Qatar Business

Doha, Qatar: The holy month of Ramadan continues to consolidate its position as a peak season for the gold market in Qatar, despite unprecedented global price levels for the precious metal, which have recently surpassed the $5,000 per ounce threshold for the first time in history. This year's Ramadan coincides with a historic surge in gold prices, driven by a complex interplay of geopolitical tensions, supply-chain disruptions, and shifts in the monetary policies of major central banks toward easing cycles and diversification of reserve assets. These global developments have been directly reflected in local market prices, pushing retail gold rates in Qatar to record highs. Gold traders told Qatar News Agency (QNA) that demand has not been significantly undermined by the sharp price increases. On the contrary, growing awareness of gold’s role as a long-term investment and store of value has reinforced consumer confidence, even as some market participants anticipate adjustments in purchasing patterns among certain segments due to higher costs. This divergence highlights evolving consumer behavior under the influence of global economic uncertainty. In this context, Ali Salah Al Yafai stressed that Ramadan remains a key barometer of the vitality of the local gold market, noting that record price levels are unlikely to weaken demand and may instead strengthen confidence among a broad segment of consumers in gold as a reliable hedge against economic volatility. He explained that the price of 24-karat gold recently exceeded QR 595 per gram, compared with around QR 360 during the same period last year, while 21-karat gold stabilized above QR 520 per gram, up from approximately QR 315 in 2025. Despite the sharp increases, he noted that many buyers still consider current levels acceptable entry points, supported by expectations of continued upward momentum over the medium term. Al Yafai also highlighted a noticeable improvement in financial awareness among consumers, with gold increasingly viewed as a strategic long-term asset rather than merely a form of personal adornment. He anticipated stronger purchasing activity throughout Ramadan, traditionally one of the most active seasons for gold sales, particularly from the beginning of the month until the night of Garangao celebrations, affirming that demand has not been materially affected by global price surges. For his part, Jassim Ahmed Al Yafai expected demand to remain robust, especially during the first half of Ramadan, driven by sustained interest in traditional Qatari jewelry designs which are increasingly valued not only for their aesthetic appeal but also as family heirlooms passed down through generations. He pointed to a shift in consumer behavior toward combining traditional jewelry purchases with small gold bars or coins, reflecting a hedging approach that balances cultural preferences with investment considerations and liquidity needs, thereby offering greater financial flexibility to consumers. Conversely, Nasser Al Awlaqi ruled out a significant increase in overall sales volumes compared with previous years, attributing this to the rapid escalation in prices over a short period, which could weigh on the purchasing power of some consumer segments. He noted that the near doubling of gold prices per gram compared with a year earlier may encourage some buyers to reduce quantities or opt for lighter-weight pieces, emphasizing that retail demand tends to remain more sensitive to price fluctuations than investment-driven demand. Against this backdrop, Qatar's gold market enters the Ramadan season amid a complex set of factors that heighten uncertainty surrounding price trajectories, while simultaneously reinforcing gold's status as a safe-haven asset and dependable store of value. Despite global market volatility and the rapid pace of economic and monetary shifts, gold continues to maintain strong appeal among both consumers and investors, supported by seasonal demand rooted in social traditions and the cultural significance of the holy month. As a result, the precious metal remains a pillar of relative stability in the local market, even amid heightened global uncertainty.

Qatar Business

Doha: QNB Group has announced international football star Achraf Hakimi (pictured) as its new Global Brand Ambassador, marking the start of the partnership with the release of its Ramadan “No matter how big we grow, those who matter most to us remain bigger” TV commercial. The appointment of Hakimi as QNB Group’s new Global Brand Ambassador marks a partnership between a leading bank in the Middle East and Africa with a strong global footprint and a globally recognised athlete, united by excellence, resilience, and cross-border progress. The collaboration reinforces QNB Group’s role as a trusted long-term financial partner, empowering individuals, families, and businesses to create meaningful value and achieve their financial goals at every stage of life. Born in Getafe, Spain, Hakimi rose to prominence at Real Madrid, where he made his professional breakthrough before building an impressive career across Europe’s top leagues. He has since represented leading clubs including Borussia Dortmund, Inter Milan, and Paris Saint-Germain, while playing a key role for the Moroccan national team. His journey from humble beginnings to global success mirrors QNB Group’s evolution from a national financial institution into a leading banking group across the Middle East and Africa, with a growing international presence driven by consistent support, innovation, and a commitment to empowering progress. The newly released Ramadan TV commercial tells a heartfelt story of Hakimi’s personal football journey and shows his strong bond with his mother, his biggest supporter, who is always by his side. This is depicted within the spirit of the holy month, reinforcing the bank’s position as a trusted financial partner whose success is built on its customers, underscoring the depth of the relationship that spans generations. These values reflect the bank’s commitment to always being a source of inspiration and support for its customers through its innovative products and services.

Qatar Business

Doha: Qatar is demonstrating significant momentum in artificial intelligence advancement within the GCC, recording a remarkable AI maturation shift according to a comprehensive new study by Boston Consulting Group. The report, “Unlocking Potential: How GCC Organizations Can Convert AI Momentum into Value at Scale,” reveals that Qatar has achieved a notable 10 percentage-point increase in ‘Emerging’ AI organizations between 2024 and 2025, positioning the nation firmly within the region’s AI acceleration. The study, which surveyed 200 C-suite executives and assessed 41 digital and AI capabilities across seven industries, shows Qatar’s average AI maturity score of 39 rising rapidly year-over-year, reflecting sustained organizational commitment to AI transformation. This upward trajectory indicates a growing pipeline of organizations transitioning from experimental phases toward comprehensive AI integrations. “Qatar’s rapid AI maturation and investment in advanced AI compute capabilities reflects the nation’s strategic approach to technological transformation and economic diversification,” said Dr. Ahmad Dhaini (pictured), Principal at Boston Consulting Group. “The 10 percentage-point surge in emerging AI organizations demonstrates Qatar’s ability to accelerate from experimentation to systematic implementation at scale, creating a robust foundation for sustained AI leadership across multiple sectors.” Across the broader GCC region, the report demonstrates remarkable progress in closing the AI adoption gap with global markets. According to the report, 39% of all GCC organizations now qualify as AI Leaders, compared to the global average of 40%, representing a fundamental transformation in how regional businesses approach artificial intelligence. The GCC region demonstrates exceptional AI leadership, with its Public Sector achieving the highest AI maturity levels globally across all surveyed markets. While TMT continues to lead in AI maturity within the GCC, there is rapid advancement occurring in other critical sectors including Financial Institutions, Health Care, Industrial Goods, and Travel, Cities, and Infrastructure, highlighting the region’s broad-based AI transformation. The financial impact of AI leadership proves substantial, with AI Leaders across the GCC delivering up to 1.7 times higher total shareholder returns and 1.5 times higher EBIT margins compared to AI Laggards. While the GCC has demonstrated advanced digital maturity in recent years, AI maturity has surged by 8 points between 2024 and 2025, now trailing overall digital maturity by just 2 points. The study reveals that successful AI Leaders distinguish themselves through five critical strategic moves: pursuing multi-year strategic ambitions with 2.5 times more leadership engagement than laggards, fundamentally reshaping business processes rather than simply deploying off-the-shelf solutions, implementing AI-first operating models with robust governance frameworks, securing and upskilling talent at 1.8 times the rate of competitors, and building fit-for-purpose technology architectures that reduce adoption challenges by 15%. Looking toward frontier technologies, 38% of GCC organizations are already experimenting with agentic AI, positioning the region competitively against the global average of 46%. The value generated from agentic AI initiatives, currently at 17%, is projected to double to 29% by 2028, driven by continued experimentation and strategic deployment.