BUSINESSThursday 15 November 2018

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Ukraine invites Qatari investors to explore its

investment potential

Mahmoud Awad and Waseem Khokhar join Reed Smith

QP announces successful closure of Qamco IPOTHE PENINSULA

DOHA: Qatar Petroleum announced the successful closure of the Initial Public Offering (IPO) of shares representing 49 percent of the issued share capital of Qatar Aluminium Manufacturing Company (Qamco).

The Offering comprised a total of 273,425,880 ordinary Shares, all of which were sub-scribed for during the IPO sub-scription period, which ran from Tuesday, 30 October 2018 until the close of business on Monday, 12 November 2018.

H E Saad Sherida Al Kaabi, the Minister of State for Energy Affairs, President and CEO of Qatar Petroleum, said: “This IPO followed the directive of His Highness Sheikh Tamim bin Hamad Al Thani, the Amir of the State of Qatar, to encourage a strong investment climate and a long-term savings culture for Qatari citizens.

The successful subscription of the IPO reflects the strength of Qatar’s economy, and the confi-dence in the State’s economic policies pursued under the Qatar National Vision 2030 which support the development of Qatar

stock market.” The IPO was over-subscribed 2.5 times the amount of shares offered to individual investors. Allocation of Shares is expected to be finalised and announced on Sunday November 25, 2018, and any refunds to shareholders will be made on the same date. Individual applicants will be advised of their subscrip-tions via SMS. The Shares are planned to be traded on the Qatar Exchange in December 2018.

Earlier, the participating banks said the IPO of Qatar Alu-minium Manufacturing Company (Qamco) has evoked huge response from investors. The first 10 days of the Qatar Petroleum’s offering of 49 percent of its shares to the public saw strong demand from investors; QNA reported after speaking to senior executives of some of the partic-ipating banks.

“The big response to Qamco IPO exceeded our expectations”, QNA quoted QIB Group CEO Bassel Jamal as saying. The investors’ response affirms the strength of the Qatari economy, and the citizens’ awareness of the importance of investment in industrial companies, the bank said.

H E Saad Sherida Al Kaabi, the Minister of State for Energy Affairs, President and CEO of Qatar Petroleum.

H E Sheikh Abdulla bin Saoud Al Thani (second right), Governor of Qatar Central Bank; Abdulaziz bin Nasser Al Khalifa (right), CEO of Qatar Development Bank; and Sheikh Khalifa bin Jassim Al Thani (second left), Chairman of Qatar Chamber, with the winners during the award ceremony. PIC: ABDUL BASIT / THE PENINSULA

QDB honours top 50 SMEs

THE PENINSULA

DOHA: Qatar Development Bank (QDB), in collaboration with Qatar Chamber and Qatar Stock Exchange (QSE), honoured top 50 SMEs at a glittering ceremony held at St. Regis Hotel yesterday.

During the second edition of the SME Excellence List 2018, the awards were presented to these deserving SMEs under the patronage of Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, in the presence of H E Sheikh Abdullah bin Saoud Al Thani, Governor of Qatar Central Bank (QCB) and Chairman of Qatar Development Bank (QDB); Saleh bin Hamad Al Sharqi, Qatar Chamber Director-General; and Rashid Bin Ali Al Mansoori, CEO of Qatar Stock Exchange, along with other distinguished and eminent guests from across state ministries, diplomatic missions and leading organizations in Qatar.

SME Excellence List serves as a valuable platform for entrepre-neurs, to showcase their achieve-ments as well as their outstanding and innovative efforts in man-aging their business. It was an arduous task to select the best in

class top 50 companies from among the companies who par-ticipated in the second edition of the program.

On presenting these pres-tigious awards, Abdulaziz bin Nasser Al-Khalifa, Chief Executive Officer of Qatar Development Bank, said: “With the ‘SME Excel-lence List’, we aim to empower the SMEs of Qatar and offer them a much wider platform to showcase their potential to the industry at large. SMEs have always been a crucial source of economic growth of Qatar and this endeavor channelizes their performance in the right direction and is in sync with the Qatar National Vision 2030. The success of the maiden event, which was held in the year 2016, enhanced our confidence to deliver yet another impactful event this year and we are extremely elated to inform you that this has been a bigger & better event for us with a large number of SMEs coming forward and participating in the event.” Rashid Ali Al-Mansoori CEO of Qatar Stock Exchange, said: “We are confident of the important role that SMEs play in achieving the economic growth and in providing job opportunities, in line with QNV 2030. We are

also pleased to collaborate with Qatar Development Bank in a unified communications strategy to promote a culture of trans-parency and competitiveness in the economic sector, to unlock the SMEs capabilities and adopt the highest international quality standards, with the aim of ena-bling them to compete locally, regionally and internationally. Therefore, we will provide support to the companies that are selected in this edition of SME Excellence List to be listed on the Qatar Exchange.” Qatar Chamber is keen to support SMEs and improve their performance to effectively take part in the devel-opment of the national economy, and we are working closely with all institutions that reaffirms united efforts towards building and promoting a culture of entre-preneurship in Qatar, said Saleh bin Hamad Al-Sharqi, Director General of Qatar Chamber.

“ The Chamber will support the companies listed in this year’s edition of the SME Excellence List organized by QDB, by promoting its products either through facil-itating their participation in local and international exhibitions and conferences, or through meetings held by the Chamber with foreign

trade delegations inside and outside Qatar,” he said.

The evaluation criteria, adopted by QDB, for determining the 50 top finalists for the SME Excellence List 2018 included: financial performance, rates of staff development and retention, the local supply chain man-agement, innovation and use of technology, integrity and trans-parency, application of quality standards and certifications, and finally, commitment to environ-mental protection in terms of waste management and com-pliance with environmental leg-islation.These criteria indicate the enormous strides made by the Qatari economy in developing the SMEs performance level each year.

The SME Excellence List ranking program serves as an important incubator for SMEs, which allows them to showcase their products and services and contribute to the success of their businesses.

The Program also honors small and medium-sized busi-nesses that are categorized and ranked by their performance and abilities to develop and grow and provides the SMEs all kinds of support needed.

Qatar’s fiscal and external balances will remain surplus: IMFSATISH KANADY THE PENINSULA DOHA: Significant fiscal and external buffers have enabled Qatar to successfully absorb the adverse shocks from the 2014-16 decline in oil prices and the diplo-matic rift. The country’s near- to medium-term outlook remains favorable in the context of rela-tively higher hydrocarbon prices, prudent fiscal policy, healthy financial system and accelerated structural reforms, the IMF mission team stated yesterday, after concluding its week-long visit to Qatar.

The International Monetary Fund (IMF) team led by Mohammed El Qorchi (pictured)visited Doha from October 29-November 4 to assess recent economic developments and

outlook since the completion of the 2018 Article IV consultation in May.

The statement issued by El-Qorchi at the end of the visit said: “Qatar’s economic performance continues to strengthen. Non-hydrocarbon output grew by about 6 percent during the first half of 2018, as the economy recovered from the impact of the diplomatic rift and oil prices surged.

However, hydrocarbon output fell by about 1.6 percent during the same period, culminating in overall real GDP growth of 2.3 percent. Real GDP growth of 2.4 percent is projected for 2018 as a whole up from 1.6 percent in 2017. Headline inflation remains subdued. Fiscal and external posi-tions are strengthening, and the central bank’s foreign exchange reserves have increased. Monetary and financial conditions have

improved significantly, with banks attracting non-resident flows and were able to reduce reliance on the financial support from the fiscal and monetary authorities. Excises would likely be put in place in 2019.

The IMF team said the near- to- medium-term outlook for the Qatari economy is benefiting from increased oil prices and prudent macroeconomic policies. The mission team anticipates overall real GDP growth of 3.1 percent in

2019, with still robust non-hydro-carbon growth and recovery in oil and gas production. Over the course of 2020-2023, real GDP growth of about 2.7 percent annually is projected, underpinned by still significant public infra-structure spending, expansion of liquid natural gas production, and the hosting of 2022 World Cup.

Qatar’s fiscal and external bal-ances will remain in surplus during 2019-2023, supporting additional foreign exchange accumulation by the central bank. Nonetheless, the outlook is subject to downside risks, including the economic and financial impact of escalated global trade tensions, tightened monetary policy stance in the US, and increased volatility in global financial markets.

“Despite higher oil prices, Qatar plans to pursue prudent

fiscal policy while taking into con-sideration its associated impact on the economy.

The 2019 budget is expected to contain overall expenditure growth, with continued emphasis on allocation to critical sectors (health and education). The current account surplus is projected at about 7 percent of GDP in 2019. QCB’s foreign exchange reserves are expected to increase further, reaching about $36bn in 2019,” the IMF team said.

Qatar’s banking sector remains sound. Foreign liabilities with-drawn in the immediate aftermath of the diplomatic rift have been partially replaced with greater attention being paid to the diversity of funding sources and deposit maturity structure. Official deposits placed with banks after the rift have been reduced. As higher oil

prices and returning foreign lia-bilities have enhanced banking liquidity, credit to the private sector has been growing at a healthy pace. QCB continues to closely monitor developments in the real estate sector in view of the softening in prices and potential implications for the banking sector.

Progress with structural reforms continues. The country’s second national development strategy highlights the need for economic diversification. The strategy identifies priority sectors including manufacturing, financial services, and tourism, while emphasizing competitiveness and the role of the private sector. The Private Sector Committee is pro-moting public-private partnership in areas such as food security, manufacturing, health, and edu-cation, the IMF mission team said.

22 THURSDAY 15 NOVEMBER 2018BUSINESS

Msheireb Properties hosts investors at Smart City Expo THE PENINSULA

DOHA: Msheireb Properties, a leading sustainable property development company and a subsidiary of Qatar Foundation for Education, Sciences and Society Development, welcomed a huge number of visitors to its dedicated booth at the 2018 Smart City Expo World Congress, hosted in Barcelona 13-15 November.

Msheireb Properties’ senior managers at the Expo received vis-itors and representatives from numerous private international companies and governmental organisations in their centrally located booth, where they are pre-senting Msheireb Downtown Doha (MDD) as one of the smartest city districts in the world.

The Msheireb Properties booth, in addition to displaying a full-scale model of the entire city district, includes three interactive areas that provide examples of what makes MDD a smart city including smart home applications, MDD’s smart city portal, and the command and control centre which oversees the entire district.

Ali Al Kuwari, Acting CEO of Msheireb Properties said: “We are proud to present our flagship development project, one of the first smart and sustainable city dis-tricts build in the world, to a global audience. Since the opening of the Expo, we have received

tremendous interest from people who are keen to know more about our city district and how we have made a smart city livable. We are extremely proud to reflect the image of Qatar as a nation adopting smart city concepts and building them into an interconnected and integrated urban environment on a world-class scale.”

“The visitors to our stand, who represent different sectors of busi-nesses and governments, were overwhelmed by the facilities we presented, and were interested to learn that the world’s second smartest city district has not only been built, but that it is located in Qatar. We are looking to translate this attention into real interest on

the ground”.Within Msheireb Properties’

booth, visitors can explore the “Smart Home Systems” and the “Lifestyle and Community Portal”, allowing users to monitor all the smart systems that are integrated in their residences, retail busi-nesses, or corporate offices. The booth also includes a replica visu-alisation of MDD’s Facility Man-agement and Operations “Command & Control Centre” which shows real-time surveil-lance of the downtown.

As the official global sponsor of the event, Msheireb Properties is also enhancing its international presence, highlighting its com-mitment to developing smart,

sustainable cities of the future. Msheireb Downtown Doha is the first downtown regeneration project embedding smart city technology and con-nectivity. From design and planning, to the delivery of infrastructure and trans-portation, through to improving an overall life-style, the city is smart to its core. MDD offers residents and companies many impressive benefits, including a convenient transportation system fea-turing Doha’s largest metro station, as well as more than 10,000 underground car parks with a smart

system for easy access and navigation.

Barcelona’s Smart City Expo World Congress is an international platform for companies and entities related to smart-city projects and development to display their latest projects, capa-bilities and technology solutions.

The exhibition is accompanied by a conference at which a number of Msheireb Properties Man-agement representatives will present MDD as a case study, along with their insights on smart cities. Barcelona Smart City Expo brings together multinational companies specialized in technology and real estate and is attended by top man-agers and executives.

A view of Msheireb Properties pavilion at Smart City Expo in Barcelona.

HEC Paris in Qatar launches Mid-Management Program for Alstom MEATHE PENINSULA

DOHA: HEC Paris, one of the world’s leading providers of Exec-utive Education, launched the third consecutive Middle East - Africa (MEA) Mid-Management (M3) program for Alstom. This program aims to offer selected participants an access to the renowned faculty and learning methods of HEC Paris and reinforce the exceptional management skills of Alstom’s key talent in the region. Tailored to the participants’ needs and designed in conjunction with Alstom, a total of 27 candidates from the Middle East - Africa, Europe and the Commonwealth of Independent

States (CIS) region were chosen for the M3 Program, which will take place between Istanbul and Paris over the next 6 months.

This program is meant to raise mid managers’ contribution to meet the strategic ambitions and to deliver the performance objec-tives of Alstom in the Middle East and Africa region. It is also intended to increase their capac-ities to act as change agents in their work environment and to build a network of colleagues and partners who share the same culture and experience.

Followed by the success of last two programs, this year again both organizations came forward for

MEA Mid-Management (M3) Program. Suitably segregated into two volumes, first module has recently taken place in Istanbul,

Turkey, and the next module will be held in March 2019 at HEC Paris campus in France.

On the occasion, Dr. Nils

Plambeck, Dean & CEO, HEC Paris in Qatar, said: “It is a proud moment for us to associate with Alstom for the third consecutive year. We are grateful to Alstom for bestowing tremendous trust upon us and offer us this opportunity time and again. With this program, we intend to deepen and broaden the participants’ skillset relevant for their current and future role. We are pleased to provide such custom programs to organizations and deliver best results in their future endeavors”.

The first module, ‘My world My company’ is designed to offer an opportunity to the participants to step back from day to

day operations and learn about geopolitics, macroeconomics, business strategy, operational excellence, finance and value cre-ation. Subject matter experts such as Charles Matar, Thierry Cou-durier, Oliver Tabatoni will throw light on critical subjects such as Geopolitics of the Middle East & Africa; Strategic Approach & Suc-cessful Execution; and Finance & Value Creation respectively.

Through the second module ‘Me and My leadership’, partici-pants will be able to know them-selves better. They would be able to discover and study their person-ality, profile preferences and behaviors.

QIB sponsors information security conferenceTHE PENINSULA

DOHA: Qatar Islamic Bank (QIB) has announced its spon-sorship of the 5th Information Security Conference for the Financial Sector(ISFS). The conference, held under the patronage of Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, is organised by the Qatar Central Bank (QCB) and will take place between the 18h and 19h of November 2018 at the Sheraton Grand Doha Resort & Convention Hotel.

This year, the conference is themed under the title “Securing Digital Assets” and will focus on information security in Qatar, infrastructure improvements and solutions for all vital sectors related to information security.

The conference will be attended by key decision makers from the financial sector and leading local and international information security profes-sionals and researchers.

QIB’s sponsorship of the conference signifies its

continuous commitment to support the Qatari economy, empowering the country’s financial sector and the devel-opment of a strong digital mar-ketplace and information security field. Information security is always an essential priority of QIB, demonstrated also through the Bank’s most recent investments in techno-logical initiatives including the innovative QIB Mobile App and the introduction of the online Wage Protection System .

“One of the key components of Qatar National Vision 2030 is creating an efficient and secure financial sector. For a number of years, the ISFS con-ference has been addressing sig-nificant information security issues and solutions within the financial industry. It has been driving the conversation towards the right direction which is also reflected in the tangible actions taken by the dif-ferent entities in the financial sector in Qatar” said Bassel Gamal, Group CEO of QIB.

The students of HEC Paris in Qatar attending a session.

Ukraine invites Qatari investors to explore its investment potentialTHE PENINSULA

DOHA: The Ukrainian Deputy Prime Minister & Minister of Economic Development and Trade, Stepan Kubiv said that Qatar is one of his country’s important partners in the Arab world. He said the countries rela-tions are firm and promising and there is a joint desire to develop their relations to higher levels. This is

A positive sign to the devel-opment of their bilateral relations which paves the way to more cooperation in trade, economy, industry and investments, he said while addressing a meeting held at Qatar Chamber (QC) yesterday, in the presence of QC board members Mohamed Al Obaidli and Adel Al Mannai, QC director-general Saleh Al Sharqi and rep-resentatives of Qatari and Ukrainian companies and the Ukrainian ambassador to Qatar.

The Ukrainian Deputy Prime Minister said that his country achieved positive economic reforms and moved from “stable” to “positive” status in Moody’s rating.

The Ukrainian economy recorded a 4 percent growth during the current year, he noted, saying that it had achieved great development in procedures of doing businesses according to global rankings.

Stepan Kubiv affirmed that the mutual visits of both countries’ leaderships have laid strong foun-dations to their cooperation in the

future and contributed to increase their trade volume As well as paved the way for more cooper-ation between the private sectors in both sides.

During these visits, he said, Qatar and Ukraine had signed many MoUs and agreements that contributed to improving their bilateral relations.

With regard to the investment climate, he noted that his country prepared a very good investment climate that adopting the public-private partnership.

Ukrainian laws are for local and foreign investors equally, he pointed out, affirming that his country has a promising vision that aims to attract foreign invest-ments. He invited Qatari busi-nessmen to invest in his country in energy, agriculture, infra-

structure and SMEs.Ukrainian companies are pre-

pared to take part in the 2022 World Cup projects in Qatar, noting it has great experience in this field. “Today’s meeting includes many leading busi-nessmen who are keen to establish business in Qatar”, he noted. He expressed the hope this meeting would be a new page of the history of trade relations between Qatar and Ukraine.

Addressing the forum, Qatar Chamber’s first vice chairman Mohamed bin Ahmed bin Towar said that Qatar and Ukraine enjoy strong bilateral relations in all economic and trade areas. They established their diplomatic ties 25 years ago. Last year, the trade volume reached $ 70m.

Towar noted that

the President of Ukraine Petro Poroshenko made a successful visit to Qatar in March 2018 which had contributed to developing both countries bilateral relations in which a slew of agreements and MOUs were signed.

With regard to the private sector cooperation, he said that there are many Qatari invest-ments in Ukraine especially in hospitality sector.

He pointed out that both countries have eased their visa policies allowing citizens of both sides visa-free entry at the port and a direct flight between Doha-Kiev was launched last year, affirming that these measures would boost their cooperation ties in tourism, business and joint investments and businesses that benefit both sides.

FROM LEFT: Stepan Kubiv, Ukrainian Deputy Prime Minister & Minister of Economic Development and Trade; Mohamed bin Ahmed bin Towar, Qatar Chamber’s First Vice Chairman and Mykhailo Nepran, First Vice-President of the Ukrainian Chamber of Commerce and Industry during the event.

QNB wins ‘Best Foreign Exchange Provider in Qatar 2019’ award

THE PENINSULA

DOHA: QNB, the largest financial institution in the Middle East and Africa, has received the “Best Foreign Exchange Provider in Qatar 2019” award at the regional awards ceremony held recently in London.

The annual award, con-sidered one of the most pres-tigious in the banking and finance world, recognises best foreign exchange providers in 104 coun-tries around the world. It encourages innovation and tech-nological advancement in the banking sector and aims to boost banks’ role in foreign exchange

risk management.\The ranking was also based

on input from renowned industry analysts, corporate executives and technology experts.

QNB’s repeated winning of this award is a firm acknowl-edgement of the bank leadership’s focus on developing innovative banking solutions.

Global Finance, a magazine specialised in global finance and economics, conducts compre-hensive surveys and research studies on the growth, innovation, and profitability of financial insti-tutions around the world and announces the best banks in each categories.

A QNB official with the award.

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23THURSDAY 15 NOVEMBER 2018 BUSINESS

HBKU’s College of Islamic Studies hosts CEOs RoundtableTHE PENINSULA

DOHA: The Center for Islamic Economics and Finance (CIEF), part of the College of Islamic Studies (CIS) at Hamad Bin Khalifa University (HBKU), recently hosted its fourth CEOs and Islamic Finance Leaders Roundtable for top management in the finance sector in collabo-ration with the Qatar Financial Centre (QFC), one of the world’s leading and fastest growing onshore business and financial centers. The event aimed to provide a better understanding of some of the best mechanisms for institutions to implement corporate social responsibility (CSR) initiatives.

Held under the theme of “Global Trends in Corporate Social Responsibility for the Financial Sector,” the event pro-vided a platform for industry leaders to explore how prag-matic strategies and innovative business paradigms can simul-taneously benefit society and maximize shareholder value.

Addressing attendees during his keynote address, Yousuf Mohamed Al Jaida, chief exec-utive officer at QFC Authority said: “The importance and impact of CSR simply cannot be understated. The QFC’s approach

goes beyond corporate social responsibility towards social investment. To this effect, our core focus is on supporting financial literacy and it is on this basis that we have developed our two social investment pillars: youth and education, as well as community development – both are incredibly important and both have great potential to bring about real change.”

The roundtable aimed to create a forum for understanding

and enhancing the field of Islamic economics and finance by fostering open dialogue among industry leaders and academia, while providing an opportunity for students to have more involvement in the industry.

Delivering his opening remarks, Dr Emad El din Shahin, dean of CIS, said: “Financial institutions have a key role to play in making positive and lasting contributions to society through their various outreach initiatives. CIS has welcomed industry leaders who participate in these invaluable discussions, and enable us to collectively

address how the sector can encourage a more robust economy while meeting the needs of all segments of society.”

The roundtable included an open discussion, moderated by Dr M. Evren Tok, associate pro-fessor and assistant dean of innovation and community advancement at CIS. Dr. Tok invited participants to offer their views on the current local land-scape for CSR practices; how local and global regulators, pol-icymakers, and markets view CSR practices; the public’s per-ception of CSR; the costs and benefits of CSR to banks in Qatar; and CSR practices from a

Shari’ah law perspective.HBKU students who partic-

ipated in the discussion were able to network with industry leaders and gain newfound understanding, which would allow them to conduct research on the sector and possibly obtain an internship or employment after graduating.

Dr Nazim Ali, director of research division at CIS, pointed out the significant change that is sought after in the relationship between responsible behavior and profitability. Since the wake of the 2008 Global Financial Crisis, CSR has become an insep-arable part of rebuilding a

globally competitive economy on the basis of innovation, trust, and values. In order to cultivate these factors, Islamic finance programs taught at CIS incor-porate CSR as part of the cur-ricula, in parallel to CIEF’s effort to promote dialogue on the sig-nificance of CSR at the corporate level.

The CEOs roundtable series, which was first initiated in 2015, provides a dedicated communi-cation channel between financial institutions and academics to discuss perennial and new issues and products in the industry, and strengthens the relationship between industry and academia. Past CEOs roundtables have addressed various pertinent topics such as Islamic finance, fintech, and cryptocurrencies; the expectations and realities of Islamic finance; and the role Islamic finance plays in financing infrastructure projects.

HBKU’s CIS proactively tackles and addresses present-day topics as they pertain to con-temporary Muslim societies. The college offers five multidisci-plinary degrees tackling the topics of Islam and global affairs, Islamic finance and economics, Islamic architecture and urbanism, as well as Islamic studies.

The CEOs and students on the sidelines of the event.

Mahmoud Awad and Waseem Khokhar join Reed SmithTHE PENINSULA

DOHA: Commercial disputes lawyer Mahmoud Awad (pictured) and senior consultant Waseem Khokhar joined Reed Smith, bolstering the firm’s Middle East presence. The global law firm yesterday announced that Mahmoud Awad will be joining the firm as a partner in its Commercial Disputes Europe & Middle East (EME) Group.

Mahmoud’s arrival exem-plifies a strategic push by Reed Smith to enhance its global offering while boosting its con-struction, energy and natural resources, and international arbi-tration capabilities in the region.

Joining from Hadef & Partners and recognised by Legal 500 as a Recommended Lawyer in the category of Arbitration and Inter-national Litigation, Mahmoud specialises in complex com-mercial and corporate disputes, often with multi-jurisdictional implications. He has represented a diverse range of clients, including Fortune 500 com-panies, multi-national corpora-tions and government authorities. He is also a member of the American Bar Association and is admitted to the New York State Bar as well as the New Jersey State Bar.

Peter Hardy, head of Reed Smith’s Europe and Middle East commercial disputes group, said: “I am thrilled that Mahmoud is joining us, he will make a great addition to our Commercial Dis-putes (EME) Group.

His broad range of expertise will expand our disputes platform and client reach in the region, as

well as strengthening our London and ME disputes connection. Clients operating globally have disputes and commercial risk with potentially global conse-quences; with Mahmoud joining us, our ability to deliver a unified global disputes response has become stronger.” In addition to Mahmoud’s appointment, Waseem Khokhar has joined the firm as a senior consultant in the firm’s Commercial Disputes (EME) Group.

He has significant experience in the regulatory investigations field, including disputes, complex tax investigations and investiga-tions. Waseem also works exten-sively across the region in the gov-ernment and regulator sector. This includes work on major transformation projects and advising multi-national companies.

Sachin Kerur, head of the Middle East region for Reed Smith, commented: “Reed Smith has a long-held commitment to the Middle East. Mahmoud and Waseem are very highly regarded and we are delighted that they have joined us to deepen our platform across the region and to boost our commercial disputes, investigations and regional reg-ulatory practices.”

The roundtable aimed to create a forum for understanding and enhancing the field of Islamic economics and finance by fostering open dialogue among industry leaders and academia, while providing an opportunity for students to have more involvement in the industry.

Snap reveals US subpoenas on IPO disclosuresREUTERS

NEW YORK: The US Justice Department and Securities and Exchange Commission have subpoenaed Snap Inc for infor-mation about its March 2017 initial public offering, the social media app maker told yesterday.

Snap said in a statement it has responded to the government subpoenas and other requests for information.The previously unre-ported federal inquiries follow an ongoing shareholder lawsuit in which investors allege that Snap misled the public about how com-petition from Facebook Inc’s Instagram service had affected the company’s growth.

Snap said it believes that the federal regulators “are investi-gating issues related to the previ-ously disclosed allegations asserted in the class action about our IPO disclosures.” “While we do not have complete visibility into these investigations, our understanding is that the DOJ is likely focused on IPO disclosures

relating to competition from Instagram,” the company said.

Snap’s Snapchat messaging app has posted disappointing user growth since the company’s $3.4bn IPO, and despite above-expectations sales growth and narrowing losses, its shares have tumbled. They closed at $6.71 on Tuesday, down from their initial offering price of $17.

The company described the lawsuit as “meritless” and said its pre-IPO disclosures were “accurate and complete.” It said it would continue to cooperate with the SEC and Justice Department. Subpoenas can compel parties to provide mate-rials that authorities want to review. Snap acknowledged the probes after the US government made a sealed filing in the share-holder lawsuit last Wednesday.

The complaint, filed in May 2017 in US District Court in Los Angeles, also alleges that Snap did not disclose a sealed lawsuit brought before the IPO in which a former employee alleged the

company had misrepresented some user metrics.

A federal court ordered that whistleblower case to arbitration in April. The shareholder lawsuit further alleges that Snap misrep-resented its use of smartphone notifications and other “growth hacking” tactics to spur Snapchat usage. Judge Stephen V Wilson in June denied Snap’s motion to dismiss the lawsuit. Plaintiffs later

filed to certify it as a class action.Snapchat, which reported

158m daily users prior to the IPO, peaked at 191m in this year’s first quarter and fell to 186m in the third quarter.

Snap’s investor prospectus warned that Instagram’s new ephemeral-posting feature, Stories, copied one of Snapchat’s core elements and “may be directly competitive.”

A man takes a photo of the New York Stock Exchange (NYSE) with a Snap Inc logo hung on the front of it.

Rockwell Automation, PTC launch software suite for industriesIANS

SINGAPORE: Industrial automation company Rockwell Automation and software and services company PTC have launched a new inno-vation offering to drive digital transformation across industries.

Called ‘FactoryTalk InnovationSuite’, it will enable companies to optimise their industrial operations and enhance productivity by pro-viding decision makers with improved data and insights, Rockwell Automation said in a statement late on Tuesday.

“Our offering is unique in its ability to improve how companies cap-italise on the IioT (Industrial Internet of Things) by combining expertise from industry, technology, and plant-floor professionals,” said John Genovesi, incoming Senior Vice President, Enterprise Accounts and Software, Rockwell Automation. The collaborative offering is the first to integrate technologies from both companies following the strategic partnership announcement in June. Rockwell Automation is the world’s largest company dedicated to industrial automation and information.

Al Sulaiti Law Firm, Squire Patton Boggs win Qatar Law Firm of the year AwardTHE PENINSULA

DOHA: Qatar’s leading law firm Al Sulaiti Law Firm has won the “Qatar Law Firm of the Year” at the Qatar Business Law Awards 2018.

The winners of the 2018 Qatar Business Law Awards were pre-sented the awards at a gala dinner held at The St. Regis Hotel in Doha on Tuesday, following the annual Qatar Business Law Forum.

With more than fourteen years of experience, Al-Sulaiti Law Firm has fast become one of the most renowned firms in Qatar. The Firm is a founding member of the MENA City Lawyers network, which connects five firms in North Africa, the Levant, and the Gulf. Al Sulaiti Law Firm is a local law firm with a regional reach and a global outlook.

Squire Patton Boggs has been recognised as International Law Firm of the Year at the Qatar Business Law Awards, for the second year in a row. The Doha team of Squire Patton Boggs was recognised for its first-class legal expertise, business success, stra-tegic vision and excellence in the areas of innovation and client sat-isfaction in Qatar.

The award was decided by a

distinguished panel of judges, which included Dr. Mohammed Al Khulaifi, Dean of the College of Law, Qatar University; Dr. Muna Al-Marzouqi, Assistant Professor of Maritime & Commercial Law, Qatar University, College of Law; Susan L. Karamanian, Dean, Hamad Bin Khalifa College of Law and Public Policy; Luigia Ingianni, Commissioner, Employment Standards Office, Qatar Financial Centre; Dr. Ehab Elsonbaty, Senior Legal Counsel, Head of Gov-ernance and Government Affairs, Qatar Investment Authority; Jason Taylor, Director of the Association of Corporate Counsel (ACC) Middle East – Qatar branch, and Senior Legal & Compliance Counsel, Muntajat; Rowan McBrien, General Counsel of Total E&P Qatar; Dr. Damilola Olawuyi, Professor of Law at Hamad Bin Khalifa University; Dr. Minas Khatchadourian, General Counsel, Qatar International Center for Conciliation and Arbitration; Christopher Grout, Registrar of the Qatar International Court and Dispute Resolution Centre; Farouk Yala, Legal Counsel at Qatar Petroleum; and Francis Botchway, Sir William Blair Chair in Alter-native Dispute Resolution, College of Law, Qatar University.

Charbel Maakaron, Squire Patton Boggs office managing partner in Doha, said: “We were delighted to win this award in 2017. To be judged as Qatar’s International Law Firm of the Year once again, and by a panel of such distinguished professionals, is a special honour. It is a fantastic rec-ognition of the talent, com-mitment and hard work of our team in Doha.”

The other winners include K & L Gates (Property & Con-struction Team of the Year), Simmons & Simmons (Banking & Finance Team of the Year), Dentons (Alternative Dispute Res-olution Team of the Year), Clyde & Co (Employment Team of the Year), Pinsent Masons (Tech-nology, Media & Telecommuni-cations), Omani & Partners (Sports Law Team of the Year), Thani Bin Ali Al Thani Law Firm (Legal Counsel of the Year), Sam Priest (Qatar Gas)-General Counsel of the Year, Nasser Al-Taweel (Qatar Financial Centre Authority) and Hamad Bin Khalifa University (Innovative Legal Teaching).

LexisNexis, provider of com-puter-assisted legal research as well as business research and risk management services, congratu-lated all the winners.

MEEZA joins Qatar Central Bank to host ISFSTHE PENINSULA

DOHA: MEEZA, Qatar’s prominent end-to-end Managed IT Services & Solu-tions Provider, will be one of the essential sponsors for the Qatar Central Bank annual event — 5th Conference of Information Security in the Financial Sector (ISFS). The event will be held on November 18-19, 2018 at the Sheraton Grand Doha Resort & Convention Hotel, under the patronage of the Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani.

MEEZA CEO, Ahmad Mohamed Al Kuwari will be delivering a key presen-tation on Cyber Security Threats to industry stakeholders.

The conference threw light on information security, the challenges it faces and infrastructure improvements. Stability of our financial system is the fundamental pillar that Qatar Central Bank and other regulatory bodies seek to achieve.

REUTERS

WASHINGTON/SEATTLE: The US Federal Aviation Adminis-tration and Boeing Co (BA.N) are evaluating the need for software or design changes to 737 MAX jets in the wake of last month’s deadly Lion Air crash in Indonesia, the regulator said on Tuesday.

Boeing shares fell 2.1 percent yesterday on concerns related to the first crash of the newest version of the planemaker’s best-selling jet, in which all 189 people on board were killed when it dived into the sea.

Indonesian investigators said on Monday a system designed to deal with the accident scenario was not described in the flight manual. They called for more training for 737 MAX pilots.

US pilot unions later said they were not aware of the new anti-stall system.

Operating procedures and training for the 737 MAX could also change as the FAA and Boeing learn more from the investigation, the regulator said in a statement.

Investigators are preparing to publish their preliminary report on the crash on November 28 or Nov. 29, one month after the Lion Air jet crashed at high speed into the Java Sea.

Until now, public attention has focused mainly on potential maintenance problems including a faulty sensor for the ‘angle of attack,’ a vital piece of data needed to help the aircraft fly at the right angle to the currents of air and prevent a stall.

The focus of the investigation appears to be expanding to the clarity of US-approved proce-dures to help pilots prevent the 737 MAX from over-reacting to such a data loss, and methods for

training them.Information recovered from

the jet’s data recorder last week led the FAA to issue an emer-gency directive warning pilots that a computer on the 737 MAX could force the plane to descend sharply for up to 10 seconds even in manual flight, making it dif-ficult for a pilot to control the aircraft.

Pilots can stop this automated response by pressing two buttons if the system behaves unex-pectedly, the directive said.

But questions have been raised about how well pilots are prepared for such an automatic reaction and how much time they have to respond.

Boeing Chief Executive Dennis Muilenburg told Fox Business Network yesterday that Boeing provides “all of the infor-mation that’s needed to safely fly our airplanes” and that the 737

MAX was a “very safe” airplane.“This comes out of thousands

of hours of testing and evaluating and simulating and providing the information that our pilots need to operate our airplanes safely,” Muilenburg said.

“In certain failure modes, if there’s an inaccurate angle of attack sensor feeding information to the airplane, there’s a pro-cedure to handle that,” he added.

The FAA denied a report that it had launched a new probe into

the safety analyses carried out by Boeing on the 737 MAX.

Boeing, the world’s largest planemaker, said earlier on Tuesday it delivered 43 of its 737 aircraft last month, up from 37 a year ago, helped by a booming global market.

The number of 737 deliveries was down slightly from the 61 delivered in September due to lingering supplier problems, flagged by a Boeing executive last week.

24 THURSDAY 15 NOVEMBER 2018BUSINESS

FAA, Boeing study need for 737 MAX software changes after crash

A man looks at a scale model of Boeing’s 787 dreamliner at their booth at the Singapore Air Show in Singapore.

Italy should use expansion to reduce its debt: WeidmannBLOOMBERG

FRANKFURT: The Italian government can boost spending but only if it doesn’t come at the price of a higher debt burden, Bundesbank President Jens Weidmann (pictured) said. “It is perfectly legitimate for a new government to set new political priorities,” the European Central Bank Governing Council member said in a speech in Berlin.

“However, as far as these are associated with additional expen-ditures, it would be advisable to reduce other expenditures or to increase revenue. The requirement for debt reduction mustn’t be renounced.”

Weidmann’s remarks come as the standoff between Italy and its European Union partners reaches a critical point, with the

country’s populist government sticking to a budget plan that the EU says must be revised.

That forces the European Union to follow through on its threat of action or potential sanc-tions, or cave in.

The Bundesbank president said with the euro-area economic expansion ongoing — despite a recent slowdown — and with monetary policy unlikely to be able to provide much support when the next crisis hits, highly-indebted countries like Italy should take the opportunity to reduce their burden. “I do not share the view that growth problems will be resolved with more and more debt, and that high

debt is unproblematic,” he said. “For a monetary union with

a common monetary policy and 19 national fiscal policies, it is crucial that it can only be a sta-bility union if its member states have sound budgets.”

S Africa retail-sales growth slows to 18-month low in SeptemberBLOOMBERG

JOHANNESBURG: South African retail sales expanded at the slowest pace in 18 months in September, signalling a slow rebound for the economy from a recession it plunged into in the second quarter.

Retail sales rose 0.7 percent from a year earlier compared with growth of 2.5 percent in August, the Pretoria-based sta-tistics agency said yesterday. The median in a Bloomberg survey was 1.9 percent. Sales fell 0.6 percent in the month.

Key Insights: Sales increased 1.5 percent in the three months through Sep-tember from the same period last year.

The retail-sales figures are the last of the high-frequency economic data published for the third quarter. While man-ufacturing output increased year on year in every month of the quarter, mining production dropped every month.

The economy slipped into a recession in the second quarter. Data for gross domestic product in the third quarter is due on December 4.

US controls on semiconductor firm break WTO rulesREUTERS

GENEVA: The US decision to cut off a Chinese state-backed chip-maker from US suppliers amid allegations the firm stole intel-lectual property breaks World Trade Organization rules and aims to protect a US monopoly, China told a WTO meeting.

The meeting took place with the world’s top two economies already locked in a trade dispute and tit-for-tat tariff war. Last month the US Commerce Department put Fujian Jinhua Integrated Circuit Co Ltd on a list of entities that cannot buy com-ponents, software and tech-nology goods from US firms.

US semiconductor company Micron Technology Inc, a maker of memory chips with factories in Virginia and Utah, has accused Jinhua and Taiwanese partner United Microelectronics Corp.

Weidmann’s remarks come as the standoff between Italy and its European Union partners reaches a critical point, with the country’s populist government sticking to a budget plan that the EU says must be revised.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Fantastic Beasts: The Crimes Of Grindelwald (2D/Fantasy) 2:00, 4:45, 7:00, & 9:00pm; Mangalayam Than-thunnanena (2D/Malayalam) 2:30 & 11:30pm; Pihu (2D/Hindi) 5:15 & 7:15pm; The Grinch (2D/Animation) 2:30pm; Bonnie Bear Iii: Big Top Secret (2D/Animation) 4:15pm Cinderella And The Secret Prince (2D/Ani-mation) 6:15pm; Thugs Of Hindostan (2D/Hindi) 8:00pm; Bohemian Rhapsody (2D/Drama) 9:30pm; Sarkar (2D/Tamil) 11:00pm Galveston (2D/Arabic) 11:45pm

Mangalayam Thanthunnanena (2D/Malayalam) 2:15 & 11:00pm; The Grinch (2D/Animation) 3:00pm; Cin-derella And The Secret Prince (2D/Animation) 4:15pm; Dog Days (2D/Comedy) 4:45pm; Fantastic Beasts: The Crimes Of Grindelwald (2D/Fantasy) 4:45, 6:00, 6:45 & 8:30pm; Galveston (2D/Arabic) 9:15pm; I Still Love You (2D/Fantasy) 7:30pm; Bonnie Bear Iii: Big Top Secret (2D/Animation) 2:30pm; Sarkar (2D/Tamil) 11:00pm; Mara (2D/Crime) 9:15pm; Thugs Of Hindostan (2D/Hindi) 11:00pm

Mangalayam Thanthunnanena (2D/Malayalam) 2:30 & 11:15pm; The Grinch (2D/Animation) 2:30pm; Cinderella And The Secret Prince (2D/Animation) 4:30pm;Fantastic Beasts: The Crimes Of Grindelwald (2D/Fantasy) 6:15, 8:45 & 11:15pm; Dog Days (2D/Comedy) 5:15pm; Bohemian Rhapsody (2D/Drama) 9:00pm; Blue Night (2D/Drama) 7:15pm;

Sarkar (2D/Tamil) 12:00, 3:00, 8:00 & 11:00pmMangalayam Thanthunnanena (2D/Malayalam) 2:45, 5:30, 8:15, 11:00pm & 1:30am; Pihu (2D/Hindi) 6:00pm; Kaatrin Mozhi (2D/Tamil) 12:00 noon, 3:00, 9:00pm & 12:00 midnight; Thugs Of Hindostan (2D/Hindi) 9:00pm & 12:00 mid-night; Amar Akbar Antony (2D/Telugu) 12:00 noon, 3:00 & 6:00pm

Thugs Of Hindostan (2D/Hindi) 10:45am, 5:00 & 11:15pm; Kaatrin Mozhi (2D/Tamil) 11:30am, 5:30 & 11:30pm; Sarkar (2D/Tamil) 2:30 & 8:30pm; Amar Akbar Antony (2D/Telugu) 11:30am, 5:30pm; Mangalayam (2D/Malayalam) 2:30, 8:30 & 11:30pm The Fantastic Beast 2:00 & 8:15pm

Amar Akbar Antony (2D/Telugu) 12:30, 4:00, 7:00 & 10:00pmCinderella And The Secret Prince (2D/Animation) 12:30, 2:30, 4:30 & 6:30pm; The Fantastic Beast 3:30, 6:00,7:15, 10:00 8:45 & 11:30pm; Mangalayam ( 2D/Malayalam) 8:30 & 11:00; Sarkar (2D/Tamil) 1:00 & 4:30pm; Thugs Of Hindostan (2D/Hindi) 12:30 & 1:00pm

Mangalyam Thanthunanena is a Malayalam-language family satire film directed by Soumya Sadanandan and written by Tony Madathil, starring Kunchacko Boban and Nimisha Sajayan.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

AL KHOR

Bohemian Rhapsody (2D/Drama) 12:30, 4:20, 6:15pmEl Kowayseen (2D/Arabic) 8:10pmFantastic Beasts: The Crimes Of Grindelwald (2D/Fantasy) 10:45am, 1:30, 4;15, 12:40, 3:20, 6:00, 8:40, 11;20pmThe Grinch (2D/Animation) 10:35pmGalveston (2D/Arabic) 10:40pmSarkar (2D/Tamil) 2:10, 9:00pm; Mara (2D/Crime) 9Thugs Of Hindostan (2D/Hindi) 5:30pm & 0:20am

MANGALAYAM THANTHUNNANENA

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