Tehran to Host Intl. HSE Exhibition
The 9th Specialized Exhibition of Health, Safety, Workplace, Fire Department, Crisis Management, Relief and Rescue (Iran HSE & Fire EXPO 2024) is going to be held at the Tehran Permanente International Fairgrounds during October 4-7, IRIB reported.
Over 90 Iranian and foreign companies from various countries are going to partake in this exhibition.
According to the event organizers, this exhibition is a great opportunity to introduce reliable manufacturers and importers and introduce quality and safe products to the citizens and managers of various industries. - Tehran Times
02/10/2024
Iraq Opens Armored Vehicle Production Line
Iraq's Minister of Interior, Abdul Amir Al-Shammari, has inaugurated a new armored vehicle production line under the Defence Industries Commission (DIC), with support from Prime Minister Mohammed Shia Al-Sudani.
According to a statement from the Ministry, the initiative aims to enhance the supply of military equipment to Iraq's security forces.
It says the Ministry of Interior has signed multiple contracts with the Commission to strengthen its resources with weapons and vehicles.
State-run Iraqi News Agency (INA) further reports that the new production line is at DIC's Al-Rabee factory in Baghdad.
02/10/2024
Saudi King Fahd Intl. Airport Gets ACI Level 3 Accreditation
King Fahd International Airport in Dammam has been granted the prestigious Level 3 Customer Experience Accreditation by the Airports Council International (ACI), for its commitment to increasing passenger satisfaction by providing a seamless, safe, innovative, and sustainable customer experience.
The certificate was presented to Vice President for Projects and Technical Affairs at Dammam Airports Company Engineer Hisham Hakimi during the US Customer Experience Summit and Exhibition held in Atlanta, US, between September 23 and 26.
Dammam Airports CEO Engineer Mohammed Al-Hassany said this achievement underlines the airport's dedication to meeting global standards in improving customer services, which is part of its broader goal of reaching operational excellence.
Al Hassany noted that this milestone is a significant step in the airport's endeavor to further improve customer experience, with aspirations to reach Level 4 and 5, the highest customer experience certification levels.
Achieving these levels, he said, will reinforce King Fahd International Airport's status as one of the leading airports in the region.
02/10/2024
UAE Treasury Bonds & Sukuk Programs Strengthening Investment Appeal
The UAE Ministry of Finance reported raising 25 billion dirhams (US$6.81 billion) through government bonds and dirham-denominated Islamic Treasury Sukuk Programs, launched in 2022.
The ministry indicated that by the end of August, the programs had collectively raised the total amount, reflecting strong investor confidence and reinforcing the UAE’s position as a competitive global investment hub.
To date, 11.2 billion dirhams (US$3.05 billion) worth of government treasury bonds and 13.8 billion dirhams (US$3.76 billion) in Islamic sukuk have been issued under the two initiatives.
In May, the ministry repaid 4.85 billion dirhams (US$1.32 billion) in two-year treasury bonds, bringing the total outstanding bonds to 6.35 billion dirhams (US$1.73 billion).
The UAE was the second-largest issuer in the GCC bond market during the first half of 2024, raising US$20.6 billion through 65 issuances, up from US$15.4 billion and 58 issuances in the same period last year.
This accounted for 27 percent of the total value of GCC bonds and sukuk. Saudi Arabia led the market, raising US$37 billion through 44 issuances.
The combined outstanding public debt for the treasury bonds and Islamic Treasury Sukuk Programs now stands at 20.15 billion dirhams (US$5.49 billion).
These programs were developed in collaboration with the Central Bank of the UAE, which acts as the issuance and payment agent. Settlement is conducted through a local platform that meets international standards, ensuring transparency and efficiency in the bond and sukuk issuance process.
The ministry’s efforts have been supported by major banks, including Emirates NBD, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, and others, serving as primary treasury bond distributors.
Demand for each auction has been exceptionally high, with bids frequently exceeding the subscription sizes several times, a reflection of the strong market appetite for UAE debt instruments.
The program’s success has helped the UAE maintain high sovereign credit ratings, with an AA score from Fitch Ratings and an Aa2 standing from Moody’s, both with a stable outlook.
This financial credibility, alongside robust economic policies, has further enhanced the UAE’s attractiveness as an investment hub.
In addition to boosting investor confidence, these bonds and sukuk are playing a crucial role in developing a local currency market and establishing a medium-term yield curve.
The bonds are issued with maturities ranging from two to five years, with plans to introduce longer-term bonds in the future.
This strategy aims to diversify the UAE’s funding sources, stimulate the domestic financial and banking sector, and provide secure investment alternatives for local and foreign investors.
By issuing these bonds and sukuk in the local currency, the UAE is positioning itself to better meet future funding needswhile strengthening the regional financial market.
The Ministry of Finance continues pursuing initiatives to enhance the country’s economic resilience and contribute to its long-term sustainable growth.
02/10/2024
Aluminum Bahrain Celebrates Lean Six Sigma, Kaizen Team's Achievements
Aluminum Bahrain (Alba), a world-leading smelter with a proud 50-year legacy, celebrated the achievements of its participants in the ‘Lean Six Sigma’ and ‘Kaizen’ course at a special award ceremony held on September 25 at its Oasis Hall.
A total of 105 individuals participated in these courses conducted in 2024, including 10 participants from external entities namely the Ministry of Interior (MoI), Nasser Vocational Training Centre (NVTC), Bapco Refining, and the Arab Open University (AOU), said a statement from Alba.
Alba said its in-house training has empowered 26% employees with the Six Sigma knowledge. The courses offered by the aluminum giant covered Lean Six Sigma Black Belt, Green Belt and Yellow Belt, as well as the Kaizen philosophy.
The projects delivered by the courses’ participants focused on improving equipment availability, reducing downtime, optimizing industrial and administrative processes through automation, eliminating or minimizing various types of waste, and shortening lead time for material and service delivery.
Alba’s CEO Ali Al Baqali awarded the participants in the presence of Bapco Refining CEO Dr. Abdulrahman Jawahery, NVTC Chief Executive Dr. Abdulla Al Noami, AOU’s President Dr. Najma Taqi, MoI’s Director of Officers’ Affairs Colonel Waleed Khalid Sayyar, along with several high-level officials from these organizations as well as Alba.
Emphasizing Alba's commitment to cost-competitiveness and operational efficiency, Alba’s CEO Ali Al Baqali said: "Alba's commitment to operational excellence is driven by Lean Six Sigma and Kaizen methodologies. By enhancing our people's capabilities in process optimization, we've created a competitive advantage that has helped us navigate challenging market conditions."
"By sharing this knowledge with other Bahraini organizations, we are contributing to the development of our society," he stated.
Alba's in-house training has empowered 26% of its employees with Six Sigma knowledge. The company has also shared this expertise with 211 individuals from various entities across Bahrain.
Following the ceremony, a special tour was organized for the visiting dignitaries to see first-hand the newly inaugurated Alba Data Command Centre, a centralized hub for overseeing the company’s operations, where they received a briefing on the Centre’s role in enhancing Alba’s overall operational efficiency and responsiveness.
02/10/2024
Algeria Builds Desalination Plant
Algeria is pushing ahead with a major seawater desalination plant that will supply drinking water to large areas in the North, a newspaper reported.
The facility in the Northern Oran province has an output capacity of 300,000 cubic meters per day (m3/day) and it includes the construction of 50-km canals to transport water to several areas in the province, Elkhabar said.
The paper quoted Oran’s governor Al-Saeed Saoud as saying the project is moving forward according to schedule and that civil engineering works will be finished soon.
“We can say that this strategic project has entered its final phase and will benefit a large number of areas,” Saoud said.
02/10/2024
Iran Cancels All Flights for 12 hours after Missile Attack
Iran’s Civil Aviation Organization said late on Tuesday that all flights from airports across the country had been cancelled until 10:00 local time on Wednesday “given the regional situation and the missile attack” to comply with safety aviation standards.
It said that refunds will be available to passengers of the flights that have been cancelled, adding that all those flights will be rescheduled.
A spokesman of the organization also said that all flights via the Iranian airspace will be rerouted to the airspace of other countries. “With Iran’s missile attack this evening, required measures have been adopted to redirect flights to alternative and safe routes,” said Jafar Yazarlou.
It came after Iran’s elite military force the IRGC said in a statement it had fired dozens of ballistic missiles at major military and security targets at the heart of the Israeli territories.
The statement said the attacks were a response to Israel’s assassination in Iran of a senior Palestinian resistance leader in late July and the regime's September 27 attack in Lebanon which martyred Hezbollah leader Seyyed Hassan Nasrallah and IRGC general Abbas Nilforoushan.
The IRGC warned that any move by Israel to retaliate the Tuesday missile attacks will be met with more crushing and destructive responses. Aviation authorities in the region also announced flight cancellations after Iran’s missile attacks against Israel. Airlines in Lebanon and Kuwait said they had suspended or rerouted flights while Israeli sources said all flights to occupied Palestinian territories had been cancelled. - Press TV
02/10/2024
Iran, Armenia Sign Barter Trade Deal, Open Major Trade Center
Iran and Armenia have signed a barter trade deal after opening a large Iranian trade center in the Armenian capital Yerevan.
The deal was signed on Tuesday in a ceremony in Yerevan in the presence of Iranian Minister of Industry, Mine and Trade Mohammad Atabak and Armenian Economy Minister Gevorg Papoyan.
Under the deal, the two countries will appoint companies after three months from the signing of the agreement to start to implement it. Iran views barter agreements as a major tool to avoid US sanctions that restrict its access to international trade.
The signing of the deal came after Iran opened its trade center in Yerevan. The center, built over an area of 18,000-square meters, has 107 booths and stalls that sell Iranian-made consumer goods, chemicals and other industrial products. Armenian businesses have also a share in the retail and wholesale facility.
Iranian ambassador in Yerevan Mehdi Sobhani described the facility as the “largest Iranian trade center in the world”, saying it will lead to a major increase in trade ties between Iran and Armenia.
Iran and Armenia seek to increase the value of their trade ties to US$3 billion per year. Iran also views Armenia as a gateway to trade with members of the Eurasian Economic Union (EAEU).
Iran and the EAEU, which includes Russia, Belarus, Kazakhstan, Kyrgyzstan and Armenia, are currently in a preferential trade arrangement but they will enforce a free trade deal signed in December last year once parliaments of the two sides ratify the agreement.
02/10/2024
Oil Prices Rise 3% after Iran Missile Attack
Oil prices climbed about 3% on Tuesday after Iran fired a salvo of ballistic missiles at Israel in retaliation for Israel's campaign against Tehran's Hezbollah allies in Lebanon.
Brent futures gained US$1.86, or 2.6%, to settle at US$73.56 a barrel, while U.S. West Texas Intermediate (WTI) crude rose US$1.66, or 2.4%, to settle at US$69.83. Earlier in the day, both crude benchmarks were up by over 5%.
Alarms sounded across Israel and explosions could be heard in Jerusalem and the Jordan River valley after Israelis piled into bomb shelters.
Clay Seigle, an independent political risk strategist, said in an email that Israel "will not hesitate to widen its military offensive to hit Iran directly. And Iran's oil assets are very likely on the target list."
An Israeli attack on Iranian oil production or export facilities could cause a material disruption, potentially more than a million barrels per day, Seigle said.
In the Red Sea, meanwhile, the Houthis in Yemen, claimed responsibility for attacking at least one of two vessels damaged off the port of Hodeidah. The Houthis have launched attacks on international shipping near Yemen since last November in solidarity with the Palestinians in the war between Israel and Hamas in the Gaza Strip.
"In case of an escalation, the Houthi rebels and Iraqi paramilitaries, might launch attacks on Middle East oil producers, namely Saudi Arabia," said Tamas Varga, an analyst at PVM, a brokerage and consulting firm that is part of TP ICAP. "There is now a genuine fear that oil supply will be impacted, and nervous and volatile trading is anticipated until the picture becomes clear," Varga added.
Before news that Iran was planning a missile attack, the oil market was trading down near a two-week low as the outlook for increased supplies and tepid global demand growth outweighed fears over an escalating Middle East conflict and its impact on crude exports from the region.
A panel of ministers from the OPEC+ producer group will meet on Oct. 2 to review the market, with no policy changes expected. Starting in December, the OPEC+ group comprising the Organization of the Petroleum Exporting Countries plus allies such as Russia is scheduled to raise output by 180,000 bpd each month.
In addition, the possibility that Libyan oil output will recover also weighed on the market earlier on Tuesday. Libya's eastern-based parliament agreed on Monday to approve the nomination of a new central bank governor, which could help to end a crisis that has reduced the country's oil output.
Iran and Libya are both members of OPEC. Iran, which is operating under U.S. sanctions, produced about 4.0 million bpd of fuel in 2023, while Libya produced about 1.3 million bpd last year, according to data from the U.S. Energy Information Administration (EIA).
Weekly U.S. oil storage data is due from the American Petroleum Institute trade group later on Tuesday and the EIA on Wednesday. Analysts projected U.S. energy firms pulled about 1.3 million barrels of crude out of storage during the week ended Sept. 27. If correct, that would be the third withdrawal in a row and compare with a withdrawal of 2.2 million barrels during the same week last year and an average increase of 400,000 barrels over the past five years (2019-2023). - Reuters
02/10/2024
Iran Seeks Stronger Economic Ties in Eurasian Economic Union
Iran’s First Vice President Mohammad Reza Aref has emphasized the Islamic Republic's commitment to enhancing political and economic relations in the region.
In an address at the Eurasian Economic Union (EAEU) summit on Tuesday, Aref said that Iran has consistently demonstrated its reliability as a partner and is eager to strengthen bilateral and multilateral ties.
“We believe that sustainable economic development can only be achieved through deepening constructive cooperation among regional countries. Platforms like the Eurasian Economic Union play a crucial role in facilitating such collaboration,” he said.
Aref said Iran is ready to take a more active role within the EAEU, citing the country’s potential for over US$80 billion in trade with member states, its abundant oil and gas resources, transit advantages, and substantial technical and human resources.
He specifically pointed to the International North-South Transport Corridor (INSTC) as a key area for cooperation, which could create valuable logistical connections between Eurasia and rapidly growing markets such as the Persian Gulf, South Asia, and Southeast Asia.
The vice president emphasized that Iran's ports in the Persian Gulf and the Sea of Oman could become vital trade hubs connecting the EAEU members to other countries, noting the current development of Iran’s port capacity.
In a somber note, Aref condemned the Israeli regime’s atrocities against innocent civilians in Palestine and Lebanon. “… the world has witnessed the largest crimes perpetrated by the Zionist regime against innocent people over the past year,” he stated. He criticized the international community’s failure to establish a ceasefire and prevent the ongoing massacres in Gaza, causing the Israeli aggression to spread to other parts of the region. - IRNA
02/10/2024
Iraq Resumes Full Civil Aviation Operations
Late on Tuesday evening, Iraq's Minister of Transport, Razzaq Muhibis Al-Saadawi, announced the full resumption of air traffic at all Iraqi airports following a temporary suspension earlier in the day due to regional tensions.
A Ministry statement said that, with safety risks now mitigated, Iraqi airspace has reopened for all incoming, outgoing, and transiting flights.
The General Company for Airports and Air Navigation has resumed its operations, while Iraqi Airways is reactivating flights to all destinations in line with the reopened skies.
02/10/2024
Dubai Summit Unveils Strategic Partnerships to Drive Growth in ME’s Hospitality Sector
The first day of the Future Hospitality Summit in Dubai saw the signing of several agreements, underscoring ongoing growth and innovation within the Middle East’s hospitality sector.
During the event, Saudi Arabia’s Mohammed Abdullah Al Muhanna Hotels Ltd. revealed a collaboration with Marriott International to launch the Four Points by Sheraton Jeddah, with Aleph Hospitality set to manage the property. This new hotel is expected to enhance Jeddah’s evolving hospitality landscape upon its opening in 2025.
In another major development, Accor entered a partnership with Summary Executive Properties to create Swissotel Residences Waterfront, the brand’s first standalone residential project worldwide.
Scheduled for completion in 2027 on Dubai Islands, this luxurious development will feature 105 residences, including apartments and penthouses, all boasting stunning views of the Dubai skyline.
Dmitry Kryuchkov, founder of Summary Executive Properties, commented: “The partnership with Accor Group reflects our shared vision of establishing a luxurious residential community that exemplifies the highest standards of design, luxury living, and tailored services for homeowners.”
The project will be supported by Accor One Living, a platform dedicated to mixed-use developments and community living, further enhancing Accor’s footprint in the region, where it currently manages 282 properties and has an additional 112 in the pipeline.
Skyline University College also announced several agreements aimed at strengthening the region’s hospitality, real estate, and tourism sectors.
A collaboration with HAMA MEA aims to launch initiatives beneficial to both organizations and the broader industry.
A memorandum of understanding was established with the UAE Restaurants Group, representing over 2,000 outlets, to foster growth in hospitality, food and beverage, and community engagement.
With a strong focus on education and skill development, Skyline University College is poised to make significant contributions through these partnerships.
The FHS, taking place from Sept. 30 to Oct. 2, brings together over 1,500 industry leaders and features more than 110 speakers.
Under the theme “Invest in Our Future,” the summit addresses crucial issues shaping the global hospitality landscape, emphasizing innovation, sustainability, technology, and investment opportunities.
This year’s agenda includes over 40 sessions spread across 20 conference tracks on four dedicated stages: Summit, Future, Exhibition, and Innovation. Topics will cover environmental, social, and governance issues, sustainable development, human capital, real estate, technology, branding, and culture.
02/10/2024