MONDAY 4 JANUARY 2021

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OPEC ready to adjust oil output increases: BarkindoOpec now expected global oil demand to rise to 95.9 million b/d in 2021, or by 5.9 million b/d from 2020, as the global economy is forecast to grow by 4.4 percent.

BUSINESS | 02Mohammad Barkindo Opec Secretary-General

Business

Growing number of Qatari entrepreneurs have seen their businesses sustained, even during the COVID-19 pandemic because of their online stores.

MoTC forum highlights role of new technologiesTHE PENINSULA — DOHA

The Ministry of Transport and Communications (MoTC) wrapped up its virtual forum on “New Technologies and Digital Transformation”, organised last week by MoTC’s Digital Industry Department represented by the Digital Transformation of SMEs Program in cooperation with the UN Economic and Social Commission for Western Asia (ESCWA).

The one-day forum, which attracted some 240 attendees, highlighted the role of the new technologies, particularly AI, in accelerating the digital

transformation. It will also discuss digital transformation’s concepts, challenges, socioeco-nomic impact and best regional and global practices on devel-oping relevant plans and pol-icies with an overview of global and regional indicators meas-uring national progress in digital transformation.

The event’s three sessions revolved around digital trans-formation and AI, AI application cases in Qatar and the digitizing of SMEs in the Arab region. The forum featured some renowned local and international speakers with experience in the domain.

In this context, the Assistant

Undersecretary of Digital Society Development, MoTC, Reem Mohammed Al Mansoori

said that the world is living the era of digital transformation where brand-new technology

trends are grabbing headlines such as machine learning, IoT and big data and one of those key technologies is the artificial intelligence, which is becoming one of the most powerful drivers of digital transfor-mation. She said that AI is helping transforming busi-nesses in almost all industries and when it comes to SMEs, AI helps increase business effi-ciency, save time and effort, increase productivity and improve products and customer experience.

Digitally transforming the SMEs has been one of MOTC’s priorities over the past three

years and our Digital Transfor-mation of SMEs Program has to date provided over 400 work-shops to more than 8000 enter-prises in many sectors, aiming to raise awareness of using, adopting and benefiting from the potentials of digital technology and this helped them withstand the impacts of the pandemic, Ms. Al-Mansoori added.

The Regional Advisor on Technology for Development at UN-ESCWA, Dr. Mohamed Nawar Al Awa, said that digital transformation represents today an opportunity to provide new development opportunities. �P2

Experts during virtual forum on ‘New Technologies and Digital Transformation’.

Minister of Commerce and Industry, H E Ali bin Ahmed Al Kuwari, received in his office yesterday, Kimberly Reed, President of the Export-Import Bank of the United States (EXIM), and the accompanying delegation currently visiting the country. During the meeting, the officials stressed on their commitment to collaborating globally to advance economic prosperity and security for the two nations. Working together, MoCI and EXIM have agreed to strengthen communication regarding mutual investment opportunities to support economic development in the region, particularly in the infrastructure, energy and telecommunications sectors.

MoCI and EXIM agree to strengthen ties Qatar’s abaya fashion industry thrives onlineLANI ROSE R DIZONTHE PENINSULA

Qatar’s abaya fashion industry, which is increasingly becoming more competitive, is seeing brisk business in different online platforms, particularly social media channels such as Instagram.

Growing number of Qatari entrepreneurs have seen their businesses sustained, even during the COVID-19 pandemic because of their online stores.

Young Qatari business-women Huda Al Khuleifi, designer and owner of White Abaya and Khuloud Al Sahlawi, designer and owner of Eternity Abayas, are among those entreprenuers.

“At the beginning of the pandemic, my sales were not affected at all. It even increased the online purchasing by up to 30 percent. I also started doing videos on Instagram so that they can see the exact model, size, and colours of the abayas. I was still receiving orders from other countries in the GCC region and worldwide including the UK and US. There were still many customers buying from

me for the Eid and Ramadan,” Al Sahlawi said while talking to The Peninsula on the sidelines of the Merwad 5 expo yesterday.

She added that she also expanded her business during the pandemic by starting a new line of kaftan or dresses for people to wear at home amid the restrictions on public gath-erings, which had eventually affected her sales.

“I had to do something. I used my creativity and expanded the business. We’re now in the middle of recovery. And we’re seeing sales starting to pick up again gradually. But the online sales have sustained the business,” Al Sahlawi added.

Al Khuleifi is also optimistic that with more public gath-erings opening up again, the sale of abayas will also pick up.

“At the middle of the pan-demic, the shop had to close for four months. People were not wearing abayas because there were no gatherings. But people are starting to go out more now, and we also have the vaccines. Even my other (abaya designer) friends are also having more sales now,” she added.

Al Khuleifi, who is also a graphic designer, has started her abaya business in 2019. She said majority of her sales come from her online store on Instagram which she also created the same year.

“Selling online is faster and easier. They can see the abayas and make their orders online. The customers also prefer to have their orders delivered to their homes. They only tell me their measurements; I make the abayas and have them delivered to the clients. It’s all online now. All businesses, even for abayas,” Al Khuleifi added.

The Qatari market for abayas has grown more com-petitive. And entrepreneurs like Al Sahlawi and Al Khuleifi need to be more innovative to keep up with the growing compe-tition. �P2

A view of the fifth edition of Merwad Exhibition at the DECC. PIC: ABDUL BASIT/ THE PENINSULA

New board member andGM of QEWC appointedTHE PENINSULA — DOHA

Based on the decision of the Board of Directors of the Qatar Electricity and Water Company (QEWC), Eng. Mohammad Nasser Al Hajri (pictured) was appointed as a member of the Board of Directors and General Director of the Qatar Electricity and Water Co, as of January 1, 2021.

On this occasion, Minister of State for Energy Affairs, Chairman of the Board of Directors of the Qatar Elec-tricity and Water Company, H E Eng. Saad bin Sherida Al Kaabi, welcomed Eng. Mohammed Nasser Al Hajri, wishing him success in per-forming his duties.

Eng. Mohammad Al Hajri holds a master’s degree in gas engineering from the Uni-versity of Salford in the United Kingdom, and a bachelor’s degree in chemical engineering from Qatar University, where he joined Qatar Petroleum in 1991.

Engineer Mohammad Nasser Al Hajri has more than 28 years of long experience with energy, oil and gas field and has held many positions, including Executive Vice Pres-ident for Petrochemical and I n d u s t r i a l P r o j e c t s

Development in Qatar Petroleum, Vice Chairman of the Board of Directors of Qatar Industries and Managing Director of Qatar Steel and has participated in the devel-opment of a number of Elec-tricity and water projects and chaired the board of directors of Ras Girtas Power Co.

The Qatar Electricity and Water Company is a Qatari public shareholding company established in 1990 in accordance with the provisions of the Qatar Commercial Com-panies Law for the purpose of owning and managing power generation and water desali-nation plants and selling its products. It is one of the first private sector companies in the region that operate in the field of electricity production and water desalination.

Deutsche Bank CEO seeks key role in banking consolidationBLOOMBERG

Deutsche Bank AG Chief Exec-utive Officer Christian Sewing wants Germany’s largest lender to play an active role in a possible consolidation of Europe’s financial services industry, he told Welt am Sonntag in an interview.

The performance of the bank has been steadily improving, and that’s why the company isn’t willing to be a junior partner if mergers and acquisitions are discussed, Sewing told the Sunday paper. “That’s also important for Germany,” the CEO said. “Being dependent on imports of financial services would be a strategic mistake.”

Deutsche Bank said last month that a trading rally that lifted revenue last year will help boost growth through 2022, as Sewing relies increasingly on investment banking for his turn-around plan. Profit from lending is under pressure due to Europe’s negative interest rates. Still, the cost-cutting and sales at the bank’s private and cor-porate customer business are developing "absolutely according to plan,” he said.

Outsourcing costs Mexico 277,000 jobsREUTERS — MEXICO CITY

Mexican President Andres Manuel Lopez Obrador has said that Mexico had lost 277,000 jobs in the month of December, which he attributed to subcontractors cutting employees from the books to avoid paying benefits and year-end bonuses.

“Outsourcing companies dismiss many workers

registered in the Mexican Social Security Institute (IMSS) so they don’t have to pay benefits or give them bonuses, and for that reason after we had been gaining jobs month after month, we lost 277,000 jobs in December,” said Lopez Obrador in a video published to Twitter Saturday. Lopez Obrador has championed a bill which would ban companies

from subcontracting jobs to third-party firms, which now employ some 4.6 million workers throughout Mexico, except in cases where workers are needed for special services beyond a company’s main business.

The parliamentary debate on the legislation is expected to take place in February, after Congress reconvenes from its winter recess.

02 MONDAY 4 JANUARY 2021BUSINESS

BUSINESS BRIEFS

The Philippine Stock Exchange is aiming for more companies to go public this year even as the eco-nomic environment "remains fragile,” according to President and Chief Executive Officer Ramon Monzon.

The stock exchange has a tar-get for at least three companies and four real estate investment trusts to hold initial public offerings in 2021, Monzon said in a statement. More REITs are expected to list once the Securities and Exchange Commis-sion approves proposed changes to the main and small enterprises boards’ IPO rules, he said.

The Philippines is forecast to start growing only in the second quarter of 2021, putting it among the slowest to recover from the corona-virus pandemic that has ravaged the global economy. The central bank, which held its key interest rate last month at a record-low 2%, has said it stands ready to use a full range of tools to boost growth. -BLOOMBERG

ADDIS ABABA: The African Union (AU) has urged all the countries of the continent to ensure economic recov-ery from the coronavirus pandemic as the New Year begins. “As we mark the end of the year 2020, we also mark the end of one of the most extraordi-nary and challenging years in living memory,” Xinhua news agency quoted AU Chairperson Moussa Faki Maha-mat as saying in a statement.

Mahamat warned that “the challenging task of protecting our health and livelihoods, while ensur-ing recovery of our economies, still lies ahead as we begin a new year”.

According to Mahamat, the AU’s continental response initiative, as part of the 55-member pan-Afri-can bloc’s aspiration in supporting member states with preparedness, response and recovery from pub-lic health emergencies, kicked in early and fast by the Africa Centers for Disease Control and Prevention (Africa CDC). -IANS

Banks want to raise the limit on UK contactless payments to £100 ($137), potentially one of the first divergences from European Union standards, the Times reported. UK finance, an industry body, and card processing networks have pitched the idea to the Treasury, according to the Times.

The proposed limit is more than double the existing cap of £45, the maximum allowed under EU-wide rules. The UK is at the start of forg-ing a new relationship with the bloc after clinching an historic trade deal in late December.

Concerns about the spread of Covid-19 have prompted UK stores and consumers to increasingly prefer contactless forms of payment. The limit has already been raised once this year, from £30 in April, as part of the financial industry’s response to the pandemic. -BLOOMBERG

Philippine bourse eyes more IPOs in 2021 amid ‘fragile’ recovery

African nations urgedto ensure economicrecovery this year

UK financial industry proposes higher contactless payment cap

al khaliji Board of Directors meeting on January 27THE PENINSULA — DOHA

Al Khalij Commercial Bank (al khaliji) PQSC announces that its Board of Directors will meet on January 27 to approve and disclose year-end 2020 results.

Opec ready to adjust oiloutput increases: BarkindoREUTERS — LONDON/MOSCOW

OPEC and its allies, led by Russia, stand ready to adjust their plans for a gradual increase in oil output by 2 million barrels per day in the next months depending on market conditions, OPEC Secretary-General Mohammad Barkindo said yesterday.

Barkindo was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC. OPEC+ will meet today to decide output policies for February.

In December, OPEC+ decided to increase production by 0.5 million bpd from January as part of the 2 million bpd rise but some members have questioned the need for a further increase from February due to spreading coro-navirus infections.

OPEC+ was forced to cut pro-duction by a record amount in 2020 as global lockdown measures against the virus hammered demand for fuels. OPEC+ first cut output by 9.7 million bpd, then eased cuts to 7.7 million and ulti-mately to 7.2 million from January.

Barkindo said OPEC now expected global oil demand to rise to 95.9 million bpd in 2021, or by 5.9 million bpd from 2020, as the global economy is forecast to grow by 4.4 percent.

Even though development of coronavirus vaccines have injected optimism into the global economy and oil markets, the

rise in oil demand would still fail to bring consumption to pre-pandemic levels of around 100 million bpd.

OPEC’s latest December forecast was lower than the pre-vious forecast of a 6.25 million bpd rise in 2021 because of the lingering impact of the corona-virus pandemic.

Brexit is a new world businesses still need to figure outBLOOMBERG

British businesses probably didn’t expect to start 2021 worrying about wooden pallets after a year of grappling with the coronavirus and a meltdown in the economy.

Yet as they start a new rela-tionship with the European Union, securing a supply of heat-treated platforms - baked to 56 degrees Celsius (133 degrees Fahrenheit) for at least 30 minutes - is now one of the myriad issues they face.

The 1,200-page trade deal struck by Prime Minister Boris Johnson after a little over nine months of negotiations ended the uncertainty that the UK would crash out of the bloc in chaos. While the zero-tariff, zero-quota accord is a relief for British companies, it only marks the next stage in the evolution of the Brexit process - and potentially the most difficult one.

Be it wooden pallets for shipping goods, customs paperwork, new fish quotas or the recognition of professional qualifications, the next few months will be a case of figuring out the consequences of not just

what’s in the historical agreement, but also what’s not.

“It’s going to be a marathon, a very long marathon,” said Mark Price, former deputy chairman of retailer John Lewis Partnership and a former UK trade minister. “This is why trade deals normally on average take about seven years to agree as they are hugely complex.”

Johnson hailed the agreement with the EU four and a half years after Britain voted to leave and said it will “drive jobs and prosperity across the whole continent.” But it will take time to divine whether that prediction ultimately will come true.

Bloomberg Economics esti-mates that UK growth will be half a percentage point lower per year for the next decade compared with if the country had stayed in the now 27-member single market. It forecast the economy will expand 6 percent this year, though that was before the latest tightening of England’s COVID-19 restrictions.

In the meantime, busi-nesses have to contend with paperwork before more complex issues can be

resolved, such as the financial services industry’s future in the EU. There are also regula-tions around rules of origin determining what goods can be exported to the EU that need to be navigated. Mutual recognition of standards, which would allow firms to make products in the UK and market them in the EU without any extra certification, isn’t part of the deal.

“There are likely to be a thousand separate unintended consequences from a trade deal of such scale,” said Will Hayllar, a partner in the consumer goods practice at OC&C Strategy Con-sultants Ltd. While “many things will get flushed out in time,” there will be uncertainty for businesses “in the intervening period when they have to decide if they will comply with everything or not.”

Take wooden pallets. With Britain now having “third country” status with the EU, exporters and importers must comply with rules on pre-venting the spread of pests and diseases. It may take some dis-ruption to trade for the EU to agree on a solution, said Dominic Goudie, head of inter-national trade at the Food and Drink Federation.

“Heat-treated wooden pallets are not needed for safety reasons and just add extra costs and this is something that should and could have been resolved before now,” said Goudie. Britain’s food and drink industry alone could face an additional £3bn ($4bn) of extra costs a year from increased bureaucracy, the group estimates.

Indeed, when disruption comes, it comes quickly. Dover, Britain’s busiest port, has only just cleared a backlog of thou-sands of trucks after France shut its border for two days in December because of the new strain of the coronavirus that’s forced much of Britain into another lockdown.

Companies have sought other routes. Deutsche

Lufthansa AG flew another Boeing Co. 777F with fruit, veg-etables, clothing, medical equipment and jet-engine parts from Frankfurt to Doncaster-Sheffield Airport in England on Thursday.

Irish officials also warned of potential delays from early next week. Around 410,000 trucks or vans come through Dublin port each year from the UK and before Brexit virtually all would have passed unencumbered. More than a quarter of these vehicles will contain food or animals that now have to be checked.

For one, the auto industry has maintained a consistently dim view as to just how smoothly trade between the UK and EU will be, even though the Brexit accord spared manufac-turers 10 percent tariffs on cars and 4 percent levies on components.

“Immediate costs and friction are inevitable,” said Mike Hawes, the chief exec-utive officer of the Society of Motor Manufacturers and Traders. “Brexit has always been about damage limitation.”

Wooden pallets for shipping goods across the Channel will be impacted by Brexit.

Iran firms to sign$1.2bn in deals toboost oil productionBLOOMBERG

Iranian energy companies have agreed deals worth $1.2bn to raise the nation’s crude output, state-run National Iranian Oil Co. said.

The signings were initially meant to take place today in Tehran in the presence of Oil Minister Bijan Namdar Zan-ganeh, but have been delayed, NIOC said in a statement. The company didn’t disclose the reason for or length of the delay.

Zanganeh said in mid-December that Iran planned to roughly double oil pro-duction in the next year to 4.5 million barrels daily, as the country anticipates a loos-ening of US sanctions after J o e B i d e n b e c o m e s president.

National Iranian South Oil Co and Iranian Offshore Oil Co will sign deals with domestic contractors covering onshore fields in Bushehr, Fars, Khuzestan, and

Kohgiluyeh and Boyer-Ahmad provinces, NIOC said. The off-shore Reshadat deposit in the Arabian Gulf is also part of the agreements.

The two NIOC subsidiaries agreed $1.8bn of similar domestic contracts in August to boost production at more than a dozen onshore and off-shore crude deposits.

The Organization of Petroleum Exporting Coun-tries, including Iran, is to meet today to assess production. While the 13-nation group has slashed output since May to buoy prices in the face of the coronavirus pandemic, Iran is exempt from a quota due to the sanctions.

Opec Secretary-General Mohammad Barkindo delivers his speech during a presentation of the World Oil Outlook in Vienna, Austria in this file photo.

Zanganeh said in mid-December that Iran planned to roughly double oil production in the next year to 4.5 million barrels daily.

Cuts likely as Fiat Chrysler-PSA tie-up nears approvalAP — MILAN

While running Nissan’s North American operations from 2009 to 2011, Carlos Tavares had a reputation for closely watching costs with little tolerance for vehicles or ventures that didn’t make money.

Experts say that means Tavares, currently the head of PSA Group, is likely to follow that blueprint when he becomes leader of a merged PSA and Fiat Chrysler Automobiles. The low-performing Chrysler brand might get the axe as could slow-selling cars, SUVs or trucks that lack potential.

Already the companies are talking about consolidating vehicle platforms - the under-pinnings and powertrains - to save billions in engineering and manufacturing costs. That could mean job losses in Italy, Germany and Michigan as PSA Peugeot technology is inte-grated into North American and Italian vehicles.

"You can’t be cost efficient

if you keep the entire scale of both companies,” said Karl Brauer, executive analyst for the iSeeCars.com auto website. "We’ve seen this show before, and we’re going to see it again where they economize these platforms across continents, across multiple markets.”

Shareholders of both com-panies are to meet Monday to vote on the merger to form the world’s fourth-largest auto-maker, to be called Stellantis. The deal received EU regulatory approval just before Christmas.

Tavares, who for years has wanted to sell PSA vehicles in the US, won’t take full control of the merged companies until the end of January at the earliest.

He likely will target Europe for consolidation first, because that’s where Fiat vehicles overlap extensively with PSA’s, said IHS Markit Principal Auto Analyst Stephanie Brinley. Europe has been a money-loser for FCA, and factories in Italy are operating way below capacity - a concern for unions,

given Fiat’s role as the largest private sector employer in the country.

"We are at a crossroads,’’ said Michele De Palma of the FIOM CGIL metalworkers’ union. "Either there is a relaunch, or there is a slow ago-nizing closure of industry, in particular the auto industry, in Italy.”

Italy’s hopes lie with the luxury Maserati and sporty Alfa Romeo brands, but De Palma said investments are needed to bring hybrid and electric tech-nology up to speed. Fiat’s Italian capacity stands at 1.5 million vehicles, but only a few hundred thousand are being produced each year. Most fac-tories were on rolling short-term layoffs due to lack of demand, even before the

pandemic. The merger is likely to also hit white collar workers, as Tavares is unlikely to keep engineering centers in Paris, Turin and Rodelsheim, Germany, where the Opel brand he acquired in 2017 is located, according to analysts.

FCA’s North American oper-ations, led by the popular Jeep brand and Ram pickup, are hugely profitable and likely will be left untouched for a while, Brinley said. Tavares just three years ago stated his desire to sell PSA vehicles in the US within a decade. He said any global automaker has to sell in the US market.

In December the companies announced that Fiat Chrysler CEO Mike Manley would run Stellantis’ operations in the Americas.

Qatar’s abaya fashion industry thrives onlineFROM PAGE 1

“It’s a big market. And we have to be updated with the fashion line. When I started in 2012, there were only a few Qatari designers, like only four to five pure Qatari brands. And I was one of them. But now, over 90 percent of the participants here at the expo are Qatari abaya

designers,” said Al Sahlawi. Al Khuleifi added: “The market is

changing. The ladies used to wear all black abayas only. But now, they are starting to wear abayas with other colours, such as white and even brighter colours like pink and blue. The trends are changing”.

Globally, it was estimated that Muslim

consumers spent over $283bn in 2018 on apparel and footwear, according to the State of the Global Islamic Economy Report 2019-20. It added that the market for Islamic clothing is projected to grow to $402bn by 2024, with a significant potential to take a much larger slice of the $2.5 trillion global apparel market.

MoTC forum highlights role of new technologies

FROM PAGE 1Dr. Mohamed Nawar Al

Awa said digital platforms have become a major pillar in administrative and institu-tional work, as they allow to reach out to all members of society and reduce bureaucracy and corruption.

Digital technology, he noted, could also support young innovators and entre-preneurs to develop high value-added applications and create new job opportunities.

The forum touched upon the new initiatives developed by ESCWA and its Center of Entrepreneurship for digitizing SMEs and one of its key objec-tives was to raise local com-panies’ awareness of relevant regional initiatives.

In addition to Dr. Al Awa, the forum also featured key local and international speakers including the Exec-utive Director, ESCWA Tech-nology Center, Kareem Hassan and representatives from MOTC and TASMU Smart Qatar Program of MoTC.

03MONDAY 4 JANUARY 2021 BUSINESS

Johnson says UK can use tax to drive investment outside EUBLOOMBERG

Leaving the European Union is an opportunity for the UK to use taxes and subsidies to encourage companies to step up spending, Prime Minister Boris Johnson said.

In addition to regulatory change, “you can use tax systems and subsidies to drive investment,” he said in an i n t e r v i e w w i t h B B C television.

The question of state aid rules was a major hurdle for the Brexit trade negotiations. Under the terms of the deal, either side can impose tariffs on the other if it is clear that businesses are being unfairly undercut.

The UK is now operating outside of the bloc for the first time after the end of the tran-sition period. Johnson has said he wants to use the UK’s new autonomy to boost science and “level up” the struggling econ-omies of deprived parts of the

country.Many economists expect

that more paperwork and bar-riers to trade will hurt eco-nomic growth just as the coro-navirus pandemic hammers

output.Despite a raft of new rules

for trading with the EU, Brexit is still a boon for exporters, Johnson said. “There is some bureaucracy and we’re trying

to remove it,” Johnson said when asked about the red tape that took effect on January 1. “We have a massive opportunity to expand our horizons, and to think globally, and to think big.”

Britain’s Prime Minister Boris Johnson gestures on BBC TV’s The Andrew Marr Show in London, Britain yesterday.

Bitcoin breaches $34,000 BLOOMBERG

Bitcoin, the world’s largest cryptocurrency, topped $34,000 just weeks after passing another major milestone. The currency gained as much as 9.8 percent to $34,792.48, before slipping to about $33,500 as of 3:05pm yesterday in London. It advanced almost 50 percent in December, when it breached $20,000 for the first time.

The latest gains top an eye-popping rally for the contro-versial digital asset in 2020, which rebounded sharply after a severe crash in March that saw it lose 25 percent amid the coro-navirus pandemic.

The currency “will be on the road to $50,000 probably in the first quarter of 2021,” said Antoni Trenchev, managing partner and co-founder of Nexo in London, which bills itself as the world’s biggest crypto lender. Institu-tional investors returning to their desks this week will likely boost prices further after retail buying over the holidays, he said.

Bitcoin has increasingly been “embraced in more global investment portfolios as holders

expand beyond tech geeks and speculators,” Bloomberg Intel-ligence commodity strategist Mike McGlone wrote in a note last month. Proponents of the currency have also seized on the narrative that the coin could act as a store of wealth amid sup-posed rampant central-bank money printing, even as inflation remains mostly muted.

Bitcoin should eventually climb to about about $400,000, Scott Minerd, chief investment officer of Guggenheim Invest-ments, told Bloomberg Tele-vision in a December 16 interview.

Still, there are reasons to be cautious, partly since Bitcoin remains a thinly traded market. The currency slumped as much as 14 percent on November 26 amid warnings that the asset class was overdue a correction. The big run-up in price in 2017 was followed by an 83 percent rout that lasted a year.

Ether also rose, surpassing $900 for the first time since Feb-ruary 2018 when it hit a record $959.15. The jump of as much as 20 percent to $921.92 on Sunday comes as the token continues to develop a following of its own.

After ECB dividend cap flouted,Finland watchdog mulls next stepBLOOMBERG

Finland’s financial watchdog is trying to figure out how to respond after a lender it oversees explicitly disregarded the European Central Bank’s guidelines on shareholder rewards.

The decision by Alands-banken, announced on January 1, to pay almost four times the dividend cap set by the ECB is “unfortunate,” Jyri Helenius, head of banking supervision at the Finnish Financial Super-visory Authority, said in an interview. The lender acted without its watchdog’s per-mission, but Helenius acknowl-edged there’s not much he can do about it.

“We expect banks to comply with the recommendation, even though we aren’t able to make it legally binding,” Helenius said. “It’s unfortunate that a Finnish bank is slipping from the common European front on this.”

Last month, the ECB lifted a de facto ban on dividends but urged banks to limit such share-holder payouts to less than 15 percent of profit for 2019 and 2020, or 0.2 percent of their key capital ratio, whichever is lower. Alandsbanken says it

plans to pay out 59 percent of 2019’s earnings, citing record profits that year.

The cap on bank dividends in the euro zone is stricter than in the UK and Switzerland and has prompted criticism from some corners of the financial industry.

Nordea Bank, Finland’s biggest bank, has said it will follow the recommendation but that it will contact the ECB to “discuss the intended level of distribution,” noting that it is “one of the best capitalised banks in Europe.”

Alandsbanken, which is too small to come under direct ECB supervision, said the latest guidelines fail to take into

account the comparative strength of some banks in the euro zone.

Alandsbanken said holding back on dividends could alienate the very investors it relies on to grow. “The long-term risks to the bank may be larger” if shareholders don’t get a substantial portion of profits, it said. That’s why it’s “choosing not to follow” the guidance of the Finnish FSA and, by extension, the ECB, it said.

The Finnish FSA will “engage” with lenders that ignore the ECB’s guidance, Helenius said. “It’s very excep-tional that a bank would dis-regard our recommendation,” he said.

China oil majors may be nextin line for delisting in the USBLOOMBERG

Chinese oil majors may be next in line for delisting in the US after the New York Stock Exchange said last week it would remove the Asian nation’s three biggest telecom companies.

China’s largest offshore oil producer CNOOC Ltd. could be most at risk as it’s on the Penta-gon’s list of companies it says are owned or controlled by Chinese military, according to Bloomberg Intelligence analyst Henik Fung.

“More Chinese companies could get delisted in the US and the oil majors could come as the next wave,” said Steven Leung, executive director at UOB Kay Hian in Hong Kong. At the same time, the impact of removing the telecom firms is probably minimal as they were thinly-traded in the US and they haven’t raised much funds there, he said.

The NYSE said it would delist the telecom operators to comply with a US executive order imposing restrictions on companies identified as affiliated with the Chinese military. China Mobile, China Telecom and China Unicom Hong Kong would all be suspended from trading between January 7 and January 11, and pro-ceedings to delist them have started, the exchange said.

China’s Ministry of Commerce responded on Saturday, saying the country would take nec-essary action to protect the rights of Chinese companies and it hoped the two countries could work together to create a fair and predictable environment for businesses and investors.

The China Securities Regulatory Com-mission said yesterday that given their small amount of US-traded shares the impact on the telecommunications companies would be

limited and that they are well-positioned to handle any fallout from the delisting.

“The recent move by some political forces in the US to continuously and groundlessly sup-press foreign companies listed on the US markets, even at the cost of undermining its own position in the global capital markets, has demonstrated that US rules and institutions can become arbitrary, reckless and unpredictable,” the CSRC said in a statement on its website.

US President Donald Trump signed an order in November barring American investments in Chinese firms owned or controlled by the mil-itary in a bid to pressure Beijing over what it views as abusive business practices. The order prohibited US investors from buying and selling shares in a list of Chinese companies desig-nated by the Pentagon as having military ties.

China’s Foreign Ministry later accused the US of “viciously slandering” its military-civilian integration policies and vowed to protect the country’s companies. Chinese officials have also threatened to respond to previous Trump administration actions with their own blacklist of US companies.

Minority-owned companies waited months for loans, data showsAP — NEW YORK

Thousands of minority-owned small businesses were at the end of the line in the govern-ment’s coronavirus relief program as many struggled to find banks that would accept their applications or were disadvantaged by the terms of the program.

Data from the Paycheck Protection Program released December 1 and analysed by the AP show that many minority owners desperate for a relief loan didn’t receive one until the PPP’s last few weeks while many more white business owners were able to get loans earlier in the program The program, which began April 3 and ended August 8 and handed out 5.2 million loans worth $525bn, helped many busi-nesses stay on their feet during a period when government measures to control the coro-navirus forced many to shut down or operate at a dimin-ished capacity. But it struggled to meet its promise of aiding communities that historically haven’t gotten the help they needed.

Congress has approved a third, $284bn round of PPP loans. While companies that did not get loans previously have another chance at help, according to a draft of the leg-islation, businesses hard-hit by the virus outbreak will be eli-

gible for a second loan.The first round of the

program saw overwhelming demand and the Small Business Administration approved $349bn in loans in just two weeks. But many minority-owned firms applied to multiple banks early in the program and were rejected, while others couldn’t get banks to respond to their applications and inquiries.

“Many of our businesses were being turned down in the first and second round of funding. That caused appli-cation fatigue and frustration,” says Ron Busby, president of the US Black Chambers, a nationwide chamber of commerce.

Loan data analysed according to ZIP codes found that in that first round of funding, six loans were approved for every 1,000 people living in the 20 percent of ZIP codes with the greatest proportions of white residents, nearly twice the rate of loans approved for people living in the 20 percent of ZIP codes with the smallest proportions of whites.

That pattern reversed itself over the final four weeks of round two, partly because banks responded to criticism by making it easier to apply for a loan. Over the entire course of the program, the number of loans approved grew and

evened out at 14 loans per 1,000 residents in the most ZIP codes with the most and fewest number of white-owned businesses.

Still, minority owners were kept waiting while their com-panies were in jeopardy.

“Many are hanging on by the skin of their teeth. Most are in the professional services, small retail shops, restaurants, barber shops,” says Ramiro Cavazos, president of the United States Hispanic Chamber of Commerce.

The recent data from the

SBA provided a more in-depth look at businesses that received loans than data released on July 6. The earlier data provided only limited details on loans under $150,000; the gov-ernment initially refused to release more information on those borrowers, citing privacy concerns. The AP and other news organisations successfully sued under the Freedom of Information Act to make data on all PPP loans public, leading to the latest release.

The SBA did not address the t iming of loans to

minority-owned businesses when asked for comment by the AP. But spokesperson Shannon Giles said in an email that $133bn, or 25 percent, of PPP funding had gone to companies in economically disadvantaged areas known as Historically Underutilized Business Zones, and 27 percent went to low and m o d e r a t e - i n c o m e neighborhoods.

The bill President Donald Trump signed into law Sunday provides for $15bn to be set aside for community banks, minority-owned financial institutions and

community development financial institutions, non-bank lenders that aim to get funding to underserved communities.

The AP analysis shows res-taurants slammed by the virus outbreak got the most loans in the first round, but they were followed by businesses in two high-income professions: law firms and doctors’ practices. When the first round ended mil-lions of small businesses were left waiting.

The program’s disparities were apparent from the start. An AP analysis of the initial data release found some of the nation’s largest banks had proc-essed larger loans first. That included loans to well-known and well-financed companies including Shake Shack, Ruth’s Chris Steakhouse and the Los Angeles Lakers. Many have returned the money.

What’s more, the program’s terms helped exclude minority-owned firms. A primary goal for the loans was to allow owners to keep paying employees who otherwise would go on unem-ployment. So, non-employer firms, or businesses that have owners but no other staffers, weren’t allowed to apply until a week after the program began.

Of the 2.6 million Black-owned companies in business before the pandemic, 2.1 million were non-employer firms, according to the US Black Chambers.

The Euro sculpture stands in front of the European Central Bank in Frankfurt, Germany.

Staff at Shuckin’ and Jivin’ in Opa-locka wear gloves and masks to protect themselves and customers from the coronavirus threat. Customers wait in cars after ordering.

04 MONDAY 4 JANUARY 2021BUSINESS

Pakistani exportsreach historichigh in DecemberINTERNEWS — ISLAMABAD

Adviser to Pakistani Prime Minister on Commerce and Investment, Abdul Razak Dawood has expressed his satisfaction that the exports in December last year have shown an increase of 18.3 percent to the tune of $2,357m as compared to $1,993m in December 2019.

Presiding over a consult-ative meeting in Islamabad, he said the export figures shows the resilience of the economy of Pakistan and is a vindication of the government’s policy to keep the wheels of economy running despite COVID-19 pandemic. The previous six months performance of exports was also discussed in the meeting.

Samsung may report $9bn operating income in Q4IANS — SEOUL

Samsung Electronics, the world’s largest memory chip maker, is expected to report a smaller-than-earlier operating income estimate due to the weakness of the US dwollar, industry sources said yesterday.

Samsung, also the world’s largest smartphone vendor, is likely to report an operating income of 9.74 trillion won ($8.95bn) during the fourth quarter of last year, up 36.8 per cent from a year earlier.

But the latest estimate is slightly lower than the 10.16 trillion won projected a month earlier, reports Yonhap news agency.

Samsung reported an oper-ating income of 12.35 trillion won during the third quarter of last year, the highest in over two years, driven by rising chip demand and a recovery in smartphone

demand. But during the October-December period, the global resurgence in virus cases and the weaker dollar may hurt the tech giant’s profitability.

“Samsung may have racked up 4.3 trillion won in operating income during the last quarter, smaller than the third quarter’s

5.5 trillion won because of the weak dollar,” said Lee Seung-woo, an analyst at Eugene Investment & Securities.

The analyst said lockdowns

in Europe had reduced demand for smartphones.

Going forward, Samsung may rack up decent profit this year on the back of a continued

boom in the semiconductor sector and a recovery in the smartphone segment.

Shinhan Investment Corp projected this year’s operating income for Samsung at 47.51 trillion won, up 31.7 percent from last year. Aided by rosy earnings estimates, a slew of brokerages raised their target prices for Samsung Electronics to a 90,000 won range.

Samsung has opened pre-order reserve bookings for its upcoming Galaxy S21 lineup of phones in the US and people can book a slot when the devices become available, which is usually after the launch event ends on January 14.

Those who pre-book can get up to $700 of instant trade-in credit toward the purchase of a Galaxy S21 “if you trade an iPhone 12 series phone, or one of Samsung’s own Note 20 and S20 phones”.

An exterior view of Samsung Electronics Italia’s headquarters in Milan.

Samsung may have racked up 4.3 trillion won in operating income during the last quarter, smaller than the third quarter’s 5.5 trillion won because of the weak dollar.

Lee Seung-wooAnalyst at Eugene Investment & Securities

Wall Street investors bullish on stocks, hoping for a brighter 2021REUTERS — NEW YORK

US stocks closed 2020 on a strong note, and many investors are betting the party will continue after a tumultuous year that marked both the end of the longest bull market and the shortest-lived bear market ever.

Risks abound, including a resurgent coronavirus pan-demic, concerns about the speed of rollout of vaccines and high-stakes Jan. 5 US Senate runoffs in Georgia for the balance of power in Congress. Still, many investors are looking past these threats.

“We are going to continue to see a push higher,” said Com-monwealth Financial Network’s head of portfolio management, Peter Essele (pictured), who sees stocks in the early stages of a multi-year bull run.

The options market is pricing in more volatility in January than December, likely due to the Georgia elections. If Republicans win at least one Senate seat, they will maintain a slim majority.

If Democrats sweep the dual runoffs, the chamber would be split 50-50 and the tie-breaking vote would go to Vice President-elect Kamala Harris, giving Pres-ident-elect Joe Biden’s party full sway over Congress. That raises the possibility of tax-reform pro-posals that many investors fear would hurt stock prices.

Still, most investors are not looking for a sharp pullback next year. BofA Global Research’s December fund manager survey was the most bullish.

The roll out of coronavirus vaccines has emboldened investors, along with the US Federal Reserve’s expressed

readiness to keep policy accom-modative, strategists said.

Indeed, the US stock mar-ket’s rally over the last two months may have taken even bulls by surprise. A late November poll found strategists expected the S&P 500 to end 2021 at 3,900, which would be another annual rise after the index rose about 16.3 percent

this year to 3,756.07.The year 2020 was a wild

one for Wall Street, bookended by the end of the longest bull market in history with the bat-tering of equities by the COVID-19 shutdowns, and a bungee-cord rebound on hopes for economic recovery that resulted in the shortest bear market on record.

In prior bull markets, when the S&P 500 takes out its pre-vious bull market high, the index has experienced a median gain of 38% over the span of 26 months before topping out, according to Bespoke Investment Group data.

Some investors fret the COVID-19 recovery may already be priced in and valuations may be stretched. The 12-month forward price-to-earnings ratio of the S&P 500 is currently about

22, well above its long-term average of 15.

Still, investors see several parts of the market, including financials, leisure and hospitality stocks and energy with potential to rally.

“The market, overall, does not seem overbought,” said Tim Ghriskey, chief investment strat-egist at Inverness Counsel.

Investors looking for a con-tinued rally are optimistic of a rebound in corporate earnings.

“Earnings are going to be used as a confirmation of current pricing,” Essele said.

S&P 500 company earnings are forecast to increase about 23 percent in 2021 compared with 2020.

For much of this year increased market concentration has been a nagging worry for investors, with top five S&P 500

constituents generating 127 percent of the index’s return during the first nine months of the year, according to Black-Rock’s calculations.

Technology’s weight in the S&P 500 currently stands at 28 percent, up more than 10 per-centage points from its his-torical average since 1990, according to Bespoke.

“What we saw in November and December is that the market already started broad-ening out ... beyond the tech stocks, the mega stocks,” said John Praveen, portfolio manager at QMA, a PGIM company, pointing to a strong showing by value stocks, shares of small caps and non-US stocks.

The golden run by some high-flying growth names could continue, investors said.

QATAR STOCK EXCHANGE

QE Index 10,437.50 +0.01 %QE Total Return Index 20,065.75 +0.01 %QE Al Rayan Islamic Index - Price 2,395.69 +0.10 %QE Al Rayan Islamic Index 4,273.84 +0.10 %QE All Share Index 3,200.17 +0.02 %QE All Share Banks & Financial Services 4,254.34 +0.15 %QE All Share Industrials 3,092.83 -0.16 %QE All Share Transportation 3,283.53 -0.41 %QE All Share Real Estate 1,934.95 +0.32 %QE All Share Insurance 2,375.66 -0.85 %QE All Share Telecoms 998.97 -1.16 %QE All Share Consumer Goods & Services 8,191.07 +0.60 %

QE INDICES SUMMARY QE MARKET SUMMARY COMPARISON WORLD STOCK INDICES

GOLD AND SILVER

03-01-2021Index 10,437.50Change +1.54% +0.01%YTD% +0.01Volume 95,322,805Value (QAR) 141,782,351.70Trades 3,125Up 17 | Down25 | Unchanged 0331-12-2020Index 10,435.96Change -59.27% -0.56%YTD% 0.00Volume 189,210,815Value (QAR) 464,556,061.57Trades 8,833

EXCHANGE RATE

GOLD QR231.00 per grammeSILVER QR3.13 per gramme

Index Day’s Close Pt Chg % Chg Dow Jones Industrial Average 30,199.87 +70.04 +0.23%S&P 500 3,703.06 +13.05 +0.35%Nasdaq Composite Index 12,804.73 +33.62 +0.26%FTSE 100 Index 6,502.11 +6.36 +0.10%DAX Index 13,587.23 +169.12 +1.26%CAC 40 Index 5,522.01 -5.58 -0.10%Nikkei Stock Average 225 26,656.61 -11.74 -0.04%Hang Seng Index 26,386.56 +43.46 +0.16%Shanghai Composite Index 3,396.56 +33.45 +0.99%ASX All Ordinaries Index 6,917.50 +24.90 +0.36%

Currency Selling (QAR) Buying (QAR) US$ 3.6500 3.6305Australian Dollar AUD 2.82 2.75 Bangladeshi Taka BDT 0.044 0.0425 Canadian Dollar CAD 2.89 2.83Euro EUR 4.54 4.48 Indian Rupee INR 0.0505 0.049Japanese Yen JPY 0.0357 0.0352Malaysian Ringgit MYR 0.905 0.875Nepalese Rupee NPR 0.0315 0.0305 Pakistani Rupee PKR 0.02326 0.02273 Philippine Peso PHP 0.077 0.075 Pound Sterling GBP 5.01 4.94 Singapore Dollar SGD 2.76 2.68 South African Rand ZAR 0.235 0.225 Sri Lankan Rupee LKR 0.0202 0.019 Swiss Franc CHF 4.16 4.1 Turkish Lira TRY 0.5 0.49

QNBK - QNB 17.83 17.84 17.84 18.00 12,471 17.97 17.92 5,000 17.92 17.92 +0.09 +0.50 96 382,190 6,852,002.99

QIBK - Qatar Islamic Bank 17.11 17.12 17.00 17.12 2,934 17.25 17.12 5,000 17.11 0.00 0.00 0.00 15 43,493 741,070.16

CBQK - Comm. Bank of Qatar 4.40 4.303 4.303 4.399 4,000 4.396 4.347 10,000 4.347 4.347 -0.053 -1.20 9 34,940 151,517.647

DHBK - Doha Bank 2.367 2.367 2.355 2.367 50,000 2.375 2.361 9,890 2.361 2.361 -0.006 -0.25 7 53,710 126,873.250

ABQK - Ahli Bank 3.447 0.000 0.000 0.000 20,000 3.44 3.32 12,039 3.447 0.000 0.000 0.00 0 0 0.000

QIIK - Intl. Islamic Bank 9.052 9.05 9.05 9.15 15,000 9.11 9.1 27,500 9.11 9.110 +0.06 +0.64 23 98,795 898,715.81

MARK - Rayan 4.53 4.50 4.50 4.54 50,000 4.52 4.519 1,251 4.52 4.520 -0.01 -0.22 94 856,232 3,869,419.21

KCBK - Al khalij Commercial Bank 1.838 1.801 1.801 1.859 75,404 1.859 1.855 50 1.859 1.859 +0.021 +1.14 233 7,692,693 13,989,448.360

QFBQ - Qatar First Bank (QFC) 1.721 1.712 1.700 1.717 100,127 1.71 1.703 82,757 1.703 0.000 -0.018 -1.05 162 3,930,323 6,703,126.203

QETF - QE Index ETF 10.304 10.285 10.285 10.288 9,714 10.294 10.245 22,000 10.288 10.24 -0.016 -0.16 4 20,967 215,659.888

QATR - Al Rayan Qatar ETF 2.386 2.40 2.39 2.40 11,477 2.399 2.39 1,300 2.39 2.388 0.00 +0.17 2 8,686 20,761.54

QATI - Qatar Insurance 2.362 2.357 2.357 2.389 18,085 2.387 2.358 10,004 2.387 2.387 +0.025 +1.06 22 295,221 701,199.492

DOHI - Doha Insurance 1.392 0.000 0.000 0.000 10,900 1.392 1.37 170,000 1.392 0.000 0.000 0.00 0 0 0.000

QGRI - General Insurance 2.66 2.66 2.45 2.66 4,268 2.659 2.45 5,480 2.45 2.450 -0.21 -7.89 2 1,346,716 3,580,896.94

AKHI - Alkhaleej Takaful 1.898 1.899 1.890 1.935 43,465 1.892 1.891 6,100 1.892 1.892 -0.006 -0.32 103 1,295,694 2,467,238.865

QISI - Islamic Insurance 6.90 6.70 6.70 6.80 445 6.8 6.7 2,100 6.80 0.00 -0.10 -1.45 6 3,555 23,869.00

QAMC - QAMCO 0.967 0.966 0.960 0.970 577,225 0.969 0.968 17,065 0.969 0.969 +0.002 +0.21 122 2,769,186 2,673,080.543

QIMD - Ind. Manf. Co. 3.209 0.000 0.000 0.000 9,600 3.2 3.11 30,000 3.209 0.000 0.000 0.00 0 0 0.000

QNCD - National Cement Co. 4.15 4.15 4.15 4.20 35,200 4.2 4.15 11,000 4.15 0.00 0.00 0.00 14 462,442 1,939,286.40

ZHCD - Zad Holding Company 14.91 15.00 15.00 15.00 965 15.2 15.0 9,402 15.00 15.00 +0.09 +0.60 8 18,768 281,520.00

IQCD - Industries Qatar 10.87 10.81 10.81 11.00 12,871 11.0 10.87 5,000 10.86 0.00 -0.01 -0.09 25 25,480 278,204.73

UDCD - United Dev. Company 1.655 1.66 1.66 1.67 9,496 1.662 1.66 2,501 1.66 0.000 0.00 +0.30 32 503,715 836,448.54

QGMD - Qatar German Co. Med 2.237 2.242 2.185 2.275 16,500 2.218 2.21 1,500 2.223 0.000 -0.014 -0.63 103 1,255,277 2,785,552.840

QIGD - The Investors 1.811 1.807 1.805 1.808 11,370 1.806 1.805 5,000 1.806 0.000 -0.005 -0.28 36 415,045 749,692.096

ORDS - Ooredoo 7.52 7.406 7.392 7.650 411 7.397 7.392 6,850 7.397 7.40 -0.123 -1.64 90 508,119 3,778,598.445

QEWS - Electricity & Water 17.85 17.80 17.80 17.84 1,250 18.19 17.8 20,635 17.80 0.00 -0.05 -0.28 4 4,000 71,245.40

SIIS - Salam International 0.651 0.65 0.64 0.66 5,893,604 0.651 0.65 1,955,943 0.65 0.65 -0.00 -0.15 247 18,980,179 12,408,800.45

BLDN - Baladna 1.79 1.78 1.76 1.79 14,121 1.78 1.779 5 1.78 1.780 -0.01 -0.56 126 1,481,358 2,632,619.41

NLCS - National Leasing 1.243 1.245 1.245 1.266 11,630 1.252 1.251 324,786 1.251 1.251 +0.008 +0.64 175 5,543,381 6,937,680.453

QNNS - Qatar Navigation 7.093 6.912 6.912 6.999 4,000 6.999 6.99 150,000 6.999 6.999 -0.094 -1.33 3 3,000 20,910.000

MCGS - Medicare 8.84 8.73 8.50 8.87 700 8.87 8.84 840,213 8.84 8.84 0.00 0.00 29 274,107 2,417,730.01

QCFS - Cinema 3.993 0.000 0.000 0.000 70 3.993 3.65 20,000 3.993 0.000 0.000 0.00 0 0 0.000

QFLS - Qatar Fuel 18.68 18.74 18.74 18.99 39,699 18.91 18.84 5,293 18.91 18.91 +0.23 +1.23 73 170,123 3,216,369.16

WDAM - Widam 6.322 6.322 6.286 6.410 11,241 6.395 6.286 892 6.286 0.000 -0.036 -0.57 16 33,084 208,583.535

GWCS - Gulf warehousing Co 5.098 5.12 5.061 5.123 680 5.09 5.083 1,956 5.072 0.000 -0.026 -0.51 12 38,044 193,184.175

QGTS - Nakilat 3.18 3.183 3.180 3.199 5,000 3.194 3.187 39,704 3.187 3.187 +0.007 +0.22 66 359,721 1,145,989.973

DBIS - Dlala 1.795 1.761 1.761 1.826 61,216 1.805 1.797 7,000 1.805 1.805 +0.010 +0.56 64 1,051,330 1,905,350.320

BRES - Barwa 3.401 3.400 3.395 3.405 33,434 3.42 3.405 3,796 3.405 3.405 +0.004 +0.12 15 39,842 135,487.000

MCCS - Mannai Corp. 3.00 2.960 2.960 2.995 5,580 3.0 2.971 2,211 2.971 2.97 -0.029 -0.97 15 74,700 222,559.142

AHCS - Aamal 0.855 0.846 0.846 0.850 21,000 0.852 0.847 169,818 0.847 0.000 -0.008 -0.94 54 1,463,468 1,240,493.455

QOIS - Qatar Oman 0.887 0.875 0.875 0.894 15,000 0.893 0.884 12,000 0.885 0.000 -0.002 -0.23 13 152,932 135,112.390

ERES - Ezdan Holding 1.776 1.75 1.75 1.80 534,372 1.79 1.777 24,777 1.79 1.79 +0.01 +0.79 216 4,634,720 8,230,306.29

IHGS - Inma 5.116 5.07 5.056 5.129 11,899 5.096 5.077 4,150 5.077 0.000 -0.039 -0.76 45 190,518 969,318.535

GISS - Gulf International 1.715 1.71 1.68 1.73 15,000 1.69 1.687 10,000 1.69 1.69 -0.02 -1.46 74 1,246,871 2,114,463.22

MPHC - Mesaieed 2.047 2.042 2.041 2.060 10,320 2.049 2.041 72,021 2.049 2.049 +0.002 +0.10 68 398,958 815,818.578

IGRD - Investment Holding 0.599 0.599 0.598 0.603 500,000 0.599 0.598 276,656 0.598 0.598 -0.001 -0.17 158 6,916,013 4,148,840.378

VFQS - Vodafone Qatar 1.339 1.347 1.325 1.347 58,093 1.343 1.336 30,783 1.343 1.343 +0.004 +0.30 30 528,238 705,422.780

MERS - Al Meera 20.71 20.39 20.39 20.99 1,827 20.65 20.46 300 20.65 20.65 -0.06 -0.29 20 15,281 314,970.48

MRDS - Mazaya 1.263 1.297 1.269 1.297 41,219 1.273 1.271 1,268,421 1.271 1.27 +0.008 +0.63 394 29,701,690 37,926,913.607