ENERGY PLAN | Page 14 Pakistan off ers $100bn opportunities Wednesday, February 26, 2020 Rajab 2, 1441 AH KEY ECONOMIC PILLAR: Page 16 Islamic fi nance in GULF TIMES Qatar is witnessing ‘unprecedented’ BUSINESS growth: Al-Kuwari QIC to enhance its focus on lower volatility, higher frequency risks By Peter Alagos The members of the board of directors for the Business Reporter period 2020-2022 were also elected during the meeting. The following members in the category of atar Insurance Company (QIC) will non-independent member won by acclama- continue to execute on its strategy of tion: Sheikh Khalid bin Mohamed bin Ali al- Qenhancing its focus on lower volatility Thani, Sheikh Saoud bin Khalid bin Hamad al- and higher frequency risks, which are expected Thani, Hussein Ibrahim Alfardan (representing to provide it with a more stable and predictable Alfardan Investment Company) and Sheikh return on capital, according to QIC’s board of Faisal bin Thani bin Faisal al-Thani (repre- directors’ report. senting Broog Trading Company), Ali Youssef “As such, our shareholders and policyholders Hussein Kamal (representing Al Kamal Inter- will see further digitisation and streamlining of national Group), Jassim Mohamed Ibrahim Jai- our processes and an expansion of our highly- dah (representing Al Jaidah Motors and Trading successful direct insurance business,” the re- Company), Sheikh Jassim bin Hamad bin Jassim port said. Jabor al-Thani (representing Al-Mirqab Capital The report stated that the insurance market Company), and Khalaf Ahmed al-Mannai – by in the region is expected to grow along with appointment of the General Retirement and GDP as the rising population and improv- Social pension Authority (Social Pension Fund). ing awareness, as well as mandatory insurance Abdullah bin Khalifa al-Attiyah, Sheikh Ab- schemes, improved regulation, and infrastruc- dul Rahman bin Saud bin Fahd al-Thani and ture investments generate greater demand. Sheikh Hamad bin Faisal bin Thani al-Thani “Going into 2020, we are slightly more bull- won the membership for the independent cat- ish. Global fi nancial markets will stay volatile egory, and Hassan bin Hassan al-Mulla al-Jafi ri as we enter the year of the US presidential elec- came as a standby member. tions. Although the Phase One Trade Deal be- Group president Khalifa Abdulla Turki al- tween the US and China was regarded as a ma- Subaey said, “Despite global repercussion, jor success, diffi cult issues remain unresolved. which has massively infl uenced major sectors These could weigh on the global economy and in the region, QIC Group has witnessed strong the capital markets. Unconventional monetary business momentum and has performed in line policy and negative yields are here to stay, as with our expectations. central banks will continue their highly accom- Deputy chairman Abdulla bin Khalifa al-Attiyah presiding over QIC Group’s Annual General Meeting held yesterday at Grand Hyatt Doha Hotel at West “For 2020, our outlook remains cautiously modative policy stance. Bay Lagoon. PICTURE: Shaji Kayamkulam positive. We shall focus on consolidation and “However, Qatar and the Mena region are enhance our operational effi ciency. With re- expected to benefi t from economic diversifi ca- continued the report, which was delivered by cussed the group’s annual performance and en- solidated fi nancial statements, independent newed focus on achieving bottom-line driven tion and reduced dependence on hydrocarbon deputy chairman Abdulla bin Khalifa al-Atti- dorsed the recommended distribution of cash auditor’s report, board of directors and corpo- growth, we will continue to maximise value for exports. Qatar is poised to benefi t from ongo- yah, who chaired QIC Group’s annual general dividend payout of 15% for the year ended De- rate governance reports for 2019. our shareholders, our trusted business partners ing investments for the upcoming FIFA World meeting yesterday. cember 31, 2019. During the AGM, the shareholders also fi nal- and customers while supporting development Cup 2022 and continued population growth,” During the meeting, the shareholders dis- The meeting also approved QIC Group’s con- ised the appointment of the auditors for 2020. of the sector and the economy.” Al-Kaabi holds talks with US Qatar Airways, American Airlines Secretary of Treasury in Doha sign strategic codeshare agreement Qatar Airways has signed a “significant” codeshare agreement with American Airlines in a move that will “increase commercial co-operation, bolster connectivity and create hundreds of new travel options” for millions of customers. The new agreement will establish a partnership at a global level between two of the world’s “most connected” airlines, linking some of the largest airport hubs in the US to the Hamad International Airport (HIA) in Doha, voted the Middle East’s best hub and holder of a place in the world’s top five airports for the last three years. Qatar Airways Group Chief Executive HE Akbar al-Baker said, “We are very pleased to secure this strategic partnership with American Airlines – an agreement between two successful and The new agreement will establish a partnership ambitious airlines with a shared common purpose to enhance at a global level between two of the world’s “most the customer experience. The deal will bring together two connected” airlines, linking some of the largest of the world’s largest airline networks, increasing choices for airport hubs in the US to the Hamad International millions of passengers and providing seamless connectivity Airport in Doha to a significant number of new destinations, in line with Qatar Airways’ successful growth strategy. Angeles (LAX), Miami (MIA), New York (JFK) and Philadelphia “We have moved on from past issues and look forward to (PHL), and as well as on AA international flights to and from working closely with American Airlines to build a world-leading Europe, the Caribbean, Central and South America (subject to partnership for all our customers. This agreement will harness regulatory approval). our complementary strengths and resources and enable more American Airlines passengers will be able to book travel on all customers to experience Qatar Airways’ award-winning product Qatar Airways flights between the US and Qatar and beyond to a quality.” range of destinations in the Middle-East, East Africa, South Asia, “Our goal is to continue to expand and deepen global the Indian Ocean and South East Asia (subject to regulatory partnerships to complement American’s network and create approval). more choice for our customers,” said American’s chairman and Following the reactivation of the codeshare, both airlines will HE the Minister of State for Energy Aff airs Saad bin Sherida al-Kaabi, held talks in Doha with Steven Mnuchin, CEO Doug Parker. “The issues that led to the suspension of our also explore the opportunity for American Airlines to operate US Secretary of the Treasury, who is currently on an off icial visit to Qatar. Discussion during the talks partnership two years ago have been addressed and we believe flights between the US and Qatar, along with a number of joint focused on the various aspects of co-operation between both countries, and means to enhance them. resuming our codeshare agreement will allow us to provide commercial and operational initiatives to further strengthen this Al-Kaabi accompanied Mnuchin on a tour of a number of Qatar’s oil and gas locations and facilities, service to markets that our customers, team members and renewed partnership. including Ras Laff an Industrial City, where Mnuchin was briefed on its various components that help ensure shareholders value, including new growth opportunities for Qatar Airways currently operates a modern fleet of more than the “free, safe, and unhindered” flow of Qatari energy products to the world. HE the Governor of the Qatar American Airlines. We look forward to the renewed co-operation 250 aircraft via its hub HIA to more than 170 destinations Central Bank, Sheikh Abdulla bin Saoud al-Thani, also met yesterday with Mnuchin and his accompanying between our airlines and hope to build an even stronger worldwide. delegation. During the meeting held in the presence of Sheikh Mohammed bin Hamad al-Thani, QCB Deputy relationship with Qatar Airways over time.” American Airlines off ers customers some 6,800 daily flights Governor and chairman of the National Anti-Money Laundering and Combating the Financing of Terrorism The codeshare agreement with American Airlines (AA) will allow to more than 365 destinations in 61 countries from its hubs in Committee, they stressed the importance of the Qatari-US strategic partnership and reviewed the bilateral Qatar Airways’ passengers to travel on AA domestic flights Charlotte, Chicago, Dallas-Fort Worth, Los Angeles, Miami, New relations in various financial and banking aspects. departing Boston (BOS), Dallas (DFW), Chicago (ORD), Los York, Philadelphia, Phoenix and Washington, DC. Gulf Times 4 Wednesday, February 26, 2020 BUSINESS Qatar’s cost of living, based on CPI inflation, Qatar shares edge declines 0.41% year-on-year in January By Santhosh V Perumal and hotels, which has a 6.08% Business Reporter weight, soared 4.96% and 1.54% year-on-year and month-on-month lower on strong respectively in the review period. Qatar’s cost of living, based The index of health, which carries on consumer price index (CPI) 1.79% bearing, witnessed 3.07% and inflation, declined 0.41% year-on- 2.21% surge on yearly and monthly year in January 2020 mainly on fall basis respectively in January this in the indices of housing, utilities, year. recreation and communication, Miscellaneous goods and services, according to the off icial statistics. which has a 5.69% weight, saw selling pressure The country witnessed a 0.9% its index gain 1.97% year-on-year, shrinkage in inflation in January but fell 1.73% month-on-month in By Santhosh V Perumal Total trade volumes rose 48% to compared with December 2019, January 2020.