Qatar is planning to make huge investments in various sectors of the cash-strapped Italian economy, including energy, healthcare and tourism. This was announced by Enrico Letta, Prime Minister, Italy, on a visit, at a joint press conference with His Excellency Dr. Mohamed bin Saleh Al Sada, Minister of Energy and Industry.

The current investment plans include building of a Museum of Islamic Art in Venice and a hospital in Olbia, in northeastern Sardinia. However, the size of investments was not disclosed.

“We held a very successful meeting with the Emir, His Highness Sheikh Tamim bin Hamad Al Thani,” said the Italian premier. “We discussed a host of important issues of mutual interests, including industrial investments in Italy.”

The Prime Minister confirmed the discussion with Qatar about the possibility of investing in state-backed oil firm Eni SpA, as the Eurozone’s third largest economy is striving to cut severing debt by selling state assets.

Dr. Mohamed also said that the meeting was very successful and that Qatar is looking forward to inject capital in the Rome-based energy company, in which Italy owns the biggest stake.

He termed the meeting as a “very important milestone” in the bilateral economic relations between the two “friendly” countries.

“The doors for mutual cooperation are wide open. The Qatari side has shown a great interest in investing in various sectors of the Italian economy,” he said.

He also said Qatar is open to tie-ups with energy and construction companies and a team from the Qatar Investment Authority will visit Italy to discuss investment opportunities with relevant partners. He called the bilateral relations as “excellent, historic and of great importance” based on solid foundations of mutual benefits.

He said that Qatar has consolidated its relationships with Italy through continued LNG supply, under the 25-year contract and it is further open to supply more gas in the future.

Dr. Mohamed also highlighted the various areas of cooperation that Qatar is looking for, including the aviation sector.  “With the successful operation of Qatar Airways to the European nation, Qatar is now looking forward to get more access for cargo operations to Italy.”

Letta added that there are great investment opportunities for Italian companies in Qatar, which are well positioned to play a significant role in hosting the FIFA World Cup 2022.

“I am very happy with the discussions that we had in the meeting with His Highness about the possible cooperation to host the football championship in 2022. Italian companies can play an important role in establishing logistics and infrastructure facilities.”

@The Peninsula

The Pearl-Qatar, one of the largest urban developments in Qatar as well as in the Middle East, has signed a contract with Al Siddiqi Holding to open 8 world-renowned restaurant brands and luxury fashion outlets in Porto Arabia and Medina Central districts of The Pearl-Qatar.

The agreement was signed by Ehab Kamel, General Manager, Retail Leasing, The Pearl-Qatar and Aly Delawar, Board Member, Al Siddiqi Holding, at the sales and marketing office of The Pearl-Qatar, Oyster.

The agreement will see the opening of the exclusive Italian restaurant brand, Biella, and the Lord of The Wings restaurant in Medina Central district, specifically designed to suit families and visitors looking for a lifestyle of serenity, while the rest of other high-end retails outlets run by the group will be located at Porto Arabia.

Al Siddiqi Holding will also open a chain of world-renowned restaurants and fashion outlets at The Pearl-Qatar, including the first Tike Turkish International Restaurants franchise in Qatar.

Al Siddiqi Holding’s other plans include the opening of a number of luxury fashion and hospitality brands at The Pearl-Qatar, including the elegant Lebanese restaurant, Wafi Gourmet.

It will also open a unisex fashion outlet, Frankie Garage as well as Migato, a shoes and leather store. It will also open Kas, the Australian brand that specialises in home furnishings and stylish household items.

Commenting on the agreement, Ehab Kamel said, “With commercial spaces of about two million square feet ready at Porto Arabia and  Medina Central, we will aggressively pursue our expansion plans by attracting leading global brands to open outlets here.”

Aly Delawar said, “The Pearl-Qatar is a unique and elegant shopping destination of world reputation and stature and we are confident that our global series of brands will contribute to the island’s reputation as a destination for tourists and shoppers alike.”

@The Peninsula

Islamic Bank of Britain (IBB), the country’s only sharia-compliant retail lender, has received a GBP 75.8 million (USD 124 million) from its new Qatari owner to support the bank’s expansion plans.

The investment brings IBB’s capital to GBP 100 million, after it was acquired by Masraf Al Rayan, Qatar’s largest Islamic bank by market value.

This will allow IBB to grow its retail operations and develop its commercial business, targeting both British and Gulf-based firms, Sultan Choudhury, Interim Managing Director, IBB, said in a statement.

“Future plans feature an expansion of property finance to businesses, including development finance. The bank will also expand its services for Gulf-based customers looking to invest in the UK.”

The takeover deal valued IBB’s entire issued share capital at GBP 24.1 million, which could help it compete with Britain’s other Islamic banks that focus mostly on corporate banking services.

These include Bank of London and The Middle East, European Islamic Investment Bank, Gatehouse Bank and units of Qatar Islamic Bank and Abu Dhabi Islamic Bank.

Founded in 2004, IBB has around 50,000 customers, offering services that adhere to Islamic principles such as a ban on interest payments.

Birmingham-based IBB is reviewing its distribution strategy to help it expand across Britain, which will include the use of agencies – outlets located in the premises of other businesses, said Sultan Choudhury. IBB currently offers its products through five branches and two agencies.

“IBB’s retail banking operations will remain in Birmingham. However, it will also create a stronger presence in London from where IBB’s commercial and GCC operations will be based.”

IBB was previously majority-owned by another Qatari lender, Qatar International Islamic Bank, which had been in discussions with Masraf Al Rayan over a sale since mid-2012.

IBB has struggled to turn a profit since its inception. It posted a loss of GBP 6.99 million in 2012 compared to a loss of GBP 9 million a year earlier.

@Reuters

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, began at the St. Regis Hotel.

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

More than 500 delegates representing governments and companies from 15 countries in the Gulf and beyond are attending the two-day Forum aimed at discussing key digital security issues of vital importance to governments and companies in Qatar and across the Gulf.

Opening the Forum, Dr. Hessa Al Jaber said, “The issue of digital security is a critical one not just for our region but for the entire globe. As we are all aware, we have all become increasingly reliant on ICT technologies both professionally and in our personal lives. ”

According to Dr. Hessa, Qatar, under the   leadership of His Highness The Emir Sheikh Tamim Bin Hamad Al Thani, has taken prudent steps in strengthening  cyber security through close cooperation with the government, private sector, academia and other countries.

She said, “Qatar’s leadership has stepped up to the challenges of cyber security with a national-level committee focussed on fostering cooperation among public and private sectors, coordinating a national level cyber security strategy, developing national policies and regulations  and conducting information security assessments.”

Reiterating the government’s effort in pursuing cyber security polices, she said, “We will pursue cyber security policies that enhance our security, but we will preserve our citizen right to privacy.”

She added that a more sophisticated understanding of cyber threats is necessary as well as the damage they can cause. She said this would give us an improved awareness on the need for cyber security in all sectors.

“We now understand that effective cyber security is the result of improved technology, better defined processes, and a workforce more educated about cyber threats and risks.”

Urging the need for collaboration to fight the pressing issue of cyber security, Dr. Hessa said, “The scale of challenges requires strong national leadership, but we know that the Internet is fundamentally multinational. Threats are cross border. We will seek partnership  with GCC and other countries that share our views.”

Rashid Al Naimi, Chairman, MEEZA, said that digital security is the first line of defense of the economy, society and national wealth against attempted incursions by criminals elements that will always, for various motives, try to disrupt and undermine  economy and the orderly functioning of organisations.

Commending ICT sector for its contributions in the success story of Qatar, he said that the ICT sector has made substantial   investments in the areas of infrastructure, mobile and fibre optic networks, broadband and data centres. “With the growing digital economy and innovation, our country is on par with the best economies in the world in terms of voice and data communication, smart devices, the Internet as well as quality and capacity of our ICT infrastructure, systems and their wide ranging use by the government, corporations and individuals.”

Later addressing the gathering, Dr. Hamadoun Toure,  International Telecommunication Union Secretary General said that bridging the ‘digital divide” has been the utmost concern in recent years. He said with almost two thirds of the global population still offline and a big gap of 60% Internet penetration between Africa and Europe, there still remain many challenges.

Dr. Hamadoun Toure said , “As our physical and cyber worlds overlap, there is an increased need to address the related challenges of ensuring human rights, the rule of law , good governance and socio-economic development.”

He said the recent high-profile revelations about surveillance activities, widely covered in the international media , have highlighted the lack of trust and the need for agreed norms and principles to rebuild confidence.

Ghada El Rassi, Chief Executive Officer, MEEZA, Qatar said, “ Envisioned and organised by MEEZA, the GCC Digital Security Forum has been  designed to bring the issue of digital security to the fore of the public domain. The event is meant 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.”

She added that 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. This necessitates boosting defenses and building up awareness of threats as well as nurturing a robust digital security culture across all sectors and industries.”

The first session was dedicated to “Securing Critical Infrastructure Data”. In this session, the panelists reviewed strategies and policies related to efforts in developing and adopting standards.

The second session was on the subject “Enterprise Strategies Against Cyber Threats”. During this session, speakers tackled the issue of developing the right cyber security strategy, aligning the security strategy with corporate strategy and raising cyber security issues to the board level.

The last session of the day was a workshop by Hatem Ali, CISSP, ISO 27001 LA, Sales Manager, RSA. In this workhop he spoke about rising security attacks and security breaches as well as the rise of Advanced Persistent Threats (APT) .

The Forum was envisioned and organised by Meeza in collaboration with Al-Iktissad Wal-Aamal.

Entrepreneurship in Economic Development, the first such Forum in the region promoting entrepreneurship among young people, is an initiative by Qatar University (QU) in collaboration with Interactive Business Network (IBN). The two-day Forum is under the patronage of the His Excellency Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, and will be held at QU. It  will feature international experts in business, education, finance and government as keynote speakers when it launches on 24^th February 2014.

Dr. Nitham Hindi, Dean, College of Business and Economics, Qatar University

This unique conference, which has the theme “Fostering the new generation of entrepreneurs in Qatar and the Gulf” will bring together young, prospective business owners with established business leaders to encourage and support the spirit of entrepreneurship in Qatar and the Gulf through practical advice.

Speakers opening the conference will be H.E Dr. Mohammed bin Saleh, Professor Sheikha Al-Misnad, President, Qatar University, Abdulaziz bin Nasser Al-Khalifa, CEO, Qatar Development Bank and Raed Chehaib, Chief Executive, IBN.

Topics under discussion on the first day of the Forum will include government and entrepreneurship, looking at the role that economic policies can play in promoting entrepreneurship as a catalyst for economic change and how to foster an entrepreneurial mindset in society.

Hendrik Halbe, Co-founder and Managing Director, Erasmus Centre for Entrepreneurship, will present a case study of a government programme which tackles entrepreneurship.

The role of education in preparing a new generation of entrepreneurs will be the topic of discussion session on the opening day. It will examine how young people can be prepared to run their own business and will look at how the education system in the region can be tailored to meet the skills demanded by the market place through practical, application-based education and training. Dr. Nitham Hindi, Dean, College of Business and Economics, Qatar University,  will be among the panel speakers at this discussion.

The second day of the Forum will open with a keynote address on minimising the challenges facing entrepreneurs and creating a framework for best practices for entrepreneurial centres, by Dr. Abdulaziz Al Horr, CEO, Qatar Finance and Business Academy. It will be followed by a panel discussion on the makings of an entrepreneur – looking at the qualities of entrepreneurs, their influences and driving forces, the differences between male and female entrepreneurs and why some entrepreneurs succeed while others fail. It will also examine different types of entrepreneurs and how they are shaped by personal circumstances and the surrounding social, cultural and business environment.

Financing of new business will be another topic for discussion, examining potential sources of capital for young entrepreneurs and the role of public agencies, banks and angel investors, as well as policies to encourage and support bank lending programs for start ups and SMEs. The role of technology will be under discussion in a session called “The power of digital media for entrepreneurs”.

Established business experts will also share their experiences and give practical advice on starting a new company and making it a success – how to avoid common mistakes , covering issues such as finding the right staff and  motivating them, key management skills, handling stress and important legal aspects.

IBN Chief Executive Raed Chehaib said, “Entrepreneurship is the lifeblood of any thriving economy and as Qatar develops and diversifies, so it offers its young people enormous opportunities to establish and successfully run their own businesses. Now is the time to explain and instill the importance of encouraging young people to set up SMEs and to study how society can support them to achieve great things. We are delighted to partner with QU to offer this unique conference, which will provide the platform for frank discussion from international experts about their experiences and will be an invaluable event for business veterans, those working in education, public and private sector organisations and of course young entrepreneurs themselves.”

Professor Sheikha Al Misnad said, “There are many talented, driven young people in Qatar and the Gulf region with excellent business ideas and it is incumbent on us to guide and support them to ensure their businesses flourish and so reinforce Qatar’s visionary economic development and diversification.

“At Qatar University we are committed to providing a holistic education for our students, bridging the gap between the classroom and boardroom through practical programmes which develop critical skills for business ownership, decision-making and risk managing.”

Dr. Nitham Al Hindi said, “This Forum provides an excellent opportunity for young entrepreneurs to learn first-hand from business experts, enhance their skills and harness their talents to establish successful SMEs. Qatar University encourages students to put their business ideas into practice. We have a newly-established, dedicated centre for entrepreneurship and we offer an undergraduate minor programme in the subject, as well as give the field a significant focus in our MBA programme. The College of Business and Economics, in collaboration with the College of Engineering, organises an annual business plan competition for all Qatar University students and has an excellent track-record of student accomplishments in national and international business competitions, such as Al Fikra.”

The first GCC Digital Security Forum organised by MEEZA in collaboration with Al-Iktissad Wal-Aamal, under the patronage of Her Excellency Dr. Hessa Al Jaber, Minister of Information and Communication Technology, concluded at the St. Regis Hotel, with delegates and participants agreeing unanimously that the only way to tackle the issue of digital security is by fostering cooperation and better understanding of the threat.

Ghada El Rassi, Chief Executive Officer, MEEZA

During the Forum, more than 500 delegates representing governments and companies from 15 countries in the Gulf and beyond gathered to discuss key digital security issues of vital importance to governments and companies in Qatar and across the Gulf.

Ghada El Rassi, Chief Executive Officer, MEEZA, said that the Forum is just the beginning of an initiative to create awareness and raise the issue of collaboration among all stakeholders in meeting this growing challenge of digital security. “This is the time to act and each of you will have to act differently. We need to start thinking about how to defend your organisations and homes from digital threat. This Forum is not for deals but to raise awareness.”

She said that we should not think that providing digital security is the prerogative of only IT security providers. Instead, it should be on everyone’s agenda to defend themselves from these threats. “Nobody can deny the fact that we are all using technology and therefore it becomes necessary that we realise the importance of defending ourselves from cyber threat,” she said.

The Forum included three interactive sessions along with a live penetration testing by MEEZA. In this demonstration, the MEEZA team showed how a hacker can breach the entire network of an enterprise and access all vital information. They demonstrated that if a hacker breaches even a single computer, he can enter the entire environment of the enterprise and create havoc, bringing potential losses.

The first session was on “New Trends and Solutions for Digital Threats.” Art Coviello, Executive Vice-President, EMC, and panelist remarked that one should not fear cyber threat but should try to understand it. He said in the with the advent of smartphones in last 6-7 years, we have created more openings for our adversaries but this should not deter us from using technology. He was of the opinion that instead of preventing intrusion, we should defend it.

Christaan Beek, Director, Incident Response and Forensics, EMEA, McAfee, and panelist suggested that hackers use different methodologies to breach security of enterprises and individuals. Citing the recent example of credit card fraud at Target Mall in the US, he said that this was a classic example of hacking by scraping the RAM of target mall computers. He added that hackers also target phones, computers and ATMs.

The GCC Digital Security Forum was organised by MEEZA in collaboration with Al-Iktissad Wal-Aamal.

Qatar plans to spend as much as USD 205 billion on infrastructure between 2013 and 2018, Yusuf Saeed, Acting Head, Project Finance, Qatar National Bank, said, as the country invests its vast hydrocarbon wealth in a development boom.

The Gulf Arab state is spending billions of dollars in transport, electricity and water generation and housing, to improve its economy towards hosting the FIFA World Cup 2022.

The government has been ramping up its own spending as part of this push. The budget is up 17.9% to QAR 210.6 billion (USD 57.8 billion), because of wealth accrued as the world’s largest exporter of liquefied natural gas.

Much of the planned infrastructure spending will be financed by the government. But significant funding still needs to come from local and international lenders, said Yusuf Saeed. “For large projects, we’re seeing conventional financing and Islamic financing and options for export credit agencies,” Saeed told an infrastructure finance conference in Bahrain, when he was asked about funding for a pair of petrochemical plants that will cost around USD 13.5 billion.

Requests for banks to help finance the first of these, the USD 6.4 billion Al Karaana scheme, a joint venture between Qatar Petroleum and Royal Dutch Shell, are due to be sent out, Yusuf Saeed said.

Another significant contributor to the total figure is the Qatar Rail project, which is expected to cost around USD 45 billion, he said. The contract for rolling stock alone should be worth between USD 5-10 billion.

Contracts to build the first phase, worth USD 8.2 billion, were awarded to companies including South Korea’s Samsung C&T Corp. and France’s Vinci. The metro is due for completion in 2019.

Other notable projects include the 2400 MW Facility D independent water and power project, expected to cost upwards of USD 3 billion, and the Sharq road system, with a price tag of around USD 12 billion, Yusuf Saeed said.

The latter project will link Doha’s new Hamad International airport with the city’s cultural district of Katara and the central business area of West Bay.

@Albawaba Business

Qatar Airways (QA) fares are 10-15% cheaper than those of competing airlines, said Akbar Al Baker, CEO, Qatar Airways.

“As far as the fares of QA are concerned, I think there is an absolute misleading perception about them,” Al Baker said in reply to a question on why QA fares are higher than its rivals’ such as Emirates and Etihad Airways.

Al Baker said, “Every airline in the world follows the price strategy of QA. Our prices in Qatar are presumed higher because when you purchase a ticket for point-to-point travel, the passengers have to pay a little higher.”

However, he said if a person buys a ticket from Doha to London or Doha to Paris from Qatar in a particular class of travel and he buys the same ticket from QA competitors, he will realise that QA prices on an average are between 10-15% cheaper.

“When you take an origin-destination passenger ticket, our competitors are cheaper, but in the same way, we also offer cheaper rates in their markets here. This is an industry practice worldwide,” Akbar Al Baker said.”

Akbar Al Baker was speaking at a press conference to commemorate the first landing of A350 XWB at Hamad International Airport.

The A350XWB is en route to the Singapore Airshow and landed here for a couple of days to honour Qatar Airways, which is the launch customer with 80 firm orders.

Asked about the profitability of QA, Al Baker said, “Every airline has a different strategy. As far as QA is concerned, we are very keen to follow the strategy chartered by His Highness the Emir.” He said QA is delivering the kind of economic benefits an airline gives to any country. “For a country like Qatar with such a strong economic growth, QA is playing an important role in achieving sustainable economic development goals,” he added. He said QA is very successful in its strategy, and expanding with a remarkable double-digit growth.

Highlighting the significance of having a national carrier, he said, “Just imagine what would the situation be if QA does not exist. Qatar will have to rely on foreign carriers to serve its economic interests which can be easily undermined by those entities.”

@The Peninsula

There have been widespread public protests in Pakistan  over frequent power cuts partly due to a lack of fuel.

Islamabad had hoped to address the problem with natural gas piped overland from Iran but that project remains stalled. It is now looking to much more expensive LNG to alleviate its power problems.

“Qatar wants to sell at a market price and Pakistan is looking to get a discount,” the official said. “We expect the deal to be signed this month for an amount of 3.5 million tonnes per year.”

He said Pakistani energy officials would fly to Doha to convince them to sell about 5% of Qatar’s annual LNG output at below international market rates. However, Pakistan has also not yet built a terminal to import LNG.

LNG currently trades in the Asian spot market at nearly USD 20 per million BTU. Qatar has the capacity to produce up to 77 million tonnes per year of the super-cooled gas.

@Reuters

Driven by high rentals, Qatar’s overall inflation is projected to accelerate from 3.1% in 2013 to 3.8% in 2014. A recovery in land prices is expected to reverse the slowdown of rent inflation by mid 2014.

Rental inflation accounts for around 32% of Qatar’s Consumer Price Index (CPI). QNB Group noted that rent inflation has slowed in line with its earlier projections. However, a recovery in land prices could reverse the slowdown in rent inflation.

Rent inflation slowed from 6.7% to 4.8%, based on CPI data released by the Ministry of Development Planning and Statistics. QNB Group has analysed data purely on land transactions in Qatar, based on weekly statistics published by the Ministry of Justice. This data suggests that the slowdown in rent inflation tracked land prices with a six-month delay.

Land prices fell and as rents tend to follow land prices with a six-month delay, we expect rent inflation to continue to slow to below 4% until May 2014.

QNB’s research note said land prices are a fundamental driver of rents.  Land is the main component of the cost of building, developing and buying real estate. To recoup costs, landowners and real estate developers need to raise rents in line with rising land prices, or vice versa. Therefore, after land is purchased and construction is completed, rents are likely to move in the same direction as land prices. Our analysis confirms that there is a strong relationship between land prices and rent inflation. Rents tend to follow land prices with a six month delay, with a correlation of 88%.

QNB Group noted that the updated transaction data suggest that land prices may have changed direction, which could create an upward pressure on rents.

Looking ahead, QNB Group expects land prices to continue to rise moderately, based on strong population growth, which should underpin demand for land to develop housing and commercial real estate projects. Population growth averaged 10.1% based on data on the number of people in the country. Therefore, in the second half of 2014, we expect rent inflation to pick up to between 4-5%. This level of rent inflation is moderate and should alleviate any concerns that the real estate sector is entering an asset-price bubble or that the economy is overheating.

Overall, rental inflation accounts for around 32% of Qatar’s CPI basket. The remainder of the CPI basket mainly relates to global inflation and international food prices. Global prices are expected to remain moderate through 2014.

This will result in overall CPI inflation in Qatar in 2014 of around 3.8%.

@The Peninsula

Qatar National Bank (QNB) is aiming to become the largest lender in the Middle East and Africa, Ramzi Mari, Chief Financial Officer, said, as the bank continues to look beyond its home market for growth opportunities.

Currently the biggest bank in the Gulf region, it is looking for acquisition targets in Turkey, Morocco and sub-Saharan Africa, Ramzi Mari said. “Our goal is to be the largest financial institution in the Middle East and Africa by 2017. So this makes us interested in some of the markets that we don’t have a presence in.”

South Africa’s Standard Bank is Africa’s largest bank with assets worth USD 154.4 billion as of 30^th June 2013.

QNB’s assets at the end of 2013 stood at USD 121.8 billion and the lender, which bought Societe Generale’s Egyptian business for USD 2 billion, is not currently working on any acquisitions, Mari said.

Opportunities were fewer than in recent years, Mari said, as European banks like Societe Generale, who had sold assets to shore up their capital bases, were now in a stronger position.

“The pressure now is less to offload their jewel assets,” Mari said. “We want a controlling stake and the opportunities are limited.”

QNB has benefited from substantial economic growth in the Gulf Arab nation, driven by Qatar’s huge hydrocarbon wealth, while infrastructure development and work towards hosting the FIFA World Cup 2022 are expected to be key earnings drivers for all Qatari lenders.

However, GDP growth is falling from the double-digits seen previously, although still buoyant at around 6% and competition within the banking sector, where there are 18 lenders in a country of just 2 million people, is forcing banks to seek foreign revenue streams to compensate for tighter domestic conditions.

QNB is targeting 31% of its profits and 26% of its lending to come from its international operations in 2014, Ramzi Mari said, up from 28 and 19% respectively in 2013. The bank hopes to have 40% of profits from foreign sources by 2017, he added.

The bank, 50% owned by sovereign wealth fund Qatar Investment Authority, is targeting a net profit gain of between 7-9% and loan growth of between 12-14% in 2014, with international markets becoming increasingly important in fuelling higher lending, Ramzi Mari said.

In 2013 the bank’s net profit rose 13.7%, with lending growth up 24.3%.

Ramzi Mari said he was confident that QNB’s Egyptian business would be a strong earnings driver in 2014 having seen profit rise 17% in 2013. Mari said he was currently working on a new five-year strategy for the Egyptian business which would include expanding the branch network.

@Reuters

Qatar Shell and Qatar German Gasket Factory (QGER) have signed a 5-year supply contract under which QGER will provide a range of gaskets to the world-scale Pearl Gas to Liquids (GTL) plant at Ras Laffan.

With the agreement, another new local supplier is being added to Qatar Shell’s supply chain.

This is part of Qatar Shell’s strategy to support the Qatar National Vision 2030 by empowering local SMEs to compete internationally by meeting global industry standards.

Rob Sherwin, Deputy Country Chairman, Qatar Shell, signed the contract with Captain Ghassan Al-Salem, Chairman, Qatar German Gasket Factory.

Rob Sherwin said, “We are delighted to welcome Qatar German Gasket Factory to be a supplier of choice to Qatar Shell and the Pearl GTL plant. Being able to rely on a quality local supplier such as this undoubtedly contributes to sustainable and efficient operations at the plant. We at Qatar Shell strongly believe that it is part of our responsibility as the largest foreign investor in the country to empower local businesses and that it ultimately makes good business sense to partner with world-class suppliers based here in Qatar.”

Captain Ghassan said, “We are honoured to have this great opportunity to supply gaskets for the Pearl GTL plant. The entire QGER Team is thrilled to be awarded this contract as this came after very hard work between the Qatar Shell and QGER teams to finalise this agreement. We are proud to take on this challenge to strengthen our reputation not only in the Qatari market but the global market as well. We are delighted that Shell once again expresses their faith and confidence in us.”

During the ceremony, Heinz Hurter, General Manager (Middle East), Qatar German Gasket Factory, delivered a presentation about the wide range of gaskets manufactured and supplied by the company’s factory in Qatar. QGER had already been providing quality support to the Pearl GTL Plant during the commissioning and start-up period prior to signing of this long-term supply contract.

@Gulf Times

The Public Works Authority (Ashghal) is set to launch mobile laboratories to conduct on-the-spot quality checks at its project sites. The state-of-the-art labs will be equipped with cutting-edge technologies to ensure that materials used for the projects adhere to quality standards set by Ashghal.

In the run-up to the FIFA World Cup 2022, Ashghal is involved in several projects. The idea behind launching the mobile laboratories is to make sure that all its projects are strictly following quality guidelines set by the country.

Currently, more than a dozen private laboratories authorised by Ashghal conduct quality checks on construction material used in its projects. As per the existing practice, it is the responsibility of the engineers and consultants to ensure that materials testing laboratories proposed by the contractor are totally independent and in no way related to the contractor or sub-contractors. Ashghal recently suspended the approval of a lab pending improvement in its quality systems and full compliance with its requirements.

Ashghal believes that the new system will help ensure the quality of its projects in a foolproof manner. The mobile team will be led by Ashghal’s quality and safety department inspection team.

The mobile units are equipped with apparatus to test soil, aggregate, concrete, roads and pavements and check fire resistance. It can also carry out geotechnical and environmental tests. The road testing equipment in the mobile laboratory can check the quality of the asphalt mixture and even assess the lifespan of the road. It can test the density and temperature of the asphalt and determine the thickness and density of bitumen.

In the event of the mobile laboratories finding that a contractor has compromised quality standards, Ashghal will get the results checked by internationally competent labs to reconfirm the findings.

@The Peninsula

Qatar’s international reserves rose by USD 9 billion to USD 42.1 billion at the end of 2013, reflecting a strong current account surplus and lower capital outflows. The current account surplus is expected to have registered a strong surplus due to large hydrocarbon exports offsetting growing imports.

QNB’s “Qatar Monthly Monitor” noted that the country’s international reserves have been steadily rising on account of large current account surpluses. Going forward, QNB Group expects international reserves to continue rising gradually in 2014.

On the stock market performance, QNB noted, “After a strong performance in 2013, Qatar Exchange (QE) exhibited another strong performance in January 2014. Furthermore, foreign investors remained bullish. In the first month of 2014, the QE witnessed net foreign portfolio investment inflow of USD 532.2 million.

GCC markets started 2014 on a positive note with all regional indices posting strong performance during January 2014. Dubai’s benchmark index, DFMG, was the top performer, surging by 11.9%. DFMGI was the best performing regional index in 2013 with a gain of 107.7%.

On the population rate in January 2014, QNB noted that the number of people in Qatar grew by 5.9% to reach 2.01 million. The figure represents a slowdown from the double-digit population growth reached in 2013, driven up by the large ramp up in infrastructure spending in preparation for the FIFA World Cup 2022.

QNB group forecasts an average growth in the resident population of 10.1% for 2014. The larger population will lead to higher economic growth by boosting aggregate demand and investment in housing and services.

Rent inflation has slowed in line with QNB Group projections, tracking movements in the underlying price of land. QNB Group has anlaysed data purely on land transactions in Qatar, based on weekly statistics published by the Ministry of Justice. Land prices are a fundamental driver of rents in Qatar with a six-month lag. Falling land prices in the second half of 2013 are likely to slow rent inflation.  However, this is expected to come to an end by mid 2014, when rental inflation is likely to accelerate again.

@The Peninsula

Monsi Rabah, Country Manager, www.propertyfinder.qa’s Qatar operations

The website, www.propertyfinder.qa has reported a 5% overall rise in values of residential real estate between December 2013 and January 2014. Tracking price rises across key neighbourhoods, the portal revealed that while properties stood at QAR 6.6 million in December 2013, the figure rose to QAR 6.9 million in January 2014. Residences at The Pearl, one of Qatar’s most glamourous addresses, went from QAR 3.8 million to QAR 3.9 million during this period, while West Bay, another prominent district, saw prices move up to QAR 2.4 million from QAR 2.3 million.

With more than USD 200 billion worth of projects due to be awarded in the years leading to 2030, Qatar will be burgeoned further by international and government investment, said Monsi Rabah, Country Manager, www.propertyfinder.qa’s Qatar operation. “Since the successful FIFA World Cup 2022 bid and the introduction of new foreign ownership laws, there has been a sharp spike in property prices. Foreign investors are buying, construction is accelerating with massive infrastructure projects, including a new metro and light rail system underway, the landscape is changing and with more than USD 10 billion dollar growth projected over the next decade, we are gearing up for the next big boom.”

With real estate heavyweights pumping in billions towards residential and commercial developments, the country’s risk profile also offers interesting opportunities for international investors.

“With spending expected to accelerate in the lead up to 2022, Qatar’s growth might just trump that of other regional markets in 2014,” concluded Monsi Rabah.

Qatar Development Bank (QDB), through its export arm Tasdeer, supported the participation of 7 Qatari companies in the energy and electricity sector at the Middle East Electricity exhibition, which concluded at the Dubai International Exhibition Centre.

Held from 11^th–13^th February 2014, this is QDB’s second consecutive year helping Qatari companies boost exports at Middle East Electricity. It follows successful participation in 2013, which resulted in trade agreements providing several Qatari companies the opportunity to enter new markets.

The 2014 event featured more than 1250 exhibitors from 55 countries and brought together more than 47,000 experts, industry leaders and visitors from some of the biggest names in the energy and electricity industries.

Hosted by QDB, Qatar’s pavilion provided a valuable platform for local exporters to showcase their products, explore the latest technology trends, global innovations and participate in specialised workshops providing networking opportunities with global companies.

The following companies were included in the Qatari pavilion – Doha Cables, General Switchgear & Lighting Industries, Qatar International Cables Company (QICC), Uniplast Factory, Aziz Manufacturing Advanced Technology Products, Q-Tec Switchgear and Alshams Advanced Lighting Technologies.

Commenting on QDB’s participation, Abdulaziz Bin Nasser Al Khalifa, CEO, QDB, said, “Qatar Development Bank’s participation in this year’s Middle East Electricity exhibition is precisely in line with our strategic objective of contributing to the development of Qatar’s export sector by providing a platform for Qatari companies to network and develop new gateways into different markets. We are proud of the high-quality, competitive products Qatari companies presented, meeting and exceeding the latest international standards and specifications.”

Al Khalifa also stressed QDB’s keenness, through Tasdeer, to provide all the support needed to develop and promote made-in-Qatar products and exports. Local exports have recorded positive growth resulting from a range of initiatives launched by QDB including support for Qatari SMEs at international exhibitions such as NPE in Orlando, The Big 5 in Dubai and the Plast Expo in Morocco. Other activities include identifying importers in target markets beyond the GCC region, arranging and facilitating buyer-seller meetings, as well as organising workshops on international trade topics to raise awareness and understanding of export opportunities among Qatari SME exporters.

Tasdeer provides private sector exporters with financial solutions, credit insurance and advisory services, helping businesses boost their export capabilities. Tasdeer additionally offers export development and promotion, training workshops and publishes specialised industry guides like Trade Secret and the Qatar Exporters Directory.

Qatar’s largest ICT event QITCOM 2014 returns on 26^th May 2014 at Qatar National Convention Centre (QNCC), focussing on innovation and entrepreneurship and showing how global ICT developments can help drive Qatar’s economic diversification towards a knowledge-based economy, in line with the Qatar National Vision 2030.

The three-day event is organised by fischerAppelt Qatar in collaboration with the Ministry of Information and Communications Technology (ictQATAR). QITCOM 2014 will be a platform for all aspects of ICT development and innovation in Qatar, the region and internationally. It will feature a conference, exhibition and regional awards programme showcasing the growth and aspirations of Qatar’s ICT sector and how these technological developments can play a key role in Qatar. It will attract progressive businesses, innovators and industry leaders as well as ICT professionals, consumers, entrepreneurs, students and enthusiasts.

The third edition of QITCOM, which runs from 26^th-28^th May, is expected to attract 11,000 delegates and visitors and will feature 45 speakers and panelists, 200 exhibitors representing 15 countries and 30 international and local partners.

The conference will raise key issues for the ICT sector in Qatar and the region. Panel discussions and keynote addresses will cover topics including global ICT developments, emerging technologies and opportunities for the regional market. The QITCOM exhibition allows the world’s leading companies to showcase their latest products and technologies to an industry undergoing rapid growth, while learning first-hand about new projects.

In addition to the conference and exhibition, the QITCOM Awards will recognise and reward excellence in ICT development, adoption and implementation across the GCC and celebrate the many regional success stories.

QITCOM 2014 will feature a number of new initiatives including a Corporate Treasure Hunt – an interactive three-day team event using a custom-made online interface, where team members can solve puzzles related to the industry and to the event, and a mobile interview team which will collect real-time feedback from event delegates and participants and post their views on social media and on the Web.

Other signature events for 2014 will be an innovation theatre, an open platform for entrepreneurs to present their business ideas and a Tech Zone, which will serve as a launch pad for innovative products and services, where exhibitors can show how their technologies work in the real world.

QITCOM 2014 launches as the people of Qatar become more connected than ever before. As the average household in Qatar has three mobile phones, two computers and one Smart Phone, people are using technology to access the Internet more than ever. Qatar currently ranks ninth globally on the e-participation index of the United Nations 2012 E-Government Survey, while is ranks 23^rd globally in the World Economic Forum’s Network Readiness Index. As such, Qatar is leading the Gulf region for ICT development and it is committed to ensuring widespread public inclusion and participation.

Rinal Chaaban, QITCOM project lead, fischerAppelt, Qatar said, “Qatar is on the threshold of an ICT revolution, as more and more of its citizens are connected to the Internet and use it across multiple devices and to organise all aspects of their lives. QITCOM 2014 provides a platform for technology pioneers from around the world to come together with leaders of ICT and to learn about the latest developments in technology. As Qatar continues to diversify and strengthen its economy, these technological advances will play a crucial role. Through close collaboration, we can create strategic partnerships which will build upon the successes enjoyed by Qatar so far, particularly in e-government, and which will contribute to future achievements in line with the Qatar National Development Strategy 2011-16 and the Qatar National Vision 2030.”

More details on QITCOM 2014 can be found at www.qitcom.qa

Qatar Airways’ strategy is to keep its average fleet age “very low” and many of its very large aircraft orders are for replacement of the current fleet, said Akbar Al-Baker, CEO.

“We have placed large orders with both Airbus and Boeing and our strategy is to keep our average fleet age very low,” he said.

A Qatar Airways factsheet shows it has more than 280 aircraft on order books worth more than USD 50 billion.

The fleet on order includes 80 Airbus A350s, 51 Boeing 787s (including options), 12 Boeing 777s (including freighters and options), 80 Airbus A320 Neos (including options), 13 Airbus A380-800s (including options) and an Airbus A320.

Currently, the airline has a fleet strength of 129 including both passenger and cargo aircraft from Airbus and Boeing.

The airline will fly to 8 new destinations. They are Sharjah, Dubai World Central, Cyprus, Istanbul, Edinburgh, Philadelphia, Miami, and Dallas/Fort Worth.

Meanwhile, Akbar Al-Baker said Qatar Airways, the launch customer for the Airbus A350, expects to receive its first aircraft ahead of scheduled delivery in December 2014.

“They (Airbus) are well ahead of the test schedule,” he said at the Singapore Airshow. Earlier in Doha, Akbar Al-Baker had said that Qatar Airways would receive the first of the fuel efficient, mid-sized wide-body airliner in 2014 and 9 more in 2015.

“Once Airbus ramps up production we will receive larger numbers of Airbus A350. It will be more than 1 aircraft a month, starting from 2016, after which we will receive more than two aircraft a month. In 2017, we will start receiving the stretched version A350-1000, for which we are also the launch customer” he said.

The A350 XWB is a family of mid-sized wide-body airliners designed to enhance fuel, operating costs and environmental efficiencies during medium-to-long haul airline operations. Featuring the very latest in aerodynamics, design and advanced technologies, these highly efficient aircraft provide better fuel efficiency of up to 25%.

More than 70% of the A350 XWB’s weight-efficient airframe is made from advanced materials combining composites (53%), titanium and advanced aluminium alloys.

The airline is also set to receive its first superjumbo (Airbus A380), according to Akbar Al-Baker. He said that the airline was not interested in Airbus’s offer of a higher take-off weight “regional” A330, or Boeing’s 787-10 or 777-8X. The airline also has 50 Boeing 777-9 on order, but it is not keen on the smaller 777-8, he said.

@Gulf Times

Qatar Investment Authority’s (QIA) global fund is open to partnerships across the world and not limited or restricted to a specific area or a country. The objectives of the QIA are to be managed on business rules and principles and achieve reasonable revenues, said Ahmad Al Sayed, Chief Executive Officer, QIA.

Talking to a global television channel in London, his maiden interview to a media after assuming office, Ahmad Al Sayed said the strategy of QIA is mainly inspired by the vision of His Highness the Emir that QIA is a saving fund for the future. “The QIA is working with a professional management team to enhance our return and achieve our objectives,” he said.

Replying to a question on the fund’s keenness to invest in the UK, Ahmad Al Sayed said that Britain is one of the main destinations for QIA’s investment. “Britain is one of our major destinations of our investment. It has a great system with great regulations. We have Harrods and other investments in Britain like Barclays, Sainsbury, Canary Wharf and London Stock Exchange.”The successful deals resulted in good revenues to everyone and the QIA was happy to invest more in the UK when the right opportunity came along, he said.

Speaking about successful deals, Ahmad Al Sayed said, “QIA sees success as making a deal on the right terms and making it a win-win for everyone. Because if it is a win-win to both parties, it will be a sustainable and long-term investment. It’s not about being big. It’s about quality and showing good results. We are a global fund. We invest globally, we diversify our assets geographically and by asset classes and we have asset allocations so we will invest whenever the opportunity comes.”

Ahmad Al Sayed said that on the basis of clear conditions and risk rules, the QIA has helped its partners when asked to. Barclays and Credit Suisse are examples. “We helped in the merger between Porsche and Volkswagen into one group and this applied also on the merger between Glencore and Xstrata. We create long-term value for the management for the shareholders and even for the countries we invest in. We welcome this type of investment and will be happy to discuss opportunities with anyone who has a good idea,” he added.

On Harrods, Ahmad  Al Sayed said, “Qatar Holdings bought Harrods in 2010 and I said at that time we have different ideas to improve the store. We have done a lot and anyone can walk around the store and see the difference between 2010 and 2014. In May 2014, it will be four years since our acquisition and I think we have done a lot. We have spent GBP 250 million to improve different things and the strong performance shows that improvement. Sales are up 60-70% following our investment. Harrods represents British heritage. We are doing our best to take Harrods to the next level of performance and we are working hard with the management team to improve the store further. We crossed the GBP 1 billion revenue mark and we have a clear plan on what we want to do and how we can do it. Harrods is looking at expanding into hotels.”

@The Peninsula

Qatargas chartered LNG ships recently carried out the first ship-to-ship (STS) transfer operation of LNG between two Q-Flex type ships. This was following an incident involving one of the ships while transiting the Singapore straits, said the world’s largest LNG producer in a press statement.

The STS transfer, according to Qatargas, took 7 days, and was successfully done without any reported injuries to personnel or impact on the environment. However, the incident caused a minor damage to the vessel.

Rigorous planning, including formal risk assessment, were completed and approved by all concerned parties prior to the start of the ship-to-ship  operations.

The transfer of 211,000 cubic metre of LNG was conducted at anchor in open waters in Singapore utilising specialised equipment and a contractor with LNG ship-to-ship expertise.

“In line with our strong commitment to total customer satisfaction, various options were considered and the ship-to-ship operation was identified by Qatargas as a key element to ensuring that Qatargas commitments and obligations to their valued customers were met,” said the statement.

@The Peninsula