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.”
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Nick's journey in numbers
Countries so far: 85
Flights: 149
Steps: 3.78 million
Calories: 220,000
Floors climbed: 2,000
Donations: GPB37,300
Prostate checks: 5
Blisters: 15
Bumps on the head: 2
Dog bites: 1
Who is Allegra Stratton?
- Previously worked at The Guardian, BBC’s Newsnight programme and ITV News
- Took up a public relations role for Chancellor Rishi Sunak in April 2020
- In October 2020 she was hired to lead No 10’s planned daily televised press briefings
- The idea was later scrapped and she was appointed spokeswoman for Cop26
- Ms Stratton, 41, is married to James Forsyth, the political editor of The Spectator
- She has strong connections to the Conservative establishment
- Mr Sunak served as best man at her 2011 wedding to Mr Forsyth
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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5.10pm Space Blues
5.45pm Kimbear
6.20pm Barney Roy
6.55pm Matterhorn
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The Federal National Council is one of five federal authorities established by the UAE constitution. It held its first session on December 2, 1972, a year to the day after Federation.
It has 40 members, eight of whom are women. The members represent the UAE population through each of the emirates. Abu Dhabi and Dubai have eight members each, Sharjah and Ras al Khaimah six, and Ajman, Fujairah and Umm Al Quwain have four.
They bring Emirati issues to the council for debate and put those concerns to ministers summoned for questioning.
The FNC’s main functions include passing, amending or rejecting federal draft laws, discussing international treaties and agreements, and offering recommendations on general subjects raised during sessions.
Federal draft laws must first pass through the FNC for recommendations when members can amend the laws to suit the needs of citizens. The draft laws are then forwarded to the Cabinet for consideration and approval.
Since 2006, half of the members have been elected by UAE citizens to serve four-year terms and the other half are appointed by the Ruler’s Courts of the seven emirates.
In the 2015 elections, 78 of the 252 candidates were women. Women also represented 48 per cent of all voters and 67 per cent of the voters were under the age of 40.
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Name: SmartCrowd
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Based: Dubai
Sector: FinTech / PropTech
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TV (UAE time);
OSN Sports: from 10am
THURSDAY FIXTURES
4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)
SPECS
Engine: 1.5-litre 4-cylinder
Power: 101hp
Torque: 135Nm
Transmission: Six-speed auto
Price: From Dh79,900
On sale: Now
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Name: Direct Debit System
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Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
How England have scored their set-piece goals in Russia
Three Penalties
v Panama, Group Stage (Harry Kane)
v Panama, Group Stage (Kane)
v Colombia, Last 16 (Kane)
Four Corners
v Tunisia, Group Stage (Kane, via John Stones header, from Ashley Young corner)
v Tunisia, Group Stage (Kane, via Harry Maguire header, from Kieran Trippier corner)
v Panama, Group Stage (Stones, header, from Trippier corner)
v Sweden, Quarter-Final (Maguire, header, from Young corner)
One Free-Kick
v Panama, Group Stage (Stones, via Jordan Henderson, Kane header, and Raheem Sterling, from Tripper free-kick)