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The GCC blockade affected the country to large extent especially the essential imports. Qatar though took up it as a challenge to be self-sufficient. It started many projects to promote “produce in Qatar” which have started yielding impressive results.

In food self-sufficiency, Qatar has made major developments in poultry and dairy products. As per recent statement issued by Saleh al Marri of the Ministry of Municipality and Environment (MME), Qatar has achieved 98 percent self-sufficiency in poultry with a total production of 21,500 tonnes of chicken.

As per Marri’ further statement there has also been a considerable development in achieving self-sufficiency of dairy products. He stated that the country has already achieved 82% self-sufficiency and the coming six month are expected to lead to 100% self-sufficiency in dairy products.

As per statement given to ‘The Peninsula’ Saleh Jarallah Al Marri said “we are trying to cover 100 percent need of frozen chicken in local market this year and to increase self-sufficiency of the country in dairy products from existing 82 percent to 100 percent during next six months.”

He explained that the ministry is planning on covering big portion of the need of red meat and eggs during next two years and is simultaneously working on four new dairy farms that will add to the existing capability to produce of the three functional farms making the total of seven dairy farms in the country.

He also explained that there are 11 functional poultry farms in the country and license has been granted to 12 new projects. Soon, a total of 23 poultry farms will be operational in the country which will enable to reach self-sufficiency targets.

Al Marri clarified that “All existing farms are working to complying Qatari specifications to compete the imported products. During recent past, we noticed growing demands for local products by the consumers that reflects the quality of the local products”.

From the time government has taken self-sufficiency drive, there has been considerable increase in food production like livestock and dairy products. The continued progress indicates that soon Qatar will be self-sufficient in most of the essential products.

 

 

 

 

 

 

 

Qatar Currency Manipulation

The ongoing Gulf crisis instead of being resolved are becoming more complex with new issues surfacing on the horizon. Qatar already made it clear earlier that the blockade which is veiled as a diplomatic crisis is a veiled economic warfare.

Qatar has further enhanced its argument of economic sabotage by alleging rival Gulf countries attacking its currency through “blatant, unlawful market manipulation,” in the letter which was sent to global regulators including Securities and Exchange Commission, regulators in the U.K. and Luxembourg.

Qatar stated that the manipulation of its currency is a well-planned economic attack waged to target its bonds and a well-coordinated scheme to extract funds from the Banks of Qatar creating shortage of liquidity.

Qatar Central Bank also showed a considerable outflow of funds from its financial system after the diplomatic standoff began.

The crisis has already imposed a pressure on Qatar’s financial system.as per reports, Fitch Ratings in August downgraded Qatar’s credit rating to AA- from AA because of geopolitical risks related to the diplomatic standoff, which it said was “unlikely to be resolved for some time.”

Qatar’s Finance Minister Ali Al Emadi expressed his concern to Wall Street Journal in November, about the financial drain and stated that Qatari authorities were investigating possible manipulation of its currency. He stated that “These tactics are not only unethical, but they give misleading information for international investors…about how the economy is doing.”

Possibly, Qatari authorities found a connection to the manipulation of currency when a presentation made by employee of Banque Havilland—a private wealth bank in Luxembourg with clients in the Persian Gulf—emerged on the internet last November.

The presentation was worrisome as it explained about the financial weapons that can be used to create pressure on Qatar to release money for protecting its currency that will be affecting by a purposeful targeting of its bonds.

The presentation entitled “Control the Yield Curve, Decide the Future,” was distributed by a group called “Global leaks” , who also sent journalist stolen emails from account of Yousef Al Otaiba, the U.A.E.’s ambassador to the U.S.

Though the group has completely denied to identify its members and source of information, it stated last year that it functions on the lines to “expose corruption, financial frauds which are done by rich governments.”

Banque Havilland is still silent on the allegation levied by Qatar but denied any kind of “improper conduct” and its “intend to execute any of the transactions on financial instruments” as stated in the presentation.

In the letters written to the global regulators Qatar’s lawyers has asked to “examine the extraordinary conduct of Banque Havilland” for devising “a plan to engage in financial warfare against Qatar.”  They have also provided details of certain suspicious market moments that can only be caused in an attempt to manipulate the financial market.

Apparently, the case suggests that there is a planned economic attack on the economic institutions of Qatar by manufacturing and spreading pathetic image about Qatar’s economy with the aim to economically pull down one of the biggest competitor in the region.

 

Second Edition of Expo Turkey at Doha

The second edition of “Expo turkey” held at the Doha Exhibition and Convention Center (DECC) with much excitement in the air. The event coincides with the ongoing Qatar-Turkey Economic Forum, which kicked off on Tuesday making the event more important for both Turkey and Qatar economic cooperation.

The event is hosting more than 150 Turkish companies from the real estate, construction, information, food, machinery, food and health, tourism sectors, participating in the exhibition.

The inauguration witnessed the presence of top business leaders from Qatar and Turkey, senior diplomats and dignitaries and top officials from private industry representatives of both sides, including the President of the Union of Chambers and Commodity Exchanges of Turkey, M Rifat Hisarciklioglu.

The three day event is organised solely by Turkey’s Independent Industrialists and Businessmen Association (MUSIAD) with the aim of promoting Qatar as a gateway for Turkish products to reach 400 million customers in the regional market.

As this is the second year of Expo Turkey, it indicates strengthening of strategic economic ties between Qatar and Turkey. The event gives an opportunity to the business verticals in Qatar and Turkey to communicate and exchange various prospects of expanding business in the region.

Moreover, the event is also expected to prove to be a fruitful platform for Qatari importers to contact Turkish manufacturers and represent them in the local market for quality products at reasonable cost, which will help them in manufacturing better quality of products at reasonable prices and at the same time expand market for Turkish products.

Apart from the exhibition of products by Turkish firms, the event also portrays strong commitment by Turkey and Qatar to streamline practical mechanisms for further developing the economic cooperation and trade exchange. This event further gives an opportunity to explore innovative and promising avenues that will have mutually befitting results for both Turkey and Qatar.

The ongoing blockade has enabled a close connection between Turkey and Qatar as they tend to realise new opportunities of economic cooperation that were otherwise mostly showed by other countries in the region.

The success of the event highly depends on the number of prospects that actually materialise from the bilateral meetings, including Business-to-Business (B2B) events arranged on the sidelines of the event.