Latest news with #QR2.2
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
Qatar Chamber signs slew of agreements with Hong Kong
Tribune News Network Doha Qatar Chamber (QC) signed on Monday five memoranda of understanding (MoUs) with the Hong Kong General Chamber of Commerce, the Federation of Hong Kong Industries, the Hong Kong Investment Authority, the Hong Kong Trade Development Council, and the Hong Kong Banking Association. Additionally, the Qatar International Centre for Conciliation and Arbitration (QICCA) signed an MoU with the Hong Kong Bar Association. These agreements were signed during a meeting between Qatar Chamber and John Lee, chief executive of the Hong Kong Special Administrative Region of China, who was accompanied by a high-level delegation comprising chairmen and founders of leading private and public companies from Hong Kong and mainland China. The meeting was attended by Minister of Finance HE Ali bin Ahmed Al Kuwari, Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al Thani, several members of the chamber's board of directors and a group of prominent Qatari businessmen. John Lee emphasised the strength of the economic and trade relations between Qatar and Hong Kong, affirming a shared commitment to further strengthening cooperation in the commercial, financial, and technological sectors. He noted that Qatar is one of the world's largest exporters of natural gas and a country with a thriving and diversified economy. He added that Qatar is currently Hong Kong's third-largest trading partner in the Middle East, and that Hong Kong is eager to build upon this distinguished partnership. Jogn Lee pointed out that the MoUs signed between the two sides during the visit would enhance cooperation in key sectors such as trade, economy, investment promotion, tourism, technology, and infrastructure. He affirmed that the agreements are expected to pave the way for the establishment of more commercial partnerships. Minister of Finance emphasised the deep relations between Qatar and Hong Kong, particularly in trade and investments, noting that there are venues of cooperation between business sectors of both countries to strengthen trade and capitalize on the existing relations in various sector such as tourism and aviation. Al Kuwari also pointed out that Hong Kong serves as a gateway for Asia, while Qatar serves as a gateway to the Middle East regions, highlighting that such business forums and MoU would contribute to developing commercial relations between both countries. In his remarks, Sheikh Khalifa praised the strong and steadily growing relationship between Qatar and Hong Kong, which is built on mutual trust, shared economic goals, and a joint commitment to creating new opportunities. He emphasised both sides' interest in deepening cooperation across various sectors, with a particular focus on the private sector—especially in trade, investment, finance, and smart industries. 'Trade exchange between the two sides witnessed a remarkable 70 percent growth, reaching QR2.2 billion in 2024, compared to QR1.3 billion in 2023,' he noted. He also highlighted Qatar's broader trade ties with China, stating that the total volume of trade between Qatar and China exceeded QR80 billion in 2024, of which QR62 billion represented exports—primarily natural gas and refined oil products. Sheikh Khalifa commended Hong Kong's achievements over the decades, highlighting its position as one of the world's leading economic and financial centres, its long-standing history of innovation and smart services, and its role as a pivotal trade gateway with an open and dynamic economic environment. 'This aligns with Qatar's future vision of building a diversified and sustainable economy founded on advanced knowledge and technology,' he said. Qatar Chamber's chairman emphasised the chamber's commitment to strengthening cooperation with the business community in Hong Kong and exploring joint investment opportunities. He highlighted that Qatar offers a wide array of economic prospects across key sectors, including artificial intelligence, infrastructure, financial services, advanced technology, energy, smart industries, and high-quality modern services. He further noted that Qatar has enacted a series of reforms and initiatives aimed at enhancing its investment climate and fostering a stable, business-friendly environment. These include the establishment of an advanced regulatory framework, the development of strategically located free zones that offer streamlined market access, simplified procedures supported by world-class infrastructure, and a range of tax exemptions. For his part, Daniel Lam, chairman of the Hong Kong Trade Development Council (HKTDC), emphasised the growing trade and investment cooperation between Hong Kong and the State of Qatar. He noted that the event aimed at deepening trade and investment relations with Hong Kong's key partners, expressing his eagerness to showcase numerous commercial opportunities. Lam highlighted Hong Kong's position as an ideal business platform across various sectors, including both traditional industries and emerging fields such as sustainability and environmentally friendly technologies. He also underlined Hong Kong's strategic role as a gateway to the Chinese market and reaffirmed the HKTDC's commitment to strengthening trade relations with Qatar. Meanwhile, Qatar Chamber hosted a roundtable meeting with John Lee, which was attended by several members of the chamber's board members. The meeting discussed ways to enhance bilateral cooperation, the investment climate, and opportunities for partnership, particularly in sectors such as financial and professional services, infrastructure and real estate, transportation and logistics, innovation and technology, manufacturing, and energy. Speaking at the meeting, John Lee thanked the chamber for hosting the meeting, affirming his country's eagerness for closer relations with Qatar at all fields. He pointed to the 35 MoUs signed between both parties, hoping it serves as a springboard for further cooperation between both sides. In turn, HE Sheikh Khalifa bin Jassim commended the signed MoUs between Qatari and Hong Kong companies and institutions, indicating that Qatari business community is keen to bolster relations with its counterpart from Hong Kong in various sectors such as technology and innovation, and others. QC board member Mohamed bin Ahmed Al Obaidli said that there are many promising sectors for cooperation between the private sectors on both sides, especially the financial and technological sector. He highlighted that Qatar welcomes all investments from all world countries. During the meeting, presentations were delivered from Invest Qatar and Hong Kong General Chamber of Commerce.
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
Qatar Chamber signs five MoUs with Hong Kong institutions
DOHA: Qatar Chamber has signed five Memoranda of Understanding (MoUs) with the Hong Kong General Chamber of Commerce, the Federation of Hong Kong Industries, the Hong Kong Investment Authority, the Hong Kong Trade Development Council, and the Hong Kong Banking Association. Additionally, the Qatar International Centre for Conciliation and Arbitration (QICCA) signed an MoU with the Hong Kong Bar Association. These agreements were signed during a meeting between Qatar Chamber and Chief Executive of the Hong Kong Special Administrative Region of the People's Republic of China HE John Lee, who was accompanied by a high-level delegation comprising chairpersons and founders of leading private and public companies from Hong Kong and mainland China. The meeting was attended by Minister of Finance HE Ali bin Ahmed Al Kuwari; Chairman of Qatar Chamber HE Sheikh Khalifa bin Jassim Al Thani; several members of the Chamber's Board of Directors; and a group of prominent Qatari businessmen. In his remarks, Chairman of Qatar Chamber Sheikh Khalifa bin Jassim Al Thani praised the strong and steadily growing relationship between Qatar and Hong Kong, which is built on mutual trust, shared economic goals, and a joint commitment to creating new opportunities. He emphasized both sides' interest in deepening cooperation across various sectors, with a particular focus on the private sector-especially in trade, investment, finance, and smart industries. "Trade exchange between the two sides witnessed a remarkable 70 percent growth, reaching QR2.2 billion in 2024, compared to QR1.3 billion in 2023," he noted. He also highlighted Qatar's broader trade ties with China, stating that the total volume of trade between Qatar and the People's Republic of China exceeded QR80 billion in 2024, of which QR62 billion represented exports-primarily natural gas and refined oil products. Sheikh Khalifa commended Hong Kong's achievements over the decades, highlighting its position as one of the world's leading economic and financial centers, its long-standing history of innovation and smart services, and its role as a pivotal trade gateway with an open and dynamic economic environment. "This aligns with Qatar's future vision of building a diversified and sustainable economy founded on advanced knowledge and technology," he said. Qatar Chamber's Chairman emphasized the Chamber's commitment to strengthening cooperation with the business community in Hong Kong and exploring joint investment opportunities. He highlighted that Qatar offers a wide array of economic prospects across key sectors, including artificial intelligence, infrastructure, financial services, advanced technology, energy, smart industries, and high-quality modern services. He further noted that Qatar has enacted a series of reforms and initiatives aimed at enhancing its investment climate and fostering a stable, business-friendly environment. These include the establishment of an advanced regulatory framework, the development of strategically located free zones that offer streamlined market access, simplified procedures supported by world-class infrastructure, and a range of tax exemptions. For his part, Chairman of the Hong Kong Trade Development Council (HKTDC), Peter Lam, emphasized the growing trade and investment cooperation between Hong Kong and the State of Qatar. He noted that the event aimed at deepening trade and investment relations with Hong Kong's key partners, expressing his eagerness to showcase numerous commercial opportunities. Lam highlighted Hong Kong's position as an ideal business platform across various sectors, including both traditional industries and emerging fields such as sustainability and environmentally friendly technologies. He also underlined Hong Kong's strategic role as a gateway to the Chinese market and reaffirmed the HKTDC's commitment to strengthening trade relations with Qatar. Meanwhile, Qatar Chamber hosted a roundtable meeting with John Lee, which was attended by several members of the Chamber's Board Members. The meeting discussed ways to enhance bilateral cooperation, the investment climate, and opportunities for partnership, particularly in sectors such as financial and professional services, infrastructure and real estate, transportation and logistics, innovation and technology, manufacturing, and energy. The QC chairman commended the signed MoU between Qatari and Hong Kong companies and institutions, indicating that the Qatari business community is keen to bolster relations with its counterpart from Hong Kong in various sectors such as technology and innovation, and others. QC board member Mohamed bin Ahmed Al Obaidli said that there are many promising sectors for cooperation between the private sectors on both sides, especially the financial and technological sectors. He highlighted that Qatar welcomes all investments from all world countries. During the meeting, presentations were delivered by Invest Qatar and Hong Kong General Chamber of Commerce.
Trade Arabia
13-04-2025
- Business
- Trade Arabia
Qatar's hotel revenue set to reach nearly $537m by 2025
Qatar's hotel market is positioning itself as a leader in the hospitality industry by not only offering world-class accommodations but also aligning with the growing global trend toward sustainable travel, reported The Peninsula. The market is poised for significant growth, with projections indicating a surge in hotel revenue to $536.67 million (QR1.9 billion) by the year-end, as reported by Statista. Analysts indicate that this is part of a larger upward trend that is expected to continue throughout the decade, as the market is anticipated to grow at a compound annual growth rate (CAGR) of 3.22 per cent from 2025 to 2029. By 2029, Qatar's hotel market is forecasted to reach a market volume of $609.19m (QR2.2 billion). The data notes that this remarkable expansion is a direct result of Qatar's increasing prominence as a global tourism destination, driven by both its booming economy and its investments in infrastructure ahead of major international events such as the 2022 FIFA World Cup. A key factor behind this market growth is the rising number of users in Qatar's hotel sector. By 2029, the number of users in the market is expected to reach 1.23 million, a significant increase from the 35.5 per cent user penetration rate in 2025. This penetration is expected to rise to 43.2 per cent by 2029, reflecting the growing appeal of Qatar's hotel offerings. Statista states that with an average revenue per user (ARPU) expected to be QR1.9 billion, the market's expanding user base will contribute heavily to its financial performance. The data mentions that this trend within hospitality points to the dominance of online sales, which is expected to account for 87 per cent of the total revenue in the hotel market by 2029. As more tourists turn to digital platforms for booking their stays, hotel operators are enhancing their online presence and streamlining the booking process to meet the growing demand for convenience and accessibility. This shift towards online transactions is likely to be fueled by advances in technology, such as mobile apps and AI-driven platforms, which are reshaping the way consumers interact with the hotel industry. Statista indicates that Qatar's hotels are adapting to this changing landscape by focusing on luxury, innovation, and sustainability, making the country a desirable destination for high-end tourists. New developments emphasise eco-friendly practices, advanced technology, and unparalleled luxury services to attract affluent visitors. In comparison to other markets, such as the United States, which is expected to generate $115 billion (QR418.71 billion) in hotel revenue in 2025, Qatar's relatively smaller market is showing impressive growth. Qatar's unique blend of luxury and sustainability continues to set it apart, ensuring it remains an attractive destination for both leisure and business travellers.
