Category: Market

Doha: The State of Qatar chaired the 58th preparatory meeting of the undersecretaries of the ministries of commerce and the 44th meeting of the undersecretaries of the ministries of industry in the Gulf Cooperation Council (GCC) countries, which were held in Doha today.

A statement by the Ministry of Commerce and Industry stated that the activities of the preparatory meetings were chaired by HE Undersecretary of the Ministry of Commerce and Industry Mohammed bin Hassan Al Malki, in the presence of HE GCC Assistant Secretary-General for Economic and Development Affairs Khalid bin Ali Al Sunaidi and the undersecretaries of commerce and industry in the GCC countries.

Assistant Undersecretary for Industry Affairs and Business Development Saleh bin Majid Al Khulaifi and Acting Assistant Undersecretary for Trade Affairs at the Ministry of Commerce and Industry Ayed Al Qahtani participated in the meetings.

HE the Undersecretary of the Ministry of Commerce and Industry welcomed Their Excellencies the Undersecretar
ies in the State of Qatar, noting that these meetings are a continuation of efforts to strengthen joint GCC action and achieve the common goals and ambitions of the GCC countries to advance the various GCC economic sectors, especially the trade and industry sectors, in a way that enhances their contribution to promoting economic development in the GCC countries.

His Excellency thanked the Sultanate of Oman for its efforts and endeavors made during its presidency of the meetings of the commercial and industrial cooperation committees during the past year, which resulted in many fruitful and constructive results and recommendations to support and enhance joint GCC action in the commercial and industrial sectors in the GCC countries.

Their Excellencies the Undersecretaries discussed a number of topics in the preparatory meeting of the commercial cooperation committee, including the formation of a committee specialized in investment issues, updates in the commercial laws of the GCC countries such as the consume
r protection law and the competition law, finding a unified mandatory legislative framework for e-commerce for the GCC countries, and preparing a unified GCC law for commercial franchising.

The work of the small and medium enterprises and entrepreneurship committee, the internal trade committee and the foreign trade committee along with the latest developments in the free trade agreement negotiations with countries and international blocs were reviewed, in addition to reviewing the developments in dealing with intra-GCC trade and other relevant topics related to the commercial sector in the GCC countries.

The 44th preparatory meeting of the GCC industry undersecretaries committee discussed the latest developments related to finding a unified definition of the “GCC” national product and its standards, lists of goods subject to collective protection and the unified strategy for industrial development in the GCC countries.

The meeting reviewed a proposal to establish an electronic information platform concern
ed with GCC industrial projects and joint projects to be a database that facilitates investors’ access to information that serves the industrial sector as well as access to the experiences of member states in the field of future factories, combating harmful practices and protecting GCC industry from unfair competition.

Source: Qatar News Agency

KUWAIT, Kuwait Projects Company (KIPCO) plans to focus on investment growth as the cornerstone of its future plans and endeavors, the chief executive of the country’s largest listed investment firm Sheikha Adana Al-Sabah said on Tuesday.

KIPCO is hard at work in its efforts to keep investment growth steady and perpetual, the official said as she outlined some of the company’s most recent accomplishments, saying the company’s future plans will revolve around policies that promote “innovative investment.” On revenue growth, she said the process has been on an upward trajectory thanks in part to key mergers and other similar business decisions that allowed KIPCO’s net asset value to reach KD 603 million (USD 1.9 billion).

She went on to cite a 52 percent stake in Burgan Bank Turkiye, which was sold to KIPCO subsidiary, Al Rawabi United Holding, as among the shrewd and notable business practices undertaken last year.

Source: Kuwait News Agency

Doha: HE Chairman of Real Estate Regulatory Authority Eng. Khalid bin Ahmed Al Obaidli met Tuesday with HE Ambassador of the United Arab Emirates to the State of Qatar Sheikh Zayed bin Khalifa bin Sultan bin Shakhboot Al Nahyan.

During the meeting, they discussed the fraternal relations between the two countries, particularly in the field of real estate cooperation, and ways to enhance and develop it.

Source: Qatar News Agency

DOHA, Undersecretaries of the ministries of commerce of the GCC member countries convened their 58th meeting in Doha on Tuesday to prepare for the 66th ministerial meeting of the committee on trade cooperation.

The delegation of the State of Kuwait is led by Undersecretary of the Ministry of Commerce and Industry Zyad Al-Najem.

The preparatory meeting focused on the plan to set up an ad hoc committee on investment and the trade legislations in the GCC, including the law on consumer protection and the regulation of competition.

Undersecretary of the Qatari Ministry of Commerce and Industry Mohammad Al-Maleli, the chair of the meeting, said the conferees continue the efforts to promote GCC joint action and realize the common aspirations for economic development.

He thanked the Sultanate of Oman for the efforts it made while chairing the GCC committees on trade and industry cooperation in the last year which led to fruitful results.

The meeting reviewed the blueprint of a framework of GCC e-trade code and G
CC franchise code.

The blueprint will be tabled to the 66th meeting of the committee on trade cooperation, to be held in Doha this May, for endorsement by the ministers of commerce and industry.

Today’s meeting also discussed the progress made by the committees on small and medium-sized enterprises (SMEs) and entrepreneurship, domestic trade and foreign trade, as well as the latest developments of the free trade talks region regional blocs.

Meanwhile, undersecretaries of the GCC ministries of commerce convened their 44th meeting to prepare for the 52nd ministerial meeting of the committee on industrial cooperation.

The State of Kuwait was represented by acting Director General of the Public Authority for Industry Mohammad Al-Adwani.

Source: Kuwait News Agency

Kathmandu: HE the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal praised Qatar’s experience in developing its various economic sectors and building a strong and resilient economy to become one of the world’s leading economies, thanks to its wise and inspirational leadership, emphasizing Nepal’s keenness to benefit from this experience.

In an interview with Qatar News Agency , His Excellency said: “I believe we as a nation can learn from the way HH the Amir Sheikh Tamim bin Hamad Al-Thani has been leading Qatar to becoming one of the important economies in the world.” “We are highly impressed with the development that has taken place in Qatar. Qatar has been marching ahead in all areas of economic and social development. The fact that Qatar has been hosting major global events, including the FIFA World Cup, so successfully speaks volumes of what the country has achieved in the recent past. The whole world is impressed by the resiliency and capacity to d
evelop a country even during difficult times,” he added.

His Excellency noted that HH the Amir’s visit to Nepal provides an opportunity to develop existing relations and enhance bilateral cooperation, as well as learn more about this economic experience. It will also highlight that Nepal is a safe and pleasant destination to travel and invest in, in addition to encouraging the relationship between the private sectors of the two countries.

He added that the visit will add more significance to the already existing relationship between the private sectors of Nepal and Qatar.

HE the President of FNCCI Chandra Prasad Dhakal said that there is a desire to renew the MoU between Qatar Chamber and FNCCI, signed in 2005, and establish Joint Business Council to open up more avenues for joint trade and investment.

He also spoke about existing trade relations with the Qatari private sector and Qatar Chamber, which witnessed development in light of the signed MoU. He pointed out that numerous meetings, trade promotion
events and workshops were held in collaboration with Qatari businesses.

He explained that fruitful meetings between the Chambers of both countries were held, revolving around how investment could be made in Nepal by Qatari businesses and how Nepali businesses could look to increase exports to Qatar.

“Over the past few years, I have had interactions with Qatari business people and I see a lot of potential in Qatar. The doing business climate in Qatar has been an attraction for investors across the globe and Qatar has become an investment hub for global players,” he added.

He also touched upon investment opportunities available in his country, saying: “Thanks to the strong and stable external sector and continuous reforms, Nepal is well-placed for investment in many sectors.” He noted that the government is in the process of amending laws and regulations to attract foreign investment.

He highlighted the importance of various investment sectors available, including untapped ones that the Qatari private secto
r can benefit from. These sectors include tourism infrastructure, hydroelectricity, medical infrastructure, ICT, skill development, agro-processing, and other profitable sectors, he explained.

HE Chandra Prasad Dhakal emphasized the importance of tourism sector in his country, given Nepal’s strategic location and its tourism assets, especially its breathtaking natural scenery and the world’s highest mountain peaks. He affirmed the significant success of some projects initiated in this sector, such as resorts, hotels, amusement parks, cable cars, and others.

HE the President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) Chandra Prasad Dhakal concluded his statement to QNA by stressing that the private sector of Nepal is very vibrant and they plan on doing more to enhance the relationship with Qatar, in order to attract more investments and enhance trade exchange to serve mutual interests and goals.

Source: Qatar News Agency

KUWAIT, National Bank of Kuwait (NBK) has reported a net profit of KD 146.6 million (USD 476.8 million) in the first quarter of 2024, compared to KD 134.2 million (USD 436.6 million) for the corresponding period in 2023, improving by 9.2 percent year-on-year.

Total assets as of the end of March 2024 grew by 5.1 percent year-on-year to reach KD 38.3 billion (USD 124.7 billion), whereas total loans and advances increased by 5.7 percent year-on-year to KD 22.4 billion (USD 72.8 billion), the bank said in a press release.

ShareholdersÂ’ equity reached KD 3.8 billion (USD 12.3 billion), growing by 7.9 percent year-on-year, it added.

Commenting on the BankÂ’s 1Q2024 financial results, NBK Group Chairman Hamad Al-Bahar said: “In the first quarter of 2024, we recorded robust profits, showcasing our commitment to delivering long-term sustainable value to our customers, community, and shareholders.” “Kuwait’s economy displays resilience and stability, firmly rooted in robust foundations. We expect an uptick in activ
ity within Kuwait’s operational scene throughout 2024, resulting in increased project awards and reinforcing trust in the country’s business landscape,” Al-Bahar added.

“In spite of the recent escalation in geopolitical tensions in the region, we continue to focus on advancing our operations in the markets we serve while closely monitoring the repercussions on the operating environment in the region,” Al-Bahar explained.

Meanwhile, NBK Group Vice Chairman and CEO Isam J. Al-Sager said: “We have had a strong beginning to 2024, with our business segments maintaining momentum throughout the quarter. This underscores the benefits of our strategic investments and diversified business portfolio.” Al-Sager highlighted the Bank’s robust performance, citing strong revenue and profit growth. He noted that the operational momentum from 2023 carried forward into the current period, resulting in another quarter of strong profits fueled by growth across all business sectors.

“The Group’s net operating income increased b
y 11.2 percent year-on-year, reaching KD 309.0 million (USD 1.0 billion). This increase was fueled by improved revenues across various business sectors, reflecting the diverse and multiple sources of income within the Group,” Al-Sager added.

Al-Sager stressed that the domestic political environment witnessed some recent instability in the form of changes in parliament and government.

Source: Kuwait News Agency

Doha: Commercial Bank’s Net Profit jumped by 38.8 percent in the first quarter of 2024 to reach QR 801.6 million compared to a Net Profit of QR 577.2 million for the same period of the previous year.

The financial statement issued today by Commercial Bank and published on the Qatar Stock Exchange website indicate that the Earnings per Share (EPS) amount to QR 0.20, compared to Earnings per Share (EPS) of QR 0.14 for the same period in 2023.

Source: Qatar News Agency

News report by Mohammad Abdulaziz KHARTOUM, A year into the brutal civil war in Sudan between the Sudanese Armed Forces (SAF) and the paramilitary Rapid Support Forces (RSF), this Arab country’s economy has suffered major losses estimated at billions of dollars.

Sudan’s Minister of Finance Dr. Jibril Ibrahim estimated that the losses may reach USD 200 billion, without taking into account the losses of the country’s missed economic opportunities, possibly estaimted at USD 700 billion.

The amount of losses increased from USD 20 billion during the first two months of the war to reach about USD 700 billion according to preliminary estimates by economists.

Economist Dr. Wael Fahmy told KUNA that the estimates of the Minister of Finance are equivalent to the cost of daily expenses spent on military operations, at a rate of half a billion dollars per day during the early stages, but doubled after the fighting expanded to 70 percent of Sudan.

Fahmy warned that the continuation of the war will lead to a further do
wnfall in national production and perhaps a total collapse in public financial revenues.

In a statement to KUNA, journalist and economic analyst Ahmad Khalil, said that the continuation of the war led to the destruction of infrastructure, the halting of large development projects, and the collapse of the services and industry sector.

There are no accurate statistics on the amount of losses, according to Khalil, but estimates showed that infrastructure and information infrastructure losses amounted to USD 36 billion.

Current and future agriculture sector losses surpassed USD 20 billion, while the industrial sector lost USD 15 billion, the education sector lost USD 16 billion, the health sector lost USD 13 billion and the banking sector lost about 20 billion dollars.

The lack of availability of banking services, limited access to them, and a widespread cash shortage is putting the banking sector in a severe crisis.

A hundred bank branches operating in Sudan were subjected to looting, theft, and destruction
, the percentage of looted funds reached more than 38 percent in banks in the capital of Khartoum only.

Sudanese people are struggling to buy basic items after food prices in Sudan rose by 73 percent since last year, and 350 percent higher than the five-year average due to the interruption of supply chains and the decline in the value of the local currency by about 56.15 percent.

The exchange rate of one U.S. dollar fell from 570 Sudanese pounds before the outbreak of war to 1,300 pounds, which led to an increase in goods and services, exports and imports in 2023 declined by 23 percent compared to the previous year.

After the war destroyed Sudan’s agriculture and economy, leaving its victims hungry and penniless, there have been international warnings that millions of people in Sudan and its neighboring countries are threatened by famine.

Khalil revealed that this war has made the lives of Sudanese extremely dreadful, that those who do not die from bullets and bombings are bound to because of the collapse
of the economy.

Source: Kuwait News Agency

Doha: Qatar Electricity and Water Company (QEWC) recorded a net profits of QR 318 million in the first quarter of 2024, compared to QR 401 million for the same period in 2023, a 21 percent decrease.

The company stated that the earnings per share for the first quarter of 2024 amounted to QR 0.29, compared to QR 0.36 for the same quarter of 2023.

The company’s revenues for the first quarter reached QR 687 million, compared to QR 658 million for the same period in 2023, representing a 4 percent increase.

QEWC enjoys excellent financial status according to Moody’s, with a strong credit rating of ‘A1’ and a stable outlook.

QEWC was established in 1990 with a capital of QR 1 billion and is listed on the Qatar Stock Exchange.

Source: Qatar News Agency

Baghdad, Iraq will host next Saturday, the 50th session of the Arab Labor Organization conference in the capital, Baghdad, in the presence of the Director-General of the International Labor Organization, the Secretary-General of the League of Arab States, Arab Ministers, heads of delegations, including agents, managers, representatives of employers and workers, and all diplomatic figures,

The conference includes the three social partners of governments, employers and workers, and the points that will be discussed by the three events will be presented and the decisions taken by the organization will be implemented.

Labor and Social Affairs announced the completion of all logistical aspects and requirements for holding the Arab Labor Conference in the capital, Baghdad, in its 50th session, in addition to coordination with the Ministry of Foreign Affairs and the Prime Minister’s Office, as they are among the supporting departments in this work.

Source: National Iraqi News Agency

Doha: Gulf Warehousing Company’s net profit for the three-month period ending March 31, 2024 decreased by 17 percent to QR 50.9 million in comparison to net profit QR 61.5 million for the same period of the previous year.

The company’s financial statement posted on Qatar Stock Exchange website said that its Earnings per Share (EPS) amounted to QR 0.087 versus Earnings per Share (EPS) QR 0.105 for the same period in 2023.

Source: Qatar News Agency

Bethlehem – Maan – Currency exchange rates against the shekel, today, Tuesday, were as follows:

Dollar- Buy 3.76 Sell: 3.80

Dinar – Buy: 5.29 Sell: 5.36

EUR- Buy: 3.99. Sale:4.04

Metals: Gold: Buy 2303 Sell 2310

Source: Maan News Agency