Qatar Economic and Business Insights (03. November 2021): Qatar Seeks to Become a Hub for Clean Energy, Commercial Bank Brings Apple Pay to Customers

QCB Issues final approval on merger of MARK and KCBK – Masraf Al Rayan (MARK) and Al Khalij Commercial Bank (KCBK) announce that Qatar Central Bank (QCB) has issued its final approval on the merger between both banks on November 2, 2021. Further announcements with respect to completion will be made in due course. The merger is in the process of being finalized to ensure all other legal formalities are completed in the shortest time possible. (QSE)
QGRI postpones its AGM to November 09 – Qatar General Insurance & Reinsurance Co. (QGRI) has postponed its Ordinary General Assembly Meeting (AGM) for the year 2020 due to the lack of quorum. The second meeting will be held virtually (through zoom application) on November 09, 2021 at 6:30 pm. (Peninsula Qatar)
Commercial Bank brings Apple Pay to customers – Commercial Bank, brings its customers Apple Pay, a safer, more secure, and private way to pay. Apple Pay helps customers avoid handing their payment card to someone else, touching physical buttons or most importantly exchanging cash, in addition to using the power of iPhone to protect every transaction. Customers simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure as it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay is accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Roya Khajeh, AGM and Head of Cards and Payments at CB said: “Commercial Bank has always been a market leader in introducing innovative payment technologies as well as being a key influencer in setting new market trends in Qatar. The adoption of contactless payments on cards made it essential for us to bring this technology to more payment devices. We are a proud to work with Apple and offer our customers a faster, safer, and more secure payment option in the form of Apple Pay.” (Peninsula Qatar)
QCB issues Treasury Bills worth QR600mn for November – Qatar Central Bank (QCB) issued treasury bills for three, six and nine months for November 2021 with a value of QR600mn. QCB said in a release published on its official website that the treasury bills were distributed as follows: QR300mn for three months at an interest rate of 0.15%, QR200mn for six months at an interest rate of 0.21%, QR100mn for nine months at an interest rate of 0.26%. The issuance of the treasury bills is part of Qatar Central Bank's monetary policy initiatives and its efforts to strengthen the financial system as well as to activate the tools available for the open market operations. The issuance is part of a series of issues executed by Qatar Central Bank on behalf of the Government of the State of Qatar and in accordance with the schedule prepared by both Qatar Central Bank and the Ministry of Finance. Treasury bills are issued through auction for banks operating in Qatar. (Bloomberg)
Italy, Turkey record trade growth with Qatar in 2021 – Italy and Turkey have recorded growth in their bilateral trade with Qatar, it was announced yesterday during the comeback announcement of Hospitality Qatar slated at the Doha Exhibition and Convention Centre (DECC) from November 8 to 11. Citing data from Qatar's Customs authorities, Italian Trade Agency (ITA) trade commissioner Augusta Smargiassi said Qatar’s imports from Italy’s agri-foods sector “are growing continuously,” reaching €34mn in the first nine months of 2021, or a 1.2% growth over the same period last year. Qatar’s total imports from Italy between January and September 2021 stood at €853mn, a 26% growth over 2020, making Italy the sixth-largest supplier to Qatar, Smargiassi told Gulf Times on the sidelines of the press conference. (Gulf-Times.com)
‘Business as usual’ for Qatar hospitality sector, says industry stakeholders – Qatar’s hospitality sector, like the wider tourism industry here, has proven to be extremely resilient, according to Qatar Tourism’s Christoph Hodapp on the occasion of Hospitality Qatar, which will be held from November 8 to 11 at the Doha Exhibition and Convention Centre (DECC). “At Qatar Tourism, we remain committed to working with our stakeholders to offer authentic experiences to visitors – rooted in the country’s tradition of hospitality. We are proud to support events, such as Hospitality Qatar, where sector partners come together to share best practices and innovations in the field. The business events sector introduces new audiences to Qatar, facilitating investment and showcasing the breadth of our offerings,” Hodapp said. (Gulf- Times.com)
Qatar’s GDP to accelerate as country prepares to host FIFA World Cup in 2022 – Qatar’s GDP data shows the economy shrank by 2.5% YoY in 1Q2021, which reflects the impact of the COVID-19 restrictions on economic activity. This stemmed from a slower pick-up in the non-oil sector, which fell by 2.8% compared to 2.0% in the oil sector. The lifting of COVID-19 restrictions over recent months has seen economic activity increase, with QoQ growth in 2Q at 1.5%. Overall, Oxford Economics forecast GDP growth of 2.5% for the year as domestic activity continues to gain traction, with the economy expected to surpass its pre-pandemic level by yearend. GDP growth is expected to accelerate to 3.7% in 2022 buoyed by ongoing investment in infrastructure ahead of the FIFA World Cup and by increasing gas prices. With more than 80% of the population fully vaccinated, COVID-19 cases in Qatar have edged down to below 100 per day from a peak of 1,900 per day in June 2020. This has led to optimism that the non-oil sector can grow to up to 4.9% next year. August’s PMI of 58.2 was the second highest on record, and points to business conditions rapidly improving amid strengthening output and new business. Prices in August fell 0.3% m/m leading to annual inflation slowing from 3.1% to 3.0%. Lower food prices were behind the decline while housing costs only saw a moderate change. Qatar has based its 2021 budget on a conservative assumption of a $40 per barrel oil price, well below the $69 per barrel for the year forecasted by Oxford Economics in September. Spending restraint and increasing gas prices indicate that Qatar’s budget deficit will return to a surplus this year. The rapid escalation of global gas prices in Q3 and uncertainty about how long these prices will be sustained is likely to further result in revisions to economic forecasts in 3Q. (Peninsula Qatar)
Qatar’s hotels to add 15,000 new rooms in 12 months – Demonstrating resilience despite the challenging situation, Qatar’s hotels have added around 1,400 hotel rooms in the first six months of the current year, according to a report released by real estate consultancy firm Cushman and Wakefield Qatar. The report expects Qatar’s hotel to add around 15,000 new rooms over the next 12 months. “The supply of hotel keys in Qatarreached 29,688 by the end of June 2021. This reflected a 7% YoY increase. Almost 1,400 hotel keys were added to the market in the first six months of the year,” Edd Brookes – General Manager, Qatar & Head of Middle East, Cushman and Wakefield Qatar, noted in the report. “Based on projected supply for the FIFA World Cup in November 2022, Cushman and Wake-field expect in the region of 15,000 keys to be delivered in the next 12 months – representing an unprecedented increase in the supply of hotel accommodation,” he added. (Peninsula Qatar)
Qatari legislation helps develop e-commerce, says Sheikh Thani – Qatar International Centre for Conciliation and Arbitration (QICCA) board member for International Relations Sheikh Dr Thani bin Ali al-Thani recently participated in the ‘International Innovation Dome Forum for Development and Sustainable Development’ held in Amman, Jordan. Held under the theme ‘Digital Economy, Future Economy-Safe Transition to E- Commerce, Reality and Challenges,' the two-day forum was held under the patronage of the President of the Jordanian Senate, Faisal Al-Fayez. The forum highlighted the safe digital structure and its role in enabling institutions to transform into e-commerce, mechanisms to support and expand the economic contribution of institutions in digital commerce, monitoring and examining challenges of e-commerce transformation and best practices, and presenting national and Arab trade experiences in e-commerce. (Gulf-Times.com)
Qatar seeks to become a hub for clean energy – The center focuses its research on a number of topics such as water desalination, solar energy, water and air quality, as well as climate change. The foundation is also making important contributions in bringing up a new generation of sustainability experts. On the importance of Qatar’s investment in clean and renewable energy, Kuwari confirmed to QNA that the country has paid great attention to renewable and clean energy for years, and the state is working on diversifying energy sources and benefiting from other natural resources such as wind and solar energy. “Renewables have an important role and will be the main supporter of the infrastructure of many countries. Moreover, carbon emissions that are harmful to the environment will be reduced and will be a strong competitor to traditional energysources in terms of economic cost.” Renewable energy is one of Qatar’s promising markets, he said, adding that it was expected to play an important part in the local economy. He said Qatar’s partnership with Rolls-Royce is part of the country’s efforts to become an international hub for clean energy. “Qatar took serious steps towards gradually moving to sustainable, clean energy. The traditional energy will one day run out, and so it is important to invest in the energy of the future.” (Qatar Tribune)
Qatar attends general assembly of standards – Qatar participated in the 16th General Assembly of the Standards and Metrology Institute for Islamic Countries (SMIIC) in Medina, Saudi Arabia. Qatar's delegation was represented in the meeting by assistant Chairman of Qatar General Organization for Standards and Metrology (QS) Eng Nawaf Ibrahim Al-Hamad Al-Mana. The meeting was attended by 45 Islamic countries and 14 specialized regional and international organizations. The general assembly discussed a number of technical, financial and administrative issues of importance and impact on the general policy of the institute, as well as presenting and discussing several reports on the performance and achievements of the institutes general secretariat, as well as the reports of the specialized technical councils for standardization, accreditation and metrology. It also discussed and approved the financial statements for the previous year and the estimated budget for the following year. (Gulf- Times.com)
Rwanda financial center announces Qatar-backed $250mn Africa Fund – Qatar Investment Authority and Rwanda Social Security Board are the anchor investors of Virunga Africa Fund I, Kigali International Financial Centre says in emailed statement. Fund managed by Admaius to invest in projects that increase access to services, including health care, education, digital infrastructure and finance. (Bloomberg)
Hospitality Qatar to showcase over 170 exhibitors from 30 countries – The 6th edition of Hospitality Qatar 2021 which will be held under the patronage of the Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Abdullah Al Thani, in partnership with Qatar Tourism and the support of Qatar Airways, is all set to showcase and foster the readiness of the country’s hospitality sector ahead of the FIFA World Cup 2022.More than 170 exhibitors from over 30 countries will participate in the four-day event which will open on November 8 at the Doha Exhibition and Convention Center (DECC). Organized by the IFP Qatar, the expo will also showcase various activities in partnership with the Qatar Tourism, Qatar Airways, and talabat. (Peninsula Qatar)
Qatar Airways Holidays unveils exciting vacation offers to Italy – Qatar Airways Holidays has launched its latest touring holidays to Italy, offering exclusive benefits and significant savings of up to 25% off the normal price, in a bid to inspire travelers to embrace a taste of ‘la dolce vita’ on their next adventure. Qatar Airways Holidays offers curated five-day touring packages that include incredible experiences such as shopping tours, cooking classes and 'skip the line' access to world-famous sites, as well as luxury hotel accommodations with breakfast, special hotel amenities, return flights,

Source: Sahmik