QNB, QDB sign agreement on

1 TOUGH SANCTIONS | Page 4. Russia skirts nearer default after dollar payment blocked Friday, April 8, 2022. Ramadan 7, 1443 AH. RAGING PANDEMIC : Page 3. GULF TIMES Tesla halted, chips pile up as Shanghai lockdown upends BUSINESS more businesses Al-Kuwari attends the 13th Session of Council QNB, QDB sign of Arab Finance Ministers in saudi Arabia agreement on Al-Dhameen'. HE the Minister of Finance Ali bin Ahmed al-Kuwari attended the inaugural session of the joint annual meetings of the Arab financial institutions of the IMF, Arab League, as well as the meeting of the 13th session of the Council of Arab Finance Ministers in Jeddah yesterday. During the session, the most important regional and international economic developments and challenges facing them were reviewed. Also discussed were the measures needed to support the economies of Arab countries in their stage of recovery from the repercussions of the coronavirus pandemic.

2 The ministers of finance discussed Q. NB has signed an agree- several topics and working papers including modernising the role of the state to ment for Al-Dhameen' up- stimulate growth driven by the private sector , in addition to digital transformation dated programme in part- strategies in government securities markets in the Arab countries. Working papers nership with Qatar Development on Modernising the State's Role to Stimulate Private sector -driven Growth were Bank. presented. The International Monetary Fund, World Bank Group and Arab Monetary Al-Dhameen is one of the leading Fund also presented various papers. programmes that encourage banks to nance businesses and projects that have a high success rate with- out the need to give any guarantees and documents of eligibility.

3 The signing of this agreement QIB completes legal procedures to raise came after QDB announced that it has enhanced Al-Dhameen pro- foreign ownership limit up to 100%. gramme, after a decade of success providing guarantees that exceed- By Santhosh V Perumal the FOL up to 100%. These four banks (QIB, ed QR1bn for local companies. Business Reporter QNB, Commercial Bank and Masraf Al Rayan). The programme was updated to together constitute more than 43% of the total include start-ups, small, medium market capitalisation as on August 24, 2021. and micro companies, and to facili- Qatar Islamic Bank (QIB) Group has completed QIB net earnings of constituted tate the speed of the required pro- legal procedures regarding raising the foreign of the total net profit of the listed banks cedures.

4 It also includes a higher ownership limit up to 100%. during the year ended 2021. The banking sec- pro t rate for all companies and Pursuant to QIB shareholders' extraordinary tor, as such, contributed to the total net does not require a percentage from general assembly meeting approval to modify profits of the listed companies during January- entrepreneurs or investors. QIB's Articles of Association in the extraordi- December 2021. Commenting on the QNB-QDB nary general meeting held on February 22, The decision (to allow up to 100% FOL) is agreement Yousef Mahmoud al- QNB has signed an agreement for Al-Dhameen' updated programme in partnership with Qatar Development 2022, QIB announces obtaining all required expected to enhance the country's economic Naama, executive general manager Bank.

5 Al-Dhameen encourages banks to finance businesses and projects that have a high success rate without regulatory approvals from the regulatory activity and attract overseas funds in efforts and group chief business officer the need to give any guarantees and documents of eligibility. authorities concerned, to modify Article (9) to diversify the economy, the QSE had said, said, We are proud to be part of the of the Articles of Association, to allow raising adding it will help attract more investments in development of the Al-Dhameen', Bank to update the Al-Dhameen that we have built strong partner- East and Africa Supporter of the the foreign ownership limit (up) to 100%, the the banking sector , which is already robust and one of the most supporting pro- programme, which comes among ship with QNB and we feel proud of FIFA World Cup 2022, QNB Group bank said in a communique to the Qatar Stock profitable.

6 Grammes for projects and compa- the many successful initiatives that the progress achieved through the extends through its subsidiaries Exchange. Qatari banks ranked first in the Arab world nies and a new method of support have been done over years of suc- Al Dhameen programme with our and associate companies to some 31 QIB would request the authorities concerned in terms of profit indicators, according to the for startups, and small and medium cessful partnership. national partners, in line with the countries across three continents to raise the limit of foreign ownership with Arab Monetary Fund. enterprises. Khalid Abdulla al-Mana, execu- bank's strategy in supporting the providing a comprehensive range immediate effect. Qatari banks continued to have the highest As one of the leading banks tive director (Business Finance) at national business system and the of advanced products and services.

7 The cabinet meeting, chaired by the Prime average return on equity (ROE) among the in the country in the small and QDB, highlighted the importance State's vision in promoting eco- The total number of employees Minister HE Sheikh Khalid bin Khalifa bin Ab- lenders in the Gulf Co-operation Council (GCC). medium-sized companies sector , of this partnership and said, QNB nomic diversi cation endeavours is 27,000 operating through 1,000 dulaziz al-Thani, had last year given approval at the end of fourth quarter of 2021, according we are pleased to share our part- is a key partner in the pioneering and advancing development. locations, with an ATM network of to four banks, including QIB, to enhancing to Kamco Invest. nership with Qatar Development initiatives in Qatar. We are pleased Proud to be the Official Middle more than 4,500 machines.

8 QSE breaches 14,000 points on buying support; M-cap gains QR13bn By Santhosh V Perumal , mainly on the back of to 28, points, the All Share Index Educational Holding and Mekdam to against on and deals by 37% to 2,467. Business Reporter small and midcap segments. by to 4, points and the Al Holding saw their shares depreciate in Wednesday. There was a 23% shrinkage in the The Islamic index was seen gain- Rayan Islamic Index (Price) by to value. The Gulf individuals' net selling shot industrials sector 's trade volume to ing slower than the other indices in 2, points. The domestic funds turned net buy- up markedly to compared to equities, 23% in value to T. he Qatar Stock Exchange yester- the market, where the industrials and The banks and nancial services sec- ers to the tune of compared on April 6.

9 And 11% in transactions to day surpassed the psychological consumer goods sectors together ac- tor index zoomed , industrials with net sellers of on April The foreign institutions' net buying 6,394. mark of 14,000 points, mainly on counted for about 59% of the trading ( ), insurance ( ) and real es- 6. weakened substantially to The insurance sector 's trade volume the back of strong buying in the banking volume. tate ( ); while transport declined The Arab institutions were net buy- against the previous day. shrank 17% to stocks, value by and nancial services sector . The foreign institutions continued to , consumer goods and services ers to the extent of against Total trade volume in the main mar- 23% to and deals by 54% to The domestic funds were seen bull- be net buyers but with lesser intensity in ( ) and telecom ( ).

10 No major net exposure the previous day. ket fell 26% to shares, value 435. ish as the 20-stock Qatar Index gained the market, which saw a total of 133,175 Major gainers in the main market Qatari individuals' net pro t booking by 26% to and transactions The banks and nancial services sec- more than 213 points or to exchange traded funds (sponsored by included Dlala, QIIB, Qatar General shrank drastically to com- by 27% to 24,947. tor saw a 15% contraction in trade vol- 14, , although it touched an intra- Masraf Al Rayan and Doha Bank) valued Insurance and Reinsurance, Commer- pared to on Wednesday. The telecom sector 's trade volume ume to shares, 19% in value to day high of 14,150 points, tracking the at changed hands across 33 cial Bank, Doha Bank, Masraf Al Rayan, However, the Arab individuals' plummeted 65% to equities, and 26% in transactions to strong world oil prices.