GULF TIMES QFC Division Exploring Areas of Co-Operation BUSINESS with ILO Arm in Turin
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SAUDI PURGE | Page 2 7.5% TARGET | Page 4 Investments India looks seen at risk as to regain fears linger growth lead Tuesday, January 30, 2018 Jumada I 13, 1439 AH INTERNATIONAL BEST PRACTICES : Page 16 GULF TIMES QFC division exploring areas of co-operation BUSINESS with ILO arm in Turin Ooredoo launches joint initiative to enable digital transformation of SMEs Commercial Bank net Ooredoo announced yesterday a new joint initiative with Qatar’s biggest business players to support the end-to- end digital transformation of small and medium-sized enterprises (SMEs). Ooredoo has joined forces with QNB, consultancy and technology products and services provider Moore Stephens, and Smart Management IT Solutions, which has developed the WallPost enterprise resource plan- profi t jumps 20.4% ning solution, to host the cloud solutions through the Ooredoo Data Centre. As a result, Qatar’s organisations will be able to gain best-in-class business operations services covering financing, advisory, and operational management. Enterprise resource planning solutions are the founda- tion for SMEs to digitally transform, and in turn drive Qatar’s diversified economic growth and job creation. to QR604mn in 2017 Partners will encourage the adoption of WallPost, so organisations can make the right decisions at the right riven by the “strong execution of to increase in education, health and con- liquidity and funding costs. I am also time. its strategic plan to build a strong struction projects in advance of the FIFA pleased to report a signifi cant decrease in Ooredoo COO Yousuf Abdulla al-Kubaisi said, “Ooredoo Ddiversifi ed business while provi- 2022 World Cup for which preparations our operating expenses of 19% year-on- continues to be Qatar’s leading business technology sioning legacy loans and improving cost are on track.” year, in line with our strategy to drive ef- provider with this partnership with Smart Management effi ciency,” the Commercial Bank Group Commercial Bank vice chairman Hus- fi ciencies across the business, streamline IT Solutions in delivering new levels of cloud-based busi- posted a net profi t of QR604mn in 2017, sain al-Fardan said, “The impact of the processes and reduce costs. Consequent- ness models. Using the cloud, SMEs can gain the same up 20.4% on the year before. economic blockade on our business has ly, the bank reported a healthy consoli- capabilities as large enterprises, save time and money Total assets of Qatar’s premier bank been minimal, with the actions taken dated cost of income ratio of 37.5%, down on IT, and scale up their services for future growth.” stood at QR138.4bn in 2017, up 6.2% on under the strategic plan already show- from 45.7% in 2016. QNB will also off er training sessions to help SME custom- the previous year. ing results and positioning the Bank to “As part of our strategy, we strength- ers in adopting the WallPost solution. Customer loans and advances show signifi cant improved bottom line ened our balance sheet and made ad- Yousef M al-Neama, general manager of Group Cor- amounted to QR89.1bn in 2017, up 14.6% performance in the coming years. Conse- ditional provisions on legacy assets, porate and Institutional Banking of QNB, said, “QNB is on 2016, while customer deposits totalled quently, the board of directors has recom- increasing provisioning by 33.8% year- pleased to provide support to this partnership by provid- QR77.6bn in 2017, up 9.5%. mended a cash dividend pay-out of 10% of on-year to QR1.7bn. Consolidated net ing training to our large SME customer base in the use of Commercial Bank chairman Sheikh par value or QR1 per share (pay-out ratio profi t was QR604mn in 2017. this new software. QNB is always committed to support- Abdullah bin Ali bin Jabor al-Thani said, of 66%) subject to approval at the Annual “Domestic bank reported an increase ing the development of the Qatari SME sector due to the “2017 was a challenging year for Qa- General Assembly on March 21.” of 4.7% in net interest income, while ad- importance it holds for the development of our national tar and Commercial Bank where both The non-performing loan (NPL) ratio vances to customers grew by 14.5% and economy and the future development of our country. the public and private sectors adapted increased to 5.65% in 2017 compared to customer deposits were up 7.7% for the “We will continue to be at the forefront for any partner- to a new market environment due to the 5.01% for the same period in 2016. year that ended in December 2017. ships or initiatives that serve this important sector, to sup- land, air and sea blockade imposed by The loan coverage ratio increased to “2017 saw ABank return to profi t- port our country’s future growth and prosperity, and to Qatar’s neighbours. Both have proven to 81% in 2017 compared to 78.9% for the ability to deliver QR49mn in net profi t. help in the achievement of Qatar’s National Vision 2030.” be resilient. Despite this, Qatar’s robust same period in 2016. Loans and advances to customers were up Qatar’s SMEs can easily adopt WallPost in a convenient macro fundamentals have not materially Commercial Bank’s group chief execu- 24% while customer deposits grew 32% and aff ordable Software-as-a-Service model. SMEs pay changed, refl ected by an AA- rating by tive offi cer Joseph Abraham said, “Com- year-on-year. We have also appointed as they use the cloud services, rather than having to Fitch and Aa3 by Moody’s. mercial Bank’s results for 2017 demon- a new well-experienced CEO and two invest in their own software and hardware. “Commercial Bank has successfully strate the impact of strong execution of new Turkish board directors at ABank, Abdulaziz Alsulaiti, managing partner, Smart Manage- concluded the fi rst year of the fi ve-year our strategic plan which called for build- who will lead its strategic re-shape and ment IT Solutions, said, “Software-as-a-Service is an strategic plan under which it has made ing a strong diversifi ed business whilst growth. ABank remains a strategic asset exciting new business model for Qatar’s SMEs, giving good progress in cleaning up its bal- provisioning legacy loans and improving and an important opportunity for us to them access to modules using simplified solutions ance sheet, diversifying its loan port- cost effi ciency. Despite market condi- leverage outside the GCC market. without massive in-house investment. Qatar is a strong folio geographically and tenor to create tions, Commercial Bank continued to “For our associates, NBO reported an growth market for cloud solutions, allowing enterprises a healthier risk profi le, and driving ef- grow its business with the right sector operating profi t of QR416mn and main- to eff ectively manage and operate their businesses, and fi ciencies across the business. Looking mix underpinned by faster than market tains its strong position in the Omani freeing up IT staff to focus on innovation.” ahead, country fundamentals remain growth of 14.6% in loans and advances to market. Sami Zaitoon, managing partner, Moore Stephens, said, strong which will provide opportunities customers and 9.5% in customer depos- For UAB, as announced earlier, we have “Moore Stephens Qatar is greatly involved in supporting for Commercial Bank as well. its. Consolidated net interest income in- entered into an exclusivity agreement to the continuous development of SME sector through of- “Qatar’s large fi nancial buff ers of ap- creased 7.6% year-on-year to QR2.52bn. negotiate terms of the potential sale of fering a wide range of tailored made professional assur- proximately $35bn in net international “Consolidated operating profi t in- Commercial Bank’s stake in UAB. An ex- ance and advisory services. WallPost is a solution that reserves at the Qatar Central Bank and creased 13.5% year-on-year to QR2.21bn, tension on this agreement has been given reduces the hassle and saves time in the search among more than $300bn of assets managed by driven by overall balance sheet growth until February 28. If this happens, capital The Commercial Bank Plaza at the West Bay. Total the worksheets and helps employees to quickly respond the Qatar Investment Authority provide a and stable margins which refl ected the will be re-deployed to support growth of assets of Qatar’s premier bank stood at QR138.4bn in to the requirements of their workflows.” strong liquidity position. Spending is set actions taken on the management of our other businesses.” 2017, up 6.2% on the previous year. Qatar non-oil exports hit QR18.1bn in 2017, says Chamber report QDB direct lending in 2018 The total value of Qatar’s non-oil exports in 2017 reached QR18.1bn, according to Qatar Chamber’s lat- set to cross QR2bn mark est monthly report on the foreign trade of the private sector. The report was prepared based By Peter Alagos “Keeping with the vision of on certificates of origin issued by Business Reporter economic diversifi cation, a broad the chamber’s Research & Studies spectrum of sectors have identi- Department and Member Aff airs fi ed for participation. They com- Department in December 2017. Sheikh Khalifa and al-Sharqi: Key role for private sector. ith the availability of prise the food industry, pharma- As many as 2,687 certificates of more investment op- ceutical industry, agriculture, origin were issued last month, the in December, accounting for “This aff irmed that Qatar has suc- Wportunities to com- industrial production, and rele- report said.