Qatar Business

Doha, Qatar: Leading international credit rating agency Fitch announced that it has affirmed QIIB’s rating at ‘A’ with a stable outlook, which indicates the strength of the bank’s indicators and its solid financial position. Explaining the rationale behind affirmation of QIIB rating, Fitch noted, “QIIB’s rating reflects its established, Islamic-banking franchise in Qatar, high financing concentrations and adequate core capitalisation. It also reflects the bank’s reasonable asset quality, solid profitability and stable funding and liquidity with a lower reliance on non-resident funding than its peers.” The Fitch report explained, “The operating conditions are good in the bank, as the special reserve coverage reached 95 percent at the end of the first quarter of 2024 and is considered one of the distinguished ratios compared to its local banking counterparts.” Fitch expects QIIB’s asset quality to remain stable. It is also expected that QIIB will maintain strong profitability with operating efficiency. In addition, QIIB is expected to continue to maintain stable financing primarily derived from customer deposits, which is a strength of the bank compared to its local counterparts. Concentration in the QIIB deposit base is lower than local peers’ due to a high portion of retail deposits, Fitch said and noted reliance on external funding is also lower than peers’ in the local banking sector. Fitch also indicated that QIIB’s rating at ‘A’ with a stable outlook has been based on a solid foundation of potential support from the government if necessary, with the government’s ability to do so, especially since the sovereign rating of the State of Qatar is at ‘AA’ with a stable outlook. Sheikh Dr Khalid bin Thani bin Abdullah Al Thani, Chairman of the Board of Directors of QIIB, commented on Fitch’s affirmation of the bank’s rating at ‘A’, saying: “This rating once again proves the leadership enjoyed by QIIB in the local banking sector, and its ability to achieve steady growth, enhance its various indicators, and improve various operating conditions.” He added: “Fitch’s rating of the bank at a high level with a stable outlook is confirmation of the strength of our financial position and the merit of our distinguished performance. We have always stressed that we owe the strength of our position and the stability of our indicators to the solid position of the Qatari economy, which provides comprehensive support to various sectors. The local economy provides rich opportunities that facilitate growth and help us achieve a distinguished financial position.” The Chairman of the Board of Directors of QIIB affirmed: “The bank will continue to work to keep pace with the best standards approved in the banking sector, with focus on innovation and a keenness to provide value addition to Islamic banking. This is what we have been doing since the founding of our bank, which is now enjoying a prestigious position, locally and internationally.” For his part, Dr Abdulbasit Ahmad Al Shaibei, CEO, QIIB, noted, “We are very happy with every progress we have achieved and every achievement recognised by prestigious international institutions such as Fitch. And this rating is an acknowledgment that we are moving forward in the right path, and that we have been able to face various challenges and turn them into opportunities.” Dr Al Shaibei continued, “We are grateful to the wise policies being pursued and directives issued by the Qatar Central Bank, which contributes to the stability and reliability of the Qatari banking sector.” The CEO stressed: “QIIB will continue implementing the strategy set by our Board of Directors, be it short or long term, which lays strong emphasis on the local market, while implementing a wise policy in relation to risk management. The strides we have made in respect of digital transformation have facilitated innovation and ensured customer satisfaction. We continue to provide our customers with state-of-the-art and highly efficient banking products and services.”

Qatar Business

Doha, Qatar: Gulf Warehousing Company (GWC) – one of the fastest-growing businesses in the MENA region, has announced its financial results for the first half (H1) of 2024 (six-month period ending on 30 June 2024), the company reported total revenues of QR748.3m, and a net profit of QR100.4m, while earnings per share stood at QR0.171 for the same period. Sheikh Mohammed bin Hamad bin Jassim bin Jaber Al Thani, GWC Chairman, said: “The financial results for the first half of this year underscore the strength of GWC’s financial position and its ability to maximize profits. The company is actively implementing a strategic plan to improve its performance and solidify its position as the leading provider of logistics and supply chain solutions in Qatar. GWC aims at increasing shareholder value and providing a comprehensive range of high-quality logistics solutions and services, while continuing to achieve further milestones”. From left: Shaikh Mohammed bin Hamad bin Jassim bin Jaber Al Thani, GWC Chairman; Sheikh Abdulla bin Fahad bin Jassim bin Jaber Al Thani, GWC Managing Director; and Ranjeev Menon, GWC Group CEO. Sheikh Abdulla bin Fahad bin Jassim bin Jaber Al Thani, GWC Managing Director, said: “In terms of international operations, GWC actively expands its presence in regional and global markets through global network and subsidiaries. This strategy positions us to seize new opportunities, strengthen our market position, and diversify revenue streams by offering specialized and integrated supply chain and logistics services to clients in various industries. Additionally, the company is seeking new arenas to enter as part of its business diversification strategies, allowing for new, well-studied business opportunities to be a part of its revenue streams”. Ranjeev Menon, GWC Group CEO, said:“We seek to expand into new sectors and markets, build long-term relationships with partners, develop human capital, while focusing on innovation, sustainability, and digital transformation. We are also committed to effectively managing our investment portfolio to solidify our leadership in integrated supply chain solutions." “As the largest private sector developer of logistics hubs in the region, GWC has constructed over 4 million square meters of world-class logistics infrastructure. These hubs serve both local and international clients across various sectors, including aviation, telecommunications, fine art, and records, on a 3PL and 4PL basis. We continually bid on new projects and management agreements, with specialized hubs catering to vital industries like oil and gas in Ras Laffan and Messaieed industrial cities”. The launch of GWC Energy, a wholly owned subsidiary of GWC Group, represents a pivotal step in leveraging growth opportunities in the energy sector, especially with the ongoing North Field Expansion Project, the largest gas project under construction in the world. Moreover, the launch of Al Wukair Logistics Park’s second phase is a key milestone in the company’s strategy to enhance performance and support micro, small, and medium-sized enterprises. This initiative aligns with Qatar National Vision 2030, stimulates economic growth, and fosters entrepreneurship and growth opportunities for start-ups. GWC remains at the forefront as the premier provider of warehousing and distribution solutions across diverse industries. The company’s comprehensive services cater to entrepreneurs, MSMEs, and MNCs, as it manages billions of customer documents throughout their lifecycle in advanced storage facilities, provides land, air, and sea freight services, along with customs clearance, project logistics, and international moving and relocations. Additionally, GWC manages the State of Qatar’s largest fleet, boasting over 1,600 trucks, trailers, and specialized vehicles, while also providing marine services, facilitated through established subsidiaries, include shipping agency services, liner representation, port agency services, cruise ship hosting, and husbandry services. As the Authorized Service Contractor (ASC) for UPS in Qatar, GWC strategically expands the courier giant’s market share through the utilization of its logistics infrastructure.

World Business

Cocoa futures gained as Ghana’s plan to limit some supplies for next season fueled fresh worries about continued shortages. The world’s second-biggest grower has told buyers that it will determine how much of the next crop can be sold as specialty cocoa based on total production, and that the regulator will allocate beans "equitably” among buyers, Bloomberg reported last week. The most-active cocoa futures contract gained as much as 6.4% in New York on Monday, the biggest intra-day jump in over a week. While prices have eased from a record set in April - partly on expectations for better supplies next season - they’re still up roughly 90% this year following bad harvests in West Africa. The move to restrict some purchases signals there’s concern that the country’s next crop may not recover as significantly as some people expect, even with favorable weather and timely supplies of pesticide and fertilizer. While a good mix of sun and rain in West Africa is positive for crop development, cocoa markets will "remain choppy until there are greater assurances on a recovery,” consultant Judy Ganes wrote in a report. Read Also New 'vaccine-like' HIV drug could cost just $40: researchers Spotify adds paid subscribers, beating estimates WHO 'extremely worried' at prospect of polio, other outbreaks in Gaza