RetrofitTech Abu Dhabi 2017
 
Wednesday, October 18, 2017
Directory Directory Subscribe
Login
 

Italian firms seal Iran deals worth up to €17 billion

 
 

Please, enter data

Please, enter data

AFP, 27 January 2016

Iran's return to the international fold accelerated as President Hassan Rouhani sealed multi-billion dollar deals with Italian companies keen to capitalize on the lifting of sanctions on the Islamic Republic.

Italian officials said contracts signed in Rome would be worth up to €17 billion ($18.4 billion), topped by a €5 billion deal for pipeline company Saipem, whose shares surged 18.5 percent in Milan on Monday.

A major order for Airbus planes is expected to be confirmed in France on Wednesday along with tie-ups with French carmakers Peugeot and Renault.

Rouhani said he had come to Europe with an 'open for business' message in the aftermath of Tehran's nuclear deal with the West.

"The Iranian market offers Italian and European investors the opportunity to establish themselves in the entire region," he said.

Italian Prime Minister Matteo Renzi added: "We have signed the first accords but we are only at the start of a long road."

The Iranian leader is accompanied by more than 100 ministers, officials and businessmen.

Rouhani, a 67-year-old former academic and diplomat who is seen as a pragmatist, was elected in 2013 on a pledge to end sanctions and improve relations with the West.

"We have had friendly relations with Italy and France in the past and we want to continue our good relations with them," Rouhani told reporters before his departure on Monday from Mehrabad Airport.

He also revealed that "important contracts" were in the works with Peugeot and Renault, adding to a burgeoning list of deals being struck as European companies scramble to get back into a $400-billion economy with the world's fourth biggest oil reserves and a consumer market of 80 million people.

Billions up for grabs
National carrier Iran Air said on Sunday it would be buying 114 Airbus planes to modernize an ageing fleet that has struggled to stay in the air as a result of the impact of sanctions.

That deal alone underlines the huge economic stakes involved in Iran's re-opening, particularly for Europe's manufacturing and engineering sectors.

Iran's Transport Minister Abbas Akhoundi said the first Airbuses were earmarked for delivery by March and that Iran was in the market for a total of up to 500 planes.

Peugeot is tipped to forge a car assembly joint venture with Iran Khodro, reviving a partnership which generated Iranian sales of 473,000 units in its last year before the French company pulled out in 2012.

Iranian media reported the deal will involve investment of €500 million.
Iran's Central Bank governor said last week the country was counting on the nuclear deal unblocking some $50 billion worth of foreign investment.

Italian companies have been amongst the quickest off the blocks with a major business delegation having visited Tehran in November.


Italy was formerly Iran's biggest European trading partner, but trade has dwindled to a fifth of its former volume as a result of the sanctions.

National carrier Alitalia said on Monday it was upgrading its Rome-Tehran service from four a week to a daily flight in anticipation of increased business and tourist travel.
AFP
26 January

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Qatar made great strides in achieving food security: Official
The Peninsula, 16 October 2017

Qatar made great strides in achieving food security: Official
Egypt to become biggest exporter of dates within years: executive director of FEC
Daily News, 16 October 2017

Egypt to become biggest exporter of dates within years: executive director of FEC
Back to Home Page 3546 --- 0 <><><> 903.....exvideo=0....eximage=0
P 0
BR 39

Dubai Green Hotel Innovation

 
2nd Annual Smart Parking KSA
24 - October 2017
Kuwait Infrastructure Week
29 - October 2017
4th Annual Future Landscape & Public Realm Qatar
30 - October 2017
2nd Annual RetrofitTech KSA
6 - November 2017
Water & Wastewater Oman Conference
6 - November 2017
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Kuwait Infrastructure Week 2017

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Hospitality Qatar - 7 November - 9 November 2017  
  HQ - Food Qatar - 7 November - 9 November 2017  
  LightingTech Abu Dhabi - 4 December - 5 December 2017  
  Project Qatar - 7 May - 10 May 2018  
  Qatar StoneTech - 7 May - 10 May 2018  
  Heavy Max - 7 May - 10 May 2018  
  Qatar Hospital Build - 7 May - 10 May 2018  
  Qatar School Build - 7 May - 10 May 2018  
IFP Group Events Calendar

Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Beirut Boat
Energy Lebanon
Project Lebanon
Qatar
Heavy Max
Hospitality Qatar
HQ - Food Qatar
Project Qatar
Qatar Hospital Build
Qatar School Build
Qatar Sports Infrastructure
Qatar StoneTech
Iraq
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2017 - © All rights reserved