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Page 01 Jan 26.Indd ISO 9001:2008 CERTIFIED NEWSPAPER Minister to head QE’s new board Business | 17 Monday 26 January 2015 • 6 Rabial II 1436 • Volume 19 Number 6322 www.thepeninsulaqatar.com [email protected] | [email protected] Editorial: 4455 7741 | Advertising: 4455 7837 / 4455 7780 Falling oil prices may Handball: Qatar into world quarter-finals stabilise house rents Market witnessing huge supply-demand gap: Expert DOHA: Falling world oil prices and reports of shelving and rescheduling of some projects by Middlemen ‘to be deported’ the government may help sta- bilise rising house rents in the DOHA: Non-Qataris caught seller, tenant and the landlord,” country, say market insiders. acting as middlemen in real said a real estate expert. Ahmed “The market is already wit- estate transactions or prop- Al Oruqui told this newspaper nessing a huge supply-demand erty rental business without after a seminar on the proposed gap. There are reports of several valid licence are to be deported law was held by the Ministry of projects being shelved. This might immediately once a law regu- Justice yesterday: “The draft is, lead to a lower-than-expected lating real estate brokerage though, at a very early stage”. growth in Qatar’s projected popula- activities comes into force. The Real Estate Registration tion,” a market commentator said. The aim of the draft is to com- Department of the justice min- Details related to either shelv- pletely remove illegal middlemen istry which records and clears ing or rescheduling of mega from the real estate business, all real estate purchase and sale projects with a combined value whether purchase or sale or deals held the symposium to seek Qatar team celebrates after their win during the 24th Men’s Handball World Championship held at Lusail of at least $28bn are already in rental activities. the views of a cross-section of Multipurpose Hall yesterday. Qatar edged through to the quarter-finals of the Handball World Championships public domain. “The idea of introducing a people on the draft, including with a narrow 29-27 win over Austria. See also pages 27 & 28 PIC: BAHER AMIN A huge contingent of fresh new law and replacing the old real estate brokerage firms. labour force was expected to get one is to protect the rights of all Continued on page 4 involved in these projects. parties concerned: The buyer, THE PENINSULA Temporary suspension or shelv- ing of these projects means that there would be lesser inflow of last December after showing Justice data, the total transaction foreign workers being recruited, an upswing until a better part value of real estate in the month of 457 generic medicines cheaper at least in the short-term, said of 2014. In just a month, from November was QR3.6bn, almost a another market analyst. November to December 2014, the billion dollars. DOHA: Prices of 457 generic common chronic diseases in the applies to only 457 medicines. Financial and investment index was down three percent— However, an official from a medicines have fallen in the GCC countries, including cardio- The reduction ranges from 0.45 expert Abdullah Al Khater said from 263.5 points to 255.6 points, reputed real estate agency, LS, local market by an average of 28 vascular, endocrine, musculoskel- per cent to 79.25 percent, with an that in fact Qatar was working QCB data show. focusing on The Pearl-Qatar and percent effective from Friday. etal, skin, and gastrointestinal average of 28.48 percent, it added. on the idea of ‘prioritising’ its The figures also suggest a drop West Bay residential accommoda- This is the second phase of a diseases. Prices of innovative In the first phase, prices were projects well before the market in the index on quarter-on-quar- tion, said he preferred to differ on major price cut being enforced by medicines in the same categories reduced by 30 to 40 per cent on was hit by oil price crash. ter basis. The index jumped 10 the issue of the rental market in the Supreme Council of Health in were reduced in the first phase. average, with the highest cut Simultaneous execution of percent in the third quarter (Q3: Qatar expected to stabilise. line with a GCC decision to unify “Innovative medicine is that reaching about 75 percent. multi-billion dollar projects has July to September, 2014), while in Its sales and leasing manager, import prices of all medicines. produced by a pharmaceutical The SCH said it is working to been putting tremendous pres- the fourth and the last quarter, Dan Strutt, said: “We have not In September last year, the company and for which it holds fix the prices more medicines in sure on the construction sector, the rise was merely 0.71 percent. seen any signs of the rental mar- SCH reduced the prices of 657 a patent right for a number of the following categories: Nervous he said. “The decision to focus on However, overall, the real ket slowing down. Prices may innovative medicines in the same years, after which the door is system, obstetrics and gynae- FIFA-related projects will cer- estate price index jumped 34.6 start to stabilise over the coming categories. Prices of more medi- open for the other companies to cology, infectious diseases, ear, tainly have a bearing on the rental percent for the full year (2014) months, mainly because of the cines are expected to fall in the produce the same medicine under nose and throat diseases, medi- market,” said Al Khater. as compared to 2013, hitting 255.6 promise of increased supply”. months to come, with the SCH a different name, which is known cal lotions and vitamins, respira- An indication of the soften- points in December, as against Strutt said prices have contin- announcing plans to fix prices of as a generic medicine,” the SCH tory system diseases, anesthetics, ing up of the real estate mar- 189.8 points a year earlier. ued to rise in The Pearl-Qatar, about 1,820 medicines by the sec- said in a statement yesterday. tumours and cancers, immunity ket was provided by the Qatar The index had peaked at a record especially for most studio, one ond half of this year. The number of generic medi- diseases, and eye diseases. Central Bank’s real estate price high of 263.5 points in November of and two-bedroom units. The current price cut includes cines included in the current Continued on page 4 index, which went down slightly 2014. According to the Ministry of THE PENINSULA generic medicines for the most phase is 652, but the price cut THE PENINSULA Qatari team visits US today Greece’s Syriza sweeps election DOHA: A Qatari delegation headed by H E Sheikh Mohamed US and India bin Hamad bin Khalifa Al Thani will begin today a visit to the United States of America. The delegation includes the Minister of Finance H E Ali Sherif Al Emadi, Qatar Central seal nuclear Bank Governor H E Sheikh Abdullah bin Saud Al Thani, and Qatar Investment Authority CEO H E Sheikh Abdullah bin Mohammed bin Saud Al Thani. energy deal A press release issued by the Ministry of Finance yesterday said that the delegation will hold a number of meetings within NEW DELHI: In a glow the activities of Qatar-US finance and investment forum. of bonhomie, US President QNA Barack Obama and Indian Prime Minister Narendra Modi unveiled plans to unlock billions of dollars in nuclear trade and to deepen defence ties, steps they Vendors making noise hope will establish an enduring strategic partnership. “We are committed to moving towards full implementation,” likely to face ban Obama told a joint news confer- Anti-austerity Syriza supporters celebrate in Athens yesterday. The party has 35.4 percent of the vote compared to 29 percent for New Democracy, results showed after a third of ballots were counted. See also page 11 ence with Modi. The new deal DOHA: A law to clamp down centres after the proposed law resolved differences over the on illegal street vendors and comes into force. liability of suppliers to India in ban licensed vendors from run- The draft law has been the event of a nuclear accident ning after customers or making prepared by the Ministry of and US demands on tracking the announcements or noise to sell Economy and Commerce and whereabouts of material supplied their goods is on the anvil. sent to the agencies concerned to the country, US ambassador to There are hardly any street ven- to get their opinion. Riyadh quiet for day of mourning India Richard Verma said. dors in the country except the road- The proposed law, as reported REUTERS side watch and shoe repair shops by this newspaper earlier, will RIYADH: The normally grid- King Salman named his nephew, Prince Naruhito, Iraqi Kurdish See also page 14 and the ones operating illegally in apply to all business and indus- locked streets of the Saudi Interior Minister Prince leader Massud Barzani, Belgium’s the Industrial Area on weekends. trial establishments as well as capital were quiet yesterday Mohammed bin Nayef, 55, as sec- King Philippe, Libya’s internation- Then there are the vendors offices, including clinics, and to after the Custodian of the Two ond in-line to the throne behind ally-recognised Prime Minister who appear during the fasting some online trading activities. holy Mosques King Salman bin Prince Muqrin. King Salman also Abdullah Al Thinni, and President TODAY’S EDITION month of Ramadan selling food The draft law asks the Ministry Abdulaziz Al Saud declared a appointed as defence minister one Nicolas Maduro of Venezuela.
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