Day: June 26, 2024

Washington, The Kingdom’s delegation, led by General Authority of Foreign Trade (GAFT) Deputy Governor for International Relations Abdulaziz bin Omar Al-Sakran, participated in the fifth annual GCC-U.S. Trade and Investment Dialogue today in Washington, DC, as well as the US Investment Summit (SelectUSA) as part of a delegation comprising 22 entities from the public and private sectors.

The GCC-U.S. Trade and Investment Dialogue serves as a platform to exchange experiences and viewpoints between officials and experts, discuss trade and investment policies in the Gulf Cooperation Council (GCC) countries and the United States, address obstacles and challenges, and identify common goals that can enhance trade cooperation between both sides, with a focus on trade and investment flows of goods and services, digital trade, consumer protection, and combating commercial fraud.

The SelectUSA Investment Summit aims to boost economic growth by facilitating connections between foreign capital and U.S. companies, stre
ngthening the U.S. investment landscape, highlighting industry trends and emerging opportunities across various sectors, and connecting investors with opportunities within U.S. companies.

Source: Saudi Press Agency

Doha: The Qatar Stock Exchange (QSE) index closed Wednesday’s trading gaining 43.57 points, or 0.44 percent, reaching a level of 9,870.99 points.

During the session, 134,728,928 shares were traded, with a total value of QR 494,940,906.341, resulting from the execution of 16,549 transactions across all sectors.

In today’s session, the shares of 26 companies increased, and the shares of 21 other companies decreased, while 5 companies maintained their previous closing prices.

The market capitalization at the end of the trading session stood at QR 570,833,972,893.040, compared to QR 568,730,154,312.650 in the previous session.

Source: Qatar News Agency

Doha: Qatar Electronic Systems Company (Techno Q) on Wednesday successfully listed its shares on the Qatar stock exchange venture market (QEVM), raising QEVM listed companies to 54.

The shares of Qatar Electronic Systems Company (Techno Q) were listed through the “Direct Listing” mechanism, a common mechanism in all regional markets, which allows companies to be listed without an IPO.

Techno Q was established in Qatar in 1996 operating in the AV, hospitality, and lighting segment through its own operation and in the ELV and security systems segment through its fully owned subsidiary Techno Q Security Systems WLL.

On this occasion, Acting CEO of the Qatar Stock Exchange Abdul Aziz Nasser Al Emadi said: “The listing of Techno Q company will increase the depth of the market and unlock opportunities to expand our investor base and access to capital while providing investors with the opportunity to invest in leading Qatari companies.” “We have successfully listed four companies, achieving a remarkable growth ra
te of one listing each year, since the establishment of the QEVM in 2021,” he added.

“This achievement is a testament to our continuous efforts to enhance the market’s vibrancy and accessibility. Additionally, the introduction of the Qatar Exchange Venture Market (QEVM) Listing Cost Financing Program, which is a joint initiative between QSE and Qatar Development Bank (QDB) has generated significant interest, with numerous applications lined up for both the main and venture markets. As we move forward, our commitment to fostering a robust financial ecosystem,” he pointed out.

In turn, Managing Director and Co-founder of Techno Q Zeyad Al Jaidah said: “Techno Q’s listing on the Qatar Exchange Venture Market is a historic feat for our company, partners, and stakeholders. Our journey to becoming a regional systems integrator is a culmination of 28 years of planning, persistence, and passion. Today, we are seeing the fruits of this labor and we are committed to ensuring this next chapter in our story continues
to showcase our dedication to quality and innovation.” For his part, Chief Executive Officer and Co-founder of Techno Q Abdullah Al Ansari said: “We are grateful for the support of our team, partners, and clients who have been instrumental in our success, and we look forward to achieving even greater milestones together as we focus on developing our services and products. As only the fourth company to list on the Qatar Exchange Venture Market, we understand the task at hand, but our Techno Q DNA demonstrates we are prepared to take on the challenge of this new chapter.” Qatar Electronic Systems Company (Techno Q) shares were listed Wednesday with the ticker TQES. The company’s share price was floated on the first trading day. The stock’s opening price was QR 3.81, and the last transaction price was QR 3.67. The highest price reached QR 4.20 during the trading session and the lowest price reached 3.48 Qatari riyals.

Starting from the second day of trading, the stock price will be allowed to fluctuate by 10 pe
rcent up and down, as is the case for other companies listed on the market.

The company’s shareholders’ data have been made available to the brokerage firms as of Sunday 23 June 2024, to enable shareholders to submit their buy/sell orders directly to the brokerage firms.

Source: Qatar News Agency

HE Minister of Finance, Ali bin Ahmed Al Kuwari, held a bilateral meeting with HE Secretary-General of the Organization for Economic Cooperation and Development (OECD), Mathias Cormann, on the sidelines of his participation in the Paris Forum 2024 in the French Republic.

During the meeting, various pressing subjects related to both parties were discussed, particularly in the areas of finance and the economy.

Moreover, both parties expressed their intention to cooperate meaningfully for mutual benefits and shared interests.

Source: Qatar News Agency

Doha: Minister Plenipotentiary and Head of the European Union (EU) Trade and Economic Affairs Department in Qatar, Saudi Arabia, Bahrain, and Oman Dr. Thomas Jorgensen praised the close relations between the EU countries and the State of Qatar, pointing out that European companies are looking to the Qatari market with great interest and aspire to strengthen their presence in the Qatari market.

During his meeting on Wednesday with Qatar Chamber First Vice Chairman Mohamed bin Ahmed bin Twar Al Kuwari, Jorgensen commended the attractive investment climate in Qatar and said that there are real opportunities to enhance cooperation between European and Qatari companies.

The meeting discussed ways to enhance trade and economic cooperation between the State of Qatar and EU countries, and the important role of the private sector in stimulating trade and investment exchange.

For his part, Mohamed bin Ahmed bin Twar Al Kuwari praised the distinguished relations between the State of Qatar and EU countries, pointing o
ut that Qatar has huge investments in several EU countries, and that the Qatari private sector has diverse investments in many countries of the Union.

He noted Qatar Chamber’s keenness to strengthen cooperation relations between Qatari and European companies and urged Qatari companies to establish alliances and partnerships with European companies, especially in the field of advanced technology, adding that there is a wide scope for cooperation, especially with the advanced Qatari infrastructure and investment-attractive legislation provided by the State of Qatar.

Source: Qatar News Agency

The US Energy Information Administration announced Wednesday that crude oil inventories in the United States rose as fuel demand fell last week.

The administration, which is the statistical arm of the US Department of Energy, said in a statement that crude oil inventories rose by 3.9 million barrels to 417 million last week, and crude oil inventories at the Cushing, Oklahoma, delivery center also rose by 840,000 barrels.

In contrast, refinery crude consumption fell by 662,000 barrels per day, and refinery utilization rates fell by 3.3 percentage points last week to 87.6 percent.

It added that gasoline inventories in the United States rose by 1.1 million barrels to 221 million barrels.

The administration’s data showed that distillate inventories, which include diesel and heating oil, decreased by 1.3 million barrels to 122 million barrels, while US net crude imports rose by 191,000 barrels per day last week.

Source: Qatar News Agency

The Qatar Chamber signed a twinning agreement with the Toulouse Chamber of Commerce and Industry aimed at strengthening economic relations and opening new horizons for cooperation between the two sides.

This came during a visit conducted by a high-level Qatari economic delegation to Toulouse, southwest of France, as part of strengthening bilateral relations between the State of Qatar and the French Republic. The visit included a tour of several industrial sites, major companies, and research centers, during which a business roundtable meeting was held.

HE Ambassador of the State of Qatar to the French Republic Sheikh Ali bin Jassim Al-Thani chaired the Qatari delegation that included representatives of the Qatar Chamber, Qatari Businessmen Association, Qatari-French Economic Association “Cadran”.

The visit was an opportunity to review new opportunities for cooperation and investment in the city of Toulouse and its suburbs, which is considered the third largest employment area in France and the most attract
ive in terms of production, thanks to the aircraft manufacturing, electronics, informatics, and biotechnology sectors.

The Qatari delegation began its visit by meeting with President of the Local Chamber of Commerce and Industry in Toulouse, Patrick Piedrafitta, and President of the Regional Chamber of Commerce and Industry in the Occitanie region, Jean-François Rezeau, where a panel discussion was organized and addressed the investment opportunities available in the two countries.

On this occasion, HE Sheikh Ali bin Jassim Al-Thani stressed in his opening speech that “this meeting represents the beginning of a promising journey,” adding that “the opportunities we generate… “Today will lead us to prosperity tomorrow.” His Excellency stressed the importance of strengthening economic relations between the State of Qatar and France, pointing out that the State of Qatar has become an attractive destination for multinational companies, thanks to its advanced infrastructure and modern transportation networks.

His Excellency the Ambassador also stressed the strategic importance of the economic agreements signed during the state visit made by HH the Amir Sheikh Tamim bin Hamad Al-Thani to France last February, at the head of a large official delegation.

His Excellency also referred to the great success achieved by the State of Qatar during hosting the 2022 World Cup, saying that the huge event was a testament to the State of Qatars commitment to excellence and innovation, and to creating a thriving environment for business and investment. It also opened the door to cooperation between the State of Qatar and France in various fields such as construction, technology, hospitality and sustainable development, His Excellency added.

For his part, Abdul Rahman Al-Ansari, a member of the Board of Directors of the Qatar Chamber, praised the strong relations between Qatar and France, pointing out that there are multiple opportunities for investment in the two countries in various sectors, noting that the Qatar Chamber is wo
rking diligently to bring Qatari and French business owners closer together, and to encourage them to cooperate and establish commercial alliances and mutual and joint projects.

HE Sheikh Nawaf bin Nasser Al-Thani, a member of the Board of Directors of the Qatari Businessmen Association, spoke about the importance of this visit in strengthening trade and economic relations between the two countries and discussing available investment opportunities.

The visit also included a field tour of Airbus headquarters, where the delegation was briefed on the company’s most important facilities and the advanced infrastructure it enjoys. It also included a field visit to the Francazal region and the AURA AERO company, which specializes in aircraft with an electric propulsion system, as well as a visit to the Pierre Fabre Medical Center and the Oncopole Institute.

Source: Qatar News Agency

A top Federal Reserve official has backed more interest rate rises if inflation remains at its current level, noting that immigration and aggressive fiscal stimulus are likely to keep US prices rising more quickly than in other rich economies, the Financial Times said.

Fed governor and voter on rate-setting Federal Open Market Committee Michelle Bowman said that she remained willing to raise borrowing costs again should progress on inflation stall or even reverse.

Bowman added that there remained “upside risks to inflation including that looser financial conditions and the federal governments stimulus, could add momentum to demand, stalling any further progress or even causing inflation to accelerate”.

The rise in immigration could also push up housing costs, with construction yet to catch up with demand, Bowman pointed out.

The newspaper noted these remarks point to the debate within the Fed about whether the bank can begin cutting interest rates this year, or at all before Novembers presidential electio
n.

US inflation rose to more than 7 per cent in 2022, as the economy recovered from the COVID-19 pandemic, prompting the Fed to raise rates from near zero to 5.25-5.5 per cent, their highest level in two decades. Inflation has fallen since then, but remained at 2.7 per cent in April, above the central banks 2 per cent target.

Bowman is among the Federal Committee’s most hawkish members and even she did not think that a rate rise this year was the likeliest scenario. But four of 19 officials who attend the committee also revealed earlier this month that they expect to make no rate cuts this year, according to the Financial Times.

Another seven expect just one quarter-point cut, potentially pushing a decision back to the Feds final meeting of the year in December, while the remaining eight members think two cuts are likely, with several members of the committee saying over the past week there were signs the US economy was weakening and price pressures dissipating.

Investors are still betting that the Fed wi
ll cut by a quarter-point in mid-September, the central banks final meeting before the election.

The newspaper noted that the Feds decision to keep interest rates higher for even longer comes as G7 counterparts such as Canada and Eurozone members Italy, Germany and France have begun cutting borrowing costs.

Another Fed governor, Lisa Cook, said that inflation was likely to fall “more sharply” next year and that “at some point” it would be necessary to cut rates “to maintain a healthy balance in the economy”.

Source: Qatar News Agency

Doha: Acting CEO of the Qatar Stock Exchange (QSE) Abdul Aziz Nasser Al Emadi emphasized that QSE is open to and welcomes good companies that provide an addition to investors.

In his remarks to Qatar News Agency on the sidelines of listing the shares of Techno Q company on the Qatar stock exchange venture market (QEVM) on Wednesday, he noted the continuous communication with private sector companies and other types of companies about listing on the QSE, saying that they seek to provide the benefits of listing that company owners can obtain from this process.

Al Emadi also stressed the increasing aspiration of private sector companies to enter the QSE compared to previous years, especially in light of the benefits the listing process provides in terms of financing mechanisms different from traditional methods.

Regarding the possibility of adding a new sector index to the QSE related to technology, Al Emadi did not rule out this trend, pointing out that there are permanent studies for indicators and sectors.

On the other hand, the QSE Acting CEO described Techno Q as working in the field of technology services and it is another addition for investors in the QSE.

On Wednesday, the QSE announced the listing of Qatar Electronic Systems Company (Techno Q) on the QSE venture market (QEVM) after completing all technical, regulatory, and administrative procedures and obtaining the approval of the Qatar Financial Markets Authority (QFMA) for listing, and the approval of the QSE’s Board of Directors to accept trading in the company’s shares.

Source: Qatar News Agency