PANDEMIC EFFECT: Page 8 ECB debates how to get back to the economic future Monday, April 19, 2021 Ramadan 7, 1442 AH WALL STREET WEEK AHEAD: Page 2 Tech retakes market GULF TIMES lead as US investors BUSINESS eye yields, earnings Qatar’s real estate market Nakilat fi rst quarter continues to face ‘period of contraction’, says KPMG atar’s real estate market continues has been increase in inquiries especially to “face a period of contraction”, a for the developments at The Pearl and Lu- net profi t jumps QKPMG report said and noted the sail. Overall, Q3 and Q4 2020 witnessed a decline in rental for residential develop- combined drop of 3.63% on the residential ments was relatively softer compared to rental index compared to 2.53% as wit- other core asset categories such as com- nessed during Q1 and Q2 2020. mercial offi ce and retail. For the commercial offi ce market, the Research showed the drop in rental for impact of Covid-19 was comparatively residential developments, which was still higher than residential segment. Q3 and 14.5% to QR320.1mn lower than other core asset categories, Q4 2020 witnessed a cumulative decline including commercial offi ce and organ- of 7.63% on the rental index compared to akilat has posted a fi rst quar- ised retail mall. 1.56% experienced during the initial two ter net profi t of QR320.1mn, Rentals in the aff ordable housing cat- quarters of 2020. On the organised retail Nup 14.5% on the same period egory continue to stay afl oat while main- mall front, the Covid-19 pandemic led to last year. In the fi rst quarter of 2020, taining stable occupancy levels. The mid- a signifi cant decline in rentals. Nakilat had registered a net profi t of dle-income housing segment continues The rental index experienced a further QR279.5mn. to experience active demand primarily drop of 8.77% over the last two quarters Nakilat remained committed in due to movement of tenants seeking bet- of 2020 from 2.36% as witnessed during achieving its vision and continued to ter value proposition, which includes Q1 and Q2 2020. deliver robust fi nancial performance locational advantages, superior off ering Anurag Gupta, director and head and sustained operational excel- at competitive rental due to added incen- (Strategy and Real Estate Advisory) at lence, despite the challenges brought tives such as rent-free periods of one to KPMG in Qatar said, “The real estate about by the Covid-19 pandemic. two months, free utility bills and better market continues to face a period of con- The company maintained its ex- services as well as upliftment in ameni- traction in both volume and price. Fol- cellent track record of delivering ties, KPMG said. lowing the large drop in the quarterly clean energy to worldwide destina- While the drop in the rentals for the rentals due to the pandemic, real estate tions without any interruptions, up- high-end housing segment has been pri- activity exhibited signs of improvement holding its commitment to provide marily due to competitive landscape, there towards the end of 2020. To Page 8 safe, reliable, and effi cient shipping and maritime services. Additionally, the Nakilat group continues to strengthen its value proposition, with the ship repair, MoCI begins receiving permits of off shore fabrication, towage and other maritime services remaining real beneficiary on request for full operational and contributing to- wards the company’s vision to be a registration in commercial register global leader and provider of choice for energy transportation and mari- QNA renewed, unless the declaration of the real time services, as well as Qatar’s 2030 Doha beneficiary is attached to it or if the submit- vision. ted permit contains incomplete information. With “solid business continuity The MoCI underlined the need for com- plans and robust infrastructures” in The Ministry of Commerce and Industry mercial companies to submit a special place, Nakilat said it has been able to (MoCI) announced the start of receiving record of the required information about “swiftly adapt” to the evolving situa- Nakilat remained committed in achieving its vision and continued to deliver robust fi nancial permits related to the real beneficiary upon the real beneficiaries to the Commercial tion and remain focused on creating performance and sustained operational excellence, despite the challenges brought about by the requesting registration, amendment, or Registration and Licences Department value for its shareholders and cus- Covid-19 pandemic renewal of the commercial register for com- within ten days from the date of the declara- tomers. mercial companies as of today. tion of the real beneficiary, in addition to the Nakilat’s Board of Directors com- ganisations that have reached the management systems across all op- ensure our robust fi nancial perform- In a statement, MoCI said that this obligation to update the required infor- mended the company’s continued pinnacle of excellence in managing erations. Nakilat’s Board of Directors ance. In line with Nakilat’s “commit- procedure comes within the framework of mation if any change occurs to it per the excellence in health, safety and en- the company’s health, safety and en- expressed their appreciation to all ment” on providing the “best prac- implementing the provisions of Law No (1) requirements of the legislation in force. vironmental management, which vironmental risks. relevant authorities, including Qatar tices” in investor relations and its of 2020 regarding the unified economic The ministry also stressed the need to ad- was recently recognised and awarded In addition, the company was re- Petroleum for its ongoing support strategy to engage shareholders and registry and its executive regulations issued here to the provisions stipulated in Law No the ‘Sword of Honour’ by the British cently certifi ed for ISO 22301:2019 of Nakilat’s activities, QP Industrial investors, the company will hold an by Cabinet Resolution No (12) of 2020. (1) of 2020 regarding the unified economic Safety Council for the third consecu- (Business Continuity Management Cities for its co-operation with the investor relations conference call to- The ministry clarified that, as of today, any registry and its executive regulations to tive year. Systems), demonstrating its proac- Erhama Bin Jaber Al Jalahma Ship- day (at 1:30pm local time) to discuss application for registration in the commer- avoid legal accountability and administra- The ‘Sword of Honour’ is a pres- tive approach in ensuring the ma- yard, and its strategic partner Qa- the company’s fi nancial results for cial register wont be accepted, modified or tive and financial sanctions. tigious international award for or- turity of its business continuity targas, in playing a signifi cant role to the fi rst quarter. Ooredoo Group continues winning streak with host of new awards in 2021 Ooredoo Group and its operating companies the best of the Internet.” Ooredoo won four World CSR Day 2021. These awards recognise were recognised with more than 30 prestigious new awards at this year’s Middle East Stevie the company’s work with communities international and local business awards over Awards, taking two gold, one silver, and one in Myanmar in the areas of ‘Best Covid-19 the past six months, including 14 in 2021. bronze. Solutions for Community Care’ and ‘Women These awards recognise excellence in the The Stevie Awards are the world’s premier Empowerment’. areas of market-leading product off erings, business awards competitions, recognising Ooredoo Oman won the title for most business and technology innovation, as business achievement worldwide. ‘Outstanding Telecommunications Company’ well as a commitment to corporate social Ooredoo Qatar won a Gold Award for the at the 2021 Corporate Excellence Awards. responsibility and a great workplace category of ‘Innovation in Technology These awards are organised by Corporate environment. Development - Telecommunications Industries’ Vision Magazine and showcase companies and In the first quarter of the year, Ooredoo for its innovative work in the area of 5G and individuals across a range of industries that Group won four awards at the Middle East smart cities. are most committed to innovation, business Stevie Awards to add to earlier wins at the CV The award recognised Ooredoo Qatar’s growth and providing the best products and Magazine Corporate Excellence Awards, the leadership role in accelerating 5G services to their clients. International Business Magazine Awards, and transformation in the country and for Ooredoo Group won a raft of awards the Global CSR Excellence and Leadership pioneering innovative 5G-use cases across recognising its strong corporate culture and Awards, among others. industries including sports, healthcare, highlighting it as a great place to work. Sheikh Mohamed bin Abdulla al-Thani, Deputy transportation and smart city applications. Ooredoo Oman was awarded ‘Best Employee Group CEO, Ooredoo, said: “These awards Ooredoo Kuwait was named the winner of Experience Oman 2021’ at the International reflect the unwavering drive and dedication a Gold Stevie in the category ‘Innovation in Business Magazine (IBM) Awards 2021, while of the company and its people to uphold Business Information Apps’ for its customer- Ooredoo Group and its operating companies were recognised with more than Indosat Ooredoo was the winner in three the highest standards, even in the most centric solutions and flagship features under 30 prestigious international and local business awards over the past six months, categories at the Indonesia Best Employer challenging times. the My Ooredoo App. including 14 in 2021 Brand Awards 2021. “It is gratifying to see our eff orts to deliver These include ‘ANA’, Kuwait’s first customisable The company won the awards for ‘Excellence best-in-class mobile connectivity and digital mobile plan, and ‘Ooredoo Surprise’, Stevie Award in the category ‘Innovative a series of awards for its commitment to good in HR through Technology’, ‘Talent innovative products being widely recognised.