Iran facing the toughest economic situation in 40 years: Rouhani

Iranians shop in the capital Tehran's grand bazar. (File/AFP)
Updated 30 January 2019
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Iran facing the toughest economic situation in 40 years: Rouhani

  • US President Donald Trump last year pulled out of an international nuclear deal with Iran and re-imposed sanctions
  • Iran’s rial currency has fluctuated in value in recent months, making it difficult for ordinary people to make ends meet

GENEVA: Iran’s president said on Wednesday the country was facing its toughest economic situation in 40 years, and the United States, not the government, was to blame.
US President Donald Trump last year pulled out of an international nuclear deal with Iran and re-imposed sanctions.
Workers, including truck drivers, farmers and merchants, have since launched sporadic protests against economic hardships, which have occasionally led to confrontations with security forces.
“Today the country is facing the biggest pressure and economic sanctions in the past 40 years,” Hassan Rouhani said, according to the presidential website.
“Today our problems are primarily because of pressure from America and its followers. And the dutiful government and Islamic system should not be blamed,” he added.
Rouhani spoke at a ceremony at the shrine of the founder of the Islamic Republic, Ayatollah Ruhollah Khomeini — part of a series of events leading up to the 40th anniversary of the February 11th revolution.
Iran’s rial currency has fluctuated in value in recent months, making it difficult for ordinary people to make ends meet.


Saudi Arabia and Spain’s Navantia plan combat management systems venture

Updated 18 February 2019
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Saudi Arabia and Spain’s Navantia plan combat management systems venture

  • The SANNI venture will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships

ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.