December 6, 2011
Iran hopes to raise its crude output to 5 million barrels per day (bpd) by 2015 from 3.5 million bpd currently, Deputy Oil Minister Ahmad Qalebani said on Monday, even as a tightening web of international sanctions squeezes its energy sector.
Iran gets the bulk of its revenue from oil exports. Amid growing concerns about Iran's nuclear ambitions, Western allies are keen to pressure Iran to back from its perceived goal of a nuclear weapon.
Mohamed Al Suwaidi said that the fund would have to abide by any sanctions agreed by the UAE Government, but he was unsure whether its projects would be affected.
Despite all the financial and economic gloom, 2011 has been a record year for oil with Brent crude at its highest-ever average above $110 per barrel, and few analysts forecast a big drop in price, even those who expect an economic slowdown.
“Lebanon and Iraq could turn into Syria’s lungs, as it were, allowing it to breathe under the sanctions,” said Lahcen Achy, economic analyst at the Carnegie Middle East Centre.
December 5, 2011
There is "no possibility" decision makers in Amman will consider establishing a buffer zone along the northern border to offer protection to displaced Syrians, said the Minister of State for Media Affairs and Communications Rakan Majali.
Less than 15 percent of 96 countries from around the world recorded any change in personal income tax rates, and not even a single G-20 member reported a change to its top personal income tax rate.
The number of tourists reached two million by the end of October and tourism revenues increased to $111 million in the first 10 months, The Abu Dhabi Tourism Authority (ADTA) said earlier.
December 4, 2011
Latest figures released by the Federal Customs Authority (FCA) show that in the first six months of 2011, the UAE’s imports of all products surged 20 percent to Dh285 billion from Dh236 billion in the same period the year before.
His Excellency Sultan Al Mansoori, UAE Minister of Economy, said commercial fraud and counterfeiting are central issues that directly affect economic growth and public safety.
“Growing threats and awareness, and changes in technology such as mobile devices and cloud computing are key drivers of spending growth in the cyber security market,” said PwC’s Barry Jaber.
Oman continues to feel a pinch of the crisis by registering a huge 13 percent fall in cement prices in the nine months of 2011, compared to the previous year and declined 19 percent since the year ended 2010.
Islamic finance poses an ethical and non-conventional model and is currently the only area with strong growth, said Professor Ignacio dela Torre, Academic Director of the Master in Finance Programmes at Spain’s Instituto de Empressa (IE) Business School.
A better than expected employment report in the US and anticipation Germany, France and rest of the Eurozone would act swiftly and decisively to end their lingering sovereign debt crisis in their own best interests is likely to boost sentiment on the region’s stock markets this week.
December 1, 2011
The Syrian currency is at its weakest level since the beginning of political unrest, dropping 30 percent against the US dollar. Further weakness is expected amid the escalated tension as the sanctions begin to bite.