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April 16, 2019

Iran, Iraq agree on Development of Joint Oilfields

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 massive potentialities for expanding Iran-Iraq cooperation in oil, gas, refining and petrochemicals grounds, and Iran is ready to offer its capabilities to the Iraqi oil industry.”

He added that Thamer al-Ghadhban, Iraqi minister of oil, during a visit to EIED, learned about the capacities of the company, and it was decided that a joint partnership be established between OIEC and a similar company in Iraq in order to develop joint capacity utilization.”

The official further said that Iran had a lot of potentialities in the oil, gas, refining and petrochemicals sectors, adding: “Given the lack of development in the petrochemicals and gas industries in Iraq, there is a bright perspective for cooperation between the two countries.”

He also said that Iran’s gas dues from Iraq stood at a billion dollars already.

Iran the only exporter of natural gas to neighboring Iraq, both members of the Organization of the Petroleum Exporting Countries (OPEC).

Source:http://www.iraq-businessnews.com/2019/04/10/iran-iraq-agree-on-development-of-joint-oilfields/

April 16, 2019

Iraq, Jordan consider Joint Industrial Zone

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 King Abdullah II to increase cooperation and integration between the two countries.

Hayali conveyed the greetings of Iraqi Prime Minister, Haider al-Abadi, to the prime minister as well as his keenness to cooperate in all civil and military fields.

He pointed to the importance of the agreement signed yesterday between the two countries on military and security cooperation, exchange of expertise and information in the field of border protection, capacity development, and combating terrorism.

The meeting also dealt with the Turaibeel border crossing and the need to focus on promoting trade and investment exchange and establishing a joint industrial zone near the border between the two countries.

Source:http://www.iraq-businessnews.com/2018/08/14/iraq-jordan-consider-joint-industrial-zone/

April 5, 2019

How Dubai’s big names dominated property sales in early 2019

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 between Emaar and Meraas – sold 601 homes (10 percent), compared to Nakheel’s 359 homes (6 percent).

Property Finder said the three companies are among the few developers to launch off-plan projects in the last few months, with most developers in Dubai focused on clearing their existing inventory.

Positive residential sales were also recorded by Damac Properties, Dubai Holding, Seven Tides International, Azizi Developments and Danube Properties, the data shows.

In terms of value, Emaar secured deals worth AED 3.56 billion, compared to AED 1.08 billion for Dubai Hills Estate and AED 664 million for Dubai Holding.

“In Dubai last year, we saw a number of long-time renters who converted to homeowners, in part due to attractive prices and payment plans in newly handed over projects,” said Lynette Abad, Property Finder’s director of data and research.

“The combined effect is a healthy trend where off-plan investors are profiting from affordable housing and the number of homeowners is also increasing,” she added.

In terms of off-plan sales, Emaar sold 1,043 homes (34 percent) compared to 539 homes (18 percent) for Dubai Hills Estate and 163 (5 percent) for Dubai Holding.

“Emaar share value has risen by 13% since the beginning of the year as they have taken over 49% of the market share in the first two months of 2019,” Lynnette added.

In terms of the value of off-plan sales, Emaar sold properties worth AED 2.45 billion, or 49 percent, compared to just AED 688,200 (14 percent) for Dubai Hills Estate and AED 308,242 (6 percent) for Dubai Holding.

Source:https://www.arabianbusiness.com/news/416999-dubais-master-developers-dominate-property-sales-in-jan-feb

April 5, 2019

Djibouti ordered to pay DP World JV over $385m in port dispute

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 DCT $385 million plus interest for breach of its exclusivity by development of container facilities at Doraleh Multipurpose Terminal, with further damages possible if Djibouti develops a planned Doraleh International Container Terminal with any other operator without the consent of DP World.

The tribunal has found that by developing new container port opportunities with China Merchants Holdings International Co Limited, a Hong-Kong based port operator, Djibouti has breached DCT’s rights under its 2006 concession agreement to develop a container terminal at Doraleh.

It added: “In respect of the development of the Djibouti Multipurpose Port facility, the facts are clear. At no stage before the decision was made to go ahead with that facility with China Merchants did… Djibouti… offer… DCT… the right to develop the proposed container facilities at the DMP.

“Djibouti was therefore in breach of clause 3.6.3 of the Concession Agreement”. China Merchants also operates a $3.5 billion free trade zone it developed pursuant to an agreement with Djibouti, in contravention of DP World’s exclusive right to develop and operate such a free zone under its own concession, which is the subject of other litigation proceedings.”

The tribunal also ordered Djibouti to pay DCT $148 million for historic non-payment of royalties for container traffic not transferred to DCT once it became operational. Djibouti is also ordered to pay DCT’s legal costs.

This is the fifth substantial ruling in DCT and DP World’s favour on disputes relating to the Doraleh terminal.

DCT and DP World said they continue to seek to uphold their legal rights, following Djibouti’s unlawful efforts to expel DP World from Djibouti and transfer the port operation to Chinese interests.

Litigation against China Merchants also continues before the Hong Kong courts.

In February 2018, the Djibouti government cancelled DP World’s contract, signed in 2006, to run the Doraleh Container Terminal. DP World claimed this attempted renationalisation was illegal and began court proceedings, resulting in the the latest ruling.

Source:https://www.arabianbusiness.com/transport/417141-djibouti-ordered-to-pay-dp-world-jv-over-385m-over-port-dispute

April 5, 2019

Dubai retailer Union Coop plans to double online sales in 2019

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 from its web store and online partners, up from 22,357 in 2018.

Khalid Humaid Bin Diban Al Falasi, CEO of Union Coop, said: “Our web store crossed AED5 million in sales by February and at the same rate we are looking forward to a figure of AED30 million in sales by 2019-end, nearly twice compared to the AED15.8 million sales of 2018.

“Today, the web store offers premier facilities like same day or next day delivery for fresh and frozen groceries all over Dubai.”

As part of a major push online, Falazi said Union Coop is deploying cutting-edge technology in its web store to offer a next-generation shopping experience to consumers and is collaborating with renowned digital channels and marketplaces such as Souq.com, Elgrocer.com, Instashop.ae, Dukkaani and Noon.com.

He added that the company also plans to expand its home delivery service this year to reach Abu Dhabi and Ras Al Khaimah.

“One can expect more changes and updates in the future to the web store as we have to keep up with the changing technology to make the customer experience even better,” he said.

As well as its online presence, Union Coop also recently announced plans to nearly triple its portfolio to 6.26 million sq ft by 2022 as it predicts an 84 percent jump in revenue.

Union Coop, which began its journey with Satwa branch, now has 15 branches and two malls, and 16 future projects in the five-year forecast.

Source:https://www.arabianbusiness.com/retail/416204-dubai-retailer-union-coop-plans-to-double-online-sales-in-2019

April 5, 2019

New Abu Dhabi entertainment hub set for 2020 completion

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 will offer waterside eateries, cinema, the Middle East’s largest aquarium, marina, a wellness hub and outdoor skatepark, is being developed as part of a public-private partnership between BII and Abu Dhabi Municipality.

Al Qana is located on the historic natural Khor Al Maqta, the waterway bordering the mainland close to the Sheikh Zayed Grand Mosque and will dedicate over 50 percent of the leasable area being assigned to entertainment.

To underline this, Al Qana has brought on board a key partner, The National Aquarium of Abu Dhabi, which will be the largest of its kind in the Middle East.

Moataz Mashal, managing director of BII, said in a statement: “In line with the capital’s vision for 2030, this new landmark destination will play a key role in supporting the government to realise its vision of enhancing Abu Dhabi’s status as one the world’s most popular destinations for business, leisure, lifestyle and entertainment.

“Al Qana will offer a new lifestyle for residents through exciting dining destinations and convenient facilities, whilst also being an attractive place for tourists to visit, in close proximity to many of the most famous landmarks in the capital.”

Stuart Gissing, general manager of Al Qana, added: “Since the launch of the project, our team of experts have been working closely with the authorities and our partners to ensure a unique, vibrant mix of complementary commercial services and facilities that bolster the value to investors, tenants and customers.

“We have been looking for the best experts in their fields and made key hires as we remain committed to create a quality multi-excitement destination that will keep pace with ever growing need to offer entertainment and memorable experiences at every level, with the requirements of visitors, whilst also reflecting Abu Dhabi’s multicultural society.”

Al Qana is the first build-operate-transfer model implemented by the Abu Dhabi Municipality. International Construction Contracting Company is the lead contractor of the project.

Source:https://www.arabianbusiness.com/construction/416874-new-abu-dhabi-entertainment-hub-set-for-end-2020-completion