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Tuesday, 5 December 2017

Qatar's economy to have a different direction: Emiri Diwan's Economic Advisor - The Peninsula Qatar

Qatar's economy to have a different direction: Emiri Diwan's Economic Advisor - The Peninsula Qatar:

"Qatari economy will have a different direction in the future from what it has been before, especially since Qatar has been relying on integration in the Gulf region, Economic advisor at the Emiri Diwan Dr Ibrahim Al Ibrahim said.

Speaking on the sidelines of the Euromoney Qatar conference, Dr Al Ibrahim said the vigilance and prior readiness of the Qatari administration for surprises such as the siege formed a protection from any repercussions of the siege, noting that there are effective plans to move towards all markets and strengthen trade relations with all world countries.

He noted that in the past Qatar has faced the challenge of being able to take the gas sector from the Gulf market or the region to go global, stressing that it largely succeeded in doing that and became the biggest exporter of LNG in the world. He added that this is currently being repeated in exporting in the non-oil sector and how the state can succeed in exporting its products globally."



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Middle East airline profits to roar back in 2018 | Arab News

Middle East airline profits to roar back in 2018 | Arab News:

"Middle Eastern airlines are forecast to record a significant improvement in profitability in 2018, according to a report from the International Air Transport Association (IATA).
After a year in which Middle East carriers were hit by the low oil price, US travel restrictions and geopolitical uncertainty, profits next year should double from $300 million to $600 million, said IATA in its outlook for the coming year.
While many problems remain, regional airlines had cut costs and made efficiencies to cope with the tougher trading environment, the report suggested."



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Qatar can easily raise $9 billion through bonds in 2018: QFC CEO - The Peninsula Qatar

Qatar can easily raise $9 billion through bonds in 2018: QFC CEO - The Peninsula Qatar:

"Qatar's government will comfortably be able to raise $9 billion through international bond issuance next year, Yousef Al Jaida, chief executive of the Qatar Financial Centre (QFC), said on Tuesday.

Speaking at an international business conference, Al Jaida said the cost of Qatari bond issues might rise next year but that would depend on where the bonds were sold. He noted that Asian funds were showing increasing interest in Qatari debt.

The QFC, with its own legal, regulatory, tax and business infrastructure, licenses foreign companies to exempt them from the Gulf state's local ownership laws."



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EU adopts tax haven blacklist, British territories spared

EU adopts tax haven blacklist, British territories spared:

"European Union finance ministers adopted a blacklist of 17 jurisdictions deemed as tax havens on Tuesday, in an unprecedented step to counter worldwide tax avoidance, although they did not agree on financial levies for the listed countries.

To discourage the use of shell structures abroad - which in many cases are legal but may hide illicit activities - the EU in February began screening 92 jurisdictions seen as possible tax havens. The move came in the wake of numerous disclosures of offshore tax avoidance schemes used by companies and wealthy individuals.

EU finance ministers approved a common blacklist on Tuesday made up of American Samoa, Bahrain, Barbados, Grenada, Guam, South Korea, Macau, Marshall Islands, Mongolia, Namibia, Palau, Panama, Saint Lucia, Samoa, Trinidad and Tobago, Tunisia and United Arab Emirates (UAE)."



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Saudi Corruption Settlement Talks Should End in a Few Weeks, Official Says - Bloomberg

Saudi Corruption Settlement Talks Should End in a Few Weeks, Official Says - Bloomberg:

"Saudi Arabia’s attorney general said talks to reach settlement agreements with suspects detained in the kingdom’s declared crackdown on graft should conclude in a few weeks.

Sheikh Saud Al Mojeb said that out of more than 300 people summoned for questioning by an anti-corruption agency, 159 are in detention. “Most detainees faced with corruption allegations by the committee agreed to a settlement,” he said in a statement on Tuesday. “As a precautionary measure, the bank accounts of 376 individuals are frozen, all of whom are either detainees” or are linked to those held, he said.

The wave of detentions was made public on Nov. 4, shortly after King Salman announced the formation of the anti-corruption commission headed by his heir, Crown Prince Mohammed bin Salman. The purge prompted a selloff that wiped billions from stock markets across the Gulf, and was seen by some as an attempt by Prince Mohammed to tighten his grip on power. "



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MIDEAST STOCKS-Gulf falls back after negative news on Yemen, Qatar

MIDEAST STOCKS-Gulf falls back after negative news on Yemen, Qatar:

"Gulf stock markets fell back on Tuesday after geopolitical news from Yemen and Qatar that has heavily influenced the bourses for weeks turned negative.

Markets rose early this week after former Yemeni president Ali Abdullah Saleh offered to ally with a Saudi Arabian-led coalition in his country’s conflict, and because of hopes that Qatar’s diplomatic isolation might end.

But Saleh was killed by Iran-aligned Houthi militia in Sanaa on Monday, a morale boost for the Houthis that analysts said could prove a serious blow to the Saudi coalition."



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Qatar says 2018 budget will focus on resisting economic boycott

Qatar says 2018 budget will focus on resisting economic boycott:

"Qatar’s 2018 state budget will focus on developing local industries and the private sector as the country works to make itself self-sufficient in the face of a boycott by other Arab states, Finance Minister Ali Sherif al-Emadi said on Tuesday.

In a speech to an international business conference, delivered exactly six months after Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade ties with Qatar, Emadi said the economy had escaped serious damage.

But he added that Qatar was determined never again to leave itself as vulnerable as it was in the initial weeks of the boycott, when the closing of its border with Saudi Arabia slashed imports of fresh food and other Gulf states pulled billions of dollars of deposits from its banks. "



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MIDEAST STOCKS-Qatar continues rebound early on, rest of Gulf mostly weak | ZAWYA MENA Edition

MIDEAST STOCKS-Qatar continues rebound early on, rest of Gulf mostly weak | ZAWYA MENA Edition:

"Qatar's stock market continued to rebound early on Tuesday on hopes that its diplomatic dispute with other Arab states could move towards resolution, while most other Gulf markets were weak. The Qatari index climbed 0.5 percent in the first 45 minutes of trade after surging 2.2 percent on Monday. Real estate developer Ezdan Holding ERES.QA , which has been hit hard this year by a property market slump deepened by the diplomatic crisis, soared its 10 percent daily limit and was the most heavily traded stock. Ezdan said in May that it planned to go private, and some traders said shareholders might be trading the stock to ensure a minimum price when that happened. "



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Qatargas Mideast exports doubled in 5 years - The Peninsula Qatar

Qatargas Mideast exports doubled in 5 years - The Peninsula Qatar:

"Qatargas, the world’s premier LNG company, witnessed a sharp increase in its gas supply to the Middle East last year. In 2016 Qatargas’ exports to the region jumped to 13 percent compared to just 8 percent in 2015, while the total production in 2016 remained almost unchanged compared to the previous year level. Its gas supplies to the Middle East has been registering a steady growth over the last few years. Qatargas’ exports to the region in 2012 was 6 percent of its total supply which has grown to more than double (13 percent) in 2016 with the year 2014 being an exception when the company served the region with only 2 percent of its total exports.  In contrary Qatargas’ market share to the Americas has seen a steep and steady decline during the period understandably as the region became self-sufficient in terms of energy. Qatargas’ exports to the region has declined to 1 percent in 2016 from 10 percent in 2012."



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UAE, Saudi Arabia forming new group, separate from GCC

UAE, Saudi Arabia forming new group, separate from GCC:

"The United Arab Emirates on Tuesday announced it has formed a new economic and partnership group with Saudi Arabia, separate from the Gulf Cooperation Council — a move that could undermine the council amid a diplomatic crisis with member state Qatar. The Emirati Foreign Ministry announcement, just hours ahead of a GCC meeting in Kuwait, said the new “joint cooperation committee” was approved by the UAE’s ruler and president, Sheikh Khalifa bin Zayed Al Nayhan. Saudi Arabia did not immediately report on the new partnership."



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UAE private sector growth speeds up in November, output jumps: PMI

UAE private sector growth speeds up in November, output jumps: PMI:

"Growth of the United Arab Emirates’ non-oil private sector accelerated in November because of a sharp increase in output, a survey of companies showed on Tuesday. The seasonally adjusted Emirates NBD UAE Purchasing Managers’ Index, which covers manufacturing and services, rose to 57.0 last month from 55.9 in October. Above 50 indicates expansion and below shows a contraction. Khatija Haque, head of regional research at Emirates NBD, said the November data confirmed growth was likely to be strong in the fourth quarter as households and businesses bought more goods before the introduction of a 5 percent value-added tax in January."



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Trophy assets such as Volkswagen, Shard, Harrods profitable, Qatar says

Trophy assets such as Volkswagen, Shard, Harrods profitable, Qatar says:

"Trophy assets held by the Qatar Investment Authority, the country’s sovereign wealth fund, are providing it with great returns, Finance Minister Ali Sherif al-Emadi told a business conference on Tuesday. He mentioned the QIA’s stake in Volkswagen, London’s Shard skyscraper and the Harrods department store as examples. The QIA has been using some of its money to support Qatari banks and the economy this year in the wake of sanctions imposed on Doha by other Arab states. This has caused speculation that it could sell some assets to raise cash."



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Saudi has completed main wave of arrests in anti-graft purge, minister says

Saudi has completed main wave of arrests in anti-graft purge, minister says:

"Saudi Arabia has completed the main wave of arrests in its sweeping crackdown on corruption and is preparing to channel billions of dollars of seized funds into economic development projects, a Saudi minister said on Monday. “As far as I know, this is the case,” Minister of Commerce and Investment Majid bin Abdullah al-Qasabi told Reuters when asked whether authorities had finished taking large numbers of top officials and businessmen into custody. “Now the government will not keep its mouth shut when it sees a corrupt case. So definitely it will act. But this is -- in terms of its magnitude, in terms of scale, in terms of how, in terms of why, in terms of now, that’s it,” he said."



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