Organised Retail Space Supply up by 100% Since 2015
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Economy & Business Thusday, February 14, 2019 13 GIS reports QR2.5 bn revenue & EBITDA of Organised retail space supply QR746 mn for 2018 up by 100% since 2015: DTZ TRIBUNE NEW NETWORK DOHA Net profit decreased on the previous year and the report- n Five new malls are expected to be completed this year n The malls will add 350,000 sqm GULF International Services ed net loss for 2018 was (GIS) has announced revenue QR98 million. The loss was of gross leasable area to an existing 1.4 mn sqm of QR2.5 billion and an EBIT- due to increased finance DA of QR746 million for the year 2018. costs resulting from a hike The group’s revenue QR2.5 in policy interest rates billion for 2018 was marginally up by QR0.1 billion or 5 percent ministrative expenses resulted over the last year, said a press in an increase in the EBITDA release on Wednesday. compared to the last year. All segments, except the Net profit, on the other catering segment, reported hand, decreased on the previ- growth over the previous year. ous year, and reported net loss The aviation segment wit- for 2018 was QR98 million. nessed a marginal growth com- The loss was due to in- pared with the previous year, creased finance costs resulting the GIS said. from a hike in policy interest The insurance segment rates and recognition of one-off was able to regain some of the expenses relating to the impair- previously lost businesses, in ment of assets in the drilling addition to capturing new busi- segment. nesses in both the energy and The GIS continues the ex- medical lines of business, re- ecution of some of the opportu- sulting in a significant increase nities identified by the growth in revenue, the company said. strategy initiatives that were The catering segment wit- concluded in early 2018. nessed a reduction on last year, These opportunities include primarily due to demobilisation the recently announced agree- of some of the projects and re- ment between GDI and Sead- duced occupancy in the camps. rill to utilise synergies in Qa- The drilling segment wit- tar’s offshore drilling market, nessed a marginal growth on continued assessment of the the previous year, the segment group’s operation to capture benefited from the deployment potential revenue enhance- of some of the assets that were ment and cost improvement not previously contracted and opportunities, the release said. the recovery of the crude oil The implementation of prices. these initiatives, which are in The group reported an various stages of completion, EBITDA of QR746 million is progressing well. The group marginally up on last year. An expects that the completion of increase in the revenue and these initiatives will bring the savings in the general and ad- intended benefits. Ford recalls 1.48 mn F-150 Outside of the main organised malls, outdoor destinations such as Medina Centrale and Porto Arabia in The Pearl Qatar, Katara Cultural Village and Souq Waqif provide in excess of pickups in North America 200,000 square metre of leasable retail accommodation. RAHUL PREETH in Abu Hamour, Katara Mall dersupply to oversupply within DTZ said it has witnessed a REUTERS related to the issue. DOHA in Al Qassar, Northgate Mall ‘The substantial increase in three years. This has had an significant increase in enquir- WASHINGTON The recall covers 1.26 mil- in North Doha, La Galleria in retail development has impact on both rental levels ies from the F&B operators, no- lion trucks in the United States ORGANISED supply of retail Msheireb and Doha Souq in Al and occupancy in most of the tably those looking for “casual FORD Motor Co said on and 221,000 in Canada. Deal- space in Qatar has increased Mirqab. transformed the market from major retail malls,” the report dining” restaurants over the Wednesday it was recalling ers will update the powertrain by more than 100 percent since These malls would raise undersupply to oversupply said. past six months. about 1.48 million F-150 pick- control software. 2015 with the opening of 13 the retail space supply in the within three years. This has As supply continues to “This industry has recently up trucks in North America Ford also said it is issuing new malls in Doha, Al Khor country by more than 350,000 had an impact on both rent- grow, DTZ said it expected re- seen a significant boost in the due to a potential transmis- two other recalls. One cov- and Al Wakra, advisory firm sq m. al levels and occupancy in tail occupiers and shoppers to business, brought about by de- sion downshift issue that could ers 28,200 2017-19 Lincoln DTZ has said in its latest report Outside of the main organ- gravitate towards malls that livery apps such as Talabat,” it increase the risk of a crash. Continental vehicles in North on Qatar’s real estate. ised malls, outdoor destina- most of the major retail benefit from a choice of leisure said. Prime retail rents are still Ford said select 2011-2013 America for door latches that The total supply of gross tions such as Medina Centrale malls,’ DTZ report said and entertainment and de- in between QR250 to QR350 model year trucks with six- may not engage due to the leasable area within retail and Porto Arabia in The Pearl mand for food and beverage per sq m per month for some speed automatic transmis- buildup of silicon contamina- malls now tops 1.4 million Qatar, Katara Cultural Vil- (F&B) provisions, strong an- of the prime retail malls, the sion could experience an un- tion and could result in the square metres, of which almost lage and Souq Waqif provide Tawar Mall in Umm Lekhba, chors, and generous car park- report said. intended downshift into first door opening while driving. 800,000 sq m is provided in in excess of 200,000 sq m of which provides approximately ing facilities. However, it added there gear without warning, which Ford said it was not aware the country’s five largest ‘su- leasable retail accommodation, 90,000 sq m of leasable retail The report said the demand were signs that discounted could result in the loss of ve- of any reports of accidents or per-regional’ malls. which comprise a high per- space. for (F&B) outlets remains rents were on offer in some hicle control. Ford is aware of injuries. Dealers will replace This year may see the open- centage of food and beverage “The substantial increase in strong in Qatar, although op- secondary locations in order five accidents, including one the door latch assemblies in all ing of five additional retail outlets. The most recent retail retail development has trans- erators are increasingly “rent- to retain tenants and maximise report of whiplash potentially four doors. malls in Qatar — Doha Mall mall to open in Qatar has been formed the market from un- sensitive”. occupancy. Apple, Walmart, al khaliji organises ‘Ping Pong’ event, Instagram contest on Sport Day IBM CEOs join White House TRIBUNE NEWS NETWORK Sport Day is the ideal opportuni- advisory panel DOHA ty for everyone to come together NEW YORK: The chief executives and explore new ways to stay fit of Apple Inc, Walmart Inc, IBM AL Khalij Commercial Bank (al At al khaliji we strive to and active,” said Rana al Asaad, Corp and other major companies khaliji) celebrated the eighth support community initiatives Head of Personal Banking at al are joining a Trump administra- Qatar National Sport Day by or- that encourage our citizens khaliji. tion advisory board that hopes ganising a ‘Ping Pong’ event on and residents to adopt and “We believe that the health to prepare US workers to deal February 11 and 12 at the Doha and wellbeing of our employ- with job training issues and the Festival City and launched an maintain healthy lifestyles. ees is significant in enhancing worforce shift brought by artificial Instagram contest. Qatar National Sport Day is productivity levels and ensur- intelligence and automation, The Ping Pong event was an opportunity for everyone to ing the creation of a sustainable the US Commerce Department part of al khaliji’s Corporate So- come together and explore workforce. The bank actively said on Wednesday. President cial Responsibility (CSR) pro- new ways to stay fit and active advocates wellness and healthy Donald Trump signed an execu- gramme, focused on promoting lifestyle among its employees tive order in July creating the an active healthy lifestyle among Rana al Asaad, Head of and families through various 25-member board, co-chaired by the people, said a press release Personal Banking at al khaliji initiatives throughout the year in adviser Ivanka Trump and Com- from the bank on Wednesday. line with Qatar’s National Vision merce Secretary Wilbur Ross, The participants were 2030 for the development of a to address workforce issues cheered by their colleagues and were given a chance to win the healthy society,” added Asaad. including “automation, and arti- friends to win during the event. IphoneX. The Qatar National Sport ficial intelligence that is shaping At the end of each game, winners “At al khaliji we strive to Day aims to create awareness many industries.” Other chief received prizes, the release add- support community initiatives on the importance of sport and executives joining the board are ed. The Instagram contest saw that encourage our citizens and fitness It also provides an op- those of Lockheed Martin Corp, a big wave of engagement and residents to adopt and maintain portunity to spend time with col- Siemens USA, Home Depot Inc al khaliji’s Ping Pong event focused on promoting an active healthy lifestyle among the people.