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Friday, 20 April 2012

UAE has no plans to divert oil to Europe - Yahoo! News UK

The United Arab Emirates, OPEC's fifth-biggest producer, does not plan to increase supplies to Europe to make up for the boycott of Iranian fuel, Oil Minister Mohammed bin Dhaen al-Hamli said on Friday. Global oil prices are rising despite a well-supplied market, and producers are "living with" these price levels, Al-Hamli also said on the sidelines of an energy conference in Istanbul. "Our oil goes east, that's our national market. We have our
partners -- Total, ExxonMobil, Shell, BP -- they also take the oil to the East. So the formula is more favouring the East," Al-Hamli said.
The European Union agreed in January on an embargo of Iranian oil imports to pressure Tehran over its nuclear
programme, which the West believes is aimed at developing nuclear weapons.
Tehran says it developing atomic power for peaceful energy and medical purposes.

UAE businesses suffer from sanctions against Iran - The Globe and Mail

Sanctions meant to weaken Iran as it enters negotiations with world powers over its nuclear program are choking smaller, legitimate companies, but in some cases allowing those that feed the regime to continue to flourish.

Today, the success of sanctions rests largely on what happens in the glittering Gulf sheikdom of Dubai, a lifeline for Iran that has long served as a lucrative haven for legitimate Iranian businessmen but has also been a convenient base for the Iranian Revolutionary Guard Corps (IRGC). The powerful branch of Iran’s military has transformed itself in recent years into a multibillion-dollar business empire with a vast network of front companies that use the United Arab Emirates, of which Dubai is one, to sidestep sanctions.

Qatari wealth fund adds 5% Tiffany's stake - Retail - Zawya

Qatar's sovereign wealth fund has made its first big investment in a US public company by acquiring a 5.2 per cent stake in Tiffany, the jewellery retailer known for its diamond rings and blue, ribboned boxes.

The stake expands the growing luxury portfolio of the Qatar Investment Authority , which also owns Harrods, the upmarket London department store, a 17 per cent stake in Volkswagen, which owns Audi and Lamborghini, and a 1 per cent stake in LVMH, the French luxury group which owns Louis Vuitton bags, Dior perfume and Dom PĂ©rignon champagne.

Tiffany has been a leading beneficiary of strong growth in luxury sales that has continued in spite of global economic uncertainty thanks to new emerging market buyers and wealthy westerners.