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AME Info, Abu Dhabi, United Arab Emirates, finance and economy briefs(AME Info (Abu Dhabi, United Arab Emirates) (KRT) Via Acquire Media NewsEdge) Jul. 5--RELIANCE SETS UP COMPANY IN KSA: Reliance Money, part of India's Reliance Anil Dhirubhai Ambani Group has launched a new company in Saudi Arabia, in partnership with Bahrain-based Riyada Consulting. The Riyada Reliance Money seeks to obtain membership in Saudi Arabian Stock Exchange, once it gets the Capital Market Authority approval. The company will offer broking, corporate finance, advisory, custody and asset management services in the local market. QIA'S SAINSBURY STAKE NOW 26 PERCENT: The Qatari Investment Authority (QIA) has raised its stake in J Sainsbury to 26 percent, Reuters has reported. QIA has bought a further 12.36 million shares between June 25 and July 2, taking its total holding to 454.52 million shares, from a previous stake of 25.3 percent of the company's share capital. IRAN INFLATION HITS 26.4 PERCENT: Iran's annual inflation went up to 26.4 percent as consumer prices continued to climb steadily, Reuters has reported. Iran's central bank has announced consumer prices hiking by by 2.2 percent, Mehr News agency has cited. Analysts say inflation is blamed on the nuclear standoff, making foreign firms wary of investing in Iran. NEW STANDARD DEFINES TOMATOES: An international standard for tomatoes has been adopted, which ends the 7-year debate between countries on what qualifies as a proper tomato, agencies have reported. The new standard says tomatoes may come in one of four varieties: round, ribbed, oblong or elongated, or cherry tomatoes and cocktail tomatoes. They also must be whole, clean, free from "foreign smell," free of pests and fresh in appearance. According to the World Health Organization, the classification will make it easier for regulators to impose safety standards while trading. OIL DROPS BELOW $145: Oil has shed $1, dropping below $145 a barrel on Friday, Reuters has reported. The drop was attributed to responses to Iran's statement, saying it would make a response to proposals from six world powers to try to resolve a long-running dispute over its nuclear development programme. ETISALAT EYES TO DEPLOY IPTV: Etisalat is planning to offer new services to its customers, in a tie up with France Telecom. Etisalat is looking to deploy in the UAE, the home networking solutions and multiple-play services (home gateway) and "Orange TV" (IPTV offer via set-up-box) rolled out by France Telecom in Europe, in its aim to offer FTTH (Fibre To The Home) in the UAE. DRIVEARABIA.COM ON NEW BUYER GUIDE: DriveArabia.com has recently revamped its website with all-new sections. Through its upgraded car-buyer guide section buyers can find information on new as well as older cars. Cars older than three years include details on reliability and resale value star-ratings, as well as a complete list of common problems that owners have experienced. SAIF BELHASA OPENS EXCHANGE HOUSE: Saif Belhasa Group in the UAE has entered the money exchange business, recently opening the Belhasa Global Exchange's first branch in Al Qusais. The branch offers remittance to all banks in India, issue of Indian rupee drafts drawn on State Bank of Travancore, and remittances through Western Union and Xpress Money anywhere in the world. DUBAI INSTITUTE TO OFFER HR DIPLOMA: In an agreement with the Australian Institute for HR, the Dubai Institute for Human Resource Development announced it will provide Professional Diploma of HR (PDHR) and Foundations of HR (FHR) for employees in all UAE government units and private sector for Gulf countries. The diploma contains four unit postgraduate level courses. ABU DHABI MEDIA BUYS NEW OB FLEET: Abu Dhabi Media Company has expanded its live outside broadcast (OB) fleet, in a deal made with French company, Thomson Grass Valley. The new vans are slated to arrive in Abu Dhabi by end of August, and will be operational in October. JUMEIRAH INKS 12 RESTAURANT DEAL: Jumeirah Group has inked an agreement with Pakistan's Zahdan Retail Private Ltd to set up restaurants in Pakistan. Jumeirah's The Taste Department is planning 12 Noodle House outlets in Pakistan over the next five years. AGILITY ACQUIRES DANISH FORWARDER: Kuwait-based Agility has 100 percent acquired CF Geologistics A/S, a Copenhagen-based forwarding specialist offering tailor-made air and ocean freight solutions. CF Geologistics has been acting as a joint venture partner and agent for Agility since 2004, with Agility having a 29 percent stake in the company. TNI RENOVATES MAFRAQ UNDER RAMADA: The National Investor (TNI) has recently signed with Malta-based CHI Hotels & Resorts and Mainland Investment for the management of the renovated and extended Mafraq Hotel in Abu Dhabi, and was the first property to be signed under the Ramada brand in the emirate. The hotel has currently 121 rooms, and will be re-launched as a 250 room Ramada Abu Dhabi Mafraq hotel in early 2010. DOW, ARAMCO IN $26 BILLION PLANT DEAL: Saudi Aramco and Dow Chemical announced its plans to build a petrochemicals complex in Saudi Arabia worth $26 billion, Bahrain Tribune has reported. About 70 percent of the cost will be borrowed as the companies hired Royal Bank of Scotland Group and Riyad Bank to arrange for the financing. To see more of AME Info, go to http://www.ameinfo.com. Copyright (c) 2008, AME Info, Abu Dhabi, United Arab Emirates Distributed by McClatchy-Tribune Information Services. 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