UAE’s non-oil contribution to GDP to swell to 80% by 2021 | GulfNews.com:
"The UAE’s non-oil contribution to its GDP (gross domestic product) will jump by about 14 per cent in four years due to rapid diversification of the economy, Sultan Bin Saeed Al Mansouri, Minister of Economy, said on Monday. Currently, the non-oil sector contributes 70 per cent of the UAE’s GDP with oil contributing the remaining. By 2021, the non-oil sector will contribute 80 per cent, he said. “Efforts are being made to increase the percentage of non-oil sector to the GDP by 80 per cent by 2021 in order to establish the base for post-oil economy,” said Al Mansouri while speaking at the UAE-Iraq Trade and Investment Forum in Abu Dhabi."
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Monday, 18 September 2017
France floats idea of strengthening Iran nuclear deal post-2025
France floats idea of strengthening Iran nuclear deal post-2025:
"France on Monday raised the possibility of strengthening the provisions of the international accord on Iran’s nuclear program that expire in 2025 and defended the pact against the Trump administration’s misgivings, saying its collapse would risk a regional arms race. The 2015 nuclear deal between Iran and world powers faces a stern test at the United Nations this week as Europeans try to persuade the United States to keep it, while Israel lobbies to turn up the pressure on Tehran. U.S. President Donald Trump, who must make a decision by mid-October that could undermine the agreement, last Thursday repeated his view that Iran was violating “the spirit” of the deal under which sanctions were loosened on Tehran in return for curbing its nuclear program."
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"France on Monday raised the possibility of strengthening the provisions of the international accord on Iran’s nuclear program that expire in 2025 and defended the pact against the Trump administration’s misgivings, saying its collapse would risk a regional arms race. The 2015 nuclear deal between Iran and world powers faces a stern test at the United Nations this week as Europeans try to persuade the United States to keep it, while Israel lobbies to turn up the pressure on Tehran. U.S. President Donald Trump, who must make a decision by mid-October that could undermine the agreement, last Thursday repeated his view that Iran was violating “the spirit” of the deal under which sanctions were loosened on Tehran in return for curbing its nuclear program."
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DP World to buy Dubai Maritime City, Drydocks World for $405 million
DP World to buy Dubai Maritime City, Drydocks World for $405 million:
"DP World DPW.DI, one of the world’s largest port operators, has agreed to buy two fellow state-owned maritime companies from its parent for $405 million.
DP World will acquire Dubai Maritime City owner Maritime World for $180 million and Drydocks World for a capital injection of $225 million from Dubai World, the port operator said in a statement on Monday.
Dubai World, the state-owned conglomerate which agreed to a $25 billion debt restructuring in 2011 after it was hit by the global financial crisis, is the majority owner of DP World, Maritime World and Drydocks World, according to its website."
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"DP World DPW.DI, one of the world’s largest port operators, has agreed to buy two fellow state-owned maritime companies from its parent for $405 million.
DP World will acquire Dubai Maritime City owner Maritime World for $180 million and Drydocks World for a capital injection of $225 million from Dubai World, the port operator said in a statement on Monday.
Dubai World, the state-owned conglomerate which agreed to a $25 billion debt restructuring in 2011 after it was hit by the global financial crisis, is the majority owner of DP World, Maritime World and Drydocks World, according to its website."
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MIDEAST STOCKS-Qatar hits 5-year low as diplomatic rift hits firms
MIDEAST STOCKS-Qatar hits 5-year low as diplomatic rift hits firms:
"Qatar’s stock index hit a five-year low on Monday because of a fresh sign that a diplomatic dispute in the region was starting to inflict long-term damage on some of its companies. Shares of Qatar Insurance dropped 2.3 percent after the company said it was closing its Abu Dhabi branch because it had not been able to obtain a licence. The United Arab Emirates, Saudi Arabia, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5. Its Abu Dhabi business, which had been operating since 2002, used to bring in annual gross premiums of 110 million Qatari riyals ($30 mln), the company said."
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"Qatar’s stock index hit a five-year low on Monday because of a fresh sign that a diplomatic dispute in the region was starting to inflict long-term damage on some of its companies. Shares of Qatar Insurance dropped 2.3 percent after the company said it was closing its Abu Dhabi branch because it had not been able to obtain a licence. The United Arab Emirates, Saudi Arabia, Bahrain and Egypt cut diplomatic and transport ties with Doha on June 5. Its Abu Dhabi business, which had been operating since 2002, used to bring in annual gross premiums of 110 million Qatari riyals ($30 mln), the company said."
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Saudis May Raise Domestic Gasoline Prices by 80% - Bloomberg
Saudis May Raise Domestic Gasoline Prices by 80% - Bloomberg:
"Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending after a global slump in prices.
The government would boost gasoline to parity with varying international prices under the plan, according to a person with knowledge of the matter. At current levels, this could result in a hike of about 80 percent for octane-91 grade gasoline to about 1.35 riyals per liter (0.36 cents), the person said on condition of anonymity. The government plans to delay increases in other energy prices until early 2018, the person said.
Authorities are expected to make a final decision on the plan in September or October, the person said. The Saudi finance, economy and energy ministries didn’t immediately respond to requests for comment."
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"Saudi Arabia is considering a plan to phase out subsidies for gasoline and jet fuel in November at the latest, as the world’s biggest oil exporter pushes a program to curtail spending after a global slump in prices.
The government would boost gasoline to parity with varying international prices under the plan, according to a person with knowledge of the matter. At current levels, this could result in a hike of about 80 percent for octane-91 grade gasoline to about 1.35 riyals per liter (0.36 cents), the person said on condition of anonymity. The government plans to delay increases in other energy prices until early 2018, the person said.
Authorities are expected to make a final decision on the plan in September or October, the person said. The Saudi finance, economy and energy ministries didn’t immediately respond to requests for comment."
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MIDEAST STOCKS-Qatar's decline intensifies as insurer's Abu Dhabi branch shut
MIDEAST STOCKS-Qatar's decline intensifies as insurer's Abu Dhabi branch shut:
"Qatar’s stock index was down again on Monday as shares in Qatar Insurance tumbled after it announced the closure of its Abu Dhabi branch because of the region’s diplomatic crisis. The stock index had fallen for the previous 10 straight sessions. Qatar Insurance dropped 4.6 percent after the company said its licence to operate in Abu Dhabi had not been renewed. Its Abu Dhabi unit, which had been operating since 2002, used to bring in annual revenue of 110 million Qatari riyals ($30 mln), the company said."
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"Qatar’s stock index was down again on Monday as shares in Qatar Insurance tumbled after it announced the closure of its Abu Dhabi branch because of the region’s diplomatic crisis. The stock index had fallen for the previous 10 straight sessions. Qatar Insurance dropped 4.6 percent after the company said its licence to operate in Abu Dhabi had not been renewed. Its Abu Dhabi unit, which had been operating since 2002, used to bring in annual revenue of 110 million Qatari riyals ($30 mln), the company said."
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