PANDEMIC HIT | Page 3 $113bn Tata empire faces tough decisions over airlines woes Tuesday, December 8, 2020 Rabia II 23, 1442 AH PRODUCTION EFFICIENCY: Page 12 Intertec, Huawei GULF TIMES launch ‘IdeaHub’ offi ce master in BUSINESS Qatar market QLM to focus on digitisation GWC has inked a pact with Bridgestone Aircraft Tire Europe to handle all the supply chain management requirements for the latter in Qatar for fi ve years and network GWC and Bridgestone in deal for movement of aircraft tyres in Qatar Gulf Warehousing Company (GWC), the leading domestic presence of top off icials from both the companies. expansion in logistics provider, has inked a pact with Bridgestone Air- “We are very proud to sign with Bridgestone, and we thank craft Tire Europe, to handle all the supply chain manage- them for their trust and confidence in GWC to carry out this ment requirements for the latter in Qatar for five years. vital stage in the product life cycle,” said Menon. The agreement is expected to handle the movement of GWC is a leader in supply chain solutions including over 10,000 aircraft tyres a year as they work their way warehousing, freight forwarding, commercial, fine art, and through the entire supply chain, starting with freight, event logistics services, among others, and was recently customs clearance, transport, warehousing, and last mile announced as the first regional supporter and off icial logis- delivery, off ering door-to-door services. tics provider for the FIFA World Cup Qatar 2022. growth plan The signing ceremony was held virtually between Bridge- “With this agreement, we are sure to enhance the speed of stone Aircraft Tire Europe chief executive Michael Codron delivery and eff iciency of operations for both Bridgestone By Santhosh V Perumal and GWC Group chief executive Ranjeev Menon in the and our end customers in Qatar,” Codron said. Business Reporter LM Life and Medical Insurance Company, which is seeking to Qraise QR659.4mn through its 60% initial public off ering (IPO), has Unesco, GECF sign landmark adopted a two-pronged strategy of in- vesting in IT platform to digitise member engagement and expanding its provider co-operation agreement network. “To off er maximum flexibility to our members, we will continue to embrace he United Nations Educa- “The mobilisation of science and insights are championed at the digitisation, evaluate options and adjust tional, Scientifi c and Cultur- for the benefi t of society and the GECF, said Sentyurin, who empha- our operating models to bring in en- Tal Organisation (Unesco) and planet is now more urgent than sised that “technology is key” to hanced effi ciency in a constantly chang- the Gas Exporting Countries Forum ever. We need science and tech- the envisaged energy transition and ing landscape,” Salem Khalaf al-Mannai, (GECF) signed yesterday a memo- nology, we need access to science climate action such as greenhouse group chief executive of Qatar Insurance randum of understanding (MoU) to and technology, we need to be able gasses (GHGs) emissions mitiga- Group, which is the parent of QLM, said bring the benefi ts of collaboration to reduce the knowledge gap be- tion. ahead of its IPO later this week. to the world at large, marking a vic- tween diff erent countries across Sentyurin added: “Education QLM’s provider network has expand- tory for science and education. the world, and therefore this part- and science-oriented exercises ed and is considered to be the largest in The agreement, taking stock nership with the GECF is really play a great role in environmen- Qatar and the wider Gulf Co-operation of two years of co-operation, was a beacon of hope and light,” said tal protection with a view to raise Council (GCC), with over 75,000 health- signed by Shamila Nair-Bedouelle, Nair-Bedouelle following the vir- awareness and cultivate a culture care centres spanning 103 countries, assistant director-general for Nat- tual signing ceremony. of energy responsible behaviour or across six continents. ural Sciences at Unesco and Yury She added: “GECF serves as a energy scholarship.” The company, which has an industry Sentyurin, secretary general of the platform for the science policy “The GECF is developing tech- leading IT platform that comprehen- 20-member coalition of the lead- interface, underpinning the im- nologies, including ones in rela- sively addresses its operational require- Al-Mannai: Looking to enhance eff iciency in a constantly changing landscape. ing gas exporting countries of the portance of the exchange of sci- tion to reduction of GHGs emis- ments, has ensured seamless online IPO world. entifi c knowledge, experience, sions through the GECF Gas subscriptions at most of the receiving shares, is off ering 60% or 210mn or- which includes a premium of QR2.14 and The MoU will serve as a gate- and dissemination of information Research Institute, recently es- banks. dinary shares (of QR1 face value) to the listing fees of QR0.01, corresponding to way of opportunities between the through research and production of tablished in Algeria, and fully Investors can subscribe to the QLM public through the maiden off er, which a total market capitalisation of QR1.1bn. two entities in the areas of strug- global outlooks and statistical bul- dedicated to discovering new IPO online by logging into the online will be on tap from December 10 to 23. Established in 2011 as the fi rst stan- gle against climate change, natu- letins. technologies and innovations to banking websites or mobile applications Eligible investors include Qatari citizens dalone life and medical insurance com- ral resources management, and “We at Unesco are therefore achieve the ambitious sustainable of the receiving banks; namely, QNB, and legal entities incorporated in Qatar. pany in Qatar, QLM has steadily grown to positive developments across the confi dent that this partnership will development goals in front of us,” Commercial Bank, Al Khaliji, Ahli Bank In the fi rst tranche, as much as 45% or become the market leader in Qatar. The globe, particularly in the Africa re- further harness the potential of said Sentyurin. and Doha Bank. 157.5mn shares are off ered to individu- company has a dominant market share gion. The partnership will further science and technological co-oper- “The GECF’s ambition to stew- This facility is available to investors als and corporates, and in the second in Qatar for the group medical and group allow the sides to focus on capac- ation to address global challenges, ard the gas industry into playing a who already have their bank account/s tranche, the remaining 15% or 52.5mn life lines of businesses and is also leading ity building, technical support, and through advocacy and awareness greater role in environmental pro- with any of the above receiving banks. share are off ered to anchor investors such insurer in the Gulf region. shared expertise. raising at all levels of society and tection manifests in our Environ- Nevertheless, paper-based subscrip- as General Retirement and Social Insur- After the maiden off er, Qatar Insur- Both signatories commended the economic sectors towards achiev- mental Knowledge and Solutions tions are available at certain branches of ance Authority, Mwani Qatar and Doha ance Group will retain 25% stake and the Unesco Cluster Offi ce for the GCC ing the sustainable goals of the initiative. This 12-point agenda Al Khaliji and Ahli Bank. Insurance Group. other 15% will be retained by other pre- and Yemen (accredited to Doha) for 2030 Agenda and beyond.” focuses on many aspects of our ac- QLM, whose capital base is 350mn The IPO is being off ered at QR3.15, IPO investors or founders. facilitating the agreement. Scientifi cally-grounded data tivities,” he added. Page 12 Qatar economic recovery to gain traction in 2021, says Seetharaman Qatar is expected to gain economic traction he said the private sector is expected to a compromise deal to gradually taper next year, supported by robust economic leverage this new law. In October 2020, Qatar production cuts this month. reforms, reflecting the improved optimism allowed foreigners to own property. Fahd Iqbal, head of ME research, Credit in the local bourse, according to Doha Bank Qatar’s stock market has surged by close Suisse, gave insight on the fastest correction chief executive Dr R Seetharaman. to 2% year-to-date and has crossed 10,000 and the quickest equity rally this year, “Qatar and other regional economies had levels. highlighting that households are savings witnessed economic reforms to recover Global growth is projected at 5.2% in 2021. more due to the Covid-19. from the Covid-19 as oil fell this year,” he The advanced economies’ growth is projected Finding that the market rebalancing said, projecting 2.5% growth for the Qatari to strengthen to 3.9%, while emerging and continues in the oil market; he said demand economy in 2021 compared to 4.5% expected developing economies are expected to for gas has been improving, hence expecting contraction this year. recover by 6% in 2021, Seetharaman said, to be bullish on natural gas prices. He was speaking at a webinar “2021 Economic quoting the projections of the International Brahim Razgallah, head of EEMA economics, Outlook”, hosted by Doha Bank. Monetary Fund. Barclays Bank, said there is a paradigm shift The Qatar Central Bank has introduced with “The global markets have surged in recent on Gulf’s oil policy and the oil market balance. various procedures to combat the risk of times after fall in April 2020 due to hopes of Seetharaman said 2020 has been a historic coronavirus pandemic, he said, adding this vaccine, cheering Joe Biden’s winning in the year for gold and silver as unprecedented includes the guarantees for local banks and US election,” he said.