Omar Hussain Alfardan, the president and CEO of Alfardan Group, has received the ‘Bussola Award 2024 for Italy-Qatar Friendship’ from the Italian Chamber of Commerce in Qatar under the patronage of the Italian Embassy in Doha.The award was presented to Alfardan in a ceremony held aboard the Amerigo Vespucci, in the presence of Francesco Lollobrigida, Italy’s Minister of Agriculture, Food Sovereignty and Forestry. The ‘Bussola Award 2024 for Italy-Qatar Friendship’ was bestowed on Alfardan Group for its steadfast and long-lasting relation with some of the most successful Italian companies, which spans from the automotive industries to luxury, specifically in the fashion, jewellery, and F&B sectors – a relationship that was nurtured through the years and that makes the name Alfardan synonymous with the ‘Made in Italy’ brand across the Qatari market.Italian ambassador Paolo Toschi said, “The award signifies the importance of bilateral relations in the business sector, representing, through a compass, the direction of a successful journey of friendship between Italy and Qatar.“Indeed, the word ‘bussola’ is the same in both Italian and Arabic, which means compass – an example of the historic trade relations that for centuries have bonded Italy and the Arab world through the Mediterranean Sea.”The ambassador added: “We are proud to have supported the Italian Chamber of Commerce in conferring this award to Mr Omar Hussain Alfardan, one of the most esteemed Qatari businessmen and a true friend of Italy. Today’s ceremony is even more special as it is held onboard the Vespucci ship, our oldest and most beloved navy vessel, which perfectly symbolises all the values enshrined in the Bussola award. “Business and trade relations between Italy and Qatar have never been stronger. However, based on the many projects in the pipeline and of the work of entrepreneurs like Omar Hussain Alfardan, the best is yet to come.”Alfardan said, “I am deeply honoured to receive the ‘Bussola Award 2024 for Italy-Qatar Friendship’. This recognition reflects the enduring partnership between Alfardan Group and our valued Italian counterparts, built on shared values of excellence and innovation. The compass or bussola symbolises the direction and shared journey we have embarked on together and it is especially meaningful to receive this award aboard the iconic Vespucci ship.“I extend my sincere gratitude to the Italian Chamber of Commerce in Qatar, its president, Ms Palma Libotte, and His Excellency Paolo Toschi, ambassador of Italy to the State of Qatar, for this recognition. We remain committed to strengthening ties between Italy and Qatar, fostering greater collaboration and growth in the years ahead.”Libotte said, “The Italian Chamber of Commerce in Qatar expresses its heartfelt gratitude to Alfardan Group for their unwavering support to Italian companies and our events in Qatar throughout the years. Their representation of prominent Italian brands is also invaluable and we are delighted to extend our recognition to Mr Omar Hussain Alfardan for his exceptional contributions.”

The rupee breaching 85 per dollar has traders speculating about the next line in the sand under the new central bank governor.The currency is expected to weaken further after falling to a record low on Thursday as signals of fewer Federal Reserve interest-rate cuts boost the dollar. Nuvama Institutional Desk predicts the rupee will hit 86 against the greenback by March-end, while Kotak Securities Ltd sees it breaching that level.While global factors weigh on the rupee, traders will be focusing on the central bank’s foreign exchange market interventions as new Governor Sanjay Malhotra succeeds a monetary regime that had firmly curbed volatility in the currency.“There’s going to be continued intervention from the RBI to limit the volatile moves, but given the pressure mounting on peers, particularly the Chinese Yuan, the rupee may not see very tight ranges,” said Sakshi Gupta, an economist with HDFC Bank Ltd, predicting the rupee in 85-86 per dollar bracket until March.The rupee has seen a series of record lows as the country’s trade deficit expanded more-than-expected in November to a record of $37.8 billion. Despite that, it fell the least among emerging Asia peers this year due to the RBI’s firm grip.While the RBI has not yet signalled a shift in its intervention strategy under the new chief, analysts say a decline in import cover may prompt the central bank to allow the rupee to weaken in line with peers.“Our sense is that now import cover is down to 10 months,” Standard Chartered Bank economist Anubhuti Sahay said. “The tolerance for a stronger dollar at the RBI increases significantly once the import cover moves toward nine months,” she said, predicting the rupee at 85.50 by the month-end.