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.
Project to connect GCC through rail to see light of day in 2030: Minister
DOHA: H.E. Jassim Saif Ahmed Al Sulaiti, Minister of Transport, chaired the 26th Meeting of the Committee of Ministers of Transport of the Gulf Cooperation Council (GCC) in Doha, reaffirming Qatar’s commitment to regional connectivity and sustainable development in the transportation sector. The meeting included GCC ministers of transportation and H.E. Jasem Mohamed Albudaiwi, GCC Secretary-General. In his opening address, Al Sulaiti emphasized the importance of collaboration among GCC countries to advance collective transportation infrastructure, a priority backed by GCC leaders. Central to this agenda is the ambitious GCC Railways Project, expected to be completed by 2030, which will link GCC countries, streamline regional trade routes, and connect logistics hubs, economic zones, and key ports. This project aims to enhance regional economic integration and provide safe, efficient transportation for passengers and cargo. The Minister highlighted recent advancements in GCC port capacities, which have positioned them among the top-ranked in efficiency worldwide, as measured by the World Bank. He noted that GCC countries have developed state-of-the-art, eco-friendly transportation systems equipped with smart technology, supporting carbon reduction initiatives to achieve long-term carbon neutrality. This progress has earned international recognition, underscoring the GCC’s commitment to sustainable infrastructure. During the meeting, GCC ministers discussed strategies to further cooperation, including updates on the GCC Railways Project, the General Agreement for regional railway connectivity, and executive regulations for land transportation. Additional topics included regulations for merchant vessel access to GCC waters, conditions for offshore unit driving licenses, and guidelines for other transportation regulations to ensure the seamless integration of regional networks. Minister Al Sulaiti pointed to the transportation sector as pivotal to the success of broader GCC development plans, with significant investments supporting regional highway networks and expanding travel, passenger, and cargo options. The recent focus on balanced economic and social integration, he noted, is driving substantial progress across the region, solidifying the GCC’s role in connecting markets and communities for a prosperous future.
WISH summit calls for protecting healthcare
Doha, Qatar – Qatar Foundation’s 7th World Innovation Summit for Health (WISH 7) opened yesterday at the Qatar National Convention Centre (QNCC), under the theme “Humanizing Health: Conflict, Equity, and Resilience.” The event, graced by H H Sheikha Moza bint Nasser, brought together global health policymakers, innovators, researchers, and practitioners to address some of the world’s most pressing health challenges. The opening ceremony was attended by prominent figures including Minister of Public Health H E Mansoor bin Ebrahim bin Saad Al Mahmoud, former Minister of Public Health H E Dr. Hanan Mohamed Al Kuwari, Vice-Chairperson and CEO of Qatar Foundation H E Sheikha Hind bint Hamad Al Thani, WISH CEO Slim Slama, Executive Chair of WISH Lord Darzi of Denham, and President of Médecins Sans Frontières Dr. Christos Christou. In her opening address, H E Al Kuwari emphasized Qatar’s commitment to fostering global cooperation and tackling urgent health challenges. She highlighted the theme of this year’s summit, stating, “This year’s theme, ‘Humanizing Health: Conflict, Equity, and Resilience,’ reflects our dedication to addressing profound health issues, especially for those enduring unimaginable hardships.” Al Kuwari also called attention to the critical need for healthcare protection in conflict zones, advocating for rebuilding lives with compassion and resilience. Dr. Christos Christou echoed this sentiment, stressing that attacks on healthcare facilities have become a troubling “new norm,” especially in regions like Gaza. He called for accountability and tangible action to protect healthcare workers and facilities, noting, “There are many doctors in Gaza amputating on children without anaesthetic, scrambling without basic medicines.” A powerful film shown during the opening ceremony shared the story of 11-year-old Dareen Al Bayaa, a Palestinian girl who lost 47 family members in a devastating attack in Gaza on October 22, 2023. Dareen and her five-year-old brother are now in Doha for medical care. Day one of WISH 7 included discussions on several reports developed in partnership with the World Health Organization (WHO), covering topics such as protecting healthcare in conflict zones, combating antimicrobial resistance (AMR), and the ethics of AI in Gulf-region healthcare. Additional sessions examined women’s cancer, palliative care, and the impact of the war in Sudan. Today, the summit will continue with discussions on mental health, obesity, diabetes, and other key topics. WISH 7 will conclude with the announcement of winners in the WISH innovation competitions and the launch of the new CARDIO4Cities initiative, aimed at tackling urban cardiovascular health challenges.
Ministry of Education and Higher Education completes development of “Educational Institutions Licensing” platform
Doha, Qatar – The Ministry of Education and Higher Education has launched the “Educational Institutions Licensing” platform, now accessible to educational entities throughout Qatar. This initiative forms part of the Ministry’s commitment to bolstering the digital infrastructure for private education, streamlining licensing procedures, and providing a user-friendly, secure online experience for stakeholders. Designed to improve administrative efficiency, the platform allows educational institutions to apply for and monitor licensing processes more effectively, a step anticipated to elevate the quality of educational services across Qatar. Omar Abdulaziz Al-Naama, Assistant Undersecretary for Private Education Affairs, commented on the initiative: “The launch of the Private Educational Institutions Licensing Platform represents a significant advancement in the automation of educational services. It aligns with the directives of HH the Amir Sheikh Tamim bin Hamad Al-Thani, in line with Qatar’s National Vision 2030, to foster a supportive environment for education sector investment and meet the country’s developmental needs.” Dr. Mona Salem Al-Fadhli, Director of the Information Systems Department, also emphasized the platform’s role in the Ministry’s digital transformation: “This platform offers a streamlined, integrated experience for licensing applications, covering all services for nurseries, educational centers, schools, and private kindergartens. Investors can complete, manage, and follow up on transactions online through a fully automated portal, reducing the need for in-person visits.” The platform offers various services, including issuing, renewing, and managing licenses for educational institutions, modifying entity details, granting permissions for advertising and events, and providing options for license cancellations. With a focus on Qatar’s National Vision 2030, the platform also establishes a modern framework to enhance private education standards, benefiting both investors and educational service providers. This launch marks a transformative shift towards efficiency, accessibility, and higher quality service in Qatar’s private education sector.
His Highness the Amir Appoints New Director General of Hamad Medical Corporation
DOHA – His Highness the Amir Sheikh Tamim bin Hamad Al Thani issued Amiri Decision No. (71) of 2024 today, appointing His Excellency Mohammed bin Khalifa bin Mohammed Al Suwaidi as the new Director General of Hamad Medical Corporation (HMC). The decision takes effect immediately from the date of issuance and mandates its publication in the Official Gazette. HE Al Suwaidi’s appointment as Director General reflects Qatar’s commitment to advancing the nation’s healthcare sector, ensuring high standards of service and innovation in line with the country’s national vision. Hamad Medical Corporation, Qatar’s leading provider of secondary and tertiary healthcare, is set to benefit from his leadership as it continues to develop its infrastructure, services, and clinical care to meet the healthcare needs of Qatar’s growing population. The official decree reaffirms Qatar’s ongoing efforts to enhance healthcare governance and expand its high-quality medical services for the welfare of its citizens and residents.
Qatari financial consultant ‘helps women achieve financial independence’
Qatari Financial Coach Amal al-Kuwari Empowers Women with Wealth-Building and Financial Literacy DOHA – Amal bint Ali al-Kuwari, a graduate of Qatar University and recipient of the prestigious Amir Sheikh Tamim bin Hamad al-Thani Gold Medal for academic excellence, is making waves in Qatar’s financial sector. As a certified financial consultant and coach, al-Kuwari has embarked on a mission to empower women across the Arab world with financial literacy and wealth-building skills. In an exclusive interview with Gulf Times, al-Kuwari shared her vision for breaking financial taboos and guiding women toward economic independence. “My specialization is quite unique in Qatar,” she explained, “and it will help normalize discussions about money—a traditionally taboo topic here—while spreading financial literacy. I chose to work specifically with women as they are the pillars of our society, whether as mothers, sisters, or daughters.” Al-Kuwari’s unique approach combines practical financial planning with mindset development, aimed at creating lasting behavior change. She has quickly built a client base that includes doctors, high-profile VIPs, and HR experts, demonstrating her broad appeal and impact. Her methods, she says, are personal and culturally relevant, incorporating psychological insights and tailored investment strategies that help women achieve financial independence. Her process is thorough: each client completes a pre-session questionnaire to identify financial habits and goals, followed by personalized coaching sessions. With her guidance, clients receive individualized financial plans to cultivate good money habits, build savings, invest wisely, and even prepare for retirement. Al-Kuwari holds both in-person and virtual sessions, allowing her to extend her reach to clients in Qatar, the UAE, Kuwait, and Saudi Arabia. “I want to help women develop a healthy relationship with money,” al-Kuwari said, “and that means understanding money psychology, making informed investment choices, and applying wealth-building techniques.” Her programs, offered in Arabic and English, provide easy-to-follow, accessible guidance designed for Arab women. In a culture where financial discussions have often been sensitive, al-Kuwari’s initiatives mark a significant shift. “My goal is to inspire a lasting transformation,” she said, underscoring her commitment to guiding women in taking control of their financial futures with confidence and skill.
Qatar praised by UNHRC, recommended labour improvements
DOHA – Qatar received recognition and constructive feedback at the United Nations Human Rights Council (UNHRC) in Geneva during its first five-yearly review, with particular praise for recent labour reforms introduced ahead of the FIFA World Cup 2022. Qatar’s permanent representative to the UN, Hend Abdulrahman Al Muftah, highlighted reforms that have transformed Qatar’s labour laws. These include the establishment of a minimum wage, reforms allowing workers greater freedom to change employers, and measures to combat forced labour and human trafficking. Al Muftah expressed Qatar’s deep appreciation for migrant workers, calling them “true partners” in the nation’s development. Participating countries offered recommendations to continue advancing labour protections. France encouraged Qatar to bolster the implementation of its labour reforms, while Sierra Leone advised further dismantling the remnants of the sponsorship system, or ‘Kafala’. Representatives from the Netherlands commended Qatar for its legislative advancements, while underscoring the need for stronger enforcement. Additionally, Qatar’s role in advancing women’s rights was discussed, with Al Muftah noting that 120 Qatari women now serve in diplomatic roles. Topics concerning divorce, custody, and the male guardianship system were raised by representatives from Sweden and Iceland, while Norway advocated for greater press freedom, urging Qatar to protect civil society, human rights defenders, and journalists. Al Muftah acknowledged Qatar’s rise to 84th place in the Reporters Without Borders’ press freedom index and reiterated Qatar’s commitment to ensuring safe, empowered spaces for civil society. In a closing statement, Nasser Ali Al Khater, representing Qatar’s Minister of Sports, underscored the unifying power of sports, saying, “Qatar shall continue its efforts in the field of sport and empowerment,” adding that the World Cup served as an important bridge between diverse communities. Landmark Labour ReformsQatar’s labour reforms introduced a minimum wage of QAR 1,000 monthly across all sectors, including domestic work, with additional allowances for food and accommodation. Workers are also no longer required to obtain No-Objection Certificates (NOCs) to change employers. In 2018, the Workers’ Support and Insurance Fund was established to protect workers facing unpaid wages. Labour Dispute Resolution Committees now ensure that cases are resolved within three weeks, and in partnership with the International Labour Organization (ILO), Qatar has strengthened access to justice for migrant workers. This year, the ILO renewed its cooperation with Qatar for an additional four years to expand recent reforms. During 2023, over 153,000 workers successfully transitioned to new employers, a milestone marking Qatar’s ongoing commitment to workers’ rights.
Geekend Game Jam by Doha Film Institute, Media City Qatar and SCALE7 Welcomes Video Game Creators
Video game developers and enthusiasts have gained a strong new platform to push their creative boundaries, collaborate with the like-minded, and develop their skills, with Doha Film Institute, Media City Qatar and SCALE7’s Geekend Game Jam. The four-day challenge, from November 20 to 23, coincides with popular Geekend activities at Ajyal 2024, which brings together the community for the country’s premier pop-culture event. The activities aim to foster the skills of homegrown gaming talent and strengthen the foundations of the rapidly evolving gaming economy, which is projected to reach a global growth of US$363bn by 2027. To be held at the Geekdom Building on Lusail Boulevard, the Geekend Game Jam will challenge the country’s most talented gaming developers and enthusiasts to create original video games from scratch within a limited timeframe. The special theme for the inaugural edition will be announced on the first day of Geekend, right before the Game Jam kicks off. The four days of non-stop game development serve as the ideal environment for participants to test their skills, learn new techniques, and let their passion for gaming shine through. Participants can either work individually or in teams of up to three members, offering developers creative flexibility and freedom to create compelling video games. The games will be evaluated by an expert jury for creativity, technical execution, and adherence to the theme. In addition to the excitement of being a part of the game creation challenge, up to five teams in the Game Jam will get the priority to apply for SCALE7 Business Incubation Program a 12-week, designed incubation period that provides mentorship, workshops, and curated programs. This package is tailored launchpad for entrepreneurial growth in game development, offering participants guidance from industry experts and resources to advance their creative and business skills. There are two additional prizes to be won; a Game Launcher package which includes cash prize of QAR 25,000 presented by Scale7 – the Creative and Culture Industry Hub under Qatar Development Bank – and a Game Start-up Package which includes a cash award of QAR 15,000 presented by Geekdom and a subsidized start-up process from Media City Qatar, allowing the recipient to establish themselves as a professional company. Abdulla Al Mosallam, Chief Administrative Officer of DFI and Founder of Geekdom said, “The launch of Qatar’s Game Jam is a monumental step for game developers, offering a platform to innovate, collaborate, and showcase their talents. It marks the beginning of important collaborations here in Qatar that will create a thriving gaming ecosystem vital to the advancement of a local community of creators who will shape the future of a sustainable digital industry in our region. We are grateful to our collaborators at Media City Qatar and Qatar Development Bank for their support in paving the way for growth and new opportunities in the gaming economy. Thair Al Anani, Director of Business development at Media City, Qatar added: “Over the years, Qatar has built a strong digital media landscape which includes a growing gaming industry. Led by our digital-savvy youth and the global popularity of gaming, we have been investing in promoting talent to foster a robust games industry in the country. Through our start-up package and other initiatives, we are establishing an exciting launchpad for digital content creators that will anchor Qatar as a hub for digital innovation and creative entrepreneurship.” Aysha Khalifa Al Romaihi – Scale 7’s Acting Senior Manager of Culture and Creative Industries Hub (CCI Hub) under Qatar Development Bank, said: “Having been at the financial forefront of the startup ecosystem of Qatar, we are proud to partner on the Geekend Game Jam, which underlines our commitment to nurturing the next generation of gamers and contribute to a world-class gaming industry. Our Business Incubation Program is one of our various investments in strengthening homegrown assets in Qatar’s digital economy. Gaming stands at the intersection of storytelling, technology and creative expression, and the event will contribute to strengthening another aspect of Qatar’s burgeoning creative industry.” The Geekend Game Jam is open for seasoned developers as well as emerging talent. Teams can participate as solo developers or with up to 3 members. At least one team member must be 18 years old or older. All teams must follow the theme of the Game Jam, develop the game within the allocated time and can use their own equipment and any software or engine of their choice. They can also work remotely during the Game Jam allocated time, provided they report on their progress and have proof of development. All the team members must be present during the Game Jam Theme announcement, and during the Game Jam Winners Announcement. Registration for the Geekend Game Jam is now open. Interested participants can find more information and register at Geekend Game-Jam – Blog | Doha Film Institute
