DOHA, QATAR // Allegations of bribery might have sullied Qatar’s successful bid to host the 2022 Fifa World Cup – but to the emirate’s businessmen, they’re no big deal.
At least not yet.
“I’ve listened to those allegations, but I hear it with one ear and let it out with the other. I have absolute trust in our government and our Emir,” said Hadi Al Shahawani, a businessman in the transport sector.
And as he left the Qatar Exchange at the end of the trading day, one trader, who requested anonymity, said: “This is all chit-chat and there’s no real proof. When there is real proof from the Fifa, then we can talk … What is happening to the market is only a correction.”
The Qatari market was down 4.0 per cent through the first four trading days of the week, bringing its year-to-date gain down to 26.6 per cent.
Winning the World Cup has brought a construction boom to Doha. Cranes dot the skyline. The stock exchange building itself is part of a strip of new buildings in the city centre.
Yesterday’s drop of 0.5 per cent in the QE Index ranked as a relief after Tuesday’s 2.4 per cent decline.
“The trading session of [Tuesday] was quite bad,” said the broker Waleed Al Adly, speaking close to two large screens that showed falling stocks lit in red.
Of the 20 stocks in the QE Index, five gained yesterday, two were unchanged and 13 declined.
“The news will have a negative effect, but we, as Arabs, we soon forget, maybe in a week or so,” Mr Al Adly said. “However, if the news is confirmed next month this can be troublesome for the tourism, real estate, infrastructure and all the ongoing projects.”
Hosting the World Cup is of major significance for Qataris. It had become part of the country’s 30-year development plan.
Moltilo Mrvic, a Serbian power and water consultant, who has been living in Qatar since 1991 said if the allegations are true, it will affect the “Qatar brand”. However, the economy is “robust” nevertheless, he said.
“The economy is booming and the main strength in the Qatari strategy is expanding their economy away from oil.”
selgazzar@thenational.ae
Follow us on Twitter @Ind_Insights
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
How to donate
Text the following numbers:
2289 - Dh10
6025 - Dh 20
2252 - Dh 50
2208 - Dh 100
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*numbers work for both Etisalat and du
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Race card
6.30pm: Maiden (TB) Dh 82,500 (Dirt) 1.600m
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SPEC SHEET
Display: 6.8" edge quad-HD dynamic Amoled 2X, Infinity-O, 3088 x 1440, 500ppi, HDR10 , 120Hz
Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
Memory: 8/12GB RAM
Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
I/O: USB-C
SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
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Dates for the diary
To mark Bodytree’s 10th anniversary, the coming season will be filled with celebratory activities:
- September 21 Anyone interested in becoming a certified yoga instructor can sign up for a 250-hour course in Yoga Teacher Training with Jacquelene Sadek. It begins on September 21 and will take place over the course of six weekends.
- October 18 to 21 International yoga instructor, Yogi Nora, will be visiting Bodytree and offering classes.
- October 26 to November 4 International pilates instructor Courtney Miller will be on hand at the studio, offering classes.
- November 9 Bodytree is hosting a party to celebrate turning 10, and everyone is invited. Expect a day full of free classes on the grounds of the studio.
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Formula Middle East Calendar (Formula Regional and Formula 4)
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Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
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When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
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One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
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Improve the appearance of textbooks
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Systematic learning of Standard Arabic grammar
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
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COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
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More than 2.2 million Indian tourists arrived in UAE in 2023
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Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
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4.35pm: Tilal Al Khalediah
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6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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Despite the extreme distance, flying to Fairbanks is relatively simple, requiring just one transfer in Seattle, which can be reached directly from Dubai with Emirates for Dh6,800 return.
Touring
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COMPANY%20PROFILE
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