Al Rayan Qatar Etf Interim Condensed Financial Statements
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Economy & Business Thursday, April 30, 2020 09 Air traffic Qatar’s virus package, mega projects plunges 53% in March, take centre stage in OBG report says IATA AFP PARIS Tourism has been identified as one of the sectors of Qatar’s economy with high-growth potential WORLD air traffic suffered a massive drop of more than TRIBUNE NEWS NETWORK covered from the economic half in March compared with DOHA impact of lower oil prices the same period last year in 2014-16 and the ongoing thanks to coronavirus-related Qatar’s bid to continue di- blockade suggest the coun- travel restrictions, the airline versifying its economy, while try is well placed to reach the industry’s trade body said introducing a QR75 billion longer-term goals outlined in Wednesday. ($20.6 billion) stimulus pack- its development plan, the Na- The 52.9 percent drop age to ease the impact of the tional Vision 2030.” when measured by total rev- Covid-19 pandemic, is ex- Jana Treeck, the Group’s enue per passenger kilome- plored in detail in a new report Managing Director for the tres “was the largest decline by the global research and ad- Middle East, agreed that while in recent history, reflecting visory firm Oxford Business the world currently faces un- the impact of government Group (OBG). precedented challenges from actions to slow the spread of The Report: Qatar 2020 the pandemic, Qatar’s efforts COVID-19”, said the Interna- shines a spotlight on the coun- to keep the fiscal balance in tional Air Transport Associa- try’s list of megaprojects, many surplus, while also channel- tion (IATA). of which will support the coun- ling funds into areas of the Many of the roughly 290 try as it prepares to host the economy identified as ripe for airlines who are members of 2022 FIFA World Cup. growth, will serve it well. the Association have been It also considers Qatar’s “At $57.8 billion, the 2020 hard hit by the slump in air plans to increase liquefied budget is the highest in over travel demand with much of natural gas (LNG) output by five years, with sectors such as the world in lockdown as gov- around two-thirds, while cush- health and education among ernments fight to limit the ioning the industry against the key beneficiaries,” Treeck spread of coronavirus. the recent fall in demand for said. “With its drive to boost Those airlines together hydrocarbons, fuelled by the LNG production gaining pace represent 82 percent of global coronavirus. and a robust pipeline of ma- air traffic. Key initiatives highlighted Qatar’s decision to sharpen its focus on gas production, after withdrawing from the Organisation of the Petroleum Exporting Countries in early jor projects, both for the FIFA US aerospace giant Boe- include the planned expan- 2019, is given wide-ranging coverage. 2022 World Cup and beyond, ing and British Airways Boe- sion of Hamad International Qatar’s push to broaden its ing have notably announced Airport, which is expected to 126mn tonnes per annum by cal sites and medical facilities. It a detailed sector-by-sector that strong fundamentals and economic base at the start of a this week they expect to make begin this year. Projects un- 2027. In addition, the report also charts the progress made by guide for investors. sound diversification plans new decade looks to be main- thousands of job cuts after dertaken at Qatar’s ports, and considers the key part that Qa- the authorities since the block- It also features a wide had provided firm foundations taining momentum.” traffic volume fell to levels not the part they have played in tar is poised to play in meeting ade to tap new source markets. range of interviews with other for Qatar’s economic develop- The Report: Qatar 2020 seen since 2006. opening up new trade routes growing global demand for The country’s rapidly de- high-profile personalities, in- ment, despite the inevitable, marks the culmination of “March was a disastrous and boosting cruise arrivals, cleaner sources of power gen- veloping education sector is cluding: Ali bin Ahmed al Ku- near-term effects of the Cov- more than 12 months of field month for aviation,” said Alex- are also examined. eration. another focus. OBG considers wari, Minister of Commerce id-19 pandemic. research by a team of analysts andre de Juniac, IATA’s direc- Qatar’s decision to sharpen Tourism has been identi- the key contribution that infra- and Industry; Ali al Waleed al “Qatar has introduced from Oxford Business Group. tor general and CEO. its focus on gas production, fied as one of the sectors of structure investment is mak- Thani, CEO, Investment Pro- swift and effective measures The publication assesses trends “Airlines progressively after withdrawing from the Qatar’s economy with high- ing to the sector’s expansion. motion Agency; Khalid bin to support both its healthcare and developments across the felt the growing impact of the Organisation of the Petroleum growth potential, boosted by It also tracks the growing role Khalifa al Thani, CEO, Qatar- system and the private sector economy, including those in COVID-19 related border clos- Exporting Countries in early improvements to infrastruc- played by the private sector gas; Abdulrahman M Darwish, as the country grapples with macroeconomics, infrastruc- ings and restrictions on mo- 2019, is given wide-ranging ture and hospitality. in boosting activity across the CEO, KBM Group Qatar; and the impact of the coronavirus,” ture, banking and others. bility, including in domestic coverage. There is in-depth OBG’s report documents segments. Khaled Sam Hosn, CEO, Mall he said. The Report: Qatar 2020 markets. analysis of the expansion Qatar’s efforts to increase visi- The Report: Qatar 2020 of Qatar. “While the difficulties it has been produced with the “Demand was at the same planned for the North Field tor numbers by broadening its contains a viewpoint by the Commenting ahead of faces shouldn’t be underesti- Ministry of Commerce and In- level it was in 2006 but we – the world’s largest non-as- offerings to include sporting Amir HH Sheikh Tamim bin the launch, Oliver Cornock, mated, analysis from the IMF dustry, the Qatar Chamber and have the fleets and employees sociated gas field – to around events, museums, archaeologi- Hamad al Thani, together with OBG’s Editor-in-Chief, said indicating that Qatar has re- Grant Thornton Qatar. for double that. Qatar’s producer price index drops in March TRIBUNE NEWS NETWORK DOHA AL RAYAN QATAR ETF Qatar’s Producer Price Index (PPI) of industrial sector for March INTERIM CONDENSED 2020 is estimated at 49.2 points FINANCIAL STATEMENTS showing a decrease of 17.9%, when compared to February 2020. On FOR THE THREE-MONTH PERIOD ENDED year-on-year [Y-o-Y] basis, PPI of March 2020 showed a decrease of 31 MARCH 2020 25.1% when compared to the PPI of March 2019. INDEPENDENT AUDITOR’S REVIEW REPORT The PPI data released by Plan- TO THE UNIT HOLDERS OF AL RAYAN QATAR ETF ning and Statistics Authority (PSA) Introduction Other matter covers goods relating to “mining” We have reviewed the accompanying interim condensed financial statements The financial statements and interim condensed financial statements of the (weight: 72.7%), “manufacturing” of Al Rayan Qatar ETF (“the Fund”) which comprise the interim condensed Fund for the year ended 31 December 2019 and for the three-month period (weight: 26.8%), and “electricity & statement of financial position as at March 31, 2020, and the related interim ended 31 March 2019, respectively, were audited / reviewed by another condensed statements of income, changes in net assets attributable to unit auditor who expressed an unmodified audit report and review conclusion on water” (weight: 0.5%). “rubber and plastics products” by “basic metals” by 1.5% each, “rub- holders and cash flows for the three-month period then ended, and certain those statements on 20 January 2020 and 17 April 2019, respectively. Mining 0.4%. ber and plastics products” by 0.6%, explanatory notes. The Manager of the Fund is responsible for the preparation Conclusion and presentation of these interim condensed financial statements in The PPI of March 2020 for this However, the increasing prices and “beverages” by 0.5%. Based on our review, nothing has come to our attention that causes us to accordance with the Financial Accounting Standards issued by the Accounting sector showed a decrease by 21% were noticed in “basic metals” by However, prices increased in believe that the accompanying interim condensed financial statements are not and Auditing Organisation for Islamic Financial Institutions (“AAOIFI”) and the presented fairly, in all material respects, in accordance with the Financial when compared with PPI of Feb- 5.5%, “cement and other non-me- “paper and paper products” by applicable provisions of Qatar Central Bank regulations (“QCB”). Our Accounting Standards issued by AAOIFI and applicable provisions of Qatar responsibility is to express a conclusion on these interim condensed financial ruary 2020, primarily due to the tallic products” by 2.9%, “grain mill 3%, followed by “juices” by 2.6%, Central Bank regulations. price decline of “crude petroleum and other products” by 1.4%, and “grain mill and other products” statements based on our review. Emphasis of matter Scope of review and natural gas” by 21.1%. On y-o- “beverages” by 0.1%. No changes are decreased by 1.5%, “dairy We draw attention to disclosure in note 12 to the interim condensed financial We conducted our review in accordance with International Standard on y basis the PPI of March 2020 de- were noticed in “juices”, “dairy products” by 0.3%, and “cement statements, which describe the effects of the coronavirus (COVID-19) pandemic Review Engagements 2410, “Review of Interim Financial Information and their detrimental effect on the financial position and performance of the creased by 29.9%.