Category: Market

The volume of real estate trading in sales contracts registered in the Real Estate Registration Department at the Ministry of Justice from March 19 to 23, 2023 reached QR 284,628,474.

The weekly bulletin issued by the Department shows that the list of real estate properties traded for sale included vacant lands, houses, residential buildings, and commercial shops.

Sales operations were concentrated in the municipalities of Doha, Al Rayyan, Al Wakra, Al Khor, Al Thakhira, Al Daayen, Umm Salal, and Al Shamal.

The volume of real estate trading in sales contracts registered in the Real Estate Registration Department at the Ministry of Justice from March 12 to 16, 2023 reached QR 359,090,529. (QNA)

Source: Qatar News Agency

Qatar Stock Exchange index gained 84.75 points at the beginning of Tuesday’s trading, a growth of 0.84%, to rise to the level of 10185 points, compared to Monday’s closing trading, and with the support of the various sectors that make up the general index.

Figures issued by Qatar Stock Exchange indicated positive performance for the transportation sector by 1.43%, the real estate sector by 0.99%, the consumer goods and services sector by 0.85%, the industrial sector by 0.82%, the communications sector by 0.80%, the bank and financial services sector by 0.71%, and the insurance sector by 0.38%.

At 10:00 am, Qatar Stock Exchange recorded a trading value of QR69.979 million, distributed among 35.838 million shares, with the implementation of 2397 transactions.

Source: Qatar News Agency

The US dollar slid for a second day against major peers on Tuesday as receding fears of a full-blown banking crisis sapped demand for the safest assets.

The US dollar index – which gauges the currency against six peers, including the yen – declined 0.16% to 102.59 during Asian trading, extending Monday’s 0.35% drop.

The greenback dropped to 130.505 yen. The euro was 0.1% stronger at $1.0809 on Tuesday, while sterling added 0.23% to $1.2315.

The Aussie rallied 0.53% to $0.6686. New Zealand’s kiwi dollar rose 0.49% to $0.62265.

Source: Qatar News Agency

Gold edged up on Tuesday as the dollar slipped, although an improvement in risk appetite after efforts by regulators to allay fears over the global banking system.

Spot gold was up 0.2% at $1,959.63 per ounce. US gold futures rose 0.3% to $1,960.30.

The dollar index fell 0.2%, making bullion cheaper for buyers holding other currencies.

Silver fell 0.2% to $23.04 per ounce, while platinum rose 0.2% to $972.94 and palladium was up 0.1% at $1,409.70.

Source: Qatar News Agency

Japan’s parliament on Tuesday enacted a record 114.38 trillion yen ($870 billion) budget for the new fiscal year from April to beef up defense capabilities in the face of security threats and to support the economy, which has been struggling with inflation.

The defense budget will reach 6.82 trillion yen, the largest on record, Japan’s (Kyodo) news agency reported, adding that fiscal 2023 marks the start of a five-year period intended to fundamentally revamp the country’s defense posture by spending a combined 43 trillion yen to cope with threats.

The government of the Japanese Prime Minister Fumio Kishida is aiming to double its annual defense budget to around 2 percent of gross domestic product from the current 1 percent while upholding its postwar pacifist credo.

The approval of the state budget by the House of Councillors comes at a time when the debt-ridden nation has been ramping up spending to ease the burden put on households by rising prices of everyday goods. Core consumer inflation has already hit a four-decade high, mostly due to higher energy and raw material costs amplified by a weaker yen.

Source: Qatar News Agency

Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand.

Brent crude futures fell 2 cents to $78.10 a barrel. West Texas Intermediate US crude gained 8 cents, or 0.1%, to $72.89.

Source: Qatar News Agency

UK retail sales were up 1.2 percent in February month-over-month, exceeding expectations as consumers continue to spend despite persistently high inflation.

Data from the Office for National Statistics showed that February retail sales came in 1 percent higher than expectations, according to polls by Reuters. January retail sales were revised up to 0.9 percent from 0.5 percent.

Source: Qatar News Agency

Core inflation in the US was up 3.1 percent year-over-year in February.

The pace of inflation slowed down for the first time in 13 months, Kyodo News reported today. The slowdown was a result of government subsidies on utility bills. The core consumer price index excluding volatile fresh food items would have risen around 4.2 percent in February without the government subsidies on electricity and gas bills, according to the Ministry of Internal Affairs and Communications. That would have been equal to the January increase, which was the fastest since 1981.

Source: Qatar News Agency

Tourism Minister, Fatima bint Jaafar Al-Sairafi, has affirmed that real estate projects are an important pillar of the Kingdom’s tourism promotion, with the housing, investment and residence options they offer to everyone, including tourists and visitors, in addition to their distinguished facilities that enrich the experience of tourists and visitors and give them more entertainment options.

The minister was speaking while receiving the Chief Executive Officer of Naseej real estate company, Amin Ahmed Al-Arrayed, with whom she discussed opportunities for joint cooperation and launching a number of joint initiatives in order to enhance the company’s contribution to the tourism sector in Bahrain.

She reiterated the support of the Ministry of Tourism and the Bahrain Tourism and Exhibitions Authority (BTEA) for various partners, as part of efforts to achieve the ambitious goals of the tourism strategy 2022-2026, as well as their interest in revitalising the business tourism and conference sector, especially following the successful operation of the Exhibition World Bahrain, which reflects positively on various sectors, including the real estate sector.

She highlighted the integration between the tourism and real estate sectors in the Kingdom, which are considered vital generators of economic growth, diversifying sources of income, attracting more investments and creating quality job opportunities for citizens, noting that the growth of the tourism sector reflects positively on the prosperity of the real estate sector in the Kingdom. She also asserted that distinguished real estate projects attract more visitors and tourists.

Al-Arrayed affirmed Naseej Company’s keenness to explore new opportunities with the government sector and build on the gains achieved thanks to the fruitful partnership between the public and private sectors, which is in line with the company’s vision of building integrated urban communities for future generations.

He briefed the minister on the most important projects of Naseej, including the Canal View project on the island of Dilmunia, which will be a unique tourist destination in the Kingdom during the next few years.

He indicated that the island of Dilmunia will be a prominent tributary of the national economy and a contributor to reviving the tourism sector in the Kingdom in line with the Bahrain Economic Vision 2030 and the Tourism Strategy 2022-2026.

Source: Bahrain News Agency

The Cultural Development Fund (CDF) announced the launch of its Film Sector Financing Program, with a portfolio of SAR879 million. The program is an initiative of the IGNITE Digital Content Program.

The announcement took place at the Ignite the Scene event, organized in Riyadh by the Ministry of Communications and Information Technology.

The program is open to local and international companies working in the Saudi film sector. It aims to foster a sustainable and thriving Saudi film industry by empowering the private sector with financing packages that support local content and promote filmmaking. These packages are especially geared toward small and medium enterprises (SMEs) in this emerging sector, which is increasingly attracting interest from local and international investors and film enthusiasts.

“We are excited to announce that we have partnered with strategic financial institutions across the country to provide companies working in the film sector with the financial solutions to shore up the film sector, establish financial sustainability for film projects, and enable healthy market dynamics,” said CDF chief executive Mohammed Bindayel. “We invite all financial and investment institutions to join this mission to build and empower this emerging sector.” Bindayel added that the program will activate two funding vehicles, “lending” and “investment.”

During the event, CDF launched the “lending” vehicle by signing two agreements with its financial partners Lendo and Sukuk Capital to provide financing packages to companies working in the Saudi film sector. The “investment” vehicle will be launched later this year.

The financing program was created in response to the growing interest in the Kingdom’s film sector. Companies working in the film sector can seek funds for their projects by applying through the CDF website, https://cdf.gov.sa/film.

The CDF was founded in 2021 with the aim of further enhancing the cultural landscape within Saudi Arabia. Organizationally linked to the National Development Fund, it was established as part of the Quality of Life Program’s initiatives to promote and empower the development of a self-reliant cultural sector. The Fund actively supports a variety of cultural activities, facilitates investment, and seeks to improve the domestic culture sector’s profitability, aligning with Saudi Vision 2030.

Source: Saudi Press Agency