Category: News

The Qatar Chamber reviewed the bilateral cooperation with the Investment Promotion Agency of the Uzbekistan.

During a meeting held at the Chamber’s venue Ali Saeed Bu Sherbak Al Mansouri, the Assistant General Manager for Governmental Relations & Committees Affairs and Murat Mirzaev, Director of the Investment Promotion Agency of Uzbekistan, reviewed economic and commercial cooperation and investment climate and opportunities between both countries. Both officials also discussed the investment attractive sectors for investment and the possibility to enhance the mutual investments and establish commercial partnerships between the private sectors in both countries.

Speaking at the meeting, Al Mansouri praised the close relations between both countries, stressing the importance developing trade exchange through increasing cooperation between the Qatari private sector and its counterpart from Uzbekistan, as well as expanding the mutual investments.

He pointed out to the possibility to organise a joint business forum between both countries’ businessmen to review opportunities of cooperation and partnerships and the most important sector available for investment, stressing the interest of Qatari businessmen to explore opportunities galore in Uzbekistan.

For his part, Director of the Investment Promotion Agency of Uzbekistan Murat Mirzaev assured his country’s welcome to Qatari investors at all sectors, especially in agriculture, industry, tourism, mining, energy, textiles and food processing, noting that his agency developed a single window to facilitate doing businesses, helping investors find local partner and promoting investment and business climate in the country.

Source:https://www.qatar-tribune.com/article/66600/business/qc-reviews-ties-with-uzbek-investment-promotion-agency

Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region was honoured at the graduation ceremony of the eighth cohort of the “Kawader Malia” programme, for its outstanding contribution towards supporting the development of young Qataris and its commitment to shaping the country’s future workforce.

Held at the four seasons hotel in Doha Last Wednesday on May 24th, the ceremony saw the program award certificates to 72 distinguished students. The graduates completed extensive training programs in leading Qatari institutions that equipped them with knowledge and skills to lead and thrive in fields critical to national development.

In November 2022, QIC signed a MoU with Qatar Finance and Business Academy (QFBA), committing to support its ‘Kawader Malia’ program for three years. In January this year, QIC welcomed a group of trainees which included Ghanim M. Al-Ghanim, Saleh K. Al-Mohannadi and Maryam N. Al-Fadala for a 12 week program that followed a well-rounded approach that combines orientation sessions, experiential learning and mentorship, designed to help the trainees gain hands on real-world experience, professional skills and insight into crucial aspects of the sector so that they can transition seamlessly into the workforce.

The MoU reinforced the mutual commitment of both signing entities to develop and foster Qatar’s national human capital.

Receiving the award on behalf of QIC Group was Mr. Rashid Al-Buainain, QIC Group Chief Administrative Officer who remarked, “We congratulate the graduates of the eighth cohort of the Kawader program on their outstanding achievement and share in their excitement as they embark on new journeys that will no doubt have positive impact on Qatar and the world. Seeing their commitment and dedication to hard work tells us that Qatar’s future is in good hands, and we are proud to have a hand in shaping it. We remain eager to continue to support initiatives that contribute effectively to the human development of the country’s financial services sector and more broadly the realization of the ‘Qatar National Vision 2030’ which entails preparing Qatari youth to take on the world’s challenges and become tomorrow’s innovators, entrepreneurs, and professionals”.

QFBA’s Kawader Malia program is an initiative designed to bridge the performance gap between “the academic and the professional” for fresh graduates of both genders within the spectrum of the financial industry and help prepare future business leaders, and decision makers of Qatar’s financial and banking services sector.

Source:https://www.qatar-tribune.com/article/66608/business/qic-honoured-for-efforts-towards-developing-qatars-human-capital

The expected free trade agreement (FTA) between GCC states including Qatar and the UK will further boost trade between Qatar and the UK, Lulu Group International Director Dr Mohamed Althaf said.

Talking to Qatar Tribune recently, Althaf said, “There is a lot of initiative from the UK government to reach out to countries ‘One to One’ for most favoured nation status in business and free trade agreements. Maybe there will be a free trade agreement between GCC states including Qatar and UK very soon. The free trade agreement with Qatar will be a huge game changer for people like us here.”

After a very long association, he said, “The UK has already concluded one treaty with Australia. And I think they are close to finalising an agreement with India. And I think the next is going to be Qatar. Now, in terms of the British export to Qatar, it will definitely benefit because this will remove a lot of trade barriers. But as I said Qatar is always a very open economy. So more than that, more than British food coming here, I also see a huge potential for Qatari products to go towards the UK.”

“As we know that Qatar has got a very nice port here in Doha. And there is a lot of incentive here for smart manufacturing, a lot of goods can come and go. So I wouldn’t be surprised if many companies from Asia will make Qatar a hub for manufacturing. The free trade agreement with the UK will also encourage a lot of UK companies to come and set up their operations in Qatar. So I think that will give a huge boost to the trade between these two countries,” Althaf said.

Althaf also revealed that Lulu has four more projects ready to open this year.

He said, “Now that the World Cup is over we are trying to consolidate ourselves in the Qatari market. Last year, we needed to complete most of our projects to ensure we were aligned with preparation for FIFA. And we wanted to serve our guests and I think we did it well. Not only us, all the people in Qatar, and all the companies have done a fabulous job and made the World Cup extremely successful. Now that things are done and we are back to normal, we are consolidatingour operation.”

He, however, said that the growth potential for Qatar is very high. “Qatar is now on the course of one of the biggest hydrocarbon expansions in the world. A lot of investment is happening in the hydrocarbon sector and all the infrastructure investments that they have made will result in some kind of a commercial outcome. So we are also continuing to grow to align with thecountry’s growth.”

Source:https://www.qatar-tribune.com/article/66652/business/expected-fta-to-boost-uks-trade-ties-withqatar-althaf

The economies of the Gulf Cooperation Council (GCC) are projected to grow at a slower pace in 2023 compared to the previous year, in the face of lower oil and gas earnings and a global economic slowdown, according to the new World Bank Gulf Economic Update (GEU).

The GCC is expected to grow by 2.5 per cent in 2023 and 3.2 per cent in 2024.

This compares to the region’s remarkable GDP growth of 7.3 per cent in 2022, which was fuelled by a strong increase in oil production for most of that year.

World Bank forecasts for UAE, Saudi and more
The weaker performance is driven primarily by lower hydrocarbon GDP, which is expected to contract by 1.3 per cent in 2023 after the OPEC+ April 2023 production cut announcement and the global economic slowdown.

However, robust growth in the non-oil sectors, which is anticipated to reach 4.6 per cent in 2023, will dampen the shortfall in hydrocarbon activities, driven primarily by private consumption, fixed investments, and looser fiscal policy in response to 2023’s relatively high oil revenues.

The latest issue of the World Bank’s GEU states that this year’s more modest growth is nonetheless buoyed by the structural reforms undertaken in the past few years.

Improvement to the business climate and competitiveness, and the overall improvements in female labour force participation in the GCC countries, especially in Saudi Arabia, have all paid off, though further diversification efforts are still needed and is underway.

UAE economic outlook 2023
Economic growth in 2023 is expected to slow compared to 2022 due to a decline in global economic activity, contraction in oil production, and tightening financial conditions.

Accordingly, real GDP is projected to grow by 2.8 per cent in 2023 to reflect a decline in oil activity growth of 2.5 per cent while a strong non-oil sector growth of 4.8 per cent will soften the contraction in oil activities, driven by robust domestic demand, particularly in the tourism, real estate, construction, transportation, and manufacturing sectors.

Saudi economic outlook 2023
Following a stellar GDP expansion of 8.7 per cent in 2022, economic growth is projected to decelerate to 2.2 per cent in 2023.

A fall in oil production, as Saudi Arabia abides by OPEC+ agreed production cuts, will contract oil sector GDP by 2 per cent.

However, with oil prices remaining at relatively high levels, loose fiscal policy and robust private credit growth are expected to cushion the contraction in the oil sector.

As a result, non-oil sectors are anticipated to grow by 4.7 per cent in 2023.

Bahrain economic outlook 2023
Bahrain’s economic outlook hangs on oil market prospects and the results of the accelerated implementation of its structural reforms’ agenda under the revised Fiscal Balance Program.

Growth is projected to moderate to 2.7 per cent in 2023 before averaging 3.2 per cent during 2024-25 as fiscal adjustments continue.

Growth in the hydrocarbon sector is expected to contract by 0.5 per cent in 2023 while the non-hydrocarbon sectors will continue expanding by 3.5 per cent supported by the recovery in the tourism and service sectors and the continuation of infrastructure projects.

Kuwait economic outlook 2023
Economic growth is expected to slow to 1.3 per cent in 2023 in response to a more cautious OPEC+ production approach and sluggish global economic activity.

The Oil sector is anticipated to contract by 2.2 per cent in 2023 despite the newly established Al Zour refinery.

Kuwait’s non-oil sectors are anticipated to grow by 4.4 per cent in 2023 driven primarily by private consumption. Policy uncertainty caused by political deadlock is expected to undermine the implementation of new infrastructure projects.

Oman economic outlook 2023
Oman’s economy is forecast to continue to grow, but at a slower pace, driven primarily by accelerated implementation of structural reforms under Vision 2040.

Overall growth is projected to moderate to 1.5 per cent in 2023 reflecting softening global demand.

Accordingly, the hydrocarbon sector is anticipated to contract by 3.3 per cent, reflecting OPEC+ recent production cuts while the non-oil economy is projected to continue its recovery trajectory by growing 3.1 per cent in 2023 supported by frontloading of infrastructure projects, increased industrial capacity from renewable energy, and the tourism sector.

Qatar economic outlook 2023
Real GDP is estimated to slow down to 3.3 per cent in 2023 after the strong performance registered in 2022, with the hydrocarbon sector expanding by 0.8 per cent.

The North Field expansion project is expected to boost the hydrocarbon sector in the medium term once the field enters commercial operation.

Meanwhile, robust growth is anticipated during this year in the non-hydrocarbon sectors, reaching 4.3 per cent, driven by private and public consumption.

The United Nations has revised its projections on global economic growth this year to be at 2.3 percent, up 0.4 percentage points from its January forecast.

The multilateral body in its latest report, however, lowered its prediction for world economic growth by 0.2 percent to 2.5 percent for 2024.

Source:https://www.arabianbusiness.com/politics-economics/in-detail-world-bank-forecasts-2023-economy-growth-for-uae-saudi-qatar-bahrain-oman-and-kuwait

Bahrain’s high-level delegation concluded its official visit to India, which took place from 14 to 17 March 2023, in New Delhi and Mumbai.

Organised with the support of the Ministry of Industry and Commerce (MOIC) and the Bahrain Economic Development Board (Bahrain EDB), the visit highlighted key investment opportunities in the Kingdom of Bahrain and designed to further enhance bilateral trade relations between the two countries. In line with the Economic Recovery Plan (ERP), the investment and trade opportunities highlighted by the delegation focused on Bahrain’s financial services, manufacturing, Information and Communication Technology (ICT), logistics, and tourism sectors.

The delegation included over 60 representatives from various public and private sector entities, namely the MOIC, Bahrain EDB, Bahrain Chamber of Commerce and Industry, Bahrain Tourism and Exhibition Authority, Export Bahrain, alongside several leading Bahrain-based businesses and business societies. The visit additionally witnessed the signing of a Memorandum of Understanding between Export Bahrain and the Confederation of Indian Industry (CII), in the presence of H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain and H.E. Abdulrahman Mohammed Al Qaoud, Ambassador of the Kingdom of Bahrain to the Republic of India, which outlined a framework to increase bilateral trade between the two entities.

Commenting on the visit, H.E. Abdulla bin Adel Fakhro, the Minister of Industry and Commerce in Bahrain, said: “This is an important visit that will pave the way for a more strategic partnership between Bahrain and India, on a government, economic, and business level. With a focus on key economic sectors, it moves us another step closer towards achieving the goals set under Bahrain’s Economic Recovery Plan.”

H.E. Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board said: “India and Bahrain are strong trading partners with a long history of cooperation. The relationship between our two countries has gone from strength to strength ever since we entered diplomatic relations at an ambassadorial level since 1971. Today, non-oil trade continues to grow between both nations, and these visits are crucial as we continue to focus on driving investment into key sectors of the Kingdom’s economy .”

The lineup of sessions and activities, which hosted key Indian government officials, business representatives, and potential investors, included the 2023 Partnership Summit accompanied by the Confederation of Indian Industry (CII) in New Delhi. Additionally, the delegation attended two key networking events, hosted by Bahrain EDB and supported by Bombay Chamber, and CII in Mumbai.

According to the latest statistics, trade between both countries reached USD 1.4 billion in 2022, and Inward FDI stocks of India to Bahrain reached USD1.4 billion as of Q3 of 2022, accounting for around 4% of Bahrain’s total FDI stock of USD33.9 billion.

Source:https://www.bahrainedb.com/latest-news/bahrains-high-level-economic-delegation-concludes-a-successful-visit-to-india