News Archives - Page 48 of 101

November 13, 2021

Qatar manufacturing sector remains buoyant in March

A robust month-on-month double-digit jump – particularly in printing as well as in the production of food, beverages and cement – led Qatar’s manufacturing sector to expand in March 2021, according to the Planning and Statistics Authority (PSA).
The country’s Industrial Production Index (IPI) saw a 1.4% monthly increase this March despite the reintroduction of certain Covid-19 related restrictions. However, on a yearly basis, the index was down 0.1%.
“The month-on-month increase in industrial production is rather reflective of the rebound in the non-oil manufacturing activities, as the vaccination drive is on the full swing,” said a market analyst with a leading investment house.
The PSA introduced IPI, a short-term quantitative index that measures the changes in the volume of production of a selected basket of industrial products over a given period with respect to a base period 2013.
The mining and quarrying index, which has a relative weight of 83.6%, saw a 0.5% increase month-on-month owing to a 0.5% expansion in the extraction of crude petroleum and natural gas and 3.6% in other mining and quarrying sectors.
On a yearly basis, the index showed 0.3% jump owing to a 0.3% increase in the extraction of crude petroleum and natural gas and 12.5% in other mining and quarrying sectors.
The manufacturing index, with a relative weight of 15.2%, grew 4.5% on a monthly basis in March 2021 on a 23.8% surge in printing and reproduction of recorded media, 13.4% in the production of food products, 10.9% in beverages, 10.3% in cement and other non-metallic mineral products, 8.2% in chemicals and chemical products, 2.4% in basic metals and 0.7% in rubber and plastics products; even as there was a 11.6% decline in the production of refined petroleum products.
On a yearly basis, the manufacturing index shrank 1.4% in March this year owing to a 66.2% fall in printing and reproduction of recorded media, 23.9% in the production of refined petroleum products, 11.9% in beverages, 11.5% in food products and 0.9% in chemicals and chemical products.
However, there was a 28.1% surge in the production of cement and other non-metallic mineral products, 24.4% in basic metals and 12.5% in rubber and plastics products.
Electricity, which has 0.7% weight in the IPI basket, saw its index soar 41.4% and 9.1% on a monthly and yearly basis respectively this March.
In the case of water, which has a 0.5% weight, there was a 9.9% increase month-on-month but registered a 21% shrinkage year-on-year in March 2021.

Source:https://www.gulf-times.com/story/692515/Qatar-manufacturing-sector-remains-buoyant-in-Marc

November 13, 2021

Newly awarded projects during Q3 total QR2.9bn: Ministry of Finance

The outlay provided for various projects in the third quarter are: infrastructure and roads (QR2.62bn), sewer and drainage (QR166.9mn), parks and green areas (QR71.7mn) and miscellaneous (QR84.7mn).
According to the Ministry of Finance, the projects to be completed this year are Food Security Project, Doha Old Port and Lusail Light Rail Transit.
The work on most of FIFA World Cup Qatar 2022 Stadia has been completed, it said.
Total expenditure on major projects increased by 9.1% compared to previous quarter. The increase was anticipated and was mainly due to large installment payments to deliver various projects, the Ministry of Finance said.
According to the Planning and Statistics Authority (PSA), real GDP in Q2,2021 increased by 4% relative to Q2,2020. The non-hydrocarbon sector recorded growth of 6.2% while hydrocarbon growth stood at 0.7% in Q2-2021 compared to the same period last year.
Sectors severely hit by the pandemic in 2020 and the related Covid-19 restrictions are rebounding strongly. Hospitality, transport and storage, and wholesale and retail trade sectors were the highest performing sectors in Q2,2021.
Moreover, the manufacturing sector recorded strong y-o-y growth of 13.4% in Q2,2021 and is now back to pre-pandemic levels.
Real y-o-y growth of the hydrocarbon sector stood at 0.7% in Q2,2021 primarily driven by the completion of scheduled temporary maintenance during 2020, and the operation of the Barzan project.
Real GDP growth in the first half of 2021 was 0.8% compared to the same period in 2020, mostly driven by the nonhydrocarbon sector (+1.9%).
The growth trend is expected to continue in the second half of 2021 due to the recent easing of Covid-19 restrictions and the scheduled sporting and entertainment events. The 2.2% forecast for real GDP growth for 2021 remains unchanged, Ministry of Finance noted.

Source:https://www.gulf-times.com/story/704041/Newly-awarded-projects-during-Q3-total-QR2-9bn-Min#section_191

November 13, 2021

MoCI undersecretary opens Hospitality Qatar 2021

Ahead of the 2022 FIFA World Cup, the hospitality and tourism sector are expected to further stimulate economic activities and open new windows of opportunities to bolster the market, which is projected to grow at a compound annual growth rate of 12.1% between 2019 and 2022 to reach $1.4bn.
This was revealed on the occasion of Hospitality Qatar 2021, which was digitally inaugurated by Ministry of Commerce and Industry Undersecretary Sultan bin Rashid al-Khater in the presence of Qatar Tourism Chairman and Qatar Airways Group Chief Executive HE Akbar al-Baker; Italian ambassador Alessandro Prunas; Turkish ambassador Dr Mustafa Goksu; IFP Qatar general manager Haider Mshaimesh.
Held in strategic partnership with Qatar Tourism until November 11 at the Doha Exhibition and Convention Centre (DECC), the sixth edition of Hospitality Qatar gathered more than 170 HORECA (hotel, restaurant, café), tourism and F&B suppliers, and service providers from more than 30 countries, as well as investors and industry leaders in Qatar to explore potential investment opportunities in the Qatari hospitality and tourism market.
Mohamed al-Mahmeed, head of Tourism Investment Promotion Section at Qatar Tourism, officially opened the first day with a keynote speech addressing Qatar’s tourism and hospitality sector’s readiness to welcome fans for the 2022 FIFA World Cup, and highlighted new products and services catering to visitors.
Denisa Spinkova, leading service excellence at Qatar Tourism, provided an overview of Qatar Tourism’s strategy from its approach to increasing visitor arrivals and spending, as well as infrastructure developments, particularly in hospitality. In addition, Spinkova provided an overview of the country’s new promotional campaign, and its execution across platforms.
Monday’s opening kicked off with the ‘Countdown Begins’ conference, a multi-themed conference that focuses on the tourism, hospitality, and F&B sectors, and serves as a platform for industry key players and policymakers to exchange new insights and discuss recent developments in the industry.
Further, the conference’s opening sessions featured presentations and discussions on significant industry topics including, ‘The Experience Starts from your Home Country: An Unforgettable Travel’ by Qatar Airways, ‘Hamad International Airport Strategy to Increase Customer Capacity’ by HIA, and ‘Integrating Brand Standards within the Local Context for Exceptional Design’ by Katara Hospitality.
The Certified Training Programme is back to provide industry professionals with the necessary training and knowledge for free. The first day also witnessed the start of the barista training sponsored and organised by Corona International Company. Café workers in Doha will enjoy free training in the first two days with an international barista competition to be held in the remaining days.
The ‘Destination Pavilion’ sponsored by Qatar Airways is also open to visitors and participants. Other activities during the four-day event include live cooking shows, Qatar Restaurant’s Choice Awards, Food Tech Talks by talabat, and the Food Safety and Qatar Clean trainings by Boecker.
Prunas said, “The hospitality market in Qatar is a major interest for Italian producers as reflected in the Italian pavilion, which is one of the biggest in the event.”
Christoph Hodapp from Qatar Tourism said, “Trade exhibitions like this support sector development by introducing international expertise and showcasing our business events ecosystem. As an important subsector of tourism, it helps drive awareness and investment; at Qatar Tourism, we are very glad to extend our support to MICE organisers and operators.”
Hospitality Qatar 2021 seeks to mirror the success of its previous edition, which has recorded a total of more than 11,000 visitors, said Mshaimesh.

Source:https://www.gulf-times.com/story/704090/MoCI-undersecretary-opens-Hospitality-Qatar-2021

November 4, 2021

Gov’t vows action to resolve investors’ challenges in industrial estates

Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan on Saturday called for resolving all issues related King Abdullah II and Muwaqqar industrial estates that are home to 505 investment companies, providing 19,600 jobs.

The prime minister after his visit to Mafraq Governorate, 80km northeast of Amman, has decided to form a ministerial committee to be tasked with visiting economic institutions and meeting investors to address the obstacles that face them, Kreishan said during the committee members’ visit to the two industrial estates.

The minister stressed that work is in progress to solve the problems facing businesses at King Abdullah II and Muwaqqar industrial estates, calling on investors who have problems to head to the office of the prosecutor general to file complaints. He stressed that Jordan is a state of law and all complaints will be dealt in a firm manner.

Minister of Industry, Trade and Supply Maha Ali highlighted the government efforts towards resolving investment-related issues, the Jordan News Agency, Petra, reported.

Highlighting the noise, air pollution and emissions, Environment Minister Nabil Masarweh emphasised the necessity of using tanks, as a temporary alternative to transporting waste water to the designated destinations, as well as reducing the number of days for studying the environmental impact to 10 instead of 15 days.

For his part, Labour Minister Yousef Shamali said that all labour-related problems have been solved, according to Petra.

Minister of Energy and Mineral Resources Hala Zawati expressed the government’s keenness on reducing the cost of electricity.

President of the Jordan and Amman Chambers of Industry Fathi Al Jaghbir emphasised the importance of instilling the principle of reciprocity with regard to exports and imports, as Jordan faces difficulties in exporting to a number of countries, stressing that the problem is not only restricted to the cost of production but also access to markets.

Source:https://www.jiec.com/en/news/149/

November 4, 2021November 4, 2021

Ministerial follow-up committee checks on Al Hassan Industrial Estate, Irbid Development Zone

The ministerial committee for following up on the performance of the free and development zones on Saturday checked on Al Hassan Industrial Estate (HIE) and Irbid Development Zone (IDZ).

Deputy Prime Minister and Minister of Local Administration Tawfiq Kreishan during his meeting with a number of investors at the HIE and the IDZ, said that the visit is meant to keep an eye on the situation at the two places and the services provided for stakeholders.

Notes from investors’ will be shared with Prime Minister and Minister of Defence Bisher Al Khasawneh so that the appropriate decisions can be taken by the Cabinet, Kreishan said.

Most noted challenges are associated with bureaucracy and need for stability in laws and regulations, notably those concerning customs, taxes, environment, labour and industry-related issues, Kreishan added, according to the Jordan News Agency, Petra.

Regarding investors’ demands for allowing the recruitment of foreign workers, Kreishan said that this issue is related to the epidemiological and health situations in their home countries.

Minister of Industry, Trade and Supply Maha Al Ali said that the ministry, in cooperation with the Jordan Chamber of Industry, Jordan Commission of Investment and the Industrial Estates Company, is moving towards easing licensing-related procedures for businesses within the HIE and the IDZ.

Government tenders will give preference to local products, Ali said in response to complaints from local investors about unfair competition by imports.

Environment Minister Nabil Masarweh emphasised the reduction of the period required to conduct the environmental impact study by the authorities to be 10 days instead of 15.

Minister of Labour Yousef Shamali stressed that priority is given to Jordanians for administrative posts, pointing out that once granted Jordanian citizenship, investors are treated like Jordanians with regard to exit and entry requirements.

Jordan Industrial Estates Company (JIEC) Director General Omar Juwaid said that the HIE, which was established in 1991, is home for 132 industrial investments at a total volume surpassing JD427 million. Juwaid added that the HIE provides more than 29,000 jobs, in addition to indirectly employing thousands of Jordanians in support and logistical services.

CEO of the Guarantee Company for Development of Development Zones Loay Sarayreh indicated that IDZ is home for many technical and technological investments at a volume of JD44 million, adding that the IDZ provides 1,445 jobs for Jordanians. Sarayreh noted that 15,000 job opportunities will be made available after the completion of the comprehensive expansion plan, according to Petra.

Source:https://www.jiec.com/en/news/151/

November 4, 2021

Investments in industrial estates increased by 2% in first half of 2021

The volume of new investments in industrial estates for the first six months of 2021 increased by 2 per cent to JD73 million compared with JD71.3 million during the same period last year, the Jordan Industrial Estates Company (JIEC) said on Monday.

The JIEC, since the beginning of the year, has signed 82 contracts with 54 new companies and renewed 28 contracts in the industrial and services sectors. These investments are expected to provide 1,466 job opportunities, the Jordan News Agency, Petra, reported.

JIEC Director General Omar Juwaid said that 23 of the new investments were established in the Al Hassan Industrial Estate, 20 in the King Abdullah II Industrial Estate, 13 in the Al Muwaqar Industrial Estate, seven in the Salt Industrial Estate, seven in the Madaba Industrial Estate, three in the Mafraq Industrial Estate, two in the Tafileh Industrial Estate and one in the Al Hussein Industrial Estate.

Juwaid added that 853 companies operate in the JIEC’s industrial estates with a total investment volume of JD2.9 billion and provide nearly 57,000 jobs.

The company has recently intensified its promotional campaigns locally and abroad, predominately in e-marketing and teleconferencing, the JIEC director general noted.

The JIEC also routinely communicates with investors to highlight the benefits of investments in various industrial estates. The JIEC provides discounts on land prices and rental allowances for industrial buildings.

Source:https://www.jiec.com/en/news/153/

November 4, 2021

Oil-rich UAE to burn waste to make power

With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash — incinerators that will turn it into electricity.

The UAE, one of the world’s top oil NSE -1.70 % exporters, is building the Gulf region’s first waste-to-power plants to ease its chronic trash problem and, at the same time, its reliance on gas-fuelled electricity stations.

Green groups are unconvinced. They say advanced recycling, composting and changing habits amid grossly wasteful rates of consumption would be better for the environment, warning of pollution risks from the greenhouse gas-intensive incinerators too.

But engineer Nouf Wazir, from waste management company Bee’ah, argues they are a way to make use of refuse that cannot be recycled.

“Not everyone knows that waste has value,” said Wazir, a senior engineer on the project. The Sharjah facility is expected to launch this year, burning more than 300,000 tonnes of waste per year to power up to 28,000 homes.

In the neighbouring emirate of Dubai, another plant is being developed at a cost of $1.2 billion, according to Hitachi Zosen Inova, one of the partner companies.

When it is completed in 2024, the Dubai plant will be one of the largest in the world, capable of gobbling up 1.9 million tonnes of waste per year — about 45 percent of the household waste currently produced in the emirate.

As the UAE has mushroomed from a desert outpost to a thriving business hub, waste has multiplied.

So has power use, which has soared 750 percent since 1990 according to the International Energy Agency.

Now with about 10 million people, five times the population of 30 years ago, the wealthy UAE uses more electricity and creates more waste per head than almost any other country.

Authorities put waste production at 1.8 kilos (four pounds) per person per day.

In the UAE, “people consume a lot, and they throw away a lot”, said Riad Bestani, founder of ECOsquare, a Dubai-based consultancy specialising in eco-friendly waste management.

Landfills are strewn across the country. In Dubai alone, six cover an area of about 1.6 million square meters (395 acres), according to the municipality.

In the absence of other solutions, it estimates that landfills will occupy 5.8 million square meters of the emirate by 2041, an area the size of more than 800 football pitches.

Fees for landfills are “pretty much nonexistent, so it’s quite cheap and easy to dump all materials into the desert”, said Emma Barber, director of Dubai-based DGrade, which designs clothes and accessories from recycled plastic bottles.

The UAE has set about diversifying its electricity generation, more than 90 percent of which comes from gas-powered plants.

Last year, the UAE inaugurated the Arab world’s first nuclear plant and, making use of its location in one of the world’s hottest regions, it has significant solar power resources.

In the run-up to the COP26 climate summit in Glasgow, which started on Sunday, the UAE said it was targeting carbon neutrality by 2050.

While supporters of the plants say the incinerators carry minimal pollution risks, activists say other approaches would be better for the environment.

According to Janek Vahk of Zero Waste Europe, incinerating rubbish may be “easier” than having space-consuming landfills, but it is far from green.

“The most beneficial for the climate (and) the environment would be recoverage” and composting, Vahk told AFP.

“But this is not really happening because… it’s easier to simply burn it than to separate, sort and recycle.”

The Brussels-based NGO has called for a moratorium on new waste incinerators and the phasing-out of old ones by 2040, warning the electricity they produce is greenhouse-gas intensive — even compared to fossil fuels.

Vahk argues that incineration is “more efficient” in colder Nordic countries when the heat produced is also harnessed, but not in hot deserts.

“If you only produce electricity, the greenhouse gases’ intensity of this energy is very high,” Vahk said, adding that incinerators are also “very expensive to build — and they need to have continuous input to run.”

Rami Shaar, co-founder of Washmen, a Dubai-based start-up that collects customers’ laundry and recycling at the same time, said waste-to-electricity is not “necessarily green energy”.

“It’s a bit of a solution towards not extracting more oil… but it doesn’t solve the full problem,” he said.

Source:https://economictimes.indiatimes.com/news/international/uae/oil-rich-uae-to-burn-waste-to-make-power/articleshow/87521153.cms

November 4, 2021November 4, 2021

The UAE’s Ministry of Finance has successfully closed its offering of a $4 billion US dollar-denominated multi-tranche sovereign bond package.

The bonds, which is comprised of medium and long-term tranches, captured the demand of international and regional investors. Global books peaked at over $22.5 billion, a statement said.

The announcement was made during a virtual media briefing where Younis Haji Al Khoori, Undersecretary of Ministry of Finance previewed the results of the subscription to the country’s sovereign bonds.

The 10-year tranche bonds were sold at $1 billion at a spread of 70bps over US Treasuries while the 20-year tranche bonds were sold at $1 billion at a spread of 105bps over US Treasuries. The $2 billion 40-year Formosa tranche is debt sold in Taiwan by foreign borrowers and denominated in currencies other than the Taiwanese dollar.

Al Khoori said: “The government bond tranches offered raised $4 billion, while global books peaked at $22.5 billion… The order book momentum increased the deal size to $4 billion from the initial target of $3 billion.”

He added: “The UAE issued these bonds to contribute to the development of the bond market and find investment alternatives for investors.”

The issuance come as the International Monetary Fund forecasts the UAE’s economy to grow by 3.1 percent in 2021, and the Central Bank of the UAE estimates a 4.2 percent growth in 2022.

The Ministry of Finance authorised Abu Dhabi Commercial Bank, BofA Securities, Citigroup Global Markets Limited, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, JP Morgan Securities, Mashreqbank and Standard Chartered Bank to be lead managers and bookrunners to arrange subscription sessions with international investors.

Source:https://www.arabianbusiness.com/industries-banking-finance/469691-huge-investor-demand-seen-as-uae-closes-4bn-sovereign-bond

November 4, 2021November 4, 2021

Kuwaiti aircraft leasing major secures $75m financing deal

Kuwait-based ALAFCO Aviation Lease and Finance Company has signed a financing agreement worth $75 million to strengthen its operations as the travel industry looks to rebound from the global coronavirus pandemic.

The Islamic Corporation for the Development of the Private Sector (ICD) and ALAFCO signed the four-year syndicated secured financing agreement with $50 million from ICD making it the lead financier in the deal.

The agreement comes after the aviation sector has been one of the hardest hit sectors during the pandemic.

Ayman Sejiny, CEO of ICD, said: “We are very pleased to support ALAFCO in its efforts as a leading player in the aircraft leasing market following Islamic finance principles.”

Adel Ahmad Albanwan, CEO of ALAFCO said: “The agreement demonstrates the confidence ICD has in ALAFCO’s business model, its long-term sustainability and the outlook of the aviation sector.”

ALAFCO is an aircraft leasing company based in Kuwait and is listed on the Kuwait Stock Exchange. It has major institutional shareholders including Kuwait Finance House (KFH), Gulf Investment Corporation (GIC) and Kuwait Airways Corporation (KAC).

Its portfolio consists of 79 Airbus and Boeing aircraft, leased to 23 airlines in 15 countries across Americas, Africa, Asia-Pacific, Europe, and the Middle East.

SOurce:https://www.arabianbusiness.com/industries-banking-finance/469702-kuwaiti-aircraft-leasing-major-secures-75m-financing-deal

October 28, 2021

Major oil producer Saudi Arabia announces net-zero by 2060

One of the world’s largest oil NSE -0.99 % producers, Saudi Arabia, announced Saturday it aims to reach “net zero” greenhouse gas emissions by 2060, joining more than 100 countries in a global effort to try and curb man-made climate change.

The announcement, made by Crown Prince Mohammed bin Salman in brief scripted remarks at the start of the kingdom’s first-ever Saudi Green Initiative Forum, was timed to make a splash a little more than a week before the start of the global COP26 climate conference being held in Glasgow, Scotland.

Although the kingdom will aim to reduce its emissions, Prince Mohammed said the kingdom would do so through a so-called “Carbon Circular Economy” approach. That approach focuses on still unreliable carbon capture and storage technologies over efforts to actually reduce global reliance on fossil fuels. The announcement only pertains to Saudi Arabia’s efforts within its national borders, and does not impact its continued aggressive investment in oil and exporting its fossil fuels to Asia and other regions.

“The transition to net zero carbon emissions will be delivered in a manner that preserves the kingdom’s leading role in enhancing the security and stability of global energy markets, particularly considering the maturity and availability of technologies necessary to manage and reduce emissions,” a statement by the Saudi Green Initiative forum said.

The kingdom’s oil and gas exports form the backbone of its economy, despite efforts to diversify away from reliance on fossil fuels for revenue.

The global summit COP26 starting Oct. 31 will draw heads of state from across the world to try and tackle global warming and its challenges. It is being described as “the world’s last best chance ” to prevent global warming from reaching dangerous levels. The summit is expected to see a flurry of new commitments from governments and businesses to reduce their emissions of greenhouse gases.

Leaked documents first reported by the BBC emerged Thursday showing how Saudi Arabia and other countries, including Australia, Brazil and Japan, are apparently trying to water down an upcoming U.N. science panel report on global warming. The documents are purportedly evidence of the way in which some governments’ public support for climate action is undermined by their efforts behind closed doors.

Saudi Arabia has pushed back against the recommendation that fossil fuels be urgently phased out of the energy sector. Instead, the kingdom is touting, thus enabling nations to continue burning fossil fuels by sucking the resulting emissions out of the atmosphere, according to Greenpeace, which obtained the documents.

The kingdom repeatedly seeks to have the report’s authors delete references to the need to phase out fossil fuels, as well as the panel’s conclusion that there is a “need for urgent and accelerated mitigation actions at all scales”, according to the leaked documents.

Earlier this month, the United Arab Emirates – another major Gulf Arab energy producer – announced it too would join the “net zero” club of nations with a target to reach net-zero emissions by 2050.

Source:https://economictimes.indiatimes.com/news/international/saudi-arabia/major-oil-producer-saudi-arabia-announces-net-zero-by-2060/articleshow/87221710.cms