Business

QatarEnergy LNG has reaffirmed its focus on delivering reliable, sustainable energy solutions while maintaining the highest standards of safety, quality, and operational excellence.Looking ahead, this strategy will ensure QatarEnergy LNG remains well-positioned to lead the global LNG industry into the future.During the annual town hall meeting for employees, Executive Officer of QatarEnergy LNG, Khalid bin Khalifa al-Thani, highlighted some of the key strategic themes that will shape QatarEnergy LNG's path forward, primarily the LNG fleet expansion, safety, employee development, and innovation. These are clearly aligned to the company's pillars and commitment to growth and leadership.The meeting highlighted key achievements from 2024, including the North Field Expansion Project, which is central to increasing production capacity and meeting growing global energy demands, in addition to emphasizing employee development and Qatarisation as critical to QatarEnergy LNG's success, demonstrating the company's investment in talent and local expertise as a foremost matter for the success of the company.The meeting witnessed the honouring of employees who have spent 15 years or more in the company, in recognition of their efforts and contributions.

Central banks seek to manage economies by setting interest rates at levels that encourage or discourage activities such as car purchases and construction projects. These efforts revolve around a number that’s right in the middle — the rate that does nothing at all, also known as the neutral interest rate. It’s an important guidepost right now because monetary policymakers across advanced economies are cutting rates as the inflationary years of the pandemic period draw to a close, but they’re doing it with some caution as new inflation risks simultaneously emerge. That means the debate over the neutral rate will influence how long central banks will keep cutting interest rates.What is the neutral interest rate?In theory, the neutral interest rate — or, as it’s usually recorded in economic models, r*, pronounced “r-star” — is the rate at which monetary policy is neither stimulating nor restricting economic growth. As former US Federal Reserve Vice-Chair Lael Brainard put it in a 2018 speech, it’s the level that “keeps output growing around its potential rate in an environment of full employment and stable inflation.” (The benchmark the Fed uses to direct monetary policy is known as the federal funds rate.)Why is it an important number for central banks?In the long run, central banks want their policy to be consistent with what they think the neutral rate is. The number also guides their thinking about where interest rates should be in the short term. If the economy is operating below full capacity, they want to make sure interest rates are below neutral levels so that they’re helping boost economic growth. Conversely, if inflation is too high, they want to keep interest rates above neutral levels in order to slow things down.How does the Fed know what the neutral rate is?It doesn’t, but it has estimates. Central bankers tend to think that long-run trends in productivity and demographics dictate where it is. In 2012, when Fed officials first began publishing their estimates of the neutral rate on a quarterly basis, the median figure provided by members of the Federal Open Market Committee (the Fed body that determines monetary policy) was 4.25%. Over the ensuing years, that figure dropped, and from 2019-2023 it hovered around 2.5%. In 2024, however, it has edged higher every quarter, to 2.875% as of September.How do estimates of the neutral rate affect what the Fed is doing?The Fed wants to hew closely to the neutral interest rate due to a combination of factors: The US economy is doing well, which reduces the need to fuel it with significant rate cuts. But inflation is largely under control, which means there’s probably little need to keep rates high, either. In other words, there’s not a strong reason to stimulate or restrict the economy.As a result, the Fed’s recent strategy reflects an effort to aim for the estimated neutral interest rate without dipping below it. The Fed took a relatively aggressive approach to cutting rates in early fall, when rates were well above neutral, implementing a larger-than-usual half-point reduction in September. But now, with the rate set to end the year at 4.33% — just 1.5 percentage points above the Fed’s estimate of neutral — officials say they can slow down the pace of cuts. “We can afford to be a little more cautious as we try to find neutral,” Fed Chair Jerome Powell said at a New York Times conference on December 4.How does uncertainty over the neutral rate affect investors?The debate over where neutral lies is becoming increasingly important for bond-market investors. Yields on Treasury bonds tend to follow the Fed’s benchmark interest rate. If the Fed’s estimate of neutral keeps going up, and officials therefore don’t cut rates much further, investments in bonds could result in losses. But if the Fed’s estimate of neutral stays below 3% and rate cuts continue, bets on bonds stand to make a lot of money. Fed officials will publish new estimates of the neutral rate on December 18.

Prime Minister Justin Trudeau’s government is relaxing the rules for domestic pension funds, allowing them to buy more than 30% of a Canadian business, as part of a plan to spur more investment.“At a time of rising economic nationalism, the fight for capital has never been more fierce,” Finance Minister Chrystia Freeland said in a statement on Friday.“Canada needs to fight harder than ever for capital, including facilitating and supporting the investment of Canadian capital here at home. This is key to the future prosperity of all Canadians.”The change will apply to federally regulated pension managers like the Canada Pension Plan Investment Board, but Freeland’s department said it will consult with provincial governments on the treatment of pension plans regulated by them.The government also said it plans to provide as much as C$15bn ($10.5bn) in loans and equity to help build artificial intelligence data centres — adding that seven pension funds have already expressed interest in backing such projects.The announcements come at a time when country is in the midst of a debate over how to solve weak productivity and soft business spending. Non-residential business investment in Canada has lagged the US for several years. Canada has a vibrant technology sector, but many promising startups sell or move to the US at a relatively early stage in their development as they pursue growth. The Canadian market has seen few initial public offerings over $100mn in recent years.In the broad set of measures, there are also plans to launch a fourth round of the Venture Capital Catalyst Initiative, including C$1bn in funding in 2025-26, which will have “more enticing terms for pension funds and other institutional investors,” the government said.Freeland and the government are also examining whether to change ownership rules that prevent pension funds from owning more than 10% of municipal utilities, such as electricity distributors.In April, former Bank of Canada Governor Stephen Poloz was asked to study how to get the country’s pension funds to invest more in Canada.The removal of the 30% ownership limit was floated as one option. In September, Poloz told Bloomberg that that some pension funds were saying they’d like to play a more active role in their investments, including board seats where they could leverage their expertise.Jack Mintz, president’s fellow in the school of public policy at the University of Calgary, says that while he agrees that the federal government is taking a “carrot approach as opposed to a stick approach” to encouraging domestic investment, he has concerns about dropping the 30% stake limit.“We need to ask some serious questions about whether we want pension funds to be running companies, as opposed to just investing in them,” Mintz said, adding that the favourable tax treatment of the funds gives them a significant advantage and will allow them to outbid other investors.Canada’s largest pension plans, also known as the Maple Eight, have nearly C$600bn of investments in Canada, representing around a quarter of their total investments, according to Bloomberg calculations. The pension funds, including CPPIB, Ontario Teachers’ Pension Plan and Caisse de Depot et Placement du Quebec, are considered among the most sophisticated investors in the world — owning data centres, airports and the Middle East’s largest port.The Canadian government wants more infrastructure investment, too.“We welcome all additional measures to stimulate productivity and private investment in Canada, and build a pipeline of attractive projects for investors such as La Caisse,” a spokesperson for CDPQ said in an emailed statement.Canadian companies make up a little more than 3% of the MSCI World Index.Freeland also announced on Friday an expansion of the government’s tax incentives for scientific research and development. That includes increasing the annual expenditure limit on which Canadian-controlled private companies are entitled to earn a 35% investment tax credit, to C$4.5mn from C$3mn.Freeland is set to provide an update on the country’s fiscal situation on Monday.

A five-day runup in Treasury yields finally tamped down the post-election fervour in big US stocks last week. Not so at the market’s speculative edges, where Bitcoin and its memed-up cousins keep testing the limits of speculative zeal.As they have for more than a month, gambler spirits raged along the fringe, pushing Bitcoin back above $100,000, sending Michael Saylor’s MicroStrategy Inc past $400 and igniting a rally in a crypto token called “fartcoin” that saw its market value swell above $700mn. The rally happened as Donald Trump went to the New York Stock Exchange and promised to “do something great with crypto” when president.Gains like those underline the staying power of the day-trader set in a week when the major US equity benchmarks posted their smallest moves since Trump was voted back into office. The jump in US 10-year yields, which at 24 basis points was biggest of the year, did nothing to discourage speculators. Besides pumping up crypto, they continued to plough money into levered—up exchange-traded funds and anything to do with Elon Musk.“It is just boredom and excess liquidity,” said Vincent Deluard, director for Global Macro at StoneX. With excitement from the election waning, “it’s more fun to inflate a bubble in meme coins, the best symbol of which is fartcoin, whose market cap is now greater than that of 50% of US-listed companies.”Meme traders held fast amid a fairly dismal week for conventional risk taking that saw various longstanding trades come under pressure. A long-short Morgan Stanley basket tracking momentum stocks slid nearly 3.5% over the five days, its third-worst week this year. The Russell 2000 and an index of tech companies that have yet to generate profits both fell nearly 3%.The S&P 500 snapped a three-week string of gains with a 0.6% drop. Breadth also deteriorated, with less than a half of the index’s constituents trading above their 50-day moving average. The biggest long-dated Treasuries ETF had its worst week this year, tumbling more than 4%.But outside the more buttoned-up parts of the market, the trading frenzy is still going full bore. Bitcoin, which gave hints of weakness on Tuesday when it dipped below $95,000, quickly righted itself to post a sixth straight weekly advance. Rallying alongside the largest digital asset was a panoply of more dubious meme tokens.The dominance of little-guy investors in the market continues to assert itself. One proxy, the volume of trading done on off-exchange venues such as those run by equity wholesalers serving clients like Robinhood Markets Inc, has jumped to well above 50%, recently hitting a record.Almost everything Elon Musk surged. Tesla Inc’s shares added another 12%, bringing the increase in its market cap to more than $500bn since the election. A closed-end fund called Destiny Tech100 Inc, which has soared more than 500% since the election in part due to exposure to Musk’s privately held SpaceX, also rose, pushing its market value to more than 10 times its stated net assets.“The markets still have their animal spirits, but it’s getting more selective,” said Marvin Loh, senior macro strategist at State Street Global Markets. “Without an additional catalyst, the more esoteric names are more vulnerable.”One sign of a stretched market: A gauge of risk-on positioning and sentiment kept by Goldman Sachs Group Inc, which plots flows to everything from equity futures to bullish stock options, just hit the highest level since 2018, with more than half its indicators at notably elevated levels. Similar readings have preceded a pullback.“Our aggregate positioning and sentiment indicator has reached the 70th percentile despite macro data improving only marginally so far,” said Christian Mueller-Glissmann, head of asset allocation research at Goldman Sachs. “Historically a similarly elevated positioning and sentiment indicator pointed to a speed limit for equity returns.”Wall Street has held off on big bets ahead of the Federal Reserve’s policy meeting next week, at which policymakers are expected to push through a quarter-point rate cut. The view isn’t unanimous, though: Deutsche Bank AG and BNP Paribas forecast no more Fed action this year. Monetary easing is also seen slowing next year by more than officials had projected three months ago, with a majority of economists predicting just three reductions in 2025.Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors, says that while a December rate cut is part of the risk-on narrative, it probably won’t be enough to keep the party going on its own.“Unless Powell has a very dovish tone, I wouldn’t expect it to be a big near-term catalyst,” said Suzuki. “But it provides some downside support for markets.”

Extensive investments by Qatar have helped “maintain high levels of satisfaction” with the country’s digital services, which fosters confidence in government use of artificial intelligence (AI), Boston Consulting Group has said in a report.This foundation of trust and strategic investment supports the GCC’s leading position in citizen satisfaction and presents an opportunity for the region to shape next-generation digital government services.As countries worldwide explore GenAI integration, the GCC stands poised to set new standards in AI-powered public service that adapts to evolving citizen needs.GCC region’s exemplary performance in digital government services has been highlighted in a recent report by Boston Consulting Group with Qatar, Saudi Arabia and the United Arab Emirates “achieving global leadership” in citizen satisfaction.BCG’s findings show that GCC countries lead globally in citizen satisfaction with digital government services, reaching a net satisfaction score of 81%.GCC citizens also report using these services 22% more frequently than the global average, reflecting high engagement and a strong commitment from governments to deliver quality digital experiences.Notably, 76% of GCC citizens embrace AI-powered government services driven by virtual assistants and personalised solutions that enhance accessibility and efficiency.Additionally, 42% of GCC respondents expect services to perform at regional and global top-performer standards in 2024, underscoring citizens’ high expectations for public service quality, BCG noted.“The citizens of the GCC are increasingly holding their governments to the same standards as major tech players, expecting rapid, innovative solutions that meet their needs efficiently and seamlessly,” said Rami Mourtada, Partner & Director of Digital Transformation, BCG.“GCC governments are delivering on these expectations by embracing a digital-first approach and moving at the pace with global emerging tech trends. With the transformative potential of Generative AI ahead, sustained investment and innovation will be crucial to maintaining their leadership in government services and meeting the evolving demands of the digital age. “As global interest in GenAI expands, GCC emerges as a leader. As found in the report, citizens in the GCC exhibited a net trust of 71%, forty-nine percentage points higher than the global average, for their government use of AI in digital services.This leading level of trust has also been matched with substantial investments in AI and digital infrastructure across the region led by public initiatives.Leading this charge, Saudi Arabia’s National Strategy for Data and AI targets economic growth with a projected contribution of $133.3bn to GDP by 2030.Similarly, Qatar is driving digital transformation through strategic collaborations with Qatar University and tech providers to upskill ICT professionals in AI, 5G, and cloud computing.Rounding out these advances the UAE’s Technology Innovation Institute has positioned itself as an AI leader by developing the open-source Falcon LLM, demonstrating the region’s technology capabilities in generative AI.These coordinated efforts across GCC combine public trust with strategic investments and technological advancement in AI, the report noted.With some of the highest global rates of GenAI usage, GCC citizens demonstrate a solid readiness to adopt AI-driven solutions in public services.“The GCC stands at a real and unprecedented opportunity,” said Dr Lars Littig, Managing Director & Partner, BCG, and EMESA Leader of BCG’s Center for Digital Government.“Achieving a cohesive, government-wide digital evolution requires a strategic vision, solid governance, and effective coordination within and outside the public sector.“In the GCC, governments are advancing data governance and responsible AI practices to build citizen trust, treating data as a national resource that fuels smarter policy decisions.”

An additional 170,000sq m gross leasable area (GLA) is expected to be delivered in Qatar’s office segment by the year-end, ValuStrat Research said in a report.An estimated 38,000sq m gross leasable area was added during the quarter with the completion of the Mercedes Flagship Commercial Complex, bringing the total stock to over 7.2mn sq m GLA.One of the remaining Lusail Plaza Towers is anticipated to be completed by the year-end, with the final tower scheduled for delivery by mid-2025. Grade-A office inventory was concentrated in Doha Municipality, accounting for 61% of the total supply, while Lusail contributed an additional 31%, the report said.Office occupancy at a country level was estimated at 63% with premium locations experiencing higher occupancy compared to secondary areas, ValuStrat said. The office sector showed consistent performance on a quarterly basis, reflecting no notable fluctuations, it said.Citywide office rents averaged QR66 per sq m, steady from last quarter but down 2.2% year-on-year (y-o-y) Offices in Grand Hamad Avenue and West Bay declined by 13% and 6% respectively compared to last year, while remaining unchanged quarter-on-quarter (q-o-q).Offices in Al Sadd witnessed a yearly increase of 4.7%. Other major locations like Lusail and Salwa Road observed annual declines between 3% and 7%, with no shift compared to the second quarter (Q2).According to ValuStrat, the third quarter (Q3) indicated continued stability across Qatar’s real estate market.While certain high-end areas experienced increased rental rates for larger bedroom units (in the residential segment), the primary observation is that the market remained notably steady throughout the period.The ValuStrat Price Index held consistent with the prior quarter at 96.6 points and showed no significant annual shift. Benchmarked to a base of 100 points set in first quarter (Q1) of 2021, the apartment index registered at 97.5 points and villas at 96.3 points, with valuation prices in both categories showing no quarterly or yearly fluctuations.Mortgage transactions declined by 10% q-o-q and 8.5% y-o-y. Similarly, sales transactions dropped by 18% since the last quarter and 15% compared to the same period last year.“While Q3 presented a stable real estate landscape, market signals suggest a measured outlook for the coming months, hinting at a mix of steady performance with selective areas of optimism,” noted Anum Hassan, Head of Research (Qatar) at ValuStrat.

The European Central Bank cut interest rates again on Thursday, citing a worsening growth outlook and slowing inflation, with political turmoil in the eurozone adding to the troubled picture.The central bank for the 20 countries that use the euro reduced its key deposit rate a quarter point to 3%, as widely expected.It was the ECB’s third cut in a row and fourth since June, when it kicked off its current easing cycle.After hiking borrowing costs from mid-2022 to combat runaway energy and food costs, policymakers have turned their attention to lowering rates as inflation eases and the eurozone economic outlook darkens.Worse-than-expected data, as well as the Swiss central bank making an unexpectedly large rate reduction earlier Thursday, had fuelled speculation the ECB could deliver a hefty, half-percentage-point cut for the first time in the easing cycle.But rate-setters opted to continue cutting at the same pace, with a quarter-point reduction, as inflation remains stubborn, having rebounded back above the ECB’s two-percent target in November.The slowdown in inflation is “well on track”, the ECB said in a statement announcing its decision.It cut its inflation forecasts for 2024 to 2.4% and to 2.1% in 2025 — down 0.1 percentage point in each case.“Most measures of underlying inflation suggest that inflation will settle at around the governing council’s two-percent medium-term target on a sustained basis,” it said.But the central bank added that it now expects a “slower economic recovery” than several months ago, and cut its growth forecasts slightly for 2024 and the following two years — to 0.7%, 1.1% and 1.4% respectively.The statement dropped previous language on keeping rates “sufficiently restrictive for as long as necessary”, saying instead that it was “determined to ensure that inflation stabilises sustainably” around the ECB target.Investors were set to follow ECB President Christine Lagarde’s press conference for clues about the pace going forward, with analysts predicting she may offers hints of cuts in the months ahead.The move by the Swiss National Bank earlier Thursday, which brought its main rate down to 0.5%, reflected “uncertainty” about the economic outlook between political upheaval in the US and Europe.ECB officials have likewise raised concerns about the weakening growth outlook in the single-currency area, signalling a shift away from being laser-focused on bringing down inflation.Eurozone inflation peaked at 10.6% in late 2022 after surging in the wake of Russia’s full-scale invasion of Ukraine and amid post-pandemic supply chain woes.It fell back under the ECB’s two-percent target in September but rebounded in subsequent months, reaching 2.3% in November.Political headwinds are adding to the tricky terrain that rate-setters will have to navigate.Germany is heading for elections in February, seven months earlier than scheduled, after the collapse of Chancellor Olaf Scholz’s long-troubled coalition last month.Even before the latest turbulence, the eurozone’s biggest economy was struggling with a manufacturing slowdown, and its anaemic growth rates are weighing down the broader single currency area.Meanwhile in France, the eurozone’s second-biggest economy, the government of Michel Barnier was ousted last week in a historic no-confidence vote, deepening the country’s growing political and financial chaos.Adding to the troubled picture is Donald Trump’s impending return to the White House.He has threatened to slap hefty new tariffs on all imports to the US, and has previously singled out the EU as the bloc runs a sizeable trade surplus with the world’s biggest economy.The ECB’s decision comes a week ahead of the US Federal Reserve’s next rate-setting meeting on December 17 and 18, with markets betting on another cut in borrowing costs.

China pledged on Thursday to increase the budget deficit, issue more debt and loosen monetary policy to maintain a stable economic growth rate as it girds for more trade tensions with the US as Donald Trump returns to the White House.The remarks came in a state media readout of an annual agenda-setting meeting of China’s top leaders, known as the Central Economic Work Conference (CEWC), held on December 11-12.“The adverse impact brought by changes in the external environment has deepened,” national broadcaster CCTV said following the closed-door CEWC.This year’s meeting came with the world’s second-largest economy stuttering due to a severe property market crisis, high local government debt and weak domestic demand. Exports, one of the few bright spots, face the threat of higher US tariffs.A separate readout from state news agency Xinhua, watched by financial markets for references to the yuan currency, kept a pledge to “maintain the basic stability of the exchange rate at a reasonable and balanced level”.CEWC summaries from 2020, 2022 and 2023 also contained this line, which was not included in those from 2019 and 2021.Reuters reported on Wednesday that China’s top leaders and policymakers are considering allowing the yuan to weaken next year to mitigate the impact of punitive trade measures.The CEWC pledges match the tone of one of the Communist Party leaders’ most dovish statements in more than a decade, which was released on Monday after a meeting of the Politburo, a top decision-making body.The Politburo said China would switch to an “appropriately loose” monetary policy stance and “more proactive” fiscal levers, as well as stepping up “unconventional counter-cyclical adjustments”.In the same vein, the CEWC summary flagged a higher budget deficit and more debt issuance at a central and local government level. Leaders also vowed to reduce bank reserve requirements and cut interest rates “in a timely manner”.“The direction is clear, but the size of stimulus matters, which we probably will find out only after the US announces the tariffs,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.This dovish shift in messaging shows China is prioritising growth over financial risks, analysts said. At CEWC, Beijing sets targets for economic growth, the budget deficit, debt issuance and other variables for the year ahead. The targets are agreed at the meeting, but won’t be officially released until an annual parliament meeting in March.Reuters reported last month that government advisers had recommended that Beijing keep its growth target of around 5% unchanged next year.The CEWC readout said it was “necessary to maintain steady economic growth”, but did not mention a specific number.“Maintaining 5% will be quite challenging in 2025, given that the extra ‘Trump shock’ will hit exports” and capital expenditure, said Xu Tianchen, senior economist at the Economist Intelligence Unit. “However, a good level of stimulus will prevent a freefall, and I don’t think growth will tank below 4.5%.”Trump’s tariff threats have rattled China’s industrial complex, which sells goods worth more than $400bn annually to the United States. Many manufacturers have been shifting production abroad to escape tariffs.Exporters say the levies will further shrink profits, hurting jobs, investment and growth in the process. They would also exacerbate China’s industrial overcapacity and deflationary pressures, analysts said.If exports take a hit, China needs to look internally for a new growth engine. But consumers feel less wealthy due to falling property prices and minimal social welfare. Low household demand poses a key risk to growth.

HE the Minister of Commerce and Industry Sheikh Faisal bin Thani bin Faisal al-Thani and the Minister of Energy of the Islamic Republic of Iran Dr Abbas Aliabadi co-chaired in Doha the 10th Qatar-Iran Joint Economic Commission.In the period of December 10-12, representatives of ministries, government agencies and investors from both sides discussed the progress on the recommendations of the joint technical working team.They deliberated strategies to boost bilateral co-operation, primarily in trade and industry, customs, handicrafts, health sector, scientific research, transportation and maritime shipping, communications and information technology, agriculture, free zones, culture, sports, and labour.The agenda also included increasing the volume of trade exchange through further bilateral trade, investment and industrial co-operation.In a speech, HE Sheikh Faisal hailed the close Qatar-Iran relations, noting that the regular commission meetings manifest the deep bilateral relations and the two sides' keenness to elevate co-operation across various fields.He said the bilateral relations had developed, thanks to the mutual official visits and the common will of the leaderships to expand the horizons of co-operation.He voiced hopes the Qatar-Iran Business Council would further enhance trade, industrial and investment co-operation, streamlining the flow of goods and services, and boosting the partnership between the two business sectors.Highlighting Qatar's investment environment, HE Sheikh Faisal detailed the main sectors identified by the Third National Development Strategy as promising opportunities to enhance bilateral partnership, especially in renewable energy, logistics, small and medium enterprises, food and agriculture, and strategic projects related to food security.He also called on Iranian investors and companies to explore the great opportunities in the Qatari market, stressing the importance of diversifying and strengthening the economic and investment partnership to serve common interests.

Chairman of Qatar Chamber, Sheikh Khalifa bin Jassim al-Thani, has stated that the State Budget for the 2025 fiscal year underscores the effectiveness of sound economic policies and strategies adopted by Qatar, particularly in achieving economic diversification in line with Qatar National Vision 2030. He emphasised that the budget reflects the wise leadership's commitment to further strengthening the national economy and fostering sustainable development.In a press statement, Sheikh Khalifa noted that the 2025 budget aligns with the Third National Development Strategy, focusing on economic diversification and building a knowledge- and innovation-based economy. He highlighted that the budget prioritises several key strategic sectors, including trade, industry, research, innovation, tourism, digital transformation, education, health, and information technology; all aimed at diversifying the economy and advancing sustainable development. He stressed the vital role these sectors play in shaping a knowledge-driven, innovative economy.Sheikh Khalifa pointed out that the budget projects non-oil revenues for 2025 to reach QR43bn, reflecting the country's focus on non-oil sectors as part of its economic diversification policies and efforts to establish alternative income sources alongside gas and oil.He also noted that the allocation of QR41.4bn, equivalent to 20% of the total budget, for the health and education sectors reaffirms the leadership's unwavering dedication to developing human capital and enhancing public services in both health and education.

HE the Minister of State for Foreign Trade Affairs at the Ministry of Commerce and Industry Dr Ahmed bin Mohammed al-Sayed said economic and commercial relations between Qatar and Iran have seen considerable development in recent years, reflecting the depth of bilateral relations.He highlighted the abundant promising opportunities available on both sides in various sectors, such as energy, agriculture, financial services, logistics, technology, innovation, and others.This came during the Qatar-Iran Joint Business Council meeting, held on Thursday at the Qatar Chamber (QC). Al-Sayed emphasised that the Qatar-Iran Business Council serves as an important platform, reflecting the shared desire to further develop commercial and economic relations between both countries.He pointed out that the State of Qatar continues to work in accordance with its economic vision 2030, which is based on economic diversification and growth of non-oil sectors, and encouraging the private sector's contribution to the GDP. For this reason, Qatar has provided a stimulating investment environment that attracts foreign investments, creating opportunities for partnership and exchange of investment between Qatari and Iranian companies.For his part, Minister of Energy of the Islamic Republic of Iran Abbas Aliabadi said both countries share a common interest in developing their economic and trade ties, emphasising the role of the QC and the Business Council in fostering cooperation between the Qatari and Iranian private sectors.The Qatar-Iran Joint Business Council meeting discussed ways to enhance commercial and investment co-operation between Qatari and Iranian business owners and explore available investment opportunities on both sides.The Qatari side was chaired by QC First Vice-Chairman Mohamed bin Twar al-Kuwari, while the Iranian side was chaired by Adnan Mousapour.During the meeting, al-Kuwari said the Qatar-Iran Joint Business Council plays a leading role in activating co-operation between business sectors from both sides, noting that it serves as an active platform to expand co-operation and partnerships between the private sector on both sides. He also said that activating the council came at a time when commercial relations are witnessing significant growth and provides a catalyst for the private sector to develop trade and investment relations and develop inter-trade, which amounted to QR534mn.He added that Qatari-Iranian relations have developed and strengthened significantly in recent years, especially in light of the positive stances between the two countries and the mutual visits at the government level and business delegations, as well as the signing of a number of agreements and memoranda of understanding.Al-Kuwari indicated that the QC hosted several delegations from Iran aiming to promote co-operation and form partnerships and economic and commercial alliances. He noted the abundance of available opportunities and the expansion of areas of partnership and investment, especially in light of the availability of huge potential and natural and human resources, and the keenness of both sides to continue joint work to achieve these goals.Mousapour stressed the depth of relations with Qatar. He emphasised the interest of the Iranian business sector in strengthening cooperation and forming partnerships with their Qatari counterparts across various sectors. He pointed out that there are ongoing discussions between the two sides to discuss ways to strengthen these relations and resolve the obstacles and challenges that investors may face.Mousapour expressed his hope that the business council would contribute to increasing trade between the two countries, urging Qatari investors to visit Iran and explore opportunities across a variety of sectors.

Doha hosted the first annual meeting between the Ministry of Commerce and Industry (MoCI) and the General Authority for Competition in the Kingdom of Saudi Arabia, with the aim of discussing ways to enhance co-operation in the field of competition.Assistant Undersecretary for Consumer Affairs at the MoCI, Hassan bin Sultan al-Ghanim chaired the Qatari side, while Deputy CEO for Legal Affairs at the General Authority for Competition, Abdulaziz bin Mohammed bin Obaid chaired the Saudi side.During the meeting, which was held recently, the mechanisms for implementing the provisions of the memorandum of understanding (MoU) signed between the two sides were reviewed. This is the first of its kind to be established at the regional level to strengthen ties between the two sides and launch projects and initiatives of mutual benefit in line with the economic visions of the two fraternal countries on the horizon of 2030.The meeting particularly addressed the mechanisms for implementing the executive programme of the MoU and the importance of maximising the benefit from the experiences gained by both sides in the field of enforcing laws and regulations related to competition, breaking monopolies, increasing awareness of the importance of compliance with them, and promoting the dissemination of the culture of competition, with a focus on the role of the private sector and its involvement to achieve a better understanding of the legislation in force in the two countries, and maintaining the advanced classification in the index of effectiveness of protecting competition and combating monopoly.The two sides also discussed ways to enhance integration and bilateral work, recommending the necessity and importance of building national capacities on both sides through joint training courses and workshops.The meeting included presentations that highlighted the impact of the interventions of the competition authorities in the two countries on economic sectors, activities, and consumers.A lineup of officials and experts in the field of competition protection in the two countries attended the meeting, which produced an agreement to establish a joint working team to follow up on the implementation of initiatives and projects for the coming period, with a recommendation to start organizing joint training courses and workshops to exchange experiences and build capacities in the field.

The Qatar-Oman Joint Committee held its 23rd session in Doha on December 11-12.HE the Minister of Finance Ali bin Ahmed al-Kuwari chaired the Qatari side and Sultan bin Salem al-Habsi, Minister of Finance, led the Omani delegation.During the session, the Qatar-Oman Joint Committee reviewed aspects of co-operation between the two brotherly countries in various fields that serve common interests, foremost of which is economic, trade and investment co-operation.During the meeting of the committee, several joint projects were followed up, and a set of proposals and perceptions were discussed to enhance co--operation between the two countries and encourage joint investments in the fields of agriculture, communications, transport, tourism, banking and education.The Qatar-Oman Joint Committee held its first meeting in Doha in April 1995, and then such meetings were held alternately in the two countries.

Qatar Airways has launched a new service to Toronto, its second destination in Canada, in a Starlink-enabled Boeing 777.It marks the official launch three weekly of non-stop flights from Doha’s Hamad International Airport to Toronto Pearson International Airport.Toronto becomes Qatar Airways’ second destination in Canada, in addition to Montreal, which has served more than 1.6mn passengers across seven daily flights to and from Montréal-Trudeau International Airport (YUL), since its launch in 2011. This also marks the airline’s 14th gateway to the Americas.The new Toronto service will provide travellers from Canada and beyond with “seamless access” to destinations across Qatar Airways’ extensive global network.It also comes as the airline surpasses its target of fitting Starlink to 12 Boeing 777 aircraft by the end of 2024, with 14 aircraft upgraded in under 55 days, bringing the total to 15.Qatar Airways Group Chief Executive Officer Badr Mohammed al-Meer said, “Qatar Airways extends a warm welcome to the vibrant and diverse city of Toronto as the latest destination to join our expansive network of more than 170 destinations. As our second gateway in Canada, this launch underscores our unwavering commitment to presenting Canadian travellers with unparalleled service and seamless connectivity.“Toronto Pearson serves as a vital hub for global travel, and its role as a gateway for business, culture, and tourism makes it a fitting addition to our network. We are proud to bring our world-class service and award-winning hospitality to this dynamic city.”As the largest global airline to offer complimentary Starlink on board, Qatar Airways is also the world’s first airline to operate Boeing 777 Starlink-equipped aircraft.It means that passengers can now stay entertained and connected throughout their journey, streaming their favourite shows and live sports, enjoying online gaming, or working seamlessly at 35,000 feet.Toronto Pearson Chief Executive Officer and President Deborah Flint said: “We are excited for Qatar Airways to begin service at Toronto Pearson. This highly anticipated route from Toronto Pearson unlocks an exciting range of destinations for passengers looking to fly to the Middle East, Asia and Africa.“Global connectivity is a strategic importance to Canada and to Pearson as the demand for international travel rapidly grows and this route adds to the variety of convenient and accessible flight options for our passengers.”Toronto Pearson is Canada’s largest airport by total passenger traffic and offers the most international destinations of any airport in North America, making it a key hub for travellers.As Canada’s largest city, and the fourth largest city in North America, Toronto is home to a diverse population with large communities from China, India, Pakistan, and the Philippines.

QatarEnergy LNG recently hosted its Annual CEO Forum 2024, providing national graduates and trainees with an opportunity to engage directly with the Chief Executive Officer and senior management.This initiative aims to enhance visibility, foster relationship building, and strengthen communication between QatarEnergy LNG's future talents and its leadership team.During the forum, developees shared feedback, posed questions, and gained clarity on key practices during a collaborative session with the CEO, department managers, and the Learning and Development team.Leadership members addressed suggestions and ideas, showcasing their commitment to nurturing talent and embracing diverse perspectives.The event featured both open and closed feedback sessions. In the closed session, participants directly addressed questions, concerns, and suggestions with the CEO, Chief Human Capital Officer, Learning & Development Manager, Human Resources Manager, and the Qatarisation and National Development team.Held under the theme “One Goal...Success!”, the two-day event celebrated the achievements of some 18 national graduates, 17 coaches, three trainees, and 13 scholars/sponsors, all of whom were recognised for their exceptional academic and professional accomplishments.These high-performing individuals were honoured with special awards, reflecting their significant contributions to QatarEnergy LNG’s National Development strategy and their commitment to personal and professional growth.The forum reaffirmed QatarEnergy LNG’s dedication to open communication, transparency, and collaborative growth. By supporting the development of its future talent pool, the organisation continues to uphold its core values, ensuring the success of both its workforce and its strategic objectives.

Qatar’s general budget for fiscal year 2025 expects total revenues of QR197bn and an expenditure of QR210.2bn with an anticipated deficit of QR13.2bn, HE the Minister of Finance Ali bin Ahmed al-Kuwari announced Thursday.Qatar has set an oil price of $60 per barrel in preparing the budget.Al-Kuwari said, “Qatar continues to adopt a conservative approach in estimating oil and gas revenues, with an average oil price of $60 per barrel. This approach aims to enhance financial flexibility and ensure spending stability.”Among the highlights of the budget is QR41.4bn allocation for the health and education sectors, accounting for 20% of the total budget.The minister noted that Qatar's total expected revenues for the 2025 fiscal year budget are estimated at QR197bn, reflecting a 2.5% decrease compared to the 2024 budget revenues.He stated, "The anticipated oil and gas revenues for 2025 are QR154bn, down from QR159bn in the 2024 budget, marking a 3.1% decrease. Non-oil revenues for 2025 are estimated at QR43bn, which remains unchanged from 2024 levels.”Al-Kuwari said total expenditures projected at QR210.2bn next year, showed a 4.6% increase compared to 2024.He noted the expected budget deficit of QR13.2bn will be financed through local and external debt instruments, as required.HE the Minister of Finance underlined that allocations for the health and education sectors (QR41.4bn that accounts for 20% of the total budget) “underscores Qatar's commitment to enhancing human capital development and improving public service quality.” Furthermore, he said, “strategic sectors such as trade and industry, research and innovation, tourism, digital transformation, and information technology have been allocated significant resources to support economic diversification and sustainable development efforts.”Allocations for salaries and wages are set to rise by 5.5% in 2025 compared to 2024, totalling QR67.5bn.Current expenditures will see a 6.3% increase, while secondary capital expenditures are expected to grow by 7.7%.Meanwhile, major capital expenditure allocations will experience a modest 1.4% increase to ensure the ongoing implementation of strategic and developmental projects.According to Ministry of Finance, al-Kuwari will provide further details on Qatar's general budget for the 2025 fiscal year at a press conference on Sunday.Ends

QNB Group was honoured with a “prestigious” award from Microsoft at the ‘Microsoft AI Tour’, a global event hosted in collaboration with the Ministry of Communications and Information Technology to explore the next generation of AI and its transformative potential across industries.“The recognition doesn’t only mark the successful strategic relationship with Microsoft but it also reflects QNB’s exceptional capability in integrating AI powered innovation and bringing powerful innovative solutions to market, driving sustainability forward,” QNB said Wednesday.Commenting on this achievement, Fatma al-Baker, Executive Vice-President Infrastructure Services of QNB Group, said: “We share with Microsoft the same values of excellence and innovation as we seek to enrich experience of our customers’ around the world. Today’s award acknowledges the outstanding success of our long partnership with Microsoft which supported us to integrate cutting-edge technology and AI into QNB’s operations and financial solutions and products.”The Microsoft AI Tour is a unique opportunity for business leaders, developers, IT professionals, and AI enthusiasts to explore the next generation of AI and its transformative potential across industries. The one-day event aims to foster innovative solutions to address key challenges, accelerate AI-driven transformation, and explore emerging opportunities in the field of artificial intelligence.It brings together industry leaders and Microsoft experts to discuss the future potential of AI and its impact across various sectors.QNB Group is one of the leading financial institutions in the MEA region and among the most valuable banking brands in the regional market.Present in some 28 countries across Asia, Europe, and Africa, it offers tailored products and services supported by innovation and backed by a team of over 31,000 professionals dedicated to driving banking excellence worldwide.

CEO of Qatar Development Bank (QDB) Abdulrahman bin Hesham al-Sowaidi revealed that the QDB launched its new strategy for 2025-2030, which is in line with the objectives of the State of Qatar's Third National Strategy.In his remarks to Qatar News Agency (QNA), the QDB CEO said that the new strategy aims to support the private sector by empowering the role of all actors in the business system, while maintaining the bank's services in financing, guiding, and training the private sector and providing incubation and acceleration for emerging projects and innovative ideas.He indicated that QDB's strategy 2025-2030 was designed in line with the Third National Development Strategy. He said that the strategy to have a positive impact in this regard and contribute directly to achieving the goals of the third National Development Strategy, which will help enhance the economic sustainability and development of the State of Qatar.He noted that through the new strategy, QDB intends to move from the stage of direct support to the stage of empowerment, whether for the entrepreneurship system or for partners, as the strategy focuses on diversifying the methods of support provided by the bank, enhancing the use of available resources to address new goals related to environmental, social and institutional governance and digital transformation goals, and enhancing innovation and creativity, while establishing the best partnerships capable of facilitating access to these targets.Regarding supporting innovation, he said that QDB has always paid attention to the importance of innovation and creativity and stressed the need to support and enhance it in the Qatari entrepreneurship environment.He explained that QDB has sought to support innovation in the past through several initiatives and programmes that search for innovators in the national business environment and their projects, and support and develop them. He said that the bank has also always encouraged the adoption of a culture of creative thinking and free entrepreneurial work through its various initiatives and services.He added that in the new strategy, QDB will continue its role in supporting innovation, whether through direct or indirect investment, or by incubating and accelerating innovative businesses.QDB will develop the innovation support pillar by supporting early-stage startups to serve priority economic clusters stipulated in the Third National Development Strategy, such as future manufacturing industries, logistics services, and the tourism sector, in addition to the education sector, financial technology, information technology and digital services, as well as agricultural technology projects, health services, and green technology.He said that QDB will expand its customer base to include all international start-ups wishing to establish a local presence in the State of Qatar.Through the new strategy, the management of specialised business incubators and accelerators will be transferred to experts and specialists from the private sector and partners, enabling them to do so, while continuing to manage a comprehensive business incubator and accelerator for priority specialisations and sectors at this stage.He pointed out that QDB will work to increase the volume of investments in the founding stages of companies by 24% annually, and raise the public sector's contribution to venture investment in Qatar to 30% by 2030, which the Third National Development Strategy aims to reach QR1bn.To achieve this, QDB will further diversify its product offering by increasing investment volume, expanding co-investment to include pre-seed and seed stage companies, supporting angel investment networks, and capital guarantees.With regards to the local business development pillar, the CEO of QDB said that the bank will expand its client base benefiting from the bank's financial and non-financial services, to include all Qatar-based companies and those registered with the Qatar Free Zones Authority.Al-Sowaidi added that QDB will enhance its indirect finance services by collaborating with financial institutions in Qatar, indicating that the next phase will focus on offering indirect financing options to companies that have demonstrated financial management maturity, with this service comprising 25% of the bank's total financing.The CEO of QDB said that the bank will focus on providing comprehensive and seamless services to small and medium-sized enterprises (SMEs), thus, putting companies at the centre of all QDB services, which will involve conducting company situation analysis, followed by tailoring a comprehensive service package accordingly, which will include consultation and financial services in line with a company's needs.According to the new strategy, QDB will set a financing ceiling at QR70mn per company and QR200mn per group, not applicable however to export companies and the food security sector. Furthermore, the bank will also offer new solutions for companies that require financing beyond the mentioned ceilings, through collaborations with local commercial banks via indirect financing and joint ventures.The CEO of QDB said that thanks to the bank's new strategy, at least 50% of QDB's financing customers will receive non-financial advisory support through customer-tailored service packages.With regards to export trade financing, al-Sowaidi said that the new strategy seeks to turn QDB into the private sector's gateway to global markets.As part of the bank's ongoing efforts to support the export sector, the CEO of QDB said that it has already begun adjusting its programmes and launched the new trademark 'Qatar Exports' through its Export Development, Finance, and Promotion Agency — Tasdeer, to enhance the competitiveness of Qatari products and enable their presence in global markets.Al-Sowaidi added that QDB's new strategy aims to expand the bank's client base beyond Qatari exporters to also include international buyers of Qatari exporters' goods and services.In this regard, he said that the bank has set a credit limit exceeding QR2bn for international buyers to date, in addition to providing preferential services to companies operating in priority economic zones in accordance with the Third National Development Strategy.Al-Sowaidi added that QDB will work on expanding Qatari industries and services' global reach through export promotion offices worldwide, targeting priority markets. He continued that regional and international offices will be established under the 'Qatar Exports' brand, with the first regional office already having been established in Saudi Arabia.These efforts will contribute to doubling the export volume of SMEs in Qatar, reaching a minimum of QR2.3bn by 2030, representing 3.6% of the country's non-hydrocarbon exports.

QIIB was awarded the ‘Excellence and Banking Achievement Award’ for Islamic Corporate Banking Services in Qatar at the 2024 Banking Excellence and Achievement Awards Ceremony, organised annually by the World Union of Arab Bankers (WUAB).Omar Abdulaziz al-Meer, Chief of Corporate Sector at QIIB, received the award on behalf of the bank during the ceremony, which was attended by senior officials and a distinguished group of representatives from the Arab and international banking and business sectors.The World Union of Arab Bankers highlighted that the award was granted to QIIB based on several key achievements. Notably, the bank has made significant strides in recent years by developing innovative services and products tailored for its corporate clients. QIIB introduced groundbreaking services to the Qatari banking sector for the first time, which have notably strengthened its market position and contributed to advancing innovation in Islamic banking, both locally and globally.Commenting on QIIB’s receipt of the award, al-Meer stated: “We are extremely pleased to have been chosen for this award, which reflects the progress made by QIIB in one of our core sectors, corporate banking.“This achievement is a testament to the successful implementation of the strategy approved by QIIB’s Board of Directors and implemented by our executive management team, leveraging all the strengths available in the banking market.”He added: “Winning this award reflects the significant progress we’ve made over the past period, as it is the result of cumulative work, the results of which are reflected in growth figures, an expanding customer base, and strong satisfaction with the services and products we offer. Additionally, it highlights our advancement in digital transformation, where we’ve made great strides and continue to work towards remaining at the forefront in providing the best and most suitable solutions for our corporate clients.”Al-Meer noted: “Not long ago, the QIIB was honoured with the 2024 Excellence Award for Corporate Payment Solutions from Visa, in recognition of its leadership in corporate payment services. QIIB became the first bank in Qatar to offer a debit card specifically for small and medium-sized enterprises (SMEs), providing advanced, convenient payment solutions with unique benefits that deliver added value to our customers.“Additionally, QIIB launched its own digital platform for issuing letters of credit, enabling clients to complete the process without the need to visit the bank. This service positioned QIIB as the first bank in Qatar to introduce such a solution.”Al-Meer noted that QIIB is reaping the rewards of its long-term strategy across various sectors, including corporate banking, where it has invested in innovation, technology infrastructure, and partnered with top-tier experts to implement the best global banking standards. These efforts have played a key role in QIIB’s prestigious position in the market.He also expressed gratitude to the World Union of Arab Bankers for giving QIIB the ‘Excellence in Corporate Banking Services’ award and for the objective criteria they applied in recognising QIIB’s achievements.

The Ministry of Commerce and Industry (MoCI) has been awarded the AI (artificial intelligence) Innovation Award in recognition of its outstanding efforts in leveraging modern technology and artificial intelligence within its operations.HE Mohammed bin Ali al-Mannai, Minister of Communications and Information Technology, presented the award to Sheikh Faleh bin Ahmed al-Thani, Director of the Human Resources Department at the MoCI, at the "AI Tour" exhibition, organised by Microsoft and sponsored by the Ministry of Communications and Information Technology.The event was attended by numerous officials, government representatives, experts, business leaders, innovators, and an elite group of Microsoft partners and clients.The award specifically acknowledges the ministry's "Unified Platform" project, which is powered by AI. This project is designed to enhance internal workflow efficiency and improve the customer experience by offering high-quality and user-friendly services.