Category: Market

Doha: Old Doha Port has announced a strategic partnership with a number of marinas in Qatar, with the aim of enhancing cooperation to provide comprehensive solutions and exclusive services to boat and yacht owners.

The most prominent marinas included in the partnership, which is the first of its kind in the field of marine tourism, are Ronautica Middle East Marina (operator of the Pearl Island Marina), Banana Island Resort in Doha, Aura Group (Beef Bar Marina), and Resorts and Leisure Facilities Company’s marinas (Corinthia Yacht Club in Porto Arabia).

In a statement today, Executive Director of the Old Doha Port, Mohammed Abdullah Al Mulla, expressed happiness with the partnership which, he stressed, represents a pivotal step towards unifying the strengths and diversifying the experiences available to boat and yacht owners, pointing out the possibility of benefiting from the unique offers available in each marina.

Old Doha Port seeks to enhance the experience of participants in this event, to develop and
support the goal of making the State of Qatar a global specialized destination in the field of yachting.

He stressed the importance of this initiative, led by the Old Doha Port, to advance the culture of the maritime sector in Qatar and set new standards for luxury and excellence in service provision by pooling resources and unifying common goals.

Source: Qatar News Agency

Kuwait crude oil went up by $1.95 during Tuesday’s trading to reach $89.12 per barrel compared with $87.17 pb the day before, Kuwait Petroleum Corporation (KPC) said Wednesday.

Benchmark Brent futures increased by $1.42 to $88.42 pb, and West Texas Intermediate climbed by $1.46 to $83.36 pb.

Source: Qatar News Agency

Doha: The general index of Qatar Stock Exchange (QSE) rose 17.65 points, or 0.18%, at the beginning of trading on Wednesday, reaching the level of 9,728.97 points, compared to yesterday’s closing.

The general index was supported by a rise in five sectors: Banks and Financial Services by 0.36%; Real Estate by 0.35%; Industrials by 0.32%; Telecoms by 0.10%; and Insurance by 0.02%. On the other hand, QSE index saw a decline in Consumer Goods and Services by 0.18%; and Transportation by 0.63%.

At 10:00 am, 33.210 million shares were traded in 2,614 transactions valued QR 91.520 million.

Source: Qatar News Agency

Gold prices dropped in Asian trade on Wednesday as investors awaited important US economic data that could provide further insight into the timing of interest rate decreases.

Spot gold was down 0.1% at $2,320.19 per ounce, after closing the previous session at its lowest level since April 5.

The ounce of US gold futures was down 0.4% at $2,333.80.

On April 12, gold reached an all-time high of $2,431.29 thanks to a surge that began in March and continued into April.

Spot silver decreased by 0.2% to $27.24 per ounce, palladium decreased by 0.1% to $1,018.50, while platinum increased by 0.3% to $910.15.

Source: Qatar News Agency

European stocks scaled to their highest levels in more than a week on Tuesday, driven by the technology sector.

The pan-European STOXX 600 index (.STOXX), opens new tab was up 0.6%, boosted by a nearly 2% jump in technology stocks.

The tech sector added 1.8%, lifted by SAP’s 4.6 % rise after the German company reported a 24% jump in first-quarter cloud revenue at 3.93 billion euros ($4.19 billion), buoyed by demand for its enterprise resource planning software.

Helping the sector’s rise was a 4.6% gain in Novartis as the Swiss drugmaker raised its full-year outlook after reporting first-quarter results that surpassed expectations.

On the flip side, Randstad, the world’s biggest employment agency, reported disappointing quarterly core earnings, sending shares of the Dutch firm down 6.7%, among top decliners on the STOXX.

Elsewhere, UK’s exporter-focused FTSE 100 climbed 0.6% after notching an all-time intraday high of 8,071.96 points.

Source: Qatar News Agency

Doha: The Qatar Chamber (QC) discussed with a delegation of Jordanian manufacturers ways to promote bilateral cooperation relations, available industrial opportunities, and the partnership between the private sectors of both countries.

This came in a joint meeting, held at QC headquarters on Wednesday, between the Jordanian delegation and Qatari businesspersons in the presence of QC Second Vice-Chairman Rashid bin Hamad Al Athba and QC Board Member and Chairman of the Industry Committee Abdulrahman Al Ansari.

The meeting explored cooperation between companies from both sides in various sectors such as food processing, agriculture and livestock, plastic and rubber industries, timber and furniture, clothing, construction, chemicals, paper and carton, and packaging.

In his remarks, QC Second Vice-Chairman Rashid bin Hamad Al Athba praised the developed Qatari-Jordanian relations in all sectors, especially trade and economy. He noted that Qatar is one of the largest investors in Jordan, indicating that Qatari
investments include various sectors such as real estate, tourism, banking, healthcare, energy, and oil derivatives.

He pointed out that various Jordanian companies are operating in Qatar, whether in full capital or with Qatari partners, in sectors like trading, contracting, construction, interior design, maintenance, events, real estate brokerage, services, education, carpentry, prefabricated kitchens, and others.

Al Athba stressed the significance of enhancing cooperation between the private sector in both countries, noting that it will contribute to developing the bilateral trade exchange, which reached QR 746 million last year compared with QR 660 million in 2020, an increase of 13 percent.

He also emphasized the importance of activating the business council and intensifying mutual visits between business delegations from both sides, calling Jordanian companies to take advantage of the investment climate in Qatar and incentives offered for foreign investors. Al Athba also highlighted that Qatar attached
the industrial sector great importance, pointing out that it offers a host of incentives such as the allocation of lands, the exemption of customs duties on imported machinery, equipment, and raw materials, and the exemption of income tax for a duration up to ten years, as well as the provision of electricity at reasonable prices.

For his part, Chairman of the Jordan and Amman Chambers of Industry Eng. Fathi Al Jaghbir commended the fraternal relations between both countries, praising the development of the Qatar industry sector.

Al Jaghbir underscored the significance of bolstering cooperation between both sides in industry and streamlining procedures of exporting manufactured products between both countries. He proposed holding a joint business forum between businessmen and manufacturers in Amman to explore new horizons of cooperation and investment opportunities available in the industrial sector.

In turn, Abdulrahman Al Ansari emphasized the importance of strengthening cooperation between both parties
in industrial fields, noting that Qatar is characterized by the provision of raw materials in the petrochemical and energy sectors which drove the growth in petrochemical industries. He assured the Qatari side’s preparedness to examine opportunities available in Jordan in the industry sector to establish joint ventures whether in Qatar or Jordan.

The Jordanian delegation gave a presentation about the industry sector in Jordan and the investment incentives provided by the government to attract foreign investments to the sector.

Source: Qatar News Agency

Doha: United Development Company’s (UDC) announced its financial results for the first quarter of 2024, reporting net profit of QR 76 million in comparison to net profit QR 88 million for the same period of the previous year, a decrease of 13.6%.

UDC, the master developer of The Pearl and Gewan Islands, said that the Earnings per Share (EPS) amounted to QR 0.020 as of March 31, 2024 versus Earnings per Share (EPS) QR 0.025 for the same period in 2023.

UDC added that it achieved revenues of QR 471 million, and that it strives to achieve balance between revenue and expenses reducing the impact of increase in financing cost in the first quarter of the year 2024.

Established in 1999, UDC was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 19.5 billion as at March 31, 2024.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime, and ho
spitality related businesses.

Source: Qatar News Agency

Doha: Qatar Stock Exchange (QSE) general index closed at 9,665.88 points on Wednesday, 45.14 points (0.46 percent) down from its previous closing.

A trading volume of 172,240,696 shares was registered in 17,214 transactions in all sectors, with a total trading value of QR 587,334,385.714.

The prices of 18 companies rose and those of 29 declined, while one company maintained its previous closing price.

The market capitalization closed at QR 562,433,565,172.130 compared to QR 564,404,559,525.720 in the previous session.

Source: Qatar News Agency

Ramallah – Together – The General Authority of the Palestine Stock Exchange held its fourteenth annual meeting, to discuss and approve the topics on the agenda, in the presence of the representative of the Registrar of Companies at the Ministry of National Economy, Bilal Kataneh, the external auditor, Abdul Karim Mahmoud, representing Ernst and Young, and the legal advisor, Mr. Haitham Al-Zoubi and Samer Al-Kakhan, representing the Capital Market Authority.

Through the platform of the General Authority, the Chairman of the Board of Directors of the Palestine Stock Exchange, Mr. Samir Hulileh, expressed what the Palestinian economy has suffered, especially since the last quarter of the fiscal year 2023 until this moment, which in turn has sharply affected the performance of various economic and operational sectors, both in the Gaza Strip and the West Bank, adding that Listed companies were not immune to this exceptional situation, which became clear through their preliminary financial statements for the resul
ts of the year 2023, as the profits of listed companies according to these statements amounted to approximately 155 million dollars, a decrease of 60% compared to the previous year, a number that was not recorded. On the Palestine Stock Exchange for more than 10 years, indicating that we are awaiting somewhat harsh results in the same context for the first quarter of the year 2024, due to the continuation of the aggression.

He pointed out, “This situation did not affect at all the commitment of profitable companies to their shareholders, as dividends are still strongly present in many of the recommendations of the general bodies of listed companies, and we at the Palestine Stock Exchange will work hard to continue the process of progress and growth, despite the serious challenges, and to These include poor market liquidity and accumulated losses as a result of the aggression.

The General Assembly approved the Board of Directors’ report and financial statements, and the members of the Board of Directors were
discharged from their liabilities for the fiscal year 2023, in addition to re-electing Ernst and Young to audit the stock exchange’s accounts for the fiscal year 2024.

It is noteworthy that the Palestine Stock Exchange was established in 1995 as a private joint stock company, and in 2012 it was listed for trading after it was transformed into a public joint stock company. The Stock Exchange seeks to be a local financial market with international standards, in light of providing innovative services to customers through a trading environment characterized by fairness, transparency and safety. It is noteworthy that the Palestine Stock Exchange is listed in the most important global financial indices: within the frontier markets ‘Frontier Markets’ and ‘FTSE Global Financial Times’ and within an independent index for ‘Palestine’ in both Morgan Stanley and Standard and Poor’s.

Source: Maan News Agency

HE Minister of Finance Ali bin Ahmed Al Kuwari met here today with Chairperson, CEO and Co-Founder of Blackstone Group, a leading asset management firm, Stephan Schwarzman.

During the meeting, they discussed key financial and investment developments, and explored areas of joint cooperation.

Source: Qatar News Agency

The Ministry of Trade announced the completion of the files for initial offers for goods and services and their official submission to the Secretariat of the World Trade Organization through official channels.

Minister of Trade Atheer Al-Ghurairi, Chairman of the National Committee concerned with Iraq’s accession to the World Trade Organization, said: ‘This important step comes in the context of the Iraqi government’s efforts and its program aimed at promoting international trade and achieving sustainable development, which reflects its commitment to ensuring global economic integration and expanding economic partnerships.’

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He added: ‘The National Committee, the technical committees emanating from it, and the accession team in the Ministry were able, within a short period of time, to complete these files and submit them to the organization in preparation for holding the third meeting of the working group on Iraq during the current year, 16 years after the date of the second meeting of the group in 2008.’

He pointed out that the World Trade Organization (WTO) and international circles welcomed Iraq’s return to the negotiating table.

Al-Ghurairi stressed: ‘The two files for the initial offer of goods and services, which were submitted, included a wide range of products and services that reflect the diversity and competitiveness of the Iraqi economy and their negotiation,’ noting: ‘Work is underway to prepare the Iraqi negotiating team and build the team’s negotiating capabilities for the purpose of initiating negotiating rounds with member states of the organization in order for Iraq to obtain membership in the organization.

He explained, “The Department of Foreign Economic Relations, through official channels of dealing with the organization, is working on completing all requirements for accession in order for Iraq to obtain membership in the organization and enhance Iraq’s integration into the multilateral trading system.”

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It is worth noting that the World Trade Organization (WTO) has issued the annual
report on the accession of observer countries, and praised the efforts led by the Ministry of Trade through its chairmanship of the National Committee, and that Iraq is the only Arab country whose accession process has become active and has passed advanced stages among the Arab countries that hold observer member status./End

Source: National Iraqi News Agency

Doha: HE Governor of Qatar Central Bank Sheikh Bandar bin Mohammed bin Saoud Al-Thani met on Wednesday with Alibaba Group Co-Founder and Chairman Joseph Tsai.

During the meeting, they reviewed the latest global investment and financial developments.

Source: Qatar News Agency