TikTok to challenge Trump crackdown in court PAGE 10 MONDAY, AUGUST 24, 2020 27,930.33 9,809.05 38,434.72 1,940.47 +190.60 PTS +41.87 PTS +214.33 PTS GOLD -0.35% South Africa retailers feel pain from DOW QE SENSEX coronavirus pandemic PAGE 11 PRICE PERCENTAGE PRICE PERCENTAGE 26.88 BRENT 44.35 -1.22% WTI 42.34 -1.12% SILVER -1.55% Industries Qatar acquires QP’s 25% stake in QAFCO owner of the world’s largest single In addition, and as part of the The $1 billion deal reaffirms Industries Qatar’s site urea producer and expanding same transaction, IQ’s board of its footprints in a well-established directors also approved QAFCO’s position and value proposition in industrial sector fertiliser business, with a proven acquisition of Qatar Petroleum’s track record of operational excel- 40 percent stake in QMC, effective TRIBUNE NEWS NETWORK the shareholders’ approval of the lence and market positioning, along from July 1, 2020. DOHA transaction. with resilient cash flow generation Being the sole shareholder of The effective date of the trans- capabilities, spurred by synergistic QAFCO, IQ will now have full con- INDUSTRIES Qatar (IQ), one of action would be January 1, 2020, opportunities. trol of QAFCO, which would provide the region’s industrial giants, on until expiry of the new Gas Sale As part of the transaction, IQ the ability to appoint all mem- Sunday announced that the com- and Purchase Agreement (GSPA), QAFCO has entered into a new bers of QAFCO’s board of directors, pany has approved the proposed for a proposed purchase considera- GSPA with Qatar Petroleum with and make investing, financing and purchase of Qatar Petroleum’s 25 tion of $1 billion. effect from August 1, 2020 un- dividend decisions, independently, percent stake in Qatar Fertiliser The date and timing of the EGA til December 31, 2035, covering where, QAFCO’s board will ensure Company (QAFCO) and to con- meeting will be announced in due strategy to build its presence and This transaction specifically the gas requirements of QAFCO the strategic alignment and oversee vene an Extraordinary General As- course. The purchase of QP’s stake create value across the downstream enhances the shareholder value by trains 1-6 and Qatar Melamine further creation of value for QAFCO sembly (EGA) meeting to obtain in QAFCO is consistent with IQ’s sector. transforming IQ into a 100 percent Company (QMC). and its sole shareholder. QFCRA agrees to QFB acquires BSN Sports’ settlement with HQ ‘Varsity Brands’ in US GlobeMed Qatar TRIBUNE NEWS NETWORK costs and expenses of the DOHA investigation of QR 54,600 The $41mn acquisition to add yet another income-generating real estate asset to QFB portfolio ($15,000). THE QFC Regulatory Author- GlobeMed was licensed TRIBUNE NEWS NETWORK Totonji said, “We have com- ity (QFCRA) on Sunday an- on August 8, 2007 by the Qa- DOHA pleted yet another acquisition nounced that it has agreed a tar Financial Centre Author- in order to cater to the demand settlement with GlobeMed ity to provide the non-regu- QATAR First Bank (QFB), from our existing and poten- Qatar (GlobeMed). lated activity of Third-Party the first independent Shari’ah tial clients who are seeking to The investigation revealed Administration. GlobeMed compliant bank authorised by gain accesses to the US real that during the period of demonstrated a commitment the QFC Regulatory Authority estate market.” April 2017 to December 2019, to settle the matter at the ini- (QFCRA) and a listed entity on “We are very proud of our it represented in certain doc- tial stage of the investigation, the Qatar Stock Exchange, has team and the hard work they uments that GlobeMed pro- cooperated with the Regu- completed a $41million acqui- have done to secure such a vided insurance mediation latory Authority during the sition of Varsity Brands. unique asset. We are also services in or from the QFC investigation and undertook With the acquisition of honoured to have been able when it was not authorised the necessary remedial steps Varsity Brands, a three-story to syndicate the complete of- to do so, potentially lead- to address the Regulatory Au- 135,0000 square-foot building fering within a few days after ing to misunderstandings thority’s concerns. in Texas, USA, QFB has added going to market, and raising as to the services offered by The settlement agreement yet another income-generating over QR80 million from our GlobeMed. resolves the matter to the sat- real estate asset to its portfolio investors for this product. As part of the settlement, isfaction of the Regulatory of investments. We strive to find the perfect GlobeMed agreed to pay the Authority. Varsity Brands marks balance between risk and re- QFB’s fifth investment in the ward in the investments we US real estate market and has offer to our clients, by secur- been fully syndicated to the ing stable cash-generating bank’s clients. assets, backed by strong enti- 4 Qatari firms Join FTSE Varsity Brands currently ties, in developed markets,” serves as the headquarters for Totonji said. BSN sports, which is the lead- “Managing our clients’ emerging market indices ing marketer, manufacturer money is a responsibility that and distributor of sporting we take very seriously. We are TRIBUNE NEWS NETWORK According to the state- goods apparel and equipment Varsity Brands currently serves as the headquarters for BSN sports, which is the leading marketer, manu- honoured by the opportunity DOHA ment, Ezdan Holding will mi- in the USA. facturer and distributor of sporting goods apparel and equipment in the USA. to be the trusted partner for grate from Mid Cap to Large BSN Sports markets and all of our investors when it FTSE Russell has included Cap. Three companies, Qa- distributes its products to within a land size of 8.41 AC las- Fort Worth metropolitan fuelled QFB’s goal of growth comes to the management of four new Qatari companies tar National Cement, Islamic over 100,000 institutional and with 600+ plus employees area. backed by turn-around finan- their investments,” he said. listed on the Qatar Stock Ex- Holding and Mannai Group team sports customers in col- working including sales, cus- As a part of QFB’s turna- cial and business performance. This investment oppor- change (QSE) to its emerging are added to Micro Cap, the leges and universities, middle tomer support, and corporate round strategy, the bank con- QFB continues to demonstrate tunity is offered on private market indices. statement said. and high schools, and recrea- executives. tinues to offer secure, risk-ad- a positive track record in in- placement basis to ‘Qualified A decision to this effect was Qatari Islamic Insurance tional programmes through- The property was awarded justed and income-generating vesting in the US real estate Investors’ meeting the invest- taken as part of FTSE Russell’s has been deleted from the Mi- out the United States via LEED silver certification in investment opportunities to market. ment eligibility requirements September 2020 Semi-Annual cro Cap in the Semi-Annual catalogue, e-commerce, and early 2019 and is located 11 its clients through a Shari’ah- Commenting on the acqui- in accordance with the rules Review, QSE said in a state- Review. The changes will be direct sales. miles north of downtown Dal- compliant investment plat- sition, QFB Acting Chief Ex- and regulatory requirements ment posted on its website on effective on the closing of Sep- The property expands las and within the larger Dal- form. This strategy has further ecutive Officer Abdulrahman of QFC Regulatory Authority. Sunday. tember 17, 2020. Multilateral ties key to economic recovery post COVID-19: IPA TRIBUNE NEWS NETWORK equipped and ready for new CEO Ahmad Khairuddin Ab- DOHA investment ventures in the dul Rahim and Head of Com- post-COVID era.” munications at the Invest- A full recovery from the cor- Sheikh Ali talked about ment Office of the Presidency onavirus (COVID-19) pan- the importance of focusing on of Turkey Bekir Polat. demic will require multilat- business continuity and re- IPA Qatar oversees invest- eral cooperation among all silience as nations and firms ment promotion activities un- economic stakeholders, In- transition towards a der the Invest Qatar brand and vestment Promotion Agency acts as the country’s key or- of Qatar (IPA Qatar), CEO new economy. ganisation for FDI attraction. Sheikh Ali bin Alwaleed Al Additionally, he discussed Through its vast resources Thani has said. the growing role of the digi- and close coordination with Speaking at a special we- tal sector in Qatar’s march Qatari licensing platforms, binar hosted by the World As- towards a knowledge-based IPA Qatar helps businesses sociation of Investment Pro- economy, and the need for all advance their ambitions and motion Agencies (WAIPA), parties involved to accelerate achieve long-term success by Sheikh Ali said, “So far, we digital transformation in the re- delivering the support, advice, have bilateral discussions covery and post-recovery phase IPA Qatar CEO Sheikh Ali bin and expertise needed. with a number of other IPAs that requires a sustainable ICT Alwaleed Al Thani Experts take part in a webinar hosted by World Association of Investment Promotion Agencies. IPA Qatar’s goal is to and are keen on taking the Infrastructure at its core. showcase Qatar as an excep- conversation further with Entitled ‘IPAs’ Role in a agencies. He said, “Throughout its Dialogue Series. The series global level. tional investment destination, our international counter- Post-COVID-19 World: How WAIPA CEO Bostjan first