Congress, Obama at odds over new Iran sanctions

Source: Kuwait Times (Read full story)

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Despite wide bilateral support in Congress for tougher sanctions, some Democrats and Republicans are embracing the administration’s cautious approach. In a letter last week to Obama, 18 GOP House members joined more than 100 of their Democratic colleagues in urging the president to “reinvigorate US efforts to secure a negotiated nuclear agreement” and give Rouhani a chance. Rouhani’s election clearly has bolstered hope of compromise. A former nuclear negotiator and relatively moderate cleric, Rouhani has suggested a more accommodating approach than his predecessor, Mahmoud Ahmadinejad. However, Iranian Supreme Leader Ayatollah Ali Khamenei has final say on nuclear issues.

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Qatar expresses concern over bloodshed in Egypt

Source: The Peninsula (Read full story)

Qatar yesterday expressed concern over bloodshed in Egypt after at least nine people died in clashes between supporters and opponents of the ousted president, QNA reported yesterday. The agency said the Qatari Foreign Ministry source also expressed concern over the continued detention of Mursi since the army forced him out of office earlier this month. Mursi has been held at an undisclosed military facility since the army deposed him on July 3 and suspended the constitution in the wake of street protests against his one-year rule. The army says he is being held for his own safety.

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Saudi Aramco’s Oil Push to Raise Rig Count to Record

Source: Bloomberg (Read full story)

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Aramco plans to increase output capacity at the Khurais field to 1.5 million barrels a day by 2017 from 1.2 million now, while boosting the Shaybah field to 1 million barrels a day from 750,000 barrels, CEO Khalid Al-Falih said in May. Aramco declined to comment on the rig forecasts when contacted yesterday. The increase in rigs will also help the country find new deposits and pump more hydrocarbons offshore, al-Husseini said. Aramco plans to raise gas output in the Red Sea and Persian Gulf to reduce domestic use of crude oil and retain more for export. It will also drill seven wells to test shale-gas deposits in the northwest this year, Oil Minister Ali Al-Naimi said in March. Halliburton and Schlumberger both operate Saudi research centers to develop technology to help the country unlock its unconventional hydrocarbon resources.

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UAE rides the aviation boom

Source: Gulf News (Read full story)

The UAE has attained impressive breakthroughs in the civil and military aviation industry in recent years, as represented by the development of components for use in modern aircraft produced by Europe’s ‪Airbus and America’s‪ Boeing. This is on top of the achievement by the Adco System Company, which made the first Emirati unmanned aircraft. Also in the space is Al Ain-based Strata Manufacturing and Dubai Aerospace Enterprise.  The common belief is that the UAE has only succeeded in establishing world-class airlines through Emirates and Etihad as well as Air Arabia, and that it has become the biggest buyer of modern aircraft. For example, the national airlines have made up 65 per cent of the total sales of Boeing in the Middle East this year, while orders by Emirati companies comprise 44 per cent of the total orders in the region.

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Bahrain’s Housing Projects Help Revive Economy

Source: Gulf Business News (Read full story)

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Bahrain’s housing and infrastructure projects have begun to pick up pace owing to strong government expenditure during Q2 2013, said a CBRE MarketView report. According to the housing minister’s announcement, around $8 billion are expected to be spent on housing projects by the end of 2017, the report said. “The residential market witnessed an increased level of activity with a number of new developments being announced in Q2. Durrat Marina, located just north of Durrat Al Bahrain, signed a memorandum of understanding for the sale and marketing of the first phase of development which includes a residential area, comprising villas and apartments, a ‘festival’ retail area and marina,” said Mike Williams, head of research & consultancy, CBRE Middle East.

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