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Barwa Bank, Ibq Merger to Form Qr80bn Shariah Entity

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Barwa Bank, Ibq Merger to Form Qr80bn Shariah Entity QATAR | Page 16 SPORT | Page 1 Beach boys Samba and Janko claim gold for Cooling vests for Qatar 2022 stadium workers Qatar published in QATAR since 1978 WEDNESDAY Vol. XXXIX No. 10925 August 29, 2018 Dhul-Hijja 18, 1439 AH GULF TIMES www. gulf-times.com 2 Riyals Barwa Bank, In brief ibq merger to QATAR | Aviation Doha-Kochi fl ights form QR80bn to resume today Kerala’s Kochi airport, which was shut down on August 15 due to heavy rain and floods in the south Indian state, will resume operations Shariah entity today at 2pm, the airport owner CIAL (Cochin International Airport arwa Bank and International sisting the growth of private sector.” Limited) said yesterday. All airlines, Bank of Qatar (ibq) have reached “This agreement would combine both domestic and international, Ba fi nal merger agreement, creat- the key strengths of the two banks, in will follow the current schedule ing a Shariah-compliant fi nancial in- the areas of retail and private banking for operations, CIAL said in a stitution with total assets of QR80bn. services, corporate and government communique. Qatar Airways and In a statement yesterday, the two institutions, capital markets as well as Indian carriers – Air India Express, His Highness the Amir Sheikh Tamim bin Hamad al-Thani meeting yesterday with Commander of the US Air Forces Central Qatari banks said their merger would wealth and asset management. By lev- Jet Airways and IndiGo – operate Command in Southwest Asia Lt Gen Jeff rey Harrigian. create a “leading Shariah-compliant eraging these strengths, the combined direct flights between Doha and fi nancial institution with a solid fi nan- entity will be ideally positioned to meet Kochi. Page 3 cial position and robust liquidity” to the needs of a wider range of clients support Qatar’s economic growth and thus increasing its market share,” the REGION | Confl ict fi nance development initiatives in line statement said. US support to coalition with Qatar National Vision 2030. Credit Suisse was previously ap- Amir discusses bilateral strategic The merger will create a combined pointed as fi nancial adviser to Barwa not unconditional: Mattis entity with total assets of QR80bn and Bank, QINVEST adviser to the Board, US support for the Saudi-led a shareholder equity base of more than and Perella Weinberg as fi nancial advi- coalition fighting in Yemen is not QR12bn. sor to the International Bank of Qatar. “unconditional,” Defence Secretary relations with US commander According to this merger agreement, The two banks have agreed to ap- Jim Mattis said yesterday, as he the “two banks will work to complete point a top tier management consult- defended America’s ongoing role is Highness the Amir Sheikh terrorism, and a number of other is- of the US Air Forces Central Command the necessary steps to consummate the ant in order to develop an integrated in the war. The Pentagon chief’s Tamim bin Hamad al-Thani sues of mutual interest. for his role in promoting joint action merger, obtain the required approvals plan, identify the strategy and achieve comments came the same day Hmet yesterday with the Com- At the beginning of the meeting, His between Qatar and the United States of from the regulatory authorities and ob- the desired objectives of the combined as UN investigators said they had mander of the US Air Forces Central Highness the Amir granted the outgo- America, especially in the fi ght against tain shareholders’ approvals before the entity, the most important of which reasonable grounds to believe that Command in Southwest Asia Lt Gen ing Commander of the US Air Forces terrorism. end of 2018. is increase revenue and reduce costs, warring parties in Yemen may have Jeff rey Harrigian and his accompany- Central Command the decoration of Lt Gen Harrigian expressed his grat- “The two entities will be consolidat- which will provide added value to committed a “substantial number” ing delegation, who called on the Amir Sheikh Joaan for military bravery (fi rst itude for the Amir and his pride in be- ed and operate as one bank subsequent shareholders and customers of the two of violations of humanitarian law at the Amiri Diwan to greet him. class) in recognition of his sincere ef- ing bestowed the honour. to their respective general assemblies banks and the national economy. that could amount to “war crimes.” The meeting reviewed the strategic forts to strengthen the strong relations The decoration of Sheikh Joaan is and the adoption of their fi nal fi nancial Reuters had reported in June that Page 4 relations between the two countries, and strategic partnership between the one of the military honours granted by results for the fi scal year ending in De- the two lenders were in advanced talks especially in the military and defence two friendly countries. His Highness the Amir for exceptional cember 2018.” after a three-way merger with Qatar- AMERICA | Politics fi elds, joint eff orts in the fi ght against The Amir thanked the Commander service in the military fi eld. — QNA In a joint statement, the two banks based leading Islamic lender Masraf Al said their merger will create a combined Rayan fell through. Trump warns Google, entity that “supports the economic Currently, 18 banks operate under Facebook and Twitter development of the State of Qatar by the Qatar Central Bank, of which 11 are President Donald Trump stepped Amir meets Canadian ambassador creating a strategic partner for the Gov- national banks. Four of these are Is- up his criticism of Internet firms ernment and the public sector while as- lamic banks. yesterday, hours after attacking Google over what he called “bias” against him and his supporters. “Google and Twitter and Facebook — they are really treading on very, very troubled territory and they New academic year begins today have to be careful,” Trump told reporters at the White House. The MoI, Traff ic Department The education ministry has signed comments come after the president off er safety advice up a total of 711 new teachers, bring- last week slammed social media ing the total in public schools to 13,440, firms for what he claimed was he new academic year is all set compared to 13,591 in private schools. It suppression of conservative voices, to begin in the country today, has also added a total of 5,065 seats by and yesterday’s tirade against Tmarking the return of more than opening new schools in preparation for Google that claimed news search 307,000 students to school after the the new academic year. results were “rigged” to favour “left- summer holidays. In addition, the ministry has distrib- wing media.” The necessary preparations have uted 2,117 buses to diff erent schools for been completed by the Ministry of transporting students and co-ordinat- EUROPE | Military Education and Higher Education and ed with the Traffi c Department to en- other government entities to ensure sure the safety of these buses and the Russia to hold biggest that the 2018-19 academic year has a transportation process. drills since Cold War smooth start. The ministry is conducting a back- Russia will flex its military muscles The Ministry of Interior (MoI) and the to-school campaign at Mall of Qatar and hold the biggest war games His Highness the Amir Sheikh Tamim bin Hamad al-Thani met at the Amiri Diwan yesterday with the outgoing Canadian Traffi c Department have issued safety until August 31 as part of its eff orts to since the Cold War era next month, ambassador to Qatar Adrian Norfolk. The Amir wished the ambassador success in his future mission, and the relations advisories for students and their parents. duly prepare students for the new aca- including almost 300,000 troops between the two countries further progress and development. For his part, the ambassador expressed thanks and Teaching staff began their work on demic year. The campaign has seen a and 1,000 aircraft, the defence appreciation to His Highness the Amir and the State’s off icials for the co-operation he received during his tenure, which Monday to prepare for the fi rst day of considerable turnout of parents and ministry said yesterday, leading contributed to the success of his work. school. students. To Page 16 Nato to warn of a “more assertive Russia”. The Vostok-2018, or East 18, exercises simulating large-scale warfare, which the Kremlin called “justified”, will be carried out from September 11 to 15 in the country’s east, with troops from China and Vodafone connects fi rst customer to its 5G network Mongolia also taking part. Page 10 BUSINESS | Naft a odafone Qatar has marked yes- This follows the Vodafone Qatar’s an- our international peers, Vodafone Qa- Trudeau will sign deal terday the connection of its nouncement on Monday that it switched tar is committed to building a world- Vfi rst enterprise customer - Gulf on its fi rst, live 5G network at an event class digital infrastructure that en- that’s ‘good for Canada’ Bridge International (GBI) - to its 5G that demonstrated the transformative hances the quality of lives and helps to Canadian Prime Minister Justin network in the Qatar Science and Tech- potential of 5G, thanks to incredible drive economic growth and productiv- Trudeau said yesterday he would nology Park. speeds but more signifi cantly ultra-low ity in Qatar.” sign a revamped continental Vodafone Qatar COO Diego Cam- latency, meaning a very low delay for From a business perspective, vir- trade agreement that is “good for beros presented a 5G customer data transmission between two points. tually every industry in Qatar will be Canada,” after the US and Mexico premises equipment (CPE) to GBI’s Camberos said: “We’re delighted impacted by 5G.
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