Growth For Non-Oil Sectors In H2 2024 Pegged Optimistically
Augmenting Qatar’s resilient economy, many industries are poised for “stronger-than-expected” growth in the remaining months of 2024. The Gross Domestic Product (GDP) figures have shown a growth of 1.2 percent y-o-y during the third quarter of 2023. Hydrocarbon witnessed a boost of 2.3 percent y-o-y. In comparison, the non-oil economy grew by 0.6 percent y-o-y during Q3 2022, the Planning and Statistics Authority has revealed. “We have long argued that Qatar’s economic growth will accelerate in 2024 as lower inflation, stronger tourism activity and investment in construction and infrastructure projects causes the non-oil sector to recover.” – Fitch analysts Fitch market experts have clarified that the growth in the hydrocarbon sector was according to their expectations and the third quarter of 2023 headline growth surprised the upside due to stronger-than-expected non-oil activity. It’s been stressed by analysts that this comes on the back of Qatar hosting the FIFA 2022 World Cup that spiralled potent activity in industry during the latter half of the year, in preparation for the tournament. Fitch Solutions has noted its estimation for the growth in 2023 from 1 percent to 1.4 percent and hence forecasted a vital growth of 2 percent to 2.2 percent in 2024 commenting: “We have long argued that Qatar’s economic growth will accelerate in 2024 as lower inflation, stronger tourism activity and investment in construction and infrastructure projects causes the non-oil sector to recover. Supporting our view, high-frequency data for Q1 2024 such as Purchasing Manager’s Indices, new building permits, and tourist arrivals all point to stronger non-oil activity so far in 2024.
Qatar Partners With Microsoft To Expand Cloud Data Centres
Data analytics and AI services have onboarded the partnership between 43 government and semi-government entities to Azure Cloud, a cloud computing platform developed by Microsoft. Azure Cloud is witnessing sharp growth due to the company’s heavy investment in AI and its access to the coveted technologies of ChatGPT maker OpenAI through their strategic partnership. Sami Al Shammari, the Assistant Undersecretary for Infrastructure and Operations Affairs at MCIT, has lauded the collaboration and said: “The expansion of Microsoft’s cloud data centre region in the country is a testament to the ministry’s steadfast commitment to empowering all government entities with the latest technologies, especially new AI-based technologies.” “Through these partnerships, we aim to keep pace with the latest developments in artificial intelligence and localise them across various sectors, thereby achieving the Digital Agenda 2030 and Qatar National Vision 2030 goals, which aim to enhance Qatar’s position as a hub for innovation and technology,” Al Shammari added highlighting that 1,393 individuals have trained in Artificial Intelligence techniques over the past three years, while 143 government and semi-government entities have shifted to Azure cloud. “The expansion of Microsoft’s cloud data centre region in the country is a testament to the ministry’s steadfast commitment to empowering all government entities with the latest technologies, especially new AI-based technologies.” – Sami Al Shammari, assistant undersecretary for Infrastructure and Operations Affairs, MCIT, Ahead of 2022, Microsoft and MCIT launched the National Skilling Programme, with the to train 50,000 people in Qatar through digital skills acquisition programmes over the next four years.
Qatar Takes Leap To Expand LNG Output By 85%
CEO Saad Sherida Al Kaabi QatarEnergy has said an assessment programme had concluded that the productive layers of the country’s North Field that extends towards the west could yeild an additional gas reserve of 240 tonne/cubc feet (tcf). This will result in upping Qatar’s overall gas reserves to more than 2,000 Tcf. “These are very important results of great dimensions that will take Qatar’s gas industry to new horizons,” Al Kabbi has said. He added that the additional reserves would allow the company to move forward with the 16 million metric tons/year (mmty) North Field West (NFW) liquefaction project in Ras Laffan in the north of Qatar. Along with the multi-billion dollar North Field East (NFE) and North Field South (NFS) projects that were sanctioned in 2021, NFW would boost Qatar’s liquefied natural gas production capacity to 142 mmty by the end of the decade. QatarEnergy has already started construction on the North Field expansion project, bringing aboad TotalEnergies (which has been present in Qatar since 1936 and is active in all areas of the country’s oil and gas sector, from exploration and production through to refining, petrochemicals, lubricants marketing, and renewable energies), Shell (whose Qatar presence started in 20026 and at present, the scope of Shell’s partnership with QatarEnergy covers the entire value chain of the oil and gas business: liquefied natural gas – LNG; gas to liquids – GTL; shipping, exploration and petrochemicals) and ConocoPhilips (whose Qatar presence started with the QatarEnergy’s LNG N(3) joint venture) to partner in both NFE and NFS.
Qatar’s Construction Sector Being Driven By Digitisation
The first edition of Web Summit Qatar 2024 connected investors, and innovators to forge strategic partnerships for the construction industry – a space that will only increase in the coming years.
Mitsubishi Eclipse Cross: Dynamic Performance, Enhanced Design
The exterior of the vehicle has been crafted under the design philosophy of “Daring Grace,” the Eclipse Cross features a restyled front and rear design that, along with the extended body length, creates a unified, sophisticated, sleek, and sporty SUV appearance. At the front, the Eclipse Cross adopts Mitsubishi Motors’ elegant and sporty Dynamic Shield design, expressing the SUV’s powerful performance. Complementing this is the refreshed lighting layout, featuring bold front combination lights with daytime running lights and turn signals, and the distinctive pentagonal headlights and fog lights, available in halogen and LED types. The rear design maintains the elegant yet sporty aesthetic, with merged double rear windows for a sleeker look and improved visibility. The iconic three-dimensional combination taillights, positioned higher for easy recognition, house signature lights, turn signals, and backup lights, adding to the distinctive rear appearance. The sculpted hexagon design further emphasises the SUV’s robust stance. Optional newly designed ten-spoke two-tone 18-inch alloy wheels enhance the vehicle’s profile. The Eclipse Cross measures a wheelbase of 2,670 mm, an overall length of 4,545 mm (140 mm longer than the previous model year 20), a width of 1,805 mm, and a height of 1,685 mm (2WD)/1,690 mm (high line). The Interior The Eclipse Cross interior matches its exterior sophistication. Seats offer a light grey option alongside black, with upgraded materials including black and grey fabric, synthetic leather, and genuine light grey leather. Rear seats are 9-step adjustable for improved comfort. The cargo area is spacious, fitting four golf bags even with five occupants. Improved infotainment includes an 8-inch Smartphone-link Display Audio, Apple CarPlay, Android Auto, and 2 USB ports. A full-colour Head-Up Display and Mitsubishi Power Sound System enhance the driving experience. Performance The Eclipse Cross has a 2WD option and offers two engine choices: a 1.5L DOHC MIVEC turbocharged engine and a 2.0L DOHC MIVEC engine. MIVEC enhances driving performance. Super-All Wheel Control (S-AWC) enhances road performance by integrating Active Stability Control (ASC), Anti-Lock Braking System (ABS), and Active Yaw Control (AYC). This system, combined with fine-tuned rear suspension, ensures stable vehicle behaviour. Drivers can select different driving modes: Normal Mode for general driving, Snow Mode for slippery surfaces, and Gravel Mode for poor road conditions, providing optimal steering and stability. Intelligent and Advanced Safety The Eclipse Cross is equipped with intelligent and advanced safety features to ensure drivers’ peace of mind. These include Forward Collision Mitigation system (FCM), Rear Cross Traffic Alert (RCTA), Multi Around Monitor, Lane Departure Warning (LDW), Blind Spot Warning (BSW), Ultrasonic Misacceleration Mitigation System (UMS), and parking monitor and sensors. Additionally, it features an Anti-lock Braking System (ABS), Active Stability Control (ASC) with Traction Control (TCL), and Hill Start Assist (HSA) for enhanced safety. Colours In addition to the existing colour options like Red Diamond, Bronze Metallic, Sterling Silver Metallic, Lightning Blue Mica, Titanium Grey Metallic, White Solid, and Black Mica, the Eclipse Cross family now welcomes the White Diamond colour, expanding the total available colour choices to eight. You can find it at the showrooms of Qatar Automobiles Company, the authorised distributor of Mitsubishi in Qatar, located on Salwa Road and in Al Khor.
