BUSINESS Thursday 20 September 2018 PAGE | 23 PAGE | 22 QIIB wins ‘Best Bank Award in Qatar in Liquidity’ Doha Bank CEO named ‘New Age Banker of the Year’ Qatar budget balance moves into healthy surplus SATISH KANADY THE PENINSULA DOHA: Qatar’s budget balance is seen swinging to a healthy surplus. The country’s budget is expected to improve further and be close to broad balance in 2018 before returning to a vigorous surplus in 2019, according to QNB analysts. On the expenditure side, spending is expected to show modest overall year-on-year growth in 2018 as restraint in current spending continues and, as Capex spending on large infra- structure projects and the 2022 World Cup starts to flatten out. 2019’s more relaxed climate should then allow for some pick up in current spending and increased transfers, such as to Qatar Investment Authority (QIA) or debt repayments, as the surplus grows. “On the revenue side, growth rates will be lifted by higher hydrocarbon revenues as the full benefit of the doubling of crude prices from June 2016’s level is felt and the partial lifting of Opec output caps spurs the modest output gains embedded in our GDP forecast. The expected introduction of VAT in 2019 will boost revenues by around 1¼ percent of GDP, helping diversify and reduce volatility in gov- ernment revenues,” QNB noted in its “Qatar Economic Insight”, yesterday. Qatar’s GDP is forecast to improve to 2.6 percent in 2018, from 2017’s 1.6 percent out-turn. For 2019 as a whole, QNB fore- casts non-hydrocarbon GDP growth of 5.3 percent, leaving overall GDP growth at 3.2 percent. From 2019 onwards, the decision to increase LNG output by 30 percent by 2024 will increasingly drive Qatar’s next development phase. The country’s fiscal deficit narrowed to 1.6 percent of GDP in 2017 from 4.7 percent in 2016. The fall reflected government expenditure restraints in the face of slowing revenue growth. Qatar’s Ministry of Finance data shows that total expenditure slipped by 2 percent in 2017 versus 2016. Importantly, capital spending on major projects was sustained with growth of 2.6 percent last year. Revenues meanwhile grew by 9.0 percent in 2017 helped by the increase in hydrocarbon prices. Qatar’s current account surplus is expected to rise further to close to 9 percent of GDP in 2018; an increase of around 5 percent of GDP. Buoyant exports will remain the key driver. With oil prices expected to average $72/b and LNG demand growth in Asia remaining vibrant, hydro- carbon exports should sustain strong growth. On the import side, the expected pick-up in non-hydro- carbon GDP growth should see moderate growth resume reflecting the twin drivers of steady population increase and continued investment spending. Government policies to promote self-sufficiency and food security will however help cap overall import growth. For 2019, the current account surplus is expected to narrow back towards 7 percent of GDP as slightly lower oil prices crimp export revenues and moderate import growth continues. The current account returned to a surplus of 3.8 percent of GDP in 2017 on the back of higher energy prices. Exports saw robust growth of 17.5 percent reflecting the continued recovery in the oil price and booming LNG demand, particularly from China. Imports, meanwhile, were broadly flat for the year as a whole. The economic blockade by some of Qatar’s neighbours produced a temporary disruption to trade but imports quickly bounced back to above pre- blockade levels as trade flows have been successfully re- routed. Imports from Turkey in particular have jumped and con- tinue to show strong growth so far in 2018. On the hydrocarbon side, modest growth of 0.2 percent is anticipated, which would end four years of declines. The lifting of Opec production cuts should modestly boost crude oil pro- duction, while the end of main- tenance work and temporary shutdowns should start to spur a recovery in LNG output through the year. A further pick up of 0.7 percent in hydrocarbon output is then expected in 2019. Non- hydrocarbon GDP is expected to gain by 5.0 percent in 2018. Con- tinued infrastructure spending as the government focuses on completing major projects in key sectors will ensure that con- struction remains the backbone of the non-hydrocarbon sector with forecast growth of 15.5 percent. Higher oil prices will also allow for some positive mul- tiplier effects on domestic demand. QIB wins two awards at New Age Banking Summit THE PENINSULA DOHA: Qatar Islamic Bank (QIB), country’s leading Islamic bank, received two awards from New Age Banking & Finance Awards 2018, as part of the seventh edition of New Age Banking Summit Qatar which was supported by Qatar Central Bank, and Qatar Financial Center Regulatory Authority (QFCRA). QIB was recognised through two awards, “Best Islamic Bank in Qatar” and “Excellence in Mobile Banking”. The Annual New Age Banking Summit is a knowledge- sharing platform that highlights challenges and opportunities facing the banking industry in the region. QIB’s Group Chief Risk Officer, Rakesh Sanghvi, participated as a panelist and shared his expertise and knowledge on the banking industry and the evolving financial ecosystem in the digital age. Commenting on the awards, QIB Group CEO Bassel Gamal said: “We are pleased to be rec- ognised for our efforts and per- formance. QIB is committed to serving the Qatari community and offering Shari’a-compliant products and services that empower our customers and evolve with the fast-paced digital developments in the industry.” He added “We will continue to seek innovative and creative solutions to meet the various needs of our customers.” The prestigious ‘Best Islamic Bank in Qatar’ award recognized QIB’s steady growth and impact on the Islamic banking industry in Qatar as well as reflecting the Bank’s leading financial per- formance where it currently holds a 42.3 percent share of the Islamic banking sector and approximately 11 percent of the total domestic banking sector in Qatar. Within the first half of 2018, the Bank achieved a net profit of QR1.32bn, repre- senting a growth of 13.8 percent over the first half of 2017. QIB was awarded for their innovative Mobile App, designed to meet the ever-changing needs of its clients. The prestigious award marks QIB’s continuous efforts for introducing con- venient solutions to meet the various needs of its customers. QIB’s Mobile App has been tai- lored to minimize the need for customers to visit the Bank, allowing them to access QIB’s products and services instantly and conveniently. Since last year, QIB has intro- duced several new innovative features to its mobile banking app helping customers manage their money quickly and easily. QIB officials with the awards during the New Age Banking Awards 2018 ceremony. For 2019 as a whole, QNB forecasts non- hydrocarbon GDP growth of 5.3%, leaving overall GDP growth at 3.2%. From 2019 onwards, the decision to increase LNG output by 30% by 2024 will increasingly drive Qatar’s next development phase. THE PENINSULA DOHA: As per the directives of the Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, the tech- nical group of the Ministerial Group for the Encour- agement and Participation of the Private Sector announced that Hassad Food Company, the leading investment company in the food sector, has established a local marketing and agri- cultural services company in order to support the private agricultural sector, to contribute to the nation’s self-sufficiency. The new agricultural marketing company will support local farmers by marketing their products, as well as providing various other agricultural services, in order to increase the size and quality of local pro- duction, QNA reported. The Chief Executive Officer of Hassad Food Company Mohamed bin Badr Al Sada, said in a statement that the company was pleased to announce the launch of a local gov- ernment-supported agricul- tural marketing company. Hassad seeks to support the local agricultural sector and encourage farmers to increase their production, because contributing to food security is the com- pany’s main strategy, he stressed. Al Sada explained that the company was launched in coordination with Qatar Chamber, which aims to reduce the burden on local farmers and encourage them to increase production through providing marketing and agricultural services to them. One of the objectives of this strategic project is to buy the product from farmers and then market it in the local market, in addition to providing a number of other agricultural services Hassad establishes local marketing & agricultural services company
Transcript
BUSINESSThursday 20 September 2018
PAGE | 23PAGE | 22QIIB wins ‘Best
Bank Award in Qatar in Liquidity’
Doha Bank CEO named ‘New Age Banker of the Year’
Qatar budget balance moves into healthy surplusSATISH KANADY THE PENINSULA
DOHA: Qatar’s budget balance is seen swinging to a healthy surplus. The country’s budget is expected to improve further and be close to broad balance in 2018 before returning to a vigorous surplus in 2019, according to QNB analysts.
On the expenditure side, spending is expected to show modest overall year-on-year growth in 2018 as restraint in current spending continues and, as Capex spending on large infra-structure projects and the 2022 World Cup starts to flatten out. 2019’s more relaxed climate should then allow for some pick up in current spending and increased transfers, such as to Qatar Investment Authority (QIA) or debt repayments, as the surplus grows.
“On the revenue side, growth rates will be lifted by higher hydrocarbon revenues as the full benefit of the doubling of crude prices from June 2016’s level is felt and the partial lifting of Opec output caps spurs the modest output gains embedded in our GDP forecast. The expected introduction of VAT in 2019 will
boost revenues by around 1¼ percent of GDP, helping diversify and reduce volatility in gov-ernment revenues,” QNB noted in its “Qatar Economic Insight”, yesterday.
Qatar’s GDP is forecast to improve to 2.6 percent in 2018, from 2017’s 1.6 percent out-turn. For 2019 as a whole, QNB fore-casts non-hydrocarbon GDP growth of 5.3 percent, leaving overall GDP growth at 3.2 percent. From 2019 onwards, the decision to increase LNG output by 30 percent by 2024 will increasingly drive Qatar’s next development phase.
The country’s fiscal deficit narrowed to 1.6 percent of GDP in 2017 from 4.7 percent in 2016. The fall reflected government expenditure restraints in the face of slowing revenue growth. Qatar’s Ministry of Finance data shows that total expenditure slipped by 2 percent in 2017
versus 2016. Importantly, capital spending on major projects was sustained with growth of 2.6 percent last year. Revenues meanwhile grew by 9.0 percent in 2017 helped by the increase in hydrocarbon prices.
Qatar’s current account surplus is expected to rise further to close to 9 percent of GDP in 2018; an increase of around 5 percent of GDP. Buoyant exports will remain the key driver. With oil prices expected to average $72/b and LNG demand growth in Asia remaining vibrant, hydro-carbon exports should sustain strong growth.
On the import side, the expected pick-up in non-hydro-carbon GDP growth should see moderate growth resume reflecting the twin drivers of steady population increase and continued investment spending. Government policies to promote self-sufficiency and food security
will however help cap overall import growth. For 2019, the current account surplus is expected to narrow back towards 7 percent of GDP as slightly lower oil prices crimp export revenues and moderate import growth continues.
The current account returned to a surplus of 3.8 percent of GDP
in 2017 on the back of higher energy prices. Exports saw robust growth of 17.5 percent reflecting the continued recovery in the oil price and booming LNG demand, particularly from China. Imports, meanwhile, were broadly flat for the year as a whole. The economic blockade by some of Qatar’s neighbours
produced a temporary disruption to trade but imports quickly bounced back to above pre-blockade levels as trade flows have been successfully re-routed. Imports from Turkey in particular have jumped and con-tinue to show strong growth so far in 2018.
On the hydrocarbon side, modest growth of 0.2 percent is anticipated, which would end four years of declines. The lifting of Opec production cuts should modestly boost crude oil pro-duction, while the end of main-tenance work and temporary shutdowns should start to spur a recovery in LNG output through the year.
A further pick up of 0.7 percent in hydrocarbon output is then expected in 2019. Non-hydrocarbon GDP is expected to gain by 5.0 percent in 2018. Con-tinued infrastructure spending as the government focuses on completing major projects in key sectors will ensure that con-struction remains the backbone of the non-hydrocarbon sector with forecast growth of 15.5 percent. Higher oil prices will also allow for some positive mul-tiplier effects on domestic demand.
QIB wins two awards at New Age Banking SummitTHE PENINSULA
DOHA: Qatar Islamic Bank (QIB), country’s leading Islamic bank, received two awards from New Age Banking & Finance Awards 2018, as part of the seventh edition of New Age Banking Summit Qatar which was supported by Qatar Central Bank, and Qatar Financial Center Regulatory Authority (QFCRA).
QIB was recognised through two awards, “Best Islamic Bank in Qatar” and “Excellence in Mobile Banking”.
The Annual New Age Banking Summit is a knowledge-sharing platform that highlights challenges and opportunities facing the banking industry in the region. QIB’s Group Chief Risk Officer, Rakesh Sanghvi, participated as a panelist and shared his expertise and knowledge on the banking industry and the evolving financial ecosystem in the digital age.
Commenting on the awards, QIB Group CEO Bassel Gamal said: “We are pleased to be rec-ognised for our efforts and per-formance. QIB is committed to serving the Qatari community and offering Shari’a-compliant products and services that empower our customers and
evolve with the fast-paced digital developments in the industry.” He added “We will continue to seek innovative and creative solutions to meet the various needs of our customers.”
The prestigious ‘Best Islamic Bank in Qatar’ award recognized QIB’s steady growth and impact on the Islamic banking industry in Qatar as well as reflecting the Bank’s leading financial per-formance where it currently holds a 42.3 percent share of the Islamic banking sector and approximately 11 percent of the total domestic banking sector in Qatar. Within the first half of 2018, the Bank achieved a net profit of QR1.32bn, repre-senting a growth of 13.8 percent over the first half of 2017.
QIB was awarded for their innovative Mobile App, designed to meet the ever-changing needs
of its clients. The prestigious award marks QIB’s continuous efforts for introducing con-venient solutions to meet the various needs of its customers. QIB’s Mobile App has been tai-lored to minimize the need for customers to visit the Bank,
allowing them to access QIB’s products and services instantly and conveniently.
Since last year, QIB has intro-duced several new innovative features to its mobile banking app helping customers manage their money quickly and easily.
QIB officials with the awards during the New Age Banking Awards 2018 ceremony.
For 2019 as a whole, QNB forecasts non-
hydrocarbon GDP growth of 5.3%, leaving
overall GDP growth at 3.2%. From 2019
onwards, the decision to increase LNG output
by 30% by 2024 will increasingly drive Qatar’s
next development phase.
THE PENINSULA
DOHA: As per the directives of the Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, the tech-nical group of the Ministerial Group for the Encour-agement and Participation of the Private Sector announced that Hassad Food Company, the leading investment company in the food sector, has established a local marketing and agri-cultural services company in order to support the private agricultural sector, to contribute to the nation’s self-sufficiency.
The new agricultural marketing company will support local farmers by marketing their products, as well as providing various other agricultural services, in order to increase the size and quality of local pro-duction, QNA reported.
The Chief Executive Officer of Hassad Food
Company Mohamed bin Badr Al Sada, said in a statement that the company was pleased to announce the launch of a local gov-ernment-supported agricul-tural marketing company.
Hassad seeks to support the local agricultural sector and encourage farmers to increase their production, because contributing to food security is the com-pany’s main strategy, he stressed.
Al Sada explained that the company was launched in coordination with Qatar Chamber, which aims to reduce the burden on local farmers and encourage them to increase production through providing marketing and agricultural services to them.
One of the objectives of this strategic project is to buy the product from farmers and then market it in the local market, in addition to providing a number of other agricultural services
Hassad establishes local marketing & agricultural services company
22 THURSDAY 20 SEPTEMBER 2018BUSINESS
9,805.40
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QSE FTSE100 DOW BRENT7,331.12
+30.89 PTS
0.42%
26,441.02
+194.06 PTS
0.74% Dow & Brent before going to press
$70.83
+0.98
MarketWatchQP to support energy sector at ‘Made in Qatar’ expoTHE PENINSULA
DOHA: Qatar Petroleum (QP) has announced to have extended its support for upcoming ‘Made in Qatar 2018’ exhibition in Oman as a partner of the event’s energy sector.
The expo, which is being held for the second time overseas, is scheduled to be held from November 5-9, 2018. The event will be organised by Qatar Chamber in cooperation with the Min-istry of Energy and Industry and Qatar Development Bank on an area of 10,000 square metres (sqm) at the Oman Convention and Exhibition Center (OCEC) in Muscat.
The expo aims to exchange experiences with Omani companies in the industrial sectors, as well as to introduce Omani to Qatari products and opening up new foreign markets to small and large Qatari companies.
Commenting on the spon-sorship agreement, Qatar Chamber Director General Saleh bin Hamad Al Sharqi praised the QP’s interest in supporting the expo which significantly reflects its keenness on developing the Qatar’s industry sector.
Al Sharqi also praised the role played by the company in the industry field and in the national economy in general.
QP’s sponsorship of the event will enrich its outcomes, he pointed out, assuring that the expo is a great opportunity that enables visitors to identify the development that Qatari products witness year after year. It offers a good chance for Qatari firms to recognize the Omani market and promote their products in Oman as well as review enhancing cooperation with Omani companies and estab-lishing joint industrial ventures.
QIIB wins ‘Best Bank Award in Qatar in Liquidity’THE PENINSULA
DOHA: QIIB, one of Qatar’s leading Shariah-compliant banking and financial services providers, yesterday announced that it has won the ‘Best Bank in Qatar Award in Liquidity’ at the seventh Banking Summit (New Age Banking Summit).
The event, held here on Sep-tember 18, was attended by a large number of senior banking and finance industry profes-sionals from Qatar and abroad.
Omar Abdulaziz Al Meer, Chief of Business Development at QIIB, received the award during the summit, which was organised in cooperation with Qatar Central Bank (QCB) and Qatar Financial Centre Regu-latory Authority (QFCRA).
The award was presented to QIIB based on the research pre-pared by Gulf Baader Capital Markets (GBCM), an investment services company, regarding liquidity in various Qatari banks based on some 15 different financial criteria.
The research showed that QIIB has done well in terms of liquidity and deserves the award in the category.
Jamal Al Jamal (pictured), QIIB Deputy CEO, said: “We are very pleased that our strategic steps have succeeded in further strengthening our financial position and leadership in many areas, including liquidity. We are certainly aiming for much more and working in accordance with our plans to enhance our position and increase our presence”.
“We are part of the Qatari banking sector, which has proven according to all experts, to be a successful, dynamic and efficient sector capable of over-coming all challenges and achieving growth rates that are
the best in the region, while maintaining at the same time a high level of effective cooper-ation with all economic sectors in the country in order to finance various projects and increase economic growth rates,” he added.
Al Jamal pointed out that in the past few years, QIIB made continual leaps in most of its budget items and has achieved stable growth rates. It aspires and works to achieve more by focusing on the local market and financing various projects, whether they are large, small or medium. The Bank was able to obtain the best credit ratings, which confirmed the strength of its financial position”.
He expressed confidence that “QIIB will continue its suc-cessful journey and effective contribution to the Qatari economy, achieving the best returns for shareholders and the best innovative services and products, for both individual and corporate customers”.
QIIB was established in 1990 as the second Islamic bank in Qatar and is currently the third largest Islamic bank in terms of assets and market value.
Omar Abdulaziz Al Meer (right), Chief of Business Development at QIIB, receiving the ‘Best Bank in Qatar Award in Liquidity’ on behalf of QIIB during the New Age Banking Summit.
Nakilat showcases its expertise at Gastech 2018THE PENINSULA
DOHA: Nakilat is participating in the Gastech 2018 Exhibition and Conference currently taking place in Barcelona, Spain from 17 to 20 September 2018. One of the largest LNG-centric events globally, Gastech attracts more than 30,000 professionals from the energy industry, providing a strategic platform to discuss current industry topics and display the latest technological innovations.
The company participated in
a panel discussion on “Under-standing how emerging, frag-menting & diversifying markets are creating a new LNG customer land-scape”, highlighting the substantial role of energy transportation com-panies within the LNG supply chain in meeting the growing global demand.
The company also provides integrated maritime solutions through its local joint ventures, offering ship repair, offshore repair and fabrication, as well as ship building at its world-class Erhama bin Jaber Al Jalahma Shipyard, as
well as towage, shipping agency and logistics services; thereby adding strategic value to Qatar’s shipping and maritime sector.
Gastech provides an excellent opportunity for Nakilat to network with industry peers, engage in industry discussions and generate
business opportunities. The com-pany’s active participation in such strategic global events comes as part of its vision to be a global
leader and provider of choice for energy transportation and mar-itime services, Nakilat said in a statement yesterday.
Jakob Stampe (right), Chief of Commercial & Business Development at Nakilat, with other speakers during a panel discussions held on the sidelines of Gastech 2018, in Barcelona, Spain.
QICCA organises seminar on arbitrator’s qualities and ethicsTHE PENINSULA
DOHA: The Qatar International Center of Conciliation and Arbi-tration (QICCA) organised yesterday a seminar focusing on the ethics and qualities of arbi-trators with an aim to improve these features and character-istics.
The one-day event, held at Qatar Chamber headquarters, was attended by prominent busi-nessmen, lawyers and senior executives and top officials of Qatar Chamber, including QC Chairman Sheikh Khalifa bin Jassem Al Thani, and QICCA’s board member for international relations Dr Sheikh Thani bin Ali Al Thani as well as number of lawyers, arbitrators and students from Ahmed bin Mohamed Mil-itary College.
QICCA’s Assistant Secretary
General Ibrahim Shahbik said that QICCA is keen to provide seminars that discuss arbi-tration-related issues, noting that the center’s main role is to prepare and qualify arbitrators.
He noted that arbitration process is based on a number of professional criteria and rules which should be taken into account. He affirmed that arbi-tration becomes a main means for settling disputes related to trading, engineering, marine contracts.
For his part, Abdulla Al Meh-shadi explained in his presen-tation the conditions and requirements to be fulfilled in an arbitrator to optimally accom-plish the arbitration process.
Al Mehshadi noted that the New Arbitration Law stipulates many legal conditions that should an arbitrator enjoy. These
requirements include to enjoy full capacity and not to be con-victed of a final judgment in a felony or misdemeanor against
honour or trust, even if he has been rehabilitated.
He also pointed to the requirements of judicial nature
which is mentioned in Paragraph 3 of Article 11 of the arbitration law, which stressed the need for the arbitrator to enjoy
independence, neutrality and commitment, noting that the arbitrator may not step aside from the arbitration process after his approval without an acceptable reason.
Al Mehshadi also touched on the requirements agreed by both parties and don’t contradict with requirements that are based on legal or judicial nature.
Khalid Al Nasr focused during his discussions on the ethics that must be available in the arbitrator such as efficiency, effectiveness, commitment, integrity, justice, neutrality and integrity.
They include also disclosure and commitment to the author-ities granted and agreed upon and confidential, noting that the arbitrator must take decisions in a fair, independent and balanced and thoughtful.
Prominent businessmen, lawyers, senior executives and top officials of Qatar Chamber, and students from Ahmed bin Mohamed Military College attending the conference at QC headquarters, yesterday.
GE hosts ‘Qatar Power Technology Day’THE PENINSULA
DOHA: GE Power hosted ‘Qatar Power Technology Day’ in Doha, highlighting innovations that can help unlock further productivity, flexibility and operational efficiency for the country’s energy ecosystem in line with Qatar’s National VisIon 2030. The event was hosted in collaboration with the United States Embassy in Qatar and was attended by senior officials of the Ministry of Energy and Industry, Kahramaa, Qatar Electricity and Water Company (QEWC), and other energy sector stake-holders.
Underlining GE Power’s commitment to supporting Qatar’s power sector, the event featured in-depth discussions on trends and technologies driving the transformation of the energy ecosystem; advanced power generation technology offering greater operational flexibility and unprecedented levels of effi-ciency; battery storage solu-tions that can support the growth of renewable energy; and upgrade solutions that can help to enhance the efficiency of the existing installed base of power generation assets.
Ghassan Barghout, Pres-ident and CEO of GE’s Gas Power Systems Sales, in the Middle East and North Africa said,“The efficient use of resources to best serve current and future generations is an important objective of the Qatar National Vision 2030. GE’s
advanced portfolio of power generation solutions, strong execution capabilities and 40 years of contributions to the development of Qatar’s energy ecosystem uniquely position us to deliver unprecedented levels of efficiency and operational flexibility to help meet this objective to the benefit of com-munities, businesses and indus-tries across Qatar.” The break-through technologies show-cased at the event included GE’s HA technology – the world’s most efficient heavy-duty gas turbine.
The technology has now helped to deliver two world records - one for achieving 63.08 percent gross efficiency at Chubu Electric Nishi-Nagoya Power Plant Block-1 in Japan and another for helping EDF’s Bouchain Power Plant achieve 62.22 percent net combined cycle efficiency in France. It has thus been recognized for record-setting efficiency in both 60 hertz and 50 hertz markets. Today, the HA has achieved more than 170,000 operating hours and is the fastest growing fleet of gas tur-bines in the world with over 80 units ordered by more than 25 customers across more than 15 countries, including the United States, Mexico, Brazil, Pakistan, Japan, Bahrain, China, France and others.
GE’s journey in Qatar began over 40 years ago and its investments in the country include the GE Advanced Tech-nology and Research Center (GEATRC) at the QSTP.
23THURSDAY 20 SEPTEMBER 2018 BUSINESS
QNB revises up oil price forecast to $72 for 2018THE PENINSULA
DOHA: QNB has revised up its forecasts for average annual oil prices to $72/b for 2018 from $69/b and to $69/b in 2019 from $66/b. Both demand and supply factors, however, suggest a tilt towards lower prices in 2019 as global demand cools and infra-structure constraints on US shale supply fade.
On the demand front, QNB analysts said, global growth is set to soften. The euro-zone, Japan and China have all shown signs of slower growth in recent months, while the US Federal Reserve looks set to continue its steady drip-feed of interest-rate rises until US GDP growth, cur-rently booming at a 4 percent annualised pace, pulls back to a more sustainable 2 percent annualised clip.
The mounting risk of a global trade war, with an escalating conflict between US and China in particular looking increasingly likely, adds to downside risks. Investment intentions in par-ticular are likely to suffer from the increased uncertainty.
In turn, risks to the IEA’s forecast for a second successive year of oil demand growth of
1.4m b/d looks tilted to the downside.
On the supply side, US shale output should re-accelerate with the increase in pipeline capacity from the Permian Basin in 2019Q3. US crude exports, which were 1.6m b/d in 2017 and are currently being capped around the 2m b/d by infra-structure constraints could reach 3 m b/d by end-2019. Opec’s output deal is also set to expire at the end of 2018 and, while some extension of pro-duction curbs is likely, the clear risk is that Opec supply increases in 2019.
In 2017, Brent crude prices averaged $55/b, up from $44/b in 2016. And the oil price’s recovery has continued in 2018. A number of factors have pushed oil prices up more than expected this year. First, with global GDP growth on course for its strongest year since 2011, oil demand growth has been robust. The International Energy Agency (IEA) estimates global demand to increase by 1.5 million barrels per day (m b/d) in 2018.
On the supply side, three factors have been key so far in 2018. The first factor is continued
steep falls in Venezuelan output, down a further 320m b/d in the first six months of the year, as the country’s economic crisis deepens. Second, the re-intro-duction of US sanctions on Iran, threatens to tighten supply further from November 2018 by removing up to 900m b/d of global supply. The spot oil price moved up on the news, reflecting the risk of a further large supply shock later in the year. However, the extent to which key importers such as China and India will comply with the sanctions and so fully cut off Iranian imports is unclear.
Third, infrastructure bottle-necks in the key US shale oil producing of the Permian Basin region in west Texas threatens to restrain US supply growth. Pipeline capacity from the Permian is already close to full by most accounts with new capacity not expected to properly arrive until third quarter of 2019. A jump in ‘drilled but uncompleted wells’ in the Permian (a key gauge of delayed output for shale pro-ducers) points to slowing supply growth in the short term as pro-ducers delay output until takeaway capacity is boosted.
Qatargas participates in Gastech 2018Saad Sherida Al Kaabi (left), Qatar Petroleum President & CEO, and Khalid bin Khalifa Al Thani (right), Qatargas CEO, with King Felipe VI of Spain at the recently-concluded Gastech Conference in Barcelona, Spain.
Doha Bank CEO named ‘New Age Banker of the Year’THE PENINSULA
DOHA: Doha Bank CEO Dr R Seetharaman (pictured) has won the ‘New Age Banker of the Year Award’ for his outstanding contribution to Digital Banking.
Doha Bank has been at the forefront of developing leading banking solutions for valued cus-tomers locally and internationally. The bank has pioneered in Internet Banking, SMS Banking, IT Security, Borderless banking
and web-based architecture. Doha Bank has taken the respon-sibility of constantly evolving with changing technologies and intro-ducing state of the art products and services.
In the C- Suite Panel
discussion at the event he stated. “The fourth industrial revolution combines advanced technologies in innovative ways, dramatically reshaping the way people live, work and relate to one another. Various industries are getting
redefined, the health sector can be reimagined, the work space is undergoing changes, robotics and artificial intelligence are going to play important roles and the cus-tomer will be more empowered in the digital environment.”
Industrial Production Index rises in JulyTHE PENINSULA
DOHA: Qatar’s Industrial Production index (IPI) rose to 107.7 points for the month of July, up by 2.2 percent compared to the previous month , and increased by 1.4 percent from a year ago.
The index of Mining sector showed an increase by 2.4
percent on month-on-month due to the increase in the quan-tities of ‘crude oil and natural gas’. When compared to the cor-responding month of the pre-vious year , the IPI of Mining increased by 2.1 percent.
The Manufacturing sector recorded an increase of 1.2 percent in July compared to the previous month, because of the
increase in production of five groups: “Manufacture of basic metals” by 9.1 percent, “Manu-facture of beverages” by 7.4 percent, “Manufacture of Cement & other non-metallic mineral products” by 6.7 percent, “Manufacture of refined petroleum products”, and “Man-ufacture of rubber and plastics products” by 1.6 percent each.
BREAK TIMEVILLAGGIO & CITY CENTER
Note: Programme is subject to change without prior notice.
Peppermint (2D/Action) 10:00am, 12:15, 2:30, 4:45, 7:00, 9:15 & 11:30pm The Nun (2D/Horror) 10:00am 12:00noon, 12:30, 2:00, 2:45, 4:00, 5:00, 6:00, 7:15, 8:00, 9:30, 10:00, 11:45pm & 12:00midnight Alpha (2D/Drama) 10:00am, 12:00noon, 2:00, 4:00, 6:00, 8:00, 10:00pm & 12:00midnight MEG (2D/Action) 11:00am, 3:30 & 8:30pm Luis And The Aliens (2D) 10:00am 1:30 & 5:00pmEnchanted Princess (2D/Animation) 11:45am, 3:15 & 6:45pm Al Khourouj An Al Nas (2D/Arabic) 8:30, 10:30pm & 12:00midnightThe Equalizer 2 (2D/Action) 1:00, 6:00 & 11:00pm Christopher Robin (2D/Animation) 10:15am, 2:30, 6:45 & 11:00pmMile 22 (2D/Action) 12:30, 4:45 & 9:00pm Reprisal 10:00am, 2:00, 6:00 & 10:00pm Slender Man 12:00noon, 4:00, 8:00pm & 12:00midnight Al Badlah (2D/Arabic) 10:00am, 12:15, 2:30, 4:45, 7:00, 9:15 & 11:30pmThe Nun(2D/Horror/IMAX)11:00am, 1:00, 3:00, 500, 7:00, 9:00&11:00pm
The Hows of Us (2D/Tagalog) 4:00 & 9:15pm Peter Pan: The Quest of the Never Book (Animation) 2:00pm Padayottam (Malayalam) 2:00pm Monster Busters 2:15 & 5:45pm Johnny English (2D/Action) 4:00, 7:30, 9:15 & 11:30pm Battigul Meter Chalu (Hindi) 6:15 & 11:00pm The Predator (2D/Action) 6:30 & 11:30pm Animal World (Adventure)7:30 & 11:30pm Wildling (Drama) 8:45pm
The Predator (2D/Action) 2:30pm Ranam (2D/Malayalam) 5:00pmThe Hows of Us (2D/Tagalog) 2:30, 4:30, 6:30 & 7:15pm Luis And The Aliens (2D/Animation) 3:30pmPeter Pan: The Quest of the Never Book (Animation) 5:30pm Seema Raja (Tamil) 5:00pm Manmarziyaan (2D/Hindi) 8:00pm Final Score (2D/Action) 8:30pm Jawani Phir Nahi Ani 2 10:30pm Johnny English (2D/Action) 9:30 & 11:30pm Ranam (2D/Malayalam) 10:45pm The Nun (2D/Horror) 11:30pm
The Hows of Us (2D/Tagalog) 2:30, 5:00, 7:00 & 9:15pmLuis And The Aliens (2D/Animation) 3:00pmSeema Raja (Tamil) 3:30pmPeter Pan: The Quest of the Never Book (Animation) 5:00pm Jawani Phir Nahi Ani 2 6:30pm Manmarziyaan (2D/Hindi) 10:00pmThe Predator (2D/Action) 7:15pm Johnny English (2D/Action) 9:15 & 11:00pm The Nun (2D/Horror) 11:30pm
Batti Gul Meter Chalu 4:00, 7:15 & 10:30pm Johnny English (2D/Action) 10:30am, 12:50, 2:30, 5:00, 8:30 & 10:30pm Monsters Busters 12:30, 4:30 & 6:30pm The Nun 2:50, 9:20 & 11:30pmPadayottam 10:30am & 1:15pm Peter Pan: The Quest of the Never Book
The movie is a social drama that talks about friends, families and relationships in small cities. It focuses on the electricity issues in rural area.
BATTIGUL METER CHALU
ROYAL PLAZANOVO Pearl Qatar
MALL
CROSSWORD
LANDMARK
FLIK Mirqab
AL KHOR
ROXY
ASIAN TOWN
Alpha 12:00noon, 2:00 & 8:05pm Animal World 8:45, 9:20pm & 12:05am Johnny English Strikes Again 10:30, 11:30am, 12:30, 1:30, 2:30, 3:30, 5:30, 6:30, 7:35, 8:30, 9:35, 10:30, 11:35pm & 12:35am Luis & The Aliens 10:25am, 4:05 & 6:00pm Monsters Busters 11:20am, 1:20 & 5:15pm Peter Pan: The Quest for the Never Book 12:15, 2:10 & 3:20pm The How of Us 12:35, 3:05, 5:40, 6:20, 8:10, 11:00 & 11:20pm The Nun 11:40am, 1:50, 3:55, 7:15, 7:50, 9:55pm & 12:00midnight The Predator 10:55am, 1:05, 3:15, 4:10, 5:25, 10:05pm & 12:15am
