Business

United Development Company (UDC), the master developer of The Pearl Island and Gewan Island, reported a net profit of QR241mn on revenues of QR1.2bn.The net profit attributable to equity shareholders amounted to QR242mn, with basic earnings per share of QR0.068. As of September 30, 2024, UDC’s authorised share capital stands at QR3.5bn, with total assets of QR19.7bn.Throughout the first nine months of 2024, UDC made significant strides across its core business areas, with notable achievements in residential sales, leasing activities, and retail operations at both The Pearl and Gewan islands. The company also completed major development milestones at Crystal Residence in Gewan Island and The Pearl International Hospital.As these projects are nearing completion, UDC is set to launch the hospital in Q4 2024, while the activation of Gewan Island’s residential and retail activities is also expected in Q4 2024 and Q1 2025. Crystal Residence handovers are scheduled to begin in November 2024, marking a significant step toward the island's full-scale development.On the developmental front, UDC has made significant progress at Gewan Island, with all major works for the mixed-use Crystal Residence buildings now completed. The island’s substations are fully operational, and the outdoor cooling system for the mixed-use buildings is in place. Additionally, all utility services are completed and functional for both Gewan Island and Marina Quartier. The fencing and gates for the waterfront and beachfront villas are also finished, and the dredging works for the sea pool area have been completed.Significant progress has also been made in the development of Corinthia Hotel and Solymar Beach Club, with the completion of the main structural and concrete works. The stone facade of the hotel has reached 50% completion, while interior finishing works have advanced across most floors of the hotel and beach club. Additionally, Corinthia’s residential mock-up villa has been completed.Retail leasing at Gewan Island has witnessed strong demand, with 84% of available retail space at Crystal Walkway already leased, amounting to 9,220sq m. Fit-out works by confirmed tenants are underway in preparation for the island’s imminent inauguration. UDC also achieved 46% residential sales in Crystal Residence, further cementing Gewan Island’s appeal as a premier development.To further stimulate foreign investment and enhance commercial revenues, UDC continues its international outreach strategy, with participation in several exhibitions, including Cityscape Qatar, LPS Shanghai, and the International Business Forum of Property in Russia. These efforts underscore UDC’s commitment to showcasing Qatar’s dynamic real estate market on the global stage.UDC also won eight prestigious international awards for sustainability from The Green Organisation, reflecting its ongoing commitment to environmental responsibility. The company also received the 2024 Corporate Social Responsibility Excellence Award.In recognition of its efforts in business continuity, UDC was awarded the Global Business Continuity Award from CIR Magazine in the UK. UDC’s ongoing commitment to health, safety, and well-being was also acknowledged with the International Safety Award 2024 from the British Safety Council, marking the fourth time the company has been honoured for its outstanding workplace safety standards.Building on its achievements thus far in 2024, UDC remains focused on completing the remaining milestones at The Pearl and Gewan Islands. The opening of The Pearl International Hospital in Medina Centrale is set to strengthen The Pearl Island’s role as a hub for premium healthcare services. Meanwhile, Gewan Island continues to show promise in enhancing Qatar’s real estate offerings with UDC anticipating strong sales and leasing performance as the inauguration of Crystal Residence and Crystal Walkway approaches.

HE Sheikh Bandar bin Mohammed bin Saoud al-Thani, Governor of the Qatar Central Bank (QCB), on Monday met with Mary Erdoes, JP Morgan Asset and Wealth Management chief executive officer. During the meeting, they reviewed the latest global developments in banking and finance.

The Qatar Stock Exchange on Monday fell about 56 points on the back of selling pressure, especially at the telecom and industrials counters.The foreign funds were seen net profit takers as the 20-stock Qatar Index shed 0.53% to 10,504.28 points, although it touched an intraday high of 10,593 points.The foreign individuals were also seen net sellers in the main market, whose year-to-date losses widened to 3.01%.As much as 48% of the traded constituents were in the red in the main bourse, whose capitalisation was down QR0.43bn or 0.07% to QR621.88bn on the back of microcap segments.The Gulf funds were seen bearish in the main market, which saw as many as 0.1mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.22mn trade across 10 deals.The Islamic index was seen declining faster than the other indices in the main bourse, whose trade turnover fell amidst higher volumes.The Arab individuals’ weakened net buying had its influence in the main market, which saw no trading of treasury bills.However, the domestic funds were net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index shed 0.53%, the All Islamic Index by 0.54 and the All Share Index by 0.38% in the main market.The telecom sector index tanked 1.27%, industrials (0.74%), banks and financial services (0.38%) and transport (0.23%); while real estate gained 0.99%, insurance (0.28%) and consumer goods and services (0.13%).Major shakers in the main bourse included Ooredoo, Qatar General Insurance and Reinsurance, Qamco, Industries Qatar, Al Khaleej Takaful, Dukhan Bank, Mesaieed Petrochemical Holding and Nakilat.In the venture market, Techno Q saw its shares depreciate in value.Nevertheless, Ezdan, Salam International Investment, Doha Insurance, Aamal Company, Doha Bank and Qatar Oman Investment were among the gainers in the main market.In the junior bourse, Al Mahhar Holding saw its shares appreciate in value.The foreign institutions turned net sellers to the tune of QR19.51mn compared with net buyers of QR25.18mn on October 27.The foreign individual investors were net sellers to the extent of QR3.76mn against net buyers of QR5.11mn the previous day.The Gulf institutions turned net profit takers compared with net buyers of QR3.67mn on Sunday.The Arab individuals’ net buying declined noticeably to QR0.78mn against QR3.84mn on October 27.However, the domestic funds turned net buyers to the tune of QR23.82mn compared with net sellers of QR8.42mn the previous day.The Gulf retail investors were net buyers to the extent of QR0.58mn against net sellers of QR3.94mn on Sunday.The Qatari individuals turned net buyers to the tune of QR0.29mn compared with net sellers of QR25.45mn on October 27.The Arab institutions had no major net exposure for the second straight session.Trade volumes in the main market were up 1% to 235.3mn shares, whereas value shrank 7% to QR418.5mn despite 19% higher transactions at 15,020.The venture market saw a 34% contraction in trade volumes to 2.53mn equities, 33% in value to QR5.9mn and 12% in deals to 106.

Qatar International Court and Dispute Resolution Centre (QICDRC) has welcomed a Chinese judicial delegation, headed by Judge Zhao Hong, President of the Shanghai Financial Court.The delegation was received by Faisal Rashid al-Sahouti, Chief Executive Officer of QICDRC, and Abdullatef al-Mohannadi, Deputy Registrar of QICDRC, along with several other QICDRC employees.The delegation included members of the Shanghai Financial Court, including Judge Zhao Hong, President of the Court; Lyu Nanting, Deputy Director General of the Academic Committee of the Shanghai Law Society; Judge Wang Xin, Chief Judge of the Third Comprehensive Division; Li Bei, Director of the General Office; Judge Xu Wei, Chief Judge of the Case-Filing Division; and Judge Xu Xiaoxiao, Director of the Research Office.This visit marks a significant step in strengthening judicial co-operation between the two countries, building upon the collaboration established in 2021.The discussions highlighted crucial exchange of expertise, particularly in litigation, alternative dispute resolution and optimising the use of modern technology in case management to accelerate legal proceedings and ensure swift justice.The Chinese delegation was provided with an in-depth overview of Qatar's achievements in establishing specialised courts, notably the Investment and Trade Court and QICDRC – the first specialised court in Qatar.The court plays a pivotal role in resolving commercial and investment disputes arising from the operations of global financial entities based within the Qatar Financial Centre and the Qatar Free Zones Authority.The QICDRC is known for upholding the principles of independence, impartiality, and transparency, ensuring fairness for all parties involved.The Chinese delegation was introduced to QICDRC’s advanced "eCourt" system, a cutting-edge system that enables litigants to file cases, submit evidence, attend hearings, and move towards resolution and enforcement through secure electronic platforms.Emphasising the importance of such engagements in advancing judicial co-operation and sharing best practices, particularly in leveraging technology within the judiciary, al-Sahouti said the digitalisation of court processes is now essential for delivering timely justice, enhancing the efficiency of the judicial system, and ultimately improving Qatar’s attractiveness as a destination for foreign investment and business growth.

The Qatar Stock Exchange (QSE) on Sunday opened the week on a stronger note with its key index gaining more than 159 points and capitalisation adding about QR11bn on an across the board buying interests.The real estate, telecom and industrials counters witnessed higher than average demand as the 20-stock Qatar Index shot up 1.53% to 10,559.95 points, although the index touched an intraday high of 10,575 points.The foreign funds were seen net buyers in the main market, whose year-to-date losses truncated to 2.5%.As much as 90% of the traded constituents extended gains to investors in the main bourse, whose capitalisation added QR10.78bn or 1.76% to QR622.31bn on the back of large cap segments.The Arab individuals were seen bullish in the main market, which saw as many as 0.16mn exchange traded funds (sponsored by Masraf Al Rayan and Doha Bank) valued at QR0.36mn trade across 13 deals.The Islamic index was seen outperforming the other indices in the main bourse, whose trade turnover and volumes were on the increase.The Gulf institutions turned net buyers in the main market, which saw no trading of treasury bills.The foreign individuals were seen increasingly net buyers in the main bourse, which saw no trading of sovereign bonds.The Total Return Index rose 1.53%, the All Islamic Index by 1.8% and the All Share Index by 1.45% in the main market.The realty sector index shot up 2.29%, telecom (2.23%), industrials (1.69%), transport (1.41%), banks and financial services (1.35%), insurance (1.28%) and consumer goods and services (0.59%).Major gainers in the main market included Ezdan, Alijarah Holding, Qatari Investors Group, Al Khaleej Takaful, Salam International Investment, QIIB, Masraf Al Rayan, Lesha Bank, Baladna, Meeza, Qatar Investors Group, Aamal Company, Qamco, Mazaya Qatar and Ooredoo. In the juniour bourse, Techno Q saw its shares appreciate in value.Nevertheless, Qatar General Insurance and Reinsurance, Zad Holding, Al Meera and Qatar National Cement were the losers in the main bourse. In the venture market, Al Mahhar Holding saw its shares depreciate in value.The foreign institutions turned net buyers to the tune of QR25.18mn compared with net sellers of QR49.8mn on October 24.The foreign individual investors’ net buying increased perceptibly to QR5.11mn against QR3.06mn last Thursday.The Arab individuals were net buyers to the extent of QR3.84mn compared with net sellers of QR17.92mn the previous trading day.The Gulf institutions turned net buyers to the tune of QR3.67mn against net profit takers of QR6.14mn on October 24.However, the Qatari individuals’ net selling expanded substantially to QR25.45mn compared to QR12.83mn last Thursday.The domestic funds turned net sellers to the tune of QR8.42mn against net buyers of QR81.64mn the previous trading day.The Gulf retail investors were net sellers to the extent of QR3.94mn compared with net buyers of QR2.49mn on October 24.The Arab institutions had no major net exposure against net profit takers to the extent of QR0.5mn last Thursday.Trade volumes in the main market soared 80% to 233.09mn shares and value by 22% to QR451.29mn, while transactions were down 5% to 12,630.In the venture market, trade volumes more than doubled to 3.81mn equities and value also more than doubled to QR8.83mn on 10% jump in deals to 120.

Qatar will post the strongest growth in road freight in the Gulf region at 35% between 2023 and 2030, according to IRU (International Road Transport Union), which represents the voice of more than 3.5mn companies operating mobility and logistics services in over 100 countries.Qatar had the strongest growth in the GCC (Gulf Co-operation Council) road freight market in 2023 (6.1% year-on-year); even as the UAE is expected to have the highest growth in 2024 (3.8% year-on-year), IRU said in its briefing 'Road freight and trade in the Gulf Co-operation Council region: Challenges and opportunities'.The size of the GCC road freight market was $22.6bn in 2023, which was 1.2% of the region’s GDP (gross domestic product), the report said, adding it represents 27% of the overall freight transport industry’s gross output and is expected to grow by 22% between 2023 and 2030. It is the second fastest growing mode in terms of market size, after air freight.The UAE has the largest road freight market by size, 39% of the region’s total in 2023; followed by Saudi Arabia (22%), it said, adding Oman has the highest share of road freight out of the total freight transport market, 27% in 2023; followed by Saudi Arabia (22%).Almost all overland freight within the GCC is transported by road. Road freight in the region is projected to continue growing over the coming years, driven by planned infrastructure projects, growing intra-GCC trade, and e-commerce expansion across the broader Middle East and North African region."Current geopolitical conflicts are also boosting road freight demand in the GCC. The ongoing Red Sea crisis has notably impacted maritime shipping, with regional and intercontinental trade being rerouted away from the Suez Canal towards overland or intermodal options," the report said.More than 1mn trucks are in operation in the GCC, a number that increases by 5% to 9% every year, it said, adding the GCC E-commerce sector grew by 7.6% year-on-year in 2023, reaching $23.8bn. "This rapidly growing cross-border sector will boost the need for road freight services across the Middle East and beyond," it said.Highlighting that in terms of the types of road freight services available in the GCC, the full truck load (FTL) and less than truck load (LTL) segments currently constitutes almost half of the total road freight market; IRU said "this will continue to increase due to the region’s strategic position and its free trade zones and economically dynamic cities."Although intra-GCC trade has been growing rapidly, borders have not kept up, it said, adding there are a limited number of border crossing points, many of which have not been significantly upgraded for years.The report also said many GCC-based companies are less digitalised than enterprises in more developed markets, reducing their competitiveness versus international companies.The main trade itineraries within the GCC are UAE exports to Kuwait (17mn tonnes in 2022), followed by Oman exports to Qatar (15mn tonnes) and Saudi Arabia exports to the UAE (13mn tonnes), the IRU said, adding the total value of all these itineraries was $62bn in 2022.

United Development Company (UDC), the master developer of The Pearl Island and Gewan Island, has been honoured with the ‘Best Cloud Transformation Project 2024’ and ‘Best Digital Transformation Leader 2024’ awards.The accolades were presented during the Middle East Enterprise AI & Analytics Summit and Awards held at Marsa Malaz Kempinski, The Pearl Island. It reflects UDC’s ongoing commitment to technological innovation and digital transformation excellence, cementing its real estate sector leadership.The Best Cloud Transformation Project 2024 award recognises UDC’s achievement in fully automating and migrating its customer business operations to the cloud. Central to this transformation is The Pearl Island Super App, which leverages serverless computing to provide seamless operational control, efficiency, and security within a single platform. The app consolidates all e-services, offering residents and visitors access to a wide range of amenities and services, thus elevating the living experience at The Pearl Island by making it more connected and convenient.Further highlighting the company’s success, UDC staff was awarded Best Digital Transformation Leader 2024, acknowledging the leadership that successfully executed UDC’s Customer Experience (CX) strategy. By centralising customer operations in a unified cloud-based ecosystem, UDC has significantly improved service delivery and customer engagement. The launch of The Pearl Island mobile app represents a major milestone, integrating all e-services and offering residents and visitors seamless access to vital information and services, enhancing every aspect of life at The Pearl Island.UDC’s leadership in digital transformation was also prominently showcased during Cityscape Qatar 2024, where the company revealed a range of groundbreaking, AI-driven lifestyle solutions. These innovations which will be implemented across The Pearl and Gewan islands, are set to transform customer operations and community management.Through the use of Artificial Intelligence (AI) and Internet of Things (IoT) technologies, UDC aims to revolutionise the living experience by offering streamlined and highly efficient solutions for every aspect of real estate management, from sales and marketing to after-sales services and property management.By integrating smart technologies, UDC is reshaping the way it engages with customers and manages community services. Advanced digital platforms are enhancing customer interactions, making the sales process more personalised and efficient. The Omni-Channel AI Bot delivers real-time support across multiple platforms, ensuring a smooth and responsive customer journey.Meanwhile, IoT-enabled systems monitor environmental conditions to optimise resource management, waste control, security, and overall community well-being.A standout feature of UDC’s digital transformation is the implementation of smart building access and parking solutions, designed to improve security and convenience for residents. These solutions, coupled with AI-powered property management and integrated e-services, are setting new benchmarks in operational efficiency. The Pearl Island mobile app further enhances the resident and visitor experience by offering access to all services, including luxury features like complimentary limousine service, adding a touch of convenience to daily life.UDC’s recognition with the Best Cloud Transformation Project 2024 award highlights the company’s leadership in adopting advanced technologies to create smart, sustainable communities. These innovations go beyond technology integration; they aim to elevate the quality of life for residents and visitors, ensuring that The Pearl and Gewan islands remain at the forefront of modern, luxurious living in Qatar.As UDC continues its journey toward digital transformation, the company is dedicated to leveraging cutting-edge technology to build more connected, efficient, and vibrant communities. This forward-thinking approach is set to shape the future of real estate development in Qatar, solidifying UDC’s role as a pioneer in smart and sustainable living.

The Qatar Association for Freight Forwarding and Logistics (QAFL) has held its third meeting at Qatar Chamber and was presided over by Qatar Chamber board member and QAFL president Ali bin Abdullatif al-Misnad.During the meeting, which was attended by QAFL vice-president Ehab Matta of Qatar Airways, the following members of the association were identified: Ranjeev Menon, CEO of GWC Group; Elias Abou Jawdeh, Commercial and Business Development professional at Milaha; Nael al-Attiyat, country manager at Elite Express Cargo; Mohamed Elwan, CEO of Servex Global Logistics Group; Ahmed el-Fangary, country manager of DHL Express Qatar; and Firas Balawi, general manager of FedEx.The meeting addressed several challenges facing the logistics and cargo services sector, as well as the opportunities available in this vital industry. The agenda included the introduction of newly appointed members, the approval of the minutes of the previous meeting, and the finalisation of standardised terms and conditions for freight and logistics companies.Al-Misnad stressed the significance of co-operation and unifying standardised terms and conditions for freight and logistics companies in line with the standards of the FIATA International Federation of Freight Forwarders Associations.It also highlighted concerns regarding the company’s policy on dangerous goods. Al-Misnad called for a clearer approach that allows for the handling of these items in strict compliance with FIATA regulations.He further underscored the significance of leveraging the membership of FIATA Region Africa and the Middle East to enhance international connections, as well as the necessity of increasing engagement through social media and mobile applications for future events. The meeting also included a presentation from Seyir Mobil, a Turkish company specialising in fleet management.

The Qatar International Centre for Conciliation and Arbitration (QICCA) at Qatar Chamber recently concluded the ‘Qualification and Preparation of Arbitrators Programme’, held in co-operation with Qatar University’s Centre for Continuing Education.QICCA board member for International Relations Sheikh Dr Thani bin Ali al-Thani and QICCA secretary-general Ibrahim Shahbik attended the concluding ceremony.Sheikh Dr Thani delivered the graduation certificates to the 25 trainees who completed the fifth stage of the programme, titled ‘Practical Trial’. The programme aimed to prepare and qualify Qatari personnel through a scientific and training curriculum focused on arbitration.In a statement, Sheikh Dr Thani said since its launch in 2016, QICCA’s programme has graduated many trainees in the field of arbitration who play a major role in the country’s arbitration processes on Sunday. He noted that the programme equips its graduates with comprehensive knowledge of arbitration, covering procedural, practical, and legal aspects.He also highlighted that the centre helps programme graduates refine their expertise and gain practical experience by involving them in arbitration cases, provided the parties involved do not object.Sheikh Dr Thani emphasised the growing awareness of the importance of arbitration as a means of settling disputes arising from commercial contracts. He noted that arbitration in Qatar is experiencing significant growth due to increased economic and commercial activity.He highlighted the programme’s broad turnout, attracting numerous employees from governmental and semi-governmental entities, particularly in legal and engineering fields. The registration for the next edition will be opened soon, he added.

India is shaping up to be a destination for investors seeking a relative shelter from financial volatility linked to the US election.A steady influx of foreign capital has positioned the nation’s bonds among top performers in developing markets this year, while the country’s stock market hit a record high last month, buoyed by robust domestic liquidity. India’s appeal is driven by a blend of structural factors: stable political ties with both the US and Russia, capital controls that curb hot money flows, and a currency that’s less impacted by big dollar moves than emerging market peers.India’s divergence from global markets was evident last week when its sovereign bonds remained relatively steady despite a global selloff in US Treasuries. The nation has become a key emerging market bet for abrdn plc, particularly ahead of the US presidential election on November 5, as hedge funds brace for a pickup in global volatility.“India’s local bond market is relatively insulated from the volatility of global markets, remaining peaceful amidst the storm,” said Edward Ng, a bond fund manager at Nikko Asset Management Co. “Given the market’s low volatility, we remain comfortable staying invested in Indian bonds,” which may outperform in a strong-dollar environment, he said.A key pillar of India’s resilience is its currency — once one of Asia’s most volatile. For much of 2024, the rupee has been stuck between 82.8 and 84.1 per dollar due to Reserve Bank of India’s interventions.Data compiled by Bloomberg show that the currency has only shaved 1 percentage point off the returns on Indian bonds this year, less than half the rate of currency-related losses on emerging market local-currency bonds overall.The rupee offers “minimal” volatility, Edwin Gutierrez, head of EM sovereign debt at abrdn, said in an interview. “In this world of uncertainty it ain’t a bad place to be.”To be sure, India isn’t a hotspot for global equity investors right now. Signs of a slowdown in the country’s robust economic growth and a rebound in Chinese stocks have led to outflows of $8.8bn from local shares in October, set for a record. While domestic investors’ purchases have evened out foreign outflows, the stock market is still on track for its worst month since March 2020.The selloff hasn’t led to dramatic swings in the market. The 60-day historical volatility for the benchmark NSE Nifty 50 Index stands at 13.2% — 1.95 percentage points lower than the S&P 500 Index, indicating relative stability in comparison.UBS Global Wealth Management suggests the selloff is a buying opportunity as the soft patch in India’s growth and earnings appears transitory. The view followed Goldman Sachs Group Inc tactically lowering local shares to neutral from overweight last week.India isn’t the only emerging economy offering a low correlation to global sentiment. Amundi SA and William Blair & Company, LLC have said they favour frontier markets such as Nigeria and Kazakhstan, as potential buffers against US election-driven turmoil.Yet these alternatives lack the liquidity and depth of India’s $1.3tn sovereign debt market and $5tn of stocks. The country is also expected to lure more offshore funds as part of its inclusion in JPMorgan’s bond index — BlackRock Inc and Amundi SA have launched ETFs to ride that wave.India is due to join Bloomberg’s EM gauges from January.“India local still screens fairly attractively to us,” compared with other assets globally like dollar-denominated debt, said Leonard Kwan, portfolio manager of T. Rowe Price Group Inc’s dynamic EM bond strategy. “We’re overweight rather than in line with the benchmark” on India.Bloomberg LP is the parent company of Bloomberg Index Services Ltd, which administers indexes that compete with indexes from other providers.

The rally in US stocks is wobbling as it confronts a stretch of potentially market-shaking events, starting next week with corporate results from tech titans and the closely watched employment report, while the US election is also nearing.The benchmark S&P 500 is up about 22% on the year, but has edged back from record-high levels in recent days.Still, equities remain at elevated valuations, which could make stocks vulnerable should any of the near-term market events fall short of expectations.The S&P 500's price-to-earnings ratio, based on earnings estimates for the next 12 months, is at 21.8, near its highest level in over three years, according to LSEG Datastream."People will be on pins and needles for most of next week," said Peter Tuz, president of Chase Investment Counsel Corp "The market is expensive... Any time you have an elevated market the potential for a bigger downdraft exists if something disappointing happens." Five of the "Magnificent Seven" group of megacap companies that have played a major role in driving the market over the past couple of years are set to report quarterly results next week: Google parent Alphabet, Microsoft, Facebook owner Meta Platforms, Apple and Amazon.Because of their massive market values, those companies jointly account for 23% of the weight of the S&P 500, meaning market reaction to their results could sway broader indexes in coming days.The Magnificent Seven stocks trade an average forward P/E ratio of 35 times, as the companies overall have posted much stronger profit growth than the rest of the S&P 500. But that gap is expected to close in coming quarters."I see a handful of companies that deservedly have very high multiples but if that reason for being deserved falters then there's a lot of room below for those stocks to fall," said Bryant VanCronkhite, senior portfolio manager at Allspring Global Investments.Investors will be looking across these megacap companies to see if their increased spending on artificial intelligence capabilities is starting to show benefits.AI "hyperscalers" — Microsoft, Amazon, Alphabet and Meta — are set to increase capital expenditures by 40% this year, while such capex spending for the rest of S&P 500 companies are on pace to fall 1% in 2024, according to BofA Global Research.Tesla, the first of the Magnificent Seven to report results, saw its shares surge on Thursday after CEO Elon Musk said he expects vehicle sales to grow 20% to 30% next year.Next week is the busiest week of the third-quarter reporting season overall, with well over 150 S&P 500 companies set to post results.The US jobs report on Nov. 1 comes as investors are weighing whether a stronger-than-expected economy could lead to fewer interest rate cuts by the Federal Reserve than initially anticipated.Economists expect the employment report to show that the economy created 140,000 jobs in October, according to Reuters data. The report could be "messy" in the wake of two significant storms, but the wages data will be important to watch, said Nanette Abuhoff Jacobson, global investment strategist at Hartford Funds."If we saw an uptick in wages, that would be concerning," Jacobson said. "The bond market is already getting a whiff of possibly stronger growth than expected, possibly inflation rearing its ugly head again, and the possibility of the Fed not being able to ease as much as what's priced in." Benchmark Treasury yields climbed to three-month highs this week, reflecting expectations of a potentially less dovish Fed as well as possibly increased spending under the next president. Bets on Donald Trump prevailing have risen on prediction markets in recent weeks, with the Republican seen as backing policies including tariffs that could lead to higher inflation.The run of market-sensitive events continues the following week, with Election Day on November 5 and the Fed's next monetary policy decision on November 7, which could put investors increasingly on edge in the coming days.The Cboe Volatility Index, an options-based indicator of demand for protection from market swings, was last around 19, after edging below 15 late last month."Investors should expect market volatility in the lead-up to the US presidential election," analysts at UBS Global Wealth Management said in a note on Thursday. As November 5 "inches closer, market sentiment is likely to stay vulnerable."

Delegates arrive for the annual IMF summit, as signs of growth emerge from the world’s two largest economies. There will still be plenty of challenges to discuss as geopolitics continues to be turbulentIt is often a good sign for economic prospects if the news on macroeconomics is not on the front page. While conflicts and geopolitical tensions dominate the agenda, economic activity in some of the world’s largest markets has revived and recessions have been averted.The jobs growth data for September in the US surprised most commentators. Non-farm payrolls jumped 254,000, around twice the amount expected by most economists. It was too soon after the 50 basis points interest rate reduction in mid-September for this to have been the likely or only cause. Data were also revised upwards slightly for July and August, showing 72,000 more jobs created than the previous figures indicated. The official unemployment rate fell to 4.1% from 4.2%. Ten-year US Treasury yields picked up, indicating the possibility of interest rates staying at the current level of 4.75-5.0%, rather than being cut, which had been the expectation before the announcement on employment. The Federal Reserve chairman Jerome Powell, by signalling a series of cuts, may have announced too much, as the data may not support the moves.In China, the Government has acted decisively to inject stimulus, after a period of sluggish growth and deflation. On 24 September, a week after the US Federal Reserve cut interest rates, the People’s Bank of China cut the official rate. It also eased reserve requirements for banks and reduced the cost of mortgages. The stock market responded with a surge in valuations, with shares on the Hong Kong index rising around 20% in a six-day period in late September, early October. Given some internal challenges around indebted construction companies and local authorities, the stimulus may be only for the short- to medium-term, but it is substantial in scale.This month delegates gather for the annual IMF summit meeting in Washington. It is likely that there will be more attention focused on politics than on economic data. The next possible interest rate cut would be in November, but the prospects for a cut have receded following the US jobs data; moreover this is the month of the US presidential election. There are sharp divides between the two candidates, Kamala Harris and Donald Trump, although many of the most significant differences are on social and cultural issues. There is less difference on economic policies, although some of the differences are substantive. Neither is advocating free trade policies. Trump has talked in terms of a general import tariff, as well as sector-specific levies. Harris favours subsidies for strategic industries and a lower level of tariffs.The economic effect of the US election will also be felt in terms of shifting allegiances and geopolitics. Trump has openly asserted that he would be able to oversee a deal to end the Ukraine war. This would presumably mean agreeing new frontiers on what is roughly the current front line of the conflict. This would potentially displease both sides, and there would be the significant issue of monitoring and policing any peace deal. If a truce were to hold, however, there would be a chance for Ukrainians and Russians and their economies to recover.There is even less chance of peace in the Middle East, where Israel continues its attacks against Hamas and Hezbollah. All-out war between Israel and Iran would probably help Trump’s campaign. A win for Trump could signal more wins for populist, anti-immigration right-wing parties in Europe. Economic policy is a challenge for Europe, where populations are ageing and growth has been subdued.Another consideration for the US election, considering how sharply divided political allegiances have become, concerns how close election result is, and whether the result is contested. A narrow win for Harris would mean continuity in terms of White House policy, but with potentially a backdrop of social and political unrest domestically.Regarding emerging economies, the IMF summit will likely include discussions on bailouts and debt relief. Fewer bailouts were necessary following the rise in interest rates in 2022-23 than had been feared – just Pakistan, Bangladesh and Ghana were affected. The pressure should ease now that rates have fallen, although the prospects of further cuts have fallen back.A period of relative economic stability in major markets combined with geopolitical turbulence is unusual, and unlikely to last. Political instability shows little sign of easing, and ultimately there will be economic consequences.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

HE the Minister of Finance Ali bin Ahmed al-Kuwari met separately with Federal Minister of Finance of Germany Christian Lindner and Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance of the Republic of Korea Choi Sang-mok, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), taking place from October 21 to 26 in Washington, DC. The meetings discussed a host of topics of mutual interest, with a special focus on the economic and financial sectors, in addition to exploring potential ways to increase the scope of co-operative efforts between the countries, reports QNA.

HE the Minister of Finance Ali bin Ahmed al-Kuwari met separately with Federal Minister of Finance of Germany Christian Lindner and Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance of the Republic of Korea Choi Sang-mok, on the sidelines of the annual meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG), taking place from October 21 to 26 in Washington, DC. The meetings discussed a host of topics of mutual interest, with a special focus on the economic and financial sectors, in addition to exploring potential ways to increase the scope of co-operative efforts between the countries.

HE the Governor of the Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud al-Thani recently met with Colm Kelleher, Chairman of the board of UBS; Shaokai Fan, Global head of Central Banks at the World Gold Council; and John Dugan, Chair of Citigroup, on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Washington, DC. During the meetings, they reviewed the latest global developments in banking and finance.

The US-Qatar Business Council (USQBC) recently hosted an exclusive business reception at the St Regis Hotel in Washington, DC.The event featured remarks by Mohammed “Moe” Barakat, USQBC managing director and treasurer of the board of directors. It was attended by guests of honour HE the Governor of the Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud al-Thani, who is also chairman of Qatar Investment Authority (QIA); HE the Minister of Finance Ali bin Ahmed al-Kuwari; Sheikh Meshal bin Hamad al-Thani, the ambassador of the State of Qatar to the US; and former US Secretary of the Treasury Steven Mnuchin.The reception brought together senior officials from the US and Qatar, the Qatari delegation to the IMF World Bank meetings, USQBC members, and prominent business leaders and CEOs from the US and Qatari finance and business communities.Discussions emphasised the sustained growth of US-Qatar business relations, focusing on enhancing trade, investment, and financial co-operation.“The US-Qatar relationship has grown over the last 50 years, and every year, we’ve seen the numbers grow more and more. This is due to the strong Qatari economy and their ability to ensure the trade balance with the US is very active and that it continues to grow year after year,” said Barakat, who reiterated the council's role in facilitating economic engagement between the two nations.The event served to reinforce the enduring bilateral business ties between the US and Qatar, strengthening economic relations between the two countries.

HE the Governor of the Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud al-Thani recently met with Jerome Powell, the Chair of the US Federal Reserve, on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) held in Washington, DC. During the meeting, they reviewed the bilateral relations between the two countries in the financial and banking sectors and explored ways to enhance collaboration.

Qatar Chamber chairman Sheikh Khalifa bin Jassim al-Thani has led a delegation to the 33rd General Assembly meeting, the 34th Board of Directors meeting of the Arab-Austrian Chamber of Commerce (AACC), and the 14th Arab-Austrian Economic Forum in Vienna.Also present at these events was Qatar’s ambassador to Austria, Jassim Yaqub al-Hammadi. The forum marked the 35th anniversary of the establishment of the Austro-Arab Chamber of Commerce.Organised by the AACC and the Arab Union of Chamber, the forum focused on fossil energy, renewable energy, and energy efficiency. The forum’s accompanying exhibition displayed a diverse range of Austrian, Arab, and international companies and organisations.The forum is the AACC’s largest international conference, exhibition, and networking event, which offers a unique platform for knowledge exchange, networking and deepening of Austro-Arab relations in economy, trade, culture and diplomacy.The AACC’s general assembly was a pivotal gathering of Austrian and Arab board members to discuss, plan and shape the future directions of Austro-Arab cooperation and the Arab Ambassadors Council.During these meetings, both sides discussed aspects of co-operation in economic and commercial fields, including energy, renewable energy, and sustainable innovation to reduce emissions, gas-to-hydrogen transformation, and modern nuclear power sectors.It is noteworthy that the economic relations between Qatar and Austria have seen remarkable development, especially in recent years. Trade exchange between the two countries in 2023 amounted to QR503mn. Austrian exports to Qatar primarily consisted of timber and tourist vehicles, while Qatar's exports to Austria included chemical compounds, ethylene polymers, and vinyl chloride polymers.

The Ministry of Finance participated in the joint reception organised by Qatari banks, on the sidelines of the 2024 Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group, taking place in Washington, DC, from October 21 to 26.The event brought together CEOs and senior executives from leading banks and financial institutions, fostering an opportunity for meaningful exchanges and multilateral discussions on economic matters among high-level banking officials and decision makers.

The geopolitical uncertainties was seen playing spoilsport in the regional bourses, including the Qatar Stock Exchange (QSE), which saw its key index plummet 333 points and capitalisation erode about QR19bn this week.More than 90% of the traded constituents were in the red as the 20-stock Qatar Index plunged 3.1% this week which saw Nakilat and Milaha report net profit of QR1.28bn and QR917mn respectively in January-September 2024. An across the board selling dragged the main bourse this week which saw Vodafone Qatar ring in net profit of QR437.09mn in the first nine months (9M) of this year.The banking and telecom counters witnessed higher than average selling pressure in the main market this week which saw Qamco saw its 9M-2024 net profit at QR427.72mn. The local retail investors continued to be net sellers but with lesser intensity in the main bourse this week which saw Doha Bank report net profit of QR690.4mn in January-September 2024.The foreign funds also continued to be bearish but with lesser vigour in the main market this week, which saw Aamal Company’s 9M-2024 net profit at QR302.41mn.The Gulf institutions remained net profit takers but with lesser intensity in the main bourse this week which saw a total of 0.31mn Masraf Al Rayan-sponsored exchange-traded fund QATR worth QR0.69mn trade across 65 deals.The domestic funds’ weakened net buying had its influence in the main market this week which saw as many as 0.02mn Doha Bank-sponsored exchange-traded fund QETF valued at QR0.24mn change hands across 19 transactions.The foreign retail investors were seen net buyers in the main bourse this week which saw the banking, industrials and consumer goods sectors together constitute about 72% of the total trade volumes.The Islamic index was seen declining slower than the other indices in the main market this week, which saw no trading of sovereign bonds. Market capitalisation eroded QR18.87bn or 2.99% to QR611.57bn on the back of large and midcap segments this week, which saw no trading of treasury bills.Trade turnover and volumes were on the decrease in the main market this week, which saw a Kamco Invest report that said projects awarded in Qatar grew 57.9% year-on-year to $4.2bn in the third quarter of 2024.The Total Return Index plunged 3.1%, the All Share Index by 3.03% and the All Islamic Index by 2.82% this week, which saw Qatar’s core inflation rise faster than the general consumer price index in September 2024.The banks and financial services sector index plummeted 4.18%, telecom (3.66%), transport (2.95%), real estate (2.13%), insurance (1.58%), consumer goods and services (1.23%) and industrials (1.05%) this week which Akber Khan, acting chief executive officer of Al Rayan Investment, view Qatar’s local currency debt market is expected to gain traction.Major losers in the main market included Alijarah Holding, Ezdan, Qatar Islamic Bank, Gulf Warehousing, Estithmar Holding, QNB, Commercial Bank, QIIB, Lesha Bank, Dlala, Qatar German Medical Devices, Salam International Investment, Widam Food, Baladna, Meeza, Aamal Company, Gulf International Services, Mazaya Qatar, Ooredoo, Vodafone Qatar and Nakilat. In the junior bourse, Techno Q saw its shares depreciate in value this week.Nevertheless, Beema, Al Meera, Qatar National Cement and Industries Qatar were the gainers in the main bourse. In the venture market, Al Mahhar Holding saw its shares appreciate in value.The Arab institutions’ net profit booking grew marginally to QR0.57mn compared to QR0.3mn the week ended October 17.The domestic funds’ net buying decreased substantially to QR207.66mn against QR641.98mn the previous week.The foreign institutions’ net selling declined considerably to QR121.54mn compared to QR204.82mn a week ago.The Qatari individuals’ net selling weakened significantly to QR60.39mn against QR266.73mn the week ended October 17.The Gulf institutions’ net profit booking shrank markedly to QR38.75mn compared to QR62.06mn the previous week.The Arab individual investors’ net selling eased perceptibly to QR15.34mn against QR18.23mn a week ago.The foreign individuals turned net buyers to the tune of QR27.34mn compared with net sellers of QR85.71mn the week ended October 17. The Gulf retail investors were net buyers to the extent of QR1.58mn against net profit takers of QR4.04mn the previous week.The main market witnessed a 29% slump in trade volumes to 638.78mn shares, 33% in value to QR1.64bn and 18% in deals to 59,729 this week. In the venture market, trade volumes grew more than tripled to 7.84mn equities and value almost tripled to QR18.39mn on 64% surge in transactions to 421.