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Page 01 Nov 07.Indd BUSINESS Tuesday 7 November 2017 PAGE | 22 QE PAGE | 23 8,014.71 7,562.28 23,556.32 $56.24 Made in Qatar: -112.18 +1.93 PTS +17.13 PTS +0.60 French Altice & US Huge response 1.38% 0.03% 0.07% Sprint launch new from exhibitors FTSE100 DOW BRENT mobile venture Dow & Brent before going to press QFC reaches out to potential Turkish investors The Peninsula trade volume between Qatar and trade relations between Qatar Trade volume Turkey stood at $834.5m in 2016 and Turkey,” he said. mid rising bilateral In the first quarter of and that figure was recorded at Sheikha Alanoud added: “Our trade relations 2017 Turkish $634m in the first eight months discussions with Turkish busi- between Qatar and companies undertook of 2017. nesses have proved very Turkey, Yousuf 128 projects totalling “Our recent visit to Ankara worthwhile. We have raised Mohamed Al Jaida, and Istanbul was highly produc- awareness about the QFC plat- $14.2bn in Qatar. It CEOA and Sheikha Alanoud bint tive. Qatar and Turkey’s economic form and have had a lot of interest was recently Hamad Al Thani, Managing and business interests continue from businesses wishing to Director, Business Development, announced that Qatar to grow stronger and both regions expand to Qatar. There are over at the Qatar Financial Centre will invest $19bn in are benefitting from one another. 200 Turkish companies operat- (QFC) Authority, recently met Turkey in 2018. As one of the most competitive ing in Qatar with many joint with Ankara and Istanbul based countries in the Arab region, ventures between Turkish and investors and businesses look- The bilateral trade Qatar’s business environment Qatari business people. This is a ing to expand to Qatar. They also volume between offers countless rewarding oppor- figure we anticipate will increase, met several government officials Qatar and Turkey tunities to businesses and and the QFC platform is one ave- Nihat Zeybekci (centre), Turkey’s Minister of Economy and including Nihat Zeybekci, Tur- stood at $834.5m in investors looking to expand,” Al nue that will help bring more key’s Minister of Economy and Jaida said. Turkish companies to Qatar.” Commerce with Yousuf Mohamed Al Jaida (second right), 2016 and that figure Commerce. “The QFC continues to be an The QFC endeavours to pro- CEO of QFC; and other QFC officials on the sidelines of their was recorded at Qatar and Turkey have integral part of Qatar’s strategy mote Qatar as a lucrative meeting in Turkey, recently. always had strategic relations in $634m in the first to diversify its economy. Our destination for Turkish compa- many areas of cooperation, built eight months of 2017. meetings with Turkish govern- nies. Once a company submits its firms enjoy competitive benefits, repatriation of profits, 10 percent upon a strong and friendly his- ment officials were also very application, a dedicated QFC rela- such as operating within a legal corporate tax on locally sourced torical relationship. Trade projects totalling $14.2bn in positive and gave us the chance tionship manager is appointed to environment based on English profits, and an extensive double relations continue to increase; in Qatar. It was recently announced to discuss our diversification provide guidance on the registra- common law, the right to trade tax treaty agreement network the first quarter of 2017 Turkish that Qatar will invest $19bn in ambitions and how we can help tion process, obtaining a license in any currency, 100 percent for- with more than 60 countries, companies undertook 128 Turkey in 2018. The bilateral to add to the increasing bilateral and setting up operations. QFC eign ownership, 100 percent including Turkey. EU finance minsters’ meet Commercial Bank launches first contactless Debit Cards in Qatar The Peninsula Debit Card as a normal chip and Contactless cards are a fast, PIN card for conducting transac- easy and secure way to pay for ommercial Bank tions if the value of transaction is purchases by simply touching announced the launch of higher than the contactless daily your card on a reader, and a PIN Cthe first contactless Debit limit. is not required. Transactions are Cards in Qatar on the internation- Contactless cards are the lat- much faster compared to cash ally accepted Visa & MasterCard est innovation from Commercial and PIN-based transactions, NFC platform. Bank to make banking simple and making contactless “Tap & Go” The contactless Debit Cards convenient for the best client an important feature for super- will enable Commercial Bank’s experience. Starting in Novem- markets, fast food outlets, mass customers to conveniently “Tap ber, Commercial Bank will roll public transport, ticketing and & Go” at NFC-enabled point of out the first batch of contactless sporting events in many parts of sale (POS) terminals and they can Debit Cards to the Qatari market, the world. also use the card as a normal shortly followed by contactless “Commercial Bank has a long Debit Card at any POS terminal. Credit Cards and Pay Cards. tradition of being innovators in Commercial Bank contactless Another digital innovation com- the payments market and we are FROM LEFT: Johan Van Overtveldt, Belgian Finance Minister; Hans-Joerg Schelling, Austrian Debit cardholders will not be ing soon from Commercial Bank proud of introducing the first con- required to enter a PIN or sign are digital wallets. Set to go live tactless Debit Cards in Qatar, with Finance Minister; and Pierre Gramegna, Luxembourg’s Finance Minister react at the start receipts for transactions up to QR in Spring 2018, digital wallets Credit Cards following soon,” said of an eurozone finance ministers meeting in Brussels, Belgium, yesterday. → See also page 24 100 per day. Customers will also allow customers to pay for pur- Joseph Abraham, CEO, Commer- have an option of using their chases using their mobile phones. cial Bank Group. Gulf NOCs need to focus on integration of value chains QIB inks sales & purchase deal The Peninsula countries with significant oil compound annual growth rate including oil production, refin- around 4,000 retail fuel stations, reserves continued to receive the of 12 percent. ing, shipping and most under its own Q8 brand, with MBSB CC states must increase greatest possible benefit from “As the global market for oil, petrochemicals. makes direct sales of fuel and their investment in value- their natural resource. gas and petrochemicals further EQUATE is a key part of heating oil to retail and indus- Gadded oil and gas “Historically, downstream evolves, we need to bring more these investments, 42.5 percent trial customers, is a major QATAR Islamic Bank (QIB) processing to support sustaina- industries in the Gulf have been of the processed value of petro- owned by KPC subsidiary, Pet- supplier of diesel to the road has signed a sales and pur- ble, long-term economic growth, relatively underdeveloped,” leum products within our own rochemical Industries Company transport industry, and a signif- chase agreement with Malaysia one of Kuwait’s leading indus- Husain said. “Exports from the economy as means for greater (PIC), in a partnership with US- icant supplier of aviation fuel at Building Society Bhd (MBSB) to try executives said yesterday. region itself were generally as diversification and industrial based Dow Chemical Company about 40 airports worldwide. sell its full stake of 60 percent Kuwait’s petrochemical pro- crude oil, with value adding tak- presence. This has become a high with an equal stake. Currently, KPC is now increasing its in the Asian Finance Bank, its ducer and international joint ing place outside the regional priority for Gulf NOCs.” EQUATE is the world’s second investment within Kuwait and affiliate in Malaysia. venture investor EQUATE’s Pres- economy. However, over the last For more than 30 years, largest producer of ethylene gly- the GCC. The under-construc- The sale process is ident and CEO Mohammad two decades, the region has Kuwait has consistently used col, which is used in a variety of tion $16bn Al Zour refinery will expected to be consummated Husain said better integration of emerged as a global hub for the downstream investments to applications including polyester be a 615,000 barrel per day within a period of six months upstream, midstream and down- production of chemicals and pet- increase the value of its petro- fibres. ultra-modern facility, to be oper- from date of the sales and stream sectors of the industry rochemicals, and the industry leum resources, operating a Another subsidiary of KPC, ated by the recently formed purchase agreement, QIB said must be a priority for national has been on a consistent and group of interlinked companies Kuwait Petroleum International subsidiary, Kuwait Integrated in a regulatory filing to Qatar oil companies (NOCs). exponential expansion drive, under the umbrella of the Kuwait (KPI), has refinery investments Petrochemical Industries Com- Stock Exchange (QSE), This would ensure that growing at an average Petroleum Corporation (KPC), in Europe and Asia, supplies pany (KIPIC). yesterday. 22 BUSINESS TUESDAY 7 NOVEMBER 2017 Made in Qatar: Information security conference concludes Huge response from exhibitors Local handicrafts This year’s expo will also have a special pavilion dedicated to local handicrafts where entrepreneurs will get opportunity to introduce their products. Mohammad Shoeb The Peninsula sectors, including all industrial he upcoming ‘Made sectors, heavy industries and FROM LEFT: Dr Ahmed Bouridane, Head of Computer and Electronic Security Systems Lab, Northumbria University - UK; in Qatar’ expo is SMEs. Toney Jennings, CEO - Encryptics; Mustapha Huneyd Bengali, Assistant Director Corporate Information Security, Corporate receiving an over- Saleh bin Hamad Al Sharqi Information Security at Ooredoo; and Mirza Asrar Baig, CEO-CTM360, at the panel session on ‘Cyber Security through whelming response (pictured), Director-General of Data Analytics and Machine Learning’ during the Fourth Annual Information Security Conference for the Financial Sector, from the exhibitors.
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