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Official Rules out Hotel Glut After 2022 Dense Fog Causes 113 Road Accidents in Qatar

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Official Rules out Hotel Glut After 2022 Dense Fog Causes 113 Road Accidents in Qatar BUSINESS | Page 1 SPORT | Page 12 US amateur champion to debut INDEX DOW JONES QE NYMEX QATAR 2-8, 28 COMMENT 26, 27 QIC posts QR1.06bn at Qatar REGION 9, 10 BUSINESS 1-8, 14-16 profi t on ‘successful 16,101.97 8,986.50 29.10 ARAB WORLD 10, 11 CLASSIFIED 9-13 +113.89 +469.68 -0.32 INTERNATIONAL 12-25 SPORTS SECTION 1-12 diversifi cation’ Masters +0.71% +5.51% -1.09% Latest Figures published in QATAR since 1978 WEDNESDAY Vol. XXXVI No. 9973 January 20, 2016 Rabia II 10, 1437 AH GULF TIMES www. gulf-times.com 2 Riyals In brief IMF cuts QATAR | Market Shares make a strong rebound global The Qatar Stock Exchange yesterday witnessed strong rebound as its key index vaulted 470 points to inch near the 9,000 points, and capitalisation gained as much as QR21bn, mainly lifted by real estate, consumer goods and transport stocks. Increased buying support from local and non-Qatari retail investors led growth the 20-stock Qatar Index surge 5.51% to 8,986.5 points, reflecting the rally in the global markets, following a marginal increase in oil prices. Business Page 16 REGION | Diplomacy Chinese president forecast An accident that happened yesterday morning due to heavy fog. PICTURE: Ministry of Interior begins Saudi visit Concerns about Beijing’s grip on demand in China remained a risk to Chinese President Xi Jinping arrived in economic policy have shot to the global growth and that weaker-than- Saudi Arabia yesterday, the first stop top of global investors’ risk list for expected Chinese imports and exports on a trip to raise the economic giant’s 2016 were weighing heavily on other emerg- political profile in a troubled Middle ing markets and commodity exporters. East. Xi, making his first presidential Reuters “We don’t see a big change in the fun- visit to the region, will also travel to Dense fog causes 113 damentals in China compared to what Washington Egypt and Iran during his five-day tour. we saw six months ago, but the mar- State television showed Xi meeting kets are certainly very spooked by small with King Salman and the off icial Saudi he International Monetary Fund events there that they fi nd hard to inter- Press Agency said the monarch held a (IMF) cut its global growth fore- pret,” IMF economic counsellor Mau- luncheon banquet in his honour. Page 9 road accidents in Qatar Tcasts for the third time in less rice Obstfeld said in a statement. than a year yesterday, as new fi gures He said global fi nancial markets PAKISTAN | Mediation By Joseph Varghese from Beijing showed that the Chinese seemed to be overreacting to falling oil Staff Reporter economy grew at its slowest rate in a prices and the risk of a sharp downturn Sharif meets quarter of a century in 2015. in China. Iranian leader To back its forecasts, the IMF cited a Obstfeld also said it was critical that Pakistan Prime Minister Nawaz Sharif any areas in Qatar experi- sharp slowdown in China trade and weak China is clear about its overall economic met Iranian President Hassan Rouhani enced heavy fog yesterday commodity prices that are hammering strategy, including its currency. in Tehran yesterday in an eff ort to ease Mmorning causing a marked Brazil and other emerging markets. The IMF report said continued mar- tensions between Saudi Arabia and Iran. drop in visibility and as many as 113 The Fund forecast that the world ket upheaval could also help drag growth Sharif was in Riyadh on Monday to meet road traffi c accidents. economy would grow at 3.4% in 2016 lower if it leads to major risk aversion with Saudi King Salman. Islamabad has According to the Ministry of Interior and 3.6% in 2017, both years down 0.2 and currency depreciations in emerging expressed concerns over the escalation (MoI), the traffi c accidents happened percentage point from the previous es- markets. Other risks included further of tensions between the two countries on account of intense fog and non-ad- timates made last October. It said poli- dollar appreciation and an escalation of and called on them to resolve their herence of traffi c rules to be followed in cymakers should consider ways to bol- geopolitical tensions. diff erences peacefully in the larger adverse weather conditions. ster short-term demand. US investment bank Morgan Stanley interest of Muslim unity, the foreign No one was seriously injured in The updated World Economic Out- said the probability of a global recession ministry in Islamabad said this week. these accidents which took place on look forecasts came as global fi nancial this year was as high as 20% in a worst Page 23 Al Khor Coastal Road and Al Shamal markets have been roiled by worries case scenario. Road, especially at the Umm Qarn in- over China’s slowdown - confi rmed by Soft consumer demand in the US and tersection. offi cial Chinese data yesterday - and Japan and weakness in emerging mar- The ministry stated that it had taken plummeting oil prices. kets due to worries over plunging oil and many measures to prevent more acci- Traff ic moving through fog on Al Shamal Express Highway yesterday morning. The IMF maintained its previous commodity prices and capital outfl ows dents. “Patrols were deployed on many PICTURE: Shaji Kayamkulam China growth forecasts of 6.3% in 2016 from China were among the main risks. roads to stop the traffi c movement and 6.0% in 2017, which represent sharp A global recession is loosely defi ned temporarily in some areas and to en- Speaking to Gulf Times, some mo- important is to allow more distance slowdowns from 2015. as growth below the roughly 2.5% need- hance safety measures in certain areas torists said that they had to stop their between vehicles than usual, avoid China reported that growth for 2015 ed for the world economy to keep up that suff ered widespread dense fog,” vehicles yesterday at several places in passing and overtaking except in ideal hit 6.9% after a year in which the world’s with an expanding population. said a ministry statement. the fog for safety. Some reached their conditions and avoid changing lanes second biggest economy endured huge The Fund said the outlook for an ac- The thick fog that enveloped various offi ces as late as 8.30am, instead of the except in extremely necessary condi- capital outfl ows, a slide in the currency celeration of US output was dimming as parts of the country lasted until 9am. usual 7am. tions. and a summer stock market crash. dollar strength weighs on manufactur- Commuters to distant areas, especially One motorist who travels daily to The ministry also cautioned motor- Shares in Europe and Asia rose and ing and lower oil prices curtail energy to Al Khor and Al Shamal, were the Al Khor said: “I was forced to stop my ists to pull the vehicle completely off the dollar gained after the China data investment. It now projects US eco- most aff ected. vehicle many times. With heavy fog, it the road and park on the right side of was released, as investors anticipated nomic growth at 2.6% for both 2016 and The Qatar Meteorology Depart- was very diffi cult to negotiate the road the road, if the fog is too dense to con- greater eff orts by Beijing to spur growth. 2017, down 0.2 percentage point in both ment yesterday forecast another foggy and I had to stop frequently and park tinue. Concerns about Beijing’s grip on eco- years from the October forecast. morning today. It can be misty to fog- the car safely, thinking that the situa- “Don’t use high-beam lights or nomic policy have shot to the top of glo- In Europe, lower oil prices will help gy over most areas of the country in the tion would improve. I reached my des- hazard lights while driving as hazard bal investors’ risk list for 2016 after falls support private consumption, so the morning, moderate temperature later tination almost 90 minutes late.” lights are meant for only emergency in its stock markets and the yuan stoked IMF said it added 0.1 percentage point and cold at night with the temperature The ministry urged motorists to stopping. Instead, use fog lights and worries that the economy may be rap- to its 2016 euro area growth forecast, ranging between 12-24C and visibility follow all safety precautions while low beam headlights,” the ministry ad- idly deteriorating. bringing it to 1.7%, where it will remain less than 1km in the morning. driving in adverse weather. Most vised. The Fund said a steeper slowing of for 2017. Major outage Offi cial rules out hotel glut after 2022 hits Twitter By Peter Alagos there were plans to build more fi ve- for fi ve-star hotels but also three- and Business Reporter star hotels along the West Bay area, four-star hotels and more hotel apart- AFP there was robust spending for three ments in order to give customers com- San Francisco and four-star hotels as well, provid- ing to Doha the opportunity to stay at he hospitality sector in Qatar ing more investment opportunities for diff erent price points,” Kaddouri said. will remain vibrant even af- companies in the hospitality sector. “Qatar is developing reasons why witter feeds went down for Tter the country has hosted the “Other segments such as business people should be coming to the coun- hours yesterday in many part 2022 FIFA World Cup, according to an tourism provide opportunities for ma- try post 2022…We need to be thinking Tof the world in one of the worst industry offi cial, dispelling fears of a jor players in the hospitality sector and forward and I believe that Qatar is do- outages in the 10-year history of the hotel glut.
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