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BUSINESS Tuesday 4 December 2018 PAGE | 02 PAGE | 05 Commercial Bank scoops two awards Industry experts share best practices at Qatargas’ 15th Engineering Forum Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari and the President of General Authority for Investment Promotion and Export Development in Oman, Yahia bin Saeed Al Jabri, inaugurated the “Made in Qatar 2018”, in Oman yesterday. QNB wins Bank of the Year 2018 award for Qatar and Middle East THE PENINSULA DOHA QNB Group, the largest financial institution in the Middle East and Africa, was recognised as the Bank of the Year 2018 for Qatar and the Middle East by the Banker during the annual awards cer- emony held in London recently. The event brought together top banking senior executives from the international banking and financial industry. Regarded as the industry standard for banking excellence, The Banker’s Bank of the Year awards salute the top global banks based on their per- formance and ability to deliver returns, gain strategic advantage and serve their markets. Receiving two of the most prestigious awards in the banking industry is a testament to the Group’s commitment to maintain sustained levels of growth and strong financial per- formance over the past 12 months while expanding its operations and opening new branches. It also confirms the Bank’s high credit quality, strong financial position and solid liquidity and solvency levels, reflected in the total asset growth and driven by its US $4.2bn worth brand value as it enjoys the highest credit rating in the region. This prestigious award is a testament to the Group’s success in strengthening its leadership in Qatar and the Middle East, and reflects the high man- agement efficiency and success of the business model and overall strategy of the Group. This year, QNB has enhanced the banking expe- rience of its retail and corporate customers by launching a range of digital products and inno- vative services and expanding its growing international network by opening two new branches in Oman and Kuwait in support of its vision to become a leading bank in the Middle East, Africa, and Southeast Asia by 2020. Owned by The Financial Times, The Banker is the world’s premier banking and finance resource, read in over 180 coun- tries and is the key source of data and analysis for the industry. It combines in-depth regional and country coverage with reports on global financial markets, regulation and policy, cash management and securities services, commodities and carbon finance, infrastructure and project finance, trading and technology, clearing and set- tlement, and management and governance issues. The officials with the award. Qatar and Oman strengthen trade, investment ties THE PENINSULA DOHA H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, has said that the deep- ening relations between Qatar and Oman will help establish more investments and com- mercial projects in both these brotherly countries. Speaking to the media on the sidelines of the ‘Made in Qatar 2018’ in Oman yesterday, the Minister said the relations between Qatar and Oman are very special. He affirmed that both the countries are keen to develop them further, especially in the trade and industry sectors. He noted that Qatar’s investment law allows non- Qatari investors to own 100 percent of businesses. The Min- ister called on Omani companies to take advantage of this law to enter into the Qatari market. Earlier, the Minister and the President of General Authority for Investment Promotion and Export Development in Oman, Yahia bin Saeed Al Jabri inaugu- rated the “Made in Qatar 2018” and the accompanying Qatar- Oman Business Forum at the Oman Conferences & Exhibition Center. The opening ceremony was attended by a galaxy of Qatari and Omani businessmen and media representatives from both sides. Qatar Chamber Vice- Chairman Mohamed bin Towar and Rashid Al Athba attended the ceremony as well as a number of board of directors and Chairman of Oman Chamber of Commerce and Industry. The four-day expo is being held on an area of 10,000sqm at the Oman Conference & Exhi- bition Center with the partici- pation of 240 manufacturing local companies. The expo will conclude on December 6. The expo features Qatar industry through five sectors including food and beverages (44 companies), furniture (21 companies), petrochemicals (19 companies), SMEs (59 com- panies) and (71 companies) rep- resenting various industries as well as home-made industries. The exhibition aims to promote the industry and Qatari Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari and the President of General Authority for Investment Promotion and Export Development in Oman, Yahia bin Saeed Al Jabri, inaugurating ‘Made in Qatar 2018’ in Oman, yesterday. products locally and globally, encourage the use of Qatari products and reduce dependence on imports, encourage investors and entrepreneurs to invest in industrial projects, and support the state’s approach to public- private partnerships. On his part, Mohamed bin Towar said that the expo offers a good opportunity for both countries’ businessmen to review the investment opportunities available in both sides, noting that Oman provides many investment incentives and facil- ities such as those in ports of Sohar, Slala Duqm and industrial zones. P03 Qatar to become one of the world’s leading energy producers soon MOHAMMAD SHOEB THE PENINSULA Minister of State for Energy Affairs and Managing Director and Chief Executive Officer of Qatar Petroleum (QP) H E Saad bin Sherida Al Kaabi stated yesterday that Qatar is soon going to be one of the leading energy producers and exporters in the world. Qatar produces about 600,000 barrels of oil per day, but it is the world’s largest exporter of liquefied natural gas (LNG). It produces over 77 million tones of natural gas per annum, which together con- stitute to be nearly 4.8 million barrels of oil equivalent (BOE). And with the completion of the ongoing LNG expansion project Qatar’s combine energy pro- duction capacity is estimated to reach over 6.5 million BOE by 2024. In addition, QP, the state- owned energy giant, is investing aggressively in overseas oil fields, with special focus in several countries in Latin America, South Africa and North America, which will further strengthen its position as a major energy producer. “We will be making big splashes in the oil and gas business very soon. In addition to the gas expansion project in North Field, we are investing in oil fields in Brazil, Argentina, Mexico, Cyprus, Congo and other countries,” Minister Al Kaabi told reporters in a press conference held to announce Qatar’s future energy strategy and its decision to withdraw from Opec membership, yes- terday at QP headquarters. He added: “We are not out of oil business totally. But in Qatar we don’t have great potential (to boost oil pro- duction) in a big way… We don’t have huge room to grow. But we are not going stop production of oil. Our potential is gas and we want to focus on that.” The Minister also said that QP, as part of its huge devel- opment and expansion pro- gramme, is working to sustain crude production and recovery sachem in Qatari oil fields. Commenting on the North Field gas expansion project, he said that it is progressing in full steam, and in the process of ten- dering for 8-10 rigs. With regard to financing of the ambitious expansion projects, the energy minister said that QP has taken a decision for self-financing the entire project, which shows about the financial strength of the energy giant. P02 Minister of State for Energy Affairs H E Saad bin Sherida Al Kaabi addressing the media at the Qatar Petroleum headquarters in Doha yesterday. Pic: Salim Matramkot / The Peninsula

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Page 1: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

BUSINESSTuesday 4 December 2018

PAGE | 02 PAGE | 05Commercial

Bank scoops

two awards

Industry experts share best practices at Qatargas’ 15th Engineering Forum

Minister of Commerce

and Industry H E Ali

bin Ahmed Al Kuwari

and the President

of General Authority

for Investment

Promotion and Export

Development in Oman,

Yahia bin Saeed Al

Jabri, inaugurated the

“Made in Qatar 2018”,

in Oman yesterday.

QNB wins Bank of the Year 2018 award for Qatar and Middle EastTHE PENINSULA DOHA

QNB Group, the largest financial institution in the Middle East and Africa, was recognised as the Bank of the Year 2018 for Qatar and the Middle East by the Banker during the annual awards cer-emony held in London recently.

The event brought together top banking senior executives from the international banking and financial industry.

Regarded as the industry standard for banking excellence, The Banker’s Bank of the Year awards salute the top global banks based on their per-formance and ability to deliver returns, gain strategic advantage and serve their markets.

Receiving two of the most prestigious awards in the banking industry is a testament to the Group’s commitment to maintain sustained levels of growth and strong financial per-formance over the past 12 months while expanding its operations and opening new branches.

It also confirms the Bank’s high credit quality, strong financial position and solid liquidity and solvency levels, reflected in the total asset growth and driven by its US $4.2bn worth brand value as it enjoys the highest credit rating in the region.

This prestigious award is a testament to the Group’s success in strengthening its leadership in Qatar and the Middle East, and reflects the high man-agement efficiency and success of the business model and overall strategy of the Group.

This year, QNB has enhanced the banking expe-rience of its retail and corporate customers by launching a range of digital products and inno-vative services and expanding its growing international network by opening two new branches in Oman and Kuwait in support of its vision to become a leading bank in the

Middle East, Africa, and Southeast Asia by 2020.

Owned by The Financial Times, The Banker is the world’s premier banking and finance resource, read in over 180 coun-tries and is the key source of data and analysis for the industry. It combines in-depth regional and country coverage with reports on global financial markets, regulation and policy, cash management and securities services, commodities and carbon finance, infrastructure and project finance, trading and technology, clearing and set-tlement, and management and governance issues.

The officials with the award.

Qatar and Oman strengthen trade, investment tiesTHE PENINSULA DOHA

H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, has said that the deep-ening relations between Qatar and Oman will help establish more investments and com-mercial projects in both these brotherly countries.

Speaking to the media on the sidelines of the ‘Made in Qatar 2018’ in Oman yesterday, the Minister said the relations between Qatar and Oman are very special. He affirmed that both the countries are keen to develop them further, especially in the trade and industry sectors.

He noted that Qatar’s investment law allows non-Qatari investors to own 100 percent of businesses. The Min-ister called on Omani companies to take advantage of this law to enter into the Qatari market.

Earlier, the Minister and the President of General Authority for Investment Promotion and Export Development in Oman, Yahia bin Saeed Al Jabri inaugu-rated the “Made in Qatar 2018” and the accompanying Qatar-Oman Business Forum at the Oman Conferences & Exhibition Center. The opening ceremony was attended by a galaxy of Qatari and Omani businessmen and media representatives from both sides.

Qatar Chamber Vice-Chairman Mohamed bin Towar and Rashid Al Athba attended the ceremony as well as a number of board of directors and Chairman of Oman Chamber of Commerce and Industry.

The four-day expo is being held on an area of 10,000sqm at the Oman Conference & Exhi-bition Center with the partici-pation of 240 manufacturing local companies. The expo will conclude on December 6.

The expo features Qatar industry through five sectors including food and beverages (44 companies), furniture (21 companies), petrochemicals (19 companies), SMEs (59 com-panies) and (71 companies) rep-resenting various industries as well as home-made industries. The exhibition aims to promote the industry and Qatari

Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari and the President of General Authority for Investment Promotion and Export Development in Oman, Yahia bin Saeed Al Jabri, inaugurating ‘Made in Qatar 2018’ in Oman, yesterday.

products locally and globally, encourage the use of Qatari p r o d u c t s a n d r e d u c e dependence on imports, encourage investors and

entrepreneurs to invest in industrial projects, and support the state’s approach to public-private partnerships.

On his part, Mohamed bin

Towar said that the expo offers a good opportunity for both countries’ businessmen to review the investment opportunities available in both sides, noting

that Oman provides many investment incentives and facil-ities such as those in ports of Sohar, Slala Duqm and industrial zones. �P03

Qatar to become one of the world’s leading energy producers soonMOHAMMAD SHOEB THE PENINSULA

Minister of State for Energy Affairs and Managing Director and Chief Executive Officer of Qatar Petroleum (QP) H E Saad bin Sherida Al Kaabi stated yesterday that Qatar is soon going to be one of the leading energy producers and exporters in the world.

Qatar produces about 600,000 barrels of oil per day, but it is the world’s largest exporter of liquefied natural gas (LNG). It produces over 77 million tones of natural gas per annum, which together con-stitute to be nearly 4.8 million barrels of oil equivalent (BOE). And with the completion of the ongoing LNG expansion project Qatar’s combine energy pro-duction capacity is estimated to reach over 6.5 million BOE by 2024.

In addition, QP, the state-owned energy giant, is investing aggressively in overseas oil fields, with special focus in several countries in Latin America, South Africa and North America, which will further strengthen its position as a major energy producer.

“We will be making big splashes in the oil and gas business very soon. In addition to the gas expansion project in

North Field, we are investing in oil fields in Brazil, Argentina, Mexico, Cyprus, Congo and other countries,” Minister Al Kaabi told reporters in a press conference held to announce Qatar’s future energy strategy and its decision to withdraw from Opec membership, yes-terday at QP headquarters.

He added: “We are not out of oil business totally. But in Qatar we don’t have great potential (to boost oil pro-duction) in a big way… We don’t have huge room to grow. But we are not going stop production of oil. Our potential is gas and we want to focus on that.”

The Minister also said that QP, as part of its huge devel-opment and expansion pro-gramme, is working to sustain crude production and recovery sachem in Qatari oil fields.

Commenting on the North Field gas expansion project, he said that it is progressing in full steam, and in the process of ten-dering for 8-10 rigs.

With regard to financing of the ambitious expansion projects, the energy minister said that QP has taken a decision for self-financing the entire project, which shows about the financial strength of the energy giant. �P02

Minister of State for Energy Affairs H E Saad bin Sherida Al Kaabi addressing the media at the Qatar Petroleum headquarters in Doha yesterday. Pic: Salim Matramkot / The Peninsula

Page 2: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

02 TUESDAY 4 DECEMBER 2018BUSINESS

10,451.33

+134.37 PTS

1.30%

QSE FTSE100 DOW BRENT7,062.41

+82.17 PTS

1.18%

25,785.62

+247.16 PTS

0.97% Dow & Brent before going to press

$52.44

+1.51

MarketWatch

Nakilat awarded ‘Sword of Honour’ by British Safety CouncilTHE PENINSULA DOHA

Nakilat has been awarded the ‘Sword of Honour’ by British Safety Council, for organisations that have reached the pinnacle of excellence in managing the company’s health, safety and envi-ronmental risks. The ceremonial sword was received at a ceremony held recently in London.

Nakilat was one of 61 organisa-tions worldwide that achieved a Sword of Honour, awarded to com-panies which have demonstrated excellence in the management of health and safety risks at work.

In order to compete for the Sword of Honour, an organisation first had to achieve the maximum five stars in the British Safety Council’s health, safety and environmental man-agement audit scheme in the period August 2017 – July 2018. Nakilat has also demonstrated to an independent panel of experts that the company is excellent in its health, safety and envi-ronmental management throughout the business – from the shop floor to the boardroom.

Nakilat’s Chief Executive Officer

Abdullah Al Sulaiti said: “This award is a proud moment for everyone at Nakilat. We are very pleased to receive this award, which was achieved on the very first occasion of us partici-pating in the BSC’s 5 Star HSSE audit. It bears testimony to our determi-nation to operate at the highest inter-national standards and effectively manage occupational health, safety, environment, and employee well-being within the organization, as out-lined in our mission statement to safely, reliably and efficiently provide shipping and maritime services.

“This is a result of the efforts of all our employees for their dedication to support the company’s Incident and Injury Free (IIF) program and is a clear indication of what can be achieved when we work together to ensure eve-ryone gets home safe, be it our employees, clients or stakeholders. We appreciate the British Safety Council’s work in promoting excellence in workplace health, safety and environ-mental management.

“Nakilat strives toward focusing its energy on driving continuous improvement in the workplace, aligned with the values espoused in

Qatar National Vision 2030 as well as our vision to be global leader and pro-vider of choice for energy transpor-tation and maritime services.”

Lawrence Waterman, Chairman of the British Safety Council, said: “On behalf of the board of trustees and staff of the British Safety Council I would like to congratulate Nakilat on achieving the very highest standards of health, safety and environmental management. Excellence at this level is very hard won. We are proud to have supported you in your achievements.”

Mike Robinson, Chief Executive of the British Safety Council, added: “I would like to congratulate Nakilat and its staff for their huge commitment to keeping their workplace safe and healthy and minimizing risks to the environment from their organisations’ day-to-day activities. All of the Sword and Globe winning organisations share a commitment and resolve to achieve the highest standards of health, safety and environmental management. We are delighted that they are partners in helping achieve our vision that no-one should be injured or made ill at work.” Officials with the Sword of Honour Award.

Commercial Bank scoops two awardsTHE PENINSULA DOHA

Commercial Bank has won two awards at the inaugural Qatar Business Awards, which is organised by the Qatar Financial Centre (QFC) as part of its annual Networking Event.

The Qatar Business Awards are designed to recognise and celebrate QFC-licensed firms for their achievements across five distinct categories. Commercial Bank was named the QFC’s ‘Best Partner of the Year’ and won the

‘Best Customer Relationship Excellence’ award for Com-mercial Bank Innovation Service (CBIS).

CBIS is a wholly owned sub-sidiary of Commercial Bank, responsible for introducing new technologies such as robotics and machine learning to the Bank’s operations to improve client experience and risk man-agement. Commercial Bank pre-viously outsourced this inno-vation and information tech-nology function to India, but established CBIS to bring these

important growth drivers back in-house.

Joseph Abraham, Group Chief Executive Officer, Com-mercial Bank said: “At Com-mercial Bank we are proud to have won not one but two Qatar Business Awards. The awards are in recognition of Commercial Bank’s QFC entity CB Innovation Services, which is deploying the latest world-class technologies to our banking operations and platforms, and hence developing Qatar’s banking industry in line with the economic pillar of the

Qatar National Vision. We are very happy to work with and support QFC in their efforts in providing a platform for com-panies coming into Qatar, and for recognising QFC companies’ achievements through these awards.”

Commercial Bank has won several awards from local and international organizations this year, including ‘Best Bank in Qatar’ from Global Finance and ‘Best Remittance Bank in the Middle East 2018’, and ‘Best Retail Bank in Qatar 2018’.

The Commercial Bank team, led by Joseph Abraham, Group Chief Executive Officer, after receiving the award.

Qatar to become one of world’s leading energy producers soon

FROM BUSINESS PAGE 1

QP, in early June this year, signed an agreement with Exx-onMobil to become a 30 percent equity holder in two Exxon-Mobil affiliates in Argentina that hold different interests in hydrocarbon licenses for seven blocks in the world-class Vaca Muerta play in the onshore Neuquénbasin in Argentina.

The agreements will give QP a 30 percent shareholding in two ExxonMobil local affil-iates in Argentina, namely, Exx-onMobil Exploration Argentina S.R.L. and Mobil Argentina S.A., which hold rights with other partners for seven blocks under unconventional exploration licenses with active drilling

plans as well as exploitation licenses with pilot drilling and production.

In September-end this year, QP announced that it has won exploration rights for an off-shore block in Brazil, in part-nership with ExxonMobil. The exploration blocks were offered as part of the Brazil Exploration PSC5 Bid Round, which covered four blocks in the prolific Santos/Campos basins.

QP has won the explo-ration rights for the Tita block as part of a consortium with its long-term partner Exxon-Mobil, who will be the operator with a 64 percent participating interest, while Qatar Petroleum will hold the remaining 36 percent interest.

QSE benchmark index jumps on historic Opec announcement daySATISH KANADY THE PENINSULA

Qatar’s stock market rose sharply yesterday, the day the country made the surprise announcement to quit from the Organization of the Petroleum Exporting Countries (Opec). The world’s largest liquefied natural gas exporter announced that it would be focusing more on gas.

The QSE benchmark index rose 1.30 percent or 134.37, sup-ported by banks and industrials. Oil prices jumped by more than 5 percent yesterday after the US and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of Opec that is expected to cut supply.

The banking sector rose 1.55 percent with Commercial Bank rising the most by 2.20 percent. QNB gained 1.77 percent as QIB and QIIB added 1.80 percent and 1.56 percent, respectively. Bellwether Industries Qatar (IQ) advanced 1.92 percent. Telecom giant Ooredoo gained 1.81 percent.

Market experts advised Medium-term and long-term

investors can stay in the market as long as the index is closing above 9,600 point and 9,300 point, respectively.

Global ratings agency S&P Global yesterday said GCC banks’ financial profiles should remain stable in 2019, absent any unexpected geopolitical shock. The Bank lending growth should stabilise at around 5 percent in 2019, as stronger public investments raise eco-nomic growth in the region overall, it said in its “Global Banks 2019 Outlook.” “GCC (Gulf Cooperation Council) countries to remain com-fortable from a fiscal point of view with Brent oil prices at USD 60-70/bbl,” Retuers quoted Arqaam Capital as saying in a note, adding that it expects a downside risk in GCC equities if prices drop below the range after the Opec meeting.

Sending another positive message to the market, Qatar bourse yesterday announced the launch of a unified elec-tronic disclosure system project using XBRL language. The project is aimed at facilitating better disclosure process.

JP Morgan honours Doha Bank with Quality Recognition AwardTHE PENINSULA DOHA

JP Morgan, New York has chosen Doha Bank for “Elite Quality Recognition Award for Out-standing Achievement of Best-in-Class STP” Award.

Doha Bank CEO Dr. R. Seetharaman received the award. He commented “We are

proud to receive this prestigious award from J.P. Morgan. This award acknowledges the Bank’s outstanding performance in the execution of payments in Dollars seamlessly.” The award is con-ferred annually to the best-in-class banks by their main USD clearer in recognition to their success in correctly formatting foreign currency payments.

“Straight Through Processing” means that the payments sent to the bank for clearing by its correspondents are being proc-essed automatically without human intervention.

Doha Bank operations are spread across Qatar. The bank also operates branches in UAE, Kuwait and India, and has repre-sentative offices across the globe.

Doha Bank CEO Dr. R. Seetharaman and other officials during the event.

Al Jazeera signs partnership pact with QIICTHE PENINSULA DOHA

Al Jazeera Media Network signed a partnership agreement with Qatar Islamic Insurance Company (QIIC) on Sunday. Under this agreement, QIIC will sponsor Al Jazeera Arabic Channel’s program “Intelligent Life”, and Al Jazeera Mubasher program “You & your Finance”.

As part of the agreement, Al Jazeera Media Network will produce and promote QIIC on the network’s channels and websites. The agreement was signed by Al Jazeera’s Exec-utive Director for Global Brand & Communications, Abdulla AlNajjar, and QIIC’ CEO Ali Ibrahim Al Abdul Ghani.

Abdulla AlNajjar said: “We are pleased to be signing this advertisement with Qatar Islamic Insurance Company, and to provide platform to promote its product and services to the Network’s regional and international audience. We hope this agreement is first step to increase and expand our coop-eration for mutual benefit.”

Ali Ibrahim Al Abdul Ghani said the significance of the agreement for QIIC in enabling them to reach Al Jazeera’s audience interna-tionally. QIIC aims to be a leading provider of Takaful insurance both in Qatar and in the Mena region. “QIIC con-tinues to combine adherence to the principles of Islamic Sharia within insurance sector and innovatory and dynamic management practices to provide Insurance products to its customers,” he said.

“You and Your Finances” provides information on finances, money management, and personal economy prin-ciples in an innovative style.

“Intelligent Life” is a program in a TV magazine style that covers and discusses new technologies and inven-tions in various fields such as computers, mobile phones, medical devices, and cars and the extent of their impact on people’s lives.

Page 3: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

03TUESDAY 4 DECEMBER 2018 BUSINESS

Qatar may be a

small producer

but the impact

of any member

leaving Opec at

this time reflects

growing feeling of

discomfort among

members in how

decisions are being

managed, said

a market expert.

Qatar in prestigious position in global competitivenessQNA MUSCAT

Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari said that facilities pro-vided for foreign companies by the business environment in Qatar placed it in a prestigious position in the field of global competitiveness.

Speaking at the opening session of the Qatari-Omani Business Forum, which was held here yesterday, the Minister said thanks to these policies, Qatar has been ranked as the first in the world in terms of low inflation rates, sixth globally in terms of the effect of taxes on competition, and eighth globally in terms of venture capital.

He pointed out that the State of Qatar is going through an important historical stage in the process of achieving sustainable development and drawing up national strategies within the Qatar vision of 2030, which aims to reduce the dependence on energy as a source of income.

To achieve this, Qatar has launched several plans that boosted the national economy, as the GDP increased by 1.6% to $222bn in 2017 compared with the previous year, he said. The Qatari economy is expected to grow by 3% in 2019 and 2020 as part of the State’s approach to full support for foreign investment, he added. H E Al Kuwari noted that foreign trade grew by 16% while exports increased by 18%, which con-tributed to increase the trade surplus to about 50% in 2017.

H E the Minister said Qatar is one of the best countries in the region in the field of stimulating investment thanks to the stra-tegic location and policies attractive to foreign investment, calling on Omani businessmen to benefit from the business environment in Qatar which is

based on laws that allow own-ership of 100% in all economic sectors. He added that efforts are on to develop systems for the granting and renewal of licenses in the State.

He pointed out that the State’s tendency in the expan-sionary spending of projects con-tributed to the provision of many investment opportunities in several projects related to the World Cup 2022 in addition to other development projects that are established within the framework of the vision 2030.

H E Al Kuwari pointed out that Qatar provides advanced infrastructure including Hamad port and is currently developing and expanding the industrial and logistic areas of companies oper-ating in Qatar. He added that the organization of the “Made Qatar” expo for the second time outside Qatar in the Sultanate of Oman is an embodiment of mutual interest in taking cooperation to the highest degree of economic integration and investment between the two countries.

H E Al Kuwari stressed that the relations between Qatar and Oman are strong and have been growing under the wise leadership of both countries — the Amir H H Sheikh Tamim bin Hamad Al Thani and H M Sultan Qaboos bin Said of the Sultanate of Oman, pointing out that these relations represent a model of partnership in the region because it depends on joint participation.

H E Al Kuwari said the Qatari and Omani relations witnessed significant developments in the recent years, especially at the level of trade and economy, where the trade volume saw an unprece-dented growth of 101 percent in 2017, to reach nearly QR4.1bn, where Oman is the 18th largest trade partner to the State of Qatar.

The Minister said holding the ‘Made in Qatar’ exhibition and the accompanying forum comes

in light of the geopolitical changes in the region, including the unjust siege on Qatar which did not affect exporting national products. H E Al Kuwari hope the forum and exhibition would be an opportunity to achieve further cooperation between both coun-tries in various economic fields.

First Vice-Chairman of Qatar Chamber, Mohamed bin Towar Al Kuwari, said the relations between Qatar and Oman are brotherly and authentic and has grown and developed over the years. He added that its has achieved great prosperity under the wise lead-ership of the Amir H H Sheikh Tamim bin Hamad Al Thani and H M Sultan Qaboos bin Said of the Sultanate of Oman.

He said holding the ‘Made in Qatar’ exhibition, Qatari-Omani forum and the Qatari-Omani business council meeting comes as part of these special relations and the mutual desire to move

them to higher levels of cooper-ation, which reflects on the econ-omies of both countries and their aspirations and ambitions. He said the forum aims to promote the relations between the business sectors in both countries, increase trade exchange, present available investment opportunities and to work together to establish trade alliances and joint projects in both countries.

He added Qatar is observing, with pride, Oman’s stance towards the unjust blockade which has been imposed on Qatar for nearly two years. He added that Oman was the first destination Qatari businessmen reached towards to overcome the blockade and its negative repercussions in the local market.

He said Qatar Chamber organised a visit to Muscat in June 2017, in cooperation with Oman Chamber of Commerce and Industry (OCCI) and had

more than 140 Qatari busi-nessmen. It resulted in signing agreements and Qatari and Omani partnership contracts in various economic and trade fields, which contributed to com-pensating the Qatari market with many products which have ceased to be supplied from the siege countries. In addition to the agreement signed between Qatar Chamber and its Omani coun-terpart which paved the way for more joint cooperation between the two sides, he added.

The trade and economic coop-eration between the business sectors of both countries resulted to nearly 513 Qatari-Omani com-panies operating in both markets, 361 of which operate in Qatar. He added that Qatar Chamber con-tinues to support all efforts and possibilities to encourage alliances and industrial and commercial partnerships between Qatari and Omani businessmen.

Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari, First Vice-Chairman of Qatar Chamber, Mohamed bin Towar Al Kuwari, and other dignitaries at the Made in Qatar exhibition in Oman yesterday.

Qatar and Oman strengthen trade, investment ties

FROM BUSINESS PAGE 1

He said that the theme of the business forum “Industry as Stra-tegic Choice” encourages busi-nessmen and manufacturers to set up partnerships and sign MOUs, noting that both parties agreed to hold more forums and meeting in the period ahead to deepen relations between business communities.

“Qatar Chamber supports establishing more partnerships between both sides. It also encourages Omani businessmen to invest in Qatar,” he added.

Dr. Salem bin Sulayem Al Junaibi, Deputy Chairman of Oman Chamber of Commerce and Industry for Economic Affairs and Branches, com-mended the expo and the exhib-iting companies, noting that they display various industries that cover all economic sectors.

Al Junaibi also noted that the business forum saw great attendance from Omani busi-nessmen who are willing to enhance relations with their Qatari counterparts.

Qatar Chamber Board Member and President of the Organizing Committee Rashid bin Nasser Al Kaabi praised the keenness of Omani businessmen to attend the opening ceremony of the expo.He also praised the efforts exerted by the Organizing Committee, affirming that the expo is highly commended by Omani businessmen for its variety.

Al Kaabi said that the expo aims to strengthen cooperation between Qatar and Oman com-panies, inform Omani business community on Qatari products as well as open new markets for Qatari companies.

Qatar’s exit puts question mark on Opec’s futureSATISH KANADY THE PENINSULA

As Qatar’s announcement to quit Opec stirred up a storm in global energy market, Doha-based energy experts and audit firms held urgent internal meetings to take stock of the situation. They debated ‘what does the withdrawal mean to Opec and global energy market and to Qatar”, market sources told The Peninsula.

“Our experts are discussing the deeper implications of Qatar’s decision to exit the cartel. But we have decided not to share our thoughts on public domain at this point of time,” a top audit firm’s communica-tions officer said hours after the international media broke the news. The Peninsula inquiries revealed that energy-sensitive firms and other audit firms also held similar internal meetings, soon after Qatar announced its decision to end its 57-year long membership with Opec.

Twitter handles were abuzz with the news break.”It is better if Opec breaks, free market may stablise oil prices,” read a tweet.

Former Prime Minister of Qatar H E Sheikh Hamad bin Jassim bin Jabor Al Thani Tweeted the withdrawal of the State of Qatar from the Opec is a wise decision, “this organ-ization has become useless and adds nothing to us. They are used only for purposes that harm our national interest.” “Strategically, withdrawing from Opec frees Qatar to pursues its considerable interests and clout in its key industry- natural gas…Time for Qatar to be one of the biggest

players in a gas cartel”, said another tweet by a market expert.

Qatar may be a small pro-ducer but the impact of any member leaving Opec at this time reflects growing feeling of discomfort among members in how decisions are being managed, said another expert. There is a growing sense among some Opec members of being marginalized, she said Qatar is Opec’s 11th biggest oil producer, accounting for less than 2 percent of oil output. QNB’s monthly monitor report for November noted the coun-try’s oil production fell to 570000/d in September from 612000b/d in August.

“It could signal a historic turning point of the organisation towards Russia, Saudi Arabia and the United States,” Reuters quoted Algeria’s former energy minister and Opec chairman, Chakib Khelil, while com-menting on Qatar’s move.

He said Doha’s exit would have a “psychological impact” because of the row with Riyadh and could prove “an example to be followed by other members in the wake of unilateral

decisions of Saudi Arabia in the recent past.” The future of Opec is on shaky ground, an analyst told CNBC. Qatar’s decision to quit Opec shows the frustration of small producers at the dom-inant role of a Saudi and Russia-led panel, he said.

There are many other Opec members frustrated that the Joint Ministerial Monitoring Committee (JMMC) J is deciding on production unilaterally and without the required prior con-sensus of Opec.

“This is big,” Andy Critchlow, head of EMEA energy content at S&P Global Platts, told CNBC’s “Squawk Box Europe.” Qatar is not a major oil producer when compared to other Opec members.

“But, Critchlow said, when looking at the small Gulf coun-try’s total energy output, it is on course to produce more than 6 million barrels of oil equivalent per day by 2022. “This is a major supplier of energy to the world,” Critchlow said, highlighting Qatar’s status as one of the world’s largest producers of liquified natural gas (LNG).

In a comment sent to The Peninsula Alexander Perjessy, Vice-President- Senior Analyst at Moody’s said: ‘’We do not expect Qatar’s decision to leave Opec to have any credit impli-cations for the sovereign. Qatar’s reliance on LNG means that Opec’s decisions on oil supply and their implications for oil prices will continue to have an indirect impact on Qatar’s gov-ernment and export revenue. For Qatar to no longer be part of these decisions will not change the sensitivity of its credit metrics to oil price fluctuations’’.

QFC holds inaugural Advisory Board meetingTHE PENINSULA DOHA

The Qatar Financial Centre (QFC) recently held the inau-gural meeting of its Advisory Board. The Advisory Board members include Abdulla Al Marri, Chairman, Qatar First Bank; Salah Al Jaidah, Chairman, Deutsche Bank AG MENA, Omar Al Fardan, Managing Director, Alfardan Corporation; Rashid Al Saad, Senior Partner, Sharq Law Firm; and Tamim Al Kawari, Chief Executive Officer, QInvest, and is led by Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority.

The Advisory Board will work closely with QFC man-agement to support the QFC in achieving its strategic objectives. The members of the board, who bring a wide range of expertise and knowledge from the private sector and financial services, will also represent the QFC during prestigious financial events throughout the year, both in Qatar and internationally.

Yousuf Mohamed Al Jaida,

Chief Executive Officer, QFC Authority said: “Qatar is in many ways at a transformative point in its history. Numerous inter-connected initiatives across varying government sectors are intersecting with ever-increasing momentum in the private sector, propelling Qatar’s economy to greater heights. This is the complex and promising financial and economic land-scape in which we operate, which makes the need for the Advisory Board undeniable.”

Al Jaida added: “I am con-fident that the future meetings of the Qatar Financial Centre’s Advisory Board will provide invaluable insight and strategic thought that will contribute to greater accomplishments for the QFC and Qatar.”

The QFC is an onshore juris-diction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business desti-nation. Companies that wish to establish a business in the QFC

are guided throughout by a ded-icated QFC relationship manager who assists in the process of obtaining a licence and offers support in matters related to operating a business in Qatar.

QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries.

QSE launches electronic disclosure systemTHE PENINSULA DOHA

QSE announced the launch of a unified electronic disclosure system project using XBRL lan-guage (Extensible Business Reporting Language) in Qatar Capital Market. The project, which is aimed at facilitating the dis-closure process and serving all related parties, will make a par-adigm shift in the disclosure of financial and nonfinancial data of the companies and it will

develop the process of accessing all disclosures, and thus will improve the disclosure and trans-parency level in the market and increase the speed of access to the required information by investors and other interested parties locally and internationally.

As soon as the listed com-panies upload the related data on the electronic disclosure platform available on QSE’s website, all recipients can obtain the information published at the same time without delay.

Format standardization of data dissemination process would make it easier for academics, ana-lysts and the financial community to use such data in an organized and easy manner in the prepa-ration of their reports and analyses in accordance with international accounting standards. The proper rules reg-ulating the disclosure process between the listed companies, the QSE and the regulator will be issued once the project is officially adopted by the regulator,.

Page 4: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

03TUESDAY 4 DECEMBER 2018 BUSINESS

Qatar may be a

small producer

but the impact

of any member

leaving Opec at

this time reflects

growing feeling of

discomfort among

members in how

decisions are being

managed, said

a market expert.

Qatar in prestigious position in global competitivenessQNA MUSCAT

Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari said that facilities pro-vided for foreign companies by the business environment in Qatar placed it in a prestigious position in the field of global competitiveness.

Speaking at the opening session of the Qatari-Omani Business Forum, which was held here yesterday, the Minister said thanks to these policies, Qatar has been ranked as the first in the world in terms of low inflation rates, sixth globally in terms of the effect of taxes on competition, and eighth globally in terms of venture capital.

He pointed out that the State of Qatar is going through an important historical stage in the process of achieving sustainable development and drawing up national strategies within the Qatar vision of 2030, which aims to reduce the dependence on energy as a source of income.

To achieve this, Qatar has launched several plans that boosted the national economy, as the GDP increased by 1.6% to $222bn in 2017 compared with the previous year, he said. The Qatari economy is expected to grow by 3% in 2019 and 2020 as part of the State’s approach to full support for foreign investment, he added. H E Al Kuwari noted that foreign trade grew by 16% while exports increased by 18%, which con-tributed to increase the trade surplus to about 50% in 2017.

H E the Minister said Qatar is one of the best countries in the region in the field of stimulating investment thanks to the stra-tegic location and policies attractive to foreign investment, calling on Omani businessmen to benefit from the business environment in Qatar which is

based on laws that allow own-ership of 100% in all economic sectors. He added that efforts are on to develop systems for the granting and renewal of licenses in the State.

He pointed out that the State’s tendency in the expan-sionary spending of projects con-tributed to the provision of many investment opportunities in several projects related to the World Cup 2022 in addition to other development projects that are established within the framework of the vision 2030.

H E Al Kuwari pointed out that Qatar provides advanced infrastructure including Hamad port and is currently developing and expanding the industrial and logistic areas of companies oper-ating in Qatar. He added that the organization of the “Made Qatar” expo for the second time outside Qatar in the Sultanate of Oman is an embodiment of mutual interest in taking cooperation to the highest degree of economic integration and investment between the two countries.

H E Al Kuwari stressed that the relations between Qatar and Oman are strong and have been growing under the wise leadership of both countries — the Amir H H Sheikh Tamim bin Hamad Al Thani and H M Sultan Qaboos bin Said of the Sultanate of Oman, pointing out that these relations represent a model of partnership in the region because it depends on joint participation.

H E Al Kuwari said the Qatari and Omani relations witnessed significant developments in the recent years, especially at the level of trade and economy, where the trade volume saw an unprece-dented growth of 101 percent in 2017, to reach nearly QR4.1bn, where Oman is the 18th largest trade partner to the State of Qatar.

The Minister said holding the ‘Made in Qatar’ exhibition and the accompanying forum comes

in light of the geopolitical changes in the region, including the unjust siege on Qatar which did not affect exporting national products. H E Al Kuwari hope the forum and exhibition would be an opportunity to achieve further cooperation between both coun-tries in various economic fields.

First Vice-Chairman of Qatar Chamber, Mohamed bin Towar Al Kuwari, said the relations between Qatar and Oman are brotherly and authentic and has grown and developed over the years. He added that its has achieved great prosperity under the wise lead-ership of the Amir H H Sheikh Tamim bin Hamad Al Thani and H M Sultan Qaboos bin Said of the Sultanate of Oman.

He said holding the ‘Made in Qatar’ exhibition, Qatari-Omani forum and the Qatari-Omani business council meeting comes as part of these special relations and the mutual desire to move

them to higher levels of cooper-ation, which reflects on the econ-omies of both countries and their aspirations and ambitions. He said the forum aims to promote the relations between the business sectors in both countries, increase trade exchange, present available investment opportunities and to work together to establish trade alliances and joint projects in both countries.

He added Qatar is observing, with pride, Oman’s stance towards the unjust blockade which has been imposed on Qatar for nearly two years. He added that Oman was the first destination Qatari businessmen reached towards to overcome the blockade and its negative repercussions in the local market.

He said Qatar Chamber organised a visit to Muscat in June 2017, in cooperation with Oman Chamber of Commerce and Industry (OCCI) and had

more than 140 Qatari busi-nessmen. It resulted in signing agreements and Qatari and Omani partnership contracts in various economic and trade fields, which contributed to com-pensating the Qatari market with many products which have ceased to be supplied from the siege countries. In addition to the agreement signed between Qatar Chamber and its Omani coun-terpart which paved the way for more joint cooperation between the two sides, he added.

The trade and economic coop-eration between the business sectors of both countries resulted to nearly 513 Qatari-Omani com-panies operating in both markets, 361 of which operate in Qatar. He added that Qatar Chamber con-tinues to support all efforts and possibilities to encourage alliances and industrial and commercial partnerships between Qatari and Omani businessmen.

Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari, First Vice-Chairman of Qatar Chamber, Mohamed bin Towar Al Kuwari, and other dignitaries at the Made in Qatar exhibition in Oman yesterday.

Qatar and Oman strengthen trade, investment ties

FROM BUSINESS PAGE 1

He said that the theme of the business forum “Industry as Stra-tegic Choice” encourages busi-nessmen and manufacturers to set up partnerships and sign MOUs, noting that both parties agreed to hold more forums and meeting in the period ahead to deepen relations between business communities.

“Qatar Chamber supports establishing more partnerships between both sides. It also encourages Omani businessmen to invest in Qatar,” he added.

Dr. Salem bin Sulayem Al Junaibi, Deputy Chairman of Oman Chamber of Commerce and Industry for Economic Affairs and Branches, com-mended the expo and the exhib-iting companies, noting that they display various industries that cover all economic sectors.

Al Junaibi also noted that the business forum saw great attendance from Omani busi-nessmen who are willing to enhance relations with their Qatari counterparts.

Qatar Chamber Board Member and President of the Organizing Committee Rashid bin Nasser Al Kaabi praised the keenness of Omani businessmen to attend the opening ceremony of the expo.He also praised the efforts exerted by the Organizing Committee, affirming that the expo is highly commended by Omani businessmen for its variety.

Al Kaabi said that the expo aims to strengthen cooperation between Qatar and Oman com-panies, inform Omani business community on Qatari products as well as open new markets for Qatari companies.

Qatar’s exit puts question mark on Opec’s futureSATISH KANADY THE PENINSULA

As Qatar’s announcement to quit Opec stirred up a storm in global energy market, Doha-based energy experts and audit firms held urgent internal meetings to take stock of the situation. They debated ‘what does the withdrawal mean to Opec and global energy market and to Qatar”, market sources told The Peninsula.

“Our experts are discussing the deeper implications of Qatar’s decision to exit the cartel. But we have decided not to share our thoughts on public domain at this point of time,” a top audit firm’s communica-tions officer said hours after the international media broke the news. The Peninsula inquiries revealed that energy-sensitive firms and other audit firms also held similar internal meetings, soon after Qatar announced its decision to end its 57-year long membership with Opec.

Twitter handles were abuzz with the news break.”It is better if Opec breaks, free market may stablise oil prices,” read a tweet.

Former Prime Minister of Qatar H E Sheikh Hamad bin Jassim bin Jabor Al Thani Tweeted the withdrawal of the State of Qatar from the Opec is a wise decision, “this organ-ization has become useless and adds nothing to us. They are used only for purposes that harm our national interest.” “Strategically, withdrawing from Opec frees Qatar to pursues its considerable interests and clout in its key industry- natural gas…Time for Qatar to be one of the biggest

players in a gas cartel”, said another tweet by a market expert.

Qatar may be a small pro-ducer but the impact of any member leaving Opec at this time reflects growing feeling of discomfort among members in how decisions are being managed, said another expert. There is a growing sense among some Opec members of being marginalized, she said Qatar is Opec’s 11th biggest oil producer, accounting for less than 2 percent of oil output. QNB’s monthly monitor report for November noted the coun-try’s oil production fell to 570000/d in September from 612000b/d in August.

“It could signal a historic turning point of the organisation towards Russia, Saudi Arabia and the United States,” Reuters quoted Algeria’s former energy minister and Opec chairman, Chakib Khelil, while com-menting on Qatar’s move.

He said Doha’s exit would have a “psychological impact” because of the row with Riyadh and could prove “an example to be followed by other members in the wake of unilateral

decisions of Saudi Arabia in the recent past.” The future of Opec is on shaky ground, an analyst told CNBC. Qatar’s decision to quit Opec shows the frustration of small producers at the dom-inant role of a Saudi and Russia-led panel, he said.

There are many other Opec members frustrated that the Joint Ministerial Monitoring Committee (JMMC) J is deciding on production unilaterally and without the required prior con-sensus of Opec.

“This is big,” Andy Critchlow, head of EMEA energy content at S&P Global Platts, told CNBC’s “Squawk Box Europe.” Qatar is not a major oil producer when compared to other Opec members.

“But, Critchlow said, when looking at the small Gulf coun-try’s total energy output, it is on course to produce more than 6 million barrels of oil equivalent per day by 2022. “This is a major supplier of energy to the world,” Critchlow said, highlighting Qatar’s status as one of the world’s largest producers of liquified natural gas (LNG).

In a comment sent to The Peninsula Alexander Perjessy, Vice-President- Senior Analyst at Moody’s said: ‘’We do not expect Qatar’s decision to leave Opec to have any credit impli-cations for the sovereign. Qatar’s reliance on LNG means that Opec’s decisions on oil supply and their implications for oil prices will continue to have an indirect impact on Qatar’s gov-ernment and export revenue. For Qatar to no longer be part of these decisions will not change the sensitivity of its credit metrics to oil price fluctuations’’.

QFC holds inaugural Advisory Board meetingTHE PENINSULA DOHA

The Qatar Financial Centre (QFC) recently held the inau-gural meeting of its Advisory Board. The Advisory Board members include Abdulla Al Marri, Chairman, Qatar First Bank; Salah Al Jaidah, Chairman, Deutsche Bank AG MENA, Omar Al Fardan, Managing Director, Alfardan Corporation; Rashid Al Saad, Senior Partner, Sharq Law Firm; and Tamim Al Kawari, Chief Executive Officer, QInvest, and is led by Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority.

The Advisory Board will work closely with QFC man-agement to support the QFC in achieving its strategic objectives. The members of the board, who bring a wide range of expertise and knowledge from the private sector and financial services, will also represent the QFC during prestigious financial events throughout the year, both in Qatar and internationally.

Yousuf Mohamed Al Jaida,

Chief Executive Officer, QFC Authority said: “Qatar is in many ways at a transformative point in its history. Numerous inter-connected initiatives across varying government sectors are intersecting with ever-increasing momentum in the private sector, propelling Qatar’s economy to greater heights. This is the complex and promising financial and economic land-scape in which we operate, which makes the need for the Advisory Board undeniable.”

Al Jaida added: “I am con-fident that the future meetings of the Qatar Financial Centre’s Advisory Board will provide invaluable insight and strategic thought that will contribute to greater accomplishments for the QFC and Qatar.”

The QFC is an onshore juris-diction, allowing companies to operate in and from Qatar within the QFC legal and tax environment. The QFC endeavours to promote Qatar as an attractive business desti-nation. Companies that wish to establish a business in the QFC

are guided throughout by a ded-icated QFC relationship manager who assists in the process of obtaining a licence and offers support in matters related to operating a business in Qatar.

QFC firms enjoy competitive benefits, such as working within a legal environment based on English common law, the right to trade in any currency, up to 100 percent foreign ownership, 100 percent repatriation of profits, 10 percent corporate tax on locally sourced profits, and an extensive double tax treaty agreement network with 60+ countries.

QSE launches electronic disclosure systemTHE PENINSULA DOHA

QSE announced the launch of a unified electronic disclosure system project using XBRL lan-guage (Extensible Business Reporting Language) in Qatar Capital Market. The project, which is aimed at facilitating the dis-closure process and serving all related parties, will make a par-adigm shift in the disclosure of financial and nonfinancial data of the companies and it will

develop the process of accessing all disclosures, and thus will improve the disclosure and trans-parency level in the market and increase the speed of access to the required information by investors and other interested parties locally and internationally.

As soon as the listed com-panies upload the related data on the electronic disclosure platform available on QSE’s website, all recipients can obtain the information published at the same time without delay.

Format standardization of data dissemination process would make it easier for academics, ana-lysts and the financial community to use such data in an organized and easy manner in the prepa-ration of their reports and analyses in accordance with international accounting standards. The proper rules reg-ulating the disclosure process between the listed companies, the QSE and the regulator will be issued once the project is officially adopted by the regulator,.

Page 5: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

04 TUESDAY 4 DECEMBER 2018BUSINESS

QATAR STOCK EXCHANGE

QE Index 10,451.33 1.30 %

QE Total Return Index 18,414.08 1.30 %

QE Al Rayan Islamic Index - Price 2,408.35 0.72 %

QE Al Rayan Islamic Index 3,907.60 0.72 %

QE All Share Index 3,110.27 1.15 %

QE All Share Banks &

Financial Services 3,876.34 1.55 %

QE All Share Industrials 3,300.39 1.20 %

QE All Share Transportation 2,126.28 0.99 %

QE All Share Real Estate 2,083.16 0.20 %

QE All Share Insurance 3,045.82 1.59 %

QE All Share Telecoms 1,061.69 1.38 %

QE All Share Consumer

Goods & Services 6,848.38 0.72 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

03-12-2018Index 10,451.33Change 134.37 % 1.30 YTD% 22.62Volume 7,750,164 Value (QAR) 301,269,135.04 Trades 5,109 Up 30 | Down 12 | Unchanged 0302-12-2018Index 10,316.96Change 47.58% 0.46YTD% 21.04Volume 3,343,165Value (QAR) 72,232,635.47Trades 2,245

EXCHANGE RATE

GOLD QR144.2924 grammeSILVER QR1.6924 per gramme

Index Day’s Close Pt Chg % Chg Year High Year Low

All Ordinaries 5856.3 107 1.86 6481.3 5675.9

Cac 40 Index/D 5074.5 70.58 1.41 5657.44 4894.3

Dj Indu Average 25538.46 199.62 0.79 26951.81 23344.52

Hang Seng Inde/D 27182.04 675.29 2.55 33484.08 24540.63

Iseq Overall/D 5878.66 60.01 1.03 7257.41 5772.58

Kse 100 Inx/D 39160.6 -1335.43 -3.3 47144.12 36274.25

S&P 500 Index/D 2760.17 22.41 0.818552 2940.91 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.6043 QR 4.6693

Euro QR 4.1007 QR 4.1585

CA$ QR 2.7357 QR 2.7889

Swiss Fr QR 3.6222 QR 3.6737

Yen QR 0.03178 QR 0.0324

Aus$ QR 2.6613 QR 2.7133

Ind Re QR 0.0512 QR 0.0522

Pak Re QR 0.0256 QR 0.0269

Peso QR 0.0689 QR 0.0702

SL Re QR 0.0202 QR 0.0206

Taka QR 0.0430 QR 0.0439

Nep Re QR 0.0320 QR 0.0326

SA Rand QR 0.2640 QR 0.2693

Banks’ financial profiles should stay stable in 2019: S&P GlobalSATISH KANADY THE PENINSULA

GCC (Gulf Cooperation Council) banks’ financial profiles should remain stable in 2019, absent any unexpected geopolitical shock. However, the recent drop in oil prices does not bode well for these banking sectors, S&P Global said in its “Global Banks 2019 Outlook”, yesterday.

The Bank lending growth

should stabilise at around 5 percent in 2019, as stronger public investments raise eco-nomic growth in the region overall.

“We expect profitability to sta-bilise--with a return on assets at about 1.6 percent and a net interest margin at 3 percent in 2018-- ben-efitting from the higher interest rates and significant non-interest-bearing deposits,” the global ratings agency said.

International operations could create risks for some GCC banks. A few banks with exposure to Turkey will see some impact on their asset quality. Three-quarters of the 24 GCC rated banks carry a stable outlook. Negative outlooks are concentrated on a few banks in other GCC countries due to higher risk in their international operations. The average GCC bank rating is ‘BBB+’.

The global ratings agency which noted that global banks are bracing for volatility, said it expects banks to face more market volatility in 2019 from policy uncertainty and the rollback of monetary easing.

The credit cycle will turn sooner or later, putting the spot-light on the imbalances that have built up in some developed and emerging markets, even if improved balance sheet

soundness in many banking systems should moderate the impact. The monetary policy shift could lead to an abrupt repricing of risks in financial markets and a correction in some housing markets.

Credit conditions remain broadly supportive for banks, but the threats posed by mon-etary policy normalization, trade tensions, and ongoing political risk are dragging down

investor confidence and weak-ening economic momentum. “Our assessment of recession risk in 2019 for the US stands at 15 percent to 20 percent. While credit conditions are generally satisfactory, we are watchful for any sign of rising problems in some segments like auto, credit card, commercial real estate, and leveraged loans,” the ratings agency ana-lysts said.

Global markets surge on China-US trade truceREUTERS NEW YORK

A temporary ceasefire in the US-China trade war boosted global stocks to their highest in about three weeks yesterday, while sending the dollar lower and the Chinese yuan and several trade-dependent currencies higher.

The rally in equities follows an agreement reached between Washington and Beijing at the G20 summit in Argentina on Sat-urday that calls for a 90-day trade tariff truce.

“Most of us were hoping that we would come out of these dis-cussions with no new tariffs and a pause, which is ultimately what we got,” said Randy Frederick

(pictured), vice-president of trading and derivatives for Charles Schwab in Austin, Texas.

The Dow Jones Industrial Average rose 225.51 points, or 0.88 percent, to 25,763.97, the S&P 500 gained 19.73 points, or 0.71 percent, to 2,779.9 and the Nasdaq Composite added 87.31 points, or

1.19 percent, to 7,417.85.The pan-European STOXX

600 index rose 0.98 percent.US President Donald Trump

said China has agreed to “reduce and remove” tariffs below the 40 percent level that is currently being charged on US-made vehicles. That helped boost shares of European automakers more than 3 percent.

MSCI’s all-country world index climbed 0.25 percent, marking its sixth consecutive day of gains. In currency markets, the US dollar fell broadly as cur-rencies battered by trade tensions staged a comeback.

China’s yuan and several trade-dependent currencies made strong advances against

the greenback as investors sold the safe-haven US currency and bought up riskier assets.

“It’s pretty much a sigh of relief across the board,” said Brad Bechtel, global head of FX at Jefferies in New York. The off-shore yuan gained about 1 percent, while the Aussie was 0.7 percent higher against the greenback. The New Zealand dollar gained 0.8 percent, while the US dollar lost 0.8 percent against the Canadian dollar.

In oil, prices jumped by more than 5 percent after 90-day trade dispute truce, Canada’s Alberta province ordered a production cut, and as exporter group Opec looked set to reduce supply.

Sterling dives to five-week low on Brexit nervesREUTERS LONDON

Sterling gave up all its early gains and dived to its lowest level since the end of October as growing concerns about British parliamentary approval for a proposed Brexit deal prompted investors to sell the currency. “Until the British par-liament votes on the deal next week, we are going to see a steady drumbeat of Brexit headlines, which is going to keep the pound weak,” said Danske Bank currency strat-egist Morten Helt.

Against the dollar, the pound fell to its lowest since October at $1.2708, down nearly 0.7 percent from the day’s highs. Against the euro, the pound weakened by 0.3 percent to 89.05 pence.

British Prime Minister Theresa May said she would still be in her job in two weeks’ time, downplaying speculation that she might resign if she loses the Brexit deal is not approved by parliament in a vote scheduled for December. 11. The pound’s 14-day implied volatility has climbed as investors have started betting on a more volatile pound.

Page 6: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

05TUESDAY 4 DECEMBER 2018 BUSINESS

Top executives of

Daimler, Volkswagen

and BMW are to meet

with US Secretary of

Commerce Wilbur

Ross and US Trade

Representative Robert

Lighthizer today.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

2.0 (2D/Hindi) 11:15pm; 2.0 (2D/Tamil) 5:30 & 8:30pm; 2.0

(2D/Telugu) 2:15pm; Thugs Of Hindostan (2D/Hindi) 2:30pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

3:00 & 5:00pm; Guardians (2D/Action) 4:00pmCreed II (2D/Drama) 5:00 & 11:30pmThe Girl In The Spider’s Web (2D/Crime) 7:30pmInstant Family (2D/Comedy) 10:30pm; Tourab El Mass (2D/

Arabic) 7:30pm; Robin Hood: Origins (2D/Action) 9:30pm

2.0 (2D/Telugu) 2:30pm2.0 (2D/Hindi) 5:15 & 10:15pm2.0 (2D/Tamil) 7:45 & 10:30pmCreed II (2D/Drama) 5:15 & 7:45pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

3:30 & 5:30pmDetective Conan: Zero The Enforcer (2D/Action) 3:00pmInstant Family (2D/Comedy) 8:15pmTourab El Mass (2D/Arabic) 10:30pmGhostland (2D/Horror) 11:30pm

Creed II (2D/Drama) 6:45 & 11:30pm2.0 (2D/Tamil) 3:00 & 8:30pm; 2.0 (2D/Hindi) 5:45 & 11:15pmInstant Family (2D/Comedy) 9:15pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

2:30 & 4:30pm

2.0 (2D/Hindi) 4:45 & 11;30pm; 2.0 (2D/Tamil) 11:15pm 2:00pm 4:45pm 7:30pm 10:30pm 1:30am 12:30pm 3:15pm 6:00pm 8:45pm 2:15am 12:30pm 3:15pm 6:00pm 8:45pm 11:30pm 2:15am 1:00pm 3:45pm 6:30pm 9:15pm 12:00am 2:45am

Fantastic Beasts: The Crimes Of Grindelwald (2D/

Fantasy) 12:00, 5:45 & 11:30pmRobin Hood: Origins (2D/Action) 2:15, 7:00 & 11:45pmTaxiwala (2D/Telugu) 3:15 & 9:00pmSarkar (2D/Tamil) 2:45 & 8:30pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

12:00, 4:45 & 9:30pm

Creed II (2D/Drama) 1:10, 4:00, 5:00, 6:50, 9:30, 10;30, & 11:00pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

10:30am, 12:50, 3:20 & 5:40pm2.0 (2D/Hindi) 1:30, 2:00, 7:30 7:50, & 10:30pm2.0 (2D/Tamil) 10:30am, 11:00am, 1:30, 4:30, 7:30, 10:30, 8:00 & 11:00pm & 0:15am2.0 (2D/Telugu) 10:30am, 4:30pm

2.0 is a 2018 Tamil-language science fiction action film written and directed by S. Shankar. Produced by Subaskaran under the banner of Lyca Productions.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

AL KHOR

2.0 (2D) 3:15, 4:00, 5:00, 6:20, 7:10, 8:10, 9:25, 10:20 11:20pm & 0:30amCreed II (2D/Drama) 11:30am, 12:35, 1:40, 4:10, 4:20, 5:30, 7:00, 9;40, 8;10 & 10:50, 14:15, 11:35 & 0:20amDetective Conan: Zero The Enforcer (2D/Action) 2:00, 4:20pmInstant Family (2D/Comedy) 1:20, 3:45, 8:50 & 11:15pmThe Girl In The Spider’s Web (2D/Crime) 3:00, 6:40, 9:05pm & 0:20amRalph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 1:35, 3:10, 5:20pmRobin Hood: Origins (2D/Action) 5:20, 7:40 & 10:00pm

2.0

Industry experts share best practices at Qatargas’ 15th Engineering ForumTHE PENINSULA DOHA

Twenty-one industry experts presented case studies ranging from projects and innovation, integrity and reliability, to oper-ations excellence at the 15th Engineering Forum, hosted by Qatargas. The annual event saw engineers from Qatar Petroleum, Shell, ExxonMobil, Dolphin Energy, Qatar University and Qatargas, sharing expertise and best practices.

Held at the Qatar National Convention Center on December 3, 2018, the Forum had more than 400 engineering experts from oil and gas companies and academia attending.

In his opening remarks, Khalid bin Khalifa Al Thani, Chief Executive Officer of Qatargas, said, “We are pleased to see that the annual Engi-neering Forum provides our young engineers an opportunity to engage with experienced

Energy industry experts and the participants of 15th Engineering Forum on the sidelines of the event.

mentors and counterparts, thus assuring continuance of the Qatari LNG industry’s legacy - a rich legacy of innovation, reli-ability, sustainability and

safety.” A total of 52 abstracts were submitted, 21 of which were selected to be presented at the forum, including ‘Best Practices of Water Injection

Systems’, ‘New Earth fault Pro-tection philosophy for 33 kV GIS’ and ‘Performance Based Cost Effective Chemical Selection for Fresh Cooling Water (FCW)

Systems’ Participants shared technical expertise, discussed latest developments, and high-lighted best practices in the oil and gas industry in Qatar. The

event also provided networking opportunities among peers and showcased case studies on a wide range of engineering subjects.

EU in charge of trade policy, Merkel to car bossesAFP FRANKFURT

Chancellor Angela Merkel (pic-tured) yesterday reminded German carmakers that Brussels is in charge of negotiating the bloc’s trade policy, a day before auto bosses are to hold talks at the White House as punishing US tariffs loom.

Top executives of Daimler, Volkswagen and BMW are expected to meet with US Sec-retary of Commerce Wilbur Ross and US Trade Representative Robert Lighthizer today.

Merkel said the talks would focus on the companies’ future plans as major employers in the US. “Trade issues are unani-mously decided by the European Commission for all member

states,” Merkel stressed at a press conference. “But at the same time, German car manufacturers are large employers in the US and so there is reason for them to talk with the American administration about issues like which investments, which future they see,” she added.

Pressed by reporters on whether German firms were bypassing Brussels, Merkel’s spokesman Steffen Seibert was more outspoken, underscoring that there was “a clear line” to be drawn. “The responsibility for trade policy lies with the European Commission, not national govern-

ments and certainly not car com-panies,” Seibert said.

Volkswagen CEO Herbert Diess and Daimler boss Dieter Zetsche will take part in the Washington talks, according to DPA news agency, while BMW told AFP it was sending finance chief Nicolas Peter.

President Donald Trump has threatened to slap tariffs of up to 25 percent on cars imported into the US, a move that would badly hurt German automakers at a time when the Chinese market is already cooling because of a US-China trade row.

Trump and European Com-mission President Jean-Claude Juncker agreed in July to hold off from imposing new levies while negotiations were ongoing.

But as recently as last week the US leader indicated he was still in favour of using tariffs to protect the American auto industry. EU Trade Commissioner Cecilia Malmstrom has warned that any US car duties would meet with immediate retaliation.

Trump has in the past repeatedly singled out German car brands in his criticism of the country’s “very unfair” trade

imbalance with the United States. After he once com-plained that there were too many Mercedes in New York City, Germany’s then economy minister retorted that Amer-icans should “build better cars”.

Page 7: BUSINESS - Home - The Peninsula Qatar · 2018-12-04 · oil fields in Brazil, Argentina, Mexico, Cyprus, ... “We are not out of oil business totally. ... duction) in a big way…

06 TUESDAY 4 DECEMBER 2018CLASSIFIEDS

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