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QIIB-CIH JV Bank Named EGYPT WOES | Page 3 TELECOM MEET | Page 14 Investors still Deals back as wary despite CEOs head To advertise here reforms drive for Barcelona Call: Monday, February 27, 2017 Jumada I 30, 1438 AH OUTSTANDING FEATS: Page 16 Al Khaliji GULF TIMES named Qatar’s ‘Fastest growing BUSINESS private bank’ QIIB-CIH JV bank named ‘Umnia’; capital raised to Sheikh Faisal: Vote of confidence. Ahlibank 600mn Moroccan dirhams completes he joint venture Islamic bank that has been set up by QIIB and Crédit immo- 5-year bond Tbilier et hotelier (CIH) in Morocco will be named ‘Umnia Bank’. It was announced following an ordinary and extraordinary general assembly of the new bank in Casa- issue raising blanca yesterday. It was also decided to increase Umnia’s capital to 600mn Moroccan dirhams. $500mn The meeting was presided over by QIIB chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani. Ahlibank has completed a new $500mn Ahmed Rahhou, CEO, CIH Bank and Ab- fundraising under its $1.5bn EMTN programme in dulbasit Ahmad al-Shaibei, CEO, QIIB were the international debt capital markets. among those present. The 5-year bond carries a coupon rate of 3.5% Sheikh Dr Khalid said, “We are closer to and was significantly oversubscribed despite formally launching the activities of Umnia challenging financial markets and increased market Bank. We are very happy to reach this stage, supply. and are hopeful that our new venture will be This new bond issue has been assigned an ‘A2’ extremely successful.” credit rating with a stable outlook by Moody’s. He said the licence for the new JV bank Ahlibank chairman and managing director Sheikh had already been issued by the Central Bank Faisal bin AbdulAziz bin Jassem al-Thani said, “We of Morocco. are delighted to have successfully completed our “Ours was the fi rst licence to be issued in a second fundraising, which we see as a continued set of applications for the new Islamic bank international vote of confidence in both Qatar and in Morocco. Our application was very strong our bank, by a range of institutional investors in and so are our credentials. We now look to be the Middle East, Asia and Europe. More than 170 the best Islamic bank in Morocco,” Sheikh Dr leading institutions participated in the fundraising Khalid said. which was four times oversubscribed. We had great He said the Moroccan economy remained support from our joint lead manager/bookrunner “very good” and for this reason “it is a good banks namely Bank ABC, Barclays, HSBC, Mizuho, opportunity for us.” QNB Capital and Standard Chartered Bank.” “We are determined to contribute to the Ahlibank chief executive off icer Salah Murad said, Moroccan economy and with a professional Sheikh Dr Khalid, al-Shaibei and Rahhou among others during the ordinary and extraordinary general assembly of Umnia Bank in “The response to our fundraising after a highly team and approach we will do it,” Sheikh Dr Casablanca yesterday. successful roadshow in the Middle East, Asia and Khalid added. Europe has been overwhelming and we have met The joint venture in Morocco will be In an earlier interview with Gulf Times, al- provide us a gateway to this huge market in non-conventional banking. A lot of peo- our objective to diversify our funding base and among those pioneering Shariah-compliant Shaibei had said he expected Morocco to be and the kingdom has good relationship ple are now outside the system because they increase our visibility in these regions. Islamic banking in the kingdom. a “launch pad” for QIIB and its joint venture with the countries in North Africa,” he can’t do business with conventional banks “The healthy geographic split of investors resulted In 2015, QIIB had signed a joint venture bank in the kingdom. said. for religious reasons; they have a clear alter- in the Middle East taking a 34% share, Asia 33%, agreement with Morocco’s CIH Bank for the “We believe Morocco will be our gate- Al-Shaibei said with the entry of Islamic native now. This will add a lot of value to the Europe 31% and others 2%. We have further establishment of a bank in the kingdom. This way to North Africa. “There is a huge mar- banks, more channels would be opened in Moroccan economy”. improved the stability of our funding structure step followed a detailed feasibility study that ket waiting to be tapped in North Africa, Morocco. Al-Shaibei also emphasised that the new as well as positioning ourselves with both Basel was conducted by QIIB taking into consider- which is in need of Shariah-based, value- “There will be new channels for gov- JV bank in Morocco was not in competition III requirements and equipping our bank with the ation all factors such as the expected returns driven banking. In Morocco, people are ernment sukuk…even semi-government with conventional banks. “Purely, we have a necessary tools to achieve controlled growth.” on investment and other market factors. looking for Islamic banking. Morocco can projects will be able to tap this new market complementary role to play,” he said. Qatar Airways Cargo receives ‘Global Cargo Airline of the Year’ award Milaha posts net profi t Qatar Airways Cargo received the ‘Global Cargo Airline of the Year’ award at a grand gala held last week in Johan- nesburg, as part of Africa’s biennial air freight industry of QR711mn in 2016 trade exhibition and conference, “Air Cargo Africa,” that took place recently. The award is a significant recognition of Qatar Airways ilaha has reported a net profi t of Cargo’s success. The cargo carrier was voted the ‘Global QR711mn on operating revenue Cargo Airline of the Year’ award by STAT Times readers Mof QR2.55bn, translating into via online voting prior to the awards announcement. earnings-per-share of QR6.26 in 2016. Qatar Airways Cargo made the cut with the highest The company has recommended 35% reader votes among the top five nominees in this award cash dividend to be approved by share- category. holders at an annual general assembly On the achievement, Qatar Airways chief off icer (cargo) meeting to be held later. Ulrich Ogiermann said, “The ‘Three Rs’ approach – which “2016 was a profi table year for Milaha stands for rates, reliability and relationship – is at the very Nicholas Danton, Qatar Airways regional cargo despite the challenging business envi- heart of our business. We are thankful to our customers manager for Africa (left) receives the award and ronment. Our strong balance sheet and who place their trust in our brand and services. Having certificate from Glyn Hughes, IATA global head formidable asset portfolio will allow us started off with three freighters in 2003, we have come (cargo). to continue executing our long-term a long way to reach the No 3 position on IATA’s interna- growth strategy and expanding our pres- tional FTK (freight tonne kilometres) ranking today. This encourages customers to manage their bookings and ence in Qatar and beyond,” Sheikh Ali bin award goes out to each and every employee at Qatar businesses online with Qatar Airways Cargo. Jassim al-Thani, Milaha chairman said. Airways Cargo, who strives to ensure we live up to our The state-of-the-art hub at the Hamad International Milaha Maritime and Logistics’ net ‘customer first and service excellence’ motto.” Airport (HIA) in Doha that opened in 2014 has a capacity profi t was QR144mn in 2016 compared to Sheikh Ali and al-Mannai: Long-term growth strategy. “Congratulations to Qatar Airways Cargo on this well-de- to handle 1.4mn tonnes of cargo annually. The 292,000 QR264mn a year-ago, mainly as a result served win. This victory is testimony to the cargo carrier’s square metres cargo complex has separate areas for of lower revenue from its port services Milaha Off shore recorded a net loss of in 2016 against QR24mn in the previous continuous drive and emphasis on delivering the highest pharmaceuticals, perishables, dangerous goods, and unit, which was aff ected by a drop in stor- QR115mn in 2016 compared to a net profi t year because of a “signifi cantly” weaker levels of service within the air cargo industry,” said RK valuables; it also includes a 4,200 square metres live age and general/bulk cargo revenue, and of QR93mn for 2015, mainly due to one- market for commercial trucks and heavy Patra, chairman and founder of STAT Media Group. animal facility. rate pressure in container shipping unit, time impairments of QR161mn. equipment, which in turn was due to a Qatar Airways Cargo has invested substantially in The airline is currently planning the construction of a which still managed to grow its market Operationally, reduced exploration slowdown in new construction projects automating its systems and processes with the rollout second, even larger cargo terminal in Doha. The new share and volumes. and production spending by both in- in Qatar during 2016. of its Cargo Reservations, Operations, Accounting and 110,000 square metres double-decker facility has the Milaha Gas and Petrochem’s net profi t ternational and national oil companies “Despite the multiple macroeconomic Management Information System (CROAMIS) to enhance capacity to handle 3mn tonnes of cargo a year, increasing was QR415mn in 2016 against QR457mn contributed to a historically-depressed and sector-specifi c challenges we faced eff iciency in its end-to-end business processes. the combined annual capacity to 4.4mn tonnes. the previous year, mainly due to a slump market environment, its spokesman said. in 2016, operationally, we had an even The carrier also launched its first mobile app, QR Cargo, The new terminal plan underlines Qatar Airways Cargo’s in both tanker and gas carrier charter Milaha Capital’s net profi t for 2016 better year as we entered new markets, which is linked to CROAMIS, to provide ease and conven- commitment to continued growth and expansion for the rates.
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