PRICE DIRECTION | Page 4 As oil plunges, G20 seen real Opec meeting Sunday, November 25, 2018 Rabia I 17, 1440 AH QATAR’S IMPRESSIVE GROWTH : Page 20 QFC discusses role GULF TIMES of business hubs in wealth creation BUSINESS at global summit French exports to Qatar jump 140% in 3rd quarter: Envoy By Peter Alagos ments in France, saying FDI from Qatar has Qatar are committed to excellence in busi- Business Reporter now exceeded QR72.8bn, or €18bn, “which ness.” refl ects France’s call to Qatari public and “The key success is their high-quality private investors.” project performance. Their projects deliver rance has recorded a surge in its ex- “They include participations in some of a high expected value on time and within ports to Qatar in the fi rst nine months the biggest French companies (AccorHo- budget, in line with the motto ‘Qatar De- Fof 2018, a 140% jump compared to tels, Total, Engie, and Vinci, among oth- serves the Best,’” Gellet said. same period last year, according to French ers), real estate assets, and investments in “They are keen on making long-term ambassador Franck Gellet. fast-growing SMEs and start-ups, for the commitments, hiring and training local With Qatar Airways as one of its major latter ones mostly through our joint in- talents, and investing in research and de- clients, the ambassador said Airbus air- vestment fund – ‘Future French Champi- velopment here in Qatar,” the ambassador craft sales spearhead France’s exports to ons’ created in 2013,” Gellet told Gulf Times continued. Qatar. Other exports include pharmaceuti- in an interview. Asked about recent reforms implement- cal products, which saw a more than 110% According to Gellet, French investments ed in Qatar such as the recent Amiri decree surge in 2018 over the same period last in Qatar “have also been on the rise,” re- allowing 100% foreign ownership and its year, as well as chemical products and per- fl ecting the “dynamism” and the “level of role in attracting international companies fumes (12%), and metal products (360%). commitment” of French companies operat- to Qatar, Gellet said the decree will entice For the past years, Gellet said Qatar- ing in Qatar, “some of which for decades.” more French fi rms to Qatar. France trade volume “has been system- “As many as 200 French companies “French companies have know-how in atically close to QR12bn, or €3bn.” How- are working alongside public and private various sectors such as agro-food, health, ever, with the current volume signifi cantly stakeholders on key projects in oil and Information and Communication Tech- breaching the QR12bn mark, the ambassa- gas, electricity and water, transport, ur- nologies, logistics, transport, and aero- dor pointed out that “2018 is on track for ban development, and other fi elds, assist- nautics –all sectors in which Qatar intents breaking a record.” ing Qatar in achieving its goals, enshrined to expand her own capacities. This decree Citing offi cial Qatari fi gures, Gellet un- in the Qatar National Vision 2030,” Gellet should therefore encourage French FDI in- derscored the importance of Qatari invest- stressed. “French companies operating in fl ows to Qatar,” Gellet said. Page 20 Gellet: Long-term commitments. Gulf Times 2 Sunday, November 25, 2018 BUSINESS Two Iran oil buyers ‘unlikely to resume before Feb’ Bloomberg Korea could take until March, a collapse in prices on concern insurers and shippers from deal- crude in London has fallen more Turkey and Taiwan also won said Sanjiv Singh, chairman Singapore according to people with that a glut is emerging. But if ing with the Gulf state. That than 10% since waivers were exemptions. of the Indian Oil Corp. While knowledge of the matter, who it’s now going to take some of means that, even though buyers given to eight countries in early- Among those that received South Korea used to be the asked not to be identified be- the biggest buyers longer than of Iran’s oil received waivers, the November, as fears of an over- waivers, China, the biggest third-biggest importer of Ira- t may take until February or cause it’s confidential. The two expected to resume purchases, actual process of getting barrels supplied market outweighed buyer of Iran’s oil that’s allowed nian oil, it was the first major even later for some of Iran’s countries are among a handful that could slow the build-up in isn’t proving easy. earlier concerns of a defi cit. to purchase 360,000 bpd, has buyer to cut to zero as the US Ibiggest oil buyers to resume that won exemptions from the supplies as they seek alternative Some buyers may have to use Almost all major buyers of resumed imports from the Is- prepared to impose sanctions. purchases after winning waivers US to keep importing Iranian sources, and take pressure off Iran’s national tanker company Iran’s oil had negotiated with lamic Republic for loading in It’s now allowed to buy as much from the US as they seek to re- oil without falling foul of sanc- prices. to haul the crude as the risk of the US for the waivers, argu- November, according to people as 200,000 bpd of condensate, solve complications over insur- tions. The US sanctions haven’t getting cut off from US business ing that cutting purchases to with knowledge of the matter. a type of ultra-light oil. The ance, shipping and payments. Washington’s decision to al- just impacted countries doing prompts other shippers to stay zero would affect their energy India’s state-owned refiners country bought about 300,000 Japan is unlikely to lift car- low some Iranian crude ship- business with Iran, they’ve also away, according to the people. industries and boost fuel costs. also plan to buy 1.25mn tonnes bpd of South Pars condensate goes before then, while South ments to continue helped trigger deterred fi nancial institutions, Price of global benchmark Brent India, China, Italy, Greece, in November and December, from Iran in 2017. Goldman takes on tough sell of Saudis letting wallets do the loss-making pay-TV firm OSN talking amid the call for Bloomberg Dubai Goldman Sachs Group Inc may boycott of Turkish products have a hard job finding a buyer for the Middle East’s biggest pay-TV Bloomberg that could be particularly aff ected, service. Dubai/Istanbul she said. Pinar said it’s “watching the Competition from the likes of developments” but didn’t comment Netflix Inc, Amazon Prime Video further. Yildiz Holding, Ulker’s parent and other services have crashed iscuits and yogurt are emerg- company, declined to comment. the value of Kuwait-based OSN, ing as weapons of choice for The standoff hints at a deeper strain which is up for sale – not for the BSaudis lashing out at Turkey for between the two biggest economies in first time in the past five years. hounding their government over the the Middle East. In public, the Saudi OSN’s controlling shareholder, grisly murder of Jamal Khashoggi in government has taken a more con- Kuwait Projects Co, is now working Istanbul. ciliatory tone, with most criticism of with the US bank on options for the Pro-government Saudis have Turkey so far confi ned to social and company after hiring Rothschild in been calling for a boycott of Turk- traditional media. 2013 to evaluate a possible share ish products on Twitter. Among While the authorities in Ankara sale. Rothschild’s mandate ended in the biggest targets are dairy pro- have kept mum, many Turks vented 2014 after the IPO didn’t take place. ducer Pinar Sut Mamulleri Sanayii their anger at Saudi Arabia on Eksiso- But times and viewing habits have AS and Ulker Biskuvi Sanayi AS, zluk.com, one of the country’s largest changed since OSN was valued at which has two plants in Saudi Ara- online platforms, compiling 30 pages $4.3bn by Arqaam Capital in 2013. bia and ranks No 1 in its biscuits of comments on the subject. The following year Kuwait Projects market. Meanwhile, the hashtag urging us- rejected a $3.2bn off er from an “The objective is not to destroy the ers to name Turkish companies to be unnamed US buyout firm – a economy,” Naifco, a pro-government blacklisted was trending on Twitter decision it’s likely to be regretting Saudi user who promoted the cam- in Saudi Arabia, indicating the topic’s now. paign, tweeted to more than 500,000 popularity. Another campaign that Kuwait Projects’ share of profits followers. “It’s to express our anger in began on social media last month from OSN slumped to a loss of a civilised way.” called on hundreds of thousands of 19.8mn dinar ($65mn) in the first six Political ties between Turkey and high-rolling Saudi visitors to boycott months of the year, compared with Saudi Arabia were already strained be- Turkey. a profit of 11mn dinars in 2014. fore the murder of Khashoggi, but the Saudi tourists spend $1,200 per At the end of September, Kipco economic relationship had endured person in Turkey, surpassing Germans classified OSN as a non-current any public sabre-rattling from their and Russians, BloombergHT cited asset held for sale with a value of leaders. MasterCard Turkey General Manager 181.7mn dinars on its balance sheet. Bilateral trade amounts to $4.8bn. Yigit Caglayan as saying in May. “OSN continues to face temporary While that doesn’t even fi gure in the A Saudi woman counts riyal banknotes as she makes a purchase at a shop in the capital Riyadh (file).