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Qatar Economic and Business Insights (05. July 2021): Total Energies Refining and Chemicals Appoints Ghazi as New Md in Qatar, pro Partner: Surge in Saudi Firms Looking to Set up Operations in Qatar
2021-07-05

Qatar Economic and Business Insights (05. July 2021): Total Energies Refining and Chemicals Appoints Ghazi as New Md in Qatar, pro Partner: Surge in Saudi Firms Looking to Set up Operations in Qatar

  • Qatar Banks name Fahad Al Khalifaas Group CEO of merged entity – Masraf Al Rayan and Al Khalij Commercial Bank appoint Fahad Bin Abdalla Al Khalifa as the group CEO of the merged entity. After the merger, Al Khalij Commercial Bank’s business will be absorbed into Al Rayan. Al Khalifa previously worked with Qatar Central Bank and QNB Group. (Bloomberg, QSE)                
  • VFQS to announce second quarter results on July 14 – Vodafone Qatar (VFQS) announced that its board of directors will meet on July 14 to approve the company’s financial results for the second quarter ending June 30, 2021. The board will also consider other items included on the agenda for the meeting. The company’s financial results will be made publicly available on Vodafone Qatar’s website at www.vodafone.qa and on the Qatar Stock Exchange website www.qe.com.qa. (Gulf-Times.com, QSE)       
  • VFQS to hold its investors relation conference call on July 15 – Vodafone Qatar (VFQS) will hold the conference call with the Investors to discuss the financial results for the Semi-Annual 2021 on July 15, 2021 at 01:30 pm, Doha Time. (QSE)
  • IHGS board of directors to meet on August 08–InmaHolding (IHGS) has announced that its board of directors will be holding a meeting on August 08, 2021 to discuss and disclose the company’s interim financial results of the second quarter of year 2021 through ZOOM Application. (QSE)                                                                                        
  • BLDN announces the results of its board of directors’ meeting held on July 04 – Baladna (BLDN) announced the results of its board of directors’ meeting held on July 04, 2021 and approved (1) Acknowledge the minutes of the previous Board of Directors meeting dated April 27, 2021. (2) Approved the recommendation of the Nomination & Remuneration Committee to the Board of Directors, regarding the resignation of the current Chief Executive Officer (CEO), Mr. Malcolm Jordan. (3) Approved the recommendation of the Nomination & Remuneration Committee to the Board of Directors, regarding the appointment of Mr. Piet Johannes Hilarides as Baladna QPSC Chief Executive  Officer (CEO). (4) Follow up on the Company’s activities and operations. (QSE)                                                                                                                                                                                                                            
  • QP to buy South African oil-blockstakes from TotalEnergies – Qatar Petroleum (QP) agreed to acquire stakes in three exploration blocks off South Africa from TotalEnergies SE. QP will hold interests ranging from 25% to 30% in the three areas, it said in a statement, without disclosing financial terms. Both companies have recently drilled in South Africa’s 11B/12B block, directly north of one of the new licenses. State-run QP last week completed a $12.5bn bond-buying program to fund the expansion of its natural-gas production at home. It has also focused on expansion abroad, with new exploration blocks in Suriname, Namibia and elsewhere. (Bloomberg)
  • ABB to power Qatar’s largest e- bus infrastructure project – ABB has won a contract from Qatar to design, supply, test and commission a new high-power charging infrastructure for one of the world’s largest fleet of electric buses. The project will see ABB provide high power charging infrastructure for the fleet, which is expected to have 1,000 electric buses operating across the country and with a capacity to transport 50,000 passengers a day. This comes in line with Qatar's aim to have 25% of its public bus network operating on electric by 2022, rising to 100% by 2030. As part of this plan, the state will create one of the largest e-bus networks in the world, in a single installation. Partnering with Mannai Trading Company, Qatar's public works authority Ashghal and fleet operator Mowasalat, ABB will design and deploy heavy vehicle charging equipment across multiple locations in Qatar, including four bus depots, eight bus stations and 12 metro stations. The project scope also includes a three-year service level agreement. (Bloomberg)
  • QFCRA plans new framework for funds targeting high-net- worth investors – The Qatar Financial Centre Regulatory Authority (QFCRA) is seeking to put in place a framework for helping the registered firms incorporate new type of fund structure that focuses on high-net-worth investors. In this regard, the QFCRA is proposing a comprehensive updating and broadening of the regulatory framework for professional investor funds in the QFC, which is aiming to be the epicenter of the asset management industry. The rules will create a new type of fund structure – the certified professional investor fund – focusing on high-net-worth investors. This new fund structure will complement the broad array of private and public fund structures already in place at the QFC. (Gulf-Times.com)
  • Pro Partner: Surge in Saudi firms looking to set up operations in Qatar – The number of Saudi-owned companies looking to set up operations in Qatar surged in the first quarter of this year following the restoration of political, trade and travel ties between the two Gulf neighbors. The resumption of relations between the two countries has seen a 40% rise in the number of Saudi companies looking to open operations in Qatar, according to James King, General Manager of the Qatar office at the Pro Partner Group, a firm which specializes in company formations. While he did not give specific numbers, King said that his company had seen a 75% YoY rise in activity during the first quarter of 2021 and the number of inquiries coming from Saudi companies has increased by 40% YoY for the first three months of this year. (Bloomberg)
  • QFC, ICAI sign deal to support Indian companies in Qatar – Qatar Financial Centre (QFC), a leading onshore financial and business center in the region, has signed a memorandum of understanding (MoU) with the Institute of Chartered Accountants of India (ICAI) to create more opportunities for accountants, promote entrepreneurship and facilitate the setup of Indian firms in Qatar through collaborative initiatives. The MoU was recently signed by QFC Chief Executive Officer Yousuf Mohamed Al Jaida and ICAI President CA Nihar N Jambusaria. The agreement will pave the way for closer collaboration between QFC and ICAI on mutually beneficial initiatives, including increasing opportunities for ICAI members in the areas of assurance and auditing, advisory, taxation, financial services, and other allied areas. (Qatar Tribune)
  • Property sector sees robust activities in May – Qatar’s property sector saw robust activities in May as the value of sold properties in the month increased 34.3% MoM and jumped 254% YoY, according to the Planning and Statistics Authority. In the June edition of PSA’s monthly report featuring statistics of May, the PSA said one of the most prominent changes in this issue was the increase in total cash issued at a monthly rate of 1.5% compared to April 2021. This was offset by an increase in total deposits and credit facilities of commercial banks by 2% and 1.8% respectively (compared to April 2021). The total deposits and credit facilities of commercial banks increased at an annual rate of 11.3% and 13.6% respectively (compared to May 2020). The PSA said municipalities in Qatar issued 348 permits in May 2021, recording a MoM fall of 30.4% and a YoY jump of 28.4%. In the banking sector, Total Broad Money Supply (M2) recorded about QR612.1bn in May 2021, an increase of 4.9% compared with May 2020. On the other hand, cash equivalents, including Commercial Bank Deposits, accounted for QR962.2bn in May 2021. The figure represents an increase of 11.3% from May 2020, when deposits amounted to QR864.4bn. One of the most prominent changes in this issue is the increase in total cash issued at a monthly rate of 1.5% compared to April 2021, offset by an increase in total deposits and credit facilities of commercial banks by 2.0% and 1.8%, respectively (compared to April 2021). The total deposits and credit facilities of commercial banks increased at an annual rate of 11.3% and 13.6%, respectively. (Qatar Tribune)
  • PSA: Qatar's population shrinks by 180,000 people – Over a span one year, Qatar saw its population shrinking by 180,000 people, according to the Planning and Statistics Authority (PSA). In the June edition of PSA’s monthly report featuring statistics in May, the authority said the population reduced from 2.81mn in May 2020 to 2.63mn by end of May 2021. The report said the country recorded 1,940 live births in May, which also saw Qatari live births increasing by 6% when compared to the previous month. On the other hand, 273 deaths were recorded in May, down 30.9% against April 2021. While 311 couple got married in May, 97 divorces were finalized in the month, showing respective MoM declines of 9.1% and 34.9%. The month also saw social security worth QR81mn benefitting 14,710 people, a decline of 0.2% YoY and 0.4% MoM. Total electricity consumption in May stood at was 4547.5 GWh, showing a MoM increase of 29.3% and a YoY increase of 14.3%. Meanwhile, Qatar's total water consumption reached 57,471.9 cubic meter in the same month, up 6.6% MoM and 1% YoY. Qatar's property sector saw robust activities in May as the value of sold properties in the month increased 34.3% MoM and jumped 254% YoY. The PSA said municipalities in Qatar issued 348 permits in May 2021, recording a MoM fall of 30.4% and a YoY jump of 28.4%. (Qatar Tribune)
  • PSA: Qatar registers 1,940 births in May – Qatar registered 1,940 live births during May, 2021 with an increase in the total Qatari live births by six percent compared to last month, the Planning and Statistics Authority (PSA) monthly bulletin has revealed. On the other hand, the bulletin showed that 273 deaths were recorded during the same period, indicating a decrease of 30.9% compared to April 2021. According to statistics, May 2021 witnessed a monthly decrease in marriage contracts and divorce certificates by 9.1% and 34.9%, respectively, with 311 marriages and 97 divorce cases. As for the Social Security statements, QR81mn was disbursed in May, 2021 for 14,710 beneficiaries, recording a monthly decrease of 0.2% for the value of social security and a monthly increase of 0.4% for the number of beneficiaries. The next issue of the bulletin will hopefully be released by the end of July, 2021. (Qatar Tribune)
  • Total Energies Refining and Chemicals appoints Ghazi as new MD in Qatar – Ghazi Shahin has been appointed as Managing Director (MD) of the Refining and Chemicals branch within the TotalEnergies Qatar affiliate. He will succeed Philippe Legrand, who is moving to a new assignment in France. In his capacity, Ghazi will oversee operations in the downstream sector in Qatar; particularly TotalEnergies stakes at QAPCO, Qatofin, RLOC and Laffan Refineries 1 and 2. Ghazi joined Total Petrochemicals in 2015 as Vice President Industrial for the Americas region. He also served as Vice President HSE and Industrial at Total Petrochemicals Americas. Ghazi is a graduate of Texas A&M University Kingsville in Texas, US in Electrical Engineering. (Qatar Tribune)

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Source: Sahmik