Latest news with #SatyendraPathak
Qatar Tribune
a day ago
- Automotive
- Qatar Tribune
Al Abdulghani Motors relaunches Apollo Tyres as sole distributor
Satyendra Pathak Doha In a major boost to trade relations between Qatar and India, Al Abdulghani Motors, the exclusive distributor of Toyota and Lexus vehicles in Qatar, has officially re-launched Apollo Tyres, one of India's largest and most respected tyre manufacturers, as its exclusive distribution partner in Qatar. This strategic reintroduction marks a renewed commitment to quality, performance, and innovation in the tyre market, underscoring the growing economic and trade collaboration between India and Qatar. The grand re-launch event was held at The Pearl in the presence of top executives from Al Abdulghani Motors and Apollo Tyres, alongside key media representatives and distinguished guests. Among the dignitaries was Ambassador of India to Qatar HE Vipul who lauded the partnership as a milestone in bilateral commercial relations. Headquartered in India and ranked among the top 15 global tyre manufacturers, Apollo Tyres operates across more than 100 countries and boasts cutting-edge manufacturing facilities in India, Hungary, and the Netherlands. Known for its relentless focus on innovation, safety, and performance, Apollo Tyres also serves as an original equipment manufacturer (OEM) for some of the world's leading automotive brands, including Toyota. The re-launched product lineup in Qatar features Apollo's latest-generation tyres catering to a diverse range of applications, including passenger cars, SUVs/4x4s, commercial vehicles, off-highway, and industrial segments. Each product is meticulously engineered to ensure maximum safety, durability, and high performance — tailored specifically for the road and climate conditions of Qatar. Speaking on the occasion, Al Abdulghani Motors Chief Operating Officer Abdo Sweidan said, 'We are proud to represent Apollo Tyres in Qatar, a brand that complements our value proposition and enhances our product portfolio. This partnership aligns perfectly with our mission to meet the evolving mobility needs of our customers with reliable, world-class solutions. Apollo's commitment to excellence matches our own, and we look forward to a long and successful collaboration.' Sharing his thoughts on the occasion, the Indian envoy said, 'This event is more than just a commercial launch as it is a celebration of the strong ties between India and Qatar, built on trust, shared values, and mutual respect. The collaboration between Apollo Tyres and Al Abdulghani Motors illustrates the immense potential of Indo-Qatar trade. Al Abdulghani Motors is a name synonymous with quality and credibility, and I am confident this partnership will offer immense value to customers across Qatar. Today, we're not just putting tyres on roads, we're taking bold steps toward a future of responsible, forward-thinking mobility.' Adding to the optimism surrounding the partnership, Angelo Nigli Shelton, head of Middle East, North Africa, Central Asia & Turkey at Apollo Tyres, said: 'Apollo Tyres is proud to re-establish its footprint in Qatar through our strategic alliance with Al Abdulghani Motors. This collaboration is a key part of our global growth strategy and will significantly enhance the availability of our innovative, high-quality tyre solutions across Qatar. Customers can expect a wide array of tyres designed for maximum safety, durability, and performance, all supported by Al Abdulghani's trusted service anddistribution network.' Apollo Tyres' full product range is now available throughout Al Abdulghani Motors' extensive service and retail network across Qatar, catering to both individual consumers and commercial clients. The relaunch represents a renewed promise of excellence, innovation, and customer satisfaction as both companies join forces to drive the next era of smart mobility solutions inthe region.
Qatar Tribune
a day ago
- Business
- Qatar Tribune
Qatar's economy sustains strong growth of 3.7% in Q1 despite regional headwinds
Satyendra Pathak Doha In the face of a challenging and volatile regional economic environment, Qatar's economy continues to demonstrate impressive resilience and sustainedmomentum. According to the latest data released by the National Planning Council (NPC), Qatar recorded a robust real GDP growth rate of 3.7 percent in the first quarter of 2025 compared to the same period in 2024. This expansion reflects the country's unwavering commitment to sustainable development and strategic diversification away from hydrocarbons. The real GDP at constant prices rose to QR181.5 billion in the first three months of 2025, compared to QR175 billion in the corresponding period of the previous year. These figures underscore the effectiveness of Qatar's long-term economic policies, particularly the emphasis on empowering the private sector and cultivating a more diversified economic landscape, as envisioned in Qatar National Vision 2030 and implemented through the Third National Development Strategy (NDS3). The remarkable progress of the non-hydrocarbon sector was particularly noteworthy in the first quarter of the year. Accounting for 63.6 percent of the total real GDP — an increase from 62.6 percent in the same quarter of 2024 — the non-hydrocarbon segment contributed approximately QR115 billion to the national economy. This sector expanded by 5.3 percent year-on-year, reflecting the broad-based and accelerating transformation of the Qatari economy. This non-hydrocarbon growth was primarily driven by notable increases across multiple key sectors. The manufacturing sector posted a growth rate of 5.6 percent, driven by industrial upgrades and increased domestic production capabilities. The construction sector continued its upward trajectory with a 4.4 percent growth rate, supported by infrastructure expansion and urban development projects. The real estate sector showed healthy growth at 7 percent, reflecting strong demand for residential, commercial, and mixed-use developments. Meanwhile, the wholesale and retail trade sector recorded a remarkable increase of 14.6 percent, indicating increased consumer spending and enhanced commercial activity across the country. Other important contributors to the non-hydrocarbon growth story included the accommodation and food services sector, which surged by 13.8 percent — a testament to Qatar's growing tourism appeal and the recovery of the hospitality industry. The transport and storage sector also grew by 3.5 percent, reflecting logistical expansion and enhanced connectivity, both regionally and globally. Services-based economic activities further reinforced Qatar's growth narrative. Professional, scientific, and technical activities expanded by 7.2 percent, reflecting the increasing importance of knowledge-based services. The human health and social work sector grew by 2.6 percent, highlighting the government's continued focus on health sector improvements and public welfare. The education sector also registered a modest yet positive growth of 0.1 percent, reinforcing Qatar's long-term investment in human capital development. These developments are a clear outcome of the government's persistent reform agenda aimed at fostering a business-friendly environment and expanding the role of the private sector. The growing contribution of non-hydrocarbon activities to national output indicates a structural shift toward economic sustainability, inclusivity, and innovation. The continued growth in services, particularly in education, healthcare, and professional domains, aligns with the overarching goal of improving the quality of life for all citizens and residents while elevating Qatar's global competitiveness. Despite uncertainties in the global economy and price volatility in international energy markets, Qatar's hydrocarbon sector maintained a stable performance. The hydrocarbon segment contributed QR66 billion, accounting for 36.4 percent of the country's real GDP in the first quarter of 2025. This sector posted a modest growth rate of 1 percent compared to the first quarter of 2024, reflecting the ongoing international demand for Qatari gas and energy products and underlining the strategic strength and resilience of Qatar's energy sector within the global marketplace. The strong performance in the first quarter of 2025 comes alongside an institutional reform in economic reporting. The National Statistics Center within the National Planning Council implemented a revised methodology for calculating GDP to ensure alignment with international standards and to provide more accurate and reliable data. This revision included updating the indicators used across various economic sectors and recalibrating output measurement models. As part of this update, GDP data for the years 2018 through 2024 was also revised, enhancing transparency and the analytical accuracy of Qatar's economic reporting. Commenting on the newly released GDP data, National Planning Council Secretary General Dr Abdulaziz bin Nasser bin Mubarak Al Khalifa expressed confidence in the country's economic trajectory. He stated that the latest indicators highlight the considerable progress made by Qatar's economy, especially in non-hydrocarbon sectors. He emphasized that these sectors have recorded impressive growth, showcasing the growing diversification, stability, and maturity of the Qatari economy. Al Khalifa reiterated that the current growth trajectory reveals the vast untapped potential that Qatar aims to realise through the full implementation of the Third National Development Strategy. He further emphasised the government's intention to continue building a sustainable and future-ready economy that unlocks unique investment opportunities for the private sector and ensures long-term prosperity for the nation.
Qatar Tribune
2 days ago
- Business
- Qatar Tribune
QC reinforces its role as key driver of economic growth in Qatar at GAM
Satyendra Pathak Doha Amid ongoing shifts in the global economic landscape, Qatar Chamber continues to solidify its position as a key engine of national economic growth, its chairman Sheikh Khalifa bin Jassim Al Thani saidon Monday. Presiding over the chamber's second General Assembly Meeting (GAM) of the year, held in Doha on Monday, Sheikh Khalifa highlighted the chamber's unwavering commitment to empowering the private sector and enhancing Qatar's business environment in line with the goals of Qatar National Vision 2030. The meeting was attended by the chamber's board members, prominent business leaders, members of the chamber, and representatives of the media. The assembly approved the board of directors' report detailing the chamber's 2024 performance and financial standing, discharged the board members, endorsed the estimated budget for the 2025 fiscal year, appointed a new auditor, and set their fees. Reviewing the year's key achievements, Sheikh Khalifa underscored the chamber's efforts to boost trade activity, widen the investment base, and shape economic policies that support inclusive and sustainable growth. 'The chamber continues to be a driving force in supporting and improving the business environment, representing the interests of the private sector, and promoting Qatar as a global hub for investment and trade,' he said. He extended heartfelt thanks to Qatar's leadership for his steadfast support of the private sector and empowering businesses to be a genuine partner in nationaldevelopment. In alignment with Qatar's third National Development Strategy (2024–2030), which places sustainable economic growth at its core, the chamber reduced its service fees in 2024 following Cabinet Decision No. 19. This measure was aimed at easing financial pressures on local businesses and encouraging new investments. To better address private sector concerns, the chamber intensified its coordination with various ministries and public entities. It held several open-dialogue sessions with government officials to find effective solutions to challenges faced by businesses. The chamber also launched multiple initiatives to attract foreign investment, organizing overseas business visits for Qatari entrepreneurs and hosting meetings with international delegations, chambers of commerce, and economic stakeholders. Sectorial committees within the chamber held regular consultations with business owners to identify obstacles and propose solutions aimed at improving the ease of doing business in Qatar. By the end of 2024, the chamber had issued a total of 154,778 transactions, including 98,811 electronic and 55,967 non-electronic ones. It also issued 50,262 certificates of origin—marking a 7 percent increase over the previous year. Additionally, it processed 13 ATA carnets and 10 TIR carnets, facilitating international trade and transport. Sheikh Khalifa expressed confidence that 2025 would usher in further growth and success for Qatar's private sector and reaffirmed the chamber's commitment to playing a more effective role in bolstering the national economy. During the meeting, several businessmen raised important issues, including the need for greater clarity around industrial zone contracts, the improvement of investor relations with public officials, and the organization of specialized economic seminars by the Chamber. 'These dialogues are essential as we continue to build a resilient, competitive, and diversified economy,' Sheikh Khalifa concluded.
Qatar Tribune
6 days ago
- Business
- Qatar Tribune
QSE makes weekly gain of 4.1% as market cap surges to QR631 billion
Satyendra Pathak Doha The Qatar Stock Exchange (QSE) Index recorded a strong performance this week, gaining 423.52 points or 4.1 percent to close at 10,684.66 points. The rally lifted market capitalisation by 4.2 percent, rising from QR605.4 billion to QR631.0 billion. All 53 listed companies closed the week in positive territory, led by Mannai Corporation that surged 19.4 percent, followed by Widam Food Company with a 15.4 percent gain. Dukhan Bank was the week's least performing stock but still managed a marginal increase of 0.4 percent. In a statement to Qatar News Agency, Qatar Securities Company Investment Director Ramzi Qasmieh said that the market's capitalisation rose by approximately QR25.87 billion on a weekly basis, reaching QR631.27 billion. He attributed the gains to fresh liquidity entering the market following two key developments — the de-escalation of conflict between Iran and Israel and the Qatar Investment Authority's announcement of a $200 million active investment portfolio. These factors, coupled with anticipation of first-half corporate results and potential semi-annual dividend announcements, helped boost investor sentiment. Qasmieh noted that the positive momentum extended across all sectors, with transportation leading the gains at 7.7 Qatar Securities Company, followed by telecommunications at 7.5 Qatar Securities Company. He added that no stock witnessed a decline in trading volume, reflecting a broadly optimistic trading environment. Key contributors to the index's rise included Nakilat, Qatar Islamic Bank (QIB), and Ooredoo that added 59.13, 45.37, and 37.35 points, respectively. Despite the bullish sentiment, total traded value declined 1.6 percent to QR3.02 billion from QR3.07 billion the previous week. QNB Group (QNB) was the top value traded stock, recording QR314.9 million in turnover. In contrast, traded volume increased 3.9 percent to 1.22 billion shares, with Ezdan Holding Group leading in volume at 110.8 million shares. Foreign institutional investors emerged as strong net buyers, with purchases totaling QR730.7 million, a sharp rise from QR93.9 million the week before. Qatari institutions offset this inflow with net selling of QR634.5 million. Foreign retail investors also reversed course, recording net buying of QR5.8 million, while Qatari retail investors posted net selling of QR101.9 million. Looking ahead, Qasmieh expects continued positive performance on the QSE toward the end of the month, driven by portfolio rebalancing and the anticipated impact of earnings and dividend announcements on corporate profits. According to a report by QNB Financial Services (QNBFS), year-to-date, global foreign institutions remain net sellers of Qatari equities by $10.9 million, while GCC institutions are net short by$27.7 million.
Qatar Tribune
14-06-2025
- Business
- Qatar Tribune
Strong fundamentals bolster stability in Qatar's banking sector: QNBFS
Satyendra Pathak Doha The Qatar banking sector showcased resilience and steady growth during April 2025, reflecting strong fundamentals and proactive financial management, despite minor month-on-month fluctuations, QNB Financial Services (QNBFS) has said in a report published recently. According to a report, total banking assets stood at a robust QR2.072 trillion, representing a commendable year-to-date (YTD) growth of 1.2 percent, underlining the sector's sustained expansion. While the total loan book saw a slight MoM decline of 0.2 percent, it recorded a healthy 2.8 percent growth YTD in 2025. Notably, the report said, private sector loans advanced by 0.4 percent MoM and 1.6 percent YTD, reflecting increased credit demand and positive momentum across keysegments. The general trade and services sectors were the primary drivers of this growth, with general trade loans rising 0.9 percent MoM and services up by 0.5 percent MoM, supported by ongoing diversification of the economy. The real estate segment remained resilient, registering marginal growth, while consumer lending rose by 0.5 percent MoM and a solid 4.2 percent YTD, indicating sustained consumer confidence. Despite a 1.6 percent MoM dip in April, the report said, total deposits maintained a positive trajectory with a 1.5 percent increase YTD in 2025. The private sector deposit base continued to strengthen, up 2 percent YTD, demonstrating continued trust in the local banking system. Within the public sector, semi-government institutions saw a notable 2.9 percent MoM increase in deposits, reflecting renewed institutional confidence. Similarly, government institutions, which account for over half of public sector deposits, registered a slight MoM uptick and a strong 5.1 percent gain YTD. Liquidity in the banking system remained strong, with liquid assets at a healthy 30.2 percent of total assets as of April 2025, unchanged from the previous month. This stability signals banks' strong capability to meet short-term obligations and support economic growth initiatives. Loan provisioning levels increased marginally to 4 percent, up from 3.9 percent in March 2025, indicating the banking sector's continued prudence and readiness to mitigate risks—especially within sectors like contracting and real estate. This proactive stance has contributed to the sector's long-term strength and investor confidence. As deposits saw a steeper drop compared to loans in April, the LDR edged up to 132.8 percent, from 131 percent in March. While higher, the ratio remains within the historical comfort range and underscores banks' continued commitment to supporting credit growth, particularly to productive private sector segments. Overall, the report said, the Qatar banking sector continues to exhibit sound fundamentals and prudent financial stewardship. With expanding private sector lending, stable liquidity, and healthy YTD growth across core metrics, the industry remains well-positioned to support Qatar's economic ambitions in 2025 and beyond.
