Oil prices rise due to the Iranian President’s helicopter accident

Oil prices rose in early Asian trading, today, Monday, continuing last week’s gains against the backdrop of the Iranian president’s helicopter crash, and after the United States bought crude to help refill its national stock.

Brent crude rose 26 cents, equivalent to 0.3%, to $84.24 per barrel by 00:49 GMT, at 3.49 am Saudi time, and US West Texas Intermediate crude rose 15 cents, equivalent to 0.2%, to $80.21 per barrel.

Brent ended the previous week up by about 1%, its first weekly gain in three weeks, while West Texas Intermediate crude rose 2% thanks to improved economic indicators from the United States and China, the largest oil consumers in the world.

Source: National Iraqi News Agency

QFC Hosts Qatar-France Investors Meetup to Strengthen Bilateral Ties

Doha: Qatar Financial Centre (QFC) hosted a Qatar-France Investors Meetup, aimed at strengthening bilateral investment relationships and fostering the development of the financial ecosystem of both nations.

The event convened a distinguished French delegation comprising top-tier asset managers led by HE Minister of Economy, Finance, Industrial and Digital Sovereignty of the French Republic Bruno Le Maire, alongside key Qatar investment stakeholders, including sovereign wealth funds (SWFs), banks, large-scale companies, and insurance.

It offered an unparalleled platform for exploring cooperation and investment prospects, facilitating a deeper understanding of the respective economic landscapes.

In addition, the 1st edition of the Qatar-France Startup Meetup, “Bridging Innovation: AI, Quantum and Digital Collaboration,” was successfully organized simultaneously with a French delegation of innovative startups.

The event, coordinated by Business France Qatar with the active partnership of Qatar Sciences and T
echnology Park and the Ministry of Communication and Information Technology, served as a catalyst for knowledge sharing and future cooperation.

Commenting on the significance of this event, Chief Executive Officer of the QFC Yousuf Mohamed Al Jaida said: “We are delighted to receive the French delegation led by HE French Minister of Economy, Finance, and Industrial and Digital Sovereignty.” “This event serves as a testament to the robust bilateral relations between Qatar and France. It holds particular importance for the QFC as it represents a significant stride towards our mission to strengthen Qatar’s financial sector and create avenues for our stakeholders to form meaningful collaboration and discover new investment opportunities. By facilitating dialogue and informal networking, we are opening gateways that lead business ecosystem growth,” he added.

In turn, HE the Minister of Economy, Finance, Industrial and Digital Sovereignty of the French Republic said: “Im delighted to be in Doha today with a deleg
ation of around 20 French investment funds and 10 start-ups operating in artificial intelligence.” “I would like to warmly thank the Qatar Financial Centre for organizing this investors’ meetup. I believe this opens opportunities for Qatari investors to invest in France in sectors promoted by our France 2030 Vision but also for the French funds to better understand the business-friendly ecosystem developed by Qatar to attract more foreign direct investments and foster economic activities that match with Qatar National Vision 2030 priorities,” His Excellency added.

Over the recent years, the relationship between Qatar and France has flourished, with climbing figures from QR 4.9 billion in 2017 to QR 9.3 billion in 2023. This robust partnership encompasses various sectors including energy, technology, trade, and real estate sectors.

Source: Qatar News Agency

European Stock Indices Close Slightly Higher

European stock indices on Monday closed their trading slightly higher, supported by profits from shares of defense industries companies, but gains remained limited as investors awaited economic data in light of uncertainty about expectations of lowering interest rates.

The Stoxx 600 index rose by 0.1 percent to close below the record high levels recorded last week, as gains were led by shares of the aviation and defense sector, which rose 1.9 percent.

Volkswagen shares fell 1.7 percent after Morgan Stanley downgraded the automaker, while Airbus shares rose 1.2 percent. Equity gains were also limited by a rise in eurozone sovereign bond yields for a second day, with markets awaiting new data on corporate activity in the eurozone this week, which could provide clues to the European Central Bank’s monetary path.

Source: Qatar News Agency

IMF: Qatari Banks Enjoy Good Capital, Liquidity, Profitability

Doha: The International Monetary Fund (IMF) has confirmed that banks in Qatar still enjoy good capital, liquidity and profitability, in addition to maintaining high liquidity coverage ratios and stable net financing during the first quarter of 2024.

This came as part of the preliminary results of the visit of the IMF team of experts to the State of Qatar during the period from April – May 2024, which was posted on the official account of the Qatar Central Bank (QCB) on the social platform X, where it was praised for its efforts that were reflected in its policies, regulations and strategies.

The IMF said that as a result of measures taken by the QCB to reduce the mismatch of foreign assets and short-term liabilities of banks, domestic financing for longer maturities was encouraged.

The IMF’s mission noted that the QCB was able to improve liquidity management through the precise calibration it took in issuing treasury bills, which contributed to improving the transmission of the impact of monetary policy.

The State of Qatar has maintained a consistent monetary policy in line with pegging the Qatari riyal to the US dollar, the IMF added.

The IMF praised the third financial sector strategy, which aims to deepen financial markets, encourage investment opportunities, expand the insurance industry, develop financial technology, and increase financial inclusion.

Source: Qatar News Agency

MEEZA Signs Cooperation Agreement with Oman’s ITHCA Group

Doha: MEEZA, a pioneering Qatari managed IT services and solutions provider, announced a cooperation agreement with Oman Information and Communication Technology Group (ITHCA Group).

This strategic collaboration focuses on enhancing mutual capabilities and access to innovative technologies in alignment with the State of Qatar and the Sultanate of Oman’s ongoing efforts in the information and communication technology (ICT) sector.

The partnership delineates several key areas of collaboration, including the potential for increased opportunities for knowledge sharing and professional development, enhanced access to cutting-edge technologies and research initiatives, identification of joint projects and initiatives, and much more.

Speaking on the occasion, MEEZA Acting CEO Mohsin Nasser Al Ghaithani said that “this a cooperation agreement marks a significant step forward in our commitment to enhancing the ICT landscape across the region.” In turn, ITHCA Group CEO Eng. Said bin Abdullah Al Mandhari said that th
e agreement enables both sides to exchange expertise and strategic initiatives, as well as expanding foreign investments in the technology and ICT domain.

Source: Qatar News Agency