Gulf in the News – January 15, 2014

Russia-GCC forum to boost trade ties

Source: Arab News (Read full story)

The Russian Business Council (RBC) in the UAE will organize a Russia-GCC Business Forum from Feb. 11-12 in Dubai. The two-day event will focus on promoting trade relations between Russia and the GCC countries.
“This forum is a remarkable step toward the development of the already thriving business ties, which has led to signing a memorandum of investment worth $5 billion to establish partnerships in Russian infrastructure projects in 2013,” said RBC Chairman Igor Egorov[.]

Dubai’s multibillion dirham tram system set to begin testing

Source: The National (Read full story)

The multibillion-dirham Al Sufouh Tram system is to start testing within two weeks, the Roads and Transport Authority said.

… Initially, 11 trams are expected to carry about 27,000 passengers a day. The RTA hopes eventually to be running 25 trams and carrying 66,000 people a day by 2020.  In September last year it was announced that Serco had agreed a five-year, Dh105 million deal with the RTA to run the service.  The British company also operates Dubai Metro. Dubai Tram is expected to open to the pubic in November this year.

Kingdom to ship same oil volumes to China in 2014

Source: Arab News (Read full story)

China’s top crude supplier Saudi Arabia is set to ship about the same volumes to Chinese buyers in 2014 as it did last year, as the world’s second-largest oil consumer takes more from Iraq and Central Asia, traders said.  Iraq has been offering cheaper prices and better payment terms to Asian buyers this year as it increases its output, while two new refineries in China are designed to run on crude from suppliers in Kazakhstan, Russia and the Middle East.  Since those two refineries will provide the bulk of China’s oil demand growth in 2014, Saudi Arabia has been left with little room to increase its Chinese contract volumes. That means its 20 percent share of the China market will fall.  Saudi Arabia should still retain its spot as China’s No. 1 crude supplier, although Iraq looks poised to challenge Angola as the second largest.

​Saudi stops SMS to guardians when women travel

Source: The Peninsula (Read full story)

Saudi Arabia has suspended a programme that notifies the male guardians of female relatives, who may travel abroad only with their permission, once the women leave the country, it was reported yesterday.  Since November 2012, Saudi women’s male guardians have been sent a text message informing them when women under their custody leave, even if they are travelling together.  The programme, which was strongly criticised by women rights activists, “has been suspended due to some observations,” passports department spokesman Ahmad Al Laheedan was quoted by Arab News as saying.

Iran at a crossroads

Source: Arab News (Read full story)

Iran might continue to stoke sectarian tensions in the Gulf region but it is not immune to these issues. Iran has more diverse ethnic groups than any other country in the region … and there are many languages spoken by the Iranian population. …  Tehran has a golden opportunity under President Hassan Rowhani to turn a new leaf and improve its ties with its neighbors. Iran has a very rich culture with thousands of years of rich history. It is rich with many natural resources such as oil and gas. Iran has the potential to increase economic trade with its neighbors. Iran is known for its rugs, caviar and saffron. Iran can export these products to the Gulf markets, which will help its crumbling economy.  The ball is now in Iran’s court. It is at a crossroads. It is up to Tehran either to tread a path that will ensure the well being of its people or continue with its dirty tricks to foment unrest in other countries.

Assembly refers Dow case to Audit Bureau for probe – MPs charge conspiracy, commissions in scrapped deal

Source: Kuwait Times (Read full story)

The National Assembly called in a unanimous decision yesterday on the state accounting watchdog – the Audit Bureau – to conduct a comprehensive investigation into the affairs of a scrapped joint venture with US’ Dow Chemical which cost Kuwait a $2.2 billion penalty. The resolution was issued following a special debate on the $15 billion joint venture signed by state-owned Petrochemicals Industries Co (PIC) and Dow Chemical in 2008 that was scrapped in late December of the same year. The decision gives the bureau one month to complete the probe.