www.thepeninsulaqatar.com BUSINESS | 21 SPORT | 26 Commercial Bank Qatar’s Al Attiyah successfully issues spearheads Overdrive $750m five-year bond Racing team in Italy SUNDAY 19 JUNE 2016 • 14 RAMADAN 1437 • Volume 21 • Number 6832 thepeninsulaqatar @peninsulaqatar @peninsula_qatar Emir meets Palestinian President Emir to visit Turkey today Qatar’s GDP DOHA: Emir H H Sheikh Tamim bin Hamad Al Thani will head today to Turkey on a short offi- cial visit. The Emir will hold talks with Turkish President Recep Tayyip Erdogan on regional and international developments. to grow 3.9% Emir greets Seychelles President on National Day this year DOHA: Emir H H Sheikh Tamim bin Hamad Al Thani yesterday sent a cable of congratulations to Seychelles President, James Alix Michel, on his to 3.4 percent following rapid accel- country’s National Day, reports QNA. eration observed in January–April. Deputy Emir H H Sheikh Abdullah bin Hamad Inflation in 2016 The recent hikes to petrol prices in Al Thani, and Prime Minister and Interior Minis- is forecast to January of this year, as well as the ter H E Sheikh Abdullah bin Nasser bin Khalifa removal of water and electricity Al Thani sent a similar cable. moderately pick up subsidies in late 2015, will push up to 3.4 percent. domestic prices. A slight pick-up in Qatar slams mention of its global commodity prices, and an anticipated softening of the US dol- name in Egypt court verdict lar will push imported inflation up By Sachin Kumar further in 2017and 2018. The Peninsula Given significantly lower oil DOHA: Qatar’s Foreign Ministry has strongly prices and an erosion of hydro- condemned mention of Qatar’s name in the ver- carbon revenues, a fiscal deficit is dict issued yesterday by Cairo Criminal Court projected for calendar year 2016, in the case known as ‘Qatar espionage’, reports DOHA: Qatar’s economic growth this for the first time in 15 years, at just QNA. Director of The Information Office at the year is forecast to be higher than last under 8 percent of nominal GDP. Ministry, Ambassador Ahmed Al Rumaihi said: year as real gross domestic product However, if the recent oil price rally “Though it is not final, the verdict is unfounded, (GDP) growth is expected to be 3.9 persists, investment income will be goes against truth and contains misleading claims percent in 2016, which is 0.2 per- shielded and fiscal deficit be lower which are contrary to the policy of the State of centage points higher than in 2015. than anticipated. Qatar towards all sister countries, including Country’s real GDP grew by 3.7 per- Breakeven oil prices for the fis- Egypt. The charge of espionage on Qatar against a cent last year. cal balance are estimated at $61.5 former president and mediamen is surprising and Qatar’s real GDP growth is fore- per barrel for 2016, and above $65 unacceptable, he said. He pointed out that such cast to average 3.6 percent over for both 2017 and 2018. Emir H H Sheikh Tamim bin Hamad Al Thani met Palestinian President Mahmoud Abbas a verdict is not surprising after the death sen- 2016–2018, said ‘Qatar Economic “The fall in oil prices that began at Al Bahr Palace last evening. They discussed bilateral ties and exchanged views on tences and life terms issued by Egyptian courts Outlook 2016-2018’ report released in June 2014 was not anticipated, and regional and international issues, particularly developments in the Palestinian arena. Chief in the last two years and abolished by the Egyp- yesterday. The report released by the the rally that has been staged since Palestinian Negotiator Dr Saeb Erakat was also present. tian Court of Cassation. Ministry of Development Planning January 2016 has been associated → Continued on page 2 and Statistics presents forecasts for with considerable volatility. If they the years 2016 to 2018 and reviews persist, lower oil prices will narrow activity and economic performance the government’s fiscal cushion but in 2015. “Qatar’s real GDP growth is our considerable financial reserves forecast to average 3.6 percent over provide an ample buffer,” said Min- New measures to regulate gold and jewellery sale 2016–2018, on the back of continued ister of Development Planning and expansion in the non-hydrocarbon Statistics H E Dr Saleh Mohamed economy, which although moderat- Salem Al Nabit. The Peninsula of initiatives unveiled by the min- date, invoice number, names of the consumer must comply with the war- ing, remains strong,” noted the report. Given lower oil prices, the Out- istry to mark the holy month of shop and buyer, means of payment, ranty terms and conditions. “Despite lower oil prices, real eco- look expects the current account of Ramadan under the theme “#Aqal_ number of items, specifications, The shops must inform the cus- nomic growth in 2016 is expected to the balance of payments to post a DOHA: The Ministry of Economy and Min_Al_Wajeb,” the Arabic for trademark, number of pieces, weight, tomers before the purchase their rise to 3.9 percent, buttressed by con- small deficit in 2016, but if average oil Commerce has issued a new decision “#the_least_we_can _do.” carat, colour, making charge, total policy regarding replacement and tinued vigour of the non-hydrocarbon prices for the year rise by one US dol- regulating sale of gold and jewellery, The ministry has issued a circular amount paid and seal and signature return, if deficiencies are found in sector and the boost to upstream lar, the current account will balance. other precious metals, stones and (No 4 of 2016) asking all gold and jew- of the seller. the items sold. hydrocarbon production from the Surpluses are anticipated to resume similar items. ellery shops to provide specifications The shops must provide warranty This should include the duration Barzan gas project,” added the report. with the forecast rebound of oil prices Based on a study conducted by about every item on an electronic for all items and it should be given and the nature of defects. Qatar is expected to outperform in 2017 and 2018. Dr Saleh added that the ministry on the competitiveness screen visible to customers. in a written form, not verbally. All The ministry has given the shops its Gulf Cooperation Council (GCC) “lower oil prices and the prospect of of the gold and jewellery market and All specifications should be terms and conditions of the warranty three months time to adjust their sta- countries in the outlook period in continued volatility serve to underline international practices and after con- clearly explained to the customers should be clearly specified, includ- tus, starting from June 19. terms of GDP growth. the importance of implementing the sulting local traders, the ministry has including the carat, quality, level of ing the date of purchase, duration, They must give a report to the In 2017 and 2018 Qatar’s real initiatives in Qatar’s National Devel- taken a number of steps to improve purity, quantity, value and making type and quality and serial number authorities concerned at the minis- growth will moderate to 3.8 percent opment Strategy. These will help to the efficiency of the market and charge to make them fully aware of the items. The nature of the war- try about the improvement they have and 3.2 percent respectively. diversify the economy and shield protect the rights of consumers, the about the items they buy. ranty must also be specified, whether made. After the three months period, The report adds that inflation in it from the vagaries of oil price ministry said yesterday. The consumer must receive it is replacement or maintenance and the ministry will start monitoring the 2016 is forecast to moderately pick up movements.” The decision is part of a series invoice with full details including what are the items included. The shops, said a statement. Palestine-Egypt Al Nadeeb achieves feat sea border talks Children ready for Garangao By Sidi Mohamed DOHA: The single window customs clearance service ‘Al Nadeeb’, intro- UNITED NATIONS: The Pales- The Peninsula duced by the General Authority of Customs (GAC), has made remarkable tinians said they have started achievements in three months of operations. negotiations with Egypt to deter- The number of declarations submitted reached more than four million, mine the boundaries of their DOHA: Qatar is all set to celebrate as well as 170,000 during the month of April, according to the latest figures undersea territory as a first step Garangao today, the traditional released by the GAC yesterday. to determining the sea borders of festival that falls in the middle of a Palestinian state, The Associated Ramadan. → Continued on page 2 Press reported. The festival is known in Qatar as Garangao, and by different names in other GCC countries, and cele- brated after breaking of the fast on RAMADAN the 14th day of Ramadan. Families TIMING exchange visits, children wear- ing traditional clothes and singing Today’s Iftar 6 : 29 pm a special Garangao song knock TODAY’S Tomorrow’s Imsak 3 : 04 am on every door in their neighbour- Switzerland vs France 10pm hood to collect sweets, candies and GROUP nuts in their little sweet pouches. STAGE Romania vs Albania 10pm Women wear bokhnuq (a head cov- MATCHES ering) and fine jewellery, while men wear the “thobe”, “ghutra” and Children having fun at Qatar Foundation’s Garangao celebrations. “egal”(traditional men’s dress). The festival holds special impor- the children a taste of the traditional whether young or old. To keep this tance for children because they are experience. The festival inherited tradition intact, institutions and able to dress in colourful outfits.