Dubai eyes stronger business, investment ties with Egypt

Competitive advantage: Dubai’s reputation as a wealth generator and investment stronghold continues to drive the city’s growth. (Reuters)
Updated 23 July 2018
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Dubai eyes stronger business, investment ties with Egypt

  • Dubai’s global reputation as a wealth generator and investment stronghold continues to drive the city’s growth and was a matter of interest to the visiting Egyptian delegates

Dubai has moved to further strengthen the emirate’s business and investment ties with Egypt, following meetings with a high-level Egyptian delegation.

During the discussions held in Dubai, Dubai FDI and Egyptian delegates from the General Authority for Investment and Free Zones appraised the many foreign investments coming into the city as a result of the government’s intensive efforts to create a business-friendly environment.
Dubai FDI (the investment agency of the Dubai Economic Development Department) also took the opportunity to explain its mandate and role in creating a business-appropriate landscape to attract international companies and help stimulate capital growth.
Khalid Al-Boom, Deputy CEO of Dubai FDI, who welcomed the Egyptian officials, said that Dubai and Egypt’s joint efforts and deepening relations constitute a significant boost to the government’s initiative to make Dubai one of the most sustainable and competitive business hubs in the world. Al-Boom also said that the visit would further reinforce government-to-government ties and promote sharing of knowledge of expertise.
He noted that the current favorable business environment would further push a new phase of economic and investment cooperation between the two countries to help realize their growth and development goals.
“We at Dubai FDI are fully committed to continue on the path toward success and optimize Dubai’s transformation and potential to make the emirate’s one of the most stable economies in the Middle East and the world,” he concluded. The Egyptian delegates were introduced to local business, government, and legislative processes and procedures. Dubai FDI officials also discussed promising business opportunities and key services that benefit foreign companies operating in the emirate.
The Dubai Government has rolled out a comprehensive program to help foreign companies interested in starting their business in the city. The visiting delegation toured the Dubai Multi Commodities Center and the Dubai Silicon Oasis Authority, during which they were informed about the institutions’ best practices, development strategies, main service offerings, and major investment opportunities.
Dubai’s global reputation as a wealth generator and investment stronghold continues to drive the city’s growth and was a matter of interest to the visiting Egyptian delegates. They were informed that though Dubai moved away from traditional trading and looked to its natural resources for sustenance in the latter half of the 20th century, revenue from oil was soon complemented and later almost replaced with a knowledge-based and services driven economy.
The innovative businesses which establish themselves in Dubai are supported by the Emirate’s ambition to drive technology, pioneer new innovation and foster thought leadership.
Trade, logistics, financial services, hospitality and tourism, real estate, construction and manufacturing now make up more than 90 percent of business activity in the Emirate.
This diversification, along with Dubai’s strategic location, infrastructure and ease of business philosophy, make it a popular choice for local and international organizations to begin operations and expand into the Middle East.


Oil prices rise on signs Iranian oil exports are falling further

Updated 16 October 2018
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Oil prices rise on signs Iranian oil exports are falling further

SEOUL: Oil prices rose on Tuesday on signs Iranian oil exports this month have fallen from September ahead of US sanctions against Tehran that are set to start in November.
International benchmark Brent crude for December delivery rose 27 cents, or 0.33 percent, to $81.05 per barrel by 0325 GMT.
US West Texas Intermediate crude for November delivery was up 12 cents at $71.90 a barrel.
Iran has exported 1.33 million barrels per day (bpd) to countries including India, China and Turkey in the first two weeks of October, according to Refinitiv Eikon data. That was down from 1.6 million bpd in September, the data showed.
The October exports are a sharp drop from the 2.5 million bpd exported in April before US President Donald Trump withdrew from a multi-lateral nuclear deal with Iran in May and ordered the re-imposition of economic sanctions on the country, the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC).
The sanctions on Iran’s petroleum sector will go into effect on November 4.
“Uncertainties will remain until Nov. 4 when it would be clear whether the United States would want to cut Iran oil exports to zero or grant waivers,” said Vincent Hwang, commodity analyst at NH Investment & Securities in Seoul.
“Brent prices are likely stay in the range of $80 a barrel or slightly higher, while WTI prices are likely to be $70-$75 a barrel,” Hwang added.
With the world’s only sizable spare oil output capacity, Saudi Arabia is expected to export more to offset the loss of Iranian oil supply from the sanctions.
Saudi Arabia’s Energy Minister Khalid Al-Falih said on Monday at a conference in New Delhi that the kingdom is committed to meeting India’s rising oil demand and is the “shock absorber” for supply disruptions in the oil market.
US crude stockpiles were forecast to have risen for the fourth straight week by about 1.1 million barrels in the week ended October 12, according to a Reuters poll ahead of reports from the American Petroleum Institute (API) and the US Department of Energy’s Energy Information Administration (EIA).
The API’s data is due for publication at 4:30pm on Tuesday, and the EIA report is due at 10:30am on Wednesday.