BUSINESS - The Peninsula · 21.10.2018 · BUSINESS Sunday 21 October 2018 PAGE ... real estate investments; and asset management. Al Mannai said: “In line with ... SaaS application

BUSINESSSunday 21 October 2018

PAGE | 23PAGE | 22‘Made in Qatar 2018’

Oman expo to showcase major investment projects

Forex reserves more than enough to face blockade challenges: QCB Governor

Milaha signs digital transformation deal with Oracle CloudMOHAMMAD SHOEB THE PENINSULA DOHA: Qatar Navigation (Milaha), one of the leading maritime and logistics conglomerates in the region, has signed an agreement with the US-based tech giant Oracle Cloud applications to drive a major digital transformation across all its core business opera-tions and its subsidiaries.

The initiative will help Milaha create new revenue streams by introducing innovative services and drive operational efficiency with automated processes.

The agreement was signed by Abdulrahman Al Mannai, Pres-ident and Chief Executive Officer of Milaha and Arun Khehar, Senior Vice-President, Business

Applications, ECEMEA, Oracle in Doha on Thursday.

The more than six decades old Doha-based company with over 100 vessels of different types and various sizes in involved in a wide-range of business activities which include marine transportation in gas, petroleum products, con-tainers and bulk; offshore support services; port management and operations; logistics services; shipyard; trading agencies; real estate investments; and asset management.

Al Mannai said: “In line with Qatar National Vision 2030 and in a world of increasingly complex supply chains, constantly chal-lenging the status quo is imper-ative to drive sustained growth and deliver on fast-evolving

customer expectations. This is especially important for us at

Milaha as our primary goal is offering synchronised solutions to

our customers to help mobilise their businesses.”

Al Mannai added: “The end-to-end digital transformation powered by Oracle Cloud applications will help us achieve this objective by helping drive innovation and create new business opportunities without the need to invest in additional infrastructure.”

On his part, Khehar of Oracle Cloud, said: “Milaha is a key enabler for Qatar’s economic progress and this digital transfor-mation initiative will equip Milaha with cutting edge cloud technology that will help the company con-tinue and sustain its mission as the preferred maritime and logistics partner of choice in Qatar, the region, and internationally.”

Oracle Cloud offers complete

SaaS application suites for ERP, HCM and CX, plus best-in-class database Platform as a Service (PaaS) and Infrastructure as a Service (IaaS) from data centers throughout the Americas, Europe and Asia.

Under this initiative, Milaha will implement Oracle Enterprise Resource Planning (ERP); Enter-prise Performance Management (EPM); Supply Chain Management (SCM) including IoT; Oracle Transport Management (OTM); Human Capital Management (HCM), and Customer Experience (CX) cloud applications. Besides helping drive business agility, Oracle cloud applications will also help Milaha optimise service levels and enable efficient logistics operations.

Abdulrahman Al Mannai (right), President and CEO of Milaha, and Arun Khehar, Senior Vice-President Application for ECEMEA of Oracle Cloud, during the signing ceremony at Four Seasons Hotel-Doha on Thursday. Pic: BAHER AMIN/THE PENINSULA

22 SUNDAY 21 OCTOBER 2018BUSINESS

10,193.01

+35.53 PTS

0.35

QSE FTSE100 DOW BRENT7,049.80

+22.81 PTS

0.32%

25,444.34

+64.89 PTS

0.26% Dow & Brent before going to press

$69.37

+0.72

MarketWatch

Ahlibank posts QR537.8m net profitTHE PENINSULA

DOHA: Ahlibank has recorded a net profit of of QR537.8m for the first nine months of 2018, an increase of 3.8 percent over the corresponding period of last year. The bank’s balance sheet grew by 3.3 percent over September 2017 to QR39.45bn.

The bank’s total customer deposits increased by 4.7 percent to QR23.6bn from a year ago, as the bank focused on improving liquidity during the quarter.

Total operating income increased by 2.4 percent to QR796m on account of higher Non Interest Income. The bank’s cost to income ratio remained stable at 28.7 percent during the first nine months of 2018, reflecting efficient management of cost drivers.

The Return on Average Assets (ROAA) and Return on Average Equity (ROAE) stood solid at 1.87 percent and 13.8 percent respectively, despite an increase in balance sheet size and equity base.Non-Performing Loans Ratio (NPL) stood at 1.18 percent, with a Provision Coverage of 153 percent, indicating sound asset quality. These numbers are calculated after adjusting for QR146m write off of NPLs approved by QCB.

Commenting on the results, Sheikh Faisal bin AbdulAziz bin Jassem Al Thani (pictured), Chairman and Managing Director of Ahlibank said: “Ahl-ibank’s financial performance demonstrates the Bank’s ability to grow and improve its profits in a challenging and competitive market. We saw a continuation of the stable business per-formance and profitability trend. Ahlibank continues to report steady and consistent income growth, while maintaining strong and diversified funding

and a healthy asset quality. Ahlibank is now looking to build on the steady performance through investment in new technologies. Focus on innovation and technology have been important pillars to our strategy.”

Commenting further, the Chairman and Man-aging Director of Ahlibank said: “We saw good momentum in the economic indicators.

The capital spending plan remains a key driver of economic activity and the recovery in oil prices supports the country’s fiscal position and lifts the private sector sentiment. Also, we take this oppor-tunity to thank Qatar Central Bank for their valued leadership and support.”

Islamic finance debate highlights need for standardisation

THE PENINSULA

DOHA: The Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centres, partnered with Reuters to successfully conclude an Islamic finance panel debate on the sidelines of the Annual Meetings of the Boards of Governors of the International Monetary Fund (IMF) and the World Bank Group (WBG) in Bali, Indonesia.

A number of high-calibre financial services delegates from across the globe attended the QFC event. The expert panel of speakers who came together to explore the key challenges and opportunities facing the Islamic finance industry included Joaquim Levy, Managing Director and CFO, World Bank Group; Dr Bello Lawal Danbatta, Secretary-General, Islamic Financial Services Board; Dr Mohamed Damak, Senior Director and Global Head of Islamic Finance, S&P Global Ratings; and Luky Alfirman, Director General of Budget Financing and Risk Management, Ministry of Finance, Indonesia The panel highlighted the need for Islamic finance standardisation to help face challenges the industry is facing.

By standardising Islamic finance, the panel said they believe it will lead to greater har-monisation of Shariah and gain wider acceptance among inter-national investors.

Standardisation will also lead to an increase in sukuks being traded across borders and alignment with different markets and Islamic finance banks.

When looking at the oppor-tunities for Islamic finance, the panel discussed opportunities for Islamic finance in financing infrastructure, aviation, Islamic insurance, pensions and endowments.

Yousuf Mohamed Al Jaida, Chief Executive Officer, QFC Authority said: “Our Islamic finance debate brought together top global representatives from the Islamic finance industry to tackle a number of challenges, trends and opportunities.

The QFC was honoured to be able to deliver such an engaging panel discussion on the sidelines of the IMF and World Bank meetings.” Al Jaida added: “Since 1982 when Qatar’s first Islamic bank and first Islamic institution, the Qatar Islamic Bank was launched, to 2018 when the Qatar Stock Exchange listed the world’s largest single-country Islamic exchange-traded fund (ETF), Qatar has certainly come a long way and made a number of achievements in Islamic finance. Islamic finance is a significant growth area, both for Qatar and for the Qatar Financial Centre.

It is a sector that will remain a core focus for us, as we con-tinue to welcome Islamic finance institutions to join our compet-itive ecosystem.”

Yousuf Mohamed Al Jaida, Chief Executive Officer of QFC Authority, at the Islamic Finance Debate.

‘Made in Qatar 2018’ Oman expo to showcase major investment projectsTHE PENINSULA

DOHA: Preparations for the upcoming “Made in Qatar”, scheduled to be held in Oman from 5-9 November, are in full swing. Exhibiting companies have already completed their registration, said the Organising Committee of the event.

In a meeting, chaired by the Qatar Chamber’s board member Rashid bin Nasser Al Kaabi, in the presence of QC’s director general Saleh bin Hamad Al Sharqi, the committee reviewed the final preparations of the event and the agenda of its accompanying forum “ Qatari-Omani Business Forum”.

The committee said that the forum would offer a host of investment opportunities in many industrial sectors which will be reviewed by Qatari busi-nessmen and their Omani coun-terparts with the aim of imple-menting joint ventures and new investments in both countries.

Rashisd Al Kaabi, who is also director of the exhibition, said that all preparations for the event are in the final stage, noting that it would be of a great success that befit Qatar’s and Oman’s position.

The expo, which will be held from 5-9 November 2018 in Oman, is organised by QC in cooperation with the Ministry of

Energy and Industry and Qatar Development Bank as strategic partner on an area of 10,000 sqm. at the Oman Convention & Exhibition Centre.

With the participation of over 214 Qatari companies and, the five-day exhibition basically aims to promote the locally-manufactured products in the Omani market and exchange experience between Qatari and Omani firms.

The expo, which will be held for the second time outside the country, also aims to open new horizons of cooperation between the private sector in both coun-tries and inform the Omani business community on the Qatari products.

Al Kaabi noted that all the

expo-related logistics have been accomplished with the Omani side. He expressed his sincere thanks to all entities supporting Qatar Chamber in Oman, foremost of which is Oman Chamber of Commerce and Industry.

He also thanked all bodies and companies that provided support and sponsorship to the events, foremost of which is Qatar Development Bank the strategic partner, as well as Qatar Petroleum the energy sector partner, Qatar National Bank and Manateq as official sponsors, Qatar Manufacturing Industries Company as diamond sponsor,, Qatar Primary Mate-rials Company as golden sponsor and ASTAD Company and main

sponsor for projects management.

Al Kaabi pointed to choosing Oman as a venue for the expo is due to the strong economic rela-tions between the the private sectors in both countries.

He said the balance of trade between the two countries has made successive leaps in a short period, adding that Qatari business owners are also inter-ested in exploring investment opportunities in the industrial sectors in Oman.

Al Kaabi added that a business forum would be held on the sidelines of the Expo to provide a platform for Qatari and Omani businessmen to discuss enhancing their cooper-ation ties and investments opportunities available in both sides.

He praised all initiatives sup-porting industry sector in the country such as “Own A Factory Within 72hrs” which contributed to encouraging business to intensify their investments in industry.

The expo would be held in an area on 10000 sqm at the Oman Convention & Exhibitions Center. The expo would feature many industries including pet-rochemicals, furniture, food and beverage, SMEs, services and various industries as well as home-produced items.

Qatar Chamber Director-General Saleh bin Hamad Al Sharqi (left) and Qatar Chamber Board member Rashid Nasser Al Kaabi.

CIArb holds first training courseTHE PENINSULA

DOHA: The Chartered Institute of Arbitrators (CIArb) launched its first training course since the establishment of its branch office at Qatar International Court. The training course ‘Introduction to International Arbitration’ which took place on Thursday 18th October, allows candidates to learn about the background of international arbitration, to become engaged with the process and procedure of international arbitration, and to understand international arbitration in the context of other forms of dispute resolution.

CIArb is the leading and oldest global professional mem-bership organisation relating to the practice and profession of alternative dispute resolution (ADR), with a worldwide mem-bership of 16,000 people.

The training course follows on from the signing of a MoU between CIArb and the Qatar International Court and Dispute Resolution Centre (QICDRC) in December 2017. In addition to opening a branch at QICDRC’s

premises, the terms of this MoU included the provision of a range of resources to the Qatari and international legal community, most notably arbitration training in line with the best international best standards in both Arabic and English languages.

Ahmad Al Ansari, Chairman of CIArb Qatar commented: “Such training courses provide lawyers and other professionals in Qatar with a great opportunity to develop the necessary skills required to enable them to thrive in the legal and commercial com-munity. CIArb’s presence in Qatar

is a welcome chance for all to better understand the mecha-nisms behind the arbitration system and how best to implement that through practice.” The MoU established a strategic partnership between CIArb and QICDRC, whereby the two sides will work together to promote the practice of ADR in Qatar, improve the quality of specialised arbi-tration programmes, and enhance the ADR skills of all professionals involved in dispute resolution in Qatar: lawyers, accountants, engi-neers, quantity surveyors, claims consultants and others.

Participants at the training course.

The QFC was

honoured to be

able to deliver such

an engaging panel

discussion on the

sidelines of the IMF

and World Bank

meetings.

CP rail chief sees boom-time oil loads amid pipeline pinchBLOOMBERG

MONTREAL: Boom times are back for at least one company in Canada’s oil heartland.

Canadian Pacific Railway Ltd. may match or exceed its record 2014 pace of 110,000 crude carloads next year as a pipeline crunch stokes demand for shipping by train, Chief Exec-utive Officer Keith Creel (pic-tured) said late Thursday in an interview from Calgary, where the company is based.

“The demand is there,” Creel said. “Maybe a 100,000 run rate goes to 110 or 120. There’s a bit of a range between 100,000 and 120,000, but I wouldn’t expect anything above that.”

The run-up to oil-shipment levels last seen four years ago, when Canada’s benchmark crude price reached almost $90 a barrel, comes as producers endure record discounts for their

crude because of a dramatic lack of pipeline space.

Western Canada Select crude is trading in the $20s now, with the discount to the U.S. benchmark widening to $50 a barrel last week, the most on record in Bloomberg data stretching back to 2008. Pro-ducers are being forced to sell their oil for less largely because of the higher costs of shipping it by train to US fuel producers, but also because an abundance of American supplies and the start of refinery maintenance season on the Gulf Coast are under-cutting demand for the imports.

Spain backs new tax on Internet giants in budget planAFP

MADRID: Spain’s socialist government approved a new tax on big internet companies as part of its 2019 budget, hoping to raise up to ¤1.2bn ($1.4 billion) next year.

The tax, which still requires parliamentary approval, will “modernise tax rules” for 21st-century busi-nesses, Finance Minister Maria Jesus Montero told reporters following a weekly cabinet meeting.

It calls for a 3.0 percent tax on online advertising, sales of user data and online platforms. The tax will be levied on com-panies with annual revenues of over ¤750m worldwide, and at least 3.0 million in Spain. It has been dubbed the “Google tax” in Spain because it would affect US internet giants like Google, Facebook and Amazon.

The tax could also counter the “unfair competition” which e-commerce poses to “tradi-tional commerce”, the minister said. The tax will come into effect once the government’s draft 2019 budget is approved.

Prime Minister Pedro Sanchez’s minority gov-ernment has the support ot its main ally, far-left party Podemos which helped it draw up the budget, but will needs to convince smaller Basque and Catalan regional parties to approve it.

The European Union also must still approve the govern-ment’s draft budget. EU finance ministers have been wrangling over a controversial proposal to slap a European tax on US tech giants amid concerns that they currently do not pay their fair share.

Today’s tax rules were designed for when multina-tionals developed real assets and operations in different nations, making it relatively clear where taxes were due.

But the US tech titans exist almost exclusively in the virtual world, their services piped through apps to smart phones and tablets from designers and data servers oceans away.

23SUNDAY 21 OCTOBER 2018 BUSINESS

� A Tender Bond in the form of a provisional bank letter of guarantee endorsed by a bankoperating in the State of Qatar shall be submitted together with the Tender. The bondshall be valid for a period of 120 days after the Closing Date as indicated above .

� Collection of Auction Documents from the Tenders and Auctions and practicesCommittee on the 6th floor on the QOC Building at the West Bay. (Against submission ofcopy of C.R. and authorization letter)

Last Date for Tender Document Collection: at 12:00 on Wednesday 30/10/2018 as indicated above. No Tender Documents will be released thereafter.

� Closing Date: At 12:00 on the Closing Date specified above. No bid will be receivedthereafter.

� Bids including the original + a copy of the same. Bids are to be submitted following the 2separate envelope system (technical and commercial) 1 original and 2 copies) along with2 soft copies (one technical in the technical envelope, one commercial in the commercialenvelope).and any Offer not complying with this requirement shall be disregarded.

� The tender Bond shall be submitted in the envelope enclosing the technical bid.� The Committee shall have the right not to accept the lowest bid without giving any

reason.� The Tender shall be valid for a period of 90 days after the Closing Date.� Offers are to be submitted in wax sealed envelopes to the Tenders and Auctions and

practices Committee at the 6th floor on QOC Building, along with a soft copy CD insideeach envelope. You are also required to provide a single point of contact (name, email,direct phone, mobile) for any further queries regarding this bid

� For any queries please contact us by email to [email protected] or fax no +97444944183

The Tenders and Auctions and practices Committee at the Qatar Olympic Committee (QOC) announces the issuing of the following Auction:

QATAR OLYMPIC COMMITTEEPUBLIC AUCTION ADVERTISEMENT

Auction No. Subject Tender Bond

System of auction Submission

Last Date for Collection

Closing Date

QOC/HRSD/A001/2018

Renting and operating Qatar Olympic Tower Cafeteria /Restaurant

QR 3000

2 SeperateEnvelopes

31/10/2018 04/11/2018

Higher oil prices a challenge for Asian economies: QNBTHE PENINSULA

DOHA: With oil prices breaching the $80/b mark in recent weeks, markets and analysts are already taking stock of how different countries are being affected. As Asia’s only net oil exporter, Malaysia is expected to benefit from oil windfalls, QNB analysts said.

QNB, which focused its analysis on the effect of higher oil prices on the major Asian economies of China, India, Indo-nesia, Korea, Malaysia, the Phil-ippines, Taiwan and Thailand, noted Malaysia presents a surplus of c.140k barrels per day (b/d) and a positive crude oil trade balance of around 1 percent of GDP.

QNB, in its weekly ‘economic commentary’, added higher export receipts from crude oil are not a game changer for Malaysia. The country holds structural current account surpluses. However, oil revenues are key for the country’s fiscal position. According to Malaysia’s eco-nomic authorities, every $1/b increase in oil prices adds about $72 million to government revenue. This is an important source of fiscal support for the

newly elected reformist gov-ernment, especially as gov-ernment finances are under pressure by the recent repeal of the Goods and Sales Tax (GST) and the outlook for higher public debt. Government action to increase transparency in the public sector resulted in a sharp upward revision of the public debt from 54 percent to 75 percent of GDP. Additional oil revenues are therefore a vital tailwind for Malaysia’s fiscal balances.

Indonesia faces moderate challenges when it comes to oil prices. While higher oil prices boost up revenues and favour government finances, private consumption and investment are

negatively affected. Despite domestic production of around 800,000 b/d of crude oil, Indo-nesia became a net importer last year.

The deficit of c.190,000 b/d makes-up a small negative crude oil balance of 0.4 percent of GDP. As such, rising and higher oil prices add up to Indonesia’s overall current account deficit and contribute to the mounting external pressure the country is facing. In response, the gov-ernment is trying to curb rising oil import bills by announcing plans to mix domestically pro-duced biofuels into petrol.

Importantly, the 7.9 percent depreciation of the Rupiah so far

in 2018 contributes to further amplify the positive effect of higher oil prices in fiscal bal-ances and the negative effect in the private economy, as revenues in local currency increase and domestic fuel prices soar.

China, Taiwan, Thailand and Korea all have their oil trade bal-ances in negative territory, ranging from 1.5 percent to 4.4 percent of GDP. However, sizeable overall current account surpluses of close to 10 percent of GDP make Taiwan, Thailand and Korea extremely resilient, while China is supported by a positive current account surplus of nearly 1 percent of GDP and is not so vulnerable.

A combination of current account deficits and substantially negative net oil positions are a rising challenge to the Philip-pines and India.

Higher oil bills widen current account deficits and add to external vulnerabilities such as FX pressures. In the Philippines, an oil trade deficit of 1.5 percent of GDP amounts to the total size of the country’s current account deficit. A lack of substantial sub-sidies limits the effect of higher oil prices in fiscal balances, con-centrating the impact on the private sector. This negative effect of higher oil prices in private sector discretionary spending is magnified by the 6.7 percent year-to-date depreci-ation of the Philippine Peso against the USD.

The high pass-through from international oil prices to domestic fuel prices in the Phil-ippines is also contributing to the rising headline inflation. In Sep-tember 2018, CPI inflation reached a 10-year high of 6.3 percent y/y, 330 bp above the central bank target. In order to respond to that and help limit capital outflows, the Philippine Central Bank has lifted its policy rate by 150 bp so far this year.

Like in the Philippines, the oil trade deficit in India is high at 2.7 percent of GDP, amounting to nearly the total size of the country’s current account deficit. In India, however, high fuel sub-sidies make the extended public sector shoulder considerable losses. According to Moody’s, fuel subsidies are expected to cost between $4.6bn and $7.2bn in 2018, against an initial budget of $3.3bn.

As subsidies are concen-trated on liquefied petroleum gas and kerosene, part of the private sector is still affected by higher domestic fuel prices. FX depre-ciation also plays an amplifying role here; the Indian Rupee is down 10.3 percent against the USD so far this year. This has been contributing to push headline inflation to the higher-end of the central bank target, which supports the Reserve Bank of India’s 50 bp hike to contain mounting external pressure.

In short, higher oil prices are positive for Malaysia. Current account surpluses shelter China, Taiwan, Thailand and Korea, while Indonesia, the Philippines and India have to face more challenges associated with higher oil bills.

Higher oil prices

are positive for

Malaysia. Current

account surpluses

shelter China, Taiwan,

Thailand and Korea,

while Indonesia, the

Philippines and India

have to face more

challenges associated

with higher oil bills.

Forex reserves more than enough to face blockade challenges: QCB GovernorTHE PENINSULA

DOHA: The Governor of Qatar Central Bank (QCB) H E Sheikh Abdullah bin Saoud Al Thani (pictured) affirmed yesterday that the international reserves at the Bank amounted to QR144.7bn by the end of April, noting that these reserves are more than enough to face chal-lenges arising from the unjust blockade imposed on Qatar.

The QCB Governor also noted that they (reserves) do not represent the international reserves of the State; they are only a small part used for mon-etary policy purposes and to meet the currency issued and local banks’ purchases of dollars as part of the Bank’s exchange rate policy.

Therefore, Qatar’s financial reserves are very strong and capable of countering any neg-ative effects of the blockade.

“QCB aims to maintain the stability of the Qatari Riyal against the US dollar. This required the Bank to maintain adequate reserves of its foreign reserves, which must not be less 100 percent of the total issued currency,” the QCB Governor said in an exclusive interview to QNA.

Sheikh Abdullah also said

that “data available until the end of April of this year indicate that the ratio of foreign exchange (forex) reserves to the currency issued has increased to more than 86.6 percent, which is more than eight times.

He also highlighted the role of QCB in providing financial liquidity to the State under the unjust siege imposed on it. The Governor noted that the Bank’s strategy during the first months of the siege focused on ensuring sufficient liquidity and reas-suring the deposit holders of the Bank’s full commitment to the maturity dates of the with-drawals. Therefore, periodic and regular meetings were held with officials of the financial institutions to identify any potential liquidity challenges and to develop appropriate plans to deal with them proactively.

In the meantime, cash was provided to local banks to counter any withdrawal of deposits. The banks used their government securities, which provided them with the required liquidity and gave a boost to the repo market. Many banks in Europe and America expressed their willingness to continue working with Qatari banks. As a result, the losses

were compensated very quickly and the business was taken over as usual, the Governor said.

As for attempts to weaken the currency locally and exter-nally, the QCB Governor explained that the currency (Qatari Riyal) was under pressure in the early days of the

blockade, especially in the local markets and eventually the impact spread to the external markets. However, the prices in local markets have quickly returned to normal, and cur-rently the external market prices have come close to the official rate, thanks to the strength of the Qatari economy and the rapid response to these attempts. The central bank has been closely monitoring the developments, and has been in contact with the banks that have branches or representation abroad to understand the details and complexities of the process.

After reaching a sufficient set of evidence of attempts to harm the Qatari currency, the QCB conducted legal investiga-tions into these attempts by con-tracting with a well-known law firm, the Governor said, noting that the central bank had pro-vided the law office with the information and is awaiting the official report and the outcome of the current litigation pro-ceedings of the office.

According to the viewpoint of the legal authorities to which the file was referred, the State of Qatar will resort to all means to prove the damage, and will announce the results in a timely manner, he added.

Asset management has $35bn opportunity in QatarSATISH KANADY THE PENINSULA

DOHA: Valued at an estimated $97bn by the end of 2017, the banking system holds the largest share (81 percent) of Qatar’s total Islamic finance assets. Collectively, Qatar’s four Islamic banks posted 9.1 percent year-on-year growth in assets during the year, resuming its medium-term trend of outpacing conventional banking asset growth.

The increase in Islamic banking growth translated to an increase in Islamic banking penetration reaching 43 percent of real GDP in 2017, up from 4 percent the previous year, according to QFC’s ‘Qatar Islamic Finance Report 2018’.

The report noted that the Asset man-agement industry has a $35bn oppor-tunity in Qatar. “Domestic private wealth is estimated at $35bn, with 290 ultra-high net worth individuals with more than $30m in investable assets. These indi-viduals are being targeted by the QFCRA through special licences granted for foun-dations and investment clubs, in the

former case giving legal.” The document, launched on the sidelines of the annual Meetings of the Boards of Governors of the IMF and the World Bank Group in Bali, Indonesia, said Sukuk represented 18 percent of Qatar’s total Islamic finance assets in 2017, with total outstanding issu-ances amounting to $21bn. The gov-ernment has been the backbone of the Sukuk market in Qatar, representing 73 percent of issuances between 2013 and the first half of 2018, by value. The cumu-lative value of sovereign sukuk issuances during this period reached $14bn. Sukuk issued by the Qatari government mainly funds budget deficits and provides working capital.

“The financial sector remains one of the very foundations of this new diver-sified economy, and institutions such as the Qatar Financial Centre are important examples of Qatar’s commitment to becoming a world-class financial hub. Islamic banks in Qatar have encompassed the largest segment of the Islamic finance market, launching ambitious expansion plans abroad in recent years,” Yousuf Mohamed Al-Jaida, Chief Executive

Officer, QFC Authority said.A relatively large proportion of out-

standing sukuk is maturing in 2018, the market will see its future unfold in the coming year depending on the profile of new issuers. The least favorable outcome for Qatar’s sukuk market would be if most of the capital redeemed through the end of 2018 is reinvested elsewhere in sukuk in other markets or into other asset classes.

However, this unfavourable outcome seems to be averted as the QCB ramped up its Sukuk issuances by nearly $3b in 2017, driving 80 percent year-on-year growth in total sukuk issuances. Although this would contribute to market stability, it would not necessarily develop the market further because it would rep-resent just a rollover of existing issued sukuk and not new supplies. Corporate Sukuk issuances, by number, have been on the rise in 2016 and 2017.

This was primarily driven by QIB issuances tapping foreign capital markets for funding. Nonetheless, the value of cor-porate Sukuk issued remained flat in the last five years.

Swiss Re to discuss investment in Insurer Anbang with ChinaBLOOMBERG

BEIJING: Swiss Re AG has held discussions with Chinese authorities about an investment in embattled insurer Anbang Insurance Group Co., people with knowledge of the matter said.

Swiss Re is among parties that have been approached as China seeks to find fresh funds to shore up the insurer, according to the people. The Zurich-based reinsurer hasn’t made a decision on whether to proceed with a investment, the people said, asking not to be identified because the information is private.

As part of the talks, Chinese offi-cials have also been gauging Swiss

Re’s interest in acquiring some overseas assets from Anbang, the people said. Anbang’s foreign holdings include Antwerp-based insurer Fidea, Dutch insurer Vivat and Belgian lender Nagelmackers. It also owns a controlling stake in South Korea’s Tongyang Life Insurance Co.

Since China temporarily seized the acquisitive insurer earlier this year and sentenced its chairman to prison, officials been seeking stra-tegic investors both at home and abroad to take stakes in Anbang.

Singapore’s state investment firm, Temasek Holdings Pte, has held talks with Chinese authorities about acquiring a stake in Anbang as well as some of its assets, Bloomberg

reported this month, and a body that’s owned by some of China’s biggest insurance firms is also considering an investment.

Temasek isn’t cur-rently in any active negotiations about an Anbang transaction, people familiar with the matter said earlier this month.

Signage for Anbang Insurance Group Co. is seen on top of Anbang Financial Center Block B in Beijing.

Sheikh Abdullah also

said that “data avail-

able until the end

of April of this year

indicate that the ratio

of foreign exchange

(forex) reserves to the

currency issued has

increased to more than

86.6 percent, which is

more than eight times.

London and Brussels

are racing to strike

a deal by the end of

the year and firms

are worried that

without one, there

could be widespread

disruption of

everything from

supply chains to

flights and the

movement of food

and livestock.

24 SUNDAY 21 OCTOBER 2018BUSINESS

May tells businesses EU is committed to autumn Brexit dealREUTERS

LONDON: British Prime Minister Theresa May told business leaders during a teleconference that EU politi-cians are committed to reaching a Brexit agreement this autumn, striking what one source told Reuters was an upbeat tone.

London and Brussels are racing to strike a deal by the end of the year and firms are worried that without one, there could be widespread disruption of everything from supply chains to flights and the movement of food and livestock.

May briefed around 120 business leaders to update them on the progress of the talks after discussions in Brussels earlier this week.

“The Prime Minister spoke for about 10 minutes and the tone of her message was quite optimistic,” a source familiar with the content of the call told Reuters.

May’s office said the prime minister had acknowledged t h a t t h e r e w e r e

“a few significant issues” still outstanding but that progress was being made.

“The very real sense she had from leaders around the table at the Council was that they wanted to reach a deal as soon as possible this autumn,” May’s office said.

“She said that her aim was to wrap this up in November,”

one of the business people lis-tening to the call said.

May was told by some that time is pressing and heard con-cerns over contingency measures which may be irre-

versible, the source added.She was also asked what

business could do to help on Brexit, to which she suggested firms write to lawmakers in Britain and elsewhere in

Europe, to make sure leaders were aware that business needed a resolution.

Separately, Bloomberg reported that May was ready to give ground on one of the key

sticking areas of the talks con-cerning the land border between the United Kingdom and Ireland.

Sterling gained on the report that Britain would allow the Northern Ireland backstop, or fallback arrangement in case of failure to agree a broader deal, to have no fixed time limit.

May’s office said in response that the government’s position had not changed, and pointed to the remarks the prime min-ister had made to businesses, where she said she expected any backstop arrangement to be temporary.

Britain’s Brexit minister, Dominic Raab, said a week ago that the so-called backstop designed to prevent a hard border between the British province of Northern Ireland and the Republic of Ireland, must be finite, short and time-limited.

Brexit supporters in May’s government are concerned any temporary arrangements with the EU that lack a clear time limit may become permanent solutions over time.

European Council President Donald Tusk and Britain’s Prime Minister Theresa May talk as they arrive for a group photo at the ASEM leaders summit in Brussels.

Despite talk of equality, women bosses still rare in the USAFP

NEW YORK: This year was touted as the year of women in politics in the United States, but in the business world, female bosses remain few and far between.

And some warn the situation is unlikely to improve with men unwilling to play the role of mentor to younger female col-leagues in the era of the #MeToo movement, which has heightened awareness of abuse and inappro-priate behavior in the workplace.

The departure in September of India’s Indra Nooyi as head of PepsiCo after more than a decade in the job has only reinforced a trend that has been growing for the past two years: the decline in the number of women CEOs even as debate about the need for equality in the workplace rages, and amid increasing calls for women to break through the “glass ceiling.”

Recently, a number of prom-inent women have left their posts

as company heads, including Denise Morrison of Campbell Soup, Margo Georgiadis of Mattel, Sherilyn McCoy of Avon, Meg Whitman of Hewlett-Packard, Ursula Burns of Xerox, and Ellen Kullman of Dupont.

All of them have been replaced by men, a blow for diversity since fewer than five percent of leaders of the S&P 500 largest enterprises are now women, down from 5.4 percent in 2017.

“We are going in the wrong direction,” said Lorraine Hariton, whose NGO Catalysts advocates for women in senior positions.

“Women have gotten into entry-level positions very suc-cessfully, and then they get to middle management, and things stall out,” she said. “Women still today are not reaching the top, particularly women of color.”

Dismissing the idea that the glass ceiling is down to women’s decision to focus on family rather than career, experts lay the blame more on deep-rooted cliches.

Hariton said her group’s research “shows that the stere-otype that men ‘take charge’ and women ‘take care’ puts women leaders in a double bind and can potentially undermine their lead-ership and career and advancement options.”

“Women suffer ‘Goldilocks’ syndrome: they are judged as being too hard, too soft, and never just right for the job,” she said.

“Women are held to higher ethical standards and punished more harshly after ethical

violations than are men,” said Vanderbilt University professor Jessica Kennedy (pictured).

“In short, women face higher standards and have more to prove than men do,” she said

Women who aim high in business often find they are not invited to important meetings or to after-work gatherings, both places where important connec-tions are made, experts say.

This “culture of exclusion” may get even worse because of the #MeToo movement, because some men worry “that a com-pliment to their young mentee is

likely to actually trigger accusa-tions of harassment,” said Kennedy. “Nothing much happens without sponsorship,” said Hariton, noting that a mentor or sponsor shares vital contacts, gives advice and pushes for their protege’s advancement.

Even though the number of women in managerial positions has risen in the past decade, many are stuck in mid-level positions like head of human resources, or the legal or financial director of their company, according to Pew Research. Very few rise as high as chief operating officer, the launchpad to the CEO post.

Christy Glass, a professor at the University of Utah, said women are also seen as being better at breaking bad news than men.

She cited the case of Mary Barra, who was named head of General Motors in February 2014, several days before the car maker revealed that its faulty ignition switch was linked to 124 deaths.

Hariton said that to change the dynamic, more women are

needed on companies’ boards of directors, which are responsible for appointing the head of a firm.

“Eighty percent of board seats at S&P 500 companies are primarily men,” said Hariton. “So the lens by which women are being evaluated is a white, male lens.” A recent California law forces publicly listed companies based in the state to appoint at least one woman to their board by the end of 2019, and two or three by the end of 2021.

Kennedy said quotas had been made necessary because even though young men of the “millennial” generation — aged between 17 and 35 — were more supportive of equality than their forebears, they also worry that it could impinge on their own career opportunities.

Some large US corporations, such as American Express, Best Buy and Ralph Lauren, have recently signed up to Parity-Plegde, in which members pledge to look at least one female can-didate when a job position opens up.

UBS curbs some China travel after banker detainedBLOOMBERG

HONG KONG: Two large global wealth managers have imposed restrictions on staff travel to China after a UBS Group AG employee was detained, under-lining the challenges of capturing business in a country where fortunes are growing the fastest on the planet.

UBS has asked some bankers not to travel to China after the incident, according to people with knowledge of the matter, who asked not to be identified because the measures aren’t public. Julius Baer also imposed a travel ban for its relationship managers to the country, another person said.

Government clampdowns and unexplained absences have unsettled executives plying their trade in China, where even the president of law enforcement agency Interpol isn’t immune from abrupt detention.

Meng Hongwei was reported missing this month after being taken into custody upon his arrival from France, according to press reports.

“China’s deep into an anti-corruption drive as well as effort to deleverage the economy,’ said Scott Kennedy (pictured), a China expert at the Center for Strategic and International Studies. ‘The

government are focusing like a laser beam on the financial sector.’

It’s unclear under what cir-cumstances the Singapore-based UBS employee was detained and whether the person has been released, the people said. The UBS restric-tions have only affected those who help manage money for clients and haven’t been imposed on the securities unit, said the people.

A spokesman for UBS, the world’s largest wealth manager, declined to comment on the ban and detention. Julius Baer also declined to comment.

A Credit Suisse spokesman said no travel ban was in place for its staff. Other banks with operations in China contacted by Bloomberg, including JPMorgan Chase & Co., had no immediate comment.

China is a huge growth area

for firms such as UBS as the share of world’s wealthy surge in the region.

UBS estimates a new bil-lionaire is minted in China every two days and Credit Suisse this week said China’s total wealth has risen 1,300 percent this century to $51.9 trillion, more than double the rate of any other nation.

Even amid the crackdown, China has thrown open its financial markets to foreign firms, a move that has given global companies unprece-dented access to the world’s second-biggest economy. Over the past year, the nation has announced reforms that relax foreign ownership limits for lenders, insurers and money

managers.UBS has a long history in

China and claims to have been the first Swiss-based bank to establish a presence in the Asia Pacific region in 1964.

The Swiss lender is in talks to acquire a majority stake in its Chinese securities joint venture and Chief Exec-utive Officer Sergio Ermotti said in January that the bank is ahead on a five-year plan to double headcount in the country.

It’s also the largest wealth manager in Asia, with total assets under management of $383 billion at the end of last year, according to Asian Private Banker. Last year, it got a private-funds license in China.

A traffic light is seen next to a sign of Swiss banking giant UBS seen at a branch in Lausanne.

Most cryptocurrency offerings trading below listing price REUTERS

NEW YORK: Almost a third of all cryptocurrencies that were financed through online fund-raisers last year have lost “substantially all value,” while the vast majority are trading below their listing price, according to an Ernst & Young report published.

The professional services firm analysed more than 141 projects that raised money in 2017 through initial coin offerings (ICOs), in which new virtual cur-rencies are issued to buyers. It found that 86 percent of coins have fallen below their initial price on online exchanges.

Companies typically raise money through ICOs to build new technology platforms or to fund businesses that use crypto-currencies and blockchain, the software that underpins them.

EY analyzed 86 projects that raised in 2017 and found 71 percent still have no working product or offering in the market. The percentage is significantly higher than what could be expected with traditional venture-backed software startups, EY said.

“This looks worse than we thought,” Paul Brody, global innovation leader for blockchain technology at EY, said in an interview.

The EY report comes fol-lowing a cryptocurrency investing frenzy, during which startups raised hundreds of mil-lions of dollars online, with often little more than a business idea and a handful of employees. The 2017 ICO boom paralleled a spike in the price of bitcoin, which peaked in December at almost $20,000.

Since then, the market has fallen by more than 70 percent. Despite the crash, large financial institutions, including Fidelity Investments and Goldman Sachs Group Inc, are launching products or backing companies in the space.

Most tokens issued by ICO companies were supposed to be utilized as means of payment on the websites or networks they were building.

Yet of the companies that did build a working product, seven also started accepting payments in traditional fiat currency, a move that reduces the value of the tokens to investors, EY found.

Some large US

corporations,

such as American

Express, Best Buy

and Ralph Lauren,

have recently signed

up to ParityPlegde,

in which members

pledge to look at

least one female

candidate when a job

position opens up.

25SUNDAY 21 OCTOBER 2018 BUSINESS

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Hello Guru Prema Kosame (2D/Telugu) 2:00pm; Goosebumps2:

Haunted Halloween (2D/Comedy) 2:30 & 5:30pm; Vada

Chennai (2D/Tamil) 2:30 & 11:30pm; Legend of A Rabbit The

Martial of Fire (2D/Action) 4:15pm; Sandakozhi (2D/Tamil)

6:00pm; First Man (2D/History) 7:15pm; Namaste England (2D/

Hindi) 4:45 & 8:45pm; The Old Man And The Gun (2D/Comedy)

9:45pm; Badaai Ho (2D/Hindi) 7:30pm; Mandy (2D/Action)

9:45pm; Kayamkulam Kochunni (2D/Malayalam) 11:30pm; Accident (2D/Action) 11:30pm

Vada Chennai (2D/Tamil) 2:15 & 8:00pm; Legend of A Rabbit

The Martial of Fire (2D/Action) 2:30pm;Hello Guru Prema

Kosame (2D/Telugu) 2:30pm; Kayamkulam Kochunni (2D/

Malayalam) 5:15pm; Goosebumps2: Haunted Halloween (2D/

Comedy) 4:30 & 6:30pm; Badaai Ho (2D/Hindi) 5:00 & 11:15pm; Mandy (2D/Action) 7:15pm; Namaste England (2D/

Hindi) 8:30pm; Sandakozhi (2D/Tamil) 11:00pm; Masrycany

(Arabic) 9:00pm; First Man (2D/Drama) 11:00pm

Hello Guru Prema Kosame (2D/Telugu) 2:30pm; Goosebumps2:

Haunted Halloween (2D/Comedy) 3:00pm; Badaai Ho (2D/

Hindi) 5:00pm; Sandakozhi (2D/Tamil) 5:00pm; Namaste

England (2D/Hindi) 8:00pm; The Old Man And The Gun (2D/

Comedy) 7:15pm; First Man (2D/Drama) 9:00pm; Vada Chennai

(2D/Tamil) 10:45pm; Mandy (2D/Action) 11:30pm.

Kayamkulam Kochunni (Malayalam) 7:00, 10:00, 11:30pm; Sandakozhi (2D/Tamil) 6:00, 9:00pm, 12:00midnight; Vada Chennai (2D/Tamil) 6:00, 9:00pm Namaste England (2D/Hindi) 6:15pm; 96 (Tamil) 8:45pm

Sandakozhi (2D/Tamil) 12:00, 6:00pm & 12:00 midnightNamaste England (2D/Hindi) 11:30am, 5:30 & 11:30pmMasrycany (Arabic) 10;30am, 3:45 & 9:00pmVada Chennai (2D/Tamil) 3:00 & 9:00pmKayamkulam Kochunni (Malayalam) 2:30 & 8:30pmFirst Man (2D/Drama) 12:45, 6:00 & 11:15pm

Badaai Ho (2D/Hindi) 10:40 & 11:10pm; First Man (2D/Drama)

10:30am, 1:20, 4:10, 9:15, 6:30 & 11:40pm; Goosebumps2:

Haunted Halloween (2D/Comedy) 10:30am, 2:30, 6:40 & 12:30pm; Kayamkulam Kochunni (2D/Malayalam) 10:30am, 1:45pm & 12;20am Mandy (2D/Action) 4:10, 7:00, 9:20 & 11:15pm; Sandakozhi (2D/Tamil) 6:00 & 9:10pm; Small Foot 4:30pm; Vada Chennai (2D/Tamil) 10:30am, 1:50, 5:15, 8:30 & 11:50pm

A man faces embarrassment in the society when he finds out his mother is pregnant

BADHAAI HO

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab AL KHOR

ROXY

ASIAN TOWN

A Star Is Born 12:15, 5:40, & 7:50pm; Bad Times At The El

Royale 2:55pm; First Man (2D/Drama) 3:40, 6:30, 7:10, 8:20, 9:20,10:30 & 0:15amGoosebumps2: Haunted Halloween (2D/Comedy) 10:30, 11:40am, 12:25, 1:35, 2:20, 4:15, 5:156:10, 8:05, 10:00 & 11:55pm; Legend of A Rabbit The Martial of Fire (2D/Action)

12:55 3:25 & 6:00pm; My Giraffe 11:25am, 2:50 & 7:05Namaste England (2D/Hindi) 9:55 & 11:05pmSmall Foot 10:40, 1:10 & 4:45pmVada Chennai (2D/Tamil) 3:30, 6:55 & 10:20pmVenom 2D 11:15am, 12:20, 2:40, 1:30, 3:45, 9:00, 11:15pm & 12:00am 3D 5:00, 7:20 & 9:40pm

Euro, pound rally on Brexit concessionREUTERS

NEW YORK: Stocks dipped, dragging a global index into a fourth consecutive weekly loss, while the euro and sterling rallied against the dollar after a report said Britain is ready to drop a key Brexit demand.

Oil prices rose on signs of surging demand in China, although prices fell for a second week running as US inventories swelled. Strong earnings boosted shares early on Wall Street but concerns over economic growth in China and Europe lingered, dragging indexes lower in afternoon trade. “There a lot of cross-currents right now, with Italy, housing weakness, interest rates (rising) ...,” said Michael Antonelli, managing director of institutional sales trading at Robert W. Baird in Milwaukee.

The pan-European STOXX 600 index lost 0.12 percent and MSCI’s gauge of stocks across the globe shed 0.08 percent.

The Dow Jones Industrial Average rose 64.89 points, or 0.26 percent, to 25,444.34, the S&P 500 lost 1 point, or 0.04 percent, to 2,767.78 and the Nasdaq Composite dropped 36.11 points, or 0.48 percent, to 7,449.03.

Emerging market stocks were flat. MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.13 percent higher.

In currencies, the British pound and the euro rose after Bloomberg News reported that British Prime Minister Theresa May is ready to drop a key Brexit demand in order to make a deal for Britain to leave the European Union.

Earlier, EU negotiator Michel Barnier said a Brexit deal was 90 percent done although hurdles remained. Sterling was last trading at $1.3068, up 0.39 percent on the day. The euro rose 0.56 percent to $1.1516.

The dollar index fell 0.26 percent. The Mexican peso

touched a five-week low versus the greenback after ratings agency Fitch revised Pemex’s credit rating outlook to negative citing uncertainty over the Mexican national oil company’s future business strategy. Mexico’s currency lost 0.62 percent versus the US dollar at 19.26. It earlier touched 19.34 per dollar, the weakest in five weeks.

The Japanese yen weakened 0.28 percent versus the greenback at 112.50 per dollar.

Italian assets were sold heavily earlier in the session a day after the European Union called Rome’s draft budget an “unprec-edented” breach of EU fiscal rules. The selling subsided after European Economics Commis-sioner Pierre Moscovici said he wanted to reduce budget tensions with Italy.

The closely watched Italian/German bond yield spread touched a 5-1/2-year high of 338.4 basis points before

tightening to 306.8. Italy’s benchmark 10-year bond yield rose as high as 3.783 percent, the highest since February 2014. It last traded at 3.569 percent.

Oil prices rose on signs of surging demand in China, but the market remained concerned over rising U.S. inventories and trade wars that could curb economic activity. US crude rose 0.95 percent to $69.30 per barrel and Brent was last at $79.94, up 0.82 percent on the day.

People walk past a debt clock screen, installed by Bruno Leoni Institute’s analysts, displaying Italy’s public debt at the Termini central station in Rome, Italy.

EU, Singaporesign investmentprotectionagreementBLOOMBERG

S I N G A P O R E : T h e European Union and Singapore signed free-trade and investment protection agreements in Brussels in a bid to improve bilateral business ties amid rising global trade conflicts.

The EU and Singapore will remove tariffs, reduce tech-nical barriers, and provide better opportunities in services and government pro-curement under the deals, the Singapore government said in a statement on Friday.

The city-state will drop tariffs on all products coming from the European Union. The EU will remove tariffs on 84 percent of Singapore’ products and the remaining 16 percent over three to five years.

The investment-pro-tection agreement will replace the existing bilateral treaties and set up a new dispute-res-olution mechanism for investors.

The trade pacts “give Sin-gapore companies greater market access to the EU and boost confidence for investors and entrepreneurs,” Prime Minister Lee Hsien Loong said on his Facebook page.

The FTA, which has been under negotiation since 2010, will get ratified by next year, he added.

The EU was Singapore’s third-largest trading partner in 2017, with bilateral trade in goods exceeding S$98bn ($71bn), while the city-state is the bloc’s top trading partner in southeast Asia.

Macroeconomic imbalances widen amid growth in PakistanINTERNEWS

KARACHI: The consumption-led economic growth of 5.8 percent in Pakistan came at the cost of widening of macroeconomic imbalances as manifested in a five-year high fiscal deficit and a record current account deficit, says State Bank of Pakistan’s latest Annual Report 2017-18 on the State of the Economy.

“Pakistan’s economy is again at a familiar juncture, with imbal-ances emerging as the growth picked up, making it challenging to maintain the virtuous equi-librium of low inflation and higher growth. The only difference this time is heavy investment is underway in energy and infra-structure,” said the report.

The publication noted that growth saw a reversal in FY18:

development expenditures declined while growth in current expenditures accelerated; thus, the composition of expenditure shifted from investment to more consumption.

The share of consumption in the real GDP increased to 93.2 percent during FY18 from 91.7pc in FY17 well above the average of 88.7 percent during the past five years. This was led by low interest

rate environment, increased fiscal spending and improved real incomes, argued SBP.

More specifically, lower bor-rowing cost continued to encourage businesses to borrow for both working capital and fixed investment purposes during the last few years. According to the report, several measures have been taken to reduce the pressures on external account and manage

inflation expectations.“Increase in interest rate,

adjustments in exchange rate, restriction on advance payments and imports on open account, increase in regulatory and custom duty, and imposition of cash margins on selected non-essential goods are aimed at containing imports and narrowing the current account deficit,” said the publication.

26 SUNDAY 21 OCTOBER 2018CLASSIFIEDS

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REGENCY RESIDENCE AL SADD 1 (AL SADD): Fully .�� =� �� )� %��-�� !�"�#$��%"&'#'"()�(��J+��(�� K��(�� !�"�#$�("�/'�"()�02�� +� �� 3!�� %!�"� '&3!�%�#'!&��4"�("� ��44)� 567829� >>=;� 0?2?� � � ??;;� =>07� � >>77� 20??� �??;;2?>?��"%�'4)��@�� REGENCY RESIDENCE AL SADD 1 (AL SADD): Fully .�� 0� �� )� %��-�� !�"�#$� �%"&'#'"()� (�� J+�� (�� K�� (�� !�"�#$�("�/'�"()� 02� �� +� �� 3!�� %!�"�'&3!�%�#'!&��4"�("��44)�567829�>>=;�0?2?� �::<:�;2=>� �:::2�=?;<� �??;;�0>72� �??;;2?>?��"%�'4)��@��

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AL ASMAKH TOWER (WESTBAY):� B�� &�� !.G��#�� )� �� .�� *�� *��+�� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829�>>;>88><��"%�'4)��+@�� REGENCY BUSINESS CENTER 3 (GRAND HAMAD STREET): �� !.G�� (*�� *��+�� +��#/��(*��G��.��+��+��3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� �� "%�'4)��@�� REGENCY BUSINESS CENTER 2 (CORNICHE):��!.G�� (*�� *��+�� (*�� G�� .��+� �+�� 3!�� %!�"�'&3!�%�#'!&��4"�("��44)� 567829�>;>7�:0<8� �>>:?�8=:? �??;;�0>72��"%�'4)��@�� SALWA ROAD OFFICES:� %�� 6� =�� 3��)� =0�!.G�� 4�� =?2� �� =72� �H�� 0� �� (�� !.G�� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� ::<7�;0;8��"%�'4)��@�� REGENCY BUSINESS CENTER 2 (CORNICHE STREET):� �� !.G�� (*�� *��+�� +��#/��(*��G��.��+��+��3!��%!�"�'&3!�%�#'!&��4"�("��44)� 567829� >;>7� :0<8� � >>:?� 8=:?� � :::2� =?;<� �� "%�'4)��@��

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J-COMPLEX: Brand New Commercial Building (Umm Salal Mohammed).� ��!�"�#$� M"#�'4()� "��*�� *��+�� 3!��%!�"� '&3!�%�#'!&��4"�("��44)� 567829� :::=08>2� � :::0?=2;� �� "%�'4)� ��@��

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