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Iran’s automotive industry: a potential draw for investors

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 nuclear deal was signed last July, the World Bank has observed a surge in interest among multinational companies in investing in Iran. One sector attracting attention is Iran’s automotive industry.
After oil and gas, the automotive industry is Iran’s biggest, accounting for about 10% of GDP and employing about 4% of the labour force. There was a boom in local car manufacturing between 2000 and 2013, driven by high import duties and a growing middle class. The imposition of fresh sanctions in July 2013 prevented Iranian companies from importing the vehicle parts upon which domestic cars rely, causing Iran to cede its place to Turkey as the region’s top vehicle manufacturer.

Traditional export markets for Iranian automobiles include Algeria, Azerbaijan, Cameroon, Ghana, Egypt, Iraq, Pakistan, Senegal, Syria, Sudan and Venezuela. The sanctions imposed in 2013 hit automobile exports particularly hard, which had doubled to about 50 000 cars between 2011 and 2012.

The Iranian car market is dominated by Iran Khodro (IKCO) and SAIPA, which are subsidiaries of the state-owned Industrial Development and Renovation Organization. IKCO was founded in 1962 and SAIPA in 1966. Both companies assemble European and Asian cars under license, as well as their own brands. IKCO is the biggest car manufacturer in the Middle East. In 2012, it announced plans to reinvest at least 3% of company sales revenue in R&D.

In 2008 and 2009, the government spent over US$ 3 billion developing infrastructure to enable vehicles to run on compressed natural gas. The aim was to reduce costly petroleum imports, owing to an insufficient refining capacity in Iran. With the world’s biggest natural gas reserves after the Russian Federation, Iran rapidly became the world leader for the number of vehicles running on natural gas: by 2014, there were over 3.7 million on the road.

About 3% of nanotech companies in Iran focus on the automotive industry. Iranian carmakers use nanotechnology to increase customer satisfaction and safety by providing such comforts as anti-stain dashboards, hydrophobic glass planes and anti-scratch paint. In 2009, researchers at Isfahan University of Technology developed a strong but light nanosteel as resistant to corrosion as stainless steel for use in road vehicles but also potentially in aircraft, solar panels and other products. Nanotechnology research has taken off in Iran since the Nanotechnology Initiative Council was founded in 2002. In 2014, Iran ranked seventh worldwide for the volume of papers related to nanotechnology. The number of papers per million inhabitants has consequently risen from 19 in 2009 to 59 in 2013, overtaking Japan (56 per million) and approaching the USA (69 per million) in the process.

The author of the chapter on Iran in the UNESCO Science Report argues that, indirectly, sanctions have accelerated the shift from a resource-based economy to one based on knowledge in Iran. The sanctions have hit the private sector hard, increasing the costs of finance companies and the credit risk of banks, eroding foreign exchange reserves and restricting companies’ access to foreign assets and export markets. Knowledge-based enterprises have been further penalized by limited access to high-quality equipment, research tools, raw materials and technology transfer. Despite this, the number of firms declaring activities involving research and development (R&D) more than doubled between 2006 and 2011, from 30 935 to 64 642. The author argues that, by isolating Iranian companies from the outside world, the sanctions have encouraged them to innovate. By erecting barriers to foreign imports and encouraging knowledge-based enterprises to localize production, they have helped small and medium-sized enterprises develop their business. Moreover, with unemployment high and Iranians well-educated, firms have had no difficulty in recruiting trained staff. The sanctions have also helped to reconcile research and development (R&D) with problem-solving and public interest research in Iran, he argues, after high oil receipts had divorced science from socio-economic preoccupations for many years.

The government first articulated its policy of developing a knowledge economy in 2005 in the document Vision 2025, its recipe for turning Iran into the region’s leading economy by 2025. Even the economic plan adopted by decree in 2014 for an ‘economy of resistance’ in response to the increasingly tough sanctions regime essentially reasserts the goals of Vision 2025.

Vision 2025 foresees an investment of US$ 3.7 trillion by 2025 to finance the transition to a knowledge economy. Much of this amount is to go towards supporting investment in R&D by knowledge-based firms and the commercialization of research results. A law passed in 2010 provides an appropriate mechanism, the Innovation and Prosperity Fund. According to the fund’s president, Behzad Soltani, 4600 billion Iranian rials (circa US$ 171.4 million) had been allocated to 100 knowledge-based companies by late 2014. Public and private universities wishing to set up private firms may also apply to the fund.

The Fifth Five-Year Economic Development Plan (2010–2015) set out to secure second place for Iran behind Turkey in the region in science, technology and innovation (STI). Within the plan, a National Development Fund was established to finance efforts to diversify the economy; by 2013, the fund was receiving 26% of oil and gas revenue.

According to Vision 2025, nearly one-third (US$ 1.3 trillion) of the overall investment in the transition to a knowledge economy is to come from foreign sources, which are to represent 3% of GDP by 2015. This target appeared somewhat optimistic in 2013, when foreign direct investment contributed just 0.8% of GDP. However, given the surge in interest among multinational companies in investing in Iran since the signing of the nuclear agreement last July, this target may now be within reach.

Source:http://www.unesco.org/new/en/media-services/single-view/news/irans_automotive_industry_a_potential_draw_for_investors/

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The Future of Manufacturing in the U.A.E.

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 exclusive business roundtable luncheon.

U.S.-U.A.E. Business Council President Danny Sebright, highlighted the U.S.-U.A.E. Business Council’s new report, titled “Making the Future: The U.A.E.’s Growing Manufacturing Sector“.

Eng. Jamal Al Dhaheri subsequently spoke about the state of the country’s manufacturing sector. He also provided insights into SENAAT’s plans and projects, including the recently inaugurated Ducab Aluminium Company (DAC).

Mr. Al Dhaheri said: “SENAAT is a key contributor to Abu Dhabi Economic Vision 2030, strategically developing the Emirate into a global industrial player. As a fast-growing industrial champion with a track record in forging successful partnerships, we are currently managing AED 27.5 billion of industrial assets in metals, F&B, O&G services, and the construction and building materials sector. In line with Abu Dhabi Economic Vision 2030 & the Abu Dhabi Industrial Development Strategy, we continue to explore multiple investment plans and strategic projects and we look forward to strengthening ties with the international investment community in this journey.”

Badr Al-Olama, who also leads the organizing committee for the Global Industrialization and Manufacturing Summit (GMIS), then shared his thoughts on the future of U.A.E. manufacturing. “The U.A.E. is a story of transformation,” Mr. Al-Olama said. “With strong leadership, and a continued focus on long-term goals, our advanced manufacturing sector is set to share a quarter of the national GDP in the very near future. Growth in manufacturing is encouraging greater investment in developing specialist skills and promoting wider societal sustainability initiatives across the country.”

Mr. Al-Olama also discussed the role that Mubadala plays in this industrial transformation and on wider U.A.E. society. “At Mubadala, we believe that manufacturing, ultimately, has a transformative impact on society— by creating an agile economy that offers high-value employment opportunities that are more resilient to market dynamics.”

Following these keynote remarks, Mr. Al Dhaheri and Mr. Al-Olama engaged in a thoughtful discussion with senior-level attendees about the Fourth Industrial Revolution and the impact of 3D printing, automation, and artificial intelligence on industry. Finally, they discussed opportunities and challenges to manufacturing in the U.A.E. and provided detailed advice to companies considering establishing operations there.

Mr. Sebright concluded the event by stressing the wide range of opportunities the U.A.E.’s manufacturing sector provides for U.S. companies and investors. “This new report and today’s event demonstrate that the prospects for U.A.E. manufacturing are bright,” Mr. Sebright said. “There are substantial opportunities for U.S. companies who are considering establishing manufacturing operations in the U.A.E. or exploring commercial relationships with U.A.E. manufacturers.”

Source:http://www.manufacturingtrade.com/news-detail:30d40984-15e4-d5c0-6fe1-5a7c225ca449.html

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Qatar’s manufacturing sector registers exceptional growth

Qatar 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 almost every sector of the economy. While ramping up production of its existing industrial units, the country began setting up new factories to quickly move towards self-sufficiency.

According to a statement by the Minister of Energy and Industry HE Mohammed bin Saleh al Sada, the number of factories entering the production stage in the first six months of the siege doubled compared to the same period a year ago.

The minister’s statement hinted at the futile attempt by the siege countries to jeopardize Qatar’s economy.
In fact, Qatar’s economy has only picked up momentum since the siege with new plants in manufacturing, food, cement, plastic and steel sectors developed at a fast pace. Qatar has managed to attract huge investments into its manufacturing sector. According to a statement issued by Ministry of Energy and Industry, Qatar has attracted investments of about QR260 billion in its manufacturing sector.

“A total of 730 industrial facilities have been registered with the ministry. Qatar is putting a lot of efforts to realise the directives of the wise leadership in achieving a balanced and sustainable industrial development,” Sada was quoted as saying by Qatar Tribune.

In a bid to encourage local industry and small and medium enterprises, Qatar has provided incentives for industries such as fee exemption on equipment, raw materials and machine parts.

The manufacturing sector has become one of the most attractive investment opportunities in Qatar following the new legislation which facilitates the process while providing investors with a slew of incentives.

The ‘Own Your Factory in 72 Hours’ initiative launched by the Ministry of Economy and Commerce (MEC), after the blockade, has been a major draw. Under the initiative, 63 investors were shortlisted for setting up factories in Qatar worth a total of QR2.5 billion. The ministry has already provided licences to the shortlisted firms and begun allotting land for setting up the factories in New Industrial Area.

Ahmad Zeidan, head consultant of ‘Own Your Factory in 72 Hours’ initiative, told Qatar Tribune that the shortlisted investors had already started work on their respective projects.”Within one year, all the factories will begin production,” Zeidan said.

Launched as part of the MEC’s ‘Single Window System’, the ‘Own Your Factory in 72 Hours’ initiative, has drawn a huge response from both local and global investors.

The ministry set up a committee comprising representatives from 10 different ministries and government bodies to evaluate the applicant-investors.

The committee received a total of 8,128 applications from investors in Qatar and more than 1,000 requests from 50 countries for winning the 250 investment opportunities covering eight major industrial sectors.

Out of the 9,128 applicants, the committee shortlisted around 900 investors for evaluation and meetings.
After holding more than 450 personal meetings with investors, the committee finalised the names of investors for 63 projects. More names will be announced at a later stage.

According to information provided by the ministry, out of the 63 investors, 22 will be setting up industries in the food sector.

While the overall manufacturing sector witnessed growth, there was more focus on food, medicine and other essential products with a view to tiding over the diplomatic crisis.

The Qatari government also partnered with the private sector to promote local products both in domestic and international markets.

The ‘Made in Qatar’ exhibition organised by Qatar Chamber in partnership with the Ministry of Energy and Industry and Qatar National Bank became a huge success.

The size of the area allocated for the exhibition increased from 15,000 square metres (sqm) last year to 30,000sqm this year. The number of exhibitors also doubled compared to the previous edition.

Qatar Chamber Chairman Sheikh Khalifa bin Jassim al Thani told Qatar Tribune that the siege has given birth to an”industrial renaissance” in the country.

Source:http://www.qatar-tribune.com/news-details/id/104216

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New labs to unlock growth in Oman’s fisheries sector

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 growth in the sector, with a focus on aquaculture, catch and export.

Among the key goals of the project is boosting the contribution made by fisheries to GDP, increasing the value of fish products and creating more job opportunities for Omanis.

Push to more than double fish production between 2014 and 2020
The initiative forms part of a broader national roadmap, developed in cooperation with the World Bank. Fisheries has been identified as one of five key focus areas in the government’s current five-year development plan (2016-20), which seeks to ensure the industry’s sustainability through to 2040.

The government has pledged to invest $1.6bn under the National Fisheries Development Strategy 2013-20, with the aim of increasing production from 200,000 tonnes in 2014 to 480,000 by 2020, and creating 20,000 new jobs.

A cornerstone of the strategy is the establishment of a fisheries harbour at the Port of Duqm, where the government plans to create a special economic zone that will include 60 processing facilities, cooling and freezing stores, and ship maintenance workshops.

Robust fisheries growth, sector financing trends
These efforts come on the back of strong growth in the fisheries sector. Total fish production increased by 9% last year, and the industry has recorded average annual growth of 12.1% since 2011, according to the MoAF. Total catch volumes also rose over the period, from 158,000 to 280,000 tonnes. Fish production has exceeded 1m tonnes since 2011, contributing around OR975m ($2.5bn) to the economy.

This consistent growth, coupled with government support, has enabled the sector to attract substantial financing; fisheries accounted for 29% of all loans dispersed by the Oman Development Bank (ODB) in the first eight months of this year.

The ODB granted 1152 loans worth OR4.8m ($12.5m) to the fisheries sector, making it the second-highest recipient of funding from the bank, behind only industry, and ahead of agriculture, health and education.

Despite recent expansion, fisheries contributed 0.8% to GDP in 2016, demonstrating the significant growth potential of the industry and prompting the World Bank to call for national operators to move beyond only harvesting fish and establish themselves across the entire value chain. This includes processing, logistics, wholesaling, marketing and retail.

Fishing to boost Omani employment and self-sufficiency goals
Unlike many other industries in the country, traditional artisanal fishermen are responsible for the overwhelming majority of output, with small, local fishing operations making up 99% of production, according to the World Bank. An estimated 45,000-50,000 Omanis rely on fishing and related activities for their livelihoods.

October brought news that under a new scheme, an additional 700 licences will be made available to locals wishing to work in the traditional fishing segment – a sign the government is keen to encourage continued participation of Omanis in the sector.

The country also represents a strong homegrown market for its produce, with the population consuming almost double the global average amount of fish. As such, fishing plays an important role in long-term goals for food security and self-sufficiency.

Overall, Oman produces more fish than it consumes, meaning that it is able to export a substantial amount. Last year, it exported 41% of total produce caught, according to the National Centre for Statistics and Information. Further expansion would therefore boost international trade opportunities.

Source:https://oxfordbusinessgroup.com/news/new-labs-unlock-growth-oman%E2%80%99s-fisheries-sector

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Turkey’s Industrial Production Growth Slows In October

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 advanced 7.7 percent and electricity and gas output gained 7.3 percent.

Energy output logged an annual growth of 6.1 percent in October.

On a monthly basis, industrial output growth held steady at 0.7 percent in October. Production had remained flat in August. Economists had forecast a 0.3 percent increase for October.

Source:http://markets.businessinsider.com/news/interestrates/Turkey-s-Industrial-Production-Growth-Slows-In-October-1010574845

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More than 6 million foreign tourists visit Iran in 2017

iran tourism

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 2015 nuclear deal between Tehran and world powers that resulted in many sanctions being lifted early the following year.

European airlines such as British Airways and Lufthansa (DLAKY) resumed direct flights to the country, and Iranian authorities relaxed visa requirements. And as more people arrive, demand for accommodation is skyrocketing.

That’s creating opportunities for local entrepreneurs and foreign businesses.

Unlike some Western firms, who are reluctant to invest in Iran because they fear President Trump could yet torpedo the nuclear deal, international hotel chains are moving fast to meet the need for more rooms.

France’s Accor (ACCYY) was the first chain to open in Iran in 2015. It now operates two hotels there.

Spain’s Melia (SMIZF) will open its first hotel next year. Rotana of the United Arab Emirates also has one hotel in the pipeline for early next year and plans three more by 2020.

EasyHotel, a U.K.-based budget chain, is reported to have signed a deal in July to deliver 500 rooms. It did not respond to a request for comment.

And the market clearly has room for many more players. Iran wants to attract more than 20 million visitors by 2025, according to the state tourism agency.

Many of the new visitors are young backpackers from Europe and Asia, drawn by Iran’s history and culture. The most popular destinations include the ancient cities of Esfahan and Shiraz. It’s also home to Persepolis, a UNESCO World Heritage site.

Many of those travelers are looking for budget accommodation, said Jalal Rashedi, who runs five hostels across the country. He offers bed and breakfast for as little as $15 a night, including internet access.

Trump keeps scaring investors away from Iran

“During the past few years we have had a rise in the number of tourists who are young, and they’re individual travelers,” he told CNN. “They’re young, curious, adventurous people who want to discover the truth about Iran, and they mostly stay at hostels.”

A World Economic Forum report earlier this year named Iran as the world’s cheapest travel destination.

But travelers still face obstacles.

Americans, Brits and Canadians need to apply for a visa in advance, while citizens of many other Western countries can get one on arrival.

And because some sanctions remain in place, the country has few links to international banking networks and Western credit cards won’t work there.

That means it can be difficult to make payments in advance to secure reservations. To get around that, Rashedi launched a website to allow travelers to make reservations at his hostels, and those operated by others, without payments.

Source:http://money.cnn.com/2017/09/05/news/economy/iran-tourism-boom/index.html

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

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 November, a 10.9% increase from the same day in October. Oil prices were up 36.3% over the same day in 2016 and 15.6% from the start of the year, when oil traded at USD 53.3 per barrel.

Oil prices are currently in a sweet spot, buttressed by strong global demand and supply constraints. The global economy continued to expand healthily in recent months amid low unemployment rates, resilient global trade, improved fiscal support and loose financial conditions. Despite some headwinds, global growth is expected to remain resilient in the coming quarters, which will translate into higher demand for the black gold. OPEC and non-OPEC members participating in the oil cap deal continue to deliver; in September, they reached the highest conformity level ever, of 120% (August: 116%). At the 30 November OPEC meeting these key oil-producing countries will likely agree on an extension of the accord well into 2018, to tighten crude supply and support oil prices.

Oil prices were also propelled in November by rising uncertainty in Saudi Arabia, following the sweeping arrests of princes and ministers on corruption charges as Crown Prince Mohammad bin Salman cemented his grip on power. Moreover, the launch of a ballistic missile from Yemen to Riyadh airport by Houthi rebels—who are supported by Iran—led Saudi Arabia to accuse the Islamic Republic of “direct military aggression”, raising the stakes in an already tense standoff between the two regional rivals.

Meanwhile, output declined in October among OPEC members. According to the cartel’s latest Monthly Oil Report, combined oil output in OPEC countries fell slightly from 32.74 mbpd in September to 32.59 mbpd in October, because of lower output in Algeria, Iran, Iraq, Nigeria and Venezuela. Conversely, output increased markedly in Angola and Libya. Crude output in Saudi Arabia increased from 9.98 mbpd in September to 10.00 mbpd in October.

FocusEconomics Consensus Forecast panelists expect oil production in Saudi Arabia to average 9.96 mbpd in 2018. In 2019, our panel of analysts sees crude output rising to 10.23 mbpd.

Source:https://www.focus-economics.com/countries/saudi-arabia/news/commodities/oil-prices-hit-over-two-year-high-in-november-on-strong

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Progress of Oman’s manufacturing sector in implementing Tanfeedh initiatives reviewed

Oman's manufacturing sector

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 and Industry.

The meeting was patronised over by Dr. Ali bin Masood Al Sunaidy, Minister of Commerce and Industry in the presence of the Tanfeedh Support and Follow Up Unit and representatives of the public and private organisations.

During the meeting, it was announced that about 10 per cent of the industrial sector initiatives have been completed by providing solutions to some of the challenges as per the timetable developed at the manufacturing industries lab initiatives.

The meeting stressed the need to continue the logic works for one of the industrial projects and continue the import of materials through Sultan Qaboos Port until the import terminal is transferred to Sohar Port to ensure sustainability of the materials for new project on the long run.

The meeting also reviewed the executive stance for some of the initiatives associated with the aluminum and steel industries. 60 per cent of the work has been completed at some of these initiatives, as per the planned timetable at the Tanfeedh labs.

It also reviewed the budget allocated by the government for the industrial innovation project in Sohar and other projects as well.

It discussed the alternatives to provide 500 megawatt of electricity for the industrial projects including using coal at the Special

As for the scaffolding project, which is include the metallic minerals, the Committee said that the project is expected to be completed during the third quarter

of this year.

It also discussed signing a MoU among Oman National Investments Development Company ‘Tanmia’ and the Directorate General for the One Million Date Palm Tree and Industrial Innovation Centre on the innovative investment of the date palm trees in the Sultanate.

Source:http://timesofoman.com/article/103540

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Oman’s SGRF to develop port, industrial zone in Tanzania

consysta automation spare parts

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 the development of the portside industrial free zone. The whole project is called the Bagamoyo Special Economic Zone Project, said a press release.

This approval is a major milestone and will be followed by negotiations on legal agreements. Thereafter, activities will commence on environmental studies, tendering of engineering, procurement, as well as on the construction packages and construction works of the project.

Bagamoyo project is one of the largest strategic projects of the SGRF. It includes the construction of a maritime port having international standards, which will be developed in phases.

The first phase will include four marine berths, two of which will be allocated to containers — one for multiple uses and another for support services.
The first phase of the port will be developed parallel to the development of the supporting infrastructure, as well as the industrial zone associated with the port. An additional area of 700 hectares will be allocated for the future development of the port, which is expected to accommodate giant vessels.

“We would like to thank the Government of Tanzania for entrusting us with the development of this project, and we highly value this partnership, which comes in light of the deep-rooted historical relations with Tanzania and as a strong testimony to the successful relations with the China Merchant Group,” stated Abdulsalam Al Murshidi, Executive President of SGRF.

A free industrial zone will also be connected to the port, which will cover an area of 1,700 hectares. Some 70 per cent of the area will be allocated to factories, workshops, stores and warehouses, while 30 per cent will be used for transportation networks, landscaping, water, power, and gas and telecommunications networks.

Source:http://oeronline.com/industries/manufacturing/97095.html

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Qatar-Iran relationship, biggest natural gas industry

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, Iran provided diplomatic and economic help to Qatar. On 25 June, 2017 Iranian president ‘Rouhani’ criticized that the “siege” on Qatar, and said that “Tehran will stand by Qatar’s government”. He also noted that Iran’s airspace was open to Qatari aircraft.

The world’s largest natural gas field is owned by both Iran and Qatar. This field plays an important role in the development of foreign and national policies in both Qatar and Iran. As several economic experts explained that the tension arose briefly after the Riyadh Summit, when US President Donald Trump assured Saudi Arabia of his commitment to the region in the face of the “Iranian threat”.

Trump and his officials have also praised Qatar. US Secretary of Defense James Mattis and Secretary of State Rex Tillerson met with their Qatari counterparts in April and May. And at the May summit in Saudi Arabia, Trump said US relations with Qatar were “extremely good.”

Iran and Qatar recently announced further development plans. Iranian Foreign Minister Javad Zarif met with the Qatari emir as part of a broader bid to reduce tensions with Gulf countries. It was the first such meeting since Qatar recalled its ambassador to Tehran in January 2016.

Iranian Foreign Minister Javad Zarif met with the Qatari emir as part of a broader bid to reduce tensions with Gulf countries. It was the first such meeting since Qatar recalled its ambassador to Tehran in January 2016.

However, for Iran, the development and production of natural gas not only satisfies growing national energy needs but also helps the current administration to maintain political support and fulfill ambitious economic promises which include overall growth through job creation and foreign investment attraction.

Now, it shows that Qatar and Iran both countries becomes the manufacturing hub. For development of manufacturing and gas industry so demand of spare equipment is increasing higher.

SCION INDUSTRIAL ENGINEERING PRIVATE LIMITED, a renowned name in international market for supplying industrial spare products. We are also associated with many other renowned companies in Iran and providing them our services since 20 years. We ensure ‘from parts supply to asset care’, well-round industrial service. Our products have been priced at very reasonable rates in the international market. We are committed to supply the spare goods and the services that satisfy our customer’s highest expectations.