Ministry of Justice Opens Real Estate Registration and Authentication Office at Qatar Financial Centre

3 Oct 2021

Ministry of Justice Opens Real Estate Registration and Authentication Office at Qatar Financial Centre

 

The latest Purchasing Managers’ Index™ (PMI™) survey data from Qatar Financial Centre signalled a strengthening non-energy economy in August. Overall business conditions improved at the fastest rate since July 2020, and the second sharpest since the survey began in April 2017. The key metrics of output and new business registered the fastest rates of growth signalled by the survey outside of the one-off post-lockdown bounce in July and August last year. This healthy growth of both current and future business bodes well for Qatar’s non-oil economy, with exports that now well exceed pre-pandemic levels and in an increasing number of foreign markets.  

The Qatar PMI indices are compiled from survey responses from a panel of nearly 400 private sector companies. The panel covers the manufacturing, construction, wholesale, retail, and services sectors, and reflects the structure of the non-energy economy according to official national accounts data. 

The headline IHS Markit Qatar PMI is a composite single-figure indicator of non-energy private sector performance. It is derived from indicators for new orders, output, employment, suppliers’ delivery times and stocks of purchases. 

The PMI rose for the third month running to 58.2 in August, from 55.9 in July. The latest figure signalled the second-strongest overall improvement in operating conditions since the survey began in April 2017. Only in July 2020 had the headline PMI registered at a higher level as the economy reopened from the first COVID-19 lockdown. Moreover, business conditions have improved for 14 successive months, the longest sequence in the survey’s history.

Sub-sector data signalled improvements in all four main categories. Wholesale & Retail registered the strongest performance, followed by manufacturing, services and construction, respectively. 
The headline PMI was positively influenced by four of its five components in August, the exception being suppliers' delivery times which was broadly neutral. The 2.3-point upward movement in the PMI since July mainly reflected the new orders (+1.1) and output (+0.9 points) components, followed by employment (+0.2) and stocks of purchases (+0.1).

Marked growth of output was driven by a rapid increase in new business in August. Demand expanded at one of the fastest rates on record, with only July-August 2020 seeing stronger increases in new orders. Consequently, backlogged work rose for the eleventh month running in August, despite a further rise in employment. 

The volume of inputs ordered by Qatari private sector firms rose at the second-fastest rate in the survey history in August, as they looked to support business operations over the near term. Output expectations were the strongest since October 2020. 

Inflationary pressures increased in August, with average input prices rising for the fourth time in five months. This was driven by rising purchase prices for raw materials and other items, while staff costs were only fractionally higher than in July. Prices charged for goods and services rose at the fastest rate since March.

QFC Qatar PMI vs. GDP


Comment

"Qatar's PMI ascended for the third month running in August to the second-highest level recorded since the survey began in 2017, signalling a rapid overall improvement in business conditions. Only post-lockdown did a stronger month-on-month performance register as restrictions began to be lifted. Growth rates for output and new orders were the third-fastest on record, and the 12-month outlook also notably improved.

"The recent strength of the PMI is pointing to a generous rebound in official GDP data for the second and third quarters.”


Sheikha Alanoud bint Hamad Al-Thani,
Deputy CEO & Chief Business Officer, QFC Authority  

 

We are delighted with the opening of the Ministry of Justice’s office at the QFC that will allow QFC entities greater access to a portfolio of essential services.
Nasser Al-Taweel, Acting Deputy CEO, Chief Legal Officer, and Board Secretary of QFCA

Nasser Al-Taweel

Deputy CEO & Chief Legal Officer, QFC

The MoJ, under the guidance of H.E. Masoud Mohammed Al-Amri, Minister of Justice, is currently transforming manual operations to comprehensive e-services, without having to visit the Ministry or its service centres.

Mr. Saeed Abdullah Al Suwaidi

Assistant Undersecretary for Real Estate Registration and Authentication Affairs, MoJ

Highlighting the importance of the roundtable, Nasser Al-Taweel, Deputy CEO & Chief Legal Officer, QFC, said: “Data is increasingly becoming an important element for businesses. In parallel, the techniques to mine and retrieve personal and company information are multiplying and becoming more sophisticated. QFC places immense importance on data protection and encourages firms to stay up-to-date with the latest data regulations to ensure their businesses and stakeholders are protected.”

The session included a presentation covering six areas of data protection, including personal data processing, data subjects’ rights, data transfers, data controller and data processor obligations, data protection office, and remedies. It was followed by an open discussion to explore important aspects of the Regulations and Rules. 

Stressing the importance of data protection, Daniel Patterson, Commissioner, Data Protection Office, QFC, said: “Safeguarding personal data from misuse, compromise or loss is not only a legal obligation but also an ethical one. Employing good data protection practices should be standard conduct for any organisation. With increasing threats to data protection, regulations and rules must align with international best practice to reduce the risk of data theft and misuse by malicious parties.”

The proposed changes in the Data Protection Regulations and Rules include: the addition of a new article on the conditions for using consent as a legal basis for processing personal data; the publication of a list of ‘adequate’ jurisdictions to which data transfers are permitted without additional requirements; the provision for the establishment of the Data Protection Office (DPO) as an institution of the QFC including the role of Commissioner; the introduction of a number of remedies for individuals and the DPO; and the right to lodge a complaint with the DPO.


 

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