THURSDAY 14 JANUARY 2021

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Qatar FinTech Hub to host first Demo DayThrough QFTH, we aim to develop FinTechs and support entrepreneurs and innovators to make an impact in the region.

BUSINESS | 02Abdulaziz bin Nasser Al Khalifa CEO of QDB and FinTech Task Force Chairman A

Business

QIB ranked Third Strongest Islamic Bank in WorldTHE PENINSULA — DOHA

The Asian Banker Magazine has ranked Qatar Islamic Bank (QIB) as the ‘Third Strongest Islamic Bank in the World’ and ‘Eighth Strongest Bank in the Middle East’ in its 2020 Rankings of the 500 Strongest Banks.

The Asian Banker’s 500 Strongest Banks Rankings is one the world’s highly credible and widely followed annual rankings of strongest banks based on financial state-ments. The rankings are based on detailed and transparent scorecards that rank com-mercial and Islamic banks on six areas of financial performance, including the ability to scale, balance sheet growth, risk profile, profitability, asset quality and liquidity.

With the new rankings, QIB marks sig-nificant progress from its 2019 rankings, and is now ‘Third Strongest Islamic Bank in the World’ and ‘Eighth Strongest Bank in the Middle East’. In 2019, QIB was ranked 7th Strongest Islamic Bank in the World and 19th Strongest Bank in the Middle East.

The new rankings reflect QIB’s con-tinuous improvement in performance and stability over the past 12 months, its ability to withstand business continuity consid-ering the COVID-19 pandemic, and its success in maintaining its longstanding position as Qatar’s largest private bank, the largest Islamic bank in the country, and a leading Islamic bank globally.

QIB was able to contain the ratio of

non-performing financing assets to total financing assets at 1.3 percent reflecting the quality of the Bank’s financing assets port-folio. QIB continued to pursue the conserv-ative impairment provisioning policy and has more than doubled the financing impairment charges and continues to maintain 100 percent coverage ratio for non-performing financing assets. QIB has also successfully closed a $750m 5-year Sukuk issuance in 2020 and maintained a well-diversified funding profile.

Commenting on the new rankings, Bassel Gamal, QIB’s Group CEO said: “We are pleased with our new rankings as ‘Third Strongest Islamic Bank in the World’, and ‘Eighth Strongest Bank in the Middle East’, recording a significant improvement in

ranking compared to 2019. This is indeed a confirmation of QIB’s outstanding per-formance over the past year on the level of financial stability despite the challenges posed by the coronavirus pandemic.”

Bassel added: “QIB is a leading Bank that is contributing in reshaping finance in Qatar and beyond over the past few years, through investing in innovation and digital banking services, while continuously imple-menting a sustainable growth strategy with the support and guidance of the Board of Directors. QIB is committed to the highest work standards, and we will continue implementing our long-term business strategy, focusing on offering the best banking solutions to our customers and supporting the growth and diversification of the local economy.”

Rated ‘A1’, ‘A-/A-2’ and ‘A’ by Moody’s, S&P and Fitch with stable outlooks, QIB’s net profit attributable to the shareholders amounted to QR2,216.5m for the nine months’ period ended 30 September 2020, in line with the performance during the same period in 2019. Total assets of the bank now stand at QR170bn, higher by 4 percent compared to December 2019, with a growth of 9.8 percent compared to Sep-tember 2019. QIB’s financing activities have now reached QR113.2bn, having grown by 5.7 percent compared to September 2019. Customer deposits of the bank now stand at QR112bn, higher by 5 percent compared to September 2019.

Restored unity among Gulf states to bring stability to energy markets: GECFTHE PENINSULA — DOHA

The Gas Exporting Countries Forum (GECF) has welcomed the Al-Ula Declaration on “solidarity and stability” issued at the 41st Summit of the Gulf Cooperation Council (GCC) in Saudi Arabia, reaffirming the importance of the international dialogue.

Itself embodying the ethos of diplomacy and multilateralism, the GECF hails the Al-Ula Decla-ration’s goals to build intergovern-mental bridges towards a sus-tainable future regionally and glo-bally. These shared values of cooperation are the guiding prin-ciples of the GECF - a coalition of 19 leading producers and exporters of natural gas jointly representing 71 percent of their proven reserves, 44 percent of the source marketed production, 53 percent of pipeline, and 57 percent of LNG exports across the globe - as affirmed in its Statute, the 2019 Malabo Declaration at the outcome of the 5th GECF Summit of Heads of State and Government,

and the constitutive acts.The milestone agreement,

which enabled the GCC states to restore their ties, unify their markets for economic integration, and spur economies in the region will positively reflect on the regional and global energy map.

“The GCC is among the largest contributors to global gas production, and therefore plays a key role in providing efficient, environmentally-friendly, and sustainable energy. Yury Sen-tyurin, GECF Secretary General noted.

QLM shares surge 24% on first trading day SACHIN KUMARTHE PENINSULA

QLM made a strong debut on the bourse as its share surged around 24 percent on the first day of trading at the Qatar Stock Exchange driven by strong investors demand. With the listing of QLM shares, the total number of companies listed on the on the bourse has reached 48. The admission of QLM’s shares to trading was celebrated by ringing the opening bell at QSE’s trading hall.

The shares of QLM opened at QR3.30 per share and touched intra-day high of QR3.967 and closed at QR3.80, registering a rise of 23.8 percent.

The share price increase was supported by strong liquidity in the share, noticeable by the volume of shares traded as around 38.61 million shares changed hands with a trading volume of QR141.79m. The market capitalisation of QLM at the closing price stood at QR1.37bn.

“The QLM IPO represents the beginning of a new phase of development for our Company. I am delighted at the positive

response of the market on the first date of trading, which is a sign of investors’ trust in the company. I would like to thank my colleagues, our clients, the regulatory author-ities and our partners for their contribution to the QLM success story,” said Fahd Mohamed Al Suwaidi, CEO of QLM

Rashid Al Mansoori, CEO of QSE said that listing of QLM would contribute to increasing the depth of the market and attracting more local and foreign investments,

“The movement of stocks is very positive. We saw positive movement in stocks, almost 5 million stocks in the first few

minutes,” Rashid Al Mansoori, told The Peninsula. “To promote the listing of companies is my pri-ority,” he added.

He added that the inclusion of new companies contributes positively to stimulating trading, enhancing investor confidence and increasing liquidity in the Qatar Stock Exchange. He said that there is a study to list joint stock companies in the stock exchange this year after they fulfill the legal, regulatory and technical requirements.

The price floatation for QLM will be permitted only for the first day of listing. Price fluctuation on the second day and thereafter will be permitted by 10 percent up/down as the case for all other listed companies.

QLM was established on April 30, 2018 with an authorized capital of QR350m, which is 100 percent paid in full. The Com-pany’s main objective is to carry out life and medical insurance and reinsurance activities under its license issued by the Qatar Central Bank, and any additional insurance activities, which may be licensed to the Company in the future.

Chairman of QLM, Sheikh Saoud bin Khalid bin Hamad Al Thani, and Rashid Al Mansoori, CEO of QSE, and other officials during the event to mark the listing of QLM shares at QSE trading hall.

Qatar and Korea discuss cooperationMinister of State for Energy Affairs, H E Saad Sherida Al Kaabi, met yesterday with Choi Jong Kun, the First Vice-Minister of Foreign Affairs in the Republic of Korea. Discussions during the meeting dealt with various aspects of cooperation in the energy field between Qatar and Korea, and means to enhance them.

QSE Venture Market to beoperational this year: OfficialSACHIN KUMAR THE PENINSULA

The Venture Market of the Qatar Stock Exchange for small and medium-sized companies is expected to come into operation this year. The market will help small and medium enterprise (SMEs) firms to diversify their source of funding.

“The junior market (Venture Market) will be established soon this year, we have got approval for two companies,” Abdul Aziz Al Emadi, Listing Director at Qatar Stock Exchange told The Peninsula talking on the sideline of the event held yes-terday to mark the listing of QLM shares on QSE.

He expressed optimism

about more number of com-panies listing on the QSE this year.

Al Emadi said that the management of the stock exchange provides many facil-ities to all listed companies through one window to facil-itate the listing of companies on the stock exchange, including Qatar Central Bank, Qatar Central Depository Company, the Ministry of Commerce and Industry and the Qatar Financial Markets Authority.

The Venture Market will be dedicated to SMEs who will by definition have a minimal track record and a higher risk profile but companies none-theless who are growing and need access to capital.

According to Qatar Stock

Exchange, companies on the QE Venture Market will trade on the same UTP infra-structure and benefit from the same regulatory safeguards as that afforded to Main Market companies but will be readily identifiable as a separate and dedicated marketplace.

This market serves as a dedicated stock exchange for small and medium enterprises listings, which despite pos-sessing possibly shorter track records and higher risk pro-files, allows them to access funding through the equity capital market.

Over time it is expected that Venture Market com-panies would graduate to the Main Market as they grow and develop the necessary track record.

I am delighted at the

positive response of the

market on the first date

of trading, which is a sign

of investors’ trust in the

company.

Fahd Mohamed Al Suwaidi, CEO of QLM

02 THURSDAY 14 JANUARY 2021BUSINESS

Qatar FinTech Hub to host first Demo DayTHE PENINSULA — DOHA

The Qatar FinTech Hub (QFTH), co-founded by Qatar Devel-opment Bank (QDB) and estab-lished to support the growth of the FinTech industry in Qatar, has announced that Demo Day for Wave 1 of its flagship Incu-bator and Accelerator Programs will take place virtually on January 18, 2021.

The QFTH Demo Day, which is sponsored by Dukhan Bank, will be one of the biggest FinTech events in the region hosting key players from the local financial services ecosystem, as well as investors, global startups, international FinTech hubs, aspiring entrepre-neurs and FinTech enthusiasts.

Catering to FinTech entre-preneurs and startups worldwide who are looking for a launchpad and a hub in the Middle East to accelerate their growth, the QFTH Programs comprise of an Incubator for early-stage startups and an Accelerator for mature FinTechs. The programs have received tremendous traction during Wave 1 with over 750 applications from 72 countries.

Through the Incubator and Accelerator Programs, participating FinTechs took part in more than 300 business development sessions with over 15 financial institutions and completed a series of high-level Masterclasses conducted by QFTH partners and renowned speakers from across the world.

As they prepare for Demo Day, Wave 1 FinTechs are well on their way to launch a host of new and empowering services to accelerate the digital transfor-mation of global markets.

Abdulaziz bin Nasser Al Khalifa, Chief Executive Officer of Qatar Development Bank and FinTech Task Force Chairman, said: “Through QFTH, we aim to develop FinTechs and support entrepreneurs and innovators to make an impact in the region. Our efforts are built upon the robust and sturdy Qatari financial sector and powered by the support of our partners who

play a great role in the success of the program. I look forward to welcoming the international community to our first virtual Demo Day to learn more about the graduates of Wave 1 of our Programs and about the dynamics of the Qatari market”.

Khalid Al Subeai, Chief Exec-utive Officer of Dukhan Bank, added: “We at Dukhan Bank are committed to supporting digital transformation of financial sector in Qatar. This is an important platform to provide a dependable infrastructure that is capable of meeting Qatar’s ambitions and future vision. We are proud to be sponsors of first ever Demo Day for Qatar FinTech Hub and we look forward to welcoming all FinTech enthusiasts and networks from around the world to join us for this event.” QFTH is now also accepting applications for Wave 2 of the Incu-bator and Accelerator Programs.

Vodafone invests in developing Qatari talentTHE PENINSULA — DOHA

Vodafone Qatar has concluded its hybrid Internship Programme and Telecoms Mini-MBA 2020 as part of the company’s continued commitment to devel-oping the talents of the Qatari youth. The programmes are designed to equip Qatari students and graduates with essential knowledge and skills to help them build their careers in the telecommunications sector, so that they become a part of a growing a pool of talent whose influence will be crucial to the future digital aspirations of Qatar.

The hybrid internship pro-gramme gave student interns at Vodafone Qatar the flexibility to work on projects alongside teams in an office setting and remotely, giving them a valuable oppor-tunity to build a professional network while learning the in-demand skills that enhance their future employment prospects.

In parallel, Vodafone Qatar ran the fast-tracked Telecoms Mini-MBA exclusively for its talented Qatari employees. The accelerated business programme delivered over 35 hours of tuition focused on developing their in-depth knowledge in all aspects of the global telecommunications business, covering technology, lead-ership, and management. Exposing the young professionals to different business areas strengthened their foundation in current business the-ories and practices, which will help them qualify for positions with greater responsibility.

Khames Mohammed Al Naimi, Chief Human Resources Officer at Vodafone Qatar, said:

“We believe in preparing young talents who aim to build their careers in telecommunications to become productive contrib-utors to the growth of the industry by helping them learn the business language and under-stand the systems of thinking. Elevating the technical skills and management capabilities of young Qataris through intern-ships and MBA programmes underscores our commitment to supporting the Qatar National Vision of creating a sustainable and knowledge-based economy.”

Nojoud Ali Al Dahri, an Intern at Vodafone Qatar, added: “Working for Vodafone Qatar has broadened my knowledge of the telecommunications sector. This insight and the specialist training I received as an intern reinforced my confidence and raised my interest in pursuing a career in this direction.”

Another participant at the pro-gramme, Mohammed Saif Al Naimi, Intern at Vodafone Qatar, said: “I did not know quite what to expect when applying for my

internship with Vodafone Qatar; I knew I had to partake in it as a pre-requisite to graduation. Now that I’ve completed it, I’m extremely satisfied with the results. The internship has prepped me well for the professional world. I would be absolutely delighted to acquire a job in telecommunications at this time as it is a dynamic industry and I’m ready to go back to learn more from the best.”

Najlaa Mubarak Al Kuwari, Vodafone Qatar Cyber Security Risk and Compliance Analyst who took the Mini MBA, also said: “Completing the MBA programme has been very rewarding for me, both personally and profes-sionally. Not only has it equipped me with new skills to better manage my job, it has also expanded my professional network, and has given me so much more confidence to take on greater responsibility. I am gen-uinely grateful to be a part of a forward-thinking organisation, whose leaders believe in investing in and improving their employees’ skills and capabilities.”

Sheikh Faisal Hamad Al Thani, Vodafone Qatar’s Senior Specialist for Corporate Social Responsibility, who also took the Mini MBA, added: “The fact that I did not have to step outside the organisation to complete this accelerated business programme has been very convenient for me. I’m grateful to Vodafone Qatar for offering a fantastic oppor-tunity to young employees like myself. The programme has cer-tainly flourished my telecoms knowledge and equipped me to better understand the field that I’m in and thrive for continuous professional advancement.”

Vodafone Qatar is committed to Qatarisation and its initiatives to recruit and develop Qatari nationals include the two-year Vodafone Discover Graduate Programme and a Sponsorship Programme, which are open to Qatari students studying towards a diploma or a Bachelor’s degree. Graduates can register their CV at https://jobs.vodafone.qa/ to be considered for future opportunities.

Khames Mohammed Al Naimi, Chief Human Resources Officer at Vodafone Qatar, with the Qatari employees who undertook the Telecoms MBA.

QIIB conducts mock evacuation at its headquartersTHE PENINSULA — DOHA

In line with the Bank’s plans to respond to emer-gency situations and incidents and the security and safety standards adopted by the State of Qatar, QIIB recently conducted a mock evacuation drill at its headquarters in Grand Hamad Street.

As part of the mock drill, a virtual scenario of a contingency incident involving a fire outbreak was created, in the presence of the Civil Defense who witnessed the mock evacuation drill.

During the mock drill, all arrangements and measures that are required to be taken in the event of a fire outbreak, were carried out, from setting off the sirens to evacuation of all employees and customers present in all of the building’s offices and other facilities, in accordance with the pre-scribed safety and security procedures carried out by a highly trained emergency supervisory team.

QIIB’s emergency supervisory team performed various assigned roles in case of a real fire or incident, which involved an organised evacuation, by directing all people present at the building to the emergency exit points.

The team ensured that people were not using the elevators by stopping all elevators once fire alarms went off, and directed all personnel and customers to the designated assembly points and ensured full evacuation of the building.

In addition to the mock evacuation drill, another major task was undertaken this time, which was to maintain social distancing during the evacuation and assembly processes. This was in response to the precautionary instructions and directives related to COVID-19, issued by authorities concerned in the State of Qatar.

Commenting on QIIB’s mock evacuation drill, Ibrahim Abdulla Al Tamimi, Director, Adminis-trative Affairs, said, “First, we would like to thank both the Civil Defense for participating and

supervising this experiment, which aims to increase our readiness to any emergency, if it occurs- God forbid”.

He said, “Through the mock evacuation, full awareness and understanding of the risks related to emergencies could be realised. This came as a result of continuous training and familiarising per-sonnel on a regular basis with contingency plans and how to act in case of emergencies, and coop-erate with different departments to develop the knowledge needed in all the procedures that should be followed in emergency cases”.

Al Tamimi stressed, “QIIB is keen to provide safety and security equipment in all its buildings and locations in accordance with the standards approved by the Civil Defense to respond to emer-gencies. A follow-up verification of all the safety and security equipment will be conducted on a regular basis to ensure their proper functioning in case of any incident”.

Finally, he expressed his sincere thanks to the Bank’s safety and security team who supervised the evacuation procedures and to all the Bank’s personnel who participated and showed a high level of commitment, awareness, and ability to act properly in accordance with the instructions and directions that they have received to deal with emergencies.

A view of QIIB building.

Through QFTH, we aim to develop

FinTechs and support entrepre-

neurs and innovators to make an

impact in the region. Our efforts

are built upon the robust and

sturdy Qatari financial sector and

powered by the support of our

partners who play a great role in

the success of the program.

Abdulaziz bin Nasser Al Khalifa,

CEOof Qatar Development Bank and FinTech Task Force Chairman

FROM PAGE 1

"Moreover, the GCC is home to such institutions as the Doha-based Gas Exporting Countries Forum and the Kuwait-based Organisation of Arab Petroleum Exporting Countries (OAPEC) both of which are dedicated to bring stable energy supply to the world,”

Meanwhile, the Forum’s

Ministerial Meeting recently reiterated the necessity “to satisfy the increasing world energy needs, as well as the exi-gences of the three pillars of sustainable development, namely economic development, social progress and the pro-tection of the environment.”

“Diplomatic reunion of the GCC countries is instrumental

in achieving the region’s ambi-tions and allows to make further inroads in the natural gas sector. The restored unity among the Gulf States will undoubtedly help to overcome current considerable challenges of a diverse nature and to bring stability to the energy sector globally.”

“It is our hope that the

Al-Ula communique will usher in a new era of enhanced trade among the six-nation bloc, as well as allow greater cooperation between the Forum and the GCC States due to the geo-graphical proximity, shared Member Countries, and similar values and missions,” Secretary General added.

Restored unity among Gulf states to bring stability to energy markets: GECF

DHL Express sees strong start to yearREUTERS — LONDON

DHL Express is off to a strong start to the year even as capacity remains tight due to the COVID-19 pandemic, with post-Brexit adjustments on track, Global CEO John Pearson told the Reuters Next conference.

The global logistics company, which reported a blowout fourth quarter, is in “good shape” to manage vaccine distribution and

what Pearson forecast will be a sustained boom in e-commerce.

“We’ve had a strong start to the year,” said the 35-year company veteran. “Things are normal and moving.” The end of 2020 posed a three-fold challenge for logistics providers, as surging online demand during holidays coincided with COVID-19 vaccine distribution and a Brexit deal that threw up new customs arrange-ments and paperwork.

Handling the vaccine from Pfizer and Germany’s BioNTech, which must be deep frozen while in transit, is “right in our wheel-house”, said Pearson, high-lighting DHL Express’ experience in medical transport.

Fourth quarter e-commerce volumes at DHL Express expanded by over 40 percent, more than double the growth rate in the preceding three months, the company said on Tuesday.

03THURSDAY 14 JANUARY 2021 BUSINESS

GTA signs partnership agreement with QFBATHE PENINSULA — DOHA

The General Tax Authority (GTA) has signed a partnership agreement with the Qatar Finance and Business Academy (QFBA) to provide high quality and specialised training courses for GTA’s employees.

The collaboration agreement was signed at the GTA’s head-quarters in West Bay by GTA President Ahmed bin Issa Al Mohannadi and QFBA Chief Executive Officer Dr. Khalid Mohammed Al Horr.

Under the agreement, QFBA will provide specialised training programs for the GTA staff, which will enhance the knowledge transfer of internal expertise and empower national talents for organisational devel-opment purposes.

The agreement comes after a four-month coordination and work between the two parties to develop a training strategy cov-ering various departments. The GTA aims to present the highest-quality training for its employees to enhance their expertise and contribute to developing their skills. The QFBA will present exclusive training programs to provide the opportunity for GTA’s employees to benefit from all advanced materials available for training purposes.

The agreement is part of GTA’s endeavor to promote Qatar National Vision 2030 by

implementing tax policies to enhance the government’s rev-enues and support the diversifi-cation of Qatar’s economy for future generations. The agreement also came within the core tasks of the QFBA, as a leading national institution in providing international uni-versity degrees for finance majors and accredited interna-tional professional certificate programs.

Through this partnership, the QFBA will provide experts and consultants who will conduct workshops and training courses based on the GTA’s requirements for the next three years, focusing

on specific areas related to the GTA’s nature of business.

During the event, Al Mohannadi said: “I am delighted today to sign a collaboration agreement with the QFBA in training and financial consul-tancy. This initiative confirms our commitment to raising our national talents’ capabilities and competencies to keep pace with the GTA’s future requirements. We have chosen to partner with the QFBA because of its great experience in this field and the high-level training programs it presents”.

Al Horr added: “We are proud to sign this agreement

with the GTA. This provides vast opportunities for training and development programs for Qatari talents through various specialised training paths and various consultancy projects specifically tailored to GTA’s goals and employee needs. There is no doubt that this agreement reflects the GTA’s priorities in the sustainable development of its employees, thus, reflected in supporting the economic devel-opment of the country”.

It is worth mentioning that the partnership comes as a cul-mination of the GTA and the QFBA’s accomplishment in designing the strategic training

plan for all GTA’s sectors until 2024, which contributed to present a model of partnership and collaboration that reflects best practices in professional planning for talent management, empowerment of national work-force, and organisational development.

The agreement includes a wide range of training and con-sulting services for different tracks including training needs assessment and building com-petencies, professional devel-opment programs for new employees, development of finance and accounting depart-ments, strategic planning and business development, ISO quality management systems, customer service, as well as anti-money laundering and other areas which will be implemented by the joint-committee from both entities.

President of General Tax Authority, Ahmed bin Issa Al Mohannadi (right), and Chief Executive Officer of Qatar Finance and Business Academy, Dr. Khalid Mohammed Al Horr, during the signing ceremony in Doha recently.

The agreement is part of

GTA’s endeavor to promote

Qatar National Vision 2030

by implementing tax

policies to enhance the

government’s revenues

and support the

diversification of Qatar’s

economy for future

generations.

Qatar’s CPI edges up in DecemberTHE PENINSULA — DOHA

Qatar’s Consumer Price Index (CPI) witnessed a marginal increase of 0.02 percent in December compared to previous month (November 2020), reaching at 95.93 points. When compared on annual basis, the consumer prices in Qatar (as per the general CPI index) in December have decreased by 3.37 percent compared to the CPI of the same month in 2019, latest data released by the Planning and Statistics Authority (PSA) show.

The groups of “Food and Beverages”, “Housing, Water, Electricity and other Fuel”, “Transport”, and “Recreation and Culture” are still con-sidered as the most important to consumer families.

A month-on-month analysis of the CPI for December 2020 compared with the CPI of November 2020, showed that there were five main groups, where respective indices during this month have increased, namely: “Recreation and Culture” by 3.31 percent, fol-lowed by “Education” by 0.68 percent. “Transport” and “Mis-cellaneous Goods and Services” by 0.53 percent each, and “Furniture and Household Equipment” by 0.08 percent.

A comparison of the CPI, December 2020 with the CPI, December 2019 (annual change), showed that a decrease has been recorded in the general index (CPI), by 3.37 percent. This y-o-y price decrease primary due to the prices decline in four groups namely: “Recreation and Culture” by 21.61 percent, “Clothing and Footwear” by 6.77 percent, “Housing, Water, Electricity and other Fuel” by 5.56 percent, and “Food and Beverages” by 0.62 percent.

Dukhan Bank names winner ofits QR1m Thara’a grand prizeTHE PENINSULA — DOHA

Dukhan Bank yesterday announced Ameera Al Saadi as the winner of its QR1m Thara’a grand prize. The draw was conducted under the supervision of a representative of the qualitative license and market control department at the Ministry of Commerce & Industry.

Thara’a, Dukhan Bank’s Shari’ah compliant savings account and the first in Qatar’s Islamic banking sector, offers account holders the chance to benefit from cash rewards up to 1,000,000 Qatari Riyals.

Based on several criteria, Thara’a account holders are eligible for a number of periodic draws for cash prizes. Totalling QR3,300,000, Thara’a cash rewards are distributed on both a monthly and biannual basis to customers holding a minimum balance of QR10,000.

Every month, there are 21 winners per draw for the cash prize of QR5,000, as well as two winners per draw for the cash prize of QR10,000. Additionally, twice-a-year there are 2 winners per draw for the cash prize of

QR25,000 prize, 2 winners per draw for the cash prize of QR50,000 and 1 winner per draw for the grand prize of QR1m. Rewarding 194 winners in total with cash prizes up to QR3,300,000.

On this occasion, Khalid Al Subeai, Chief Executive Officer at Dukhan Bank, said: “We are pleased to extend a congratulations to our One Million Qatari Riyals grand prize winner, Ameera Al Saadi. With the Thara’a savings account and with its many benefits, we contin-uously seek to keep our customer’s interests in mind, adding value on multiple occasions throughout their banking experience. The Thara’a draw helps us remain committed to this endeavour as we strive to provide excellent products and services to our customers.”

Coupled with cash prizes and a reward scheme, Thara’a is a product full of value-added benefits and services. Thara’a offers account holders access to Dukhan Bank’s innovative banking channels, with benefits including unlimited withdrawals and deposits, as well as free fund transfers across their accounts and through all Dukhan Bank channels.

Khalid Al Subeai, Chief Executive Officer at Dukhan Bank, awarding the QR1m Thara’a grand prize to Ameera Al Saadi in Doha recently.

Mazaya acquires fourresidential buildings inAl Sadd for QR150mTHE PENINSULA — DOHA

Mazaya Real Estate Devel-opment has announced its acquisition of four residential buildings in the Al Sadd area for a total value of QR150m. The company said it has completed all the procedures required to register the four residential buildings in Al Sadd, which it had previously announced, and that the buildings have officially been transferred to its private ownership.

The value of the deal reached QR150m, and a contract has been signed with a gov-ernment institute to lease these buildings for a period of five years. The deal is considered positive because of its financial return for the company and its shareholders.

The buildings consist of 155 housing units, divided into two types of apartments, including three-bedroom apartments and two-bedroom apartments, and each building contains a swimming pool, two gyms (one for men and another for women), and parking for 165 cars.

Spread across a total building area of 6,659sqm, the buildings are located in a vital location in the Al Sadd area, and the site is distinguished by its proximity to all basic services and the daily needs of the residents.

Managing Director of Mazaya Real Estate

Development, Eng. Ibrahim Jaham Al Kuwari, said: “Mazaya has continued to make remarkable progress in terms of seizing profitable growth oppor-tunities during the previous period, as it succeeded in com-pleting this deal and it is con-sidered a golden opportunity that has been successfully seized and will return. With a good return, God willing, on the c o m p a n y a n d i t s shareholders”.

Al Kuwari pointed out that the idea behind the acquisitions is the board of directors’ desire to diversify sources of income from guaranteed and rewarding profit deals, improve the com-pany’s performance and raise its productivity, as the deal was preceded by other projects and deals carried out by the company, such as the announcement of the Marina Plaza project and acquisition of four buildings in Ariane City project in Mesaimeer.

Oil market

outlook clouded

by rollout of

vaccines: IEA

REUTERS — LONDON

Oil producers face an unprec-edented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, an official with Inter-national Energy Agency (IEA) said yesterday.

“Producers are grappling with huge uncertainty about where this goes from here,” Tim Gould, head of energy supply outlooks and investment, told the Gulf Intelligence forum.

“That’s not just in terms of economic recovery but indi-cators we wouldn’t necessarily normally be looking at: (such as the) levels of trust in different countries about vaccines.” OPEC and allied countries such as Russia agreed this month to cut crude production through March in a bid to match abundant supply with demand which has sagged amid surging virus cases while vaccination programmes get underway. While the pandemic has prompted some energy majors and watchdogs to predict that a peak in the world’s demand for oil has been brought nearer or may have already come and gone in 2019, Gould said the IEA disagreed. “Recovery in the economy will sooner or later bring oil demand back to 2019 levels. The 2020s in our view are the last decade in which you’re likely to see increasing oil demand,” he added.

04 THURSDAY 14 JANUARY 2021BUSINESS

Intel CEO Bob Swan replacedby Pat Gelsinger of VMware BLOOMBERG

Intel Corp. Chief Executive Officer Bob Swan will be replaced by the head of VMware Inc., Pat Gelsinger (pictured), who’s returning to the company he left a more than a decade ago to try to lead it out of a crisis threatening its leadership of the chip industry.

Swan was named CEO in January 2019 after serving as interim CEO for about six months, reluctantly taking the job after the firing of his predecessor, Brian Krzanich. Gelsinger, 59, will rejoin Intel where he started his career as an engineer at age 18 and spent more than 30 years, working his way up the ranks before leaving in 2009 for EMC Corp. He was appointed CEO of software maker VMware in 2012.

“After careful consideration, the board concluded that now is the right time to make this lead-ership change to draw on Pat’s technology and engineering expertise during this critical period of transformation at

Intel,” Chairman Omar Ishrak said in a statement. Intel shares jumped as much as 13 percent in New York after the announcement. CNBC earlier reported the move.

The world’s largest chip-maker has been beset by manu-facturing delays that have left it facing rivals who claim their products are better. Prominent customers such as Apple have deserted Intel and begun designing their own chips, and other massive buyers of silicon such as Amazon.com and Alphabet Inc. have increasingly

turned to supplying themselves. Intel has begun talking with Taiwan Semiconductor Manu-facturing Co. and Samsung Elec-tronics Co. about the Asian com-panies making some of its best chips.

That has led to pressure from activist investor Dan Loeb, who in December urged the board to explore strategic alternatives for the company, including a pos-sible breakup and sale of assets.

Santa Clara, California-based Intel is scheduled to hold a board meeting yesterday. A person familiar with the discussion said the decision to replace Swan was made by the board and not for-mally proposed by by Loeb’s Third Point. The board decided it wanted a person with more of a technology background rather than finance.

Intel said the move was unrelated to the company’s financial performance. The company expects its fourth-quarter revenue and earnings per share to exceed its previous guidance,

United Airlines aims to absorb carbon dioxide from the friendly skiesTHE WASHINGTON POST

United Airlines is investing in a venture that doesn’t make airplanes, transport passengers or ring up frequent flier miles on the company’s credit cards. And, even as it posts losses stemming from the coronavirus pandemic, United is providing millions of dollars to that venture, which has no direct ties to aviation and may not make any money.

It is backing carbon capture — the nascent technology designed to suck carbon dioxide from the atmosphere.

United Airlines is the first major US air carrier to take a step toward trying to remove some of the greenhouse gases spewed by it and every other airline, pol-lution that is driving up global temperatures.

For United, it’s an alluring project. Governments, particu-larly in Europe, are beginning to crack down on emissions from airlines. Last month, the Environ-mental Protection Agency for the first time regulated greenhouse gas emissions from commercial aircraft, although environmental groups say the rules are so lax as

to not make a difference. United is increasingly focused on

its voluntary goal of net-zero emissions by 2050 — good

publicity at a time of growing alarm about climate change.

But it may also be placing an early bet that carbon capture technology could — with the help of federal tax credits — prove profitable as the globe races for ways to cut the pollution that threatens the planet.

“This crisis will end,” United chief executive Scott Kirby wrote on Medium last month, referring to the pandemic. “That’s why we’re keeping our focus on another crisis that will force all of us to change our behavior in far more dramatic ways than the

pandemic ever did: the crisis of a changing climate. The longer we wait, the more drastic those changes will have to be.”

United has declined to say how much it is investing.

Steve Oldham, chief executive of Carbon Engineering,which has developed carbon capture tech-nology, said United is taking an unusual approach to decarbon-ization. “When most are thinking they have to stop emissions, here you have a very credible company with a real need saying that the best way of dealing with emissions is removing them,” he said.

United Airlines 747

Lockdowns to slow earnings recovery in Q1REUTERS — LONDON

A major chunk of the recovery in companies’ earnings expected in the first quarter is at risk of being pushed back further as lockdowns and mobility restrictions in several countries cloud hopes of a swifter economic recovery, investment banks said.

China announced lock-downs in four cities and European countries unveiled tighter and longer coronavirus restrictions yesterday, denting back-to-normal hopes and sparking worries about further economic damage in 2021.

Germany, Britain and the Netherlands indicated strict COVID-19 curbs would last into early February and Italy said it would extend its state of emer-gency to the end of April. Japan also expanded a state of emer-gency in Tokyo, hurting the prospects of holding an already delayed Summer Olympics.

Those actions prompted words of caution from major investment banks. Goldman Sachs said signs of gloom were creeping in with, 48 percent of its clients expecting economic

growth to undershoot expecta-tions of 5.3 percent growth in 2021.

Analysts’ earnings estimates for the first quarter did not reflect the worry either - Europe is seen reporting a whopping 40 percent jump in profits, while the United States is forecast to see a 16 percent rise.

“We see risks of downward guidance this earnings season,” BofA’s equity strategist Savita Subramanian said in a note, highlighting a consensus on US profits that points to just a 3 percent drop vs. pre-COVID 2019 levels.

“While additional stimulus could provide upside risks, rising COVID cases suggest a more tepid recovery from here.”

There were some cracks appearing in expectations of a V-shaped bounceback in earnings, with the pace of upward revisions in global earnings estimates cooling down in recent weeks.

Still, US and European com-panies were seen reporting profit growth of 20.8 percent and 38 percent respectively for 2021, according to Refinitiv data.

Vaccine rollouts have been a major reason for the rosy outlook picture.

“There is widespread hope that a COVID-19 vaccine rollout in 2021 can normalise the underlying real economy and increase earnings, employment and margins,” said Steen Jakobsen, chief investment officer at investment bank Saxo.

“The risk is that new muta-tions of the virus will dilute our attempt to normalise our society with the first-generation vaccine.”

We see risks of downward

guidance this earnings

season. While additional

stimulus could provide

upside risks, rising COVID-19

cases suggest a more tepid

recovery from here.

Savita Subramanian

BofA’s equity strategist

QATAR STOCK EXCHANGE

QE Index 10,866.61 +0.26 %

QE Total Return Index 20,890.71 +0.26 %

QE Al Rayan Islamic Index - Price 2,449.23 +0.08 %

QE Al Rayan Islamic Index 4,369.35 +0.08 %

QE All Share Index 3,335.42 +0.22 %

QE All Share Banks &

Financial Services 4,419.23 -0.02 %

QE All Share Industrials 3,226.23 +0.83 %

QE All Share Transportation 3,599.70 -0.12 %

QE All Share Real Estate 1,922.90 +0.58 %

QE All Share Insurance 2,543.46 -0.04 %

QE All Share Telecoms 1,130.93 +1.59 %

QE All Share Consumer

Goods & Services 8,246.48 -0.04 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

13-01-2021Index 10,866.61

Change +27.92

% +0.26%

YTD% +4.13

Volume 270,224,468

Value (QAR) 814,189,285.86

Trades 14,553

Up 24 | Down 22 | Unchanged 0412-01-2021Index 10,838.69

Change +117.26

% +1.09%

YTD% +3.86

Volume 196,459,481

Value (QAR) 452,106,153.77

Trades 10,162

EXCHANGE RATE

GOLD QR228.50 per grammeSILVER QR3.00 per gramme

Index Day’s Close Pt Chg % Chg Dow Jones Industrial Average 31,076.05 +7.36 +0.02%

S&P 500 3,807.81 +6.62 +0.17%

Nasdaq Composite Index 13,120.21 +47.78 +0.37%

FTSE 100 Index 6,745.52 -8.59 -0.13%

DAX Index 13,939.71 +14.65 +0.11%

CAC 40 Index 5,662.67 +11.70 +0.21%

Nikkei Stock Average 225 28,456.59 +292.25 +1.04%

Hang Seng Index 28,235.60 -41.15 -0.15%

Shanghai Composite Index 3,598.65 -9.69 -0.27%

ASX All Ordinaries Index 6,953.90 +14.80 +0.21%

Currency Selling (QAR) Buying (QAR) US$ 3.6500 3.6305

Australian Dollar AUD 2.86 2.79

Bangladeshi Taka BDT 0.045 0.042

Canadian Dollar CAD 2.92 2.86

Euro EUR 4.52 4.4

Indian Rupee INR 0.052 0.05

Japanese Yen JPY 0.0355 0.0348

Malaysian Ringgit MYR 0.92 0.885

Nepalese Rupee NPR 0.033 0.031

Pakistani Rupee PKR 0.02326 0.02273

Philippine Peso PHP 0.079 0.075

Pound Sterling GBP 5.03 4.92

South African Rand ZAR 0.25 0.245

Sri Lankan Rupee LKR 0.02 0.019

Swiss Franc CHF 4.16 4.09

Turkish Lira TRY 0.505 0.50

QNBK - QNB 18.83 18.82 18.80 18.86 30,700 18.86 18.83 3,550 18.86 18.86 +0.03 +0.16 723 9,614,695 181,059,953.99

QIBK - Qatar Islamic Bank 17.48 17.30 17.30 17.55 5,000 17.45 17.4 54,376 17.40 17.40 -0.08 -0.46 451 2,224,552 38,793,134.75

CBQK - Comm. Bank of Qatar 4.484 4.484 4.406 4.484 10,000 4.471 4.44 4,240 4.471 4.471 -0.013 -0.29 232 3,219,196 14,375,389.646

DHBK - Doha Bank 2.403 2.40 2.40 2.42 10,000 2.42 2.411 10,743 2.42 2.420 +0.02 +0.71 52 2,152,341 5,188,668.66

ABQK - Ahli Bank 3.501 3.52 3.50 3.52 2,702 3.798 3.52 120,316 3.52 3.52 +0.02 +0.54 6 158,604 558,116.83

QIIK - Intl. Islamic Bank 9.524 9.451 9.444 9.497 5,000 9.496 9.444 5,000 9.444 9.444 -0.080 -0.84 97 688,053 6,505,998.493

MARK - Rayan 4.585 4.575 4.558 4.598 71,130 4.596 4.58 25,000 4.596 4.596 +0.011 +0.24 374 3,781,973 17,364,894.598

KCBK - Al khalij Commercial Bank 2.172 2.172 2.116 2.176 149,090 2.173 2.165 400 2.173 2.173 +0.001 +0.05 285 5,424,292 11,695,625.981

QFBQ - Qatar First Bank (QFC) 1.74 1.731 1.722 1.789 9,074 1.767 1.765 100,000 1.765 1.765 +0.025 +1.44 379 19,049,155 33,593,670.951

QETF - QE Index ETF 11.00 10.70 10.612 10.700 6,000 11.0 10.6 700 10.635 10.66 -0.365 -3.32 4 5,158 54,856.336

QATR - Al Rayan Qatar ETF 2.44 2.447 2.438 2.447 800 2.442 2.32 1,000 2.442 2.441 +0.002 +0.08 4 10,950 26,735.900

QATI - Qatar Insurance 2.585 2.548 2.548 2.590 220,831 2.579 2.551 30,899 2.579 2.58 -0.006 -0.23 61 1,521,246 3,912,349.818

DOHI - Doha Insurance 1.46 1.46 1.46 1.48 11,720 1.479 1.47 1,081 1.47 1.470 +0.01 +0.68 29 248,801 363,772.75

QLMI - QLM 3.15 3.30 3.30 3.97 338,115 3.9 3.89 4,000 3.90 3.900 +0.75 +23.81 3,708 38,606,509 141,786,546.66

QGRI - General Insurance 2.585 2.491 2.491 2.585 6,651 2.585 2.51 1,760 2.585 0.000 0.000 0.00 4 6,011 15,277.679

AKHI - Alkhaleej Takaful 1.915 1.928 1.905 1.928 114,870 1.925 1.92 45,400 1.925 0.000 +0.010 +0.52 25 459,570 881,162.708

QISI - Islamic Insurance 7.15 7.30 7.01 7.30 10,155 7.2 7.15 2,000 7.20 0.00 +0.05 +0.70 15 270,293 1,946,336.03

QAMC - QAMCO 0.973 0.966 0.965 0.979 132,309 0.975 0.969 1,008,161 0.969 0.969 -0.004 -0.41 151 5,067,049 4,910,111.188

QIMD - Ind. Manf. Co. 3.20 3.19 3.19 3.19 8,000 3.2 3.19 2,000 3.19 0.00 -0.01 -0.31 1 3,960 12,632.40

QNCD - National Cement Co. 4.27 4.270 4.250 4.270 3,000 4.32 4.256 5,000 4.256 4.256 -0.014 -0.33 34 258,366 1,100,023.625

ZHCD - Zad Holding Company 15.00 15.08 15.08 15.08 922 15.08 15.0 2,000 15.08 0.00 +0.08 +0.53 4 2,678 40,384.24

IQCD - Industries Qatar 11.39 11.47 11.39 11.68 62,801 11.6 11.57 378 11.60 11.60 +0.21 +1.84 542 3,404,102 39,301,961.74

UDCD - United Dev. Company 1.582 1.58 1.56 1.59 10,014 1.592 1.59 11,569 1.59 1.59 +0.01 +0.51 686 6,814,430 10,757,396.08

QGMD - Qatar German Co. Med 2.40 2.401 2.334 2.417 12,327 2.362 2.353 37,738 2.353 2.353 -0.047 -1.96 219 5,535,031 13,164,038.436

QIGD - The Investors 1.81 1.802 1.800 1.815 10,000 1.812 1.803 77,955 1.803 1.803 -0.007 -0.39 39 505,411 912,703.949

ORDS - Ooredoo 8.34 8.350 8.350 8.550 35,000 8.523 8.515 6,675 8.523 8.523 +0.183 +2.19 1,326 4,523,649 38,358,526.163

QEWS - Electricity & Water 18.44 18.55 18.40 18.55 2,113 18.54 18.4 56,170 18.40 18.40 -0.04 -0.22 223 550,395 10,147,156.62

SIIS - Salam International 0.637 0.64 0.64 0.65 25,000 0.64 0.639 461,695 0.64 0.64 0.00 +0.47 204 11,643,460 7,454,036.56

BLDN - Baladna 1.75 1.75 1.73 1.77 67,267 1.75 1.746 20,000 1.75 1.750 0.00 0.00 206 4,452,574 7,773,782.76

NLCS - National Leasing 1.24 1.235 1.221 1.265 26,500 1.258 1.256 349,200 1.256 1.256 +0.016 +1.29 308 12,029,282 15,056,511.504

QNNS - Qatar Navigation 7.90 7.90 7.72 7.90 50,000 7.89 7.88 10,720 7.88 7.88 -0.02 -0.25 50 515,184 4,062,682.45

MCGS - Medicare 8.95 8.801 8.800 8.898 4,000 8.889 8.861 3,985 8.861 8.86 -0.089 -0.99 33 217,134 1,923,009.677

QCFS - Cinema 3.50 3.531 3.531 3.531 2,000 3.85 3.531 3,062 3.531 0.00 +0.031 +0.89 1 1,538 5,430.678

QFLS - Qatar Fuel 19.12 19.12 19.12 19.20 14,562 19.19 19.15 3,120 19.15 19.15 +0.03 +0.16 112 436,813 8,368,806.23

WDAM - Widam 6.284 6.29 6.27 6.29 130 6.293 6.27 66,476 6.27 0.000 -0.01 -0.22 8 156,398 983,026.32

GWCS - Gulf warehousing Co 5.24 5.21 5.19 5.25 162,176 5.22 5.195 50,000 5.22 5.220 -0.02 -0.38 63 416,944 2,170,455.87

QGTS - Nakilat 3.46 3.46 3.41 3.46 520,154 3.46 3.437 6,992 3.46 3.460 0.00 0.00 331 4,112,239 14,142,766.82

DBIS - Dlala 1.744 1.717 1.715 1.744 20,901 1.74 1.725 96,912 1.725 1.725 -0.019 -1.09 62 1,041,663 1,797,381.528

BRES - Barwa 3.54 3.491 3.491 3.545 56,353 3.544 3.54 71,280 3.544 3.544 +0.004 +0.11 284 2,698,190 9,537,673.080

MCCS - Mannai Corp. 2.97 2.92 2.92 2.98 9,998 2.97 2.944 10,300 2.97 2.97 0.00 0.00 15 171,933 508,048.94

AHCS - Aamal 0.845 0.841 0.831 0.844 113,856 0.843 0.84 120,000 0.843 0.843 -0.002 -0.24 84 1,694,734 1,419,951.120

QOIS - Qatar Oman 0.849 0.845 0.840 0.858 11,977 0.845 0.841 50,884 0.845 0.845 -0.004 -0.47 64 2,865,231 2,421,720.034

ERES - Ezdan Holding 1.669 1.67 1.64 1.70 44,317 1.689 1.68 200,765 1.68 1.680 +0.01 +0.66 953 14,676,404 24,353,399.72

IHGS - Inma 5.023 5.087 5.024 5.200 68,000 5.099 5.05 1,005,000 5.099 5.099 +0.076 +1.51 210 3,814,949 19,387,546.151

GISS - Gulf International 1.714 1.71 1.70 1.73 150,000 1.714 1.71 200,050 1.71 1.710 -0.00 -0.23 357 7,388,009 12,622,255.67

MPHC - Mesaieed 2.09 2.080 2.070 2.100 20,000 2.091 2.086 60,298 2.091 2.09 +0.001 +0.05 294 6,655,595 13,886,573.140

IGRD - Investment Holding 0.574 0.575 0.570 0.577 438,500 0.573 0.572 1,877,512 0.572 0.572 -0.002 -0.35 283 23,829,349 13,641,701.428

VFQS - Vodafone Qatar 1.444 1.43 1.42 1.45 20,164 1.44 1.431 17,500 1.44 1.440 -0.00 -0.28 109 2,105,975 3,027,174.05

MERS - Al Meera 21.20 21.09 20.82 21.21 4,010 21.2 21.0 2,506 21.00 21.00 -0.20 -0.94 63 99,729 2,095,831.65

MRDS - Mazaya 1.249 1.255 1.235 1.305 57,573 1.305 1.304 1,179,063 1.304 1.30 +0.055 +4.40 785 55,094,671 70,722,094.254