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July 10, 2018

DHL AND MAGENTO PARTNER TO HELP ONLINE MERCHANTS IN MENA

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 the Middle East and North Africa (MENA) region.

A study by Gartner reports that only 15 per cent of businesses in region have an online presence and 90 per cent of online shopping involves product imports from outside the region.

The study findings illustrate the immense growth potential for e-commerce merchants and online retailers in the region. The study further identifies reliable delivery system as one of the key areas e-commerce players should focus on to drive business growth in MENA.

With the shift in trend towards consumer markets and growing use of e-commerce channels by SMEs in the MENA region, we see a tremendous potential in our partnership with Magento. We look forward to providing online merchants on Magento platform with reliable and flexible shipping options to help them deliver exceptional customer experiences,” said Nour Suliman, CEO, DHL Express Middle East and North Africa.

“Magento connects merchants and shoppers. DHL connects shoppers with their goods,” said John Pearson, CEO Europe and Global Head of Commercial, DHL Express. “Our collaboration will provide Magento merchants with industry-leading international shipping and value-added shipping features from DHL that easily and flexibly connect shoppers with their goods.”

Accepting the Magento partnership emphasizes again Deutsche Post DHL Group’s intention to be the leading global provider in e-commerce logistics. The Group’s divisions together comprise the most international company in the world, present in 220 countries and territories, allowing online merchants to leverage the Group’s unsurpassed global reach to execute their e-commerce strategy.

Online retailers connected with the Magento platform will be able to select from a range of DHL shipping services, with the partnership expected to expand over time to include an increasing portfolio of parcel, express, freight and other logistics services provided by the different DHL divisions.

“Commerce is no longer just about the “buy button” and our merchants are looking to meet their customers when and wherever they want to engage, buy, and receive their purchases,” said Mark Lenhard, Senior Vice President of Strategy and Growth at Magento Commerce. “By partnering with DHL, our joint merchants will be able to offer improved customer experiences and grow their business by providing their customers with the fast, convenient shipping options they expect.”

As a Premier Partner, DHL will connect with merchants through strategic placement on Magento properties and the core product merchant administration panel. In addition, DHL will have the opportunity to educate merchants on shipping integration best practices and how to increase cross-border shipping via the Magento Community online, webinars, thought leadership pieces, events including Imagine and MagentoLive, and in one-to-one meetings. DHL will also have early access to Magento product roadmaps so as to improve integrations and the merchant experience.

“We’re particularly excited about the potential of Magento Shipping, and will integrate our most advanced shipping solutions there,” said John Pearson. “Deutsche Post DHL Group has a history of working with leading technology partners like Magento. We will maintain our global leadership position only by innovating and adopting new technologies. Magento is at the leading edge of e-commerce technology, and DHL is the global logistics leader. Our association is sure to benefit both organizations – most importantly our e-commerce customers.”

Magento’s Premier designation recognizes global leaders and brings close collaboration in key categories of interest to e-commerce merchants to deliver exceptional, end-to-end customer experiences.

Source:https://www.muscatdaily.com/Archive/Business/DHL-and-Magento-partner-to-help-online-merchants-in-Mena-59n0

July 10, 2018

EOR TO CONTRIBUTE FOR 23% OF PDO’S TOTAL OIL OUTPUT BY 2025

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 mean decline in production in the coming years, but with the help of EOR, which includes injecting steam, chemicals or other materials in the ground, the company plans to boost production.

‘Despite the challenging economic environment, PDO is continuing its journey in growing the future EOR contribution to oil production. It is anticipated that by 2025 more than 23 per cent of PDO’s production will come from EOR projects’, PDO said in its sustainability report released recently.

PDO is currently operating a range of commercial-scale EOR projects including chemical EOR, miscible gas injection and thermal applications. Concurrently, PDO is continuing to identify novel EOR technologies that have the potential to unlock difficult hydrocarbon resources. This is being done through a series of dedicated laboratory and field testing programmes, the report said.

PDO’s fact file also revealed that the company’s overall production in 2017 stood at 1.13mn barrels of oil equivalents per day, marginally lower than previous year as it cut production to comply with the sultanate’s commitment to OPEC’s agreement.

PDO’s average production of crude oil stood at 582,196 barrels per day (bpd), which is around 14,000bpd above the target for the last year while its gas production stood at 74.64mn cubic meters per day in 2017.

PDO has said that the decline in production was mainly due to Oman’s compliance with the production cut agreement between OPEC and non-OPEC producers.

Besides, PDO has taken various steps to curb expenditure and improve efficiency. These measures have helped it save over around US$390mn in oil and gas capital expenditure in 2017. Moreover, the company also took steps to renegotiate contracts which are likely to result in cost saving of around US$180mn over the next three to four years.

Source:https://www.muscatdaily.com/Archive/Business/EOR-to-contribute-for-23-of-PDO-s-total-oil-output-by-2025-59og

July 3, 2018

Turkey’s exports exceed $12 billion in June

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 to 5.1 percent decrease.

Turkey’s exports in June surged 5 percent year-on-year, the Turkish Exporters’ Assembly (TİM) announced on July 1, with the European Union being the top market for the country again.

Last month, the country’s exports totaled $12.6 billion while, for the January-June period, they amounted to nearly $82 billion—a 7.4 percent annual hike.

TİM data showed the 12-month overall exports rose 9.7 percent on a yearly basis, reaching $161.5 billion.

In June, the EU was the main export market for Turkish products with 52 percent of total monthly exports.

The automotive sector tops exports with $2.5 billion, followed by chemical products ($1.42 billion) and clothing ($1.36 billion).

TİM also noted that Turkey’s exports have been increasing for 20 consecutive months, and export performance will be better in the second half of 2018.

According to the country’s statistical authority, Turkey’s exports hit an all-time high of $157.6 billion in 2014.

They amounted to nearly $157 billion last year.

Source:http://www.hurriyetdailynews.com/turkeys-exports-exceed-12-billion-in-june-association-134022

June 20, 2018

Emirati tycoon launches $27m education fund for refugees

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 run for three years and will support the education of a minimum of 5,000 children, a statement said.

The move comes as international funding for refugee education has not been able to keep up with the vast need in the largest host countries.

Al Ghurair said: “I established this fund during the Year of Zayed because I believe that philanthropists have a role in helping to support one of the most acute challenges of our region: lack of education opportunities for young people who need it the most. Young people whose education has been interrupted by conflict deserve a chance to rebuild their lives and have a shot at a good future.”

The Abdul Aziz Al Ghurair Refugee Education Fund will support high-impact education programs at the secondary, vocational and tertiary levels of education for refugee youth in Jordan and Lebanon.

Source:http://www.arabianbusiness.com/education/399114-emirati-tycoon-launches-27m-education-fund-for-refugees

May 18, 2018

Iran Pushes for Transparency to deal with Currency Instability

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 currency market.

The fact is that the newly unified rate of 42,000 rials to the US dollar is not yet widely available. At best, it is only available to those importers who had access to the so-called forex chamber rate, which was previously at about 37,000 rials to the greenback.

As such, this equates to an actual devaluation of the national currency. In line with returning calm to the market, one of the most recent steps by the Central Bank of Iran (CBI) has been to expand an already existing online system referred to by its Persian acronym NIMA (Integrated System for Hard Currency Transactions). The question is whether NIMA will succeed in addressing the needs of the Iranian economy.

NIMA was originally put in place in February as a pilot project and gradually took shape during the month of March. In its initial format, NIMA was designed as a central platform to register hard currency needs of importers and other groups “outside the banking sector.”

That system was meant to induce transparency into the dealings of foreign exchange bureaus, which have been an integral part of the country’s hard currency management system alongside other financial institutions.

As a first step, on March 2, the CBI held a workshop for representatives of foreign exchange bureaus that are affiliated with mainstream banks to introduce NIMA and also prepare the grounds for their connectivity with the integrated system — a system in which merchants were supposed to register their needs for imports that were not allocated currency at the lower forex chamber rate, and currency bureaus meet those needs through transparent and online transactions.

However, this news was buried in the turmoil that the currency market experienced in March. In fact, rumors that the implementation of NIMA would make any unconventional currency transactions impossible may have partly contributed to the rush of many groups to secure hard currency holdings for their future needs.

In the aftermath of the recent currency crisis and the introduction of a unified exchange rate, the government suddenly announced the introduction of NIMA as the single platform to streamline “all hard currency transactions” by establishing the exact volumes of supply and demand for merchants (importers and exporters), corporations and even individuals who may need hard currency for travel and studies, and so forth. In other words, an online system that initially had been designed to provide a platform for marginal hard currency transactions has been elevated to be the main portal for all such transactions.

In brief, NIMA is in place to streamline supply and demand, which should in theory help establish a realistic price for the national currency. However, the past performance of the Iranian authorities suggests that supply will be managed and demand will be filtered, and especially by the CBI. Still missing are all the needed laws and regulations to determine which demands for hard currency have the right to register with the system — and receive their hard currency. The incomplete system is proof that the CBI was forced to accelerate its original process in order to calm the market and push back against those who saw the CBI’s incompetence as a cause of the recent upheavals in the currency market.

Incidentally, CBI Gov. Valiollah Seif has admitted the shortcomings of the new system and has asked all those economic players whose needs have not been integrated into NIMA to be patient. In official communications, Seif presents NIMA as a safe platform for currency transactions and underlines that allocations would be made for exporters and importers in a timely manner.

But this is one of the problems: Exporters and importers are not the only components of a healthy currency market. As such, the system will be overwhelmed for a while, especially as long as NIMA fails to meet the needs of private sector companies and individuals. For now, many economic stakeholders remain skeptical about the availability of hard currency at the unified rate of 42,000 rials against the US dollar, and they continue to purchase foreign notes or transfers at a price of at least 55,000 rials against the greenback on the free market.

Virtually all analysts and observers know that the process of unifying exchange rates will be a difficult one, especially because a number of economic actors used the previous two-tiered foreign exchange system to engage in corrupt dealings. Therefore, the introduction of NIMA is not just based on the country’s economic needs and its international obligations to fight money laundering, but also reflects a desire to undermine corrupt practices that have empowered institutions ingrained in the so-called deep state in Iran.

In fact, money laundering activity in the country is estimated to have been $26 billion in the past Iranian year. One can imagine that powerful players will push back against NIMA and still carve out a space for their illegal activities. That is why at the end of the day, flawless implementation of NIMA should be the top priority.

Evidently, viewed through the political lens, NIMA gains further significance. One can argue that it has the potential to push back against some of the corrupt networks and at the same time to take speculation out of the currency market. Both these factors will help CBI and the government to induce more stability into economic affairs.

However, considering the unconventional nature of many demands for hard currency — by entities using currency as a hedging mechanism, tax-evading companies and currency speculators, for capital outflow by Iranians wishing to migrate abroad and for inflow through remittances and investments by the Iranian diaspora — there will always be a space for a black market where a different rate can be generated.

That would mean a return to a differential between the official and the unofficial rates and a new platform for corrupt practices. Furthermore, as long as a higher rate emerges, exporters will be hesitant to register their supply on NIMA and will look for ways to benefit from the higher parallel exchange rate.

Having experienced the rate fluctuations of the past year, Iranian officials need to acknowledge that they have had severe regulatory weaknesses in managing the financial sector. One can see this in the continued operation of unlicensed financial institutions.

Therefore, any new effort to induce stability into the market needs to be accompanied by clear administrative and supervisory structures, both to prevent new channels of corruption and also to be prepared for sudden demand hikes. In a first assessment, the push for transparency is positive, but NIMA seems ill-prepared to manage the complexities of the Iranian currency market.

That is why the CBI would be best advised to declare a phased approach to the process, allow the free market to operate within clear boundaries and gradually turn NIMA into a powerful and all-encompassing platform. If the phased approach is implemented successfully, NIMA could regulate the currency market, put an end to many rent-seeking activities and stop a number of corrupt practices that have plagued the Iranian economy.

Source:http://www.iran-bn.com/2018/05/07/iran-pushes-for-transparency-to-deal-with-currency-instability/

May 7, 2018May 7, 2018

Oman Oil Co, BP reveal further plans for giant Khazzan gas field

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 percent interest in the field, in Oman’s Block 61, with BP, the operator, holding 60 percent in 2016.

The final investment decision for Ghazeer follows the successful start-up of Khazzan’s first phase of development in September 2017, state news agency WAM reported.

This project, which started production ahead of schedule and under budget, is now producing at design capacity of around one billion cubic feet (bcf/d) of gas a day and around 35,000 barrels a day of condensate.

The Ghazeer project is expected to come on-stream in 2021 and deliver an additional 0.5 bcf/d and over 15,000 bpd condensate production. Drilling on the first three development wells has begun, following appraisal drilling on Ghazeer last year.
Initial construction work has already started at Khazzan to accommodate a third gas train and associated infrastructure.

The Khazzan and Ghazeer developments are expected to deliver total production of 10.5 tcf of gas and around 350 million barrels of condensate up to the end of the concession agreement in 2043.

Source:http://www.arabianbusiness.com/energy/393822-oman-oil-co-bp-reveal-further-plans-for-giant-khazzan-gas-field

April 19, 2018

Aldar sells mega project plots for school, hypermarket, clinic

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: “The addition of Alghadeer International School, retail outlets, LuLu supermarket and clinic will increase the range of convenience-driven amenities and facilities for existing and future residents at Alghadeer, creating more complete neighbourhoods.

“Developing this community shows the momentum in the Alghadeer development and is in line with our strategy to deliver desirable destinations and provide residents with a truly enriched community living experience focused on comfort, accessibility and convenience.”

Alghadeer’s new masterplan comprises of 14,408 home including villas, townhouses, and maisonettes which will be complemented by office space, retail space, hospitality, education and community amenities.

The new Alghadeer masterplan incorporates Aldar’s existing community of the same name which boasts over 2,000 homes and is a thriving destination for many families.

The retail amenities will be spread over more than 30,000 square metres and will include a range of outlets as well as a community clinic. The LuLu supermarket, retail outlets and clinic will be operational in 2021.

Alghadeer International School, which is set to offer places for 1,500 students, is to be operational from September 2020.

Source: http://www.arabianbusiness.com/construction/394387-aldar-sells-mega-project-plots-for-school-hypermarket-clinic

April 9, 2018

LEBANON ANTICIPATES ECONOMIC REVIVAL

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 9 near the maritime border with Israel.

“At this time, those companies are spending a lot of money on exploration and preparatory work,” Abi Khalil told reporters on the sidelines of the Oil & Gas in EastMed Forum in Beirut.

“All of that money is being pumped into the Lebanese economy and this has direct and indirect benefits on the economy,” he said.

Abi Khalil also added that for each job being created in the oil sector, 11 more will be created in supporting sectors.
Lebanon expects the consortium to use this time ahead of the exploratory drilling for “preparatory work,” according to Abi Khalil., “whether it’s technical studies or mobilization works to prepare for exploration in 2019.”Of the sovereign wealth fund that is expected to utilize future oil revenues to invest in development projects, the minister said: “It is true that the offshore petroleum resources law states that all the proceeds from this sector should be injected into the sovereign wealth fund.The minister also gave updates on the planned Floating Storage Regasification Unit project, which will reportedly be at three locations along the Lebanese coastline, by saying that they are in the pre-qualification process at the moment and that companies have submitted their expressions of interest and their prequalification files.

“We have received offers from the biggest companies in the world,” Abi Khalil said.

“I reckon we will have a sufficient number of offers hence, we will be issuing the request for proposals shortly and we expect the companies to reply positively to our request for proposal and hopefully in the coming few months we can have a winning bidder and we will give them the notice to proceed and to start building the FSRUs in order for us to be able to import LNG.”

The minister added that as a result, he expects the electricity production cost to fall by around 40 percent.

On the onshore exploration front, the minister said that the onshore law is being debated at the Parliament and that a subcommittee from the energy committee is studying the onshore law and hopes it will be finalized quickly to be passed to the general assembly for voting.

Source:http://www.libc.net/2018/03/29/lebanon-anticipates-economic-revival/

April 3, 2018

Iran mineral output tops 250 million tonne

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 a 17.93% rise to 29.95 million tonnes year-on-year.

Iran is home to 68 types of minerals with over 37 billion tonne of proven and 57 billion tonne of potential reserves, including large deposits of coal, iron ore, copper, lead, zinc, chromium, uranium and gold.

Iron ore concentrate had the biggest share in Iran’s mineral production during the period under review with 27.9 million tonne, registering a 17% growth YOY. Gologhar Mining and Industrial Complex accounted for 10.31 million tonne of the total output, followed by Chadormalu Mining and Industrial Complex with 6.32 million tonne, Iran Central Iron Ore Company with 3.7 tonne, Goharzamin Iron Ore Company with 3.03 million tonne, Middle East Mines and Mining Industries Development Holding Company with 2.89 million tonne and Opal Parsian Sangan with 1.64 million tonne.

Production of granulated iron stood at 4.61 million tonne, up 2% YOY.

Pellet had the second largest share with a total output of 23.62 million tonne, up 26% YOY. Golgohar was the largest producer with 8.18 million tonne, followed by Mobarakeh Steel Company with 5.68 million tonne, Khouzestan Steel Company with 4.83 million tonne, Chadormalu with 2.57 million tonne and MIDHCO with 2.35 million tonne.

Direct-reduced iron came next with the production of 14.32 million tonne, up 15% YOY. Mobarakeh had the lion’s share with 5.56 million tonne, followed by KSC with 3.09 million tonne, Hormozgan Steel Company with 1.15 million tonne, South Kaveh Steel Company with 1.13 million tonne, Saba Steel Complex with 824,318 tonne, Khorasan Steel Company with 891,855 tonne, Ghadir Iron and Steel Company with 630,369 tonne, MIDHCO with 618,621 tonne, Sefid Dasht Steel Complex with 295,950 tonne and Esfahan Steel Company with 105,106 tonne.

https://steelguru.com/mining/iran-mineral-output-tops-250-million-tonne/499932

March 20, 2018

Saudi Arabia Steel Pipes and Rebars Market 2017-2021 – Slow Infrastructure Growth to Hit Steel Demand in Saudi Arabia

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 & Gas Projects is Likely to Drive Demand” provides a comprehensive analysis of steel pipes and rebars in Saudi Arabia.

The report focuses on overall market size for steel pipes and rebars sold in Saudi Arabia, market segmentation of steel pipes by type of steel pipes (seamless, ERW, SAW and LSAW), by sectoral demand (oil and gas, construction and agriculture), by sectoral demand for seamless pipes (oil and gas and construction), by sectoral demand for LSAW pipes (hydrocarbon sector and structural and other demand), by type of LSAW pipes (sour pipes and non-sour pipes), by sectoral demand for ERW pipes (oil and gas and others), by diameter of LSAW pipes (24.0-30.0 inches, 48.0 inches and others) and by grade of LSAW pipes (X60 and X65 and B class pipes); market segmentation of steel rebars by sectoral demand (oil and gas, construction, manufacturing and others), by regional demand (Riyadh, Dammam, Jeddah and others) and by finishing type (fabricated rebars, epoxy coated rebars and black rebars).

The report also covers company profile of major players, competition scenario; import scenario for steel rebars; decision making process, government regulations; growth drivers and trends and issues and challenges. The report concludes with SWOT analysis and market projection for future highlighting the major opportunities and cautions.

Market Dynamics

Growth Drivers and Trends in Saudi Arabia Steel Pipes and Rebars Market

Increase in Large Scale Interregional Oil and Gas Projects
Growing Drilling Activity Fuels Demand for Steel Pipes
Increasing Usage of Seamless Pipes and Tubes
Tremendous Growth in Steel Consumption
Issues and Challenges in Saudi Arabia Steel Pipes and Rebars Market

Growing Competition from Imports: Chinese Manufacturing
Fluctuating Steel Prices in Saudi Arabia
Industrial Environment and Sustainable Development Framework
Slow Infrastructure Growth to Hit Steel Demand in Saudi Arabia
Oil Price War
Key Topics Covered:

1. Executive Summary

2. Research Methodology

3. Saudi Arabia Steel Pipes and Rebars Market Overview and Genesis

4. Value Chain Analysis of Saudi Arabia Steel Pipes and Rebars Market

5. Saudi Arabia Steel Pipes Market

6. Saudi Arabia Steel Rebars Market

7. Decision Making Process adopted by Customers before purchasing Steel Pipes and Rebars in Saudi Arabia

8. Profiling of Major Steel Pipes and Rebars Customer in Saudi Arabia: Saudi Aramco

9. Growth Drivers and Trends in Saudi Arabia Steel Pipes and Rebars Market

10. Issues and Challenges in Saudi Arabia Steel Pipes and Rebars Market

11. Government Regulations in Saudi Arabia Steel Pipes and Rebars Market

12. SWOT Analysis in Saudi Arabia Steel Pipes and Rebars Market

13. Future Outlook for Saudi Arabia Steel Pipes and Rebars Market

14. Analyst Recommendations

15. Macroeconomic Factors affecting Saudi Steel Pipes and Rebars Market

Companies Mentioned

Al-Ittefaq Steel Products Co.
Arabian Pipes Co.
Arcelor Mittal
Atteih Steel Co. Ltd
Global Pipe Co.
National Pipe Co. Ltd
Rajhi Steel Industries
Saudi Steel Pipe Co.
Welspun Corp Ltd
For more information about this report visit https://www.researchandmarkets.com/research/42k44p/saudi_arabia

Media Contact:

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com

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Source:
https://www.prnewswire.com/news-releases/saudi-arabia-steel-pipes-and-rebars-market-2017-2021—slow-infrastructure-growth-to-hit-steel-demand-in-saudi-arabia-300565319.html