The United Arab Emirates (UAE) announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) as a result of the destabilization caused by the Iran-Contra conflict and its consequences in the Strait of Hormuz.

The lack of a strong stance from the Gulf bloc regarding the Iran conflict was one of the arguments for its withdrawal from OPEC, as well as the need to meet domestic needs amidst the volatility of the energy market.

Despite the UAE’s withdrawal from the organization, it will maintain collaboration with its partners in the oil industry and participate in the production chain.

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With information from national and international media and social networks

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The President of Russia, Vladimir Putin, announced this Sunday his plans for the development of international transport corridors from the Baltic and Barents Seas to the Persian Gulf and the Indian Ocean.

Putin made the announcement during the celebration, on the first Sunday in August, of the Day of the Russian Railway Workers, whom he congratulated and indicated that he trusts in their expertise and knowledge to build high-speed lines that allow connection to the Indian Ocean.

The Russian president also presented “key projects such as the construction of high-speed lines that will be integrated with the Central Transport Hub in Moscow, the creation of international logistics corridors and the improvement of the transport route from Azov to the Black Sea.”

He stressed the need to “accelerate the expansion of Russia’s railway infrastructure with advanced technological upgrades, making use of the latest innovations,” adding that the idea is not to settle for meeting current needs but to prepare for future demands.

Likewise, Putin raised the importance of modernizing the “eastern railway system of Russia,” particularly the Baikal-Amur route, as well as the Trans-Siberian railways, and the “Northern Latitudinal Railway, 700 kilometers long, in the Yamalo-Nenets Autonomous District, which connects the ports of the Arctic.”

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Source: spanish.news.cn

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The UK Government has announced the launch of a new electronic authorization for visa-free travelers and for Europeans, called Electronic Travel Authorization UK (ETA UK), with the aim of improving British border control and fully digitizing border systems by 2025.

As explained in a statement, the ETA system will be introduced at the beginning of 2023 and will be fully operational by the end of this year. The ETA system will screen visitors before they arrive in the UK and travelers will provide basic personal details, passport details and certain security information by completing an online ETA application form.

According to the Government, this measure will provide “more accurate” information on the number of people traveling to the United Kingdom and the countries of origin, in addition to making the country “an even safer destination” by being able to detect threats much earlier.

The British Home Secretary, Priti Patel, has explained that the ETA UK is not a visa and that Europeans and travelers from countries like the United States and Canada will maintain their visa exemption, but “will need an ETA to cross the border of the United Kingdom”.

The validity period of the UK ETA has not yet been announced, but the British government has stated that it is based on the US ESTA system, so it is likely that it “will be valid for at least two years and for multiple trips to Britain”. Currently, most visa-exempt visitors can stay in the UK for a maximum of six months.

Arab countries will be the first to benefit

Gulf Cooperation Council (GCC) passport holders will be the first nationalities to benefit from the new UK visa waiver system, once it comes into effect in 2023.

Thus, the ETA UK The ETA will first be extended to the citizens of these countries: United Arab Emirates, Saudi Arabia, Oman, Kuwait, Qatar and Bahrain.

Source: dpa

(Reference image source: Tomek Baginski, Unsplash)

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The crypto platform OpenNode announced that it will begin testing a cryptocurrency payment system in conjunction with the Central Bank of Bahrain, located in the Persian Gulf.

Although until now there had been no transactions related to the digital asset in the nation, interest in this ecosystem has led to testing in a joint effort between the Central Bank of Bahrain and OpenNode.

The initiative could be considered as the first step towards digitizing the economy of this small nation. Bitcoin payment processor OpenNode will provide the necessary infrastructure to foster Bahrain’s entry into the digital economy.

According to Afnan Rahman, CEO and co-founder of OpenNode, this is a crucial time for both Bahrain and the Middle East and Bitcoin transactions. “The leading Bitcoin infrastructure solution, OpenNode, continues to pave the way for renowned countries, governments and financial institutions to adopt Bitcoin,” Rahman said.

Bahrain, a nation with no history in Bitcoin trading, launched its Regulatory Sandbox program in 2017, “which was to improve the competitiveness of the financial services sector, to move towards a diverse and digital economy.”

The joint work with OpenNode could be the door towards the diversification of the local economy, and in this way boost tourism and finance so as not to depend exclusively on oil.

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Source: morocotacoin

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