Iraq's oil ministry has awarded two contracts to a US engineering and construction firm for preliminary work on new oil refining projects. Shaw Group, based in Louisiana, has signed two contracts to provide feasibility studies and front-end engineering and design for proposed refineries near the Iraqi cities of Missan and Kirkuk. The company did not disclose the value of the contracts, but said they represented Shaw's first significant projects in Iraq.
The proposed refineries are near major producing oilfields from which Baghdad is attempting to boost output. If built, each would have a processing capacity of 150,000 barrels per day (bpd). Despite holding the world's third-largest crude oil reserves, Iraq cannot meet its domestic demand for petroleum products, such as petrol and diesel, from its existing refineries. Most date from the 1970s, are not in good repair and produce mainly heavy fuel oil instead of the lighter products that are in especially short supply.
To narrow the gap, Iraq has turned to its neighbour and former adversary, Iran. The two countries are in talks over a plan for Iran to import up to 200,000 bpd of Iraqi crude, which it would process at a refinery in its south-western Khuzestan province. In return, Iran would supply Iraq with 3 million tonnes per day of refined products. tcarlisle@thenational.ae
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
STAGE 1 RESULTS
1) Tim Merlier (Soudal-Quick-Step), 3h 17’ 35”
2) Caleb Ewan (Lotto Dstny) same time
3) Mark Cavendish (Astana Qazaqstan Team) same time
General Classification:
1) Tim Merlier (Soudal Quick-Step) 3:17:25
2 - Caleb Ewan (Lotto Dstny) +4"
3 - Luke Plapp (Ineos Grenadiers) +5"
Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties
Sweet Tooth
Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Company Profile
Company name: Cargoz
Date started: January 2022
Founders: Premlal Pullisserry and Lijo Antony
Based: Dubai
Number of staff: 30
Investment stage: Seed
SPEC SHEET: SAMSUNG GALAXY Z FOLD5
Main display: 7.6" QXGA+ Dynamic Amoled 2X, Infinity Flex, 2176 x 1812, 21.6:18, 374ppi, HDR10+, up to 120Hz
Cover display: 6.2" HD+ Dynamic Amoled 2X, 2316 x 904, 23.1:9, 402ppi, up to 120Hz
Processor: Qualcomm Snapdragon 8 Gen 2, 4nm, octa-core; Adreno 740 GPU
Memory: 12GB
Capacity: 256/512GB / 1TB (online exclusive)
Platform: Android 13, One UI 5.1.1
Main camera: Triple 12MP ultra-wide (f/2.2) + 50MP wide (f/1.8) + 10MP telephoto (f/2.4), dual OIS, 3x optical zoom, 30x Space Zoom, portrait, super slo-mo
Video: 8K@24fps, 4K@60fps, full-HD@60/240fps, HD@960fps; slo-mo@60/240/960fps; HDR10+
Cover camera: 10MP (f/2.2)
Inner front camera: Under-display 4MP (f/1.8)
Battery: 4400mAh, 25W fast charging, 15W wireless, 4.5W reverse wireless
Connectivity: 5G; Wi-Fi, Bluetooth 5.3, NFC (Samsung Pay)
I/O: USB-C
Cards: Nano-SIM + eSIM; dual nano-SIMs + eSIM
Colours: Cream, icy blue, phantom black; online exclusives – blue, grey
In the box: Fold5, USB-C-to-USB-C cable
Price: Dh6,799 / Dh7,249 / Dh8,149
While you're here
5 of the most-popular Airbnb locations in Dubai
Bobby Grudziecki, chief operating officer of Frank Porter, identifies the five most popular areas in Dubai for those looking to make the most out of their properties and the rates owners can secure:
• Dubai Marina
The Marina and Jumeirah Beach Residence are popular locations, says Mr Grudziecki, due to their closeness to the beach, restaurants and hotels.
Frank Porter’s average Airbnb rent:
One bedroom: Dh482 to Dh739
Two bedroom: Dh627 to Dh960
Three bedroom: Dh721 to Dh1,104
• Downtown
Within walking distance of the Dubai Mall, Burj Khalifa and the famous fountains, this location combines business and leisure. “Sure it’s for tourists,” says Mr Grudziecki. “Though Downtown [still caters to business people] because it’s close to Dubai International Financial Centre."
Frank Porter’s average Airbnb rent:
One bedroom: Dh497 to Dh772
Two bedroom: Dh646 to Dh1,003
Three bedroom: Dh743 to Dh1,154
• City Walk
The rising star of the Dubai property market, this area is lined with pristine sidewalks, boutiques and cafes and close to the new entertainment venue Coca Cola Arena. “Downtown and Marina are pretty much the same prices,” Mr Grudziecki says, “but City Walk is higher.”
Frank Porter’s average Airbnb rent:
One bedroom: Dh524 to Dh809
Two bedroom: Dh682 to Dh1,052
Three bedroom: Dh784 to Dh1,210
• Jumeirah Lake Towers
Dubai Marina’s little brother JLT resides on the other side of Sheikh Zayed road but is still close enough to beachside outlets and attractions. The big selling point for Airbnb renters, however, is that “it’s cheaper than Dubai Marina”, Mr Grudziecki says.
Frank Porter’s average Airbnb rent:
One bedroom: Dh422 to Dh629
Two bedroom: Dh549 to Dh818
Three bedroom: Dh631 to Dh941
• Palm Jumeirah
Palm Jumeirah's proximity to luxury resorts is attractive, especially for big families, says Mr Grudziecki, as Airbnb renters can secure competitive rates on one of the world’s most famous tourist destinations.
Frank Porter’s average Airbnb rent:
One bedroom: Dh503 to Dh770
Two bedroom: Dh654 to Dh1,002
Three bedroom: Dh752 to Dh1,152
COMPANY PROFILE
Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
What She Ate: Six Remarkable Women & the Food That Tells Their Stories
Laura Shapiro
Fourth Estate
THE SPECS
Engine: 3-litre V6 turbo (standard model, E-hybrid); 4-litre V8 biturbo (S)
Power: 350hp (standard); 463hp (E-hybrid); 467hp (S)
Torque: 500Nm (standard); 650Nm (E-hybrid); 600Nm (S)
Price: From Dh368,500
On sale: Now