MoCI shuts three commercial outlets for 30 days
DOHA
The Ministry of Commerce and Industry (MoCI) has issued administrative decisions to close three commercial establishments for 30 days each as a result of failing to provide the agreed-upon guarantees to the consumer.
In a social media post, the ministry said the decisions were issued due to the establishments' violation of the provisions of Article (16) of Law No. (8) of 2008 regarding consumer protection and its executive regulations. The commercial establishments concerned with the violation are Al-Bahar Al-Abyad for Trade and Shipping Services, Silver Fouji for Elevators, and MBI for Glass and Décor.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Qatar Tribune
an hour ago
- Qatar Tribune
GCC asset management industry reaches $2.2 trillion in 2024, registers 9% growth, says BCG report
Tribune News Network Doha The Gulf Cooperation Council (GCC) asset management sector reached $2.2 trillion in Assets under Management (AuM) in 2024, marking a 9 percent increase over the previous year, according to the 23rd edition of the Global Asset Management Report by Boston Consulting Group (BCG), titled 'From Recovery to Reinvention.' In the retail mutual fund sector, Saudi Arabia and the UAE have been the primary drivers of growth, while sovereign wealth funds in Abu Dhabi and Kuwait continue to manage the largest volumes of assets in the region. The report highlights that the revenue growth in 2024 was largely driven by market performance rather than investor inflows, underscoring the industry's vulnerability to external market forces. At the same time, persistent fee compression, shifting investor preferences, and digital disruption are prompting firms to rethink business models, innovate on costs, and sharpen their strategic focus. Lukasz Rey, Managing Director & Partner and Middle East Head of Financial Institutions at BCG, observed, 'The next decade's leaders will be those who redefine their future, not just endure challenges. The GCC's 9% AuM growth in 2024 highlights its rising prominence as a hub for both institutional and retail capital. With Saudi Arabia and the UAE anchoring regional momentum and sovereign wealth funds dominating the market, local asset managers have the potential to compete with global giants. Recent market volatility provides an opportunity for change, encouraging asset managers to move from recovery to innovation and reimagine value delivery, client engagement, and business operations.' Mohammad Khan, Managing Director & Partner at BCG, added, 'The GCC's asset management industry has shown remarkable resilience and strategic growth, achieving $2.2 trillion in AuM in 2024. The expansion of retail mutual funds led by Saudi Arabia and the UAE, alongside the dominance of sovereign wealth funds in Kuwait and Abu Dhabi, underscores the region's growing influence as a global financial powerhouse. This growth reflects not just recovery, but a deliberate shift toward innovation and operational excellence. The next decade will reward asset managers who prioritise client-centric transformation, technological advancement, and leaner business models, positioning the GCC to rival global industry leaders.' The report also emphasises the evolving landscape of the region's asset management industry. Asset managers are increasingly seeking opportunities to develop new products that cater to changing investor demands, particularly in active exchange-traded funds, model portfolios, and separately managed accounts. The sector is also expanding access to private assets for retail clients, with semi-liquid private asset funds growing more than fivefold in four years to exceed $300 billion. This growth is fueled by strong demand for better risk-adjusted returns and long-term performance, though challenges remain in navigating regulatory requirements, simplifying product design, and enhancing investor education. In addition, strategic consolidation and digital transformation are reshaping the industry. Firms are pursuing partnerships and M&A to scale operations, broaden offerings, and strengthen technology capabilities. Large asset managers are leveraging technological synergies and operational efficiencies to reduce costs, while smaller firms are focusing on leaner models. Artificial intelligence, particularly generative AI, is emerging as a key driver in process automation, product delivery, and operational efficiency across front, middle, and back-office functions. Nabil Saadallah, Managing Director & Partner at BCG, concluded, 'Despite historical comparisons being affected by currency adjustments and methodology revisions, the GCC's consistent 9 percent annual growth demonstrates the sector's resilience. Pension funds and sovereign wealth funds in Saudi Arabia and Kuwait are quietly reshaping the region's financial architecture, blending tradition with global asset management rigor. Cost discipline, operational efficiency, and investment in transformative technologies are now central to delivering unique value.' The BCG report makes it clear that the GCC's asset management industry is not only recovering from past challenges but is strategically reinventing itself, positioning the region as a formidable hub capable of competing with global financial centers while fostering innovation, client-centric strategies, and operational excellence.
Qatar Tribune
an hour ago
- Qatar Tribune
German gas drive spurs fears of climate backsliding
Tribune News Network Doha Germany's conservative-led government has launched a drive to rapidly build more gas-fired power plants, fuelling fears about climate policy backsliding and sparking unease even within its own ranks. Chancellor Friedrich Merz's coalition has made reviving Europe's struggling top economy a priority and argues that reliable and affordable energy supplies are crucial for the country's manufacturing titans. But critics charge the bid to boost fossil fuel production is ideologically driven and highlights a shift away from green policies under the new government. Merz leads a coalition that includes his center-right CDU party and junior partners the center-left SPD -- but without the Greens, who were in the last administration. The economy ministry, headed by Katherina Reiche of the CDU, is vocally backing a target of building new gas plants with about 20 gigawatts of power production capacity by 2030. Reiche, a former energy company executive, has argued it is important to 'move very quickly' towards building the plants 'in order to maintain a high level of security of supply in our country'. The goal is to have a backup source of power in times there are shortfalls of renewables, which sometimes happens when the sun is not shining or there is not enough wind. Supporters say more supply is needed in the short term as nuclear power has been switched off in Germany and coal should follow suit in the coming years. They argue natural gas - which emits greenhouse gases but is less polluting than coal - can bridge the gap until enough renewables come online. Under German climate law, the share of renewable electricity consumed in the country should rise to 80 percent by 2030. It stood at around 55 percent in 2024, according to the federal environment agency. Earlier this month, the government agreed gas production could begin off a North Sea island in an area straddling the border with the Netherlands, with a Dutch company planning to extract the fossil fuel, sparking condemnation from environmentalists. Plans to build more gas plants are not new, and the previous government also wanted to expand capacity, but the new targets are around double those of the past. Underlining the new government's changing priorities, Reiche's ministry has been renamed the 'Ministry for Economic Affairs and Energy' - under the Greens in the previous, SPD-led coalition, it was called the 'Ministry for Economic Affairs and Climate Action'.
Qatar Tribune
an hour ago
- Qatar Tribune
MoCI shuts business establishment over consumer protection violations
QNA Doha The Ministry of Commerce and Industry (MoCI) has shut down a commercial establishment and its branches for a 30-day period over consumer protection violations. An MoCI statement said an administrative decision No. 22/2025 was taken against Naseem Al Fajr National Auctions for breaching Article No. (7) of Law No. (8) of 2008 on Consumer Protection and its executive regulations. The closure was based on an inspection campaign that found the establishment involved in changing the country of origin and expiration dates of food products (fish and other marine life goods). The case has been referred to the relevant security authorities. The ministry stressed that this action is part of its ongoing efforts to protect consumer rights, ensure the safety of products in the market, and enhance oversight of illegal commercial practices. It also emphasised that inspection campaigns will be intensified, and necessary measures will be taken against violators. The ministry called on all citizens and residents to report any violations or illegal practices through the call centre at 16001, or via its official accounts on social media platforms.
