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BUSINESS Thursday 10 January 2019 PAGE | 02 PAGE | 03 Investcorp Technology Partners acquires Ubisense World Bank warns brewing trade storm jeopardises global economy The new offshore platform is intended to accommodate an additional 90 persons on board and will be linked via six bridges to the existing complex, thereby increasing the total accommodation capacity of the platform to 152 persons. First offshore living quarters to be fabricated in Qatar N-KOM holds steel cuing ceremony THE PENINSULA DOHA Nakilat-Keppel Offshore & Marine (N-KOM) successfully held a steel cutting ceremony for the first offshore living quarters to be fabricated in Qatar, at the world-class Erhama bin Jaber Al Jalahma Shipyard. The project scope was awarded to N-KOM by Rosetti Marino, a leading Italian company providing engineering, procurement and construction (EPC) services to the energy industry worldwide. Rossetti Marino was awarded the EPCIC (Engineering, Pro- curement, Construction, Instal- lation and Commissioning) con- tract for the fabrication of a brand-new offshore living quarters and refurbishment of an existing platform with modern facilities for a local offshore complex in the North Field. Abdullah Al Sulaiti, Chief Executive Officer of Nakilat, said: “This ceremony marks a mile- stone not only for N-KOM but also for Qatar, as this is the first such offshore fabrication to be wholly-constructed locally. “With N-KOM’s solid experience in handling offshore fabrication projects, and Rosetti Marino’s expertise in the field of EPC services, we are confident in delivering the project in a safe, timely and efficient manner, towards supporting the growth of Qatar’s oil and gas industry.” An estimated 4,700 metric tonnes (MT) of structures will be fabricated by N-KOM as part of the project, comprising of jacket and piles, as well as a topside for the offshore platform. The new offshore platform is intended to accommodate an additional 90 persons on board and will be linked via six bridges to the existing complex, thereby increasing the total accommo- dation capacity of the platform to 152 persons. Expected to be completed by mid-2020, the additional accom- modation capacity will enable the offshore platform to meet the demands of increased opera- tional requirements. Oscar Guerra, CEO of Rosetti Marino Group, said: “We strive to add value towards the creation of a vibrant oil and gas industry for Qatar, and to gen- erate greater opportunities for valuable partnerships with local players of the oil and gas sector as outlined in Qatar’s National Vision 2030. “This strategic co-operation between us and N-KOM facilitates the transfer of top-tier international engineering expertise, cutting-edge technologies and operational know-how in providing the highest quality standards and services towards the successful delivery of this project. “As such, we can not only demonstrate the Rosetti Group’s core values and capabilities, but also have the opportunity to sig- nificantly contribute towards the development of the country’s oil and gas sector.” N-KOM is well equipped to undertake a variety of offshore fabrication projects, with an extensive fabrication area of 190,000 square meters and more than 300 qualified and skilled in- house professionals. To date, N-KOM has completed more than 850 marine and offshore projects at its facility in Ras Laffan Industrial City. Aside from its ship repair and conversion business, N-KOM has built up a proven track record for offshore fabrication projects, with clients such as Qatar Petroleum, Qatargas, Woqod, OXY, Technip, Gulf Drilling Inter- national, Qatar Primary Mate- rials Company and Maersk Oil (Qatar) among others. Adding value to Nakilat’s integrated business, N-KOM con- tinues to be a strategic addition toward elevating Qatar’s energy, shipping and maritime industry to greater heights. This in turn further strengthens Nakilat’s vision to be a global leader and provider for energy transpor- tation and maritime services. N-KOM offshore rigs. RIGHT: An aerial view of the N-KOM Shipyard. Employees of N-KOM posing for a group photo aſter marking the steel cuing ceremony for the first ever offshore living quarters to be fabricated in Qatar. QC discusses plans to develop business environment in Qatar THE PENINSULA DOHA The members of the Services Committee at Qatar Chamber, with the participation of repre- sentatives from several gov- ernment agencies and ministries, held a meeting yesterday to discuss plans to develop the business environment in Qatar. The meeting discussed several key issues related to shipping, logistics and obstacles with regard to establishing a competitive and world-class marine transport industry in the country. They also discussed issues related to the suspension of the import of bitumen by Hamad Port. The newly-opened iconic Hamad Port has stopped importing bitumen since November 22 last year citing legal reasons that the product comes under special category which, according to Qatari law, requires to be imported through industrial ports or in covered containers. The meeting, presided over by Ali bin Abdul Latif Al Misnad, member of the Board of Directors and Chairman of the Committee, discussed plans to reduce shipping charges and the ways to facilitate the delivery of incoming containers to ports. The meeting was attended by representatives from the Ministry of Transport and Com- munications, Ministry of Munic- ipality, Qatar Ports Man- agement Company (Mwani Qatar) and the General Direc- torate of Traffic from the Min- istry of Interior. The meeting was also attended by representatives from a number of shipping and trade companies. Captain Abdul Aziz Al Yafei, Director of Hamad Port, noted the port stopped importing bitumen due to the ability of industrial ports in the State to do so, such as the ports of Mesaieed and Ras Laffan. He then referred to Law No 30 of 2002 on the import of carbohydrates, which states that it is prohibited to import such materials except through industrial ports or through closed containers. The committee agreed to consult with the concerned authorities to facilitate the proce- dures for the importation of that bitumen. The participants also agreed to hold a joint meeting with representatives of shipping com- panies and International Feder- ation of Freight Forwarders Asso- ciations (FIATA) to discuss the criteria for determining the prices of shipping services. The Committee also addressed the issue of not accepting some of the com- panies’ invoices by the customs inspectors and imposing a fine on companies. The Committee agreed to discuss them at the next meeting, with emphasis on the presence of a representative of the General Customs Authority. Procedures for facilitating the delivery of containers directly to the port were also discussed without ref- erence to the industrial inspection area. Ali bin Abdul Latif Al Misnad (centre), member of the Board of Directors, Qatar Chamber, and Chairman of the Services Commiee, presiding the meeting at QC headquarters, yesterday.

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BUSINESSThursday 10 January 2019

PAGE | 02 PAGE | 03Investcorp

Technology Partners acquires

Ubisense

World Bank warns brewing trade storm jeopardises global economy

The new offshore

platform is intended

to accommodate

an additional 90

persons on board

and will be linked

via six bridges to the

existing complex,

thereby increasing the

total accommodation

capacity of the

platform to 152

persons.

First offshore living quarters to be fabricated in QatarN-KOM holds steel cutting ceremony

THE PENINSULA DOHA

Nakilat-Keppel Offshore & Marine (N-KOM) successfully held a steel cutting ceremony for the first offshore living quarters to be fabricated in Qatar, at the world-class Erhama bin Jaber Al Jalahma Shipyard.

The project scope was awarded to N-KOM by Rosetti Marino, a leading Italian company providing engineering, procurement and construction (EPC) services to the energy industry worldwide.

Rossetti Marino was awarded the EPCIC (Engineering, Pro-curement, Construction, Instal-lation and Commissioning) con-tract for the fabrication of a brand-new offshore living quarters and refurbishment of an existing platform with modern facilities for a local offshore complex in the North Field.

Abdullah Al Sulaiti, Chief Executive Officer of Nakilat, said: “This ceremony marks a mile-stone not only for N-KOM but also for Qatar, as this is the first such offshore fabrication to be wholly-constructed locally.

“With N-KOM’s solid

experience in handling offshore fabrication projects, and Rosetti Marino’s expertise in the field of EPC services, we are confident in delivering the project in a safe, timely and efficient manner, towards supporting the growth of Qatar’s oil and gas industry.”

An estimated 4,700 metric tonnes (MT) of structures will be fabricated by N-KOM as part of the project, comprising of jacket and piles, as well as a topside for the offshore platform.

The new offshore platform is intended to accommodate an additional 90 persons on board and will be linked via six bridges to the existing complex, thereby increasing the total accommo-dation capacity of the platform to 152 persons.

Expected to be completed by mid-2020, the additional accom-modation capacity will enable the offshore platform to meet the demands of increased opera-tional requirements.

Oscar Guerra, CEO of Rosetti Marino Group, said: “We strive to add value towards the creation of a vibrant oil and gas industry for Qatar, and to gen-erate greater opportunities for valuable partnerships with local players of the oil and gas sector as outlined in Qatar’s National Vision 2030.

“This strategic co-operation between us and N-KOM facilitates the transfer of top-tier international engineering expertise, cutting-edge

technologies and operational know-how in providing the highest quality standards and services towards the successful delivery of this project.

“As such, we can not only demonstrate the Rosetti Group’s core values and capabilities, but also have the opportunity to sig-nificantly contribute towards the development of the country’s oil and gas sector.”

N-KOM is well equipped to undertake a variety of offshore

fabrication projects, with an extensive fabrication area of 190,000 square meters and more than 300 qualified and skilled in-house professionals. To date, N-KOM has completed more than 850 marine and offshore projects at its facility in Ras Laffan Industrial City.

Aside from its ship repair and conversion business, N-KOM has built up a proven track record for offshore fabrication projects, with clients such as Qatar Petroleum, Qatargas, Woqod, OXY, Technip, Gulf Drilling Inter-national, Qatar Primary Mate-rials Company and Maersk Oil (Qatar) among others.

Adding value to Nakilat’s integrated business, N-KOM con-tinues to be a strategic addition toward elevating Qatar’s energy, shipping and maritime industry to greater heights. This in turn further strengthens Nakilat’s vision to be a global leader and provider for energy transpor-tation and maritime services.

N-KOM offshore rigs. RIGHT: An aerial view of the N-KOM Shipyard.

Employees of N-KOM posing for a group photo after marking the steel cutting ceremony for the first ever offshore living quarters to be fabricated in Qatar.

QC discusses plans to develop business environment in QatarTHE PENINSULA DOHA

The members of the Services Committee at Qatar Chamber, with the participation of repre-sentatives from several gov-ernment agencies and ministries, held a meeting yesterday to discuss plans to develop the business environment in Qatar.

The meeting discussed several key issues related to shipping, logistics and obstacles with regard to establishing a competitive and world-class marine transport industry in the country. They also discussed issues related to the suspension of the import of bitumen by Hamad Port.

The newly-opened iconic Hamad Port has stopped importing bitumen since November 22 last year citing

legal reasons that the product comes under special category which, according to Qatari law, requires to be imported through industrial ports or in covered containers.

The meeting, presided over by Ali bin Abdul Latif Al Misnad, member of the Board of Directors and Chairman of the Committee, discussed plans to reduce shipping charges and the ways to facilitate the delivery of incoming containers to ports.

The meeting was attended by representatives from the Ministry of Transport and Com-munications, Ministry of Munic-ipality, Qatar Ports Man-agement Company (Mwani Qatar) and the General Direc-torate of Traffic from the Min-istry of Interior.

The meeting was also attended by representatives from

a number of shipping and trade companies.

Captain Abdul Aziz Al Yafei, Director of Hamad Port, noted the port stopped importing bitumen due to the ability of industrial ports in the State to do so, such as the ports of Mesaieed and Ras Laffan. He then referred to Law No 30 of 2002 on the import of carbohydrates, which states that it is prohibited to import such materials except through industrial ports or through closed containers.

The committee agreed to consult with the concerned authorities to facilitate the proce-dures for the importation of that bitumen. The participants also agreed to hold a joint meeting with representatives of shipping com-panies and International Feder-ation of Freight Forwarders Asso-ciations (FIATA) to discuss the

criteria for determining the prices of shipping services.

The Committee also addressed the issue of not accepting some of the com-panies’ invoices by the customs

inspectors and imposing a fine on companies.

The Committee agreed to discuss them at the next meeting, with emphasis on the presence of a representative of the General

Customs Authority. Procedures for facilitating the delivery of containers directly to the port were also discussed without ref-erence to the industrial inspection area.

Ali bin Abdul Latif Al Misnad (centre), member of the Board of Directors, Qatar Chamber, and Chairman of the Services Committee, presiding the meeting at QC headquarters, yesterday.

02 THURSDAY 10 JANUARY 2019BUSINESS

The banking systems

remain sound, with

strong capitalization

and adequate

liquidity, and the

gradual pick-up in

growth will improve

private sector credit

demand.

GCC debt issuance expected to pick up in 2019

THE PENINSULA DOHA

Bond issuance in the GCC remained high in 2018, slightly down from 2017. With lower oil prices, higher issuances are expected in 2019, Institute of International Finance (IIF) noted in its ‘GCC forecast update.’

With previously issued bonds starting to mature in 2021, GCC countries have a short window of opportunity to con-solidate their state budgets.

In the face of 2018’s emerging markets sell-off, higher oil prices and durable dollar pegs offset some of the upward yield pressure in the GCC. J P Morgan’s announced inclusion of five GCC countries in its prominent Emerging Market Bond Index (EMBI) could bring another $30bn in inflows to the region, the IIF analysts said.

Although outperforming emerging markets (EMs) on aggregate in 2018, individual GCC stock markets had mixed results. Dubai (DFM) had one of the worst years due to a real estate slump, while Abu Dhabi and Saudi Arabia stood among the few EMs with positive returns in 2018. However, the Saudi equity index may not be reaping the full benefits of its MSCI upgrade, as it is lagging comparable historical bench-marks. Even with the risks from lower oil prices, 2019 could bring higher equity inflows.

The external positions will

remain strong in Qatar, Kuwait, Saudi Arabia and UAE, despite the lower oil prices. Resident capital outflows will continue to exceed nonresident inflows. While external pressures on Bahrain will be cushioned by the financial aid from its neighbors, Oman is emerging as an increas-ingly vulnerable spot in the region given its large twin def-icits and growing debt.

The banking systems remain sound, with strong capitalization and adequate liquidity, and the gradual pick-up in growth will improve private sector credit demand. However, a further increase in policy rates this year may tighten financial conditions and weigh on credit growth and non-oil economic activity.

Consolidated public foreign assets of the GCC will continue to rise to about $2.8 trillion by 2020 (165 percent of GDP). About half of these assets are managed by sovereign wealth funds with diversified portfolios of public equities and fixed income securities.

The other half is in the form

of official reserves and is invested in liquid assets.

Expansionary fiscal policy will continue to drive non-oil growth, as fragile investment sentiment and regional tensions continue to hinder growth of the private non-oil sector.

While a modest fiscal expansion is justified in the short term, consolidation efforts should resume over the medium term. Following the recovery to 2.3 percent in 2018, IIF expects overall growth to moderate to 2.0 percent in 2019, dragged down by compliance with the recent Opec+ deal to cut oil pro-duction from October 2018 levels starting January 2019.

According to IIF, higher oil prices in 2018 enabled tem-porary improvements in the external and fiscal positions. It sees the aggregate current account surplus declining from $153bn in 2018 to $86bn in 2019 due to lower oil prices and export volumes.

IIF also expects the aggre-gated fiscal deficit to widen again from 1.4 percent of GDP in

2018 to around 4.0 percent in 2019 and 2020, and the public debt to rise to 45 percent of GDP by 2020. The region will con-tinue relying on international and domestic borrowing to fund their deficits.

IIF does not expect a change in the exchange rate regimes in 2019 given still-ample foreign assets and the role the pegs play as an anchor for price and financial stability.

Brent oil prices are expected to average $65 a barrel in 2019 if the Opec+ agreement is fully implemented. However, with US oil shale fields facing an average breakeven price of around $50 a barrel, expansion of drilling in the US could lower oil prices further beyond the near term.

Global trade tensions are likely to indirectly hinder GCC growth. While GCC integration in global supply chains is low, shielding it from the direct impact of tariffs on input costs, a protracted global economic slowdown would reduce the demand for oil and consequently the price.

Investcorp Technology Partners acquires UbisenseTHE PENINSULA DOHA

Investcorp Technology Partners, a leading European lower middle market technology investor, yes-terday announced its acquisition of Ubisense’s SmartSpace business unit, including the Ubi-sense brand, for up to £35m. The investment is the fifth deal from Investcorp’s Technology Fund IV.

Ubisense’s SmartSpace is an enterprise software and sensor platform that generates and interprets vast amounts of location data to create digital vis-ibility of real-world objects and their interactions in real time, enabling complex manufacturing processes with high levels of var-iability to be more flexible, easier

to manage and easier to control. The solution generates

meaningful and demonstrable Return on Investment on the cost of Smartspace’s service to their blue-chip customers.

Ubisense’s SmartSpace is present in a number of verticals, including Aerospace, Com-mercial Vehicles, Passenger Vehicles, General Industry, and Transportation amongst many others. For the year ended December 31, 2017 the company generated £10.8m in revenue, growing by approximately 30 percent p.a. since 2015.

Commenting on the investment, Gilbert Kamieniecky (pictured), Managing Director and Head of Investcorp’s Tech-nology Private Equity business, said: “Ubisense is an excellent

addition to our Technology Partners portfolio. The Com-pany’s Real-Time Location Solution product is, I believe, revolutionary within the Indus-trial Internet of Things space and we have been impressed by the strength and depth of the man-agement team.

“With our expertise in working with fast-growing and

data-driven businesses, Investcorp is looking forward to supporting the Company’s tar-geted growth trajectory and Ubi-sense’s expansion plans.”

Andy Ward, founding member and Chief Technology Officer of the business, added, “We are very pleased to have found a partner in Investcorp and recognize their expertise in backing technology and software businesses. This expertise, com-bined with their deep under-standing of our business, will help position the company to drive profitable future growth and innovation.

“The investment is tes-tament to the attractive product offering and leading technology we have built over the last few years and we look forward to

this exciting new chapter.” Investcorp has established

a market leading position of investing in lower mid-market technology companies with a specific focus on the Data / Analytics, IT Security and Fintech / Payment sectors. Investcorp’s other investments from its fourth fund include softgarden, a Human Resources software provider; Calligo, a pro-prietary cloud solution company; Ageras, an online marketplace matching SMEs with professional service providers; and Impero, a provider of online student safety and classroom and network management software. Investcorp has raised over $1.5bn in funding for lower middle market technology investments since 2001.

World stocks rise; oil prices upREUTERS NEW YORK

Stocks around the world extended recent gains and oil prices jumped yesterday on optimism that the United States and China may be inching towards a trade deal, soothing fears of an all-out trade war and its possible impact on global growth.

MSCI’s all-country index climbed 0.68 percent for a fourth day of gains. That added to advances since last week in equity markets around the world, fol-lowing strong U.S. employment report and comments from the Federal Reserve chief that calmed worries that US interest rate hikes would hurt growth.

Adding to the upbeat mood were reports that Beijing plans to introduce policies to boost domestic spending on items such as autos and home appliances this year. These come on the

back of Friday’s monetary easing by the People’s Bank of China.

The US stock market was supported by energy and tech-nology sectors, and the benchmark S&P 500 index clung to gains that have lifted it by about 10 percent from 20-month lows hit around Christmas.

“There’s a solid uptrend that’s come off the Christmas Eve downturn. So any development that looks like it might be leading to an eventual resolution will be helpful to the markets,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.

The Dow Jones Industrial Average rose 57.06 points, or 0.24 percent, to 23,844.51, the S&P 500 gained 1.15 points, or 0.04 percent, to 2,575.56 and the Nasdaq Com-posite added 21.91 points, or 0.32 percent, to 6,918.90.

The pan-European STOXX 600 benchmark rose 0.46

percent to a nearly four-week high. Optimism that the trade standoff would be resolved also lifted oil prices.

U.S. West Texas Intermediate (WTI) crude oil futures were at $50.8 per barrel, up $1.02, or 2.05 percent, the first time this year that WTI has topped $50. International Brent crude futures were up $1.07, or 1.82 percent, at $59.79 per barrel.

The dollar sank to its lowest since October, with gains led by the euro and sterling, as risk appetite improved and investors reduced their safe-haven bets.

Improved risk appetite sent US Treasury yields to their highest this year. Benchmark 10-year notes were last down 5/32 in price to yield 2.7315 percent after earlier rising to 2.747 percent, the highest since December 28. Gold prices rose on Wednesday, with spot gold rising 0.41 percent to $1,290.1 per ounce.

US focuses on China’s pledge to buy more goods as trade talks endREUTERS BEIJING/WASHINGTON

US-China trade talks ended yesterday with negotiators focused on Beijing’s pledge to buy “a substantial amount” of agricultural, energy and manu-factured goods and services from the United States, the U.S. Trade Representative’s office said.

In a statement that gave no specific details on the outcome of three days of talks in China’s capital this week, USTR said that US and Chinese officials discussed “ways to achieve fairness, reciprocity and balance in trade relations”.

No schedule for further face-to-face negotiations was released, and USTR said the American delegation would return to Washington to report on the meetings and “to receive guidance on the next steps”.

US President Donald Trump and Chinese President Xi Jinping agreed in December to a 90-day truce in a trade war that has roiled global financial markets. After that meeting, top US officials said China had made an additional $1.2 trillion in trade commitments.

The USTR statement con-tained no details on the amount

of commodities, goods and services discussed in the Beijing talks. “We’re hopeful that we can make a deal with China,” White House press secretary Sarah Sanders told Fox Business Network yesterday.

“We expect something will come out of this. I don’t want to comment on what that will look like.” She added that the Trump administration’s complaint that China is stealing US intellectual property is “top of mind” in the negotiations with Beijing.

USTR also said the two sides discussed issues related to intellectual property protec-tions and the need for any agreement to include “complete implementation subject to ongoing verification and effective enforcement”.

Speaking after the con-clusion of the talks, Ted McKinney, the US under sec-retary for trade and foreign agricultural affairs, told reporters in Beijing that he thought they “went just fine”.

China is keen to put an end to its trade dispute with the United States but will not make any “unreasonable conces-sions” and any agreement must involve compromise on both sides, the China Daily, said.

US Fed officials send more calming signals to marketsAFP WASHINGTON

US central bankers yesterday seemed in lock-step in their desire to reassure financial markets that, for now, they will hold off on raising interest rates any further.

Three voting members of the Federal Reserve policy committee that sets the benchmark interest rate said the Fed could be patient before making another move.

Eric Rosengren, President of the Boston Federal Reserve Bank, one of 12 in the Fed system, said financial markets had become “unduly pessi-mistic” about the economic outlook but like others he agreed policymakers should heed their warning.

The prospect of rising interest rates that could slow the economy spooked investors and contributed to the downturn in US and global stock markets late last year.

But after four rate hikes in 2018, Rosengren said in a speech, “I believe we can wait for greater clarity before adjusting policy.”

That dovish sentiment was echoed by Chicago Fed President Charles Evans, who said in a speech, “I feel we have good capacity to wait and carefully take stock of the incoming data and other developments.”

Fed Chairman Jerome Powell also sought to reassure financial markets last week, saying policymakers would be “patient” before making any further moves as they watched to see how the economy evolved, and could react quickly to any changes.

The German share price index DAX is pictured at the stock exchange in Frankfurt, Germany, yesterday.

10,535.13

+76.28 PTS

0.73%

QSE FTSE100 DOW BRENT6,906.63

+45.03 PTS

0.66%

23,893.21

+105.76 PTS

0.44% Dow & Brent before going to press

$52.40

+2.62

MarketWatch

03THURSDAY 10 JANUARY 2019 BUSINESS

Growth of the world

economy is expected

to slow to 2.9 percent

this year.

Qatar inflation to remain subdued over 2019: Fitch SolutionsSATISH KANADY THE PENINSULA

Qatar’s inflation is projected to remain subdued over 2019. The Fitch Solutions, in its Qatar Eco-nomic Outlook, has downwardly revised its 2018 average inflation rate forecast for Qatar from 0.9 percent to 0.5 percent due to deflationary pressures on housing and food & beverages.

“We forecast average inflation at 1.1 percent in 2019, accelerating to 2.5 percent in 2020… The QCB will continue to

track the US Fed’s monetary tightening cycle, although we could see further delays in implementing rate hikes in the near term, in a bid to support non-hydrocarbon growth,” The Fitch analysts said.

The global macro intelli-gence solution provider revised the inflation forecast down to 0.5 percent from 0.9 percent is slightly above the 2017 average inflation rate of 0.4 percent, albeit modest relative to the rest of the Mena region. The downward revision is partly due

to weak food inflation, driven by low global food prices.

Combined with declining real estate prices, due to a lack of demand to meet the growing supply of houses in Qatar, headline inflation has been low throughout 2018, averaging 0.4 percent in the year to date. The Fitch forecasts average inflation to remain low at 1.1 percent in 2019, before accelerating to 2.5 percent in 2020. Inflation looks set to remain sluggish in the coming year, accelerating only slightly from current levels as a

result of a broader uptick in real GDP growth and the implemen-tation of select fiscal reforms.

The Qatar Central Bank (QCB) will continue to follow the hiking cycle of the US Federal Reserve over the coming years. “Our Americas team forecasts the Fed to hike its main policy rate by another 25 basis points (bps) by end-2018, taking the rate to 2.25 percent and a further 75bps in 2019 to 3.00 percent. This trajectory will encourage the QCB to raise its policy rate to defend the riyal’s dollar peg.

Fitch Solutions believes the QCB’s ongoing delay in its tight-ening cycle is unlikely to extend beyond the near term. With the GCC diplomatic crisis still weighing on growth in some non-hydrocarbon sectors – including tourism and transport – the QCB could conceivably decide to keep rates on hold over the months ahead.

The bank is easily able to defend the riyal’s dollar peg at a narrower interest rate differ-ential with the US, given its large foreign exchange reserves,

further backed up by vast sov-ereign wealth fund assets.

Having said that, over the longer term, the QCB will probably want to avoid risking capital outflows and currency speculation by holding off on further rate hikes, especially as accelerating inflation and eco-nomic activity increasingly weaken the case for delays in its tightening cycle.

Consequently, Fitch Solu-tions expects QCB to eventually return to its pattern of mirroring the US Fed’s moves.

World Bank warns brewing trade storm jeopardises global economyAFP WASHINGTON

Trade conflict between the world’s two largest economic powers already is inflicting col-lateral damage and threatens to do yet more harm to the global economy, the World Bank warned late on Tuesday.

And the global slowdown is beginning as government and cor-porate debt rise, especially among the poorest countries, while mounting interest rates increase borrowing costs, the bank said in its semi-annual Global Economic Prospects report.

The report was markedly more pessimistic than a year ago — when the outlook was for syn-chronized global growth — and peppered with exhortations to take “urgent,” “imperative” or “critical” action.

“Risks are rising,” senior World Bank economist Ayhan Kose (pictured) said. “The global

economy is going through a dif-ficult period. Skies are darkening and we see the global economy slowing.” Growth of the world economy is expected to slow to 2.9 percent this year, and 2.8 percent in 2020, slightly below the previous forecast, and the esti-mates for nearly all regions and countries were downgraded.

At the center of the turmoil, US economic growth is expected to slow this year by four tenths of a point, falling to 2.5 percent down from 2.9 percent in 2018, and to slow even further next year to 1.7 percent.

China’s economy also is slowing amid the trade dispute, and growth should slip to 6.2 percent this year and next.

Kose, who heads the World

Bank’s Development Prospects Group — which twice a year pro-duces the global economic fore-casts — said he hoped for a res-olution but meanwhile urged governments to prepare for a difficult road ahead.

“Global growth is still robust but whether a storm will hit or it will clear highly depends on how policymakers are going to react,” he said.

Though the bank still sees a low probability of recession in the United States, even a small slowdown has an outsize effect. And if the US and China slow by a full percentage point, it will cut global growth by nearly the same amount, with dire conse-quences for many countries.

The report sharply down-graded the growth forecasts for key emerging market economies like Mexico, South Africa and Russia, as well as for crisis-struck countries like Argentina. So far India and Indonesia have

escaped that fate.But the United States and

China together account for about a third of global GDP and 20 percent of global trade. “How they resolve their differences is going to be very important how global economy is going to shape this year,” said Kose.

Trade is an engine of growth and has been “a driving force in terms of poverty reduction,” he said. “Our hope is that these dif-ferences are going to be resolved.” But the sharp decline in global equities markets at the end of last year showed the uncertainty gen-erated by the trade conflict under-mines business confidence and slows investment, Kose said.

London is top destination for European tech fundingREUTERS LONDON

London remained the top des-tination in Europe for tech-nology investment in 2018, with nearly double the amount being ploughed into companies in the British capital than nearest rival Berlin, data showed yesterday.

Technology companies in London attracted £1.8bn ($2.3bn) in venture capital funding, 72 percent of the total £2.5bn raised by UK tech busi-nesses, according to data from funding database PitchBook on behalf of the Mayor of London.

Eileen Burbidge, a partner at venture capital firm Passion Capital, said London was the leading hub for financial tech-nology thanks to its position as one of the world’s biggest financial centres, while its universities helped to create companies offering artificial intelligence (AI).

“We get a lot of calls and

inquiries from investors in the U.S. and Asia looking for fintech opportunities,” she said. “In fintech, AI and a few other sectors such as life sciences and robotics, London genuinely leads the world.”

The data from PitchBook showed that both Berlin and Paris gained ground against London in the race for funds across Europe, and that London failed to match the record levels it attracted in 2017, but the gap still remained significant.

Berlin attracted £937m of investment in 2018, almost double the previous year’s total, while £797m went to tech groups in Paris as President Emmanuel Macron stepped up his promotion of the country.

In Britain as a whole, investment in AI rose 47 percent to £736m while £1.2bn went into the booming fintech sector and companies such as digital banks Revolut and Monzo.

BREAK TIMEVILLAGGIO & CITY CENTER

Note: Programme is subject to change without prior notice.

Viswasam is an upcoming 2019 Indian Tamil language action film written and directed by Siva. The film features Ajith Kumar and Nayanthara in lead roles. Produced by Sathya Jyothi Films.

CROSSWORD

VISWASAM

Black ‘47 (2D/Action) 2:00pm; NTR Kathanayakudu (2D/Telugu) 2:00pm; Viswasam (2D/Tamil) 2:15 & 6:45pm; How To Train Your Dragon: The Hidden World (2D/Action)

3;45 & 5:45pm; Zoe (2D/Romance) 5:00pm; Petta (2D/Tamil)

5:00, 8:00 & 11:00pm; Holmes And Watson (2D/Comedy)

7:45pm; The Accidental Prime Minister (2D/Hindi) 9:30pm; The Mule (2D/Crime) 9:30 & 11:30pmURI: The Surgical Strike (2D/Hindi) 11:30pm;

Viswasam (2D/Tamil) 2:00 & 7:00pm; NTR Kathanayakudu

(2D/Telugu) 2:00 & 11:00pm; Petta (2D/Hindi) 2:00pm; URI:

The Surgical Strike (2D/Hindi) 4:45pm; How To Train Your

Dragon: The Hidden World (2D/Action) 5:00 & 7:00pm; The

Accidental Prime Minister (2D/Hindi) 9:00 & 11:30pm; Petta

(2D/Tamil) 5:00, 8:00 & 11:00pm; 122 (2D/Arabic) 9:45pm

Between Worlds 6:30pmHow To Train Your Dragon: The Hidden World (2D/Action) 7:45, 5:30, 3:00, 12:30pmNTR Kathanayakudu (2D/Telugu) 10:15pmPetta (2D/Tamil) 3:00 & 10:45pmPetta (2D/Tamil) 12:30, 4:00, 7:00, 7:30, 10:30 & 11:00pmVinaya Vidheya Rama (2D/Telugu) 12:30 & 3:00pm;Viswasam (2D/Tamil) 12:30, 3:30, 6:30, 9:30pm & 0:30pmThe Super 1:00 & 8:30pm

Petta (2D/Tamil) 10;30, 1:45, 5:00, 8;15 & 11:30pmViswasam (2D/Tamil) 11:45, 2:45, 5:45, 8:45 & 11:45pmNTR Kathanayakudu (2D/Telugu) 5:15, 8:30 & 11:45pm

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AL KHOR

How To Train Your Dragon: The Hidden World (2D/Action) 2:15 & 4:15pm; Viswasam (2D/Tamil) 2:15 & 6:45pm; Viswasam (2D/

Tamil) 2:30pm; The Accidental Prime Minister (2D/Hindi)

5:15pm; The Super (2D/Horror) 6:15pm; The Mule (2D/Crime)

7:15 & 11:15pm; Petta (2D/Tamil) 8:00 & 11:00pm; Holmes And

Watson (2D/Comedy) 9:30pm.

Petta (2D/Tamil) 9:00am, 12:30, 3:00, 3:30, 6:30, 9:00, 9:30, 11:45, 12:30am, 2:15am, 3:00am & 3:30am; NTR Kathanayakudu

(2D/Telugu) 7:00am & 3:30pm; Vinaya Vidheya Rama (2D/

Telugu) 12:30 & 6:15pm; Viswasam (2D/Tamil) 9:00am, 12:30, 3:30, 6:00, 9:00, 12:00am & 3:00am

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122 (2D/Arabic) 10:40am & 8:15pmAquaman (3D/Action) 10:40, 1:40, 4:35, 5:45, 8:40, 11:35Black ‘47 (2D/Action) 10:10pm & 0:15amBumblebee (2D/Animation) 11:00am, 3:55 & 11:50pmHolmes And Watson (2D/Comedy) 11:10am, 1:05, 6:25 & 8:20pmHow To Train Your Dragon: The Hidden World (2D/Action)

11:00am, 1:15, 2:35, 3:30, 6:30, 7:30 & 9:40pmMary Poppins Returns (2D/Comedy) 10:50am, 1:20 & 3:50pm. Petta (2D/Hindi) 1:40, 2:35, 5:05, 6:30, 8:30,10:30 & 11:55pmSpider-Man: Into The Spider-Verse (2D/Action) 11:15am & 1:25pm; The Mule (2D/Crime) 1:30, 8:10 & 10;00pmThe Super (2D/Horror) 0:20amViswasam (2D/Tamil) 3:00, 6:10, 9:30 & 10:15pmZoe (2D/Romance) 3:50, 6:00pm & 0:40am

04 THURSDAY 10 JANUARY 2019CLASSIFIEDS

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