Posts Tagged: persian gulf

 

Dubai is launching a project to build an entertainment and hotel district that will include the world’s largest shopping mall, the emirate’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, said on Saturday.

Plans for the “Mall of the World” project were originally revealed 18 months ago, helping to trigger a strong rally in Dubai’s real estate and stock markets.

Saturday’s announcement appeared to indicate that substantial work on the project would now begin, though the statement did not say when construction would be completed, how much it would cost or how it would be financed.

“The project will be built in phases in alignment with the gradual growth of family tourism in Dubai,” said Mohammed Abdullah al-Gergawi, chairman of Dubai Holding, which is Sheikh Mohammed’s personal investment vehicle and will develop the project. >> Read More

Dubai Wants Drone Mailmen Within A Year

10 February 2014 - 18:45 pm
 

Dubai Wants Drone Mailmen Within A YearThe United Arab Emirates (UAE) aims to rollout a drone delivery system for mailing government documents within a year, Sky News reports.

 Dubai plans to use miniature unmanned aircraft that would use fingerprint and retina identification to delivery parcels such as identity cards, driving licenses, and other permits in the country.

“The UAE will try to deliver its government services through drones,” cabinet affairs minister Mohammed al Gergawi told Sky News. “This is the first project of its kind in the world.” >> Read More

Dubai wins bid to host 2020 World Expo

28 November 2013 - 5:46 am
 

The United Arab Emirates has won the right to host the 2020 World Expo in Dubai, sparking national jubilation as the business and tourism hub secured a fillip to its recovering economy.

Five years after its damaging economic crisis, Dubai on Wednesday became the first Middle Eastern country to host the expo, fending off competition from Ekaterinburg (Russia), Izmir (Turkey), and São Paulo (Brazil) in the international vote held in Paris.

 Expos, dating back to the great exhibition of 1851 in London, are held every five years and allow nations to create their own pavilions to showcase national development in science and culture.

Dubai, which has been planning its bid since 2009, will build its expo complex near its new airport in the city’s desert outskirts, where the emirate is set to unveil a massive expansion potentially trebling the city’s passenger capacity by 2020.

After the announcement, a fireworks display lit up the world’s tallest tower, the Burj Khalifa in downtown Dubai.

“Expo 2020 will trigger higher levels of tourism, economic and investment activity in the UAE, further boosting the business environment,” said Khalid Howladar, Dubai-based senior credit officer at Moody’s, the rating agency.

Dubai’s damaging real estate crash in 2008 and sovereign debt crisis a year later ended in a $20bn-plus bailout backed by Abu Dhabi, the oil-rich UAE capital. The city is still burdened by an estimated $120bn debt and faces maturity repayments of about $85bn by 2017, according to the IMF. >> Read More

MIDEAST Indices -Today Zoomed

20 October 2013 - 20:24 pm
 

SAUDI ARABIA

* The index climbed 1.9 percent to 8,133 points.

 DUBAI

* The index rose 2.8 percent to 2,910 points.

ABU DHABI

* The index slipped 0.3 percent to 3,830 points.

 EGYPT

* The index rose 1.0 percent to 6,049 points.

 OMAN

* The index gained 0.5 percent to 6,705 points.

 KUWAIT

* The index advanced 1.8 percent to 7,906 points.

 QATAR

* The index edged up 0.3 percent to 9,752 points.

 BAHRAIN

* The index climbed 0.8 percent to 1,204 points.

 

The U.S. has intercepted an order from Iran to militants in Iraq to attack the U.S. Embassy and other American interests in Baghdad in the event of a strike on Syria, officials said, amid an expanding array of reprisal threats across the region.

Military officials have been trying to predict the range of possible responses from Syria, Iran and their allies. U.S. officials said they are on alert for Iran’s fleet of small, fast boats in the Persian Gulf, where American warships are positioned. U.S. officials also fear Hezbollah could attack the U.S. Embassy in Beirut.

While the U.S. has moved military resources in the region for a possible strike, it has other assets in the area that would be ready to respond to any reprisals by Syria, Iran or its allies.

Those deployments include a strike group of the USS Nimitz aircraft carrier and three destroyers in the Red Sea, and an amphibious ship, the USS San Antonio, in the Eastern Mediterranean, which would help with any evacuations. >> Read More

Indian oil tanker detained in Iran

15 August 2013 - 17:42 pm
 

An Indian ship carrying Iraqi crude has been detained by Iran in its territorial waters due to pollution concerns, the head of the refiner buying the oil and India’s shipping directorate said today.

The Desh Shanti was carrying 140,000 tonnes of Basrah crude from Iraq to India, a separate source at buyer Hindustan Petroleum Corp Ltd (HPCL) said.

Iraq was India’s biggest supplier of crude in June, pipping Saudi Arabia for the top slot with exports of 606,000 barrels per day (bpd). Exports from Iran, which used to be India’s second-biggest supplier, have dwindled because of western sanctions.

“It was a Shipping Corp of India (SCI) vessel carrying Iraqi crude for us … it was detained by Iran authorities to check pollution,” HPCL Chairman S. Roy Choudhury told Reuters.

The ship was stopped on Tuesday. >> Read More

 

With Petroleum Minister M Veerappa Moily openly batting for importing oil from sanctions-hit Iran by saying that domestic refiners enjoy greater margins on shipments from there, Government sources have rubbished apprehensions emanating from the Persian Gulf nation that these could be efforts of pressurising it into selling its crude at less than global market price.

 sources told  that there is “absolutely nothing” concrete in fears emanating from Iran that by giving such a statement New Delhi may ask Tehran to sell its oil at cheaper price since that country is hit by sanctions and is not left with much choice.

They added that Iran has been one of the most viable options for oil imports for India and this is the reason why the Government is keen to keep the shipments from the Islamic nation. In fact India has been maintaining the position that the sanctions imposed on Iran by the US and European Union (EU) don’t apply on New Delhi and therefore it won’t be cowed down by the restrictions on that country.

“Our refiners enjoy much better margins as the cost is $2 less and that is why we are seriously engaging with Iran,” Moily had said last Friday. >> Read More

 

An Iranian oil rig that cost $40 million and weighs more than 4 million pounds sank in the Persian Gulf last week, news.com.au reports.  

Workers rushed to get off the rig—which belongs to Iran’s Revolutionary Guard and took 30 months to build—as it disappeared into Iran’s South Pars gas field in about 10 seconds.

Local media reported that none of the workers were injured, according to news.com.au. >> Read More

Iran claims to have seized US drone

04 December 2012 - 21:11 pm
 

Iran claimed on Tuesday that it has captured an unmanned US drone after the aircraft entered Iranian airspace, underscoring the increasing tensions between the two countries.

Rear Admiral Ali Fadavi, commander of the Revolutionary Guards marine forces, told state media on Tuesday that the drone, which was “patrolling Persian Gulf in recent days to conduct reconnaissance operations and collect information was captured and brought down immediately . . . after it had entered Iran’s territory”.

He told the semi-official Fars news agency, which is close to the Revolutionary Guards, that the drone was a ScanEagle, which are usually launched from large warships. Iran’s state television said the US had a “network of drones” in the Gulf region.

A US navy spokesman told the Associated Press that there were no US drones missing in the Middle East. >> Read More

 

Iran has test-fired four missiles in the Persian Gulf, according to an Iranian news agency.

 The report quoted General Ali Fadavi of the Revolutionary Guard as saying the missiles were fired simultaneously at a sea target as large as a warship and sank it within 50 seconds.

Fadavi “stressed Iran’s missile capability, and noted that Iran’s missile systems can reach the entire Persian Gulf coastline and beyond where the US bases are,” according to Fars.

This is an escalation of Iran’s counter drills in the Gulf, held at the same time as international naval exercises.

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