Archives of “persian gulf” Tag

Iran, 6 powers to hold comprehensive meeting at 0800 GMT.( 13 :30 IST )

Fars news agency, via Reuters, reports:

 Iran, six powers to hold comprehensive meeting at 0800 GMT at UN headquarters

Fars is an Iran news agency

Just the headline at this stage.

Oil prices have been dribbling lower all morning:


Major Support at $ 51.23

Break below this level and closes for 3 consecutive days we see Panic upto $ 47.45—-46.19 level.

Female beggar stayed in 5-star Dubai hotel

The anti-begging campaign by Dubai Police, which began on June 7, has exposed a new category of beggars, who stay in 5-star hotels in Dubai and enter the country on business visas, according to a report in ‘Emarat Al Youm’.

Dubai Police arrested 70 such beggars, said Colonel Mohammed Rashid Al Muhairi, Director, Tourism Security, CID.

They stand before mosques, malls and roam the streets in poor clothes, but otherwise dress according to their station.

Recalling an incident, Lieutenant Colonel Ali Salem, Director, Infiltrators and Illegal Department, CID, Dubai Police, said when cops nabbed an Arab woman she pleaded with officials not to arrest her as she is a mother of four kids and they are all alone. Police discovered the kids aged between three and nine years in a 5-star hotel.

She had entered the country on a business visa and paid hotel charges on a daily basis. Police seized Dhs13,000 from her. She claimed that her husband was suffering from some hardships and so she had come to beg and earn.

The woman has been referred to Public Prosecution.

Iranian boats fire shots at Singapore-flagged vessel in Gulf

Five Iranian boats fired shots across the bow of a Singapore-flagged cargo vessel in the international waters of the Gulf on Thursday, CNN reported, citing a U.S. official.

It was unclear if the shots hit the vessel, CNN said. After the shots, the cargo vessel turned to the national waters of the United Arab Emirates, where that country protected it using its coast guard, CNN also said.

There were no U.S. personnel on the vessel, according to CNN. Reuters could not immediately confirm the report, and representatives for the Pentagon could not be immediately reached for comment.

The shots at the Singapore-flagged vessel were fired as U.S. President Barack Obama and leaders from Gulf nations were set to meet at Camp David in a rare, high-profile summit on U.S. efforts to broker a nuclear deal with Iran. The United States and five other world powers are in talks with Tehran to curb its atomic program.

Iran, currently in a standoff with a Saudi Arabia-led coalition over security inspections of its own cargo ship, last month intercepted a Marshall Islands-flagged vessel in the Strait of Hormuz. It forced that ship into Iranian territorial waters by firing shots across its bow.

Dubai home price decline worsens

A decline in Dubai residential property prices is steepening as foreign interest dries up, according to new research.

The emirate’s yo-yoing real estate market, which collapsed by two-thirds in 2008, recovered strongly after the Arab spring unrest of 2011 drove demand for housing in the region’s business haven.

Apartment sale prices decreased 3.7 per cent, while villas fell by 3 per cent in the first six weeks of 2015, when compared to the last quarter of 2014, according to Phidar Advisory, a real estate consultancy.

It said: 

Dubai residential demand is teetering.

The consultancy added:

Price decline is gradually accelerating

Phidar, which tracks a portfolio of flats and houses across Dubai, said apartment values are down by one per cent and villas are down 8 per cent compared to the first quarter in 2014.

Read More  

Iran Sinks USS Nimitz Life-Size Model in Strait of Hormuz Naval Exercise

Iran’s Revolutionary Guards launched cruise missiles at a life-size copy of the US Nimitz aircraft carrier as they started naval exercises in the Strait of Hormuz, the country’s Tasnim New Agency announced.

The aircraft carrier model was sunk with four life-size Nasr cruise missiles, which have an operational range of 35 kilometers and a 150 kilogram  armor-piercing high-explosive warhead.

In addition, the Revolutionary Guards launched Khalij Fars (Persian Gulf) ballistic missiles from a coastal port. The missiles have a range of 300 kilometers and can reach mach 3 speeds (at least 1020 meters per second).

The drills, dubbed Great Prophet Nine, take place in the Strait of Hormuz, a 39 kilometer-wide waterway which is the sole entrance to the Persian Gulf.

 Iran’s state television said that the war games’ goal is to “demonstrate the power” of the Iranian Navy in protecting the country’s interests in the Persian Gulf.

Dubai Unveils Balanced Budget for 2015

Dubai’s government is expecting to run a balanced budget in 2015, even as it increases spending by 9% compared with a year earlier, an official statement said.

The no-deficit budget would be Dubai’s first in the six years since the global financial crisis. It reflects strong local economic growth coupled with a boost in expected revenues from taxes and real-estate transaction fees, according to a statement on Saturday carried by the official WAM news agency.

A semiautonomous member of the United Arab Emirates, Dubai’s rise in fortunes comes as the Persian Gulf business hub enjoys an economic resurgence. Real-estate prices have registered double-digit rises in the past two years after plummeting in the aftermath of the crisis in 2009, although the pace of growth has slowed in recent quarters.

Trade and tourism have also provided a lift for Dubai, which unlike its neighbors doesn’t have large oil and gas reserves. The local economy was on track to grow by more than 5% in 2014, according to a forecast by the Institute of International Finance last year.

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Dubai to build world’s biggest mall,Construction of an 8 million square foot

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.

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Dubai Wants Drone Mailmen Within A Year

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

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


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


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


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


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


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


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


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


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