Latest news with #QR8bn
Zawya
21-04-2025
- Business
- Zawya
Qatar-Australia trade grows 10.2%, cementing strong ties
Doha, Qatar: The Qatar-Australia relationship is robust and steadily growing, with Qatar ranking among Australia's top three trading partners in the MENA region. The two-way trade in goods and services reached A$3.4bn (QR8bn) as of 2023, reflecting an increase of 10.2 percent from 2022, an official explained. In an exclusive interview with The Peninsula, Gonul Serbest, Commissioner for Victoria to Europe, the Middle East, Turkiye, and Africa at the Victorian Government Trade and Investment, noted that the Australian state of Victoria and Qatar play a key role in strengthening trade ties, especially in education, health, research, and innovation. 'Victoria state is pleased to be able to contribute to this momentum, and while our exports to Qatar have traditionally been dominated by agricultural goods, in particular meat and dairy, we are seeing a diversification of exports given Qatar's bold vision and post-World Cup legacy initiatives,' she said. From an investment perspective, Australia and Qatar Airways have played a vital part in connecting the two regions. Serbest said, 'Last year marked 15 years of direct flights between Melbourne and Doha, which has been a key enabler of trade, tourism, and people-to-people links.' 'Melbourne-Doha was the airline's first Australian route, beginning December 2009. Qatar Airways is also a key supporter of Victoria's sport and major events calendar, given its role as Global Partner and Official Airline of the Australian Formula 1 in Melbourne and Official Airline & Cargo Airline Partner of MotoGP in Philip Island,' she said. The official stated that while there is a strong foundation and positive momentum, there is still room to strengthen and diversify the relationship further as the countries continue to build on this base, supporting more Qatari Australian collaborations in the years ahead. To strengthen the relationship between Victoria and Qatar, Serbest visited Doha this year and held talks with senior representatives from key organisations, including the Qatar Foundation, Invest Qatar (the Investment Promotion Agency of Qatar), the Qatar Chamber of Commerce, Qatar Airways, and Aspire Academy. She said, 'Our discussions focused on expanding and deepening bilateral trade and investment ties, particularly in sectors where there is strong alignment and synergies such as sports, education, health, climate action, technology, and of course, food and agriculture.' In terms of the education sector, she said Victoria is a 'global leader' in quality, innovation, and inclusion. There are currently several ongoing conversations between Qatari and Victorian universities to collaborate in teaching bachelor, and postgraduate courses in Qatar. Serbest said, 'This presents an exciting and promising development in the relationship.' On the other hand, she lauded Qatar's heritage and tradition and was 'deeply impressed' with the city's commitment to design excellence and modern architecture with its cultural identity. 'It's a powerful example of how design can elevate urban environments while honouring cultural roots,' she said. Serbest emphasised that Sport is a 'powerful connector' between the two countries as she noted that Victoria is uniquely positioned to drive economic development through various sports, including the Grand Slam tennis tournament and Formula 1 Grand Prix. 'Qatar has emerged as a global player and hub for major sporting events, with a growing focus on grassroots development, and therefore, the potential for collaboration is significant,' she added. The Commissioner also praised the support and leadership of the Australian Embassy in Doha, Ambassador H E Shane Flanagan, and the team. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. ( The Peninsula Newspaper
Zawya
21-02-2025
- Business
- Zawya
Qatar's QSE index maintains upward trend buoyed by positive corporate earnings
DOHA: The Qatar Stock Exchange (QSE) index witnessed gains for the second month albeit marginally with a growth of 0.9% in January-2025. The QE 20 index closed the month at 10,666.7 points and has maintained a rising trend since the start of this year and surpassed the 10,600 level, buoyed by expectations of positive corporate earnings. The Qatar All Share Index witnessed a relatively smaller gain of 0.5% during the month, noted a report by Kamco Invest. The sector performance chart also reflected the gains in the aggregate benchmark with all the sectors showing gains, barring the Banks & Financial Services index that showed decline of 2.2%, during the month. The monthly sector performance chart was topped by Telecoms index with a gain of 12% followed by the Industrials and Insurance indices with gains of 3.2% and 2.3%, respectively. Both the stocks in the telecom sector recorded gains during the month with Vodafone Qatar reporting double-digit gain of 12.6%. On the other hand, the Banks & Financial Services index reported the biggest decline during the month at 2.2%. In the Qatari Banking sector, shares of six out of nine banks reported a decline during January 2025. Gains for the Industrial index was mainly led by shares of Qatar Aluminum Manufacturing and Qatari Investors Group which were up by 12.8% and 7.3%, respectively, during the month. Trading activity improved during the month as compared to the previous month. Total volume traded increased by 33.3% to 3.2 billion shares in January-2025 versus 2.4 billion shares in December-2024. Value traded during the month also gained by 19.7% to reach QR8bn as compared to QR6.7bn during December-2024. Ezdan Holding Group topped the monthly volume chart with 434.2 million traded shares followed by Qatar Aluminum Manufacturing Company and Baladna at 294.9 million shares and 175.5 million traded shares, respectively. On the monthly value traded chart, QNB topped with shares worth QR0.9bn traded during the month followed by Industries Qatar and Dukhan Bank with value traded at QR0.52bn and QR0.50bn, respectively. In full year earnings releases, QNB's net profit reached QR16.7bn in 2024, up 8% compared to 2023, driven by 7% growth in loans and advances that reached QR911bn ($250bn) while customer deposits grew by 3% to reach QR887bn ($244bn). The board of QNB proposed a cash dividend payout ratio of 37% of nominal share value (QR0.37 per share) for H2-2024. Similarly, QIB's net profit surged 7% in 2024 to reach QR4.6bn versus QR4.3bn and the board proposed a dividend distribution of QR0.55 per share. Meanwhile, net profits for Commercial Bank of Qatar increased by 1% to QR3.03bn in 2024 from QR3.01bn in 2023 led by the 10.7% increase in net fees and commission income that reached QR891.9m. The report also noted that the GCC equity markets started the year on a positive note, in line with most other global indices that witnessed gains at the start of the year, reversing the declines seen during December-2024. Kuwait was the best performing market in the GCC during the month with a gain of 5.7%, the biggest monthly gain in twelve months, highlighting gains across all segments on Boursa Kuwait. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
