Egypt’s headline inflation rate increased to 32.7% in March

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Egypt’s annual urban consumer inflation rate in March climbed to 32.7 percent year-on-year, just shy of an all-time record, from 31.9 percent in February, data from the country’s statistics agency CAPMAS showed on Monday.

The surging inflation rate follows a series of currency devaluations starting in March 2022, a prolonged shortage of foreign currency and continuing delays in getting imports into the country.

Egypt, which secured a $3 billion financial support package from the International Monetary Fund in December, has devalued its currency by half since March 2022 after fallout from Russia’s invasion of Ukraine exposed vulnerabilities in Egypt’s economy.

The median forecast of 13 analysts polled showed annual urban consumer inflation rising to 33.6 percent in March.

Egypt’s highest inflation rate ever was 32.952 percent, reached in July 2017, eight months after Egypt devalued its currency by half as part of a previous $12 billion IMF support package.

The core inflation rate, which excludes fuel and some volatile food items, is expected to be released later on Monday. The median of the analysts’ forecasts expect that to climb to a record 42.25 percent from February’s 40.26 percent, the current record.

Treasury bills sales climb

Meanwhile, sales of 273- and 91-day Egyptian treasury bills at an auction on Sunday climbed from last week’s low after the finance ministry paid record high yields to partly reflect a 200-basis-point hike in central bank overnight interest rates on March 30.

Investors have sought higher yields to match the increased central bank rates and on the expectation the currency will continue to weaken after having lost half its value against the dollar over the last year, analysts say.

The finance ministry has struggled to keep its budget deficit from widening as it was forced to pay increasingly high interest rates on its large stock of debt.

The average yield on 273-day bills edged up to 23.341 percent from 23.059 percent last week, with both figures exceeding a record 22.444 percent reached on July 11, 2017.

The central bank only accepted 76 bids worth 5.58 billion Egyptian pounds ($181 million) for the 273-day bills out of the 203 bids worth 32.66 billion pounds it received. Last week it accepted bids worth a mere 79.38 million pounds.

The average yield on 91-day bills climbed to 21.297 percent from 20.924 percent last week. This was still shy of a record 22.523 percent average yield paid on July 11, 2017.

The central bank only accepted 239 bids worth 4.47 billion Egyptian pounds for the 91-day bills out of the 519 bids worth 58.55 billion pounds it received. Last week it only accepted bids worth 324.1 million pounds.

https://www.arabnews.com/node/2284336/business-economy

How Lebanon’s private sector is thriving amid crisis

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Much has been said about Lebanon’s manifold crisis, more specifically the implosion of the country’s economy through an ongoing financial crisis that has been exacerbated by the Beirut port explosion, Covid-19, the impact of the Ukraine war on global food prices, and the country’s ongoing political paralysis. Much more can, and should, be said on this matter, not least since Lebanon is still in the midst of a humanitarian crisis, with more than 50% of the population now living in food poverty and at risk of famine.

Despite these enormous challenges, and a very justified sense of doom and gloom, several parts of the country’s private sector have still managed to flourish, especially in tech and services.

In fact, the vast majority of the country’s economy, more generally, lives in what could be described as a parallel universe to the public sector and government, which is why Lebanon’s unofficial ‘black market’ exchange rate has almost completely replaced that of the central bank. Similarly, private energy providers and non-governmental organisations (NGOs) have replaced most areas of state provision, which is nearly non-existent.

Lebanon’s diaspora has not lost faith
The domestic crises of recent years have made Lebanon even more dependent on international money, both through remittances and direct employment. In fact, half the country’s gross domestic product is now reliant on money sent home from the millions in the Lebanese diaspora.

This level of involvement and support is evidenced by a fast-growing (and new) platform called Outerpond. Created in 2021, the company helps connect international businesses and individuals (namely among the diaspora) with Lebanon’s significant talent pool, as explained to Investment Monitor by Outerpond founder Nagi Moubarak.

“I was in Lebanon when the port explosion happened and I was shocked by the magnitude of devastation and the attitude of the political class, which did absolutely nothing except lament and find excuses for their never-ending failures,” he says. “But I was also impressed by the huge amount of help received through the diaspora, friendly countries, international NGOs and organisations.”

As an entrepreneur, Moubarak wanted to find a practical way to help the Lebanese private sector. “So I thought of creating a platform that would allow Lebanese service providers to list their companies and find projects, partnerships and investments featured on behalf of foreign-based service-seekers,” he adds.

Since launching in mid-2021, Outerpond has featured project listings in excess of $2m, has allowed for local and international entities to interact and mesh, and has helped promote Lebanon as an outsourcing option, especially among the diaspora, who understand Lebanon’s idiosyncrasies, thereby seeing the country’s very legitimate investment potential.

One of Outerpond’s success stories comes in the form of Elias Hage, a Canadian-Lebanese businessman who has created a line of sofas, called Berytus, and who met his designer on Outerpond.

“Hagecor International is pleased to announce its investment and support in the design and manufacturing of residential sofas produced in Lebanon, under the brand name Berytus,” Hage said in a press release. “This light, modular, clip-on sofa is designed and supervised by HAS Architect [a service provider from Outerpond], and produced by a furniture manufacturer in Lebanon.”

Berytus sofas are intended for sale in Canada, with the first 40ft container arriving at the port of Montreal in September 2022.

“Outerpond was key in making this transaction a success by facilitating contact with reputable Lebanese service providers such as HAS Architect that otherwise Hagecor would never have discovered,” adds Hage.

Lebanon supplies Apple, Meta and Space X
Given how many ‘bad news’ stories come out of Lebanon, it is safe to say that the country’s achievements are often underrepresented.

One such success story is MultiLane, a leading producer of high-speed I/O test and measurement solutions that design and manufacture the instruments that validate the physical layer of the internet’s infrastructure – from servers and switches to cables and transceivers.

Put more simply, MultiLane makes the things that make the things that make the internet work. Apple, Cisco, Juniper, Meta, Nokia and SpaceX are among the household names that use the company’s equipment and expertise to build and test their networks. In short, MultiLane is spearheading Lebanon’s high-tech development and manufacturing sector.

“Despite worldwide [and domestic] uncertainty [over the past three years], MultiLane has done well during this period, outperforming the global industry metrics on all fronts,” says MultiLane founder and CEO Fadi Daou. “Thriving as a business in Lebanon requires expertise in crisis management, enabling us to navigate both local and global complications and remain the dynamic, first-to-market industry force we are known to be.”

As most of MultiLane’s business is conducted with foreign partners, it can mitigate the worst of Lebanon’s financial crisis. The company saw 65% growth from 2021 to 2022, while product shipment has doubled since 2020 to reach 10,000 products shipped internationally per week.

MultiLane, like much of the Lebanese private sector, has had to create its own ecosystem beyond the constraints and neglect of the Lebanese public sector. It is worth noting that the country gets, on average, several hours of publicly provided electricity a day, ranking it among the worst national energy sectors in the world.

Lebanon’s tale of two infrastructures
This aforementioned ‘ecosystem’ can be taken very literally. As part of its initiative to develop Lebanon’s high-tech sector, MultiLane founded Houmal Technology Park (HTP), its international headquarters. HTP is a high-tech campus with office spaces, engineering labs, clean rooms and manufacturing capabilities, all housed in LEED-certified buildings and nestled among the ancient olive trees of Houmal in Mount Lebanon.

HTP is intended both as a foundation for MultiLane, but also as an incubator for Lebanon’s high-tech sector more broadly, and has been built from the ground up to be significantly resistant to the challenges posed by the country.

The campus is entirely self-reliant for its power, with a generator system in place, and a 500kW solar plant being deployed – in fact, solar energy uptake is booming across the country as a DIY solution to the national energy crisis.

“We are entirely off the grid,” says Fadi. Its location, in Houmal, is close enough to Beirut for easy commuting – about a 25-minute drive – but far enough away that it is insulated from the bustle and crowds of a large city. The company runs a free bus service for its employees to and from Beirut to help them manage the fuel crisis.

“We have earned a black belt in crisis management,” says Fadi. “The fact that we have survived and grown, it is in our DNA, the people of Lebanon.”

Designed to address the social infrastructure and fabric of the Lebanese community, MultiLane has become a primary creator of high-end technical jobs that are sorely needed in a country suffering from one of the greatest brain drains in modern times.

“Lebanon’s current crises means many people have lost their jobs,” says Fadi. “We see the need and feel a responsibility to fill the gaps today. Where we go others can follow.”

This is why MultiLane set up a non-profit educational initiative, the HTP Academy, aimed at complementing Lebanon’s strong science, technology, engineering and mathematics (STEM) education programmes, supplementing the theoretical focus of school and university with practical, hands-on courses and career guidance in one of the most advanced engineering fields in the world.

The HTP Academy also serves to boost secondary education in the country, providing a strong support platform for secondary school students, with major sponsorships, career guidance from MultiLane engineers, and hands-on experience programmes.

“Education in Lebanon is excellent at every level,” says Fadi. “[It has a] strong focus on STEM fields. University-level education is excellent from a theoretical point of view. What is missing is a much-needed modernisation of university education to reflect the needs of a global tech industry.”

MultiLane’s success stands as a shining testament that Lebanon can still host a thriving private sector even in the midst of its current crises.

Source:https://www.investmentmonitor.ai/features/lebanons-private-sector-thriving-crisis-multilane/

EAD uses drones to plant one million mangrove seeds in Abu Dhabi

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In a remarkable environmental initiative, the Environment Agency – Abu Dhabi (EAD) has shown how modern technology can be used for the greater good when it planted nearly one million mangrove seeds…using drones.

This is part of EAD’s plans to work with local, regional and international partners, and establish Abu Dhabi as a global hub for research and innovation in support of the conservation of mangroves and focuses on the importance of mangroves for carbon sequestration to combat climate change.

This is part of the first phase of a project supporting the Abu Dhabi Mangrove Initiative, which was announced in February 2021. The UAE Ministry of Climate Change and Environment has a nationwide target to plant 100 million mangroves by 2030.

EAD is the first organisation to utilise drones and plant mangroves at a large-scale utilising ecological principles. The planting of one million seeds follows a successful initial phase implemented by EAD in partnership with ENGIE, the global energy company, and Distant Imagery, a drone engineering solutions company.

This initial phase focused on planting mangroves via drone in 2020 and had a 48 percent success rate. EAD then scaled up the project, with one million mangroves planted via drones at different locations around Al Mirfa, in Al Dhafra Region.

Dr Shaikha Salem Al Dhaheri, Secretary General of EAD, commented: “Despite the fact that the world’s mangroves are declining due to natural and human challenges they are facing, Abu Dhabi has a different story to tell as the plantation of mangroves has continued in the UAE at large and in Abu Dhabi in particular, in a slow but steady manner.

“A prime example is our latest project of planting one million mangrove seeds via innovative drone technology. This project is one of a number of programmes run by the Abu Dhabi Mangrove Initiative in support to the UAE’s pledge to plant 100 million mangroves in 2030.

“The success rate for this year’s planting looks great so far and based on the data, we will do a refilling of areas. This project is a continuation of our efforts to mitigate the disastrous effects of climate change as mangroves have proven to be very efficient at carbon sequestration, thus reducing the levels of carbon dioxide entering the atmosphere.”

The use of drones has several advantages. The environmental footprint of the methodology is low as it removes the need of intense labour, and the need of sapling transportation. It is also cost-effective as it reduces the overall price of mangrove planting, eliminates the need of mangrove nurseries and associated costs, and facilitates reaching remote and difficult areas.

The EAD has been evolving not only its methodology for seed germination and site planting patterns with each round, but also seed dispersal mechanisms and drones so that they can fly longer. The drone is self-designed and engineered to drop seedlings from the air, monitor the growth of mangrove saplings, map the habitat and create 3D imaging.

Mangrove plantation was a personal passion of the late Sheikh Zayed Bin Sultan Al Nahyan, Founder of the UAE. Dr Al Dhaheri pointed out how he commenced plantation along the coasts of the islands and mainland using the knowledge of local communities and his foresight.

Source:https://www.arabianbusiness.com/culture-society/ead-uses-drones-to-plant-one-million-mangrove-seeds-in-abu-dhabi

Saudi’s Red Sea floating pod hotel

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Following announcements of 13 international hotels opening in Saudi Arabia’s mega-project The Red Sea, a new futuristic resort has been announced to open in 2024. The Sheybarah Resort is a ‘hyper-luxury’ hotel located in Sheybarah Island, designed by Dubai-based architectural firm Killa Design.

The first batch of 73 prefabricated villas was delivered at the Red Sea project site, John Pagano, CEO of Red Sea Global revealed.

“Welcoming the future of tourism to #SaudiArabia. Designed by @killadesign, built off-site by Grankraft, and transported from the UAE to Saudi Arabia by @MammoetGlobal, these space-age orbs are the first batch of 73 overwater villas for our iconic Sheybarah resort at #TheRedSea” the tweet said.

The goal of the project is to preserve and enhance biodiversity in the habitat, which is home to dense mangroves, desert flora, coral flats, sea grass, coral reefs and an array of species of birds, fish and marine animals.

Alongside bio-preservation, the luxury resort aims to attract visitors from around the world and rebrand the Kingdom as a marine eco-tourism destination.

To minimise environmental footprint, the resort was designed in a way where the ‘pods’ are cantilevered above the coral reefs with minimal ground impact at the base of the supporting column.

The pod being aerially placed seems to “defy gravity and suspends the guest directly above and within the beauty of an untouched marine eco-system,” this results in an observational platform for visitors to observe the species that live in the area.

The project is powered by a central solar farm, the water supplied is also from a solar powered desalination plant.

The way guests have to commute to the location is through a seaplane, from the arrival pier they will be shuttled by driverless buggies to the inner lagoon.

Features at the futuristic luxury resort includes a spa, pool, fitness facility, sports courts, diving and snorkelling centre, a boardwalk and more.

The pods are uniquely designed with highly reflective stainless-steel exteriors polished to a mirror finish. “These reflective orbs float, almost imperceptible, reflecting the colours and surface patterns of the ocean, the intense colours of the sky as they change throughout the day,” the website describes. The reflective design not only offers visual appeal but has 100 percent energy performance due to its reflections of solar grain.

Interiors of the pods are inspired by a luxury yacht design with panoramic views, sliding doors that open to a deck, a seating area and an infinity pool.

Killa Design is also behind some iconic projects in Dubai including the Museum of the Future, Address Beach Resort, Office of the Future, City Walk and more.

Source:https://www.arabianbusiness.com/industries/travel-hospitality/revealed-saudis-red-sea-floating-pod-hotel

ACWA Power signs a $1.5bn agreement with Power China

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Saudi Arabia private utility firm ACWA Power has signed a $1.5 billion agreement with Power China, it has been reported by Reuters.

No further details were released, and ACWA Power did not respond to Arab News’ request for a comment.

The deal comes amid a flurry of Memorandums of Understanding signed by the energy provider with Chinese entities to coincide with the visit of China’s President Xi Jinping to the Kingdom.

ACWA Power signed MoUs that relate to financing, investment, engineering procurement and construction contracts and renewable energy equipment procurement in its clean and renewable energy projects.

The strategic partners from China include Industrial and Commercial Bank of China, Bank of China, SPIC Huanghe Hydropower Development Co, and China Southern Power Grid International.

Power China International Group, China Energy International Group, Jinko Solar Co, Sungrow Power Supply Co and Jolywood Solar Technology Co also inked agreements.

The deals will lay the ground for financing, investment and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.

Mohammad Abdullah Abunayyan, chairman of ACWA Power, said: “ACWA Power’s solid and growing relationship with major Chinese entities has contributed to our leading position in driving the global energy transition and reflects the valuable ties between Saudi Arabia and China.

“As a leading developer of power, water and green hydrogen assets worldwide, and being headquartered in a Belt and Road Initiative country, we are in a unique position to support both the energy transition and economic transformation envisioned by Saudi Arabia’s forward-looking and iconic Vision 2030, as well as China’s Belt and Road initiative.

“We look forward to playing a vital role in each of these national agendas that complement each other.”

ACWA Power’s track record of collaboration with China started in 2009 when the firm opened an office in Beijing.

To date, Chinese organizations have a hand in 47 projects within ACWA Power’s portfolio, spread across 12 countries.

During this time, ACWA Power’s collaboration with Chinese firms have reached a $10billion with investors and financiers, and an additional $33 billion with Chinese EPC and suppliers, covering multiple landmark renewable and seawater desalination projects over the world.

Source:https://www.arabnews.com/node/2213571/business-economy

Saudi Arabia, Bahrain to boost bilateral cooperation in labour sector

Saudi Arabia and Bahrain are set to further enhance their bilateral cooperation in the labour sector and discussed various measures to boost joint efforts in this sector.

A meeting between Saudi minister of human resources and social development Ahmed bin Suleiman Al-Rajhi and minister of the Kingdom of Bahrain Jameel bin Mohammed Ali Humaidan in Riyadh on Sunday discussed a number of issues related to labour market and opening new horizons for joint work to achieve the goals of Saudi Arabia’s vision 2030 as well as Bahrian’s economic vision 2030, SPA reported.

The ministers also discussed ways to unify the efforts between the two sides to face regional and international challenges and the most prominent international developments in the sector.

The meeting was also attended by Dr. Abdullah bin Nasser Abuthnain, deputy minister for labour sector, and Dr. Adnan bin Abdullah Al-Naeem, undersecretary of the ministry for international affairs.

The meeting was also attended by Dr. Abdullah bin Nasser Abuthnain, deputy minister for labour sector, and Dr. Adnan bin Abdullah Al-Naeem, undersecretary of the ministry for international affairs.

Source:https://www.arabianbusiness.com/gcc/bahrain/saudi-arabia-bahrain-to-boost-bilateral-cooperation-in-labour-sector

Saudi partners with WEF to launch new strategy to boost industrial sector

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Saudi Arabia has launched a new strategy with the World Economic Forum to promote industrial innovation and advanced manufacturing in the country.

Minister of Industry and Mineral Resources and Chairman of the Saudi Industrial Development Fund Bandar bin Ibrahim Al-Khorayef launched the Saudi Advanced Manufacturing Hub, or Saudi AMHUB, strategy, which will look to position Saudi Arabia at the global forefront of industrial innovation and advanced manufacturing.

This will pave the way for Saudi’s industrial sector to implement the advanced mechanisms and practices of leading industrial experiences around the world, said Al-Khorayef, during the launch ceremony held in Riyadh on April 12.

Led by SIDF, Saudi AMHUB will have 24 core members from the public, private and academic sectors, and it will promote the Kingdom’s industrial sector towards adopting advanced manufacturing.

“In addition to that, it will be strengthening links between investors and providers of advanced technologies globally and enabling the local industrial sector to use such advanced technologies,” said SIDF CEO Ibrahim bin Saad Al-Mojel in a press statement.

The strategy’s main aim is to provide practical solutions to the country’s industrial sector while raising the operational and financial efficiency of factories.

SIDF joined the WEF in January 2021, in a move to adopt advanced industrial practices in the Kingdom.

SOurce:https://www.arabnews.com/node/2061786/business-economy

Qatar manufacturing sector sees robust growth

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The manufacturing sector of Qatar is showing a robust growth as 18 new factories were established in the fourth quarter of the last year.

According to figures released by the Ministry of Commerce and Industry, the number of new local products registered in the last quarter of 2021 was 81. In the same period, 768 new workers were inducted in factories while factory adherence to industrial requirements remained at 75%.

As per the data of the Ministry on its official Twitter account, almost 3-day average time was required for industrial development services. The contribution of manufacturing industries to the GDP in Q3 of last year was QR15.88bn. The total exports of local origin in the fourth quarter of the last year were QR97.41m.

According to the Ministry’s data, Industrial-Manufacturing Production Index in October 2021 reached 111.7.

It is pertinent to mention that the manufacturing industry of Qatar had contributed QR12.02bn to GDP in the first quarter of 2021 thus there is almost QR3bn increase when Q1 of 2021 is compared with Q3 of the same year.

According to an earlier data of the Ministry, 12 new factories had been added to the industrial sector from April to June 2021 while the worth of total exports of local origin had reached QR68.28m in Q2 of 2021. There was an increase of 719 workers in factories in Q2 of 2021. The Ministry had earlier revealed that 32 more local products had been registered in Q2 of 2021.

The comparison of data of Q4 2021 with the first or second quarters of the same year indicate an increase in all areas showing that Qatar’s economic diversification plans are moving fast in the desired direction.

As per the data shared by the Ministry in June last year, the manufacturing industry had contributed over QR10bn to Qatar’s GDP in the fourth quarter of 2020. If Q3 2021 is compared with Q4 2020, there is an increase of around QR5bn in contribution of manufacturing industry to country’s GDP.

Qatar National Manufacturing Strategy 2018-2022 aims to accelerate growth in the sector to develop and diversify state’s economy.

According to information released by the Ministry of Commerce and industry in May 2021, the recycling industry in Qatar produces 215 products from 135 factories. Paper products and the printing industry contributes 78 products from 62 factories.

Qatar’s building materials and chemical products industry has 281 factories with 392 products. The medical products sector makes 22 products from five factories.

The metal industry with 179 factories makes 291 products.

Source:https://thepeninsulaqatar.com/article/05/03/2022/qatar-manufacturing-sector-sees-robust-growth

Madayn highlights investment opportunities at Expo 2020

The Public Establishment for Industrial Estates – Madayn is promoting the available investment opportunities in its network of industrial cities at Expo 2020 in the UAE.

This comes in line with its vision in enhancing the Sultanate’s position as a leading regional centre of manufacturing, ICT, innovation and entrepreneurship excellence, and its mission in attracting industrial investments and providing continued support, through regionally and globally competitive strategies, good infrastructure, value-adding services, and easy governmental processes.

Opportunities

Madayn officials are present at the Sultanate of Oman’s pavilion at Expo 2020 to promote Madayn Investment Complexes in four industrial cities. At Sur Industrial City, investment opportunities are available in food investment complexes on an area of 42,000 sqm, and multiple industries investment complexes on an area of 41,000 sqm.

Moreover, Samail Industrial City is offering investment opportunities in food investment complexes (53,000 sqm), multiple industries investment complexes (22,000 sqm), and logistics investment complexes (61,000 sqm). The available investment opportunities at Sohar Industrial City include food investment complexes (60,000 sqm), multiple industries (60,000 sqm), and plastic industries investment complexes (50,000 sqm). Al Buraimi Industrial City also offers investment opportunities in food investment complexes (27,000 sqm) and multiple industries investment complexes (32,000 sqm).

Madayn is also promoting investment opportunities for industries derived from feasibility studies at Expo 2020, as Madayn in cooperation with the Ministry of Commerce, Industry and Investment Promotion identified the investment opportunities in the industrial sector based on preliminary feasibility studies on the local and international markets. As these opportunities have been identified, the investor needs to carry out detailed feasibility studies for the targeted sectors such as plastic industries, food industries, building materials industries, among others.

Additionally, Madayn officials are highlighting the opportunities available in developing and operating infrastructure, intending to strengthen Public-Private Partnership in the development and operation of new industrial cities or strategic projects.
During this week at Expo 2020, Madayn officials elaborated on the Sultanate’s investment climate, the industrial cities about Madayn, and the investment incentives to several international business delegations visiting Expo 2020.

Source:https://timesofoman.com/article/113642-madayn-highlights-investment-opportunities-at-expo-2020

Qatar opens World Cup ticket sales with top seats costing $1,598

Fans can start applying to buy tickets for the FIFA World Cup in Qatar, with a prime seat for the final priced at 5,850 Qatari riyals ($1,598).

Ticket applications opened on Wednesday for the world’s biggest soccer tournament, which starts in November. A seat for a group-stage match starts at 250 riyals for international visitors, but Qatari residents will get special discounts and can pay as little as 40 riyals. The current sales round runs through Feb. 8.

Scheduled to start on Nov. 21, this year’s World Cup – moved from the summer because of heat – may prove to be the first major sporting event open to global fans since the start of the Covid-19 pandemic. Both Japan and China decided to bar international visitors from the Summer and Winter Olympics.

The gas-rich nation has invested hundreds of billions of dollars to develop infrastructure and erect new stadiums. A key organiser estimated the event will spur a $20 billion boost to the economy, but risks from new coronavirus variants could still upset those projections.

The country hopes to attract more than 1.2 million visitors during the month-long event. Organisers have said Qatar’s compact size will make the event more sustainable and that fans may even be able to attend more than one game per day.

An influx of people could put pressure on the import-dependent country’s resources. Qatar has leased two cruise ships to increase its hospitality capacity.

o counter the risk of price-gouging, the government has set maximum rates for 80 percent of the rooms rented from Nov. 1 through the end of the tournament, making the cheapest rooms available for up to 464 riyals. The government will make these accommodations available through a web portal that’s yet to go live.

Even before a temporary surge of people in the country of 2.6 million, Qatar has experienced its highest inflation on record. Consumer prices rose 6.5 percent in December from the previous year, driven by recreation and transportation costs.

Qatar has a lot at stake in the World Cup, working to overcome allegations of corruption and human rights abuses linked to its staging of the event.

Source:https://www.arabianbusiness.com/lifestyle/lifestyle-sport/qatar-opens-world-cup-ticket-sales-with-top-seats-costing-1598