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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 ceiling set on the contract between the two neighbors.

He noted that the exports will be rising as the hot season is looming with a surge in Iraq’s electricity consumption, adding that the daily export is expected to hit 40 million cubic meters.

Baghdad and Basra are the main export destinations of Iranian natural gas, the official added.

On a gas deal with Turkey, Montazer Torbati said Tehran and Ankara are planned to enter negotiations to extend the gas export contract during the last five years of the deal, adding that serious talks to renew the contract will kick off next year.

In June 2017, Iran started to export natural gas to Iraq after years of negotiations and settlement of financial problems.

Tehran and Baghdad had signed a deal on the exports of natural gas from the giant South Pars Gas Field in 2013.

Under the deal, the Iranian gas is delivered to Sadr, Baghdad and al-Mansouryah power plants in Iraq through a 270-kilometer pipeline.

Last month, Iraq’s Ministry of Electricity said the Arab country’s gas imports from Iran are planned to rise by 13 percent by January 2020.

Source:http://www.iran-bn.com/2019/05/17/iran-boosting-gas-exports-to-iraq/

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 Iran’s measures” under the JCPOA.

“I am worried about increasing tensions over the Iranian nuclear issue,” he said. “As I have constantly emphasised, the nuclear-related commitments entered into by Iran under the JCPOA represent a significant gain for nuclear verification. I therefore hope that ways can be found to reduce current tensions through dialogue. It is essential that Iran fully implements its nuclear-related commitments under the JCPOA.”

Since January 2016, the IAEA has been verifying and monitoring Iran’s implementation of its nuclear-related commitments under the JCPOA.

“The Agency continues to verify the non-diversion of nuclear material declared by Iran under its Safeguards Agreement. Evaluations regarding the absence of undeclared nuclear material and activities in Iran continue,” Mr Amano told the 35-member Board, which is holding its regular, quarterly session this week.

Technical cooperation

Mr Amano informed the Board about the Agency’s continued efforts to build and strengthen partnerships and to increase the visibility of the IAEA technical cooperation programme.

“We highlighted the contributions of nuclear science and technology to the Sustainable Development Goals at two important events – the United Nations High-level Political Forum on Sustainable Development, and the International Conference on Public–Private Partnerships for the Implementation of the 2030 Agenda for Sustainable Development,” he said.

Mr Amano reported on his recent visit to Cuba to attend the 35th anniversary of ARCAL, the Regional Cooperation Agreement for the Promotion of Nuclear Science and Technology in Latin America and the Caribbean. “Working closely with the Agency, ARCAL has become an excellent example of south-south cooperation, with more advanced users of nuclear technology sharing their expertise with their neighbours.”

Mr Amano reminded the Board of the importance of maintaining Member States’ contributions to the technical cooperation programme at “a level that ensures the Agency can meet the growing demands for our services.”

Noting that cancer remains a key focus of the IAEA’s work, Mr Amano provided an overview of the Agency’s work in this area. Support to many developing countries has included establishing and strengthening radiotherapy and nuclear medicine services and training specialists, including radiation oncologists and medical physicists, he said.

Cancer will be the subject of the 2019 IAEA Scientific Forum in September.

Nuclear applications

Mr Amano informed the Board about the recent inauguration of a new linear accelerator facility at the IAEA’s Dosimetry Laboratory in Seibersdorf, Austria, which has equipped the Agency to provide expanded dosimetry services and training to Member States. Read this article for more details on the opening of the facility.

Updating the Board on the IAEA’s efforts to modernize its nuclear applications laboratories, he said: “I am grateful that Member States made available the 3.75 million Euros that we requested to equip and bring the two new laboratory facilities into full operation. Work is on track for all new facilities to come into operation over the next 10 months.”

Mr Amano said that VETLAB, the Veterinary Laboratory Network established by the IAEA in collaboration with the Food and Agriculture Organization of the United Nations (FAO), is working to help Mozambique to prepare for a possible outbreak of animal or zoonotic diseases after the country was hit by two major tropical cyclones this year, in which more than 300,000 farm animals were killed and another six million were put at risk.

Nuclear safety and security

Mr Amano said preparations were underway for the next IAEA Ministerial Conference on nuclear security in 2020. “I hope that the Ministerial Conference will consolidate the achievements of the Agency in nuclear security in the past decade and help to shape our approach in the coming years.”

Nuclear energy

Turning to nuclear energy, Mr Amano informed the Board that next month the IAEA will launch a new initiative to assess the status of current and planned decommissioning projects throughout the world. “The aim is to identify possible cooperation opportunities among Member States,” he said.

The IAEA International Conference on Climate Change and the role of Nuclear Power in October this year will highlight “the many ways in which nuclear technology can offer proven solutions to some of today’s most pressing climate-related challenges,” the Director General added.

Nuclear verification

Mr Amano informed the Board that, using open source information and satellite imagery, the IAEA continues to monitor the nuclear programme of North Korea, also known as the Democratic People’s Republic of Korea (DPRK). “We remain ready to play an essential role in verifying the DPRK’s nuclear programme if a political agreement is reached among countries concerned.”

Mr Amano called upon North Korea “to comply fully with its obligations under Security Council resolutions, to cooperate promptly with the Agency, and to resolve all outstanding issues, including those that have arisen during the absence of Agency inspectors from the country.”

Source:http://www.iran-bn.com/2019/06/11/iaea-important-for-iran-to-implement-jcpoa/

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 cloud systems.

“Based on our evaluation of their capability as a supplier and their fulfilment of our criteria, Dubai Airports partnered with Huawei for a modular data centre project to boost reliability and operational reliance,” the spokesperson told Arabian Business.

The spokesperson added that “the facility was delivered on time and to specification and we have been pleased with the outcome and the professionalism of all parties involved.”

Earlier this week, Eman Liu, the president of Huawei’s global transportation unit, said the company’s aviation business has so far been untouched by the American blacklisting.

“Until now, there is no effect,” he said at the International Air Transport Association (IATA) conference in South Korea.

According to Liu, the company’s customers present at the event pledged to “keep cooperating” despite US pressure.

“Because this trust is not one day trust,” he added. “It’s a long-term trust for the past 15 years, even 30 years.”

Around the world, a number of countries have also blocked Huawei from working on their mobile network, and a number of prominent firms have stepped back from the company.

“We cannot change the situation right now because we are businessmen,” he said. “But we hope the United States can change their way.”

Source:https://www.arabianbusiness.com/transport/421749-dubai-airports-pleased-with-huawei-amid-us-blacklist

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 reportedly contributed to the latest increase, with growth expected to continue over the coming year, while business optimism was only fractionally weaker than the previous month’s record high.

The rate of growth in new business in the sector also quickened at a near-record pace. As well as improving underlying demand, price discounting helped secure new orders. New export orders, meanwhile, rose at the fastest pace in the near ten-year survey history, with new business from Saudi Arabia and Oman mentioned.

Price discounting was reflected in an eighth consecutive monthly reduction in output prices as companies were able to lower charges due to muted cost inflation. While overall input prices rose only marginally in May, and at the slowest pace in nine months.

Increased purchasing activity
Higher new orders led companies to increase their purchasing activity, which rose at a survey-record pace. And positive expectations regarding future workloads encouraged stock building midway through the second quarter. Inventories of purchases rose to the greatest extent since March 2018.

However, while both new orders and business activity increased at substantial rates in May, this was not reflected in employment rats, which were “broadly unchanged” during the month, with staffing levels remaining stable.

Khatija Haque, Head of MENA Research at Emirates NBD, sounded a word of caution. She said: “While the rise in the headline PMI indicates faster GDP growth in the UAE’s non-oil private sector, the environment remains a challenging one for businesses.

“The strong rise in both output and new orders last month was on the back of continued price discounting by firms as well as stronger growth in export orders. Moreover, when the headline PMI was last at a similar level (in October 2014 and January 2015) the survey showed solid growth in private sector jobs, which is not the case this time.

“The employment index in May 2019 was only fractionally above the “no-change” level and wages were stagnant as well, so the sharp rise in the volume of business activity is not yet benefitting households.”

Source:https://www.arabianbusiness.com/politics-economics/421750-business-sentiment-in-uae-at-near-record-high

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. This is following the slipping of growth for a second year running to 5.5% in fiscal year (FY) 2018 on slower hydropower construction and temporary decline in electric power production.

“The expected commissioning of the Mangdechhu hydropower plant, strengthening of private spending, and increased government spending following the formation of a new government to implement the Twelfth Five-Year Plan will greatly contribute to growth,” said ADB Country Director for Bhutan Ms. Kanokpan Lao-Araya. “Inflationary pressure is anticipated following the recent announcement of expected pay rise of the public servants in Bhutan. A downside risk to growth forecasts would be any further delay in commissioning or lower-than-expected production capacity of the Mangdechhu hydropower plant.”

Inflation is expected to rise moderately from 3.6% in FY2018 to 3.8% in FY2019 before edging up to 4.0% in FY2020 as initial benefits from India’s goods and service tax (GST) taper and Indian inflation trends higher. Lower international oil price forecasts will help keep inflation at bay, but the planned revisions to civil service salaries and minimum wage might push up inflation, once implemented.

Current account deficit will continue to narrow further to a forecast of 16.9% of gross domestic product in FY2019, mainly on declining imports with the slowing of hydropower construction and a 6-month hiatus in capital expenditure as the country transitioned to a new administration. It is expected to shrink further in FY2020, as higher imports because of the picking up of government investment is offset by high export revenue from the full-year operation of the Mangdechhu hydropower plant.

Strengthening domestic resources toward better funding of development remains a challenge. With the expected graduation of Bhutan from the United Nations’ least developed country status in 2023, access to concessional official development assistance will increasingly be limited. Reforms have been undertaken to strengthen the mobilization of revenues to fund development. These include the creation of a stabilization fund to ensure even distribution of expenditure, a GST regime which is planned to be adopted in 2020, and reforms on provision of fiscal incentives. Fiscal incentives have been costly for the government with forgone revenue amounting to 17% of tax collected in 2017 only. Reduction of fiscal incentives, particularly tax reforms could be explored to raise government revenues, discourage the entry of footloose opportunists, while not deterring investors who see solid business opportunities in the country. Further, Bhutan needs to simplify the provision and administration of incentives without compromising the level of investment. As a complement to revenue reforms, public financial management needs further strengthening to ensure the proper collection and administration of revenue.

ADB has been supporting Bhutan since 1982, with strong emphasis on renewable energy production, transport connectivity, and key urban infrastructure projects. ADB has committed loans totaling $534.06 million, grants worth $269.22 million, and technical assistance amounting to $53.75 million for Bhutan. In 2018, it approved four projects, including two grant projects focusing on human resource development, particularly on skills and health development. Overall assistance aims to help generate revenue, support inclusive growth, and promote environmental sustainability.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion. Established in 1966, it is owned by 68 members—49 from the region.

Source:https://www.adb.org/news/bhutans-economy-moderately-grow-2019-and-2020-strong-hydropower-and-tourism-outlooks-adb

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 a day (at purchasing power parity).

Access to basic services such as health, education and asset ownership has also improved significantly.

The country has a total of 32 hospitals and 208 basic health units, with each district hospital including almost always three doctors.

The current national literacy rate is 71 percent and the youth literacy rate is 93 percent.

The recent statistics on lending, inflation, exchange rates and international reserves (Sources: RMA, NSB) confirm that Bhutan maintained robust growth and macroeconomic stability in the first half of 2018.

Gross foreign reserves have been increasing since 2012 when the country experienced an Indian rupee shortage.

Reserves exceeded $1.1 billion, equivalent to 11 months of imports of goods and services, which makes the country more resilient to potential shocks.

The nominal exchange rate has been depreciating since early 2018 (with ngultrum reaching Nu. 73 against the US dollar in early November).

However, since the Bhutanese ngultrum is fully pegged to the Indian rupee, the depreciation is mainly due to the depreciation of the Indian rupee.

And since India accounts for more than 80 percent of the country’s international trade, the price developments of these countries are parallel.

Therefore, the real effective exchange rate has been stable. External debt remained high but had not increased significantly. The 2018 World Bank-IMF Joint Debt Sustainability Analysis concluded that the risk of debt distress was moderate.

On the downside, the Bhutanese economy faces a few risks such as further delays in hydropower construction, scarce donor financing, policy uncertainty, and adverse weather events.

To manage these risks, accelerating the reform momentum after the 2018 elections is key to consolidating and furthering Bhutan’s development.

This is the main message of the recently launched Bhutan Development Update November 2018

The first tasks of the new government are to revise the FY2018/19 budget (an interim budget is currently in place) and endorse the 12th Five-Year Plan (FYP).

Our baseline scenario – in other words, without the materialization of the downside risks – is that the economy would grow 6 percent a year over the medium term, almost the same as the annual average growth rate in the past five years.

The ongoing hydropower projects and the services sector, especially tourism, are likely to support growth.

With the completion of one of the major hydropower projects in late 2018, exports are expected to increase in the next fiscal year, while imports are expected to ease decline due to lower capital goods imports for hydropower projects, as well as overall lower public investment, thus contributing to narrowing the current account deficit.

In addition, external debt as a share of to GDP is also expected to decline, due to elevated repayments and faster GDP growth.

However, as the hydropower projects contribute little to job creation, the direct impact of growth on poverty reduction is expected to be modest.

Due to low-productivity growth in agricultural activities (which still accounts for nearly 60 percent of employment) and the limited private sector development, the transition out of farming into more productive jobs will likely happen at a slow pace.

Source:https://blogs.worldbank.org/endpovertyinsouthasia/update-bhutan-s-economy

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 two Steigenberger and five IntercityHotel hotels.

Part of its UAE growth plans includes the introduction of a new hotel brand to the region, as the group gets set to launch the first Jaz in the City hotel in Deira, Dubai in 2022.

Serving as a home away from home for music-aficionados of all genres, Jaz in the City places music in the spotlight through DJ sets and live acts, all-day play lists and Jaz Radio Stream.

Jaz in the City Dubai will be located within the Deira Enrichment Project under development by Ithra Dubai, a fully owned subsidiary of Investment Corporation of Dubai (ICD).

It will comprise 253 guest rooms and encompass a range of F&B offerings, meeting rooms and a dedicated well-being area.

Deutsche Hospitality has also announced a complete relaunch of its luxury brand, Steigenberger Hotels & Resorts.

Globally, the hospitality group’s annual growth target is to double the number of hotels to 250 by 2024. The group is aiming to add 100 new properties to its portfolio within the next five years, specifically in the Middle East and Europe.

Deutsche Hospitality’s portfolio currently consists of 150 properties across its Steigenberger Hotels & Resorts, MAXX by Steigenberger, Jaz in the City, IntercityHotel and Zleep Hotels brands.

Source:https://www.arabianbusiness.com/travel-hospitality/419107-germany-hotel-firm-plans-expansion-into-uae-oman-saudi-arabi

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 the same month last year and a 5.3 percent increase in demand.

The figures also revealed that occupancy rose by 0.7 percent to 80.4 percent last month compared to April 2018.

They also showed that average daily rates (ADR) in Abu Dhabi increased by 2.8 percent to AED440.01 and revenue per available room (RevPAR) rose by 3.4 percent to AED353.98.

STR said in a statement: “The absolute occupancy level was the highest for any April in STR’s Abu Dhabi database… performance levels were pushed by events such as Culture Summit Abu Dhabi and the Retail Abu Dhabi Spring Sales.”

Last week, figures published by the Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi) said total hotel revenues in UAE capital increased by more than 16 percent in the first quarter of 2019, supported by a number of high-profile events.

It revealed that events such as the AFC Asian Cup, IDEX exhibition, Special Olympics World Games, and the Retail Abu Dhabi (RAD) shopping festival boosted total revenues, which increased by 16.1 percent.

DCT Abu Dhabi said revenues were driven by a boost in average room revenue (ARR), which increased by almost 15 percent coupled with an occupancy rate of 79 percent.

Hotels also saw room revenue increased by 24.5 percent, while F&B revenues increased by 10.4 percent, it added.

Source:https://www.arabianbusiness.com/travel-hospitality/419995-abu-dhabi-hotels-set-to-post-highest-april-occupancy-on-record