QSE Index Rises 113.33 Points at Start of Trading

Doha: The general index of Qatar Stock Exchange (QSE) rose 113.33 points, or 1.22%, at the beginning of trading on Sunday, reaching 9,432 points, compared to yesterday's closing. The general index was supported by a rise in most sectors: Consumer Goods and Services by 3.89%; Transportation by 1.81%; Real Estate by 1%; Industrials by 0.81%; Telecoms by 0.80%; and Banks and Financial Services by 0.74%. On the other hand, the index saw a decline in Insurance by 1.50%. At 10:00 am, 29.727 million shares were traded in 3,210 transactions valued QR 84.676 million. Source: Qatar News Agency

S. Korea’s Exports Extend Gains to 8th Straight Month in May

South Korea's exports extended on-year gains to the eighth straight month in May on the back of strong shipments of semiconductors. Outbound shipments rose 11.7 percent on-year to US$58.1 billion last month, according to the data compiled by the South Korean Ministry of Trade, Industry and Energy. Imports shed 2 percent on-year to $53.1 billion last month, resulting in a trade surplus of $4.96 billion. South Korea has been maintaining a trade surplus for 12 consecutive months. It was also the highest trade surplus in 41 months, according to South Korea's News Agency (Yonhap). By sector, exports of chips jumped 54.5 percent year-on-year to reach $11.38 billion, maintaining growth for seven straight months. The growth came amid the rising global demand for automotive chips, along with premium memory chips, the ministry said. Outbound shipments decreased 7.4 percent on-year in 2023 amid the sluggish performance of chips coupled with global economic uncertainties. Source: Qatar News Agency

Qatar to Host 13th Session of Islamic Conference of Tourism Ministers in 2026

The State of Qatar, represented in Qatar Tourism, participated in the 12th session of the Islamic Conference of Tourism Ministers (ICTM), which was held on Sunday in Khiva, Uzbekistan, under the theme "Development of the Tourism Industry in a Sustainable and Resilient Way." The Conference endorsed the State of Qatar as the host country for the 13th Session of ICTM in 2026 and urged member states and OIC institutions to actively participate in that session. The ICTM aims to develop and cooperate in the field of tourism and decisions related to this field, in addition to implementing a road map based on a unified strategy among the member states of the Organization of Islamic Cooperation OIC) on the progress made to implement tourism infrastructure projects. During the opening session, Minister of Ecology, Environmental Protection and Climate Change of the Republic of Uzbekistan Aziz Abdukhakimov emphasized Uzbekistan's aspiration to strengthen cooperation between member states in tourism and achieve further development in this field. For his part, Secretary-General of the OIC Hussein Ibrahim Taha pointed out that tourism is a strong catalyst for growth and has the ability to enhance cultural heritage and facilitate entrepreneurship opportunities and tourism projects, describing it as the backbone of the OIC's member states. He stressed that the tourism sector has the transformative potential to alleviate poverty crises by providing job opportunities. He thanked the Republic of Uzbekistan for hosting this session of ICTM in the historical and cultural city of Khiva. In turn, Fatima Al Sada, from the International Cooperation Department at Qatar Tourism, highlighted in her speech the most important joint developments between the State of Qatar and the Republic of Uzbekistan with regard to tourism cooperation, in addition to an organized work plan between the two sides. She noted that tourism in the State of Qatar has made big strides toward achieving its goals and future aspirations, as 2023 witnessed an influ x of more than 4 million visitors. During the last four months of 2023, the State of Qatar received more than two million visitors, which is double the number of visitors in 2022, which increases the country's aspirations to double the numbers by 2030. Regarding the Qatar Airways launching of direct flights between Doha and Tashkent this month, Al Sada said that these flights in turn enhance the consolidation of relations between the two countries and increase bilateral cooperation at various levels, as this new line provides multiple travel options. In remarks to Qatar News Agency , Fatima Al Sada indicated that one of Qatar Tourism's goals is to establish a special executive program for the cooperation between the State of Qatar and the Republic of Uzbekistan, based primarily on a memorandum of understanding signed between the two countries that includes the implementation of all the items that were agreed upon. She pointed out that the State of Qatar was chosen as vice president of the coordination offic e for the Arab group with regard to the tourism field. During the conclusion of the conference, three cities won the Tourism City Award of the (OIC). The 12th ICTM approved the selection of Dakar, Republic of Senegal, as the OIC City of Tourism for 2025, Cairo, Arab Republic of Egypt, for 2026, and Lahore, Islamic Republic of Pakistan, for 2027. The Conference commended the elaborate plans by the relevant OIC institutions for the commemoration of Khiva, as the OIC City of Tourism for 2024 and urged OIC Member States to actively participate in the various activities in awardee cities for 2025, 2026, and 2027. The 12th ICTM also urged all OIC Member States and relevant institutions to implement the Strategic Roadmap for the Development of Islamic Tourism and organize annual events on Islamic tourism to promote intra-OIC tourist flows, through visa facilitation, investment promotion, branding and standardization, and capacity building. The Conference invited the Islamic World Educational, Scientific and Cult ural Organization (ICESCO) to work closely with the OIC and relevant International Organizations, including but not limited to UN Tourism, on the revised Strategy for the Development of Sustainable Cultural Tourism in the Islamic World. In addition, the Khiva conference called upon the OIC Member States to invest in 'digitalization' for promoting and marketing their respective destinations as well as improving international visitors' experiences in the tourism sector with a view to speeding up the recovery efforts from the COVID-19 pandemic and hosting more international tourists. Source: Qatar News Agency

QICCA Examines Procedures of Qatari Arbitration Law

Doha: The Qatar International Center for Conciliation and Arbitration (QICCA) at the Qatar Chamber recently held a seminar titled "Doha Based Arbitrations and Qatari Law Governed Disputes: opportunities and Challenges". The event was attended by QC Acting General Manager Ali Saeed bu Sherbak Al Mansori, and a number of exports, lawyers, and arbitrators. Speaking at the seminar, Ali Al Mansori said that QICCA pays great attention to spreading the culture of arbitration and raising awareness of its advantages and benefits, highlighting that legislation and alternative means have a positive impact on companies, business owners and individuals. Al Mansori noted that QICCA held a multitude of conferences, seminars, and training programs by local and foreign experts, affirming that it had an effective and active role in adopting arbitration procedures for companies and business owners. The seminar was delivered by Prof. Dr Mohamed Abdel Wahab, Professor of International Arbitration, Private International Law, a nd English Contract Law at the Cairo University. During the seminar, Abdel Wahab reviewed the most important articles of the Law No. 2 of 2017 Promulgating the Civil and Commercial Arbitration Law (Qatari Arbitration Law), and the most important challenges and opportunities that arise from arbitration proceedings, whether in the scope and context of Qatari law, or in choosing Qatar as an arbitration center. He pointed out that the alternative dispute resolution (ADR) in Qatar is going well and that Qatari courts have a high level of expertise in this field. Source: Qatar News Agency

Kuwaiti Oil Price Drops by $0.90 to $83.92 per Barrel

The price of Kuwaiti oil decreased by $0.90 to reach $83.92 per barrel at the end of trading yesterday, compared to $84.82 in the previous day's trading, according to the price announced by the Kuwait Petroleum Corporation. The Kuwait News Agency (KUNA) reported Saturday that Brent crude futures in global markets fell by $0.24 to $81.62 per barrel, while West Texas Intermediate (WTI) crude futures decreased by $0.92 to $76.99 per barrel. Source: Qatar News Agency