Indosat Ooredoo CEO wins Gold at APAC Stevie Awards 2021 page 10

Sunday, May 30, 2021

34,529.45 10,764.13 51422.88 1,905.30 +64.81 pts +135.88 pts +307.66 pts Gold +0.36 % Lexus marks cumulative global sales Dow QE sensex of 2 million electrified vehicles p age 9 Price percentage Price percentage 28.01 Brent 68.72 -0.69 % WTI 66.32 -0.79 % Silver +0.26 % QBA holds over 40 meetings with Polish firms

QNA ships and study investment opportu- promoting economic cooperation Doha nities in global markets. between and Poland. He said He said that Qatar has capabili- that the council is mainly concerned The Qatari Businessmen Associa- ties that qualify it to attract foreign with strengthening financial, com- tion (QBA) organised the Qatari-Pol- investors to its markets and enjoys mercial and cultural relations be- ish Business Meeting through video incentives related to the tax system, tween Qatar and Poland. conference to discuss prospects for easy procedures for setting up new Ambassador of Poland to Qatar economic cooperation between the projects in addition to its trans- HE Janusz Janki stressed the im- two parties. This was followed by parency, stability and security. He portance of communication in light the organisation of more than 40 also noted the development of the of the coronavirus crisis that put bilateral sectoral meetings between Polish economy and the attractive a burden on the economic sector Qatari companies and their Polish business climate that the country around the world. He said that such counterparts working in the health provides. meetings contribute to restoring and agricultural sectors. QBA Member Sheikh Nawaf bin economic recovery. This meeting comes within Nasser Al Thani highlighted the im- He called on Qatari investors to QBA’s initiative to conduct a series portance of this meeting, in which QBA members and representatives of Qatari and Polish firms take part in the QBA Chairman Sheikh Faisal bin get acquainted with the Polish mar- of specialised sectoral meetings with nearly 25 Qatari companies partici- Qatari-Polish Business Meeting held online. Qassim Al Thani ket and the huge investment oppor- the aim of securing communication pated, to discuss cooperation and tunities presented by each sector. between Qatari businessmen and investment opportunities. Speaking on the occasion, Qa- tween the two countries. ment law that allows 100 percent At the end of the plenary session, their counterparts around the world. He stressed the importance that tar’s Ambassador to Poland HE Ab- Fakhroo called on Polish inves- ownership in most economic sectors representatives of Qatari and Polish QBA Chairman Sheikh Faisal bin the private sector attaches to the sec- dulla Abdul Rahman Fakhroo said tors to take advantage of the strate- of Qatar. companies held more than 40 secto- Qassim Al Thani stressed that Qatari tors of health, agriculture, technolo- that this meeting was a continuation gic location of Qatar, and the advan- For his part, Qatari-Polish Busi- ral meetings to discuss opportunities companies enjoy global competitive gy, information technology, medical of the success of the first Polish-Qa- tages and incentives it provides to ness Council Chairman Daniel Dy- for partnership and cooperation be- experiences and advantages and are equipment and banking, due to their tari business meeting and it would the foreign investor. bala referred to the role of the coun- tween companies in the various eco- always looking to search for partner- economic importance. create communication channels be- He referred to the new invest- cil as a non-profit organisation in nomic sectors. Lulu first retailer in MENA Masraf Al Rayan launches Visa to get GSAS Gold rating card for premier GSAS certificate a milestone in our efforts to make our business more sustainable and circular, says Althaf customers Tribune News Network Tribune News Network sively for Masraf Al Rayan’s Doha Doha clients. With this card, our clients can enjoy access to Lulu Hypermarket in Qatar has be- Masraf Al Rayan, the lead- card global concierge service come one of the first retailers in the ing bank in Qatar and the available 24/7 providing ser- and North Africa (MENA) region, in partnership with vices to our customers do- region to achieve sustainable opera- Visa has launched a feature- mestically and internation- tions certification under the Global packed high-end metal credit ally.” Sustainability Assessment System card exclusively for their Jamali said, “We are very (GSAS) from the Gulf Organisation for ultra-high net worth private proud to be able to launch Research & Development (GORD). banking customers. this card and to be provid- Upon completion of necessary The uniquely designed ing a wide range of premium audits by sustainability experts from ‘By-invitation only’ Visa ul- benefits and services. This is GSAS Trust and GORD Labs, the Lulu tra-high net worth metal card amongst the most exclusive Hypermarket’s building located in Al is personalised and packaged payment solutions in the Messila achieved an overall score of with an extensive range of market, and we are delighted 1.51 which corresponds to a ‘GOLD’ lifestyle privileges. to partner with Visa to bring rating under the GSAS Operations Masraf Al Rayan Group the world’s elite offerings to certification. CEO Adel Mustafawi said, our customers.” Lulu Group International Director “We are committed to pro- Visa Country Manager for Mohamed Althaf received the GSAS viding outstanding services Qatar Sudheer Nair said, “We certificate and plaque during an award to our ultra-high net worth are excited to introduce the ceremony held at Lulu Hypermarket’s private banking customers Visa metal card to Masraf Al Al Messila branch on May 25. to meet their lifestyle and Rayan’s ultra-high net worth Acknowledging LuLu Group’s travel needs. The new world private banking customers in initiative to implement GSAS Opera- we live in makes it even more Qatar and the region. The de- tions as a tool to cut down its carbon relevant that such services sign and benefits of the card footprint, GORD Founding Chairman are easily accessible to our are truly an embodiment of Yousef Alhorr said, “Data emerging clients. The new metal prod- how Visa brings unmatched from latest surveys is consistently Lulu Group International Director Mohamed Althaf receives the GSAS certificate and plaque from GORD Founding Chairman Yousef uct is also our way of thank- experiences to a select group pointing towards changing consumer Alhorr during an award ceremony held at Lulu Hypermarket’s Al Messila branch in Doha recently. ing our ultra-high net worth of customers whose lives are sentiments and behaviours. Custom- customers for their continued defined by distinction.” ers today are far more informed to tion with GORD is being able to utilise valid for four years from the date of is- practices were also assessed and found patronage with Masraf Al The cardholders can also choose sustainability. At the same their know-how and long experience,” suance. All these audits were conducted to be in line with industry best practic- Rayan.” take advantage of the exclu- time, retailers too have the power to said Althaf. during operational hours without inter- es. Wherever possible, waste accumu- The metal card, which sive custom-tailored points influence sustainable practices among GSAS is the MENA region’s first rupting the day-to-day business at the lated from various facilities within the is now available exclusively programme, generous re- their customers. By achieving a GSAS green building certification system that hypermarket. building is segregated at the source for to Masraf Al Rayan’s ul- warding programme that operations certificate with a ‘GOLD’ assesses and guides projects on reduc- LuLu Hypermarket has identified responsible disposal and recycling. tra-high net worth private gives cardholders valuable rating, Lulu International has dem- ing their environmental footprint dur- environmental management as one of Upon the conclusion of the au- banking customers, also of- points to use for free airline onstrated its conscious efforts to- ing design, construction and operations its highest corporate priorities to re- dit, a list of the recommended energy fers cardholders faster and travels, hotel accommoda- wards operational excellence that is stages. In this context, GSAS Opera- duce the risk to the environment and and water management opportunities more convenient shopping tion, and exclusive seasonal incomplete without environmental tions programme addresses impacts of the organisation. To achieve ‘GOLD’ (EMOs) were provided for Lulu Group experiences. travel packages. sustainability. We congratulate the or- building operations in post-occupancy certification rating, several site audits to further improve facility manage- Commenting on the an- For every QR1 spent with ganisation and hope that its initiative phase. It is premised on the notion that and desk reviews were conducted for ment and energy and water efficiency nouncement, Masraf Al Masraf Al Rayan’s Visa Ultra inspires others in the sector.” building operations and maintenance the assessment of current operational based on industrially accepted engi- Rayan Retail and Private High Net Worth metal card, Commenting on the sidelines of the practices have a direct impact on the and maintenance practices at Lulu Hy- neering and statistical techniques and Banking GM Hamad Al Ja- clients earn 4.5 Al Rayan re- event, Althaf said, “I am very pleased natural environment as well as the permarket’s Al Messila branch. site audits. mali said, “We are pleased ward points for domestic or to receive the GSAS-OP Certification economy and human health. The project was evaluated against Upon successful implementation of to continue working with international transactions. with ‘GOLD’ rating from GORD. This Therefore, GSAS Operations aims six categories like energy performance, the recommended EMOs, the building our partners in the payments Customers can redeem their is an important milestone in our efforts to reduce the environmental impact of indoor environment, waste manage- can significantly lessen its impact on industry to offer innovative points for Qmiles, Nojoom to make our business more sustain- the existing buildings while also im- ment, facility management, water per- the environment and reduce green- and creative services, exclu- points or cashback. able and circular. Lulu group has been proving the health and wellbeing of its formance, and environmental policy house gas (GHG) emissions. Based on making serious efforts to minimise the occupants. and awareness. Processes undertaken US EPA’s emission factors, it is esti- impact on the environment and reduce LuLu Hypermarket building at to calculate these parameters included mated that the suggested EMOs will carbon footprint by half by 2030 and to Al Messila features two stories and a thermal imaging analysis of the build- help avoid 2,164 tons of CO 2 and 1,051 achieve carbon neutrality by 2050.” basement providing a total floor area ing envelope, energy and water label- tonnes of coal emissions, and result in “We will focus on cutting carbon of 14,650 square meters to accommo- ling, indoor environmental quality anal- 377 fewer cars on the road, 537 acres emissions, plastic packaging, food date the hypermarket to become the ysis and techno-commercial analysis of of trees planted and energy savings waste and water use. At the same time, ultimate one-stop-shop for daily es- the energy management opportunities. equivalent to annual electricity usage we are looking into increasing sustain- sentials and unique product offerings Among some green credentials of of 406 households. able practices such as recycling. We for a multi-ethnic client profile living the building are its energy-saving fea- Based on the outcomes of the en- are also exploring to invest in modern in and around the Al Messila neigh- tures. The building is connected to an ergy audits conducted during the cer- innovations like reverse vending ma- bourhood. onsite air-cooled cooling plant oper- tification course, Lulu and GORD are chines, and vertical farming,” he said. During the audits by sustainabil- ating on constant primary and vari- now initiating dialogue on facility up- “Our cooperation with GORD be- ity experts at GORD, all these facilities able secondary configuration, efficient grade through GORD-managed ‘ESCO gan in 2019. Over the last two years, we were thoroughly analysed in terms of HVAC system and LED lighting for model’ approach whereby energy sav- have built a solid collaborative partner- operations and maintenance before display, sales area and basement. The ing opportunities will be implemented ship with GORD. The most valuable being given the appropriate rating for building’s indoor environmental qual- resulting in cost savings and carbon The Masraf Al Rayan bank building in Doha. benefit we have gained from coopera- GSAS Operations certification which is ity, waste and facility management emission reduction. Economy & Business Sunday, May 30, 2021 09

Energy Market Review | Al-Attiyah Foundation Brent ends at two-year Lexus marks cumulative high as demand outlook counters supply fears global sales of 2 million

il prices ended the last week more than 5% higher, with global bench- electrified vehicles Omark Brent edging up on Friday to settle at a two-year high, as strong U.S. economic data and expectations of a re- Milestone has contributed to a cumulative reduction in CO2 emissions of around 19 mn tonnes bound in global demand outweighed con- cerns about more supply from Iran once Tribune News Network sanctions are lifted. Brent crude futures Doha settled at $69.63 a barrel on Friday, its highest close since May 2019, while, U.S. Lexus announced recently West Texas Intermediate was at $66.32. that the luxury brand eclipsed Analysts expect global oil demand to the milestone of 2 million rebound closer to 100 million barrels per global sales of electrified vehi- day in the third quarter on summer travel cles at the end of April 2021. in Europe and the United States follow- The company has been a pio- ing widespread COVID-19 vaccination neer of electrification in the programmes. Though, rising coronavirus luxury market since the launch infections in Asia continues to put pressure of the RX400h in 2005, and on prices. has continued to expand its Robust economic data from the United lineup of electrified vehicles to States, the world’s largest economy and oil meet the needs of its custom- consumer, also lent support as the number ers and society. of Americans filing new claims for unem- Based on a philosophy ployment benefits fell to the lowest since of “right time, right product, mid-March 2020. However, the prospect right place”, Lexus aims to of more Iranian oil coming on to the mar- further develop its electrified kets, capped the gains. product portfolio to make use More than 34 million Americans are per mmBtu tend to compensate for the of the diverse energy sources expected to take to the highways between longer trip costs to Asia, attracting ships to and infrastructure environ- May 27 and May 31, the holiday weekend head East. According to one trader, some ments encountered around which marks the start of the summer driv- buyers were, nevertheless, resistant to pay the world. Lexus now sells ing season. But they face gasoline prices for cargoes offered well above the $10 per nine models of electrified ve- at about $3.04 a gallon on average, the mmBtu range. Petronas sold two cargoes hicles, including HEVs and most expensive since 2014. Also, in the for delivery between July 7 and 8, and July BEVs, in around 90 countries United States, crude output jumped 14.3% 23-24 to North Asia for slightly more than around the world. In 2020, 33% of Lexus models sold globally were electrified. in March to 11.2 million barrels per day, $10 per mmBtu, another trader said. In 2020, 33% of Lexus after being hit by a cold snap in February, U.S. natural gas futures rose on Fri- models sold globally were elec- of electrified models will ex- the government said in its latest monthly day to their highest in more than a week, trified.S ince 2005, the com- Sales from 2005 to April 2021 ceed those of the pure-petrol report. The oil rig count, an early indica- buoyed by forecasts for warmer weather pany’s electrified vehicles have By Model variety. In addition, by 2050, tor of future production, has risen for in two weeks and a projected increase in contributed to a cumulative By Market Lexus aims to achieve carbon nine months in a row, according to energy LNG exports. Higher temperatures in two reduction in CO2 emissions of US: 540,000 units RX: 518,000 units neutrality throughout the en- services firm Baker Hughes. weeks were expected to boost demand approximately 19 million tons Europe: 480,000 units ES: 384,000 units tire vehicle lifecycle, from ma- for fuel to power generators and keep – equivalent to the combined China: 387,000 units CT: 372,000 units terials, parts, and vehicle man- LNG-Asian spot prices rise on summer air conditioners humming. Still, traders CO2 output of 300,000 pas- Japan: 401,000 units NX: 285,000 units ufacturing to logistics, driving, demand for air-conditioning units said demand next week was likely to be senger cars each year for the East Asia: 138,000 units UX/UXEV: 137,000 units and disposal/recycling. Asian spot prices for LNG rose this similar to this week, kept in check by mild past 15 years. Others: 74,000 units IS/LS/RC/LC and others: In order to further acceler- week, as buyers stocked up the power- weather and the Memorial Day holiday “We are proud to achieve 324,000 units ate the spread of electric vehi- generating fuel on anticipation that a on Monday. Front-month gas futures rose this remarkable milestone, cles, Lexus plans to introduce warmer-than-usual summer will spur 2.8 cents, or 0.9%, to settle at $2.99 per which represents another im- the first PHEV in a mass-mar- demand for air-conditioning units. The mmBtu, their highest close since May 18. portant step in tackling en- Global: 2.02 million units ket model in 2021, as well as a average LNG price for July delivery into For the week, the contract was up about vironmental challenges and completely new model dedi- Northeast Asia was estimated at about 3% after falling about 2% last week. For realizing our goal of a carbon- improving major electrified electrification technology to cated to BEVs in 2022. By uti- $10.30 per million British thermal units the month, the contract was up about neutral society where people components and many years realize enhanced vehicle per- lizing electrification technolo- (mmBtu), up 70 cents from the previ- 2% after gaining about 12% the previous can enjoy a happy, healthy and of collecting feedback from formance characteristics and gies such as motors, inverters, ous week, industry sources said. Supply month. With warmer weather coming sustainable life, with freedom markets around the world. I continue to provide custom- and batteries that Lexus has coming from the United States, which hit after the U.S. Memorial Day holiday week, of mobility,” commented Kei would like to thank our cus- ers with the fun and joy that cultivated over the years in the historical levels last month, decreased last Refinitiv projected average gas demand, Fujita, Chief Representative, tomers in the region for their the car brings. By 2025, the field of HEVs, the company week with export plants entering sea- including exports, would rise. But with Middle East and Central Asia loyal support as we continue company will introduce 20 aims to create new value and sonal maintenance, adding to a strained European gas prices near their highest Representative ‎Office, Toyota to develop our electrification new or improved models, a driving experience unique market. Trafigura sold a cargo to Vitol for since September 2018 and Asian prices Motor Corporation. “Lexus technologies in pursuit of our including more than 10 Bat- to Lexus electrified vehicles. delivery between July 17 and July 21 in above $10 per mmBtu, analysts said they has the competitive expertise commitment to ‎environmen- tery Electric Vehicles (BEVs), These will feature a high level Tianjin, China, with a premium of $1.45 expect buyers around the world to keep and know-how in the core tal sustainability.” Plug-in Hybrid Electric Ve- of dynamic performance that per mmBtu over European LNG prices, purchasing all the LNG the United States technologies of electrifica- Under the “Lexus Elec- hicles (PHEVs), and Hybrid appeals to all five senses and according to traders. Premiums over $1 can provide. tion thanks to its experience trified” vision announced in Electric Vehicles (HEVs). The is unmatched by conventional in developing, producing, and 2019, Lexus will evolve its future expectation is that sales cars. Privatisation in the Gulf: The key to Building sales post QR350 million in a both recovery and diversification? week: Ezdan report Tribune News Network Doha Tribune News Network Doha With announc- ing plans to raise $55bn Registered property sales through its privatisation pro- in Qatar between May 16 and gramme, Gulf countries are 20 generated QR447.3 million, stepping up efforts to stimu- the latest Ezdan Real Estate late private investment in pub- report has said, citing figures lic assets and projects, with from the country’s Real Estate a view to strengthening state Registration Department. finances, spurring diversifica- Building sales dominated tion and driving their respec- these deals, generating QR350 tive Covid-19 recoveries, ac- million and making up 78.3 Ezdan Village 1 in Al-Gharafa cording to Oxford Business percent of the total sales value offers premium rental rates Group. during the period. and boasts a privileged location In March Saudi Arabia’s Seven municipalities — in the heart of the Al-Gharafa Council of Ministers approved Umm Salal, Al Khor, Al Tha- region near major commercial the long-awaited Private Sector kira, Al Doha, Al Rayyan, Al centres and vital facilities. The Participation Law, which aims permits and approvals. The cant boost to privatisation. that the government was look- international investors. Shamal, Al Daayen, and Al rent for a furnished two-room to increase both the privatisa- law also exempts privatisation At the end of May Moham- ing into selling its 54% stake in Last year the company an- Wakra — saw property sales apartment there starts at QR tion of public sector assets and projects from meeting Saudii- med Al Jadaan, the minister the Cement Company. nounced that foreign inves- during the period. The deals 5,100 per month, while that of private sector participation in sation quotas. of finance, told the Finan- The country has a pre-cor- tors, who had previously been included sale of vacant land a furnished villa rental starts at infrastructure projects. This willingness to engage cial Times that Saudi Arabia onavirus track record of cham- banned, would be allowed to lots, residences, multi-use QR7,200 per month. The law will enter into force with the concerns of foreign was expecting to raise $38bn pioning privatisation. Its first buy stock in future sales. buildings and multi-use land The Ezdan Village 2, in the in July. Targeting 16 sectors, it investors can be read as a re- through asset sales and a fur- major sale was of a 49% stake Any potential sale of the lots and residential buildings, nearby Al Duhail area, oppo- will advance one of the core flection of the post-Covid-19 ther $16.5bn through public- in Oman Electricity Transmis- company’s assets would repre- the report, which is sponsored site the Ezdan Mall and a few goals of the Kingdom’s Vision panorama, in which Gulf coun- private partnerships by 2025. sion to the State Grid Corpo- sent the latest step in an ongo- by SAK Partnerships, said. minutes away from the major 2030 economic development tries are in a more fiscally con- ration of China, at the end of ing privatisation campaign by Doha municipality came shopping malls, comes with plan, namely an increase in the strained position and hence A Gulf-wide acceleration 2019. the emirate, which in recent on top in terms of transaction rates starting from QR6,050 private sector’s contribution to are likely to be more concilia- The Saudi government and On a related note, it has re- years has attracted more than value through the sale of a for a two-bedroom furnished GDP, from 40% to 65%. tory than they may have been a number of governments in cently been reported that Abu $20bn in foreign investment residential building in Onaiza. apartment, while a furnished The new law addresses in the past. the region are expanding their Dhabi is considering the sale in the operations of govern- The transaction generated apartment of three rooms various areas that have tradi- At the same time as the respective privatisation strate- of a 10%, $4bn stake in the ment-owned Na- QR223.4 million. The prop- starts at QR6,200. tionally generated a degree of approval of the law, Saudi gies. Abu Dhabi National Energy tional Oil Company. erty is 34,027 square metres in Ezdan Real Estate com- trepidation among potential Arabia’s National Centre for As OBG has explored in Company, known as Taqa, Meanwhile, in March Bah- area and was sold at a QR610 pany runs more than 22,800 investors, particularly foreign Privatisation – which was depth, the Covid-19 crisis which is the emirate’s largest rain held the Metro per square foot. Doha has also residential units, and around entities. founded in 2017 – announced prompted many Gulf nations utility. Market Consultation, an ini- seen the sale of a residential 790 commercial units inside Among the principles it en- the launch of a Registry of Pri- to accelerate their ongoing It is thought that Taqa’s on- tiative designed to find private building in the samre region, Doha and its environs, includ- shrines is a level playing field vatisation Projects, a central attempts at diversification, going shift towards renewable companies to form a public- at a value of QR45.8 million, ing in Al Wakra and in Al Wu- between foreign and national database of information re- with increased private sector energy – it plans to increase private partnership to develop extending over 6,930 square kair. The company continues investors; the freedom of pri- lated to projects targeted for involvement a key element of the contribution of solar and its metro system. The launch metres It was sold at QR614 to invest in the real estate sec- vate sector entities to collect privatisation. many such projects. wind to 30% of production of international tendering for per square foot. tor and contribute to real es- revenue; and a more stream- Hopes are high that the In Oman, for example, lo- over the next decade – could the project is expected later Shedding light on rental tate development of Qatar on a lined process for obtaining new law will provide a signifi- cal media recently reported enhance its attractiveness to this year. rates in Qatar, the report said, large scale. 10 Sunday, May 30, 2021 Economy & Business

QNB Economic Commentary New COVID-19 variants are Indosat Ooredoo CEO challenging the economic wins Gold at APAC recovery in Asia

he global economy appears to be experiencing a strong recovery from Stevie Awards 2021 Tthe peak impact of Covid-19 in 2020. The IMF is even forecasting a recovery that would see global GDP grow by 6% in 2021. The global recovery has, so far, been led by the US and China with European growth lagging behind. Nevertheless, approaches to managing the pandemic and providing policy support vary considerably across countries. While last year Asia was leading the world in effectively managing the pandemic, this picture has been turned on its head by a surge in Covid-19 cases caused by new, more infectious “variants of concern”. This week we unpack the underlying reasons for this turn-around by considering: Continued bans on tourist arrivals and will the surge in new Covid-19 cases; key sectors further delay the recovery of the hospitality driving growth (tourism and manufactur- and tourism sectors. In addition, the re- Indosat Ooredoo has won a total four awards in recognition of its Indosat Ooredoo’s President Director and CEO, Ahmad Al-Neama ing); and progress with vaccination cam- introduction of social distancing restrictions, outstanding leadership, COVID-19 response, market-leading digital has won the Gold Stevie for Innovative Management in Technology paigns. including the closing of schools, bars and services, and commitment to network excellence. Industries. Last year, Asian countries managed to restaurants will contain domestic spending keep the number of new Covid-19 cases very on services. Tribune News Network pany’s commitment to good adapt to online lifestyles, and ’s biggest coding low, focusing on contact tracing and rapidly In contrast, the manufacturing sector is Doha governance, to empowering for his commitment to em- scholarship for its third year imposing localised lockdowns. This allowed insulated from most restrictions as factories our employees and for digital ployee engagement and de- inviting young Indonesian them to avoid imposing as stringent national are expected to remain open. Export ori- Indosat Ooredoo on Sat- innovation that is accelerat- velopment. developers to gain required lockdowns for as long as it was necessary entated economies are currently benefiting urday announced that it has ing Indonesia’s transforma- Indosat Ooredoo was also professional skill in compet- in Europe and the US. Unfortunately, Asia from strong global demand. More specifical- won four new Awards at tion into a digital nation. named Silver Stevie Winner ing at new digital landscape. is now experiencing some of the strong- ly, strong demand for electronics continues the 2021 Asia-PacificStevie Indosat Ooredoo’s Presi- for its COVID-19 response. Indosat Ooredoo’s focus est surges in new Covid-19 cases globally to support economic activity and is likely to Awards. The Stevie Awards dent Director and CEO, Ah- During the pandemic Indo- on providing simple and rel- (Chart 1). A new, more infectious variant continue for a few more months as the back- included one Gold, one Silver mad Al-Neama, was named sat Ooredoo invested in its evant products and network of Covid-19, first discovered in , is at log of orders is worked through. However, and two Bronze awards and Gold Stevie Winner in the video grade 4G network to excellence was also recog- the heart of the new outbreak in Asia. This we expect demand for consumer goods (such recognize Indosat Ooredoo category Innovative Man- meet the surge in demand nized by two Bronze Stevie created a domino effect with the new variant as electronic items and other household for its innovative manage- agement in Technology In- for data and focused on pro- Awards for Innovation in making its way into and then also items) to soften in Europe and the US as re- ment, COVID-19 response, dustries - More than 100 viding new digital products Consumer Products & Servic- into Thailand, causing a dramatic increase strictions on economic activity are removed. market-leading digital prod- Employees. The award rec- that enabled consumer and es, and Innovation in Tech- in the number of infections. Having gone Therefore, countries which have benefited ucts and services, and com- ognized Al-Neama for his business customers to remain nology Management, Plan- 99 days without a single case of community from strong external demand for consumer mitment to network excel- outstanding leadership of connected and operational, ning & Implementation. transmission in 2020, new cases in Thai- goods will likely find that this growth driver lence. Indosat Ooredoo, which has while staying safe and in their The Asia-PacificStevie land have recently increased to over 9,000 fades towards the end of the year. The Awards also recog- continued to build its growth own home. Indosat Ooredoo Awards are a leading awards per day. Even Singapore and Taiwan have The surge in Covid-19 cases and new nized Indosat Ooredoo’s on- momentum and gain cellular also launched several initia- program that recognise inno- experience a surge in cases from virtually restrictions have weakened the outlook going work to support the market share in Indonesia tives to support the national vation in business across all zero at the start of the year. Both countries across Asian economies, but a successful Government and Indonesian despite the challenges caused COVID-19 response, includ- 29 Asia-Pacificcountries. The were among the first to ban foreigners and vaccination rollout would be a game chang- people in this challenging by the COVID-19 pandemic. ing entering a new partner- Stevie Awards are considered impose strict quarantine measures. Howev- er. Unfortunately, progress so far has been time by providing the best The award also recognized ship with the UN Develop- to be the world’s premier er, complacency with regards to contracting slow. Only China, Hong Kong and Singapore digital products and services Al-Neama for his promotion ment Program, the provision business awards, with Gold, tracing and monitoring of people in quar- have vaccinated more than 10% of their to customers. The Gold Stevie of innovation, including In- of free data services to most Silver and Bronze winners antine have allowed new variants into the populations and some countries have not Award for innovative man- dosat Ooredoo’s focus on new universities across Indone- selected by a panel of judges community. In contrast, the situation in the yet vaccinated more than 1%. Effective vac- agement is particularly sig- digital products and services sia to enable remote learning comprising 100 executives Philippines and Indonesia has improved due cines offer a way out of the crisis. The slow nificant and reflects the com- that have helped customers and the launch of IDCamp, from around the world. to long periods of lockdowns in the capital rollout raises doubts about how quickly Asia and outlying regions. can vaccinate a sufficient proportion of its There are trade-offs involved in the population to avoid another surge of cases details of lockdowns as authorities are and restrictions later this year. reluctant to impose full lockdowns, prefer- Countries most dependent on tourism ring to keep key industries open. However, have been economically hardest hit by new Toyota’s sales doubled to record-high in April comprehensive lockdowns have been shown variants of Covid-19. In addition, the current to be more effective at reducing infections. strength of external demand for consumer Agencies coronavirus pandemic. sales and production rose for chip shortage. Therefore, there is a risk that a partial ap- goods that has been boosting exports is Toyota also doubled glob- the eighth straight month. Toyota reported a 2.3-fold proach to lockdowns will be less effective likely to fade as consumption rebalances Toyota Motor Corp said al output from a year earlier The major Japanese au- increase in overseas sales to and they will need to be maintained for towards domestic services in the US and Friday its global sales in April to 761,459 units, as the Japa- tomaker has weathered the 735,431 units, the largest-ev- longer. Europe. Therefore, the economic outlook doubled from a year earlier nese automaker has seen ro- impact of the pandemic well er for April, buoyed by brisk The services sector (including tourism, in Asia will depend critically on the pace of to 859,448 units, a record- bust demand in China and the compared with its domestic sales of sport utility vehicles recreation, hospitality and leisure) will vaccination during the remaining months of high for the month, as auto United States despite a global rivals, though uncertainty re- in the United States and lux- still suffer most from the new restrictions. 2021 and likely also 2022. demand continues to recover semiconductor shortage that mains over the outlook due to urious Lexus brand cars in from a slump caused by the has hit the auto industry. Both the pandemic and the global China.

A Barwa Real Estate Group project Asas Towers: An upscale destination for a luxurious lifestyle

Tribune News Network Doha

For more than 15 years, Barwa Real Estate Group has had achieve a proven track record of offering projects and residential units that contribute to the advance- ment of the real estate sector in Qatar. It is also known for providing its residents with luxurious housing and quality living that meets all requirements, through its deep knowledge of the real estate market.

Upscale destination Asas Towers is one of the Barwa Real Estate projects the beauty of design, creativ- Asas Towers provide that offer an upscale and ity and luxury. The units in residents with a variety of entertainment destination the building provide excep- services including a busi- characterized by a luxuri- tional standards for a con- ness center, a gymnasium ous lifestyle. Through its temporary and distinctive for fitness that includes the sea and city views, residents residential experience that latest machinery and equip- can enjoy the picturesque is incomparable. They are ment, a swimming pool, a views, in addition to enjoy- equipped with all amenities beauty and recreation center ing its strategic location on and world-class equipment. “spa”, and a children’s club, Diplomatic Street adjacent to in addition to central cool- Doha Corniche, north of the Variety of units ing services, free internet, West Bay area near the busi- Asas Towers are pro- cleaning, maintenance of all ness district. fessionally designed to be systems, security guards, and This makes it an ideal one of the most important other services that meet the environment that meets all landmarks in the West Bay aspirations of the residents. the requirements and desires area. It offers two towers, Asas Towers are managed because it is in the middle of each 28 floors high, offer- by Waseef, the leading real the most important facilities ing 320 apartments, varying estate, facilities and asset industrial, logistical and of business, services, shop- between two, three, four and management company, and Residential assets multi-use. The built-up area ping, hospitality and enter- five bedrooms, as well as 558 a subsidiary of Barwa Real Today, Barwa Real Estate for projects in operation is tainment in the country. parking spaces. Estate Group. Waseef also Group owns a balanced mix 3.6 million square metres, of The towers also combine provides leasing services for of assets that vary between which 34% are for the resi- the warmth of welcome with Multiple services Asas Towers. residential, commercial, dential sector. Sunday, May 30, 2021 11 Economy & Business CEO pay rises to $12.7 mn even as pandemic ravages US economy

This is 5% more than the median pay for that same group of CEOs in 2019 and an acceleration from the 4.1% climb in last year’s survey created by the crisis

s COVID-19 ravaged the world also limited the size of the possible last year, CEOs’ big pay pack- payouts. Aages seemed to be under as “I think there is a recognition, much threat as everything else. when unemployment is so high, of: Fortunately for those CEOs, many Do we feel good about paying our had boards of directors willing to see CEO at this level?” said Kelly Malafis, the pandemic as an extraordinary also a partner at Compensation Ad- event beyond their control. Across visory Partners, of the thinking by the country, boards made changes to boards of directors. “The answer is: the intricate formulas that determine ‘We’re doing this for performance. their CEOs’ pay — and other moves When performance is not good, we — that helped make up for losses cre- don’t pay. When performance is ated by the crisis. good, we do pay.’” At Carnival, for ex- As a result, pay packages rose yet ample, the company says that much again last year for the CEOs of the of its CEO’s compensation is tied to biggest companies, even though the the company’s financial and opera- pandemic sent the economy to its tional performance. The company worst quarter on record and slashed said Donald received no cash bonus corporate profits around the world. tied to 2020. And to preserve cash in The median pay package for a CEO at the pandemic, the company gave him an S&P 500 company hit $12.7 mil- grants of restricted stock instead of lion in 2020, according to data ana- salary from April through June. Then lyzed by Equilar for The Associated from July through November, it cut Press. That means half the CEOs in Donald’s salary by half. the survey made more, and half made less. It’s 5% more than the median Rattling at the gates pay for that same group of CEOs in Progressives in Washington are 2019 and an acceleration from the pushing for rules changes to narrow 4.1% climb in last year’s survey. the gap between CEOs and workers. At Advance Auto Parts, CEO Tom Companies have to show how Greco’s pay for 2020 was in line to much more their CEO makes than take a hit because of a mountain of This photo combo shows (from left) Chipotle CEO Brian Niccol, Advance Auto Parts CEO Tom Greco and Carnival Corp. CEO Arnold Donald. Pay packages rose yet again their typical worker, and the median pandemic-related costs. Extended in 2020 for the CEOs of the biggest US companies, even though the pandemic sent the economy to its worst quarter on record and slashed corporate profits around the in this year’s survey was 172 times. sick-pay benefits and expenses for world. That’s up from 167 times for those hand sanitizer and other safety equip- same CEOs last year, and it means ment totaling $60 million dragged on employees must work lifetimes to two key measurements that help set make what their CEO does in just a his performance pay. But because year. the board’s compensation committee One bill in Congress proposes to saw these costs as extraordinary and raise taxes on corporations where the unanticipated, it excluded them from CEO makes 50 times or more than the its calculations. That helped Greco’s median worker at the company. total compensation rise 4.7% last At some companies, shareholders year to $8.1 million. are pushing back on compensation At Carnival, the cruise operator packages approved by the board. gave stock grants to executives, in At the annual meeting of Chipotle part to encourage its leaders to stick Mexican Grill’s shareholders earlier with the company as the pandemic this month, just 51% of voting shares forced it to halt sailings and furlough gave a thumb’s up to its executives’ workers. For CEO Arnold Donald’s pay packages, compared with 95% a 2020 compensation, those grants year earlier. Across the S&P 500, such were valued at $5.2 million, though “Say-on-pay” votes routinely get more their full value will ultimately depend than 90% approval. on how the company performs on Chipotle’s board excluded three carbon reductions and other meas- months of sales results from the worst ures in coming years. That helped of the pandemic, along with several Donald receive total compensation other items, while calculating pay for valued at $13.3 million for the year, its CEO, Brian Niccol. That allowed up 19% from a year earlier, even as him to get bigger compensation than Carnival swung to a $10.2 billion loss he would have otherwise. for the fiscal year. Chipotle called the move a one- Meanwhile, regular workers also pensation study included pay data its stock more than doubled the S&P and corporate profits were growing. A sudden change time modification that’s not reflective saw gains, but not at the same rate as for CEOs at S&P 500 companies 500′s total return through its fiscal That’s also despite several CEOs Boards typically stick with the of Niccol’s ongoing pay package. Chi- their bosses. And millions of others who have served at least two full fis- year. taking high-profile cuts to their salary formulas set for CEO pay early each potle was one of the relative winners lost their jobs. cal years at their companies, which Other CEOs, meanwhile, saw during the year as an act of shared year, but the global economy’s sud- of the pandemic, with revenue rising Wages and benefits for all work- filed proxy statements between Jan. 1 their compensation cut. At Duke En- sacrifice and to conserve a bit of cash den crash forced a reconsideration. 7.1% and its stock soaring 65.7%. ers outside the government rose just and April 30. It doesn’t include some ergy, the board reduced CEO Lynn for the company. Roughly one of eve- What made things even cloudier was While they’re nonbinding, “Say- 2.6% last year. That’s according to highly paid CEOs who don’t fit that Good’s short-term performance pay ry five CEOs in this year’s survey had that they had few historical guides for on-pay” votes are getting increasing U.S. government data that ignore the criteria. The pay figures for CEOs after its earnings per share fell short a smaller salary for 2020 than the how to proceed. attention from Wall Street. Between effect of workers shifting between sometimes include grants of stock of its initial target, partly because in- year before. “Many committees asked us this 2017 and 2019, stocks of companies different industries. It’s an important and options they may never ultimate- dustrial customers used less power But salary is often just a minor very question: Does this compare to that failed their votes lagged sharply distinction because more lower-wage ly receive unless they hit certain per- during the pandemic. Good’s pay piece of a CEO’s total compensa- the financial crisis? What did people behind the S&P 500 in the follow- earners lost their jobs as the economy formance targets. dipped 2.6% to $14.3 million, even tion, which is derived from notori- do then?” said Melissa Burek, partner ing 12 months, according to Morgan shut down than professionals who though earnings ended up within the ously complex formulas. Each year, at Compensation Advisory Partners, Stanley. could work from home. Complexity and coronavirus range Duke forecast for Wall Street companies fill pages of their proxy a consulting firm that works with The trend didn’t hold last year, “This should have been a year for Last year’s 5% gain for median early in the year. Duke didn’t adjust statements with charts and footnotes boards. when the pandemic may have unset- shared sacrifice,” said Sarah Ander- CEO pay masks how much variation formulas to raise Good’s pay because showing how the bulk of their CEO’s But the pandemic was very different tled everything, but Morgan Stanley son, who directs the global economy in pay there was beneath the sur- of the pandemic. pay rises and falls with corporate per- than the 2008 economic collapse, strategists say they still see failed project at the left-leaning Institute face. Some companies thrived as a Overall, 61% of the 342 CEOs in formance. mainly because this crisis was caused “Say-on-pay” votes as a red flag that a for Policy Studies. “Instead it became direct result of the pandemic. Sales this year’s survey did get a boost in It’s here, in the nuanced area, by a virus, rather than by CEOs taking stock may struggle. a year of shielding CEOs from risk boomed for Lowe’s amid a great nest- compensation last year. That’s al- where many companies adjusted le- on too much debt and risk. As boards And if there’s anything that inves- while it was the frontline employees ing across the country, and CEO Mar- most the exact same percentage as vers that ultimately helped CEOs get adjusted targets to make CEOs’ in- tors on Wall Street care about, it’s how who paid the price.” The AP’s com- vin Ellison’s pay nearly doubled after the 62% in 2019, when the economy more in compensation. centive pay less difficult to get, many well they’re getting compensated.

Competitor fears Musk’s SpaceX could ‘monopolise’ space

Agencies FCC for permission which satellites for Starlink, which He suggested that was That has put pressure on will apply to some 2,800 sat- means that today, of all satel- “rather what our competitor Arianespace, a joint venture The launching of thousands ellites, plans ultimately to lites in operation, 35 percent is banking on” by securing between Airbus and French of satellites into low Earth blanket poorly connected and belong to one man -- Elon the FCC’s green light. multinational Safran, to orbit by tech billionaire Elon isolated areas of the globe Musk. The FCC judged in April ramp up its own competitive- Musk’s SpaceX threatens the with internet connectivity. “And if you include sat- that deployment at a lower ness for launches -- a global “de-facto monopolization” of But rivals claim the lower ellites of more than 50 kilo- altitude than the 540 to 570 market whose value Fortune space, the head of competitor altitude could increase risk of grams, that’s more than 50 kilometers initially proposed Business Insights estimated Arianespace Stephane Israel space collisions and height- percent.” He added that “will improve the experience at almost $13 billion in 2019, has warned. ened radio interference. recent years had seen sev- for users of the SpaceX ser- rising to $26 billion by 2027. Elon Musk’s Starlink con- “We want space to remain eral collisions, at least two vice, including in often-un- French U.N. ambassador stellation project recently accessible for human activi- of them involving Starlink derserved polar regions”. in Geneva and conference received authorization from ties... but we refuse a Wild satellites, and warned that It would also enable the organizer Francois Rivasseau U.S. regulator the Federal West space. It really is our “very quickly, we could find satellites to be more speed- stressed that space had a “vi- Communications Commis- responsibility to ensure that ourselves in a catastrophic ily removed from orbit which tal” role to aid sustainable de- sion to provide broadband low orbit (less than 1,000 scenario that would render would have “beneficial ef- velopment. from space and place thou- kilometers above the Earth A long-exposure image shows a trail of a group of SpaceX’s Starlink this orbit impractical.” Israel fects” in terms of reducing But he also warned that sands of satellites lower than is sustainable long-term,” satellites passing over Uruguay -- but will the company’s battery of said there was also “a risk of space debris, the authority potential risks could sudden- previously proposed, anger- Israel told a U.N.-sponsored satellites end up letting it “monopolise” space? de-facto monopolization” for found. ly go from fringe concerns to ing competitors including conference in Geneva on sus- Starlink as one of the first In all, SpaceX has re- global problems -- pointing Amazon. tainable space development Israel noted that of more into orbit since 1957, “SpaceX firms to set up such a satellite quested FCC authorization to the coronavirus pandemic SpaceX, which asked the goals. than 9,000 satellites sent has already deployed 1,677 network. for up to 42,000 satellites. as a precedent.