Latest news with #SanthoshV.Perumal
Zawya
28-04-2025
- Business
- Zawya
Doha Port achieves 'remarkable' growth in 2024: Mwani Qatar
In the current season, which began in October 2024 and ended in April 2025, Doha Port welcomed 95 cruise calls, including 33 turnaround calls, 11 homeporting calls and five maiden calls, bringing over 430,000 visitors to Qatar, Mwani Qatar said in its annual report Doha Port, which is Qatar's gateway to marine tourism, continues to play a pivotal role in advancing the country's cruise tourism with it achieving remarkable annual growth of 27% in visitors and 33% in ships arrival during the previous season, which ended in April 2024, according to Mwani Qatar. In the current season, which began in October 2024 and ended in April 2025, Doha Port welcomed 95 cruise calls, including 33 turnaround calls, 11 homeporting calls and five maiden calls, bringing over 430,000 visitors to Qatar, Mwani Qatar said in its annual report. The reporting period for Doha Port spans from January to December, but the cruise season runs from September to April. The 2024 season witnessed the arrival of notable ships such as Mein Schiff 4, MSC Euribia, AIDAprima, Costa Smeralda, Norwegian Sky, and Celestyal Journey, further solidifying Qatar's growing status as a premier global cruise destination. The year saw 23 cruise calls from Florida-headquartered Carnival, 18 from MSC, 15 from Germany-based TUI, eight from Resorts World Cruises, six from Ponant Luxury Cruise, five from Celestyal Cruises, two from Norwegian Cruise Line and one from Plantours. The Doha Port witnessed the arrival of as many as 74,441 passengers and 21,278 crew in January 2024; 70,826 and 19,453 in February; 47,873 and 13,376 in March; 4,051 and 967 in April; 22,660 and 10,733 in November and 73,966 and 25,190 in December. In 2024, a total of 293,817 visitors had arrived in the port. The port received as many as 19 cruise ships in January, 14 in February, 11 in March, 1 in April, 9 in November and 25 in December. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
Zawya
14-04-2025
- Business
- Zawya
Sports tourism a vital growth driver for Qatar: PwC
Qatar - Sports tourism remains a vital growth driver with FIFA World Cup 2022 generating an estimated $2.3-4.1bn in tourism spending and broadcasting revenue, contributing $1.6-2.4bn to Qatar's gross domestic product (GDP), according to PricewaterhouseCoopers (PwC). 'This success has created a positive impact boosting the tourism and hospitality sectors across the region by up to 30%,' PwC said, adding the Middle East region's sports market is projected to grow at an 'impressive' rate of 8.7% over the next three to five years, outpacing the global average of 7.3%. This growth (in the Middle East sports sector) will be fuelled by significant investments in premium sports properties and infrastructure, alongside ambitious initiatives to increase grassroots participation, it said, adding 'looking ahead, the region's sports sector faces both opportunities and challenges as it balances commercial growth with sustainable development.' Qatar continues to leverage its post-World Cup momentum through strategically bidding for, and hosting, major sporting events such as the FIFA Arab Cup in 2025, 2029 and 2033; FIFA U17 World Cup in 2025 through 2029 and the Web Summit for 2024 through 2028, PwC said. Highlighting that Qatar's successful hosting of the 2022 FIFA World Cup and Saudi Arabia's selection for the 2034 edition demonstrates the region's capability; the report said the region's position in global sports investment has strengthened significantly. Sovereign wealth funds, including Middle Eastern funds, now lead 24% of global sports investments, it said, adding Qatar Sports Investments' $200mn investment in Monumental Sports, which owns clubs and arenas in the US, reflects a growing focus on international portfolio. Finding that the region is pioneering new commercial models, notably in emerging sports sectors; it said Qatar's investments in Formula 1, the UAE's development of combat sports, and Saudi Arabia's Esports initiatives demonstrate the breadth of commercial opportunities being pursued. The Middle Eastern sports consumer is highly digitally engaged, with over-the-top (OTT) services like Shahid VIP and beIN Connect revolutionising how fans consume sports content. Innovations from entities like the Qatar-based SponixTech (immersive replays) and Saudi Arabia-based Fanera (fan experience platforms) underscore the region's leadership in digital sports transformation. Social media is a key driver of fan engagement, with platforms like TikTok, Instagram, and X playing a central role; PwC said penetration rates in the Middle East highlight the widespread use of social platforms, with the UAE at 115%, Saudi Arabia at 96.2% and Qatar at 96.8%. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
Zawya
24-03-2025
- Business
- Zawya
Qatar's inflation to average to 1.6% in 2025 from 1.1% in 2024
Qatar's consumer price index (CPI) inflation is expected to average to 1.6% in 2025 compared to 1.1% the previous year, according to the Institute of Chartered Accountants of England and Wales (ICAEW) report. "Our 2025 average inflation forecast remains at 1.6%, up from 1.1% last year. Survey data suggest inflation was mild in January, as firms absorb rising input costs rather than pass them on to consumers as they prioritise increasing sales volume," said the ICAEW report, prepared by Oxford Economics. According to the latest Article IV report on the country, the International Monetary Fund had said Qatar's headline inflation will likely ease to 1% in 2024 and converge to around 2% over the medium term. The ICAEW report said policy easing by the Qatar Central Bank (QCB) will now be slower, as it thinks the US Federal Reserve will hold policy steady until December, when it expects a 25 bps (basis points) rate cut. "This is down from our previous forecast of three rate cuts this year," it added. The IMF had said inflation (in Qatar) declined from 5% in 2022 to 3% in 2023 (period average). It decelerated further to 1.2% in 2024 through October as rent and recreation services inflation weakened. Producer price and wage inflation remained contained. Forecasting that the aggregate GCC (Gulf Co-operation Council) inflation projection for 2025 remains at 2.3%; ICAEW said "we see inflation stabilising around 2% in the medium-term". Recent readings show inflation is below 1% in Bahrain, Oman and Qatar, while in Saudi Arabia, the region's largest economy, inflation averaged 1.7% in 2024, driven almost exclusively by upward pressure from housing rents. Housing prices are also pushing inflation up in Dubai, where inflation readings have hovered around 3%, but this is offset but much lower readings in other emirates. At 2.9%, Kuwait had the highest inflation rate in the region in 2024. Inflation in Bahrain has remained low, averaging 0.9% in 2024, with prices of food and restaurant hotels being the key driver of upward pressure, ICAEW said, adding "we think prices will rise to 2.8% this year, which may hinder consumer spending, before stabilising around 2% in the medium-term." Finding that policy easing by GCC central banks will now slow against the backdrop of US dollar-pegged currencies; the report said the US Federal Reserve delivered a cumulative 100bps of cuts in 2024 before pausing in January and "we now think it will hold policy steady until December, when we expect a 25 bps rate cut." Consequently, the recent pick-up in lending growth may lose momentum in the near-term, albeit remaining supportive for non-energy sector growth, it added. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
Zawya
20-03-2025
- Business
- Zawya
North Field gas expansion to have a positive medium-term impact; Qatar GDP to more than double in 2026: ICAEW
Qatar's economy is slated to expand by 2.1% this year, with growth expected to more than double in 2026 as additional LNG (liquefied natural gas capacity) comes online, the Institute of Chartered Accountants of England and Wales (ICAEW) has said in its latest report. Estimating that the economy to have grown by 1.9% last year, it said the recent third quarter (Q3) gross domestic product (GDP) revealed output grew by 2% year-on-year, lifting the expansion in the first three quarters of last year to 1.4%. The near-term outlook for the energy sector remains weak and expected to grow by just 0.6% this year, it said, adding this will still be an improvement on last year – weak industrial production data for Q4 (fourth quarter) confirm energy output likely contracted overall, according to the report. The oil output has been relatively flat in recent years at around 600,000 barrels per day. However, the North Field gas expansion project will have a positive medium-term impact as the LNG capacity is raised to 126mn tonnes per annum or Mtpa in 2027, from 77 Mtpa currently. The report projected the non-energy economy will grow by 2.9% this year, remaining the primary growth engine and mitigating weakness in industry. Overall, the non-energy sectors continued to drive growth, boosting the expansion in the first three quarters to 2.9% y/y, while the continued decline in energy sector output resulted in a contraction to 1.1% over the same period. Tourism has provided significant support to non-energy growth and will remain a driver of future activity and employment, the ICAEW said. Data show the number of foreign arrivals neared 4.5mn last year up to November amid sustained double-digit annual growth. "We estimate overnight arrivals reached 5mn by end-2024, a 23% increase on 2023 and 134% higher than 2019 levels. The launch of the pan-GCC (Gulf Cooperation Council) visa will likely help extend the positive performance this year, lifting the number of arrivals to 5.3mn," according to the report. Forecasting fiscal surplus of QR27.3bn (3.3% of GDP), it said this is a significantly better outcome than the deficit of QR13.2bn penciled into this year's budget. Given this projected gap and a nearing maturity, Qatar returned to debt markets this month, raising $3bn in a double-tranche, oversubscribed transaction. The bonds will not be included in the universally tracked emerging market bond index, following a recent reclassification to a developed market from an emerging markets status. The goods trade surplus remained wide in 2024, although it narrowed to $59.2bn from $66.3bn a year earlier, reflecting slightly weaker exports and stronger imports. "We expect the surplus to widen modestly this year, which underpins the broader external surplus projection for 2025 of $34bn (14.9% of GDP). © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
Zawya
20-03-2025
- Business
- Zawya
Middle East commercial fleet to grow 5.1% annually: Oliver Wyman
Representing just over 60% of this market, Saudi Arabia and the UAE are leaders of this growth in the region, with carriers in each serving the market differently. The Middle East commercial aviation market is expected to trend upward, supported by a growing demand for air travel, budget carriers entering the market, and significant aircraft orders, according to Oliver Wyman, a leading international management consulting firm. The region's fleet is projected to grow at an annual 5.1%, driven primarily by narrow bodies; it said its latest report. In a region where wide bodies have long dominated, the report said narrow bodies will climb from 43% to 47% of the fleet over the decade, equalling wide bodies' share of the fleet. Representing just over 60% of this market, Saudi Arabia and the UAE are leaders of this growth in the region, with carriers in each serving the market differently. In Saudi Arabia, domestic flying makes up 45% of seats whereas the UAE air travel is solely based on international traffic. Both countries have plans to significantly grow and monetise their aviation-related assets. In Saudi Arabia, the Vision 2030 plan seeks to diversify the economy through investment, especially targeting growth in tourism. The next largest is Qatar, representing another 15% of the market, it said, adding the market has essentially doubled its capacity every six years. Despite this growth, the region has struggled with profitability given the competitive nature of the market and the domination of Emirates and Qatar Airways in the region, particularly when it comes to product offerings. The global fleet is projected to exceed 38,300 aircraft by 2035, with production challenges prompting airlines to delay retiring older planes, pushing up the average age of the fleet. Narrow body aircraft will continue to dominate the future fleet, with the share increasing from 62% to 68% by 2035. North America will continue to remain the largest market, but emerging regions like China, India, and the Middle East are expected to capture a larger share, highlighting the shifting dynamics in the global aviation sector, according to the report. The Middle East will continue to see its global maintenance, repair and overhaul (MRO) market share increase, driven by a large order book, especially for the narrow body A320 and 737 MAX aircraft. Legacy wide body fleet types, such as the A380 and 777, will raise MRO demand, along with new entrants including the A350 and 777X. While currently comparable in market size to Asia's MRO demand, MRO in the Middle East will grow at a slightly more modest annual rate of 2.4% over the next 10 years, the report said. Despite this lower rate, the (Middle East) region will gain 25% in market size by the end of the forecast period. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Santhosh V. Perumal
