Emirates News

European stocks on Tuesday closed their trading at an unprecedented rise, and the German company Delivery Hero achieved the largest jump ever after selling its unit in Taiwan (Food Panda), despite the continued state of anticipation related to interest rates.

The European stoxx 600 index rose 0.18 percent, led by the auto sector index, which rose 1.4 percent.

Delivery Hero shares jumped 26.3 percent after Uber announced an agreement worth $1.25 billion to acquire Food Panda, a subsidiary of the German company in Taiwan, in addition to purchasing new shares in the company.

Volkswagen shares gained 2.6 percent, after a report showed that the company is exploring opportunities to sell shares worth about $1.08 billion in its unit specialized in manufacturing heavy trucks, Traton.

After strong gains last week, traders remain in a state of anticipation for the second day, waiting for signs of when to cut interest rates in the United States.

Banking stocks rose more than 1 percent, with Société Générale rising
3.7 percent after French President Emmanuel Macron said in a television interview that the European banking sector needs further consolidation, even if that means buying a major French bank from a competitor European bank.

The travel and entertainment sector was the most affected, with Flutter shares falling by about 2 percent after the largest online betting company in the world kept its forecasts for the full year unchanged.

Source: Qatar News Agency

ABU DHABI: Standard and Poor’s Credit Ratings Agency (S and P Global) said the profitability of GCC Banks will remain strong in 2024, and their asset quality will stay robust despite higher-for-longer rates, due to supportive economies, contained leverage, and a high level of precautionary reserves.

In its related report, S and P stated that the US Federal Reserve Board (FRB) could begin cutting interest rates in December 2024, anticipating that most Gulf central banks will follow suit to maintain their currency pegs.

The FRB is likely to accelerate the pace of monetary easing in 2025, as economic growth slows below its potential, S and P said, predicting that the FRB will cut interest rates by 100 basis points throughout 2025, bringing them down to between 4 and 4.25 percent at year-end.

The central banks of most Gulf countries typically mirror the FRB’s interest rate movements to maintain their currency pegs, the agency added, noting that delaying interest rate cuts would boost their profitability.

Gu
lf banks have benefited from rising interest rates over the past two years and are expected to continue reaping these benefits in 2024, it further added.

By the end of 2023, the average return on assets for the largest 45 banks in the region reached 1.7 percent, up from 1.2 percent at year-end 2021, S and P said in conclusion.

Source: Emirates News Agency

Doha: Doha, May 2024: Qatar Free Zones Authority (QFZ) and Siemens Energy, headquartered in Germany, have signed a Memorandum of Understanding (MoU) on the side-lines of QFZ’s participation in Qatar Economic Forum, which aims to facilitate the establishment of a state-of-the-art service center within Qatar’s Ras Bufontas free zone.

The MoU was signed by CEO of Qatar Free Zones Authority (QFZ) HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani, and Managing Director of Siemens Energy Qatar and Siemens Energy Kuwait Herbert Klausner, in a ceremony attended by senior executives from both entities. The signing took place at the Qatar Economic Forum venue – Raffles Doha.

On the occasion of the signing, HE Sheikh Mohammed bin Hamad bin Faisal Al-Thani said: “This MoU with Siemens Energy will facilitate the establishment of a service center for the maintenance and repair of rotating equipment here in the free zones in Qatar, and is a testament to QFZ’s robust infrastructure and strategic location. The facility at R
as Bufontas free zone will be a regional service hub for Siemens and other original equipment manufacturers (OEMs) across the Middle East and the Asia Pacific regions in the energy sector. By welcoming Siemens Energy’s to our free zones, we will be integrating advanced technological solutions and cultivating local expertise in process innovation around high-speed balance technology and other digital solutions through client training. This partnership will encourage a broader collaboration between Siemens Energy and QFZ on innovative and sustainable solutions in the energy sector, aiding our mission to foster a high-tech industrial environment supporting sustainable economic growth and diversification in alignment with the goals of Qatar National Vision 2030.” The new facility will cater to long-term maintenance contracts such as the North Field Production Sustainability (NFPS) maintenance contract as well as being a regional hub for Medium Gas Turbines SGT-700 across Asia Pacific and the Middle East. This sta
te-of-the-art facility will conduct process innovation, provide personnel training to customers, and develop digital solutions for monitoring rotating equipment. This holistic approach not only supports the technical needs of the industry but also contributes to the skills development of the workforce, reinforcing the strategic objectives of QFZ in creating an environment of continuous innovation and industry leadership.

For his part, Herbert Klausner commented saying: “We are delighted today to make this strategic partnership with QFZ. The MoU signifies more than a new facility; it is a bridge between Siemens Energy’s global expertise and Qatar’s visionary economic strategy. The center will not only serve as a critical hub for equipment maintenance and repair but will also drive innovative solutions that optimize energy management. Our aim is to elevate the standards of service excellence in the energy sector and contribute to the region’s economic resilience by enhancing operational efficiencies.” The part
nership with Siemens Energy distinctly advances QFZ’s overarching objectives to enhance its industrial ecosystem and technological infrastructure. The establishment of the regional service center will not only fortify Qatar’s capabilities in the critical energy sector but will also align with QFZ’s mission to curate a dynamic business environment that attracts leading global enterprises. As QFZ continues to expand its partnerships and develop state-of-the-art facilities, it cements its position as a critical hub for innovation and industrial excellence in the region, driving sustainable development and economic resilience.

Source: Qatar News Agency