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July 18, 2021 Business 13 SUNDAY 18 JULY 2021 Ireland determined to push for 12.5% corporate tax rate I‘m making the case for 12.5 percent. It has been a key feature of our economic policy now for decades, and I’m so committed to it, that I decided that I could not enter into the agreement. Paschal Donohoe Finance Minister of Ireland Business | 15 QSE 10,696.30 -79.67 (-0.74%) FTSE 100 7,008.09 −3.93 (0.056%) DOW 34,719.68 −267.34 (0.76%) BRENT $73.28 (-0.20) Qatar realty sector shows signs of recovery Nakilat best avenue THE PENINSULA — DOHA at 56 percent, up 10 percent Domestic tourism has YoY. There was also a recovery for investors in Hotel occupancy and Average primarily led occupancy of in the ADR as hotels witnessed Daily Rates (ADRs) have hospitality properties with an increase of 26 percent com- improved in Qatar during the average occupancy during pared to the same period last Qatar’s LNG growth second quarter compared to year. same quarter in 2020 due to the the first two months of The average capital value 2021 was estimated at 56 DEEPAK JOHN boost from growing domestic of a residential unit stood at THE PENINSULA given the long-term nature of tourism, according to the percent, up 10 percent QR7,238 per sq m (QR672 per its charters, it added. second quarter 2021 review YoY. There was also a sq ft). More specifically, apart- Nakilat is the best avenue for According to the report, issued by leading regional recovery in the ADR as ments were QR10,350 per sq m equity investors to participate QGTS’ fleet continues to provide consulting firm ValuStrat. The (QR960 per sq ft) and villas in the long-term growth in the company with stable, con- real estate report noted a surge hotels witnessed an were QR5,689 per sq m (QR529 Qatar’s Liquefied Natural Gas tractually sustainable cash flow in transactions volume and increase of 26 percent per sq ft). Seven locations (Al (LNG) sector, said the QNB that allow for a healthy residual value compared to 2020 and compared to the same Wakrah, Umm Salal Ali, Umm Financial Services (QNBFS) income stream for equity 2019 (pre-COVID). Rents of period last year. Softer quarterly declines Salal Muhammad, Duhail, Al report, yesterday. investors after providing the warehouses also expanded were recorded for prices and Dafna, Old Airport and “We remain bullish on debt service. Moreover, the during the quarter. rents of villas. Qatar’s ValuStrat Muaither) experienced a mar- Nakilat and consider it as the 40-year life of QGTS’ vessels Pawel Banach (pictured) Price Index (VPI) a valuation- ginal change of less than 0.5 best avenue for equity investors versus maximum debt life of 25 – ValuStrat’s General percent over two years based index, that tracks the percent since the previous to participate in the long-term years (last debt maturing 2033), Manager, Qatar commented (pre-COVID-19)”. change in capital values for a quarter. The highest quarterly growth expected in Qatar’s LNG continues to create refinancing “At the beginning of the “Moreover, there was an representative fixed basket of depreciation of 4.7 percent in sector. Since we upgraded the opportunities to increase fleet second quarter of 2021, improvement in the per- properties, showed an overall capital values was observed in stock to an outperform on size. “Thus, we think further restrictions were re-imposed formance of hotel, villa, and 5.9 percent annual fall in capital the Ain Khaled cluster. November 10, 2020, Qatar Gas deals in LNG ships and floating limiting mobility amid rising warehouse markets. This is evi- values for the residential sector, Housing stock totalled Transport Company Ltd (QGTS) storage regasification unit’s COVID-19 cases. Operating dence of improved buyer con- with a marginal quarterly 306,515 units with the addition share price has appreciated by (FSRU) are likely,” added the capacities of commercial fidence stemming from several decline of just 1.1 percent. of 1,800 units during the second 17 percent, significantly beating report. outlets were reduced and factors: increasing competi- As of April 2021, 65 hotels quarter of 2021. Projects the QE Index’s increase of 6 In the near-term, addition dine-in at F&B outlets was tiveness of properties, the intro- were designated for travellers handed over during the quarter percent as Nakilat was re- of four LNG vessels (one added banned. However, the con- duction of policies facilitating for quarantine upon return to were situated in Lusail (Fox included in the MSCI EM Index,” in early January followed by straints did not hinder the foreign investment, normali- Qatar. Domestic tourism has Hills, Erkhyah and Marina Dis- noted the report. one each in second half of 2021 recovery of the real estate sation of relations with GCC primarily led occupancy of hos- trict), The Pearl (Al Mutahidah Irrespective of the volatility and in early 2022) via Global market in Qatar. The volume countries, and positive rein- pitality properties with average towers and Abraj Bay Tower 2), of the LNG shipping market, Shipping, should help earnings of transactions surged 46 forcements from holding of occupancy during the first two Al Dafna, Luqta, Umm Ghu- Nakilat’s business should growth in 2021 and 2022, it percent over one year and 34 World Cup in 2022,” he added. months of 2021 was estimated wailina and New Doha. `P14 remain relatively unaffected said. `P14 14 BUSINESS SUNDAY 18 JULY 2021 Bond markets pointing to slowdown of US economic recovery THE PENINSULA — DOHA QNB ECONOMIC diminishing. This process accel- US Treasury yield spread probably driven by pandemic- COMMENTARY erated after the most recent Fed related supply constraints for The Great Pandemic Reflation Open Market Committee (10-year versus 2-year note, %, per year) goods. (2020-21), a stimulus-induced (FOMC) meeting in June. Then, A flattening yield curve recovery that brought the US 2021, bond yields pointed to policymakers communicated (short rates up and long rates economy back to life from the continuous tailwinds for the US both their willingness to start down) suggests that inflation is depths of a sharp downturn, will economy. The benchmark discussing a reduction in quan- only a short-term worry. In fact, likely go down in history as one spread between 10-year and titative stimulus and projections 10-year bond implied inflation of the most dramatic macroeco- 2-year Treasuries widened, for two policy rate hikes in expectations (breakeven nomic events on record. After producing a healthy steepening 2023, coming from zero hikes inflation rate) have gone down the US nominal GDP collapsed of the yield curve. This was a projected in March 2021. substantially by 25 basis points by more than 33 percent annu- positive sign for the economic In our view, bond markets last month to stand at a con- alized in Q2 2020, it rebounded expansion as lower yields at the are sending two messages about tained 2.3 percent, significantly strongly, printing annualized short-end of the curve implied the US economy. below the current consumer nominal growth rates of 38 monetary stimulus and higher First, bonds are predicting price inflation of 5 percent for percent, 6 percent and 11 yields at the longer-end of the that US growth has probably May 2021. Hence, bond markets percent in the three following curve implied stronger growth already peaked in Q2 2021, after believe inflation is going to quarters to Q1 this year. or inflation expectations. several quarters of hyper- moderate moving forward. In the process, US markets Moreover, the price ratio strong activity. In other words, All in all, bond markets are enjoyed extraordinary rallies, between high-yield corporate bond markets are pointing to a sending a strong contrarian with equity indices staging bonds and US Treasury bonds significant slowdown of the US message to investors and strong performances and increased, suggesting elevated economic recovery, with economists, challenging the cyclical commodities paring risk appetite from bond nominal growth rates set to dominant narrative of con- previous losses or even making investors or a “risk-on” envi- return to a more normal tinued strong growth and new highs. ronment for months. ballpark of around 4 percent unanchored inflationary pres- Importantly, macro-sen- After March 2021, however, per year. This insight from bond supply, personal income and investors in recent months. sures in the US. It is also indi- sitive bond markets confirmed bond markets started to act dif- markets seems to be supported retail sales growth. This is also Second, the bond market is cating that the Fed should be the positive backdrop. In fact, ferently, with the yield curve by a plethora of other data, consistent with a more risk discounting current inflationary cautious not to withdraw from August 2020 to March flattening and risk appetite including weakening money averse stance from bond pressures as merely temporary, stimulus too early. Qatar realty sector shows signs of recovery Nakilat best avenue for investors Turkish Airlines in Qatar’s LNG growth adds extra flights FROM PAGE 13 the last 12 months when com- centres was approximately 1.93 FROM PAGE 13 The median residential asking pared to villas, as quarterly falls million sq m GLA. Msheireb Gal- for Eid Al Adha rent fell 5.1 percent over the past in median rent were easing,” said leria officially opened comprising The report highlighted, in terms of catalysts, we 12 months and 1.1 percent since Anum Hasan, Market Research Monoprix as an anchor and at continue to believe expansion of Qatar’s LNG output ANADOUL — ANKARA the first quarter of 2021.
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