MENA Fintech Festival 2024 Concludes in Doha, Paving the Way for Fintech Innovation in the MENA Region
Doha, Qatar – December 8, 2024 The MENA Fintech Festival 2024 successfully concluded its third edition on December 5 at the Qatar National Convention Centre (QNCC) in Doha. The three-day event, held from December 3 to 5, brought together industry leaders, innovators, and stakeholders to explore the latest trends and future opportunities in the financial technology sector. Building upon the success of its previous editions, the festival evolved from a traditional forum into a dynamic B2B matchmaking platform, fostering collaboration among startups, investors, corporate entities, regulators, incubators, and accelerators. This transformation underscores the event’s commitment to advancing fintech and financial inclusion across the MENA region. The opening ceremony featured a keynote address by H.E. Sheikh Ahmed bin Khalid Al-Thani, Assistant Governor for Financial Instruments and Payment Systems at Qatar Central Bank (QCB). He emphasized the pivotal role of financial technology as a fundamental pillar of modern financial services, highlighting QCB’s initiatives to establish an innovation-driven ecosystem aligned with Qatar National Vision 2030. Sheikh Ahmed noted, “Technology has reshaped the way businesses are conducted around the world, empowering individuals and creating new opportunities to enhance economic growth.” QNA The festival’s agenda included keynote speeches, panel discussions, and workshops addressing challenges and opportunities within the fintech industry, particularly in the MENA region. Discussions centered on the transformative impact of fintech in expanding access to financial services, the importance of tailored financial solutions, supportive regulatory frameworks, and the role of public-private partnerships in fostering financial inclusion. Malik Shishtawi, President of the MENA Fintech Festival, stated, “Qatar’s FinTech ecosystem exemplifies the impact of visionary leadership and strategic investment. Driven by the progressive policies of the Qatar Central Bank and bolstered by the support of key stakeholders, we are witnessing a profound transformation in financial services—one that is shaping the present and laying a solid foundation for generations to come.” The festival also provided a platform for networking and collaboration, with participants expressing optimism about the future of fintech in the MENA region. The event’s success reflects Qatar’s commitment to positioning itself as a global fintech hub, fostering innovation, and driving economic growth through financial technology. For more information about the MENA Fintech Festival and future events, please visit menafintechfestival.com.
Spendwisor signs an MOU with leading brands at the MENA Fintech Festival 2024.
Doha, Qatar, December 5, 2024 – Spendwisor, the innovative Buy Now, Pay Later (BNPL) platform, proudly announced MOU with ten prominent merchants to particate in the BNPL sandbox testing phase under the supervisor of QCB at the Fintech MENA Festival 2024, solidifying its position as a leading player in the BNPL ecosystem. The newly onboarded merchants span diverse industries, providing Spendwisor users with enhanced flexibility and choice. The partnerships include: The MOU were unveiled during the Fintech MENA Festival 2024, held from December 3rd to 5th. The festival provided an ideal platform for Spendwisor to highlight its commitment to innovation and collaboration within the fintech landscape. “Our mission is to empower consumers with smarter payment solutions, including innovative BNPL services that offer instant credit to complete their desired shopping while also driving business growth for our merchant partners. Adding these esteemed brands to the Spendwisor ecosystem reflects our dedication to creating a seamless and diverse shopping experience” said [Safarudheen Farook, CEO]. This announcement marks a significant milestone in Spendwisor’s journey. By partnering with leading brands across various sectors, Spendwisor aims to provide unparalleled value to its users, enhancing convenience and affordability
Crowell & Moring Named “Banking & Finance Team of The Year” in LexisNexis Qatar Business Law Forum Awards
Doha, Qatar – 28 November 2024: Crowell & Moring, one of the leading international firms operating in Qatar, was named “Banking & Finance Team of the Year” at the ninth Qatar Business Law Forum Conference & Awards Ceremony, held at The St. Regis Marsa Arabia Island, The Pearl Qatar. The award recognizes the firm’s leadership in banking and finance, fintech, and supporting innovation in financial services. Crowell works with leading financial institutions and Qatari regulators in matters that drive investment, growth, and innovation in Qatar, particularly in matters at the forefront of the digital economy. In addition to this win, the firm was nominated in four categories, including “Corporate Team of the Year,” “IPTMT Team of the Year,” “Property & Construction Team of the Year,” and “International Law Firm of the Year.” “This recognition is a testament to the remarkable vision of our clients who have trusted our team to help them foster innovation and develop a leading competitive economy in Qatar. We are honored that they have turned to Crowell to help achieve their goals. I also congratulate our fellow nominees and winners on their efforts across disciplines, which have advanced the legal landscape in Qatar and are helping to drive economic growth,” said Charbel M. Maakaron, managing partner of Crowell & Moring’s Doha office. The event, attended by over 200 legal decision-makers, celebrated outstanding achievements in Qatar’s legal community, with awards being judged by an independent panel of industry leaders, academic practitioners, and government officials. The Qatar Business Law Forum Conference, Gala Dinner and Awards Ceremony was hosted by LexisNexis Middle East, in collaboration with the Ministry of Commerce and Industry’s Department of Legal Affairs, the Qatar International Court and Dispute Resolution Centre, the Al Sulaiti Law Firm, and Qatar Lawyers Association. About Crowell & MoringCrowell & Moring is an international law firm with operations in the United States, Europe, MENA, and Asia. Drawing on significant government, business, industry, and legal experience, the firm helps clients capitalize on opportunities and provides creative solutions to complex litigation and arbitration, regulatory and policy, and corporate and transactional issues. The firm is consistently recognized for its commitment to pro bono service, as well as its programs and initiatives to advance diversity, equity, and inclusion.
Invest Qatar Showcases Qatar’s dynamic investment and startup ecosystem at Web Summit Lisbon
Invest Qatar made a powerful impression at Web Summit Lisbon 2024, where it participated as a key partner. The organisation spearheaded a series of high-level business meetings and networking events, underscoring Qatar’s vibrant investment landscape and burgeoning startup ecosystem. A highlight of the summit was a panel discussion featuring Sheikh Ali Alwaleed Al-Thani, CEO of Invest Qatar, who delved into Qatar’s strategy for economic diversification during a session titled “MENA Money Moves: Qatar’s Growth Formula.” The insights offered a compelling look into the nation’s proactive approach to attracting global investment. Adding to its impactful presence, Invest Qatar hosted a masterclass that outlined the unparalleled opportunities for entrepreneurs to launch and scale their ventures within Qatar’s dynamic and supportive startup environment. Stay tuned for more updates as Qatar continues to position itself as a global hub for innovation and investment.
QSE Index 14.1% Above May’s Lowest Level Despite Weekly Decline
Doha: The Qatar Stock Exchange (QSE) index ended the week with a 1.07% decline, losing 113.44 points to settle at 10,455 points, compared to last week’s close. The drop was primarily driven by the industrial sector, which saw the largest decline of 2.04%, followed by the services and consumer goods sector with a 1.09% decrease, and the real estate sector at 1.05%. Despite the weekly decline, financial markets analyst Youssef Bouhlaika highlighted that the QSE index is currently 14.1% higher than its lowest level on May 30, 2024, and 3.5% lower than its highest point in the past 52 weeks. Market Movements and Trading HighlightsBouhlaika noted that the QSE index is moving within a sideways range between 10,400 and 10,500 points, with a focus on maintaining support levels. Investors are closely watching the resistance range of 10,800 to 11,000 points as a potential breakout zone. In Thursday’s session, the general index rose 0.34%, gaining 35.04 points to close at 10,455 points, slightly recovering from Wednesday’s level. Key trading highlights from the session include: Ezdan Holding led trading volumes with 16.81 million shares traded.QNB stock topped liquidity activity with a total value of QR 49.8 million.Total trading values for the session increased to QR 389 million, up from QR 363 million on Wednesday.Trading volumes grew marginally to 134.59 million shares, compared to 133.34 million shares in the previous session.OutlookThe QSE index continues to navigate within a narrow range, seeking stability amid market pressures. Analysts suggest that breaching the resistance levels near 10,800-11,000 points could signal a bullish trend, while maintaining support at 10,400 points remains crucial for investor confidence.
Qatar Central Bank Issues Treasury Bills Worth QR 2.7 Billion
Doha: The Qatar Central Bank (QCB) has issued treasury bills valued at QR 2.7 billion, covering maturities ranging from 7 days to 350 days. The announcement was made via a post on the X platform on November 15, 2024. The distribution of the treasury bills is as follows: QR 500 million for 7 days (new issuance) at an interest rate of 4.9180%QR 500 million for 28 days (new issuance) at an interest rate of 4.8960%QR 500 million for 91 days (new issuance) at an interest rate of 4.8370%QR 500 million for 168 days (tap issuance) at an interest rate of 4.7830%QR 500 million for 273 days (new issuance) at an interest rate of 4.7340%QR 200 million for 350 days (tap issuance) at an interest rate of 4.7120% Robust Demand in AuctionThe QCB revealed that the total auction bids for the treasury bills reached QR 10.5 billion, indicating strong demand from investors for these government securities. Treasury bills are short-term financial instruments that play a key role in managing liquidity within the banking sector, supporting monetary policy objectives, and fostering a stable financial environment.
Resilient Global Economy Defies Odds Amid Challenges
Doha: The global economy is poised to deliver a stable growth rate of 3.2% in 2024, demonstrating remarkable resilience despite facing significant challenges earlier in the year. This rate, although lower than the historical average of 3.6% between 2000 and 2023, remains comfortably above the 2.5% recession threshold, according to QNB’s latest economic commentary. Forecasts for 2025 mirror this stability, with growth expectations also pegged at 3.2%. The World Economic Outlook (WEO), a flagship report by the International Monetary Fund (IMF), highlights the underlying factors sustaining global growth, offering a unified perspective on global trends, risks, and opportunities. Key Drivers of Stability Even amid uncertainties like regional conflicts, fluctuations in commodity prices, and China’s property market challenges, these measures are expected to stabilize growth and mitigate potential risks. In the absence of severe trade conflicts, international trade is likely to continue boosting global productivity and investment, reinforcing economic stability in the short term. Outlook for 2024 and BeyondThe interplay of steady growth across economies, proactive monetary policies, and resilient trade flows ensures the global economy remains on a stable trajectory. While risks such as inflationary pressures, financial market volatility, and geopolitical uncertainties persist, the resilience demonstrated thus far offers an optimistic outlook for 2024 and 2025.
