(CNN) - The historic six-month agreement over Tehran's nuclear program may begin a new era of relations with Iran, but it will be a long road back for the country's most vital sector, oil.
Iran produces about two and half million barrels a day - far off its 4-million-barrel-per-day peak a decade ago. Output is hovering at a level last seen at the end of Iran's war with Iraq. With North Sea Brent crude averaging over $100 a barrel for a record three years running, the sanctions on energy alone are costing Tehran about $50 billion in lost annual revenue.
"During the six month phase, the oil sanctions that will remain in place will continue to cause over $25 billion in lost revenues to Iran or over $4 billion a month," he said.
With every year that has passed, the screws have been tightened by Washington and the countries of the European Union. It was not only sanctions against oil, but also blocking Iran's ability to secure shipping insurance and to trade in U.S. dollars and euros. That economic isolation, many Middle East strategists I have spoken with suggest, is what brought Iran's new government to the negotiating table.
Despite the deal breakthrough, U.S. Secretary of State John Kerry said most of the sanctions will stick as the world gauges the intentions of this relatively new administration in Tehran.
The message is clear: the pressure remains, but if all goes well, in a half year's time Iran can expect more in return for transparency.
It is still early days, but this country of nearly 80 million people has been described as potentially being the Germany of the Middle East with plenty of natural resources - that is, if it can emerge from years of economic isolation.
CNN's John Defterios looks at an innovative scientific research program seeking to unlock the energy potential of algae as potential replacement for fossil fuels.
Algae requires a lot of fresh water for cultivation. Dr. Hector Hernandez told CNN: "It's only been very recently that we've realized that the desert is teeming with life... as we've explored more that all these exciting things have started to show themselves."
The development of the private education business in emerging markets as education enterpreises challenge traditional schooling worldwide.
Bruce Upbin discusses the most innovative companies in the world and the culture needed to foster such innovation.
CNN's Mallika Kapur shows us one doctor's solution to treating his diabetic patients living in remote areas of India.
South Korean carmarker Hyundai has spent has spent billions of dollars developing hydrogen cell technology in an effort to introduce an auto that runs on gas.
(CNN) – In the Middle East, the demand for apps is high - and growing.
CNN's Leone Lakhani explores how reliant people in the region are becoming on mobile applications, and what it can mean for day to day life.
(CNN) – A hospital in Chile is trying to reduce the threat of infections by using equipment, including bed rails and washbasins, made of copper.
A study into effectiveness of copper to kill bacteria is taking place at the Roberto del Rio children’s hospital in Santiago de Chile, and scientists say that the initial results are positive.
Dr Marisol Navarette, in charge of the clinical trials, says: ”The ions of copper interact with the membrane of the bacteria, their metabolism gets disturbed and they are killed by copper.”
The project is spearheaded by Codelco, Chile’s state-run mining company and the biggest copper producer in the world, in partnership with foreign investment.
Chilean company Copper BioHealth already manufactures hospital products made out of the metal, and after the Environmental Protection agency in the U.S. registered copper as an anti-microbial agent, it will have the option to market their products internationally.
(CNN) – A luxury Parisian men’s footwear label plans to start selling bespoke shoes made of camel leather.
The shoes, which exclusive label Pierre Corthay will sell from between $1,600 and $1,800 per pair, will be manufactured by a tannery located in the desert between Dubai and Abu Dhabi.
Xavier de Royere, Pierre Corthay’s CEO, said: "It’s a great place. I found people who are very passionate about what they do, and this magical, extraordinary skin.”
Products including camel meat, milk, and even camel milk chocolate have been exported outside the Gulf states, but have not been widely successful. But de Royere says that, as well as being more resistant and softer than cow leather, camel leather has the novelty factor. "It’s always great to try something people have not tried before,” he said. “It excites customers.”
(CNN) - A groundbreaking new initiative is helping small business owners in Somalia link with donors through a mobile phone money transfer system.
E-Cash, a program backed by charity Oxfam, offers the convenience of avoiding long waits at money changers, and erases security issues that go with carrying cash in the street.
The initiative, which launched last year and already has 2,500 beneficiaries, targets vulnerable communities, such as women whose husbands have left them and who are breadwinners for their families, as well as disabled people.
About Global Exchange
Global Exchange explores how emerging markets are impacting and influencing the global financial community, at a time when business is a vital driver of the international news agenda.
Global Exchange is presented live from Abu Dhabi by emerging markets editor, John Defterios, who will be joined by CNN correspondents from around the world.
Global Exchange also includes the “GX20,” a global hotlist of some of the world’s biggest economic thinkers. The GX20 will be drawn from the key emerging markets, from across China, Russia, India and South Africa, contributing to the show and this blog.
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