Category: Market

Doha: HE Ambassador of the United States of America to the State of Qatar, Timmy Davis, said on Tuesday that there is a common Qatar-US desire to enhance cooperation and increase the volume of bilateral trade exchange.

Speaking on the sidelines of the 4th Qatar Economic Forum, His Excellency highlighted the outstanding bilateral economic relations and the many opportunities available to advance these relations to broader horizons in the future.

He added that the Qatar-US relations could set a model for the region.

He added that the Qatari business leaders who would participate in the SelectUSA Investment Forum, would have the opportunity to explore many investment opportunities in the US.

His Excellency hailed Qatar’s ability to invest and establish partnerships as unparalleled in the region, adding that the presence of international companies such as Google, Amazon, and Microsoft in the State of Qatar affirms its interest in technology, agriculture, cybersecurity, and artificial intelligence.

Source: Q
atar News Agency

Doha: Ooredoo Oman, an Ooredoo Group company, has signed an agreement for the landing of the 2Africa Cable System in Barka and Salalah. This agreement marks the most extensive subsea cable system landing in the Sultanate of Oman to date.

The 2Africa Cable System, spanning 45,000km, will be the largest subsea cable system in the world. Upon completion, it will impact over 3 billion people in 33 countries on three continents, Africa, Asia, and Europe. The 2Africa consortium consists of Bayobab, center3, China Mobile International, Meta, Orange, Telecom Egypt, Vodafone Group, and WIOCC, while Alcatel Submarine Networks is handling the manufacturing and installation of the cable.

Bassam Yousef Al Ibrahim, CEO of Ooredoo Oman, emphasized the significance of the landing agreements for 2Africa, saying: “After previously landing SMW-5 and TGN Gulf in Oman, landing the 2Africa cable represents a further step in our vision to be the neutral partner of choice for landing submarine cable systems and supporting Ooredoo
to become a truly global connectivity player in the coming years. Extending our reach regionally and internationally is a key focus for Ooredoo and a central goal of our strategy.” The selected gateways for these landings are Salalah, emerging as a major new submarine cable landing hub in the southern part of Oman, and Barka, situated in Muscat, the capital city. Ooredoo Oman will undertake the development of a completely new build landing infrastructure for both Barka and Salalah, with a commitment to its maintenance in the coming decades. This new infrastructure will be entirely different from any other submarine cable system currently landing in Oman, ensuring robust connectivity and access for all operators in the country.

Najib Khan, Group Chief Business Services Officer, Ooredoo, said: “Navigating the complex web of global connectivity demands innovative solutions. The landing of the 2Africa Cable System in Oman not only strengthens our commitment to providing robust connectivity but also positions Oor
edoo as a leading player in the global telecommunications landscape, ready to meet the evolving needs of our customers.”

Source: Qatar News Agency

Doha: The General Tax Authority (GTA) announced Tuesday the launch of the new developed version of its website, providing its browsers, including taxpayers and others, with an innovative digital experience that responds to the latest technological developments in the field.

The latest version boasts a diverse range of content and offers effortless browsing, utilizing cutting-edge electronic display technologies, in line with the best standards adopted. These enhancements are geared towards boosting taxpayer satisfaction across the user base while further optimizing the efficiency of the tax system, GTA said in a statement.

The revamped GTA website (gta.gov.qa) offers an immersive digital engagement platform, customizing services to cater to the unique requirements of every user. This approach not only meets the demands for awareness and education but also ensures real-time interaction between the GTA and diverse business sectors concerning tax-related affairs and services.

The new version of the website re
flects the General Tax Authority’s commitment to enhancing transparency and facilitating access to tax information and services, thereby contributing to the improvement of the business environment and attracting investments.

The General Tax Authority invited all taxpayers and users to visit the newly launched website and take advantage of the services it offers, emphasizing its commitment to continue advancing its digital platforms and addressing the diverse needs of all beneficiaries.

Source: Qatar News Agency

Muscat, Oman Central Bank (OCB) has announced that the total value of government treasury bills allocated for this week amounted to OR 33 million.

In a statement on Monday, OCB explained that the value of the bills allocated for a maturity period of 28 days recorded OR 8 million, with an average acceptable price of OR 99.645, and the lowest acceptable price reached 99.645 per OR 100, while the average discount rate was 4.62768 percent, and the average return was 4.64417 percent.

It added that the value of the bills allocated for a maturity period of 91 days amounted to OR 25 million, with an average acceptable price of OR 98,747, and the lowest acceptable price reached 98,730 per OR 100, while the average discount rate was 5.02657 percent, and the average return was 5.09037 percent.

The statement indicated that the interest rate on repurchase operations with the OCB (repo) on these bills is 6.00 percent, while the discount rate with the Central Bank on treasury bill facilities is 6.50 percent.

Source: Qa
tar News Agency

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