Daily brief: Italy pushes Iran trade, Saudi Arabia to triple mining revenue

November 23, 2016 10:08 am

Italy pushed Iran trade, and more business news from the MENA region and the world. (Image: Alamy)

Italy is pushing for lucrative its Iran trade, undeterred by Trump’s potential stance. Meanwhile, Saudi Arabia aims to triple its mining revenue by 2030.

 

US grants Airbus second licence to sell to Iran

The United States issued a second licence to French airplane builder, Airbus, enabling it to sell commercial planes to Iran Air. Before the licence was issued on Monday, Airbus had U.S. permission for the sale of 17 jets to Iran.

 

(Iran announced plans to buy Airbus and Boeing planes earlier this year)

 

Saudi Arabia aims to triple mining revenue by 2030

The Kingdom of Saudi Arabia plans to increase the contribution of its mining industry to national GDP by more than a triple, energy minister Khalid Al-Falih said. The Kingdom is yet to finalise a mining strategy that would raise annual mining revenue to 240 billion riyals by 2030.

 

(Here are some other industries Saudi Arabia plans to push in a post-oil era)

 

Algeria parliament endorses spending cuts, plans higher taxes for 2017

Algeria’s lower house of parliament endorsed a 2017 budget that includes new taxes on goods and fuel subsidy cuts, part of a government effort to offset falls in energy revenue.

 

Italy to push trade with Iran, undeterred by Trump

Italy will support business deals with Iran, which are potentially worth billions of dollars, the European country’s industry minister pledged on Tuesday, undeterred by fears of US president-elect Donald Trump.

 

(Trump victory likely to empower Iran’s hardliners, worry investors)

 

World leaders greet Lebanon on Independence Day

Lebanon celebrated its 73rd independence anniversary on Tuesday. The public, officials and world leaders celebrated and congratulated new president general Michel Aoun on the occasion. The new president held office last month after the post was vacant for over two years.

 

After oil, UAE shifts focus to tourism

Tourism is one of the keen sectors that would support a post-oil economy, Minister of Economy Sultan bin Saeed Al Mansouri, said. The sector, build on diversity, innovation and sustainability is expected support the success of economic diversification, policies and sustainable development.

 

2.5 million UAE consumers victim to cybercrime: report

2.53 million consumers in the UAE have been victims of online crime in the past year as hackers take advantage of consumer complacency, Norton’s annual Norton Cyber Security Insights Report revealed.

 

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