Search Site

ADQ, Orion to establish JV

The partners commit to deploying $1.2bn in the next four years.

Alpha Dhabi acquires interest in NCTH

The deal increases NCTH's portfolio to 8 hotels with 1,500 keys.

Meraas awards construction contract

The $272m contract has been awarded for Bluewaters Bay.

SIB’s 2024 profit $272m

The profit surpassed AED 1 billion for the first time in bank's history.

AD Ports to invest in Kazakh port

Under the deal, AD Ports Group owns 51% stake.

Chabahar trade zone chief arrested in Iran

The prosecutor in the Sistan-Baluchistan province placed Abdorahim Kordi in custody. Credit: Creative Commons
  • The director general of Iran's Chabahar Free Zone has been arrested for "major offences"
  • Chabahar was the only Iranian port with exemptions when US reimposed unilateral sanction in 2018

The director general of Iran’s Chabahar Free Zone, an economic development project in the country’s southeast, has been arrested for “major offences”, state news agency IRNA reported Sunday.

It said the prosecutor in Sistan-Baluchistan province placed Abdorahim Kordi in custody, citing a statement from the intelligence branch of Iran’s Revolutionary Guards, the Islamic republic’s ideological army.

Details on the alleged infractions were not provided.

Kordi had been named to his post in 2016 under the former government of moderate president Hassan Rouhani, who was replaced last year by ultraconservative Ebrahim Raisi.

Located about 100 kilometres (62 miles) from Pakistan, the Chabahar free trade zone was established in 1994, allowing ships to avoid the busy Strait of Hormuz.

By 2015, about 2,000 companies had a presence there.

Half were from Pakistan, Afghanistan and the Gulf, while 30 percent were from China and other Asian countries. The remaining 20 percent were from the West.

When the United States reimposed unilateral sanctions on Iran in 2018, Chabahar port was the only Iranian port with exemptions.