Qatar Experiences the Fastest Non-Energy Business Growth in Nearly Two Years
Employment grew for the 16th consecutive month as companies expanded.
2 min
According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The agreement offers innovative and customer-centric solutions to CBD cardholders across all segments
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Commercial Bank of Dubai (CBD), one of the leading banks in the United Arab Emirates, has announced an exclusive multi-year strategic partnership with Visa, a global leader in digital payments, for credit and debit cards. This partnership aims to enhance digital payment adoption in the UAE, offering innovative and customer-centric solutions to CBD cardholders across all segments.
The agreement was signed by Khaled Al Hammadi, General Manager of the Personal Banking Group at CBD, and Salima Gutieva, Visa’s Vice President and Country Manager for the UAE.
The signing ceremony was attended by Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, and Andrew Torre, Visa’s Regional President for Central and Eastern Europe, the Middle East, and Africa.
As part of this partnership, CBD and Visa are also partnering to establish a ‘Centre of Excellence’ powered by Visa Consulting and Analytics (VCA), dedicated to accelerating and simplifying customer’s payment experiences. By leveraging core data assets and deriving insights, VCA will formulate actionable recommendations that aim to address business challenges and offer personalized solutions to customers. This collaborative approach will support CBD’s goals of market expansion, product design, customer acquisition, and engagement improvement, focusing on areas such as encouraging card usage through engaging and rewarding gamification, positioning CBD Visa cards as the top choice in digital wallets, enhancing cross-border transactions and payment speed, and expanding our footprint through strategic digital merchant collaborations.
Moreover, CBD and Visa are redefining the marketing landscape for the CBD card business through initiatives such as leveraging advanced technology to enhance digital customer onboarding experiences, sponsoring high-profile events like the Olympics, launching the Visa Instalment Solution in the UAE to introduce flexible payment options for our customers directly through Point-of-Sale (POS) machines, and offering comprehensive local and international benefits, focusing on the complete lifecycle of new and existing CBD Visa cardholders.
Dr. Bernd van Linder, Chief Executive Officer, Commercial Bank of Dubai, said, “We are excited to build on our partnership with Visa as we continue our mission in providing innovative and customer-centric payment solutions. The financial sector landscape is changing dramatically with technological disruption, emergence of new players, as well as constantly evolving customer expectations. Our collaboration with Visa will help us in developing new business models and providing more personalized customer offerings. At CBD, we are committed to playing a leading role in the digitization of the financial payments sector and introducing innovative financial solutions that meet our customers’ evolving needs and deliver seamless banking experiences.”
Khaled Al Hammadi, General Manager, Personal Banking Group at CBD, further added, “We are proud of this extended and strategic partnership with Visa. With Visa’s global expertise and CBD’s dedication to meeting the needs of our customers, we aim to provide a more seamless payment solution, delivering a variety of competitive and innovative features, products, and offers that are data-driven and are based on customer feedback. This includes recognizing and rewarding our customers, enhancing their banking experience, and delivering tangible benefits.”
Salima Gutieva, Visa’s VP and Country Manager for UAE, said, “We are delighted to expand our partnership with CBD with this exclusive multi-year partnership for their credit and debit portfolio. We will continue to work together to develop attractive products that deliver seamless, secure and rewarding experiences to the bank’s customers. CBD will be able to leverage Visa‘s industry-leading data and analytic capabilities to further drive innovation with personalized experiences for Visa cardholders. We also look forward to bringing value to local retailers and contribute to the UAE government’s efforts to grow the digital economy.”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
