BUSINESS Wednesday 20 March 2019 PAGE | 02 PAGE | 07 Sheikh Mohamed Germany bin Faisal Al Thani launches 5G appointed Aamal auction amid CEO row with US Islamic finance will benefit from infra spending: Minister LANI ROSE R DIZON THE PENINSULA H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry said yesterday that Qatar’s growing Islamic finance industry Sheikh Abdulla bin Mohammed bin Saud Al Thani (centre), Ooredoo Chairman; Sheikh Saud bin Nasser Al Thani (second right), Ooredoo can hugely benefit from Group CEO; and other board members and senior officials during the AGM, yesterday. the country’s infra- structure spending, particularly in the 2022 World Cup projects. He encouraged Islamic Ooredoo soon to roll out Special banks in the country to take advantage of the modern technology in FIFA World Cup 2022 5G services order to reduce cost. Delivering the H E Ali bin Ahmed Al Kuwari, Minister of opening address at the LANI ROSE R DIZON 2018 have also been approved. commitment to building a better Commerce and Industry, addressing the 5th Doha Islamic THE PENINSULA Speaking about the com- digital future for its customers. Finance Conference, opening session of the 5th Doha Islamic pany’s 2018 performance, Sheikh He also said, “Our lead in the Minister said with Finance Conference at the Sheraton Grand Ooredoo Chairman Sheikh Abdullah said Ooredoo recorded adopting new technologies was Qatar’s growing Doha Resort and Convention Hotel yesterday. Abdullah bin Mohammed bin revenues of QR29.9bn, with clear across all of our markets, PIC: SALIM MATRAMKOT/THE PENINSULA Islamic banking Saud Al Thani yesterday Our markets strong contributions from Oman and particularly in Qatar, where assets, the country is announced that Ooredoo would all have strong and Kuwait, with EBITDA at we have launched the world’s currently the fifth largest cutting the cost of providing soon be offering surprise 5G demand for data QR12.2bn and EBITDA margin of first 5G commercial network, Islamic finance market in the financial services by 80 to 90 services to its subscribers, which services, with data 41 percent. and we were the first operator world. percent. will take effect from the Net profits to Ooredoo share- to test self-driving 5G connected According to the Minister, With this, the Minister said, upcoming Emir’s Cup until the revenue growing holders were QR1.565bn, with aerial taxis. In Oman, we Qatar’s Islamic banking assets that fintech plays an important FIFA World Cup 2022. at a pace ahead of net profits in Q4 much improved launched the pre- 5G technology of $120bn with growth rates of role in reinforcing the Islamic Sheikh Abdullah, while other contributing compared to the same period in through our home broadband more than 10 percent, is fifth sector to compete with conven- speaking at the company’s factors. 2017, which was credited to program. While in Algeria we largest in the world. Islamic tional banks, as well as in annual general meeting, said the reduced operational cost and tax. were the first operator to roll out banking assets also constitute keeping up with international new services, which will be B2B revenues were QR5.2bn, 4G in 48 regions. In Palestine, we 26 percent of the total banking markets. announced at the Emir’s Cup, are reflecting Ooredoo’s continued launched 3G in the West Bank assets in Qatar, the Minister The Minister also expressed part of the company’s special network services and tech- support of its business, SME, and for the first time. Also, to cope added. his trust in Islamic institutes’ offer in the run up to the FIFA nology, and our absolute com- government customers, Sheikh with the structural changes in the In his speech, the Minister ability to rub shoulders with World Cup 2022 and com- mitment to improving cus- Abdullah added. global telecoms sector, we have also reiterated that the country changes in technology while mitment to digital technology. tomers’ digital lives. We look He also said that significant made some important changes was one of the most stable complying with Shariah He added, “It is clear our forward to continuing this pro- revenue contributions came in the management of some economies in the region, standards. markets all have strong demand gression in 2019”. from data, with strong contribu- OpCo’s and took steps to noting that the IMF expects the Also speaking during the for data services, with data During the meeting, the tions from Qatar and Indonesia optimize costs to provide strong country’s GDP to rise to event, Minister of Endowment revenue growing at a pace ahead shareholders approved the rec- resulting in data revenue returns to our shareholders”. 3.1percent. He also highlighted and Islamic Affairs HE Dr. of other contributing factors. We ommendation of the Board of reaching 47 percent or QR14.2bn, During the event, Sheikh the growth of non-oil sector Ghaith Bin Mubarak Al-Kuwari, are seeing a transformation in Directors to distribute a cash div- crediting it to the success of the Abdullah also highlighted the in Qatar with a growth rate of stressed the need for Islamic the telecommunications industry idend of 25 percent of the group’s development and growth revision of the Group’s Standard 6 percent in the first half of banks to update their tech- landscape as a result; a transfor- nominal share value (QR2.5 per strategy. & Poor’s rating from negative to 2018. nology far beyond the technol- mation that is enabling us to con- share). The company’s Corporate Sheikh Abdullah also said stable, reaffirming the rating of In a study, it was said that ogies available in traditional solidate and further enhance our Governance Report and financial that Ooredoo was working to the Group as an issuer at A-2/A-, financial technologies (fin- banks; and to work on zero tol- position within the market statements as well as the confir- digitally transform its operations amidst a general revision of techs) have the potential of erance to errors. `P06 thanks to our superior data mation of final year results for and reiterated the company’s Qatar’s ratings. Nakilat remains steadfast in the face of challenges World’s first gold-backed SATISH KANADY LNG transportation whilst con- THE PENINSULA tributing towards the devel- digital e-token launched opment of Qatar’s shipping and Qatar Gas Transport Company maritime industry. MOHAMMAD SHOEB advances in current block (Nakilat) Chairman Dr. The Chairman said the inte- THE PENINSULA chain technology enables Mohammed bin Saleh Al Sada grated services of ship repair, the I-Dinar e-token to be stated yesterday that Nakilat offshore construction, ship The world’s first Islamic used as a value transference continued to push boundaries building, as well as compre- Electronic Exchange and settlement denominator and successfully implemented hensive maritime services and Platform for digital e-token for exchange, trading, and several long-term growth strat- vessel support to various types I-Dinar, which is backed by payment settlements. egies by strengthening its inter- of ships in local waters further gold, was launched yesterday This unprecedented national presence and diversi- adds value to its business and on the sidelines of the achievement is the result of fying its fleet towards main- Nakilat Chairman, Dr Mohammed bin Saleh Al Sada (centre), with contributes towards elevating opening day of the 5th Doha extensive work, studies, and taining global leadership in LNG Vice-Chairman, Ahmad Saif Al Sulaiti (right), and CEO, Abdullah the country’s maritime industry Islamic Finance Conference. meetings among a distin- transportation in 2018. Al Sulaiti, attending the AGM of Nakilat held at the La Cigale Hotel to greater heights, in alignment The I-Dinar Platform is guished and professional Addressing Nakilat’s Annual in Doha yesterday. PIC: SALIM MATRAMKOT/THE PENINSULA with Qatar National Vision a blockchain based e-token, team of work from Qatar General Meeting (AGM), Dr Al Sada 2030. in which its initial value of Financial Centre (QFC) led said the company expanded its reinforcing its integral role in sup- market environment, Nakilat Nakilat Chief Executive 1-Dinar e-token is backed by Yousuf Al Jaidah, CEO of fleet with the addition of two liq- porting Qatar’s industry-leading continued to deliver all its cargos Officer Abdullah Fadhalah Al by the value of 1 gram of Qatar Financial Centre uefied natural gas (LNG) carriers status as the world’s largest without any interruptions or Sulaiti said: “Nakilat’s strong gold. (QFC) Authority, Khalid bin and acquired a major stake in its exporter of clean energy. impact. Nakilat’s solid foun- financial performance bears tes- The digital I-Dinar Ahmed Al Suwaidi, first floating storage regasification Navigating through the dation and consistent opera- tament to the company’s prudent e-token serves not only as a Chairman of the Board of unit (FSRU). This opened a new unique challenges brought about tional efficiency has allowed the long-term growth plans that has form of ‘digitalised’ gold Directors of QAF Holding horizon and business avenue for by the ongoing blockade of company to remain steadfast and enabled it to remain resilient investment portfolio, but Group, and Ibadah Inc from Nakilat, allowing it to maximize Qatar, as well as the dynamic resilient, steering forward its despite challenging the business also with the advent and Malaysia. `P06 returns for shareholders while global energy and maritime vision to be the global leader in environment. `P06 02 BUSINESS WEDNESDAY 20 MARCH 2019 Barwa announces awarding of Phase-III Madinat Al Mawater project contract THE PENINSULA The project embraces Al Thani, and the follow-up of DOHA the Prime Minister and Interior a total construction Minister H E Sheikh Abdullah bin Barwa Real Estate Group, the built-up area of Nasser bin Khalifa Al Thani.