ISO 9001:2008 CERTIFIED NEWSPAPER Friday 1 February 2013 20 Rabial I 1434 - Volume 17 Number 5597 Price: QR2 QE market Madrid salvage cap rises to draw against QR475bn Barcelona Business | 13 Sport | 20 www.thepeninsulaqatar.com [email protected] | [email protected] Editorial: 4455 7741 | Advertising: 4455 7837 / 4455 7780 OPINION Emir visits Rail HQ QCB launches Iran’s economy in crisis real estate M ost analysts expect Iran’s economy to collapse price index before the presiden- Khalid Al Sayed tial election EDITOR-IN-CHIEF Expat influx puts pressure on rents as the US widens sanctions, blacklist- BY MOBIN PANDIT or unfurnished — adjustments had ing more Iranian compa- to be made to ensure accuracy. nies. Earlier this month, The DOHA: Qatar’s banking regu- Financial year 2009-10 was Washington Post quoted a lator has launched a real estate chosen as the base year in close US official as saying: “While price index, an indication that consultation with the justice some previous US sanctions property prices are literally spi- ministry. The index shows an targeted individuals and firms ralling — a trend experts say upward movement in demand, linked to Iran’s nuclear indus- might impact price stability in especially for land and villas, try, the new policies are closer the country. after December 2010, apparently to a true trade embargo, Considering that nearly 129,000 fuelled by Qatar’s successful bid to designed to systematically newly-recruited foreign workers host the 2022 football World Cup. attack and undercut Iran’s arrived in the country in 2012, and While the overall index grew The Emir H H Sheikh Hamad bin Khalifa Al Thani yesterday visited the headquarters of Qatar Railways Company major financial pillars and the influx is expected to continue 19.7 percent in 2011 to 148.59 (Rail), where he saw a presentation on architectural designs for the railway project and models and drawings. threaten the country with as more development projects are points, the index for land rose an He was accompanied by the Prime Minister and Foreign Minister H E Sheikh Hamad bin Jassem bin Jabor economic collapse.” launched, the pressure on housing incredible 33.7 percent to 137.89 Al Thani, who is also Chairman of the Steering Committee of Rail. The plunge in Iran’s cur- is bound to grow, sending rents points. The indices for residential rency, by 50 percent last soaring. properties and villas grew 14.3 year, has caused inflation to Qatar Central Bank (QCB) on percent and 12.4 percent, respec- soar to record highs. Staple Wednesday launched a real estate tively. All the increases took place commodities have gone wild. price index that tracks the price barely a year since December 2010. The country’s foreign reserves movement of real estate in the The index was quite low at 72.1 Some state firms to issue IPOs have fallen sharply as well. country since August 2006. points in August 2006, when the Hard currency shortages The regulator said that to country’s population began to DOHA: Qatar hopes to partly Speaking to reporters on the be privately privatised so that have taken their toll on peo- prepare the index, it had begun explode and large-scale demo- privatise some state-owned sidelines of the annual general nationals could participate via ple as prices have shot up and collating information on real litions for beautification and entities to ensure participation meeting of Qatar National Bank’s primary issues. some commodities have even estate sale transactions from the expansion began, leading to acute of its nationals via initial public shareholders, the minister said Talking about mega develop- vanished from the markets. Ministry of Justice (which has a housing shortages. It peaked at offerings (IPOs). the government had plans to ment projects, he said tenders Forex reserves and sov- real estate registration division). an unbelievable 192.2 points, sug- To make sure that the private launch mega business ventures in for many of them had already ereign gold at Iran’s central Based on the data, a monthly gesting that real estate prices rose sector is not left behind, the coun- which the private sector is to be been launched, while studies were bank are used to bridge the series of real estate indices has more than 2.5 times after mid- try also has plans to launch mega offered active participation. being conducted for some. gap in the country’s budget been developed. The QCB, how- 2006. Then it nosedived to almost businesses in which private play- He, however, did not give According to the minister, deficit, which has hit $45bn ever, added on its website that 86 in the aftermath of the glo- ers are to be offered partnerships. details as to what kind of ven- more allocations were likely to be in the fiscal year 2012/2013, due to lack of information on loca- bal financial crisis, when the real This was disclosed by the tures the state was planning made for development projects in according to Gholamreza tion, age of buildings, number of estate sector was hit worldwide. Minister of Economy and Finance, and in what sectors. The minis- the state budget for the next fiscal Mesbahi Moghadam, the head rooms and available amenities — Continued on page 3 H E Yousuf Hussein Kamal, here ter also hinted that some exist- year (2013-14). of the Iranian parliament’s whether the houses are furnished THE PENINSULA on Wednesday. ing state-owned entities were to THE PENINSULA Economic Commission. Iran’s fiscal year begins on March 21. Moghadam is in doubt if Iran’s reserves and gold will Syria warns of response to Israeli attack be enough to cover its budget UN panel asks Israel to remove settlers deficit and fix the financial BEIRUT/AMMAN: Syria protested to the United Nations yes- turmoil caused by the eco- GENEVA: UN human rights forbidding the transfer of civil- including East Jerusalem, is terday over an Israeli air strike on its territory and warned of a nomic sanctions. investigators called on Israel ian populations into occupied illegal under international law,” possible “surprise” response. Last week, Iranian yesterday to halt settlement territory and could amount to according to a statement. The foreign ministry summoned the head of the UN force in the President Mahmoud expansion and withdraw all half war crimes that fall under the In December, the Palestinians Israeli-occupied Golan Heights to deliver the protest a day after Israel Ahmadinejad told the parlia- a million Jewish settlers from jurisdiction of the International accused Israel in a letter to the hit what Syria said was a military research centre and diplomats said ment that his country had the occupied West Bank, saying Criminal Court (ICC), the United United Nations of planning to was a weapons convoy heading for Lebanon. to slash reliance on oil rev- that its practices could be sub- Nations report said. commit what they said were The ministry said it considered Wednesday’s Israeli attack to be enues to overcome sanctions ject to prosecution as possible “To transfer its own population additional war crimes by expand- a violation of a 1974 military disengagement agreement which fol- imposed by the West. war crimes. into an occupied territory is pro- ing Jewish settlements after the lowed their last major war, and demanded the UN Security Council Economic turmoil has sent A three-member UN panel said hibited because it is an obstacle to Palestinians won de facto U.N. condemn it unequivocally. shockwaves across the coun- private companies should stop the exercise of the right to self- recognition of statehood, and said REUTERS try, causing public discontent. working in the settlements if their determination,” Chanet said. Israel must be held accountable. Asylum for Assad in Manila? On page 9 | See also page 4 Some of the country’s politi- work adversely affected the human All UN member states must Israel’s foreign ministry cal figures have called on the rights of Palestinians, and urged comply with their duty under rejected the report as “coun- government to concentrate member states to ensure compa- international law on the settle- terproductive and unfortunate.” Rights group slams Russia over crackdown on economic issues that nies respected human rights. ments, she said. “We have high- Palestinians welcomed the report, MOSCOW: Authoritarianism increased last year in Russia to affect the man on the street, “Israel must cease settlement lighted states’ responsibility saying it vindicated their struggle levels unseen since the Soviet era with a raft of harsh laws curb- rather than back Hezbollah in activities and provide adequate, because the facts we denounce are against Israel. “The only way to ing political freedoms and harassment of opposition activists and Lebanon and Nouri Al Maliki prompt and effective remedy known. The problem is nobody is resolve all pending issues between critics, Human Rights Watch said yesterday. in Iraq and support Bashar Al to the victims of violations of doing anything about it.” Israel and the Palestinians, The crackdown coincided with the return of Vladimir Putin to the Assad’s regime financially and human rights,” Christine Chanet, UN Secretary-General Ban including the settlements issue, Kremlin and the appointment of his predecessor, Dmitry Medvedev, militarily. a French judge who led the UN Ki-moon reacted to the inquiry’s is through direct negotiations as prime minister, according to the New York-based group. Rachel Iran has handed out $10bn inquiry, told a news conference. findings by repeating his position without pre-conditions,” Israel’s Denber, deputy director of the group’s Europe and Central Asia in aid to Assad’s regime, The settlements contravened that “all settlement activity in the Yigal Palmor said.