Emirates News

Oman oil price (June delivery 2024) on Tuesday reached $88.68, comprising a rise by $1.84 compared to Monday’s price which stood at $86.84.

The average price of Oman oil (April delivery 2024) stabilized at $80.85 per barrel, thus $2.10 per barrel higher than March delivery 2024.

Source: Qatar News Agency

HE Minister of Finance Ali bin Ahmed Al Kuwari met here today with Chairperson, CEO and Co-Founder of Blackstone Group, a leading asset management firm, Stephan Schwarzman.

During the meeting, they discussed key financial and investment developments, and explored areas of joint cooperation.

Source: Qatar News Agency

Doha: Old Doha Port has announced a strategic partnership with a number of marinas in Qatar, with the aim of enhancing cooperation to provide comprehensive solutions and exclusive services to boat and yacht owners.

The most prominent marinas included in the partnership, which is the first of its kind in the field of marine tourism, are Ronautica Middle East Marina (operator of the Pearl Island Marina), Banana Island Resort in Doha, Aura Group (Beef Bar Marina), and Resorts and Leisure Facilities Company’s marinas (Corinthia Yacht Club in Porto Arabia).

In a statement today, Executive Director of the Old Doha Port, Mohammed Abdullah Al Mulla, expressed happiness with the partnership which, he stressed, represents a pivotal step towards unifying the strengths and diversifying the experiences available to boat and yacht owners, pointing out the possibility of benefiting from the unique offers available in each marina.

Old Doha Port seeks to enhance the experience of participants in this event, to develop and
support the goal of making the State of Qatar a global specialized destination in the field of yachting.

He stressed the importance of this initiative, led by the Old Doha Port, to advance the culture of the maritime sector in Qatar and set new standards for luxury and excellence in service provision by pooling resources and unifying common goals.

Source: Qatar News Agency

Doha: United Development Company’s (UDC) announced its financial results for the first quarter of 2024, reporting net profit of QR 76 million in comparison to net profit QR 88 million for the same period of the previous year, a decrease of 13.6%.

UDC, the master developer of The Pearl and Gewan Islands, said that the Earnings per Share (EPS) amounted to QR 0.020 as of March 31, 2024 versus Earnings per Share (EPS) QR 0.025 for the same period in 2023.

UDC added that it achieved revenues of QR 471 million, and that it strives to achieve balance between revenue and expenses reducing the impact of increase in financing cost in the first quarter of the year 2024.

Established in 1999, UDC was first listed on the Qatar Exchange in June 2003. It has an authorized share capital of QR 3.5 billion and total assets of QR 19.5 billion as at March 31, 2024.

UDC activities cover a multitude of vital investment sectors including real estate development, property management, infrastructure and utilities, maritime, and ho
spitality related businesses.

Source: Qatar News Agency

Doha: The Qatar Chamber (QC) discussed with a delegation of Jordanian manufacturers ways to promote bilateral cooperation relations, available industrial opportunities, and the partnership between the private sectors of both countries.

This came in a joint meeting, held at QC headquarters on Wednesday, between the Jordanian delegation and Qatari businesspersons in the presence of QC Second Vice-Chairman Rashid bin Hamad Al Athba and QC Board Member and Chairman of the Industry Committee Abdulrahman Al Ansari.

The meeting explored cooperation between companies from both sides in various sectors such as food processing, agriculture and livestock, plastic and rubber industries, timber and furniture, clothing, construction, chemicals, paper and carton, and packaging.

In his remarks, QC Second Vice-Chairman Rashid bin Hamad Al Athba praised the developed Qatari-Jordanian relations in all sectors, especially trade and economy. He noted that Qatar is one of the largest investors in Jordan, indicating that Qatari
investments include various sectors such as real estate, tourism, banking, healthcare, energy, and oil derivatives.

He pointed out that various Jordanian companies are operating in Qatar, whether in full capital or with Qatari partners, in sectors like trading, contracting, construction, interior design, maintenance, events, real estate brokerage, services, education, carpentry, prefabricated kitchens, and others.

Al Athba stressed the significance of enhancing cooperation between the private sector in both countries, noting that it will contribute to developing the bilateral trade exchange, which reached QR 746 million last year compared with QR 660 million in 2020, an increase of 13 percent.

He also emphasized the importance of activating the business council and intensifying mutual visits between business delegations from both sides, calling Jordanian companies to take advantage of the investment climate in Qatar and incentives offered for foreign investors. Al Athba also highlighted that Qatar attached
the industrial sector great importance, pointing out that it offers a host of incentives such as the allocation of lands, the exemption of customs duties on imported machinery, equipment, and raw materials, and the exemption of income tax for a duration up to ten years, as well as the provision of electricity at reasonable prices.

For his part, Chairman of the Jordan and Amman Chambers of Industry Eng. Fathi Al Jaghbir commended the fraternal relations between both countries, praising the development of the Qatar industry sector.

Al Jaghbir underscored the significance of bolstering cooperation between both sides in industry and streamlining procedures of exporting manufactured products between both countries. He proposed holding a joint business forum between businessmen and manufacturers in Amman to explore new horizons of cooperation and investment opportunities available in the industrial sector.

In turn, Abdulrahman Al Ansari emphasized the importance of strengthening cooperation between both parties
in industrial fields, noting that Qatar is characterized by the provision of raw materials in the petrochemical and energy sectors which drove the growth in petrochemical industries. He assured the Qatari side’s preparedness to examine opportunities available in Jordan in the industry sector to establish joint ventures whether in Qatar or Jordan.

The Jordanian delegation gave a presentation about the industry sector in Jordan and the investment incentives provided by the government to attract foreign investments to the sector.

Source: Qatar News Agency