But the Iraqi ambassador to the UN, Mohammed al-Douri,
said that Iraq accepted the resolution "unconditionally".
Brent crude oil prices, the benchmark figure, slipped
$1 to $22.72 a barrel on the news.
Oil prices had risen as high as $31 per barrel in
September as the threat of a US-led attack on Iraq caused concern over
Since then, prices had already fallen back as it
became clear that overproduction by a number of major oil-producing
states had bumped up stocks.
The Iraqi parliament originally rejected the UN
ultimatum but said it was up to President Saddam Hussein to make the
Market watchers said the decision had removed some of
the so-called 'war premium' from oil prices.
"Until the decision was announced, there was an
element of uncertainty," said Lawrence Eagles at GNI research.
UN inspections on disarmament were launched in 1991,
when Iraq was expelled from Kuwait.
A US-led coalition led the move after the Gulf War.
However, inspectors withdrew in 1998 after a dispute
over access to presidential palaces.
The Iraqi decision to now re-admit the inspectors met
with some scepticism.
Many people still believe there will be a US-led war
on Iraq, even if it now happens later rather than sooner.
Kevin Norrish, oil analyst at Barclays Capital, said
the Iraqi decision "puts off the likelihood of war for several
weeks at least, until early December I would have thought."
UAE'S EARNINGS FROM OIL, GAS MAY DROP
The UAE's earnings from crude oil exports and gas
exports are expected to slip by around 8 per cent to $23.2 billion this
year, while its foreign debt is likely to remain unchanged at nearly $18
billion, according to official Arab figures.
UAE's oil and gas revenues totalled nearly $25.3
billion in 2001, and crude output cuts by the country in line with an
agreement among producers would depress those earnings by 8.2 per cent
to around $23.2 billion, the Abu Dhabi-based Arab Monetary Fund (AMF)
"The decline is due to developments in the oil
market, mainly fluctuating prices and production cuts by most
producers," the AMF said in its quarterly economic bulletin on 12
Arab countries whose stock markets are linked to its database.
The fund, the Arab League's main financial
organisation, forecast the UAE's economy would grow by around 1.7 per
cent this year and pick up by 3.1 per cent in 2003 following a decline
of around 3.7 per cent in nominal terms in 2001.
"The UAE's gross domestic product will grow by
nearly 1.7 per cent this year despite developments in the global oil
market, specifically in production and prices," it said.
The report put the UAE's external debt at around $18
billion and expected the level to remain unchanged by the end of this
year. It also expected the country's financial reserves minus gold with
the International Monetary Fund to stabilise at around $14 billion, the
third largest cash reserve in the Arab world after those of Saudi Arabia
According to the bulletin, the decline in export
earnings will combine with an estimated 1.5 per cent increase in imports
to depress trade surplus to nearly $13.1 billion in 2002 from around
$15.2 billion in 2001 and $14.7 billion in 2000.
WONDER BOY FROM IRAN HAS HOLY QURAN ETCHED IN MEMORY
Mehyar Hussein Boor from Iran not only has the entire
Holy Quran etched in his mind, but he will also tell you there are
77,807 letters in the Holy Book.
The 10-year-old boy is a miracle of Almighty Allah
according to participants at the Dubai International Holy Quran Award
started in Dubai. Mehyar is probably the youngest ever to have memorised
the entire Quran. The boy, who otherwise cannot read, write or speak
Arabic, learnt the holy book when he was six years old in only six
CONFLICT WITH U.S. 'IS NOT OVER'
The newspaper of President Saddam Hussain's eldest
son said the conflict between Iraq and the United States was not over
despite Baghdad's acceptance of a new UN resolution on disarmament.
"Our allies and brothers should realise that the
problem with the American administration and its ally Britain is not
over. Perhaps it is resuming again," said Babel, Iraq's most
influential newspaper, owned by Uday.
It said the U.S. government's "arrogant and
cowboy-like" policy was untrustworthy.
Iraq accepted a tough new UN resolution that gives
Baghdad one last chance to disarm and paves the way for weapons
inspectors to return after a four-year absence. Babel said Iraq's
compliance with the resolution reflected Baghdad's goodwill, denying it
had weapons of mass destruction.
LNG HELPS TRANSFORM OMANI ECONOMY
Oman's proven gas reserves stand at 29 trillion cubic
feet, though it's not comparable to 500 trillion cubic feet Qatar has,
the Sultanate has made momentous strides in developing the sector,
notably the liquefied natural gas industry.
Progress in the sector is one of the successful
efforts by Omani authorities to reduce the economy's dependence on oil.
Its development dates back to 1992 when the government approved findings
of a feasibility study by Shell.
Oman LNG was set up in 1994. In 1996, Korea Gas Corp
agreed to buy 4.1 million tonnes per year of LNG for 25 years. The
agreement paved the way for the construction of two trains in Sur, south
of Muscat, with 6.6 million tonnes per year capacity for $2.6 billion.
Oman LNG raised $2 billion for the project, making it
one of the largest loans ever for a single project in the Gulf. The firm
has since refinanced the loan.
ARAB PRESS RELIEVED, IRAQ DEFIANT
Some Arab newspapers reflect relief at Iraq's
acceptance of the UN resolution on disarmament. But in Iraq itself Babil,
the paper owned by the president's son, insists the resolution is a
violation of UN principles.
"What now, Security Council? Once again we have
thrown the ball back into the court of the United Nations, the Security
Council and the courts of friends and brothers. Our conscious decision
represents our advanced capability for taking on huge responsibilities.
"This is what distinguishes a country that wants
'peace', respects international legitimacy and deals with a spirit of
interaction with the resolutions of the Security Council, despite the
fact that they represent a clear violation of all the principles and
aims on which the United Nations was founded."
IRAN STOCKS REAP REFORM BENEFITS
After years of paying lip service to desperately
needed economic reforms, Iran's government has started to deliver.
This year it has slashed taxes, updated its foreign
investment law, and overhauled its currency laws, announcing a single
exchange rate for the Iranian rial, to replace the present complex
It has also taken advantage of high oil prices to pay
down its foreign debts.
The effect of these changes can be seen on the Tehran
Stock Exchange (TSE), which has risen by about 30% so far this year.
That makes it one of the best performing markets in
the world this year.
MOHAMMED MEETS JOURNALISTS
General Sheikh Mohammed bin Rashid Al Maktoum, Crown
Prince of Dubai and UAE Minister of Defence, has underlined the cultural
role of the fourth estate in rectifying errors and supporting national
efforts to build a modern state.
Speaking to local and foreign media representatives
at a Suhoor party hosted by him, in the presence of Sheikh Abdullah bin
Zayed Al Nahyan, Minister of Information and Culture, Sheikh Mohammed
called on the mass media to make use of the prevalent freedom and
democracy in the UAE and upgrade their performance.
UN INSPECTORS HAVE ROADMAP READY
With Iraq's announcement that it will accept tough
new UN inspection terms, a team of disarmament experts will likely
arrive in Baghdad to restart their surveillance cameras, install their
communications equipment and begin the most intrusive weapons inspection
operation in modern history.
Armed with tips and evidence amassed by Iraqi
defectors, former UN arms experts and American and British intelligence
agencies over the past decade, the UN inspection team has created a
roadmap of more than 1,000 sites that inspectors will potentially visit
in their search of Iraq's suspected chemical, biological and nuclear
UAE WELCOMES IRAQ ACCEPTANCE
The UAE welcomed the Iraqi government's unconditional
acceptance of the Security Council resolution, urging Baghdad to
cooperate with the UN inspection team to stave off woes of any new war
in the region.
A spokesman for the UAE Foreign Ministry regarded
Iraq's decision as a 'positive step', adding that he hoped UN inspectors
would carry out their job with transparency, objectivity and neutrality.
He also called on Baghdad to cooperate so as not to give an excuse for a
recourse to force against it and prevent the horrors of war.
ARAFAT MEETS EGYPT'S INTELLIGENCE CHIEF
President of the Palestinian National Authority
Yasser Arafat met Egypt's intelligence chief to assess results of talks
between the president's Fatah faction and the Hamas group, aimed at
ending suicide attacks in Israel.
The Egypt-mediated meetings in Cairo between Fatah
and Hamas's exiled leaders ended without any announcement of an
agreement to cease the bombings.
WAR TO IMPACT REGION'S ECONOMIES HEAVILY
The U.S. plan to strike Iraq cannot be viewed only as
a political issue as the economic implications will be hard and
far-reaching for the global economic fraternity.
According to Dr Ahmed Al Samerai, economic advisor
for Shuaa Capital, a leading investment bank in the UAE, there is huge
potential for economic transactions and exchanges between Iraq and the
countries from the region as well as from outside.
Take for instance the case of Jordan. Iraq — with
the second biggest oil reserves in the world — is considered to be the
first commercial partner of Jordan. Jordanian exports to Iraq have been
19 per cent of total Jordanian exports during the first nine months of
Tourism to Dubai is growing exponentially with the
current 5 million visitors due to reach 10 million by 2007 and an
incredible 40 million by 2015, according to new studies.
The new property developments in Dubai are luring
more and more investors to build modern facilities which will cater to
an increased number of guests.
TOP DSF TEAM LEAVES FOR INDIA
A high-level delegation from the Dubai Shopping
Festival (DSF) has left for Mumbai to promote the events, activities and
promotions of DSF 2003.
The India road show, organised by Emirates airline's
India headquarters, is one of the many planned to create awareness among
international audiences of the various elements that make up the
ABU DHABI MOTORS GETS ROLLS-ROYCE
Al Habtoor Motors has transferred the rights of
Rolls-Royce brand in the Capital to Abu Dhabi Motors under an agreement
This follows the separation of Rolls-Royce and
Bentley brands worldwide after Rolls-Royce became part of the BMW Group.
SAUDI BUSINESSMEN KEEN ON PRIVATISATION
Privatisation is inevitable if economic problems in
the kingdom are to be solved and dramatic changes will be witnessed in
the near future for the Saudi economy, said Saudi businessmen and
Just a day after Saudi Arabia announced plans to
privatise 20 vital economic sectors including telecommunications, civil
aviation, desalination, highway management, railways, sports clubs,
municipality services, health services and hotels, Saudi businessmen
assured that the private sector is ready to take the responsibility and
will speed up private participation.
The issue of privatisation is not new for the
kingdom, stated Abdulrahman Al Turki, a businessman.
MASHREQBANK SABBATICAL FOR BORROWERS
In keeping with the spirit of Ramadan, Mashreqbank
has announced that all its clients who have taken loans can enjoy a
sabbatical during The Dubai The City That Cares 2002 by delaying their
The move will also provide them with more spending
power for Eid, a spokesman for the bank said.
In another gesture, Mashreqbank has come out with a
new scheme in which 10 customers will be selected for free school fees.
IRAN'S PRESIDENT CRITICISES DEATH SENTENCE
Iran's reformist President, Mohammad Khatami, has
spoken out against the death sentence given to a university lecturer for
criticising the country's Islamic clergy.
Mr Khatami described the death sentence handed down
to Hashem Aghajari, a prominent reformist and ally of the president, as