Business

HE the President of the Investment and Trade Court, Judge Khalid bin Ali al-Obaidly, met with Secretary-General of the Gulf Co-operation Council (GCC)'s Commercial Arbitration Centre, Kamal bin Abdullah al-Hamad, and the accompanying delegation.The meeting discussed arbitration and commercial dispute settlement mechanisms in the region, in addition to avenues for advancing investment and trade laws, as well as the challenges facing the commercial judiciary.Al-Hamad listened to a detailed explanation about the court, its functions and vital role in achieving justice and expediting commercial measures.Al-Hamad toured the court's modern facilities and informed about the pursued measures, underscoring the State of Qatar's commitment to augmenting its legal and commercial infrastructure and creating a safe environment for investment.

Gulf Warehousing Company (GWC) has announced its participation as a platinum sponsor at the 3rd Qatar Supply Chain Management Conference (SCMC).Under the patronage of HE the Minister of Transport Sheikh Mohammed bin Abdullah bin Mohammed al-Thani, the event took place on Monday.It highlighted best practices for enhancing supply chain sustainability, the role of digital transformation in facilitating supply chains and ensuring the flow of goods amid global challenges as well as strategies to enhance recovery and sustain supply chains.GWC Group Managing Director Sheikh Abdullah bin Fahad bin Jassim bin Jaber al-Thani said: “Our sponsorship of this conference aligns with the company’s strategic objectives to support initiatives that drive supply chain development, especially amid the challenges facing the logistics sector.“The need to effectively manage and optimise the flow of goods and services from suppliers to consumers has never been more critical.”He noted: "In Qatar, logistics services play a vital role, extending beyond the transportation of goods from one point to another to include bolstering trade flows, supporting sustainable development goals, and driving economic diversification. This highlights the key role our work in the logistics sector plays in building a competitive, resilient, and diversified economy in line with Qatar National Vision 2030.“This vision serves as a guiding compass, steering us toward sustainable development that balances economic growth with environmental and social responsibility. Today, our sector is at a crucial crossroads, amidst rapid transformations driven by digitalisation, the growing demand for sustainability, and the urgent need to minimise environmental impact. These evolving trends present both challenges and opportunities, and how we navigate them will ultimately define the future of logistics in Qatar.”Shaikh Abdullah emphasised the importance of focusing on sustainability and reducing carbon emissions, saying: "In line with our national objectives and the global agenda, we must diligently work towards achieving sustainability across all aspects of operations. As Qatar continues its drive for a sustainable and diversified economy, the logistics and transportation sector must actively contribute to this transformation.“This entails prioritising green technology, renewable energy solutions, and carbon emission reduction strategies. The accelerating pace of digitalisation in this sector has already led to a substantial shift in business practices, enhancing operational efficiency, service quality, and overall performance. By leveraging advanced technologies like artificial intelligence, big data, and IoT solutions, we can achieve greater efficiency and respond to challenges with agility and flexibility."Sheikh Abdullah highlighted: “Collaboration among stakeholders, knowledge sharing, and continuous improvement are pivotal to driving transformative change in Qatar's logistics sector and beyond. Moreover, agility is becoming increasingly critical, with the key lesson from recent years being the importance of resilience in the face of both positive and negative challenges.“For instance, the global Covid-19 pandemic triggered sudden disruptions in supply chains, severely impacting the logistics sector. Conversely, hosting the FIFA World Cup Qatar 2022 catalysed a significant positive transformation in Qatar's logistics landscape through innovative solutions.”He added: "The logistics sector requires strong and agile supply chains capable of withstanding future disruptions. This ability to adapt is particularly vital for Qatar as we expand our partnerships and explore new markets.“GWC's role goes far beyond just transporting goods; we are dedicated to fostering an ecosystem that drives economic growth, pioneering sustainable practices, and making significant contributions to achieving Qatar National Vision 2030. This is not only a great honour but also a profound responsibility. It is up to all of us in this sector to embrace emerging trends, innovate, and act with purpose."

Fractional ownership firm Stake will pursue property deals worth 1bn riyals ($266mn) in Saudi Arabia over the next six months, to tap into rising interest from foreign investors looking to enter a market that’s been largely closed to outsiders.The Dubai-based digital platform is already in the process of acquiring a fully-rented mall in Riyadh for 187mn riyals and plans to buy a residential tower with more than 140 apartments for 200mn riyals, its co-founder Rami Tabbara said in an interview.The firm, which facilitates property investments starting at about $134, is backed by investors including Abu Dubai sovereign wealth fund Mubadala Investment Co and Saudi Aramco’s venture capital arm.Since its soft launch in the kingdom, Stake has seen “amazing demand” from investors looking to enter the market, he said. “Investors want to participate because they see strong demand, capital appreciation and high rental yields of as much as 7% to 8%,” Tabbara said.Long closed to outside investors, the Gulf’s largest economy is slowly opening its property sector to foreign buyers. While Saudi Arabia started granting foreigners who buy property worth 4mn riyals a long-term residency, prospective buyers are yet to get easy access to the market.But for those looking to invest in the nascent market where multinationals are increasingly opening up offices and moving staff, the opportunity is appealing. In Riyadh, apartment values have surged 62% in the past three years, while prices of single family homes, known as villas, climbed 37%, according to Knight Frank LLP.The kingdom will need to build 115,000 homes each year for the next six years to fulfil surging demand from a predominately young population as the government aims to boost homeownership, the company said in a report last month.Saudi Arabia has outlined massive investment and spending commitments to fund Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify the economy away from oil. However, the country has started to scale back some of its ambitious projects, in part because oil prices remain far below what’s needed to balance the budget.Since its inception in 2021, Stake has raised $28mn and purchased over 330 properties in Dubai worth around $150mn, according to Tabbara. It has 832,000 users from over 200 nationalities, according to its website.It is planning to launch in Abu Dhabi early next year, Tabbara, who’s also the co-chief executive officer, said.Stake pays investors rental income and requires a lock-in period of one year: “We ask investors to hold on for five years for real estate appreciation,” he said. “But for those that want to exit after one year, they’re able to do it on the platform by selling their stake to others.”

Abu Dhabi’s biggest property developer expects the local commercial real estate boom to extend as an influx of firms continues to help the emirate dodge a slump in occupancy rates dogging cities around the world.“Abu Dhabi can’t keep up with commercial office demand,” Aldar Properties PJSC Chief Financial Officer Faisal Mohammed Abdul Rahman Falaknaz said at an event in the city on Monday. There’s significant room for price and sales to grow, across commercial and residential property, he said.An influx of the world’s biggest financial firms have transformed Abu Dhabi and neighbouring Dubai into bright spots in the world of commercial real estate. Occupancy rates in both cities have remained high, in contrast with other major business hubs.Both UAE cities have unveiled plans to add more space to their financial districts. Dubai is building three new office towers, while Abu Dhabi is working on expanding its financial free zone’s jurisdiction to a neighbouring island in a move that will give it ten times as much space.Aldar itself plans to build a skyscraper that’ll include offices, a luxury hotel and branded residences on a plot of land near Dubai’s financial centre.

AlRayan Bank has launched AlRayan Go, a mobile banking application designed to redefine the customer experience while preserving the bank’s solid commitment to Shariah-compliant principles.This milestone aligns with the bank’s strategic vision to deliver seamless customer experience that is fast and secure.In this first iteration, customers can manage their accounts effortlessly transfer money faster and manage your card life-cycle easier.The current mobile banking app will remain operational during the phased rollout of AlRayan Go as the bank refines the new platform based on user insights.To enhance digital security, AlRayan Go incorporates biometric authentication and individualised passcode to authorise transactions."AlRayan Go reflects our commitment to redefining Islamic banking for the modern era. This milestone represents the start of an exciting journey, leveraging cutting-edge technology to provide a faster, safer, and more intuitive banking experience," said Fahad bin Abdulla al-Khalifa, Group chief executive officer of AlRayan BankAs it continues to innovate, the customers remain at the heart of everything, and this new app is a testament to its vision of building a future-ready, customer-centric bank.l, he said, adding "together, we are shaping the future of Islamic banking."Houssam Itani, Group chief transformation officer said the launch of AlRayan Go marks a pivotal moment in its transformation journey."It represents a significant leap into a future powered by the latest technology. This first iteration is only the beginning—we are committed to continuously enhance AlRayan Go to set a new standard in customer experience," he said.The rebranding of Masraf Al Rayan to AlRayan Bank marks a new chapter in the bank’s journey, but it does not signify a shift from its Islamic banking foundations, according to the bank.

HE the Minister of State for Energy Affairs, Saad Sherida al-Kaabi headed Qatar’s delegation to the 26th Ministerial Meeting of the Gas Exporting Countries Forum (GECF), which was held in Tehran.The ministerial meeting tackled a number of issues of importance to the mission of the Forum particularly with regards to the role of natural gas in the ongoing energy transition. Also under discussion was GECF’s collective efforts to help advance regional and international dialogue on the central role natural gas can play in the transition to, and promotion of, low carbon economies.The Gas Exporting Countries Forum is a gathering of the world’s leading gas exporting countries. It aims to build a mechanism for a more meaningful dialogue between gas producers and consumers to ensure stability and security of supply and demand in global natural gas markets.

Qatar Chamber on Sunday explored strengthening trade co-operation with Albania.Igli Hasani, Minister for Europe and Foreign Affairs of Albania, Sunday met Mohammed bin Ahmed al-Obaidli, board member of the Qatar Chamber, in the presence of Nora al-Olan, director of the Research and Studies Department at the Chamber, on the sidelines of the Doha Forum.During the meeting, they discussed the bilateral cooperation between the two countries in the economic and trade sectors and ways to enhance it. They also reviewed the investment climate and the available investment opportunities in both Qatar and Albania.The importance of closer ties between the private sectors of both countries and the establishment of trade alliances between Qatari and Albanian companies was also discussed, with a view to boosting trade exchanges between the two nations.

HE Sheikh Faisal bin Thani bin Faisal al-Thani, Minister of Commerce and Industry, along with HE Dr Ahmed binMohammed al-Sayed, Minister of State for Foreign Trade, on Sunday met Borge Brende, president of the World Economic Forum (WEF), on the sidelines of the Doha Forum 2024. The discussion focused on strengthening the cooperation and partnership between Qatar and the WEF. The minister reaffirmed Qatar’s dedication to enhancing collaboration with the Forum in the areas of trade, industry, and investment, in line with the Qatar National Vision 2030 and its developmental objectives.

Egypt's prime minister Dr Mostafa Madbouly, recently met a delegation from Qatar Chamber led by its chairman Sheikh Khalifa bin Jassim al-Thani. The meeting, which took place on the sidelines of the Doha Forum 2024, discussed co-operation relations between the two countries in economic and commercial fields, as well as the investment climate and opportunities available in each country. The chamber’s delegation included second vice-chairman Rashid bin Hamad al-Athba and other board members. Also present at the meeting was Amr El-Sherbini, ambassador of Egypt to Qatar. The meeting highlighted the private sector’s role in enhancing trade by fostering economic partnerships between Qatari and Egyptian companies and leveraging promising investment opportunities across various sectors.

HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi met in Tehran on Sunday with Khalifa Abdul-Sadiq, the "appointed" Minister of Oil and Gas in Libya's Government of National Unity. Discussions during the meeting, which was held on the sidelines of the 26th ministerial meeting of the Gas Exporting Countries Forum, dealt with energy relations and co-operation between Qatar and Libya and means to enhance them.

HE the Minister of State for Energy Affairs, Saad bin Sherida al-Kaabi, met in Tehran on Sunday Birame Souleye Diop, Minister of Energy, Petroleum and Mines of Senegal. Discussions during the meeting, which was held on the sidelines of the 26th ministerial meeting of the Gas Exporting Countries Forum, dealt with energy relations and co-operation between Qatar and Senegal and means to enhance them.

The US financial system continued to face vulnerabilities from commercial real estate risk and digital assets in 2024, Treasury Secretary Janet Yellen said on Friday, even as cooling inflation and low unemployment bolstered the broader economy.She signalled top US regulators on the Financial Stability Oversight Council have remained focused on monitoring credit risk in commercial real estate and urged officials to continue to focus on Wall Street’s ability to address it.Yellen added that FSOC has stepped up efforts to address emerging risks from significant technological changes including digital assets and artificial intelligence. She said such innovations may offer potential benefits to markets, such as efficiencies, but also pose worrisome risks, including those around cyber and third-party service providers.“The council continues to call for legislation to create a comprehensive federal prudential framework for stablecoin issuers and for legislation on cryptoassets that addresses the risks we have identified. And we recommend building further inter-agency expertise to analyse and monitor potential systemic risks associated with the use of AI in the financial services sector while facilitating innovation,” Yellen said.FSOC, which also includes the heads of the Federal Reserve and Securities and Exchange Commission, was set up after the 2008 financial crisis to deal with systemic risks. It has previously flagged a number of risks that AI could introduce or amplify at financial institutions, including its ability to apply discriminatory bias in lending, especially for AI programs that operate as “black boxes,” making their output difficult to explain.This will be FSOC’s last annual report published under the Biden administration. The outgoing Treasury chief has often defended the role of regulation in supporting a resilient financial system and took aim at the state of financial monitoring at the end of Donald Trump’s first term.In her remarks, Yellen reiterated her views on the importance of a strengthened FSOC, including through increased staff, and the development of tools such as the analytic framework for financial stability risks.Increasing vacancies, slower rent growth and higher borrowing costs weighed on the commercial real estate market in a more pronounced way than the multifamily sector, according to FSOC.“These pressures on borrowers have led to increasing delinquencies, loan losses, and provision expenses for banks,” the report said. “The council recommends regulators continue to focus on the financial industry’s ability to withstand CRE stress from declines in property prices and loan quality.”The findings come after the Fed said in November that the delinquency rate for CRE loans has increased to its highest level in a decade, jumping to 11% at the large banks in the second quarter of 2024.Still, US banks added to credit reserves in the first half of 2024 to protect against further losses from commercial real estate and some consumer loans, the Fed said.The report acknowledged that the opaque nature of private credit lenders makes it difficult for regulators to assess risk management practices and the buildup of risks in the sector. Private credit came of age after the 2008 financial crisis as an alternative to banks and has become a serious rival to mainstream lending for all kinds of businesses, from real estate firms to tech startups.The panel is continuing to scrutinize the “rising interconnections with banks and insurance companies, limited transparency around private credit valuations, and increased retail investor participation in the industry via semi-liquid investment vehicles,” which may indicate expanding risks. The report said it supports enhanced data collection on private credit to learn more about potential risks.FSOC also called out cyberattacks as potentially destabilizing events for the US financial system. Late last year Industrial & Commercial Bank of China Ltd was hit by a cyberattack, rendering it unable to clear swathes of US Treasury trades after entities responsible for settling the transactions swiftly disconnected from the stricken systems. The incident highlighted the prospect of a cyberattack that could someday cripple a key piece of the financial system’s wiring.“Severe incidents at major financial institutions could pose an acute threat to financial stability given the high degree of interconnectedness among global financial institutions and systems,” they wrote. FSOC said the number of incidents has risen since the pandemic, and the US financial system is even more at risk because of ongoing geopolitical tensions and wars.The panel recommended information sharing among parties and to take additional steps to assess and mitigate cyber-related risks.

HE the Minister of Finance Ali bin Ahmed al-Kuwari held a bilateral meeting with Luis Rodolfo Abinader, President of the Dominican Republic, who is visiting Qatar. During the meeting, bilateral relations between the two countries were reviewed, especially in the fields of economy and trade and ways to develop them, in addition to discussing aspects of joint co-operation.

Saudi Arabia is cutting oil prices for buyers in Asia by more than expected after Opec+ further delayed an output revival, underscoring how the outlook for the market remains weak.State oil producer Saudi Aramco will sell its main Arab Light crude grade at a premium of 90 cents a barrel to the regional benchmark in January, according to a price list seen by Bloomberg. That compares with $1.70 for this month. The company was expected to lower the premium by slightly less, to $1, according to a survey of traders and refiners.Aramco also cut prices for north-west Europe and the Mediterranean. It made no change for North America.Prices Benchmark oil prices in London are down this year on concerns sluggish demand growth, especially in China, will leave the global market in a surplus next year. Brent crude is now just over $71 a barrel and trading in a tight range as a ceasefire between Israel and Hezbollah in Lebanon has so far held, largely eroding a risk premium that traders had priced into the market.Earlier, Opec+ — led by Saudi Arabia and Russia — agreed to push back production increases planned for the start of January by another three months, following two previous delays. The prospect of an impending oversupply leaves the group with the uncomfortable dilemma of whether to prolong production curbs well into 2025 or risk a price slump.

Britain has a data problem that is raising fears of policy mis-steps at a critical juncture for the UK economy.In recent months, serious issues have been exposed at the Office for National Statistics and the Bank of England (BoE). Even the government’s own accounts are under scrutiny. For users and observers, the worry is that bad data leads to bad policy decisions.The collapse in standards has come at an inconvenient moment. The BoE is cutting interest rates, the government is issuing near-record levels of debt and Chancellor Rachel Reeves has little budget headroom against a new and untested fiscal target. A misleading dip in growth or a questionable jobs report could provoke a financial markets response with nasty consequences for borrowing costs.“Changing the goalposts for the measure of debt at the same time as other statistics have become unreliable, alongside increased global political volatility, can only increase the political risk premium that should be built into UK assets,” said Helen Thomas, founder of research consultancy Blonde Money and an adviser to George Osborne when he was chancellor of the exchequer.Investors are demanding more yield to hold UK government debt. The rate on 10-year gilts is currently around 10 basis points higher than comparable US debt. That’s historically unusual, with Treasuries averaging a 66-basis-point yield premium over the last 10 years.The most acute problem at the moment is with the Labour Force Survey but consequential errors are not isolated to the ONS. The BoE has been attacked for its “shocking” data infrastructure, the UK spending watchdog refused to sign off on the latest public-sector financial statements and the Office for Budget Responsibility found an £18bn ($23bn) error in its calculation of the chancellor’s new debt-reduction rule.Data quality matters because it determines policy. Like the European Central Bank, the BoE insists it is “data dependent,” taking decisions on rates meeting by meeting. “When the map doesn’t fit the territory, it makes it hard for policymakers to navigate,” said Peel Hunt Chief Economist Kallum Pickering.The LFS poses the most immediate risk. The BoE says the speed at which it will cut rates will be determined in part by inflationary pressure in the labour market. Whether employment is rising or falling is a key piece of information. However, it’s not clear what is happening because the data are in disarray.The government thinks employment is “probably falling,” Tom Younger, deputy director of labour market analysis at the Department for Work and Pensions, told lawmakers this month. The LFS says it is increasing.The UK is not unique. The US has also seen a fall in survey response rates for its jobs numbers, but not on the same scale.Britain’s LFS is so “misleading” it is “not fit to be used for critical decisions like setting rates or making fiscal projections,” Adam Corlett, principal economist at the Resolution Foundation think tank, said after the ONS warned its figures may not be usable until 2027. Resolution analysis based on administrative data such as tax records found the employment rate to be materially higher than officially stated.Frustration has been building at the BoE as officials try to calibrate how quickly to move rates out of restrictive territory. The most stinging criticism has come from rate-setter Swati Dhingra, who said that if India can produce accurate labour market data with a population of more than 1bn, Britain should be able to do so too.The bad jobs data has wider implications than monetary policy. The government is spending millions of pounds on ways to tackle inactivity, which is around 1mn higher than before the pandemic with the bulk of the surge due to long-term sickness. Yet the programme may prove to be a waste of both time and taxpayer money if the numbers turn out to be a mirage. This week, Minister for Employment Alison McGovern raised the question in parliament: “Is our strategy wrong given the revisions?”Companies are also affected. “It’s a big issue in terms of business planning as well as policymaking,” said Oxford Economics Chief UK Economist Andrew Goodwin. “If we don’t know what the true level of unemployment is then it’s very difficult for banks to model how many mortgages might fall into arrears.”Despite its concerns with the ONS, the BoE is no paragon of data virtue. In April, former US Federal Reserve Chair Ben Bernanke said the BoE’s data handling infrastructure was “seriously out of date” and “not adequately maintained.”The deficiencies he identified shocked Cambridge University Economics Professor Petra Geraats into asking at the BoE Watchers Conference in November whether there had been “negligence from a governance point of view.” Bernanke’s revelations were “shocking,” she said. “How on earth did it end up getting so bad?” The BoE has since committed millions of pounds and asked recently appointed Deputy Governor Clare Lombardelli to clean up the mess.The government, too, is having trouble with its numbers. For the first time, the National Audit Office refused to sign off the Whole of Government Accounts because vast tracts of local government data were missing. The gaps were so “large and pervasive” that the NAO could not “give any opinion at all” for 2022-23, it said.Now that the government has adopted a fiscal target based on “public sector net financial liabilities,” it could make forecasting more difficult as the accounts are used by the OBR, the arbiter of the public finances, to measure how much the public sector owns and how much it owes.Even the OBR has had a data wobble. An error in its forecasts for the Conservatives’ final budget turned into a headache for the new Labour government. Reeves switched the gauge of debt in her fiscal rule to PSNFL to allow more room for investment, only to discover the OBR had mistated the figures back in March to the tune of £18bn. It means her margin against fiscal shocks has been reduced to just £15.7bn.The decline in UK data standards can be traced to both a lack of oversight and underinvestment. Bernanke said the deterioration at the BoE was due to cheap “makeshift fixes.” Andrew Sentance, a former rate-setter, said the ONS suffered from “inertia and a lack of willingness to get on with things.”Adding to the list of its shortcomings, the statistics body this month revealed it had undercounted migration in the year to June 2023 by 166,000 - enough to fill a city the size of Oxford. Migration is not only a hot political topic in the UK, but officials require reliable population projections to plan for housing, public services and welfare spending.“There is always something going wrong with official statistics. It’s the nature of the beast because the economy is always changing so methods have to adapt,” Sentance said. “But the ONS is very slow off the mark, so it becomes a much bigger issue. They tend to suppress problems rather than redress them.”Goodwin is equally concerned. “This is a major problem for the whole economy, and I don’t think the ONS is moving anything like quickly enough to resolve it.”

LNG continues to dominate Qatari exports. Economic diversification is a wise strategy, but is it a mistake to be too guided by the relative size of other sectors?The big news for global politics, and the economics of the Gulf region, has been the election win of Donald Trump, who will return to the US Presidency in January. The states in the region are allies of the US, with currencies pegged to the dollar. Decisions in Washington deeply impact geopolitics, in the Middle East in particular.The recent report by the respected Institute of International Finance (IIF) on the Gulf economies noted that the change in presidency will have a significant impact, but for all that Trump is seen as a divisive and confrontational politician, the effects on the region may well be benign.The IIF anticipates that the oil price would stay at around $70 per barrel, assuming no escalation in the conflict between Israel and Iran – the report was published in early November, three weeks before the announcement of an agreed ceasefire between the Israeli government and Hezbollah on November 26. Trump can be confrontational, but he is not a warmonger. Internationally his emphasis is more on trade than the military. He would like to reduce the overseas commitments of US forces, and is committed to policies of tariffs on imports. He will probably maintain a strong military force, but primarily to strengthen his hand in negotiations.For Qatar, the report notes how liquefied natural gas (LNG) continues to be the dominant export earner, and is set to remain so. While Trump’s policy of encouraging oil and gas exploration by the US is likely to see greater competition and lower prices than would have been the case under a Democrat presidency, this may actually favour Qatar. The reason is that extraction costs from the North Field are among the lowest in the world, so Qatari production can remain profitable at low prices.The IIF reports notes the massive investment by Qatar, which is the world’s largest exporter of LNG, and ‘surging global demand’. Capacity is set to increase from 88mn tonnes per year to 126mn tonnes by 2027. The IIF notes that Qatar’s long-term LNG contracts are linked to the global oil price, and that the break-even price for Qatari exports is due to fall from an already-low figure of $45 per barrel to $33 per barrel.QatarEnergy has vertical integration through Nakilat, which owns a fleet of LNG tankers. A specialist type of tanker is needed to transport liquefied gas at low temperatures. It is the largest LNG fleet in the world and means that as a supplier, QatarEnergy can be responsive, not having to check with a freight company as to whether a ship is available for an order.Regarding the non-hydrocarbon economy, the IIF reports that growth is subdued, noting weaker private consumption and investment, projecting growth of below 1% for 2025.The government needs to continue encouraging private sector investment, and ensure that it is not too skewed towards real estate, where there is over-supply. It has been right to encourage tourism, and the hotel sector, entertainment venues and transport infrastructure are first-rate.Looking at the general economic context, there is a case for increasing public sector salaries. There has been little wage growth in recent years. Now that the US Presidency is decided, inflation is low, there is a ceasefire in Lebanon, the future for LNG exports is virtually assured and the public finances are healthy, the case for pay rises is strong. The cost of living has increased during the years of low wage growth, so this will have had an effect on disposable income.Higher salaries would stimulate aggregate demand, and create greater incentives for business investment and diversification of the economy, in line with the Qatar National Vision 2030.For Qatar, the sheer scale of the LNG industry means that it will continue to dwarf other sectors, irrespective of how well they develop. A simple measure of the proportion of the economy that non-hydrocarbon sectors contribute compared with LNG is not a helpful indicator. Even if it is relatively small compared with the LNG juggernaut, this may still represent valuable diversification, and it is better to look at the detail.The author is a Qatari banker, with many years of experience in the banking sector in senior positions.

Qatar and Estonia have explored ways to strengthen trade and economic relations, with a focus on IT or information technology, ICT or information, communication and technology, cybersecurity, digital transformation, energy, and transportation sectors. Qatar and Estonia have enjoyed growing relations and a number of agreements across various sectors, emphasising Doha's interest in further promoting economic and commercial ties with Estonia, Mohamed bin Twar, Qatar Chamber first vice-chairman, said at a meeting to host an Estonian delegation led by Margus Tshkna, Minister of Foreign Affairs. Although the trade exchange between the two countries is still below expectations, despite the vast potential they share, Twar said the role of the private sector in both nations in developing trade and investment through joint ventures and commercial alliances for mutual benefit. Emphasising that Qatari investors are eager to explore investment opportunities in Estonia across various sectors, he also urged Estonian companies to invest in Qatar, taking advantage of the investment opportunities and advanced infrastructure Qatar offers to foreign investors. Tshkna said Estonian companies are keen to invest in Qatar and explore opportunities across various sectors. He highlighted that the delegation includes a number of Estonian companies specialising in technology and digital solutions, which are leaders in many global markets. The Estonian private sector makes a strong contribution to the economy, he said, noting that these are many promising sectors, including technological industries, IT, and financial services. He called on Qatari investors to invest in his country and form active partnerships with Estonian companies.

HE the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi said Qatar stands in total support of the concept of the European Union (EU)’s Corporate Sustainability Due Diligence Directive (CS3D), and of the desire to protect and uphold human rights, labour rights, and reducing environmental impact. “However, the issue is how you go about it,” noted al-Kaabi, also the President and CEO of QatarEnergy. In remarks during a ‘Newsmaker Interview’ as part of the Doha Forum 2024 yesterday HE al-Kaabi criticised the directive as “making absolutely no sense”. “This directive affects any company that deals in Europe and makes more than €450mn generated in or from Europe. So, companies like QatarEnergy, Shell, or ExxonMobil and even car companies like Toyota or GM, will have to say they will abide by the Paris Accords. So, the company will have to commit to Net Zero,” al-Kaabi explained. “For us as QatarEnergy, and with all the expansions we are undertaking, I can assure you we cannot meet Net Zero as a company.” Al-Kaabi added: “The second thing is that we need to make sure we put a team of probably a thousand people in QatarEnergy whose dedicated job would be to go and look at all our subsidiaries and suppliers around the world, because if there is a nail or a screw that we buy from a contractor who has a subcontractor, we will be responsible for looking into their practices and would get penalised for that.” “We are also asked to be responsible for tier emissions 1, 2, and 3 and be liable for a penalty of up to 5% of our total generated revenue worldwide. This makes absolutely no sense. So, my message to Europe and to the EU Commission is: Are you telling us that you don't want our LNG into the EU? Because I sure am not going to supply the EU with LNG to support their energy requirements and then be penalized with our total revenue worldwide.” Al-Kaabi said investment authorities, like the Qatar Investment Authority (QIA), or any sovereign fund or fund manager around the world will worry about the companies they own or plan to own whether they could be liable for such penalties, which would affect their investments and end up pulling out of the EU to protect their funds and look at investing in other countries. “So, I think what the EU is doing is really surprising, and I think it will harm them. And for companies that will have to comply, will need to put an army of people to do all this diligence. If there is more cost on the company to do this diligence, who ends up paying for it? The customer. This will harm European companies first. Speaking on relations with the coming administration of President Trump, al-Kaabi stressed that US-Qatari friendship and energy relations transcend administrations. “The most important thing is that we have an excellent partnership between companies and between people, and that this is sustainable because it is good for business with mutual respect and mutual gain on both sides. It's a win-win relationship. We have oil and gas projects that are multi-decade projects and can survive governments and administrations.” He also discussed the role gas in the energy transition stressing that “it will play a very big role” citing intermittency issues when the sun is not shining to power solar panels, or the wind is not blowing to drive wind farms, or lower rain levels fails to boost hydro power. “We need to have a sensible approach, particularly that we have 1bn people today, as we speak, who do not have the basic electricity that that we all enjoy. And we should make sure that everybody has ample supplies of energy for their growth and for them to live a good life.” The minister highlighted Qatar’s contributions towards global food security through the production of much needed fertilisers. “Today, we are the second largest fertilizer exporter in the world. We are doubling our production to 12mn tons per year, which will make us the largest fertilizer producer in the world.” His Excellency highlighted QatarEnergy’s LNG expansion projects that will double its production capacity to 142mn tonnes per year, add to that 18mn tonnes from its project in Golden Pass project in Texas, in the USA. Also, a point to highlight during the interview was the environment, which al-Kaabi stressed was an utmost importance for QatarEnergy. “We are big believers in making sure that we have clean air and clean water for everybody living in Qatar and around the world. A few years ago, we had zero renewables in Qatar. Today, 10% of the power that we are enjoying comes from solar. “Next year, it will go up with another two plants that we are going to inaugurate in Mesaieed and Ras Laffan taking the total solar production to about 15% to 16%. With the addition of a fourth plant in Dukhan, we will increase our solar capacity making it 30% of our total power production.”

National carrier Qatar Airways expects to equip its entire fleet with Starlink ultra-high-speed, low-latency Internet “by the end of next year or beginning of the following year”, said the airline's Group Chief Executive Officer Badr Mohammed al-Meer.Participating in a ‘Newsmaker interview’ at the Doha Forum yesterday, al-Meer said, “The project is moving forward...and on a very fast track. By the year-end, we will have it on 14 aircraft. By April or May 2025, we will have it on 50 or 60 aircraft. It is not taking us too long to install... but because we don’t have enough kits.”Al-Meer said, “Being connected is very important. There is a very high demand from people to stay connected, either through phone calls, WhatsApp or streaming. Especially on long haul."Al-Meer said, “The Starlink service will be offered free of charge for everybody on board”.Engineered by SpaceX, Starlink is the world's first and largest satellite constellation using a low Earth orbit that will provide passengers reliable, high-speed Internet so they can stay connected with friends and family, stream their favourite entertainment, watch live sports, play online games, or work efficiently at 35,000 feet – all for free and with a simple ‘one-click-access’.As the first-ever service of its kind in the Mena region, the collaboration with Starlink marks a new milestone for Qatar’s national carrier. This strategic initiative will further elevate the airline’s "unparalleled" on-board experience.In an earlier press release, Qatar Airways’ said, “This press release, along with accompanying multimedia files, was dispatched directly from the first Starlink-equipped flight at 35,000 feet. The Starlink-equipped aircraft will operate on select routes as the airline pushes forward its roll-out plans. This will ensure more passengers have seamless access to enhanced connectivity during their travels, elevating the Qatar Airways’ award-winning on-board experience to new heights and setting a new benchmark for in-flight excellence.”

Technology sits at the heart of the industry and is one of the key sectors to be used for achieving economic diversification of Qatar, which has already rolled out $2.5bn of incentives to encourage innovations and digitisation, HE the Finance Minister Ali bin Ahmed al-Kuwari on Saturday told the 22nd Doha Forum."Definitely this is the anchor...As part of our Third National Development Strategy toward Qatar Vision 2030, technology sits at the heart of our industry," al-Kuwari said at one of the panel sessions at the Doha Forum, which was moderated by Borge Brende, the World Economic Forum president and chief executive officer.Highlighting that the key growth is coming from technology, AI (artificial intelligence) and innovations; he said technology is no longer seen as a necessity only for improving processes but now it is viewed as a necessity to achieve economic growth."The role of technology is changing. And it's basically who has it today, they have the growth; who doesn't have it, they lost it," he said, referring to the critical importance of technology and innovations.In this context, the minister said Qatar has already pledged multi-billion dollar incentives to encourage innovations, digitisation and AI.At the Qatar Economic Forum 2024, HE the Prime Minister Sheikh Mohammed bin Abdulrahman bin Jassim al-Thani had announced $2.5bn in incentives to advance the country’s programmes in AI (artificial intelligence), technology and innovation.Al-Kuwari highlighted the $1bn fund-of-funds to attract funds from the region or overseas to establish the business in Doha.The Qatar Investment Authority’s (QIA) $1bn ‘fund-of-funds’, could catalyse venture capital (VC) activity in the country, experts said, adding the impact of the fund-of-funds extends beyond direct investments.Highlighting Ooredoo's $1bn investment in expanding data centre capacity and also its tie up with the US-chip maker Nvidia; Google Cloud Center of Excellence and Microsoft Azure establishing in free zones; the finance minister said, "We see Qatar already taking the position, and the opportunities are tremendous.""We are in a good position to leverage in that. Qatar has one of the fastest Internet speeds in the world, whether it's a mobile or fixed line. So this really gives us, a good opportunity," he said.Qatar has identified six critical factors – which include national innovation strategy, high research and development (R&D) levels and diverse funding options for SMEs (small and medium enterprises) – for establishing and maintaining a successful startup ecosystem, according to Invest Qatar.