Iranian, Chinese Plastic Industry Groups Sign Deal at Iran Expo 2025
On the sidelines of Iran Expo 2025, the Iranian Masterbatch and Compound Producers Association and the Shenzhen Plastics Association of China signed a memorandum of understanding (MOU) aimed at enhancing cooperation in the plastics industry through experience-sharing, technology exchange, and investment opportunities.
The agreement marks a step forward in fostering international collaboration in the sector. A key component of the MOU is a mutual commitment to exhibition space exchange, which will allow manufacturers from both countries to showcase their products and innovations in each other’s specialized trade fairs. This reciprocal presence is expected to help both sides better understand industrial capabilities and market demands.
Beyond exhibition collaboration, the deal also prioritizes the transfer of technical knowledge and advanced technologies—particularly in the field of engineering plastics. These materials play a crucial role in high-tech industries, and cooperation with Chinese firms could help Iranian manufacturers enhance production quality and competitiveness in global markets.
The agreement also includes provisions for trade delegation visits and efforts to facilitate joint investments. These initiatives are expected to foster direct negotiations, build lasting commercial partnerships, and attract foreign capital and know-how, ultimately driving production growth and job creation in Iran’s plastics industry.
The MOU signals the start of a new chapter in constructive cooperation between the Iranian and Chinese plastics sectors. - Tehran Times
06/05/2025
Turkish Bank Appeals Iran Sanctions Decision to US Supreme Court
Turkey's Halkbank asked the U.S. Supreme Court to review a lower court ruling saying it can be prosecuted for allegedly helping Iran evade American sanctions, a U.S.-based lawyer for the bank said on Monday. The Supreme Court had given Halkbank until Monday to file a petition appealing the October 22, 2024, decision by the 2nd U.S. Circuit Court of Appeals in Manhattan allowing the prosecution.
In a letter to the appeals court, Halkbank's lawyer Robert Cary said the bank has filed the petition. The petition was not available on the Supreme Court's website. Cary did not immediately respond to a request for comment. Halkbank pleaded not guilty to fraud, money laundering and conspiracy charges over its alleged use of money servicers and front companies in Iran, Turkey and the United Arab Emirates to evade sanctions. U.S. prosecutors said Halkbank helped Iran secretly transfer US$20 billion of restricted funds, converted oil revenue into gold and cash to benefit Iranian interests, and documented fake food shipments to justify transfers of oil proceeds.
Brought in 2019, the case has been a thorn in U.S.-Turkey relations, with Turkish President Tayyip Erdogan calling it an "unlawful, ugly" step. The countries' ties have soured in the last decade, amid disagreements on Syria, Ankara's ties with Moscow and other matters. But on Monday, Erdogan and U.S. President Donald Trump each said they had a very productive phone call earlier in the day, and had invited each other to their respective countries. Halkbank's case is making a second trip to the Supreme Court.
In 2023, that court said Congress' desire to shield foreign countries and their instrumentalities from civil liability under the federal Foreign Sovereign Immunities Act of 1976 did not cover criminal cases. But in a 7-2 decision, it said the 2nd Circuit should more fully review whether common law immunity shielded Halkbank, leading to last October's ruling. - Reuters
06/05/2025
Iranian Firm Denies News of Syria Presence
Iran’s largest energy construction company, Mapna Group, has dismissed a recent report by Reuters news agency, which claimed that the company’s presence in Syria in the past decade was in line with an alleged Iranian project to build an economic empire in the Arab country.
Mapna issued a statement on Sunday, without directly mentioning Reuters’ report that was published a day earlier, saying the claims raised in the report were "ambiguous and in some cases incorrect".
The company said that it had finished three phases of a large power plant in Syria’s Latakia and was nearly completing a fourth and final phase when the project was halted due to the fall of the Syrian government in December last year.
It rejected claims that the projects executed by the group in Syria lacked transparency, especially with regard to funding issues, saying that the projects had been based on official contracts signed within the legal frameworks of the two countries.
Mapna said Syria, under its former government, had completely settled the payments owed to Mapna for projects that were completed, adding that partial payments were also made for projects that were being executed before the December events unfolded.
The company also rejected claims that it had used underqualified workers and contractors from both Iran and Syria in its projects in the Arab country, saying its policy was always to hire from the Syrian workforce and to transfer the expertise and technical know-how to the local people.
It said that Mapna had entered the Syrian market in 2008, three years before the war started in the Arab country, adding that projects executed by the group were responsible for more than 50% of Syria’s electricity supply. - Press TV
06/05/2025
150 Foreign Companies to Attend Iran Oil Show 2025
The 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025) will kick off in Tehran on May 8, showcasing Iran’s pivotal role in the global energy supply chain. The event, which runs for four days, will draw participation from over 2,000 domestic and foreign companies, including 150 international firms from 14 countries.
Due to overwhelming demand, the exhibition space has expanded to over 40,000 square meters, with five additional halls added this year. The exhibition, Iran’s largest trade event for the energy sector, focuses on investment opportunities, cutting-edge technologies, and domestic industry capabilities while fostering partnerships with foreign investors.
This year’s theme, “Oil Industry Investment: A Guarantee for Economic Growth and Development,” reflects the sector’s strategic priorities. The event also highlights knowledge-based companies, startups, universities, and tech parks, featuring specialized workshops, seminars, and unveilings of domestically produced equipment.
Key exhibitors will include:
- National Iranian Gas Co. and affiliates in Hall 5
- Industrial equipment manufacturers in Halls 6, A31, and B31
- Rotating machinery and oil industry equipment in Halls 7 and 27
- National Iranian Oil Co. (NIOC) and upstream industries in Halls 8 and 9
- New technology-based firms (NTBFs), universities, and startups in Halls 10 and 11
- Foreign companies and international pavilions in Halls 35 and 38
- National Petrochemical Co. (NPC) and related industries in Hall B38
Other dedicated halls include insulation, coatings, and complementary services (Hall A38); electrical, instrumentation, and refining sectors (Halls 40-41); and process/mechanical equipment (Halls 44-1, 44-2).
A first-of-its-kind AI-powered virtual exhibition allows global remote participation. Alongside the expo, multiple agreements on research, equipment procurement, and technical services will be signed. The event also includes expert panels, conferences, and presentations on oilfield investment opportunities, exploration projects, and optimization initiatives.
Senior oil industry executives will hold press briefings, while media engagement sessions will enhance professional dialogue. The exhibition underscores the synergy between production, technology, investment, and economic diplomacy in Iran’s most strategic sector—a key driver of sustainable development. - Shana
06/05/2025
RIPI to Showcases Technological Achievements at Iran Oil Show 2025
The Research Institute of Petroleum Industry (RIPI), a leading scientific and research center in developing domestic and strategic technologies, will present its latest technological achievements and research capabilities at the 29th International Oil, Gas, Refining & Petrochemical Exhibition (Iran Oil Show 2025).
The exhibition, Iran’s largest specialized oil industry event, will be held from May 8–11, 2025, at the Tehran Permanent International Fairground. Under the slogan “Oil Industry Investment: A Guarantee for Economic Growth and Development,” the exhibition will feature over 2,000 domestic and international companies across 17 specialized halls.
The event provides an opportunity for RIPI to showcase its research projects, localized technological innovations, knowledge-based products, and large-scale research initiatives.
On the sidelines of the exhibition, RIPI will organize technical meetings, B2B negotiations, and the signing of cooperation agreements and technology contracts with domestic and international companies. These efforts align with its strategy to expand technology diplomacy and strengthen global partnerships.
The 29th edition of the exhibition is expected to foster strategic opportunities for deeper collaboration between Iran’s scientific and industrial sectors. RIPI will play a key role in transferring and commercializing innovative technologies.
Visitors can find RIPI’s booth in Halls 10 and 11 (Booth No. 1055) at the Tehran Permanent International Fairground. - Shana
06/05/2025
BNY Gets License for Saudi Regional Headquarters
Bank of New York Mellon has received a license to set up a regional headquarters in Saudi Arabia, it said on Thursday, joining others lured by incentives as the Kingdom seeks to boost its appeal as a financial hub.
Riyadh has been looking to attract more companies to set up their regional headquarters by offering tax breaks as Crown Prince Mohammed bin Salman looks to wean the economy off oil by attracting foreign investment.
Saudi Arabia’s new rules mandate foreign firms to have regional headquarters in the Kingdom before they can access lucrative government contracts.
In May 2024, Goldman Sachs received a license to set up its regional headquarters in Riyadh. US lender Citigroup secured a similar approval late last year.
The Middle East has emerged as a crucial growth market for global banks like BNY, driven by a surge in sovereign wealth fund activity, large-scale infrastructure investments, and deepening capital markets across the GCC.
As regional economies diversify beyond oil and attract foreign capital through reforms and regulatory upgrades, international financial institutions are ramping up their presence to tap into new business opportunities in asset servicing, custody, and advisory.
The new regional headquarters in Riyadh will offer strategic, administrative and corporate support for BNY’s operations across the Middle East, the custodian bank said.
06/05/2025
DCT Abu Dhabi Launches Emirate-Wide Face Recognition System in Hotels
The Department of Culture and Tourism – Abu Dhabi (DCT Abu Dhabi), through its Licensing & Regulatory Compliance Department, is deploying a cutting-edge Face Recognition System to further elevate efficiency and safety across the emirate’s hotels, for both guests and employees.
The initiative aligns with Abu Dhabi’s number one ranking globally in safety and security, holding the title of World’s Safest City in Numbeo’s Safety Index for nine consecutive years.
Unveiled during the Arabian Travel Market in Dubai, the Face Recognition System is designed to enhance guest verification processes, improve the overall guest experience, simplify procedures and significantly reduce check-in time. It has been launched following the signing of a cooperation agreement between DCT Abu Dhabi and the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP).
Saleh Mohamed Al Geziry, Director General for Tourism, DCT Abu Dhabi, said: “The integration of the Face Recognition System underscores our shared commitment to pioneering advancements in smart tourism. This initiative reflects our commitment to leveraging innovation to enhance the guest experience while maintaining the highest standards of safety and security for both guests and hospitality sector employees. By working closely with ICP and our hotel partners and national authorities, we are ensuring a seamless, safer and more connected journey for every visitor.”
This marks the first government-led initiative in Abu Dhabi to introduce face recognition technology in partnership with hotels, highlighting a forward-looking approach to security and hospitality.
The system is now in a pilot phase at a handful of select hotels in the emirate. The first phase of the full rollout will commence across five-star hotels in Abu Dhabi city, the Al Ain Region, and the Al Dhafra Region, followed later by a second phase targeting four-star hotels, with gradual expansion to all remaining hotel categories.
DCT Abu Dhabi is working closely with hotels to ensure a smooth rollout of the system. This includes direct communication, detailed system briefings, and the provision of technical and training support. By streamlining check-in and check-out procedures, the technology also boosts operational efficiency and provides guests with a seamless, tech-enabled experience.
The facial recognition system captures and analyses biometric data during guest check-in. The data is securely encrypted, retrieved from ICP and transmitted to a centralized database managed by DCT Abu Dhabi. In accordance with UAE cybersecurity and data privacy regulations. The data will be used exclusively for enhancing guest safety and streamlining hotel operations, while strictly adhering to legal and ethical standards.
The cooperation agreement between DCT Abu Dhabi and ICP covers several strategic areas aimed at supporting digital transformation in Abu Dhabi’s tourism sector. The agreement involves pilot projects, development of data protection mechanisms, and ensuring system integration between the two parties. The collaboration seeks to promote innovation, improve operational efficiency, and achieve the highest standards of cybersecurity and privacy, contributing to better tourism service quality and supporting the UAE’s digitalisation efforts.
06/05/2025
Oman’s Karwa Motors Eyes Expansion in EVs, New Export Markets
Karwa Motors is exploring opportunities to expand into the electric vehicle (EV) segment and green hydrogen applications in transportation, in collaboration with its international partners, according to the company’s CEO.
In an interview featured in the latest edition of Duqm Economist, a quarterly publication by the Public Authority for Special Economic Zones and Free Zones (OPAZ), Dr Ibrahim bin Ali al Balushi, CEO of Karwa Motors, revealed that the company is moving ahead with ambitious strategic plans for the next five years. These plans aim to strengthen Karwa’s presence in existing markets and facilitate expansion into new ones across the region.
Dr Balushi highlighted that the company is actively exploring EV and green hydrogen applications opportunities through partnerships with international collaborators.
“The demand for electric buses has increased in recent years, and we anticipate further growth as Oman continues to implement its Oman Vision 2040 strategy,” he said. “We are ready to expand in this sector, provided there is substantial market demand.”
He added that Karwa Motors is also targeting new markets and developing advanced transport solutions to meet the evolving needs of different regions. The company has devised a strategic plan to boost its exports to GCC countries, wider Arab markets, and international destinations.
Dr Balushi noted that the United States is a key target market, alongside Africa, which presents considerable growth potential.
“Karwa Motors seeks to build strategic partnerships with technology and energy firms to create innovative and sustainable solutions. At the same time, we are placing strong emphasis on localisation within the automotive industry, investing in national talent development and maintaining our commitment to social and environmental responsibility,” he said.
He further explained that Karwa Motors is dedicated to delivering comprehensive transport solutions that address diverse customer needs. The company is focusing on developing new bus models aligned with market demands to enhance its competitiveness both regionally and globally.
Dr Balushi emphasised that Karwa Motors has established a robust production infrastructure, incorporating advanced technologies and adhering to international quality standards – enhancing its ability to meet growing demand. The company has also invested in training Omani talent, resulting in a highly skilled national workforce in the field of bus manufacturing.
“At Karwa Motors, innovation and sustainability are at the heart of our operations. We have adopted advanced manufacturing techniques and sustainable materials. Our partnerships with international firms have enabled the transfer of technical expertise and support the development of production processes in line with global benchmarks,” he said.
Dr Balushi informed that the company is preparing to launch its first Omani-designed and fully Omani-manufactured bus in the coming months.
He reiterated that Karwa Motors is continuously expanding its production capacity, including a commitment to manufacture 1,000 school buses annually for the Ministry of Education. The company is also producing Hajj transport buses, worker transport buses, and small to medium-sized models.
He further reaffirmed Karwa Motors’ focus on developing innovative transport solutions, particularly by enhancing AI-driven bus systems, exploring clean energy technologies, and improving manufacturing efficiency to align with global market demands.
“We are dedicated to transforming the transport sector by prioritising innovation, quality, and sustainability,” he said. “This commitment reinforces Karwa Motors’ position as a leading provider of integrated transport solutions.”
06/05/2025
Central Bank of Iraq Warns about Fraudulent Banknotes
The Central Bank of Iraq (CBI) has issued a warning to the public regarding the circulation of foreign banknotes - including authentic, withdrawn, and counterfeit currency - used by fraudsters to deceive citizens.
According to the CBI, criminals lure individuals into exchanging these notes for Iraqi dinars at inflated rates under the false promise of exceptional investment returns. It gave examples of Venezuelan and Belarusian currencies.
The bank urges citizens and relevant security and regulatory authorities to remain vigilant and avoid dealing with any foreign notes outside the officially recognised currencies handled by the central bank and licensed banks.
06/05/2025