Zoho partners with BNI to digitally enable local businesses in GCC PAGE 9 THURSDAY, OCTOBER 22, 2020 28,350.71 9,965.03 40707.31 1,926.70 +41.92 PTS -50.49 PTS +162.94 PTS GOLD +0.59 % US officials more optimistic on DOW QE SENSEX stimulus, timing unclear PAGE 10 PRICE PERCENTAGE PRICE PERCENTAGE 25.17 BRENT 41.77 -3.22% WTI 40.10 -3.84% SILVER +0.74% QIB closes $750 million 5-year Sukuk QNA DOHA QATAR Islamic Bank (QIB) has successfully closed a $750 million five-year Sukuk with a profit rate of 1.95 percent per annum, which is equivalent to a credit spread of 155 basis point (bps) over the 5-year Mid Swap Rate. Officials of Investment Promotion Agency Qatar and Palantir Technologies during a meeting to discuss best practices to accelerate Qatar’s big-data transformation. The transaction was ex- ecuted under QIB’s $4 bil- lion Trust Certificate Issuance Programme which is listed on Euronext Dublin. The profit rate achieved is the lowest IPA, Palantir in pact to boost ever paid by QIB on their fixed $4 billion rate Sukuk issuances. This is ● The transaction was QIB’s second public issuance in 2020, having issued the executed under QIB’s $4 first ever Formosa Sukuk ear- billion Trust Certificate Issu- Qatar’s digital transformation lier this year. ance Programme which is The success of this trans- listed on Euronext Dublin TRIBUNE NEWS NETWORK unique infrastructure and logistical action came on the back of a ● This is QIB’s second DOHA challenges set out in the Qatar Nation- marketing strategy aimed at al Vision 2030. With the FIFA World updating international and public issuance in 2020, CONTINUING its support to Qatar’s Cup in 2022 and a potential Summer regional investors with QIB’s having issued the first ever economic transformation and devel- Olympics bid fast approaching, Pal- strategy and financialper- Formosa Sukuk earlier opment of its competitive investment antir’s technologies can help accelerate formance. this year. landscape, the Investment Promotion emerging capability initiatives across QIB Chief Executive Offic- Agency Qatar (IPA Qatar) has signed the public and private sector.” er Bassel Gamal said, “QIB is an agreement with Palantir Technolo- Commenting on the partnership, very pleased with the success cent were banks, 31 percent gies, the world-renowned American IPA Qatar CEO Sheikh Ali Alwaleed Al of this transaction, which high- were asset managers, 8 per- software company specialising in big Thani said, “Digital transformation has lights the confidence placed by cent were private banks, and data analytics. been a cornerstone in Qatar’s econom- investors in Qatar, the bank’s 21 percent were sovereign. With its extensive experience ic development agenda and national board, management team and More importantly, the inves- spanning the energy, pharmaceu- vision. With its track record in big-data its strategic direction. We are tor base was diversified geo- ticals, aerospace, automobiles and innovations and Silicon Valley exper- proud to have access to a di- graphically, with 44 percent of financial services, Palantir Technolo- tise, Palantir Technologies’ contribu- verse and international inves- the Sukuk being allocated to gies will utilise its data-driven deci- tions can be of significant value when tor base, which allows us to the Middle East, 24 percent to sion-making platforms and best prac- developing transformative strategies implement our funding strate- Asia, 17 percent to Europe and tices to accelerate Qatar’s big-data for the Qatari economy. We believe gy in a timely and cost efficient 15 percent to other countries. transformation. that our collaboration will bring pro- manner. The capital markets “QInvest and Standard The agreement was signed by IPA The agreement was signed by IPA Qatar CEO Sheikh Ali Alwaleed Al Thani and Palantir gress to our joint vision for the digital continue to remain important Chartered Bank acted as Joint Qatar CEO Sheikh Ali Alwaleed Al Technologies Qatar General Manager Josh McLaughlin at a special ceremony. sector in Qatar.” for us and we appreciate inves- Global Coordinators on the Thani and Palantir Technologies Qatar The agreement highlights Palantir tors confidence in our name.” transaction. Citi, Credit Ag- General Manager Josh McLaughlin at sectors and seek to expand its market signing of this agreement. Palantir Technologies’ commitment to a deep He said investor demand ricole, Dukhan Bank, HSBC, a special ceremony, where both parties presence and activities in Qatar. Technologies builds the world’s lead- and enduring partnership with Qatar. was strong and the order book QInvest, QNB Capital and agreed to collaborate openly and con- Palantir Technologies’ Executive ing software platforms for data-driven During a recent virtual event co-hosted reached $2.2 billion repre- Standard Chartered Bank structively in order to set their joint vi- Vice President and Chief Operating operations and decision-making. We by IPA Qatar, the software company senting 2.9 times oversub- acted as Joint lead Managers sion into motion. Officer Shyam Sankar said, “We are are excited to utilise our world-class shared its successful investment jour- scription from approximately and Joint Bookrunners with Palantir Technologies will support delighted to further our collaborative platforms to drive digital transfor- ney in Qatar and outlined its vision for 100 investors. In terms of in- Warba Bank as the Co Man- Qatar’s digital transformation across relationship with Qatar through the mation across Qatar and address the continued growth in the market. vestor categorisation, 40 per- ager,” he said. Milaha posts QR384 mn Qatar Cool ties up with GCC, breaks net profit in nine months ground on fifth cooling plant in Qatar TRIBUNE NEWS NETWORK work reductions. DOHA Milaha Gas and Petro- TRIBUNE NEWS NETWORK chem’s operating revenue in- DOHA QATAR Navigation (Milaha) creased by QR29 million, with on Wednesday announced net profit increasing by RQ QATAR District Cooling that the company posted a 135 million against the same Company (Qatar Cool) on net profit of RQ 384 million in period last year. The increases Wednesday announced that the first nine months of 2020, were driven by higher market it has signed a contract with compared to QR419 million shipping rates and strong per- Gulf Contracting Company for the same period last year. formance from our joint ven- (GCC) for the construction The company registered ture and associate companies. of its fifth cooling plant in operating revenues of QR Milaha Offshore’s oper- Qatar. 1.71 billion in the first nine ating revenue increased by The new cooling plant will months of 2020, compared to QR13 million, with the bot- be constructed on the Pearl QR1.83 billion for the same tom line decreasing by QR 14 Qatar and will provide sus- period in 2019. million against the same pe- tainable cooling solutions to The company earned op- riod in 2019. Despite a strong the emerging Gewan Island. erating profit of RQ 286 mil- 3-point increase in operating The signing ceremony lion in the first nine months margin from 11 percent in saw senior officials from Qa- of 2020, compared to QR280 2019 to 14 percent in 2020, tar Cool and Gulf Contract- million for the same period the segment’s results were ing Company including Qatar Qatar Cool Chief Executive Officer Yasser Al Jaidah, GCC Director Ab- last year. Earnings per share of dragged down by vessel im- Cool Chief Executive Officer dul Rahman Al Darwish and GCC General Manager Grahame McCaig Qatar Cool held a symbolic groundbreaking ceremony on site to the company stood at QR0.34 pairments. Yasser Al Jaidah, GCC Direc- participated in the signing ceremony. mark the significant milestone with its employees. at end of September 30, 2020, Milaha Capital’s revenue tor Abdul Rahman Al Dar- compared to QR0.37 for the decreased by QR65 million wish and GCC General Man- Qatar Cool Chief Execu- with the community. District look forward to working with District Cooling Plant will same period in 2019. and net profit by QR128 mil- ager Grahame McCaig. tive Officer YasserA l Jaidah cooling is significantly more GCC and have confidence without doubt compliment Milaha Maritime and lion compared to the same Qatar Cool held a sym- underscored the importance cost-effective over the long that the new plant will exceed that portfolio.” Logistics’ operating revenue period in 2019. Gains on sale bolic groundbreaking cer- of the company’s expansion term than conventional cool- our expectations,” he said. “This project is a very decreased by QR 62 million of properties were more than emony on site to mark this to Qatar’s long-term commit- ing solutions, but at the same Gulf Contracting Com- important and one of the and net profit by QR27 mil- offset by lower rental income significant milestone with its ment to sustainable develop- time, it also helps reduce CO2 pany General Manager Gra- latest developments at The lion compared with the same and a one-time impairment employees. ment. emissions, consumes less en- hame McCaig said, “Gulf Pearl, The Gewan Island by period in 2019. on an investment property. Once complete the cool- “It is with great pride that ergy, and decreases air pollu- Contracting has a long and Qatar Cool and United De- The segment was nega- Milaha Trading’s revenue ing plant will provide 18,000 we officially continue our ex- tion, Jaidah said. proud 44-year history in Qa- velopment Company. We are tively impacted by COVID19 decreased by QR74 million Tons of Refrigeration (TR) to pansion plans with GCC, by “Qatar Cool has ambitious tar. Over the past four dec- confident that thisproject -related increases in health and bottom line decreased by the 400,000 sqm island serv- growing our reach with our growth plans, and this cel- ades we have compiled an im- will continue to build on the and safety expenses and dis- QR1 million, with declines in ing 659 residential units, 73 fifth cooling plant in Qatar.