Category: Market

Singapore, The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the US rates outlook, while the yen was hovering near a two-week low.

The euro was little changed at $1.0786 but is up 1% against the dollar so far this month, while sterling last bought $1.2554, up roughly 0.5% so far in May.

The dollar index, which measures the US currency against six rivals, was last at 105.27, and the index has slipped about 1% in May.

The yen was trading at 156.41 per dollar after approaching its two-week low of 156.50 per dollar earlier in the session.

The Australian dollar was 0.11% lower at $0.6601, while the New Zealand dollar was flat at $0.6016.

Source: Qatar News Agency

Doha: Qatar Free Zones Authority (QFZ) announced the inauguration of multi-use Regional Distribution Hubs with state-of-the-art facilities in Ras Bufontas Free Zone, located next to Hamad International Airport.

On this occasion, CEO of the QFZ Sheikh Mohammed bin Hamad bin Faisal Al-Thani said: “The opening of the new ‘Regional Distribution Hubs’ in Qatar’s free zones represents an advanced shift in the standards of building and constructing multi-use units used for manufacturing, production, and distribution. QFZ always seeks to develop world-class facilities and services that open up promising prospects for companies to expand regionally and globally, contributing significantly to Qatar’s economic diversification, a key objective of the third National Development Strategy 2024-2030, while keeping pace with the increasing demand of investors from all over the world to establish and operate their businesses from the free zones in Qatar.” The new hubs are supported by many advantages, notably the customs supp
ort office located in Ras Bufontas Free Zone, a large area of up to 1,200 square meters distributed over three floors – 65 percent of which is for storage space and 35 percent for offices, energy-efficient facilities, and state-of-the-art furniture. Additionally, the hubs benefit from their strategic location near Hamad International Airport and Hamad Port, the largest sustainable port in the world, which connects them to global markets seamlessly, providing unlimited possibilities for air and sea transportation and freight services to ensure fast and efficient movement of goods, enabling companies to position themselves as strong regional distribution stations.

CEO of Zones Development at the QFZ Eng. Ali Al Khalifa introduced the new facilities and presented the projects journey and said: “Todays inauguration of the 20 new ‘Regional Distribution Hubs’ in the Ras Bufontas Free Zone, which were built to the highest international standards as the first of its kind in Qatar and equipped with the latest technol
ogy, represents a milestone in our vision for the development and growth of free zones in Qatar. They include many features such as high-speed roller shutters that close in less than 3 seconds, charging points for electric cars, photovoltaic solar energy systems, automatic docking assistance, and many others, in addition to providing each hub with six independent parking lots, noting that 60% of the building materials were from local sources to encourage local industries, which was constructed by AMANA Qatar Contracting Co.” As a result of the combined efforts, all new “Regional Distribution Hubs” obtained the Global Sustainability System (GSAS) certification in design and construction. For the first time, modern dispute avoidance tools were applied, ensuring the completion of the construction of these units on time and within the allocated budget.

The new design of the “Regional Distribution Hubs,” with the ability to merge more than one unit together, represents part of QFZ’s plan to keep pace with the evo
lving needs of companies and investors by updating its infrastructure and facilities. These 20 new “Regional Distribution Hubs” in Ras Bufontas Free Zone, along with the already existing 78 “Light Industrial Units” in Ras Bufontas Free Zone and Umm Al Houl Free Zone, generate a total number of 98 multi-use ready-built units.

Source: Qatar News Agency

Ramallah – Ma’an – The results of a periodic survey by the Central Bureau of Statistics, issued today, Tuesday, showed a decrease in the consumer price index in Palestine during April, by 1.91%, compared to the previous March, as a result of its decline in the Gaza Strip, despite its increase in the West Bank.

The Central Bureau of Statistics said that the index across the Palestinian territories decreased in April by 1.91% compared to the previous March, by 5.42%, despite price levels remaining higher than their previous rates due to the Israeli aggression for all basic goods in the Strip, despite their increase in the West Bank by 0.45. %, and by 0.44% in East Jerusalem.

The “Statistics” attributed the decrease in the price index in Palestine to a decline in the prices of sugar substitutes and other sugars by 71.55%, the prices of eggs by 42.91%, the prices of dried vegetables by 37.33%, the prices of vegetable oils by 21.02%, the prices of fresh fruits by 10.06%, and the prices of fresh vegetables. by 9.
07%, potato prices by 7.27%, bread prices by 2.54%, and cereal flour prices by 1.69%, despite the increase in fresh meat prices by 5.13%, and fresh chicken prices by 4.16%.

On an annual basis, the consumer price index increased during April by 33.54% compared to the corresponding month of last year, by 153.32% in the Gaza Strip, 4.20% in East Jerusalem, and 2.53% in the rest of the West Bank.

Geographically, the consumer price index in the Gaza Strip decreased (by 5.42%) in April, as a result of a decline in sugar substitutes and other sugars by 80.73%, semolina by 54.71%, eggs by 51.02%, baby food by 50%, and vegetable oils by 41.41%. Dried vegetables by 41.24%, gas by 40.09%, bulgur by 34.29%, pasta by 33.06%, tea by 30.30%, canned vegetables by 29.45%, coffee by 27.19%, freekeh by 25%, fresh fruits by 18.60%, and bread by 14.41%, fresh vegetables 13.17%, mineral water 11.54%, potatoes 7.69%, and gasoline 4.29%.

On the other hand, the consumer price index in the West Bank (excluding Jerusalem) increased
during April by 0.45%, compared to March. This is due in particular to the increase in fresh chicken prices by 7.14%, gasoline prices by 2.88%, and fresh meat prices by 2.01. %, and the prices of fresh fruits by 1.34%, despite the decrease in potato prices by 7.28%, the prices of dried vegetables by 7.00%, the prices of eggs by 3.97%, the prices of fresh vegetables by 3.45%, and the prices of diesel by 1.54%.

In East Jerusalem, the consumer price index recorded an increase of 0.44% during the month of April compared to the month of March, as a result of an increase in the prices of fresh fruits by 4.13%, the prices of fresh chicken by 1.86%, the prices of diesel by 2.72%, and the prices of gasoline by 2.51%. Although the prices of dried vegetables decreased by 28.44%, and the prices of fresh vegetables decreased by 6.90%.

Source: Maan News Agency

Singapore, Gold prices drifted up on Tuesday, with the spotlight shifting to key inflation reports due this week, which could offer more insights on the pace and scale of the US Federal Reserve’s (central bank) interest rate cuts this year.

Spot gold was up 0.4% at $2,344.39 per ounce, after falling 1% on Monday.

US gold futures rose 0.3% to $2,350.00.

Spot silver rose 0.8% to $28.41 per ounce and palladium gained 0.8% to $968.43.

Platinum was up 0.6% to $1,002.90, after hitting a near one-year peak.

Source: Qatar News Agency

Doha: The general index of Qatar Stock Exchange (QSE) rose 18.13 points, or 0.19%, at the beginning of trading on Tuesday, reaching 9,686 points, compared to yesterday’s closing.

The general index was supported by a rise in Transportation by 0.69%; Real Estate by 0.61%; Banks and Financial Services by 0.32%; Consumer Goods and Services by 0.20%; Insurance by 0.10%; and Telecoms by 0.03%. Only Industrials dropped by 0.13%.

At 10:00 am, 38.442 million shares were traded in 2,484 transactions valued QR 74.392 million.

Source: Qatar News Agency

Manama, Qatar Chamber recently participated in the activities of the 5th World Entrepreneurs Investment Forum (WEIF) held in Manama from May 14 to 16, in conjunction with the 33rd Arab Leaders Summit.

Held under the theme Achieving the SDGs through Fostering Innovation and Economic Growth, the forum was organized by the General Secretariat at the UNIDO Investment and Technology Promotion Office in the Kingdom of Bahrain in partnerships with the League of Arab States, the Ministry of Industry and Commerce in Bahrain, the Union of Arab Chambers, the Arab Bank for Economic Development in Africa, the Bahrain Chamber of Commerce, and a number of local, regional, and international partners.

In his remarks, board member Abdulrahman bin Abduljaleel Al Abdulghani said that the forum aims to support sustainable development by enhancing innovation and stimulating economic growth. He also stressed the vital role that entrepreneurs paly in diversifying the economy and promoting sustainability, as well as enhancing innov
ation, which is essential for transitioning to a knowledge-based economy. Al Abdulghani further highlighted the Chambers interest in supporting entrepreneurs, helping them start their businesses and facilitating their participation in exhibitions, both domestically and internationally, that the Chamber organizes or takes part in.

The forums working sessions addressed a number of topics such as building sustainable partnerships and creating a brighter future for Arab and African entrepreneurs. They also dealt with sustainable smart financial inclusion, entrepreneurship, and innovation – enabling ecosystems, and investment pathways to achieve the SDGs.

Source: Qatar News Agency