Latest news with #Gulf
Irish Times
6 hours ago
- Politics
- Irish Times
Could Israel's attacks on Iran create a nuclear contamination risk?
Israel says it is determined to destroy Iran's nuclear capabilities in its week-old military campaign , but that it also wants to avoid any nuclear disaster in a region that is home to tens of millions of people. Fears of catastrophe rippled through the Gulf on Thursday when the Israeli military said it had struck a site in Bushehr on the Gulf coast – home to Iran's only nuclear power station – only to later say the announcement was a mistake. Below we examine the damage caused so far by Israel's attacks, and ask experts about the risks of contamination and other disasters. What sites has Israel hit so far? Israel has announced attacks on nuclear sites in Natanz, Isfahan, Arak and Tehran itself. Israel says it aims to stop Iran building an atom bomb. Iran denies ever seeking to do this. READ MORE Iran's Arak nuclear plant. Photograph: Hamid Foroutan/AFP/Getty Images The International Atomic Energy Agency (IAEA), a nuclear watchdog, has reported damage to the uranium enrichment plant at Natanz, to the nuclear complex at Isfahan, including the Uranium Conversion Facility, and to centrifuge production facilities in Karaj and Tehran. Israel said on Wednesday it had targeted Arak, also known as Khondab, the location of a partially built heavy-water research reactor, a type that can easily produce plutonium which, like enriched uranium, can be used to make the core of an atom bomb. The IAEA said it had information that the Khondab heavy-water research reactor had been hit, but that it was not operational and reported no radiological effects. What fallout risks do these strikes pose? Peter Bryant, a professor at the University of Liverpool, who specialises in radiation protection science and nuclear energy policy, said he is not too concerned about fallout risks from the strikes so far. The Natanz nuclear enrichment facility, where multiple buildings were destroyed by recent Israeli airstrikes. Photograph: Maxar Technologies/AP He noted that the Arak site was not operational while the Natanz facility was underground and no release of radiation was reported. 'The issue is controlling what has happened inside that facility, but nuclear facilities are designed for that,' he said. 'Uranium is only dangerous if it gets physically inhaled or ingested or gets into the body at low enrichments.' Darya Dolzikova, a senior research fellow at London think tank RUSI, said attacks on facilities at the front end of the nuclear fuel cycle – the stages where uranium is prepared for use in a reactor – pose primarily chemical, not radiological risks. At enrichment facilities, UF6, or uranium hexafluoride, is the concern. 'When UF6 interacts with water vapour in the air, it produces harmful chemicals,' she said. The extent to which any material is dispersed would depend on factors including weather conditions, she added. 'In low winds, much of the material can be expected to settle in the vicinity of the facility; in high winds, the material will travel farther, but is also likely to disperse more widely.' The risk of dispersal is lower for underground facilities. What about nuclear reactors? The major concern would be a strike on Iran's nuclear reactor at Bushehr. Richard Wakeford, honorary professor of epidemiology at the University of Manchester, said that while contamination from attacks on enrichment facilities would be 'mainly a chemical problem' for the surrounding areas, extensive damage to large power reactors 'is a different story'. Radioactive elements would be released either through a plume of volatile materials or into the sea, he said. James Acton, co-director of the Nuclear Policy Program at the Carnegie Endowment for International Peace, said an attack on Bushehr 'could cause an absolute radiological catastrophe', but that attacks on enrichment facilities were 'unlikely to cause significant off-site consequences'. A copy of the Tehran Times newspaper showing people killed in recent Israeli strikes. Photograph: Arash Khamooshi/The New York Times He said before uranium goes into a nuclear reactor it is barely radioactive. 'The chemical form uranium hexafluoride is toxic ... but it actually doesn't tend to travel large distances and it's barely radioactive. So far the radiological consequences of Israel's attacks have been virtually nil,' he added, while stating his opposition to Israel's campaign. Why are Gulf states especially worried? For Gulf states, the impact of any strike on Bushehr would be worsened by the potential contamination of Gulf waters, jeopardising a critical source of desalinated potable water. In the UAE, desalinated water accounts for more than 80 per cent of drinking water, while Bahrain became fully reliant on desalinated water in 2016, with 100 per cent of groundwater reserved for contingency plans, according to authorities. Qatar is 100 per cent dependent on desalinated water. [ Israel's ambition: Destroy the heart of Iran's nuclear programme Opens in new window ] In Saudi Arabia , a much larger nation with a greater reserve of natural groundwater, about 50 per cent of the water supply came from desalinated water as of 2023, according to the General Authority for Statistics. While Saudi Arabia, Oman and the UAE have access to more than one sea to draw water from, Qatar, Bahrain and Kuwait are crowded along the shoreline of the Gulf with no other coastline. 'If a natural disaster, oil spill, or even a targeted attack were to disrupt a desalination plant, hundreds of thousands could lose access to freshwater almost instantly,' said Nidal Hilal, professor of engineering and director of New York University Abu Dhabi's Water Research Centre. 'Coastal desalination plants are especially vulnerable to regional hazards like oil spills and potential nuclear contamination.' – Reuters
Arabian Business
6 hours ago
- Business
- Arabian Business
UAE sees $45.6bn foreign direct investment in 2024, targets massive $354bn inflow
The UAE has been named the world's 10th largest recipient of foreign direct investment (FDI) in 2024, drawing in AED167.6bn ($45.6bn) in inflows, according to the United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2025. This marks a 48 per cent increase year-on-year, cementing the country's status as a global magnet for capital, particularly across strategic sectors. The UAE also accounted for 37 per cent of all FDI inflows into the Middle East region in 2024. Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the UAE, and Ruler of Dubai said: 'In an international vote of confidence in the UAE's economy, the latest report by the United Nations Conference on Trade and Development (UNCTAD) revealed that the UAE attracted AED167b ($45bn) in foreign direct investment over the past year, marking a 48 per cent growth compared to the previous year.' UAE foreign direct investment 'The UAE accounted for 37 per cent of all foreign direct investment inflows into the region. Out of every $100 invested in the region, $37 comes to the UAE. The country also ranked second globally, after the United States, in the number of newly announced foreign direct investment projects. 'Our next goal is to attract AED1.3tn ($354bn) in foreign direct investment over the next six years. 'Our foundation is strong, our future is promising, and our focus on our goals is crystal clear. Our message is simple: development is the key to stability, and the economy is the most important policy.' The UAE also ranked second globally—after the United States—for the number of newly announced greenfield FDI projects, with 1,369 new initiatives valued at AED53.3bn ($14.5bn). In contrast to a global slowdown in greenfield project growth (0.8 per cent), the UAE achieved 2.8 per cent growth. The top sectors for greenfield FDI in 2024 included: Software and IT services: 11.5 per cent Business services: 9.7 per cent Renewable energy: 9.3 per cent Oil, gas, and coal: 9 per cent Real estate: 7.8 per cent The energy sector alone attracted AED4.8bn ($1.3bn), supporting the UAE's target to triple renewable capacity by 2030. The UAE's cumulative FDI stock reached $270.6bn in 2024, driven by a 10.5 per cent compound annual growth rate since 2015, when inflows stood at AED31.6bn ($8.6bn). Mohamed Hassan Alsuwaidi, Minister of Investment, said: 'Recording this unprecedented level of FDI inflows to the UAE is an achievement that reflects the strategic choices made by our wise leadership and its long-term vision to establish the UAE as a leading global investment destination. 'The Ministry of Investment is committed to developing a comprehensive regulatory and legislative framework aligned with our national priorities, meeting investors' needs, and providing a competitive business environment that attracts global capital. 'The UAE's investment ecosystem has become a global model, thanks to its stability, transparency, trade openness, and ease of doing business. Through the National Investment Strategy 2031, we continue to set ambitious goals to cement the UAE's position as a leading global FDI destination. 'We provide a clear pathway to drive sustainable growth, double investment opportunities, diversify priority sectors, and open new horizons for global companies seeking innovation and expansion in future markets.' The National Investment Strategy targets AED2.2tn ($599bn) in cumulative FDI by 2031, with a focus on advanced manufacturing, renewable energy, financial services and information technology. The United Arab Emirates investment climate is bolstered by: Full foreign ownership in mainland companies A competitive 9 per cent corporate tax rate Streamlined licensing processes Legal frameworks like the Dubai International Arbitration Centre Its global appeal is reinforced by 21 Comprehensive Economic Partnership Agreements and 120 bilateral investment treaties. In talent attraction, the United Arab Emirates ranks fifth globally (INSEAD's Global Talent Competitiveness Index 2024) and third in attracting AI talent (Stanford University's AI Index 2024).
Khaleej Times
6 hours ago
- Business
- Khaleej Times
ILT20, KCB enter strategic partnership for growth of the sport in Kuwait
The DP World International League T20 and the Kuwait Cricket Board have entered an exciting partnership for the growth of the sport in Kuwait. Through the partnership the DP World ILT20 will organise cricket matches in the country which will be aimed at identifying and developing the participating players. The agreement between the Kuwait Cricket Board and DP World ILT20 was inked at a signing ceremony organised recently at the Dubai International Stadium. As per the agreement, a domestic event like the DP World ILT20 UAE Development Tournament, will be conducted annually in Kuwait to provide the players from Kuwait an opportunity to get selected by ILT20 franchises for the main DP World ILT20 event. In the coming years, the league will also aim to host DP World ILT2o matches in Kuwait. 'We are very proud to announce our collaboration with Kuwait Cricket Board as they join our league [DP World ILT20]. It is a great honour for us, and we look forward to many more such collaborations in the future. Kuwait is very important to us; it is a great country and keen on promoting and further developing cricket," said Khalid Al Zarooni, Chairman ILT20 and Vice-Chairman Emirates Cricket Board. 'Kuwait and the rest of the Gulf countries are all one, the [cricket playing] communities are residing throughout the region and our aim with the DP World ILT20 is to grow and develop the game in the entire region. Our endeavour is to provide maximum opportunities to the players and for the fans to join us at this great tournament which we are trying to grow more and more.' President Kuwait Cricket Haider Farman: 'I am honoured to formalise this agreement between Kuwait Cricket and the Emirates Cricket Board to further promote the DP World ILT20 — not only in our two nations but across the entire region. This partnership is a key pillar of the league's broader vision for the growth and globalisation of cricket. We firmly believe that cricket can serve as a powerful bridge between our countries, and we look forward to this collaboration bringing meaningful benefits to our players, coaches, and officials alike. 'It is also a matter of great pride that Kuwait becomes the first country in the world to be officially recognized as a strategic partner of the DP World ILT20. 'Cricket continues to grow in popularity in the State of Kuwait, with Kuwait Cricket making significant strides both on and off the field. This landmark collaboration with the Emirates Cricket Board and the ILT20 will play a critical role in helping us realize our long-term vision — to involve more Kuwaiti nationals in our cricketing ecosystem, especially as players and officials. 'With the Asian Games scheduled to take place in Qatar in 2030 and Saudi Arabia in 2034, the timing couldn't be better. DP World ILT20 can be a transformative force in inspiring the next generation of local talent to embrace the sport across the GCC like never before.' CEO DP World ILT20 David White: 'I would like to congratulate Kuwait Cricket on their vision and foresight that has led to this exciting alliance. The DP World ILT2o's long term vision is to grow the game not only in the UAE but across the Gulf region. 'This partnership provides a great opportunity for Kuwait Cricket and their young players to develop further. We have seen it in the DP World ILT20 how the young UAE players have benefited enormously through this incredible platform under some world-class coaching. 'The UAE team recently won a T20I series against Bangladesh which is indeed a testament to the success of the DP World ILT20 as a lot of the UAE team members had received great exposure at the league in recent years, surely Kuwait and other countries in the region are going to benefit as well.' Sajid Ashraf, Director General Kuwait Cricket. says the partnership will help the sport grow in Kuwait. 'This momentous collaboration with the Emirates Cricket Board — a true leader in regional cricket development and the driving force behind the world-class DP World ILT20 — marks a historic milestone for Kuwait Cricket. It opens the door to a long-awaited dream: enabling our Kuwait players to pursue full-time professional cricket careers on the international franchise stage," Ashraf said. Meanwhile, the DP World International League T20 Season 4 will begin on December 2, UAE National Day (Eid-Al-Etihad). The six-team, 34-match tournament will conclude with the final on January 4, 2026.
Arabian Business
7 hours ago
- Business
- Arabian Business
Qatar's economy to grow 6.5 per cent by 2027 on LNG expansion: World Bank
Qatar's economy is set to accelerate significantly over the next two years, with growth projected to rise from 2.4 per cent in 2025 to an average of 6.5 per cent in 2026–2027, according to the World Bank's Gulf Economic Update. The sharp rise in growth will be driven primarily by the North Field LNG expansion, which is expected to boost Qatar's liquefied natural gas (LNG) output by 40 per cent, transforming the country's hydrocarbon sector performance. While hydrocarbon growth is expected to remain modest at 0.9 per cent in 2025, the World Bank anticipates a major turnaround once the new LNG capacity comes online, cementing Qatar's position as a global energy leader. Qatar economic growth In parallel, non-hydrocarbon sectors such as education, tourism, and services continue to show strong momentum, supported by infrastructure investment and international partnerships. This diversification effort is central to Qatar's long-term economic vision. Key insights from the World Bank report: Qatar's economic growth: 2.4 per cent in 2025, rising to 6.5 per cent in 2026–2027 Gulf-wide GDP: Projected to reach 3.2 per cent in 2025 and 4.5 per cent in 2026 Non-oil growth across the GCC: Driven by structural reforms, investment, and private sector activity 2024 regional growth: Improved to 1.7 per cent, up from just 0.3 per cent in 2023 Despite the upbeat forecast, the World Bank cautioned that global trade tensions and potential economic slowdown remain risks for Gulf economies. To safeguard future prosperity, it urged continued focus on economic diversification, innovation, and youth job creation. Division Director for the GCC countries at the World Bank Safaa El Tayeb El-Kogali said: 'The resilience of GCC countries in navigating global uncertainties while advancing economic diversification underscores their strong commitment to long-term prosperity. 'Strategic fiscal policies, targeted investments, and a strong focus on innovation, entrepreneurship, and job creation for youth are essential to sustaining growth and stability'.
Khaleej Times
8 hours ago
- Business
- Khaleej Times
Current oil spike does not match market fundamentals
The current spike in oil prices as a result of the Iran-Israeli conflict is to be viewed as a temporary phenomenon, as there is no change in oil market fundamentals, analysts say. 'Oil and gas are still flowing out from the Gulf. There are likely to be some consumers seeking to secure supplies in the short term to offset any potential interruption to supply and that is helping to push oil prices higher,' Edward Bell, Acting Chief Economist & Head of Research, Emirates NBD, told Khaleej Times. Oil prices have been the primary market expression of the dynamics of the current Israel-Iran conflict. Oil assets, whether production sites or export infrastructure or ships, have not been directly targeted in the exchange of fire between the two countries but markets are nevertheless pricing in security of supply concerns. In an immediate reaction to the news of the initial attacks on June 13 oil prices jumped sharply higher. Brent futures spiked to as high as USD 78.50/b and have since been responding to headlines, selling on market indications of a potential diplomatic solution and rising on anticipation that the conflict could deepen or spread. Volatility in oil prices has surged as markets price in a range of scenarios, all of which seemingly tilt toward the upside, such as attacks on oil infrastructure or the closure of the Strait of Hormuz. Options markets are positioned to the upside by the strongest degree since the start of the Russia-Ukraine war. Time spreads have also widened sharply into backwardation, reversing what had been an equivocal stance on the near-term outlook for oil market tightness over the rest of this year. 'At just shy of $5 per barrel in backwardation, the current 1-6 month time spread for Brent futures are above the 95th percentile of spreads dating back to 1990,' a research note from Emirates NBD said. Oil markets have also generally ignored downbeat economic data this week — a drop in US retail sales and a downgrade to growth from the Federal Reserve. Correlation with the US dollar has turned negative in the last several days after oil and the greenback had generally been moving in tandem for much of 2025. Oil and the dollar had been trading on a weak global growth narrative for the last few months thanks to the uncertainty caused by the tariffs introduced by the Trump administration. 'But now the geopolitical risk in the oil market is splitting the outlook for oil and the dollar, creating an even worse environment for central banks who will have to contend with slow growth and potentially even higher inflation,' Bell said. Geopolitical anxiety, if it does not result in actual supply disruption, tends to burn hot in oil markets but also burn fast, Bell said. 'Even the attacks on the Abqaiq oil processing facilities in 2019 saw a spike in oil from $60 per barrel to almost $70 per barrel in a single day but gains then faded over the subsequent weeks. Oil markets are accustomed to geopolitical risk and there is slack available in the market to absorb at least some of the anxiety over supply security,' he added. Spare capacity within OPEC+ is estimated at around five million barrels a day, though with the caveat that much of that capacity is reliant on access to the Strait of Hormuz to make it out to seaborne markets. For now there has been no material interruption to shipping in the Gulf region. 'Since June 13 there has been a steady stream of departures from UAE oil export terminals,' Bell noted. Higher volumes with lower oil prices was going to result in wider fiscal deficits or smaller surpluses for GCC governments. 'If oil prices hold to their current levels and OPEC+ sticks with its higher output targets that should mean a better picture for regional balances,' Bell said.
