Qatar Roundup: Soaring cement market, students win bronze, travel
Islamic Bank's net profit soars
Qatar Islamic Bank's net profit for H1 2024 increased by 5.6% to 2.065 billion riyals ($550 million). Total income rose by 12.4% to 5.66 billion riyals ($1.5 billion). Total assets and customer deposits also saw year-on-year increases, as reported by Zawya. The board of directors has proposed an interim cash dividend of QAR 0.25 per share.
Qatari students win bronze medal
Qatari students won a bronze medal in the 35th International Biology Olympiad in Kazakhstan. The team consisted of four students from different schools and was supported by elite trainers. The competition saw participation from 80 countries and aimed to showcase outstanding students in biology. The event is a rigorous competition that tests students' abilities to solve biological problems, reports The Peninsula.
Qatar's cement market expected to accelerate
Qatar's cement market is expected to reach USD 1,550.9 million by 2032 due to high demand from the construction and marine sectors. The country is experiencing significant growth in infrastructure development, with government investment driving demand for cement. The market is estimated to grow at a CAGR of 5.2% and Doha and Al Khor are expected to hold around 45% of the market share by 2032. According to WhaTech, major players in the market include Southern Province Cement Company, Qatar National Cement Company, and Yamama Cement Company. The construction industry and infrastructure projects, including preparations for the FIFA World Cup 2022, are driving the demand for cement in Qatar.
Hybrid cloud environment
Ooredoo, Qatar Airways, and Cisco have partnered to implement a hybrid cloud environment, aiming to modernise Qatar Airways' IT infrastructure. The collaboration will enhance operational efficiency and customer experience, setting a new benchmark for excellence in the aviation sector. Cisco's advanced solutions will be implemented, driving innovation and digital transformation for Qatar Airways. This initiative will transform the operational dynamics of the airline and enhance Qatar's reputation as a hub of technological excellence, reports I Love Qatar.
Indian travellers to make UPI payments
NPCI International Payments Limited (NIPL) has partnered with QNB, the largest financial institution in the Middle East and Africa, based in Qatar, to introduce QR code-based Unified Payments Interface (UPI) payments across the country. This significant milestone will enable UPI payment acceptance through the QNB merchant network, providing substantial benefits to Indian travellers visiting and transiting through Qatar, as reported by Connected to India.
