BUSINESSThursday 31 January 2019

PAGE | 03 PAGE | 04‘Made at Home 2019’ to attract

higher number of participants

UK fund managers face broader guidelines on transparency

GWC receives best customs brokerage company awardTHE PENINSULA DOHA

GWC, Qatar’s leading logistics provider, was recognized for its outstanding performance in providing customs clearance support for companies in Qatar, during an award ceremony held by the General Authority of Customs at the Sheraton Doha Hotel last Tuesday on the occasion of International Customs Day. GWC Vice Chairman Sheikh Fahad bin Hamad bin Jassem bin Jabor Al Thani received the “Best Customs Brokerage Company Award” presented by President of the General Authority of Customs Ahmed bin Abdullah Al Jamal, with government officials in attendance. GWC Customs Clearance Agent Jalal Hassan Al-Alfi also received a “Distin-guished Customs Clearance Agent Award” in appreciation of his dedication and cooperation.

The President of the General Authority of Customs Ahmed bin Abdullah Al Jamal: “We are pleased to shed light on the synergy between the public and private sectors working towards excellence in the provision of customs brokerage to ensure the safe and secure movement cargo and people. We are also proud to award GWC, a Qatari

shareholding company, for their cooperation in the field of customs clearance.” The event was held in celebration of the “International Customs Day”, dedicated to the swift and smooth cross-border movement of goods, people and means of transport, with the slogan “SMART borders for seamless Trade, Travel and Transport.” “We are grateful to be recog-nized for our commitment to excellence in the provision of customs brokerage, it’s a sen-sitive, delicate and time-bound activity that has been always taken very seriously by GWC,” stated GWC Vice Chairman

Fahad bin Hamad bin Jassem bin Jabor Al Thani.

GWC has developed infra-structure over an area exceeding 3 million square meter, and pre-pared solutions necessary to ensure the continuing movement of cargo within and through the country, whether by land, air, or sea. Through its dedicated clearance team, it’s active freight agents, and its access to its owned largest fleet of transport vehicles in the nation, the company excels as the preferred provider of logistics services and supply chain solution for all industry sectors.

GWC Vice-Chairman Sheikh Fahad bin Hamad bin Jassem bin Jabor Al Thani (centre) receiving the award.

Qatar keen to partner with Japan in tech innovations, SMEsTHE PENINSULA DOHA

H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry has said Qatar is looking to expand its cooperation with its long-time partner Japan, in the areas of renewable energy, advanced technology, innovation, industry, SME sector and other fields. Qatar is on the cusp of a major economic diversification. The development of these sectors falls in line with Qatar’s strategies of economic policies, he said.

Chairing Qatar-Japan Business Forum in Tokyo yes-terday, which coincided with the visit of Amir H H Sheikh Tamim bin Hamad Al Thani, the Minister

underlined importance of four decades of historic and strategic Qatari-Japanese partnerships,

which he said reflect the keenness of both countries to bolster bilateral ties across various fields.

The event was organised by the Ministry of Commerce and Industry and the Japan Cooper-ation Center for the Middle East, in cooperation with the Qatar Chamber, the Qatari Busi-nessmen Association and Japan’s Ministry of Economy and Trade.

The Minister noted that the development of trade cooper-ation with Japan has reflected positively on bilateral trade, which grew by 22 percent in 2018 to $16bn. Today, Japan ranks as Qatar’s first trading partner, accounting for 13.8 percent of Qatar’s global trade

volume. He added that Japanese companies continue to play a leading role in supporting the development of Qatar, particu-larly in the information tech-nology sector, energy and mining industries, and infrastructure development, namely the Qatar Rail project.

More than 35 fully owned Japanese companies are cur-rently operating in Qatar with a capital of $410m, in addition to 23 joint Qatari-Japanese firms with a total capital of $2.2bn. Qatar and Japan are also bound by several memoranda of under-standing and agreements that contribute to the promotion of bilateral ties, he said, empha-sizing the importance of

breathing life into the existing agreements and ratifying new ones.

In this context, the Minister, urged the ratification of an agreement on the mutual pro-tection and promotion of invest-ments, which will pave the way for new Qatari-Japanese private sector partnerships and joint investments that benefit both countries.

Al Kuwari said “today’s gath-ering comes amid growing con-cerns over slowing global eco-nomic growth in 2019 due to trade wars and rising interest rates.Now more than ever, both Qatar and Japan need to come together and join efforts to create new partnership opportunities,

consolidate economic and investment alliances, and strengthen bilateral trade.”

He invited Japanese com-panies to take advantage of the business and investment-friendly environment that Qatar offers to foreign investors as evi-denced by the country’s ranking by some the world’s most pres-t i g i o u s i n t e r n a t i o n a l institutions.

Globally, Qatar ranks first in terms of low inflation rates, sixth in terms of the effect of taxes on competition, eight in terms of venture capital availability, and ninth in terms of financing small and medium enterprises (SMEs), Al Kuwari said , citing the World Economic Forum’s Global Com-petitiveness Report 2018.

Qatar’s significant success in this regard has been driven by the integrated policies estab-lished by the country’s wise lead-ership to open the economy, and attract investments into indus-tries and sectors that will cement Qatar’s position as a leading regional trade and investment hub.

Foreign companies that choose to set up shop in Qatar will find a multitude of investment opportunities to tap, he said, referring to development projects being undertaken within the framework of the Qatar National Vision 2030 and ahead of preparations to host the 2022 FIFA World Cup. �P03A view of the panel discussions held as part of Qatar-Japan Business Forum in Tokyo, yesterday.

H E Ali bin Ahmed Al Kuwari, Minister of Commerce and Industry, addressing Qatar-Japan Business Forum in Tokyo, yesterday.

QNB’s outlook for long-term FCR and FSR raised to stableSATISH KANADY THE PENINSULA

Capital Intelligence Ratings (CI Ratings), the international credit rating agency, yesterday announced that it has affirmed Qatar National Bank’s (QNB) Financial Strength Rating (FSR) at ‘AA-’. The Long- and Short-Term Foreign Currency Ratings (FCRs) are also affirmed at ‘AA-’ and ‘A1+’, respectively, at the same level as the recently reviewed Sovereign Ratings for the State of Qatar (SoQ).

The ratings agency has also announced it has affirmed Qatar Islamic Bank’s (QIB) Financial Strength Rating (FSR) at ‘A’, with a Stable Outlook.

On the QNB, the CI Ratings said the Bank’s Support Rating of ‘1’ (affirmed) reflects the Bank’s role as the financial arm of the Qatari Gov-ernment. The Outlook on both the Long-Term FCR and the FSR is however raised to Stable, from Negative, in line with the recently raised Outlook on the Sovereign Rating. A further review of QNB’s ratings will take place

in March 2019.With total assets of almost

$237bn at the end 2018, QNB was by far the largest bank in the country with a dominant market share, which in terms of total assets is estimated to have remained close to 50 percent of the Qatari banking system aggregate.

Following steady growth, in recent years QNB has con-sistently ranked first among Mena banks by total assets, loans, deposits, and net profit. The Bank’s international operations have been grad-ually expanded over the

years, both organically and through acquisit ions, bringing diversification of risk, as well as new sources of funding and income. QNB now operates what is by some way the widest inter-national network of Branches, Associate Banks and Subsidiaries amongst Mena banks.

On revising the ratings of QIB, the international credit rating agency noted the Bank’s Long- and Short-Term Foreign Currency Ratings (FCRs) are also affirmed at ‘A+’ and ‘A2’, respectively. The Outlook on the Long-Term FCR is raised to Stable, from Negative, in line with the recently raised Outlook on the Sovereign Rating. A further review of QIB’s ratings is scheduled for April 2019.

Qatar Islamic Bank was the first Islamic banking institution to be incorpo-rated in Qatar in 1982. QIB, the leading Islamic Bank in Qatar and the second by total assets in the banking sector ($42.1bn at end 2018), is also one of the largest Islamic banks in the Mena region.

More than 35 fully

owned Japanese

companies are

currently operating in

Qatar with a capital

of $410m, in addition

to 23 joint Qatari-

Japanese firms with

a total capital of

$2.2bn.

With total assets

of almost $237bn

at the end 2018,

QNB was by far

the largest bank in

the country with a

dominant market

share which in

terms of total assets

is estimated to have

remained close to

50 percent of the

Qatari banking

system aggregate.

02 THURSDAY 31 JANUARY 2019BUSINESS

10,719.40

-3.09 PTS

0.03%

QSE FTSE100 DOW BRENT6,941.63

+107.70 PTS

1.58%

25,016.15

+436.19PTS

1.77% Dow & Brent before going to press

$54.17

+0.86

MarketWatch

Qatar Islamic Bank holds blood donation campaign

THE PENINSULA DOHA

Qatar Islamic Bank (QIB) has organised its blood donation campaign in association with Hamad Medical Corporation (HMC). The event was held at the Bank’s headquarters on Bank Street on January 29 from 9am until 12 noon.

QIB’s blood donation cam-paign aims to help replenish the supplies of the HMC Blood Bank and to ensure that the blood bank does not face any shortages whenever supplies are needed. The campaign showcases the Bank’s con-tinued commitment to engage with the community and strengthen its involvement in

initiatives that benefit the Qatari society.

Customers and Employees from all of QIB’s departments at the Bank participated in the event by donating blood. The event was also attended by Bassel Gamal, QIB Group’s CEO, and other senior execu-tives from the Bank.

On the occasion of the event, Bassel Gamal said, “We are very happy to continue this annual tradition of the QIB Blood Donation Campaign which aims to raise awareness on the importance of blood donation and its role in saving lives. As a leading national institution, we believe that it is our responsibility to contribute to such initiatives that

encourage humanitarian coop-eration among community members and increase the well-being of the people of Qatar.”

“QIB’s Blood Donation Campaign has found great responsiveness from the Bank’s employees and cus-tomers, who showed up to Bank Street during the event hours to donate” he added, “Without a doubt, this under-lines the high values and ethics enjoyed by the citizens and residents of Qatar, as shown through their support for such initiatives. We are very pleased with the turnout and I would like to express my gratitude to e v e r y p e r s o n w h o contributed.”

Bassel Gamal (third left), QIB Group’s CEO; and other QIB senior executives on the sidelines of the event.

Investcorp enters India, expands direct investments footprintTHE PENINSULA DOHA

Investcorp a leading global provider and manager of alter-native investment products, yesterday announced the launch of its operations in India with the imminent completion of its first deal, the acquisition of the Private Equity and Real Estate investment management businesses of IDFC Alternatives Limited (IDFC Alternatives), a subsidiary of IDFC Limited, a company listed on the National Stock Exchange of India Limited (NSE) and the Bombay Stock Exchange Limited (BSE).

The acquisition, which has already received the required regulatory approvals from the Securities and Exchange Board of India, is expected to close today. This transaction will mark Investcorp’s entry into India and is in line with the firm’s long-term strategy of expanding its investment footprint and client franchise globally.

The acquisition of IDFC Alternatives’ Private Equity and Real Estate businesses along with the existing team of around 20 people will provide Investcorp with immediate access to the large and growing Private Equity and Real Estate markets in India, together with an experienced team of seasoned professionals with a network of well-estab-lished relationships in the domestic market developed over many years. Combined assets under management (AUM) of the

India Private Equity and Real Estate businesses are approxi-mately $430 million.

“Our first direct investment into the Indian market is a major milestone for our business, which also marks our focused expansion into Asia,” said Mohammed Alardhi, Exec-utive Chairman of Investcorp. “IDFC is a well-recognised brand and a fantastic addition to Investcorp’s portfolio from an investor perspective. This acquisition will be instrumental in our plans to grow our invest-ments into the country as part of our wider Asia strategy.”

“We are entering the Indian market at an important time in its growth trajectory,” said Rishi Kapoor (pictured), Co-Chief Executive Officer of Investcorp. “Rising incomes, strong growth and stable policies including reforms like the national Goods and Services tax regime make India particularly attractive for investment. We see great potential for the Indian market and have ambitious plans for the years ahead.”

ExxonMobil’s Tamayoz Program continues to share knowledge with industry partnersTHE PENINSULA DOHA

2018 has been an extremely busy and productive one for ExxonMobil Qatar’s Tamayoz program. A total of 36 training courses were offered with the close of the year, which were attended by 803 profes-sionals from valued partner Qatar Petroleum, Qatargas, and Nakilat – 4500 participants since the program first started in 2012.

The Tamayoz courses are held at Exx-onMobil Research Qatar, which is located in the Qatar Science and Technology Park (QSTP). The courses are designed to impart ExxonMobil’s technical, commercial and operational expertise with local partners; drive human potential across the country; and inspire local energy sector colleagues - in line with the Human Development Pillar of the Qatar National Vision 2030.

“Tamayoz clearly defines our com-mitment at ExxonMobil Qatar to help build a competitive and sustainable economy for Qatar’s prosperous future,” said Alistair Routledge, President and General Manager for ExxonMobil Qatar. “Tamayoz has estab-lished itself as the leading training program in Qatar’s energy industry and we’re very proud of how far hard work and inspiration have taken us. With the help of our subject-matter experts from around the world, we’re fostering a generation of capable and skilled industry leaders through knowledge-transfer and sharing.”

Tamayoz has steadily grown to offer more courses each year to participants. So far, more than 200 courses have been offered free of charge since 2012. The program is the first comprehensive program of its kind in Qatar, providing professional development opportunities through six tar-geted critical competency areas: leadership and personal effectiveness; project man-agement; commercial; operations excellence; technical (surface and subsurface) and safety, health and the environment.

Two of the program’s top courses are: Pro-duction Best Practices and Gas Business Fun-damentals. The Production Best Practices course was held in April and May, with 26 participants attending each session, where they learned about the fundamentals of production best

practices, how they are applied to business, how they work together, and how to use best prac-tices, tools and collaboration forums.

The Gas Business Fundamentals course was held in March and attended by 25 par-ticipants. They were given a comprehensive view of the global gas value chain, including multiple marketing dispositions, and also built on their business knowledge skills.

Fatima Al-Housani, Tamayoz’s Curriculum Manager, who has been heading the program since February 2017, explains, “The Tamayoz program is about instilling best practices and disseminating knowledge to our colleagues in Qatar’s energy industry that we have acquired over a long span of time at ExxonMobil. The important thing about our courses is that they are tailor made to specific organizational needs and professional roles.”

“We have a lot of future plans for the program - in 2019, we plan to enhance our offerings in the areas of safety, health and environment and project management, and will continue to work with our partners to improve course offerings and understand how we can best meet their needs,” added Fatima Al-Housani.

The Tamayoz training program was inspired by ExxonMobil’s ongoing com-mitment to support the development of Qatar’s national workforce, as outlined in the Qatar National Vision 2030. By investing in human development, ExxonMobil is helping to establish a solid foundation for the country’s sustainable future.

Tamayoz program participants with the officials.

The courses are designed to

impart ExxonMobil’s technical,

commercial and operational

expertise with local partners;

drive human potential across

the country; and inspire local

energy sector colleagues

- in line with the Human

Development Pillar of the

Qatar National Vision 2030.

Ariane showcases projects for Pakistani expatriatesTHE PENINSULA DOHA

Pakistan Business Forum Doha in coordination with Ariane Real Estate arranged a Presentation on an Investment project-Yasmeen City, Lusail. The project is designed as a dedi-cated multi-use district comprising of various resi-dential buildings, commercial buildings, hotels besides state of the art Schools & Healthcare Centre for 18,000 people. The invitation was extended by Sheikh Suhim bin Khalid bin Hamad Al Thani exclusively for Pakistani Community in Qatar. The Event was graced by Sheikh Sultan bin Jassim Al Thani and Mohammed Hussain Al Ali.

Yasmeen City would be a modern exclusive city offering a sophisticated new take on living, with stunning archi-tecture enhanced by lush green space for peaceful, comfortable and convenient place to live, it’s a healthy place to belong. Expe-rience living in full bloom.

Speaking on the occasion, the representative of Ariane Real Estate elaborated that Yasmeen City will be a ‘Smart City’ in every sense with a fully integrated modern transport system. The sustainable Light Rail Transit links Yasmeen with the other districts across Lusail City. Yasmeen also benefits from being in perfect proximity to the Metro which provides connectivity to many destina-tions around Doha including Hamad International Airport. Its a city within a city.

Mohammad Idrees Anwar

thanked Sheikh Suhim bin Khalid bin Hamad Al Thani for considering Pakistani Com-munity as first amongst the pro-spective clients which is indeed a tremendous acknowledgment to the community.

Rashid Rafiq Butt, who coordinated the event, announced that Pakistani com-munity will get a very special discounted price on purchase of properties in Yasmeen City which will be handed over to the owners in a record com-pletion time. He said that the project would provide the very best of life with everything to hand for a thriving community with family values at heart. World-class educational facil-ities, two mosques and superb hotels deliver international hospitality. Living in full bloom at Yasmeen City means enjoying more than the artful residences, and contemporary facilities, people will also benefit from its perfect location within Lusail.

Pakistan Business Forum Doha (PBFD), a QFC registered company, recently organised an exclusive event to commem-orate leading Pakistani busi-nessman & franchise owner (Lahore Qalandars and Durban Qalandars) who is also Man-aging Director of Doha-based QALCO and a Founder Member PBFD.

On the occasion, President Mohammad Idrees Anwar, on behalf of PBFD, honoured Fawad Rana in recognition of his con-tribution and meritorious services extended to the business sectors of Pakistan and Qatar

Boeing sales top $100bn for first timeBLOOMBERG CHICAGO

Boeing Co. soared after reporting a record cash gush for 2018 and cracking the $100bn sales barrier for the first time in its 102-year history - and the US planemaker says the best is yet to come.

Revenue, earnings and cash are all poised to rise this year, building on fourth-quarter earnings that beat esti-mates, the company said in a statement Wednesday. The lone blemish: Free cash flow of $2.45bn in the last three months of 2018 missed the $2.52bn average of analyst esti-mates compiled by Bloomberg.

The upbeat forecast shows that Boeing still sees room for improvement as it works to overcome factory stumbles in its jetliner business and speed output of its cash-cow 737 planes. Boeing and Airbus SE, its European rival, are riding high on a historic sales boom rooted in low interest rates and a growing middle class, particularly in Asia.

“There’s a very strong guide and no hint that there’s anything that could derail this,” said Ken Herbert, an analyst with Canaccord Genuity.

The shares jumped 6.5 percent to $388.53 at 11:09 a.m. in New York, the most on the Dow Jones Industrial Average, after advancing as much as 7.3 percent for the biggest intraday gain in a year and a half.

03THURSDAY 31 JANUARY 2019 BUSINESS

THE PENINSULA DOHA

The private sectors in both Qatar and Japan will further bolster the already deep-rooted economic and trade cooperation currently being enjoyed by both the coun-tries. Both the countries are keenly interested to further strengthen their investment and business cooperation for the advantage of both economies, Qatar Chamber Chairman Sheikh Khalifa bin Jassim Al Thani said in Tokyo, yesterday

Addressing the Qatar-Jap-anese Business Forum, held in connection with the visit of the Amir H H Sheikh Tamim bin Hamad Al Thani to Japan, Sheikh Khalifa noted Japan is Qatar’s first trade partner. “Japan’s trade exchange is seeing a rapid growth. It grew from $13.1bn during 2017 to $16bn during 2018 reordering a 23 percent growth.”

Sheikh Khalifa also said that the continuing supply of Qatari

LNG to Japan for more than twenty years emphasized both countries’ firm commitment and mutual confidence.

Japan is an attractive investment destination to the Qatari private sector. Qatari businessmen are interested to recognize the investment oppor-tunities available in Japan and establish more alliances and partnerships with their Japanese counterparts, he said.

QC Chairman said that there are nearly 27 Japanese com-panies operating in the State of

Qatar, 100 percent owned by the Japanese side, while there are 24

companies with Qatari partners working in electrical equipment,

petroleum services, water desal-ination and information tech-nology with an estimated investment of $3bn.

With regard to the siege, Sheikh Khalifa said that it stim-ulated the private sector to decrease the dependence on imports and increase production to meet needs of the local market.

The country has success-fully managed to defeat the siege thanks to the measures adopted by the government including pursuing legislative reforms that contributed to strengthening the national economy competitiveness in line with QNV 2030.

To attract more local and foreign investments, he said, the country has built distin-g u i s h e d i n f r a s t r u c t u r e including economic and logistic zones and provided industrial lands as well as offered facil-ities that motivate foreign com-panies to enter into the Qatari market.

Qatar and Japan to boost private sector cooperation

H E Ali Shareef Al Emadi (fourth left), Minister of Finance; H E Ali bin Ahmed Al Kuwari (fifth right), Minister of Commerce and Industry; H E Saad bin Sherida Al Kaabi (third right), the Minister of State for Energy Affairs; and Qatar Chamber Chairman, Sheikh Khalifa bin Jassim Al Thani (second left) during Qatar-Japan Business Forum held in Tokyo.

QIB introduces electronic pin and online activation for cardsTHE PENINSULA DOHA

In an effort to increase environ-mental friendliness as well as convenience for its customers, Qatar Islamic Bank (QIB) has introduced the electronic pin (e-Pin) mobile banking feature for easier and faster online acti-vation of debit and credit cards.

QIB customers previously used to receive two envelopes, one containing their debit or credit card while the other envelope contained a pin voucher that held the four-digit combination codes. With the launch of the e-Pin, QIB is taking an eco-friendly environmental approach which reduces paper use and enables customers to activate and set their debit or credit cards’ 4 digit pin code directly from their QIB Mobile Banking App or at any QIB ATM at their own convenience.

Commenting on this mile-stone, D. Anand, QIB’s Personal Banking Group General Manager, said, “QIB has embarked on several techno-logical initiatives to enhance

customers’ experience. We rec-ognize that investment in tech-nology is of critical importance while upgrading the bank’s services. QIB’s recent invest-ments in technology have led to multiple customer benefits including improved speed and efficiency as well as reinforced information security systems. Such steps serve to align QIB’s services with rapidly improving digital solutions, and to allow customers to carry out their everyday banking needs anytime and anywhere.” In rec-ognition of its accomplishments in 2018, QIB received two pres-tigious awards for its digital innovation: the “Best Consumer Digital Award 2018” from the esteemed Global Finance Mag-azine and the “Excellence in Mobile Banking 2018” award at the New Age Banking Summit in Doha. These awards reflect QIB’s continuous efforts to develop its existing product suite and create innovative digital solutions to meet the fast-changing financial needs and preferences of its cus-tomers in Qatar.

There are nearly 27

Japanese companies

operating in the State

of Qatar, 100 percent

owned by the Japanese

side, while there are 24

companies with Qatari

partners working in

electrical equipment,

MOHAMMAD SHOEB THE PENINSULA

Qatar Development Bank (QDB) has started preparations to host the third edition of the ‘Made at Home’ exhibition, to be held in the fourth quarter of this year, will be bigger both in terms of the number partici-pants and visitors, said a senior official of the agency.

QDB, the state-backed entity, which is responsible for developing and promoting eco-nomic diversification by sup-porting SMEs and micro-busi-nesses in the country, is collab-orat ing wi th var ious stakeholders to finanalise the dates of the exhibition.

‘Made at Home’ is an annual event in the country that provides a unique oppor-tunity to home-based busi-nesses to showcase a wide range of products.

“We are preparing to host the ‘Made at Home’ expo for the goods produced at home. It’s an annual event, which will be taking place for the third year in a row. Currently we are in the process of booking the venue and everything related

to the event. We will be able to confirm the exact dates soon. But it will be taking place between October and November depending on the availability and many other things,” Mohammed Mubarak Al Mansouri, Manager, Business Localisation Department, QDB, told The Peninsula.

Al Mansouri added: “Under the expo we are taking only home-based product. For that we do some filtration to ensure that they are home-based products and not trading from home. We always look at it that

there is value addition in the products that are selected to be showcased at the expo.”

QDB, under its Marketing and Public Relations (PR) services, offers several profes-sional and consultancy services. One of the marketing initiatives includes its ‘Der-wazaa’ programme which is dedicated to home-based products. It was launched during the previous edition of the ‘Made at Home’ expo in 2018.

Commenting about the response of the initiative, Al Mansouri said: “Currently we are having some 10 firms under Derwazaa. We did rebranding for them and enhanced their products. We are aiming to have more this year, and we are also seeking to collaborate with some local entities to make it a big success.”

QDB is also working to open stores by the name ‘Der-wazaa’ across Qatar to sell and promote home-based products such as food, crafts, incense and other items to make them more popular among Qatari citizens and residents.

“We at QDB are working

and collaborating with various government and private entities to support local indus-tries, products and services. We have a lot of dedicated pro-grammes and initiatives, and all of them are having con-sistency and expansion in terms of participation and r e s p o n s e , ” n o t e d A l Mansouri.

QDB recently launched the fourth edition of ‘Government Procurement and Contracting Conference & Exhibition’ (Moushtarayat 2019), which will be taking place from March 31 to April 02. This is a major initiative to support local SMEs where they get the chance to engage with government entities to bag business contracts.

Asked about the tentative business opportunities local small and medium businesses are expected to win from the upcoming Moushtarayat 2019, he said it would be premature to provide any number now. “Numbers will be clearer by the end of March, and QDB will host another meeting before that to announce the figures,” he said.

Mohammed Mubarak Al Mansouri

‘Made at Home 2019’ to attract higher number of participants

FROM BUSINESS PAGE 1

With reference to the investment incentives that Qatar offers to Japanese investors, the Minister said foreign investors are allowed up to 100 percnet ownership across various sectors and industries among other incentives that will enable companies to expand their busi-nesses to regional markets, by taking advantage of Qatar’s stra-tegic location between East and West.

Qatar has also been keen on protecting intellectual property rights and guaranteeing investors the freedom to transfer capital from and to the country in addition to developing an advanced network of free zones and logistics and industrial areas in line with the highest interna-tional standards.

These facilities have posi-tioned Qatar as an attractive des-tination for foreign direct invest-ments, which increased by $7.8bn to $186bn at the end of the first quarter of 2018 from $178bn at the end of 2017.

The Minister added that Qatar’s gross domestic product (GDP) rose to $ 222bn in 2017 from $ 218bn in 2016, growing at an annual rate of 1.6 percent.

According to the World Bank,

the Qatari economy grew by 2.3 percent in 2018 and is expected to grow at 2.7 percent in 2019 and 3 percent in 2020, partly driven by Qatar’s success in attracting foreign direct invest-ments and bolstering trade, he said.

The Minister noted that Qatar’s foreign trade also wit-nessed remarkable growth in 2018 as exports increased by 25 percent while the trade balance hit a surplus of $ 52.5bn, an increase of 40 percent compared to 2017.

The Minister expressed hope that the forum will encourage businessmen to promote joint cooperation, benefit from the positive investment climate and establish strategic joint invest-ments and projects to the benefit of both countries.

H E Ali Shareef Al-Emadi, Minister of Finance; and H E Saad bin Sherida Al-Kaabi, Min-ister of State for Energy Affairs, attended the opening ceremony of the forum along with Sheikh Khalifa bin Jassim bin Mohammed Al-Thani, Chairman of Qatar Chamber and Sheikh Nawaf bin Nasser Al Thani, Board Member of the Qatari Businessmen Association.

The Japanese participating

delegation included Tatsuya Terazawa, Vice-Minister for International Affairs at Japan’s Ministry of Economy, Trade and Industry, Kazuo Matsunaga, Chairman of the Japan Cooper-ation Center for the Middle East, and Toshio Mita, Chairman of the Japan-Qatar Friendship Association.

Over 300 Qatari and Jap-anese senior officials, busi-nessmen and investors also attended the forum.

Ali bin Ahmed Al-Kuwari witnessed the signing of an agreement between Qatari and Japanese businessmen. Hussain Fikri, CEO of Fikri Group, signed an agreement with representa-tives of Japanese company, Nagata Shigyo.

Kansho Watanabe, advisor to Nagata Shigyo Co, signed on behalf of Kotaro Nagata, Pres-ident of Nagata Shigyo who was present at the ceremony along with Minoru Yanai, an advisor to the Japanese company.

The business forum featured four panel discussions. The first session touched on the advanced legislative framework, infra-structure and business and investment opportunities that Qatar offers to Japanese companies.

Abdul Basset Taleb Al Ajji, Director of the Business Devel-opment and Investment Pro-motion Department at the Min-istry of Commerce and Industry, Fahd Rashid Al Kaabi, CEO of Economic Zones (Manateq), Captain Abdullah Al Khunji, CEO of Qatar Ports, and Abdullah Al Misnad, deputy CEO of the Free Zones Authority participated in the session.

The second session on business investment opportunities

in the energy and power fields in Qatar brought together Khaled Jolo, CEO of Nebras Power, Hiroyuki Shimizu, Vice President, Operations Director and Energy Project Operations Division at Chiyoda Corporation, and Mr. Yoshiki Yokota, Executive Officer and Chief Operating Officer, of the Power Business Division at Marubeni Corporation.

The third session, which touched on the challenges and o p p o r t u n i t i e s f o r

joint investments, ventures and partnerships in Qatar was attended by Mansoor bin Ebrahim Al-Mahmoud, CEO of Qatar Investment Authority, Akbar Al Baker, CEO of Qatar Airways, Abdullah bin Hamad Al Attiyah, CEO of Qatari Diar, and Hamad Abdulla Al-Mulla, CEO of Katara Hospitality.

The fourth and final session focused on infrastructure projects in Qatar in preparation for the 2022 FIFA World Cup.

Qatar keen to partner with Japan in tech innovations, SMEs

H E Ali bin Ahmed Al Kuwari (centre), Minister of Commerce and Industry, during the signing of an agreement between Qatari and Japanese businessmen, on the sidelines of Qatar-Japan Business Forum held in Tokyo, yesterday.

04 THURSDAY 31 JANUARY 2019BUSINESS

UK fund managers face broader guidelines on transparencyBLOOMBERG LONDON

A pair of UK regulators is demanding that asset managers change the way they interact with investors under new rules that require funds to provide more information on their business culture.

A key difference in the updated stewardship code from the Financial Reporting Council is that asset managers will have to report what they’ve actually done, rather than just their pol-icies on stewardship. The effectiveness of the current rules is unknown, nine years after the industry first signed up.

“It’s definitely more grit in the system,’ David Styles (pictured), director of corporate governance at the FRC, said in an interview. “It should make more transparent exactly what’s being done.”

Complementing the plan, the Financial Conduct Authority proposed rules that would require asset managers and life insurers to dis-close more on how they monitor and engage with companies. Any firm that chooses not to comply with the new guidelines would need to publicly explain why, according to the FCA’s proposal. Currently, the financial-services reg-ulator only requires firms to disclose the nature of their commitment to the guidelines. The two agencies also released a joint discussion paper

about the importance of effective stewardship.

According to the audit watchdog, stew-ardship activities include monitoring assets and service providers, engaging issuers and holding them to account on material issues and publicly reporting on the outcomes of these activities. The revision of the guidelines comes after a review released last year called for the FRC to be replaced. Other changes to the code include a requirement that signatories consider envi-ronmental and social material risks as well as an expansion of reporting beyond equities.

The FRC is trying to prove its value after an

independent review released by the British gov-ernment in December criticized the regulator’s guidelines and suggested it be replaced. The review noted that the FRC’s stewardship code on engagement between investors and com-panies should focus on outcomes.

The FRC will accept submissions on the update until March 29 before a final version is released in the following months. The FCA will accept comments until March 27.

While Styles said the new policies will provide additional bite, it will be hard to measure its overall impact. The FRC hasn’t studied the code’s effectiveness since its 2010 debut and has no plans to do so in the immediate future. However, there is anecdotal evidence that the guidelines help asset managers stand out, he said. In addition, the audit watchdog also doesn’t yet know how it will evaluate the quality of the new outcome-focused reporting.

It could be a crucial shortfall if there isn’t a system to properly criticize businesses that fall short of the new guidelines, according to Fergus Moffatt, head of UK policy at ShareAction, a charity focused on responsible investing that con-sulted with the FRC on the update. “The stew-ardship code is almost going to be used as a mar-keting ploy to say ‘Look how good we are,”’ Moffatt said. “There’s no incentive to do stew-ardship well if there’s no mechanism to be held to account.”

Alibaba profit up 37%; revenue growth easesAFP SHANGHAI

Chinese e-commerce leader Alibaba said yesterday that net profit increased 37 percent in the latest quarter as growth in cloud computing and other business lines helped offset a slowing expansion in core online retail.

Net profit reached 33.0bn yuan ($4.9bn) in the October-December third quarter.

Alibaba dominates China’s emerging consumer culture and

its corporate results were widely anticipated for any signs that a worsening Chinese economic slowdown and the US-China trade tussle were turning off shoppers.

Revenue growth, the key measure of the company’s business health, indeed slowed in the quarter. Overall company revenues reached 41 percent while turnover in core e-commerce was 40 percent. Most companies would envy such a performance, but that was the slowest increase in more

than two years for a company accustomed to increases of 50 or even 60 percent.

A consensus of analysts polled by Bloomberg had forecast a revenue rise of nearly 44 percent. Chinese GDP grew 6.6 percent in 2018, the slowest rate in 28 years, according to official figures that sparked concern globally about the world’s second-largest economy.

Alibaba’s earnings announcement made no mention of the country’s economic slowdown, as CEO Daniel Zhang

focused on the growing contri-bution of forward-looking seg-ments like cloud computing and data.

“Our growth is also driven by the power of Alibaba’s cloud and data technology that helps expedite the digital transformation of mil-lions of enterprises,” Zhang said.

- ‘Tougher business envi-ronment’ - Analysts expect the Chinese internet sector to face headwinds this year due to domestic economic woes and the trade tensions.

Note: Programme is subject to change without prior notice.

CROSSWORD

Manikarnika (2D/Hindi) 2:00pm; Vijay Superum

Pournamiyum (2D/Malayalam) 2:15pm; Minuscule: Mandibles From Far Away (2D/Ani-

mation) 2:30pm; 2030 (Qatari/Arabic) 4:15pm; Njan Prakashan (2D/Malayalam) 4:45 & 11:30pm; The Kid Who Would Be King (2D/

Adventure) 4:45pm; A Dog’s Way Home (2D/

Adventure) 5:45pm; Replicas (2D/Thriller) 7:00, 9:30 & 11:30pm; Destroyer (2D/Action) 7:15pm; The Girl In The Orange Dress (2D/Tagalog)

7:30pm; Sarvam Thaalamayam (2D/Tamil) 9:00 & 11:30pm Nadi Elregal Elserri (2D/Arabic) 9:30pm;

2030 (Qatari/Arabic) 2:15 & 5:15pm; A Dog’s Way Home (2D/Adventure) 2:15 & 5:15pm Manikarnika (2D/Hindi) 2:30, 6:45 & 8:45pm;Minuscule: Mandibles From Far Away (2D/Ani-

mation) 3:30pm; Njan Prakashan (2D/Malayalam) 4:00 & 11:30pmThe Girl In The Orange Dress (2D/Tagalog)

6:45pm; Replicas (2D/Thriller) 7:00, 9:30 & 11:30pm; Sarvam Thaalamayam (2D/Tamil) 9:00 & 11:30pm

Destoyer 9:30, 10:20 & 11:55pm; How To Train Your Dragon: The Hidden World

(2D/Action) 12:30, 2:45, 5:00 & 7:15pm; Nadi Elregal Elsary (2D/Arabic) 5:40, 7:30 & 10:15pm; Njan Prakashan (Malayalam) 12:30, 3:20, 6:10, 9:00, 11:50pm; Replicas 12:30, 1:00, 2:50, 3:20, 5:10 & 8:00pm Vantha Rajavathaan Varuen (2D/Malayalam)

11:00am, 2:00, 5:00, 8:00 & 11:00pm

21st Noottaandu (2D/Malayalam) 12:00, 6:00pm & 12:00midnight. Charlie Chaplin 2 (2D/Tamil) 10:30, 3:45 & 9:00pm; Nadi Elregal Elserri (2D/Arabic) 12:15, 4:45 & 9:35pm; Manikarnika (2D/Hindi) 3:00 & 9:00pm; Vijay Superum Pournamiyum (2D/Malayalam) 1:00, 6:15 & 11:30pm; Serenity (2D/Drama) 2:30, 7:00 & 11:30pm

MALL

LANDMARK

ROXY

AL KHOR

Njan Prakashan (2D/Malayalam) 2:15 & 11:15pm Minuscule: Mandibles From Far Away (2D/Animation) 2:30pm;2030 (Qatari/Arabic) 4:30pm; Manikarnika (2D/Hindi) 6:00pm; On The Basis Of Sex (2D/Biography) 8:45pm, Sarvam Thaalamayam (2D/Tamil) 11:00pmA Dog’s Way Home (2D/Adventure) 5:15pmReplicas (2D/Thriller) 7:00pm; Destroyer (2D/Action) 9:00pm

21st Noottaandu (2D/Malayalam) 6:00, 9:00, 11:45pm & 12:00midnight; Mikhael (2D/Malayalam) 7:00pm; Petta (2D/Hindi) 8;45pm; Manikarnika (2D/Hindi) 6:00pm; Manikarnika (2D/Tamil) 9:00pm; Vijay Superum Pournamiyum (2D/Malayalam) 5:30, 8:15 & 11:00pm

ROYAL PLAZA

FLIK Mirqab Mall

ASIAN TOWN

2030 (2D/Arabic) 10:50am, 1:05; A Dog’s Way Home 10:20am, 12:20, 2:20, 4:25, 6:25, 8:45 10:35pm; Bumblebee 4:55 & 11:25; Glass 12:40 & 10:10pmDestroyer 10:45am, 1:15, 3:45, 6:15, 8:50 & 11:25pm; How To Train Your Dragon: The Hidden World (2D/Action)

10:30am & 5:30pm; Replicas 11:50am, 12:15, 2:00, 4:10, 6:35, 8:25 & 9:45pm; Miniscule - Mandibles From Far 11:30am, 1:305, 3:30 & 7:45pm; Nadi Alregal Alserri 2:45, 5:45, 8:00 & 10:45pm; Njan Prakashan 3:00, 6:00pm & 12:05am; The Kid Who

Would Be King (2D/Adventure) 10:40am, 12:30, 3:15, 7:30, 9:55pm; Vijay Superum Pournamiyum (2D/Malayalam) 6:30, 9:10pm & 12:00midnight

Njan Prakashan (English: I am Prakashan) is a Malayalam-language satirical comedy film directed by Sathyan Anthikad and written by Sreenivasan.

NJAN PRAKASHAN