Category: Market

Ramallah – Ma’an – PADICO disclosed the results of its business and consolidated financial statements for the first quarter of the year 2024, where the profit attributable to the company’s shareholders amounted to $4.9 million compared to $8.3 million for the same period of the year 2023, i.e. a decrease of 41%.

These results came within PADICO’s expectations for the performance of its subsidiaries and allied companies for this quarter as a result of the sharp decline in the Palestinian economy and the cessation of operational operations in the Gaza Strip. The largest decline was in the tourism and communications sectors, where PADICO’s share of the business results of its companies operating in these two sectors decreased by $3.1 million, or by 60% compared to the same period in 2023.

At the level of the financial position, the consolidated assets amounted to $731.1 million at the end of the first quarter of the current year, while the consolidated property rights amounted to $395.6 million, of which $333.
4 million belonged to PADICO shareholders.

It is worth noting that the Palestine Development and Investment Company (PADICO) is a public joint stock company that invests in many vital economic sectors in Palestine, such as communications and information technology, real estate, finance, industry and agriculture, tourism, infrastructure and energy.

Source: Maan News Agency

Doha: HE Minister of State for Energy Affairs, QatarEnergy President and CEO Eng. Saad bin Sherida Al Kaabi said that demand on natural gas will continue to grow and there will be a need for more supply projects globally after 2030.

His Excellencys remarks came during a panel discussion on “The Next Stage of the Global Energy Transition” at Qatar Economic Forum, where he ruled out the possibility of the end of this decade witnessing a Liquified Natural Gas (LNG) supply surplus or saturation, even as more projects become operational, including in Qatar, adding that Qatar is moving forward with expanding its LNG production capacity and that it might consider expanding it further in the event that more gas were to be available.

HE the Minister of State for Energy Affairs said that Qatars LNG expansion projects are on track, underscoring that Qatar is not facing any difficulty in selling its fuel.

His Excellency added that in the case of a reasonable economic growth in the future, supply and demand will follo
w suit accordingly, which will necessitate yet another phase of increasing gas production in the 2030s, remarking that LNG will not be going anywhere any time soon.

The QatarEnergy President and CEO emphasized that these new supplies will not be sufficient given economic and population growths will mean an increased demand, adding that gas-generated energy, for example, will provide a reliable intermittent renewable energy backup.

HE the Minister of State for Energy Affairs said that Qatar’s LNG production will jump from 77 million tons to about 126 million tons in 2026 to then jump further in 2030 to 142 million tons, indicating that Qatar is enhancing its natural gas sales after having signed agreements last year to sell 25 million tons.

His Excellency said that Europe has realized its need for a more secure strategy regarding its gas and energy needs.

Moreover, HE Eng. Saad bin Sherida Al Kaabi emphasized the need to deal realistically with the energy transition and with quitting fossil fuels, refering
to politicians’ proposed solutions in this regard.

As for Qatar’s criteria for choosing energy projects partners, His Excellency said that they are based on trust, transparency, and mutual benefit.

The Minister of State for Energy Affairs pointed out that Qatar was among the first countries to carry out oil and has explorations, adding that many more will be conducted in Qatar and Mozambique through Qatar’s partnership with TotalEnergies and ExxonMobil.

In turn, TotalEnergies Chairman and CEO Patrick Pouyanne said that the world today needs to investment more in the energy sector despite being in a transitional phase towards renewables, underscoring LNG’s role in this phase.

The TotalEnergies Chairman and CEO added that it is imperative to be realistic with regards to the energy transition, as demand for hydrocarbons increase last year, a demand that TotalEnergies is able to supply.

Pouyanne said that it is important to reduce the cost of energy fuel extraction, highlighting the huge cost variance betwee
n Europe and the US.

For his part, ExxonMobil CEO Darren Woods said that supply and demand in the energy sector is linked to economic growth, moreover, he also underscored LNG’s role in the energy transition.

Source: Qatar News Agency

Ramallah – Ma’an – Arkan Real Estate disclosed the results of its business and consolidated financial statements for the first quarter of the year 2024, where the profit attributable to the company’s shareholders amounted to $8.6 million compared to $8.2 million for the same period of the year 2023, i.e. an increase of 5%.

This increase in the company’s profits comes despite the sharp and significant decline witnessed by the Palestinian economy and with expectations that the company’s operational performance will continue to be affected by this until the end of the current year.

The company’s assets increased by 0.6%, while liabilities decreased by 2.6% compared to the end of the year 2023. The company’s shares have been traded on the Palestine Stock Exchange since the beginning of this year between $1.37 and $1.50, while the book value per share reached $3.13 as of the end of the first quarter. From the current year.

It is worth noting that Arkan Real Estate is a public joint stock company that emerged fr
om the Palestine Telecommunications Company/Jawwal, and its shares began trading in mid-2022 after being listed on the Palestinian financial market with a capital of $131.6 million and an asset base of approximately half a billion dollars, becoming the largest company specialized in managing… And real estate development in Palestine. The company owns a strategic real estate portfolio in the West Bank and Gaza Strip that qualifies it to implement quality real estate projects. It also owns the pillars of the Jericho Gate project, which is being implemented on a total area of ??more than 3 million square meters.

Source: Maan News Agency

Gold prices stabilized Wednesday, as traders awaited inflation data in the United States of America, which could provide evidence on the path of interest rates.

Spot gold was stabilized at USD 2,357.35 per ounce.

US gold futures rose 0.1% to USD 2,362.80 per ounce.

Spot silver fell 0.1% to USD 28.57 per ounce, and palladium increased 1.3% to USD 990.06.

Platinum rose 2.2% to USD 1,053.75, recording the highest level in almost a year.

Source: Qatar News Agency

Ramallah – Together – Research by the Director General of the Palestine Islamic Bank, Dr. Imad Al-Saadi and CEO of ICSfs – Palestine Nasser Abu Hijleh Strengthening joint cooperation mechanisms in a way that contributes to providing advanced and digital banking services to the customer audience and strengthens the existing partnership relationship between the two sides.

This came during a meeting held at the headquarters of ICSfs – Palestine in Ramallah, in the presence of Assistant Director General of the Palestine Islamic Bank for Planning and Development, Asem Al-Masry. During the meeting, Al-Saadi stressed the bank’s pride in its partnership and cooperation relations with ICSfs and its keenness to develop them permanently, with the aim of keeping pace with the latest technologies and technological solutions used in the banking field worldwide.

Al-Saadi added: ‘Within the framework of the bank’s strategy for digital transformation, we are constantly working to strengthen our local and global partnerships
in order to provide advanced and innovative technological solutions that contribute to improving our banking services and products and provide more electronic payment solutions that enable our customers to enjoy banking services quickly, easily, and around the clock.’

Al-Saadi praised the distinguished efforts made by ICSfs – a leader in the field of automation of banking operations – and the distinguished and close cooperation between its crews and the teams of the Palestine Islamic Bank to implement development plans and existing projects in the required manner and as quickly as possible.

The mission and vision of the Palestine Islamic Bank are centered on excellence in providing modern and secure banking and investment solutions in accordance with the provisions of Islamic Sharia. It also develops a well-thought-out strategy to proceed with the process of digital transformation, which has resulted in the launch of pioneering digital services through an easy and safe environment that enhances the digital
experience for individual and corporate customers. The bank also considers The largest Islamic banking network in Palestine, including 43 branches and offices and more than 100 ATMs.

Source: Maan News Agency

Doha: Qatar Foundation and Ooredoo Qatar have announced a three-year partnership on the sidelines of Qatar Economic Forum 2024.

Under the partnership, the two organizations will work towards shared responsibilities to advance Environmental, Social, and Governance (ESG) goals in Qatar and across the region.

This collaboration strengthens the two organizations’ collective impact by uniting efforts in the area of education, health and community, and leveraging global platforms and networks to enhance exposure and effectiveness of their joint initiatives such as Qatar Foundations (QFs) WISH Summit that will allow collaborative work in the area of innovative healthcare, and the Doha International Family Institute (DIFI) Conference to support the protection and promotion of sustainable societies.

Qatar Foundation member Earthna Center for a Sustainable Future (Earthna) will be supporting and guiding Ooredoos sustainable initiatives as Earthna brings specialized thought leadership, expertise and global networks
in sustainability, and will help Ooredoo achieve its environmental and social goals.

Chief Business Officer of Ooredoo Qatar, Thani Ali Al Malki, shared his views on the collaboration: “Our partnership with Qatar Foundation is a pivotal step towards integrating sustainable practices into our core business strategies and contributing positively to Qatars National Vision 2030.” Executive Director of Earthna, Dr. Gonzalo Castro de la Mata, remarked on the partnership: “At Earthna, our roots are anchored in supporting Qatar’s ambition to enhance sustainability, and we look forward to working closely with Ooredoo in this endeavor.

“We believe in the influential role the private sector can play in setting a precedent through its actions by driving direct, tangible, and positive change for the benefit of our societies and we will always welcome opportunities to partner with private organizations, so that our respective ecosystems of knowledge and resources can be combined and magnified to collectively make an impa
ct on peoples lives.” Qatar Foundation and Ooredoos organizational-wide partnership focuses on their shared vision for a sustainable future, harnessing collective expertise and resources to drive significant environmental, social, and governance advancements. Together, Qatar Foundation and Ooredoo, are setting new benchmarks for corporate responsibility and community engagement, ensuring that the progress made today will leave a lasting legacy and positive impact on generations to come.

Source: Qatar News Agency