BUSINESSTuesday 15 May 2018

PAGE | 23PAGE | 22QBIC marks milestone Demo Day, announces

new incubatees

Zero tolerance for ‘bad behaviour’ key to efficient market

Qatari & Turkish firms to invest $5.2bn in petrochem projectMOHAMMAD SHOEB THE PENINSULA

DOHA: Companies from Qatar and Turkey have joined hands to invest over $5bn in an inte-grated petrochemicals complex and energy projects to be built in Turkey, Turkish Ambassador to Qatar, Fikret Ozer, revealed yesterday.

The deal has been signed between Metcap Energy Invest-ments of Turkey and Fusion Dynamics of Qatar, which will be investing about $5.2bn in a 50-50 joint venture in Turkey’s energy and petrochemical industry, the Turkish envoy told The Peninsula in an exclusive interview on the sidelines of a seminar on ‘Qatar-Turkey Trade and Investment Opportunities’, hosted by KPMG.

“The bilateral relations between Turkey and Qatar are very strong and strategic. The

economic and trade relations are growing fast and steady. Both sides are working in closely to take the bilateral cooperation to new heights,” said Fikret.

The Turkish envoy noted that Turkey believes in expanding economic relations with Qatar for mutual interests not just exporting goods to Qatar.

The petrochemicals project, with an investment of $4bn, will be built in the Thrace Basin of

Turkey with an annual capacity of producing 2.6 million tonnes of methanol and one million tonnes of light olefins for con-version to 400,000 tonnes of polyethylene and 600,000 tonnes of polypropylene.

The upcoming project, said the Turkish Ambassador, will meet nearly half of the country’s demand for raw materials that find use in plastics and other related industries.

According to reports, Turkey has an annual consumption of 2.14 million tonnes of polyeth-ylene from which 1.8 million tonnes are imported. In addition to the petrochemicals project, two gas-fired power plants worth $1.2bn will also be built in two Turkish cities. The projects will be operational in phases starting from 2020 through 2023. The trade and investments between Qatar and Turkey has witnessed a sharp jump over the

last few quarters, especially after the siege imposed on Qatar by Arab quartet in early June last year. The volume of bilateral trade by the end of 2017 reached $1.3bn, witnessing a steep jump of over 46 percent compared to the same period in the previous year, said the envoy.

To further boost the exchange of goods in a more cost effective way, concerned author-ities from both the countries are working with logistics companies for establishing and expanding direct shipping lines between the iconic Hamad Port and ports in Turkey. The Ambassador also said that Qatar and Turkey are focusing to enhance trade through sea route as this will sig-nificantly reduce the transpor-tation cost of goods and make trade more cost effective, effi-cient and sustainable.

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Fikret Ozer, Turkish Ambassador to Qatar addressing the ‘Qatar-Turkey Trade and Investment Opportunities,’ seminar yesterday.PIC: BAHER AMIN/THE PENINSULA

The upcoming project will meet nearly half of Turkey’s demand for raw materials that find use in plastics and other related industries.

Total value of private investments reaches QR26bnMOHAMMAD SHOEB THE PENINSULA

DOHA: The combined value of private investments in Qatar reached QR26bn, announced the Technical Committee for the Encouragement and Participation of the Private Sector in Economic Devel-opment Projects.

Khamis Al Mohannadi, Head of the Committee said in a press conference on Sunday said that the private investments have achieved the main objectives of the Ministerial Committee, stressing that in the near future more initiatives, pro-posals and projects will be announced. He said that the Committee is currently preparing a database for the industrial sector in Qatar. The first phase of the database will be completed within the next six months. It will include the number of factories and highlight the gap in certain industries.

He pointed out that the industrial data will provide the investors and the private sector an idea about the sectors that need more investment. The objective is to offer needful information that may help reduce the risks involved. The database about the local market, on which the businesses and individuals take their investment decisions, is very important for both the Qatari industri-alists as well as the foreign investors.

Al Mohannadi stressed that the efforts exerted by the Technical Com-mittee and the Ministerial Committee were only guided by the Amir H H Sheikh Tamim bin Hamad Al Thani.

He also noted that all the projects are being closely followed-up and monitored by the Prime Minister and Interior Min-ister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani, who is the Chairman of the Ministerial Committee that include eight key ministries.

Commenting on industry obstacles,

Al Mohannadi pointed out that a working group has been formed to deal with the challenges faced by the various sectors to study them accurately. He pointed out that there are obstacles to procedures concerning the establishment, employment and visa related issues, in addition to legal and administrative obstacles. However, he also noted that many of these obstacles have already been resolved.

“For instance the establishment of a business and the issuance of the Com-mercial Registration now take just 10 minutes,” added Al Mohannadi.

He also added that the Qatar General Organisation for Standards and Metrology (QS) has re-established spec-ifications and standards for Qatari products, and has already approved Qatari standard specifications for over 20,000 products.

He said that the Qatari Product Pro-tection Law will soon be issued to protect Qatari investments in the long term, regardless of the current circumstances. He highlighted the importance of pro-tecting the national products against dumping (of foreign products) and other

illegal trade practices that may harm national products.

Al Mohannadi noted that that the Ministerial Committee is focusing on several key sector projects, especially those related to food security, the con-struction sector, and the projects related to healthcare, education, logistics, tourism sectors.

He pointed out that the Ministerial Committee has made great achievements during the siege period through some key projects which were executed immedi-ately after the blockade but these projects were also part of a long-term strategy to support the private sector. A number of projects have been awarded to the local private sector, while other projects have already started production. There are also projects to be announced later, which are currently under various stages of study and discussion.

Al Mohannadi said that the most

important sectors that have received more attention of the Ministerial Com-mittee and the Technical Committee during the period were the food security sector projects, which have made tan-

gible progress on the ground.Providing further details about the

achievements made in the food security projects, he pointed out that the fish farming projects are now able to meet nearly 65 percent of the local market demand. But once the projects are fully completed, they will achieve self-suffi-ciency of fish up to 80 percent by the first quarter of 2019. The size of the private sector investments in fish farming projects amounted to about QR50m.

The second food security project is the shrimp farming project, which aims to achieve self-sufficiency of about 90 percent of the needs of the local market. The project has been awarded to a Qatari company with an investment of up to QR50m, which is expected to complete by the third of quarter of this year.

Another project is to grow dry feed stock. The three plots of lands with an area of six million square metres have been allocated and the production on project has begun, pointing out that the project aims to achieve self-sufficiency of 52 or 54 percent of the country’s need for dry feed.

About greenhouse projects, he said that the Technical Committee has put forward the project of greenhouses, a project for the production of vegetables and fruits, with the aim of achieving 52 percent of the local market needs of vegetables and fruits. The size of the private sector investment in the project is in the range of QR700m to QR800m and the area of land allocated is 2 million square meters.

He also said that keeping in view the challenges faced by Qatari farmers in marketing their products, and other obstacles, a joint stock company as part of the ‘Qatar Agricultural Development Project’ will be established, which will also help solve the problems related to logistics and maintaining the quality of products.

Khamis Al Mohannadi, Head of the Technical Committee for the Encouragement and Participation of the Private Sector in Economic Development Projects addressing the media at QNA headquarters.

The Ministerial Committee has made great achievements during the siege period through some key projects which were executed immediately after the blockade but these projects were also part of a long-term strategy to support the private sector.

The Qatari Product Protection Law will soon be issued to protect Qatari investments in the long term, regardless of the current circumstances. He highlighted the importance of protecting the national products against dumping (of foreign products) and other illegal trade practices that may harm national products.

22 TUESDAY 15 MAY 2018BUSINESS

8,934.39 +117.55 PTS1.33%

QSE FTSE100 DOW BRENT7,710.98 -13.57 PTS0.18%

24,868.49 -37.32 PTS0.15% Dow & Brent before going to press

$71.12 +0.42

MarketWatchQSRTC celebrates 10 years of R&DTHE PENINSULA

DOHA: Qatar Shell Research and Technology Centre (QSRTC) celebrated 10 years of collabo-ration on research and devel-opment (R&D) with industry and academia, advancing research and development, and deploying innovative solutions in support of the nation’s key priorities.

QSRTC was inaugurated as an anchor tenant of Qatar Science and Technology Park (QSTP) in 2008 with a $100m funding commitment to shape the future of research and devel-opment in Qatar to focus on delivering sustainable impact in support of the Qatar National Vision 2030.

Over the past decade, QSRTC and its collaborators have developed and implemented numerous products and proc-esses that match the needs of Qatar, Qatar Shell and the

natural environment. QSRTC’s activities are focused on three main areas: research and devel-opment, technical services, and outreach activities.

QSRTC’s five-year strategy is designed to pursue a research and development strategy focusing on supporting Pearl GTL, the world’s largest gas to liquid plant, to lower its environ-mental footprint and contribute to Qatar’s Grand Challenges. These include projects on carbon

dioxide utilisation, corrosion man-agement, waste and byproduct management, and water solutions. These efforts will not only optimize Pearl GTL, but will also support technology for use in future gas plants—all of which add value to Qatar.

“As the largest international investor in Qatar, it has been important from the beginning that we make a lasting contribution to the growth and sustainability of Qatar’s economy and society. That was true when we launched in 2008, and it is even more true now, as Qatar seeks increased self-sufficiency,” said Youssif Saleh, Vice President of QSRTC.

“For 10 years we have had the privilege of working with numerous collaborators in Qatar and abroad, and the outcomes have made measurable positive impacts not only on Qatar’s economy, but on its environment and people as well,” he added.

QSRTC’s partners include Qatari and international collab-orators such as the Ministry of M u n i c i p a l i t y a n d Environment,Qatar University, Texas A&M University in Qatar, Imperial College London, as well as numerous non-governmental institutions and companies. Through these efforts, as well as its current workforce made up of 35 percent Qatari nationals, QSRTC is supporting the human capital pillar of the Qatar National Vision 2030 as well.

QSRTC was the first entity in QSTP to file a patent, and has filed five patents and had over 100 journal publications to date.

“The last decade has been an exciting and fruitful time at QSRTC. We anticipate the future to bring even greater growth in the research, development and innovation ecosystem in Qatar, and we are excited to be part of it,” said Saleh.

QSRTC officials and staff members during a celebration marking 10 years of collaboration on research and development.

QSRTC’s activities are focused on three main areas: research and development, technical services, and outreach activities.

Doing business with Turkey can support local growth: KPMGTHE PENINSULA

DOHA: To help Qatar-based businesses identify opportu-nities to invest or expand in Turkey, and to strengthen their own operations by finding new and innovative suppliers and partnerships, KPMG in Qatar held a seminar on ‘Qatar-Turkey trade and investment opportu-nities’ here yesterday.

The event aimed to help businesses and individuals understand the economic and regulatory environment in Turkey, summarise some of the potential investment opportu-nities they may wish to consider and demonstrate ways that Turkish businesses can support growth in Qatar.

The Turkish Ambassador to Qatar, Fikret Özer, delivered the keynote address at the event, which also featured presenta-tions from Tayfun Pisirir, Deal Advisory partner and Eray Büyüksekban, head of Interna-tional Tax (both from KPMG in Turkey).

On the important role that Turkey can play in supporting Qatar’s economic Growth, Ahmed Abu-Sharkh (pictured), Country Senior Partner at KPMG in Qatar, said: “It is clear that the economic ties between Turkey and Qatar are going from strength-to-strength, as the brotherly countries continue to build on well-established trade relationships. With Qatar’s economy on a clear upwards trajectory, many businesses are looking overseas to bolster growth and for ways to enhance their local operations and Tur-key’s economic and regulatory profile make the country an ideal destination for both investment and trading.”

The seminar highlighted that in 2017,Turkey saw a 7.4 percent GDP growth rate, has the 17th

largest economy worldwide and offers a number of investment incentives including tax relief, provision of land and subsidies on financing, as well as summa-risinga number of initiatives, which Qatar-based businesses could leverage.

“Over the past years, we have been observing a signif-icant increase in investments from Qatar and we are pleased that Qatar and Turkey are increasingly developing their business relations. We hope this seminar will help attract much more interest from Qatar to Turkey” said Eray Büyüksekban, Head of International Tax.

On the reasons why Turkey is providing an attractive investment opportunity, Tayfun Pisirir, said: “Turkey is currently seeing the most foreign direct investment coming from the European region, however recently, the relationship between Qatar and Turkey has become closer than ever. Turkey is an attractive market due to its strong economy, large domestic market, qualified labor force and Turkey’s critical geopolitical position.”

The event was attended by over 50 senior members of Qatar’s business community, with a particular focus on those charged with managing their business’ investments and growth strategies.

→ CONTINUED FROM PAGE 21

“The trade by air route is expensive and the land route via Iran is relatively less efficient, therefore we are now focusing more on enhancing trade through sea rout. It takes just 15 days for a ship to reach Doha. In order to make sea transport more cost effective, we are also

trying to ensure that the vessels do not return empty after dis-embarking goods in Qatar,” said Fikret.

He noted that Qatar exports about 300,000 containers of petrochemicals which can be exported and re-exported from Turkish ports. This will make bilateral trade economically more viable.

Aiming to boost bilateral trade, both the countries are also working to have customs and other duties exempted to make their goods more competitive and affordable in each others’ markets. In yet another example of rapidly growing bilateral economic cooperation, a joint investment is being made in Qatar as part of efforts to

achieve food security in the Gulf state. The facility will grow chicken and other poultry products initially for the local market, which will eventually be exported to other countries.

Fikret reiterated that both the countries are trying to make trade and investments more bal-anced and sustainable for a win-win situation.

Qatari & Turkish firms to invest $5.2bn in petrochem project

QBIC marks milestone Demo Day, announces new incubateesTHE PENINSULA

DOHA: The Mena region’s largest mixed-use business incubator, Qatar Business Incubation Center (QBIC), owned by Qatar Development Bank, has selected its newest startups for incu-bation. Incubatees were selected at a milestone Demo Day cele-brating the tenth wave of grad-uates from QBIC’s intensive LeanStartup Program (LSP). Sponsored by QNB, the inspiring event took place at the Sheraton Grand Hotel yesterday and was attended by VIPs from Qatar’s foremost organisations, leading figures from the local entrepre-neurial ecosystem and numerous incubated startups.

During the QBIC celebrated its own fourth successful year of contributing to Qatar’s shift towards a knowledge-based economy, with the mission of generating the next QR100 million companies. Since its inception, the hard-working business incubation center has graduated over 330 program graduates to date with more than 120 companies incubated – from an overall investment of QR4.5m. QBIC’s incubatees have gen-erated QR27m in revenues. Recently, QBIC was named ‘Best Business Incubator in the Middle East 2018’ by the World Business Angels Investment Forum

(Turkey).On Demo Day, a select group

of LSP graduates pitch their ideas to a panel of judges. Those who present the best ideas and show the greatest potential are selected to be incubated at QBIC immediately after finishing the LSP. The winners receive pro-fessional mentoring services, dedicated office space, and, not least, financial support for their nascent businesses along with

excellent networking and accel-eration opportunities.

Like previous editions, Demo Day 10 proved an exciting, com-petitive event. Six winners were chosen overall, from sectors including education, e-com-merce, sports tourism. Business startup ideas in the field of tourism were selected for the specialised QBIC Tourism incu-bator, guided by Qatar Tourism Authority, while promising

technology startups were assigned to the QBIC Digital and Beyond incubator powered by Ooredoo Qatar.

Throughout the ten-week programme leading up to this point, the budding entrepreneurs had worked hard to refine and enhance their business ideas and to build product prototypes in preparation for Demo Day. The would-be business leaders all followed a highly successful,

internationally respected pro-cedure called the ‘Business Model Canvas’ – a key com-ponent of ‘lean’ startup methodology.

The fledgling companies newly selected for incubation will now be required to complete a three-month probation period, during which they will set mile-stones themselves to ensure that their business idea continues to fulfil QBIC’s requirements for a

successful launch. After success-fully meeting these milestones, the incubating startups will be activated – meaning they can introduce their products and services to the local market, while continuing to develop within QBIC for two years.

Qatar Development Bank CEO and QBIC Chairman Abdulaziz bin Nasser Al Khalifa said: “Since QBIC’s launch in 2014, it has been our responsi-bility to simplify the difficulties facing the entrepreneurs and cre-ating a suitable innovative envi-ronment for them to focus on turning their ideas into actual projects. QBIC brings on-board new, innovative companies cre-ating inspirational role-models from the entrepreneurs, whether male or female. The startups selected for incubation are not the only winners here today, because QBIC will continue to provide all the participating Demo Day entrepreneurs with support, advice and mentorship so that they can continue developing their ideas and bringthem to life.”

Aysha Al Mudahka, QBIC’s CEO, said: “Today, we look back on the past four busy years and look ahead to the fulfilment of new potential. We feel proud that our teams of entrepreneurs, like our nation, have persistently worked to overcome whatever obstacles may arise.”

Abdulaziz bin Nasser Al Khalifa (third right), CEO, QDB & Chairman, QBIC; and Aysha Al Mudahka (right), QBIC’s CEO, with some of the incubatees during the Demo Day celebrating the tenth wave of graduates from QBIC’s intensive LeanStartup Program (LSP).

23TUESDAY 15 MAY 2018 BUSINESS

QATAR STOCK EXCHANGE

QE Index 8,934.39 1.33 %

QE Total Return Index 15,741.40 1.33 %

QE Al Rayan Islamic

Index - Price 2,217.96 0.94 %

QE Al Rayan Islamic Index 3,598.69 0.94 %

QE All Share Index 2,619.51 1.72 %

QE All Share Banks &

Financial Services 3,068.65 2.30 %

QE All Share Industrials 3,057.82 1.86 %

QE All Share Transportation 1,772.43 0.63 %

QE All Share Real Estate 1,720.26 2.00 %

QE All Share Insurance 2,934.56 1.40 %

QE All Share Telecoms 988.80 0.83 %

QE All Share Consumer

Goods & Services 5,770.01 0.99 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

14-05-2018Index 8,934.39

Change 117.55

% 1.33

YTD% 4.82

Volume 7,519,648

Value (QAR) 399,656,882.28

Trades 3,743

Up 28 | Down 16 | Unchanged 0013-05-2018Index 8,816.84

Change 67.19

% 0.77

YTD% 3.44

Volume 10,052,728

Value (QAR) 185,579,276.32

Trades 3,065

EXCHANGE RATE

GOLD QR154.8234 per grammeSILVER QR1.9530 per gramme

Index Day’s Close Pt Chg % Chg Year High Year Low

All Ordinaries 6235 18.6 0.3 6256.5 5834

Cac 40 Index/D 5527.78 -14.16 -0.26 5567.03 5038.12

Dj Indu Average 24831.17 91.64 0.37 26616.71 20553.45

Hang Seng Inde/D 31541.08 419.02 1.35 33484.08 29129.26

Iseq Overall/D 6958.07 -3.52 -0.05 7257.41 6410.26

Kse 100 Inx/D 42498.86 -1095.93 -2.51 47144.12 40169.62

S&P 500 Index/D 0 0 0 2872.87 2532.69

Currency Buying SellingUS$ QR 3.6305 QR 3.6500

UK QR 4.9210 QR 4.9908

Euro QR 4.3389 QR 4.4000

CA$ QR 2.8285 QR 2.8845

Swiss Fr QR 3.6280 QR 3.6785

Yen QR 0.0330 QR 0.0336

Aus$ QR 2.7266 QR 2.7799

Ind Re QR 0.0535 QR 0.0548

Pak Re QR 0.0311 QR 0.0318

Peso QR 0.0688 QR 0.0710

SL Re QR 0.0228 QR 0.0233

Taka QR 0.0425 QR 0.0437

Nep Re QR 0.0334 QR 0.0341

SA Rand QR 0.2943 QR 0.3001

Zero tolerance for ‘bad behaviour’ key to efficient marketSATISH KANADY THE PENINSULA

DOHA: Qatar Financial Market Authority (QFMA) has made it clear that it has been adopting a zero tolerance policy for the companies’ bad behaviour attitude in the local market.

Attending a panel discussion on ‘Putting Investors First 2018’, jointly organised by QFMA and CFA Society Doha, Sami Bou-jelben, Chief Adviser, QFMA said as a regulator, QFMA’s prime concern is to protect the rights of the investors and maintain the confidence in them.

Earlier, formally opening the meet, Nasser Ahmed Al Shaibi, Chief Executive Officer of QFMA, said one of the QFMA’s top stra-tegic objectives in protecting the rights of investors, all people dealing in the Qatari market, and maintaining the market’s sta-bility and integrity.

Sami said maintaining a fair and a transparent market are key elements of QFMA’s strategic mission. Besides, maintaining financial stability and managing systemic risk, the main role of QFMA as a regulator is to put reg-ulations and ensure that the functions of the markets are well supervised to ensure good behavior of the market players.

Sami said the upgrading of Qatar Stock Exchange (QSE) was

the direct result of QFMA’s stra-tegic planning. “We have brought in a number of mechanisms to protect the interests of investors. He asked the listed companies to ensure that the shareholders are getting opportunities to express their opinion at the annual general meetings, even in their physical absence, using modern technology. He wanted the companies to introduce required infrastructure for this.

Sami said QFMA has a dedi-cated team to monitor the market. QFMA analyses any dis-closures done by any company and will assess whether there is any lapses from the part of listed c o m p a n i e s o n t h e i r disclosures.

Mohsin Mujtaba, Director, Product and Market Devel-opment, Qatar Stock Exchange (QSE) said the amount of bad behavior that goes around in the

market depends as how much the regulators are willing to tol-erate. “ If we look at the history of financial market crashes, we could see that the respective post-crisis investigations had proved the role of some top man-agement people in some way or other, had acted in a wrong way, like that we saw during the 2008 subprime crisis,” he said.

Form regulatory, compliance point of view, there should be a

zero tolerance for market bad behavior. That’s the only way you will have the trust of the investors in the market, he said.

Akber Khan, Senior Director, Al Rayan Investment said the sophistication of investors, the size of the market, the number of players and the diversity of choices available will differ from one market to another. The reg-ulations need to be relatively positioned to allow the market

to perform smoothly. He wanted the regulators not to ‘over-burden’ the market participants and the investors. Qatar has dif-ferent regulatory regimes. It is crucial to get the balance right, Akber said.

Dr Adnan Steitieh, Advisor & Secretary to the BOD, Salam International Investment and Francois Jansen van Rensburg, Business Head, MENA, Aventicum Capital Management also spoke.

LEFT: Nasser Ahmed Al Shaibi, CEO of QFMA, speaking during the opening session of ‘Putting Investors First 2018’ seminar. RIGHT: A panel discussion by (from left) Francois Jansen Van Rensburg, Business Head- MENA, Aventicum Capital management; Dr Adnan Steitieh, Advisor & Secretary to the BOD, Salam International Investment; Akber Khan, Senior Director, Al Rayyan Investment; Mohsin Mujtaba, Director- Product and Market Development, Qatar Stock Exchange; Sami Boujetben, Chief Adviser, QFMA; and Umair Siddique of CFA Society Doha, during the seminar. PIC: ABDUL BASIT/THE PENINSULA

24 TUESDAY 15 MAY 2018BUSINESS

BREAK TIMEVILLAGGIO & CITY CENTERCROSSWORD NOVO Pearl Qatar

MALL

Note: Programme is subject to change without prior notice.

LANDMARK

ROXY

AL KHOR

ASIAN TOWN

Life Of The Party 10:20am, 12:30, 2:40, 4:50, 7:00, 9:10 & 11:30pm Avengers: Infinity War(2D/Action) 11:00am, 2:00, 5:00, 8:00&11:00pm Rampage (2D/Action) 11:00am, 3:20, 7:40pm & 12:00midnight I Feel Pretty (2D/Comedy) 1:10, 5:30 & 9:50pm Terminal (2D) 11:00am, 3:00, 7:00 & 11:00pm Overboard (2D/Comedy) 12:50, 4:50 & 8:50pm You Were Never Really Here (2D) 10:00, 2:00, 6:05 & 10:10pm Bad Samaritan (2D) 11:50am, 3:55, 8:00pm & 12:00midnight Horoub Moufajee (2D/Arabic) 10:30am, 2:20, 6:10 & 10:10pm Qosty Byogaani (2D) 12:20, 4:10, 8:00pm & 12:00midnight Isle of Dogs (2D) 10:00am, 12:00noon, 2:20 & 4:00pm Bent (2D) 1:15, 5:15, 6:00, 8:00, 9:15, 10:00 & 11:55pm Breaking In (2D) 11:15am, 1:00, 3:00, 3:15, 5:00, 7:15, 10:00, 11:15 & 11:55pm Avengers: Infinity War (2D) 10:15am & 7:00pm Avengers: Infinity War(3D/IMAX) 12:00noon, 3:00, 6:00, 9:00&11:50pm

Raazi (2D/Hindi) 11:30am, 2:00, 9:00 & 11:30pmIsle of Dogs (2D/Animation) 12:00noon & 2:00pm Kammara Sambhavam (2D/Malayalam) 12:00noon, 3:00 & 8:45pm Life of The Party (2D/Comedy) 4:00 & 7:45pm Avengers: Infinity War (2D/Action) 6:00pm Peter Rabbit 4:30pm Terminal (2D/Thriller) 6:00pm Irumbu Thirai (Tamil) 6:15 & 11:45pm Bad Samaritan (2D/Thriller) 9:45pm Bent (2D/Action) 11:45pm

ROYAL PLAZA

Kammara Sambhavam (2D/Malayalam) 2:15 & 10:30pm Raazi (2D/Hindi) 2:30 & 9:00pm Isle of Dogs (2D/Animation) 2:30, 4:30 & 6:30pm Horoub Mofajee (Arabic) 4:45pmLife Of The Party (2D/Comedy) 5:15 & 7:15pm Breaking In (2D/Thriller) 6:15pm Irumbu Thirai (Tamil) 7:45 & 10:30pm Bad Samaritan (2D/Thriller) 8:30pm You Were Never Really Here (2D/Thriller) 11:30pm

Kammara Sambhavam (2D/Malayalam) 2:00, 5:45 & 11:30pm Isle Of Dogs (2D/Animation) 2:00pm Qosty Byogaani 3:45pmMy Pure Land (2D) 4:15pm Bent (2D/Action) 6:00pm Raazi (2D/Hindi) 5:00 & 11:30pm You Were Never Really Here (Thriller) 7:30pm Avengers: Infinity War (2D/Action) 8:45pm Life Of The Party (2D/Comedy) 9:30pm Breaking In (2D/Thriller) 7:45pm Terminal (2D/Thriller) 9:30pm Irumbu Thirai (Tamil) 11:15pm

Kammara Sambhavam (2D/Malayalam) 7:00, 8:00, 10:00, 11:00pm Swathan Thryam (2D/Malayalam) 9:15pm & 12:00midnight Raazi (Hindi) 6:30pm Irumbu Thirai (Tamil) 7:00pm Bhaskar Oru Rascal (2D/Tamil) 4:00pm

Avengers: Infinity War (Action) 11:00am, 5:15 & 11:30pm Life Of The Party (Comedy) 12:15, 5:45 & 11:15pm Bhaskar Oru Rascal (2D/Tamil) 12:30, 6:15pm & 12:00midnightKammara Sambhavam (2D/Malayalam) 2:00 & 8:15pmIrumbu Thirai (2D/Tamil) 2:30 & 8:00pm Raazi (Hindi) 3:30 & 9:15pm

Avengers: Infinity War (2D/Action) 10:30am, 12:45, 3:00, 5:15, 7:30 & 10:30pm Life Of The Party (Comedy) 10:30am, 12:45, 6:00, 8:15 & 10:30pm Raazi (Hindi) 10:30am, 6:15 & 10:00pm Kammara Sambhavam (2D/Malayalam) 10:30am, 1:20, 4:20 & 7:20pm Bhaskar Oru Rascal (2D/Tamil) 1:15, 7:00 & 10:20pm

On his latest private investigation, a shamed former cop connects a murder case to a government conspiracy involving rogue agents from a top spy agency.

FLIK Mirqab

BENT

Avenger: Infinity War 10:40am, 11:45am, 12:30, 1:45, 2:40, 3:25, 4:40, 5:35, 6:20, 7:35, 8:30, 9:15, 11:25pm & 12:10am Isle Dogs 10:25am, 4:00 & 7:00pm Bad Samaritan 3:50, 9:05, 11:20pm & 12:05am Breaking In 10:35am, 12:30, 2:25, 6:35, 8:30, 10:25pm & 12:20am Incredible Story of The Giant Pear 11:45am, 2:15 & 5:15pm Kammara 11:50am, 3:15, 6:40, 7:50, 10:05 & 11:45pm Life of The Party 11:20am, 1:35 & 7:50pm Masha And The Bear 12:30, 3:30 & 6:05pm Peter Rabbit 1:30pm Rampage 4:20pm Terminal 6:05 & 10:05pm

IMF presses Germany to invest

more to reduce trade surplusREUTERS

BERLIN: The International Monetary Fund yesterday stepped up pressure on Chan-cellor Angela Merkel’s government to help reduce Germany’s high trade surplus by further increasing its public investment.

Germany should also con-sider pension reforms to lengthen working lives, miti-gating the need for workers to save so much for retirement and lower the risks of old-age poverty, the Fund said.

The IMF and the European Commission have long urged Germany to boost domestic demand by lifting wages and investment to reduce what they call global economic imbal-ances. Since his election, US President Donald Trump has also repeatedly criticised Ger-many’s export strength.

The IMF said boosting pro-ductivity growth and investment would raise Germany’s long-term growth potential and reduce its “persistently large current account surplus” - the broadest measure of goods, services and investment flowing into and out of the country.

“The new government’s coalition agreement contains several welcome measures which will continue to address some of these challenges,” the IMF said in its annual policy recommendations.

“Yet the current favourable economic environment pro-vides an opportunity for the new government to take more forceful policy actions,” the IMF added.

French President Emmanuel Macron gave a speech in Germany last week in which he urged it to wean itself off the “fetish” of fiscal conservatism if it wants to become a leading force for European renewal.

In January, IMF chief Christine Lagarde warned that ballooning current account sur-pluses in countries such as Germany were partly respon-sible for the rise of protec-tionism elsewhere.

In its recommendations, the IMF said Germany should use the “ample available space within the fiscal rules” to further increase public investment in infrastructure and education.

Asked if Finance Minister Olaf Scholz should ditch his predecessor’s goal of a “black zero” budget that incurs no new debt and instead issue at least some new bonds to boost investment, IMF economist Julie Kozack said prudent fiscal policy was important.

But she added: “It’s also important to use the oppor-tunity today when the economy is strong and good to invest for the future.” Germany’s consti-tutionally enshrined debt brake

would allow the federal gov-ernment to take on new debt to a limited extent of up to ¤10bn ($12bn) per year.

But Scholz, from the left-leaning Social Democrats, has decided to continue the cautious policy stance of his conservative predecessor , Wolfgang Schaeuble, and finance any additional public spending through tax revenues alone.

Scholz said last week that he wanted to use higher-than-expected tax revenues to hike investments in digitalisation by ¤2.4bn this year.

“We now have the oppor-tunity to get started with a stronger offensive regarding our country’s broadband infra-structure and connecting our schools to the grid,” Scholz said yesterday.

The German economy is expanding for the ninth year in a row, and the government has kept a balanced budget since 2014.

The IMF said GDP growth had accelerated in 2017 as exports rebounded and investment picked up after a prolonged soft patch.

While the short-term outlook is for robust growth, the IMF also pointed to risks.

“A rise in protectionism, geopolitical uncertainty, or a stalled reform agenda in the euro area may negatively affect export prospects, weigh on investment, and rekindle financial stress,” it added.

The IMF will revisit its 2018 growth forecast for Germany of 2.5 percent if the risk of protec-tionism materializes, Kozack said.

Airbus CFO Wilhelm to leave in 2019 along with CEO EndersBLOOMBERG

PARIS: Airbus SE Chief Financial Officer Harald Wilhelm (pictured) plans to step down next year, leaving the European planemaker with an entirely new crop of senior management as it grapples with the future of the A380 superjumbo and a long-running bribery investigation.

Wilhelm, decided “in agreement with the board of directors” that he will leave in April after 27 years at Airbus and its precursors, the Tou-louse, France-based company said in a statement yesterday.

While Chief Executive Officer Tom Enders said Wil-helm’s departure signifies “no change of company strategy or equity story,” the move adds to the sense of upheaval at the highest levels of the manufacturing giant. Airbus is already searching for a replacement for Enders, who decided in December that he would leave in April. Shares of Airbus fell 1.4 percent to ¤98.06 as of 9:31 a.m. in Paris.

Nissan reports record full-year profit but warns on outlookAFP

TOKYO: Japanese car giant Nissan yesterday reported a record full-year net profit thanks to US tax cuts but warned about the outlook for the next 12 months owing to a strong yen.

Nissan’s net profit for the fiscal year to March rose 12.6 percent to 746.9 billion yen ($6.8bn), as sales edged up 2.0 percent to 11.95 trillion yen.

Operating profit was squeezed by swelling costs, including growing incentives in the US market, and the neg-ative impact of a damaging inspection scandal.

But US tax cuts offset the negative factors, resulting in a “sizeable” profit gain, said Chief Executive Officer Hiroto Saikawa (pictured).

Nissan, however, said its net profit for the current fiscal year to March 2019 is forecast to drop 33.1 percent to 500 billion yen because of foreign exchange losses and growing costs of raw materials.

“The Japanese auto industry benefited from US tax cuts for the fiscal year,” said Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm.

“Foreign exchange gains have contributed to their earnings but the impact is decreasing as the yen has gotten stronger recently,” Takada said.

Nissan was forced to recall more than a million vehicles after admitting in October that

staff without proper authori-sation had conducted final inspections on some vehicles intended for the domestic market before they were shipped to dealers.

The automaker suspended all domestic production for a few weeks, sending its pas-senger car sales plummeting more than 55 percent in Japan in October. Despite the inspection scandal, Nissan sold 5.77 million vehicles in the past fiscal year -- a gain of 2.6 percent year-on-year.

Nissan, allied with Renault SA of France, is expecting global vehicle sales to grow this fiscal year to 5.925 million vehicles.

Last week, Toyota also reported a record full-year net profit thanks to a weaker yen and US tax cuts, but warned about the outlook for the current fiscal year.

Honda Motor has said its annual net profit grew more than 70 percent but net profit is forecast to drop more than 46 percent chiefly due to a higher yen.

A rise in protectionism, geopolitical uncertainty, or a stalled reform agenda in the euro area may negatively affect export prospects, weigh on investment, and rekindle financial stress.