The daily wrote that resumption of banking operation with Iran does not need a go-ahead of Kuwait Central Bank following cancellation of US and European sanctions.
It said that Iran was under two kinds of sanctions, one by the UN Security Council resolutions and another by the US and European Union.
Al-Rai wrote that Kuwaiti Central Bank should act only upon the UN Security Council resolutions.
It said that the US sanctions stopped transactions of Kuwaiti banks with Iran not that of the UN.
International Atomic Energy Agency published its report on Saturday evening about Iran fulfillment of its commitments upon Joint Comprehensive Plan of action (JCPOA), a prelude to implementation of commitments of Group 5+1 on cancellation of sanctions.

Under the terms of the agreement, Greece will buy 25% of its oil needs from Iran.

The agreement was signed on Friday by Deputy Petroleum Minister Amir-Hossein Zamani Nia and Greek Energy Minister Panos Skourletis.

Greece used to be one of the traditional customers of Iranian oil, but after Western sanctions on Tehran intensified over the past few years, the country had to stop imports of oil from Iran.

With the lifting of anti-Iran sanctions, Athens once again signaled readiness for importing oil from Iran and finally in a visit to Greece last week by a delegation from the Iranian Petroleum Ministry, the two sides agreed on the details of an agreement.

The Iranian diplomat made the comments during a one-day visit of the Maku Free Zone (MFZ) during which he visited some infrastructure development projects of the zone.
He said that Maku enjoys a unique status for absorbing international investors, especially from Turkey and Europe.
In a meeting with MFZ managers, Baghban-Kondori said that absorbing foreign capital is essential for the zone’s economic progress and further development.
He said that opening the gates to foreign investment will also lead to creation of new job opportunities and Iran’s exports to the countries of the investors who come to Iran.

Esmaeil Ebrahimzadeh said in an interview with IRNA in Belgrade that frequenting of the two countries’ officials had begun before the implementation of the Joint Comprehensive Plan of Action (JCPOA) when the Hungarian Prime Minister Viktor Orban visited Iran at the top of a 100-memner economic delegation early December.
‘During the visit 10 memoranda of understanding (MOUs) were signed, which are beyond doubt very effective in broadening of relations,’ said Ebrahimzadeh.
The economic attaché said that majority of Hungarians consider themselves easterners, pursue the news on Iran enthusiastically and were glad to hear the news on resolving the lingering nuclear dispute between Iran and the West.
He set example of the residents of Hungary’s Yasbern city who consider themselves from Yazd, Iran, and are very glad of having an Iranian origin.
Ebrahimzadeh added that the Hungarian parties have stressed that the nuclear agreement has strengthened Iran’s position in the region that is now on the verge of becoming a major economic power in the Middle East and a political and military power against terrorism and extremism as well.

He maintained “previously, Iran Air was forced to load enough fuel to cover the outbound as well as part of the inbound sector of its flights and technical stops were often made in eastern European airports to top up when necessary resulting in longer flights, extra cost and inconveniences to passengers.”
“Currently, on the basis of a contract with France’s Total, Iran Air flights are supplied with necessary fuel in French airports,” noted the official adding “so far, London Heathrow, Amsterdam, Hamburg Fuhlsbuttel and Vienna airports have also resolved the issue for Iranian aircrafts while talks with other fuel companies are underway.”
“Following the lifting of international economic sanctions, Iran seeks to purchase 114 Airbus jets to renovate the aging fleet,” stressed Iran Air Chairman reiterating “hopefully, a part of the financing will be carried out by the National Development Fund of Iran.”
Farhad Parvaresh pointed out that preliminary talks have been held with manufacturing companies since the beginning of nuclear deal talks; “some firms had subjected the operation of contract to the implementation of JCPOA which is now successfully accomplished,” he explained, MNA reported.
He announced that the first new aircraft will enter the country after the signing of a contract; “sanctions had imposed great costs on Iranian airliners to the extent that 15 to 17 thousand dollars were spent on fuel in each flight.”
Parvaresh also noted that the number of flights will get elevated with the entry of new aircrafts to the fleet.
“Iran Civil Aviation Organization (ICAO) is conducting talks on direct flights between Iran and the US,” maintained the official concluding “daily flights to New York used to take place before the Islamic Revolution and they will hopefully get resumed in near future.”

Akhundi made the remarks in the Iran Aviation Summit 2016 currently underway in Tehran.

He added that Iran is located in a strategic area and on the crossroads of East and West.

‘Iran needs 250 million dollars new investments for purchasing its aviation systems and foreign companies operating in this sector, except the ones which are affiliated to the Zionist regime, could make investment in Iran,’ he said.

Iran Aviation Summit 2016 dubbed ‘Iran 2016’ opened in Tehran on Sunday in the presence of several representatives from 35 countries.

Over 160 representatives from 85 companies in the fields of manufacturing airplanes, planes spare parts, and navigation equipment are attending the two-day gathering.

This will be the first major international aviation summit to be held in Iran in almost 40 years and is provided with the full backing of Iran’s aviation authorities and industry leaders.

As a result of the signing of the historic Joint Comprehensive Plan of Action (JCPOA) in July, 2015, Iran’s civil aviation sector, and its tourism industry, is set for significant modernization and expansion following the lifting of sanctions on 16 Jan 2016.

The Iran Aviation Summit will bring together Iran’s key government and industry leaders with international experts and the chiefs of aviation operators and suppliers from around the world to discuss the direction of the industry in a post-sanction environment.

There are also significant route development opportunities for foreign airlines, airports and national tourism authorities. Given the wealth of historical, cultural and natural attractions in Iran, an expected surge in inbound tourism will drive investment in hotels and services.

He made the remarks in a meeting with Polish trade delegation.
Moulaei said that the embassies of the two countries would help set up the data bank.
He said that Alborz Province has high capabilities in the fields of textile, pharmaceutical industry, medical supplies, food products and spare parts and is keen on cooperation with Poland.
Moulaei said that the province has important higher education and research centers and is ready to offer engineering services to Poland and cooperate with Poland reciprocally.
He said that Special Economic Zone and Payam Airport are advantages of the province and that by establishment of Customs House at Payam Airport, the two countries would exchange goods directly.
He said the private sectors of the two countries may cooperate in the fields of tourism and Halal Food as well as pharmaceutical industry.

The main theme of the 2016 forum, which run from January 20 to January 23, was the Fourth Industrial Revolution.
Oil Becomes Cheaper
A slide in global oil prices made the forum’s agenda on Wednesday, as WTI crude oil dropped to less than $28 a barrel, hitting the lowest levels since 2003, mostly because of a prolonged global oversupply and low demand.
One of the factors to influence oil prices is the removal of sanctions against Iran, although experts believe its importance is exaggerated.
On January 16, the European Union and the United States lifted oil and financial sanctions imposed on Iran after the International Atomic Energy Agency verified Tehran’s compliance with the nuclear agreement. Japan followed suit earlier on Friday.
Iranian Foreign Minister Javad Zarif expressed hope that oil prices should adjust after Tehran returns to the market as sanctions are lifted.
“I believe we have a share in the market which was removed from us. Now we have to return our share and the market has to adjust,” Zarif told Sputnik on the sidelines of the forum.
Iranian President Hassan Rouhani’s Chief of Staff Mohammad Nahavandian said that Tehran may contribute to the energy security of the European Union.
“Iran has the world’s largest oil and gas resources. These resources can be beneficial for energy security, especially in Europe. In particular, new opportunities open for the development of gas projects, LNG projects,” Nahavandian told Sputnik.
A number of forum participants predicted a rise in oil prices and the establishment of what they called a fair price.
Azerbaijani President Ilham Aliyev said that $60-70 a barrel would be an optimal price for both companies and for governments.
Meanwhile UAE Energy Minister Suhail Mohammed Mazroui said the fair price of oil is “somewhere in the middle” between $40 and $100.

Executive Director of the Economic Development Board of Bahrain, Khalid Rumaihi said that the decline in oil prices was a “blessing” to help move to even more innovative form of development.
Nigerian Petroleum Resources Minister Emmanuel Ibe Kachikwu said that the OPEC cartel’s extraordinary meeting may take place in early March, but the formal decision has not been made yet.
The organization had agreed to hold a meeting in case prices tumbled below $35 per barrel, the minister said, adding that OPEC is still split on the issue of taking action to stem the free fall.
Iran’s Renewed Opportunities
As the sanctions were lifted off Iran, the country’s authorities used the Davos platform to remind the forum members of the possibilities and capacities of the Iranian economy.
Iran’s economy is expected to grow after the lifting of Western sanctions at an annual rate of least 5 percent, Mohammad Nahavandian said.
“The GDP growth for the Iranian economy just this year, 2016, and coming years will be more than the average for global growth rates. It is predicted, [GDP growth will amount to] at least five percent,” Nahavandian said, adding that the government’s five-year plan foresees an 8-percent growth.
The Iranian authorities will take steps for the economic development and attracting of investment, he stressed.
He later told Sputnik that Tehran was interested in investing in the Russian economy, particularly in the area of research and development,
“And now that the sanctions are lifted we have many opportunities to expand economic ties with Russia,” Nahavandian said.
The Iranian official said that any possible restoration of international sanctions against Iran will not have a negative impact on the investment contracts that will be signed following the lifting of nuclear-related restrictive measures.
This would be another advantage “to international companies to engage in different kinds of business with Iran,” he noted.
Nahavandian told Sputnik that his country hoped to join the World Trade Organization (WTO) this year, adding that the request had already been sent.
Iran is currently an observer in the organization.
Anti-Russian Sanctions
Anti-Iran sanctions at the Davos forum were primarily spoken of in the past tense, while for Russia the issue remains the matter of the current and future relations with the West.
But the forum sounded new hints to the fact that Western anti-Russia sanctions might be lifted soon.
Finnish Finance Minister Alexander Stubb told Sputnik that Finland’s economic downturn is related to its failure to implement structural reforms in the labor market and, to some extent, to its sanctions on Russia.
“When the Russian economy is going down, the Finnish economy goes down. So everything is linked to everything,” he observed.
In 2014, Finland imposed economic sanctions on Russia as part of the common EU response to what the West views as Moscow’s involvement in the Ukrainian crisis.
In late December 2015, the European Union extended the economic sanctions against Russia for another six months until July 31, 2016.
The minister also said that relations between Russia and the West, in particular, between Russia and the European Union are currently “much warmer than a year ago.”
The chairman of the Munich Security Conference (MSC) said that German companies would like to see the Western sanctions against Russia lifted as soon as possible.
“I see a couple of CEOs of major German companies in this room, they would love, and I have a great sympathy for that, they would love to see the sanctions ended today rather than in a year from now,” Wolfgang Ischinger said at The Outlook for Russia WEF session.
In turn, French Foreign Minister Laurent Fabius told Sputnik that Russia and the countries of Europe should and “need” to work together to improve ties.
US Secretary of State John Kerry said that the restrictive measures could be gone in few months should the Minsk agreements be implemented.
“I believe that with effort and with bona fide, legitimate intent to solve the problem on both sides, it is possible in these next months to… get to a place where sanctions can be appropriately… removed,” Kerry said during a speech in Davos.

Referring to the country’s aircraft demand, Akhoundi asserted “we require both short-range and long-range aircrafts to meet domestic and international needs.”
He referred to the reaching of an agreement to buy 114 civilian aircraft from Airbus Group SE; “the contract will be inked soon and all the arriving aircrafts would be brand-new.”
“We possess a total of 256 aircrafts in the country of which only 150 are active,” said the road minister asserting “we aim to provide 100 short-range airplanes for Iranian airports as well as 400 medium- and long-range planes.”
“Talks have been conducted with Boeing Company while negotiations are underway with other manufacturers as well,” he underlined, Iran Daily reported.
Akhoundi also noted that having direct flights between Iran and the US requires certain negotiations which will be carried out by the Iranian Civil Aviation Organization.
Emphasizing that the security of Iran’s air will be fully guaranteed, the minister concluded “renovation of the aviation fleet entails modernization of firms and companies for which the eager airliners are supposed to possess the minimum amount of capital.”

Over 160 representatives from 85 companies in the fields of manufacturing airplanes, planes spare parts, and navigation equipment are attending the two-day gathering.

This will be the first major international aviation summit to be held in Iran in almost 40 years and is provided with the full backing of Iran’s aviation authorities and industry leaders.

As a result of the signing of the historic Joint Comprehensive Plan of Action (JCPOA) in Jul-2015, Iran’s civil aviation sector, and its tourism industry, is set for significant modernization and expansion following the lifting of sanctions on 16 Jan 2016.

The Iran Aviation Summit will bring together Iran’s key government and industry leaders with international experts and the chiefs of aviation operators and suppliers from around the world to discuss the direction of the industry in a post-sanction environment.

There are also significant route development opportunities for foreign airlines, airports and national tourism authorities. Given the wealth of historical, cultural and natural attractions in Iran, an expected surge in inbound tourism will drive investment in hotels and services.