Shoppers in Dubai have even more time to find that greatest gift, perfect present or bargain buy during Eid al Adha, with malls extending opening hours for up to 10 days. Majid Al Futtaim malls, which includes Mall of the Emirates, City Centre Deira and City Centre Mirdif, will all stay open until 1am. The …

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Damac Properties has waived all registration fees for external vendors and contractors and maintenance companies, although it plans to continue with the registration process, according to a company spokesperson. In late July, owners and residents of properties managed by Damac or Loams – the Luxury Owner Association Management Services – properties were informed of the …

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Emirates Airline offered a first glimpse at its future Boeing 777X on Monday with a tweet showing the airplane in production at the planemaker’s US factory in Everett, Washington. “We’re proud to see the UAE flag for the first time on the Emirates Boeing 777X,” the Emirates tweet said. “Currently in production, the 777X combines …

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Abu Dhabi’s freehold law which was introduced in April this year will result in “more bankable” property projects, according to Tariq Imam, Partner and Head of Real Estate in Middle East at London-based law firm Clifford Chance. The new law allows foreigners investors to own land and property on a freehold lease in the following …

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Fashion franchise retailer Fawaz Abdulaziz Alhokair & Co has announced that it will acquire the Saudi franchise rights for 10 international food and beverage brands from Food and Entertainment Company Ltd. The deal will see an exchange of non-core receivables valued at SR340 million ($90.5 million) with the current operator, it said in a statement. …

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A measure of activity in Saudi Arabia’s non-oil private sector dropped in July for the first time this year, hitting a five-month low in a sign that economic growth was losing momentum at the start of the third quarter. The IHS Markit Purchasing Managers’ Index fell to 56.6 after reaching a 19-month high of 57.4 …

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Twenty-six China A shares will be added to the MSCI China Index, while 30 equities from Saudi Arabia and eight Argentine securities are set to join the MSCI’s emerging-market stocks benchmarks, in steps that could potentially draw billions of dollars of investor inflows. MSCI, which announced the additions of Saudi Arabia and Argentina last June, …

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Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. While a favourable deposit shift for lenders in the country may boost second quarter margins from lows …

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Kuwait’s Central Agency for Public Tenders has all-but approved a potential $160 million contract with South Korean construction conglomerate Hyundai for operating and maintaining the Jaber Al-Ahmed bridge. The Ministry of Public Labour said in a statement that the five-year contract is worth 29-$32m (KD9-10) per year, according to a report by the Kuwait News …

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Kuwait said it’s working with Saudi Arabia to resume oil production in the neutral zone between them that has been shuttered for at least four years. Saudi Minister of State for Energy Prince Abdulaziz Bin Salman visited Kuwait Wednesday. The two sides will discuss a resumption after the “completion of all technical issues required,” Tareq …

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Kuwait Projects Company (KIPCO) has revealed that it has raised $312.3 million in equity from its latest rights issue. The board of directors approved the capital increase in January, with the aim of growing KIPCO’s businesses through continuing to invest in its core portfolio companies, which include Qurain Petrochemical Industries Company, Kamco, Kuwait Hotels Company, …

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A consortium of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm …

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A consortium of EDF Renewables and Abu Dhabi Future Energy Company (Masdar) has completed the financing of the Dumat Al Jandal utility-scale wind project in Saudi Arabia, with the backing of Saudi and international banks. With an installed capacity of 400 megawatts (MW), the Dumat Al Jandal project will be Saudi Arabia’s first wind farm …

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Saudi Aramco has invited analysts and investors to join its first investor earnings call next month as it prepares an initial public offering, according to an Aramco email seen by Reuters. In the July 21 email, Aramco investor relations said that “Saudi Aramco will be holding its first investor earnings call in August to coincide …

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Construction projects worth more than $494 billion are currently active in Kuwait, according to new research by ProTenders. Of these, projects worth $15.5 billion (3.1 percent) are on hold, the consultancy said in a statement. Projects in the design stage are valued at $243.5 billion (49.3 percent) while another $63 billion (12.8 percent) are in …

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Neutral zone hasn’t produced anything since fields there were shut down after spats between the two countries in 2014 and 2015 Saudi Arabia and Kuwait are the closest in years to restoring oil output from the neutral zone shared by the neighboring nations after making a breakthrough in recent talks, according to people familiar with …

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Kuwait’s parliament on Wednesday passed an annual budget projecting a deficit of $22 billion, as lawmakers opposed government plans to impose taxes or reduce subsidies. The expected shortfall in the 2019/20 budget is equivalent to 15.7 percent of Gross Domestic Product and amounts to a fifth year in a row that the oil-rich Gulf state …

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Equity gauges in Saudi Arabia, Dubai and Abu Dhabi advanced, while those in Bahrain and Oman fell Traders taking profit from Kuwait’s longest-winning streak since at least 2016 sent the nation’s main stock index falling by the most in the Middle East. The gauge declined 0.4%, led by Kuwait Finance House and Mobile Telecommunications Co. …

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Iran and Turkey have finalized an agreement to restart direct train services between Tehran and Ankara and also to run tourist trains, an official announced. Iran’s Deputy Minister of Road and Urban Development Saeed Rasooli said at a press conference on Sunday that Iranian and Turkish delegations have finalized plans, following reciprocal visits, to launch …

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The National Petrochemical Company of Iran finalized a plan on Monday to construct the country’s third petrochemical hub across a coastal region in the southern province of Hormozgan. In a meeting in Tehran on Monday, the CEO of the National Petrochemical Company of Iran, CEO of Iranian Mines and Mining Industries Development and Renovation (IMIDRO), …

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Official delegations from Iran and Iraq held the second meeting of a joint commission for coordination on Arvand Rud, a border river flowing in Iran’s southwestern province of Khuzestan. The Tuesday meeting was held in Tehran within the framework of an agreement signed by the heads of the two states. The meeting was co-chaired by …

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High-ranking officials from Iran, Syria, and Iraq have agreed to create “a multimodal transport corridor” a part of efforts to boost trade relations between the three Muslim nations. “The three friendly and brotherly countries of Iran, Iraq, and Syria have good and growing business relations,” Iranian Deputy Minister of Roads and Urban Development Shahram Adamnejad …

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TEHRAN, Iran – U.S. sanctions have targeted Iran’s government, its paramilitary forces and the oil exports that fund them. Now they are hitting its vital steel, aluminum, copper and iron industries. The new sanctions, imposed as Tehran announced its partial withdrawal from its 2015 nuclear deal with world powers, seem to be moving ever closer …

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Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad. “We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi …

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The Ministry of Electricity is please to invite local, regional and international Independent Power Producers (IPP) to submit Expressions of interest (EOI) to embark into a proposed reverse auctioning round for SEVEN (7) Green field solar PV IPP projects (each a “project”) with a potential combined capacity of 755MWp. A project involves the design, finance, …

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On 16 June, 2019, the Japan International Cooperation Agency (JICA) and the Iraqi Government signed a loan agreement at Ministry of Finance in Baghdad. The ODA (Official Development Assistance) loan amounting to JPY 110,000 million (approximately USD 1 billion) will be used for Basrah Refinery Upgrading Project. The loan agreement was signed by H.E. Mr. …

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Iraq, Jordan and Lebanon have committed to digitally transform their countries, discussing their roadmaps to support the Mashreq region’s integration into the rapidly evolving global digital economy. The commitments came on the first day of the landmark, high-level forum on Digital Economy and Entrepreneurship Development in Mashreq, which was hosted by the Government of Jordan …

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Kuwait Finance House (KFH) has implemented robotic process automation systems to support customer loan applications. The robotic process automation bot, named Baitak Assistant, will handle customer loan applications and will autonomously create credit reports for applicants. KFH says it is the first fully automated workflow for retail credit in the region. The robotic process automation …

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Kuwait Airways is set to cancel some of its flights as it looks to lease three aircraft to cover for a delay in aircraft deliveries. The national carrier said it was due to receive three new Airbus A320 Neo aircraft in March this year, but has been informed by the French manufacturer that they will …

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Low-cost carrier Jazeera Airways has announced a partnership with Kuwait-based convenience chain, Trolley, to provide an on-board retail experience for passengers. With over 100 unique items, the on-board convenience store will include personal and children care, food and beverages, games, skin care, and electronics, a statement said. Jazeera Airways CEO, Rohit Ramachandran, said: “We continue …

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Construction projects worth more than $494 billion are currently active in Kuwait, according to new research by ProTenders. Of these, projects worth $15.5 billion (3.1 percent) are on hold, the consultancy said in a statement. Projects in the design stage are valued at $243.5 billion (49.3 percent) while another $63 billion (12.8 percent) are in …

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Following prime ministerial level bilateral agreement between India and Bhutan, both the countries have finally signed tariff protocol for the output of 720 Megawatt Mangdechhu hydropower project. First yield of this Rs 4,500-crore Bhutan project is set to get into India’s national power pool by May-June this year. The agreement was signed by Bhutan’s economic …

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Traffic congestion is the bane of all commuters in cities around the world, and Yangon is no exception. According to calculations by the Asia Development Bank (ADB) and the Japan International Cooperation Agency (JICA), there are roughly 2.8 million commuters in Yangon. About 70,000 of these ride the trains, while very few people take the …

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US-based Capstone Turbine Corporation (Nasdaq: CPST) has announced today that it has secured an order for two C600 Signature Series microturbines to provide 1.2 megawatts (MW) of energy to power a triethylene glycol (TEG) dehydration facility in the Basra region of Southern Iraq. The order also includes Capstone’s new self-cleaning pulse filtration system which will …

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Iran’s Ambassador to Iraq Iraj Masjedi highlighted the importance of bilateral relations between the two neighboring countries and said Tehran has taken major strides to strengthen ties with Baghdad. “We are trying to boost our relations with Iraq in all areas,” Masjedi said, addressing an appreciation ceremony for the outgoing Iranian consuls in the Iraqi …

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The chairman of Iran-South Korea Joint Chamber of Commerce said following last year’s move by the US to renew sanctions against the Islamic Republic, some Korean companies went bankrupt. Speaking to Tasnim, Hossein Tanhayee pointed to the 70 percent fall in bilateral trade between Iran and South Korea after the re-imposition of the US sanctions …

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An Iranian official said the exports of natural gas to Iraq are growing steadily and are expected to hit 40 million cubic meters a day in summer. Managing director of the Iranian Gas Engineering and Development Company (IGEDC) Hassan Montazer Torbati told Tasnim that Iran’s gas exports to Iraq are constantly increasing and nearing a …

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It is essential that Iran fully implements its nuclear-related commitments under the Joint Comprehensive Plan of Action (JCPOA), IAEA Director General Yukiya Amano told the Agency’s Board of Governors on Monday. Mr Amano noted the announcement by Iran’s Supreme National Security Council on 8 May that it had “issued an order to stop some of …

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Dubai Airports is “pleased” with its relationship with Huawei despite a US blacklisting over national security concerns, according to a Dubai Airports spokesperson. Huawei provides IT and communications technology to over 50 airports and 15 airlines around the world, including Singapore’s Changi Airport Group and Dubai Airports. The services also include video surveillance technology and …

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Business conditions in the UAE’s non-oil private sector economy have shown the greatest improvement since October 2014. According to the Emirates NBD UAE Purchasing Managers’ Index, the indicator rose to 59.4 in May from 57.6 in April – a third successive monthly increase. Stronger market demand, marketing activity and the start of new projects all …

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The United States has imposed new sanctions on Iran that target the country’s petrochemical industry, including its largest petrochemical holding group, over Iran’s financial support for the Islamic Revolutionary Guard Corps (IRGC), the Treasury Department said on Friday. Meanwhile, Iran also rejected the idea of having wider international talks about its nuclear and military ambitions. …

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Despite its tiny population, Bhutan’s economic growth has led to increasing urbanisation and problems associated with biodegradable waste, which threatens the beauty of one of the most pristine environments in the world. Bhutan’s rapid economic development over the last few decades has been striking. According to World Bank data the GDP of the country grew …

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THIMPHU, BHUTAN (16 April 2019) — Economic growth in Bhutan is forecast to strengthen moderately, buoyed by the industry and services sectors, according to a new Asian Development Bank (ADB) report. The Asian Development Outlook (ADO) 2019, ADB’s flagship annual economic publication, forecasts the economy to grow at 5.7% this year and 6.0% in 2020. …

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Its annual average economic growth of 7.6 percent between 2007 and 2017 far exceeds the average global growth rate of 3.2 percent. This high growth has contributed to reducing poverty: Extreme poverty was mostly eradicated and dwindled from 8 percent in 2007 to 1.5 percent in 2017, based on the international poverty line of $1.90 …

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German hotel company, Deutsche Hospitality, has announced its plans to introduce new hotels in the UAE, Oman and Saudi Arabia within the next year. The expansion is part of worldwide expansion plans, aiming to grow its global portfolio from 150 to 250 properties by 2024. Deutsche Hospitality is currently present in the Middle East with …

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Abu Dhabi hoteliers are set to record their highest ever April occupancy rate, according to new data released by analysts STR. STR’s preliminary April data for the UAE capital indicates high demand and occupancy levels above 80 percent. Based on daily data from April, Abu Dhabi reported a 4.6 percent rise in supply compared to …

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Etihad Airways has announced a new second daily flight between Abu Dhabi and Moscow’s Domodedovo Airport, which will operate seasonally between October 27 and May 10, 2020. The additional flight, operated by an Airbus A320, will allow passengers to choose between a daytime and evening departure from both Abu Dhabi and Moscow. The move comes …

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Transguard Group, a UAE-based business services provider, has signed an agreement with the British Embassy to provide security services to both of its locations in Abu Dhabi and Dubai. Transguard said it has developed a bespoke security package for the British Embassy for the three-year contract. “Being selected as the security provider for the British …

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Emaar Hospitality Group, the hospitality and leisure business of Emaar Properties, has launched a fully-integrated mobile app that covers its entire portfolio. With the single app, users will have access to an extensive range of services including booking of hotels, restaurants, spas, golf and entertainment attractions using their mobile devices. The new app replaces all …

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Dubai’s unemployment rate reached 0.5 percent last year, while the economic participation rate as a percentage of total working-age population reached 83.2 percent, according to official figures. The Labour Force Survey 2018 published by Dubai Statistics Centre also showed the unemployment rate among Emiratis increased from 2.9 percent in 2016 to 4 percent in 2018. …

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Jebel Ali Free Zone will become the first in the UAE to return cash and bank guarantees to businesses A Dubai free zone will become the first in the UAE to return cash and bank guarantees to businesses in a push to protect wages of its employees. Jebel Ali Free Zone (Jafza) on Saturday announced …

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Bangladesh’s economic performance over the last decade has garnered praise from the international community. Multilateral development agencies like the World Bank often cite Bangladesh as an exemplary case for economic development. From being termed a “basket case” by the then US Secretary of State Henry Kissinger in early 1970s to achieving continuously increasing GDP growth …

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Offshoring of apparel manufacturing has been a blessing for many developing countries. The readymade garments (RMG) industry, employer of 4 million workers, mostly rural women, contributes more than 80 percent to Bangladesh’s export revenue. Low-cost labour has been the primary reason for western retailers to wait for months to get a shipment from offshore destinations. …

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South Asian Network on Economic Modeling (SANEM), a non-profit research organisation, today termed the recent economic growth of Bangladesh as “puzzling”, saying that the GDP growth mismatched with the data and various indicators of the economy. Claiming that export and remittance are the primary drivers for economic growth, the SANEM said the economic growth rates …

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President Hassan Rouhani has called for Iran and neighbouring Iraq to expand their gas and electricity dealings and boost bilateral trade to $20 billion, state TV reported, despite difficulties caused by US sanctions against Tehran. “The plans to export electricity and gas and hopefully oil continue and we are ready to expand these contacts not …

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Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said: “There are …

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The Iranian president’s chief of staff said Tehran and Baghdad have agreed to establish five joint industrial parks, including one in Iran’s border province of Kurdistan. Speaking at a meeting on economic development of Kurdistan in the city of Sanandaj on Saturday, Mahmoud Vaezi said Iran and Iraq have devised plans to set up five …

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Basra Multi-purpose Terminal (BMT), the largest multi-purpose port facility in Iraq, announces a major development in the Port of Umm Qasr. Marking a significant expansion to their existing facilities, BMT will be increasing their total investment in Umm Qasr Port to over USD 200 million, aimed to further advance the port in the international trade …

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The IBBC (Iraq Britain Business Council) is launching a Tech Conference in Baghdad on 29th and 30th April. The Conference is showcasing leading Iraqi and International companies with the intention of building confidence for Tech initiatives within Iraq. Iraq is at a pivotal point in its development as it revives and rebuilds its infrastructure, so …

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The total amount of the Iranian exports to neighboring Iraq during the last Persian calendar year (March 2018- March 2019) hit a record high, the data released by Iran’s Customs Office showed. During the last Iranian year, the Islamic Republic exported $9 billion worth of products to Iraq, indicating a 36 percent increase comparted to …

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Top Mountain LLC hosted the first annual Business Canvas Erbil conference which was attended by 120 participants and took place in the Dedeman hotel. The conference was funded by the European Union and German Federal Ministry for Economic Cooperation and Development through GIZ. The event was also sponsored by GroFin Iraq, a financing organization that …

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It will be small comfort for the founder of The Abraaj Group that HM Prison Wandsworth now serves a choice of cereals with milk for breakfast rather than plain porridge. Arif Naqvi, the man behind the world’s largest private equity insolvency case, was arrested at Heathrow Airport on April 10 on charges of defrauding US …

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Marriott International has announced it expects to add 19 new properties and more than 3,000 rooms to its Middle East and Africa portfolio in 2019. The new additions are in line with the company’s expansion plans to add more than 100 new properties and nearly 26,000 rooms across the region by the end of 2023. …

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Dubai Municipality has announced several investment opportunities in the emirate’s public parks, such as the event spaces, and the allocation of different areas for restaurants and small shops. Investors are being sought for Creek Park, Mamzar Smart Park, Mushrif Park, Zabeel Park and Safa Park in addition to the Quranic Park recently opened by Dubai …

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Sources say Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200m in an initial public offering Saudi Arabia’s Maharah Human Resources is seeking to raise more than $200 million in an initial public offering that’s likely to start next week, according to people familiar with the matter. Maharah plans to offer 30 …

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The Saudi capital city of Riyadh will be the 51st destination to join the Emirates A380 network when it launches on Sunday Emirates said on Thursday it will make Riyadh its newest Airbus A380 service when it launches the superjumbo on the route from Sunday. The Saudi capital city will be the 51st destination to …

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High-ranking officials from Iran and Iraq on Friday signed two memorandums of understanding (MoUs) and a contract to boost cooperation between the two countries in the electricity industry. At the end of his three-day visit to Iran, Iraqi Minister of Electricity Luay al-Khatteeb signed two MoUs and a contract on the electric industry with Iranian …

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Iran and Iraq have reached an understanding on the joint development of the Naft Shahr and Khorramshahr oilfields, Iranian Minister of Petroleum Bijan Zangeneh has announced. Speaking on Sunday, during a visit to the Energy Industries Engineering and Design (EIED), an affiliate to the Oil Industries’ Engineering and Construction (OIEC), the official said: “There are …

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Jordanian Prime Minister, Omar Razzaz, on Monday met with Iraqi Defence Minister, Irfan Hayali, to discuss the Jordanian-Iraqi relations. Razzaz underlined the depth of the historic Jordanian-Iraqi relations and the keenness to enhance joint cooperation to serve the interests of both countries and their peoples. The premier also pointed to the directives of His Majesty …

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Iran’s Minister of Industry, Mine and Trade Reza Rahmani said Tehran and Baghdad have agreed to reach the target of raising the value of annual trade exchange to $20 billion within the next two years. Speaking at a TV program on Wednesday, Rahmani stressed the need to exploit the potential of Iran and Iraq for …

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The Iranian president’s chief of staff said Tehran and Baghdad have agreed to establish five joint industrial parks, including one in Iran’s border province of Kurdistan. Speaking at a meeting on economic development of Kurdistan in the city of Sanandaj on Saturday, Mahmoud Vaezi said Iran and Iraq have devised plans to set up five …

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Dubai master developers Emaar Properties, Dubai Hills Estate and Nakheel accounted for the bulk of property sales transactions in Dubai in the first two months of 2019, according to new data from Property Finder. According, Emaar sold 1,374 homes in January and February, representing 24 percent of the total. Dubai Hills Estate – a JV …

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The DIFC FinTech Hive, the largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, has announced it is now accepting applications for the third cycle of its accelerator programme. The third cycle will kick off in September, welcoming select FinTech start-ups to an intensive three-month programme, which will include guidance …

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Dragon Mart, the Dubai retail and trading hub, has added 900 extra parking spaces to meet growing customer demand, Nakheel said on Thursday. A new multi-storey car park has opened at Dragon Mart, which sees 40 million shoppers each year, to bring the total number of parking bays to more than 9,000. The new car …

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Doraleh Container Terminal, in which DP World owns 33%, is successful in London Court of International Arbitration Doraleh Container Terminal (DCT), a Djibouti port operator owned 33.3 percent by Dubai-based DP World, has been successful in the London Court of International Arbitration proceeding against the Republic of Djibouti. The tribunal has ordered Djibouti to pay …

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UAE’s largest fuel and convenience retailer says it will award a 63% rise in annual dividend for fiscal year 2019 Shareholders of Adnoc Distribution, the UAE’s largest fuel and convenience retailer, on Thursday approved a significant increase in dividends. Under the new policy, the company said it will increase its annual dividend payment, starting in …

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Largest consumer cooperative in the UAE expects AED30 million sales in 2019, nearly double that seen last year Union Coop, the largest consumer cooperative in the UAE, has revealed that it expects AED30 million sales in 2019, nearly double that seen last year. The retailer said it is seeking to sell more than 60,000 units …

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Al Qana waterfront project will offer waterside eateries, cinema, the Middle East’s largest aquarium, marina, a wellness hub and outdoor skatepark Al Barakah International Investment (BII) has announced that its Al Qana wterfront project in Abu Dhabi is on course for completion in the fourth quarter of 2020. Al Qana, which spans over 2.4km and …

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Emirates will four additional flights a week to its existing thrice-daily service from October 28 Emirates has announced it will increase the frequency of flights between Dubai and Cairo, adding four additional flights a week to its existing thrice-daily service. The four new flights operating on Monday, Wednesday, Thursday and Saturday, which start on October …

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Governor of the Central Bank of Iran (CBI) Abdonnaser Hemmati said a mechanism commensurate with the European Union’s mechanism for trade with Iran, known as the Instrument in Support of Trade Exchanges (INSTEX), will be established in the country soon. “In the talks that my colleagues had with representatives from the three European countries (Britain, …

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By Mehmet Cetingulec for Al Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. Turkey and Iran have maintained cooperation in regional affairs in recent years, including most notably joint efforts for a settlement in Syria but also solidarity against US and Israeli policies …

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The head of Iran’s Trade Promotion Organization (TPO) announced that the country’s non-oil exports over the first 11 months of the current Iranian year (March 21, 2018 – March 20, 2019) have reached 40 billion dollars. Speaking to the Islamic Republic of Iran Broadcasting (IRIB) on Thursday night, Mohammad Reza Moudoudi said the non-oil exports …

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There are currently over 200 undeveloped oil and gas reservoirs in Iran, an official has said. According to the National Iranian Oil Company (NIOC), Director of NIOC’s Integrated Planning Karim Zobeidi said that a total of 42.4% of Iran’s oil reservoirs and 10% of the gas reservoirs have been depleted so far. Speaking on Monday …

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Iran’s president inaugurated four new phases of the large South Pars gas field in the southern province of Bushehr on Sunday. Accompanied by the minister of oil and other top officials, President Hassan Rouhani inaugurated the phases 13, 22, 23 and 24 of the South Pars gas field. Each of the new phases has a …

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Iranian Minister of Petroleum Bijan Zangeneh said the country’s gas production capacity from the supergiant South Pars gas field would cross 750 million cubic meters per day by late 2019. Addressing a ceremony to officially launch phases 13 and 22-24 of the major joint gas field, that was held in the presence of the Iranian …

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Private commercial banks are dominating the country’s international trade as around 74 percent export in 2018 took place through them. On the other hand, only 7 percent export was done through the state-owned banks and the remaining 19 percent through foreign commercial banks, according to a study of Bangladesh Institute of Bank Management (BIBM). In …

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Bangladesh earned $182 million from ICT exports in 2018 which was $193.93 million in 2017. Computer service exports from Bangladesh fell by 6.16 percent, according to data from the Export Promotion Bureau (EPB). The government has targeted $5 billion in annual export earnings from the ICT sector by 2021. However, ICT industry insiders say they …

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Staff Correspondent: State Minister for ICT Zunaid Ahmed Palak yesterday called upon the private sector to cooperate the government for finding out a solution to meet the possible challenges as well as utilize the prospects of the fourth industrial revolution. “A solution will come, if the government and private sector hold joint discussions to overcome …

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Zahid Hossain Biplob: Labor migration has become an important factor for Bangladesh in respect of employment generation, GDP growth, poverty reduction but in recent years the country is facing severe crisis for manpower export. Industry insiders said, most manpower-importing countries are interested more in employing skilled workers. The authorities should take pragmatic steps to create …

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SA’s DIY retail stores have mostly been immune to economic downturns. When the going was good, people bought new homes, which they renovated later. In a sputtering economy, many prefer fixing things themselves. Thanks to this kind of all-weather resilience, companies like Cashbuild and Italtile became JSE favourites. But now, even they say this slowdown …

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The JSE will probably open lower on Wednesday after UK MPs shot down Prime Minister Theresa May’s Brexit plan for the second time, sending Asian stocks lower as uncertainty mounted. With only 17 days to go before Brexit is meant to happen, May’s plan to withdraw from the EU was heavily rejected by MPs. This …

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The real estate investment trust says it will have to rely on its international properties for growth due to deteriorating conditions in the local property sector. Growthpoint Properties says it will have to rely on its international properties for growth, as it expects “little to no growth” from its SA portfolio due to deteriorating conditions …

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It is important to diversify energy options, as a reliable energy supply is “vital”, Netherlands Ambassador to SA Han Peters told Fin24 on Monday. Speaking to Fin24 by phone, Peters discussed various issues affecting investor confidence in SA – among these, energy supply. He was previously ambassador to Brazil, before being appointed to his current …

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Absa Group is restructuring its South African retail and business banking unit within months of reducing the division’s management team and rolling out a new strategy. Finance labor union Sasbo was notified to begin consulting staff last week on the potential impact of the move, union representative Philip Landman said by phone Wednesday. About 15 …

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South Africa’s construction industry is being demolished. After 45 years of trading on Johannesburg’s stock exchange, Group Five’s stock was suspended on Tuesday after the company filed for bankruptcy protection, making it the fifth local builder to enter business rescue in less than a year. Subscribe to Fin24’s newsletter here From a peak market value …

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Rural areas far from the national grid will get electricity through renewable energy sources, says Minister of Electricity and Energy U Win Khine. He said the government will provide electricity to these areas through renewable energy as lower population density and electricity usage may not make it economical to expand the national grid. U Win …

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British regulators will give banks, asset managers, insurers and brokers until mid-2020 to fully comply with rules that replace European Union law in the event of a no-deal Brexit. The Bank of England and Britain’s Financial Conduct Authority (FCA) on Thursday published a “near final”version of the rulebook that would come into effect if Britain …

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The Ministry of Commerce together with the Directorate of Investment Administration (DICA) and the International Trade Center (ITC) launched the Trade and Investment Project (TIP) on Monday with the aim of boosting Myanmar’s business ecosystem by improving trade and investments. The TIP, which would run from 2019-21, is funded by a US$5.28 million grant from …

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The Myanmar Investment Commission (MIC) has approved the setting up of a South Korean – Myanmar Industrial Complex (KMIC). During a meeting on February 20, the MIC gave its go-ahead for the complex to be established as a joint venture. The development and operations of the first phase of the complex, which will be run …

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The Mandalay real estate market became active in early 2019, with more people wanting to rent properties, according to real estate agents in Mandalay. “Since the end of Vassa — a three-month annual retreat for Buddhist — there are more people who want to rent properties, especially people from the country side renting both condominiums …

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New Yangon City Development Company Ltd. (NYDC) invites submission of Expression of Interest (EOI) for six infrastructure projects in the first phase of New Yangon City project. The projects are Power Supply and Distribution, Public Transport System, Cyber Connectivity Infrastructure, Municipal Waste Disposal, Natural Gas Supply and Distribution, and Convention Center. “Interested companies can submit …

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U Khin Maung Cho, Union Minister of the Ministry of Industry, said at the Pyithu Hluttaw session that it is planning to build 49 charging stations for electronic vehicles on the Yangon-Mandalay-Naypyidaw express way. Out of 49 charging stations, four stations will be built along Yangon-Mandalay Express way, 36 stations in Yangon and five in …

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U Khin Maung Cho, Union Minister of the Ministry of Industry, said that seven more SKD auto factories have been approved to build Vehicles in the country, he announced this at the Pyidaungsu Hluttaw meeting held on February 13. “They are producing automobiles using the SKD method, this is a marketable production method with the …

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Yoma Strategic Holdings Ltd. (“Yoma Strategic”) has acquired a 65% stake in Yankin Kyay Oh Group of Companies Limited (“YKKO”). YKKO was founded in Yangon in 1988 and has since grown to become one of Myanmar’s largest restaurant chains with 37 outlets in Yangon, Mandalay, Nay Pyi Taw, Bago and Mawlamyine. The total cash consideration …

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The Myanmar Trade Promotion Organization under the Ministry of Commerce will open a Myanmar Trade Center in Hainan, China in April this year in order to boost Myanmar’s value-added products export to China. The center is being jointly implemented by the Myanmar Trade Promotion Organization and Globe Shenzhen Co., Ltd., which will sell samples of …

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Malaysian company is planning to invest in building an acacia mangium furniture factory in Myanmar’s Bago region, the official Global New Light of Myanmar reported Wednesday. The unidentified Malaysian company projects will buy 3,000 tons of raw material of acacia mangium per year from the Myanmar Acacia Mangium Production Association and a feasibility study is …

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The tiny nation of Bhutan might enjoy world renown for its environmental record, but it is overlooking concerns being raised by environmentalists over the country’s plans to construct large hydropower plants to generate 10,000 megawatts of surplus electricity for export to India. Climate Action Tracker, an independent group, rated Bhutan’s pledged contribution to the 2015 …

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The Myanmar textile industry has incurred losses due to dollar appreciation, as reported by Myanmar Textile Entrepreneurs Association. The month of September saw a significant variation in the value of US dollar. Notably, the dollar value jumped from Ks 1,500 in early September to Ks 1,650 on 20 September. Yin Yin Moe, Secretary, Myanmar Textile …

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Hyundai Motor Myanmar, official sole distributor of Hyundai Motor in Myanmar, will hold the Grand Opening of Shwe Daehan Motors a new car parts installation factory of Hyundai Motor Myanmar. The new Accent launching ceremony at Hyundai Showroom on 08th February 2019. Shwe Daehan Motors Factory is located in Thar Du Kan Industrial Zone, Shwe …

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Hyundai Motor Myanmar, official sole distributor of Hyundai Motor in Myanmar, will hold the Grand Opening of Shwe Daehan Motors a new car parts installation factory of Hyundai Motor Myanmar. The new Accent launching ceremony at Hyundai Showroom on 08th February 2019. Shwe Daehan Motors Factory is located in Thar Du Kan Industrial Zone, Shwe …

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The 2019 Invest Myanmar Summit was held on January 28 and 29 in Naypyidaw, and jointly organized by the newly founded Ministry of Investment and Foreign Economic Relations and the Union of Myanmar Federation Chamber. The two-day summit exhibited over 200 government and private investment projects worth $20 billion, and included discussion on sustainable and …

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With the aim of strengthening effective managements of the country, Ministry of Industry has set up four polices and two visions in accordance with 12 economic objectives of the country. Ministry of Industry has aimed at utilizing modernized and advanced techniques of agriculture to develop Agro-base industries, Agri-Business, Agro-Products, and continue the task for the …

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“We need to use alternative fuels, as the fossil fuels we are burning today will be exhausted soon”, said Union Minister for Industry U Khin Maung Cho at the signing of an agreement to manufacture electric buses and erect charging stations in Myanmar. At the signing ceremony, held at the Research and Development Bureau in …

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Bangladesh Textile Mills Association (BTMA) acting president Mohammad Ali Khokon urged the government at the ongoing 15th Dhaka International Textile and Garments Machinery Exhibition to accelerate the process of liquefied natural gas (LNG) import as per plans to overcome the current power crisis that has slowed down investment in the textile sector. The improvements in …

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While residential and retail property took a huge knock, Stats SA revealed in September that the star performer during the second quarter of this year has been construction, and this is good news for the commercial and industrial property sector, says John Whall, CEO of Heartwood Properties. Despite South Africa slipping into a technical recession, …

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According to JLL’s latest report, Trade trends – the impact of trade imports on logistics and warehousing, the inflow of imports, mostly consumer goods, is contributing to increasing demand for storage, logistics and warehousing services in South Africa. A short update on the original research conducted in 2016, the report indicates a clear correlation visible …

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The newly revitalised Phuthaditjhaba Industrial Park should be used to inspire confidence in the South African economy, Trade and Industry Deputy Minister Bulelani Magwanishe said on Tuesday, 30 October. We are here on the backdrop of the Investment Summit, which confirmed the confidence that the local private sector and multi-nationals have in South Africa. We …

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Real African Works (RAW), the first of its kind in South African Automotive Original Equipment Manufacturer (OEM) industry, currently specialising in city buses with a focus on Bus Rapid Transit System (BRT) being rolled out by various municipalities, launched on 21 November at Melrose Arch, Johannesburg. RAW complies with both local and International regulations in …

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Speaking ahead of Thursday’s launch, Trade and Industry Minister Rob Davies said the SEZ is designated for the manufacturing of green technologies, alternative waste management, energy efficient technology, alternative building material and many other clean technologies. “A combined R1.8bn is expected to be invested in the SEZ by 2022, with the creation of 1,200 direct …

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The readymade garments (RMG) sector in Bangladesh is continuing its positive trend in export earnings, fuelled by value-added products, government policy support and completion of 90 per cent of the factory remediation work set by the Accord and Alliance. Compared to 2017–18, export earnings in the RMG sector have maintained a steady growth of 15.65 …

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The Global Economist Forum (GEF) has said the Bangladesh economy will enjoy one of the happiest years in 2019 in respect to economic freedom, which will help achieve above 7.5 GDP growth. FEF, a Special Consultative Status development and policy organisation of the United Nations Economic and Social Council (ECOSOC), has released their worldwide economic …

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The local toy-makers have gradually occupied 60 per cent of the market, helping to reduce the country’s dependence on imported toys, thanks to an increase in local and foreign investment, production of high-quality toys and government policy support. Bangladesh Toy Merchants, Manufacturers and Importers’ Association (BTMMIA) president and managing director of Everest Toys Industry Ltd, …

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Work on a set of infrastructure development projects aimed at increasing the capacity of Mongla Port, the second largest seaport of the country, is likely to begin in the first quarter of this year, reports BSS. Mongla Port Authority sources said a decision to this effect was made in December last while a technical team …

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Myanma Railway under the Ministry of Transportation and Telecommunications is a loss-making government department, U Thant Sin Maung, Union Minister of the ministry, said at the Amyotha Hluttaw in answering the question of U Pe Tin, a law maker from Mon State’s constituency no.6. U Pe Tin questioned the government if it has a calculated …

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White sandy beaches, sunsets that take your breath away, and emerald-green waters surrounding an endless stream of lonely islands are only a part of what makes the Myeik Archipelago a special place. The Myeik Archipelago features 800 stunning islands in one of the most remote places in the world. I recently took a trip to …

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Today’s smartphones can now show people what apps they use most frequently, how much time they spend on them and remind them to take a break. Moreover some mobile applications can have different settings for use by adults and children and limit applications and games by age, because many children use their parents’ phones. “Nowadays …

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The banking sector is expected to make strides forward this year as fiercer competition forces banks in Myanmar to level up. “This year, the banking environment will be much better than before. There are still many hurdles left to cross to liberalise and strengthen this sector so that it can support the economy. Nevertheless, we …

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The oil and gas sector is looking exciting this year, with opportunities emerging from an international tender scheduled to take place early this year for the first time since 2014. In addition to onshore and offshore blocks, the tender is expected to include work in “Improved Petroleum Recovery” blocks at older oil fields in Myanmar. …

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Businesses did not have a positive outlook on the Myanmar business sector last year with falling confidence and firms pulling out of Myanmar. However, with the arrival of a new year, things seem to be looking more optimistic for some sectors. Our reporters have interviewed insiders and experts from five business sectors on their views …

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Owing to the volatile and unpredictable steel price from local raw steel mills, the steel industry is looking less to locally-forged parts and equipment, and more to imports, says steel supplier and processing company Allied Steelrode. “As an industry – and in common with the forging industry – we are also really at the mercy …

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As the leading supplier of gases and welding equipment and machinery in sub-Saharan Africa, industrial gases company Afrox continues to provide innovative welding solutions to the Southern African market by introducing new products and technology. The latest of these is welding equipment manufacturer Miller Electric’s PipeWorx process, a multipurpose pipe welding solution that eliminates the …

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With the developments in sheet metal cutting technology over the past 30 years having been remarkable, the latest developments in fiber laser technology are taking sheet steel component production to even higher output and quality levels, and are now available locally, according to a March announcement from cutting consumables and capital equipment distributor First Cut. …

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Secunda-based welding company Hydra Arc – ISO 3834 certified by the Southern African Institute of Welding Certification has grown into a leading South African specialised welder that provides services for Southern Africa’s petrochemicals, power, mining and minerals processing industries. The company offers services in plant refinery maintenance and specialist turnaround contracts; the fabrication of heavy …

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Despite the local sugar industry championing a bioethanol fuel subsidy as a potential method to relieve the burden on sugar through demand diversification, Ethanol Producers Association of Southern Africa secretary Alf Stevens suggests that this may not have the timely impact that the local sugar industry is hoping for. In a speech delivered on his …

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Egypt’s Carbon Holdings has secured $1.25-billion in financing to build a giant petrochemicals complex in the Red Sea port of Ain Sokhna. The Tahrir Petrochemicals Complex, a $10.9-billion project, would be the largest in the Middle East and is expected to create 48 000 jobs. Carbon signed the financing contract with Africa Finance Corporation (AFC), …

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Wisconsin-based shell and tube heat exchangers company Enerquip has added a new line of compact heat exchangers to meet growing demands from customers with low flow-rate applications. Enerquip describes itself as one of the leading providers of heating and cooling equipment for production plants and original-equipment manufacturers in the US, and the system integrators that …

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High-pressure equipment and technology manufacturer Haskel has revealed that its product engineer Poova Mahmoudian will be unveiling new industry technology, as part of a collaborative technology and research alliance with the US Army. The technology is said to dramatically impact on those developing and operating hydrogen refuelling stations. Industry leaders will gather in Brussels, Belgium …

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The new Hy-Pro Soluble Varnish Removal (SVR) system – now available from Hytec Fluid Technology (HFT) – offers complete recovery and maintenance for turbine lubricants. The SVR will be available across Africa through HFT. The prevalence and potential economic impact of varnishing in industrial applications is so significant that original-equipment manufacturers recommend the use of …

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Fluid maintenance is frequently neglected and the consequences of using contaminated fuel and lubricant oil are often underestimated, says technical solutions provider BMG fluid technology business unit manager David Dyce. “With the preferred trend for diesel-fuelled equipment, there is greater demand for the supply of ‘cleaner’, noncontaminated diesel and lubricant oils from diverse sectors, including …

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Amid a hostile local economic climate, growth in the local industrial water treatment and filtration sector has been stagnant, forcing service providers to expand their offerings into Africa, says South Africa-based industrial water treatment solutions provider WaterIcon. The company focuses on industrial water treatment. It provides consulting services, chemicals, equipment, engineering, consumables and solutions for …

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JOHANNESBURG – The six-week -long National Union of Mineworkers (NUM) strike at Gold Field’s South Deep, which ended yesterday, is the latest indication of the leadership crisis facing the union, which played a key role in establishing Cosatu in 1985. The NUM scored an own goal in the way in which it handled the strike …

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Eskom is considering the sale of smaller assets as the state-owned power utility weighs solutions to a liquidity crisis that contributed to a wave of rolling blackouts, according to people familiar with the matter. The supplier of almost all South Africa’s power is in advanced talks to sell its home-loans business, with local billionaire Patrice …

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CAPE TOWN – Coal will still be part of South Africa’s energy mix of the future, although it will not enjoy the same dominance it is currently enjoying as an energy source. This is according to Anthony Julies, deputy director general at the National Treasury. Julies was part of a panel discussion on Vision 2030: …

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Research and data group Lightstone has compiled a list of cars that you can afford on your current salary – showing how much more you’d need to earn per month to keep affording them. The latest data from the National Association of Automobile Manufacturers of South Africa (Naamsa) light commercial vehicle sales saw a decline …

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INTERNATIONAL – Huawei Technologies chief financial officer Meng Wanzhou was granted bail by a Canadian court, allowing the executive to stay in her Vancouver home as she awaits a possible extradition to the US over fraud charges. Justice William Ehrcke of the British Columbia Supreme Court agreed to release Meng on condition she post bail …

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Swedish truckmaker AB Volvo has stopped assembling trucks in Iran because US sanctions are preventing it from being paid, a spokesman for the company said on Monday. Volvo spokesman Fredrik Ivarsson said the trucks group could no longer get paid for any parts it shipped and had therefore decided not to operate in Iran. “With …

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Iranian ambassador to Baghdad said Iran and Iraq are weighing plans to eliminate US dollar in trade transactions and also lift visa requirements for citizens of the two countries. Speaking at a TV program on Saturday night, Iraj Masjedi said Tehran and Baghdad are considering plans to use Iraqi dinar for trade transactions or develop …

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Tehran is hosting a French-Iranian workshop on health, safety and environment in oil industry by late January where the latest trends in the field will be presented to senior oil and energy executives in Iran’s oil industry. Director General of HSE and Passive Defense Directorate of the Iranian Ministry of Petroleum Bagher Mortazavi said the …

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Iraq has emerged as Iran’s top export destination in the current Iranian year, an official announced. The director of the export bureau of Iran’s Customs Office, Ali Akbar Shadmani, said the value of the country’s exports since the beginning of the current Iranian year (March 21, 2018) has surpassed $30 billion, with Iraq being the …

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The more interconnected the world becomes, the greater the risk posed by weaknesses in devices or networks. According to Simon Bryden, consulting system engineer of cyber security firm Fortinet, it’s not just preventing breaches that’s important for businesses – it’s knowing what to do once there is a breach, which most businesses overlook. Bryden spoke …

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Hong Kong – Asian markets were mixed on Friday with dealers moving cautiously at the end of a broadly upbeat week with focus turning to the much-anticipated meeting between Donald Trump and Xi Jinping. Energy firms were among the best performers after a rally in oil prices, while high-yielding and emerging market currencies continued Thursday’s …

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US equity futures dropped with European stocks as investors count down to a meeting between the American and Chinese presidents that could decide the course of the trade war. Benchmark Treasury yields fell and the dollar gained. Carmakers and banks led a retreat in the Stoxx Europe 600 Index, while futures for all three major …

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By Jon Duncan, Head of Responsible Investment, Old Mutual Investment Group Contrary to popular belief, investors are not giving up upside performance when prioritising companies with a better environmental, social and governance (ESG) record. Responsible Investing is rooted in an understanding that how we invest today determines the quality of our future. Simply put, if …

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R21 bn: that’s how much South Africa’s beleaguered national carrier, South African Airways (SAA), says it needs to keep running. SAA has reached this point in its financial crisis through persistent mismanagement and cronyism, with the SA government as main shareholder refusing to take tough decisions about the company. But such decisions can’t be delayed …

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YANGON — Mottama Holdings said on Tuesday it has completed the structure of Myanmar’s first high-rise steel building, a US$80 million office tower in Yangon called M Tower that the company is building through a joint venture with a Hong Kong investor. The 26-storey project on Yangon’s Pyay Road is being built by Mottama subsidiary …

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YANGON — Chinese low-cost airline 9 Air on Sunday launched direct flights between Yangon and Guangzhou in southern China, less than a month after the carrier launched its first international flight, to Mandalay, on October 2. 9 Air, central and southern China’s first low-cost carrier, began operations in 2014 from its base in Guangzhou, the …

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It’s now a good time for retailers in Yangon to keep a look out for better premises from which to do business, given that rental rates are still manageable and ahead of anticipated demand, according to recent intelligence from property research firm Colliers. With several new and modern shopping malls scheduled to come onstream and …

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KM Terminal & Logistics Ltd (KM) and Resource Group (RG) officially opened two separate dry port projects in Ywar Thar Gyi, Yangon yesterday. A dry port is an inland intermodal terminal directly connected by road or rail. Freight trains will run from Ywar Thargyi to a second dry port in Myit Nge, Mandalay, which KM …

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Large government infrastructure projects and increased urbanization are boosting the local cement industries, as the sector has been growing more than 12.50% in the last five years, according to multiple studies and sector people. Currently, more than 32 cement manufacturing companies, four of them multinationals, produce around 30 million tons of cement per annum. Local …

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Bangladesh’s southern coastal belt offers potential for generating power through wind, according to a recently published study by the US Department of Energy’s National Renewable Energy Laboratory, raising hopes of meeting the government’s renewable energy goals. The government has targeted to generate 2,470 megawatts of electricity by 2021 through renewable sources, 1,153MW of which was …

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Cozmo Travel, one of the largest and leading travel agencies in the United Arab Emirates (UAE), yesterday launched its services in Dhaka to hook business from the growing number of Bangladeshi travelers. Jamal Abdulnazar, chief executive officer of Cozmo, opened the company’s footprint at Pan Pacific Sonargaon Dhaka. Saed Mohammed Al Muhairi, UAE ambassador to …

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Japan automobile giant Honda yesterday inaugurated its motorcycles manufacturing plant in Bangladesh, in what can be viewed as a watershed moment for the country’s industrial capabilities. The plant, which was set up for Tk 230 crore on 25 acres of land in the Abdul Monem Economic Zone (AMEZ) in Munshiganj, will help save foreign currency …

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Kingdom Essences began with the motive to support the Nubi Menjong Nyamley Tshogdey (NMNT) in rural Trongsa comprising about 150 households by helping with income generation through value addition of local produce. Kingdom Essences (K.Essences) are tiny bottles of natural local made-in-Bhutan essential oils. The products include caraway essential oil which is good for seasonal …

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Druk Phuensum Tshogpa (DPT) president Pema Gyamtsho has refuted allegation of privatizing hydropower projects in the country. During his tour in Chhukha and Samtse last week, Pema Gyamtsho said privatizing hydropower projects is nowhere mentioned in their party’s manifesto. He explained that the party has promised to promote private sectors’ participation, but not privatize the …

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ShaMa foundation, an international, non – profit organization dedicated to social welfare, education, and health care, which has been active since 2015, and was incorporated in 2018 initiated Shudh Program in Bhutan last year, in June 2017. The program aims to provide access to safe drinking water in remote and challenging geographies and also strives …

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In what are truly mammoth achievements for COMO Hotels and Resorts, COMO Uma Punakha was awarded the third best hotel in the world, while COMO Uma Punakha and COMO Uma Paro in Bhutan were awarded the first and second place respectively in the ‘Best Hotel in Asia’ category. This is as per the results of …

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Myanmar’s economy is expected to grow 7.8% this year, new figures from the World Bank say, amid scepticism over falling foreign investment, the impact of recent flooding and inflation. While strong economic growth triggered by President Thein Sein’s reforms is expected to continue, the Bank’s economists cautioned that Myanmar should insulate itself against certain risks. …

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In June 1960, Tom Monaghan and his brother James bought DomiNick’s, a small pizza store in Ypsilanti, Michigan. In this town of less than 20,000 people, the brothers gave a $75 down payment and borrowed $500 to acquire the store. Barely eight months later, James bartered his half of the business to Tom for a …

Continue reading “Myanmar’s New Role in the Economic Tilt Towards Asia”

October 7 was a historic day for Myanmar with President Obama officially lifting remaining economic and financial sanctions, acknowledging the successful transition from a military-led pariah nation to a democratic country with a civilian-led government at the helm of affairs. The previous quasi-civilian government that came into power in March 2011 under the leadership of …

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Denim Expert Limited, a market leader in quality denim manufacturing, has become the first manufacturer in Bangladesh to join the Sustainable Apparel Coalition (SAC). The manufacturer will use the group’s sustainability measurement suite of tools, the Higg Index, to drive environmental and social responsibility throughout its supply chain. With its membership in the SAC, the …

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The 19th edition of Textech will kick-start from September 12, 2018 in Bangladesh. The four-day event will provide an international platform for the exhibitors to interact directly with the buyers/ importers for a perfect buyer – seller meet and a strong under-one-roof market place for the ever-growing textile and garment industry of Bangladesh. “Textech will …

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Cotton sector leaders from the United States want Bangladesh to lift the old fumigation rules on the import of US cotton as the process imposes an additional cost burden on the importers and spinners and results in increased lead time. American Cotton Shippers Association (ACSA) president Raymond Faus recently urged Bangladesh to review the unfair …

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The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) recently said the readymade garment (RMG) sector is facing a crisis in shipments of finished products due to shortage of road transport, affecting global buyers’ confidence. Though student protests are over, the transport situation is yet to be normal, BGMEA president Mohammad S Rahman said. Some foreign …

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We’re sincerely trying to lower EMTS charge significantly in competition with private mobile money transfer networks –Says Postal Department DG Staff Correspondent: Postal department is set to substantially slash charge for its mobile money order service soon, a finance division official said. The state entity charges senders more than the privately-run mobile money transfer ecosystem …

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Staff Correspondent: Prime Minister Sheikh Hasina yesterday sought the support of the university teachers in the coming election to continue the country’s current pace of development. “We want your support so that country’s present pace of development continues, as all our works, those we did from 1996 to 2001, were destroyed after the change in …

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Bhutan has finally graduated from the list of Least Developed Countries (LDC), the United Nations’ Committee for Development Policy has announced. Bhutan has become the second country in South Australia to graduate after Maldives. Along with Bhutan, Kiribati, Sao Tome and Principe and the Solomon Islands have increased national earning power and improved access to …

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The Board of Directors of the Asian Development Bank (ADB) has approved a $10 million loan to help develop the secondary towns of Samdrup Jongkhar, Sarpang, and Trashigang in becoming economic hubs, spurring more inclusive growth and balanced urban development in Bhutan. “The growth of Bhutan’s secondary towns is constrained by deficiencies in infrastructure and …

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The Asian Development Bank’s (ADB) has approved a US$20 million grant financing package to support Bhutan to improve the equity, efficiency, and sustainability of the country’s health system. ADB’s support, which includes a US$14 million policy-based grant and a US$6 million project grant both sourced from the Asian Development Fund, will help Bhutan to progress …

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India has already offered to increase financial assistance to Bhutan in next five-year plan beginning 2019 as it reaches out to woo Prime Minister-elect Lotay Tshering. His party DNT has won the election held last week and is waiting to be sworn in as head of the government. During current 11th Five-Year Plan (2013-18) India …

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Despite its tiny population, Bhutan’s economic growth has led to increasing urbanisation and problems associated with biodegradable waste, which threatens the beauty of one of the most pristine environments in the world. Bhutan’s rapid economic development over the last few decades has been striking. According to World Bank data the GDP of the country grew …

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Craft manufacture is the predominant industrial occupation, and homespun textiles—woven and embroidered cottons, wools, and silks—are the most important products. Other Bhutanese handicrafts include daphne paper; swords; wooden bowls; leather objects; copper, iron, brass, bronze, and silver work; wood carvings; and split-cane basketry. The economy in the 21st century has become increasingly dominated by the …

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Private sector development is the main driving force behind the national economic growth, noted Vice President U Henry Van Thio in northern Yangon yesterday morning. He was speaking at the opening of a new factory where 225 million aerated concrete blocks-AAC and 90 million autoclaved pressed concrete bricks-APC are manufactured annually. The State is encouraging …

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With the aim of strengthening effective managements of the country, Ministry of Industry has set up four polices and two visions in accordance with 12 economic objectives of the country. Ministry of Industry has aimed at utilizing modernized and advanced techniques of agriculture to develop Agro-base industries, Agri-Business, Agro-Products, and continue the task for the …

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A Bhutanese businessman is the victim of a false flag assault in Charlotte by an African-American man who made the attack on the man’s store appear to be the work of white supremacists. North Carolina police arrested on Sunday the man allegedly seen on a surveillance video setting fire to the store on Thursday and …

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The Executive Committee of the National Economic Council or ECNEC cleared a project to acquire 491 acres of land for the economic zone in March last year. After Japan sought more land, the ECNEC passed a revised proposal approving another 500 acres of land for the economic zone on Tuesday. Now the estimated cost of …

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Apart from the import of hydro-electricity from Nepal through India, the MoU includes investments by Bangladesh in Nepal’s power sector. Nasrul Hamid, state minister for power, energy and mineral resources of Bangladesh, and Barsha Man Pun Ananta, Nepal’ minister for energy, water resources and irrigation, signed the MoU in Kathmandu on Friday afternoon. Hamid thanked …

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The Asian Development Bank has approved $110 million in additional loans for a project to improve access to urban primary healthcare services in Bangladesh through public-private partnerships. “ADB’s support to the government-led Urban Primary Health Care Services Delivery Project approved in 2012 has been filling a vacuum created by the lack of urban public primary …

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World Bank Vice President for the South Asia Region Hartwig Schafer will arrive in Dhaka on Monday for talks on the Rohingya crisis and deepening Bangladesh’s connections to the international organisation. Monday’s visit is the first since Schafer took up the post in July. “Bangladesh has a remarkable story of cutting extreme poverty to half …

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Interacting with journalists on Tuesday, Joe Hyun-Gue Country Director of South Korea’s development agency, KOICA, said Bangladesh was a “priority” country when it came to development cooperation. KOICA supports Bangladesh through grants, soft loans and technical cooperation and the ongoing country strategy, 2016 to 2020, is mostly focused on health, education, transportation and ICT. The …

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THE young woman with the microphone cajoles, hectors and wheedles customers with the breathless enthusiasm of a livestock auctioneer at a county fair. She is standing behind a table stacked high with blue jeans; most of the milling crowd is dressed in lungyis, Myanmar’s skirt-like national dress. The fancy mall around them is anchored by …

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MYANMAR’S democratic transition sometimes seems marked as much by continuity as by change. Depressingly, the army continues its bloody persecution of Rohingya Muslims in the west, for example (see article). But elsewhere moves to open the country’s markets, started by the preceding military regimes, have gathered pace. New commercial and financial services are springing up. …

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THE Japanese make cars that last but replace them relatively quickly. The average car in Japan is three years younger than in America. This combination of durable manufacturing and dutiful consumption of a prized national product works out well for the rest of the world; many countries import older Japanese cars in bulk. Secondhand vehicles …

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That makes it hard for the new, democratic government to offer decent public services INSIDE a noodle house in central Yangon, business is buzzing. Customers huddle over tables, slurping down chicken soup or gobbling dumplings. Everyone pays in cash. Few customers ask for receipts. When your correspondent does so, one is handed over, complete with …

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Bangladesh has the potential to become a large global player in plastic industry, although it has not yet emerged as a global player in the segment. The country, at present, has a share of 0.01 percent of the global plastic market that measures up to $599 billion, a recent report of the Center of Policy …

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Australian High Commissioner to Bangladesh Julia Niblett on Sunday said reliable energy supply is crucial to attract both domestic and foreign investment and enable higher economic growth needed for providing employment with higher income. “Australian companies have significant expertise in mining and energy; and well-placed to further help Bangladesh develop its mining and energy sectors,” …

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China is developing a 750-acre industrial park in Bangladesh which will largely be used by Chinese manufacturing firms, a Chinese official said on Wednesday, part of its push to expand links with South Asia and beyond. State-run China Harbour Engineering Company will hold a 70 percent share in a joint venture being formed for the …

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The new monetary policy has opened up opportunities for the private sector to take large amount of loans, said speakers yesterday. Investors have already started to reap the benefit of the relaxed monetary policy, they said at a workshop at the auditorium of the Bangladesh Institute of Bank Management (BIBM) in Dhaka. The monetary policy …

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Despite its tiny population, Bhutan’s economic growth has led to increasing urbanisation and problems associated with biodegradable waste, which threatens the beauty of one of the most pristine environments in the world. Bhutan’s rapid economic development over the last few decades has been striking. According to World Bank data the GDP of the country grew …

Continue reading “As Bhutan’s economy grows, so does its waste problem”

The Royal Government of Bhutan and the World Bank have signed a $24 million credit that will help promote fiscal discipline, increase access to finance for enterprises, and improve the climate for business entry and investment in Bhutan. Bhutan has made impressive progress in poverty reduction and economic growth over the past decade but high …

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The government of Japan has agreed to continue its support for Bhutan’s socio economic development, during the 12th annual consultation on economic cooperation between the two countries. The Bhutanese delegation at the consultation presented 10 projects for consideration under technical cooperation and four grant aid projects in the field of health, agriculture and infrastructure restoration. …

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The wait for people in Gelephu to be connected by air is finally over with Druk Air resuming its flights to the town this week. The first flight on November 11 had six passengers on board. The airline now operates three times a week- Tuesday, Thursday and Sunday. The company had tested one weekly flight …

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While Bali is still popular, Australians are gradually shifting their holiday destinations to Asia, including Bhutan gradually. According to a Skyscanner survey, from 2016 to 2017, 12 of Australia’s top 20 international travel destinations were in Asia. Bali still topped the list (more than a million Australians arrive in Indonesia each year, a very significant …

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It is increasingly challenging to operate in Myanmar’s aviation sector.” The fourth domestic airline has wind up as aviation businesses struggle to turn a profit in an industry overcrowded with competitors, amid high fuel price, lacklustre demand and lack of government support. Air Mandalay, which had been in service for 24 years, has stopped all …

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Grameenphone yesterday announced names of seven finalists for Telenor Youth Forum (TYF) Grand Finale 2018. Over 1,400 applications were screened to select 60 applicants who presented their ideas on September 4-5 at GPHouse before the seven spots were filled in the TYF Grand Finale, the mobile operator said in a statement. The finalists are Tasneem …

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Bhutan has finally graduated from the list of Least Developed Countries (LDC), the United Nations’ Committee for Development Policy has announced. Bhutan has become the second country in South Asia to graduate after Maldives. Along with Bhutan, Kiribati, Sao Tome and Principe and the Solomon Islands have increased national earning power and improved access to …

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While the economic outlook for Myanmar is looking “favorable,” with growth projected to rise to 6.8 percent in 2018-19 from 6.4pc before, the risks to those prospects have “intensified,” according to the World Bank’s Myanmar Economic Monitor (MEM), which was released in Yangon yesterday. Lower tourism arrivals resulting from the ongoing Rakhine crisis could weaken …

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The availability of workforce at a competitive wage, growing domestic market demand and a favourable policy are some of the key factors that make Bangladesh an attractive hub for high-tech manufacturing, according to a survey. In its report, International Data Corporation (IDC) found success stories of local and international manufacturing companies, such as Walton and …

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Asian Development Bank (ADB) Vice-President Mr. Wencai Zhang together with the Prime Minister Tshering Tobgay and Finance Minister and ADB Governor Namgay Dorji joined an inauguration ceremony of a new ADB office in Thimphu on July 3, hailing the move as a significant moment in the ADB-Bhutan partnership, the Manila-based bank has said. “The new …

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LONDON: Qatar stocks led losses across the Gulf on Sunday as the Turkish currency crisis unsettled investors. Every regional index ended the day in negative territory. The Doha measure declined by 2.6 percent as investors sold banks with investments in Turkey. Qatar National Bank (QNB) lost 4.7 percent while Commercial Bank was also down by …

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JEDDAH: Saudi Arabia’s special governmental committee for awareness on dealing with unauthorized securities activities in the foreign exchange market (Forex) has warned against transactions and investments using virtual currencies. The committee, assembled by a royal order, has warned that such transactions could have “negative consequences” on dealers because of the associated risk with such dealings …

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ISTANBUL: Turkey’s central bank on Monday announced it was ready to take “all necessary measures” to ensure financial stability after the collapse of the lira, promising to provide banks with liquidity. “The central bank will closely monitor the market depth and price formations, and take all necessary measures to maintain financial stability, if deemed necessary,” …

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SINGAPORE: Oil prices dipped on Monday as rising trade tensions dented the outlook for fuel demand growth especially in Asia, although US sanctions against Iran still pointed toward tighter supply. Front-month Brent crude oil futures were at $72.63 per barrel at 0509 GMT, down by 18 cents, or 0.25 percent from their last close. US …

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TEHRAN: Iran is selling oil and gas at a discount to Asian customers as it prepares for the return of US sanctions, state news agency IRNA reported on Monday. The “informed source” in Iran’s oil ministry did not give details of the discount but sought to downplay the move as common industry practice. “Discount is …

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Iran has officially launched a secondary currency market which it hopes would help ease tensions around the prices of the US dollar. Iran’s top banker says a secondary currency market meant to ease tensions around the prices of the US dollar has started to work. Valiollah Seif, the governor of the Central Bank of Iran …

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Russia’s Foreign Minister Sergey Lavrov told the Russian media that France, Germany and UK have agreed to continue trade with Iran without using US dollar. Major European countries party to nuclear negotiations with Iran – France, Germany and the UK – have agreed to maintain trade with Tehran independent from the US dollar, said Russia’s …

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Serious signs have appeared in Iran that show the country’s volatile foreign currency market is already heading toward stability. According to media reports, the US dollar was today traded at Rials 78,300 in Tehran indicating a decline of around 4 percent compared to last Wednesday’s figure of Rials 81,000. The greenback was nonetheless higher by …

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Oman’s first outlet mall and largest retailtainment destination – Al Araimi Walk in Barka – is set to open in September 2020, Al Raid Group has announced. The 240,000 sq m development project will feature 164 retail outlets, 42 food and beverage outlets, seven entertainment hubs, a hypermarket, and IMAX cinema. It will also include …

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Oman Air has announced it will stick to expansion plans laid before the departure of its CEO earlier in the year, as it inducts a new Boeing 787-9 Dreamliner into its fleet. The Dreamliner, delivered to the carrier yesterday, is the largest variant of the aircraft, and is configured with 30 business class suites, and …

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Deutsche Post DHL Group, the world’s leading logistics company, today announced its collaboration with Magento, the worldwide leader in cloud digital commerce innovation, as Premier Partner for Shipping. The partnership enables DHL and Magento to offer a broad range of shipping services to e-commerce merchants, small and medium enterprises (SMEs), start-ups and online entrepreneurs in …

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Enhanced oil recovery (EOR), a process used to extract crude from ageing oil fields, could account for nearly a quarter of the overall production of Petroleum Development Oman (PDO) in next seven years. EOR currently accounts for around ten per cent of PDO’s total production. Many of Oman’s oil fields are ageing and that could …

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Two of the Gulf’s resurgent carriers have said they are looking at the possibility of cooperation with other airlines including joining alliances in an attempt to stem losses and reinvent their business models. In an interview with Abu Dhabi daily The National last week, Etihad Aviation Group CEO Tony Douglas, who took over in January, …

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Saudi Arabia is moving ahead with plans to curtail its dependence on foreign labour, but the intended benefits haven’t yet trickled down to the country’s own nationals as intended. Expat jobs declined by 2.3 percent, or 234,191 over the first three months of 2018 to just over 10.18 million, according to results revealed by the …

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Majid Al Futtaim has created employment opportunities for 42,000 people in the sultanate Oman has “strong fundamentals” that make it an attractive place for large-scale and modern developments, Majid Al Futtaim CEO Alain Bejjani. On Wednesday, Majid Al Futtaim and the Oman Tourism Development Company (OMRAN) announced a partnership to develop the western portion of …

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As top vital presidential and deputy elections to be held in Turkey on June 24 approach the administration is continuing to have issues with economy. Most recently The Central Bank of Turkey has increased its year-end inflation expectation from 11.07 percent to 12.28 percent. Based on a monthly survey conducted by the Central Bank with …

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Indeed, based on figures circulated by official authority the sector has exported goods worth US$ 5.9 billion to nearly 200 countries January 1 – May 31 period and achieved a 20 percent increase compared to same period last year. This is despite a decrease in quantity which has gone down to 7.8 million tons corresponding …

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CAIRO – 3 July 2018: The authorities’ reform program has helped accelerate growth, reduce inflation and unemployment, and narrow external and fiscal deficits. The continued fuel subsidy reform contributes to reducing the budget deficit and makes available more resources for social programs to support the most vulnerable. Egypt’s healthy level of foreign reserves and the …

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Anaylsis: What will MSCI’s emerging market status mean for Saudi Arabia The kingdom’s inclusion on MCSI’s Emerging Market index will provide billions of dollars in passive inflows just as the country is seeking to modernise its economy. In a highly Significant but not unexpected move, global index compiler MSCI reclassified Saudi Arabia as an emerging …

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When Iran’s oil minister stormed out of an OPEC confab on Thursday night, the alliance of producers led by Saudi Arabia and Russia was in danger of losing control of the market. Less than 24 hours later, they had reasserted their authority, for now. Prices that had breached $80 a barrel in the run-up to …

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Saudi oil minister Khalid Al-Falih said he was looking forward to his daughters being able to drive The end of Saudi Arabia’s driving ban for women will have an impact on the economy and gasoline consumption, the energy minister said. On Sunday the kingdom ending its status as the only country in the world to …

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Saudi women are severely under-represented in the jobs market, with a staggering 31 percent unemployment rate among the female workforce The end of a decades-old female driving ban is expected to bring an economic windfall for millions of Saudi women, making it easier for them to work and do business. Taghreed Ghazala, who owns a …

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Allowing Saudi women to drive could add as much as $90 billion to economic output by 2030 Allowing Saudi women to drive could help the kingdom reap as much income as selling shares in Saudi Aramco. The move, which went into effect on Sunday, could add as much as $90 billion to economic output by …

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Mubadala Petroleum has announced that it has completed the acquisition from Italy’s Eni of a 10 percent interest in the offshore Shorouk concession in Egypt, which contains the giant Zohr gas field. Following the completion, Eni, through its subsidiary IEOC, holds a 50 percent interest in the concession. The other partners in the concession are …

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Abdul Aziz Al Ghurair, Emirati businessman and philanthropist, has announced the establishment of a AED100 million ($27.2 million) education fund for refugees. On the occasion of World Refugee Day, he said the Abdul Aziz Al Ghurair Refugee Education Fund will benefit refugee youths affected by wars and disasters residing in the UAE. The initiative will …

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New state-of-the-art feature allows transit passengers to explore the city without stepping outside terminal Dubai: Travellers making a quick stopover in Dubai International can now explore the emirate without having to step outside the airport. A new state-of-the-art kiosk, dubbed “MyDubai Experience,” has just been set up in Terminal 3, Concourse A to allow flyers …

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Dubai: The past four months have seen a steady trickle of news that has broken in to a full flood of revelations in recent weeks, concerning Abraaj Group’s funds, and allegations of poor corporate governance. Last Thursday, the former golden child of the regional private equity scene filed for provisional liquidation in the Cayman Islands, …

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Considered as one of the biggest real estate markets in the Gulf intense Cooperation Council (GCC) countries, the real estate market of the Kingdom of Bahrain is also one of the region’s most competitive markets. And while there are several renowned developers working to make out the best of the island kingdom’s potential, Bin Faqeeh …

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In the Kingdom of Saudi Arabia, the Crown Prince Mohammed bin Salman has been pushing for economic and cultural reforms with his plan called the ‘Vision 2030’ for Saudi Arabia. On the 24th of October, the Crown Prince announced plans to build a brand new mega-city on the Red Sea coast. The announcement came at …

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The European Union is taking steps to protect EU companies investing in Iran from renewed American sanctions on Tehran after US President Donald Trump decided to unilaterally withdraw from the Iran nuclear deal late last month. The European Commission said it has adopted an update of the Blocking Statute and of the European Investment Bank’s …

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Iran has called for a meeting of its joint economic commission with Sri Lanka to be held in Tehran in August. “As per our own assessment, the May 2018 state visit by the Lankan delegation to Iran was very good and productive,” said Iran’s Ambassador to Sri Lanka Mohammad Zaeri Amirani in a meeting with …

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Six-week retail extravaganza will offer discounts of 25-75% across shopping malls in Dubai Dubai Summer Surprises (DSS), Dubai’s annual city-wide retail celebration, will return to the city from June 22 to August 4, it was announced on Wednesday. Organised by the Dubai Festivals and Retail Establishment (DFRE), an agency of the Department of Tourism and …

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Sources say the fund’s healthcare unit is in advanced talks about the acquisition Abu Dhabi’s Mubadala Investment Co is among potential bidders for the UAE-based privately-held Amana Healthcare, people with knowledge of the matter said. The fund’s healthcare unit is in advanced talks about the acquisition, the people said, asking not to be identified because …

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Dubai Aerospace Enterprise says three deals include sale of Boeing 737 and Airbus A320, A330, and A350 family aircraft Dubai Aerospace Enterprise (DAE) Ltd announced on Wednesday that its leasing division DAE Capital has signed three agreements to sell 16 aircraft with a total market value of approximately $900 million. The aircraft covered by these …

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The Ministry of Energy and Water (MoEW) has approved an exploration plan put together by the oil and gas consortium Total, Eni, and Novatek. The consortium, which was granted the right to drill in blocks 4 and 9, had 60 days from the date it signed a contract with the State, to deliver the plan …

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The global glut is gone and the oil market has balanced Crude oil prices plunged by 7 per cent in 2 sessions as Saudi Arabia and Russia confirmed that they would release 1 million barrels a day in the wet barrel markets. Speculative froth in the oil futures markets vanished, to be replaced by a …

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InterNations survey finds that Bahrain ranked second in terms of work-life balance globally, behind only Denmark Bahrain is the second best country in the world for expat work-life balance, behind only Denmark, according to a new report from InterNations. In its “Expat Insider” survey – which queried over 12,500 respondents in 188 countries – InterNations …

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Bahrain, a rare Middle East oil exporter that needs crude at over $100 to balance its budget, will soon be part of another short list: the triple-digit debt club. The smallest oil producer in the Gulf will join Lebanon, Libya and Sudan in 2019 as the only countries in the Middle East and North Africa …

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Bahrain to stick to diversification effort despite oil find, says minister Minister of Industry, Commerce and Tourism Zayed Alzayani also said he one day hopes for a common GCC currency Bahrain will “stick to the course” in its diversification efforts despite the recent discovery of a vast oil field off the country’s west coast, according …

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National carrier says flights during the peak summer period will jump by 200 more weekly flights compared to 2017 Gulf Air, Bahrain’s national carrier, has announced its summer schedule, increasing capacity and flights to and from several popular destinations between mid-June and mid-September. Gulf Air flights to the Jordanian capital city of Amman will increase …

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Bahrain has launched a $100 million venture capital fund aimed at boosting the country’s start-up ecosystem, the government announced on Thursday. The Al Waha Fund of Funds is aimed at providing venture capital funds to support startups across Bahrain and the region. “This is very exciting news for the startup ecosystem both here in Bahrain …

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Qatar’s sovereign rating was cut to AA- by Fitch Ratings, which cited little progress toward ending a Saudi Arabia-led embargo of the emirate. Fitch lowered the Gulf state’s sovereign long-term debt rating by one notch, putting it on par with Belgium and South Korea. The outlook is negative, the New York-based firm said in a …

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Qatar Airways will commit to greater financial transparency and to not run any indirect flights to the US through other countries as part of an agreement with the Trump administration addressing US carriers’ accusations that their Gulf competitors get unfair government help. US airlines are hailing the agreement as a victory, if not a complete …

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Saudi Arabia is on track to reduce its fiscal deficit this year as oil prices are forecast to steady at around $70 per barrel, according to new research by Bank of America Merrill Lynch. Its MENA Economist Jean-Michel Saliba said the deficit stood at SR34.3 billion ($9.1 billion) in the first quarter of 2018, annualising …

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By Bijan Khajehpour for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Iran Business News. On April 10, Iranian authorities announced a policy of unification of exchange rates — a move that has generated confusion, especially among those economic players who relied on the country’s free …

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Saudi Arabian Oil Co. and Total are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of …

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A memorandum of understanding (MoU) was inked in Tehran on the promotion of cooperation between Iran and Spain in the oil and gas industries. General Director for Europe, America and Caspian Sea Neighboring Countries in Iran’s Oil Ministry Hossein Esmaeili Shahmirzadi and Deputy Director General of Commerce Policies for Africa and Middle East at the …

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Commander of Khatam al-Anbia Construction Base, a conglomerate belonging to the Islamic Revolution Guards Corps (IRGC), pledged that his forces will complete 40 mega-projects in the current Iranian year, which began on March 21. Addressing a meeting on “Resistance Economy” at the Lorestan gubernatorial office in west Iran, General Ebadollah Abdollahi said the Khatam al-Anbia …

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Saudi Arabian Oil Co. and Total are weighing jointly buying businesses such as Tas’helat Marketing Co. to gain access to networks of retail fuel stations in the Gulf kingdom, according to people with knowledge of the matter. The state-owned company, known as Aramco, and the French oil giant are also looking at a range of …

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A consortium led by Saudi-based ACWA Power has been awarded the Salalah Independent Water Project by the Oman Power and Water Procurement Company. The plant will be located in Salalah, Dhofar region and will have a capacity to generate 25 million gallons per day of desalinated water using reverse osmosis technology. The consortium also includes …

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Tourism arrivals to Oman will increase at a compound annual growth rate (CAGR) of 13 percent between 2018 and 2021, according to a new report. The Colliers International data, released ahead of Arabian Travel Market 2018 (ATM), which takes place at Dubai World Trade Centre next month, predicts the rise will be fuelled by visitors …

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Kuwait-based Global Capital Management (GCM) has concluded a successful exit of its controlling stake in Al Jazeera Steel Products Company, a Omani company listed on Muscat Securities Market. The transaction was made with Sheikh Suhail Bahwan and Sheikha Amal Suhail Bahwan, chairman and vice chairperson of Suhail Bahwan Group. Sulaiman Mohammed Al-Rubaie, deputy CEO of …

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The Oman Oil Company Exploration and Production (OOCEP) and its partner, BP, announced on Monday that they will proceed with the development of Ghazeer, the second phase of the giant Khazzan gas field. Around 350 kilometres south-west of Muscat, the Khazzan field was discovered in 2000 with development beginning in 2014. OOCEP holds a 40 …

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The rate of growth of Bahrain’s non-oil economy reached 4.8 percent in the first nine months of 2017, outperforming previous expectations, according to the Bahrain Economic Development Board’s (EDB) Bahrain Economic Quarterly. According to figures included in the report, 2017’s non-oil growth is expected to exceed the 4 percent recorded in 2016. The overall economies …

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Bahrain’s national carrier Gulf Air has announced that its first Boeing 787-9 Dreamliner will serve its double daily London Heathrow service. The new aircraft, which conducted a fly pass before the Bahrain Grand Prix race on Sunday, will join the fleet on June 15, the airline said in a statement. A total of five Dreamliner …

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Bahrain hopes that the tourism and hospitality sector will contribute “double digits” to its GDP over the next several years, according to Ali Ghunam Murtaza, the director of real estate, tourism and leisure business development at the Bahrain Economic Development Board (EDB). According to official figures, tourism contributed 6.3 percent to Bahrain’s GDP in 2017. …

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Kuwait-based Jazeera Airways on Wednesday announced double digit growth in both revenue and flown passengers in the first quarter of 2018. The airline recorded an operating revenue of KD14.3 million, up 42.7 percent from Q1 2017, and a net loss of KD0.3 million, an improvement of KD0.636 million from Q1 2017. Passenger numbers in the …

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Uber’s chief operating officer Barney Harford said the company will increase its investment in key growth markets like the Middle East, which might include a bid for Dubai-based Careem, its rival in the region. The US-based ride-hailing firm recently sold its South-East Asia business to Singapore-based rival Grab and now has “resources available that are …

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Maximilian Busser and Friends (MB&F) has launched its new aquatic watch Horological Machine No.7 ‘Aquapod’ in three limited edition designs. Inspired by jellyfish, which generate power from food caught in their tentacles, the Aquapod produces power from its tentacle-like automatic winding rotor, boasting a central ‘flying’ tourbillon similar to the hood of the water creature. …

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Doha: The total value of Qatar’s non-oil exports for the first quarter of 2018 reached QR5.64 billion compared to the first quarter of 2017 which amounted to QR4.9 billion, registering an increase of 15.1%, according to the monthly report of Qatar Chamber on the foreign trade of the private sector. The total value of non-oil …

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Doha: Qatar International Court and Dispute Resolution Centre (QICDRC) CEO Faisal Rashid Al Sahouti said that 120 companies have registered with Qatar Financial Center (QFC) since the siege was imposed on Qatar, an increase of 200 percent in investment volume compared to the same time last year. In an interview with Al Raya Newspaper, Al …

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Mohamed Khalifa Al Mubarak, chairman of Aldar Properties on future of joint activities between real estate giants A merger between UAE property giants Aldar and Emmar is not on the table, according to Mohamed Khalifa Al Mubarak, chairman of Aldar Properties. Last month the developers announced a strategic alliance to develop $8bn (AED30bn) worth of …

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Saudi authority teams up with US-based AMC Entertainment for historic event in King Abdullah Financial District The Development and Investment Entertainment Company (DIEC), a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), will launch Saudi Arabia’s first public cinema this week in collaboration with US-based AMC Entertainment. The newly created cinema complex will …

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Aldar Properties has announced it has sold two plots of land in mega project Alghadeer for community services. The contracts will see British curriculum Alghadeer International School and retail outlets including LuLu supermarket and a community clinic open in the community close to the Abu Dhabi-Dubai border in 2021. Talal Al Dhiyebi, CEO, Aldar said: …

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Steel is a major component in buildings, tools, automobiles, and appliances, hence making steel consumption an important indicator of economic growth and prosperity. GCC steel production is fairly fragmented, and UAE’s steel demand has made it one of the largest consumers in the GCC region. The region is investing Billions of Dollar in construction projects, …

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A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth. After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies …

Continue reading “LOOK-AHEAD 2018: Bright outlook for UAE economy”

Lebanon is hiring management consulting firm McKinsey & Co. to help restructure an economy that’s overly reliant on remittances and banking, and grappling with high unemployment, Economy and Trade Minister Raed Khoury said. The six-month agreement with McKinsey will be signed by the end of this week and the company will start work next week …

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The Ministry of Industry (MoI) signed an agreement with the Municipality of Dekwaneh and the Lebanese Academy of Fine Arts (ALBA), part of Balamand University, to develop the industrial zone in Dekwaneh-Mar Roukoz. Dany Gedeon, Director General at the Ministry, said: “This project is part of the Ministry’s plan to renovate and reduce pollution in …

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The Ministry of Energy and Water (MoEW) launched an Expression of Interest (EoI) for three solar farms that will generate 70 to 100 megawatts (MW) each. Each solar farm should have battery storage capacity of 70 Megawatt Hour (MWh). It is the first time such a requirement has been made. The locations of the farms …

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Mobile devices have changed how we work and navigate daily life, which means there’s a tremendous opportunity to capitalize on the growing use of mobile apps. Location-based services mean that retailers can leverage mobile devices and Bluetooth technology to provide offers to customers and prospects, help customers and employees navigate within locations, and locate friends, …

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Lebanon’s economy is expected to improve even before offshore gas and oil exploration at the beginning of 2019, Energy and Water Minister Cesar Abi Khalil said Wednesday. A consortium of France’s Total, Italy’s Eni and Russia’s Novatek has signed agreements for offshore oil and gas exploration and production in block 4 and the much-disputed block …

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Investments in harnessing the mineral potential of a tiny segment of copper-gold-rich Block 10 in Yanqul in the western part of the Sultanate could swell to as much as $1 billion, according to a key executive representing the majority investor in the project. Kari J R Haataja , CEO and Managing Partner of EXO Mining, …

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Financial Tribune reported that Major Iranian mining companies produced 258.13 million tonnes of mineral products in the first nine months of the current fiscal year, registering a 15.3% growth compared with last year’s corresponding period, the Iranian Mines and Mining Industries Development and Renovation Organization’s latest report announced. Production in the ninth Iranian month indicates …

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British mining and mineral processing technology company Alexander has executed a commercial and technical partnership agreement with Turkish specialist mineral processing consulting company Proses. The agreement covers the potential application and use of Alexander’s proprietary processing technologies and know-how (MetaLeach Technology) in the Middle East, including Turkey and Iran, London-based financial market website ADVFN reported. …

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Russia’s Ambassador to Iran, Levan Dzhagaryan, announced Sunday that his government offered some support so that the Middle Eastern country revamps the Fordow nuclear facility, located near the northern city of Qom. In an interview with Russia’s news agency TASS, Dzhagaryan said a delegation from the state-run nuclear agency Rosatom visited the Iran and discussed …

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A partial recovery in oil prices coupled with an ongoing all-out diversification drive and the landmark tax reform, will help the UAE economy to gain increased momentum in 2018 to register 3.3 per cent growth. After an expected slowdown to 1.7 per cent in 2017, such a vibrant pace of growth predicted for 2018 signifies …

Continue reading “LOOK-AHEAD 2018: Bright outlook for UAE economy”

While the Qatari economy displayed an exemplary resilience to the impact of the unjust siege imposed by the Saudi-led bloc, the country’s manufacturing sector led the way in 2017 by clocking exceptional growth and unprecedented expansion. Thanks to the concerted efforts by all stakeholders, Qatar has been able to transform the challenges into opportunities in …

Continue reading “Qatar’s manufacturing sector registers exceptional growth”

Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq. Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense …

Continue reading “Iraq emerging as top infrastructure investment hub”

MUSCAT: Several industrial companies expressed their optimism that this year will see better growth of the industrial sector driven by higher oil prices and the implementation of many infrastructure projects in the Sultanate and other GCC countries. Last year, industrial companies took a number of initiatives to reduce the impact of cutting government spending in …

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Mobarakeh Steel Co (MSC), the largest Iranian steel producer, increased its exports sharply to 172,000 mt in the last Iranian month (to February 19), 80% higher than in the previous month and about nine times more than in the same period last year, according to statistics obtained from Iranian mines and metals group, Imidro, Monday. …

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US President Donald Trump took the world by storm earlier this month when he pushed forward with plans to impose import tariffs of 25 per cent on steel and 10 per cent on aluminium entering the United States. The new tariffs are due to come into force 15 days after the order was issued on …

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The “Saudi Arabia Steel Pipes and Rebars Market Outlook to 2021 – Growth of Construction Sector and Oil & Gas Projects is Likely to Drive Demand” report has been added to Research and Markets’ offering. The report titled “Saudi Arabia Steel Pipes and Rebars Market Outlook to 2021 – Growth of Construction Sector and Oil …

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Turkey’s manufacturing activity expanded at the fastest pace in nearly seven years in January, a key survey showed on Feb. 1. According to the Purchasing Managers’ Index (PMI) compiled by IHS Markit and the Istanbul Chamber of Industry (İSO), the headline index rose to 55.7 in January from 54.9 in December 2017. Any figure greater …

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Turkey’s calendar-adjusted industrial production rose 8.7 percent in December 2017, compared to the same month last year, the Turkish Statistical Institute (TÜİK) announced on Feb. 8. Industrial output is considered a vital indicator for the economy as it is seen as a preliminary gauge for GDP growth. Among three main sub-indexes, the mining and quarrying …

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The 11th edition of the Gulf Industry Fair (GIF), the Northern Gulf’s leading specialist business-to-business (B2B) event for industrial products and services, opened today (February 6) at the Bahrain International Exhibition and Convention Centre. The three-day event was inaugurated by the Prime Minister of Bahrain, HRH Prince Khalifa bin Salman Al Khalifa. The exhibition, organised …

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Tarek Kabil, Industry Minister of Egypt, has announced to set up a textile city in Sadat City. The project will be implemented in five phases by the Chinese firm Man Kay, which owns 25 affiliated companies, according to Egypt’s media reports. The proposed project in the city will be spread over an area of 3.1 …

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Focusing on key trends and developments in the digital economy, unbound Bahrain will host some of the Middle East’s most exciting entrepreneurs next week at the Bahrain International Circuit (BIC). The two-day event, which is part of the Startup Bahrain Week, will take place on Wednesday 7th and Thursday 8th March under the patronage of …

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Iraq is emerging from the destruction and strategizing the rebuilding of the country to position itself as a regional super power, said Frost & Sullivan’s recent research report on Assessment of Industry Sector Opportunities in Iraq. Bridged between Asia, Middle East and African economies and strategically placed at the mouth of Europe, Iraq possesses immense …

Continue reading “Iraq emerging as top infrastructure investment hub”

Iranian non-oil exports had been growing even before sanctions were lifted by the USA and European Union earlier this month. According to the UNESCO Science Report: towards 2030, released in November last year, ‘companies deprived of oil and gas revenue have shown a propensity to export technical and engineering services to neighbouring countries.’ Since the …

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While the US President has power over trade deals and imposing tariffs on international trade, US trade policy on a day-to-day basis is usually in the hands of the US Trade Representative, a government function comparable to a minister of trade in other countries. It was, however, President Donald Trump himself who slapped import tariffs …

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Developing nations cannot fall behind in digital economy More so as some of the low-cost advantages they used to have will no longer be valid From cloud computing to artificial intelligence, technology is beginning to revolutionise how the world economy functions. But while these shifts are enriching many in the advanced economies, the developing world …

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Abu Dhabi: The UAE is aiming to attract $75 billion by 2025 into the country’s new industrial manufacturing sector, the UAE economy minister said in Abu Dhabi on Monday. In his inaugural address at the world’s first Global Manufacturing and Industrialisation Summit, Sultan Bin Saeed Al Mansouri also said the manufacturing sector will contribute 25 …

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The U.S.-U.A.E. Business Council released a new report on the latest developments in the U.A.E.’s manufacturing sector at a high-profile event in Abu Dhabi on Sunday, 28 January. Eng. Jamal Salem Al Dhaheri, CEO of SENAAT, and Badr Al-Olama, the Head of the Aerospace Business Unit at Mubadala Investment Company, provided keynote remarks at this …

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An expert in oil market says a huge investment tide is under way in Iran’s oil industry provided that financial interactions of the country and the world normalize. Speaking to Shana, Mahdi Asali, a veteran expert in oil market and political energy economy, said if Iran’s international relations become normalized and stable, and the country’s …

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RIYADH – Saudi Arabia, seeking to free itself from dependence on oil exports, announced on Tuesday a $500 billion plan to build a business and industrial zone extending into Jordan and Egypt. The 26,500 square km (10,230 square mile) zone, known as NEOM, to be powered entirely by renewable energy, will focus on industries including …

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The Lebanese oil ministry will move forward in its much-anticipated oil and gas tender, despite the inclusion of disputed territories in some of the allotted blocks, a new report says. Current explorations taking place in an offshore gas field are “by all accounts” part of Israel, according to the Israeli defense minister. Lebanese minister Cesar …

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Those analysts who warned that oil prices can’t go on rising forever now have the chance to tell everyone else “I told you so.” Brent and WTI have fallen by 9 percent since the highs they hit in late January, with the international benchmark slumping to US$64.42 today in midday Asian trade, and West Texas …

Continue reading “The Oil Bubble Has Burst. What Now?”

Within the next seven years, nearly half of the buses used by municipal transit districts will be electric, with China playing a leading role. That comes from a new study by Bloomberg New Energy Finance. The study predicts that last year’s sale of 386,000 electric buses will go up to 1.2 million by 2025. China …

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Iraq is looking to attract US$100 billion worth of foreign investment that would help it rebuild its oil refining and petrochemicals sectors and reconstruct crucial infrastructure after it repelled Islamic State out of its territory following a three-year war against the militants. In December last year, Iraq declared the war with ISIS over and is …

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Increases in both output and new orders contributed to the growth Saudi Arabia’s non-oil private sector ended 2017 with a sharp improvement in business conditions, according to the adjusted Emirates NBD Saudi Arabia Purchasing Manager’s Index. The index – a composite gauge designed to give a single-figure snapshot of operating conditions in the non-oil private …

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While the Qatari economy displayed an exemplary resilience to the impact of the unjust siege imposed by the Saudi-led bloc, the country’s manufacturing sector led the way in 2017 by clocking exceptional growth and unprecedented expansion. Thanks to the concerted efforts by all stakeholders, Qatar has been able to transform the challenges into opportunities in …

Continue reading “Qatar’s manufacturing sector registers exceptional growth”

Acquisition is latest addition to Mumtalakat’s portfolio of office space in the US Bahrain’s sovereign wealth fund, Mumtalakat, has acquired an office campus in North Carolina in the United States that houses Lenovo’s US headquarters, the company announced today. The acquisition was made in partnership with Sentinel Real Estate Investment Corporation (Sentinel), Mumtalakat’s first joint …

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Khudairi Group has been appointed as the macro-distributor of Shell Lubricants in Iraq following a signing ceremony in Dubai. The agreement will see Khudairi Group’s subsidiary, Al Khudairi Distribution Company, distribute Shell’s complete range of motor and industry lubricants in Iraq – including products aimed at heavy-duty transport, mining, power generation, general engineering and also …

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Volatility in raw material prices and aggressive price competition in the UAE market are forcing local lubricant manufacturers such as Rulexx Lubricants & Grease Industries to look to export markets for growth. Currently, Rulexx exports 80% of its products from the UAE to markets such as Pakistan and Afghanistan. The manufacturer is seeking further expansion …

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AMMAN, Jordan — The ancient city of Petra, 70 years of regional turmoil and the spiralling Syrian refugee crisis. All spring to mind at the mere mention of Jordan, the Middle Eastern nation that shares a border with Iraq and Syria. Few of us, however, would think of its vibrant garment manufacturing industry. But look …

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Plans to accelerate development of the Omani fisheries industry are gaining pace, with a series of temporary labs designed to help operators overcome challenges. Launched in September by the Ministry of Agriculture and Fisheries (MoAF) and running until October 26, the fisheries labs brought researchers and industry experts together to look at ways to maximise …

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As part of PAM’s responsibilities in sector governance and organisational structure, the primary objective of the law is to address the factors that have historically hindered foreign investment in Omani mining. Drafting was reportedly completed in 2015, with the legislation submitted to government ministries for review. Priority Issues Subject to final approval, the new mining …

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Muscat: Experts discussed the importance of the industrial sector to the Sultanate’s future, ahead of Oman’s Day of Industry, tomorrow. “The industrial sector is a pillar of the national economy and contributes to the creation of employment opportunities for Omani youth,” Managing Director of Sohar Steel Group Khalid Tawfiq Abdul Rasoul said. The industrial sector …

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The kingdom’s real GDP growth dropped 1 percent in the first half of 2017 The Saudi Arabian economy will remain contracted in 2017 before returning to “modest” growth of 1.3 percent in 2018, a report has claimed. Oil production cuts as part of the OPEC agreement will see oil sector growth remain in negative territory …

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Turkey’s industrial production grew at a slower pace in October, the Turkish Statistical Institute reported Friday. Industrial production climbed 7.3 percent year-on-year in October, slower than September’s 10.4 percent increase. Nonetheless, the rate exceeded the expected increase of 5.3 percent. Within total industry, mining and quarrying grew only 0.5 percent. At the same time, manufacturing …

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The UAE and Saudi Arabia are well positioned for the Fourth Industrial Revolution, according to American global management consulting firm A T Kearney. The UAE has the opportunity to take advantage of emerging technologies and changes in production, as it ranks in the top quartile of countries performing well in the areas of technology and …

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Once off limits to many because of international sanctions, Iran is making a big comeback as a tourist destination. More than 6 million people visited Iran in the year ending March 2017, up 50% on the previous year and three times the number in 2009, according to official data. The surge in visitors follows the …

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Baghdad (IraqiNews.com) Iraq plans to offer three of its oil refineries to investors during an upcoming conference of Iraq donors, the government said Thursday. Anadolu Agency quoted a statement from the state’s investment authority saying that the refineries include Faw, in the southern Basra province, with a production capacity of 300.000 barrels a day, besides …

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It doesn’t take much these days to remind oil traders that Middle East geopolitical risk can raise oil prices. Unrest in Iranian cities is the latest case in point. News and video records of major protests in Iran pushed Brent prices to $67 a barrel before analysts started pointing out that the risk to oil …

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I ran Chamber of Commerce, Industries, Mines and Agriculture has proposed an Asian model for economic development to weather the current storms facing the Iranian economy. In remarks on Sunday, Gholamhossein Shafei described the economy as being “in no good shape” and said the country should create a strong entity whose power supersedes all government …

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The Emirates NDB Purchasing Managers’ Index (PMI) increased from 57.0 in November to 57.7 in December. As a result, the index moved further above the 50-point threshold that separates expansion from contraction in the non-oil producing private sector, and marked the highest reading in 34 months. December’s figure was underpinned by an acceleration in new …

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Solid economic performance remains threatened by heightened political uncertainty Economic fundamentals remain strong in the Middle East and North Africa on the back of higher oil prices, strong global growth and accommodative financial conditions. However, widespread security threats and political unrest pose a sustained risk to the region’s economic performance, and spillovers from OPEC’s oil-cut …

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More questions than answers from Bassil-Berri meeting Parliament Speaker Nabih Berri is having trouble making up his mind. Or so it seems. On July 1, Berri and Foreign Minister Gebran Bassil struck an unexpected deal. The agreement was touted as a bulldozer clearing the final barrier that, for over three years, has blocked the conclusion …

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Economic complexity indicators show export potentials Lebanon’s productive sectors have been undermined since the end of the civil war in 1990. Like other marginalized sectors, the industrial sector has weakened, becoming a smaller proportion of the economy due in no small part to a history of missed development opportunities. To put this in perspective, the …

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Contract will extend production capacity at the site on Sitra island from a current 267,000 to 360,000 barrels per day. A consortium led by France-US petroleum services group TechnipFMC has secured a $4.2 billion (3.5 billion euro) contract to extend capacity at Bahrain’s Sitra refinery, the company said Monday. The contract, awarded by Bahrain Petroleum …

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Sources say talks are now getting underway with Russia and other partners to bring them on board. OPEC agreed to extend its oil-production cuts to the end of 2018, subject to a review at its next scheduled meeting in June, according to delegates gathered in Vienna. With OPEC’s initial meeting concluded, talks are now getting …

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More than $200 million worth of investment into Bahrain’s manufacturing and logistics sector was attracted in the first half of this year, according to the Bahrain Economic Development Board (EDB). It said the investments are expected to create approximately 1,000 jobs over the next three years in the Gulf kingdom. The growth follows a substantial …

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I. Competition format: 1. Deadline: 12:00 PM US ET on December 28, 2017 Online applications submitted. 2. January 2018: Applications reviewed by GIST Tech-I Alumni Mentors. 3. January/February 2018: Three applications from each Alumni Mentor will be voted on by the online global public. 4. April 16-19, 2018: Finalists attend the Global Entrepreneurship Congress. 5. …

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Iran’s car industry is the second biggest sector in country after the energy sector accounting for more than 10 percent of its GDP. Over 700,000 people are working in this industry which is equal to four percent of workforce of Iran, according to the 2015 data. With a contribution of about $9.1 billion, the country’s …

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The economic blockade imposed by the siege countries appears not to have dented Qatar’s industrial sector, which showed robust expansion in September on higher production especially in the hydrocarbons and manufacturing sectors, according to official estimates. Qatar’s industrial production index (IPI) grew 6.2% month-on-month in September this year mainly on account of production increase in …

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Three months into the Saudi-imposed economic blockade, Qatar startups and the manufacturing sector “are getting more support” from the government, which has laid out a number of self-sufficiency and sustainability-related projects, an official of a Qatari company said. “As a nation we are aiming to become more self-sufficient; considering the amount of Qatar’s wealth, this …

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The global logistics market is expected to reach $15.5 trillion in revenue by 2024, while investments in industrial and retail projects lead to a spur in the domestic logistics industry, according to a recent report by Al Masah Capital, a leader in investments and market analysis. In terms of volume, the global transportation and logistics …

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Spare parts services are flourishing day by day ,as demand for heavy machinery spare parts like marine equipment, ship equipment, engine parts, bearing parts, electrical & electronics parts, hardware & software parts, fuel system parts, pump parts, transmission parts, filters, seals & gaskets parts getting higher these days. World is becoming concrete forest now constructing …

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Saudi Arabia’s response to its contracting economy is to invest in major infrastructure projects and privatise its oil company Saudi Arabia’s Crown Prince Mohammed Bin Salman attends a cabinet meeting during the approval of the 2018 budget (Reuters) Saudi Arabia said on Tuesday its economy contracted for the first time in eight years due to …

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Iran’s first vice-president put forward a proposal to lift visa requirements for the Iranian and Iraqi travelers, and also called for trade exchanges between the two countries using their own currencies, namely rial and dinar. Addressing a meeting of high-ranking delegations from Iran and Iraq, attended by the visiting Iraqi Prime Minister Haider al-Abadi and …

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* For first time, Gulf oil ministers not meeting before OPEC * Qatar crisis to complicate producer group’s decision-making * OPEC’s Sunni wing weakens as Iran, Iraq raise game DUBAI/LONDON, Nov 23 (Reuters) – OPEC’s most powerful internal alliance, bringing together the oil producer group’s Gulf members, is disintegrating fast. As a six-month-old spat between …

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The region of Al Dhafra encompasses approximately 35,250 sq km and accounts for 60% of the total landmass of the emirate of Abu Dhabi. The region is bound by a 350-km northern coastline and lies between Saudi Arabia to the west and south, Al Ain to the east and the Abu Dhabi region in the …

Continue reading “Abu Dhabi encouraging investment in Al Dhafra region”

In September 2016 Mohammad Al Ajmi, director-general of the Public Authority for Industry, announced plans to boost Kuwait’s industrial output by 25% in the coming years. Although the state controls nearly 101bn barrels of proven crude deposits, the drop in oil prices has compelled the government to push ahead with a host of economic reforms …

Continue reading “Kuwait’s petrochemicals segment broadens its product base”

Although Kuwait’s economy is dominated by hydrocarbons, it is non-oil activity, alongside the rebound in crude prices experienced since January 2016, that is driving growth forecasts. National Bank of Kuwait estimated overall real GDP growth of 3.6% in 2016, and forecast growth of 1.7% in 2017 and 2.7% in 2018, while in the non-oil sector …

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The rally in oil prices continued in November. On 7 November, prices hit their highest level since June 2015. Although the surge in oil prices reflects strong fundamentals, they have also been driven up due to increased political tensions in the Middle East. The OPEC oil basket traded at USD 61.6 per barrel on 24 …

Continue reading “Saudi Arabia: Oil prices hit over-two-year high in November on strong fundamentals and mounting geopolitical risks”

Muscat: About 10 per cent of the Tanfeedh initiatives for the industrial sector have been completed, a review meeting was told on Wednesday. The 3rd meeting of the steering committee to follow up the progress made in implementing the outcomes of Tanfeedh initiatives at the industrial sector was held yesterday at the Ministry of Commerce …

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A major integrated project to develop a port and an adjoining industrial zone in Tanzania by the Sultanate’s State General Reserve Fund (SGRF), along with its partner China Merchants Ports (CMPorts), has received approval from the Government of Tanzania. The proposal included dredging of the navigational channel, construction of a port and logistics park, and …

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Baghdad (IraqiNews.com) Iraq and Saudi Arabia have signed 18 memorandums of understanding in the energy field during the kingdom’s participation in an energy exhibition in Iraq. The signing of the 18 memorandums of understanding came after Saudi Energy Minister Khaled al-Faleh inaugurated the seventh edition of the Basra oil and gas exhibition, according to the …

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VIENNA, Nov 30 (Reuters) – OPEC and non-OPEC producers led by Russia agreed on Thursday to extend oil output cuts until the end of 2018 as they try to finish clearing a global glut of crude while signalling a possible early exit from the deal if the market overheats. Russia, which this year reduced production …

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A business delegation from Tabriz in northern Iran was expected in Namibia’s capital Windhoek on Wednesday to finalize a contract that in a year’s time could culminate in Iranian-designed tractors—for agricultural purposes–rolling off an assembly plant, either in Windhoek or Walvis Bay, and bolstering employment. This was revealed in an interview by Namibian newspaper New …

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Turkey, Iran and Qatar on Sunday signed a transportation pact for boosting trade among the three countries. Turkey’s Economy Minister Nihat Zeybekci and his Qatari counterpart Ahmed bin Jassim bin Mohammed Al Thani were in the Iranian capital Tehran to sign the agreement with Iran’s Minister of Industries, Mining and Trade Mohammad Shariatmadari. Under the …

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Iran’s exports to Syria have been on the rise since the 2014-15 fiscal year–the lowest ebb of $103.013 million over the last 10 years. The highest level of exports during the period under review was registered in March 2010-11 when Iran exported $524.48 million worth of goods to Syria. Latest statistics released by the Islamic …

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The latest report published by London-based provider of strategic market research Euromonitor International titled “Economy, Finance and Trade: Iran” focuses on one of the Middle East’s largest and most promising economies, according to the group’s website. Highlights from the report are presented below: The intensification of international sanctions over Iran in 2012 and the fall …

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Iran has signed two agreements with Russia’s Lukoil to jointly look for hydrocarbon reserves in the southern parts of the Caspian Sea – a groundbreaking move that could have significant economic as well as political outcomes for both Tehran and Moscow. The agreements were signed during a visit to Moscow by Iran’s Petroleum Minister Bijan …

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Hashem Oraee told Tehran-based English newspaper Iran Daily that giant energy companies including Siemens and Vestas will contribute to implementing wind energy projects in Iran. He added that Majlis (Iranian Parliament) has also approved the Danish investment plan, but it is yet to materialize. The official pointed to the development of renewable energy in the …

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Baku, Oct 10, IRNA – Iranian Chairman of Iran-Georgia Joint Economic Commission Ali Rabiei said on Monday that the two countries’ exchanges over the past two years have reached $131 million, showing an increase of 50 percent. After a meeting with Georgian Prime Minister and Minister of Finance Giorgi Kvirikashvili in Tbilisi, he told IRNA …

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According to the recent reports, French companies are eagerly looking for investment opportunities in the Iran. Iran and the six world powers (the US, Russia, China, France, Britain and Germany) signed the nuclear agreement with  Vienna in July 2015, under which Iran accepted to curb its nuclear program in return for lifting the related internationalsanctions. …

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The re-election of Iranian President Hassan Rouhani for a second four-year term is expected to ensure continuing development of the country’s petroleum sector and global oil markets. Many International oil companies have announced joint ventures and memorandums of understanding (MOU) with Iran. OMV, the international oil and Gas Company entered in Iran in 2001 as …

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I mport prices for hot-rolled coil in Iran continued to trend upward over the week ending August 9, as offers from the mills of Commonwealth of Independent States rose further, supported by tight availability of the material. Offers of 2-mm HRC from Russian producer Magnitogorsk Iron & Steel Works (MMK) increased by €10 ($12) per …

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Iran, Qatar in competition over world’s biggest gas industry. The two nations have a close business relationship, particularly in the oil and gas sectors. A big portion of Qatar’s Oil comes from a field that is related to Iran.  The two nations jointly control the world’s largest natural gas field. During the Qatar diplomatic crisis, …

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According to the World Bank, the recent development in Iran marked that the nation’s non-oil and manufacturing sectors are played a vital role to increase the Iran’s GDP rate. The business agreements between Iran and major foreign countries in the oil, gas, manufacturing and other key sectors, boosted to develop of Iran’s economic condition. This …

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Iran, an Islamic republic, is increasingly attracting the foreign investors, despite restrictions imposed by the United States over its missile programs and the military activities in this country. President Trump signed into the new implementations in the sanctions against Iran, Russia and North Korea. American restrictions stop most international banks from providing financial help to …

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The Mining and minerals industry in Oman offers great potential, which can be utilized effectively. Recently, the Oman’s mining industry appears to be on a steady growth with production of minerals growing by nearly 20 per cent in the last year.The Oman is set to declare new mining regulations, which is drafted by the Public …

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Iran is the second largest economy in the Middle East and North Africa region after the kingdom of Saudi Arabia. Iran is also the second largest populated region after Egypt. Iranian government adopted an extensive strategy surrounding the market-based reforms as reflected in the government’s 20-year vision and the sixth five-year improvement plan for the …

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Oman creates products build up the strong reputation in World economic growth, the upcoming manufacturing and distribution sector is stimulating the economic development, creating employment, and improving living standards in the Sultanate. The Oman government introduced the plans to grow manufacturing and distribution to comprise up to 15% of the nation’s GDP by 2020, the …

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Among widespread poverty, high levels of unemployment,corruption and a major deterioration in services such as water, electricity and security, Yemen and international development partners are increasingly realizing the need to focus on economic development in Yemen. Yemen’s last two years of transition were characterized by intense scrutiny of the political process which overshadowed a focus …

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