Tag: Business & Finance

The US Energy Information Administration (EIA) announced, on Sunday, a decline in Iraq’s oil exports to the United States during the past week.

The EIA stated in its table: ‘The average US imports of crude oil during the past week from 9 major countries amounted to 5.647 million barrels per day, down by 350 thousand barrels per day from the previous week, which amounted to 5.997 million barrels per day.’

It added, “Iraq’s oil exports to America amounted to 123,000 barrels per day last week, down by 203,000 barrels per day from the previous week, which amounted to 326,000 barrels per day.

Source: National Iraqi News Agency

Doha: Qatar Development Bank and its affiliate Qatar Export Development andFinance and Promotion Agency (TASDEER) concluded its trade activities in the Republic of South Korea, as a continuation of its efforts to support the Qatari producers and entrepreneurs to access new markets and further develop and diversify the national economy.

Executive Director of TASDEER, Khalid Abdullah Al Mana, stressed the importance of such initiatives to support Qatari products and facilitate the entry of the national product into new markets, expressing TASDDER’s commitment to supporting Qatari entrepreneurs in their journey towards regional and global markets.

He added that this mission comes as a continuation of a series of successful commercial trips that were undertaken in the hope of opening the door for Qatari products to enter the Korean market.

HE Ambassador of the State of Qatar to the Republic of Korea, Khalid bin Ibrahim Al Hamar, along with a group of government representatives from the Republic of Korea, atten
ded the trade mission activities. In attendance were 21 Qatari exporting companies from various sectors including construction, plastics, and packaging, healthcare, sports technology, and tourism.

There were 120 bilateral meetings between Qatari companies and around 150 Korean companies and government institutions, which led to concluding over QAR 165 million deals.

TASDEER offers specialized initiatives and programs to enable Qatari exports in accordance with the National Development Strategy’s objectives to provide the appropriate conditions for the development and prosperity of the national economy.

Source: Qatar News Agency

Doha: The Ministry of Finance announced Sunday that the State of Qatar’s budget for the first quarter of 2024 recorded a surplus of QR 2 billion.

The surplus was directed to reducing public debt, and therefore there is no cash surplus, the Ministry posted on X.

The total budget revenues for the Q1 of 2024 amounted to QR 53.4 billion – QR 47.3 billion from oil revenues, and QR 6.1 billion non-oil revenues, a 22.1-percent decrease versus the same period the previous year.

The total expenditures in the first quarter of 2024 amounted to QR 51.4 billion. A total of QR 16.3 billion was directed for salaries and wages and QR 18.8 billion for current expenses, while secondary capital expenditures amounted to QR 1.4 billion and major capital expenditures amounted to QR 14.6 billion, a five percent increase from the same period the previous year.

Source: Qatar News Agency

Doha: The Qatar Investment Promotion Agency (IPA) and the Qatar Free Zones Authority (QFZ) asserted Qatar’s prestigious position in the global logistics sector, which had a market value of USD 10.41 trillion in 2023 and is expected to rise to more than USD 18 trillion by 2030, reflecting its importance and enormous growth potential.

In a joint article, the IPA and QFZ shed light on the initiatives undertaken by Qatar to enhance its lead in the global logistics services sector, particularly its efforts to integrate artificial intelligence. They also highlighted the global status of this vital sector and the opportunities and challenges affecting its growth.

CEO of the IPA Sheikh Ali bin Walid Al-Thani, and the CEO of the QFZ HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani, stated in the joint article that Qatar is at the forefront of global efforts to promote innovation and progress. According to the Agility Emerging Markets Logistics Index 2024, Qatar ranks seventh globally in logistics efficiency and seco
nd in the region in terms of technology access according to the Network Readiness Index 2023.

The joint article pointed out that the QFZ, which is a key enabler of the logistics sector in the country, undertakes numerous initiatives to support growth in this sector. The authority hosts four of the world’s top ten logistics companies and continues to integrate new technologies such as artificial intelligence in the logistics services sector. It is also developing new facilities, including new regional distribution centers, which contribute to enhancing Qatar’s logistics infrastructure and attracting new entrants to the market, thus strengthening the country’s position and leadership in the global logistics services sector.

Titled “Five trends: Disrupting or Driving Logistics Growth,” the article analyzed the current state of the global logistics sector, noting the varying levels of response among countries to these opportunities and challenges.

It also identified five trends shaping the future of the logist
ics sector. The first is the expansion of artificial intelligence and e-commerce. The demand for faster, more efficient and cost-effective logistics solutions continues to rise, driving e-commerce as one of the leading adopters of artificial intelligence (AI). This trend is particularly relevant in Qatar, which boasts the top ranking for Data and Infrastructure for AI readiness in the GCC region according to the 2023 AI Readiness Index. Through sophisticated algorithms and machine learning techniques, AI enables e-commerce platforms to analyse vast volumes of data, anticipate consumer needs, optimise pricing strategies and logistics, and tailor product recommendations, enhancing customer satisfaction and loyalty. Given this transformative influence, AI is expected to reach $12.87 billion by 2026 in the logistics market, according to the Gitnux Market Data Report 20245. Industry giants like Amazon and DHL are integrating AI into their operations, to drive innovation and elevate customer experiences in the ever
-evolving realm of e-commerce.

The Second Trend is Sustainability. With sustainability concerns looming large, logistics enterprises are adopting eco-friendly practices and embracing zero-carbon shipping solutions to mitigate environmental impact. Emerging trends in sustainable logistics, including adopting alternative fuels, electric vehicles and carbon offset programmes, shed light on sustainable transportation with zero-carbon shipping becoming more accessible. According to DHL, the transportation industry accounted for 24 percent of global greenhouse gas emissions in 2023, which has also committed to reducing its logistics-related emissions to net zero by the year 20506. This shift towards sustainable supply chains is not just about reducing environmental impact; it is also about enhancing efficiency, saving costs and enabling resilience in an ever-changing world.

On the third trend; “Bridging talent gap: addressing the need for skilled labour”, the article said that as experienced professionals retire
and skilled labour becomes scarcer, logistics companies, in collaboration with their local governments, face the challenge of attracting, retaining and upskilling talent. According to a survey conducted by MHI and Deloitte, 57 percent of survey respondents report difficulties in hiring and retaining qualified workers. Hence, governments worldwide are implementing multifaceted strategies to foster talent development and bridge workforce gaps. In Qatar, Jusour (Qatar Manpower Solutions Co.) recently launched the Mustaqel programme, which is designed to invograte the nation’s labour market by attracting entrepreneurs, unique talents and skilled professionals from across the world to Qatar. The programme offers unique benefits and a renewable five-year residency permit, enticing individuals to contribute their expertise to Qatar’s workforce.

The article pointed out that the fourth trend is related to Re-Near-shoring strategies. The disruptions caused by global crises and geopolitical tensions have prompted many
companies to reassess their offshoring strategies. In 2024, the trend towards localisation and regionalisation of supply chains is gaining momentum. By bringing production and distribution closer to end markets, companies aim to reduce dependency on distant suppliers, mitigate geopolitical risks and enhance responsiveness to changing consumer preferences. Globally, over half (57 percent) of the companies surveyed by QIMA reported that nearshoring is a key part of their supply chain strategy in 2023 and beyond. Re/near-shoring strategies not only offer logistical advantages such as shorter lead times and reduced transportation costs but also support job creation and economic growth in local communities.

the fifth trend is the ‘Geopolitical shifts’. Geopolitical events can shape both short-term and long-term strategic implications on shipping rates, trade flows and global supply chains. The surge in trade tensions between the United States and China since 2018 significantly impacted global logistics, with tari
ffs affecting over USD 700 billion in goods in 2019 alone, according to the World Trade Organization (WTO)7.

Additionally, the Russia-Ukraine War resulted in increased prices of commodities, increased freight charges, container shortages, lowered the availability of warehousing space and closure of several ports8. Similarly, the unrest in the Middle East, coupled with attacks on vessels transiting through the Suez Canal, has added to the existing challenges, decreasing Suez Canal transits by an estimated 42 percent compared to its peak according to UNCTAD9.

The search for alternative routes due to these factors results in longer cargo travel distances, rising trade costs and insurance premiums.

Returning to the pivotal question posed earlier regarding the current position of the logistics sector at this critical juncture, the response may diverge depending on the country in question. While some nations may perceive the prevailing trends as opportunities for growth, others may grapple with direct challenges
.

Globally, looking at the leading countries ranked by the World Bank’s Logistics Performance Index, namely Singapore, Germany and the Netherlands, it becomes evident that they prioritise innovation and collaboration. These nations leverage emerging technologies such as blockchain, Internet of Things (IoT) and AI to optimise supply chain operations and enhance efficiency. Furthermore, governments are forging partnerships with private sector stakeholders to foster innovation and address pressing challenges such as sustainability and digitalisation.

Source: Qatar News Agency

Beijing, The Minister of Finance, Mohammed Aljadaan, heads the Kingdom of Saudi Arabia’s delegation participating in the Saudi-Chinese meetings to be held May 20-21, 2024 in Beijing, People’s Republic of China.

The Saudi delegation includes the Vice Minister of Finance Abdulmuhsen Alkhalaf, as well as officials from: the Ministry of Finance; the National Center For Privatization (NCP); the Saudi Central Bank (SAMA); the Saudi Capital Market Authority (CMA); the Zakat, Tax and Customs Authority (ZATCA); the National Development Fund (NDF); the Saudi Fund for Development (SFD); and the National Infrastructure Fund.

Minister Aljadaan and the Chinese Minister of Finance, Mr. Lan Fo’an, will co-chair the third meeting of the Financial Sub-Committee for the High-level Chinese-Saudi Joint Committee. Minister Aljadaan will also participate in a roundtable meeting organized by the Saudi National Center for Privatization in cooperation with the Industrial and Commercial Bank of China.

Vice Minister Alkhalaf and the
Chinese Vice Minister of Finance, Mr. Liao Min, will co-chair a roundtable meeting hosted by the Chinese Ministry of Finance, and organized by China Development Bank (CDB) and China Investment Corporation (CIC).

Minister Aljadaan will also meet with a number of Chinese ministers, officials, and investors to discuss the latest economic and financial developments, topics of common interest, as well as investment opportunities in Saudi Arabia in light of Saudi Vision 2030.

These meetings come as an extension of efforts to strengthen cooperation and enhance relations between the Kingdom of Saudi Arabia and the People’s Republic of China in various fields to promote global economic growth.

Source: Saudi Press Agency

Doha: Qatar Financial Markets Authority (QFMA) emphasized that is continuously working whenever necessary to review its legal legislation for the purpose of ongoing development and update in order to keep pace with local variables and the best international laws, standards and practices in force in this field, noting the important role played by capital markets regulators in regulating the work in such markets by providing the appropriate legislative environment for their optimal activities and performance.

Acting Director of Complaints Department at QFMA Noora Abdulaziz Al Emadi said since its establishment under Law No. (33) of 2005, QFMA has paid great attention to issue legal legislation that contributes to perform its functions and competencies and complete its work with the least effort and the fastest possible time, aiming to maintain confidence in the dealing system in the local market and enhance the integrity and transparency to ensure the continuity of its stability and reduce the risks may face,
so that such markets will be attractive for investments, and for investors’ funds and savings to be utilized in investment opportunities that achieve meaningful profits.

Al Emadi affirmed that QFMA is working to speed up the process of handling complaints, and on the need to inform all parties dealing in the Qatari capital market of the legal legislation in force, regulating the work of the market issued by QFMA, in particular the legal provisions stating the tasks of the QFMA’s licensed entities and the rights and duties of each party dealing in the market, including the investors.

She added that this would help identify the mechanisms, the proper methods and the correct way used to carry out the various operations in the market, and to review and be aware of the Rules and Procedures of Complaints issued by QFMA and published in the Official Gazette, which clarifies who has the right to lodge a complaint as well the mechanism and subject matter, which is often related to the failure of one of the concerned
parties to carry out its prescribed duties, or its failure to carry out an action directed to be done in accordance with the legal procedures established in this regard, or with regard to any abuses or breaches of the legal legislation in force that may have caused damage to another party or parties, and to indicate the methods of handling such complaints and taking appropriate action in this regard, with the aim of maintain the rights of market participants, recover the stolen rights and return them to their owners and hold violators accountable.

Al Emadi talked about ways to lodge a complaint via the QFMA’s website, or an e-mail to the Complaints Department’s e-mail, or by the recorded phone calls, or attend in person at the QFMA’s headquarters.

Al Emadi continued by saying that the Complaints Department receives positively complaints from investors and all concerned parties, and upon received, it immediately deals with, researches, and considers such complaints as per the prescribed procedures, then the
necessary recommendations are submitted in this regard. Thereafter, the required legal measures are taken within QFMA according to the approved judicial cycle, which may start with the complaint through the necessary investigations by an investigation committee formed for this purpose, following that take the necessary disciplinary actions against violators by the Disciplinary Committee. It may be appealed against the Disciplinary Committee’s decisions before the QFMA’s Appeals Committee, which is formed in its membership of three judges from the Court of Appeals, one of whom is a president of a court who heads this Committee, in addition to two experts, explaining that the Committee’s decisions may be challenged before the Court of Appeal, where its decisions are considered as a ruling of first degree, until the procedures are completed by a ruling issued by the Court of Cassation, if necessary.

Source: Qatar News Agency