Safety protocol

BUSINESSMONDAY 23 MARCH 2020

Qatar’s key projects promote trade, boost economy: Al Faisal HoldingTHE PENINSULA — DOHA

Sheikh Faisal bin Qassim Al Thani (pictured), Chairman of Al Faisal Holding said Qatar was now reaping the rewards of the strategy, which was imple-mented to help ease the impact of the blockade and marked a shift away from previous prac-tices among the GCC countries, when the primary aim had been preventing conflict or compe-tition among member states.

In an interview given to the global research and advisory company Oxford Business Group (OBG), Sheikh Faisla noted that a range of initiatives introduced by the Qatari government helped make several sectors of the local economy self-sufficient.

“Major projects such as Hamad Port, Ruwais Port and Hamad International Airport provide additional access to the country, aiming to promote local and regional trade, as well as enhance the local economy,” he told OBG. “In addition, Qatar has established important stra-tegic relationships with coun-tries including Turkey, Georgia and Azerbaijan. This has led to Qatar developing long-term relationships that will last regardless of the blockade, and benefit the country’s economic growth and self-sufficiency.”

Sheikh Faisal highlighted the opportunities emerging for businesses in Qatar as the country moves to launch col-laborative initiatives between the public and private sectors, led by the food security project at Hamad Port.

Turning to the gap between demand and supply in Qatar’s real estate sector, he said prices had begun to correct themselves, which would stimulate buying and selling.

“Most companies have focused on the real estate sector during the economic boom,” he said. “The sector has started to see adjustments in prices, which have declined by varying degrees according to area. Property prices are expected to become reasonably stable in the near future, which will

reinforce market activity.” Marking OBG’s 15th year of operations in the country, The Report: Qatar 2020 will contain interviews with high-level rep-resentatives from the public and private sectors, together with a detailed sector-by-sector guide for investors. It will assess trends and developments across the economy, including those in macroeconomics, infrastructure, banking and others.

The Report: Qatar 2020 will be produced with the Ministry of Commerce and Industry and the Chamber of Commerce and Industry. Marking the culmi-nation of more than 12 months of field research by a team of analysts from Oxford Business Group, it will be available online and in print.

Major projects such as Hamad Port, Ruwais Port and Hamad International Airport provide additional access to the country, aiming to promote local and regional trade, as well as enhance the local economy.”

Milaha set to expand into new marketsTHE PENINSULA — DOHA

Milaha will continue to develop its facilities and expand into new markets in 2020. The company will accelerate its digital trans-formation to further contribute to Qatar’s supply chain connec-tivity, Sheikh Jassim bin Hamad bin Jassim Jaber Al Thani, Chairman of Milaha’s Board of Directors said yesterday.

Addressing Milaha’s Ordinary General Assembly Meeting yesterday, Sheikh Jassim added that the continuous support from all official author-ities in Qatar has helped Milaha contribute to Qatar’s transition towards a diversified and sus-tainable economy, in line with Qatar National Vision 2030.

On Milaha’s 2019 per-formance, Sheikh Jassim noted that company went ahead with its development plans as part of its long-term plan to enhance its operations and accelerate its internal and external growth. On a com-mercial level, Milaha has expanded its capacity and services portfolio in many of its main business sectors. This included Milaha Maritime & Logistics and Milaha Offshore support, in addition to Milaha

Gas and Petrochem, which wit-nessed an increase in Milaha’s share in Nakilat by 6 percent during the year. This helped Milaha to maintain its position as one of the leading regional providers of maritime and logistics services.

Milaha’s net profit for 2019 was QR547m and Earnings per share stood at QR0.48.

The General Assembly rat-ified all items on its agenda, including the proposal by the Board of Directors to distribute a cash dividend, 30 percent of the par share value, amounting to QR0.3 per share. The General Assembly also approved the appointment of KPMG as External Auditors for the year 2020.

Dividend distribution will commence on Monday, March 23rd through all Qatar National Bank (QNB) branches. QNB will provide full support services to ensure shareholders can effi-ciently collect and manage their earned dividends.

A shopper purchases goods at the Safe Supply outdoor grocery store at Bow Market in Somerville, Massachusetts. In order to comply with the city of Somerville’s food safety protocol and social distancing recommendations, patrons registered to shop in advance, stood six feet apart at all times, and vendors handled and bagged all food. COVID-19 has brought instability to the food service industry, forcing local farms and businesses to find new ways to sell directly to their community.

Shipping demand shrinking on economic disruption, falling manufacturing output

THE PENINSULA — DOHA

The outlook for the global shipping industry has changed to negative from stable in the wake of the coronavirus outbreak, Moody’s Investors Service said in a new report.

The change to a neg-ative outlook primarily reflects the expected decline in 2020 EBITDA amid sharply reduced demand for container and dry bulk shipping services as the outbreak hits Chinese manufacturing output and demand for coal and iron ore, espe-cially during the first half of 2020, as well as related economic disruption.

“The earnings of rated shipping companies will likely decline by around 6%-10% in 2020 com-pared with EBITDA growth of almost 40 percent in 2019,” said Maria Maslovsky, a Moody’s Vice President - Senior Analyst.

There is a downside risk that the EBITDA of shipping companies glo-bally could decline by 25%-30%, similar to levels last seen in 2016 when Hanjin Shipping Co., Ltd. went bankrupt in one of the largest recent failures in the sector.

US Treasury Secretary Mnuchin says

coronavirus plan calls for $4trn in aidAFP — WASHINGTON

An emergency coronavirus relief package that the US government is preparing for businesses devastated by the pandemic calls for $4 trillion in aid, Treasury Secretary Steven Mnuchin (pictured) said yesterday.

Under one component of the plan a “significant package working with the Federal Reserve will have up to $4 trillion of liquidity that we can use to support the economy,” Mnuchin told “Fox News Sunday.” America is enduring its own big slice of the world upheaval that has seen businesses shut down en masse, workers laid off overnight, schools close and millions of people adjusting to life confined to their homes. Under special cir-cumstances the US central bank can go beyond its normal role of

only lending to banks and provide funding for other com-panies, under so-called Article 13.3.

The secretary said that under “broad-based lending programs under Section 13.3, we can lev-erage our equity working with the Federal Reserve.” Four trillion dollars is an extraordinary amount of money – about a quarter of US yearly GDP.

Entire sectors of the US economy have been stung by the effects of the Covid-19 pandemic, such as airlines and the cruise ship industry. But so have others like hotels and much of the entertainment sector, paralyzed as millions of Americans simply stay home out of fear -- or under orders – over infection with coronavirus.

Mnuchin expressed optimism about prospects for a separate aid

plan being negotiated by Repub-lican and Democratic lawmakers and the administration of Pres-ident Donald Trump.

“We look forward to wrapping it up today,” he said of the negotiating process. He said he hoped the plan will be approved today (Monday) because Americans who have been laid off or are otherwise suffering from this acute crisis need money right away.

New 5G Nokia smartphone unveiled as portfolio expandsTHE PENINSULA — DOHA

HMD Global, the home of Nokia phones, yesterday announced three new Nokia smartphones, a new member of the Originals family and its brand-new hassle-free data roaming service.

The Nokia 8.3 5G is the first 5G Nokia smartphone added to the port-folio, and is joined by the brand-new Nokia 5.3 and Nokia 1.3.

Sticking with firsts, HMD Global also enters a brand-new service category with HMD Connect global data roaming, its innovative and hassle-free service that keeps you connected to the things that matter most.

Alongside the new devices and brand-new roaming service, HMD Global grows its footprint announcing expansion into Brazil this year. Also, to celebrate the phone partnership with the 25th Bond movie, in cinemas in November, fans can now get their hands on an exclusive 007 branded special edition Kevlar Case for the Nokia 6.2 and Nokia 7.2.

Florian Seiche, Chief Executive

Officer, HMD Global said: “I am incredibly proud of the innovations we have introduced today that build on our unique commitment to ensuring the Nokia smartphone experience will only get better over time. Today we are kicking off a new chapter for HMD Global as we step into 5G with a truly global, future-proof smartphone. Com-bined with the launch of HMD Connect, we are creating a truly seamless expe-rience in terms of connectivity.” Nokia 8.3 5G is a truly global, future-proof 5G Nokia smartphone, the Nokia 8.3 5G is designed to support multiple and evolving 5G network deployments, with support for both standalone and non-standalone 5G combinations.

Nokia 5.3 features a number of Nokia smartphone firsts for phe-nomenal value. It comes with a quad camera, the latest Qualcomm Snap-dragon 665 Mobile Platform and the signature two-day battery life. The AI-powered quad-camera helps capture the perfect shot no matter where you are, even in dim light, thanks to Night Mode.

Nokia 1.3 delivers modern tech-nology and the brand-new Android 10 (Go edition) OS, at a more accessible price point than ever before.

The Nokia 8.3 5G is available in the Middle East from September 2020. The Nokia 5.3 and Nokia 1.3 will be available from April 2020.

New Nokia phonesWall Street braces for another bleak weekREUTERS — NEW YORK

Wall Street analysts and investment managers expect another rough week for US markets, as coronavirus cases and deaths increase in major cities and lawmakers continue to battle over an economic aid package in Washington.

US stocks have already fallen more than 30 percent from their mid-February peak as the pandemic has spread, with even the safest areas of the bond market experi-encing liquidity stress in a market rout not seen since the 2008 financial crisis.

Even so, the pain may not be over yet, analysts and portfolio managers told Reuters yesterday.

“This is a biological event,” said Nela Richardson, investment strat-egist at Edward Jones in St. Louis. “The market is a mere sympton of the

global pandemic.” Over the weekend, several states expanded their restric-tions on business operations or non-essential movement by citizens. Nearly one in four Americans is now being ordered to stay home, with bus-tling cities such as New York and Las Vegas all but shut down.

The number of US coronavirus cases rose to more than 33,000 as of Sunday afternoon, up from about 3,600 a week earlier, according to Reuters’ tally. At least 390 people have died. The number of cases in New York City skyrocketed, with Mayor Bill de Blasio saying hospital staff are 10 days away from running out of crucial supplies.

The decline in economic activity will obviously have a severe impact on the US economy and corporate profits, but market strategists and economists said it is difficult to predict just how severe.

20 MONDAY 23 MARCH 2020BUSINESS

GWC announces rent waiver and discounts for SMEs atBu Sulba Warehousing ParkTHE PENINSULA — DOHA

GWC, the leading logistics provider in Qatar and the developer and operator of GWC Bu Sulba Warehousing Park, has announced that retail outlets tenants in the Park will be exempted from rent for a period of 3-months starting March 16, 2020.

In addition, all companies falling under the small and medium enterprises category will receive support in the form of 15 percent rent reduction for a period of 6 months starting 16 March 2020.

This announcement comes in cooperation with the Eco-nomic Zones Company (Manateq) and are in line with the directives of the Amir H H Sheikh Tamim bin Hamad Al

Thani to support the small and medium-sized enterprises (SMEs) in tackling financial con-sequences of COVID-19.

GWC Bu Sulba Ware-housing Park was built over an area spanning 500,000 sqm. Optimised for SMEs, the Park offers Dry, A/C and Cold ware-houses in addition to open yard

storage facility, staff accommo-dation, supermarket, mosque, first aid and life amenities. The project was awarded to GWC by Economic Zones Company (Manateq) in late 2015 with a 2-year deadline. After com-pleting the project on-time, it was accoladed by the Ministry of Industry and Commerce as the first PPP project to bear fruit in the State of Qatar.

GWC-Bu Sulba Logistics Hub has been developed to support the logistic sector in the country. The state-of-the-art facility provides services to the food and FMCG general goods sector, with distribution mainly catering to the needs of South to Central Doha stretching up to Gharaffa as well as Al Wakra and other areas in the region.

A provided picture showing goods stacked in one of the warehouses of GWC located at the Bu Sulba Logistics Hub.

GWC Bu Sulba Warehousing Park was built over an area spanning 500,000 sqm. Optimised for SMEs, the Park offers Dry, A/C and Cold warehouses.