BUSINESSBUSINESS | Page 1 SPORT | Page 1 Commercial Cecchinato Bank sees stuns Djokovic twofold over- subscription in epic to $500mn match to 5-year bond reach semis published in QATAR since 1978 WEDNESDAY Vol. XXXIX No. 10841 June 6, 2018 Ramadan 21, 1439 AH GULF TIMES www. gulf-times.com 2 Riyals Amir chairs SC meeting Fitch revises In brief upward Qatar’s QATAR | Offi cial Amir sends message outlook to ‘stable’ to Tajikistan president O Qatar has overcome problems related to the blockade His Highness the Amir Sheikh Tamim bin Hamad al-Thani has sent a written O Fiscal deficit has shrunk, surplus expected in 2019 message to Tajikistan President O Banks compensated for deposits outflow Emomali Rahmon pertaining to the bilateral relations and ways to O Local banks’ profits enough to cover future challenges enhance them. Qatar’s ambassador O Imports volume returns to pre-blockade levels to Tajikistan Ali bin Mubarak al- Muhannadi handed over the message during a meeting with Tajikistan By Santhosh V Perumal supply chains and continues to grow Foreign Minister Sirodjidin Aslov. Business Reporter at a robust pace. There has been no es- calation of measures against Qatar, ac- QATAR | Cables cording to Fitch. itch, an international credit rat- Around $10bn in non-resident Amir congratulates His Highness the Amir Sheikh Tamim bin Hamad al-Thani chaired the second meeting of the board of directors of Supreme ing agency, has revised upward funding has flowed back into the Queen of Denmark Committee for Delivery & Legacy (SC) for 2018. The meeting, held yesterday evening at Al Bahr Palace, was attended by His FQatar’s outlook to “stable” from banking system since November 2017, His Highness the Amir Sheikh Tamim Highness the Deputy Amir Sheikh Abdullah bin Hamad al-Thani; His Highness Personal Representative of the Amir Sheikh “negative” and affi rmed its long term after falling by $30bn in June-Octo- bin Hamad al-Thani and His Highness Jassim bin Hamad al-Thani, Vice Chairman of the board; and board member HE the Prime Minister and Minister of Interior foreign currency issuer default rating ber 2017, mainly on withdrawals of the Deputy Amir Sheikh Abdullah Sheikh Abdullah bin Nasser bin Khalifa al-Thani. The meeting reviewed the latest developments of the FIFA World Cup Qatar (IDR) at ‘AA-’. deposits by Saudi Arabia and UAE- bin Hamad al-Thani sent yesterday 2022 projects. A presentation was made on the overall achievements and operational plans for the country’s major projects Finding that domestically, support based clients. cables of congratulations to Queen related to the tournament, such as Hamad International Airport and Qatar Rail. for His Highness the Amir (Sheikh A return of non-resident funding has Margrethe II of Denmark on her Tamim bin Hamad al-Thani) and the allowed the public sector to pare back country’s National Day. government appears to have strength- its liquidity assistance to the banking ened, Fitch said the attempts by the sector by $10bn in January-April 2018, QATAR | Progress quartet to force companies or countries from cumulative injections of $40bn in to pick sides in the dispute have not June-December, consisting mainly of PM visits Lusail Tram, gained much traction. placements by the Qatar Central Bank Doha Metro projects Qatar has successfully managed the (QCB), the Ministry of Finance, and the HE the Prime Minister and Minister Qatar awaiting French fallout from last year’s rupture of trade, Qatar Investment Authority (QIA), it of Interior Sheikh Abdullah bin fi nancial and diplomatic relations with said. Nasser bin Khalifa al-Thai paid an the quartet consisting of the UAE, Sau- “We estimate that sovereign net for- inspection visit to the Lusail Tram di Arabia, Bahrain and Egypt, it said in eign assets (reserves plus other gov- and Doha Metro projects. Page 2 response on Saudi ‘fears’ a report. ernment assets less external debt) were Public sector liquidity injections $236bn (141% of GDP) in 2017, down QATAR | Media have stabilised the banking sector and from $250bn in 2016 but still far above atar has not received any of- international law, it’s violating all the stemmed the outfl ow of non-resident most ‘AA’ and ‘A’ peers,” Fitch said, beIN reaches pact with fi cial notifi cation from Wash- End blockade now: FM international norms and, most impor- funding, it said, adding the fi scal defi cit adding the decline is driven by a reduc- UAE operators Qington on a proposed US-GCC tantly, it’s violating the GCC charter, has narrowed sharply and “we expect it tion in QCB reserves to $15bn in 2017, Qatar’s beIN Media Group has summit in September, HE the Deputy Qatar is stronger than it was before which says the countries of the GCC to turn into a surplus in 2019.” down from $32bn in 2016. confirmed that it has reached Prime Minister and Minister of Foreign the blockade and it is time to end should not launch any kind of attack The economy has reconfi gured its To Page 6 agreements with Emirati telecom Aff airs Sheikh Mohamed bin Abdul- the unfortunate chapter in the against each other.” operators Du and Etisalat that will rahman al-Thani has said. history of the Gulf, HE the Deputy HE the Minister said tension in this enable viewers in the UAE to watch He said the US administration is Prime Minister and Minister of region is increasing and unfortunately, all 64 matches of 2018 FIFA World working on holding the summit at Foreign Aff airs Sheikh Mohamed it’s increasing because of the impulsive Cup live on beIN Sports channels. Camp David. bin Abdulrahman al-Thani has said. behaviour of the blockading states. Page 5 Regarding the Russian S-400 mis- He said it is also time to abandon “All our friends and allies play a role sile deal, he said the purchase of any the illusion of victory and give in preventing any further escalation priority to security interests of the Beginning of a new military equipment is a sovereign de- in the region because they understand RAMADAN THOUGHT cision that has nothing to do with Sau- Middle East. that the region cannot aff ord further di Arabia or any other country. In an article published in New escalation ... and the US is a strong ally And whomsoever Allah wills to guide, Sheikh Mohamed said Doha was York Times, HE the Deputy for Qatar and for the other GCC mem- He opens his breast to Islam; and Prime Minister said: “The past phase in Qatar: PM waiting for Paris’ response to a news- bers.” whomsoever He wills to send astray, paper report on Saudi fears of the mis- year Qatar has been subjected Asked about whether there’s any He makes his breast closed and con- sile deal. to a reckless and ill-considered hope to end the crisis, the foreign min- atar has begun a new phase un- In the fi rst tweet on his personal ac- stricted, as if he is climbing up to the He said he did not believe the Saudi blockade imposed by four ister said: “Qatar remains open to any der the directives of His High- count, the premier said: “A year ago, a sky. Thus Allah puts the wrath on threat, which was reported in a letter countries: Saudi Arabia, Bahrain, possibility of dialogue which is based Qness the Amir Sheikh Tamim new phase started under the directives those who believe not. (Qur’an 6:125) to France, was ‘dangerous’. But he ac- the UAE and Egypt. Page 6 on respect of international law, which bin Hamad al-Thani after the country of His Highness the Amir, in which Prayer times cused Riyadh of using the ‘letter’ to try is based on respecting the sovereignty was subjected to a blockade a year ago, Qatar needs all who live on its land to to provoke a “disturbance” in a region of each and every country, based on HE the Prime Minister and Minister of build its economy and protect its se- Fajr....3.14 Zuhr....11.32 Asr....2.56 shaken by a year-old row between Qa- cron, threatening to use military force the respect and independence of every Interior Sheikh Abdullah bin Nasser curity, and it needs their diligence and Maghrib.....6.25 Isha.....7.55 tar and other regional powers. against Qatar, if Doha got the Russian country. bin Khalifa al-Thani yesterday said. creativity. All those who work in the The French newspaper Le Figaro said air defense system. “They cannot impose demands on “Qatar needs at this stage all who public and private sector, both citizens Fasting times earlier this month that US and British “There’s no legitimate grievance a sovereign country. If they have any live on its land, both citizens and resi- and residents, responded to the call of Iftar today ............................6.25pm leaders had received a letter from Saudi behind this letter [from Saudi King concerns, any grievances, they have to dents, to build its economy and protect duty, they worked hard and diligently, Imsak tomorrow...............3.04am King Salman, similar to the one sent Salman to French President Macron] sit at a dialogue table and discuss those its security. It needs their diligence and and we are now reaping the fruits of our to French President Emmanuel Ma- and of threatening Qatar. It’s violating concerns.” — Al Jazeera creativity,” he said. work together.” Qatar Airways chief takes over as IATA board chairman By Pratap John IATA Board of Governors as chairman Chief Business Reporter for the year ahead.