al khaliji (KCBK) today, reported net profit of QR 109 million for the first quarter ended March 31. Loans and advances grew by 11% during the quarter, to reach QR 22.9 billion, and net interest income increased by 12%. The acceleration in sustainable recurring revenues is in line with the bank’s strategy to progressively rely less on investment gains for future growth in favor of increased proceeds from a growing banking franchise.
"al khaliji is starting the year with a solid financial performance supported by a growing banking franchise. Following the Group’s strong performance in 2013 it was expected that investment returns would be more muted this year given the developments in quantitative easing and US treasury rates. Protecting the net margin, by adopting a prudent hedging strategy for our fixed income revenue streams, and growing our franchise with quality assets remains amongst our primary objectives. In conjunction with the introduction of our new IT system we will continue to streamline our processes and procedures, aiming to deliver a leaner organization and lasting long-term operational cost savings. We are pleased that our capital strength supports our plans for continued balance sheet initiatives focused on quality earnings.” said Rob McCall, Group Chief Executive Officer, al khaliji.
The Group’s CEO, Rob McCall, states that the financials are firmly in line with expectations. This quarter al khaliji has delivered on two key objectives as it invested in an increased physical presence and a new enhanced IT system to deliver on future growth plans consistent with its medium term plan. The Group CEO is satisfied with the strong momentum in which the bank continues to build its franchise across all business lines and captures market share in its chosen segments. The bank has stepped up financing of large infrastructural projects and its private sector preferred customers to drive an increase in its lending book, up 63% year-on-year, while preserving superior asset quality as reflected in a low NPL ratio. al khaliji’s investment portfolio now accounts for 37% of total assets in contrast to the end of March last year when it made up half of the bank’s assets.
Al Khaliji France S.A.’s net profit reached QR16.3 million, up 5% compared to Q1 2013 and represents 15% of the Group net income.
Income Statement highlights
Net Profit for the first quarter of this year is QR 109.2 million compared to QR 131.5 million for the same period in 2013. Net interest income increased by 12%, to QR 165.9 million, over the prior quarter. Net fee and commission income of QR 37.8 million grew by 11% on Q4 2013; however it is QR 9.4 million lower year-on-year owing to non-recurring revenues. This reduction flows through on a first quarter comparative basis to Net Operating Income which is QR 213.8 million.
Income from the banking franchise now accounts for 92% of profits, compared to 81% last year, reflecting a growing book with less reliance on investment income which made up 19% in Q1 2013.
Balance Sheet highlights
Total assets reached QR 43.7 billion in the first quarter of 2014, up 27% from Q1 2013 and up 6% from the previous quarter ending December 2013. Al khaliji France S.A.’s represented 10 percent of the group’s total assets. Loans and advances rose to QR 22.9 billion, 63% higher than the same period end of the prior year and 11% higher than the previous quarter. Deposits reached QR 21.7 billion, up 25% compared to the first quarter of 2013 and up 9% from the fourth quarter of 2013.
Earnings per share and capitalization
Earnings per share were QR 0.30 for the first three months of this year. The bank’s capital adequacy ratio was 17.7% as per Basel III.
Non-performing loans stood at QR 62.4 million at the end of March 2014, down 11% from end of December 2013. The NPL ratio, at 0.27%, continues to improve quarter-on-quarter.
His Excellency Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director concluded: "al khaliji continues to expand its banking franchise in a manner that is capable of delivering long term value to its shareholders and customers. The financial strength of the organization and our commitment to deliver on our identified strategic initiatives ensures we are well positioned to deliver on future business growth”.
Balance Sheet indicators (QR million)
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Al Khalij Commercial Bank (al khaliji) Q.S.C. Qatar’s award winning Premium Bank, has opened a new full-service branch in Umm Lukhba close to Landmark shopping mall.
al khaliji’s new Landmark building reflects a fresh approach to banking in Qatar. The branch has a contemporary look and feel, it is visually appealing with a cutting-edge design to mirror the bank’s commitment to innovation and firmly connect with al khaliji’s ethos of being a ‘next generation’ bank. In addition to serving our Premium clients, the branch layout has been carefully designed around specific zones to cater for our Corporate and Commercial customers. The branch is part of the bank’s strategy to increase its distribution network and provide outstanding service and convenience to al khaliji customers in a way that fits with their lifestyle and business needs.
On the inauguration of the branch, H.E. Sheikh Hamad Bin Faisal Bin Thani Al Thani, Chairman and Managing Director of al khaliji, welcomed many notable dignitaries at the branch. Robin McCall, al khaliji Group CEO, and executives from various departments and distinguished guests were also in attendance.
Commenting on the occasion, His Excellency Sheikh Hamad Bin Faisal Bin Thani Al-Thani, Chairman and Managing Director of al khaliji said “The new branch is a testament to the success of our mid-term strategy as we increase our footprint in the Qatari market. It underlines our firm commitment towards providing our customers with exemplary service and innovative products, catering to the evolving needs of our valued clients.”
From his part, McCall said, “The bank has a firm belief in modern alternative channels as an operating model and will always be at the cutting edge of this realm, however in addition to advanced technology channels we recognize that our preferred clients want to interact with people. Our new branch at Landmark firmly connects with al khaliji’s ethos of being a ‘next generation’ bank; it is innovative, contemporary, friendly and most importantly allows us to serve our valued customers in a meaningful and effective manner.”
al khaliji is recognized as being the “Best Premium Bank” in the Middle East and for offering the ‘Best Premium Banking Service’ to its Affluent and High Net Worth customers by the Banker Middle East Industry Awards. For more information about al khaliji Premium Banking services please call our 24/7 contact center or visit www.alkhaliji.com.
The Audi A3, the premium compact bestseller from the brand with the four rings, is the 2014 World Car of the Year. This is the second overall title for Audi in the ten year history of the World Car of the Year Awards as the Audi A6 won the inaugural overall title in 2005.
The third generation of the Audi A3 is now officially confirmed as a world beater. It overcame the challenge from 23 other cars to win the prestigious World Car of the Year title in 2014. The A3 was voted as the winner by an international jury panel comprising 69 top-level automotive journalists from 22 countries around the world.
Rupert Stadler, Chairman of the Board of Management of AUDI AG, said: “The Audi A6 was the first ever winner of this award and we are delighted that the Audi A3 has repeated that achievement by being voted 2014 World Car of the Year. The Audi A3 showcases Audi’s technical competence in all aspects of carmaking, not least in the areas of lightweight technology, drivetrain, mobile infotainment and driver assistance systems. This major award win is an achievement that the whole company can celebrate”.
Audi can look back on a 16-year success story with the A3. In 1996, the first generation of the model series established an entirely new market segment – the premium compact class. With the second generation, which followed in 2003, the brand extended its lead with the addition of a Cabriolet to the familiar 3 door and Sportback body styles. The third A3 generation is available in four body styles following the further addition of the Sedan.
With this win for the Audi A3, Audi has maintained its position as the manufacturer with the most World Car of the Year titles. The brand with the four rings has previously won three World Performance Car titles, two World Car Design of the Year titles and the inaugural World Car of the Year title. In total Audi has won seven titles at the World Car of the Year Awards:
2005 Audi A6 World Car of the Year
2007 Audi RS 4 World Performance Car
Audi TT World Car Design of the Year
2008 Audi R8 World Performance Car
Audi R8 World Car Design of the Year
2010 Audi R8 V10 World Performance Car
2014 Audi A3 World Car of the Year
Nakilat, Qatar’s premier gas transporter, has added three new LNG vessels to its fleet through its joint venture Maran Nakilat Co. Ltd., which has closed US $807.4m of refinancing provided by Qatar Islamic Bank (QIB) and Barwa Bank.
The refinancing deal was signed during a ceremony held in Doha on Tuesday 22nd April and attended by senior representatives from Nakilat, QIB and Barwa Bank. The contracts were signed by Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, on behalf Nakilat; Bassel Gamal, QIB Group CEO, on behalf of QIB; and Khalid Al Subeai, Acting Chief Executive Officer of Barwa Bank, on behalf of Barwa Bank. The three new LNG carriers will be added to Maran Nakilat Co. Ltd., Nakilat’s joint venture with Greek shipping company Maran Ventures Inc. These new vessels increase the joint venture’s total fleet from eight vessels to 11 and will be used in international trade, growing Nakilat’s LNG fleet from 58 vessels to 61, and expanding Nakilat’s total fleet — including both LNG and LPG carriers — from 62 vessels to 65.
Maran Nakilat Co. Ltd. has grown its fleet’s capacity over three different stages. The initial fleet of four vessels had a cargo capacity of 580 thousand cubic-meters. The expanded fleet of 11 vessels now has a cumulative capacity of 1.7 million cubic meters. In June 2013 Nakilat also increased its ownership of the joint venture from 30 per cent to 40 per cent. Eng. Abdullah Fadhalah Al Sulaiti, Managing Director of Nakilat, commented: “We are thankful for this excellent addition to our company, through refinancing and adding new ships to our fleet, which in turn will definitely strengthen the role of Nakilat as a leader in
the global gas transportation market. We are dedicated to the continual enhancement of Nakilat’s position as the world’s leading LNG shipping company and support from the State of Qatar’s financial institutions enables us to achieve this goal.
“We thank Maran, QIB and Barwa Bank for their continued and valued collaboration. Through these strong relationships, Nakilat is able to maintain the State of Qatar’s prime position in the global LNG shipping market and to continue to capitalize on further opportunities for the growth of our great nation’s marine transportation sector.” Commenting on the financing agreement, Bassel Gamal, QIB Group CEO, said: “We at QIB are proud of our strategic partnership with Nakilat. This agreement marks our third co-financing of the company in a span of two years; it bears witness to Nakilat’s confidence in our capability to provide financial solutions that fulfill their financing needs and befit their expanding scope of activity.”
Mr. Gamal added: “The signing of this agreement confirms the Bank’s strategy and commitment to providing financial Islamic solutions that meet the requirements of its institutional and corporate clients, and its contribution in supporting the national companies in line with Qatar vision 2030 to build a stronger economy.” Mr. Gamal Concluded: “This partnership between QIB and Barwa Bank in financing is a testament of the strong cooperation between financial institutions in Qatar to support strategic projects.”
Khalid Al Subeai, Acting Chief Executive Officer of Barwa Bank commented: “Barwa Bank is proud to have been chosen for this important refinancing transaction. The signing of this agreement confirms our strong relationship with corporates which has enabled us, in a short time, to become the partner of choice for a number of major corporations such as Maran Nakilat Company. This transaction demonstrates our commitment to providing Shari’ah compliant banking solutions that meet the requirements of our institutional and corporate clients in addition to supporting the significant infrastructure and development projects in line with the Qatar National Vision 2030.”
Nakilat is a Qatari marine transport company providing the essential transportation link in the State of Qatar’s LNG supply chain. Its LNG shipping fleet is the largest in the world, comprising 61 LNG vessels. Nakilat also manages and operates four large LPG carriers. Via two strategic joint ventures, Nakilat Keppel Offshore & Marine (N-KOM) and Nakilat Damen Shipyards Qatar (NDSQ), Nakilat operates the ship repair and construction facilities at Erhama Bin Jaber Al Jalahma Shipyard. For more information visit: www.nakilat.com.qa.
Maran Nakilat Co. Ltd. was established in 2005. Its original fleet of four LNG vessels is on charter with RasGas. Maran Ventures Inc. is a subsidiary of Angelicoussis Shipping Group Limited (ASGL). For more information visit: asgl.co.
Georgetown University in Qatar (GU-Q) announced the inaugural launch of the first academic political science journal that is published by university students in the Middle East, on Tuesday, April 22, 2014, at a press conference that featured the GU-Q students and GU-Q faculty and staff advisory board members involved in the historic project.
The Journal of Georgetown University-Qatar Middle Eastern Studies Student Association is the work of GU-Q’s Middle Eastern Studies Students Association (MESSA), and published by Bloomsbury Qatar Foundation Publishing. It will also be made available online through MESSA’s website. Now in its third year, MESSA is a uniquely student-focused campus organization, giving young people a chance to emulate their esteemed peers in the research community.
The focus of this first publication, which includes articles from students at top universities including Harvard, Princeton, and Tufts who presented their research at the second MESSA conference earlier this year, reflects the conference theme: "Globalization & the Middle East: Youth, Media and Resources". Current and future topics will also include youth, gender issues, sectarianism, non-state actors, culture, economics, development, and the interplay of domestic, regional and international politics.
“It is especially gratifying to see high-quality analytical work emerging among students that addresses head-on, some of the most complex and interdisciplinary questions pertaining to this dynamic region. It is an honor for GU-Q to be able to host this journal,” said the dean of GU-Q, Dr. Gerd Nonneman, who also serves on the journal’s board of advisors.
The press conference featured other project participants, including John T. Crist, Director of Research at GU-Q and a MESSA advisory board member, Mohamed Khalil Harb, a GU-Q student contributor, and Qatari student Khawla Al-Derbasti, the MESSA journal’s Editor-in-Chief. "There is a lot of change happening around us, and this change is taking place at an expedited pace, this is what makes MESSA such a vital organization. Fundamentally, our generation must become more aware and engaged with both local and international affairs to be prepared for the future that will demand our attention soon enough," said Khawla, who oversees all the logistics of the journal - from selecting the papers to the overall execution and publication.
MESSA serves to voice undergraduate research that is conducted at Georgetown University, whether in Qatar or the United States, and concerns issues which are pivotal to Middle Eastern affairs. Striving to foster and enhance undergraduate research, MESSA enables students, from Georgetown University and across the globe, to voice their research and facilitates a breadth and depth of discussion about respective economic, political and social affairs. More information about the organization and access to the journal are available online at www.gumessa.org/
Over 70 healthcare professionals including physicians, nurses and other allied health professionals from across Hamad Medical Corporation (HMC) participated in a seminar conducted by experts from the University of Cambridge, highlighting the importance of the Occupational English Test (OET).
The seminar, also attended by representatives from Supreme Education Council and the British Council, organized by the Training & Professional Development Section of the Human Resources Department at HMC, provided a comprehensive overview of OET, a standardized test which has been specifically designed to assess the English competency and communication skills of healthcare providers in various healthcare settings around the world. The test is supported by over 20 regulatory healthcare bodies and councils in Australia, New Zealand and Singapore and is used by many other organizations, including hospitals, universities and colleges as evidence of a candidate’s ability to communicate effectively in demanding healthcare settings.
HMC’s English Department Training & Professional Development Manager Dr. Mariam Habib (pictured) said: English remains the most common language of communication across all HMC facilities. “Introducing the test at the organization will be a very significant step in ensuring that healthcare professionals at HMC have the desirable language skills that will allow enhanced communication with patients and families and therefore reflect in better diagnosis and improved patient outcomes,” she said.
“It is definitely time for us to hear about OET in Qatar as several other countries in the region, including UAE, Egypt and Saudi Arabia, have adopted the test with great success,” Dr. Habib added. The presentation was delivered by the Director of Cambridge Assessment Admission Testing Services, Simon Beeston and Associate Clinical Dean and Director of Communication Studies at the School of Clinical Medicine, University of Cambridge, Dr Jonathan Silverman.
“The OET was designed in the late 1980s by Professor Tim McNamara at the University of Melbourne in Australia and was commissioned by the Australian Federal Government. Over a period of 30 years, the test has been constantly developed to suit the needs of the changing healthcare environment through ongoing validation research,” Beeston said during the presentation adding that the test is now owned by the University of Cambridge, which administered over four million English assessment tests last year.
“One of the significant things about the OET is that the developers come from the medical profession – physicians, nurses and other allied health professionals who work with experts at Cambridge to create the content of the test and to ensure that the situations are relevant, up-to-date, and medically correct,” Beeston emphasized. The OET is divided into four sub sets: Reading, Writing, Speaking and Listening and it offers examination in 12 modules, including Dentistry, Dietetics, Medicine, Nursing, Occupational Therapy, Optometry, Pharmacy, Physiotherapy, Podiatry, Radiography, Speech Pathology, and Veterinary Science.
During the presentation, Dr Silverman, who teaches communication to medical students at the University of Cambridge, also spoke about the significance of language in the healthcare environment. “Language is central to the work you do as healthcare professionals, because it determines effective interviewing. When practitioners use language to the best of their abilities, they are able to truly practice high-quality medicine by gaining the trust of their patients and families,” he said.
QE Index yesterday set a new all-time high, closing at 12939.8, vs. the previous high closing price of 12892.76 recorded 20th September 2005. The index has recorded 24.67% already this year (30.11% with dividends reinvested) making it the 2nd best index performer globally YTD according to data by Bloomberg.
A 12 month streak has seen the blue chip index return 53.27 %, whilst it has trebled in value since the lows in March 2009. Returns of this level extend to the All Share Index also which includes a wider 40 stocks – the benchmark returned 54.8% in the last 12 months with dividends reinvested. Over half of QSE’s listed companies have returned beyond 20% this year, with 7 companies’ share price performance reaching between 50% and 150%. Top performers this year include Ezdan, Mazaya, Gulf International, Vodafone and Masraf Al Rayan.
Rashid Al Mansoori, CEO, Qatar Stock Exchange "We’re delighted to see the market break new highs – it’s testament to the strength and organization of listed companies, and to all stakeholders involved in developing the market here in Qatar. There’s huge amount of positive sentiment surrounding the market, volumes have doubled and we hope it’s set to be a bumper year for the equity market. Positive earnings results, the MSCI reclassification, market reforms and the launch of new products underpin the incredible stock market performance in the last 12 months".
International Bank of Qatar (ibq) is partnering with the Qatar Central Bank as Silver Sponsor of the “Information Security Conference in the Financial Sector” to be held in Qatar at the Ritz Carlton Hotel on the 27th and 28th of April 2014.
Organised by Qatar Central Bank, the two-day conference aims to bring finance executives together to share best practices that focus on processes and awareness of securing and protecting their environmental infrastructure. The event, attracting professionals and experts from the financial sector will concentrate on challenges facing banks and financial institutions globally including payment and card frauds, and risks attached to online and mobile banking. The main goal of the conference is to enhance the ability of professionally preparing and responding to the possible security threats and to establish a unified security strategy that benefits the financial sector.
Jabra Ghandour, Managing Director of ibq, said: “I would like to thank QCB for adopting this important initiative and for leading the development of the banking sector. We at ibq are very proud to sponsor such an important event which aims at providing better risk management practices, and identifying the challenges affecting our industry at large. The conference will also contribute to developing and implementing policies that will help us use information technology in a better and safer way to further improve our products, services and efficiency.”
The conference will include a line-up of renowned speakers. Delegates will come together to identify threats in broad terms and to ensure that organizations have minimum systems in place to address the same and that such systems are reviewed on a continuous basis in keeping with changes in technology.
QNB Group published its Qatar Economic Insight April 2014. The report analyzes how the economy has started a new diversification phase based on strong investment spending and higher population growth with the non-hydrocarbon sector expected to account for more than 50% of GDP by 2015.
The diversification of the economy is expected to continue with real GDP growth projected to progressively accelerate from 6.8% in 2014 to 7.8% in 2016. The report predicts a projected to double digits growth in the non-hydrocarbon sector is due to large investments in infrastructure, real estate and transport sectors. As a result, the share of the non-hydrocarbon sector in GDP is projected to grow from 49.9% in 2014 to 57.2% in 2016. The large influx of expatriate workers driven by major investment projects will add to aggregate demand, putting moderate pressure on domestic inflation.
Counterbalancing this, foreign inflation is expected to decline in 2014-15 as international commodity prices fall on weak global demand and record food harvests. Overall inflation is expected to increase modestly to 3.4% in 2014 and 3.5% in 2015 as higher domestic inflation, driven by the expanding population, is partially offset by falling international food prices. With food prices expected to rise again in 2016, overall inflation is expected to accelerate to 4.4%.
Lower hydrocarbon revenue and rising capital spending is expected to narrow the fiscal surplus from 9.9% of GDP in 2013/14 to 4.7% in 2016/17. With an oil price assumption of USD104/b, we project total revenues to be 37.6% of GDP in 2014/15. Government expenditure is expected to increase to 28.1% of GDP in 2014/15, on higher capital spending. The 2014/15 budget earmarked USD182bn of capital spending on major projects over the next five years—this will sustain higher non-hydrocarbon growth over the medium term.
The banking sector outlook remains positive as bank lending is expected to rise with accelerated investment spending, underpinned by high fiscal surpluses. Growth in domestic credit facilities and investments will support asset growth over the medium term. Qatar’s loan to deposit ratio is expected to decline gradually to reach 99% by 2016 owing to a more moderate growth in lending compared with a buoyant deposit growth. Non-performing loans are forecast to remain low in 2014-16 as asset quality is supported by the strong economic environment and the sizable proportion of low-risk loans to the government. Low provisioning requirements and efficient cost bases will also support banks’ profitability.
Other recent QNB Economic Insight reports include Jordan, Indonesia, Kuwait, Oman, Qatar, Saudi Arabia, and UAE are available on the QNB Group website. QNB Group operates in 26 countries in Europe, the Middle East and Africa and Asia and its economic reports leverage its knowledge of these markets to provided added value for its clients and counterparties.
Dolphin Energy is to unveil details of its new proposal for its Industrial Water Management Project (IWMP) at the Qatar Petroleum Annual Environment Fair.
The project aims to reduce the quantity of wastewater being re-injected into the deep wells and maximize the internal reuse of wastewater by treating wastewater from the sulfur recovery units (SRUs) and boiler blow downs as well as from the oily water sewer which will be used as irrigation water using an existing sanitary water treatment package. The produced water will be treated to remove the chemical Kinetic Hydrate Inhibitor (KHI) as per Qatar Petroleum (QP) requirements and will continue to be injected. The IWMP consists of three packages addressing Sanitary Water, Non Salty Water and Wastewater Reinjection and there are plans to share FEED results with QP in the last quarter of 2014 prior to final implementation.
Commenting on the importance of water management, Mr. Adel Ahmed Albuainain, General Manager, Dolphin Energy Limited said: “As a leading energy company, Dolphin Energy has taken its environmental responsibilities very seriously and recognizes the environmental and economic value of water. Developing programs that minimize the use of fresh water through treating and recycling wastewater supports this and we’re delighted to showcase the project at this time.”
The project complements efforts undertaken by the company in 2012 when Dolphin Energy implemented a modification of the wastewater treatment unit to enhance the quality and filtration of reinjection water prior to deep well injection.
Technical posters have been developed for display at the company’s purpose built stand, highlighting the new project and the company’s water conservation, consumption and waste water trends, as well as providing tips and messages to raise the public’s awareness on the need for water management. The stand also offers interactive games designed to engage children and their parents on the need to preserve water using a 3D model of the wastewater treatment process. Displayed also is a three-dimensional pop-up poster showcasing Dolphin Energy’s wastewater treatment unit and the different water streams treated and reused as irrigation water or injected into deep wells.
“Our commitment to the protection of the environment ranks equally with all other primary business objectives. We strive for continuous improvement in our environmental performance and where we can enhance our commitment we take steps to do so. As important is the role we play in helping raise environmental awareness and share knowledge so that future generations understand the pressing issues and the steps they can take to help,” Mr. Albuainain added.
Dolphin Energy’s support for the Qatar Petroleum Environment Fair is now in its fifth year. Held under the patronage of His Excellency Dr. Mohammed bin Saleh Al Sada, Minister of Energy and Industry, the Fair is taking place at the Qatar National Convention Center until 26th April 2014.
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