BUSINESS - Home - The Peninsula Qatar...2018/12/16  · growth came from the private sector. Despite...

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BUSINESS Sunday 16 December 2018 PAGE | 02 PAGE | 05 Milaha unveils large plans to upgrade its shipyard in Mesaieed Why trust is key to money’s digital future EMs to drive global growth: Minister of Finance SATISH KANADY THE PENINSULA Emerging Markets (EMs) and the US will be the two key economic blocs that would drive the global growth in the next five years. The world is going to witness a significant growth in the Emerging Markets in long term, H E Ali Shareef Al Emadi, Minister of Finance, said yesterday, Participating in a plenary session on the ‘Growth potential of Emerging Markets and the impact on the global economy’ at Doha Forum here yesterday, the Minister pointed out the EMs witnessed a phenomenal growth in the past 20 years. “If you look at the market (EM) in 1990, it was representing 30 to 35 percent of global GDP. This number today is about 55 to 56 percentage. Most of the projections for next five years is that this number will go probably to 60 percent plus”. We are going to witness emerging market growth in a big way going forward, he said. On Qatar, which is part of Emerging Markets, Al Emadi said the country witnessed good growth in 2018, and most growth came from the private sector. Despite the volatility in oil market, the country’s private sector grew by a significant 6 percent during this year. Qatar looks at EM in three different ways. In terms of energy market, EMs definitely plays a significant role. Over 40 percent of Qatar’s energy supply is going to this market. In terms of connectivity, the country’s national carrier Qatar Airways is connecting Qatar to more than 100 cities in EMs. The Minister said Qatar had been enjoying a fiscal surplus for 15 straight years, until 2014. “We had used these surpluses in emerging markets and developed economies.” Al Emadi noted that the year 2018 was a bit difficult for EMs due to the trade war and a strong dollar. Tensions regarding trade issues are big concerns for the emerging market growth. “We have also seen stronger dollar putting pressure in the second half of 2018. We are also seeing uncer- tainties in the Europe due to Brexit. All these are sending negative message to the global market”, he said. Berat Albayarak, Minister of Treasury and Finance, Turkey said the global economy is undergoing a shift from West to East. What’s happening in China and India are incredible. P02 Minister of Finance, H E Ali Shareef Al Emadi (second leſt); Berat Albayarak (second right), Minister of Treasury and Finance, Turkey; Christian Sewing (right), CEO, Deutsche Bank; and Chris Giles, Economics Editor, Financial Times during the plenary session at Doha Forum yesterday.

Transcript of BUSINESS - Home - The Peninsula Qatar...2018/12/16  · growth came from the private sector. Despite...

Page 1: BUSINESS - Home - The Peninsula Qatar...2018/12/16  · growth came from the private sector. Despite the volatility in oil market, the country’s private sector grew by a significant

BUSINESSSunday 16 December 2018

PAGE | 02 PAGE | 05Milaha unveils

large plans to upgrade its shipyard

in Mesaieed

Why trust is key to money’s digital future

EMs to drive global growth: Minister of FinanceSATISH KANADY THE PENINSULA

Emerging Markets (EMs) and the US will be the two key economic blocs that would drive the global growth in the next five years. The world is going to witness a significant growth in the Emerging Markets in long term, H E Ali Shareef Al Emadi, Minister of Finance, said yesterday,

Participating in a plenary session on the ‘Growth potential of Emerging Markets and the impact on the global economy’ at Doha Forum here yesterday, the Minister pointed out the EMs witnessed a phenomenal growth in the past 20 years.

“If you look at the market (EM) in 1990, it was representing 30 to 35 percent of global GDP. This number today is about 55 to 56 percentage. Most of the projections for next five years is that this number will go probably to 60 percent plus”.

We are going to witness emerging market growth in a big way going forward, he said.

On Qatar, which is part of Emerging Markets, Al Emadi said the country witnessed good growth in 2018, and most growth came from the private sector. Despite the volatility in oil market, the country’s private sector grew by a significant 6 percent during this year.

Qatar looks at EM in three different ways. In terms of energy market, EMs definitely plays a significant role. Over 40 percent of Qatar’s energy supply is going to this market. In terms of connectivity, the country’s national carrier Qatar Airways is connecting Qatar to more than 100 cities in EMs.

The Minister said Qatar had been enjoying a fiscal surplus for 15 straight years, until 2014. “We had used these surpluses in emerging markets and developed economies.”

Al Emadi noted that the year

2018 was a bit difficult for EMs due to the trade war and a strong dollar. Tensions regarding trade issues are big concerns for the emerging

market growth. “We have also seen stronger dollar putting pressure in the second half of 2018. We are also seeing uncer-tainties in the Europe due to

Brexit. All these are sending negative message to the global market”, he said.

Berat Albayarak, Minister of Treasury and Finance, Turkey

said the global economy is undergoing a shift from West to East. What’s happening in China and India are incredible. �P02

Minister of Finance, H E Ali Shareef Al Emadi (second left); Berat Albayarak (second right), Minister of Treasury and Finance, Turkey; Christian Sewing (right), CEO, Deutsche Bank; and Chris Giles, Economics Editor, Financial Times during the plenary session at Doha Forum yesterday.

Page 2: BUSINESS - Home - The Peninsula Qatar...2018/12/16  · growth came from the private sector. Despite the volatility in oil market, the country’s private sector grew by a significant

02 SUNDAY 16 DECEMBER 2018BUSINESS

Doha Bank outlook upgraded to ‘stable’, rating reaffirmed by S&PTHE PENINSULA DOHA

Standard & Poor (S&P), the Inter-national Credit Rating Agency, has upgraded Doha Bank’s Outlook to Stable from Negative and also re-affirmed the ‘BBB+ / A2 issuer credit ratings of the Bank. The rating action reflects S&P views that Qatar has managed the negative impacts of the boycott in an effective manner, which has resulted in limited impact on the country’s economic performance.

S&P said: “Doha Bank ratings reflect its adequate foothold in the local economy, as the fifth-largest bank in the system with a strong focus on private-sector lending.

The bank’s capitalization is seen as a positive factor, under-pinned by their forecast that the RAC ratio before concentration adjustments will remain slightly above 10 percent over the next

12-24 months. Doha Bank’s liquidity is at par with peers’ and is a neutral factor for its ratings. Doha Bank has replaced the deposits of boycotting Arab countries with core deposits from the Qatari government and GREs, leading to a better-balanced funding profile more in line with those of peers.”

Dr R Seetharaman, Group CEO of Doha Bank, said that, given the changing business dynamics, Doha bank has opti-mally allocated the risk weighted capital to deliver higher returns.

The Bank has become strong over the years with total capital adequacy ratio at 17.1 percent as of 30th Sept ember 2018, through the strategic utilisation of the shareholder’s funds.

The bank has been consist-ently managing its Net Interest Margin as the highest among its peers. He said, the bank has been selected in the FTSE4Good Emerging Index.

Milaha unveils large plans to upgrade its shipyard in MesaieedTHE PENINSULA DOHA

Milaha, has selected Royal HaskoningDHV, a leading inde-pendent, international project management and engineering consultancy firm based in the UK and the Netherlands, to develop plans to upgrade its Shipyard facilities in preparation for further growth in current markets and expansion into new areas of oper-ations.

Since its foundation in 1978, Milaha’s strategically-located Shipyard has repaired approxi-mately 8,000 vessels by serving a number of regional and inter-national shipowners. The

Shipyard also serves the indus-trial markets by providing main-tenance, shutdown, fabrication and workshops services.

Commenting on the upgrade plans, Milaha’s President and CEO Abdulrahman Essa Al-Mannai said: “The phased upgrade plan for our shipyard is being done to support our business strategy and to increase the shipyard’s market share in four diversified target market sectors, all with minimal disruption to the ongoing opera-tions at the facility. “

“When completed, the shipyard will have an increased capacity and efficiency in han-dling ship repair works of larger and more complex size, will enhance the focus on the indus-trial business support and ensure a world class solution for all its clients.

Additionally, the planned upgrades include a new larger floating dock, larger and enhanced workshops and an overall revamping of the facilities aimed to the introduction of unique services to support

specialised areas of Qatar ongoing development,” he added.

For his part, Erik Oostwegel, CEO of Royal HaskoningDHV, said: “We are honoured to be appointed by Milaha Shipyard for this major upgrade investment

planning for the whole shipyard production facilities to meet the challenges of the next 40 years”

The upgrade is expected to commence in early 2019 and to be completed by third quarter 2020.

Milaha and Royal HaskoningDHV officials pose for a group picture.

The phased upgrade

plan for our shipyard

is being done to

support our business

strategy and to

increase the shipyard’s

market share in four

diversified target

market sectors, all with

minimal disruption to

the ongoing operations

at the facility.

QNB announces winners of Mobile Banking campaignTHE PENINSULA DOHA

QNB has announced the names of 80 winners of a draw arranged as part of a campaign it launched to encourage customers to take advantage of its Internet and Mobile Banking services.

The winners each received

60,000 Life rewards points which they can use for various banking transactions, such as bill payments, redemption of Qmiles and Nojoom points, and much more.

Customers were eligible to enter the draw after completing various transactions via QNB’s Mobile and Internet Banking channels, including bank transfers

to beneficiaries inside and outside of Qatar, Western Union remit-tances, PayPal transfers, bill pay-ments, and payment of prepaid vouchers for any of the following partners: Ooredoo, Vodafone Qatar, QPost, QatarCool, or Kahrama. All newly registered cus-tomers to QNB Internet and Mobile Banking got a chance to enter the

draw. The campaign aims to reward customers for their trust in the Bank’s online banking services and is part of its ongoing efforts to provide the best experiences for its customers. The campaign also falls within the Bank’s constant efforts to provide banking services that combine today’s needs with future aspirations.

Qatar’s non-oil export grows by 25%THE PENINSULA DOHA

Qatar’s non-oil exports registered strong growth during November 2018 with the combined value reaching at QR2.244 bn, recording an increase of 13.3 percent month-on-month compared to QR1.981bn recorded in October 2018. The non-oil export grew by 24.7 percent on year-on-year in November.

The monthly report of the Qatar Chamber on foreign trade for the private sector, prepared by the Department of Research, Studies and Management of Member Affairs said that 2962 certificates of origin were issued during last November, including 2,876 issued documented while 86 issued online. They include 2.701 general model certificates, 103 unified certificates for the GCC countries (industrial) and 1 livestock, 134 unified Arab certif-icates of origin and 23 certificates of origin for preferences.

The report pointed to the

trend of non-oil exports to 67 countries during November 2018 compared to 61 countries during October, with 13 Arab countries, including the Gulf Cooperation Council countries and 15 European countries including Turkey and 20 Asian countries except for the Arab countries and 13 African countries except for the Arab countries and five North and South American countries, as well as Australia.

According to the report, Oman topped the list of non-oil

exporting countries in November 2018 with a total exports of QR525.97 m, representing (23.4 percent) of the total value of non-oil exports during the month, followed by Netherlands with total exports of QR342.808 m (15.3 percent). In third place was UK with QR211.863m (9.4 percent) and Singapore QR157.597m (7.02 percent). China ranked fifth with exports amounting to QR143.509m (6.4 percent) of the total value of non-oil exports in November 2018.

Bangladesh, Denmark, Germany, India and Turkey came in different values and per-centages respectively, where the first ten countries accounted for 86.05 percent of total non-oil exports in the said month.

On the other hand, the Group of European countries including Turkey topped the blocs and the economic groups receiving the Qatari non-oil exports during November 2018 with total exports amounting to about QR882.56m, then the group of Asian countries excluding Arab countries with exports worth about QR 663.96m.

The GCC countries Oman and Kuwait came in the third place with total exports amounting to QR558.345m, followed by the group of Arab countries, excluding the GCC countries with total value of exports amounting to about QR 64.717m, followed by the African countries excluding Arab countries, North America, South American countries and Australia with varying values.

EMs to drive global growth,says Minister of Finance

FROM BUSINESS PAGE 1

On Turkey, he said the country is witnessing an inter-esting a strong journey. Over the past 16 years, Turkey has been witnessing a huge trans-formation economically, politically and socially.

Turkey has got a dynamic young population. An esti-mated 29 to 30 percent of the country’s population is below 30 years. The local economy will benefit from this demo-graphic dividend. For the past 16 years, Turkey has been

investing a large portion of its budget cake in education. The internal production capability of Turkey is pretty strong, the Turkish Minister said.

Christian Sewing, CEO, Deutsche Bank was also of the view that the emerging markets are the growth engines of future.

More than 20 percent of Deutsche Bank’s revenue is coming from EMs. “But as a risk adviser I would tell my clients to diversify their investments in terms of region, countries and

currencies.” Sewing said the year 2019

will be bit shaky compared to 2018. “Globally, we have been enjoying eight straight years of upward trend and now we also see the kind of the end of a normal cycle.

The world is currently facing a slew of risks, including economic and geo-political risks indicating that 2019 will be more vulnerable than 2018”, he said.

Chris Giles, Economics Editor, Financial Times, was the moderator.

A view of the audience at Doha Forum yesterday.

Bank of England expected to hold interest rates amid Brexit chaosBLOOMBERG LONDON

The Bank of England is set to keep interest rates unchanged next week as the government flounders over its exit from the European Union.

All but one of 60 econo-mists in a Bloomberg survey predict the Monetary Policy Committee will maintain the benchmark at 0.75 percent when the decision of its nine members is announced on Thursday. A unanimous vote is expected.

Recent data have been mixed, with the UK economy showing signs of losing momentum but strong wage figures suggesting inflationary pressures are building in a labor market devoid of spare capacity. Overshadowing eve-rything, though, is Brexit, with Prime Minister Theresa May’s struggles to avoid exiting the EU without a deal in March expected to stay the hand of policy makers.

10,456.14

+22.58 PTS

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QSE FTSE100 DOW BRENT6,845.17

−32.33 PTS

0.47%

24,211.51

−385.87 PTS

1.57% Dow & Brent before going to press

$51.26

-0.21

MarketWatch

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03SUNDAY 16 DECEMBER 2018 BUSINESS

Hong Kong & Singapore on monetary tightening path: QNBTHE PENINSULA DOHA

Despite external headwinds associated with weaker global growth, slower trade growth and higher uncertainties in global trade and investment policies, both Hong Kong and Singapore are in a process of monetary policy tightening. QNB’s weekly ‘economic commentary’ noted yesterday.

The QNB research note, which delves into the different driving forces behind recent policy moves by the Hong Kong Monetary Authority (HKMA) and the Monetary Authority of Sin-gapore (MAS), said the Hong Kong economy is extremely open to trade and capital flows, with external trade in goods and services equivalent to 375 percent of GDP.

This makes it important to maintain a stable exchange rate. In fact, the monetary policy objective is to stabilize the nominal exchange rate against the USD, anchoring inflation expectations while reducing foreign exchange (FX) risks to exporters, importers and inter-national investors.

The HKMA mandate is to secure the Linked Exchange

Rate in which the Hong Kong dollar (HKD) is fixed at 7.85 per unit of USD. This is operated through a currency board, i. e., a FX regime in which both stocks and flows of the monetary base have to be fully backed by FX reserves.

Under a currency board, domestic interest rates are expected to be broadly aligned with interest rates prevailing in the country of the anchor cur-rency. In the case of Hong Kong, this means that monetary policy is mostly passive and interest rates follow the US monetary policy cycle.

As the US Federal Reserve hiked short-term interest rates

by 25 basis points (bps) three times so far this year, the HKD has been under pressure and the HKMA had to intervene and use the official FX reserves to pur-chase local currency.

Therefore, excess liquidity in HKD has declined from USD 23bn at the start of the year to around USD10bn in recent weeks. This has so far pushed the base rate up by 75 bps and has contributed to narrow the 12-month USD Libor – HKD Hibor differential to around 35 bps from around 60 bps early in 2018.

By cooling down the local housing and equity markets, tighter financial conditions

generate a wealth effect that weight on domestic demand. However, in the absence of more significant external shocks, this should not cause disruptions as monetary conditions are still supportive and growth is robust. Unemployment is at a 20 year low of 2.8 percent and inflation is moderate at 2.7 percent.

Singapore is also extremely open to trade and capital flows, with external trade in goods and services equivalent to 234 percent of GDP. While this makes FX stability important, inflation is also a key target.

The management of the exchange rate is of paramount importance for monetary policy in Singapore. The MAS estimates that FX changes have twice the impact on the economy as interest rates.

The value of the Singapore dollar (SGD) is allowed to fluc-tuate within a band (currently estimated to be +/- 2 percent) against an undisclosed basket of currencies – also known as the nominal effective exchange rate (NEER).

In April and October 2018, the MAS has decided to tighten policy by increasing the slope of the SGD NEER from the flat path that has been in place over the

last two years. While the MAS does not explicitly announce the slope of the SGD NEER policy band the market consensus is that it has been set at an appre-ciation slope of 1.0 percent per annum.

At its semi-annual monetary policy statement on 12th October, the MAS also noted that the width of the policy band and the level at which it is centred will continue to be unchanged.

The MAS moves this year express the beginning of a gradual normalization process in monetary policy as the economy continues to expand, resulting in a tighter labor market while inflation is pro-jected to rise modestly in the near term before stabilising at just below 2 percent.

Economic activity is above potential as seasonally adjusted GDP growth was 4.7 percent y/y in Q3 2018.

In short, monetary policy is being tightened in both Hong Kong and Singapore. While in Hong Kong the process is driven by US policy rates and the requirements of the currency board, in Singapore recent moves rather reflect a relatively hawkish assessment on inflation.

Pakistan keen to source more LNG from Qatar: Asad Umar MOHAMMAD SHOEB THE PENINSULA

With fast growing demand and expanding gas receiving capacity in Pakistan, the South Asian nation is expected to source more liquefied natural gas (LNG) from Qatar, said the country’s visiting Finance Minister Asad Umar yesterday.

The minister noted that Qatar is a friendly country. It is already the largest destination for Pakistan’s gas imports, and as Qatar is expanding its LNG production capacity to 110 million tonnes per annum (mtpa), it will continue to be the largest source for Pakistan’s gas imports.

“Currently Pakistan has two LNG terminals. As our demand for gas is growing rapidly, there are three additional terminals being planned which are lead by private consortia—one by Shell and another by ExxonMobil; and the third one is emerging, which is expected to be lead by Mit-subishi. They are being developed to import more gas,” the minister told The Peninsula on the sidelines of an event.

He added: “Pakistan is trying to move towards deregulating its energy market; so most of the decisions are going to be taken

by private companies based on competition. However, since Qatar is expanding its LNG output in a big way, I’m sure it will continue to be one of the most attractive sources for Paki-stan’s gas import.” The minister noted that Qatar is already the largest supplier of gas to Pakistan, and Qatar has a big power project in his country which has been developed by a Qatari and Chinese joint venture.

The minister met with top Qatari government officials including the Prime Minister and Minister of Interior, and the Min-ister of Finance, and reviewed bilateral relations and ways to boost cooperation in a greater detail.

He also invited Qatari investors to take advantage of the biggest economic oppor-tunity being created in Pakistan though the famous China-Pakistan Economic Corridor (CPEC) and the special economic zones.

“With world-class connec-tivity with China, the upcoming ambitious Gwadar port city, coupled with a very-very attractive labour cost and raw materials for a number of indus-tries, Pakistan is going to be the base for regional and global

operations,” noted Umar.He stressed that Pakistani

and Qatari economies are com-plementary to each other, which have great potential to grow and expand, but he noted that “trade need to be two-way, more meaningful and balance ” for mutual benefits.

“Right now Pakistan is hardly exporting anything to Qatar compared to other countries in the region. Given the size of over 150,000 Pakistani-community in Qatar, there is a great potential to grow. We are not only

attracting Qatari investment to Pakistan, we want Pakistani businesses in Qatar as well.” Reiterating about the huge investment opportunities in Gwadar port city, the minister said that it is not only about China. It is being developed in cooperation with China, but the port city is going to be the pivotal point of CPEC. It is attracting a lot of global investors from several other countries.

“Some of the big investments are coming from countries in the Middle East, which include the

development of a big refinery complex. Qatar is also one of the countries from the region to invest in the project,” he said.

Asked about the major bot-tlenecks in attracting invest-ments in Pakistan, the minister said that in the past “policy in inconsistency” has been one of the major apprehensions, but with the new government in power, these obstacles are being addressed.

“The Prime Minister (Imran Khan) is personally addressing these issues. He is setting up an

office in the PM Secretariat to personally lead the board for investment promotion and resolving issues in this regard,” said Umar, one of the senior cabinet members of Khan’s government.

Asked if Pakistan is working to have currency swap agreement with Qatar to boost trade in local currencies, he said: “We have already started doing that with China now, but would be happy to explore that possi-bility with other countries, including Qatar, if they agree.” Pakistan has been struggling with acute shortage of foreign reserves, and recently devalued its currency (rupee) as part of efforts to reduce its yawning Current Account Deficit (CAD).

“The currency devaluation has brought big improvements in our macroeconomic funda-mentals over the past four months. The average CAD per month, which was $2bn per month, has dropped to half, but it is still very high. We do not want it more than 2 percent of the GDP. In addition, imports have declined, and exports, FDI and remittances are growing. We want to sustain this,” said the minister, who was here to par-ticipate at the Doha Forum.

Asad Umar (centre) Finance Minister of Pakistan, Murad Baseer, (second right) Deputy Head of Mission Pakistan Embassy Doha, and other officials during the meeting with Pakistani Professionals at Four Seasons Doha, yesterday. PIC: ABDUL BASIT / THE PENINSULA

US sets new March 2 date for China tariff increasesWASHINGTON REUTERS

The US Trade Representative’s office officially changed the scheduled date of a tariff rate increase on $200bn worth of Chinese goods to 12:01am on March 2, 2019 as the United States and China pursue talks on trade and intellectual property. The change was made in a Federal Register filing from a previously scheduled effective date of January 1, 2019 for the increase to 25 percent from 10 percent.

The notice does not affect the 25 percent tariff rate already in place on $50bn worth of Chinese technology items, including semicon-ductors, printed circuit boards and other electronic compo-nents, machinery and vehicles.

The filing was added to documents associated with USTR’s “Section 301” investi-gation into China’s intellectual property practices, which has been the basis of US tariffs on Chinese goods that led to tit-for-tat retaliation from Beijing.

Brexit and London residential markets: QIB-UK real estate specialists’ viewIt has been 2 years since the Brexit refer-endum’s surprise result and intensive negotiations between the UK and the EU are coming to an end. The proposed exit agreements have been approved by the EU and and are being processed by the UK Parliament.

Most of the early “disaster scenarios” that were proposed regarding Brexit’s future impact on the London real estate markets have proven unfounded:

For instance, it was initially feared that demand might fall in a small number of specific PCL and POL markets, that are particularly popular with ex-patriot EU populations. A much-quoted example of such a market was South Kensington, which has long been popular with French buyers, due to its French School.

South Kensington recently underper-formed PCL, but this cannot be blamed on Brexit alone: The area contains some of London’s most expensive homes which were particularly vulnerable to Stamp Duty increases. South Kensington’s underper-formance commenced with the 2015 onset of the tax-change-induced PCL Correction, not the later, 2016 Brexit referendum:

Fears that entire Banks (and their employees) might move out of London have also subsided. This was initially feared because certain PCL markets are particularly popular with City workers.

In 2017 the UK government reported that 0.48m people were employed in the City of London, representing 9% of Lon-don’s employment. After the 2016 Brexit referendum, consultancy firm Oliver Wyman, forecast the loss of up to 75,000 jobs in the City, sending a surge of fear and uncertainty through many who might be negativly affacted by the possible layoffs. However, by September 2017, the City of London Corporation had reduced this estimate to between 5,000 and 13,000 jobs, a drastic change from the Wyman’s dramatic forecast.

While it is true that for legal reasons, following Brexit, some Banks and markets who have been using London as their EU Head Offices, will have to

transfer this function to locations still within the EU, the effect so far has been much less drastic than anticipated.

The types of disruption that might arise, were the UK and the EU to fail to implement necessary legislation in time for the final transition date, are mainly short term and involve temporary customs and freight or supply chain delays. Ana-lysts do not believe that these short term issues will significantly impact the PCL and POL residential real estate markets, in the longer term. �P04

Draghi’s $3 trillion QE bet isn’t a winner yet as economy waversBLOOMBERG FRANKFURT

Mario Draghi chose a curious time to end the European Central Bank’s flagship stimulus program.

Some of the euro zone’s key economic indicators, including data released on Friday, are worse than they were before the 2.6 trillion euros ($3 trillion) of bond purchases started. Others have barely improved.

While the ECB president can — and does — claim that QE erased the threat of deflation, underlying price pressures are still where they were in mid-2015, just a few months into the program. Speaking to reporters on Thursday after announcing that his monetary experiment had run its course, Draghi was asked if the program had been effective. He admitted that “I’m kind of biased” and said there’s still time to make a fuller assessment — but yes.

“In some parts of this period

of time, QE has been the only driver of this recovery.”

When the ECB first announced in June that QE would end this year, it said the program would add a cumulative 1.9 per-centage points each to GDP and inflation from 2016-2020.

Erik Norland, an economist at CME Group, puts the growth contribution a lot closer to zero, noting there was no obvious impact when the central bank slowed the pace of buying.

Research from the Bank for International Settlements sug-gests the impact diminishes over time. The ECB has also become increasingly dominant in financial markets, reflected in a scarcity of debt in some parts of the region.

QE began months after the US Federal Reserve’s own program stopped, and the end couldn’t come soon enough for some members who said buying sovereign debt allowed govern-ments to put off fiscal and eco-nomic reforms.

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04 SUNDAY 16 DECEMBER 2018BUSINESS

Why trust is key to money’s digital future F

rom shells to coins, from pieces of plastic to an app on your mobile phone, money has gone

through many transforma-tions. And with digital tech-nology growing fast, the way we bank and use money continues to change rapidly. But one thing will remain central to monetary systems: trust.

The Qatar Central Bank’s 5th Information Security Con-ference that was held late last month had many participants thinking about the funda-mentals of cybersecurity and the way we should approach the topic in our industry.

And it is clear, money is nothing without trust. People have to trust that their money has value and that others will accept it. They also need to be confident that organisations, such as banks, that handle and look after their money won’t lose it and will keep their data secure. That’s par-ticularly important as these organisations evolve and adapt to new technologies.

Technology will ulti-mately make it much simpler and faster for people to use money. But securing people’s trust in new forms of money is a vital part of enabling a smooth transition to the era of digital banking.

It is natural for people to be nervous of change. But you only have to look at HSBC’s 153-year history to see that banking has always involved innovation. Before the bank was established in 1865, it would take a business in Hong Kong more than 50 days to get approval for a loan, as they waited for ships to sail to Europe and back with paperwork to approve credit from a bank there.

By setting up HSBC as a local bank in Hong Kong, our founder, Thomas Sutherland,

reduced this wait from months to days.

Further major develop-ments followed. HSBC began issuing its own banknotes. It launched bonds, to raise capital. It started offering bills of exchange, guaranteeing that merchants would be paid for large quantities of goods in transit. Such moves stimu-lated trade and enabled Hong Kong to thrive and develop, with people and businesses confident that their money was in safe hands.

Fast-forward nearly 100 years to the 1960s and the arrival of computers, data-bases and branches con-nected to each other via net-works further simplified and sped up processes for customers.

Today, the old hand-written ledger has been replaced by a digital block-chain. Instead of visiting your local branch to manage your accounts, you may use an app. Paper currency has in many cases been replaced by lines of computer code. But despite all these changes, the one thing that cannot be replaced is trust.

As we continue to develop and use new technologies, we must ensure they are under-pinned by the confidence that

our customers have in us. They need to know that we will safeguard their money, use their data responsibly and, when we choose to col-laborate with financial tech-nology businesses (fintechs), do so wisely. Above all, they need to know that we will only support and invest in technologies that help them manage their finances more effectively and solve their problems.

That’s why we continue to strengthen our cybersecurity, looking at everything from data protection to threat detection. We are harnessing artificial intelligence to spot suspicious transactions more effectively, helping us prevent and report financial crime.

There are many ways we are using technology to make banking simpler, faster and – crucially – safer, often through partnerships with trusted fintechs. Some recent examples stand out:

In Qatar HSBC has launched Virtual Cards for its Corporate Customers. Virtual Card solutions give businesses the ability to generate single or multiple-use Virtual Card numbers to make bill pay-ments or pay suppliers,

without the need of a physical card. To process a Virtual Card payment, you simply need to log into the HSBC MasterCard Virtual Card platform and enter the payment details. This gen-erates a unique, single or mul-tiple-use card number to pay bills or suppliers without the need for a physical card.

In China, we have developed an ‘omni-channel’ collections service, allowing retailers to collect customer payments made using dif-ferent digital payment apps. This technology plugs into a number of different apps, saving the companies from having to invest significant resources into connecting with them individually.

Earlier this year, HSBC helped to carry out the first trade finance transaction completed using blockchain technology – a form of shared digital database.

A Letter of Credit, guar-anteeing that the seller would be paid when a shipment of soybeans from Argentina to Malaysia arrived, was agreed and completed in 24 hours. A typical paper-based trans-action would take 5-10 days. The deal was carried out on a b l o c k c h a i n p l a t f o r m developed with the backing of a consortium of 12 banks, including HSBC.

These and other develop-ments clearly demonstrate that the future of money is digital. But for the monetary system to continue to thrive, it is vital that banks continue to win and sustain the trust of their customers.

T-Mobile, Sprint see Huawei shun clinching US deal WASHINGTON/NEW YORK REUTERS

T-Mobile US Inc and Sprint Corp believe their foreign owners’ offer to stop using Huawei Technologies equipment will help with the United States clearing their $26 billion merger deal, sources said, underscoring the lengths to which Washington has gone to shut out the Chinese company.

Like all major US wireless carriers, T-Mobile and Sprint do not use Huawei equipment, but their majority owners, Ger-many’s Deutsche Telekom AG and Japan’s SoftBank Group Ltd, respectively, use some Huawei gear in overseas markets.

People familiar with the deal between T-Mobile and Sprint, the third and fourth largest US wireless carriers, said US government officials had been pressuring Deutsche Telekom to stop using Huawei equipment, and the companies believed they had to comply before a US national security panel would let them move forward on their deal.

Both Deutsche Telekom and Softbank were reported this week to be seeking to replace the world’s biggest network equipment maker as vendor. Now, T-Mobile and Sprint expect the US panel, called Committee on Foreign Investment in the United States (CFIUS), to approve their deal as early as next week, the sources said.

The sources, however, cau-tioned that negotiations between the two companies and the US government have not been finalised yet, and any deal could still fall through. They asked not to be identified because the matter is confidential.

Sprint, T-Mobile, Deutsche Telekom, SoftBank and CFIUS declined to comment. Huawei did not respond to a request for comment.

The US government and its allies have stepped up pressure on Huawei over concerns that

the company is effectively con-trolled by the Chinese state and its network equipment may contain “back doors” that could enable cyber espionage, some-thing which Huawei denies.

Several telecom operators in Europe and Australia have said they will exclude the Chinese firm from their fifth-generation (5G) mobile networks.

The pressure on Huawei has already heightened tensions between the United States and China over trade. Earlier this month Meng Wanzhou, Hua-wei’s chief financial officer and daughter of its billionaire founder, was arrested in China on a US extradition request.

US prosecutors have accused her of misleading mul-tinational banks about Hua-wei’s control of a company operating in Iran. China has asked for her release.

In an interview with Reuters earlier this week, US President Donald Trump drew a connection between the Huawei CFO extradition case and his administration’s trade row with China, saying he would be willing to intervene if it helped resolve the dispute or serve US national security interests.

The United States has been stepping up its targeting this year of both Huawei and ZTE, China’s second-largest maker of telecommunications equipment. Last March, Trump blocked chip maker Broadcom Ltd’s attempted $120bn takeover of US peer Qualcomm Inc over concerns the deal could boost Huawei’s compet-itive position.

ZTE was crippled in April when the United States banned American firms from selling it parts, saying the company broke an agreement to disci-pline executives who had con-spired to evade U.S. sanctions on Iran and North Korea.

The ban, which became a source of friction in Sino-US trade talks, was lifted in July after ZTE paid $1.4 billion in penalties, allowing the firm to resume business.

IN-DEPTH

ABDUL HAKEEM MOSTAFAWI CEO, HSBC IN QATAR

Virtual Card solutions give businesses the

ability to generate single or multiple-use

Virtual Card numbers to make bill payments

or pay suppliers, without the need of a

physical card.

FROM BUSINESS PAGE 3

Some specific PCL markets are strengthening irrespective of Brexit: For example, Bayswater was one of the very first PCL markets to fall following the Stamp Duty increases. Rather than per-manently scare purchasers away, the 2015/2016 price falls in Bays-water, made new investors look at re-priced opportunities in the area, which was rapidly improving, due to Crossrail and the Queensway, Paddington Basin and Whitelys developments.

Brexit is not scaring investors away from good opportunities in rapidly improving parts of London and QIB’s London Real Estate spe-cialists are well positioned to assist clients seeking properties in such areas.

As a broader indication of how Brexit may have, or have not, affected PCL investment patterns, one can refer to Hamptons’ Feb 2018 survey.

This survey found that the pro-portion of homes sold to interna-tional buyers in PCL increased to 55% in H2 2017, up 8% on H1 2017 and up 16% on H2 2016 (following the Brexit vote). This was the highest proportion of international buyers in PCL since H2 2012 (58%).

Hamptons found that the rise was mainly due to a pickup in Middle Eastern and Asian buyers, who bought 15% of homes in PCL in H2 2017, up 5% on the previous half. Some new developments, like Paddington Basin, proved espe-

cially popular during this period – and continue to do so.

Buyers from Asia continued to take advantage of the depreciation in the value of Sterling’s and the proportion of sales to Asian buyers in PCL rose from 9% in H1 2016 to 16% in H2 2017.

For EU buyers, even though they still made up the second biggest group of international buyers in PCL, their share of pur-chases had unsurprisingly decreased since the Brexit vote in June 2016 and the proportion of homes bought by them fell from 23% in H1 2016 (pre-Brexit vote) to 10% in H1 & H2 2017.

As the Brexit negotiations close, the number of investors con-sidering London residential investment opportunities is likely to once again increase.

The complex interactions between macro-level, geopolitical and economic trends (such as

Brexit) and intensely local, sub-market drivers, can make the PCL market difficult to interpret from afar.

There is no single London real estate market, or even, Prime Central London market. London comprises a large number of smaller, distinct sub-markets, within which no two streets or buildings perform identically.

In order to work through these facts and make the best investment decisions, QIB’s London Real Estate specialists have valuable, extensive, local market experience and are ideally situated to assist any Qatari individual or organi-zation during their search for their ideal London property.

(The views expressed in this column are those of the QIB-UK real estate specialist team and do not neces-sarily reflect those of The Peninsula.)

Brexit and London residential markets: QIB-UK real estate specialists’ view

There are many

ways we are using

technology to make

banking simpler,

faster and – crucially

– safer, often through

partnerships with

trusted fintechs.

Page 5: BUSINESS - Home - The Peninsula Qatar...2018/12/16  · growth came from the private sector. Despite the volatility in oil market, the country’s private sector grew by a significant

05SUNDAY 16 DECEMBER 2018 BUSINESS

BREAK TIME

Boeing opens first 737 plant in China amid trade warREUTERS ZHOUSHAN, CHINA

Boeing Co opened its first 737 completion plant in China yesterday, a strategic investment aimed at building a sales lead over arch-rival Airbus in one of the world’s top travel markets that has been overshadowed by the US-China trade war.

The world’s largest plane-maker also delivered the first of its top-selling 737s completed at the facility in Zhoushan, about 290km southeast of Shanghai, to state carrier Air China during a ceremony yesterday with top executives from both companies.

The executives, alongside representatives from China’s state planner and aviation regulator, unveiled the plane at an event attended by hundreds of people.

Boeing and Airbus have been expanding their footprint in China as they vie for orders in the fast-growing aviation market, which is expected to overtake the United States as the world’s largest in the next decade.

Boeing invested $33m last year to take a majority stake in a joint venture with state-owned Commercial Aircraft Corp of China (COMAC) to build the com-pletion center, which installs inte-riors and paints liveries.

Chicago-based Boeing calls itself the top US exporter and delivered more than one out of every four jetliners it made last year to customers in China, where it forecasts demand for 7,700 new airplanes over the next 20 years valued at $1.2 trillion. However, the plant’s inaugural ceremony was overshadowed by tensions

between the United States and China as they engage in a bruising tit-for-tat tariff war. The world’s two largest economies are in a 90-day detente to negotiate a trade deal. “Am I nervous about the situation? Yeah, of course. It’s a challenging environment,” John Bruns, President of Boeing China, told reporters on a conference call.

“We have to keep our eye on the long game in China. Long term, I’m optimistic we will work our way through this,” he said.

While the trade frictions have hurt businesses such as US soy bean farmers and Chinese man-ufacturers, their impact on Boeing has been unclear. US-made air-craft have so far escaped Beijing’s tariffs. Bruns said he remained optimistic about the outcome of trade talks between the United States and China and described aviation as a “bright spot” amid tensions between the two coun-tries. Asked about the possibility

of technology transfer agree-ments between Boeing and COMAC, Bruns stressed that the purpose of the plant was for installing seats, painting vehicles, and completing the planes’ final delivery. “That’s only a part of what we do in the production of airplanes,” he said.

Officials and executives made no direct reference to the trade tensions in public remarks at the planemaker’s Zhoushan facility.

Boeing aims eventually to hit a delivery target of 100 planes a year at Zhoushan, although Bruns deflected a question on how quickly it would reach that level and said Boeing had no plans to expand work to other aircraft types.

Boeing also hopes the plant will relieve pressure at the Seattle-area facility where it plans to boost production next year of its best-selling 737 narrowbody aircraft but has struggled with production delays.

PG&E accused by regulators of falsifying pipeline safety recordsBLOOMBERG SAN FRANCISCO

PG&E Corp, already under scrutiny for a deadly California wildfire last month, now faces potential penalties for allegedly breaking natural gas pipeline safety rules and falsifying records, state regulators said.

The California Public Util-ities Commission said that the state’s biggest utility owner systematically violated rules to prevent construction crews from accidentally damaging pipelines during excavations. PG&E also allegedly falsified records for locating and marking pipes from 2012 to 2017, according to the statement. “Utility falsification of safety related records is a serious violation of law and diminishes our trust in the util-ity’s reports on their progress,” commission President Michael Picker said in the statement. “These findings are another example of why we are inves-tigating PG&E’s safety culture.”

The commission said it will consider penalties against PG&E and ordered the utility to take ‘immediate corrective measures.’

PG&E shares fell 2 percent in after-hours trading. In a statement, the company said it failed to live up to its com-mitment to accurate and thorough reporting and record-keeping. PG&E is coop-erating with the investigation and has taken action to meet regulatory standards related to records for marking and locating pipelines, spokesman Matt Nauman said.

Pound judged less ugly than euro by analysts betting on rallyBLOOMBERG LONDON

The pound may be the winner against the euro next year in a contest of the not-so-pretty. Neither currency has made much headway against the other this year as the UK’s troubles tied to its impending exit from the European Union were offset by political uncertainty on the continent. OppenheimerFunds Inc. expects the shared currency will be weighed down by a slowing euro-zone economy, while Commerzbank AG sees Britain eventually opting to delay its exit from the bloc, boosting sterling by more than 3 percent against the euro by end-March.

The Brexit-battered pound is now cheap by historical standards and that could help it rally harder on any positive news. The euro’s outlook has been clouded by weak data and the European Central Bank’s projection that economic risks are tilted to the downside.

Furthermore, the common currency is facing its own political demons, notably the Italy-EU standoff and the anti-government protests in France, and isn’t particularly immune to Brexit either.

“There is more bad news priced in for the pound than the euro,” said Alessio de Longis, who helps oversee $2bn at OppenheimerFunds and is over-weight sterling and neutral on the euro. “To the extent that our eurozone view is right, we have more slowdown ahead, more deceleration in economic activity in Europe. It’s basically

who is prettier in an ugly contest.”

Oppenheimer sees sterling rallying to between 85 pence and 87 pence per euro by the end of March, from around 90 on Friday. Commerzbank pre-dicts the pair will move to 87 in the same timeframe. The median in a Bloomberg survey sees a smaller advance, and projects the pound at 88 pence at the end of the first quarter.

When the Bank of England meets next week, it’s likely to signal once again that its near-term outlook is dependent on Brexit. While a UK interest-rate increase is currently not priced in until 2020, a relatively pos-itive Brexit outcome could open up room for policy tightening and further boost the pound.

With Brexit, the risk is increasing that “nothing is finalized in time and that a delay beyond the end of March is agreed with a pragmatic but reluctant-to-negotiate EU,” Kit Juckes (pictured), a strategist at Societe Generale SA, wrote in a note to clients.

“Which will leave sterling, in real trade-weighted terms, bumping along the bottom of its post-Bretton Woods range, while hanging like an albatross around the euro’s neck.”

VILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Johnny ( 2D/Tamil) 2:15pm Joseph (2D/Malayalam) 2:15pm Spider-Man: Into The Spider-Verse (2D/Arabic) 2:00, 4:45 & 7:00pm; Christmas Break-In (2D/Comedy) 4:15pm; Aquaman (2D/Action) 4:45, 6:00, 8:45 & 11:15pmSecond Act (2D/Comedy) 7:15pm; The Bombing (2D/Action) 9;15pm; Three Words To Forever (2D/ Tagalog) 9:15pm; Oru Kupra Sidha Payyan (2D/Malayalam) 11:00pm; Pinky Memsaab: A Dubai Story (2D) 11:15pm;

Oru Kupra Sidha Payyan (2D/Malayalam) 2:15pm; Elliot The Littlest Reindeer (2D/Animation) 2:15pm; Johnny (2D/ Tamil) 2:30 & 11:30pm Aquaman (2D/Action) 4:00, 7:00, 8:45 & 11:15pmSpider-Man: Into The Spider-Verse (2D/Arabic) 5:00 & 7:15pmMalevolent (2D/Horror) 9:30pmChristmas Break-In (2D/Comedy) 5:00pm; Pinky Memsaab: A Dubai Story (2D) 6:30pmThree Words To Forever (2D/ Tagalog) 9:30pmJoseph (2D/Malayalam) 11:15pm

Elliot The Littlest Reindeer (2D/Animation) 2:30pm; Spider-Man: Into The Spider-Verse (2D/Arabic) 4:15 & 7:00pm; Aquaman (2D/Action) 4:30, 6:30, 9:30 & 11:30pmThe Man Who Invented Christmas (2D/Malayalam) 2:30pmAquaman (2D/Action) 4:30, 6:30, 9:30 & 11:30pmFahrenheit 11/9 (2D/Documentary) 9:15pmJoseph (2D/Malayalam) 11:30pm

Joseph (2D/Malayalam) 5:45, 6:30, 8:30 & 11:15pmOru Kupra Sidha Payyan (2D/Malayalam) 6:00, 6:30, 8:45, 11:00pm, 12:00amJohnny (2D/ Tamil) 3:45 & 9:15pm2.0 (2D/Tamil) 9:15pm

Aquaman (2D/Action) 10:30am, 11:00am, 1:30, 2:00, 4:30, 5:00,

5:30, 8:00, 11:00, 10:30, 11:30pm

Joseph (2D/Malayalam) 1:30, 7:30, 10:30pm

Oru Kupra Sidha Payyan (2D/Malayalam) 4:30 & 8:30pm

Spider-Man: Into The Spider-Verse (2D/Arabic) 1:30, 3:30, 6:00

& 8:30pm

After 25 years of marriage, Rick and Cristy Andrada (Richard Gomez and Sharon Cuneta) have become strangers to each other. After a bitter fight, they finally decide to end their marriage.

ROYAL PLAZA MALLCROSSWORD

LANDMARK

FLIK Mirqab Mall

ROXY

ASIAN TOWN

2.0 (3D) 8:15, 11:25pmAquaman (2D/Action) 12:30, 3:20, 8:35, 11:30pmCreed II (2D/Drama) 10:10Elliot The Littlest Reindeer (2D/Animation) 10:35am & 4:15pm; Mortal Engines 1:35, 10:40, 7:05, 11:05, 5:25pmOru Kupra Sidha Payyan (2D/Malayalam) 6:00pm,Ralph Breaks The Internet: Wreck It Ralph 2 (2D/Ani-

mation) 4:20, 1:45 & 3:05pmSecond Act 12:25, 8:00pm & 0:20amSpider-Man: Into The Spider-Verse (2D/Arabic) 11:30am, 2:00, 6:10, 2:15, 9:00, 8:30pmThree Words To Forever (2D/ Tagalog) 5:30 & 8:30pmWindows 11:00am, 12:30 & 9:45pm

THREE WORDS TO FOREVER

Guests attend a ceremony marking the first delivery of a Boeing 737 Max passenger aeroplane to Air China at the Boeing Zhoushan completion center in Zhoushan.

Page 6: BUSINESS - Home - The Peninsula Qatar...2018/12/16  · growth came from the private sector. Despite the volatility in oil market, the country’s private sector grew by a significant

06 SUNDAY 16 DECEMBER 2018CLASSIFIEDS

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REGENCY RESIDENCE AL SADD 12 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � (*���� � ��� ��!�"�#$� �%"&'#'"()� 3���+� �H��**����+��� ��!�"�#$� ("�/'�"()� 02� ������ �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE AL SADD 13 (AL SADD): 3���+�.���������=����������)�������������������������������� �������� � � ����������� � ��� ��!�"�#$� ("�/'�"()� 02� �������������+� �� ����������� 3!�� %!�"� '&3!�%�#'!&� �4"�("���44)�567829�>>=;�0?2?� �??;;�0>72� �::<7;0;8� �:::0�?=2; �??;;2?>?����"%�'4)������������@����������������� REGENCY RESIDENCE MUSHEIREB 1 (MUSHEIREB): 3���+�.���������=������������������������������������������ �������� � � ����������� � ��� ��!�"�#$� �%"&'#'"()� '������(��������������I+���(�����������������A�������C����������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�::8;�=802� �::7>�?8:<� �>>77�20??� �::<7�:7:?����"%�'4)�����������������@����������������� REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): 3���+�.���������=������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �??;;�2?>?� �:::=�08>2����"%�'4)�����������@������������������REGENCY RESIDENCE AIRPORT 1 (DOHA AREA): (����.���������0������������������������������������������������� ��*������-�����!�"�#$��%"&'#'"()�(��������*������I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<7�<070� �??;;�=>07����"%�'4)�����������@����������������� REGENCY RESIDENCE AIRPORT 2 (DOHA AREA): (���� .��������� 0� �������� ��� ��������� ������� �� ��������������������� ��*����� �����!�"�#$��%"&'#'"()�(��������*����� ��!�"�#$� ("�/'�"()� 02� ����� �������+� �� �����������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>:?�8=:?� �>;>7�:0<8� �::<:�;2=>� �>>2>�>=?<����"%�'4)�����������@����������������� 63 OLD SALATA (OLD SALATA):�3���+�.�����������������+*�� ��� �������� �� �������� � � ����������� � ��� ��!�"�#$��%"&'#'"()� I+��� ��!�"�#$� ("�/'�"()� 02� ����� �������+� ��������������3!��%!�"�'&3!�%�#'!&��4"�("���44)�567829�>>:?�8=:?� �>;>7�:0<8� �:::0�?=2;� �>>2>�>=?<����"%�'4)�����������@����������������� BIN DIRHAM 1 (MANSOURA):� N�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"� '&3!�%�#'!&� �4"�("� ��44)� 567829� � >;>7� :0<8� �>>:?�8=:?� �??;;�0>72� �??;;�0>:?����"%�'4)�������������@����������������� BIN DIRHAM 5 (MANSOURA):� N�.��������� 0����������)������������������������������������������������!�"�#$� ("�/'�"()� 02� ������ �������+� �� ����������� 3!��%!�"�'&3!�%�#'!&��4"�("���44)� 567829�>;>7�:0<8� �>>:?�8=:?� � :::0� ?=2;� � ::<7� :7:?� ��� "%�'4)� ������������@����������������� 18 FLATS (AL WAKRA):� =<� N�.��������� ���� �*������������ ��.��� ������� ��� �������� *������� 0� .���� ������������ 02� ������ ���������� 5�L��� ���������� ��� ��9� 3!��%!�"� '&3!�%�#'!&���44)� 567829�>;>7�:0<8� �>>:?�8=:?� �>>2>�>=?<����"%�'4)�������������@����������������� DOHA GARDENS (AL WAAB):�3���+�.���������>����������)�%�����C�������������������������������������������������������!�"�#$�("�/'�"()�02��������������+��������������3!��%!�"� '&3!�%�#'!&��4"�("���44)� 567829� >>=;�0?2?� �??;;�=>07� �::<:�;2=>� �:::2�=?;<����"%�'4)������������@������������������

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