‘DIESELGATE’ SAGA: Page 11 VW strikes deal with German consumers Saturday, February 29, 2020 Rajab 5, 1441 AH LOSS OF MOMENTUM: Page 12 US consumer GULF TIMES spending slows in January; BUSINESS income surges DIFC calls for enhanced co-ordination to make further investments in AI, sports The recently concluded sixth Doha suggestions were made in the form of which was organised by Bait Al improvements such as earnest money finance institutions shall be prepared conference, four central themes were Islamic Finance Conference took a 11-point agenda, which also included Mashura Financial Consultants. and the promises within their Shariah to face the upcoming and renewing discussed covering the topics: Predict special note of Qatar’s “outstanding” adoption of blockchain technologies The Islamic countries are encouraged confinements. challenges of technology, such the financial and economic crises experience in the Shariah finance and tapping of new sectors, as part of to establish Islamic capital markets, They should also undertake the study as artificial intelligence,” Bait Al and their impact on Islamic finance; and suggested enhanced co- a strategy to enhance Islamic finance’s common for metals, commodities to formulate new contracts, and to Mashura said, adding the Islamic Islamic Finance and Recent Trends ordination among Islamic finance contribution to the global gross and financial papers, in compliance transform from the alternatives to countries are encouraged to towards Sports Sector; Islamic Trading institutions to make further domestic product (GDP). with Shariah maxims and objectives Islamic products in line with Islamic enhance the regulatory ambiance Platforms, as well as Innovation; investments in artificial intelligence It is recommended to co-ordinate as they are encouraged to formulate economics its objectives. They shall for encompassing technological and Artificial Intelligence in Islamic (AI) and sport sectors. between Islamic finance entities, a global index for profit rate as well also benefit from electronic and improvement requirements and AI as Finance. The need for further strengthening universities and scientific research as to benefit from Shariah compliant digital technologies for establishing well as the forthcoming challenges The working papers were presented Shariah finance in Qatar, where assets centres to establish scientific centres contracts and all the permissible well developed Islamic market, it was which may reshape the future of by scholars, academicians, experts within Islamic finance market stands dedicated to foreseeing the future of forms of sales of debts and arbitration observed. Islamic finance. and the participants to comprise 15 at $129bn, was stressed and other Islamic finance, said the conference, vis-à-vis ‘fiqhi’ options and their “The Islamic banks and Islamic During the scientific sessions of the researches, apart from discussions. Turkish economy Qatar-Philippines merchandise registers strong trade reaches over $203mn in ’19 rebound By Peter Alagos tries abroad as part of the country’s Yalong was recently in Qatar for the local understanding of the current Business Reporter Philippine Export Development Plan Doha leg of the Department of Trade economic conditions and business Reuters (PEDP) 2018-2022 that focuses on key and Industry’s (DTI) ‘Outbound Busi- opportunities. Ankara export sectors: electronics, such as ness Matching Mission (OBMM) to Moreover, the project supports the erchandise trade between offi ce equipment and consumer elec- GCC 2020’, led by DTI-Trade Promo- ‘Export Promotion for Philippine Food Qatar and the Philippines tronics; processed food and bever- tions Group (TPG) Undersecretary Ab- Sector’, which endeavours to bring The Turkish economy grew Mreached $203.18mn in 2019, ages like coconut products, processed dulgani M Macatoman. Philippine cuisine, ingredients, and 6% year on year in the fourth according to Philippine Commercial fruits, baked goods and confection- The Philippine delegation also in- beverages overseas. The programme’s quarter and nearly 1% in 2019 as Attaché for the Middle East and Africa ery, and beverages; IT-BPM (business cluded DTI-EMB Senior Trade and In- strategy will build on Strategy No 3 of a whole, data showed yesterday, Charmaine Mignon S Yalong. services), such as creative industries, dustry Development Specialist Myrtle the PEDP 2018-2022, which is to de- beating expectations with a Of the total amount, Yalong said healthcare information, startup, lo- Faye L Solina, and Trade and Industry sign comprehensive packages of sup- strong rebound from recession the Philippines exported $55.19mn gistics/transport, and franchising, Development Specialist Al-Mahdi I port that will be able to mainstream the as it shakes off the eff ects of the worth of goods (excluding services), among others; and tourism and trav- Jul-Ahmad. Philippine food, food ingredients, and 2018 currency crisis. and imported mostly gas from Qatar el-related goods, which include tour- Aside from government repre- beverages sectors, and encourage inno- The data marked a sharp turna- amounting to $147.99mn, making the ism services like accommodation sentatives, the delegation was also vations on major Philippine commodi- round for the emerging market Southeast Asian nation a net importer Yalong: Expansion plans. services, travel agencies, and souvenir composed of representatives from 11 ties and niche products. economy, which has a track of Qatari gas. items, among others. Philippine business companies partici- Joseph Timothy Rivera, Investment record in the past two decades Yalong said of the $55.19mn worth ($3.7mn), transport ($1.63mn), ma- She noted that the PEDP 2018-2022 pating in the DTI’s OBMM initiative, Promotions Partner for the Middle of about 5% growth but has been of Philippine exports, processed food rine/aquaculture ($1.36mn), personal has three key strategies, which is to which was organised in collaboration East of the Philippine Economic Zone hit by a nearly 40% slide in the topped the list of goods at $17.57mn, care ($1.19mn), chemicals ($98mn), improve the overall climate for export with the Philippine Embassy in Qatar. Authority (Peza), said Peza’s repre- lira’s value since the beginning followed by fresh food worth $12.13mn, pharmaceuticals ($65mn), and others development, to exploit existing pro- By staging the OBMM in Qatar, sentatives in Qatar “are aggressively of 2018. Compared with the third and machinery amounting to $9.19mn. ($2.77mn). spective opportunities from trading Macatoman said event would help de- working hand in hand” with Yalong quarter, Turkey’s gross domestic Other leading export products from Yalong said the Philippine govern- arrangements, and to design compre- velop and expand relationships with and the Philippine Embassy in Doha to product (GDP) expanded at a the Philippines include construc- ment is working to increase its exports hensive packages of support for select- business, government, and multiplier ensure the eff ective promotion of busi- seasonally and calendar-adjusted tion materials ($4.02mn), electronics to the Middle East and other coun- ed products and services sectors. organisations in Qatar, and enhance ness opportunities to Arab markets. rate of 1.9%, Turkish Statistical Institute data showed. A Reuters poll had forecast the economy would expand 5% year on year in the fourth quarter. Dampened global sentiments due to virus reflect on QSE In 2019 as a whole, the economy grew 0.9%, against a poll forecast of 0.6%. The By Santhosh V Perumal QR213.12mn compared with net buyers of QR27.62mn government is forecasting 5% Business Reporter a week ago. Non-Qatari individuals were also net sell- economic growth this year ers to the extent of QR3.14mn against net buyers of and next. Consumer spend- QR0.87mn the previous week. ing helped to boost economic Dividend worries and apprehensions over coronavi- However, domestic funds’ net buying grew signifi- activity in the final quarter of rus dampened sentiments on bourses globally, which cantly to QR179.61mn compared to QR110.85mn a 2019, said Haluk Burumcekci, an had its reflection on the Qatar Stock Exchange as well week ago. economist who runs Burum- this week. Local retail investors were net buyers to the tune of cekci Consulting in Istanbul. Foreign institutions were seen hurriedly squaring QR36.65mn against net profit takers of QR139.34mn The lira stood at 6.2540 against off their position this week which saw total assets of the previous week. the dollar yesterday, weaken- commercial banks in Qatar witness a robust more Total trading volume fell 19% to 389.11mn, while value ing from Thursday’s close of than 12% year-on-year expansion to QR1.56tn in Janu- was up less than 1% to QR1.26bn and transactions by 6.2080. It slipped on concern ary 2020. 15% to 36,799. over the impact of a Syrian An across the board selling – particularly within The transport sector’s trade volume plummeted 39% government attack that killed insurance, real estate and telecom – drove the to 11.19mn equities, value by 41% to QR30.58mn and 33 Turkish soldiers in northwest bourse down this week which saw Qatar National deals by 35% to 1,198. Syria on Thursday. Cement Company (QNCC) reiterate its continued There was 35% plunge in the consumer good’s trade The central bank responded to support to the country’s infrastructure develop- Domestic institutions were increasingly net buyers on the Qatar Stock Exchange this volume to 35.95mn stocks but on 20% increase in the 2018 currency crisis by rais- ment by diversifying the product portfolio by week, even as foreign institutions were seen hurriedly squaring off their position value to QR122.21mn and less than 1% in transactions ing its benchmark interest rate adding new products to meet the growing local to 2,916. to 24%, where it stayed until last demand. QATR valued at QR471,156 change hands across 29 estate and banking sectors together constitute more The real estate sector’s trade volume tanked 31% to July. It has since cut rates ag- Non-Qatari individuals were seen bearish as the transactions.