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Ooredoo QP to acquire Yara’s 25% stake in QAFCO names Sheikh dent and CEO of Petro- Mohammed leum said, “We are delighted QAFCO was owned by Industries Qatar with a 75 percent to have signed this agreement share and Yara of Norway with a 25 percent share with Yara which will increase as Deputy our effective share in QAFCO. Tribune news network “This is another example Group CEO A joint venture company in of Qatar Petroleum’s suc- This is another example of 1969, QAFCO has become cessful implementation of its Tribune news network Qatar Petroleum (QP) has the world’s largest single- strategy of capacity and capa- Doha entered into a binding agree- Qatar Petroleum’s site urea producer, repre- bility building and contribut- ment to acquire Yara’s 25 successful implementation senting a significant per- ing to the robustness and de- Ooredoo has appointed percent stake in Qatar Fer- of its strategy of capacity centage of the world’s velopment of the nation’s oil Sheikh Mohammed bin Ab- tiliser Company (QAFCO). and capability building and and gas industry. I would like dulla al Thani as Deputy The transaction will mark the traded urea volumes to thank Yara for their part- Group CEO and Acting CEO conclusion of a successful, contributing to the nership and sincere efforts in of Ooredoo Qatar, as of March long standing partnership, robustness and develop- supporting QAFCO over the 8, 2020, the company an- the company announced in a ment of the nation’s oil and QAFCO was owned by Indus- past half century.” nounced in a statement on statement on Sunday. gas industry tries Qatar with a 75 percent The transaction, in which Sunday. Since its establishment share and Yara of Norway the parties agreed on a pur- Sheikh Mohammed suc- as a joint venture company HE Saad Sherida al Kaabi with a 25 percent share. chase price of $1 billion for ceeds Waleed Mohamed al in 1969, QAFCO has become Commenting on the ac- Yara’s 25 percent share in Sayed, who is retiring. Waleed the world’s largest single-site quisition, HE Saad Sherida QAFCO, is conditional upon had held the position of CEO urea producer, representing a world’s traded urea volumes. al Kaabi, the Minister of State and customary regulatory and HE Saad Sherida al Kaabi, the Minister of State for Energy Affairs, of Ooredoo Qatar since 2015 significant percentage of the Prior to this transaction, for Energy Affairs, the Presi- closing conditions, QP said. the President and CEO of Qatar Petroleum. and has led the business to continued growth, achieving world firsts and major mile- stones, such as Ooredoo Qatar being the first company in the world to launch 5G commer- cially during his tenure. Sheikh Mohammed has Indian expats make the most of held various management po- sitions within Ooredoo since he joined the company in 2009. Most recently, he was CEO of Ooredoo Kuwait and falling against Qatari riyal has successfully led the com- pany to reach key milestones and increase its share in the Some exchanges in the country are offering as high as 20.07 Indian for one Qatari riyal market. He is currently the Chair- Satyendra Pathak on Sunday, witnessed sub- rate above 20. The amount man of the Board of Directors Doha stantial increase in number of of remittance to from of Ooredoo Algeria. He holds Indian expatriate customers our exchange house has wit- a master’s degree in finance Most of the currency ex- on the day. nessed substantial increase and accounting from the Uni- change houses in Qatar are “The better exchange in the first week of March versity of Cardiff, UK and a witnessing a huge rush of rates have caused increased compared to the same week a bachelor’s degree in account- Indian expatriates at their remittance activity and we month ago,” an official of Na- ing from Qatar University. counters after the Indian ru- tional Exchange said. Ooredoo Chairman Sheikh pee’s value against Qatari ri- “There has been an in- Faisal bin Thani al Thani said, yal crossed 20 on Friday and crease in the level of remit- “I would like to offer my high- continued above it thereafter. tance transactions to India est gratitude and extend my According to remittance It’s very rare that an Indian of late. This is not unusual as warmest thanks to Waleed houses, the Indian communi- expatriate gets exchange there is normally a hike as the for his valuable contributions ty in Qatar is making the best rupee weakens against the lo- to the growth and success of of the situation by remitting rate above 20. The amount cal currency. But we may see our company since he joined funds back home with some of remittance to India from even more money going to In- in 1987. of the exchanges offering ex- our exchange house has dia in the future,” the official “The years he spent at the change rate as high as 20.07 witnessed substantial said. company were characterised Indian rupees for one Qatari increase in the first week of This surge in remittance by persistence and hard work. riyal. could largely be attributed to I would also like to congratu- The on Fri- March compared to the the Qatar’s sizable proportion late Sheikh Mohammed on his day weakened past 74 levels same week a month ago of white-collar Indian work- new role and wish him the best against the US dollar after the National Exchange official ers. of luck.” Reserve Bank of India took Tamal Das, who works Sheikh Saud bin Nasser al control of capital-starved Yes for a construction company Thani, Group CEO, Ooredoo, Bank, increasing the risk-off in Doha, said, “It’s an oppor- said, “The vision and efforts sentiment fueled by increas- are witnessing a surge in foot- tune time to send money to of Waleed have had a great ing coronavirus cases in fall from Indian expats. We India. I have seen the Qatari impact on Ooredoo’s reaching India. A file photo of a money exchange house in Doha. have limited the remittance riyal breaching the 20 Indian the global standing it enjoys The Indian rupee traded amount per person, per day rupee barrier for the first time today and his accomplish- in a range of 73.69 to 74.08 dian expatriates visiting our in the days ahead as this is It is the upper and middle to QR5,000 as there is a huge during my stay in Qatar.” ments will continue to bear against the US dollar as com- exchange to reap the benefits also the start of the month income groups that have dis- rush to send money to India,” Subhash Ghosh, who witness of his good planning pared to the previous close of of higher exchange rate. when most of them get paid. posable income and patient an official of the exchange works as a marketing officer and future vision. 73.31. However, rupee pared “Getting an exchange rate We are also one of the very funds reservoir to take advan- said. in an IT firm, said, T“ he ex- “I thank Waleed for all he some losses later and traded of 20 Indian rupees or above few exchange houses in Qatar tage of the situation,” he said. Another Doha-based ex- change rate breaching 20 has has given us in the past thirty at 73.67 against the US dollar. for one Qatari riyal is very that is offering a higher remit- Most other exchange change house ‘National Ex- come at an opportune time. years and wish him all the “Remittances to India rare and the Indians expa- tance limit of QR6,000 per houses are also cashing in on change’ also witnessed huge It’s a good time because it’s best in the future. I am also have picked up sharply in re- triates are making the most person, per day,” Mohanan the extra remittance flows. rush of Indian expatriates at the first week of the month pleased to welcome Sheikh days as the Indian cur- out of it,” Al Mana Exchange said. Al Zaman Exchange, its branches in Qatar on Sun- when we get our salaries. I am Mohammed in his new roles. rency continues its free fall. Headquarter Branch Manag- “The cash flow is also com- which offered one of the best day. trying to maximise the remit- I am confident in his abil- We have witnessed a big in- er Raja Mohanan said. ing from the middle income exchange rates of 20.07 Indi- “It’s very rare that an In- tance to India to build savings ity to continue the journey of crease in the number of In- “We expect a further rise and higher income groups. an rupees for one Qatari riyal dian expatriate gets exchange back home.” success.”

QIIB first Islamic bank in Qatar to launch SWIFT gpi payment app Tribune news network eign currency exchange rates and The Swift gpi system provides “We put our customers’ inter- it meets all the standards required Doha all fees related to their transfers, est on top of our priorities. That is by the modern banking industry in which can be completed with more transparency and speed why we seek to develop our various terms of quality, efficiency, enrich- Qatar International Islamic Bank speed and accuracy. allowing customers to know work mechanisms and systems in ment of customers’ experience and (QIIB) has launched the SWIFT Moreover, the system provides the foreign currency exchange order to meet our customers’ aspi- safeguard their interests in the best gpi payment system, which is one great flexibility to the customer rates and all fees related to rations”. possible way “. of the latest global systems in the concerned who can now follow his / their transfers, which can be He said, “The new system pro- Moreover, Barhoumah noted, field, thus becoming the first Islam- her money transfers with all details completed with more speed vides a high level of transparency “The SWIFT gpi system is a quali- ic bank in Qatar to use this system, such as time, date, place, country and accuracy and performance that allows pay- tative value addition to the pay- the bank announced in a statement and commission, with acknowledg- ments to be done in multiple cur- ment services that we provide to on Sunday. ment of receipt in the recipient’s rencies and various countries in a our individual and corporate cus- The new system provides high- account. Mohmmed Khair Barhoumah, smooth and fast manner without tomers. We have previously re- tech features and the possibility to One of the most important Chief Operation Officer at QIIB, the need for complicated tracking ceived many awards that recognise track internal and external pay- features of the SWIFT gpi system Mohmmed Khair Barhoumah stated, “At QIIB, we are proud to procedures, whether in the source the quality of our work in the pay- ments in real time until their com- is that it allows many payments be the first to use the best tech- country or the destination country”. ments field and the professional- pletion. to be made in a matter of seconds within maximum 24 hours, provid- nological solutions that provide “Experiences from using the ism of our staff. Therefore the use The Swift gpi system also pro- and more than half to be made ing transparent information that high-quality banking experiences SWIFT gpi system in many coun- of the new system will allow us to vides transparency and speed al- within 30 minutes while all trans- allows customers to follow every throughout the various stages of tries proved that it is a reliable provide another level of quality to lowing customers to know the for- fers, without exception, to be made step. the work. and transparent system and that our customers”.