UAE-based Dana Gas wins $607.5m in case against Iran’s state oil producer

UAE-based Dana Gas wins $607.5m in case against Iran’s state oil producer
The case involves a 25-year contract signed by NIOC and Crescent Petroleum in 2001 for Iran to supply 600 million cubic feet of gas by pipeline to Sharjah. (Supplied)
Short Url
Updated 28 September 2021

UAE-based Dana Gas wins $607.5m in case against Iran’s state oil producer

UAE-based Dana Gas wins $607.5m in case against Iran’s state oil producer
  • The Abu Dhabi-listed company will enter another round of arbitration with the National Iranian Oil Company (NIOC)

DUBAI: Dana Gas, an energy firm based in the UAE emirate of Sharjah, has been awarded $607.5 million in damages in its gas dispute case with Iran’s state-owned oil producer. 

The Abu Dhabi-listed company will enter another round of arbitration with the National Iranian Oil Company (NIOC), where the claim will be much larger, it said in a stock exchange filing.

The case involves a 25-year contract signed by NIOC and Crescent Petroleum in 2001 for Iran to supply 600 million cubic feet of gas by pipeline to Sharjah. 

NIOC failed to comply due to a dispute over contracted price, and the companies have been under international arbitration since then. 


What is the future of food? Dubai forum talks answers

What is the future of food? Dubai forum talks answers
Updated 9 sec ago

What is the future of food? Dubai forum talks answers

What is the future of food? Dubai forum talks answers
  • The UAE’s Minister of Climate Change and Environment Mariam bint Al-Mheiri is opening the first day of the 2-day forum

DUBAI: High-profile personalities in the food and beverage sector gathered at the Dubai Exhibition Center on Tuesday to talk about the future of food. 

The UAE’s Minister of Climate Change and Environment Mariam bint Al-Mheiri is opening the first day of the 2-day forum addressing government efforts in supporting manufacturers. 

Other top executives — from organizations such as Pepsico, Kellogs, and Agthia — will also take the stage to answer questions in food sustainability, supply chain challenges, and other crucial topics in the region’s F&B scene. 


Saudi holdings of US treasury bills fell to lowest in 14 months

Saudi holdings of US treasury bills fell to lowest in 14 months
Updated 3 min 52 sec ago

Saudi holdings of US treasury bills fell to lowest in 14 months

Saudi holdings of US treasury bills fell to lowest in 14 months

RIYADH: Saudi Arabia's holding of US Treasury securities decreased by the end of August to $124.1 billion, the lowest since May 2020, according to new data from the US government.

The Saudi holdings in August were down by 3.1 percent or $4 billion compared to the previous month.

The holdings declined by 4.5 percent equivalent to $5.9 billion on an annual basis, compared to August 2020, the data showed.


Gold edges lower as US Treasury yields rise

Gold edges lower as US Treasury yields rise
Updated 18 October 2021

Gold edges lower as US Treasury yields rise

Gold edges lower as US Treasury yields rise

BENGALURU: Gold edged lower on Monday as a rise in US Treasury yields dented its appeal, although a risk-off sentiment in wider financial markets limited losses for the metal.

Spot gold was down 0.1 percent at $1,765.14 per ounce by 1:35 p.m. EDT (1735 GMT), while US gold futures settled down 0.2 percent at $1,765.70.

“If yields keep rising, the headwinds will remain significant for gold,” OANDA analyst Craig Erlam said.

“Unless markets start to price in bad news for the economy and stock markets, which may be a rational next step if policymakers insist on tightening even as the recovery remains sluggish and downside risks significant.”

Sentiment in wider financial markets remained weak as economic growth in China slowed, while a relentless surge in oil prices fueled concerns about elevated inflation.

US benchmark 10-year Treasury yields climbed as investors ramped up rate hike bets, while the dollar index held steady.

While gold is seen as an inflation hedge, it also contends with the greenback for safe-haven status. Reduced central bank stimulus and the prospect of interest rate hikes push government bond yields up, weighing on non-yielding bullion.

Other precious metals also dipped, with silver down 0.3 percent at $23.21 per ounce and platinum slipping 1.8 percent to $1,035.29. Palladium shed 3.3 percent to $2,005.07, its lowest in over a week.


New York makes registration mandatory for crypto lending platforms

New York makes registration mandatory for crypto lending platforms
Updated 18 min 5 sec ago

New York makes registration mandatory for crypto lending platforms

New York makes registration mandatory for crypto lending platforms
  • State’s attorney general directs unregistered outlets to cease operations

RIYADH: New York has made it mandatory on cyrptocurrency lending platforms to register with the Office of the Attorney General if they wish to operate in the state or offer their products to New Yorkers.

New York Attorney General Letitia James on Monday said these steps are aimed to protect New York investors and markets from exploitation by high-risk virtual currency schemes.

The official also ordered the closure of two cryptocurrency lending platforms in New York and three other platforms were directed to provide information about their business.

“Cryptocurrency platforms must follow the law, just like everyone else,” James said.

The move comes weeks after the attorney general won a court order forcing the closure of cryptocurrency exchange Coinseed.

“My office is responsible for ensuring industry players do not take advantage of unsuspecting investors. We’ve already taken action against a number of crypto platforms and coins that engaged in fraud or that illegally operated in New York,” he said.


Saudi Venture Investment Co. launches initiative to support startups

Saudi Venture Investment Co. launches initiative to support startups
Updated 18 October 2021

Saudi Venture Investment Co. launches initiative to support startups

Saudi Venture Investment Co. launches initiative to support startups

RIYADH: The Saudi Venture Investment Co. has launched the “Investment in Accelerator Funds and Startup Studios" initiative, the Saudi Press Agency reported on Monday.
It is part of the company’s efforts to support startups in the Kingdom in the seed and pre-seed phases.
SVC has investments worth SR1.1 billion ($293.2 million) in 20 funds.
The company has supported around 116 startups since its establishment in 2018 till the end of the third quarter of 2021.