussions scheduled for December on a minimum wage increase, a benchmark for wage-setting, for 2025.An increase larger than 30% would “almost certainly prolong an already protracted disinflation process and make single-digit inflation in 2027 a less attainable goal,” wrote the analysts, including Frank Gill.Turkiye since May has attracted foreign capital inflows, particularly through carry trades. These flows have enabled the central bank to rapidly build foreign exchange reserves, strengthening its ability to defend the Turkish lira if needed.The current account deficit sharply narrowed thanks to a restrictive monetary policy that’s capped credit growth and held back domestic demand. Annual inflation remains high, though. Data due Monday is expected to show only a slight deceleration during October from 49.4% in September.After President Recep Tayyip Erdogan’s reelection in 2023, Turkiye pivoted back to more conventional economic policies, abandoning a growth-at-all-costs strategy in favour of higher interest rates. The central bank has raised its key rate to 50% from single digits as recently as mid-2023 to cool demand and tame inflation.“The upgrade reflects the rebalancing of Turkiye’s external accounts, visible in the narrowing of the 12-month rolling current account deficit to about 1% of GDP in August, a reduction in foreign currency deposits, and a concomitant increase in the CBRT’s stock of net foreign currency reserves,” S&P Global said.

Amid the selloff in UK bonds this week triggered by Chancellor of the Exchequer Rachel Reeves’ budget plan to ramp up taxes, borrowing and spending, there were jitters in Labour’s cabinet — but for a different reason.They feared her numbers weren’t large enough to meaningfully improve public services in time for the next general election due in 2029.While traders reacted to £142bn ($184bn) of extra borrowing over the course of the parliament to fund investment projects, as well as a £40bn tax rise and underwhelming economic growth projections, Labour ministers and aides were looking past the government’s initial splurge in day-to-day spending to what happens in the years before Britons next go to the polls.Public spending is due to rise by an average 2% in real terms starting this year, but it is front-loaded before tailing off significantly from 2026. Departments with unprotected budgets, such as transport or justice, are heading for real-terms cuts later in the parliament, according to the Institute for Fiscal Studies think tank. That is tantamount to austerity, one party official said privately.Such complaints underscore the tightrope Reeves was walking as she tried to navigate markets — still primed from the memory of the meltdown under Liz Truss two years ago — and a governing Labour Party determined to rebuild Britain’s ailing public services which still bear the scars of the austerity years that defined the Conservative administration after the financial crisis.Reeves’ budget, one party official said, would mean spending constraints in areas of importance to voters, from bus and rail services to flood defences and even Home Office efforts to cut crime. Having been elected on a “change” platform and Prime Minister Keir Starmer’s promise of a decade of national renewal, some Labour politicians wondered about winning a second term.Speaking to Bloomberg on Thursday, Reeves defended her budget and said her priority is “economic and fiscal stability.” She denied that her spending plans would mean a return to austerity, and said her aim was to “wipe the slate clean” after inheriting what she called a fiscal black hole from the Tories.By Friday, the sharp bond selloff — which never approached the scale of the Truss-era turmoil — had abated, leaving the yield on benchmark 10-year gilts about 20 basis points higher than five days ago. Still, the market reaction was far from ideal given Starmer and Reeves sold Labour as a force for stability after years of political and economic turmoil under the Conservatives.Seeking to dispel concerns over further tax raises and borrowing, Starmer yesterday reiterated his government’s pledge to carry out tough reforms to the UK’s “creaking” state and its economy.“Just as we cannot tax and spend our way to prosperity, nor can we simply spend our way to better public services,” the prime minister wrote in the Financial Times. “That is why reform is an essential pillar of this government’s agenda.”Yet the reaction from some Labour politicians, albeit mostly in private, suggest pressure on Reeves is unlikely to dissipate especially with the next spending review to set departmental budgets looming in first half of next year.“It remains to be seen whether the short-term cash injection will be enough to get services back on their feet and make that degree of future spending restraint realistic,” said IFS economist Ben Zaranko. “The problem for Rachel Reeves is that decisions over departmental allocations in those future years have to be made in the spring — before those improvements have had chance to materialize — and her cabinet colleagues will be lobbying hard for top-ups.”One minister said the Treasury had to work creatively and collaboratively with departments to deal with budget pressures at the next review, rather than pretending they don’t exist. Colleagues want Reeves to take personal charge, the person said, rather than leaving them to deputy Darren Jones, whose uncompromising approach they said had caused upset across cabinet.Ministers who protested to Starmer in recent weeks about the cuts they were being asked to make would not back down at the next spending review, another lawmaker said. That signalled the next flash-point between the Treasury and the cabinet could be one of the defining moments of this administration.A potential crunch could come even sooner. Some Labour MPs are worried about how far £1.3bn granted to local government services will stretch across councils, after the Local Government Association said last month a funding deficit of more than £2bn had left a quarter of town halls in England likely to need emergency bailouts in the coming years. Local authorities will find out what proportion of the grant they receive in December.The issue really boils down to the fact that having spent 14 years in opposition, many in Starmer’s party want to talk about and deliver on core Labour issues, whether it’s public services and especially the National Health Service, reforming social care or tackling poverty. But coming into power, they’ve been faced with Reeves’ warning about a £22bn black hole that needs fixing even before the government gets to improvements.Former Labour shadow chancellor Ed Balls described Reeves’ budget as “big and bold and historic” but that the spending uplift was “painfully tight.”“When you start thinking as the years go on about what this actually means for teachers pay, housebuilding, local government services, policing, there’s going to an ongoing debate about whether this is really the end of austerity as felt by the delivery of public services,” he said.Still, the message from markets for any Labour lawmakers demanding higher spending appeared clear this week: You’ll need to have a plan to pay for it.Having raised taxes by the most in at least three decades on Wednesday, Reeves will be reluctant to do so again on anything like the same scale — though she predictably declined to rule out further tax rises in the current parliament in her Bloomberg interview.“No chancellor is going to be able to tie their hands in that way,” she said.The government’s preference would be to find additional spending capacity through economic growth, and the message from Downing Street this week was that the Office for Budget Responsibility’s disappointing forecasts didn’t take into account the impact of Labour policies such as planning reform.Yet some Labour people in the so-called Blairite faction — considered to be on the right of the party and followers of former premier Tony Blair — said Reeves’ budget lacked growth-enhancing measures, according to one lawmaker, suggesting the chancellor’s approach was more left-wing than they would like.“The growth forecasts aren’t the summit of my ambition,” Reeves told Bloomberg. “We are doing planning reform, pensions reform, skills reform, to get our country growing again. We’re unlocking long-term patient capital to help small businesses and start-up and scale-up businesses to grow. All of that could have a big impact on growth.”Along with the easing market jitters, there was some respite for Reeves via a poll from Arden Strategies by JL Partners. Just under half of Britons support her decision to raise taxes by £40bn, with 36% saying it was unnecessary. Reeves’ plan to borrow more to invest was backed by 54% of respondents.“The budget sets a different direction for the country, with a more open approach about the need for more investment in the National Health Service and infrastructure,” said Jim Murphy, CEO of Arden and a former Labour MP. “This poll suggests that the public are open to Labour’s argument.”

Industry experts navigated the intricacies and challenges of funding businesses during a panel discussion hosted by Startup Grind Qatar Chapter titled ‘Fuelling Startup Growth: Acceleration and Early-stage Funding Strategies’.The panel was composed of Malgorzata “Mal” Filipowska, portfolio & platform manager at Seedstars, Mohamed Elmalik, venture partner at Antler, and Dr Hanan el-Basha, managing director of Founder Institute GCC Chapter. The discussion was moderated by Steve Mackie, founder of www.businessstartupqatar.com.During the discussion, Filipowska underscored the importance of accelerators and strategic investment in nurturing startup ecosystems, particularly in emerging markets. She said local entrepreneurs can scale their businesses and access international markets by wisely utilising tailored support and funding.She also encouraged entrepreneurs to value adaptability and learn from others’ experiences. “We don’t want to work with founders who think they know everything,” Filipowska explained, noting that ideal startup founders are open to feedback and eager to learn from industry experts.When asked if competition is necessary in the industry, she stated that a lack of competition raises concerns among investors. “We love it when there’s competition... it means that the market exists,” said Filipowska, who emphasised that competition provides crucial insights into a company’s growth prospects.While entering untested markets may involve significant risks, Filipowska pointed out that competition enables investors to effectively assess market demand and trends. She stated, “When we look at companies creating entirely new categories, it gives us a completely different perspective on how far the company can grow.”Filipowska also stressed the importance of personal development for entrepreneurs, recommending free resources like Y Combinator’s Startup School and Lenny’s Newsletter, as well as Reforge, a paid platform where industry leaders share best practices in product and growth strategy.For his part, Elmalik underlined the critical role of self-reliance and adaptability in the startup world, noting that while external support allows key insights, founders must have the core drive to succeed.Asked how Antler prepares founders for the challenges of entrepreneurship, he said: “We don’t get them ready.” Elmalik stressed that entrepreneurs should learn how to be resilient, with a focus on self-discovery.Elmalik also underlined the value of self-reliance, noting that not all businesses would need or benefit from venture funding, and advised founders to explore other funding methods. He noted the importance of forging personal, long-term relationships with potential investors, suggesting that they should build trust and mutual understanding with investors in the hope that this could lead to funding opportunities before formal rounds.El-Basha, for her part, advocated for thorough market research and validation before diving into development, stressing that the proverbial “build it and they will come” no longer applies in most cases today. Instead, she encouraged startups to ensure their idea is grounded in real customer insights.She noted that providing constructive support for founders with the right knowledge and entrepreneurial mindset could help clarify their vision and find a clear path forward. “Rather than giving [startups] a hard time, we emphasise the research part. A lot dive into the deep end without doing the research, without doing the market validation, the customer validation,” she pointed out.El-Basha stressed that financial awareness is essential for founders, emphasising that they should manage funds wisely, balancing hiring and operational expenses with available resources. She said building financial literacy within startup ecosystems to help founders will help ensure sustainable and effective financial decisions.She added: “Being aware and open to possibilities allows you to advance while staying true to your vision and the core of your idea. It’s crucial to remain open to feedback. I often say others can detect your blind spots. If you choose to ignore feedback on these blind spots, you might remain stuck for a long time.”

Earnings prospects and optimism at the geopolitical front in the Arab region helped Qatar Stock Exchange (QSE) saw an across the board buying, resulting in 123 points gain in the key index and about QR14bn in capitalisation this week.The Arab retail investors turned net buyers as the 20-stock Qatar Index surged 1.19% this week which saw the listed companies report a total net profit of QR39.75bn in the first nine months (9M) of this year.The real estate, telecom and transport counters witnessed higher than average demand in the main market this week which saw Milaha wins QR262mn New Fiber Link project from North Oil Company.About 77% of the traded constituents extended gains to investors in the main bourse this week which saw IRU (International Road Transport Union), which represents voice of more than 3.5mn companies operating mobility and logistics services in over 100 countries, say Qatar will display the strongest growth in road freight in the Gulf region at 35% between 2023 and 2030.The foreign institutions’ weakened net selling had its influence in the main market this week which saw QIIB report net profit of QR1.04bn in 9M-2024.The Gulf funds’ lower net profit booking also had its say in the main bourse this week which saw Industries Qatar’s 9M-2024 net profit at QR3.5bn.The Arab institutions’ weakened bearish grip had its impact in the main market this week, which saw Gulf International Services report net profit of QR573mn in January-September 2024.However, the local retail investors were increasingly net sellers in the main bourse this week which saw a total of 0.35mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.77mn trade across 40 deals.The foreign individuals were seen into lesser net buying in the main market this week which saw as many as 0.01mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.13mn change hands across 13 transactions.The domestic institutions’ weakened bullish grip held its sway on the main bourse this week which saw the realty and industrials sectors together constitute more than 60% of the total trade volumes.The Islamic index was seen outperforming the other indices in the main market this week, which saw no trading of sovereign bonds.Market capitalisation added QR13.64bn or 2.23% to QR625.21bn on the back of large and midcap segments this week, which saw no trading of treasury bills.Trade turnover and volumes were on the increase in the main market this week, which saw a Qatar Insurance report net profit of QR525mn in 9M-2024.The Total Return Index gained 1.19%, the All Share Index by 1.31% and the All Islamic Index by 1.39% this week, which saw Hamad Port witness a record breaking month in October 2024 as its cargo handling and RORO hit all-time high.The real estate sector index shot up 5.37%, telecom (1.96%), transport (1.54%), banks and financial services (1.18%), consumer goods and services (1.16%), industrials (0.84%) and insurance (0.26%) this week.Major gainers in the main bourse included Ezdan, Alijarah Holding, Ooredoo, Vodafone Qatar, Salam International Investment, Aamal Company, Medicare Group, Commercial Bank, Doha Bank, Lesha Bank, Baladna, Qatari Investors Group, Qatar Electricity and Water, Aamal Company, Gulf International Services, Estithmar Holding, Al Khaleej Takaful, Mazaya Qatar and Barwa. In the venture market, Al Mahar Holding saw its shares appreciate in value this week.Nevertheless, Qatar General Insurance and Reinsurance, Inma Holding, Qatar German Medical Devices, Qatar National Cement and Al Faleh Educational Holding were among the losers in the market. In the junior bourse, Techno Q saw its shares depreciate in value this week.The Arab individual investors were net buyers to the tune of QR13.24mn against net sellers of QR15.34mn the week ended October 24.The foreign institutions’ net selling declined considerably to QR74.73mn compared to QR121.54mn a week ago.The Gulf institutions’ net profit booking shrank markedly to QR15.83mn against QR38.75mn the previous week.The Arab institutions’ net selling weakened marginally to QR0.11mn compared to QR0.57mn the week ended October 24.However, the Qatari individuals’ net profit booking grew marginally to QR61.59mn against QR60.39mn a week ago.The Gulf retail investors were net sellers to the extent of QR2.33mn compared with net buyers of QR1.58mn the previous week.The domestic funds’ net buying decreased substantially to QR138.52mn against QR207.66mn the week ended October 24.The foreign individuals’ net buying shrank perceptibly to QR2.83mn compared to QR27.34mn a week ago.The main market witnessed an 80% surge in trade volumes to 1.15bn shares, 49% in value to QR2.45bn and 29% in deals to 76,922 this week.In the venture market, trade volumes soared 56% to 12.21mn equities, value by 56% QR29.44mn and transactions by 65% to 694.

The State of Qatar hosted on Thursday the ministerial meetings of the 53rd Industrial Co-operation Committee, the 67th Trade Co-operation Committee, the 8th Ministerial Committee on Standardisation, and the accompanying consultative meeting for the Gulf Co-operation Council (GCC) countries.The meetings were chaired by HE the Minister of Commerce and Industry Sheikh Mohammed bin Hamad bin Qassim al-Thani with the participation of the ministers of commerce and industry from the GCC countries and Secretary-General of the GCC Jasem Mohamed Albudaiwi.In his opening speech, HE Sheikh Mohammed bin Hamad bin Qassim al-Thani emphasised that these ministerial committees further the efforts to strengthen joint co-ordination across all aspects of economic co-operation, aiming to achieve Gulf economic integration.His Excellency affirmed that the Industrial Co-operation Committee plays a key role in strengthening industrial integration among GCC countries by co-ordinating efforts in priority industrial sectors and developing policies that enhance the competitiveness and sustainability of the Gulf industrial sector, increase its productive capacity, and improve product quality, thereby boosting the Gulf economy's position on the global economic map.During the Trade Co-operation Committee meeting, His Excellency praised the achievements in the trade sector over the past years, made possible by mutual co-operation.On the sidelines of the Trade Co-operation Committee meeting, a joint meeting was held between committee members and Secretary of State for Business and Trade Jonathan Reynolds to discuss the outcomes of recent negotiations in London regarding the Free Trade Agreement between the GCC countries and the United Kingdom.The committee members also met with New Zealand’s Minister for Trade Todd McClay, where they signed the final statement for the Free Trade Agreement negotiations between the GCC and New Zealand.During the Ministerial Committee on Standardisation, HE the Minister of Commerce and Industry noted that the rapid advancements in specifications and standards, along with the challenges posed by open markets, require intensified efforts and unification in standardisation and quality. This includes updating legislation, technical regulations, and specifications, and unifying Gulf standards to ensure they meet the needs of GCC countries and enhance their integration in this vital area.The ministers discussed various topics and issues listed on the agenda and made appropriate decisions on them.Additionally, HE Sheikh Mohammed chaired the consultative meeting between the Ministers of Commerce and Industry, and the heads of GCC Chambers of Commerce and Industry, in the presence of the GCC secretary-general. They discussed topics and recommendations submitted by the heads of GCC chambers, making appropriate decisions regarding them.

The foreign institutions were seen hurriedly squaring off their position on the Qatar Stock Exchange (QSE), which on Wednesday saw its key index plummet 127 points and capitalisation erode as much as QR5bn.The telecom and transport counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 1.2% to 10,463.68 points, although it touched an intraday high of 10,596 points.The Gulf institutions were increasingly into net profit booking in the main market, whose year-to-date losses widened to 3.39%.As much as 69% of the traded constituents were in the red in the main bourse, whose capitalisation eroded QR4.77bn or 0.76% to QR623.16bn on the back of large and midcap segments.The Arab funds were seen net profit takers in the main market, which saw as many as 0.04mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.11mn trade across seven deals.The Islamic index was seen declining slower than the main barometer in the main bourse, whose trade turnover and volumes were on the decrease.The domestic institutions’ weakened net buying had its influence on the main market, which saw no trading of treasury bills.However, the local retail investors turned net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 1.2%, the All Islamic Index by 1.09% and the All Share Index by 1.05% in the main market.The telecom sector index tanked 1.86%, transport (1.7%), industrials (1.18%), banks and financial services (1.06%), consumer goods and services (0.4%) and insurance (0.34%); while real estate gained 0.48%.Major losers in the main bourse included Ooredoo, Qatar Islamic Bank, Milaha, Qatar General Insurance and Reinsurance, Qatari Investors Group, QIIB, Industries Qatar, Mesaieed Petrochemical Holding, Qamco, Mazaya Qatar and Nakilat.Nevertheless, Ezdan, Qatar Oman Investment, QLM, Meeza and Gulf International Services were among the gainers in the market.In the junior bourse, Al Mahhar Holding saw its shares appreciate in value.The foreign institutions’ net selling increased substantially to QR62.73mn compared to QR10.2mn on October 29.The Gulf institutions’ net profit booking expanded noticeably to QR18.18mn against QR2.22mn the previous day.The Arab institutions were net profit takers to the tune of QR0.08mn compared with no major net exposure on Tuesday.The domestic institutions’ net buying decreased perceptibly to QR45.98mn against QR52.72mn on October 29.However, the Qatari individuals were net buyers to the extent of QR17.71mn compared with net sellers of QR36.04mn the previous day.The Arab individual investors’ net buying strengthened considerably to QR11.63mn against QR1.63mn on Tuesday.The foreign individuals turned net buyers to the tune of QR4.71mn compared with net sellers of QR5.1mn on October 29.The Gulf retail investors were net buyers to the extent of QR0.99mn against net profit takers of QR0.78mn the previous day.Trade volumes in the main market shrank 28% to 214.85mn shares, value by 17% to QR491.55mn and transactions by 7% to 15,395.The venture market saw a 79% contraction in trade volumes to 0.68mn equities, 79% in value to QR1.7mn and 75% in deals to 66.

Saudi Arabia is strengthening its commitment to a plan designed to wean the economy off oil, its finance minister said on Wednesday, during a business event at which deals were signed to support the country's economic transformation.Mohammed al-Jadaan was addressing the second day of the Future Investment Initiative (FII) conference in Riyadh, which is hosting top global business, technology and financial leaders."Overall, I think we are very, very excited and happy with what we have achieved in the Saudi 'Vision 2030', but we are not complacent. We are doubling down, making sure that we do the right thing," the finance minister said.Crown Prince Mohammed bin Salman is overseeing Saudi Arabia's ambitious economic overhaul, known as "Vision 2030", which aims to boost non-oil growth, expand the private sector, and create jobs and new industries. The plan, driven by the $925bn PIF sovereign wealth fund, involves massive infrastructure projects, including building entirely new urban and industrial areas, such as a futuristic desert city called NEOM.The fund, which made its mark on the global stage with high-profile deals, such as investments in Uber and Japanese conglomerate SoftBank, now plans to reduce the share of its overseas investments by about a third as it focuses on domestic projects, its governor told the FII on Tuesday.Foreign direct investment (FDI), which had stalled in recent years, is key for driving the transformation.The government has a target to attract $100bn in FDI by 2030, equivalent to almost 6% of its GDP. FDI is on an upward trend, but midway through Vision 2030, FDI numbers indicate that the Kingdom could struggle to meet the objective for the turn of the decade.Despite diversification efforts, oil is still a mainstay of the Saudi economy and amid lower oil prices and production, government earnings have fallen and the Kingdom has begun a spending review, under which some Vision 2030 projects will be delayed or scaled back, and others prioritised. The high-profile annual FII event is an opportunity for Riyadh to draw in foreign funds and investment into the country.In one deal signed during the conference, PIF will be an anchor investor in a new $2bn Middle East-focused private equity fund from Canada's Brookfield Asset Management, which it plans to use for investments in sectors such as industrials, technology and healthcare.At least half of the capital will be invested in Saudi Arabia and international companies that are looking to expand in the Kingdom, the two companies said in a joint statement on Wednesday.Jerry Inzerillo, CEO of Diriyah , a $64bn "giga-project" located at a Unesco World Heritage site outside the capital Riyadh, told the audience at FII that the project was "on time and on budget" and that its value and assets could rise to "well over" $100bn by 2030."We are having a great FII because we closed so many deals here," Inzerillo added.Al-Jadaan told the audience on Wednesday investors were confident in the kingdom's plans. "I really did not come here for Saudi Vision promises. I came here for what Saudi Vision delivered," al-Jadaan quoted a "prominent" investor attending the event as telling him.

QNB Group has been recognised as the Best Private Bank in the Middle East and the Best Private Bank in Qatar by Global Finance magazine in its 10th annual World’s Best Private Banks Awards for 2025.This accolade highlights QNB’s unmatched expertise in delivering superior wealth management solutions and personalised services to its elite clientele, in Qatar and the region.QNB's private banking division continues to set new standards in the region, reinforcing its position as a trusted partner for high-net-worth individuals and families.“Receiving this dual recognition is a testament to our unwavering commitment to innovation, bespoke financial solutions, and an unparalleled customer experience. The bank's strong presence across the region, combined with its global reach, enables us to offer a range of personalized wealth management strategies tailored to meet the unique needs of our clients,” said Abdulla Hashim al-Sada, QNB Group Asset and Wealth Management.As the leading financial institution in the Middle East, QNB continues to set the benchmark for private banking services. Its customer-first approach, innovative product offerings, and expert financial advisors have made it the bank of choice for affluent individuals across the region.QNB Group stands as the leading financial institution in the Middle East and Africa, recognised as one of the most valuable banking brands in the region. With a robust presence in over 28 countries across three continents — Asia, Europe, and Africa — QNB offers comprehensive financial services and solutions.Its global network, backed by a commitment to innovation and excellence, serves a diverse clientele, spanning corporate, institutional, and retail sectors.

The US economy grew solidly in the third quarter, with consumer spending increasing at its fastest pace in 1-1/2 years and inflation slowing sharply, continuing to defy forecasts of doom and outperforming its global peers.The Commerce Department's advance estimate of third-quarter gross domestic product on Wednesday also showed robust business investment in equipment last quarter. The report was published less than a week before Americans head to the polls on Nov 5 to choose between Vice-President Kamala Harris, the Democratic Party candidate, and former President Donald Trump.Polls show the race is a toss-up, with the health of the economy top on the minds of Americans, who have grumbled about high food and housing costs. The economy has stayed resilient despite 5.25 percentage points of interest rate increases in 2022 and 2023 from the Federal Reserve to tame inflation."What's not to like?" asked Chris Low, chief economist at FHN Financial. "Solid GDP growth fuelled by strong consumption and strong capital equipment spending, all accompanied by inflation sliding back toward 2%." Gross domestic product increased at a 2.8% annualised rate last quarter the Commerce Department's Bureau of Economic Analysis said. Economists polled by Reuters had forecast GDP advancing at a 3.0% pace.The economy grew at a 3.0% pace in the second quarter.The pace of growth was well above what Federal Reserve officials regard as the non-inflationary growth rate of around 1.8%.The BEA said it was not possible to estimate the overall impact of Hurricane Helene on third-quarter GDP, noting that the destruction of fixed assets, such as residential and nonresidential structures, did not directly affect GDP or personal income. It, however, estimated that Helene resulted in losses of $39.0bn in privately-owned fixed assets and $2.0bn in state and local government-owned fixed assets.The dollar rose against a basket of currencies. US Treasury prices fell.The report added to annual revisions published last month, which indicated that the economy was much stronger than had been previously estimated. The revisions almost erased the gap between GDP and gross domestic income (GDI), an alternative measure of growth, through the second quarter.Prior to the revision, some economists had argued that gap suggested economic activity was being overestimated.Consumer spending, which accounts for more than two-thirds of economic activity, grew at a 3.7% pace. That was the fastest since the first quarter of 2021 and was up from the 2.8% pace notched in the second quarter.Though the labour market has slowed, layoffs are near historic low levels, and wages continue to rise at a solid clip. Household net worth has risen, thanks to a stock market boom and higher house prices. Savings remain high and inflation has also cooled down significantly, offering relief for households, especially lower-income families.The personal consumption expenditures price index, excluding the volatile food and energy components — followed closely by the US central bank — rose at a 2.2% rate, sharply slowing from the 2.8% pace in the second quarter.With inflation nearing the Fed's 2% target, the central bank is now easing policy and last month kicked off that cycle with an unusually large half-percentage-point rate cut.That reduction in borrowing costs, the first since 2020, lowered the Fed's policy rate to the 4.75-5.00% range.Business spending on equipment surged at a 11.1% rate, the quickest since the second quarter of 2023. Government spending also increased. But the pace of inventory accumulation slowed and the trade deficit widened. Inventories and trade both subtracted from GDP growth.Residential investment, which includes homebuilding and sales, contracted for a second straight quarter.

Airbus has delivered its first A321XLR jet to Spain's Iberia, the European planemaker said, stepping up a battle with Boeing in the middle of the jet market.The plane, which took five years to develop and targets a market previously served by Boeing's out-of-production 757 or larger wide-bodies, was handed over late on Tuesday and was due to fly to Madrid, according to Flightradar24 data.The delivery, first reported by Reuters on Tuesday, highlights a drive by Airbus and Boeing to extend the performance of the industry's best-selling single-aisle jets.Launched in 2019 to steal a march on Boeing's plans at the time to build a new jet in the middle of the market, the A321XLR targets a gap left by the out-of-production Boeing 757, where the A321 family outsells the largest versions of the 737 Max.The industry's largest single-aisle jet features a novel type of fuel tank, moulded into the contours of the fuselage to eke out more space for fuel and deepen its transatlantic range.The design initially raised concerns among regulators about the risk of fire and evacuation times in the event of an accident, prompting design changes before it could be certified.Analysts say the resulting extra weight chipped away at its maximum range, though Airbus says the roughly 200-seat model will still allow airlines to open up multiple new routes.Iberia plans to introduce the A321XLR on flights from Madrid to Boston after a handful of trials in Europe.Airbus said it had sold over 500 A321XLR jets, which will be delivered in coming years, reflecting long industry lead times.Boeing has said the XLR addresses only a small niche in the overall market for single-aisle jets, the busiest part of the industry, which it pegs at 33,380 aircraft over 20 years.Critics have also questioned the impact of the range on running costs, suggesting the aircraft and engine will be pushed to their limits and require more frequent maintenance.However, the delivery also exemplifies pressure on Boeing to win certification for its own largest single-aisle, the 737 Max 10, following delays by an issue with an anti-ice system. Boeing has said the timing of certification is a matter for regulators.Iberia has said that the arrival of the A321XLR would help it comply with its environmental commitments, part of an industry-wide effort to eliminate net CO2 emissions by 2050.The airline plans an event on Nov. 6 to celebrate the latest milestone, though several observers noted the industry's usual tight discipline on carbon-neutral messaging was dented by the choice of registration marked on the plane's fuselage: EC-OIL.The latest Airbus and Boeing single-aisle jets use engines that the industry says will burn at least 15% less fuel.The jet delivered to Iberia is powered by LEAP engines from CFM International, owned by GE Aerospace and Safran. RTX unit Pratt & Whitney also offers engines for the jet.Meanwhile Saudi Arabia's new national airline, Riyadh Air, announced on Wednesday it has ordered 60 narrow-body aircraft from Airbus, as it prepares for takeoff next year, reports AFP.The carrier, created last year, has reached "an agreement to purchase 60 Airbus A321neo single-aisle aircraft in the latest step towards its maiden flight in 2025", it said in a statement.Saudi Crown Prince Mohammed bin Salman sees aviation as a key component of his "Vision 2030" reform agenda to remake the petroleum-centred country, aiming to more than triple annual traffic to 330mn passengers by the end of the decade.He announced the creation of Riyadh Air in March 2023. It is owned by the Saudi sovereign wealth fund, the Public Investment Fund.The deal announced on Wednesday is Riyadh Air's second major purchase after it agreed last year to buy 39 wide-body Boeing Dreamliners, with options for 33 more jets.The new "multi-billion dollar" deal brings the firm's total aircraft orders to 132 and "positions the airline for efficient flight operations by having an optimal fleet mix to fulfil its network ambitions of 100 destinations by 2030," the statement said.Saudi officials in November 2022 announced plans for a large new airport in Riyadh.The existing flag carrier, Saudia, is headquartered in the coastal city of Jeddah.Some analysts have questioned the feasibility of Riyadh Air's goals, describing the regional market as already saturated.

New York City-area airports recorded their busiest September ever with 11.9mn passengers, remaining on track for a record year as commercial travel rebounds from the Covid pandemic.The Port Authority of New York and New Jersey said the year-to-date passenger count through September reached about 109.7mn, according to a Tuesday press release. The total is 1.5mn higher than the same period in what proved to be a record 2023.The recovery in travel is pushing airports nationwide to improve and increase taxiways, gate capacity and aircraft parking to prevent flight delays. Newark Airport, for example, is undertaking a major overhaul of its terminals, air train and parking facilities under the Port Authority’s EWR Vision Plan.The agency, a major issuer of municipal bonds to finance infrastructure, also has its JFK airport embarked on a $19bn renovation plan.The Port Authority also engineered an $8bn reboot of New York’s LaGuardia Airport, once rated one of the worst in the US because of cramped hallways, lack of amenities and flight delays. The facility was recently cited as the best US airport by Forbes.In its press release, the agency also said that the PATH commuter rail had a post-pandemic monthly high of 5.12mn passengers in September. And the Port of New York and New Jersey had its second-busiest September of all time.

Market heavyweight Industries Qatar (IQ) – the holding entity of Qatar Petrochemicals, Qatar Fertilisers and Qatar Steel – has reported a 7% year-on-year jump in net profit to QR3.5bn in the first nine months (9M) of 2024.The group’s operations continue to remain stable and reliable as production volumes for the current period improved versus 9M-23, largely driven by marginally stable operating rates, and plant availability across all the segments amid planned and unplanned maintenance across most segments together with additional capacity in the steel segment on account of Al-Qataria acquisition.Group revenue for 9M-24 moderately declined year-on-year to QR12.7bn, primarily due to an overall decline in average selling prices.Sales volumes for 9M-2024 rose marginally versus 9M-2023, driven by stabilisation of demand, resulting from gradual easing of macro-economic challenges and supply-bottlenecks. Despite ongoing regional uncertainties and variations in shipment timing across some segments, overall sales volumes improved. This positive trend was further supported by a year-on-year increase in production levels.The Group’s financial position continues to remain robust, with robust proportionately accounted cash and bank balances as of September 30, 2024, after accounting for a dividend payout relating to 2023 of QR4.7bn and 2024 interim dividend amounting to QR1.9bn. Currently, the group has no long-term debt obligations.The Group reported total assets and total group equity of QR40.9bn and QR36.9bn respectively. It generated positive operating cash flows of QR3bn, with free cash flows of about QR1.3bn during first nine months of 2024.The petrochemicals segment reported a net profit of QR1.2bn for 9M-2024, showing an improvement of 2% on an annualised basis on account of higher segment’s revenue, while the segment successfully maintained its margins.Despite challenging macroeconomic conditions, the segment witnessed some signs of recovery during the year, reflecting in marginally improved sales volumes, although average selling prices were slightly lower against the same period of last year.Production levels remained "relatively stable" throughout this period. The segment ability to navigate these market conditions effectively, capitalising on slight improvement in macroeconomic factors and maintaining operational efficiency, contributed to the overall increase in profit.The fertiliser segment reported a 14% growth in net profit to QR1.6bn for 9M-2024, driven by reduced operating costs. The improvement in operating costs was mainly associated with lower variable costs, owing to decreased feedstock prices and favourable inventory changes. Additionally, sales volumes marginally improved due to increased production volumes compared to the same period last year.Despite the improved profitability, the segment’s revenue was down 2% to QR5.58bn in 9M-2024 due to lower selling prices, which was partially offset by improved sales volumes. Selling prices declined marginally as nitrogen fertiliser prices have stabilised to their long-term averages since peaking in 2021.The steel segment reported a net profit of QR435mn, up 7% on an annualised basis, mainly on recognition of one-off other income related to reversal of a bank guarantee that was previously provided to one of its associates.The segmental revenue declined 10% to QR2.94bn due to a combined effect of lower prices and volumes. Steel prices, on average, declined due to higher supply in the market and softening of both domestic and international demand.

Hamad International Airport (HIA) has announced the expansion of its connectivity to China with the launch of direct flights to Shenzhen, operated by Shenzhen Airlines.The new route marks the airport’s ninth destination in China and Shenzhen Airlines’ first destination in the Middle East. From October 29, Shenzhen Airlines operates the new Doha-Shenzhen route three times a week, with flights on Tuesdays, Thursdays, and Sundays.The service is operated using Shenzhen Airlines' Airbus A330-300, offering a total of 300 seats across the business, premium economy, and economy classes. The aircraft features 16 lie-flat business class seats, 23 premium economy seats, and 261 economy class seats.Following the Shenzhen aircraft's touchdown at HIA, a ceremony was hosted by the airport to commemorate the launch of the new route. HIA COO Hamad Ali al-Khater welcomed Chinese ambassador Cao Xiaolin, Shenzhen Airlines board member and vice president Li Chuanwei, and other distinguished guests from Qatar and China. The ceremony featured a symbolic ribbon-cutting and exchange of gifts, solidifying the strong partnership between the two nations.Al-Khater said: “As Shenzhen Airlines commences operations on the new Doha-Shenzhen route, marking its first destination in the Middle East, it not only strengthens Qatar’s connectivity with China but also provides passengers with greater travel options and contributes to economic growth.“Our traffic performance between Qatar and China has shown remarkable growth, increasing by almost 100% last year, reflecting the strong demand for travel between our nations. We look forward to a long and successful partnership with Shenzhen Airlines and are committed to providing the highest level of service and support.”Established in 1992, Shenzhen Airlines operates a fleet of over 200 aircraft, connecting major domestic cities in China with key international destinations across East Asia, Southeast Asia, and Europe.As a member of the Star Alliance since 2012, Shenzhen Airlines has continuously expanded its global network, with the Doha service representing a significant step in linking China to more destinations worldwide.Shenzhen, often referred to as “China’s Silicon Valley”, is a global hub for technology, international trade, and finance, housing world-class companies, such as Huawei, Tencent, and DJI. Its strategic location in Guangdong Province, across from Hong Kong, positions it as a critical centre for economic and technological growth.The new Doha-Shenzhen route will enhance collaboration between the two cities, promote stronger business ties, and contribute to increased economic activity in both regions.Since its inauguration in 2014, HIA has emerged as a leading global aviation hub, continuously expanding and enhancing its network. Recent partnerships reflect Qatar’s commitment to strengthening its tourism offerings, aligning with Qatar National Vision 2030.HIA’s innovative air service development strategy has been pivotal in attracting numerous airlines and establishing seamless routes, reinforcing the airport’s position as a critical gateway for global connectivity.

Qatar Chamber board member Ibtihaj al-Ahmadani has met with ICC World Chambers Federation board member Reem Siam to discuss several topics of importance to both organisations. Al-Ahmadani is also the president of the Qatar Businesswomen Forum, while Siam is the president of the Economic Businesswomen Council at the Federation of Egyptian Chambers of Commerce and the president of the Economic Businesswomen Council of the Alexandria Chamber of Commerce. During the meeting, both officials discussed cooperation relations between Qatar Chamber and the General Federation of Egyptian Chambers of Commerce and means of enhancing them to contribute to the development initiatives between the business sectors in both countries. Al-Ahmadani lauded the close fraternal relations between both countries, pointing out the importance of enhancing trade exchange and increasing joint investments, which contributes to achieving sustainable development.

The State of Qatar participated in the 8th edition of the Future Investment Initiative. Held under the theme: "Infinite Horizons: Investing Today, Shaping Tomorrow", the event was held in Riyadh, Saudi Arabia, on Tuesday.HE the Minister of Finance Ali bin Ahmed al-Kuwari chaired the State of Qatar's delegation participating in the conference.Al-Kuwari attended the inaugural session of the conference and many panel discussions that addressed major topics related to sustainable investment and modern technologies which help reinforce international co-operation in the investment field.The conference underscores the importance of investment in shaping the future of the world economy and discusses new trends and promising opportunities. It brings together over 5,000 participants from 90 countries, among them heads of states and governments, and leaders of major global firms.The event is a pioneering platform that gathers investors and decision makers to share ideas and lay out innovative solutions to address the current economic challenges.

Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North Africa (Mena) region, has reported a 16% year-on-year increase in net profit to QR525mn for the first nine months (9M) of 2024.Gross written premiums (GWP) amounted to QR7.2bn with domestic and Mena operations contributing QR3.9bn. Insurance service results increased by 62% year-on-year to QR414mn in 9M-2024.QIC currently has a balanced and well diversified portfolio with 54% of its insurance business written by the Mena entities and 46% of business underwritten by international operations.It continues to show its considerable resilience, reporting an investment income of QR712mn for 9M 2024 against QR743mn the same period last year. The return on investment stood at 5% on annualised basis.As of the end of 9M-2024, the composition of QIC’s investment portfolio continues to remain "stable and consistent" with the previous year.“QIC’s strong momentum over the first nine months of 2024 has been reflected in another outstanding set of results. The company has focused intensively on strengthening its position in domestic and Mena markets – where GWP have increased 43% compared with the same period in 2023," Sheikh Hamad bin Faisal al-Thani, chairman of QIC Group said, adding this is evident in the growth coming from its direct GCC business, arising from health and personal lines business.Highlighting that the reduction in global inflation this year suggests that the outlook for the macroeconomic climate is becoming more encouraging, though challenges certainly persist; he said QIC’s long-term strategy of reducing exposure to underperforming international markets – augmented most recently by the strategic restructuring of its UK motor business – positions the group well to weather the impact of international economic volatility.Salem Khalaf al-Mannai, chief executive officer of QIC Group, said QIC enters the final quarter of the year in excellent shape, having reported robust, consistent and stable consolidated net profits over the past nine months."Once again, the company’s continued endeavours towards maximising the benefits of AI (artificial intelligence) technologies in business decision making, process efficiencies and automation have bolstered its already exceptional operational efficiency, and cemented QIC’s position as a market leader in digital innovations," he said.The strategic restructuring of its international business is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the group back to profitability, he said, adding this restructuring now positions the group for greater stability and profitability with controlled exposure to UK Motor as a public reinsurer instead of a direct insurer."By successfully completing this restructuring, the group is confident that it will have a well-diversified and balanced portfolio between its Mena and international business. We are pleased with the outcome of consistent and stable underwriting income with improving combined ratio," said al-Mannai.

China is considering approving next week the issuance of over 10tn yuan ($1.4tn) in extra debt in the next few years to revive its fragile economy, a fiscal package which is expected to be further bolstered if Donald Trump wins the US election, said two sources with knowledge of the matter.China's top legislative body, the Standing Committee of the National People's Congress (NPC), is looking to approve the fresh fiscal package, including 6tn yuan which would partly be raised via special sovereign bonds, on the last day of a meeting to be held from November 4-8, said the sources.The 6tn-yuan worth of debt would be raised over three years including 2024, said the sources, adding the proceeds would primarily be used to help local governments address off-the-books debt risks.The planned total amount, to be raised by issuing both special treasury and local government bonds, equates to over 8% of the output of the world's second-largest economy, which has been hit hard by a protracted property sector crisis and ballooning debt of local governments.Reuters is confirming for the first time that the Chinese authorities are contemplating approving the 10tn yuan stimulus package, an amount that financial analysts have said in recent weeks they expect Beijing to consider.The spending plans suggest that Beijing has switched into a higher stimulus gear to prop up the economy although it's still not the 2008-like bazooka that some investors have been calling for.The central bank in late September announced the most aggressive monetary support measures since the Covid-19 pandemic. The government followed up weeks later by flagging more fiscal stimulus without specifying financial details of the package, stoking intense speculation in global markets about the size of the new spending.The sources who have knowledge of the matter declined to be named due to confidentiality constraints.The State Council Information Office and the news department of the NPC Standing Committee did not immediately respond to Reuters requests for comment.The sources cautioned that the plans are not finalized yet and remain subject to changes."The current policy priorities appear to focus first on addressing local government hidden debt, followed by financial system stability, and then on supporting domestic demand," said Tommy Xie, head of Greater China Research at OCBC Bank.China's top legislative body generally holds its meeting every two months — in the second half of even-numbered months. As per the parliament's 2024 work agenda, released in May, a standing committee session was planned for October.The forthcoming meeting was initially planned for late October before being rescheduled to early November, said one of the sources.The meeting's timing, which coincides with the week of the US presidential vote on November 5, offers Beijing greater flexibility to adjust the fiscal package including the total size, based on the election outcome, said the sources.Beijing may announce a stronger fiscal package if Trump wins a second presidency as his return to the White House is expected intensify the economic headwinds for China, the two sources said.Republican candidate Trump has gained in recent polls to erase much of the early advantage of his Democratic opponent, Vice-President Kamala Harris. Trump has vowed to impose 60% duties on imports from China.As part of its latest fiscal package, the NPC Standing Committee is also expected to greenlight all or part of up to 4tn yuan worth of special-purpose bonds for idle land and property purchases over the next five years, said the sources.Local governments would be allowed to raise that amount on top of their usual annual issuance quota, which mainly funds infrastructure spending. The quota stood at 3.9tn yuan this year and 3.8tn in 2023.The latest move is aimed at enhancing local governments' ability to manage land supply, and alleviate liquidity and debt pressures on both local governments and property developers, they added.Special-purpose bonds are a tool for off-budget debt financing used by Chinese local governments, with the proceeds raised typically earmarked for specific policy objectives, such as infrastructure expenditures.Should the NPC Standing Committee approve these issuances in full instead of in stages, it could increase the total stimulus size to over 10tn yuan, they added.An average of 2tn yuan in new central government debt annually underscores an urgency in Beijing to shore up the economy.