Category: Market

Doha: Qatar Stock Exchange (QSE) index lost 43.86 points at the beginning of Monday’s trading session, a decrease of 0.45%, to reach a level of 9803 points compared to Sunday’s closing, under pressure from three sectors.

The decline in QSE general index was attributed to the negative performance of the Transportation sector by 2.06%, the Telecoms sector by 0.94% and the Industrial sector by 0.18%. Meanwhile, there was positive performance in the Insurance sector by 0.60%, the Consumer Goods and Services sector by 0.33%, the Banking and Financial Services sector by 0.27% and the Real Estate sector by 0.24%.

At around 10:00 am, Qatar Stock Exchange recorded 2,194 transactions worth QR 76.428 million, distributed among 19.809 million shares.

Source: Qatar News Agency

Doha: HE Chairman of the Real Estate Regulatory Authority Eng. Khalid Ahmed Saleh Al Obaidli revealed that the authority will soon launch several initiatives in collaboration with relevant entities to boost the real estate sector in addition to plans to enhance the legislative framework, emphasizing the authority’s commitment to being a catalyst and partner for the private sector in this regard.

Al Obaidli made these remarks during an open dialogue organized by the Qatar Chamber, attended by HE Chairman of Qatar Chamber, Sheikh Khalifa bin Jassim Al-Thani. Participants discussed the challenges facing the real estate sector and explored collaborative solutions between the two parties.

HE Eng. Al Obaidli emphasized the authority’s keenness to learn about the challenges facing businessmen and investors in the sector. He noted that the state has implemented mega projects within a short time frame to host international events such as the FIFA World Cup 2022, affirming that this has helped accelerate the real est
ate boom in the state.

Al Obaidli underscored the authority’s commitment to intensify discussions with all relevant bodies before enacting legislation and laws.

Elaborating on its roles, he said that the authority aims to organize and stimulate the real estate sector, foster private sector growth, remove obstacles, and streamline procedures. Further, it aims to activate legislation and laws that contribute to the advancement of the real estate sector. It also works to collect business owners’ viewpoints, study them, and address the relevant authorities to find appropriate solutions.

HE Eng. Al Obaidli also outlined the authority’s aims at stimulating and regulating the real estate sector, ensuring compatibility of laws and legislation with the market, attracting foreign investments, and issuing licenses for real estate developers.

“One of the most important initiatives to be launched soon is the adoption of international real estate specifications that are commonly used in the leading countries in the rea
l estate sector,” he added.

Regarding the most prominent upcoming projects, Al Obaidli pointed out that the authority would soon launch several initiatives with various stakeholders and develop the legislative structure, highlighting its commitment to serving as a motivator and partner for the private sector in this regard.

It would also enact soon the Real Estate Development Regulation Law, addressing various challenges. Further, he indicated that the authority would establish a digital platform containing all authenticated information about the state’s real estate market, and it would activate the real estate dispute resolution committees.

In his remarks, HE Chairman of the Qatar Chamber, Sheikh Khalifa bin Jassim Al-Thani, said that the Qatari real estate sector has witnessed significant development in recent years, attributed to leading legislation and the state’s substantial investments in infrastructure projects. He emphasized that this has led to an increased contribution of this vital sector to the
national economy.

His Excellency also noted that projects being implemented by the state under the Qatar National Vision 2030 provide additional opportunities for the development of the real estate market in the country with genuine participation from the private sector. He pointed out that the real estate sector is currently facing many challenges that require combined efforts to resolve.

Source: Qatar News Agency

Muscat: The Muscat Stock Exchange (MSX) general index (30) closed Wednesday at 4,692,65 points, up by 2.8 points, or 0.06 percent, compared to the last trading session, which closed at 4,689,88 points.

The trading value reached OMR 1,283,000, a decrease of 50.7 percent compared to the last trading session, which stood at OMR 2,605,000.

The report issued by the MSX indicated that the market value increased by 0.022 percent from the last trading day, and amounted to approximately OMR 24.36 billion.

Source: Qatar News Agency

Riyadh: Riyadh Air, Saudi Arabia’s airline wholly owned by the Public Investment Fund (PIF), entered today into a strategic partnership with Artefact, a leading global consultancy specializing in data and AI transformation services to revolutionize the aviation industry through AI applications, a press release from Riyadh Air stated.

The partnership, said the release, will focus on building Riyadh Air’s data analytics platform and developing AI solutions across its main business and corporate functions by utilizing cutting-edge cloud and AI technologies.

Through these AI solutions, Riyadh Air aims to “hyper-personalize its guest experience and elevate its guest service through intelligent channels, optimize its flight and ground operations through real-time data insights and predictions, and launch fit-for-purpose offerings of air and non-air products through efficient and targeted sales channels’.

Vice President of Digital and Innovation at Riyadh Air Abe Dev said: “Our partnership with Artefact signifies
Riyadh Air’s dedication to leveraging cutting-edge technologies to enhance guest experiences at every touchpoint of their journey. This partnership with Artefact builds upon our recent collaborations with leaders in the aviation industry.”

CEO and Managing Partner of Artefact MENA Rahul Arya underlined the importance of the partnership with Riyadh Air and Artefact’s commitment to developing AI solutions tailored to the aviation industry. He emphasized that the combination of Riyadh Air’s forward-thinking approach and Artefact’s expertise in data and AI solutions will pave the way for setting “new innovation standards” within the airline sector.

According to the release, Riyadh Air is set to make its maiden flight in 2025; it aims to “revolutionize” the future of air travel and set a new standard for guest experience.

Leveraging cutting-edge innovation, Riyadh Air will connect the Kingdom to over 100 global destinations, in line with the goals of both the National Aviation Strategy and National Tourism Stra
tegy, which aim to attract 330 million visitors annually to the Kingdom by 2030.

Source: Saudi Press Agency

Moscow, Data issued by Eurostat reported that Russias revenues from gas sales in Russian rubles to the European Union (EU) amounted to 2.3 trillion rubles (31 billion euros).

According to data, Russias revenues from selling gas to EU countries in rubles amounted to 31 billion euros between April 2022 and January 2024, Russia’s news agency (RIA Novosti) said.

The largest buyer of gas in the EU was Hungary (769 billion rubles), followed by Italy (655 billion), Greece (328 billion), and Slovakia (310 billion rubles), according to available data.

According to RIA Novosti, Russian President Vladimir Putin directed the government, the Central Bank, and Gazprom exclusively in March 2022 to sell gas in Russian rubles, which would enhance its value and stability.

Source: Qatar News Agency

Baghdad, The Iraqi Ministry of Oil announced that it has succeeded in drilling and reclaiming 52 oil wells during the first quarter of 2024.

Director General of the Iraqi Drilling Company of the Ministry of Oil, Khalid Hamza Abbas stated that the company’s technical and engineering teams have succeeded in drilling 19 oil wells and reclaiming 33 wells for the national and international exploration firms operating in Iraq.

The Iraqi Drilling Company (IDC) is considered the most active arm in drilling and reclaiming oil wells in Iraq, with the Iraqi government striving to enhance the projects of increasing oil production in the country through a five-year plan to reach a daily production rate of six million barrels.

Source: Qatar News Agency

Riyadh: The Saudi Stock Exchange main index ended trading higher today, gaining 102.12 points to close at 12460.11 points.

The total value of trading reported was SAR8.1 billion.

The Saudi Parallel Market Index (NOMU) ended the day by gaining 114.95 points to close at 26886.59, with a valuation of SAR38.6 million.

Source: Saudi Press Agency

Kuwait Bourse closed Thursday trading as the All Share Index gained 0.54 points to reach 7,180.92 points, an increase of 0.01 percent.

As many as 313 million shares valued at KWD 85.5 million (roughly USD 280 million) were traded via 19,307 transactions.

The Main Market Index went down by 6.51 points to reach 6,070.67 points, through 126.4 million shares done via 7,051 transactions valued at KWD 16.8 million (roughly USD 55 million).

The Premier Market Index went up by 2.44 points to reach 7,822.04, an increase of 0.03 percent through 186.5 million shares done via 12,256 transactions valued at KWD 68.6 million (roughly USD 224.6 million).

Meanwhile, the bourse Main 50 Index lost 13.32 points to reach 5,904.56 points, down by 0.23 percent, through stock volume of 70.4 million shares done in 4,066 deals at a value of KWD 11.8 million (roughly USD 38.6 million).

Source: Qatar News Agency

Singapore, Gold prices touched a record high on Monday after data showed that US inflation moderated in February, boosting bets for the Federal Reserve’s June interest rate cut.

Spot gold rose 1% at $2,255.39 per ounce while US gold futures gained 1.7% to $2,275.70 per ounce.

The dollar was down 0.1% against its rivals, making gold more appealing for other currency holders.

Spot silver rose 1% to $25.22 per ounce, platinum was up 0.6% to $913.85 and palladium gained 0.3% to $1018.22.

Source: Qatar News Agency

Damascus: Feasible means of collaboration in the minerals and oil fields were the focus of the meeting that brought together Minister of Oil and Mineral Resources, Firas Hassan Qaddour and Irshad Ahmad, Ambassador of India to Syria.

Qaddour voiced Syria’s readiness to offer the required facilitations and promote an environment that is conducive to attract Indian companies interested in investment across Syria in the minerals and oil sectors, along with encouraging exchange of experiences and carrying out joint projects in these areas.

Reviewing the bilateral MoUs signed in addition to establishing and activating joint companies were also touched upon during the meeting.

Ambassador Ahmad, in turn, expressed confidence in the possibility of achieving opportunities for bilateral multisectoral collaboration, attaching great importance to sharing expertise and technology in all vital areas.

Source: Syrian Arab News Agency