Category: Market

Doha: Mannai Corporation’s net profit grew by 130.6 percent, reaching a net profit of QR 28,033,000 in Q1 of 2023 in comparison to a Net Profit of QR 12,153,000 for the same period of the previous year.

Published on the Qatar Stock Exchange website, Mannai Corporation’s interim financial statement for the three-month period ending March 31, 2024, indicated that the Earnings per Share (EPS) amounted to QR 0.06 versus the Earnings per Share (EPS) of QR 0.02 for the same period in 2023.

Source: Qatar News Agency

The State of Qatar’s delegation participated in the plenary session of the 49th annual meeting of the Board of Governors of the Islamic Development Bank (IDB), held in Riyadh, Kingdom of Saudi Arabia.

The delegation was headed by HE Minister of Finance Ali bin Ahmed Al Kuwari, who participated in the round table meeting of governors along with several finance ministers, delegates from financial institutions, experts in Islamic finance, and representatives of the private sector and non-governmental organizations.

The meeting discussed the most prominent economic challenges facing Islamic countries and future opportunities of interest to all participating parties.

The planned session agenda consisted of various knowledge-sharing sessions, seminars, and press conferences, with a focus on development, regional cooperation, and Islamic finance.

The event’s highlights include the Governors Roundtable, the 18th IDB Global Forum on Islamic Finance, and the IDB Group Private Sector Forum 2024.

Source: Qatar News
Agency

Nairobi – Minister of Economy and Finance, Nadia Fettah, represents His Majesty King Mohammed VI at the 21st International Development Association Summit (IDA 21), which kicked off Monday in Nairobi.

Organized jointly by the Kenyan government and the World Bank Group, the summit focuses on the issue of replenishing IDA resources and the support it needs to effectively catalyze investment in Africa.

Bringing together several African heads of state and government, the Summit aims to affirm to IDA donors and other partners the priority areas for development financing in Africa. In particular, it aims to call on donors to consider significantly higher levels of financing to meet Africa’s development challenges and opportunities.

Speaking at the opening of the Summit, World Bank Group President Ajay Banga emphasized that the event symbolizes the financial institution’s commitment to accelerating progress in Africa.

For his part, Mauritanian President Mohamed Ould Cheikh El Ghazouani, current Chairman of the Af
rican Union (AU), called for ‘a strong replenishment of IDA resources,’ to help Africa transform its ‘enormous potential’ into sustainable economic and social development, driven by growth that strongly generates added value and employment opportunities.

Source: Agence Marocaine De Presse

Doha: Widam Food Company, a Qatari publicly-traded company, reduced its losses by 39.4% in Q1 of 2024. They recorded a loss of 10,529,376 in the first three months of 2024, compared to a loss of QR 17,372,868 during the same period of 2023.

The company said in its earnings released published on the Qatar Stock Exchange’s website today that earnings per share amounted to QR 0.06 for the first quarter of 2024, compared to a loss of QR 0.10, for the same period last year.

Source: Qatar News Agency

HE Minister of State for Energy Affairs and the President and CEO of QatarEnerg, Eng. Saad bin Sherida Al Kaabi met in Beijing on Monday with Chairperson of China State Shipbuilding Corporation (CSSC) Wen Gang.

The meeting with Chairperson of CSSC Gang was on the sidelines of the signing ceremony between QatarEnergy and CSSC for the construction of 18 ultra-modern QC-Max size LNG vessels, as part of QatarEnergy’s historic LNG fleet expansion program.

Source: Qatar News Agency

Riyadh, The 18th Islamic Development Bank (IsDB) Global Forum on Islamic Finance, held under the theme “Innovation, Entrepreneurship, and Leadership in Islamic Finance”, has been held on the sidelines of the IsDB Group Annual Meetings and Golden Jubilee Celebration in Riyadh.

The forum attracted several thought leaders, policymakers, financial experts, and key stakeholders in Islamic finance who discussed ways to empower entrepreneurs to secure sustainable development, Saudi Press Agency (SPA) reported.

IsDB President Dr. Muhammad Al-Jasser called for nurturing a generation of entrepreneurial leaders who can help propel the world toward a future rooted in ethical principles and sustainable development.

Al-Jasser stressed the need to address the gap in startup rates between low and high income economies by fostering an environment that supports and nurtures entrepreneurship.

Meanwhile, the IsDB Prize for Impactful Achievement in Islamic Economics was awarded to Professor of Middle Eastern and Islamic Polit
ical Economy and Finance at Durham University Mehmet Asutay.

A new IsDBI report, “Catalyzing Social Entrepreneurship through Islamic Finance”, which explores the potential of Islamic finance to support social entrepreneurship and impact investment, was presented at the forum.

Experts taking place in a panel discussion tackled the pivotal role of entrepreneurship in advancing sustainable development, particularly in the Islamic finance paradigm. Panelists included Executive Dean of Prince Mohammed Bin Salman College (MBSC) Dr. Zeger Degraeve, CEO and Founder of TAKADAO Morrad Irsane, and Acting Director General of the IsDB Institute Dr. Sami Al-Suwailem.

A second session introduced the Smart Stabilization System, a patent-pending algorithm to enhance stability in financial markets, developed by the IsDB Institute and implemented by the blockchain company SettleMint.

Source: Bahrain News Agency