Abu Dhabi Likely Best Placed if Hormuz Strait Closes

March 8 – Abu Dhabi will become the oil producing member of the Gulf Cooperation Council that is best insulated from a closure of the Strait of Hormuz, once the Habshan-Fujairah pipeline is fully operational later this year, Fitch Ratings says (The following statement was released by the rating agency) Yahoo! Maktoob News Related articles […]

‘Dr Doom’ Sees Iran-Israel Clash, Says Buy Precious Metals

Posted on Mar 6, 2012 in UAE Law and Business

Political risk in the Middle East has increased significantly with war between Iran and Israel almost inevitable, and precious metals and equities investments offer some safety, Swiss money manager and long-term bear Marc Faber said on Tuesday. Source: NYTimes Related articles Marc Faber “This year the gold price may not exceed the $1,922/oz high that […]

UAE Responds to Iran Banking Report

In response to a report in today’s Wall Street Journal that the U.S. Treasury officials had disrupted  a Dubai-based financing channel for Iran late last year, a UAE government official responded that the Noor Islamic Bank of Dubai was the only institution in the Emirates that had been targeted for dealings with Iran. The WSJ […]

UAE Steps Up Oil Exports to Counter Iran

The UAE’s Abu Dhabi National Oil Co. will increase exports in March to fulfill all crude oil contracts to Asia. The move will help Asian nations, which consume more than Iran’s exports of 2.6 million barrels per day (bpd), to reduce their reliance on Iran. China, India and Japan have come under increasing pressure to […]

UAE Preps Oil Options to Straits of Hormuz

The UAE is preparing alternatives for oil deliveries if Iran should block the Straits of Hormuz. The UAE now says that it can bypass the Straits entirely by using ports in the Gulf of Oman. The bypass plans have taken on added significance as Iran now threatens to blockade the Straits due to the ongoing […]

UAE Pipeline Delayed

A pipeline which will allow oil from the Emirates to bypass the Straits of Hormuz will not be online for four months, according to the UAE’s oil minister, Mohamed al-Hamli. The delay is especially relevant now with Iranian threats to blockade the Straits. The facility, which will be able to handle 1,5m barrels per day, […]