Commercial Bank Posts Net Profit of QR1.15 Bn in First Nine Months

Cool N Rest opens new showroom in Al Rayyan page 9

Monday, October 26, 2020

28,335.57 9,808.34 40,558.49 1,905.20 -28.09 pts -150.03 pts -148.82 pts Gold +0.03 % QFC virtually connects world’s Dow QE sensex financial hubs to Qatari market page 10 Price percentage Price percentage 24.68 Brent 41.77 -1.63 % WTI 39.85 -1.94% Silver -0.14 % Commercial Bank posts net profit of QR1.15 bn in first nine months Tribune News Network decreased by 16.9 percent to received several awards in- Doha QR487.1 million in the first nine cluding ‘Best Digital Bank’ months from QR585.9 million from Asia Money Magazine, The Commercial Bank Group in the same period last year. ‘Best Retail Bank’ in Qatar on Sunday announced that The non-performing loan from the Asian Banker for the it reported a net profit of (NPL) ratio decreased mar- fourth consecutive year and QR1.154 billion in the first ginally to 4.8 percent at Sep- ‘Best Performing Bank’ in Qa- nine months of 2020 as com- tember 30, 2020 compared tar from The Banker,” he said. pared to QR1.479 billion for to 4.9 percent in the same pe- Commercial Bank Vice the same period in 2019. riod last year. Chairman Hussain Alfardan Operating profit for the Commercial Bank Chair- said, “The strong execution of Group increased by 13.7 per- man Sheikh Abdulla bin Ali Commercial Bank’s five-year cent to QR2.306 billion in the bin Jabor Al Thani said, “Qa- strategic plan has been posi- first nine months of 2020, tar has remained resilient tively received by the market, compared to QR2.029 million through the COVID-19 pan- as evidenced by the success- in the same period last year. Commercial Bank Chairman Sheikh Abdulla bin Ali bin Jabor Al Thani demic, due to its strong lead- ful launch of our senior un- Total assets of the bank ership and the government’s secured five-year bond worth stood at QR143.1 billion at the funding both in Qatar as well mercial and services sectors. economic stimulus measures. $500 million in September, end of September this year. as Turkey, the bank said in a The Group’s customer de- Commercial Bank is imple- which was oversubscribed Net interest income for statement. posits decreased by 1.6 per- menting these measures in 3.8 times. The new bond was the Group increased by 19.8 Total operating expenses cent to QR73.1 billion at the support of our customers and at one of the lowest prices percent to QR2.323 billion in decreased by 6.8 percent to end of September 2020, com- the government, and we are achieved by a Qatari FI is- the first nine months of 2020 QR768 million in the first nine pared with QR74.3 billion in currently one of the largest suer on a public transaction. compared to QR1.939 billion months of 2020 compared the same period in 2019. The providers of loans to SMEs This demonstrates the efforts in the same period in 2019. with QR824.1 million in the decrease is mainly in time and sectors particularly af- we have made to manage our Net interest margin increased same period last year. deposits. However, current fected by COVID-19 under the cost of funding in the prevail- to 2.4 percent compared to 2.3 The Group’s loans and ad- and savings deposits have in- National Response Guarantee ing low-interest rate environ- percent achieved in the same vances to customers increased creased by 14 percent due to Programme.” ment. We also attribute the period last year. by 1.5 percent to QR90.5 bil- the various cash management “Commercial Bank’s success of the bond sale to Although asset yields have lion at September 30, 2020 and digital products that the achievements during the third Qatar’s economic strength reduced, the increase in mar- compared with QR89.1 billion bank offers. quarter were recognised by a and fiscal buffers, which have gins is mainly due to proac- in the same period in 2019. The The Group’s net provi- number of publications and attracted positive views from The Commercial Bank Plaza in West Bay. tive management of the cost of increase was mainly in the com- sions for loans and advances industry bodies and we have global investors.”

The Commercial Bank (P.S.Q.C.) Interim Condensed Consolidated Financial Statements As at 30 September 2020 Interim Consolidated Statement of Financial Position Interim Consolidated Statement of Income Interim Consolidated Statement of Comprehensive Income As at 30 September 2020 QAR (000’s) For the three and nine months ended 30 September 2020 QAR (000’s) For the three and nine months ended 30 September 2020 QAR (000’s) 30 Sep 2020 30 Sep 2019 31 December Three months ended Nine months ended Three months ended Nine months ended Reviewed Reviewed 2019 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep 30 Sep (Restated) Audited 2020 2019 2020 2019 2020 2019 2020 2019 Reviewed Reviewed Reviewed Reviewed Reviewed Reviewed Reviewed Reviewed (Restated) (Restated) (Restated) (Restated) ASSETS Interest income 1,308,260 1,701,154 4,312,069 4,909,703 Cash and balances with central banks 6,735,125 5,899,934 6,075,044 Interest expense (555,410) (980,200) (1,988,434) (2,970,883) Profit for the period 253,212 530,744 1,154,390 1,478,979 Due from banks 6,950,939 9,870,734 12,396,433 Net interest income 752,850 720,954 2,323,635 1,938,820 Loans and advances to customers 90,462,118 89,095,043 88,009,448 Other comprehensive (loss) / income for Fee and commission income 269,791 283,354 753,244 890,357 the period: Investment securities 25,786,743 27,033,975 26,844,226 Fee and commission expense (67,653) (90,488) (208,807) (268,662) Items that are, or may be subsequently Investment in associates and a joint venture 3,326,570 4,545,040 4,021,239 Net fee and commission income 202,138 192,866 544,437 621,695 reclassified to profit or loss: Property and equipment 2,795,057 2,845,216 2,853,712 Foreign currency translation differences from Net foreign exchange gain 99,897 70,417 233,381 213,528 foreign operation (171,143) 54,045 (368,909) (51,990) Intangible assets 161,220 252,531 236,377 Net income / (losses) from investment securities 2,424 8,648 (60,634) 38,481 Other assets 6,902,378 6,009,312 7,100,005 Share of other comprehensive income / (loss) Other operating income 20,163 13,506 33,789 40,488 of investment in associates and a joint venture 19,793 10,981 (35,016) 28,059 TOTAL ASSETS 143,120,150 145,551,785 147,536,484 Net operating income 1,077,472 1,006,391 3,074,608 2,853,012 Net movement in cash flow hedges-effective portion of changes in fair value 73,917 (12,313) (7,825) (55,639) Staff costs (178,674) (166,877) (425,942) (503,013) LIABILITIES Net change in fair value of investments in Depreciation (34,917) (39,136) (104,266) (118,406) debt securities designated at FVOCI: Due to banks 15,018,044 22,810,065 22,530,782 Amortization of intangible assets (16,000) (13,898) (44,075) (40,988) Customer deposits 73,125,251 74,294,203 76,296,592 Net impairment (losses)/reversal on investment (8,105) (1,574) (25,816) 1,184 Net change in fair value 150,776 242,617 377,208 699,892 Debt securities 11,986,949 11,197,439 9,524,590 securities Net amount transferred to interim Net impairment losses on loans and advances (261,887) (152,228) (487,129) (585,929) consolidated statement of income (8) (881) (3,491) (5,155) Other borrowings 14,475,983 10,091,938 12,043,167 to customers Items that may not be subsequently Other liabilities 6,722,625 5,764,944 5,385,126 Net impairment losses on other financial assets (23,614) (42,786) (76,700) (40,039) reclassified to profit or loss: TOTAL LIABILITIES 121,328,852 124,158,589 125,780,257 Other expenses (68,470) (52,492) (193,719) (161,697) Net change in fair value of equity investments Profit before share of results of associates 485,805 537,400 1,716,961 1,404,124 designated at FVOCI (224,567) (510) (321,459) (43,421) and a joint venture Share of other comprehensive income / (loss) of EQUITY Share of results of associates and a joint venture (228,989) 4,208 (549,671) 103,046 investment in associates and a joint venture 998 2,969 (17,370) (5,932) Share capital 4,047,254 4,047,254 4,047,254 Profit before tax 256,816 541,608 1,167,290 1,507,170 Other comprehensive (loss)/income for Legal reserve 9,870,623 9,787,029 9,841,333 Income tax expense (3,604) (10,864) (12,900) (28,191) the period (150,234) 296,908 (376,862) 565,814 Profit for the period 253,212 530,744 1,154,390 1,478,979 General reserve 26,500 26,500 26,500 Total comprehensive income for the period 102,978 827,652 777,528 2,044,793 Risk reserve 1,421,236 1,121,236 1,421,236 Attributable to: Fair value reserve 592,141 552,686 600,094 Equity holders of the bank 253,212 530,744 1,154,389 1,478,979 Attributable to: Treasury shares - (123,223) (38,860) Non-controlling interests - - 1 - Profit for the period 253,212 530,744 1,154,390 1,478,979 Equity holders of the bank 102,978 827,652 777,527 2,044,793 Foreign currency translation reserve (2,315,586) (1,868,856) (1,946,677) Non-controlling interests - - 1 - Other reserves 217,609 969,738 859,893 Earnings per share Total comprehensive income for the Revaluation reserve 1,288,319 1,283,920 1,283,920 Basic/diluted earnings per share (QAR) 0.06 0.13 0.29 0.37 period 102,978 827,652 777,528 2,044,793 Retained earnings 2,643,193 1,596,902 1,661,524 TOTAL EQUITY ATTRIBUTABLE TO EQUITY Independent Auditors’ Report on Review of Interim Condensed Consolidated Financial Statements to the Board of Directors of HOLDERS OF THE BANK 17,791,289 17,393,186 17,756,217 The Commercial Bank (P.S.Q.C.) Non-controlling interests 9 10 10 Introduction of interim financial information consists of making inquiries, primarily of persons responsible for Instruments eligible for additional capital 4,000,000 4,000,000 4,000,000 We have reviewed the accompanying interim condensed consolidated financial statements of The financial and accounting matters, and applying analytical and other review procedures. A review is Commercial Bank (P.S.Q.C.) (the “Bank”) and its subsidiaries (the “Group”) as at 30 September 2020, substantially less in scope than an audit conducted in accordance with International Standards on TOTAL EQUITY 21,791,298 21,393,196 21,756,227 comprising of the interim consolidated statement of financial position as at 30 September 2020 and the Auditing and consequently does not enable us to obtain assurance that we would become aware of all related interim consolidated statements of income and comprehensive income for the three months significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. and nine months period ended 30 September 2020, the related interim consolidated statement of TOTAL LIABILITIES AND EQUITY 143,120,150 145,551,785 147,536,484 Conclusion changes in equity and interim consolidated statement of cash flows for the nine months period then Based on our review, nothing has come to our attention that causes us to believe that the The interim condensed consolidated financial statements were approved by the Board of Directors on ended, and the related explanatory notes. accompanying interim condensed consolidated financial statements are not prepared, in all material 25 October 2020 and were signed on its behalf by: The Board of Directors are responsible for the preparation and presentation of these interim condensed respects, in accordance with IAS 34 and the applicable provisions of Qatar Central Bank regulations. consolidated financial statements in accordance with IAS 34 Interim Financial Reporting (“IAS 34”) and the applicable provisions of Qatar Central Bank regulations. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Ahmed Sayed Date: 25 October 2020 Sheikh Abdulla Bin Ali Bin Mr. Hussain Ibrahim Alfardan Mr. Joseph Abraham Scope of review of Ernst & Young Doha Jabor Al Thani Vice Chairman Group Chief Executive Officer We conducted our review in accordance with International Standard on Review Engagements 2410, Auditor’s Registration No. 326 Chairman “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review Economy & Business Monday, October 26, 2020 09 Digital investments help CB KPMG Qatar hosts first cope with COVID-19: GCEO virtual IFRS session Tribune News Network as we continue to invest in Tribune News Network Doha technology to streamline our Doha operations and maintain cur- Commercial Bank (CB) rent opex levels,” he said. KPMG in Qatar hosted its an- has delivered a good set of “Gross loan provisioning nual IFRS R webinar on Octo- results in the third-quarter of for the period increased 13.5 ber 20. The session has been 2020 despite the unusual en- percent compared to the pre- an annual occurrence for two vironment in which the banks vious year, reflecting our pru- decades, but KPMG has adapt- are operating currently due to dent approach of factoring in ed to the ‘new normal’ and the COVID-19 pandemic, the the COVID-19 impact on our transformed the dynamics of bank’s top executive has said. ECL models,” he said. day to day business activities. “This is due to our prudent “Alternatif Bank’s per- In the first virtual IFRS approach and our investments formance for the first nine session, KPMG experts shared in digital technologies which months of 2020 was impacted insights virtually for finance have enabled us to rapidly by the softening of the Turkish professionals representing dif- adapt to an evolving environ- economy and 15.9 percent de- ferent industries, financial in- in 2018 and IFRS R 16 on leas- on the traditionally-cyclical ment during the COVID-19 preciation of the Turkish lira,” stitutions and regulators. ing, IFRIC 23 on uncertain tax real estate industry.” pandemic,” Commercial Bank he said. The session was led by a treatments in 2019, we didn’t With more than 350 reg- Group Chief Executive Officer Commercial Bank Group Chief Executive Officer Joseph Abraham Despite these challenges, KPMG panel of experts from have new standards in 2020, istered for the session, KPMG Joseph Abraham said in a he said, Alternatif Bank re- both regional and internation- but COVID-19 pandemic has reached a record and wel- statement. for the period was down 22 interest-rate environment, we ported a profit ofQR53.6 mil- al member firms. The speakers thrown a lot of challenges for comed participants online for Commenting on the percent to QR1.2 billion, due carefully managed our cost lion during the period. The included Gopal Balasubrama- the accounting world in the the first time, who had been third-quarter financial re- to increased impairment of of funding to ensure interest bank’s customer deposits at niam, Partner and Head of application of a number of ex- attending diligently year after sults released by the bank on our associate UAB and dif- expense declined faster than the end of the period were Audit at KPMG Qatar, Yusuf isting standards.” year. Sunday, Abraham said, “Net ficult market conditions in interest income. This helped QR8.6 billion and its loans Hassan, Head of Partner and Yusuf Hassan led the ses- The webinar supported profit before associates and Turkey which impacted Al- offset declines in total fees and advances to customers Head of Accounting Advisory sion on the implications of clients by giving the latest taxes increased by 22.3 per- ternatif Bank’s performance. and other incomes, which were QR10.6 billion. Services at KPMG Lower Gulf COVID-19 and introduced the need-to-know information cent to QR1.7 billion during The domestic bank reported a were down 17.9 percent to QR “The impact from our and Brian O’Donovan, Partner topic by sharing the effects on financial reporting under the first nine months of 2020 net profit of QR1.7 billion for 751 million during the period, share of associates during in KPMG International Stand- the pandemic had on differ- IFRS. The session focused on compared to the same period the first nine months of 2020, driven by investment income the nine months of 2020 was ards Group. ent industries. About the real a range of topics including the last year. It was supported by representing an increase of volatility,” he said. negative as we took an impair- Speaking on the occa- estate industry, Hassan said, implications of COVID-19, growth in net interest income 23.9 percent compared to the “Commercial Bank’s cost ment on UAB in line with our sion, Balasubramaniam said, “COVID-19 has had and will IFRS R 16 updates, IFRS R 15 and improved recoveries dur- same period last year,” he to income ratio improved to guidance to bring the book “After IFRS R 9 (financial in- continue to have an unprec- practical issues, IBOR tran- ing the period.” said. 25 percent from 28.9 percent value of the asset closer to its struments), IFRS R 15 (rev- edented impact on the global sition and IFRS R /IFRIC “Consolidated net profit “Despite the current low- for the same period last year, fair value,” he said. enue recognition) standards economy and, consequently, updates.

Leading AC solution provider opens Fourth showroom in five years Cool N Rest opens new showroom in Al Rayyan Company all set to open Air Conditioning Service and Training Center in Biraqat Al Awameer in the first quarter of 2021

Tribune News Network Doha

Cool N Rest, one of the leading companies in Qatar to provide specialist solution in air conditioning and allied products, has announced the opening of its new showroom in Al Rayyan. It was also announced that Cool N Rest will be the authorised dealer for DAIKIN brand in Qatar. DAIKIN is a Japanese brand with 95 years of expertise in air conditioning and spread over 150 countries worldwide. This is Cool N Rest’s fourth authorised dealership after prestigious brands like Mit- subishi, Panasonic and Midea in Qatar. The opening of the fourth showroom shows the hard work and dedication of Cool N Rest CEO Basheer Nangarath under whom the company has gained the confidence of the local market, the company said in a statement. Cool N Rest Directors Mr Ali Mandani Al Emadi and Mr Yousuf Mandani Al Emadi “Our directors Mr Ali Mandani Al Emadi and Mr Yousuf Mandani Al Emadi made sure that each step forward is taken with the ut- most care considering the special social and economic situation of Qatar,” the statement said. “It’s their vision to give Qatar the best after-sales solution for air conditioning and HVAC that is being realised with each pass- ing year. They have already made plans and DAIKIN dealership investments for the biggest Air Conditioning Service and Training Center in Qatar,” the ● Cool N Rest has been appointed as the statement said. authorised dealer for DAIKIN brand in Qatar. Located in Biraqat Al Awameer, the service ● and training center is projected to be complete DAIKIN is a Japanese Brand with 95 in the first quarter of 2021. years of expertise in air conditioning and “The call by Qatari leadership for the youth spread over 150 countries worldwide. to come up with nation-building projects has ● The Cool N Rest showroom in Al Rayyan. been taken up well by these two young Qatari This is Cool N Rest’s fourth authorised entrepreneurs,” the company said. dealership after prestigious brands like Mr Joji and Mr Shabier, who are head- Mitsubishi, Panasonic and Midea in Qatar. ing the aftersales and operations respectively, thanked the technical and the engineering Cool N Rest CEO Basheer Nangarath staff and the customers and for their vital sup- He joined hands with the Mandani Al port in achieving the vision of Cool N Rest. air conditioning customer service to the peo- Emadi group in Qatar to establish Cool N Rest The support and encouragement of Qa- ple of Qatar,” it said. in 2015. tar’s government and the country’s leadership Cool N Rest began its life five years ago Forged from humble beginnings, the busi- to business activities have helped Cool N Rest when Basheer decided to turn his 34 years ness progressed to its first showroom in 2016. to grow in a very short span of time, the com- of engineering and after-sale experience in At present, the firm has four showrooms. pany said. heating, cooling and ventilating systems in Basheer attributed the growth of the firm “Cool N Rest aims to provide world-class Qatar into an entrepreneurial venture. to the hands-on approach of its directors.

The after sales and service team of Cool N Rest. 10 Monday, October 26, 2020 Economy & Business Tests show Boeing’s cleaning techniques QFC virtually connects world’s neutralise COVID-19 Tribune News Network difficult to kill than SARS- financial hubs to Qatari market Doha CoV-2.Scientific and industry studies have used Tribune News Network with the WAIFC, both virtu- economic recovery was also In a first-of-its-kind series the MS2 virus for many Doha ally and in Qatar.” hosted by the QFC in collabo- of tests, Boeing and the years, but never before Representing a diversified ration with Moscow Interna- University of Arizona de- in an airplane cabin. The Qatar Financial Centre programme pertaining to eco- tional Financial Centre and termined airlines’ current University of Arizona pro- (QFC), a leading onshore fi- nomic, business and entre- the WAIFC. The forum gave cleaning solutions effec- vided the MS2 virus and nancial and business centre preneurship themes, the first the floor to senior representa- tively destroy the virus that analyzed test results. in the region, successfully day kicked off with two key tives of the international fi- causes COVID-19. organised a line-up of engag- webinars, including a ‘Get- nancial centres and renowned Boeing completed the ing virtual events spanning ting to Know Qatar’ segment experts who engaged in in- testing as part of its Con- across three days, including that introduced the high-level formative and thought-pro- fident Travel Initiative the 2020 Annual General guests to Qatar’s bourgeon- voking discussions. They also (CTI) to support custom- Meeting (AGM) of the World ing business ecosystem and shed light on the criticality of ers and enhance the safety Alliance of International Fi- exhibited the country’s ris- cross-industry collaborations and well-being of passen- nancial Centres (WAIFC). ing FinTech landscape with and innovative technology- gers and crews during the The diverse engagements interactive activities run by based solutions in addressing COVID-19 pandemic. witnessed a record attend- the Qatar FinTech Hub and the challenges post COVID-19 Testing was conducted ance of over 1,000 attendees SkipCash, a leading Qatari and the role of their organisa- on an unoccupied Boe- in addition to the participa- FinTech firm. tions in this regard. ing airplane against a live tion of all 17 International Fi- The webinar featured The forum was joined by virus called MS2 over the nancial Centres members. Yousuf Mohamed Al Jaida, the QFC CEO alongside Ar- summer. The University Marking the first time Chief Executive Officer and naud de Bresson, CEO and of Arizona’s Department ever Qatar hosted the WAIFC Board Member, QFC; Sarah Managing Director, Paris of Environmental Sciences AGM, the full-fledged com- Al-Dorani, Chief Marketing Europlace, and Chairman of correlated those results Boeing and the University of prehensive programme con- Officer, QFC; Georges Fouad WAIFC; Alexander Voloshin, to SARS-CoV-2, the virus Arizona tested an unoccupied sisted of three webinars and Salem, Business Intelligence CEO, Moscow International that causes COVID-19, in a airplane against a live virus a forum, which showcased Manager, Qatar Development Finance Centre; Wayne Ev- protected laboratory envi- called MS2 as part of its Confi- Qatar’s strategic role in driv- Bank; Henk J. Hoogendoorn, ans, Managing Director, ronment. dent Travel Initiative. ing economic recovery post Managing Director, Finan- International Trade and In- “While these cleaning COVID-19 in the region and cial Sector Office, QFC; and vestment, TheCityUK; and solutions had been tested “This study allowed us beyond. It also leveraged the Mohammed Aldelaimi, Co- Jennifer Reynolds, President in other environments, an to test and validate, for the country’s state-of-the-art Founder and Managing Di- & CEO, Toronto Finance In- airplane behaves differ- first time, that disinfecting technology eco-system and rector, SkipCash. ternational. ently. It was critical for us solutions kill SARS-CoV-2 the QFC’s innovative digital The second webinar, en- Concluding the three-day to evaluate and confirm on an airplane,” said Uni- landscape, which provided a titled ‘Economic Recovery programme, the QFC tapped the chemicals and tech- versity of Arizona microbi- dynamic platform to senior from the Pandemic’ set the into one of the current most niques we recommend for ologist Dr. Charles Gerba. officials and high-level ex- stage for renowned speakers trending global economic de- our customers’ use are ef- “It’s important to recog- perts from over 25 countries from WAIFC’s member inter- velopments – the rise of Cen- fective and battle-tested,” nize we’re not only talking to engage in thought-provok- national financial centres to tral Bank Digital Currency said Mike Delaney, who about SARS-CoV-2, but ing discussions. identify how to re-engineer (CBDC). Co-hosted with PwC leads Boeing’s CTI ef- also other viruses and mi- QFC Chief Marketing Of- key areas of national econo- Switzerland, the final webi- forts. “By working with the croorganisms.” ficer Sarah Al Dorani said, mies, including Sustainable nar, entitled ‘Central Bank University of Arizona, we Boeing and the Uni- “We are pleased to have host- Finance, SME Finance, Regu- Digital Currency (CBDC): Key were able to employ their versity of Arizona contin- ed this AGM for the first time lations, FinTech and Innova- Developments and Relevance world-renowned expertise ue to test recommended since gaining our membership tion, to ignite a lasting and in the Post COVID-19 Mone- in virology to do exactly cleaning methods in a lab last year. This is a momen- resilient global economic re- tary Environment’, highlight- that.” against SARS-CoV-2 and tous occasion for the QFC, as lenging times.” provided participants with an covery. ed how the accelerated dig- The bacteriophage vi- other similar viruses to we continue to complement Dorani added: “Hosting optimum networking and en- A ‘WAIFC Technology itisation of commerce, trade, rusMS2 is safe and harm- further validate their ef- Qatar’s strategic role in ac- this event virtually enabled gaging digital experience. We and Innovation Forum’ fo- government, health care and less to humans and more ficacy. celerating economic growth, us to overcome the current hope that this will be one of cused on technology and digi- financial services is reshaping especially during these chal- global travel restrictions and many events that we will host tal innovation as catalysts to the monetary environment. Economy & Business Monday, October 26, 2020 11 Barwa launches QR5 bn residential projects for families and workers in Al Wakra City

The Madinatna project will offer 6,780 two- and The Barahat Al Janoub project near Al Wakra Central Market will feature 1,404 three-BHK apartments for families in Umm Besher units comprising 16,848 rooms that can house up to four workers in each room

Tribune News Network Doha In numbers

The Barwa Real Estate (BRE) on Sunday launched two resi- 1.141 mn dential projects — one for families and the other for workers the area of Barwa Real — worth more than QR5 bil- Estate’s Madinatna lion in the heart of Al Wakra residential project for City. families in Um Besher, in The company has signed a deal with UrbaCon Trading square metres and Contracting (UCC) for the construction for the projects, named ‘Madinatna’ for fami- 773,457 lies and ‘Barahat Al Janoub’ for workers. the area of Barwa Real The construction works Estate’s Madinatnaresi- for the projects were launched dential project for work- on Sunday at the site of Ma- ers near Al Wakra Central dinatna, in the presence of Market on Mesaieed Minister of Culture and Sports and Chairman of Barwa Real Road, in square metres Estate HE Salah bin Ghanem Al Ali, Secretary-General of Supreme Committee for De- The project is located next livery and Legacy Hassan Al to Al Wakra Central Market Thawadi and Public Works on Mesaieed Road, and is dis- Authority (Ashghal) President tinguished by its proximity to Dr Eng Saad bin Ahmad Al important developmental pro- Muhannadi. jects and sustainable facilities Several senior officials at- such as Al Wakrah Logistics tended the event, including District, Umm Al Houl Free Barwa Board members as well Zone, Hamad Port, and Hamad as UCC Chairman Motaz Al International Airport, in addi- Khayyat and Managing Direc- Minister of Culture and Sports and Chairman of Barwa Real Estate HE Salah bin Ghanem Al Ali, Secretary-General of Supreme Committee for Delivery and Legacy Hassan Al tion to its proximity to sports tor Ramez Al Khayyat. Thawadi and Public Works Authority (Ashghal) President Dr Eng Saad bin Ahmad Al Muhannadi take a tour of a mock-up of the ‘Madinatna’ development, which is part of the two facilities in Al Wakrah City. BRE’s Acting Group CEO residential projects Barwa has launched in Al Wakra. Moreover, Barahat Al Abdulla bin Jobara Al Romaihi Janoub is connected to the and UCC Managing Direc- highway network which adds tor Ramez Al Khayyat signed value to this the distinctive lo- the contract, in the presence cation of the project and pro- of UCC Chairman Moutaz Al vides extra privilege for compa- Khayyat. nies looking to accommodate Following the agreement their workers in an integrated signing, HE Ghanim Al Ali, city. Thawadi, and Muhannadi Commenting on the pro- took a tour of a furnished flat jects, Barwa Group CEO Ab- mock-up in the ‘Madinatna’ dulla bin Jobara Al Romaihi project. said, “Madinatna and Barahat ‘Madinatna’ and ‘Barahat Al Janoub will provide residen- Al Janoub’ projects highlight tial communities with designs Barwa’s commitment to add- inspired by traditional Qatari ing a human dimension to its architecture and equipped with real estate projects, the minis- the latest smart city technolo- ter said. gies. “These modern, sustaina- Madinatna ble residential cities developed Barwa’s residential pro- Officials of Barwa Real Estate and UrbaCon Trading and Contracting during the launch of An artist’s impressions of the Madinatna and Barahat Al Janoub projects by Barwa will provide innova- ject for families will be cover two residential projects in Al Wakra tive solutions and services to 1.141 million square metres different segments of the Qa- and promise to provide high- apartments, with a capacity to the area to the southern re- Metro Station, the Free Zones Hospital and all recreational homes with courtyards. It will tari community, with residen- quality living standards and accommodate approximately gions, Industrial Area and the Metro Station and a number of facilities in Al Wakrah City, feature 1,404 units in various tial environments that meet the various integrated facilities of 27,000 persons. highways including Al Majd public bus service lines add to including the beaches and the multi-stories buildings (G+2), highest standards and specifi- modern cities. The project will also feature and Sabah Al Ahmad Corridor. its advantages. parks, lie in close proximity to equipped with smart city tech- cations, required by the local The Madinatna plan fea- various amenities, including The location also provides The project site is also lo- the project location. nology, offering 16,848 rooms market for residential housing tures multi-storeyed resi- a hypermarket, retail stores, easy access to Ras Bou Aboud cated close to the Al Thumama each accommodating up to and maximising shareholders’ dential buildings (G+4 and mosques and other public util- Street, Corniche and Doha Stadium and the Al Janoub Barahat Al Janoub four persons. returns.” G+4+penthouse), with de- ity services, bringing the total City, via the Sabah Al Ahmad Stadium, which will host some This residential project of Barahar Al Janoub will ac- Ramez Al Khayyat, Man- signs inspired by the tradi- built-up area to approximately Corridor. of the FIFA World Cup 2022 Barwa seeks to provide a fully- commodate approximately aging Director of UCC, ex- tional Qatari architecture and 1.035 million square metres. It also provides easy access matches. integrated city for workers in 67,360 workers, providing pressed his gratitude to Barwa equipped with the latest smart The strategic location to the Hamad International The retail outlets and other Al Wakrah City, following the residents with various service on the confidence put in UCC city technologies. of Madinatna in Al Wakra’s Airport via the Umm Lekhba services in Barwa Village will highest international stand- facilities such as hypermarkets, and confirmed the company’s Madinatna will offer 6,780 Umm Besher will benefit users Intersection on Al Shamal also serve the project due to ards. retail stores, mosques and oth- dedication towards executing apartments, of which 2,040 significantly in terms of con- Road. the close location of the two The project extends over er public services, bringing the this project on time and with are two-bedroom apartments, nectivity as it is located on the Moreover, the proximity cities. Mesaimeer City, Ma- 773,457 square metres, with total built-up area to approxi- the highest safety and quality and 4,740 three-bedroom G-Ring Road, which connects of Madinatna to the Al Wakra saken Mesaimeer, Al Wakra a design inspired by Arab mately 750,742 square meters. standards. First batch of licensed Qatari real estate brokers take oath Amazon wins arbitration become partners in the real hasn’t declared bankruptcy by First step towards keeping unlicensed estate renaissance. a final judgement. order against Future’s Al Suwaidi said the batch Al Suwaidi expressed the agents out of real estate brokerage business received the licence after com- hope that the efforts of the pleting the regulatory proce- Ministry of Justice, in coop- deal with Reliance QNA the Ministry of Justice and dures specified in accordance eration with the ministries Agencies that include a right of first re- Doha Head of the Real Estate Bro- with the provisions of the Accountability and agencies related to the fusal and a non-compete-like kers Affairs Committee, em- law, which include interview- real estate sector, represented A Singapore arbitration pan- pact, media had reported, and In a first step towards prevent- phasised the importance of ing applicants for the profes- The licensing of this batch by the Real Estate Brokers Af- el has put on hold Future Amazon later started arbitra- ing unlicensed agents from licensing the batch as the first sion, inspecting their offices comes within the framework fairs Committee, would con- Group’s $3.38 billion asset tion proceedings in Singa- practicing real estate busi- batch of Qatari real estate bro- and ensuring that they com- of the implementation tribute to the establishment sale to Reliance Industries, pore. ness in Qatar and pushing the kers licensed under the provi- ply with the requirements of procedures of the provisions of leading Qatari real estate an interim win for Amazon. “It’s a comprehensive vic- real estate brokerage business sions of Law No 22 of 2017 practicing the profession, and of the law and pushing the brokerage companies not only com Inc which had alleged the tory for Amazon,” a source towards an organised legal regulating real estate broker- participating in specialised real estate brokerage at the local level but also at the deal between the Indian firms with direct knowledge of the environment, the first batch age. training courses at the Center business towards an regional and global levels. breached some existing agree- decision said. “They’ve won an of licensed Qatari real estate He said this step comes for Legal and Judicial Stud- organised legal environment The Real Estate Broker- ments. injunction to stop the deal.” brokers took the legal oath on within the framework of the ies. He said more than 67 real prepared to keep pace with age Department has started Amazon received an emer- Two sources familiar with Sunday before the Real Estate efforts of the Ministry of Jus- estate brokers have benefited organising specialized courses gency order to halt the compa- the matter said that the tem- Brokers Affairs Committee at tice based on the direction of from it. the urban renaissance for brokers applying to prac- nies from proceeding with the porary injunction was not au- the Ministry of Justice. Minister of Justice and Minis- The real estate brokers witnessed by the country. tice the profession. deal until an arbitration tribu- tomatically enforceable in In- The licensing of this batch ter of State for the Council of who have been licenced have The department called on nal is formed, a source with dia and that the order would comes within the framework Ministers Affairs HE Dr Issa fulfiled all the conditions re- kerage business. experienced Qataris work- direct knowledge of the matter have to be ratified by an In- of the implementation pro- bin Saad Al Jafali Al Nuaimi quired to be met by the real He pointed out that for the ing in the real estate sector told Reuters. dian court. cedures of the provisions of to reorganise the real estate estate broker -- whether they legal person, it is a condition to hurry to register to com- Amazon last year bought a In a statement, Amazon the law and pushing the real brokerage profession in a way are natural or legal persons as that it be a company in accord- plete the licensing and ap- 49% stake in Future Coupons said it welcomed the award of estate brokerage business to- that serves the national econ- controls have been set for li- ance with the provisions of proval procedures to practice Ltd, which owns a 7.3% stake the emergency arbitrator. wards an organised legal en- omy, develop the mechanisms censing, for a natural person, the law regulating commercial the profession of real estate in Future Retail. In August, “We are grateful for the or- vironment prepared to keep of work in the real estate mar- to be a Qatari national, fully companies, its main purpose brokerage. Mukesh Ambani’s Reliance der which grants all the reliefs pace with the urban renais- ket, and follow up the work the qualified, good reputation, he is to engage in real estate bro- The ministry noted that decided to buy retail, whole- that were sought. We remain sance witnessed by the coun- Real Estate Brokers Affairs should not have had a final kerage business, and that the the registration for real estate sale and some other busi- committed to an expeditious try. Committee to educate Qatari judgment or decision cance- share of the Qatari partner or brokers is still open to all com- nesses of the Future Group in conclusion of the arbitration Saeed Abdullah Al Suwai- office-owners and brokers in ling the licence, and that he partners in it is not less than panies and individuals wish- a deal valued at $3.38 billion, process,” Amazon added. di, Assistant Undersecretary the brokerage profession, and has an appropriate headquar- 51 percent of its capital, the ing to practice the profession including debt. Future Group and Reli- for Real Estate Registration maximise the benefit of Qatari ters in the country designated company’s main headquarters of real estate brokerage via the But Amazon’s investment ance were not immediately and Authentication Affairs at real estate brokers who will for practicing real estate bro- in the state, and the company Ministry of Justice website. came with contractual rights reachable for comment. 12 Monday, October 26, 2020 Economy & Business Qatar participates in GCC meeting India’s cbank guv tests positive for COVID-19 Minister of Finance HE Ali Shareef Al Emadi participated AFP “Have alerted those who financial hub Mumbai to re- lowing the months-long strict in the 112th Meeting of the Mumbai came in contact in recent days. gional and rural areas. virus lockdown. GCC Financial and Economic Will continue to work from Other major public figures The Indian government Cooperation Committee, which India’s central bank Shak- isolation. Work in RBI (Re- who contracted the pathogen has eased restrictions to re- was held online on Sunday. tikanta Das on Sunday said serve Bank of India) will go on in the South Asian nation in- vive economic activity even The committee discussed he has tested positive for the normally.” clude Bollywood superstar as an average of 50,000 new ways to further enhance eco- novel coronavirus, one of the India has recorded more Amitabh Bachchan and pow- infections are detected each nomic and financial coopera- most high-profile figures in than 7.8 million infections, erful Indian Home Minister day. tion among GCC members and the world’s second most-in- second only to the United Amit Shah. India’s economic growth increase returns. It also dis- fection nation to contract the States, and more than 118,000 Das, as RBI governor, has shrunk by 23.9 percent be- cussed the General Secretariat infectious disease. deaths. been part of efforts to shore tween April and June and the of the GCC States’ report on “I have tested COVID-19 The outbreak has spread up India’s faltering economy, International Monetary Fund the resolutions implemented at positive. Asymptomatic. Feel- in the vast nation of 1.3 bil- which was already faltering said earlier this month that it its previous meeting. ing very much alright,” the lion people from major cities before the pandemic hit and would contract by 10.3 percent Besides this, Emadi par- 63-year-old tweeted. like the capital New Delhi and has been slumping further fol- for the year. ticipated in the joint meeting of the GCC Financial and Econom- ic Cooperation Committee, the GCC Committee of Governors of Monetary Institutions and Central Banks and the Director General of the International Monetary Fund. It discussed Big week for Big Tech as the financial requirements necessary to implement pre- ventive and direct measures to deal with the consequences of the emerging Coronavirus earnings, hearings loom (COVID-19) and enhance the confidence in the CCG states’ Minister of Finance HE Ali Shareef Al Emadi virtually attends the economies, and achieve finan- 112th Meeting of the GCC Financial and Economic Cooperation Earnings reports are due this week from Amazon, Apple, FB, Microsoft, Twitter and Alphabet cial sustainability. (TNN) Committee. AFP San Francisco

Big Tech is bracing for a tu- multuous week marked by GWC joins hands with Tradeshift quarterly results likely to show resilience despite the pandemic, and fresh attacks from to drive digital transformation lawmakers ahead of the No- vember 3 election. Tribune News Network With backlash against Sili- Doha con Valley intensifying, the companies will seek to reas- The Gulf Warehousing Com- sure investors while at the pany (GWC), Qatar’s leading same time fend off regulators logistics provider, has joined and activists who claim these hands with Tradeshift, a lead- firms have become too domi- ing global company in supply nant and powerful. chain invoicing systems and Earnings reports are due marketplace development, to this week from Amazon, Ap- develop cloud-based solutions ple, Facebook, Microsoft, and fully digitise its procure- Twitter and Google-parent ment, supply chain invoicing, Alphabet, whose combined and payment systems. value has grown to more than The new GWC digital supply Hicham Nedjari, GWC’s Chief Rachid Hamouchene, Sales $7 trillion dollars. chain invoicing and payment Financial officer Director at Tradeshift in Qatar They have also woven CEOs of Amazon, Jeff Bezos; Apple, Tim Cook; Alphabet, Sundar Pichai, and Facebook, Mark Zuckerberg system is powered by Tradeshift themselves into the very fabric Engage and Tradeshift Pay. egy, which includes the new without any load related to of modern life, from how peo- CEOs of Twitter, Facebook appears. These applications provide sell- GWC UPS Distribution Center traditional registrations. This ple share views and get news and Google are already slated “For one, regulators at ers with a full set of e-invoicing, in the Qatar Free Zone and the system allows buyers and sup- to shopping, working, and to testify at a separate Senate The quad home and abroad are gunning ordering and fulfillment tools. Al Wukair Logistics Park. pliers to track invoices and bills playing. panel Wednesday examining ● The four giants drawing to rein in some of the larg- Sellers can easily engage and “Investment in advanced in real-time, while also provid- Robust quarterly earnings the so-called Section 230 law the most scrutiny -- Apple, est US technology names,” collaborate with multiple buy- technology and digitization is ing a flexible payment system results expected from Big Tech which offers liability protec- Amazon, Facebook and Yardeni said in a research ers through a single interface a cornerstone of our national facilitating early payment pro- will “highlight the outsized tion for content posted by oth- note. that enables real-time issue economic growth strategy in grams that suppliers can ac- strength these tech behemoths ers on their platforms. Google -- have been wildly “Also, the Covid-induced resolution and early payments line with Qatar National Vi- cess, which in return maintains are seeing” but “ultimately add successful in recent years tech spending enjoyed over with Tradeshift Cash, allow- sion 2030. The digitization of the working capital for the sup- fuel to the fire in the Beltway Business models ques- and have weathered the the past six months won’t like- ing more transparency and ef- our procurement, invoicing, plier and buyer. around breakup momentum,” tioned economic impact of the ly be replicated.” ficiency in managing purchase and payment system allows us Rachid Hamouchene, Sales Wedbush analyst Dan Ives The four giants drawing pandemic by offering Of interest to the mar- orders, invoices, and payments to enhance efficiency in sup- Director at Tradeshift in Qatar, said in a note to investors. the most scrutiny -- Apple, needed goods and services ket short-term will likely be to keep goods flowing and busi- ply chain and logistics sectors, “We are excited for this part- The results come amid Amazon, Facebook and Goog- whether backlash about what nesses operating. both essential for sustainable nership with GWC, as it plays heightened scrutiny in Wash- le -- have been wildly success- ● Google and Facebook kind of content is left up and GWC provides compre- economic growth,” said Hi- an important role in leading ington of tech platforms and ful in recent years and have dominate the lucrative what is taken down by online hensive logistics services for cham Nedjari, GWC’s Chief Fi- the logistics services sector and follow a landmark antitrust weathered the economic im- online ad market, while titans causes advertisers to cut everything from transporting nancial officer. national supply chains in Qatar suit filed against Google which pact of the pandemic by offer- Amazon is an e-commerce spending on the platforms. heavy and highly specialized “Tradeshift system inte- and provides the latest tech- could potentially lead to the ing needed goods and services. king. Apple has come Organizers of a Facebook oil and gas equipment, to pro- grates seamlessly in our technologies for GWC digitization breakup of the internet giant, Google and Facebook under fire for its tight grip ad boycott vowed early in the viding records management nological infrastructure pro- program.” illustrative of the “techlash” in dominate the lucrative online on the App Store third quarter to continue their services for nearly every bank- viding added value to all our Dan Quinn, General Man- political circles. ad market, while Amazon is an campaign, saying the social ing institution in Qatar as well partners, and improving the ager, Tradeshift Middle East Meanwhile, Senate Repub- e-commerce king. network’s top executives failed as retailers, supermarkets, and services provided to our cus- & Africa Region, added: “At licans have voted to subpoena Apple has come under fire campaign to fend off regula- to offer meaningful action on medical supplies outlets. The tomers, enhancing operational Tradeshift we provide digital Jack Dorsey and Mark Zuck- for its tight grip on the App tion. curbing hateful content. new platform will be integrated and supporting Qatar Digital solutions with the highest in- erberg, the chief executives of Store, just as it has made a pri- “For the most part, tech At the same time, political into the company’s state-of- Government Strategy 2020.” ternational standards to guar- Twitter and Facebook respec- ority of making money from companies know how to do conservatives have accused the-art IT system and within its The Silicon Valley-based antee financial efficiency and tively, as part of a stepped-up selling digital content and this dance,” said analyst Rob Facebook and others of po- infrastructure at Logistics Vil- Tradeshift enables businesses flexibility in supply chain man- assault on social media’s han- services to the multitude of iP- Enderle of Enderle Group. litical bias as social platforms lage Qatar (LVQ), the largest to fully digitize quickly and ef- agement for all organizations dling of online political con- hone users. “They don’t spend a lot of step up their content modera- logistics hub belonging to the ficiently, while Tradeshift En- and companies in Qatar across tent, notably the downranking The firms have stepped time bragging about how well tion. President Donald Trump private sector in the region. gage enables buyers to provide all sectors, contribute to the of a New York Post article pur- up lobbying, spending tens of they have done any more.” has threatened new regulatory Longer term, it will also a valuable offer for the suppli- economic growth and allowing ported to show embarrassing millions this year, and made Ed Yardeni of Yardeni Re- measures which could impact contribute to the ongoing GWC ers providing them with im- to reach new markets region- information about Democrat efforts to show their social search said the outlook for Big the business models of plat- infrastructure expansion strat- mediate and tangible benefits ally and globally.” Joe Biden. contributions as part of their Tech may not be as rosy as it forms.

Lee Kun-hee (1942-2020) ‘Hermit King’ of the Samsung empire dies at 78 AFP He seldom ventured out from played at Samsung headquarters, to school from age 11. Seoul the high walls of his private com- saying it was important to show “My first love was my Peking- pound in central Seoul to visit the how China was quickly catching up. ese,” Lee wrote in a collection of South Korea’s richest and most company headquarters, earning Lee rarely spoke to the media, essays published in 1997. “I learned powerful industrialist, Lee Kun- him the nickname “Hermit king”. but was closely watched whenever then that an emotional dialogue hee, turned Samsung Electronics Samsung is by far the biggest of he broke his long silences, often between a man and a dog was pos- into one of the world’s biggest tech the chaebols, the family-controlled with doom-laden New Year corpo- sible.” companies but lived a reclusive conglomerates that dominate South rate addresses. He was also known for his love existence. Still, occasional pro- Korea’s economy. In meetings with subordinates of movies, horseriding and exotic nouncements on business by the They drove the nation’s trans- and occasional interviews, Lee supercars. Lee studied at Japan’s tycoon, who died at 78 on Sunday, formation from a war-ravaged ruin always stressed the importance of prestigious Waseda University and reverberated through the country. to the world’s 12th-largest econ- bright minds in business. earned an MBA at George Washing- When he inherited the chair- omy, but nowadays are accused “No matter what happens, there ton University in the United States. manship of the Samsung group in of murky political ties and stifling will be nothing to be afraid of if we At the age of 36, he became 1987 -- founded by his father as competition -- with Lee himself have the best talent in designing, vice-chairman of the group’s a fish and fruit exporter -- it was twice convicted of criminal offenc- research and development,” he construction and trading arm, already the country’s largest con- es, in one case bribing a president. (File) Lee Kun-Hee (C), former Samsung Group chairman, leaves after his trial once said. and became group chairman nine glomerate, with operations rang- Lee’s far-sighted leadership as reporters ask him questions at a Seoul court. Lee died on October 25 at the “In the era of unlimited com- years later, shortly after his father’s ing from consumer electronics to style was widely credited with turn- age of 78, the company said. (JEON HYEONG-JIN/AFP) petition, winning or losing will death. construction. ing Samsung Electronics, now the depend upon a small number of Lee was known for taking But Lee transformed it into a group’s flagshipsubsidiary, into one producer of cheap, low-quality burnt all 150,000 mobile phones geniuses... One genius will feed months-long trips to Hawaii and global power -- by the time he was of the world’s leading developers products. it had in stock, paving the way for 100,000 people.” Japan before key business deci- left bedridden by a heart attack and producers of semiconductors, “Let’s change everything except the rebirth of the highly successful Lee, the third son of Samsung sions, including the promotion of in 2014, it was the world’s biggest mobile phones and LCDs. our wives and kids,” he said in “Anycall” handset. group founder Lee Byung-chull, his own son Lee Jae-yong to vice- maker of smartphones and memory Early in Lee’s chairmanship, 1993. Soon afterwards, he ordered had a soft spot for dogs -- developed chairman of Samsung Electronics chips. Samsung was seen as a shoddy The company gathered up and Chinese-made products to be dis- as a child in Japan where he went in 2013.