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QCB to Issue Unified Form for Demand Guarantee Letter, Says ICC Qatar

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QCB to Issue Unified Form for Demand Guarantee Letter, Says ICC Qatar SLUGGISH DEMAND | Page 4 PAST WOES | Page 11 S Korea exports Swedbank tumble for 9th CEO comes month in August under fi re Monday, September 2, 2019 Muharram 3, 1441 AH SAFETY BONDS : Page 12 Gut check time GULF TIMES for US Treasuries aft er biggest BUSINESS rally since 2008 North Field Expansion project seen boosting Qatar construction sector: Dun & Bradstreet By Pratap John Qatar’s construction sector has seen a expected to slow down as the main routes and sources of financing. led by bullish stance in the banking resumption in US-China trade talks. Business Editor “steep growth” in recent years as the construction phases of major projects Energy-price volatility is a concern. and financial, real estate and industrial On Tuesday, while crude futures price country has significantly invested in were completed. Qatar is aiming to However, Qatar has the resources, sectors. edged higher, the price of Opec daily infrastructure mega projects such as a have the bulk of its core infrastructure including through its sovereign wealth In terms of oil prices, Dun & Bradstreet basket settled lower amid global The work on North Field Expansion new port and metro, it said. ready well ahead of the 2022 FIFA fund, to inject liquidity as required. said, these declined last week after demand concerns. project, which is “expected to begin In real terms, the construction sector is World Cup, the report said. Last week, Dun & Bradstreet said, the China stated to impose new tariff s of On Wednesday, prices increased in earnest” in 2020 will provide some over 20 times its size at the start of the Construction sector growth peaked Qatar Stock Exchange index (QEI) around 5% to 10% on $75bn worth of US following release of weekly data from boost for Qatar’s construction sector, century, and has been the main driver at 34% y-o-y in 2017, slowing to 8% outperformed other GCC indices and goods and resume duties on American the Energy Information Administration researcher Dun & Bradstreet has said of economic growth in recent years. in 2018, before registering its first soared by more than 3% and settled autos. This was coupled with data from (EIA) which revealed a decline of 10mn in a report. At its peak in mid-2018, construction contraction in Q1, 2019 – shrinking by above the 10,000 point mark on the Baker Hughes which indicated that barrels in US crude inventories. Oil The North Field Expansion project comprised 24% of non-oil GDP, double 1.2% y-o-y, Dun & Bradstreet said. back of strong buying support from number of active rigs drilling in US prices continued their upward trend on should boost Qatar’s liquefied natural its level in 2013 (average of 12% in Qatar, the report noted, has largely domestic and foreign institutional declined by 19 to 916 last week. Thursday amid optimism surrounding gas (LNG) output by 43% by 2025, Dun 2000-13). overcome the economic impact of investors. The index witnessed an Prices declined marginally last US-China trade talks, Dun & Bradstreet & Bradstreet said. This “outsized” construction sector was the blockade and adopted new trade increase of 35.53% in trading volume, Monday on optimism surrounding noted. MEEZA mission to QCB to issue unifi ed form ensure clients’ business survival in for Demand Guarantee crisis situations atar’s prominent end-to-end managed IT services and solutions provider MEEZA is planning to hold a series Qof roundtables for its existing clients this month to in- troduce them to the Recovery as a Service (RECaaS) model. RECaaS is a cloud computing and backup service that uses cloud resources to protect applications, digital assets and data Letter, says ICC Qatar from disruption caused by disaster. It gives an organisation a complete system backup that allows for business continu- he Qatar Central Bank (QCB) will ity in the event of system failure. It is done by the replication adopt and circulate a unifi ed form and hosting of physical or virtual servers in another location Tof the Demand Guarantee Letter to provide failover in the event of a man-made or natural ca- “soon,” according to the International tastrophe. Chamber of Commerce Qatar (ICC Qa- “As the leading cloud computing services provider in Qa- tar). tar and the Mena region, MEEZA is pleased to host a series of This was announced by the ICC Qatar round tables to inform our Qatar-based clients about the new- Banking Commission during a seminar ly launched Recovery as a Service solution. Business continu- held at the Qatar Chamber headquarters ity, which is an important goal of any organisation, is one of the yesterday. The seminar was attended by main features of our RECaaS solution. We value our relation- ICC Qatar Banking Commission vice ship with our clients and partners and believe that insuring chairman, Ghassan Azar, ICC Qatar di- their business continuity is a precursor for their prosperity. In rector of International Relations and line with the Qatar National Vision 2030, MEEZA will continue Chamber Aff airs, Sheikha Tamader al- to support its Qatar-based clients to achieve their potential, Thani, and representatives of banks and empowering young Qatari talents and underpinning Qatar’s local companies. journey to transform itself into a knowledge-based economy”, According to ICC Qatar, the move said, Ahmad al-Muslemani, chief sales and marketing offi cer, aims to build a unifi ed template for the MEEZA. guarantee letter consistent with the in- “MEEZA’s unique, centralised and unifi ed Business Cloud ternational regulatory standards. platform is hosted across multiple Tier III data centres based Speaking to the media on the sidelines in Qatar. Our subscription-based RECaaS solution comprises of the seminar, Sheikha Tamader said Disaster Recovery as a Service (DRaaS) with continuous real that this step is “a result of enormous time, byte-level replication, automated full or partial failover, eff orts made by the commission with a snapshot and CDP Features with multiple recovery point and view to creating a unifi ed system for the time objectives. Backup as a Service (BaaS) provides an ex- demand guarantee letter.” tremely cost-eff ective backup and archiving solution hosted She also stressed that the move would within the MEEZA local cloud” said, David Wilds, Expansion have a positive impact on the investment Operations Executive, MEEZA Expansion. climate in Qatar and attract more foreign MEEZA Expansion is a fast-growing player in cloud com- investments to the local market. “The puting services, both in regional and international markets. It form will be introduced in the very near ICC Qatar Banking Commission vice chairman Ghassan Azar delivers a presentation during a seminar on the Demand Guarantee Letter, continues to innovate and off er cost eff ective IT solutions and future,” she added. which was organised by ICC Qatar in Doha yesterday. services to help its clients focus on their core business. US, China kick off new round of tariffs in trade war Escalation comes despite signs that ing 15% tariff s on more than $125bn in Chinese said the off icial People’s Daily of the ruling hikes on Chinese goods set to go in place yes- talks could resume in September; imports, including smart speakers, Bluetooth Communist Party. terday will not be delayed, Trump has said. move is latest in trade war that began headphones and many types of footwear. In “China’s booming economy has made China For two years, the Trump administration has more than a year ago; China targets retaliation, China started to impose additional a fertile ground for investment that foreign sought to pressure China to make sweeping US crude with tariff of 5%; Chinese tariff s on some of the US goods on a $75bn companies cannot ignore,” it said, in a com- changes to its policies on intellectual property items aff ected range from footwear to target list. mentary under the name ‘Zhong Sheng’, or protection, forced transfers of technology to audio gear Beijing did not specify the value of the goods ‘Voice of China’, which is often used to state Chinese firms, industrial subsidies and market that face higher tariff s from Sunday. its view on foreign policy issues. access. Reuters The extra tariff s of 5% and 10% were levied Last month, US President Donald Trump said China has consistently denied Washington’s Beijing on 1,717 items of a total of 5,078 products he was increasing existing and planned tariff s accusations that it engages in unfair trade originating from the US. by 5% on about $550bn worth of Chinese practices, vowing to fight back in kind and Beijing will start collecting additional tariff s on imports after Beijing announced its own retali- criticising US measures as protectionist. China and the US began imposing additional the rest from December 15. atory tariff s on US goods. China has pressed the US to cancel the tariff tariff s on each other’s goods yesterday, the Chinese state media struck a defiant note. Tariff s of 15% on cellphones, laptop comput- increase, but said last week that a September latest escalation in a bruising trade war, “The United States should learn how to be- ers, toys and clothing are to take eff ect on round of talks was being discussed between despite signs that talks would resume some have like a responsible global power and stop December 15. the two. time this month. acting as a ‘school bully’,” the off icial Xinhua The US Trade Representative’s Off ice said on The trade war further strains Beijing- A new round of tariff s took eff ect from 0401 news agency said.
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