Business WEDNESDAY 16 DECEMBER 2020 Qatar enhanced its economic laws, means of resolving commercial disputes The Qatari Arbitration Law indicates the role of arbitration institutions and their authority in administrating the procedures. It contains only few mandatory rules. Sheikh Dr. Thani bin Ali Al Thani Member of Court of International Arbitration BUSINESS | 03 QSE 10,480.69 -1.27 (0.01%) FTSE 100 6,513.32 −18.51 (0.28%) DOW 30,179.17 +317.62 (1.06%) BRENT$50.55 (+0.24) Qatar's economic recovery Vodafone covers unmatched in the region Al Rayyan Stadium SACHIN KUMAR with its 5G network that we have here in Qatar has THE PENINSULA THE PENINSULA — DOHA The PMI readings have seen a been in continual demand World Cup preparations accel- throughout the COVID-19 erate, so will fans’ expectation The recovery in Qatar’s consistent rise in the past few crisis,” he said. In yet another 5G milestone, for super-fast connectivity. economy is consistent and is months. The PMI rose to 52.5 "So we have only had to Vodafone Qatar announced The ability to share videos, unmatched in the region. The in November, from 51.5 in shut in about 1.3 percent of that yesterday that it has expanded pictures and messages with long term growth prospects of October, to signal an production over the period its 5G network to cover Al people online will be an Qatar’s economy are bright and improvement in operating versus (some of) our neighbours Rayyan Stadium, paving the important aspect of the fan expe- the economy is expected to conditions in the non-energy have had to shut in 10 percent way for a truly incredible expe- rience and with more than a grow at a faster pace over the private sector. crude oil production during the rience for fans during the FIFA million people expected to travel next decade, said a senior same time,” he added. and those will not only be in World Cup Qatar 2022 and for to the Middle East’s first World official of Qatar Financial Qatar’s economy is service of the games themselves all other local and international Cup, the level of connectivity and Centre (QFC). expected to witness accelerated but also will be adapted for sporting events to take place in sharing will be exceptional. “The Purchasing Managers’ November, from 51.5 in growth over the next decade, touristic use or all sorts of com- the stadium. The incredibly fast speeds Index (PMI) tells us that Qatar’s October, to signal an helped by World Cup related mercial uses in the years The country will get its first and ultra-low latency that 5G economic recovery is all about improvement in operating con- preparations, expansion of LNG ahead,” he said. glimpse of the visually stunning technology delivers enabling fans sustained recovery and new ditions in the non-energy production capacity and “The second major factor is and culturally important to stay seamlessly connected business and that is unmatched private sector. The PMI stood at increased activities in free the North Field Expansion and 40,000 capacity venue on during the tournament will form in our region. I see, for example, 51.5 in October, up fractionally zones. that is going to be looking out December 18 when the stadium a large part of delivering an over the last four months that from 51.4 in September, driven “We have a lot of promise from 2025 to 2028. This is 64 plays host to Al Sadd and Al unforgettable experience for we have had a large increase in by strong business expectations over the next decade to be percent increase in terms of Arabi and spectators can those inside the 2022 venues. new orders and those continue and realised transactions. growing at a fast pace and those LNG export capacity. That is capture the event’s highlights Vodafone is fully prepared to to be so,” Senior Economic “The Purchasing Managers’ are really for three primary going to be brought online up via 5G smartphones powered deliver this experience not only Advisor, Qatar Financial Centre, Index only covers four non- reasons. One is the preparations to until 2028 according to latest by Vodafone Qatar’s incredibly in stadiums but across country. Thaddeus Malesa (pictured) energy sectors and for Qatar’s for the FIFA World Cup 2022 industry estimates. This will fast 5G network. Since the Company said in a video posted on QFC’s economy LNG, crude oil, con- where we anticipate hosting 1.5 obviously expand not only the Al Rayyan Stadium is the switched on its 5G network 2 social media account. densates, and related products million visitors and in terms of amount of LNG but also the third Qatar 2022 stadium to be years ago, Vodafone’s 5G The PMI readings have seen are extremely important and we fiscal outlook a lot of these condensates and derivatives covered with Vodafone GigaNet network has expanded to now a consistent rise in the past few have been fortunate because projects, big infrastructure that are available for processing 5G, following Al Janoub and cover 75% of Doha and other months. The PMI rose to 52.5 in this diversified production suit projects are being completed and for export,” he said. Education City. As Qatar’s 2022 key areas outside the capital. 02 BUSINESS WEDNESDAY 16 DECEMBER 2020 Qatar takes part in Qatar-Austria trade volume exceeds $210m Partnership Summit 2020 THE PENINSULA — DOHA sides, noting that the AACC THE PENINSULA — DOHA Qatar’s investment envi- plays a vital role in this regard, ronment, as well as the prom- Chairman of Qatar Chamber, terming it as ‘a bridge’ between Minister of Commerce and ising investment opportunities Sheikh Khalifa bin Jassim Al Arab states and Austria. Industry, H E Ali bin Ahmed Al that would contribute to Thani has participated in the He also pointed out to the Kuwari, chaired the Qatari attracting more foreign direct General Assembly Meeting of strong relation between the delegation that participated in investments and enhancing the 29th Session and 30th State of Qatar and Austria, the 26th session of the Part- Qatar’s competitive position in Meeting of the Board of underlining the interest of both nership Summit 2020, which the region and beyond. Addi- Directors of the Arab-Austro countries to promote their was held through video confer- tionally, the Summit features Chamber of Commerce (AACC) investment and trade cooper- encing technology, from looking into expanding held yesterday via video confer- ation, as well as strengthen December 15 -18, in Mumbai. business partnership opportu- encing. cooperation prospects between The participation of Qatar nities in various sectors of The meetings discussed a business sectors for the good of in this year’s summit, which common interest. report on the economic and both countries’ economies. Chairman of Qatar Chamber, Sheikh Khalifa bin Jassim Al Thani was held under the theme: The Partnership Summit commercial cooperation Qatar and Austria enjoy participating in the meeting. “Partnerships for Lives, Live- had 25 previous sessions, wit- between Arab countries and close and multi-faceted rela- lihood, and Growth”, comes nessing the participation of a Austria, in addition to other tions, he noted adding that the third quarter of 2020. There are Commerce (AACC) aims to within the framework of the number of ministers, senior topics identified in the agendas private sectors in both sides about 33 Austrian companies strengthen the economic and endeavors aimed at discussing officials, decision-makers, of meetings. sought to support these rela- operating in Qatar with Qatari commercial ties between ways to enhance trade and business leaders, political For his part, Sheikh Khalifa tions. The two countries’ partners and three companies Austria and the Arab countries, investment cooperation leaders, investment organiza- underscored the importance of bilateral trade amounted to with full Austrian capital, he as well as enhance communi- channels between Qatar and tions, investors, and experts in underpinning the economic $210m last year, while it said. Founded in 1989, the cation in science, art and India, and shedding light on the industrial field. cooperation between both reached $138m at the end of the Austro-Arab Chamber of technology. QFTH announces Wave 2 of Incubator & Accelerator Programs QBIC announces new THE PENINSULA — DOHA program of Wave 1, interna- early-stage startups and 12 tional and local FinTechs are mature FinTechs were chosen winners of its LMP Qatar FinTech Hub (QFTH), taking part in a series of high- to join the ongoing Programs. co-founded by Qatar Devel- level Business Development The FinTechs have been wel- opment Bank (QDB) and estab- meetings and specialized Mas- comed with open arms by the THE PENINSULA — DOHA Factory (Khalifa Al Thani), a lished to support the growth of terclasses conducted by QFTH financial service ecosystem in made-in-Qatar biscuit pro- the FinTech industry in Qatar, partners and renowned Qatar”. The MENA region’s leading duction startup, Arkana has announced that registration speakers from across the world. “The announcement of the mixed-use business incubator, (Hassan Al Ansari) for its inno- for Wave 2 of its flagship Incu- With Demo Day scheduled second wave of the Programs Qatar Business Incubation vative approach to air condi- bator & Accelerator Programs in January 2021, the Wave 1 Fin- shows our commitment Center (QBIC) has successfully tioning, and Beehive (Sarah Al is now open. Techs are well on their way to towards the development of the concluded the second wave of Dorani and Eliana), bringing the Both Programs are set to start launch a host of new and financial service ecosystem in its newly formed Lean Manu- number of ideas started by LMP in March and will run until June empowering services to fuel the Qatar,” concluded Al Khalifa.