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

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

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

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

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

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.

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