6
BUSINESS Sunday 25 November 2018 PAGE | 02 PAGE | 03 QFC discusses role of business hubs in wealth creation QP holds second ‘Mustaqbalna’ forum The bilateral trade volume between Qatar and Canada is likely to grow significantly in the coming years with the commercial ties between the two countries expanding rapidly. Qatar emerges stronger despite blockade: Canada’s Ambassador MOHAMMAD SHOEB THE PENINSULA Qatar and Canada bilateral trade volume is expected to witness sharp growth in 2018 and beyond as both sides are working very actively to deepen and expand bilateral cooperation in almost all fields, including economics, trade, investment and diplomacy, noted a top Canadian diplomat in Qatar at an event. Although the bilateral trade volume between Qatar and Canada is modest at C$174m (about QR480m) but there is a huge untapped potential to enhance economic and com- mercial ties in a variety of sectors. In addition, both sides are also working for exchange of delegations, including high- level political visits between Qatar and Canada. “There is a renewed interest and enthusiasm on both sides to strengthen economic, com- mercial and diplomatic ties between Canada and Qatar. We are also working to have exchange of high-level political visits which will help pave the way for expanding cooperation,” said Stefanie McCollum, Can- ada’s Ambassador to Qatar. McCollum, addressing the members of the Canadian Business Council Qatar (CBCQ), added: “One of the key priorities of our embassy is to grow com- mercial ties between the two countries. We aim to do this by supporting our Canadian com- panies and creating the conditions to allow them to succeed and for others to join this market.” She defined the Qatar-Canada relationship “very strong” which have enjoyed uninterrupted diplomatic ties since 1974. “We have a robust relationship across the com- mercial, economic, political and cultural spheres,” the envoy added hailing Qatar’s remarkable achievements despite the economic siege imposed by the Arab quartet. “Faced with a diplomatic and economic blockade imposed by its neighbours, Qatar has emerged stronger. It has diversified trade routes, established new trading partners, build domestic capa- bilities in strategic sectors, such as agriculture, and have overcome unimaginable obstacles, while maintaining peace, security, and stability for its citizens and residents — a commendable feat by any measures.” Canadian companies have been active for many years in Qatar, and have contributed to Qatar’s phenomenal devel- opment. P23 Stefanie McCollum (centre), Canada’s Ambassador to Qatar; Ahmed Hafez (leſt), Vice-Chairman and Founding Member of CBCQ, and Jeffery Asselstine, its Treasurer and Founding Member, at a press conference hosted by the council at St Regies Hotel-Doha. PIC: ABDUL BASIT / THE PENINSULA Cryptocurrencies are new ways to raise funds for startups: QPAY CEO SATISH KANADY THE PENINSULA With ICOs and STOs increas- ingly fuelling the startups across the matured economies, Qatar needs to step in and come out with regulatory frame work to unlock the potential of this “new fund raising process”, said a fintech expert. Speaking to The Peninsula, Nebil Ben Aissa, CEO, QPAY International said Initial Coin Offering (ICO) and Security Token Offering (STO) are very much needed for Qatar, specif- ically for small and medium businesses that can raise money. “Now to raise money, entrepre- neurs have to go to the stock market, IPOs, a process that is very tedious for small busi- nesses. We can do it using blockchain. What Qatar needed is a clear regulatory direction and guidelines,” Nebil said. QPAY International is Qatar’s largest financial tech- nology company and a member of NEXXO Network. With IPOs declining and early funding for startups becoming a major hurdles for innovation, startups around the world are starting to realise ICOs could be the path to get early-round funding. STOs are a logical conclusion of how this could work as a fundamen- tally new business model. Nebil said raising fund via ICO has a very positive impact on the SME sector. It can help remove the middlemen from the process of raising funds. But we need a clear direction to be in place. “ICOs are good for SME sector. Yes, there are big scams reported in this sector, but not all ICOs are a scam. Consumer protection against scammers” must be in place. We need clear regulatory directions and Nebil Ben Aissa, CEO and Founder, QPAY International Corporation, speaking to The Peninsula on the sidelines of the 5th Annual Information Conference for the Financial Sector at the Sheraton Grand Doha Resort and Convention Hotel yesterday. PIC: SALIM MATRAMKOT / THE PENINSULA guidelines”, he added. “I think it is going to be really good for the economy of Qatar to have a frame work for ICOs where somebody raise money from the local public, ensuring protection to the investors and leverage to the business owners.” Blockchain doesn’t need any spe- cific regulations. But ICOs and STOs have to be regulated. There are several central banks and matured economies which are currently tapping this potential. Qatar, which is committed to promote SMEs, can easily think of unlocking this potential. This will help open floodgates of small companies and projects, backed by tangible assets. The world is going to see a huge rise in ICOs and STOs going forward. With a leading investment bank filing for patents in block- chain, its clear mainstream adoption of crypto is becoming more viable as big banks and enter- prise platforms get more involved. “The QCB needs to step in and come out with clear regulations. Because this technology is hap- pening.” Since 2017, there has been a flood of ICOs, raising hundreds of billions of dollars for various blockchain projects; thus, gener- ating more than 1,700 alternative Coins. Some succeeded, some failed, and some turned out to be pure scams. So one must one must tread the path cautiously before investing and gain a compre- hensive knowledge to take a deep dive into the world of ICO. “Blockchain is here to stay. Blockchain technologies and off- spring businesses and financial models will continue to disrupt various industries. What we need is to embrace it instead of fighting it,” Nebil said. During a presen- tation at the just-concluded 5th Information Security Conference for the financial Sector, Nebil shared with the audience the nuances of ICOs, the difference between a utility token, a security token and the certain legislations regarding ICOs; as well as will be offering insights into various tokenomic models. In accordance with Amiri Decision No. 68 of 2018, amending some provisions of Amiri Decision No. 16 of 2014 setting the competencies of the Ministries, the Industrial Development Department was relocated from its current location to the building of the Ministry of Commerce and Industry in Lusail City. On Sunday, November 25, 2018, the Industrial Development Department started providing all services to the public and clients while continuing to provide services related to the industrial zones management at the current industrial zones management’s building in the small and medium industries area at the Industrial Zone. IMPORTANT ANNOUNCEMENT ABOUT THE RELOCATION OF THE INDUSTRIAL DEVELOPMENT DEPARTMENT TO THE MINISTRY OF COMMERCE AND INDUSTRY Scan the code to obtain the location of the Ministry of Commerce and Industry building in Lusail City

BUSINESS - The Peninsula€¦ · to allow them to succeed and for ... “Faced with a diplomatic and economic blockade ... fintech expert. Speaking to The Peninsula, Nebil Ben Aissa,

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Page 1: BUSINESS - The Peninsula€¦ · to allow them to succeed and for ... “Faced with a diplomatic and economic blockade ... fintech expert. Speaking to The Peninsula, Nebil Ben Aissa,

BUSINESSSunday 25 November 2018

PAGE | 02 PAGE | 03QFC discusses role

of business hubs in wealth

creation

QP holds second ‘Mustaqbalna’ forum

The bilateral trade

volume between Qatar

and Canada is likely

to grow significantly

in the coming years

with the commercial

ties between the two

countries expanding

rapidly.

Qatar emerges stronger despite blockade: Canada’s AmbassadorMOHAMMAD SHOEB THE PENINSULA

Qatar and Canada bilateral trade volume is expected to witness sharp growth in 2018 and beyond as both sides are working very actively to deepen and expand bilateral cooperation in almost all fields, including economics, trade, investment and diplomacy, noted a top Canadian diplomat in Qatar at an event.

Although the bilateral trade volume between Qatar and Canada is modest at C$174m (about QR480m) but there is a huge untapped potential to enhance economic and com-mercial ties in a variety of sectors. In addition, both sides are also working for exchange of delegations, including high-level political visits between Qatar and Canada.

“There is a renewed interest and enthusiasm on both sides to strengthen economic, com-mercial and diplomatic ties between Canada and Qatar. We

are also working to have exchange of high-level political visits which will help pave the way for expanding cooperation,” said Stefanie McCollum, Can-ada’s Ambassador to Qatar.

McCollum, addressing the members of the Canadian Business Council Qatar (CBCQ), added: “One of the key priorities of our embassy is to grow com-mercial ties between the two countries. We aim to do this by supporting our Canadian com-panies and creating the conditions to allow them to succeed and for others to join this market.”

S h e d e f i n e d t h e

Qatar-Canada relationship “very strong” which have enjoyed uninterrupted diplomatic ties since 1974. “We have a robust relationship across the com-mercial, economic, political and cultural spheres,” the envoy added hai l ing Qatar ’s remarkable achievements despite the economic siege imposed by the Arab quartet.

“Faced with a diplomatic and economic blockade imposed by its neighbours, Qatar has emerged stronger. It has diversified trade routes, established new trading partners, build domestic capa-bilities in strategic sectors, such as agriculture, and have overcome unimaginable obstacles, while maintaining peace, security, and stability for its citizens and residents — a commendable feat by any measures.” Canadian companies have been active for many years in Qatar, and have contributed to Qatar’s phenomenal devel-opment. �P23

Stefanie McCollum (centre), Canada’s Ambassador to Qatar; Ahmed Hafez (left), Vice-Chairman and Founding Member of CBCQ, and Jeffery Asselstine, its Treasurer and Founding Member, at a press conference hosted by the council at St Regies Hotel-Doha. PIC: ABDUL BASIT / THE PENINSULA

Cryptocurrencies are new ways to raise funds for startups: QPAY CEOSATISH KANADY THE PENINSULA

With ICOs and STOs increas-ingly fuelling the startups across the matured economies, Qatar needs to step in and come out with regulatory frame work to unlock the potential of this “new fund raising process”, said a fintech expert.

Speaking to The Peninsula, Nebil Ben Aissa, CEO, QPAY International said Initial Coin Offering (ICO) and Security Token Offering (STO) are very much needed for Qatar, specif-ically for small and medium businesses that can raise money. “Now to raise money, entrepre-neurs have to go to the stock market, IPOs, a process that is very tedious for small busi-nesses. We can do it using blockchain. What Qatar needed is a clear regulatory direction and guidelines,” Nebil said.

QPAY International is Qatar’s largest financial tech-nology company and a member of NEXXO Network. With IPOs declining and early funding for startups becoming a major hurdles for innovation, startups around the world are starting to realise ICOs could be the path to get early-round funding. STOs are a logical conclusion of how this could work as a fundamen-tally new business model.

Nebil said raising fund via ICO has a very positive impact on the SME sector. It can help remove the middlemen from the process of raising funds. But we need a clear direction to be in place. “ICOs are good for SME sector. Yes, there are big scams reported in this sector, but not all ICOs are a scam. Consumer protection against scammers” must be in place. We need clear regulatory directions and

Nebil Ben Aissa, CEO and Founder, QPAY International Corporation, speaking to The Peninsula on the sidelines of the 5th Annual Information Conference for the Financial Sector at the Sheraton Grand Doha Resort and Convention Hotel yesterday. PIC: SALIM MATRAMKOT / THE PENINSULA

guidelines”, he added.“I think it is going to be really

good for the economy of Qatar to have a frame work for ICOs where somebody raise money from the local public, ensuring protection to the investors and leverage to the business owners.” Blockchain doesn’t need any spe-cific regulations. But ICOs and STOs have to be regulated. There are several central banks and matured economies which are currently tapping this potential. Qatar, which is committed to promote SMEs, can easily think of unlocking this potential. This will help open floodgates of small companies and projects, backed by tangible assets.

The world is going to see a huge rise in ICOs and STOs going forward. With a leading investment bank filing for patents in block-chain, its clear mainstream adoption of crypto is becoming more viable as big banks and enter-prise platforms get more involved. “The QCB needs to step in and come out with clear regulations.

Because this technology is hap-pening.” Since 2017, there has been a flood of ICOs, raising hundreds of billions of dollars for various blockchain projects; thus, gener-ating more than 1,700 alternative Coins. Some succeeded, some failed, and some turned out to be pure scams. So one must one must tread the path cautiously before investing and gain a compre-hensive knowledge to take a deep dive into the world of ICO.

“Blockchain is here to stay. Blockchain technologies and off-spring businesses and financial models will continue to disrupt various industries. What we need is to embrace it instead of fighting it,” Nebil said. During a presen-tation at the just-concluded 5th Information Security Conference for the financial Sector, Nebil shared with the audience the nuances of ICOs, the difference between a utility token, a security token and the certain legislations regarding ICOs; as well as will be offering insights into various tokenomic models.

In accordance with Amiri Decision No. 68 of 2018, amending some provisions of Amiri Decision No. 16 of 2014 setting the competencies of the Ministries, the Industrial Development Department was relocated from its current location to the building of the Ministry of Commerce and Industry in Lusail City. On Sunday, November 25, 2018, the Industrial Development Department started providing all services to the public and clients while continuing to provide services related to the industrial zones management at the current industrial zones management’s building in the small

and medium industries area at the Industrial Zone.

IMPORTANT ANNOUNCEMENT ABOUTTHE RELOCATION OF THE INDUSTRIAL

DEVELOPMENT DEPARTMENT TOTHE MINISTRY OF COMMERCE AND INDUSTRY

Scan the code to obtain the location of the Ministry of Commerce and Industry building in Lusail City

Page 2: BUSINESS - The Peninsula€¦ · to allow them to succeed and for ... “Faced with a diplomatic and economic blockade ... fintech expert. Speaking to The Peninsula, Nebil Ben Aissa,

02 SUNDAY 25 NOVEMBER 2018BUSINESS

10,328.48

+35.66 PTS

0.35%

QSE FTSE100 DOW BRENT6,952.86

−7.46 PTS

0.11%

24,285.95

−178.74 PTS

0.73% Dow & Brent before going to press

$50.39

-4.24

MarketWatch

QFC discusses role of business hubs in wealth creationTHE PENINSULA DOHA

The Qatar Financial Centre (QFC) one of the world’s leading and fastest growing onshore business and financial centres, participated in the Global Annual Summit in Paris, France.

Attended by government leaders, family offices, private investors, philanthropists and investment managers, the Global Annual Summit is considered the flagship event of the Private Wealth Institute and the largest global private wealth event in the world.

As part of a panel entitled “The role of business hubs in wealth creation”, Sheikha Alanoud bint Hamad Al Thani, Managing Director, Business Development, QFC, highlighted the resilience of the Qatari economy, the newly enacted Qatari laws that contain robust

provisions for foreign investors, and the unique range of incen-tives offered by the QFC platform to local and foreign investors wishing to do business in the region.

Sheikha Alanoud said: “Qatar has witnessed impressive economic growth and continues to offer lucrative investment opportunities and laws that facilitate long-term and sus-tainable economic development. In parallel, the Qatar Financial Centre’s (QFC) unique platform

continues to facilitate ease in business set-up for entities wishing to expand to Qatar and beyond.”

During the panel discussion, Sheikha Alanoud highlighted how the regional challenges have created new opportunities for Qatar and the Qatar Financial Centre, and how Qatar has retained its position as an eco-nomic hub, having opened up its economy with Legal and business reforms, and new ownership laws to ensure up to 100-percent own-

ership for foreign investors.The QFC is an onshore juris-

diction, allowing companies to operate in and from Qatar within the QFC legal and tax envi-ronment. The QFC endeavours to promote Qatar as an attractive business destination. Companies that wish to establish a business in the QFC are guided throughout by a dedicated 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% 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.

Sheikha Alanoud bint Hamad Al Thani, Managing Director, Business Development, QFC, and other officials.

Milaha wins awardTHE PENINSULA DOHA

Milaha, a Qatar-based shipping and logistics conglomerate, participated in the 2nd Business Continuity and Resilience Con-ference, which was held in Doha on the 20th of November under the patronage of Minister of Commerce and Industry H E Ali bin Ahmed Al Kuwari and attended by business conti-nuity, risk management and organisational resilience pro-fessionals from all sectors.

Milaha’s CEO Abdulrahman Essa Al Mannai headed the com-pany’s delegation to the con-ference where he delivered a presentation, showcasing the latest upgrades in Milaha’s oper-ations and services, and the com-pany’s contribution to the overall resilience of the Qatari economy. In his presentation, Al Mannai highlighted some of Milaha’s success stories since the the blockade, notably, connecting Qatari cargo to international liner

networks and supporting Qatar’s food supply chain connectivity.

Al Mannai said: “From the first day of the blockade, Milaha has proven itself to be a reliable and trustworthy partner by ensuring business continuity to all its clients, starting with the relocation of our transhipment hub and the quick rollout and expansion of fast, direct shipping services between Qatar and key regional and international ports in the Sultanate of Oman, Kuwait, Pakistan, India, and Turkey. As a result of those decisive and prompt measures, a lot of the blockade’s repercussions have been mitigated and even reversed to Qatar’s benefit; and the shortage of vital goods and supplies was averted.”

Al Mannai also received the Business Continuity Institute’s “Award for the Continuity and Resilience Provider” category, which was judged by a UK-based panel of independent interna-tional experts in further recog-nition of Milaha’s role in ensuring continuity of business in Qatar.

Officials with the award.

QICCA and RICS review construction disputes avoidanceTHE PENINSULA DOHA

The Qatar International Centre for Con-ciliation and Arbitration (QICCA) at Qatar Chamber and the UK-based Royal Institution of Chartered Surveyors (RICS) have joined together to host an industry workshop on November 22, 2018 in Doha, to highlight the ways of avoiding disputes in construction and infra-structure projects.

The seminar titled “Driving Change and Facilitating Collaborative Delivery in Qatar” was attended by a number of lawyers, arbitrators, businessmen and representatives of construction and real estate companies in Qatar.

QICCA’s board member for interna-tional relations HE Dr Sheikh Thani bin Al Thani attended the seminar.

It discussed the multiple benefits that Dispute Avoidance Services (DAS) will bring to the Qatar market, and how the process will be administered.

Abdulla Al Mehshadi, certified arbi-trator at QICCA, who inaugurated the seminar, said that in a country that is undergoing an unprecedented devel-opment like Qatar, going into conflicts

is unavoidable. These conflicts could have a heavy impact on the main three elements project managers try to have under good control theses being; time; cost and quality, he noted Addressing the seminar, Robert Jackson, the RICS Regional Director said that the world witnessed a significant development in

arbitration of construction disputes, noting that avoiding the dispute before it happens is now a priority in view of the great boom in construction sector Qatar witnessing.

Jackson noted that there are 7 chal-lenges facing construction sector including risk pricing, project delays,

lack of confidence among investors, adversarial, fragmented climate, low pro-ductivity and efficiency, claims culture and breakdown in relationships.

He noted that Qatar’s construction and real estate industries, whilst not unique by any means, are known for being somewhat disconnected with an adver-sarial contracting climate. This often results in ‘risk-pricing’, significant legal issues, inefficiencies, project delays and cost over-runs, legal costs and liabilities. Income generating assets therefore do not deliver against project financial forecasts and the adversarial nature stifles inno-vation and value-added solutions from the supply chain and clients. As claims and confrontation develops on projects, all too often we see damaged commercial rela-tionships and reputations.

RICS believes that the industry as a whole needs to move towards a more collaborative delivery model and believes that the usage of Dispute Avoidance Services (DAS) will help the market tackle the various issues out-lined previously. The DAS will be pre-sented at the workshop. Such DAS where implemented elsewhere in the world have delivered massive benefits and had

a significant positive impact on investor confidence in the sector.

An early intervention strategy to avoid and control disputes in con-struction and infrastructure projects before they escalate to arbitration or lit-igation, DAS encourages a culture of cooperation between parties. Conflict Avoidance can be the catalyst for change, without initial sweeping changes to contracts, and can provide a new way forward for built envi-ronment disputes in Qatar. As an inter-active event, industry experts will be encouraged to provide market feedback and thoughts on Conflict Avoidance, which is now becoming the accepted and preferred practice globally.

“With the number of mega projects currently ongoing in Qatar, alternative methods of Dispute Resolution and con-flict avoidance are key to mitigating costly delays and escalating project costs. A rising number of contractual disputes in the region has increased the need for com-prehensive methods of early conflict avoidance and alternative dispute reso-lution such as the Dispute Avoidance Services (DAS),” said Mairead Hughes, RICS Country Manager.

Dignitaries and officials attending the seminar.

Get up to 10,000 ‘Doha Miles’ when you apply for a personal loanTHE PENINSULA DOHA

Doha Bank announced the launch of a new website feature for non- Doha Bank customers, wherein they can check loan eligibility real-time and send the request at the touch of their fingertips.

The new 24/7 feature is available for customers who works under approved company and wish to transfer their loan or simply want to apply for a Personal Loan with Doha Bank. They can also get

up to 10,000 Doha Miles if they apply for a Personal Loan through DB website. Doha Miles rewards is also available for existing DB customers using their Online Banking. The cam-paign is valid from November 18 to February 19, 2019.

The launch of this feature comes as a part of the Bank’s effort to enhance customer expe-rience in digital banking which is the fastest and easiest way to apply for a loan and receive instant rewards for patronizing with the Bank’s facilities.

“ D i g i t a l b a n k i n g

and Regulatory realignment con-tribute to paradigm shift in financial services industry, Doha Bank as a customer-centric organization, places a high importance to providing benefits and facilities to meet and exceed our customer’s expectation. We strive to continue being at the forefront in using new technol-ogies and digital offerings with ubiquitous access of our products to Doha bank customers and prospective customers. This flex-ibility & convenience ensures an easy hassle-free banking expe-rience,” said Dr. R Seetharaman,

Group CEO, Doha Bank.“At Doha Bank, introducing

new solutions that will simplify banking experience and improve the digital banking solutions to keep up with the evolving expectations is a top priority for us. The new feature on our online services is a highly efficient e-commerce tool that allows our new cus-tomers to extend their retail experience through online platform and enable them to save time to apply digitally for personal loans in a few clicks,” added Dr. Seetharaman.

Sheikha Alanoud bint Hamad Al Thani,

Managing Director, Business Development,

QFC highlighted the resilience of the Qatari

economy, the newly enacted Qatari laws

that contain robust provisions for foreign

investors, and the unique range of incentives

offered by the QFC platform to local and

foreign investors wishing to do business in

the region.

Page 3: BUSINESS - The Peninsula€¦ · to allow them to succeed and for ... “Faced with a diplomatic and economic blockade ... fintech expert. Speaking to The Peninsula, Nebil Ben Aissa,

Activity has softened

significantly over the

last three quarters

to the latest

downward surprise

in Q3, when the

Euro area faced the

slowest expansion

in nearly 4 years,

QNB noted in its

weekly ‘economic

commentary’

yesterday.

03SUNDAY 25 NOVEMBER 2018 BUSINESS

Euro area economic recovery under ‘slower normal’: QNBTHE PENINSULA DOHA

Economic recovery in the Euro area is under a ‘slower normal’ as GDP growth performance has weakened further in recent months. Activity has softened significantly over the last three quarters to the latest downward surprise in Q3, when the Euro area faced the slowest expansion in nearly 4 years, QNB noted in its weekly ‘economic com-mentary’, yesterday.

After surging from 1.6 percent to a peak of 2.4 percent early this year, the Euro zone 2018 Bloomberg consensus fore-casts have started to slip in April and are now at 2.0 percent. Our analysis focuses on the drivers of the recent performance.

Five factors contributed to the recent weakness.

First, the Euro area has been hit by a manufacturing slump associated with environ-mental regulation changes. Adaptations to the recently imposed Worldwide Harmo-nized Light Vehicle Test Pro-cedure (WLTP) have led to a sharp contraction in the European auto-sector. Indeed, the WLTP is the main culprit for

the markedly poor Euro area growth performance in Q3, as y/y passenger car production for the quarter was down by 20 percent in Germany. Impor-tantly, motor vehicle pro-duction accounts for over 10 percent of Germany’s total manufacturing output or 4 percent of the total industrial production in the Euro area.

Second, net exports have been affected by the current slowdown in global trade and lagged effects of the EUR 14 percent appreciation against the USD in 2017. Seasonally adjusted exports of goods and services have slowed y/y to 3.8

percent in Q2, against 6.3 percent in Q4 2017 and 3.8 percent in Q1 2018. Export data is still not available for Q3, but further weakening should take place as disruptions in motor vehicle exports are expected to more than offset the effect of this year’s EUR depreciation.

Third, rising political uncer-tainty has been a negative influence on business and con-sumer sentiment, dragging on growth. The news based eco-nomic uncertainty index for Europe is up 20 percent year-to-date. Negative events include the budget dispute between Italy and the European Commission (EC) and US threats to impose auto tariffs against European partners.

The stand-off between Brussels and Rome is particularly challenging. As Italy has pro-posed an expansionary fiscal plan that the EC has rejected on the basis of debt sustainability concerns, sovereign 10Y BTP Italy-German Bund spreads spiked by 200bps since May.

Fourth, supply-side con-straints have been mounting in key Euro area countries as GDP growth is still above potential. Currently, the GDP growth

potential for the Euro area is low around 1-1.5 percent per year, against 2.4 percent growth last year and the 2.0% expected for 2018. The slowdown in activity diminishes the GDP gap (dif-ference between growth potential and current growth) and eases pressures on capacity constraints, wage growth and inflation.

Fifth, the Euro area has been

hit by unusual, idiosyncratic and rather temporary headwinds. These temporary factors include high levels of sick-leaves, cold winter weather conditions, and industrial strikes. Industrial strikes and adjustments to the new tax framework weighted on growth in France. An unusually virulent influenza season and high levels of sick-leaves affected Germany.

Despite all the temporary headwinds and cyclical factors affecting the performance of the Euro area, the outlook still points to a continuous recovery and above potential growth. Bloomberg consensus forecasts estimate growth at 1.7 percent in 2019, much above the actual GDP growth average of 0.4 percent per year for 2008-2016.

Private consumption is still growing strongly as household income supports solid employment gains and a robust acceleration in wage growth. Credit conditions are loose and positive for the private sector. The European Central Bank con-tinues to provide an accommo-dative monetary policy and the normalization process is expected to be slow and gradual. We expect quantitative easing tapering to start in Q4 2018 and gentle rate lifts by end-2019 or early-2020.

Fiscal policy should finally turn into moderately expan-sionary in 2019. Moreover, despite the global growth slowdown, net exports are expected to be supported by the lagged effects of the 7.4 percent EUR depreciation against the USD after April 2018.

QP holds second ‘Mustaqbalna’ forumTHE PENINSULA DOHA

Qatar Petroleum held its second “Mustaqbalna” forum, which gave 450 Qatari nationals under development the opportunity to engage with the its executive leadership team, and to further align with its strategy, business plan, and future direction.

Mustaqbalna (meaning “our future” in Arabic) is designed to underline the role of young Qatari employees under development in shaping the future of Qatar Petroleum and in ensuring its con-tinued growth and success.

This year’s 2-day event was held under the theme “Empow-erment”. It featured an interactive format that enabled participants to discuss how being empowered can make a positive difference in their career to effectively con-tribute to the growth and devel-opment of Qatar Petroleum.

Addressing participants, H E Saad bin Sharida Al Kaabi, Min-ister of State for Energy Affairs and President & CEO of Qatar Petroleum, highlighted the importance of dedication and perseverance as the only way for professional advancement and effective leadership.

Al Kaabi said: “It is my greatest pleasure to see the future leaders of this great insti-tution, and I am proud of the quality of Qatari talent that is playing an important and critical role in shaping Qatar Petroleum as it moves into a new chapter in its history. I am also pleased to see this great level of engagement with the leadership team, which helps you to get a feel of what is going on in terms of strategy and direction as well as of the values that we stand for as Qatar Petroleum.” The Min-ister drew on his own expe-rience, which started in 1986 as

a student joining Qatar Petroleum and the challenges he had faced in over three decades, and told the participating young Qataris under development not to give up their dreams and never to stop trying. He said “your success is in your own hands. You need to be deter-mined, resilient and patient, and to have a clear aim and a focused vision. And there is no doubt that you will be rewarded for good work. I am very happy to learn that the vast majority of Qataris that we have under development have a mindset of Qatar and what is best for Qatar and its

future.” “Today, Qatar Petroleum is moving forward with great strides and determination to become one of the best national oil and gas companies in the world. We are enhancing our business growth strategy, expanding our international footprint, and consolidating our capabilities to assume our rightful place in the oil and gas industry. Having said that, I must stress that the only reason we have been so successful is because we have great people working for this institution as a team to implement that strategy,” the Minister added.

H E Saad bin Sharida Al Kaabi (centre), Minister of State for Energy Affairs and President & CEO of Qatar Petroleum, addressing the event.

Qatar emerges stronger despite blockade: Canada’s AmbassadorFrom Business page 1

Currently the size of the Canadian community in the country is over 9,000 people, who are working in a wide range of sectors, including oil and gas, infrastructure, health and education. A lot of Canadian companies are also involved in implementing projects related to 2022 Fifa World Cup, Qatar National Vision 2030.

The bilateral trade volume between Qatar and Canada is likely to grow significantly in the coming years with the com-mercial ties between the two countries expanding rapidly.

For instance, just over a week ago, Qatar Airways announced to introduce an additional weekly flight (its fourth weekly service to Canada) to its Doha-Montreal route from December 17, 2018, providing even more flexibility for both business and leisure passengers.

Reiterating about the fast growing relations, the envoy said that there are regular visits of Canadian companies, ath-letes, academics to Qatar. Recently, representatives from about 25 Canadian universities visited Doha. And also there are regular flow of Qatari officials, business people, tourists and students back to Canada.

“I hope that flow will increase in the coming days as Canada recently offered Qatar Airways an additional flight to Canada, which will further accel-erate the pace of bilateral coop-eration. And we are very excited about it,” said McCollum.

The welcome reception, organised by the CBCQ for Ambassador McCollum, was attended by a large number of business executives, including Ahmed Hafez, Vice-Chairman and Founding Member, and Jeffery Asselstine, Treasurer and Founding Member of CBCQ, and senior diplomats.

Foxconn’s Gou says firm’s business to remain strong

BLOOMBERG TAIPEI

Terry Gou, chairman of iPhone-assembler Foxconn Technology Group, said his company’s business will remain strong at least until January amid growing concern over cooling demand for Apple’s flagship product.

“Our business is very good up till at least January,” Gou said yesterday in an interview here. He didn’t elaborate on the outlook for the rest of 2019.

Bloomberg News reported on Thursday that an internal Foxconn memo characterized 2019 to be a “very difficult and competitive” year. The Taipei-based company is the main assembler of iPhone XS and iPhone XS Max, and splits iPhone XR with smaller rival Pegatron.

According to the memo, the company will slash 20bn yuan ($2.9bn) in expenses next year from this year’s level, with 6bn yuan coming from its iPhone unit. It also plans to cut 10 percent of its non-technical staff.

Jeff Pu, an analyst at GF Securities, said Gou’s com-ments don’t necessarily reflect better-than-expected iPhone demand, after four Apple suppliers on three con-tinents lowered their outlook last week. “Suppliers who have cut their forecasts are component makers who will be informed by Apple earlier about changes in demand than assemblers,” Pu said.

China Tariffs Pu said Foxconn may also get a boost to sales for the rest of this year on customer requests to expedite shipments of PC and server components before US tariffs on some Chinese imports are raised further at the beginning of 2019.

Foxconn’s aim for a deep cut to expenditure was widely seen as a fresh warning sign of Apple’s woes. Some reports even suggested Foxconn could trim its research and development expenses, but Gou reiterated the company isn’t doing that. “We are cer-tainly not cutting research and development expenses,” Gou said. Gou also dismissed speculation the company will eliminate tens of thousands of jobs.

Vintage car rallyPakistanis drive vintage cars at the ‘9th Annual Classic Car Rally 2018’ in Landi Kotal, a town in the Khyber Pakhtunkhwa province, yesterday.

Page 4: BUSINESS - The Peninsula€¦ · to allow them to succeed and for ... “Faced with a diplomatic and economic blockade ... fintech expert. Speaking to The Peninsula, Nebil Ben Aissa,

04 SUNDAY 25 NOVEMBER 2018BUSINESS

Ghosn exit sets stage for showdown over Renault-Nissan futureBLOOMBERG TOKYO

The sudden downfall of Carlos Ghosn looks set to unleash a power struggle between Renault SA and Nissan Motor Co. over the alliance he oversaw for two decades.

While both sides say they’re committed to the partnership, they’re already prepping for a battle over control of the world’s biggest car alliance, people familiar with their discussions said. And with the French and Japanese governments also keen to defend their own interests, it could devolve into one of the toughest corporate slugfests of recent times.

Ghosn’s arrest in Japan for alleged financial misconduct opens the door for Nissan to try to rebalance the alliance, while Renault is bracing to resist any effort to undermine its position, said the people. At the outset, Renault was the stronger partner, but over the years circumstances have changed: Nissan now sells a third more cars annually and earns more profit.

“The crisis has just started for the alliance,” said Kenneth Courtis, chairman of Starfort Investment Holdings, an investment, private equity and commodity group. “All the prob-lematic stuff is now going to come to the surface.” This story is based on discussions with more than half a dozen indi-viduals close to the companies, who asked not to be identified discussing private matters. A rep-resentative from Renault declined to comment, while a Nissan official didn’t immedi-ately return a call seeking comment.

Nissan’s board ousted Ghosn as chairman on Thursday, three days after his arrest, a stunning fall from grace for an executive widely credited with rescuing the carmaker from collapse in 1999.

With Ghosn gone, Chief Executive Officer Hiroto Saikawa is already plotting a review of the alliance to make it more equi-table for the Japanese carmaker, people familiar with the plans said. Nissan has also long been irked by French government meddling in the alliance, one person said.

The French company will resist any sudden moves to reshape the relationship, other people familiar said. Possible scenarios include bringing in another partner such as Ger-many’s Daimler AG to strengthen the European arm of the alliance, two people said, though no such plans are currently under dis-cussion. Daimler and Renault-Nissan started working together eight years ago on small cars and delivery vans. The three-way

cooperation is underpinned by a cross-shareholding of 3.1 percent.

France could also tap an executive with credibility on both sides, such as Toyota Motor Corp.’s Executive Vice President Didier Leroy, to act as an inter-mediary, one person said. The Frenchman and former Renault executive, 60, is a well-regarded business figure in Japan. Leroy declined to comment.

An alliance meeting is planned for next week in Amsterdam, that may include Daimler, said a person with knowledge of the matter.

Renault, with the French state as its biggest shareholder, has a 43 percent voting stake in Nissan, which in turn owns just 15 percent of Renault, with no voting rights. That imbalance has caused simmering resentment at Nissan for years.

Lately, the structure has become increasingly contro-versial in Japan due to Nissan’s improved performance. Nissan sold roughly 5.8 million cars last year — compared with just 3.7 million for Renault — and pro-vides links to China, where Renault only has a small presence, and the US, where the French carmaker is absent.

According to Japanese cor-porate law, Renault’s voting rights could be canceled if Nissan raises its shareholding to more than 25 percent in the French carmaker. Under French rules, if Renault lowered its stake in Nissan below 40 percent, then it will help the Japanese carmaker get voting rights in the French company.

Prior to his arrest this week, Ghosn was busy working on plans to make the alliance

“permanent,” possibly through a merger, as reported by Bloomberg in March. That push was facing resistance from within Nissan, including from Saikawa, his former protege.

Both sides agree that the future of the partnership is more important than the fate of Ghosn, who remains in the same prison as the death-row inmates from the Japanese cult that perpe-trated the 1995 Tokyo subway sarin attack, many of whom were executed just a few months ago. He hasn’t commented publicly since his arrest.

The allegations against him were of a precise and serious nature, a French government official close to President Emmanuel Macron later said. He also said the state is willing to hold long-term talks about

adjusting the shareholder pact to address the tensions, but not now and certainly not until the current governance situation is cleared up. Renault replaced Ghosn as CEO on a temporary basis while awaiting more information.

Macron followed the spec-tacle around Ghosn’s arrest on Monday through the headlines, just like his finance minister and the officials in charge of the state’s stake in Renault, according to two officials. The French head of state had been given no warning that trouble was brewing for the 64-year-old Ghosn, even though Renault employs almost 50,000 people in France.

Nissan may have been moti-vated to keep the French out of the loop by their recollections of

a bruising power struggle in 2015 when Macron, as economy min-ister, boosted the government’s stake in Renault without warning Ghosn or the Japanese. That allowed France to thwart Nis-san’s efforts to increase its influence at the French carmaker.

The conflict couldn’t come at a more perilous moment. The rollout of electric vehicles and a move toward autonomous driving are presenting long-term challenges and demanding enormous investment, making the manufacturing scale and R&D muscle provided by the alliance more important than ever. A separation of joint pro-duction, model development, engine sharing and parts pur-chasing could cause years of disarray.

In this file photo taken on July 16, 2013, Chairman and CEO of Renault-Nissan Carlos Ghosn gestures while addressing a press conference in Chennai.

The conflict couldn’t

come at a more

perilous moment.

The rollout of

electric vehicles

and a move toward

autonomous driving

are presenting long-

term challenges and

demanding enormous

investment, making

the manufacturing

scale and R&D

muscle provided by

the alliance more

important than ever.

Global growth woes, domestic politics drag Indian equities lowerIANS MUMBAI

A global equities sell-off, and domestic political uncertainty hurt investor confidence, trig-gering a decline in Indian equities during the week ended November 23.

Also, investors were left dis-appointed over the lack of any extraordinary liquidity-inducing measures by the Reserve Bank of India’s board.

The only concession that central bank gave on November 19 was by way of extending by a year the timeline for the full implementation of Basel 3 guide-lines. Further, profit booking and outflow of foreign funds halted the three week-long gaining streak of the key equity indices — S&P BSE Sensex and NSE Nifty50 — during the truncated trading period.

Accordingly, the market breadth was negative in three out of the four trading sessions during the week. However, a continuous decline in global crude oil prices and subsequent appreciation in the Indian rupee arrested the steep fall.

During the week, the Sensex lost 476 points, or 1.34 per cent, to close at 34,981.02 and the 50-share Nifty gave up 155.45 points, or 1.45 per cent, to settle at 10,526.75. “The market ended this week on weak a note despite a decline in oil prices, and strengthening of the rupee,” said Vinod Nair, Head Of Research at Geojit Financial Services.

The week gone by saw the declining trend in the Brent crude oil price. This helped the equities avert a steeper fall during the week. The Brent crude last traded at $58.80 per barrel.

The rupee closed over 5 per cent higher at 70.67 per dollar on Thursday from its lifetime low of 74.47, which it hit in early October. It gained Rs 1.24

from its previous week’s close of Rs 71.92. A broad sell-off in the US markets reverberated through Europe and Asia, as global growth is seen buffeted by trade tensions between the United States and China.

D K Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said: “Domestic market traded weak in tandem with global markets. Sentiment also took a hit after India’s crude oil imports in October rose to its highest level in at least more than seven years.”

“In its first meeting after the rift between the central bank and the government became public, the RBI has said that its board would support small businesses and has extended the timeline for banks to set aside an additional 0.625 per cent as capital conser-vation buffer by one year to March 31, 2020 to help them to lend more.”

Nevertheless, global credit ratings agency Moody’s Investors Service termed the RBI board’s decision to extend the timeline for the full imple-mentation of Basel 3 guidelines by a year as a credit-negative for state-run banks.

Besides, uncertainty due to the ongoing state elections was another reason for the decline. Elections to constitute assem-blies in Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana and Mizoram are scheduled for this month and the next. A win for the Bharatiya Janata Party, which rules Chhattisgarh, Madhya Pradesh, and Rajasthan would bolster Prime Minister Narendra Modi’s chances of re-election next year.

The provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs856.61 crore in the week ended November 23. The domestic institutional investors bought Rs 302.09 crore worth of stocks in the past week.

Investors caught in crossfire of fight for holiday shoppersREUTERS NEW YORK

Investors would normally be thankful for a strong US economy, yet this holiday season they worry retailers may have to spend heavily to win, leaving shareholders with a lump of coal.

Steep discounts are as familiar a sight during the hol-idays as rich desserts, but this year so is a fierce grab for a slice of the e-commerce market as Amazon.com Inc and Target Corp offer free shipping for small purchases.

US shoppers formed long lines at checkout counters on “Black Friday” to take advantage of discounts on clothing and electronics, offering evidence that a healthy economy and rising wages are translating into stronger consumer spending at

the start of retailers’ make-or-break holiday season.

Yet underwhelming earnings reports earlier this week from Target to department store Kohl’s Corp and home-improvement specialist Lowe’s Cos Inc reminded investors that US tariffs on imported goods, fickle consumer tastes and com-petition could eat away at profits this year. Target shares fell 10 percent on Tuesday as the company said profit margins declined due to growing invest-ments in boosting its online business, wage increases, price cuts and the higher cost of preparing and shipping orders. Target shares fell 2.7 percent on Friday.

“The retailers and e-com-merce players are duking it out,” Shawn Kravetz, Esplanade Capital LLC’s chief investment officer, said at the Reuters Global Investment 2019 Outlook

Summit in New York last week.“Amazon is buying that

(consumer retail) business. Other players are buying that business. So it’s a war.” Kravetz, whose first job after earning an MBA in 1995 was at CML Group Inc, a company that sold Nor-dicTrack exercise machines through catalogs and television advertisements, said “the old joke was that we gave away stuff for free to sell people shipping.” The game has changed for retail players now, he said.

More retailers face pressure to cut into their margins or sac-rifice growth, creating a catch-22 for investors even as consumers spent strongly during the sales following Thursday’s US Thanksgiving Day holiday. GlobalData Retail said that the average person shopping early on Black Friday spent $407.20, up 2.1 percent over last year.

Most big US IPOs are still a better bet than S&P for 2018BLOOMBERG NEW YORK

Fifteen of the year’s 25 biggest US initial public offerings remain in positive territory despite November’s slushy market. No such luck for investors in the other 10.

The 25 IPOs that raised the most in 2018 closed Friday up 4.2 percent on average from their offer date, according to data compiled by Bloomberg. That bested the 1.5 percent loss for the S&P 500 index this year and the 1.75 percent decline in the Dow Jones Industrial Average. Even with the hits taken by technology stocks, the 25 biggest IPOs still gave investors a better return overall than the Nasdaq Com-posite Index, which is up 0.5 percent.

Raising a combined total of $27bn, eight of the 25 IPOs topped the $1bn mark. Investors who bought shares of payroll software company Ceridian HCM Holding Inc.’s $531m listing in April have fared the best with a current return of 68 percent.

Investors in the biggest US IPO of the year, AXA Equitable Holdings Inc’s $3.16bn listing in May, ended on Friday with a 2.1 percent loss on their investment. Those who bought into 2018’s second-biggest listing, Pagseguro Digital Ltd’s $2.6bn IPO in January, could only claim a 0.1 percent gain overall. Trailing the pack is financial technology company GreenSky Inc., whose shares tumbled after slashing its earnings forecast this month and have sunk 60 percent since its May listing.

This year’s seemingly lackluster IPOs are still doing better than their prede-cessors. Only six of 2017’s top 25 are still trading above their offer price.

Shoppers walk past a ‘Black Friday Sale’ sign at a mall in Naples, Florida.

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05SUNDAY 25 NOVEMBER 2018 BUSINESS

Microsoft surpasses Apple to become most valuable US companyIANS SAN FRANCISCO

Microsoft has become the most valuable US company with $753.3bn in market capitali-sation, riding past Apple for the first time since 2010 when it came close to the Cupertino-based tech giant.

Apple, which became the first $1-trillion US company in August, came down to $746.8bn on Friday, owing to lower-than-expected iPhone sales amid reports of its suppliers cutting cost and workforce.

Amazon with $736.6bn is currently at third and Alphabet (the parent company of Google) with $725.5bn is at the fourth spot. “With Microsoft now over-shadowing all three, including Alphabet Inc, the firm now looks to be the most valuable tech company of the Silicon Valley giants,” mspoweruser.com reported.

The investors are now betting big on companies with robust Cloud services and software services which are witnessing an increased demand from big and small enterprises the world over for their digital journey, at a time when giants like Facebook and Google face intense scrutiny for users’ data practices.

Riding on its growing Azure Cloud, gaming and Surface laptop portfolio, Microsoft posted a revenue of $29.1bn and net income of $8.8bn for the first quarter of its 2019 financial results. Revenue was up 19 percent while net income

increased by 34 percent. Oper-ating income was $10bn and increased 29 percent.

“We are off to a great start in fiscal 2019, a result of our inno-vation and the trust customers are placing in us to power their digital transformation,” CEO Satya Nadella (pictured) said.

Revenue in Intelligent Cloud was $8.6bn and increased 24 percent. Server products and Cloud services revenue increased 28 percent driven by Azure revenue growth of 76 per cent, Microsoft informed.

Revenue in More Personal Computing was $10.7bn and increased 15 per cent. “Windows commercial products and Cloud services revenue increased 12 percent.” Microsoft’s gaming revenue increased 44 percent with Xbox software and services revenue growth of 36 percent while Surface revenue increased 14 percent.

On the other hand, slower-than-expected demand has reportedly led Apple to direct its top phone assemblers, Foxconn and Pegatron, to halt a planned production boost for iPhone XR, a relatively cost-effective model that hit the shelves late last month.

ECB’s bond-buying exit decision nearsBLOOMBERG LONDON

Mario Draghi’s grilling by European lawmakers on Monday is the highlight of a critical few days for the European Central Bank as the president considers whether more stimulus is needed to overcome the euro-area slowdown.

Less than three weeks before their final meeting of the year, ECB officials are working on economic projections that will help determine whether their €2.6 trillion ($2.9 trillion) bond-buying program should be capped as planned. The latest

signs — including a German con-traction, a budget standoff in Italy, and heightened global trade tensions — are testing their conviction that the expansion is intact. Investors are on the lookout for any sign that bond purchases will be extended or alternative measures such as more long-term loans to banks are on the agenda. Here are the events to watch in the days until the December 13 decision.

Draghi will be in Brussels a day after the city hosts a summit to sign off on a Brexit deal for the UK’s divorce from the European Union. That would clear at least one of the uncer-

tainties clouding the fragile eco-nomic outlook.

In the hours before he’s quizzed by lawmakers, Germany’s Ifo index of business confidence should give an insight into how trade tensions are affecting the region’s biggest economy. Data on Friday showed the weakest private-sector growth in almost four years. Draghi’s top lieu-tenants are also scheduled to speak: Peter Praet in Frankfurt and Benoit Coeure in Vienna.

Italy — the key source of political and market tension within the euro area as it fights with the EU over its budget — reports confidence data on

Tuesday. A bigger test comes on Thursday when it holds a bond auction, a week after a sale drew unexpectedly weak demand from retail investors.

The ECB will publish its twice-yearly Financial Stability Review the same day, and Bank of France Governor Francois Vil-leroy de Galhau will speak in Rome. The week rounds off with the latest reading of euro-zone inflation, the final one before the policy decision.

The ECB’s Governing Council will hold a non-monetary policy meeting on December 5 — though it would surprise no one if monetary matters arose.

G20 sets trade war turning pointREUTERS PARIS

The United States and China have in the coming week what may be their last chance to broker a ceasefire in an increasingly dan-gerous trade war when their pres-idents meet in Buenos Aires.

With global growth increas-ingly suffering from frictions between the two biggest econ-omies, tensions will come to a head when Donald Trump and Xi Jingping meet on the sidelines of a G20 summit in Argentina.

Washington is set to raise tariffs on $200bn worth of Chinese imports to 25 percent from 10 percent in January if there is no agreement.

“We are optimistic about the summit as an opportunity to avoid further escalation, but not to pull back already announced tariffs,” UBS economists wrote in a research note. They said that

time was simply running out before the end of the year to come up with a different tariff schedule.

Washington accuses Beijing of not playing fairly on trade while China says the United States is being protectionist. “If no deal is reached, investors should come to realize that tariffs are no longer a bargaining chip to bring China to the nego-tiation table,” Daiwa Capital Markets analyst Kevin Lai wrote in a research note.

“Rather, tariffs are becoming part of a longer-term strategy to unplug China from globalization, contain its economic power (and hence its soft and hard power altogether) and give the US greater strategic advantage,” he added.

The OECD warned this week that a full-blown trade war between China and the United States could knock global growth 0.8 percent lower by 2021, and even more for the two countries.

“Trade is the biggest threat to our economic outlook and the lack of dialogues is a very high concern to us,” OECD chief economist Laurence Boone said as she presented a downgraded global growth forecast.

Though the fallout from the China-US standoff is hitting other regions as well, in Europe Brexit will also occupy minds as British Prime Minister Theresa May struggles to win backing for Britain’s EU withdrawal treaty.

Securing the backing of the

27 other European Union gov-ernments in Brussels on Sunday is only a first hurdle, as a bigger obstacle looms in early December when May will seek the UK parliament’s backing.

As geopolitical factors such as trade frictions and Brexit cloud the economic outlook, central bankers’ speeches next week will be scrutinized for any hint of a rethink about their monetary policy paths. Fed Chairman Jerome Powell (pic-tured) is due to speak on Wednesday in New York and the president of the European Central Bank, Mario Draghi, takes his turn on Thursday in Frankfurt.

With little in the way of market-moving data during the week, news headlines are more likely to drive the risk appetite of investors, already on the defensive after recent bouts of market volatility.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Drama (2D/Malayalam) 2:15 & 11:00pmThe Grinch 2:45pmTaxiwala (2D/Telugu) 4:30 & 11:15pmRobin Hood: Origins (2D/Action) 5:00, 7:00, 9:15 & 11:30pm; Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

2:30, 4:30 & 6:30pmFantastic Beasts: The Crimes Of Grindelwald (2D/Fantasy)

8:30pm; Kaatrin Mozhi (2D/Tamil) 5:00pmBel Canto (2D/Drama) 7:30pmMalicious (2D/Horror) 11:15pm

Drama (2D/Malayalam) 2:15 & 11:00pm; The Grinch 3:00 & 5:30pmRobin Hood: Origins (2D/Action) 5:00, 7:00, 9:15 & 11:30pm; Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

2:30, 4:30 & 7:00pm; Thugs Of Hindostan (2D/Hindi) 7:30pm;Taxiwala (2D/Telugu) 4:15, 6:45, 9:00 & 11:15pmIkarus – Kuwaiti (2D/Arabic) 2:30pm;Malicious (2D/Horror) 9:15pm;

Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

2:30 & 5:00pm; Cinderella And The Secret Prince (2D) 3:00pm; Robin Hood: Origins (2D/Action) 7:00, 9:15 & 11:15pm; Taxiwala

(2D/Telugu) 4:30pm; Malicious (2D/Horror) 9:30pm; Fantastic

Beasts: The Crimes Of Grindelwald (2D/Fantasy) 7:00 & 11:15pm

Taxiwala (2D/Telugu) 12:00, 12;15, 3:00 & 6:00pmSarkar (2D/Tamil) 4:00 & 11:15pm; Sharabha (2D/Telugu)

12:15pm; Kaatrin Mozhi (2D/Tamil) 3:15 & 5:45pmDrama (2D/Malayalam) 12:00, 2:45, 5:30, 8:15, 8:30, 11:30pm

Drama (2D/Malayalam) 12:15, 6:00 & 11:45pmFantastic 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

Drama (2D/Malayalam) 10;30, 1:30, 4:30, 7:30, 8:30 & 10:30pmFantastic Beasts: The Crimes Of Grindelwald (2D/

Fantasy) 10:30am, 1;15, 3:30, 4:00 & 6:15pmMalicious (2D/Horror) 1:30, 6:45, 11:30 & 11:40pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Animation)

12:50, 3:20, 5:40 & 8:00pmRobin Hood: Origins (2D/Action) 10:30, 11:00,1:00, 3:00, 6:00 & 11:30PMTaxiwala (2D/Telugu) 8:45 & 10:30pm

The Grinch is a 2018 American 3D computer-animated Christmas comedy film produced by Illumination.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

AL KHOR

Belcanto (2D/Malayalam) 1:00, 3:00 & 10:00pmDrama (2D/Malayalam) 2:50 & 8:50pmEl Kowayseen (2D/Arabic) 5:00pmFantastic Beasts: The Crimes Of Grindelwald (2D/

Fantasy) 12:20, 3:40, 6:20, 7:30, 9:00, 11:40pmRalph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 10:40, 9:40, 6:30pmRobin Hood: Origins (2D/Action) 10;45, 1:10, 3:35, 11:30, 1:50, 4:10, 8:50 & 11:10pmTaxiwala (2D/Telugu) 11:45am, 5:50 & 11:50pmThe Grinch 11:50am, 1:45 & 3:00pm

THE GRINCH

Page 6: BUSINESS - The Peninsula€¦ · to allow them to succeed and for ... “Faced with a diplomatic and economic blockade ... fintech expert. Speaking to The Peninsula, Nebil Ben Aissa,

06 SUNDAY 25 NOVEMBER 2018CLASSIFIEDS

TOWERS

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BEVERLY HILLS TOWER (WEST BAY): Fully furnished >������������ ������������� ���>����������������� �����������-�� ����� � � ������� ��������� ������� �� ������� ��� �������������!�"�#$��%"&'#'"()�(��������*������+������������*����,����������������������������������������������-��*�+�������������-�����������*����������������������������..��� ���*�� ����+� ������ .��� ���� �� ������� ��!�"�#$�("�/'�"()� 02� (������+�� ����������� 4��������� �������� ������������� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829�:::2;887 � ::<7� ;2?0� � ??;;� 2?>?� :::=� 08>2� ��� "%�'4)������+�������@�������������������

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REGENCY PEARL 3 (THE PEARL):� (���� .��������� ������������� ��*��B� ����� ������� ��� ����� ���� ������ ��� /����C���+�(��������*������+���������������������D��*�+����3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 �::<8� <=7>� � � ::<7� <070� � ??;;� =>07� � ::8;� =802� ��� "%�'4)������@�����������������

REGENCY PEARL 3 (THE PEARL): Semi furnished ������������*������� ������������ ������ ���/����C���+�(��������*������+���������������������D��*�+����3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 � ::<8�<=7>�� �::<7�<070� �??;;�=>07� �::8;�=802����"%�'4)������@������������������ �����+����+@�����������������

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REGENCY PEARL 2 (THE PEARL):�3���+�.���������(�������+*��� ��������� ������� �� ������� ���� �������� � � �������������-��� ��!�"�#$� �%"&'#'"()� (�������� *����� �+��� ��..����������������D��*�+�������!�"�#$�("�/'�"()�02�������G��*������� �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�8;02�??20� �::<7<070� �??;;�=>07� �::<:�;2=>����"%�'4)����*����������@�����������������

REGENCY PEARL 1 (THE PEARL):�3���+�.���������(�������+*��� ��������� ������� �� ������� ���� �������� � � �������������-��� ��!�"�#$� �%"&'#'"()� (�������� *����� �+��� ��..����������������D��*�+�������!�"�#$�("�/'�"()�02�������G��*������� �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829�::<8�<=7>� � �::<7�<070� �??;;�=>07����"%�'4)����*����������@�����������������

REGENCY PEARL 2 (THE PEARL):�3���+�.���������(�������+*��� ��������� ������� �� ������� ���� �������� � � �������������-��� ��!�"�#$� �%"&'#'"()� (�������� *����� �+��� ��..����������������D��*�+�������!�"�#$�("�/'�"()�02�������G��*������� �������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�8;02�??20 �::<7<070� �??;;�=>07� �::<:�;2=>����"%�'4)����*����������@�����������������

REGENCY PEARL 2 (THE PEARL): Fully furnished 1 C���������������������������������������������� ��������������-��� ��!�"�#$� �%"&'#'"()� (�������� *����� �+��� ��..����������������D��*�+�������!�"�#$�("�/'�"()�02�������G��*�

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REGENCY PEARL 1 (THE PEARL): Fully furnished 1 �������� ��� ��������� ������ �������� ������� �� ������� ������������� ��������������-�����!�"�#$��%"&'#'"()�(��������*������+�����..��������������D��*�+�������!�"�#$�("�/'�"()�02� ������ G��*� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 � ::<8� <=7> �::<7� <070� � :::2� =?;<� � ::<:� ;2=>� ��� "%�'4)� � ���*���=�������@�����������������

REGENCY PEARL 1 (THE PEARL): Fully furnished 1 �������� ��� ��������� ������ �������� ������� �� ������� ������������� ��������������-�����!�"�#$��%"&'#'"()�(��������*������+�����..��������������D��*�+�������!�"�#$�("�/'�"()�02� ������ G��*� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20 � ::<8� <=7> �::<7� <070� � :::2� =?;<� � :::0� ?=2;� ��� "%�'4)� � ���*���=�������@�����������������

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REGENCY PEARL 1 (THE PEARL): Fully furnished =� �������� 6� �.H���� ��������� ������ �������� � ������� �� ����������� �������� � � ����������� ��-��� ��!�"�#$� �%"&'#'"()�(��������*������+�����..��������������D��*�+�������!�"�#$�("�/'�"()� 02� ������ �������+�� ���������� �� ���������� �� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::<8�<=7>� �::<7�<070� � ??;;� 0>72� � ??;;� 0>:?� ��� "%�'4)� ���*���=�������@������������������ REGENCY PEARL 2 (THE PEARL):� 3���+� .��������� 0���������� �� ��������� ������ �������� � ������� �� ������� ������������� ��������������-�����!�"�#$��%"&'#'"()�(��������*������+�����..��������������D��*�+�������!�"�#$�("�/'�"()�02� ������ �������+�� ���������� �� ���������� �� 3!�� %!�"�'&3!�%�#'!&� �4"�("� ��44)� 567829� 8;02� ??20� � ::<7�<070� � ??;;� 0>72� � ??;;� 0>:?� ��� "%�'4)� ���*����������@�����������������

UMM BAB TOWER (WESTBAY):� 3���+� .��������� 0����������0�%����-��������������������������������������������� ��������� ������� �� ������� ���� ��!�"�#$� �%"&'#'"()�'���������������*�����.���+��I��**����+��������+����������D��*�+������� �� �������� *������� 3!�� %!�"� '&3!�%�#'!&��4"�("���44)�567829�>>072>0=� �:::0�?=2;� �::<7�:7:?� �::<7�;2?0����"%�'4)������+�������@�������������������

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VILLA DESTE 1 (AL WAAB):�(����.���������>�������������)�%����-����������� �������������������������������������� �������� ������� �� ������� ���� ��!�"�#$� �%"&'#'"()�(��������*������+���������������!�"�#$�("�/'�"()�02����������������� �� �������+�� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>:0�=8=>� �::<7�:7:?� �::<7�;2?0�� ??;;�2?>?�����"%�'4)�����������@�����������������

VILLA DESTE 2 (AL WAAB):�(����.���������>�������������)�%����-����������� �������������������������������������� �������� ������� �� ������� ���� ��!�"�#$� �%"&'#'"()�(��������*������+���������������!�"�#$�("�/'�"()�02����������������� �� �������+�� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>:0=8=>� �:::=�08>2� ::<7�<070� �??;;�=>07����"%�'4)�����������@������������������

BEVERLY HILLS GARDEN 10 (Al WAAB): Semi .��������� 2� �������� ����)� >� ��������� ������ �������� �����+������� ������� �� ������� ���� �������� � � �*���� ��-��� ��!�"�#$��%"&'#'"()� (�������� *����� C�������� ��������-�� *�+� ����K+�������� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:0� =8=>� � ??;;� =>07� � ::<:� ;2=>� � :::2� =?;<� ��� "%�'4)�����������@�������������������

AIN KHALID GATE:� 3���+� .��������� 2� �������� ���������� 0� %����-�� �������� ����� ������� ��������� ��������������� ������ �������� ���-�� ������ �����+� ������ 0� ������������������������ ��������� � �������������-������+�������� *������ ��������� *����� ��!�"�#$� �%"&'#'"()� (��������������� �������� A������� ������� K+��� ������� A������� ���������������������������������������������������I�������������I������*��������������+����*��������+����������������������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� ::?=�870?� �::<:�:08=� � � ::<7�:7:?� � � ::<7�;2?0� ���� "%�'4)� ��������������@�������������������

BEVERLY HILLS GARDEN 2 (AL WAAB): Semi .���������2��������������)�0�%����-��C����������������������������.���+�������������������������������������*��������������������������+�����-�� ������������������� �������

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BEVERLY HILLS GARDEN 1 (AL WAAB): Semi .���������2��������������)�0�%����-��C����������������������������.���+�������������������������������������*��������������������������+�����-�� ������������������� ���������� ������� ������ ��������� ������ ��� *��� ��� ���+������!�"�#$� �%"&'#'"()� (�������� *����� �+��� �������� ����������������������������������������������-��*�+�������!�"�#$�("�/'�"()� 02� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:0�=8=>� �??;;�=>07� �::<:�;2=>� �:::2�=?;<� �??;;2?>?����"%�'4)�����������@�����������������

VILLA DESTE 1 (AL WAAB):�(����.���������:�������������)�%����-����������� �������������������������������������� �������� ������� �� ������� ���� ��!�"�#$� �%"&'#'"()�(��������*������+���������������!�"�#$�("�/'�"()�02����������������� �� �������+�� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>:0�=8=>� �??;;�0>72� �??;;�0>:?� :::0�?=2;����"%�'4)�����������@������������������ AZGHAWA COMPOUND (AZGHAWA): Semi .���������2� ������������)� >� ���������� ������ �������� ������� �������������������������!�"�#$��%"&'#'"()�(�����������������������*���������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>07� 2>0= � ::<7� ;2?0� � � ??;;� 2?>?� � :::=� 08>2� ��� "%�'4)���++��������@�����������������

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AIN KHALID COMPOUND (AIN KHALID): Fully .��������� 0� �������� �)� 0� �������� ������� �� ������� ����� ��������� ��!�"�#$� �%"&'#'"()� (�������� *����� �+������������� ��*�������� �� ���-�� *�+� ���� 3!�� %!�"�'&3!�%�#'!&��4"�("���44)�567829�??;;�0>:?� �:::0�?=2;� �::<7�:7:?����"%�'4)����������@�����������������

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

REGENCY RESIDENCE AL SADD 3 (AL SADD): 3���+�.���������>L���������)�%����-��������������������������� �������� ������� �� ������� ��� �� �������� � � ������������ ��� ��!�"�#$� �%"&'#'"()� 3���+� "I��**��� K+���� ��!�"�#$�("�/'�"()� 02� ������ �������+� �� ����������� 3!�� %!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� �::<:�;2=>� �:::2�=?;<� �??;;�0>72� �??;;2?>?����"%�'4)������������@������������������

REGENCY RESIDENCE ALSADD 3 (AL SADD): Fully .��������� >� �������� �)� %����-�� �������� ����� ��������������������������������������������� ��������������������� �������� � � ������������ ��� ��!�"�#$�("�/'�"()� 02�G������������+��������������������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?� ??;;�0>:?� �:::0�?=2;� �::<7�:7:?� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE AL SADD 10 (AL SADD): Fully .��������� >� �������� �)� %����-�� �������� ����� ���������������� ������ ��������� ������ �������� ������� ��� ���������� �������� ����� ������������ ��� 3!�� %!�"� '&3!�%�#'!&��4"�("� ��44)� 567829� >>=;� 0?2?� ??;;� 0>:?� � :::0� ?=2;� �::<7� :7:?� ��� "%�'4)� �����������@������������������������������@������������������

REGENCY RESIDENCE AL SADD 12 (AL SADD): Fully .��������� =� �������� �)�� ��������� ������� �� ������� ��� ���������� � � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �I��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>=;�0?2?�� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@������������������

REGENCY RESIDENCE AL SADD 12 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �I��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!�� %!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@������������������

REGENCY RESIDENCE AL SADD 13 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � � ����������� � ��� ��!�"�#$� ("�/'�"()� 02� �������������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&� �4"�("�

��44)� 567829�>>=;�0?2?� �??;;�0>72� �::<7;0;8� �:::0�?=2;� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE MUSHEIREB 1 (MUSHEIREB): 3���+�.���������=������������������������������������������ �������� � � ����������� � ��� ��!�"�#$� �%"&'#'"()� '������(��������������K+���(�����������������A�������C����������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::8;�=802� �::7>�?8:<� �>>77�20??� �::<7�:7:?����"%�'4)�����������������@����������������� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): 3���+�.���������=������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������K+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �??;;�2?>?� �:::=�08>2����"%�'4)�����������@����������������� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): (����.���������0������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������K+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<7�<070� �??;;�=>07����"%�'4)�����������@����������������� REGENCY RESIDENCE AIRPORT 2 (DOHA AREA): (���� .��������� 0� �������� ��� ��������� ������� �� ��������������������� ��*����� �����!�"�#$��%"&'#'"()�(��������*����� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<:�;2=>� �>>2>�>=?<����"%�'4)�����������@����������������� 63 OLD SALATA (OLD SALATA):�3���+�.�����������������+*�� ��� �������� �� �������� � � ����������� � ��� ��!�"�#$��%"&'#'"()� K+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� ��������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::0�?=2;� �>>2>�>=?<����"%�'4)�����������@����������������� BIN DIRHAM 1 (MANSOURA):� M�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� � >;>7� :0<8� �>>:?�8=:?� �??;;�0>72� �??;;�0>:?����"%�'4)�������������@�����������������

BIN DIRHAM 5 (MANSOURA):� M�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>;>7�:0<8� �>>:?�8=:?� � :::0� ?=2;� � ::<7� :7:?� ��� "%�'4)� ������������@����������������� 18 FLATS (AL WAKRA):� =<� M�.��������� ���� �*������������ ��.��� ������� ��� �������� *������� 0� .���� ������������ 02� ������ ���������� 5�J��� ���������� ��� ��9� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>;>7�:0<8� �>>:?�8=:?� �>>2>�>=?<����"%�'4)�������������@����������������� DOHA GARDENS (AL WAAB):�3���+�.���������>����������)�%�����C�������������������������������������������������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �:::2�=?;<����"%�'4)������������@�����������������

BRAND NEW RESIDENTIAL BUILDING (WAKRA): M�.��������� =:� M����� �.� 0� �������� ��)� ��������� �����������������������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>;>7�:0<8�����"%�'4)�������������@�����������������

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

SALWA ROAD OFFICES:� %�������� 6� =��� 3����)� =0�!.H����� 4������ ���� =?2� ��� =72� �I�� �� 0� ������� (����� ����!.H���� 3!�� %!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� ::<7�;0;8�����"%�'4)���������@�����������������

OFFICE COMMERCIAL BUILDING:� ���������� !.H���(*���� �C��������K������6�0�3�������==2��������(������3!��%!�"� '&3!�%�#'!&���44)� 567829�::<7�;0;8� �222<�:===� �2;2=�;80:����"%�'4)���������@�����������������

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

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