Day: 6 May 2024

European stocks closed on a bright note on Monday .The pan-European Stoxx 600 climbed 0.53%. Germany’s DAX jumped 0.96%, while France’s CAC 40 ended 0.49% up, while Switzerland’s SMI both ended higher by 0.49%. The London Stock Exchange was closed today for a Bank Holiday. Among other markets in Europe, Austria, Belgium, Denmark, Finland, Greece, Netherlands, Norway, Poland, Spain and Sweden closed higher.

Source: Qatar News Agency

Doha: United Development Company announced its acceptance of a conditional offer to purchase 40 percent of its share in the Qatar Cooling District Company (Qatar Cool).

The offer was submitted by the Qatar Investment Authority (QIA) for QR 800 million, according to a statement by the United Development Company (UDC) published on the Qatar Stock Exchange (QSE) website.

All the relevant laws and, regulations and the applicable procedures set out in the Companies Law No. (11) for the year 2015 and its amendments in Law No (8) for the year 2021 were taken in consideration.

Source: Qatar News Agency

Oman Central Bank has announced that the total value of government treasury bills allocated for this week amounted to OR 85.5 million .

The bank explained, in a statement today, that the value of the bills allocated for a maturity period of 28 days amounted to OR 6.5 million , with an average acceptable price of OR 99.647 , and the lowest acceptable price reached 99.645 per OR100 , while the average discount rate was 4.59760 percent, and the average return was 4.61387 percent.

It added that the value of the bills allocated for a maturity period of 91 days amounted to OR17 million , with an average acceptable price of OR 98,745 , and the lowest acceptable price reached 98,740 per OR100 , while the average discount rate was 5.03497 percent, and the average return was 5.09898 percent.

The value of the bills allocated for a maturity period of 182 days amounted to OR 42 million , with an average acceptable price of OR 97,450 , and the lowest acceptable price reached 97,445 per OR100, while the average discount
rate was 5.11449 percent, and the average return was 5.24833 percent.

On the other hand, the value of the bills allocated for a maturity period of 364 days amounted to OR 20 million , with an average acceptable price of OR 95,160, and the lowest acceptable price reached 95,160 per OR100 , while the average discount rate was 4.85330 percent, and the average return was 5.10014 percent.

The statement noted that the interest rate on repurchase operations with the Oman Central Bank (repo) on these bills is 6.00 percent, while the discount rate with the Central Bank on treasury bill facilities is 6.50 percent.

Treasury bills are a guaranteed short-term financial instrument issued by the Ministry of Finance to provide investment outlets for licensed commercial banks, with the Oman Central Bank acting as the issuance manager for these bills.

Source: Qatar News Agency

Qatar Airways has captured the spotlight on the opening day of the Arabian Travel Market (ATM) 2024, with a stunning holographic display of Sama, the airline’s second-generation AI-powered digital human cabin crew. This innovative display, along with a cutting-edge stand featuring multi-sensory-rich experiences showcased the airline’s technological prowess, captivating crowds at the biggest travel and tourism event in the Middle East.

Powered by advanced conversational AI, Sama engaged with ATM’s attendees, effortlessly demonstrating her knowledge on Qatar Airways’ diverse operations. The digital human cabin crew, designed to enable personalised travel experiences, will continue to evolve over time to improve responses through passenger interactions in the airline’s immersive platform, QVerse.

In addition to the introduction of Sama, the multiple award-winning airline unveiled its innovative experience stand, offering enthusiastic crowds advanced immersive experiences. From virtual reality (VR) tours to the
revolutionary multi-sensory pod, Qatar Airways’ latest technological advancements continue to enthral visitors at ATM 2024, offering them a unique way to explore the interiors of the airline’s state-of-the-art the fleet, as well as the exceptional luxury and comfort of the award-winning Qsuite.

Qatar Airways Group Chief Executive Officer, Engr. Badr Mohammed Al Meer, said: “Qatar Airways is thrilled to return this year to ATM Dubai with Sama 2.0, who not only represents the cutting-edge of digital innovation in human interaction but also enhances the travel experience for all our passengers. As a multiple award-winning airline, this aligns perfectly with our commitment to exceeding expectations, offering both experts and travellers unparalleled, innovative interactions that resonate with them.” Earlier this year, the national carrier of the State of Qatar announced several route launches and resumptions, as well as a significant increase in flight frequencies to meet the growing travel demand and enhance the
airline’s global network comprising of more than 170 destinations.

Source: Qatar News Agency

The Deputy Prime Minister for Energy Affairs and Minister of Oil stressed the importance of accelerating the investment of associated gas to support the energy sector in Iraq.

Deputy Prime Minister for Energy Affairs and Minister of Oil, Hayan Abdul Ghani, said, during his meeting with representatives of international companies working within the licensing rounds to develop oil fields on Monday, that the ministry has placed among its priorities the sustainability of oil production and optimal investment of associated gas, by supporting projects that achieve a new addition to national production. .

The Minister of Oil indicated the keenness of the government and the Ministry to enhance cooperation with international companies operating in Iraq in order to achieve common interests and goals.

In turn, Ministry Spokesman Assem Jihad said, ‘The meeting included discussing topics and issues of common interest, in addition to studying the proposals presented that aim to expand and enhance the horizons of bilatera
l cooperation between national oil companies and their foreign counterparts through joint management of the oil fields.

Source: National Iraqi News Agency

Visit Qatar’s pavilion at the Arabian Travel Market (ATM) 2024, opened its doors to the Exhibition’s visitors, on Monday.

Held from May 6-9 in Dubai, the UAE, the 31st ATM is themed “Empowering Innovation – Transforming Travel Through Entrepreneurship”.

Visit Qatar’s stand focuses on Qatar’s key tourist attractions and unique combinations of the authentic cultural heritage and modernity, and aims to promote the country as a tourist destination.

Raya Al Moghaisib, from Visit Qatar’s Tourism Marketing and Promotion Sector, said Qatar’s participation in the event seeks to bolster Qatar Tourisms presence in major tourism exhibitions, explore new opportunities, and exchange discussions with the key travel and tourism firms in the Middle East and the world.

Qatar Tourism is keen to participate in regional and international tourism exhibitions and events, in order to promote the State of Qatar as a distinguished tourist destination, and to enhance awareness of the offers and experiences that Qatar offers to its
visitors and partners, she said.

She added that these exhibitions provide opportunities to explore new markets, strengthen partnerships with key partners, in addition to introducing the latest tourism developments taking place in the State of Qatar.

Visit Qatar will lead a diverse delegation team consisting of 43 representatives of tourism sector, in the Qatari Pavilion at the Dubai World Trade Centre. The Visit Qatar’s double decker stand spans over 600 square meters with 150 square meters for the upper deck.

In collaboration with Heenat Salma, Visit Qatar will present a cultural area at the stand including four activities: Sadu weaving, and body oil making. These activities highlight Qatars rich heritage and traditions, offering attendees to indulge in local, Qatari culture.

Exhibitors will have the opportunity to explore new areas in the tourism market, highlight the benefits of cooperation, and attract additional investment in the tourism sector.

With over 1,500 exhibitors, attendees from over 150 co
untries, and over 23, 000 annual visitors, ATM is one of the largest travel and tourism conferences in the world.

Source: Qatar News Agency

The signing ceremony of a memorandum of cooperation between the Trade Bank of Iraq (TBI) and the Japan International Cooperation Corporation (JICA) took place today, under the patronage of Prime Minister Muhammad Shia Al-Sudani, in the presence of the Deputy Prime Minister and Minister of Planning, Muhammad Tamim, and the technical advisor to the Prime Minister, Chairman of the Diwani Order Committee for Sovereign Guarantees, Muhammad Sahib Al-Daraji.

The Prime Minister’s media office stated that the memorandum of cooperation comes within the framework of the government’s initiative to grant sovereign guarantees to the private sector, and also within the work of the special committee for sovereign guarantees covered by the General Budget Law for the year 2023, and Cabinet Resolution No. (23404) for the year 2023.

The memorandum includes the Japanese Foundation financing projects for the Iraqi private sector, to establish factories inside Iraq, with the aim of localizing the national industry in the field of
pharmaceutical, construction, chemical, petrochemical, energy, agricultural and food industries. This is in implementation of what was included in the government program, to support and localize strategic industries, and based on the directives of the Prime Minister in this regard.

In light of the memorandum, an initial amount of $200 million will be provided to finance important projects that provide a service to the Iraqi citizen and economy, and which will contribute to reducing foreign imports, as well as reducing hard currency transfers abroad.

According to the statement, the memorandum aims to raise the efficiency of Iraqi companies to the global level, through openness to international banks for financing, and controlling quality by concluding agreements with major industrial countries.

Source: National Iraqi News Agency

The Saudi Stock Exchange main index close at 12,372.50 points, 0.61 points down from the previous closing.

A total of 261 million shares were traded with a total trading value of SAR 7.3 billion.

The shares of 116 companies rose, while those of 110 declined.

Meanwhile, the Saudi Parallel Market Index (NOMU) rose 85 points to close at 26,791.00 with three million shares being traded at SAR 39.2 million.

Source: Qatar News Agency

The Governor of the Central Bank of Iraq, Ali Al-Alaq, confirmed: ‘Over the past ten years, the Iraqi banking sector has witnessed significant qualitative developments in response to the adoptions and policies of the Central Bank of Iraq.’

Al-Alaq pointed out in a speech at the opening of the conference of the Union of Arab Banks, in Baghdad, to the importance of holding such conferences, within the framework of the many cooperation and partnerships that the Central Bank of Iraq establishes with various Arab and international organizations and institutions, and its openness to them with the aim of exchanging experiences and improving performance in the banking and financial sector. This reflects the extent of compatibility of development visions and strategic goals with regard to the topics being addressed, which focus on key substantive areas such as supporting economic development and combating and financing terrorism.’

He explained: ‘Central banks faced increasing challenges after decades of traditional
functions and tasks, which could be closer to stasis, until each period brought different challenges that required a special approach to confront them. After long periods of decline in prices and inflation, the global economy began to face a phase characterized by a rise in prices, inflation and high levels of public and private debt.

He added, “The financial crisis in 2008 was followed by a series of challenges represented by public debt and the rush to raise interest rates to confront inflation threats, which makes servicing the public debt more expensive. Today there are many shocks, including demand versus supply, special risks versus systemic risks, and permanent counterparty shocks, which require a modified approach in the face of sudden and unexpected changes.”

He continued: ‘Central banks are facing new challenges in the interaction between financial and monetary stability, in light of the dominance of public finances and the central banks’ decision to facilitate excessive government debts at the ex
pense of fiscal control, which requires reducing spending or increasing domestic revenues, or both.’

Al-Alaq stressed: ‘Over the past ten years, the Iraqi banking sector has witnessed major qualitative developments in response to the adoptions and policies of the Central Bank of Iraq, as it introduced and applied for the first time the practices of compliance rules, governance, risk management, precautionary oversight, risk-based oversight, comprehensive tour management, business continuity, digital services, and financial inclusion.’ He added: ‘Despite all these developments, there remain major and escalating challenges represented in compliance with international laws, legislation, requirements and standards, and others that have a direct connection and impact on the openness of local financial institutions to their international counterparts.’

Source: National Iraqi News Agency