Qatar PMI falls in March, reflecting disruption from global coronavirus outbreak

7 Apr 2020

PMI by IHS Markit

Doha, Qatar

The Qatar Financial Centre (QFC), one of the world's leading and fastest growing onshore business and financial centres, held its annual employee gathering to celebrate Qatar National Day 2019, under the theme of 'Al Maali Kaydah', meaning that the path of excellence is difficult.

 

This annual festive event is a momentous occasion for the QFC to commemorate Qatar's distinguished culture, rich legacy and wealth in the presence of all members of the QFC community. In addition, it is also an opportunity to reflect on the core values shaping the nation's identity – freedom, strength, and resilience. QFC's special celebration was characterised by various cultural and social activities as well as entertainment provided throughout the event.

 

Speakers during the event included Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority; Faisal Rashid Al-Sahouti, Chief Executive Officer, Qatar International Court and Dispute Resolution Centre (QICDRC); Dr. Khalid Mohammed Al-Horr, Chief Executive Officer, Qatar Finance and Business Academy (QFBA) and Fatma Al Meer, Chief Financial Officer, Qatar Financial Centre Regulatory Authority (QFCRA).

 

Yousuf Mohamed Al-Jaida, Chief Executive Officer, QFC Authority

 

"This is a special occasion to commemorate the unity, resilience, patriotism, and the strong identity of Qatar. This year's slogan 'Al Maali Kaydah' (the path of excellence is difficult) is not just another inspiring and motivating slogan, but it also reveals the real DNA of our Nation. A distinct DNA that we all carry within ourselves, contributing to the betterment of Qatar."

 

Al-Jaida added: 

 

The accelerating global coronavirus outbreak interrupted the recent upward momentum of the Qatari non-energy private sector economy in March, according to the latest PMI data. The PMI ended the first quarter with an average reading of 48.2, broadly in line with the final quarter of 2019. Without the disruption in March, the PMI trend for the first quarter would have been the strongest in over a year. With great uncertainty surrounding the long-term impact of the outbreak on the global economy, firms' expectations for activity were broadly neutral in March. More positively, employment increased further and prices charged for goods and services rose at the fastest rate since January 2018.

Sheikha Alanoud bint Hamad Al-Thani, Managing Director Business Development, QFC Authority

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