Snapback Seen as Major Challenge for Iranian Oil Equipment Manufacturers
The chairman of the Iranian Association of Oil Industry Equipment Manufacturers has warned that the reactivation of the UN “snapback mechanism” could significantly disrupt the country’s economic activities, particularly in the oil and gas sector, potentially creating harsher conditions than those faced before the 2015 nuclear deal (JCPOA).
Speaking at a press conference in Tehran, Ehsan Saqafi highlighted the central role of domestically produced equipment in sustaining Iran’s oil industry. “Back in the early 1980s, less than 10% of the equipment used in the oil sector was manufactured domestically. The rest was imported,” he said. “Over the past 12 years, domestic production has risen to 85%, with 70% of that meeting international standards and being deployed in various plants.”
Saqafi acknowledged that although sanctions have posed serious challenges, they have also spurred local production. “Sanctions forced us to focus on domestic manufacturing. It was difficult, but it ultimately strengthened our capabilities,” he noted. “If Iran’s oil industry is still functioning and generating revenue today, it is because of these domestically produced components.”
The industry leader stressed that without local equipment, oil and gas operations would have stalled. “Wherever Iranian manufacturers have been trusted, they have delivered results,” he added, expressing hope that an easing of sanctions would allow buyers the freedom to choose between domestic and foreign products.
Saqafi said that Iran currently has the capacity to meet 85% of its oil sector’s equipment needs domestically and aims to reach 95% within the next five years. “The remaining share is not economically viable to produce here, but we have the ability to reach 100% if sanctions are intensified,” he stated.
On exports, Saqafi explained that sanctions and banking restrictions have complicated the trade of oil equipment. “Some of our products are 95% made in Iran but are sold through third countries under their labels, and in some cases re-imported back into Iran,” he said. “We also export certain equipment directly to countries like Venezuela.”
Discussing the snapback mechanism’s implications, he warned, “Its impact on economic activity cannot be denied. The snapback mechanism will certainly cause us difficulties—potentially even more severe than the pre-JCPOA period. It affects transportation, access to foreign currency, and the supply of raw materials.”
Despite these challenges, Saqafi expressed confidence in the resilience of domestic producers, emphasizing the importance of government support and unity in overcoming obstacles. “Banking transactions continue as before to some extent, and digital currencies are opening new avenues. The private sector will find ways to operate, provided that no unnecessary barriers are placed in its path,” he said.
Saqafi also highlighted ongoing discussions between domestic manufacturers and the Oil Ministry regarding unresolved issues, noting that many of the same concerns have persisted for over a year. He pointed to energy imbalances as a systemic issue affecting households and industries alike, attributing it to “years of managerial imbalance.”
He concluded by announcing that the 7th Oil, Gas, and Petrochemical Equipment Exhibition and Conference, focusing on supporting domestic production, will be held in February. “This annual event has established itself as an important platform for showcasing the private sector’s capabilities and strengthening local manufacturing,” Saqafi said. - Iran News
08/10/2025
Bahrain Backs Female Entrepreneurs with WTO-ITC Fund
More women entrepreneurs will be able to expand their digital and export skills following a new contribution from the Kingdom of Bahrain to a global fund set up to help expand opportunities for women-led businesses in international trade. The World Trade Organization (WTO) Secretariat and the International Trade Centre (ITC) today (29 September) signed a memorandum of understanding (MoU) with the Kingdom of Bahrain at WTO headquarters in Geneva , confirming a contribution of US$200,000 to the Women Exporters in the Digital Economy (WEIDE) Fund.
The signing marked Bahrain’s commitment to advancing women’s economic empowerment through digital trade and to creating new opportunities for inclusive growth by supporting women-led micro, small and medium-sized enterprises (MSMEs).
Launched in February 2024 at the WTO’s 13th Ministerial Conference in Abu Dhabi, the US$50 million WEIDE Fund is jointly funded and managed by the WTO Secretariat and ITC. The Fund provides grants, mentorship and access to international business networks to help women entrepreneurs leverage digital trade opportunities and compete in global markets.
WTO Director-General Dr. Ngozi Okonjo-Iweala welcomed Bahrain’s support: "This contribution from the Kingdom of Bahrain demonstrates a strong commitment to trade, empowering women entrepreneurs and ensuring they are equipped to seize the opportunities of digital trade. By joining the WEIDE Fund partnership, Bahrain is helping to build a more inclusive global trading system where women-led businesses can innovate, grow and create jobs."
ITC Executive Director Pamela Coke-Hamilton said: "Bahrain’s support is timely and impactful. It will enable us to reach more women entrepreneurs, particularly those facing barriers in accessing international markets. Together, we are ensuring that women-led businesses not only receive funding but also the tools, skills and networks they need to succeed in the digital economy."
H.E. Mr. Abdulla Abdullatif Abdulla, Ambassador Extraordinary and Plenipotentiary, Permanent Representative of the Kingdom of Bahrain to the UN Office and other international organizations in Geneva, representing the Kingdom of Bahrain, said: "The Kingdom of Bahrain is proud to contribute to the Women Exporters in the Digital Economy (WEIDE) Fund launched by the WTO and ITC, reflecting Bahrain’s strong commitment to empowering women entrepreneurs, advancing their participation in global trade, and supporting inclusive and sustainable economic growth.
"Guided by the vision and directives of our leadership, led by His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, Bahrain continues to advance initiatives that foster inclusive development and innovation. Today's contribution also reflects the dedication of Her Royal Highness Princess Sabeeka bint Ibrahim Al Khalifa, President of the Supreme Council for Women, to promoting women’s economic empowerment and enabling them to thrive in the digital economy."
The WEIDE Fund has so far launched application windows in the Dominican Republic, Mongolia, Nigeria and Jordan , with thousands of women entrepreneurs applying for support. Contributions from the United Arab Emirates, the FIFA World Cup Qatar 2022™ Legacy Fund and now the Kingdom of Bahrain are helping turn this global vision into concrete results for women in trade.
08/10/2025
Rising Demand for Luxury Tourism Fueling Success of Egypt’s El Gouna
Egypt’s tourism sector is entering a new era of growth, driven by rising demand for luxury real estate and diversified experiences, according to the CEO of Red Sea destination El Gouna.
In an interview with Arab News, Mohamed Amer said the resort has become a model for integrated, year-round tourism that is helping the country move beyond its traditional seasonal patterns.
Egypt’s inbound tourism rose 22 percent in the first seven months of 2024 compared with the same period a year earlier, reaching 15.78 million visitors for the year — the highest on record and slightly above 15.7 million in 2023.
The government is targeting 30 million tourists annually by 2028. In June, Prime Minister Mostafa Madbouly highlighted efforts to open new opportunities for foreign investment in tourism to help reach that goal.
“Egypt’s tourism sector is in a very strong phase currently, with a steady expansion in the country’s potential, following the demand for luxury real estate and appetite for leisurely travel,” he said. “Destinations like El Gouna are part of that shift.”
Home to more than 25,000 residents from over 50 nationalities and welcoming over 1 million visitors annually, El Gouna has developed into one of Egypt’s most prominent integrated towns.
The resort currently has 18 hotels totaling 2,800 rooms, with three new luxury properties planned over the next five years that will add 600 –700 rooms.
Amer said the resort’s accessibility is part of its appeal, with short flights from regional hubs such as Dubai, Riyadh, and Jeddah making it attractive to GCC travelers.
Citizens from GCC countries can enter Egypt visa-free, while other international guests benefit from electronic or visa-on-arrival options. This, he noted, positions El Gouna as “a natural extension for regional tourism.”
On the investment front, El Gouna is the only destination in Egypt where real estate transactions are conducted in US dollars, a model Amer said strengthens international investor confidence.
“This not only offers protection but also ensures greater financial security for international buyers,” he said.
The town has expanded its infrastructure to support residents and visitors, with a fully equipped hospital already operating and specialized clinics under development.
El Gouna also holds the distinction of being the Middle East’s first recipient of the UN “Green Town Award,” reflecting its sustainability commitments, which include generating 16 percent of electricity from solar power, recycling 75 percent of waste, and reusing 100 percent of wastewater.
“Sustainability is not just a feature here — it’s part of our DNA,” Amer said.
On the residential side, El Gouna is preparing new projects such as Highland by North Bay, Tuban WaterFalls, and Fanadir Shores, a development with marina and sea views. Another project is set to be announced in November.
Amer said demand is anchored in lifestyle rather than speculation, ensuring resilience in property values. “Buyers want to be part of a vibrant community with year-round services, signature events, and strong sustainability standards,” he said.
Cultural and lifestyle programming also play a role in the town’s positioning. International events such as the El Gouna Film Festival, squash tournaments, and new platforms in fashion and culinary arts have raised its profile globally.
The festival alone draws more than 2,000 visitors annually, pushing hotel occupancy to full capacity and boosting activity across retail, dining, and services. “Such events stimulate economic activity and generate international exposure for Egypt,” Amer said.
Looking ahead, Amer said El Gouna will continue to evolve as both a tourism and economic hub, guided by a 35-year master plan that envisions gradual expansion across its 48 percent developed area.
“El Gouna is not just expanding physically but evolving into a dynamic, multi-faceted destination that combines luxury, sustainability, and innovation,” he said. “It is contributing directly to Egypt’s tourism growth story while offering a model for sustainable urban development on the Red Sea.”
08/10/2025
American University of Iraq Signs MoU with Intl. Aviation
The American University of Iraq - Baghdad (AUIB), through its Centre of Excellence for Creativity and Development, has signed a Memorandum of Understanding (MoU) with the Intercontinental Aviation Foundation to launch a strategic partnership in education and aviation training.
The agreement combines AUIB's academic and training resources with the Foundation's expertise in ground aviation training and international certifications. It aims to provide clear educational pathways for future aviation specialists, promote global standards, and support the growth of Iraq's aviation sector.
08/10/2025