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BUSINESS Climate Change Battle INFLATION FEARS | Page 2 Asian markets down over Fed signal, China tech crackdown Friday, July 9, 2021 Dhul-Qa’da 29, 1442 AH GREEN LEAD : Page 4 GULF TIMES European Central Bank adds its clout to BUSINESS climate change battle Mekdam Holding Al-Kuwari meets visiting US delegation all set to join QSE venture market By Santhosh V Perumal sidiaries are Mekdam Technology, Me- The QEVM is aimed at small and me- Business Reporter kdam Technical Services and Mekdam dium sized family and private compa- Cams – generated revenues of QR168.7mn nies and provides them with an access to and Ebitda, or earnings before interest, capital market and enables them diversify he Qatar Stock Exchange (QSE) taxes, depreciation and amortisation, of their source of fi nancing, achieve the sus- yesterday said all the procedures QR26.8mn in 2020. tainability, growth and expansion. Thave been completed for the listing Mekdam Technology accounted for The companies eligible to join the of Mekdam Holding Group, which will be 55% of 2020 group revenue and 42% of QEVM should have an issued capital not the second entity to get listed on the ven- Ebitda; Mekdam Technical Services (28% below QR2mn, and number of sharehold- ture market or QEVM. and 24%) and Mekdam Cams (8% and ers not less than 20 who own no less than HE the Minister of Commerce and Industry and Acting Minister of Finance Ali bin Ahmed al-Kuwari met “Co-ordination is currently taking 28%). 10% of its capital upon the listing. yesterday with a high-level delegation from the American State of Indiana headed by its Governor Eric place between the QSE and the Qatar Fi- “The company benefi ts from strong The new market is the result of the stra- J Holcomb, who is currently visiting the country. During the meeting, they discussed ways of enhancing nancial Market Authority to determine partnerships with international solution tegic initiatives and eff orts made by the co-operation in the commercial, investment and industrial fields, as well as highlighting the opportunities the appropriate time for the market to list providers, good cash fl ow visibility, and QSE over the past years to develop Qatar’s available to increase trade exchange. Qatar and the US have close economic and trade relations that the shares of Mekdam Holding Group, as a relatively fl exible cost structure,” S&P capital market through continuous con- positively reflected on the volume of trade exchange between the two countries, which in 2020 all the necessary procedures for listing said. sultations with private and family-owned amounted to about $5.3bn, as the United States is the fifth trading partner of the State of Qatar. have been completed,” QSE chief execu- At a recently held webinar, al-Man- companies to identify their needs and of- tive Rashid bin Ali al-Mansoori said in a soori had said efforts are being made to fer them suitable solutions and incentives tweet. enhance the listings by raising aware- for listing in the market. The company, which was assigned ness of the advantages of becoming The Qatar Capital Market 2020 report, ‘gcBBB-’ Gulf regional rating by Stand- public. prepared by the Qatar Financial Center, ard & Poor’s in March this year, will be In January 2012, the bourse established had said the QEVM serves as a dedicated Oil prices fall again as Opec+ uncertainty weighs included in the market for small and me- a separate stand-alone QEVM, stipulat- stock exchange for SME listings, which, dium enterprises. Its listing comes after ing eased entry norms as well as lower despite possessing possibly shorter track Reuters cuts this year but three days of talks Al Faleh Educational Holding Company capital base and shareholders, but made records and higher risk profi les, allows London failed to resolve the dispute. got listed on the QEVM in April this year. mandatory liquidity provider and per- them to access funding through the eq- Russia was trying to mediate to help Mekdam Holding Group – whose sub- petual services of listing adviser. uity capital market. to strike a deal to raise oil output, Oil prices fell for a third day yester- Opec+ sources said on Wednesday. day amid uncertainty about supplies Concerns about the pandemic also after the collapse of Opec+ talks this weighed on prices. week raised the possibility that their Japan, the world’s fourth-largest oil deal to curb output could fall apart. user, is set to declare a state of emer- Brent crude oil futures were down gency for the Tokyo area and South 35 cents, or 0.4%, at $73.08 a barrel Drilling rigs operate at sunset in Korea reported its highest daily tally by 1355 GMT and US West Texas Midland, Texas (file). A fall in US of Covid-19 cases. Intermediate futures were down 51 oil production is expected to slow But prices found some support from cents, or 0.7%, at $71.69. this year, according to the EIA. a large drop in US inventories. Both contracts hit their lowest in Crude stockpiles in the world’s big- about three weeks earlier in the tion of the Petroleum Exporting gest oil consumer fell by 8mn barrels session. Countries and allies including Russia, for the week ended July 2, two But the Brent six-month spread a group known as Opec+. market sources said, citing American remains in backwardation with the Saudi Arabia refused demands from Petroleum Institute figures. front-month price higher than later the United Arab Emirates to raise the Government inventory data is due months. “This suggests that no amount it produced under terms of on Thursday, pushed back a day immediate flooding of the market a pact on cutting supplies that was after a US holiday Monday. is anticipated,” PVM analysts said in first agreed by Opec+ in 2020, when A fall in US oil production is expected a note. oil prices have plunged due to the to slow this year, with the Energy Brent prices have fallen as much Covid-19 pandemic. Information Administration (EIA) as $5 a barrel since Monday’s close The group is still holding back almost saying on Wednesday output would after the collapse of negotiations 6mn barrels per day (bpd) of output 11.10mn bpd in 2021, more than previ- The QEVM is aimed at small and medium sized family and private companies and provides them with an access to capital market on Monday between the Organiza- and had been expected reduce those ously forecast. Page 4 and enables them diversify their source of financing, achieve sustainability, growth and expansion. Islamic equities see demand despite dip in Qatar bourse By Santhosh V Perumal estate and industrials sectors together consti- Major losers included Ooredoo, Gulf Inter- QR0.32mn the previous day. Foreign funds’ net plunge in trade volume to 1.89mn stocks, 56% Business Reporter tute more than 53% of the total trading volume. national Services, Qatar Cinema and Film, Al buying declined substantially to QR2.84mn in value to QR6.43mn and 23% in transac- Overall trade turnover and volumes were on Khaleej Takaful, Qatari German Medical Devic- compared to QR33.83mn on July 7. tions to 170. the decline in the bourse, where Arab funds es, Widam Food and Qatar Oman Investment; Gulf institutions’ net buying eased markedly The banks and fi nancial services sector saw he Qatar Stock Exchange yesterday saw were seen net profi t takers. even as Qatar Industrial Manufacturing, Ezdan, to QR6.99mn against QR11.27mn on Wednes- a 29% shrinkage in trade volume to 14.76mn marginal demand for the Islamic equities Arab individuals were seen net sellers in the Qatar Islamic Insurance, Medicare Group, Ma- day. shares but on 4% growth in value to QR88.23mn Teven as it settled in the negative. market, which saw a total of 31,285 exchange zaya Qatar and Al Meera were among the gain- However, domestic institutions’ net sell- and 10% in deals to 2,028. The Gulf and foreign institutions continued traded funds (Masraf Al Rayan-sponsored ers. ing fell signifi cantly to QR4.56mn compared to The consumer goods and services sector’s to be net buyers but with lesser intensity as the QATR and Doha bank-sponsored QETF) value QR31.45mn the previous day. trade volume tanked 26% to 19.47mn equities, 20-stock Qatar Index fell 23 points, or 0.21%, to at QR82,065 change hands across 14 deals; Local retail investors and domestic Qatari individuals’ net profi t booking value by 45% to QR29.88mn and transactions 10,842.99 points, having touched an intraday while in the debt market, there was no trading funds were seen lesser inclined into net weakened considerably to QR2.59mn against by 21% to 964. high of 10,883 points. of sovereign bonds and treasury bills. selling in the market, whose QR15.58mn on July 7. There was an 18% contraction in the indus- Local retail investors and domestic funds The Total Return Index shed 0.21% to year-to-date gains were at 3.9% Foreign individuals’ net selling shrank per- trials sector’s trade volume to 25.97mn stocks were seen lesser inclined into net selling in the 21,464.34 points and the All Share Index by ceptibly to QR0.56mn compared to QR1.52mn and 29% in value to QR52.48mn but on 21% in- market, whose year-to-date gains were at 3.9%. 0.21% to 3,432.18 points, while the Al Rayan Arab individuals turned net sellers to the tune on Wednesday. crease in deals to 1,775.
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