US BLOW | Page 2 GROWING TIES | Page 4 Iran sanctions Pakistan and move hits China sign 15 Europe fi rms deals, MoUs Sunday, November 4, 2018 Safar 26, 1440 AH TOURIST ATTRACTIONS: Page 20 GULF TIMES Nepal is off ering ‘huge potential’ for BUSINESS Qatari investors Demand for Spanish food exports to Qatar on the rise, says envoy By Peter Alagos ers and their engagement with our excellent quality, country the chance to sample Spanish cuisine.” from the supply side, participating in exhibitions Business Reporter but very competitive supply of food and beverage, As Spain’s new ambassador to Qatar, Alfaro said under the Spanish pavilion, such as Hospitality make them a close partner for the Spanish provid- she is looking forward to further strengthening the Qatar. The Spanish technology on agriculture pro- ers,” the ambassador said. Alfaro ties between Qatar and Spain, in- duction is also contributing to the local manufac- eading food distributors in the country are pointed out that more companies More companies in Qatar cluding “co-operation relations turing,” Alfaro said. importing more products from Spain, a trend in the Qatari market are eliminat- are eliminating the “middle in all fi elds – political, economic, Earlier, former Spanish ambassador to Qatar, Ig- Lthe Spanish embassy in Doha is determined ing the “middle man” by import- man” by importing products cultural, and educational.” She nacio Escobar, had told Gulf Times that plans are to maintain, according to Spanish ambassador Be- ing the products directly from directly from Spanish food added that the embassy is work- underway for a greenhouse project in Qatar, which len Alfaro. Spanish food producers, which producers, which ensures ing to boost growth in tourism, is expected to contribute to the country’s self-suffi - “Main food distributing chains in Qatar are very means high-quality and fresher high-quality and fresher including the increase of student ciency and sustainable development goals. interested to import more products from Spain be- products at competitive prices. products at competitive prices exchanges between Qatar and Escobar had said the technology would be sup- cause of high quality but competitive prices,” Al- She said the four-day ‘Ex- Spain. plied by Spanish joint venture AgriQatar, using faro told Gulf Times on the sidelines of the launch- travaganza Culinary Festival’ is a “Bringing here wonderful state-of-the-art hydroponics to produce a vari- ing of the culinary event ‘Extravaganza Culinary refl ection of the “continuous trend of Spanish food dishes prepared by our chefs is the best way to ety of fruits and vegetables, assuring Qatar “100% Festival’, which concludes today. exports coming to Qatar.” She said: “The Extrava- encourage the demand of national products. The self-suffi ciency” in specifi c vegetables throughout Alfaro: Looking forward to further “Their collaboration with Spanish manufactur- ganza fair gives Qataris and other residents in the Spanish food promotion strategy is also completed the year. strengthening Qatar-Spain ties. Global growth loses Gibbs set to establish momentum, outlook Humdinga assembly less promising: QNB subsidiary in Qatar While the new global economic projections still suggest a robust performance, especially when compared to the last decade, the outlook is less ibbs Amphibians (Gibbs) is es- promising, QNB has said in an economic commentary. tablishing a strategic partner- In its latest World Economic Outlook, the International Gship with the Madaeen Al Doha Monetary Fund (IMF) downgraded near-term global Group for the supply and assembly of growth prospects to 3.7% from 3.9% for both 2018 and the Gibbs Humdinga amphibian vehi- 2019. cles. Global growth seems to have peaked as downside The subsidiary, called Gibbs Am- risks continue to rise and materialise, QNB said. phitech, will be based in Qatar and will Additionally, there is less potential for upside supply Gibbs products in the region surprises and the expansion has become less and other key markets including Aus- synchronised across countries. tralia, Canada and the UK. Four key factors contributed to the recent mark down On this occasion, Mohamed al- in projections for global activity. Sada, partner, Madaeen Al Doha Group First, recent economic data and key business surveys said, “Today’s announcement about suggest that the global economy has already begun establishing the fi rst factory for Am- to lose momentum. The latest global Purchasing phibian vehicles is a great millstone Managers Index (PMI) survey, released at the for both Qatar and the Arab world. The beginning of October, was the weakest in 24 months. fi rst phase will revolve around assem- Gibbs is establishing a partnership with the Madaeen Al Doha Group While the index of 52.8 is still in expansion territory Fourth, policy uncertainty and trade tensions bling the ‘Humdinga’ in Qatar till the for the supply and assembly of the Humdinga amphibian vehicles (above 50), it is below the 53.8 average in 2017. are high and rising. The Global Economic Policy factory commences production of all Activity has particularly disappointed in key advanced Uncertainty Index, which measures uncertainty Gibbs amphibian models to be able to Al Doha Group does. The fi rst product ing position and can carry up to a tonne economies, such as the euro area and the UK, where based on newspaper coverage frequency in 20 major supply global demand for this technol- we will be focusing on for the region in payload. It reaches speeds in excess growth projections were downgraded respectively to economies, is up 76.7% year-to-date and close to an ogy, which is expected to be available will be the Humdinga.” of 40mph on water and over 80mph on 2% from 2.4% and to 1.4% from 1.6%. all-time high. in the local market before 2022 and Gibbs has locations in the UK land, with 4WD and twin Gibbs pro- Softer growth in Europe seems to have been caused The mounting trade dispute between the US and bear the ‘Made in Qatar’ stamp” (Nuneaton) and New Zealand, utilis- prietary water jets. by both temporary and more lasting cyclical factors, China, the world’s two largest economies, is denting Gibbs founder Alan Gibbs is enthu- ing engineers and expertise from both The Humdinga is a fl exible platform, including weather conditions, high levels of sick consumer and business confidence. The US has siastic about the new opportunities in countries to continue to develop high capable of applications from logis- leaves, industrial strikes, and lower export and already imposed tariffs on $250bn of Chinese imports the region and the performance of the speed amphibian (HSA) technology tics to search and rescue, from police investment growth. with the Chinese retaliating with tariffs on $110bn of Humdinga in the market. and the vehicles designed around it. patrols to private leisure. It has been Second, to mitigate an overheating of the US US exports. “There is a developing global de- Over the last 20 years Gibbs has manufactured under licence in South- economy, the Federal Reserve has started to tighten With the US threatening to impose tariffs on a further mand for the Humdinga, and we are invested hundreds of millions of east Asia, but has never been available monetary policy. Four more 25bp rate hikes are $260bn of Chinese imports by early next year and receiving high levels of interest from pounds, and more than three million to the public, or to such a wide region expected until the end of 2019, which would harness talks between the two countries currently stalled, all kinds of customers, including gov- man hours, in the maturation of the before. US growth from a boom-like 2.9% in 2018 to around a further escalation is expected. This should create ernments and private individuals. This technology. This has resulted in more “This strategic partnership for the 2.5% in 2019, more in line with the estimated potential additional pressure on Chinese authorities as they is the right time and the right oppor- than 400 patents and patents pending supply and assembly of the Gibbs growth rate of c.2.0%. struggle to deliver on their policy targets of fast tunity to further the use of Humdinga, worldwide, making Gibbs the global Humdinga is an achievement for both The euro-area growth is expected to cool off more in growth and financial deleveraging. and I expect we will see them being leader in the HSA technology. parties. With Qatar looking for more 2019 as the European Central Bank finally winds down While the International Monetary Fund maintained widely used in many parts of the world The Humdinga is one of the more ways to achieve its 2030 national vi- quantitative easing by year-end and mulls a rate hike its 6.6% projection for growth in China over 2018, the in the near future. Gibbs products are rugged vehicles created by Gibbs, ca- sion, and Gibbs looking to supply the by end-2019. forecast for next year was revised down to 6.2% from high value and high tech, and we are pable both off -road and on-water ma- increasing global demand for their Importantly, interest rate hikes in key advanced 6.4%. keen to work with partners who share noeuvre. It seats up to nine passengers, products, there is a lot of potential,” economies are expected to add pressure to “Risks are tilted to the downside,” QNB said. China is our vision and values, as the Madaeen with the signature Gibbs central driv- said British ambassador Ajay Sharma. emerging markets (EM) with large external financing the largest contributor to global growth and a ‘harder’ requirements. Portfolio capital outflows and the threat landing in China would likely have knock-on effects of disorderly forex depreciations are already forcing in a number of other economies, particularly net Qatar secures 20th rank in World Bank property registration procedure index several EM central banks to pro-cyclically tighten their commodity exporters and highly competitive Asian monetary policy settings, reining in growth.