Qatar Economic and Business Insights (16. November 2021): QIBK Expands Its Doha Festival City Branch to Provide Seamless Experience, Growth Momentum of Qatar’s Construction Industry to Continue

MCGS' board recommends increasing maximum percentage of foreign ownership to 100% of the company’s shares – Inaccordance with QE’s letter recommending the implementation of the decision made by the Cabinet of Qatar to increase the maximum foreign ownership percentage to 100% of the company’s shares , Medicare Group (MCGS) disclosed that the company’s board of directors decided in its meeting, to raise a recommendation to the company’s Extraordinary General Assembly (EGM) to approve increasing the maximum percentage of foreign ownership to 100% of the company’s shares, after obtaining the final approval from the Ministry of Commerce and Industry and the relevant official authorities. (QSE)

ORDS partners with Ericsson to facilitate 5G-enabled World Cup 22 – Qatar’s leading telecommunication operator Ooredoo(ORDS) has announced a major partnership with technology giant Ericsson that will see the two entities working together to ensure an unrivalled 5G experience for fans at the major football event in Qatar in 2022. Leveraging their extensive knowledge and experience, Ooredoo and Ericsson will facilitate state-of-the-art network operation and event management in eight connected stadiums across Qatar, as well as 5G experiences in airports, fan zones and major tourist attractions around the country, an Ooredoo statement said. The progress towards 5G connectivity at the stadiums has been enabled by Ooredoo and Ericsson’s ongoing 5G-focused country-wide network modernization program, with the two entities deploying new technology towards the goal of nationwide 5G coverage. With recent improvements resulting in state-of-the-art network standards, a user experience at a level never before seen can be expected. Thanks to the Ericsson 5G-powered Radio Access Network, and both Ooredoo and Ericsson’s previous experience of such large-scale sporting events, fans can expect very high network speeds, exceptionally low latency and much greater data capacity. The immersive fan experience will include high-definition real-time interactivity and streaming opportunities, as well as interactive communication and social networking services. This fan experience will be made possible by the deployment of Ericsson managed services solutions, which will ensure superior network performance. Sheikh Mohamed bin Abdulla Al-Thani, Deputy group CEO and CEO of Ooredoo Qatar, said: “Expectations are running high for the major football tournament in Qatar in 2022, making it ever more important for us to leverage the full potential of 5G. As a global pioneer of the fifth generation technology, we aim to deliver seamless experiences to visitors as well as spectators and provide a highly digital, immersive and intelligent Qatar 2022 tournament experience to our subscribers. We are thrilled to partner with Ericsson in demonstrating the best of cellular technology and ensuring a world-class immersive experience at the most anticipated sporting event in the Middle East.” (Gulf- Times.com)

CBQK launches direct payment service for taxpayers in cooperation with GTA – The Commercial Bank (CBQK) launched in cooperation with General Tax Authority (GTA) a direct payment service from the taxpayer’s account to the authority’s account to facilitate the procedures for paying tax obligations for the bank’s customers. This solution benefits all Commercial Bank customers in their tax payments as they can enquire current tax outstanding and make payment online in a secure way through Corporate Internet Banking (CIB) platform of the Bank. (Qatar Tribune)

EU’s Simson meets Qatar’s Energy Minister in Doha– Qatar’s Minister of State for Energy Affairs Saad Al-Kaabi met in Doha with Kadri Simson, the European Union’s commissioner for energy, according to a statement. Discussions dealt with cooperation on energy between Qatar and the EU and other issues of mutual interest. (Bloomberg)

Growth momentum of Qatar’s construction industry to continue – Qatar’s construction industry, which is estimated to reach over $76.98bn by 2026, will maintain its growth momentum and will get a further boost from massive projects related to the country’s $28.7bn North Field LNG expansion as well as the Qatar National Vision (QNV) 2030, according to officials from Q- FAB. Speaking to The Peninsula on the sidelines of the inauguration of Q-FAB’s new sales and service center at the Manateq’s Logistics Park in Al Wukair, Fahad Hussain Alfardan, Owner of Q-FAB, reiterated that the facility valued at over QR100mn (including the equipment), was also built towards the national vision to diversify the country’s economy and provide support to small and medium-sized enterprises (SMEs). (Peninsula Qatar)

Qatar Gazettes Decree ratifying air services agreement with Indonesia – The Qatari Official Gazette October 25 published Decree No. 45/2021, ratifying the air services agreement with Indonesia, signed October 18, 2017. The decree takes effect the same date. (Bloomberg)

Qatar Tax Agency extends 2020 corporate tax filing deadline due to coronavirus (Corrected) – The Qatari Public Revenues and Tax Department March 24 issued Circular No. 1, announcing a two-month extension of the 2020 corporate income tax filing deadline. The deadline extension does not apply to petroleum and petrochemical companies. (Bloomberg)

Saudi interior minister meets Qatar envoy – Saudi Interior Minister Abdulaziz bin Saud bin Nayef bin Abdulaziz Al-Saud met with Qatar's ambassador in Riyadh Bandar bin Mohamed Al- Attiyah. The meeting dealt with reviewing bilateral cooperation between the two countries. (Gulf-Times.com)

Dukhan Bank launches new corporate digital banking services on mobile app, web – Dukhan Bank has announced the launch of its new ‘Corporate Digital Banking’ services via mobile application and web as part of its new corporate digital banking host of services that have been tailored exclusively to meet the need of business customers. The Corporate Digital Banking platform offers a range of features suited for a business that allow corporate administrators to manage their users, handle multiple levels of approvals as required by corporate mandates, download transactions, view account statements as well as fund transfers from own accounts, conduct intra-bank third party transfers, domestic and international transfers with seamless transition between web and mobile apps. Users can also access multiple group companies under the same access, conduct batch transfers and bulk uploads, and make utility bill payments for Vodafone, Ooredoo, and Kahramaa. (Gulf-Times.com)

Qatar Chamber, Dominican Republic PPP agency review cooperation links – Officials of Qatar Chamber held a meeting Monday with a delegation from the Dominican Republic led by the General Directorate of Public-Private Partnerships (DGAPP). Qatar Chamber first vice chairman Mohamed bin Towar Al- Kuwari met the members of the delegation in the presence of Bahsa Hazim, the ambassador of the Dominican Republic to the State of Qatar, and Izalia Lopez, the deputy director of Promotion of the DGAPP. The meeting discussed commercial and economic ties between Qatar and the Dominican Republic and ways of enhancing them. It also reviewed investment opportunities available in both countries, as well as cooperation prospects between the Qatari private sector and its Dominican counterpart. (Gulf-Times.com)