Category: Market

Doha: HE Secretary-General of the Supreme Committee for Delivery and Legacy (SC) Hassan Al Thawadi emphasized that tourism is the primary beneficiary of major sports tournaments, particularly the FIFA World Cup. He explained that in 2023, Qatar had around 4 million visitors, with the numbers increasing one year after the other.

During a panel discussion titled “After the World Cup: Sport, Media and Entertainment in the Arab World” at the Qatar Economic Forum, Al Thawadi said that Qatar has witnessed significant tourism development after hosting major sporting events, the most recent being the AFC Asian Cup Qatar 2023, which recorded unprecedented numbers of attendees from across Asia.

He added that FIFA had approved Qatar’s request to host the next three editions of the Arab Cup in 2025, 2029, and 2033, following the successful hosting of the 2021 edition in Doha. Al Thawadi added that the coming edition signifies a major milestone in Qatar’s future plans.

HE the Secretary-General of the Supreme Committe
e for Delivery and Legacy highlighted Qatar’s interest in hosting sports tournaments and the Olympics, emphasizing their importance in supporting tourism and fostering growth. He emphasized the importance of building on the knowledge and experience gained from hosting the FIFA World Cup Qatar 2022 to achieve further success and accomplishments.

He said that the World Cup was the primary reason for all the lessons learned over the 13 years of preparation for the tournament. He noted that the 2022 edition saw the World Cup come to the fans rather than other editions were the fans went to the event, highlighting the potential of sport and its importance in advancing the goals of countries. HE Al Thawadi spoke about the sports, cultural, and artistic industry and its competition for people’s attention, especially as the Middle East region undergoes significant transformation in entertainment sector. He stressed the need to adopt the correct approach and support optimal utilization of these diverse activities.

H
e affirmed that the Arab world is rich with creativity and innovation across various fields, with many stories reflecting the Arab culture and ancient civilization. He added that there is a common language and cultural diversity that allows engagement with other cultures worldwide, but that the ability to translate that creativity into a widely successful content in a commercial sense is still not there. His Excellency acknowledged however that there was a lot of investment in that regard.

On the film industry’s success in promoting Korean culture alongside its profitability, Al Thawadi emphasized the potential to use this as a model. He highlighted the importance of investing in production roles, necessary infrastructure, and scriptwriting to achieve success on both local and regional levels.

He emphasized that the FIFA World Cup is the world’s largest sports event that can be leveraged and built upon for long-term success, in addition to the cultural impact resulting from the convergence of many civilizat
ions and cultures during these major tournaments.

Source: Qatar News Agency

Doha: On the sidelines of the Qatar Economic Forum, HE Chairman of Qatar Chamber (QC) Sheikh Khalifa bin Jassim Al-Thani discussed with HE Minister for Foreign Trade and Development of the Republic of Finland Ville Tavio and HE Minister of Production, Foreign Trade, Investment and Fisheries of the Republic of Ecuador Sonsoles Garcia Leon ways to enhance cooperation in trade, investment, and industrial fields and ways to develop them.

They discussed the investment climate in each country, exploring opportunities and ways to strengthen cooperation between Qatari businesspersons and their Finnish and Ecuadorian counterparts through joint ventures and partnerships.

They also discussed the key investment incentives offered by Finland and Ecuador to attract Qatari investors in various sectors.

Source: Qatar News Agency

Doha: The Qatar Stock Exchange (QSE) general index closed at 9,628.36 points on Wednesday, 17.92 points (0.19 percent) down from its previous closing.

A trading volume of 239,743,684 shares was registered in 19,650 transactions in all sectors, with a total trading value of QR 561,674,188.722.

The prices of 17 companies rose and those of 31 declined, while three companies maintained their previous closing price.

The market capitalization closed at QR 599,292,067,424.670 compared to QR 561,251,203,74.070 in the previous session.

Source: Qatar News Agency

European stocks on Tuesday closed their trading at an unprecedented rise, and the German company Delivery Hero achieved the largest jump ever after selling its unit in Taiwan (Food Panda), despite the continued state of anticipation related to interest rates.

The European stoxx 600 index rose 0.18 percent, led by the auto sector index, which rose 1.4 percent.

Delivery Hero shares jumped 26.3 percent after Uber announced an agreement worth $1.25 billion to acquire Food Panda, a subsidiary of the German company in Taiwan, in addition to purchasing new shares in the company.

Volkswagen shares gained 2.6 percent, after a report showed that the company is exploring opportunities to sell shares worth about $1.08 billion in its unit specialized in manufacturing heavy trucks, Traton.

After strong gains last week, traders remain in a state of anticipation for the second day, waiting for signs of when to cut interest rates in the United States.

Banking stocks rose more than 1 percent, with Société Générale rising
3.7 percent after French President Emmanuel Macron said in a television interview that the European banking sector needs further consolidation, even if that means buying a major French bank from a competitor European bank.

The travel and entertainment sector was the most affected, with Flutter shares falling by about 2 percent after the largest online betting company in the world kept its forecasts for the full year unchanged.

Source: Qatar News Agency

Doha: The 4th Qatar Economic Forum highlighted the importance of empowering youth, reducing unemployment and labor market challenges in a rapidly changing world dominated by digital transformation and artificial intelligence.

A plenary session held within the forums activities discussed the potential effects of modern technology such as artificial intelligence on the issue of employment in the future, especially in light of the huge number of annual university graduates, and how labor markets can absorb this number in light of the current challenges.

In the session, HE Chairperson of the Board of Directors of the INJAZ Al-Arab Foundation, Sheikha Hanadi bint Nasser Al-Thani, spoke about unemployment in the Middle East and North Africa region, stressing the need for the private sector to play an important and supportive role to the public sector to reduce unemployment among youth.

Since its inception in 1999, INJAZ Al-Arab Foundation has worked s to empower youth in the region through partnership with gove
rnments, the private sector, individuals and sponsoring organizations, especially after accession to the “Junior Achievement Worldwide” in 2004, the move that made INJAZ Al-Arab the regional employment center for the Middle East and North Africa.

Her Excellency Sheikha Hanadi Al-Thani said that the public sector in the region is the body that absorbs the largest sector of jobs among young people, and this view must change through special projects that further attract the youth, noting that statistics in the GCC countries show that every two of three job opportunities provided by the public sector.

Her Excellency spoke about the importance of understanding the current changes in the world, especially among young people, and for them to have a major role in choosing their life directions, by realizing the needs of new generations that have become rapidly changing thanks to technology, social media, and other tools.

She also stressed the importance of the role of education in motivating young people, as educa
tion and training are important guarantees for the labor market, and it is a trend that creates greater opportunities for job seekers, provided that education plans are compatible with the requirements of the labor market.

She also pointed out the importance of benefiting from artificial intelligence to enhance opportunities for empowering young people and building their capabilities, and not limiting their contribution to working life, whether in the public or private sector.

Source: Qatar News Agency

Doha, Minister of Finance Mohammed bin Abdullah Al-Jadaan concluded his participation in the fourth edition of the Qatar Economic Forum, taking place from May 14 to 16 in Doha.

In a panel discussion titled ‘Reshaping Middle East Economies,’ Al-Jadaan highlighted the economic diversification efforts in the Kingdom in light of Saudi Vision 2030 that contributed to an increase in non-oil revenues, a reduction in the unemployment rate, and doubling of women’s participation in the labor market.

He also said that the Kingdom of Saudi Arabia and the countries of the Gulf Cooperation Council (GCC) are heading to a sustainable and diversified economy that backs the private sector and empowers youth, stressing that the GCC countries are committed to implementing structural reforms that enhance their economic growth and attract investments to the region.

The forum gathered decision makers and leaders of the government and private sectors from around the world to discuss the economic challenges and opportunities in th
e Middle East and North Africa region.

Source: Saudi Press Agency

The annual inflation rate in Argentina rose to 289.4%, the country’s statistical office (Indec) said.

Prices in the South American country, which has been hit by a severe economic crisis, rose by 8.8% in April, data issued by Indec showed.

The costs of housing, gas, water and electricity rose sharply. However, it was the first time since October that the monthly inflation rate remained in the single digits.

Argentina is in the midst of a severe economic crisis.

The government recently cut thousands of jobs in the public sector, reduced subsidies and wound up social programs, triggering demonstrations.

Critics say that President Javier Milei’s harsh austerity program is plunging many people into poverty and is putting the country’s future at risk.

Around 40% of people in the once prosperous country live below the poverty line.

The second largest economy in South America suffers from a bloated state apparatus, low industrial productivity and a large shadow economy that deprives the state of much tax reve
nue.

Source: Qatar News Agency

Al-Baha, Tihama area of Al-Baha region is bursting with over 1,200 tons of mangoes grown on 127 farms. These mangoes are famous for their sweetness and are said to be packed with health-enhancing elements.

These tropical treats come in a variety of colors; some are round, others are oval.

A team from the Saudi Press Agency recently visited farms in the Nawan Center of Al-Mikhwah Governorate. There, they met farmer Muhammad bin Ahmed Al-Daheri, who has been cultivating mangoes for some 12 years.

Al-Daheri’s sprawling farm spans 11,000 square meters and boasts around 250 mango tree seedlings, some as high as eight meters.

He relies on a well-maintained irrigation system which ensures that his mango crops thrive. He cultivates approximately 20 different mango varieties renowned in the region.

Ministry of Environment, Water and Agriculture Branch in Al-Baha Region Director Eng. Fahad Alzahrani said that the 127 mango farms spread across 94 hectares in the governorates and centers of the Tihama sector in Al-B
aha include 75 farms in Al-Mikhwah Governorate and 52 farms in Qilwah. Each hectare produces approximately 10 to 13 tons of mangoes, bringing the total yield for Al-Baha region to an estimated 1,222 tons.

Source: Saudi Press Agency

China firmly opposes and lodges solemn representations over the further increase of additional tariffs on some Chinese goods by the US, and will take resolute measures to safeguard its own rights and interests, the Chinese Ministry of Commerce said in a statement.

China is strongly dissatisfied with the US abuse of the Section 301 tariff review procedure driven by domestic political concerns and its increase of additional tariffs on certain Chinese products.

The US tariff hike goes against the consensus reached by Chinese President Xi Jinping with his US counterpart Joe Biden, and will seriously affect the atmosphere of bilateral cooperation, said the statement.

The US side should immediately rectify its wrongdoing and remove the additional tariff measures against China, it said.

The tariffs announced on Tuesday will hit an estimated $18 billion worth of imports, targeting strategic sectors such as electric vehicles, batteries, steel, and metals, the White House said.

The White House explained in a state
ment that the tariff rate on electric vehicles is scheduled to increase four times, reaching 100% this year, while the rate of duties on semiconductors will be raised from 25% to 50% by 2025.

Source: Qatar News Agency

Riyadh: His Royal Highness, Prince Abdulaziz bin Salman bin Abdulaziz; Minister of Energy, met in Riyadh today, with Jennifer M. Granholm; United States Secretary of Energy.

Within the context of the Partnership for Advancing Clean Energy Agreement, signed by the Kingdom of Saudi Arabia and the United States of America, in Jeddah on July 15, 2022, the Ministers discussed ways to enhance cooperation between the two countries in various energy fields, including carbon management, clean hydrogen, nuclear energy, electricity and renewables, innovation, energy sector supply chain resilience, and energy efficiency.

The two Ministers also addressed the Kingdom’s efforts to tackle climate change through local and regional initiatives based on Circular Carbon Economy, including the ‘Saudi Green Initiative’ and the ‘Middle East Green initiative’.

After the meeting, HRH Minister of Energy and HE U.S. Secretary of Energy signed a roadmap for cooperation in the field of energy between the Kingdom of Saudi Arabia and th
e United States of America. The roadmap represents the joint implementation plan for energy cooperation, under the Partnership Framework for Advancing Clean Energy signed between the two countries in Jeddah on July 15, 2022, and sets a timeline that outlines critical projects for collaboration.

Both sides have agreed to implement the roadmap through several workstreams, including exchanging knowledge on policies in the areas covered by the roadmap, including policies related to standards and regulatory frameworks, enhancing joint research and development, especially in the field of new technologies, and building human capital through training and exchange of expertise.

The partnership framework covers cooperation in various fields and projects including clean energy, clean hydrogen, Circular Carbon Economy, Carbon Capture, Utilization and Storage technologies, clean cooking solutions, emissions reduction, research and development, and clean electricity generation technologies. The partnership framework also
allows for further cooperation in other areas, in alignment with both countries’ policies, laws, and international commitments.

Source: Saudi Press Agency