UAE’s nuclear programme follows highest safety standards

Source: Khaleej Times (Read full story)

The UAE has affirmed that it has taken significant steps to develop its nuclear power programme following the highest safety standards in accordance with international best practices and guidelines laid down by the International Atomic Energy Agency (IAEA). “My delegation would like to reiterate the UAE’s commitment to working with the IAEA towards the strengthening of nuclear safety, security and safeguards worldwide, while promoting the peaceful use of nuclear energy,” said Ambassador Hamad Al Kaabi, the UAE’s Permanent Representative to the IAEA, in the UAE statement at the 57th session of the IAEA’s general conference in Vienna on Wednesday.

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Kuwait Oil Capacity Additions Smaller, Slower Than Hoped

Source: Gulf Business (Read full story)

Kuwait Oil Company (KOC) expects to produce far less heavy crude from the Ratqa field and less light oil from the Jurassic field by 2020 than originally hoped, the head of the state run oil company said on Wednesday. Exxon Mobil and KOC said they could produce up to 700,000 bpd of heavy oil from the Lower Fars reservoir of the Ratqa field by 2020 when they reached a preliminary deal in 2007, later abandoned, to develop it jointly. KOC plans to develop the project on Kuwait’s northern border with Iraq have faced several setbacks since, while the tricky Jurassic gas field looks set to produce less light oil by the end of the decade than had been hoped for by 2015.

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Qatar Islamic banks set to outpace rivals

Source: Gulf Times (Read full story)

Growth of Shariah-compliant banks in Qatar is poised to outpace that of the UAE lenders as borrowing rises amid $200bn in government spending for the 2022 soccer World Cup. Qatar’s four Islamic lenders will almost double their asset base to $100bn by 2017, Standard & Poor’s has said in a report. The assets of the largest Shariah-compliant bank in the country, Qatar Islamic Bank, last year grew five times faster than those of the biggest one in the UAE, Dubai Islamic Bank. Spending for the world’s most-watched sporting event will spur lending for roads, stadiums and hotels.

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Bahrain oppn suspends role in talks

Source: The Peninsula (Read full story)

Bahrain’s largest opposition party yesterday suspended its participation in talks with the government aimed at ending two-and-a-half years of political turmoil in protest at the arrest of its deputy leader. Al Wefaq was responding to an announcement by the public prosecutor of the kingdom that Khalil Al Marzouq would be held for 30 days while being investigated for inciting terrorism in a series of speeches. In a statement, Al Wefaq, an Islamist group that says it advocates non-violent methods, said it would temporarily boycott a so-called national dialogue aimed at resolving a crisis that began with mass pro-democracy protests in February 2011.

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US: Kingdom’s investment climate encouraging

Source: Saudi Gazette (Read full story)

Saudi Minister of Commerce and Industry Dr. Tawfiq Al-Rabiah said that the Kingdom has been focusing on knowledge, transfer and localization of advanced technology, diversification of resources of national income, building a strong foundation for sustainable development, and strengthening its relations with friendly countries. Addressing the Saudi-US Business Opportunities Forum here on Tuesday, he said the volume of trade exchanges between the two countries reached more than $73 billion over the past year. Al-Rabiah stressed that the Saudi market provides an encouraging environment for business and investment, noting in this regard the entry of more than 150 US companies in the Saudi market for the first time during the past year.

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Oman, Iran join to tackle drugs, trafficking

Source: Gulf News (Read full story)

The armed forces of Oman and Iran will work together to tackle drug and human trafficking in the area following a Memorandum of Understanding (MoU) signed on Tuesday between the defence ministers of the two countries in Tehran. Sayyid Badr Bin Saud Bin Harib Al Bu Saidi, Oman’s Minister Responsible for Defence Affairs, and Iranian Defence Minister Brigadier General Hussain Dehghan signed on Tuesday the MoU in Tehran which an Oman News Agency (ONA) report said will serve as a framework for military cooperation between the ministries of defence in both “friendly countries”. Iran’s Press TV reported that under the agreement, the Armed Forces of Iran and Oman will boost cooperation in the fields of education, sports, and culture, and work together in tackling drug and human trafficking.

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