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Micro-Businesses Seen As Drivers of Qatar's Economy

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Micro-Businesses Seen As Drivers of Qatar's Economy BUSINESS | Page 1 SPORT | Page 8 Qatar Racing’s Roaring Lion Qatari banks have triumphs in ‘suffi cient cushion’ for further realty credit: QCB Juddmonte published in QATAR since 1978 THURSDAY Vol. XXXIX No. 10919 August 23, 2018 Dhul-Hijja 12, 1439 AH GULF TIMES www. gulf-times.com 2 Riyals FM meets Pompeo Micro-businesses In brief seen as drivers of ARAB WORLD | Confl ict UN warns of new war in Gaza The United Nations (UN) warned yesterday of threats of a new Qatar’s economy war in the Gaza Strip. UN Under- Secretary-General for Political By Peter Alagos dren’s apparel, food items, and other tracted throngs of visitors and cus- Aff airs Rosemary DiCarlo said in Business Reporter novelty merchandise. tomers because of the event’s “unique her briefing to the members of the Some Qatari entrepreneurs, on the concept”. Security Council in his monthly other hand, try to raise the bar a notch He pointed out that the travel re- session on the situation in the amadan and the two Eids have higher by opening food trucks, mini strictions to neighbouring Gulf des- Middle East, that there are threats been timely occasions to do restaurants, and even high-end, ex- tinations wrought by the economic of a new war in Gaza. She added Rbrisk business for micro enter- clusive apparel stores such as the busi- blockade had put local products in the that the humanitarian situation is prises, which are also seen as drivers of ness of Mohamed al-Naimi and Omar spotlight, thus benefi ting many Qatari increasingly exacerbated by Israeli Qatar’s economic growth by entrepre- al-Mannai, who are partners at Code entrepreneurs and other businesses. restrictions on the Gaza Strip, which neurial organisations in the country. Boutique. The huge potential of micro, small has been besieged by Israel since In the absence of brick-and-mortar Code Boutique sells high-end fash- and medium-sized enterprises (MS- 2007. shops, most home-based businesses ion brands and hard-to-fi nd apparel MEs) to drive economic development in Qatar thrive in “virtual stores,” uti- and accessories. But while this business lies at the core of Qatar Development AMERICA | Politics lising social media Apps such as Insta- model is also common in Europe and Bank’s (QDB) Home-based Business gram and Facebook, among others, to Asia, al-Mannai told Gulf Times that National Programme (HBBNP), which White House denies market and sell their products. the concept is fairly new in Qatar, mak- was launched in 2015. wrongdoing During Ramadan and Eid, however, ing it “a fresh off ering in the market”. QDB executive director of Advisory The White House pushed back these shops step out of the virtual This was reiterated by Nasser al-Am- Services and Incubation Ibrahim al- forcefully yesterday against world to interact personally with their ri, the marketing manager of Cloud e, Mannai earlier said QDB’s support for suggestions that a plea deal struck respective customers at the diff erent which organised a night market in Du- home-based businesses aims “to im- by President Donald Trump’s former night markets or bazaars organised hail during Ramadan. He said since the prove their economic and social stabil- lawyer Michael Cohen implicated HE the Deputy Prime Minister and Minister of Foreign Aff airs Sheikh Mohamed bin across Qatar. June 2017 Gulf crisis “people are look- ity”. This, he added, would “contribute Trump in a crime. “As the president Abdulrahman al-Thani met the US Secretary of State Mike Pompeo in Washington Whether in the malls or open spac- ing for new and unique experiences”. to the sustainability and diversifi ca- has said, we’ve stated many times, yesterday during an off icial visit to the United States of America. The meeting es, these bazaars serve as transitory Al-Amri said the more than 60 tion of the national economy, which he did nothing wrong. There are focused on bilateral relations and the means to enhance them, in addition to the venues to shop for various homemade promising business establishments is in line with Qatar’s National Vision no charges against him,” press latest regional developments. products such as women’s and chil- that participated in the market at- 2030”. To Page 2 secretary Sarah Sanders said at a White House briefing. “Just because Michael Cohen made a plea deal doesn’t mean that that implicates the president on anything.” Page 5 REGION | Punishment Aramco halts listing plan Kochi airport to Death penalty sought for Saudi woman activist Reuters drive aimed at restructuring the coun- is that the IPO has been called off for try’s economy and reducing its de- the foreseeable future,” said one of the reopen on Aug 29 Saudi Arabia’s public prosecutor is London/Riyadh seeking the death penalty against pendence on oil revenue. sources, a senior fi nancial adviser. five human rights activists from The prince announced the plan to “Even the local fl oat on the Tadawul he resumption of flight opera- stake-holders including airlines and the kingdom’s Eastern Province audi Arabia has called off both sell about 5% of Aramco in 2016 via a Stock Exchange has been shelved,” the tions to Kochi airport has been ground handling agencies expressed currently on trial in a secretive the domestic and international local and an international listing, pre- source added. Tpostponed to August 29, the their concerns over mobilising man- terrorism court, groups including Sstock listing of state oil giant dicting the sale would value the whole Saudi energy minister and Aramco airport owner CIAL (Cochin Interna- power. It was informed that 90% of Human Rights Watch (HRW) said. Aramco, billed as the biggest such deal company at $2tn or more. Several in- chairman Khalid al-Falih said in the tional Airport Limited) said yester- their staff ers got aff ected with the fl ood Among the detainees is Israa al- in history, four senior industry sources dustry experts however questioned company’s 2017 annual report, re- day. and are out of station. Nearby hotels, Ghomgham, whom Saudi activists said yesterday. whether a valuation that high was re- leased in August, that Aramco “con- Kerala’s largest airport at Nedum- restaurants and eateries still remain said was the first woman to possibly The fi nancial advisers working on alistic, which hindered the process of tinued to prepare itself for the listing bassery near Kochi was shut down on closed. face the death penalty for rights- the proposed listing have been dis- preparing the IPO for the advisers. of its shares, a landmark event the August 15 due to heavy rain and fl oods, “As central Kerala is yet to recover related work. Charges against her banded, as Saudi Arabia shifts its at- Stock exchanges in fi nancial cen- company and its board anticipate with which caused the runway, taxiway and from post fl ood trauma, it is a daunt- include incitement to protest and tention to a proposed acquisition of a tres including London, New York and excitement”. apron to be submerged. ing task to arrange local commutation, providing moral support to rioters. “strategic stake” in local petrochemi- Hong Kong had been vying to host the Aramco had a budget which it used It was initially slated to resume op- logistics of catering items, which will - Page 3 cals maker Saudi Basic Industries Cor- international tranche of the share sale. to pay advisers until the end of June. erations at 2pm on August 18, but ow- cause a cascading eff ect on the pas- poration, two of the sources said. International banks JPMorgan, This has not been renewed, one of the ing to the severity of the fl oods, it was sengers. In view of these apprehen- ASIA | Reconciliation “The decision to call off the IPO was Morgan Stanley and HSBC, were sources said. “The advisors have been later deferred to August 26. sions, CIAL decides to extend the date taken some time ago, but no-one can working as global co-ordinators, bou- put on standby,” a third source, a sen- After two days of cleaning opera- of resuming operations for three more Seoul may stop referring disclose this, so statements are gradu- tique investment banks Moelis & Co ior oil industry offi cial said. tions, the CIAL management held a days. We will be starting all operations to N Korea as ‘enemy’ ally going that way - fi rst delay then and Evercore were chosen as inde- “The IPO has not been offi cially meeting with stakeholders including at 2pm on August 29.” South Korea is considering deleting calling off ,” a Saudi source familiar pendent advisers and law fi rm White called off , but the likelihood of it not airlines and ground handling agencies, Qatar Airways and Indian carriers its reference to North Korea’s with the IPO plans said. & Case as legal adviser, sources had happening at all is greater than it being to review the damage. Subsequently, it – Air India Express, Jet Airways and military as “our enemy” in its Saudi Aramco did not immediately previously told Reuters. on.” Sources have previously told Reu- was decided to extend the reopening IndiGo operate direct fl ights between defence white paper to be published respond to an e-mailed request for Lawyers, bankers and auditors are ters that in addition to the valuations, date by three more days. Doha and Kochi. later this year. The move is in line comment. The Saudi Royal Court had all essential in drafting the prospectus, disagreements among Saudi offi cials In a communique CIAL said, “A Qatar Airways has already rerouted its with the April inter-Korean summit no immediate comment.
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