Union of GCC Entrepreneurs recently launched its strategic plan at a workshop held on 18^th-19^th January 2014 in Doha. The workshop was hosted by Silatech, a Board Member and Chair of the Union’s Strategy Committee.

The strategy was announced in the presence of Dr. Abdulaziz Al Mutairi, Chairman, Union of GCC Entrepreneurs. The strategy represents the Union’s road map, vision and mission, which are to be realised during the coming years. In addition, the Union launched eight committees dedicated to achieving the Union’s strategy and goals.

On this occasion, Dr. Abdulaziz Al Mutairi, said, “The Union will have a vital impact on supporting young entrepreneurs in the Gulf States through communication and by ensuring that their voices are heard by nation leaders.” He also emphasised the important role that entrepreneurs play in driving the economy and in job creation throughout the GCC.

Dr. Tarik M. Yousef, CEO, Silatech and  Chairman, Union of GCC Entrepreneurs Strategy Committee reiterated the important role played by the workshop in developing the building blocks for the launch of the Union and in strengthening the Union’s position as the main destination for supporting young entrepreneurs in the region.

Qatari youth experienced the excitement in the science behind aviation and history at the Al Khor Fly-In through interactive educational programmes co-sponsored by Boeing and the Qatar Aeronautical College (QAC).

Since 2008, the event at the Al-Khor Airport aims to connect the public with the passion of aviation enthusiasts and small aircraft displays. Boeing and the QAC contributed by featuring interactive demonstrations of the principles of science, technology, engineering and mathematics (STEM) education. The educational programmes were created and lead by representatives of the Museum of Flight from Seattle in the United States, with the support of Boeing employee volunteers and QAC student volunteers.

“The QAC, along with Boeing, believes that the success of education is about connecting the passion of others with those eager to learn,” said Dr. Saeed Al Sulaiman, Director of Academic Affairs and Registration, QAC. “The Al Khor Fly-In is a unique event that allowed us to participate by adding a playful education component for the interested public.”

The Museum of Flight demonstrations included the “Flying Gizmo Show,” which helps youth discover the history and science of flight, and “Robot Garage,” which introduces the basic engineering ideas behind robotics.

“We want to inspire young people across Qatar and help them pursue future careers in the sciences or aerospace,” said Jeff Johnson, President, Boeing Middle East. “When you can create excitement while learning, anything can become possible in a young person’s mind.”

Doha is set to host the GCC Digital Security Forum, on 4^th-5^th February 2014. This Forum that will broadly discuss not only digital security breaches and attacks on companies and its economic repercussions within the GCC but also the strategies and counter measures needed to overcome these threats and reinforce defenses against cyber intruders and hackers. The Forum will be held under the Patronage of the Dr. Hessa Al Jaber, Minister of Information and Communications Technology, Qatar and organised by MEEZA in collaboration with Al-Iktissad Wal-Aamal Group.

Dr. Hessa Al Jaber, Minister of Information and Communications Technology, Qatar

The GCC Digital Security Forum convenes at a time when the topic of defending digital networks and systems against intrusions and threats has become a pivotal concern on the minds of governments, public institutions and private companies alike. This is especially true when digital crime is costing the world billions of dollars in losses every year. With this in mind, most governments in the region have created specialised agencies to respond to incidents and breaches and defend the existing digital networks, critical industries and the Internet economy at large, which is increasingly becoming critical to sustained long term economic growth.

According to the Forum organisers, topics of discussion will focus on GCC governmental actions taken to enhance the security of their infrastructures and networks from cyber-attacks. Discussions will also re-evaluate current digital policies, legislations and strategies within the GCC region. This will entail fortifying and strengthening the cooperation between governments and private sector, as well as building inter-governmental cooperation in the sphere of digital security.

The Forum will also discuss how organisations and companies can improve their understanding of digital security and develop strategies and programmes  to meet these challenges. Finally, the Forum will evaluate regulatory authorities efforts and CERT (Computer Emergency Response Team) and their approach to dealing with incidents and breaches,  further strengthening  the resilience and security of networks.

The GCC Digital Security Forum will welcome more than 30 regional and international speakers who include Dr. Hessa Al Jaber, Rashid Al-Naimi, Chairman, MEEZA, Hamadoun Tore, Secretary General, ITU, Khalid Al Hashmi, Executive Director, Cyber Security, Q-CERT, Qatar, Den Sullivan, Head of Architectures, Emerging Markets, Cisco Systems, Noboru Nakatani, Executive Director, INTERPOL Global Complex for Innovation, Troels Oerting, Head, European Cyber Crime Centre,  Fadi Aloul, Cyber Security Advisor and Andy Archibald, Deputy Director, National Crime Agency, UK.

Qatar Petroleum announced that the Initial Public Offering (IPO) of shares  representing 25.725% of the issued share capital of Mesaieed Petrochemical Holding Company QSC (MPHC) has been successfully closed.

The Offering comprised a total of 323,187,677 ordinary Shares, all of which were subscribed for during the IPO subscription period, which ran from 31^st  December 2013 until the close of business on 21^st January 2014.

His Excellency Dr. Mohammed bin Saleh Al-Sada, Minister of Energy and Industry and Chairman and Managing Director, Qatar Petroleum said, “We are delighted that this successful IPO has provided so many Qatari nationals with an opportunity to become shareholders in MPHC and to participate in the prosperity and the success of the State of Qatar and in the future of Qatar’s petrochemicals sector. The success of this historic IPO clearly demonstrates the confidence investors have in the strengths of MPHC’s compelling story and the attractiveness of the innovative long-term savings programme which the government has put in place with the guidance of His Highness Sheikh Tamim bin Hamad Al Thani. We look forward to welcoming all new MPHC shareholders at this exciting time for the company.”

The IPO was heavily subscribed for. Allocation of shares is expected to be finalzzed by and announced on 30^th January 2014, with any refunds to shareholders to be made by the same date. Individual applicants will be advised of their subscriptions by SMS.  It is proposed that the shares will then be admitted to trading on the Qatar Exchange during February 2014.

The Seventh International Petroleum Technology Conference (IPTC) attracted more than 5000 oil and gas professionals.

Many of the oil and gas industry’s principal players convened and agreed that advancements in technology and innovation will play a key role in fulfilling the world’s ever increasing demand for energy.

IPTC’s nine-stream conference featured 400 technical and knowledge sharing presentations, 67 technical sessions and six panel sessions on themes such as “The Future of Integrated Project Management in a Cyclic Environment,” “Fundamentals of the Natural Gas Revolution,” “Growing the Resource through Upstream Technology” and “Delivering on Evolving Stakeholder Expectations.”

The closing session of the conference was chaired by Saad Sherida Al Kaabi, Co-Chair, IPTC and Director, Oil and Gas Ventures, Qatar Petroleum.

@The Peninsula

Al Rayyan Tourism Investment Company (ARTIC), the international subsidiary of Al Faisal Holding Company, acquired St. Regis Bal Harbour Resort in Miami, Florida for QAR 776 million (USD 213 million). The transaction is aimed to enhance ARTIC’s presence in the international hotel market.

“We are proud to add this iconic resort to our growing property portfolio. The St. Regis brand represents a symbol of uncompromising elegance and bespoke service. This acquisition complements our investment focus on world class assets in prime locations as we continue to expand our presence around the globe,” Sheikh Faisal bin Qassim Al Thani, Chairman, ARTIC.

The property will continue to be managed under a long-term agreement by Starwood Hotels and also continue to fly the St. Regis flag.

“The sale of this trophy asset marks another step forward in Starwood’s pursuit of an asset-light strategy as we look to sell owned real estate at the right time to the right owners to create value for our shareholders,” said Simon Turner, President, Global Development, Starwood. “We continue to see strong interest in our remaining assets from investors around the world and look forward to working collaboratively with ARTIC on the future success of this property,” he said.

The St. Regis Bal Harbour Resort is located at 9703 Collins Avenue, directly opposite the luxurious Bal Harbour Shops and near Miami’s vibrant South Beach. The 27-story oceanfront property features 207 elegant rooms and suites. The property also features the St. Regis Bal Harbour Residences, branded private residences and condo-hotel units, which are nearly sold out.

“This prestigious property stands apart from other communities and developments in Miami Beach and represents a significant addition to our growing portfolio,” said Tarek M. El Sayed, Executive Board Member, ARTIC. “We are currently studying other investment opportunities in USA as we aim to expand our geographic presence both regionally and internationally through building a renowned portfolio of prominent hotels in terms of brand, location and architectural design.”

@The Peninsula

According to QNB Group, the recent trade agreement reached by the World Trade Organisation (WTO) has the potential to raise long-term global GDP growth. However, the agreement does not cover many of the areas that have been under negotiation since the Doha round was launched in 2001. Extending the recent agreement to these areas would reap substantial dividends for global growth in the future. In particular, more could be done to leverage the positive impact of recent innovations in communications technology on global trade.

In December 2013, the 159 member countries of the WTO reached their first ever agreement since the founding of the institution in 1995. The most important part of the so-called “Bali Package,” named after the Indonesian island where the deal was brokered, relates to trade facilitation. This legally binds members to simplified customs procedures, which should reduce costs and increase speed and efficiency of customs clearance. The deal also includes agreement on difficult issues, such as how the WTO handles food security programmes and better access to advanced-world economies for the least-developed economies.

World trade liberalisation is essential for economic development as it increases the flows of goods, services and capital. This reduces inefficiencies and exploits country-specific comparative advantages, thereby raising economic growth. The Organisation for Economic Cooperation and Development has estimated that the recent agreement could lower the cost of trade by 10-15% and eventually add between USD 400 billion and USD one trillion to global GDP each year. The deal should raise trade flows, increase revenue collection, create more stable business environments and attract greater foreign investment.

Nonetheless, the “Bali Package” only partially completes the Doha round launched in 2001, which aimed to lower trade barriers and revise trade rules. The agenda for the Doha round tackled a broad range of issues including agricultural subsidies, investment across borders, debt in developing economies, trade in services,  intellectual property and trade in IT products. Further, agreements in these, and other areas, could reap enormous dividends for world growth in the future.

Global trade flows have underpinned rapid economic development. In the 1980s, global trade only accounted for 19% of world GDP. Between 2004 and 2013 it averaged 30% of GDP.

The benefits of greater trade for economic development are clear. The rise of China and India as global economic powers in recent decades has been largely driven by their integration into the global economy through trade, lifting around one billion people out of poverty over the last 30 years.

Overall, it is clear that global trade agreements have enormous potential for higher economic growth. Furthermore, the latest innovations in communications technology create huge opportunity for growth in non-merchandise trade, such as trade in services, IT products and intellectual property. Innovations in communications also make it more straightforward to transfer financial capital around the world. An easing of restrictions in this area would further enhance global integration and trade. To fully harness the enormous potential of new technological innovation and keep pace with its advances, the WTO should accelerate the rate at which it makes agreements to more than once every 18 years.

More than 20 students from Northwestern University in Qatar (NU-Q) are preparing to experience professional life at some of the world’s foremost media organisations as part of their residency programmes.

For ten weeks, the journalism and communication students will join select communication firms and media outlets in major cities around the world to gain experience as budding media professionals. The students will gain invaluable insights as well a sense of work ethic and networking.

The prestigious media and communications organisations that will host NU-Q students this year include Cosmopolitan, Sports Illustrated, Marie Claire, BLJ Worldwide, Huffington Post, all based in New York City, as well as Euronews in Lyon, France. Students will also work with top publishers such as The Boston Globe and esteemed journalism organisations such as the Pulitzer Centre on Crisis Reporting in Washington, DC.

According to Everette E. Dennis, Dean and CEO, NU-Q, the residency programme has been successfully running for more than 40 years at the home campus and was first made available to NU-Q students in 2011.

“The complete, life-learning experience provided by the residency programme is one of the unique benefits of studying at NU-Q,” he commented. “The programme ensures students develop the solid capabilities necessary to get ahead in their chosen career. It not only prepares students professionally, but also serves as a maturation period for them.”

Supervising the programme is Richard Roth, Senior Associate Dean, NU-Q, who provides the academic oversight for each student taking part in the programme.

“Students are involved in everything,” he explained, “from meetings and strategic planning, to day-to-day activities. Over time, they are able to contribute insights and leave a lasting mark on the organisations they are working for.”

Abir Bouguerra is an NU-Q junior, majoring in journalism. She is excited to pursue a career in broadcast journalism and is about to embark on her residency with Euronews.

“I am very excited about stepping into the professional world. I believe Northwestern has equipped me with the knowledge I need to feel confident among professionals and to work beside them. This residency is the right time to test this knowledge and I am already looking forward to seeing what will come out of the experience.”

Professional skills are not all that students gain. Haya Al-Mannai, who spent her residency at Bloomsbury Publishing in 2013, said her time there helped her become more confident and independent as a person. I gained insights on a diverse range of professions. I was able to apply the skills that I had learned at NU-Q. Assignments were never overwhelming, as I took two public relations courses at NU-Q that really helped prepare me for my residency.”

This year’s residency programme is from 17^th February to  25^th April 2014.

Qatar Shipping, a wholly owned subsidiary of Milaha, previously known as Qatar Navigation, has secured a 12-year fixed-term ship

financing facility of QAR 1.55 billion (USD 425 million)  with a consortium of the following banks:  The Bank of Tokyo Mitsubishi UFJ Ltd., Mizuho Bank Ltd., Sumitomo Mitsui Banking Corporation Europe Ltd., Sumitomo Mitsui Trust Bank Ltd., Mitsubishi UFJ Trust and Banking Corporation, Shinsei Bank Ltd., Development Bank of Japan Inc. and Standard Chartered Bank.

Proceeds from the facility will be utilised by all four JV partners to refinance existing debt facilities on four LNG vessels.  The four vessels are owned by JV companies, wholly-owned by vessel sponsors,  Qatar Shipping Company, Mitsui OSK Lines, Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha – all chartered to Ras Laffan Liquefied Natural Gas Company in Qatar on a long-time charter basis.

The organisers of the GCC Digital Security Forum announced the programme of the event as well as dignitaries who will be attending the Forum on 4^th-5^th February at St. Regis Hotel. The Forum will be held under the patronage of  Her Excellency Dr. Hessa Al Jaber, Minister of Information and Communications Technology, Qatar and is being organised by MEEZA in cooperation with Al-Iktissad Wal-Aamal Group. Speaking at the press conference were Faleh Al Naemi, Assistant Secretary General Shared Services, Ministry of Information and Communications Technology, representing H.E Dr. Hessa Al Jaber,  Ghada El Rassi, CEO, MEEZA and Faysal Abou Zaki, Deputy CEO, Al-Iktissad Wal-Aamal Group.

The GCC Digital Security Forum will be attended by more than 350 delegates representing governmental institutions, private companies, regulatory bodies as well as other organisations from Qatar, GCC and other parts of the world. Topics covered at the Forum will include discussions pertaining to issues of digital security and the realities in the Gulf region in terms of legislations, policies and preemptive measures that governments are taking to protect their economies from digital attacks and crimes. In addition, topics will include the major digital security threats and available solutions. In parallel, the GCC Digital Security Forum will discuss how organisations and companies are improving their understanding of digital security and developing strategies to meet these challenges. Finally the Forum will evaluate how regulatory authorities and Computer Emergency Response Teams (CERT) can help in enhancing digital security and deal with incidents and breaches on national levels.

The Forum will also focus its discussions on promoting stronger ties between governments and the private sector to protect the Digital economy in the Gulf region, by creating policies, standards, norms and measures that help to reinforce a highly secure environment for networks and electronic transactions over these networks. These are especially essential for critical infrastructure such as energy, power, transportation, banking and financial markets as well as telecommunications.

More than 25 expert speakers will be take part in the Forum, most prominently mentioned are Dr. Hessa AL Jaber, Rashid Al-Naimi, Chairman, MEEZA and CEO, QF Investments, Dr. Hamadoun Touré, Secretary General, International Telecommunication Union. Other prominent speakers include Khaled Al Hashmi, Cyber Security Executive Director, Q-CERT and Ghada El Rassi, in addition to Troels Oerting, Head, European Cyber Crime Centre in Netherlands, Lt. Col. Ret. Bill Hagestad, Cyber Threat Researcher and Technical Author, Red Dragon Rising Publishing, USA, Noboru Nakatani, Executive Director, INTERPOL Global Complex for Innovation, Dr. Fadi Aloul, PhD, Professor, CISSP,  Andy Archibald, Deputy Director, National Crime Agency, UK and Riemer Brouwer, Head, IT Security, Abu Dhabi Company for Onshore Oil Operations.

Faleh Al Naemi, Asisstant Secretary General, Shared Services, Ministry of Information and Communications Technology, stated that support for the GCC Digital Security Forum is in line with the mission to support the objectives of the Qatar National Vision 2030, which encompasses fostering economic and social development through providing a conducive environment to the long-term growth and development of all aspects of the information and communications technology sector in Qatar.

He added, “Our mission remains to develop policies, regulate the market, supervise the enforcement of rules and design laws and regulations to provide the most conducive conditions necessary for growth of the sector and its services and to spread the benefits across all sectors of the economy and society. We all strive to help the development of the knowledge economy and faster innovation in Qatar.”

He continued, “We are confident that the GCC Digital Security Forum will make a contribution towards raising awareness and sharing ideas, experiences and solutions.”

Ghada El Rassi said,“The perils facing digital security and digital attacks on companies and governmental institutions as well as individuals has become a source of great concern for governments and the private sector across the globe. As for the incurred losses due digital attacks and intrusions, it is estimated to be in the hundreds of billions of dollars and some reports go as far as saying that it has reached one trillion dollars per year. It is difficult to value the indirect losses that result from these attacks.”  She added, “The role of MEEZA is in not only providing the products and services to enhance digital security but also providing the knowledge and professional solutions to be able to effectively share the benefits of the digital economy. We do this through close cooperation with the government, our partners and customers. Through the GCC Digital Security Forum, MEEZA wants to raise GCC digital security discussions to higher levels and with this in mind we decided to make this Forum an annual event to bring together renowned regional and global experts and all stakeholders to share ideas and discuss digital security challenges and solutions.”

El Rassi then explained, “The Forum will discuss basic issues pertaining to Digital Security, governmental policies and initiatives as well as the strategies being set by various organisations and companies to deal with these evolving challenges. The Forum will also discuss the strategies that some companies and institutions have been implementing to enhance their digital security to meet threats in the digital realm. Finally the Forum will evaluate how regulatory authorities and CERTs (Computer Emergency Response Teams) are enhancing digital security and the new methods being applied by digital hackers. At the Forum we will focus on the potential of strengthening the cooperation between governments and private sector, as well as building inter-governmental cooperation in the sphere of sigital security.”

Faysal Abou Zaki concluded, “We are at a time when we can no longer dismiss or ignore the risks and damages  that digital attacks and intrusions are imposing on our economies and societies. We describe them as dangerous crimes threatening not only companies and government institutions but also the entire social and economic security of countries around the world. We commend the leadership initiative that MEEZA has taken in creating this Forum and the efforts made to attract this line-up of distinguished speakers.”

The GCC Digital security Forum is being sponsored by regional and international companies which include CISCO as a strategic partner and Ooredoo as the Official Telecom partner. HP is a pearl sponsor.  Blackberry, Al Khaliji Bank, and Vodafone Qatar and Orange Business Services are Oryx sponsors, while Mcafee-Intel, EMC, Paramount Computers, Cassidian Cyber Security and Websense are supporting companies.

Students from Stenden University Qatar (SUQ) were honoured for their achievements in a regional Model United Nations conference, a recent business simulation contest and for winning a debate session in a Qatar-wide universities’ debating contest.

The undergraduate students were acknowledged for their outstanding efforts in a ceremony presided over by Professor Robert Coelen, Executive Dean, SUQ and attended by faculty members.

Two second year students – Rania Aissaoui, who is majoring in hospitality and Giselle D’costa, a business major – won a debate round and came second in another round in the Third Qatar Universities Debate League tournament, held at SUQ. In their winning round, the students successfully argued, “This house would, assuming it was possible and feasible, permanently alter all human brains to make lying impossible,” using arguments from threats to national security, social upheaval and infringement of citizens’ freedom of speech. The SUQ team defeated three other teams from Texas A&M University in Qatar and Qatar University.

Rania Aissaoui said, “This competition was a great experience. The topics were fascinating and it’s a good chance to meet other people. Debating really helps build my confidence to argue my case effectively.”

Four SUQ students were also honored for their achievements at the Bahrain Universities Model United Nations conference, where they role-played as delegates from China to build resolutions and help solve real-world problems. Mohammed Nabel, first year International Business Management Studies, Mohammed Farooq, second year International Hospitality Management Studies, Farhan Al Suwaidi and Sarah Al Din, both first year International Business Management Studies students, represented China in the General Assembly, the Security Council, The International Atomic Energy Agency (IAEA) and the Economic and Social Council (ECOSOC), respectively. Sarah Al Din was one of a select few students from the hundreds who participated who was awarded an Honorable Mention at the conclusion of the event, in recognition for her superior levels of knowledge of China, the issues debated and for following UN rules of order.

Sarah, who has taken part in seven Model UN events previously said, “This was my first time participating at a university level and it was a great experience. I really believe in human rights and a Model UN is a good way to put forward your arguments, as the resolutions passed get sent on to the United Nations.

“Since taking part in these contests, my confidence in public speaking has really improved. I used to be very shy, but now there’s no stopping me!”

And two SUQ teams which recently took part in the Bedaya Shell Enterprise Business Simulation Challenge, were also congratulated for their achievements. Team High Flyer, comprising Lara Koethenbuerger, Silke Spitzer, Uli Eyring and Carolin Foll, beat competition from six other universities to take third place in the contest.

Stenden University Qatar VP International and Executive Dean Professor Robert Coelen congratulated the students, saying, “Your achievements are exemplary and you are great ambassadors for Stenden University Qatar, personifying skills such as critical thinking, leadership, team work and problem solving – real world learning, which we really encourage here and which is crucial in the international workplace. I am very proud of all of you. Stenden University Qatar encourages all its students to take part in extra-curricular activities such as debates, the model UN and business simulation challenge, which are fun, but which also build on students’ personal skills and ensure that when they graduate, they will be able to compete for the best positions in leading organisations.”

Silatech and Microsoft signed an agreement renewing their commitment to provide online employability resources to Arab youth through the Ta3mal network. The new agreement will now see the activation of the Qatar portal, following successful project implementations in Egypt, Iraq and Tunisia.

The MoU was signed by Dr. Tarik M. Yousef, CEO, Silatech and Naim Yazbeck, General Manager, Microsoft Qatar, in the presence of Her Excellency Dr. Hessa Al Jaber, Minister of Communication and Information Technology, Qatar and former Secretary-General of ictQatar and Jeffrey Avina, Director of Citizenship and Community Affairs, Microsoft Middle East and Africa.

The Ta3mal network provides Arab youth with free access to a wide variety of resources, including personalised advice on how to write a CV as well as career guidance tools and virtual advising to help young people determine the career path that best matches their life aspirations. Through a partnership with ALISON free online courses, Ta3mal users have access to over 500 online courses to enhance their professional skills. For aspiring entrepreneurs, Ta3mal offers useful information and tips for starting businesses and obtaining funding as well as virtual mentoring and entrepreneurship support services, including advice on how to create a business plan and market a business idea.

Youth unemployment in the Arab region is around 25% — the highest of any region in the world—and the lack of access to quality employability resources is a substantial impediment to lowering unemployment rates.

Through close coordination with local partners, Ta3mal will soon also provide job seekers a platform from which to search for entry-level job openings and available internship opportunities in their area. Country partners include Edupartage, Tunisiana, and ATUGE (Tunisia), USAID (Iraq), the Ministry of Youth, Egypt and Bedaya Centre, Qatar.

According to H.E Dr. Hessa Al Jaber, “Qatar has long understood that encouraging and actively supporting innovation and entrepreneurship and spurring ICT adoption, particularly among our young people, will foster a thriving and diversified economy.” She added, “I want to thank both Microsoft and Silatech for their ongoing commitment to Qatar and the region.  Our young people are our future.  Empowering them to use ICT safely and effectively in whatever their work and career choices is a top priority.”

Together with Silatech and Microsoft, ictQatar is also a participant in the Employability Resources for All Digital Alliance, an initiative to develop and deploy web and mobile-based employability resources throughout the region to benefit Arab youth.

Commenting on the event, Naim Yazbeck, said, “Microsoft continues its commitment as a contributor to the socio-economic development of the State of Qatar. As one of the fastest growing economies of the world, Qatar is keen on boosting employability rates and remaining the most competitive market in the region. Our partnership will allow us to invest our latest technologies to harness Qatar’s workforce and provide the youth with the tools that will enable them to advance tomorrow’s knowledge-based economy.”

Jeffrey Avina said, “Microsoft is committed to providing youth in the region with access to the tools and technologies that will help them identify and secure career opportunities. Microsoft’s partnership with Silatech began in 2012 with the ‘MasrTa3mal’ which resulted in high demand from countries across the Arab World to create similar employability portals. We are excited to be extending the opportunity to youth in Qatar and believe that Ta3mal will enable them to identify opportunities to advance their careers.“

Dr. Tarik M. Yousef commented on the partnership saying,“The Ta3mal network is a product of our joint commitment to providing widespread access to quality employability resources for the youth of this region. The Silatech-Microsoft partnership for Ta3mal shows what we can do when NGOs and the private sector join our complementary strengths and resources together to achieve real impact.”

Silatech is a regional social initiative that works to improve employment, entrepreneurship and civic engagement opportunities for young people throughout the Arab world. Through the Ta3mal initiative, Silatech and Microsoft aim to provide employability and entrepreneurship resources to over one million young people throughout the region during 2014.

Easing some of the barriers in setting up profitable businesses and a vibrant legal system that is more market responsive will help enhance the pace of economic diversification in Qatar, an expert has said.

Dr. Thomas Emerson

“Qatar does most of the things quite right. However, if there are certain areas where it can improve is the ease with which companies are established,” said Dr. Thomas Emerson, Professor of Entrepreneurship, Carnegie Mellon University-Qatar (CMU-Q). He has served in various organisations. He was the President and CEO at Arizona Technology Incubator, Xantel Corporation and also the Chairman of Syntellect.

Dr. Emerson said, “The restriction of having minimum 51% Qatari ownership is one of the barriers to the creation of profitable business and investment. Focussing on lowering those impediments would be helpful in spurring the development and diversification of the economy.”

He said that Qatar, while maintaining a careful control on the energy sector, “the lifeblood of the economy,” can allow competition and investments in businesses outside the hydrocarbons industry.

Speaking on Qatar’s efforts in achieving industrial diversification by establishing vibrant small and mid-size enterprises and by promoting local entrepreneurship, he said, “Entrepreneurs can always do impossible things.”

He continued that the Middle East, including Qatar, offers some challenges although entrepreneurship has always been a part of the Middle Eastern culture. The region has not been able to maintain the same degree of contribution to the world economy compared to its energy sector, but the accomplishments of Qatar National Vision 2030 is expected to bridge the gap.

Referring to the evolution of digital music, which has replaced the traditional music industry, he said,  “It is often said that capitalism is the process of creative destruction and it is the very element that keeps it vital. New things are constantly evolving through innovation. Industries that were considered as lucrative businesses 30-40 years ago are now out of fashion.”

He cited the example of Apple and Steve Jobs, who turned it as the world’s largest business entity.

“Things have changed the way the world works. I absolutely see no reason why that kind of creativity and revolutionary innovations can’t come from this culture. After all, Jobs was an Arab descendent whose ancestors were Jordanians,” he said.

He also noted that Qatar has many competitive advantages, such as low energy cost, probably the lowest in the world, strategic geographical location, huge area of undeveloped land and relatively easy access to the inexpensive labour market.

“Qatar has a lot of opportunities to exploit these competitive advantages. The enormous level of investments in education and human capital is an experiment which has never been tried on this scale by any other country. I expect that it would pay huge dividends to create a modern society.

“The government needs to modernise its legal system to make it more market responsive. It will have a great positive outcome,” he said.

Qatar remains one of the three top markets for companies doing business in the Middle East region with more than USD 200 billion worth of major projects due to be awarded in the years to 2030.

@The Peninsula

Nicos Anastasiades, President, Republic of Cyprus, who was visiting Qatar, announced that during his stay in the country, he has witnessed the signing of  four strategic agreements to enhance bilateral economic cooperation, especially in the filed of energy.

Cyprus, aiming at exploiting and monetising its recently found huge hydrocarbon reserves, is seeking Qatar’s expertise and investments in energy. The European island-nation, over the last 10 years, has inked more than a dozen agreements with Qatar to enhance ties in a host of sectors.

“Cyprus is offering an open invitation to Qatar to invest in various promising sectors of our economy, including energy. Cypriot businessmen are also looking forward to investing in Qatar,” Nicos Anastasiades said.

He added, “During my current visit we have signed four important agreements with Qatar for cooperation in the field of energy, natural resources, education and research and development. Since the time we have started enhancing our relationships with Qatar, we have singed nearly 15 treaties and I believe that we are doing much better than any other country. There are a lot of untapped areas of cooperation between our two countries, such as tourism, real estate, culture, education and healthcare business.”

Present were Sheikh Khalifa bin Jassim bin Mohamed Al Thani, Chairman, Qatar Chamber, Giorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism, Cyprus, Christodoulos Angastiniotis, Chairman, Cyprus Investment Promotion Agency and many prominent businessmen.

“We really look up to what Qatar has done with its oil and gas industry like the way it has developed and managing its resources for the current and future generations,” said Giorgos. “We want to exchange know-how and other energy expertise from Qatar. We also want to understand how Qatar has moved in this regard.”

Asked about Qatar’s response on investing in Cyprus, Giorgos said, “There is a lot of interest. We will be exchanging more views and information shortly and I hope that it will soon materialise.”

However, he noted that no specific agreements have been signed for investment so far.

On the volume of natural gas reserves in Cyprus, Giorgos said. “It is difficult to provide the exact size of the reserves, but according to some estimates, we have proven reserves of about 43 trillion cubic feet and a lot more is certainly coming.”

“There are a lot of investment opportunities in Cyprus and the Qatari businessmen are aware about it. We signed an agreement with Cyprus Chamber of Commerce and Industry to facilitate bilateral cooperation and investments,” said Sheikh Khalifa.

@The Peninsula

Qatar Petroleum (QP) announced final details relating to the allocation of shares and any refunds made to applicants in the Initial Public Offering (IPO) of shares representing 25.725% of the issued share capital of Mesaieed Petrochemical Holding Company QSC (MPHC).

H.E Dr. Mohammed Bin Saleh Al- Sada, Minister of Energy and Industry and Chairman and Managing Director, Qatar Petroleum, expressed his delight at the successful completion of the IPO. “The overwhelming response to the IPO reflects Qatari nationals’ confidence in the strength and durability of the national economy and the policies pursued by the government under the directives of His Highness Sheikh Tamim Bin Hamad Al Thani, Emir of Qatar. These policies aim to ensure a prosperous future for the people of this country in accordance with Qatar National Vision 2030. The subscription process was very smooth.

“I take this opportunity to thank all those who contributed to the success of the IPO and its completion in the announced time frame, especially the Qatar Financial Markets Authority, the Ministry of Economy and Commerce, Qatar Exchange, the working team at the Department of Finance, QP, and all consultants who worked on this transaction. QP’s main objective with this IPO was to encourage long-term investment among Qataris by retaining their shares for long periods of time and therefore reaping the benefits of long-term investment.”

Ahli Bank is taking steps for long-term expansion plans. The bank may also go for recapitalisation, Andrew Mckechnie, Deputy CEO-Retail Banking, Ahli Bank, suggested. Qatar Foundation has 29.4% stake in the bank.

“All banks are going for capital boosting. We are also looking for it,” he said without disclosing the structure of the proposed capital boost. “It’s a long-term plan. We are working on it.”.

Andrew said Ahli Bank’s capital adequacy ratio is much above the new Basel III requirements.

The bank has been taking steps to increase its presence by consistently adding branches and ATM facilities to reach the maximum number of people as well as for the banking industry in the Qatar.

Andrew said the bank is planning to launch wider products.  “Qatar is a large corporate banking market and we don’t believe in price competition. Instead, we will be focussing on launching wider products and expanding the retail sector.”

Ahli Bank posted a  net profit of QAR 525.7 million in 2013, up 13% earned in 2012. The bank’s total assets stood at QAR 26.17 billion in 2013, up 27%.

@The Peninsula

Since the announcement by the US Federal Reserve of the gradual reduction in its asset purchasing programme—the tapering of Quantitative Easing (QE) of emerging markets (EMs) have witnessed large capital outflows, a strong weakening of their currencies and reduced growth prospects. These negative trends are expected to continue in 2014 with the Fed’s implementation of QE tapering, leading to lower economic growth, tighter macroeconomic policies and possible disruptions in the balance of payments (BOP) of selected countries.

The Fed announcement of QE tapering and the start of its implementation in January 2014 have led to a sudden reversal of EM capital flows. What had been the preferred destination of global capital in search of higher yields in the last few years suddenly became the emergency exit for investors. As a result, around USD 100 billion were withdrawn from EM bonds and equities funds in 2013, based on data from EPFR Global. This led to a large weakening of EM currencies, a tightening of macroeconomic policies and a slowdown in economic activity.

Five countries have been particularly affected by this sudden reversal of EM capital flows, given their large current account deficits – Brazil, India, Indonesia, South Africa and Turkey. This group, called the “Fragile Five,” has seen the largest weakening of their currencies and the biggest impact on economic activity.

These trends are likely to continue in 2014. As the Fed gradually implements QE tapering, additional capital is likely to flow out of EMs and be redeployed in advanced economies. This will put further pressure on EMs to tighten their fiscal and monetary policies and lead to lower economic growth.

In 2013, Brazil witnessed its largest capital outflows for ten years. This resulted in a significant weakening of the Brazilian Real. The authorities responded with an aggressive tightening of monetary policy, pushing interest rates into double digits. As a result, the economy went into recession in 2013 and all coincident indicators point to a further decline. In 2014, further pressures on the exchange rate may lead to additional tightening of interest rates and a slow recovery in economic activity, except the FIFA 2016 World Cup. As a result, QNB Group forecasts Brazil’s real GDP growth of 1-1.5% in 2014.

India’s experience with capital outflows has been better than other emerging markets. Skillful central bank policies have successfully stabilised the Indian Rupee without the aggressive interest rate hike witnessed in Brazil. Instead, the authorities have curbed imports of gold and increased the incentives for sugar exports to reduce the current account deficit. However, India’s central bank did raise its policy rate by 25 basis points as EM currencies came under renewed pressure. Real GDP growth was just below 5% in 2013, although the momentum has been slowing, reflecting tighter domestic liquidity and a slowdown in consumer confidence and investment. We therefore forecast Indian real GDP growth in the 4-4.5% range in 2014.

Indonesia has witnessed substantial capital outflows in 2013. As a result, the Rupiah has lost almost a quarter of its value against the USD. The authorities have so far been unable to stem the outflow despite a significant rise in interest rates as demand for imports remains robust. Investment has slowed but private consumption remains strong on the back of a growing middle class. As a result, real GDP growth has slowed only moderately to an estimated 5.5% in 2013. We forecast Indonesian real GDP growth to slow down further to 5.1% in 2014.

Among the “Fragile Five,” South Africa has witnessed the largest weakening of its currency to date of 33%. This reflects both the largest current account deficit of 6.8% in 2013 and one of the lowest real GDP growth rates of 1.8% in 2013 from declining exports and domestic labour disruptions. The South African Reserve Bank refused to increase interest rates until 2014, the first hike in six years, letting the currency fall instead. However, the increase in interest rates did little to support the currency, which continued to weaken, as the move was presented by the Central Bank as a one-time measure. The prospects for 2014 remain modest on continued weakness of commodity exports and further social tensions. As a result, QNB Group expects South African real GDP growth to remain in the 1.5-2% range for 2014. Additional capital outflows are likely to lead to a further weakening of the South African Rand.

Finally, Turkey has experienced a rapid outflow of capital and a sharp weakening of the Turkish Lira of 27%. The central bank has elected to keep interest rates on hold. However, this was followed by a sharp weakening of the Lira, prompting the central bank to call an emergency meeting, when it decided to more than double its benchmark interest rate. The economy has been relatively unscathed in 2013, with real GDP growth estimated at 3.7%. However, the rapid weakening of the currency is likely to shake investor confidence further. As a result, we project Turkish real GDP growth will slow to a range of 2-2.5% in 2014.

Overall, the outlook for the “Fragile Five” countries in 2014 is mixed. The sudden reversal in capital flows associated with QE tapering has tested the ability of the authorities to tighten policies while limiting the impact on economic growth. The experience to date suggests that only India has been able to do so successfully, while Brazil, Indonesia, South Africa, and Turkey are still struggling with stabilising their currencies. Going forward, the implementation of QE tapering will continue to put pressure on EMs to reduce their current account deficits in line with available financing. This will inevitably have a negative impact on growth prospects.

QNB Group announced at its Ordinary General Assembly that financial results for 2013 were approved. The General Assembly also ratified all remaining items on its agenda including the proposal by The Board of Directors to distribute a cash dividend of 70% of the nominal share value, representing QAR 7 per share. The meeting also approved the appointment of Ernst & Young as External Auditors for the year 2014.

His Excellency Ali Shareef Al Emadi, Chairman, QNB Group’s Board of Directors

During the meeting, His Excellency Ali Shareef Al Emadi, Chairman, QNB Group’s Board of Directors, presented both an overview of the Bank’s activities and financial results for 2013 and answered shareholders’ questions on a range of subjects.

H.E Ali Shareef stated that QNB Group’s success in maintaining momentum across all its activities was reflected in the strong 2013 financial results. He also provided an overview of the Bank’s business plans for 2014. Diversifying income sources and expanding the range of activities across the QNB Group was of primary focus. “With the acquisition of QNB ALAHLI, Egypt’s second largest private bank and the entry into Asia’s leading markets, China and India, QNB Group’s global footprint has increased to 26 countries with over 13,600 employees, operating from 590 locations and an ATM network of over 1,240 machines.”

QNB Group’s performance in 2013 was reflected in the delivery of record financial results. Net Profit rose to QAR 9.5 billion, an increase of 13.7% over 2012 and Total Assets increased by 20.9 % to reach QAR 443 billion

More than 400 delegates representing governments and companies from the Gulf and beyond will convene at the St. Regis Hotel in Doha for the first GCC Digital Security Forum, organised by MEEZA, under the patronage of Her Excellency Dr. Hessa Al Jaber, Minister of Information and Communication Technology, Qatar.

Her Excellency Dr. Hessa Al Jaber, Minister of Information and Communication Technology, Qatar

Speakers will discuss key digital security issues of vital importance to governments and companies in Qatar and across the Gulf. Topics to be addressed include, the current state and future of digital security in the Gulf, policies, initiatives and measures that are being undertaken by governments to counter cyber-attacks and intrusions to safeguard the economy and society from potential damages and disruptions that may be caused by these illegal activities, overview of threats and solutions, strategies adopted by various government and private institutions to defend their networks and data against malicious attacks and fend off attackers, the role of Computer Emergency Response Teams in the fight against digital attacks and in reinforcing national responses to these threats.

In addition, the Forum will delve into discussing the potential of cooperation between governments and the private sector to beef up digital security and shield the economy and society in the Gulf countries from possible disruptions and damages. It will also explore the necessity for joint inter-governmental efforts to establish a regional framework for digital security to protect and safeguard critical sectors such as infrastructure, energy, telecommunication and banking and financial markets.  The Forum will also include a demonstration of a live attack in addition to workshops.

The GCC Digital Security Forum will take place amid heightened fears from the rising risk posed by digital attacks and breaches on the global economy and particularly on critical infrastructure, financial markets and payment systems. Governments and corporations are now considering digital security as an issue of strategic nature and are therefore investing heavily in security infrastructure, counter measures and solutions.

In the past few years, the Gulf region has been subject to an increasing number of digital attacks. While no large scale breaches and disruptions have been recorded, it is feared that networks and data might be subjected to sustained attacks in the coming years using more malicious and sophisticated techniques which necessitate boosting defenses and building awareness of threats as well as nurturing a robust digital security culture across all sectors and industries.

“Envisioned and organized by MEEZA, the GCC Digital Security Forum was designed to bring the issue of digital security to the fore of the public domain and to add value to the efforts made by governments and the private sector in Qatar and the other Gulf countries to fight digital crime and protect the economy and society from its potential risks and damages” said Ghada El Rassi, Chief Executive Officer, MEEZA.

Qatar National Bank (QNB) announces the launch of “QNB Note 2“. “QNB Note 2″ is a 100% Capital-Protected Note with investment returns linked to the performance of a basket of eight international (European and US) company stocks, which are listed on the equity markets of their respective countries of origin. It is a closed three-year investment, with a minimum capital investment of QAR 20,000.

“QNB Note 2″ is a medium-term investment product for investors seeking an enhanced return, with 100% capital protection and broad risk diversification. The timing of the product’s launch, as well as QNB’s selection of the underlying stocks, provide an attractive and innovative opportunity to gain exposure to Qatar’s high rate of economic growth in the next three years.

The eight international companies which form the investment basket have been selected on the basis of their existing close ties to Qatar, either due to their existing local presence or due to substantial business interests in the country. A further aim is to provide satisfactory geographical diversification.

This investment opportunity is available both to Qatari and non-Qatari investors, living in Qatar or overseas.

The eight international companies selected are Total (France-Energy), Vinci (France-Industrials), Siemens (Germany-Industrials), ArcelorMittal (Netherlands-Materials), Iberdrola (Spain-Utilities), Royal Dutch Shell PLC (UK-Energy), ConocoPhillips (US-Energy) and Halliburton Co. (US-Energy).

Returns are linked to the performance of eight equally-weighted international stocks where 50% from the total investment will be on Total and ConocoPhillips, with an average of 25% in each company and the second half is equally divided among the rest of the companies, with an average of 12.5% of the total investment. Performance will be measured on an annual basis and will be paid in the form of annual coupons, linked to the average performance of the basket of stocks. The annual performance of each individual stock is capped at 7%.

“QNB Note 2″ will be available to investors at all QNB branches in Qatar. The subscription period will commence on 4^th February 2014 and investments will be accepted for a period of one month, ending on 5^th March 2014.