Qatar’s Ambassador to Turkey, H E Salem bin Mubarak Al Shafi, pointed out that the signing of the Joint Strategic Committee in 2014 has contributed to the expansion of cooperation between both countries.

WEDNESDAY 30 SEPTEMBER 2020

QSE FTSE 100 DOW BRENT5,897.50 −30.43 (0.51%) 27,392.16 −191.90 (0.70%) $ 41.25 (-1.57 ) 9,910.72 +26.82 (+0.27%)

HSBC named Best International Bank in the Middle EastTo be named the Best International Bank and the Best Transaction Bank in the Middle East is fantastic news for our customers and staff.

BUSINESS | 02Martin Tricaud CEO for HSBC in MENAT

Business

Over 1,500 Qatari, Turkish firms to explore opportunities

THE PENINSULA - DOHA

Over 1,500 Qatari and Turkish companies participated at the online Qatar-Turkey Business Forum yesterday which was presided over by Qatar Chamber (QC) Chairman Khalifa bin Jassim Al Thani and Vice-President of the Union of Chambers and Commodity Exchanges of Turkey (TOBB) Selcuk Oztürk. QC’s First Vice Chairman Mohamed bin Towar Al Kuwari and QC Second Vice-Chariman Rashid bin Hamad Al Athba and other board members and officials including Qatar’s Ambassador to Turkey H E Salem bin Mubarak Al Shafi and Turkey’s Ambassador to Qatar H E Mehmet Mustafa Göksu, also attended the

webinar. During the event, the two

sides reviewed trade and investment cooperation and discussed establishing alliances and partnerships that support both countries’ economies. The forum’s Qatar-Turkish Match-making Platform witnessed a large turnout and business meetings from many Qatari and Turkish companies.

Speaking during the event, Ozturk reiterated that Qatari investments in Turkey stood at $22bn last year, while Turkish investments in Qatar reached $122m. Turkey came in the fourth place for Qatari imports in the first half of this year.

He also stressed that there are 179 Qatari companies oper-ating in Turkey in various fields, while Turkish companies in Qatar are participating in many projects related to the FIFA World Cup 2022 and other projects such as Hamad Airport and Al Thumama Stadium. Ozturk went on to highlight that Turkish companies are eager to explore investment opportu-nities available in the Qatari market and in building partner-ships with their Qatari counterparts.

Earlier in his speech during the opening of the forum, Sheikh Khalifa stressed the forum’s importance in

bolstering cooperation between Qatari and Turkish businessmen and promoting trade exchange and investment opportunities available in both sides.

He also noted that the bilateral relations between the two countries have evolved sig-nificantly in recent years, affirming that their trade exchange has witnessed great growth during the past three years. He added that trade volume between both countries registered substantial growth during the first half of the year, which reflects growing alliances and partnerships between business sectors.

“Qatar is replete with myriad of promising opportunities for investment in all fields and industries, as well as in tourism

and services, especially with the preparations for the host of Qatar World Cup 2022. The country has made tireless efforts to develop its infrastructure, issued legislation and laws that enhance the investment envi-ronment and provided investment incentives that enhance its position as an investment destination. Qatar offers plenty of opportunities that attract Turkish investors,” Sheikh Khalifa added.

For his part, Qatar’s Ambas-sador to Turkey Salem bin Mubarak Al Shafi, pointed out that the signing of the Joint Stra-tegic Committee in 2014 has contributed to the expansion of cooperation between both coun-tries. He added that the joint commercial agreements

between both sides helped investors in both countries, and contributed to raising the volume of investments, whether governmental or private sector projects. He added that such meetings would contribute to bringing businessmen in both countries together to learn about the most important investment opportunities available in both sides, in addition to discussing any challenges that may hinder growth in trade exchange between both countries.

Turkey’s Ambassador to Qatar Mehmet Mustafa Göksu, pointed out that the Turkish embassy in Doha is ready to help Qatari businessmen who are interested to invest in Turkey or cooperate with Turkish companies. He also

invited Qatari businessmen who wish to invest in Turkey to contact the relevant agency rep-resented in the Investment Office of the Presidency, noting that the office has representa-tives who can answer any enquiries regarding investment in Turkey. During the event, presentations about investment and trade were delivered by both sides.

Talal Ahmad Al Mahmoud, Strategy Analyst at Qatar Investment Promotion Agency, highlighted the economic incentives offered by Qatar. He noted that Qatar is expected to remain strong and stable during the next year, while the coun-try’s GDP is expected to grow by 5 percent in 2021.

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FROM LEFT: Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani; Qatar’s Ambassador to Turkey H E Salem bin Mubarak Al Shafi; and Turkey’s Ambassador to Qatar H E Mehmet Mustafa Göksu speaking during the Qatar-Turkey Business Forum held virtually, yesterday.

QFZA in talks with Turkish firms keen to set up business at MARSA portLANI ROSE R DIZON THE PENINSULA

The Qatar Free Zones Authority (QFZA) is receiving several applications from Turkish companies which are interested to set up ship man-ufacturing businesses at the MARSA port in Umm Alhoul Free Zone, an official said at the Qatar-German Business Forum which was hosted by the Qatar Chamber (QC) yesterday.

Speaking during the event, QFZA’s Markets Manager Fahad Al Kuwari, said the new port and marine cluster, which is between seven and eight metres deep, has been attracting companies involved in the marine industry.

“We have some Turkish companies who are very inter-ested in ship manufacturing. And we’re looking into evalu-ating one of these companies to set up in the MARSA port,” he said.

The MARSA port, which was designed to be a fully inte-grated marine ecosystem, can support a wide range of marine business.

The port features several key activities which include, but are not limited to ship building and repair, internal design and fit-out, boat bro-kerage and maritime research. It can also service ships up to 70 metres long.

During the event, Al Kuwari also highlighted Qatar’s thriving ICT scene, and

reiterated that Qatar is the leading country in the world in terms of Internet pene-tration. He said Turkish ICT companies also have a first-mover advantage in Qatar. He added: “The best success story we have that I share around the world is about a Turkish company. They are an ICT company, and we attracted them from Istanbul about a year ago.

They had 12 employees and they came to Qatar to bid on a tender with the Ministry of Transport and Communica-tions through the TASMU Digital Valley. Today, within a few months, they are Micro-soft’s official partner in Qatar. They were a very small ICT company in Turkey that managed to make a big impact in Qatar, because the sector is so young. So you have a first-mover advantage, coupled with the fact that our political relations with Turkey are very strong”.

Baker Hughes announces major LNG turbomachinery order from QPTHE PENINSULA - DOHA

Baker Hughes has announced an order with longtime partner Qatar Petroleum (QP) to supply multiple main refrigerant com-pressors (MRCs) for Qatar Petro-leum’s North Field East (NFE) project, executed by Qatargas. The total award is part of four LNG “mega trains,” representing 33 million tonnes per annum (MTPA) of additional capacity, which will increase Qatar’s total liquefied natural gas (LNG) pro-duction capacity from 77 MTPA to 110 MTPA and help to propel the Gulf nation to global LNG production leadership by 2025. This order is among the largest LNG deals secured by Baker Hughes in the past five years, for both MTPA and equipment awarded.

The order reinforces more than two decades of trust and successful turbomachinery col-laboration between Baker Hughes, Qatar Petroleum and Qatargas. With Qatargas already operating six existing LNG “mega trains” driven by Frame 9E gas turbine refrigerant com-pressors provided by Baker Hughes, the NFE project under-scores the leadership of Baker Hughes LNG technology in the Gulf region and for the world’s most complex LNG projects.

“This milestone deal illus-trates the continued strength of Baker Hughes’ partnership with Qatar Petroleum, which began 25 years ago upon our delivery of the first LNG train in Qatar,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. He added: “As we look ahead to the next two decades, in almost any scenario natural gas will be a key transition fuel, and likely a destination fuel for

a lower carbon future. Building on our track record of delivering proven, reliable and highly effi-cient LNG technology, we remain committed to taking energy forward in Qatar for more years to come.”

As part of the company’s commitment to support cus-tomers in decarbonising their operations, Baker Hughes has continuously invested in devel-oping technology that enables customers to reduce emissions, enhance performance and optimise operations. The NFE project will feature the latest compression technology to reduce 60,000 tonnes of CO2 per train each year without any reduction in LNG production, representing a ~5 percent decrease versus previous tech-nologies. The compression trains will also be produced using the latest manufacturing techniques, minimising raw material and

emission-intensive processes to reduce CO2 emissions during production by up to 10 percent.

Each MRC train will consist of three Frame 9E DLN Ultra Low NOx gas turbines and six centrifugal compressors across four LNG “mega trains” for a total scope of supply of 12 gas turbines to drive 24 centrifugal compressors. Packaging, man-ufacturing and testing of the gas turbine/compressor trains will take place at Baker Hughes’ facilities in Florence and Massa, Italy.

The North Field is the world’s single largest non-asso-ciated natural gas field. The NFE project, owned by Qatar Petroleum and operated by Qatargas, is the first phase of the North Field LNG Expansion Project, announced in 2017, and will increase Qatar’s LNG pro-duction capacity from 77 MTPA to 110 MTPA, which accounts for

an LNG production capacity increase of approximately 43 percent. First gas from the Expansion Project is expected to be produced by the end of 2025. The second phase of the North Field LNG Expansion Project, called the North Field South project (NFS), will further increase Qatar’s LNG production capacity from 110 MTPA to 126 MTPA.

Qatargas is entrusted with executing the NFE project on behalf of Qatar Petroleum. As the world’s premier LNG company, Qatargas has an established history in delivering such major projects and in oper-ating various onshore and off-shore facilities in the North Field with a high degree of reliability and operational excellence. The project is in line with Qatar’s National Vision 2030, which aims for more sustainable devel-opment by 2030.

A Baker Hughes centrifugal compressor for LNG application manufactured in the Florence facility in Italy.

QFZA’s Markets Manager Fahad Al Kuwari.

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02 WEDNESDAY 30 SEPTEMBER 2020BUSINESS

Weighing just 1kg, the lightweight notebook measures just 13.6mm at its thickest part and is smaller than a piece of A4 paper.

The PPI of August, 2020 for Mining sector showed an increase by 7.1 percent when compared with PPI of July 2020, primarily due to the price increase of “Crude petroleum and natural gas” by 7.1 percent, and “Stone, Sand and Clay” increased by 1.1 percent.

Qatar’s PPI of Industrial Sector for August up by 4.9%THE PENINSULA - DOHA

Qatar’s overall monthly Pro-ducer Price Index (PPI) of Industrial Sector for August 2020 was estimated at 40.9 points showing an increase of 4.9 percent compared to the previous month’s PPI (July 2020), official data showed.

When compared on annual basis, the PPI of August 2020 showed a decrease of 33.1 percent compared to the PPI of corresponding month last year, data released by the Planning and Statistics Authority (PSA) show.

Producer price index covers goods relating to “Mining” (weight: 72.7 percent),

“Manufacturing” (weight: 26.8 percent), and “Electricity & Water” (weight: 0.5 percent).

The PPI of August, 2020 for Mining sector showed an increase by 7.1 percent when compared with PPI of July 2020, primarily due to the price increase of “Crude petroleum and natural gas” by 7.1 percent, and “Stone, Sand and Clay” increased by 1.1 percent. The PPI of August 2020, when compared with its counterpart in previous year (August 2019), there was a decrease of 38.8 percent. Graph (1) showed the monthly movement of “Mining” index during August 2019 and August 2020, while Graph (2) showed

the monthly rate of change in General PPI and Mining.

For the Manufacturing

sector index, an increase of 2.2 percent has been recorded in August 2020, when compared with the previous month’s Manufacturing index (July, 2020). The increase prices were seen in: “Basic Chemicals” by 2.5 percent, followed by “Refined Petroleum products” by 2.4 percent, “Paper and Paper products” by 2.0 percent, “Basic Metals” by 1.5 percent, and “Rubber and Plastics products” by 1.3 percent. However, the decreasing prices are noticed in “Juices” by 2.4 percent, “Cement and Other non-metallic products” by 1.9 percent, “Other chemical products and fibers” by 1.8 percent, “Dairy products” by

0.8 percent, “Grain mill and other products” by 0.4 percent, and “Beverages” by 0.1 percent.

Comparing with the index of counterpart in the previous year (August 2019), “Manufac-turing” PPI of August 2020 showed a decrease of 21.4 percent. The major groups which explain this price fall are: “Refined Petroleum products” by 26.6 percent, fol-lowed by “Basic chemicals” by 16.7 percent, “Basic Metals” by 11.5 percent, “Rubber and Plastics products” by 7.6 percent, “Other chemical products and fibers” by 4.2 percent, “Cement and Other non-metallic products” by 2.2 percent, and “Dairy products”

by 1.6 percent. However, prices increased in “Paper and Paper Products” by 4.5 percent, fol-lowed by “Juices” by 3.8 percent, “Beverages” by 0.5 percent, and “Grain mill and Other products” by 0.2 percent. The PPI of Electricity and Water group showed an increase of 2.1 percent com-pared to July 2020, resulting from rise in “Water” by 2.2 percent, and “Electricity” by 1.8 percent. When compared the PPI of August, 2020, to the PPI of August, 2019 (Y-o-Y), showed also an increase of 0.6 percent, affected by prices rise in “Water” by 1.8 percent, but decline in “Electricity” by 0.6 percent.

ARTIC and Hilton open Aleph Doha Residences, Curio Collection by HiltonTHE PENINSULA - DOHA

Al Rayyan Tourism Investment Company (ARTIC), one of the leading international hotel investment firms, and Hilton announce yesterday the opening of Aleph Doha Resi-dences, Curio Collection by Hilton.

Aleph Doha Residences is the first of its kind in the Middle East under the Curio Collection brand, Hilton’s upper-upscale global portfolio of one-of-a-kind hotels and resorts, and has found a natural home in West Bay, an area renowned for its futuristic buildings and for some of the tallest skyscrapers in Qatar. The highly anticipated opening of Aleph Doha Resi-dences comprises 240 one, two and three-bedroom apartments in a skyscaper residential tower of 52 storeys. Each of the apart-ments has exceptional views over West Bay, Doha’s upscale business and diplomatic district on the modern east coast of the city, and of Doha’s contem-porary skyline. Expansive floor-to-ceiling windows provide access to endless day-light or night skies. Each of these large apartments are at least 71sq.m and every bedroom has an en-suite bathroom.

Sheikh Mohamed bin Faisal Al Thani, Vice-Chairman of ARTIC, said: “Qatar’s property sector continues to witness remarkable development and growth, supported by the country’s impressive infra-structure programme and capabilities. We are proud to be among the pioneers contrib-uting to this transformation through ARTIC’s portfolio of iconic hotels and residences. The high quality of our prop-erties means that we only work with top international oper-ators such as Hilton. Aleph Doha Residences is a landmark and a hugely impressive

addition to Doha’s beautiful skyline.”

Tarek M El Sayed, CEO and Managing Director of ARTIC, added: “It is with pleasure that we announce the opening of this iconic property, the latest addition to Doha’s high-quality residential market. We are delighted to build on our long-standing relationship with Hilton and to bring a truly unique experience to the market with Aleph Doha Resi-dences. At ARTIC, we are always looking to bring unique products and services to the markets we serve and Aleph Doha Residences is entirely in keeping with this in terms of its excellent location, architecture and quality. Aleph brand is fully developed by ARTIC where we first launched it in Rome, with our Aleph Rome Hotel, also operating under Hilton’s Curio Collection brand and with the success we have in this collab-oration we decided to expand the model to Doha. We are very

proud to be expanding our operating portfolio in Doha with this latest addition to ARTIC’s growing investment portfolio and we are looking forward to announcing further new openings soon.”

The hotel’s 52nd floor fea-tures the highest indoor swimming pool in Doha, offering stunning views across the city. In addition, a diverse collection of food and beverage offerings within Aleph Doha Residences ensures that living is comfortable and varied: Mondo Café is a serene venue to meet and eat. The minimalist décor with vibrant splashes of color, combined with sump-tuous vegetarian, vegan and free-range offerings make the Café the ideal place for pre or post-workout refreshments. Food is fresh and there is a pantry which is full 24/7, allowing guests to grab-and-go, work or relax at any time of the day. Chefs are also just one quick call away to prepare the

freshest garden and farm produce which go straight to guests’ tables or apartments. A comprehensive room service menu is full of healthy ingre-dients that are made ready to cook at home. Easy to follow instructions allow for a takeaway with a difference, allowing guests to grab-and-go, heat, reheat or cook.

“We are delighted to have opened Aleph Doha Residences, an original and remarkable property”, said Daniel Van Wyk, general manager, Aleph Doha Residences, Curio Collection by Hilton. “With its prime location in West Bay, diverse dining options and spacious accomo-dations, the property is the smart choice for visitors and residents alike and we look forward to welcoming guests.”

Aleph Doha Residences is part of Hilton CleanStay, Hilton’s industry-leading pro-gramme of cleanliness and dis-infection in Hilton properties across the world.

The newly opened iconic Aleph Doha Residences located in West Bay.

HSBC named 'Best International Bank in the Middle East'THE PENINSULA DOHA

HSBC has scooped multiple honours in Asiamoney’s annual awards for banks with the best capabilities to connect cus-tomers in Asia and the Middle East, including the marquee title of Best International Bank in the Middle East.

HSBC was named the Best International Bank in the Middle East and the Best Transaction Bank in the Middle East at the Asiamoney Middle East Best Bank Awards 2020.

Concurrently, HSBC was named the Best International Bank in the Region for BRI (Middle East & Africa) and the Best Bank for BRI-related Financing in the Region (Middle East & Africa) at the Asiamoney New Silk Road Finance Awards 2020.

Martin Tricaud (pictured), CEO for HSBC in the Middle East, North Africa and Turkey (MENAT), said: “To be named the Best International Bank and the Best Transaction Bank in the Middle East is fantastic news for our customers and staff. HSBC has a long and proud history in the Middle East and it is a region prioritised for growth by HSBC Group.”

“And being recognised as the Best International Bank in the Middle East for the Belt and Road and the Best Bank for BRI-related Financing in the Middle East reflects HSBC’s unrivalled ability to connect customers to opportunities along the inter-national route of China’s Belt and Road Initiative.”

Asiamoney cited China expertise as an area of out-standing competitive strength for HSBC in the Middle East: “The connectivity it provides for Chinese corporate and financial institutions investing in the Middle East along the Belt and Road is second to none. Every-where you look, it is a leader, both in action and in theory.”

Over the last year, HSBC has been at the forefront of landmark financing activity in

the Middle East. It has helped attract international investors into the region’s capital markets and introduced issuers from the Middle East to new pools of liquidity, both in Asia and else-where in the world.

Key deals that HSBC com-pleted during the period under review by the Asiamoney judges included acting as the sole financial adviser to State Grid International Devel-opment Limited on its acqui-sition of a 49 percent equity stake in Oman Electricity Transmission Company.

HSBC also extended a $558m package of guarantees, cash management, forex solu-tions, and trade, supply chain and receivables finance to a joint venture between China Railway Construction Corpo-ration (CRCC) and some railway projects in the region.

HSBC has nurtured the development of the region’s sustainable finance market by not only helping execute large and complex deals, but also by driving the innovation of new products such as sustainability-linked loans. Meanwhile, in transaction services, HSBC has pioneered the use of new tech-nologies such as blockchain to transform the future of inter-national trade and invested in digital tools to make payments faster and more secure.

Huawei MateBook X to be rolled out in Qatar soonTHE PENINSULA - DOHA

Enriching its ‘1+8+N’ all-scenario ecosystem, Huawei will be rede-fining the PC industry with its Huawei MateBook X, which will be rolled out in the markets soon. The latest entry to Hua-wei’s flagship PC product line, the Huawei MateBook X com-bines the flagship series’ iconic design and innovative tech-nology with improved light-weight design and smart fea-tures. Weighing just 1kg, the lightweight notebook measures just 13.6mm at its thickest part and is smaller than a piece of A4 paper, so users can easily slide it into a backpack and carry it with them wherever they go for a convenient and seamless pro-ductive experience on the go.

Richard Yu, Executive Director and CEO of Huawei Consumer BG, said: “Great user experiences are always founded on innovation, but our journey of innovation always begins and ends with consumers. In future, we will continue working with our valued partners to offer more smart and high-quality experi-ences to consumers worldwide.”

The new Huawei MateBook X is the first notebook to feature the 3K Infinite FullView Display,

realised with a borderless design that offers an immersive viewing experience and stunning image quality. The display is also multitouch-enabled with gesture support such as Fingers Gesture Screenshot, which lets users quickly take a screenshot by swiping downwards on the screen with three fingers, as easy as it is on a smartphone.

Based on Huawei’s dis-tributed technology, the improved Multi-screen Collab-oration adds even more versa-tility to the Huawei MateBook X, allowing users to more seam-lessly tap into the capabilities of multiple devices at once. Accessing the feature is easier than ever with the Huawei Share tag now embedded into the improved touchpad. Users can

control both the PC and a paired smartphone on a single screen, make video or audio calls on the notebook, transfer files between the devices or even edit files saved on the smartphone directly using the PC. Huawei smartphone users can also take advantage of Instant Hotspot to connect their notebook to Internet via tethering.

Powered by a 10th Gener-ation Intel Core processor, the new flagship notebook delivers the performances needed for daily tasks. The touchpad is 26 percent larger compared to the previous generation for better ease-of-use, and now features Huawei Free Touch to offer full haptic feedback. The new full-size keyboard features scissors switches that offer 1.3mm of key travel to make typing a joy, and

comes with two tweeters and woofers forming a quad-speaker sound system that provides immersive surround sound right in front of the user. Huawei MateBook X is also the first Huawei notebook to support Wi-Fi 6, which features three times the data transfer speed of Wi-Fi 5 for faster connectivity and better productivity.

Huawei also recently unveiled Huawei MateBook 13. Featuring a highly portable design and powerful per-formance, Huawei MateBook 13 integrates the 10th Gen Intel Core i5-10210U Processor and 8GB RAM at the heart of the laptop. Besides performance, it has a 2K Huawei FullView Display and supports smart fea-tures including Multi-screen Collaboration to help consumers stay productive on the road.

Startups by women in Kenyan industry struggle to access credit

REUTERS - NAIROBI

Raising start-up capital is one of the biggest challenges for women entrepreneurs in Kenya’s key manufacturing sector, with banks requiring collateral that most of them do not have, a study said yesterday.

Manufacturing contributes about 10 percent of Kenya’s gross domestic product but women account for only 17 percent of the sector’s work-force, according to the study by the International Centre for Research on Women and Kenya Association of Manufacturers.

Most women work or run businesses in the informal economy, and face numerous difficulties including pay and promotion disparities as well as obstacles in accessing infor-mation, technology and finance to expand their enterprises.

As a result, most women-owned manufacturing busi-nesses are still micro, SMEs operating in the informal sector, unable to grow and enter the formal economy.

Naomi Ndele, head of SME and agribusiness at Kenya's KCB

Bank, told a webinar launching the report that banking policies needed to be reviewed to incor-porate women.

"The banking model was designed by men to support men and so a lot of lending policies and methodologies are very restrictive and do not favour women," she said.

"There are few known financial institutions that have remodelled their busi-ness to incorporate the needs of women."

She added that while there were some financial prod-ucts on the market that were geared towards women, they did not include the sizable credit often required for man-ufacturing businesses.

Manufacturing contributes about 10 percent of Kenya’s gross domestic product but women account for only 17 percent of the sector’s workforce, according to the study by the International Centre for Research on Women.

03WEDNESDAY 30 SEPTEMBER 2020 BUSINESS

“Around 5,000 to 6,000 visitors are coming daily. So far, around 30,000 people have already visited the trade fair. And we take the security of everyone very seriously.”

It’s business as usual at the ongoing Doha Trade Fair 2020LANI ROSE R DIZON THE PENINSULA

It’s business as usual for both merchants and consumers attending the second edition of the Doha Trade Fair 2020 at the Doha Exhibition and Con-vention Center (DECC). The 10-day event, which opened on Thursday, is considered to be the first ever exhibition which opened to the public after the Qatari government has lifted the restrictions on public gatherings during the COVID-19 pandemic.

For many of the visitors, life must go on amid the pandemic. And for merchants, the trade fair offers them a boost of con-fidence that better business is coming.

Speaking to The Peninsula on the sidelines of the event yesterday, Hassan Joumah, Executive Manager of Qatar Marketers, one of the organisers for the event, said around 30,000 people have already visited the trade fair since it opened last week.

“Around 5,000 to 6,000 vis-itors are coming daily. So far, around 30,000 people have already visited the trade fair. And we take the security of eve-ryone very seriously. Cus-tomers without Etheraz and face mask are not allowed inside. This is the first exhibition after six months, and we’re seeing too many customers. About 90 percent of the cus-tomers are Qataris. We’re hoping that this edition of Doha

Trade Fair will even exceed the success of the previous event,” Joumah added.

About 170 Doha-based shops are participating at the event. The exhibition features local and international products, including clothes, fabrics, leather, antiques, gift items, women’s abayas, shoes, various household items, fur-nishings, carpets, as well as food products from honey to spices, and many more. The items come from 15 different coun-tries including China, Syria, Lebanon, Iran, Pakistan, and many more, said Joumah.

Ibrahim Khaddoj, Manager at Al Mehbaj Al Doha Trading, has been operating his shop for 12 years now in Doha. Originally from Lebanon, Khaddoj has been participating at the Doha Trade Fairs for many years now, but this is the first time he is exhibiting at the DECC.

At the trade fair, Khaddoj is busy entertaining customers with his son. His shop sells various food products, such as dried fruits, nuts, Arabic sweets,

zatar, tea, and coffee, which he imports from various countries.

“We’re having more cus-tomers now, after a long time that there have been no exhibi-tions. We feel that this exhi-bition is even getting better response compared to previous exhibitions which were held when the pandemic was just

starting. People have now adjusted compared to when the COVID-19 was just starting about a year ago. Visitors are not as afraid anymore. The trade fair is a good opportunity to help local businesses like us to recover from the pandemic,” added Khaddoj.

Amna, a financial expert working at the Ministry of

Finance, has come to the trade fair to look for her favourite mixed cheeses.

“It’s actually difficult to socialise in public places again after a long time of staying at home. I feel a little bit appre-hensive about it. But I think life must go on. Also, we have hand sanitisers, face mask, and we practice social distancing. Life

has to continue. Today, I’m coming for cheeses. I like the mixed cheese they sell here every year and I’m planning to buy a new one. I like the mixed cheese from Lebanon,” she added.

The Doha Trade Fair is open everyday from 10am to 10pm, and from 2pm to 11pm on Friday.

Visitors queueing up at the entrance of the ongoing Doha Trade Fair 2020 at the Doha Exhibition and Convention Center (DECC), on Monday. PIX: ABDUL BASIT/THE PENINSULA

Commenting on this partnership Heba Al Tamimi, General Manager at QNB Group Retail, said: “QNB is pleased to be part of this partnership with IKEA. Our pioneering payment solutions provided in cooperation with Mastercard are a good example of our commitment to provide superior payment experiences.

IKEA partners with QNB and Mastercard to enter Qatari e-commerce spaceTHE PENINSULA - DOHA

IKEA, one of the world’s largest home furnishing brands has recently announced the launch of its e-commerce store in Qatar, enabling local shoppers to order their favourite items online and pay with a credit card. In order to ensure fast, safe and convenient online payment experience IKEA teamed up with Qatar National Bank, the largest financial insti-tution in the Middle East and Africa, to provide reliable local acquiring services combined with Mastercard’s payment gateway platform.

QNB offers digital e-com-merce products built on inno-vation and service excellence, keeping businesses up to date with the latest payment solu-tions, powered by trusted and s e c u r e M a s t e r c a r d technology.

IKEA customers can now securely pay for their online purchases using all major credit card brands, knowing that their payment details are always protected by the latest tech-nology. Some of the features that enhance IKEA’s checkout security include tokenisation (ability to convert sensitive card details into an unreadable token) and 3D Secure.

Vinod Jayan, Managing Director at IKEA said: “I am thrilled to announce this mile-stone that will allow us to reach the many people of Qatar online, as in our store. A

convenient and easy shopping experience has always been a guiding principle in the IKEA story. How people browse, shop and pay online, is just as important as the quality and experience they get in our store. That is why we constantly look for the latest technologies and security solutions to power our online presence, and ensure our customers are protected. Having worked with Mas-tercard Payment Gateway Services in other parts of the MEA region, we had the trust and confidence to extend the partnership into Qatar, and QNB was an easy choice when it comes to local acquiring services, given their great track record with large e-commerce businesses and industry

expertise.”Arjun Singh, EVP Cards &

Payments at Al-Futtaim (IKEA’s franchisee in the region), said: “There has never been a more pronounced shift to e-com-merce than what we have seen this past year and we are pleased to see another mile-stone in IKEA’s digital ambi-tions, with the support of the Mastercard’s payment gateway platform. IKEA’s online capa-bilities have gone from strength to strength with Qatar utilising the Mastercard platform to deliver safe, seamless and con-venient online shopping.”

Commenting on this part-nership Heba Al Tamimi, General Manager at QNB Group Retail, said: “QNB is pleased to be part of this partnership with IKEA. Our pioneering payment solutions provided in cooper-ation with Mastercard are a good example of our

commitment to provide superior payment experiences. We will continue to collaborate with industry leading partners to ensure that customers and merchants in Qatar are availed with the best technologies.’’

Amnah Ajmal, Executive Vice President for Market Development MEA at Mas-tercard, added: “The current climate as impacted by the global COVID-19 pandemic has undoubtedly demonstrated the importance of the digital economy and its ability to ensure sustainability and growth. We are proud to join hands with QNB and IKEA to enable Qatari shoppers to pur-chase and pay for their products in a safe, secure and convenient manner from the comfort of their own home. We are also excited to see how this part-nership enhances the domestic ecosystem”.

ICC Qatar webinarexplores challengesfacing digital economyTHE PENINSULA - DOHA

The International Chamber of Commerce (ICC) Qatar recently held a webinar on ‘Building a Digital Economy Fit for the Future’ to explore the major challenges facing micro, small and medium enterprises (MSMEs) in the digital economy.The webinar also addressed challenges relating to cyber security, artificial intelligence, data governance and digital content.Director of International Rela-tions and Chamber Affairs at Qatar Chamber and ICC Qatar, Sheikha Tamader Al Thani, said the webinar aimed to increase awareness of cyber security among the Qatari business community. “With the 2022 FIFA World Cup fast approaching, companies in Qatar are increasingly faced with cyber security threats and the challenge of how to effec-tively deter potential attacks on data. The COVID-19 pandemic has underscored the impor-tance of information and com-munication technology (ICT) in business, particularly as the digital economy continues to rapidly advance.She added: “The webinar enabled us to explore both the challenges and opportunities at a time when the Qatari private sector is making steady strides towards the digital economy and knowledge-

based economy”. Also speaking during the event, Deputy Director of Innovation for All at the International Chamber of Commerce (ICC), Charly Gordon, noted that ITC has gained considerable impor-tance in recent years, which has become more apparent for MSMEs in the wake of the COVID-19 crisis. “ICC has implemented a number of initiatives in the field of cybersecurity, such as the issuance of ICC Cyberse-curity Guide for Business and the launch of ICC’s ‘Save Our SMEs’ campaign to assist MSMEs to tackle the current challenges brought on by the COVID-19 pandemic,” he said. Gordon also stressed the need for effective coordination between all local and interna-tional stakeholders to overcome cyber security threats, including funded cyber-attacks and the spread of misinformation, which harm infrastructure and businesses, impacting trade and business-consumer relations. “All economic sectors are now moving toward artificial intel-ligence, which provides new business opportunities for the private sector to develop its products and services. It is a good time for MSMEs in Qatar to capitalise on these opportu-nities and to also safeguard against cyber threats,” Gordon added.

Over 1,500 Qatari, Turkish firms to explore opportunitiesFROM BUSINESS PAGE1

Abdulla Al Naimi, Investment Manager at Qatar Science and Technology Park (QSTP), said that the establishment of QSTP 15 years ago was to provide an international place for researches, energy, envi-ronment, technology and edu-cation, and to play a key role in accelerating the pace of inno-vation and tech entrepre-neurship. He added that the QSTP’s Product Development Fund (PDF) encourages local startups and SMEs in the private sector to develop products and services relevant to local market needs.

Fahad Al Kuwari, Markets Manager of Qatar Free Zones Authority, highlighted that Qatar ranked highly across a range of

global competitiveness metrics, proving a strong and reliable place to do business. The authority oversees many free zones including Ras Bufontas and Umm Alhoul. These zones offer distinguished services for local and foreign investors.

From the Turkish side, Lale ERAY, Head of Department of Ministry of Industry and Tech-nology, introduced a presen-tation on the investment pro-grammes offered by the Turkish Government to foreign com-panies, customs tax exemption system up to five years, added tax to foreign investors and how to apply for the programme, as well as investment incentives and support.

Can GÜRLEK, expert in the Ministry of Industry and Tech-nology, reviewed the most

important efforts made by the Turkish government to attract

foreign capital, noting that Turkey received foreign

investments estimated at about $220bn from 2003 to date.

Screen shot of the dignitaries, officials and business leaders participating at the Qatar-Turkey Business Forum, yesterday.

JPMorgan Chase

fined $920m by US

for manipulation

AFP - NEW YORK

JPMorgan Chase will pay $920m to settle US civil and criminal charges over fake trades in the precious metals and Treasury markets designed to manipulate the market, US agencies announced yesterday.

The US banking giant reached a deferred prosecution agreement with the Justice Department over the long-running schemes, resolving criminal fraud charges against the company.

In one of the schemes, JPMorgan traders in New York, London and Singapore between 2008 and 2016 commissioned tens of thousands of orders pre-cious metals.

04 WEDNESDAY 30 SEPTEMBER 2020BUSINESS

The Conference Board’s

index increased 15.5

points, the most since

April 2003, to 101.8 from

August’s upwardly

revised 86.3, according to

a report issued yesterday.

IMF’s former chief Rato acquitted in Spain bank trial

Consumer confidence in US posts biggest gain in 17 years

AFP — MADRID

A Spanish court yesterday acquitted former IMF chief Rodrigo Rato and all other defendants of fraud and falsi-fying the books during the botched 2011 floatation of Spain’s Bankia, a symbol of the country’s banking crisis.

The National Court, which handles major criminal cases, said the bank’s stock listing had received approvals “from all necessary institutions”.

The listing was very popular with small investors, who lost their shirts when the state had to nationalise the bank the fol-lowing year and inject €22bn ($25.7bn) to keep it from col-lapsing at a time when the Spanish economy was mired in crisis. That in turn prompted the state to borrow €41bn from the

European Union to keep the rest of Spain’s banking sector afloat as investor confidence had been shaken.

Rato, 71, who led the Inter-national Monetary Fund from 2004 to 2007, led the merger in 2010 of Caja Madrid, which he headed at the time, and six other struggling regional savings banks into Bankia.

The image of a smiling Rato ringing the bell and sipping champagne on July 20, 2011 to mark the start of Bankia’s listing has since become a symbol of the scandal.

More than 300,000 small shareholders bought share packages for a minimum of €1,000, attracted by a major advertising campaign and the profits boasted by the bank.

But in 2012, after a disas-trous year that saw its share

price collapse, the bank admitted that in the year it listed, it had actually made a

loss of close to €3bn.Rato, head of the bank at the

time, was accused of falsifying

the books and fraud to the det-riment of investors. He faced a jail sentence of eight and a half years if he had been convicted.

The 31 other people and entities also on trial, among them Bankia, were also cleared.

In its ruling, the court said the prospectus for the listing contained “more than sufficient information for investors to form a reasoned opinion on the value of the company” and con-tained a “comprehensive and clear description of the risks”.

It also argued that the pro-cedure which led to Bankia’s listing was “intensely and suc-cessfully supervised” by the Bank of Spain and financial market authorities which approved it.

During the trial, Rato said Spain’s central bank was fully aware of everything that went on at the lender.

“The Bank of Spain would tell us ‘do this, do that’. And if at some point we did something they didn’t feel was good, it said no,” he told the court.

A group of activists dubbed “15MpaRato”, which launched one of the first lawsuits that led to the trial, called the ruling “shameful” and said the listing was a “scam”.

Both sides have five days to appeal the ruling. The state, which still holds just under 62 percent of Bankia, has recog-nised several times that it will never be able to recover much of the money it disbursed.

The directors of Bankia and its rival Caixabank last month approved a merger to create Spain’s biggest domestic bank by assets. The Spanish state will hold a 16.1 percent share in the new group.

A file photo of Bankia Chairman Rodrigo Rato giving a thumb up after launching the trading of Spanish bank Bankia at Madrid Stock Exchange.

Customers carrying shopping bags outside a Century 21 department store in New York, US, recently.

BLOOMBERG

Consumer conf idence rebounded in September by the most in more than 17 years as Americans grew more upbeat about the outlook for the economy and job market, though sentiment remained below pre-pandemic levels.

The Conference Board’s index increased 15.5 points, the most since April 2003, to 101.8 from August’s upwardly revised 86.3, according to a report issued yesterday. The median forecast in a Bloomberg survey of econ-omists called for a reading of 90 in September, and the figure exceeded all estimates.

The group’s gauge of current conditions rose 12.7 points to 98.5, while a measure of the short-term outlook jumped 17.4 points to a three-month high. The gain in the expectations index was the largest since 2009. The S&P 500 turned pos-itive after the report.

Even with the outsize improvement in September, Americans remain downbeat about the current state of the job market and the coronavirus. Headed into the final months of the year, an increase in infection rates and the absence of fiscal relief for the millions of unem-ployed could weigh on confi-dence and upend what’s been a solid recovery in retail sales.

“Consumers also expressed greater optimism about their short-term financial prospects, which may help keep spending from slowing further in the months ahead,” Lynn Franco, senior director of economic indicators at the Conference

Board, said in a statement.Respondents indicated they

were more likely to make big purchases in the months ahead. The share expecting to buy major appliances rose to a seven-month high of 49 percent from 44.9 percent. Those planning to buy a car increased to 11.8 percent from 10.1 percent, and more intended to buy a home.

The share of survey respondents who said they expected their incomes to increase rose to a six-month high of 17.5 percent, though that’s down from 22.7 percent who said so in February before the pandemic. Optimism in

general was driven by higher-income individuals, the report showed.

Larger shares also expected more jobs and better business conditions in coming months.

Consumers that said business conditions are

currently favourable increased to a five-month high of 18.3 percent from 16 percent. The percentage of consumers who said jobs are hard to come by decreased to 20 percent, the lowest since March, from 23.6 percent.

QATAR STOCK EXCHANGE

QE Index 9,910.72 +0.27 %

QE Total Return Index 19,053.03 +0.27 %

QE Al Rayan Islamic Index - Price 2,327.03 +0.22 %

QE Al Rayan Islamic Index 4,151.36 +0.22 %

QE All Share Index 3,060.07 +0.46 %

QE All Share Banks &

Financial Services 4,081.54 +1.00 %

QE All Share Industrials 2,946.67 -0.01 %

QE All Share Transportation 2,803.22 +0.25 %

QE All Share Real Estate 2,075.29 +1.10 %

QE All Share Insurance 2,269.07 -1.62 %

QE All Share Telecoms 912.09 -2.63 %

QE All Share Consumer

Goods & Services 7,883.88 -0.15 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

29-09-2020Index 9,910.72Change +26.82% +0.27%YTD% -4.94Volume 413,136,137Value (QAR) 808,784,976.48Trades 11,311Up 22 | Down 23 | Unchanged 04

28-09-2020Index 9,883.90Change +68.43% +0.70%YTD% -5.20Volume 300,939,775Value (QAR) 499,445,813.95Trades 10,624

EXCHANGE RATE

GOLD QR214.50 per grammeSILVER QR3.17 per gramme

Index Day’s Close Pt Chg % Chg Dow Jones Industrial Average 27,415.79 -168.27 -0.61%

S&P 500 3,334.77 -16.83 -0.50%

Nasdaq Composite Index 11,090.58 -26.95 -0.24%

FTSE 100 Index 5,897.50 -30.43 -0.51%

DAX Index 12,825.82 -45.05 -0.35%

CAC 40 Index 4,832.07 -11.20 -0.23%

Nikkei Stock Average 225 23,539.10 +27.48 +0.12%

Hang Seng Index 23,275.53 -200.52 -0.85%

Shanghai Composite Index 3,224.36 +6.82 +0.21%

ASX All Ordinaries Index 6,141.50 +6.60 +0.11%

Currency Buying (QAR) Selling (QAR)

US$ 3.6305 3.6500

Australian Dollars 2.5253 2.6126

Canadian Dollars 2.6929 2.7499

Euro 4.1483 4.323

Hong Kong Dollar 0.4622 0.4774

Indian Rupee 0 0.05043

Indonesian Rupiah - 0.000254

Japanese Yen 0.03404 0.03509

Nepalese Rupee 0 0.03138

Pakistan Rupee 0 0.02228

Philippine Peso 0 0.07745

Pounds Sterling 4.5618 4.7366

Singapore Dollars 2.6137 2.6791

South African Rand 0.2092 0.2173

Sri Lankan Rupee 0 0.01989

Swiss Francs 3.8535 3.9886

Turkish Lira - 0.4891