Search Result for : Middle East

The Dollar Business Bureau French car maker Renault and Iran signed a mega JV on Monday in the presence of the Iranian Industry Minister, Mohammedreza Nematzadeh. The JV could change the tide of the car maker in the oil rich Middle eastern country. Many Western companies have made a beeline to do business in Iran with the lifting of the sanctions. The joint venture was signed between Renault and Industrial Development & Renovation Organization of Iran (IRDO). Renault will be the majority shareholder holding 60% of the shares, with IDRO and another private player Parto Negin Naseh taking up 20% each. The production of the cars will begin in 2018, with both the parties agreeing to set up an engineering and sales centre ...

The Dollar Business Bureau Meat exports from India rose to 13.53 lakh tonnes in the financial year 2016-17 from 13.36 lakh tonnes a year ago, Commerce and Industry Minister Nirmala Sitharaman informed the Parliament on Wednesday. However, in value terms, exports dropped to Rs.27,184 crore in 2016-17, compared to Rs.27,528 crore in 2015-16. “The Commerce Ministry has received no complaint with regards to the prevention of production of leather and meat, Sitharaman said in a written response to the Rajya Sabha. However, the export of buffalo meat was declined, according to the data, she said. During April-May period of 2016-17, buffalo meat export was $554 million whereas it stood at $530 million during the same period this ...

Sheela Mamidenna Engineering exports from India to Qatar have been impacted after sanctions were imposed on Doha by some Arab countries, said Engineering Export Promotion Council (EEPC) India on Wednesday. Bahrain, Saudi Arabia, UAE and Egypt had last week announced the suspension of all relations with Qatar over the country’s alleged support for terrorist groups and its political closeness to the Shi’ite majority nation of Iran. Qatar denies these allegations. “Inputs from our engineering exporters indicate that shipping lines operating between India and Doha are keeping the containers on hold. A few such incidents have been reported from Jebel Ali and Krishnapatnam ports,” EEPC India said. Suranjan Gupta - Addl. Executive Director, International Trade Facilitation Centre, speaking to the Dollar Business confirmed that "some ...

The Dollar Business Bureau Due to massive oil production cuts being enforced by OPEC nations, major oil importing countries, especially India, are diversifying their supplier regions. India, for the first time in years, saw its Ural oil imports from Russia drastically surge, as a result of cuts in supplies from its two main oil suppliers – Saudi Arabia and Iraq. While India's crude imports from Russia have never crossed 500,000 tonnes annually, 2017 has already witnessed over 1 million tonnes of Ural import.  ONGC, India's oil and gas major, keen on securing India's energy future, intends to invest over $3 billion in Iran's newly discovered Farzad-B natural gas field. Due to disagreements with Iran's authorities over the development rights to this gas field, India has slashed quantities of oil import from ...

The Dollar Business Bureau Qatar National Bank (QNB) on Sunday announced it has received approval to open a branch in India. Qatar’s leading financial institution, which has officially completed purchase of Turkey's Finansbank for 2.7 billion, will soon provide its banking services in India. It obtained the approval of India's regulatory authorities to conduct operations in that country, adding the move would help towards achieving its goal of strategic global expansion, QNB said in a statement. The latest decision is a part of QNB’s global expansion plan. The Bank is currently present in over 30 nations across Africa, Asia, Europe and the Middle East. The Bank, however, did not announce a specific date, when it would commence its operation in India. QNB, along with its subsidiaries, ...

Source: PTI Tata Steel has joined hands with a leading UAE-based petrochemical company, aimed at broadening its market base for energy sector products in the Middle East. Recognising the need to have local representation in Abu Dhabi, Tata Steel has announced collaboration with International Development Company (IDC) which will support it in obtaining national oil company approvals that are required in the region. “Tata Steel, along with IDC, will introduce its supply capabilities to oil and gas companies in the region, providing them with an opportunity to work with a supplier who has an excellent track record of providing for offshore and onshore line pipe projects worldwide,” said Richard Broughton, Commercial Manager, Energy and Power, Tata Steel. The deal has come ...

The Dollar Business Bureau Export of soybean meal from India declined to 769 tonnes in August, 2015 as compared to 2,778 tonnes in the same month last year, recording a decrease of 72.33%, according to a data released by the Soybean Processors Association of India (SOPA). “On a financial year basis, the export during April'2015 to August'2015 is 35,858 tonnes as compared to 96,201 tonnes in the same period of previous year showing a decrease of 62.73%,” said SOPA in a statement. The country’s total export between April and August, 2015 stood at 35,858 tonnes as against 96,201 tonnes shipped during the corresponding period last year. Since April this year, India has exported approximately 36,000 MT of soybean meal, with Middle-East ...

Source: PTI Taj Hotels Resorts and Palaces, part of the Tata group, on Tuesday said it has exited the management of Taj Palace Hotel, Dubai, after 14 years of operations. Located at Deira, it was operating the hotel since 2001 and it was handed back to its owner – Juma Al Majid Group — on August 31 2015, the hospitality major said in a statement. “By virtue of a mutual agreement reached between the erstwhile partners, Taj Palace Hotel, Dubai, which has been successfully run by Taj Hotels Resorts and Palaces since 2001, will be handed back to the Juma Al Majid Group, on 31st August 2015," the statement said. It did not give any reason for ending the management contract. ...