SMART PLAN | Page 4 FULL OFFER | Page 10 Charge your IAG takes car on China’s stake in new road Norwegian Friday, April 13, 2018 Rajab 27, 1439 AH SUCCESS IN CRISES : Page 12 IMF offi cial GULF TIMES praises Qatar economic BUSINESS policies Qatar CPI inflation gains 0.4% year-on-year in March By Santhosh V Perumal Development Planning and Statistics administered prices in petrol and diesel. Furniture and household equipment, The housing, water, electricity and 2018 but remained unchanged month- Business Reporter data. The index of health, which carries a which has a 7.7% weightage in the CPI other fuels segment – with a weight on-month. The International Monetary Fund had 1.79% weightage, soared 5.3% year-on- basket, saw its index gain 1.1% year-on- of 21.89% in the CPI basket – saw a The index of restaurants and hotels, said during 2017–18, subsidy cuts, year and was flat month-on-month in year but traded a flat path month-on- 5.2% year-on-year plunge in its index which has a 6.08% weight, was down Qatar’s cost of living, based on increase in public fees, a moderate March 2018. month this March. in March 2018 and 0.3% on a monthly 0.7% and 0.1% on a yearly and monthly consumer price index (CPI), grew 0.4% recovery in global commodity prices Food and beverages, which has a Miscellaneous Goods and Services, basis. basis respectively this March. year-on-year in March mainly on higher and the implementation of a value weight of 12.58% in the CPI basket, which has a 5.69% weightage, saw its The CPI of March 2018, excluding Recreation and culture, with a 12.68% expenses, especially towards transport, added tax are expected to moderate witnessed a 4% surge in its group index index increase 0.9% on a yearly basis “housing, water, electricity, gas and weigh in the CPI basket, saw a 1.8% health, food and clothing, according to Qatar’s inflation over the medium term. on a yearly basis but was down 0.3% on whereas it was down 0.1% month-on- other fuels” showed an increase of 2.1% and 1.5% declines in index year-on- off icial data. The transport sector, which has a a monthly basis. month in March this year. on a yearly basis but was down 0.2% a year and month-on-month in March The CPI inflation was however down 14.59% weightage, saw its group index The index of clothing and footwear, Education, with a 5.75% weightage, saw monthly basis 2018. 0.3% month-on-month in March this vault 6.6% year-on-year and 0.3% on which carries a 5.11% weight, gained its index gain 0.9% on yearly basis in The communication sector, which Tobacco, which has a 0.27% weight, year as six main groups witnessed a monthly basis. The sector has the 2.6% year-on-year in March 2018; even March 2018 but was unchanged month- carries a 5.87% bearing, saw its group stood unchanged both annually and declines, according to the Ministry of direct linkage to the dismantling of as it fell 0.4% month-on-month. on-month. index shrink 1.1% year-on-year in March monthly in March 2018. Mazaya Qatar QCB forex reserves remain okays proposal to buy Tornado stable at $38bn, says QNB Tower owner he Qatar Stock Exchange-listed Mazaya Qatar he Qatar Central Bank’s foreign exchange Real Estate Development Company has ap- reserves remained broadly stable at Tproved a proposal from Granada Real Estate Taround $38bn, equating to six months of Investment Company, a subsidiary of Mazaya Qatar, import cover, QNB has said in its ‘Qatar Monthly to acquire Tornado Company, the owner of Tornado Monitor’. Tower in West Bay. The country’s current account surplus wid- The fi nal transaction value has not yet been arrived ened to 6.4% of GDP in the fourth quarter (Q4) at and will be determined after the completion of the in line with higher oil prices while the fi nancial required assessments. The expected completion time account defi cit narrowed, the report said. for the transaction is within the second quarter of Exports grew 14% year-on year (y-o-y) in Feb- 2018. ruary as a result of higher oil prices while imports The fi nal decision and execution of this acquisition grew marginally at 0.6% y-o-y. will be carried out after the necessary assessments are The fi scal account remained in defi cit in Q3, completed and the approval of the Fatwa and Shariah but should recover subsequently as revenue rises supervisory board and the approval of all authorities in line with higher oil prices, QNB said. concerned, departments and ministries, as well as the Brent crude prices were stable on average in approval of the owners, the company said in its regu- March, QNB said and noted Qatar’s oil produc- latory fi ling with the bourse. tion rose to 621,000 bpd in December from The two companies owning the Tornado Company 612,000 bpd in the previous month. are co-founders of Mazaya Qatar Real Estate Devel- Bank assets in Qatar expanded to $378.9bn opment Company and are currently being represent- growing 9.1% y-o-y in February, QNB said. ed on its board (these members have not and will not Deposits from the non-resident and private discuss, vote or attend any board meeting regarding sector remained stable in February. this transaction). Bank deposit growth was 6% y-o-y in Febru- The tower is classifi ed as a commercial fi rst class ary, while credit growth stood at 7.4%, driven by with an area of more than 12,000 square metres and lending to the public sector, which grew 12.6% a rental area of more than 57,000 square metres dis- y-o-y. tributed on ground fl oor + mezzanine plus 51 fl oors. Broad money supply (M2) grew by 15.7% in Since the completion of the construction of the February compared to 19.6% in January. tower and the receipt of the certifi cate of completion Interbank rates continue to rise in line with by the competent authorities, more than 90% of the increases in the US short-term rates, QNB said. lease area has been leased over long term contracts. Industrial production surged to 7.4% y-o-y in Q3 on a rebound in the mining sector likely due to less maintenance on LNG trains. Mounting tensions could curb growth: WTO The real estate price index continued its recov- ery, rising 1.8% month-on-month in December. Escalating tensions between the US and China could The report said 5-star and 4-star hotel oc- hurt a global trade expansion that’s already expected cupancy rates rose to 58% and 60% in February to be lower this year than in 2017, the World Trade from 56% and 59% in January respectively. Organization said yesterday, Bloomberg reported. Qatar’s real GDP growth slowed marginally in The Geneva-based body warned that there are signs a the fourth quarter mainly due to temporary shut- looming global standoff is already aff ecting business downs for LNG maintenance. Non-hydrocarbon confidence and investment decisions. Page 10 real GDP growth was 4.2% for 2017, QNB said. The QCB’s $38bn foreign exchange reserves equate to six months of import cover, QNB has said in a report. Qatar Airways wins ‘Best In-Flight Duty Free Programme’ award for Mideast and Africa Qatar Airways has been awarded the sengers as one of the finest in quality expanding, and innovating passengers’ PAX International Readership Award for and product range, and this award show- shopping experience to meet this in- ‘Best In-Flight Duty Free Programme’ for cases not only our customers’ satisfac- creased demand is a top priority. As part the Middle East and Africa at an awards tion, but QDF’s dedication in providing of this innovation, since January 2018, ceremony in Hamburg recently. an exceptional shopping experience to Qatar Airways’ passengers have been This is the second time Qatar Airways all passengers flying with us.” able to utilise QDF’s pre-order service has been given this distinguished award, Head of QDF, Thabet Musleh said, “At Qatar online, available through the QDF and has been acknowledged as an in- Duty Free, we hand-pick an exclusive collec- website, and can order items in advance dustry leader for its outstanding in-flight tion of market-leading duty free products and have them delivered to their seat duty free service, which is operated by for Qatar Airways’ in-flight duty free on board. Qatar Duty Free (QDF). programme, for passengers travelling on One of the largest duty free retailers in The award recognises the wide selection Qatar Airways’ global network of more than the world, QDF boasts more than 90 of both luxury and aff ordable products 150 destinations across six continents. We elegant boutiques and luxury, high-end available onboard Qatar Airways flights, greatly value the opinion of all our custom- stores, as well as more than 30 restau- as part of the airline’s in-flight duty free ers, and will continue to set new standards rants and cafés covering an area of programme, as well as its competi- for the industry and ensure that QDF is an 40,000 square metres at the Hamad In- tive prices and outstanding customer experience worth travelling for.” ternational Airport, providing travellers service.