World Business

Singapore: The US dollar was poised for its biggest weekly drop in a year, amid market volatility triggered by US President Donald Trump's initial threat to impose new tariffs on several European countries over the Greenland dispute, followed by his later decision to step back from those threats and signal progress toward an agreement. The dollar index, which measures the US currency against six units, is on course for a 1% slide, its worst performance in a week since January 2025. The euro was steady at $1.1751, hovering near the three-week high it touched earlier this week, while sterling fetched $1.3496, near a two-week high hit in the previous session. The yen has been under relentless pressure, dropping over 4% at 158.50 per US dollar in early Asian hours and was on course for a fourth straight weekly drop, a run it last had in September. Traders fear a break beyond 160 could prompt Tokyo to step into the currency market to support the yen. In other currencies, the Australian dollar was steady at $0.6841, while the New Zealand dollar was 0.25% weaker at $0.5914.

Qatar Business

Qatar participated in the 11th meeting of Their Excellencies Deputies of Arab Finance Ministries, organised by the Arab Monetary Fund (AMF) over two days in Abu Dhabi, the United Arab Emirates. The event featured the participation of experts from the International Monetary Fund (IMF), the World Bank, and the Organisationfor Economic Co-operation and Development (OECD). Qatar was represented at the meeting by Undersecretary of the Ministry of Finance H E Khalaf bin Ahmed Al Mannai, who headed the participating delegation.

Qatar Business

Doha: Nebras Energy (a Qatari public joint-stock company), through one of its subsidiaries, has been awarded two contracts to develop gas-fired combined-cycle power generation plants in the Sultanate of Oman. The projects include the Misfah Power Plant, with a total capacity of 1,700 megawatts, and the Duqm Power Plant, with a total capacity of 877 megawatts, both under 20-year agreements. In a statement issued yesterday, the company said that under the agreements signed with Oman Power and Water Procurement Company (Namaa), Nebras Energy acquired a 49 percent stake in the Misfah Power Plant project, in partnership with a consortium comprising United Water and Electricity Company (44 percent) and Bahwan Infrastructure Services Company (7 percent). Nebras Energy also acquired a 30 percent stake in the Duqm Power Plant project, in partnership with a consortium that includes United Water and Electricity Company (30 percent), Korean Western Power Company (35 percent), and Bahwan Infrastructure Services Company (5 percent). Construction works on both projects are scheduled to commence later this month. Initial commercial operation is expected to begin in April 2028, with full commercial operation anticipated in April 2029. Minister of State for Energy Affairs and Chairman of the Board of Directors of Nebras Energy, H E Engineer Saad bin Sherida Al Kaabi said: “We are pleased to be an active contributor to the development of the electricity sector in the sisterly Sultanate of Oman, given the pivotal role this sector plays in advancing social and economic development.” He added: “We are fully confident that these two projects will significantly contribute to meeting Oman’s growing electricity demand, in addition to creating numerous employment opportunities for Omani professionals.” For his part, Managing Director and Chief Executive Officer of Nebras Energy, Engineer Mohammed bin Nasser Al Hajri said: “Winning these two projects represents a significant achievement for the company and an important expansion of its presence in the Omani energy market. This supports Nebras Energy’s strategy to strengthen its asset base through technological and geographic diversification by investing in projects with strong economic viability.”