Voltaire Network

The Trap of Globalization

- Acquisition and Integrations at the Gulf Banking Sector.
- Libya Proposes Establishing a Joint Company with Syria for Drama Production.
- The Egyptian Talat Mustafa Group Proposes Acquiring San Stefano Company for Investment.
- A Growth Rate of 12% of the Jordanian Insurance Installments.
- Turkey Imports 1200 tons of Cook from Egypt.
- An Agreement of Aviation Services Between Iran and Venezuela.
- Dubai International Capital Company Acquires a Share at Rivoli.
- The Holding "Tameer" (Construction) Company Supervises the Project of "Platinum Towers".

| Beirut (Lebanon)
+

The Trap of Globalization

The buying of 48% of the shares of London stock market and 19.9% of the American Nasdaq company by the international Dubai stock market DIFX and the Qatari investment association QIA caused the preservation of the US that even made the American President to promise to hold investigations that would enable him to know the impact of these dealings on the national security of the US.
A Russian economic expert commented on that by saying: "Globalization is what pushed the Arabs, the Russians, the Chinese, and the Japanese to think of buying the shares of the Western companies". He pointed out that those who called for globalization must adhere to its roles and to hinder it. For his part, another Russian expert said that Europe which facing decline in terms of population, has been opened to the Arab world by putting great expectations and hopes on the Arabs. As for the US, which is facing a continuous increase in terms of population, with an average of about 1.5 million persons annually, it looks upon the Arabs as undesirable competitors.

Acquisition and Integrations at the Gulf Banking Sector

The Gulf Banks have spent more than $3 bn up till now on acquisition and integrations across the borders, according to statements issued by "Standard & Poor’s". Moreover the report issued by the establishment of "Standard and Bors" pointed out that the Gulf Banks are exploring new opportunities outside their local markets with the aim of increasing the increasing their diversity and facing the increasing competition at the local markets.

Libya Proposes Establishing a Joint Company with Syria for Drama Production

The Syrian Minister of Finance Mohammad al Hussein revealed that Libya proposed establishing a joint company for drama production between the two countries, and may be building a bigger city of artistic production with a big capital.

The Egyptian Talat Mustafa Group Proposes Acquiring San Stefano Company for Investment

The holding Talat Mustafa Group, the biggest real estate in Egypt, has expressed its wish to buy 5.5 million shares with an average of 100% of the exporting shares of San Stefano Company for Real Estate Investment with a price of 201 Egyptian pounds for one share either cash or through exchanging with an average of 20 shares of the holding Talat Mustafa Group in return for one share of San Stefano Company for Real Estate Investment.

A Growth Rate of 12% of the Jordanian Insurance Installments

The total volume of the Jordanian insurance installments has risen reaching 201 million dinars between February-August 2007 with a growth rate of 12%, in return of 179.4 million dinars during the same period of 2006.

Turkey Imports 1200 tons of Cook from Egypt

The Egyptian International Trade Center said that Turkey imported the first shipment of the Egyptian exports of Cook estimated by 1200 tons, following the promotion of this product which is considered one of the products of high quality produced by Egypt and which enjoys a competitive price.

An Agreement of Aviation Services Between Iran and Venezuela

The governments of Iran and Venezuela have agreed on holding aviation services between the two countries. According to this agreement, the two governments will allow each other to hold aviation services that go in line with the international law like landing with the aim of transforming travelers and shipping goods in cities and specific places.

Dubai International Capital Company Acquires a Share at Rivol

Dubai International Capital, the arm of the international investment of the holding Dubai company, has announced that it acquired a big share at Rivoli group, one of the biggest family companies in the UAE in a step that would contribute in supporting the activities of the ambitious regional expansion which the group plans to achieve.

The Holding "Tameer" (Construction) Company Supervises the Project of "Platinum Towers"

The holding "Tameer" company has granted the contract of the consulting services for designing the supervising the housing and trade project of Platinum towers for the Engineering Union Company for engineering consultations (Khatib Wa Alami), making it the third tower in the Gulf Trade Area in Dubai after "Regal Tower" and "Silver Tower" towers.

Small Indexes

- The volume of the direct banking insurance facilities granted by the local banking commission in Jordan to different sectors as well as official sectors has reached 10.9 million dianrs, with a growth rate of 5.8% between February-till the end of July of this year.
- A war of prices at travel and tourism market in the Gulf countries has erupted which resulted in a competition between the international airlines companies to decrease their prices.
- The joint Iranian Iraqi Chamber of Commerce said yesterday that a memorandum of understanding was signed with a total value of $730 m between the two countries, during the meeting and the first exhibition of the Iranian-Iraqi economic potentials held in Tehran between 5-8 of September.
- The Iraqi Minister of Petroleum Hussein al Sharistani said that his ministry hoped to conclude deals with a number of international oil companies before the end of this year despite the new oil law has not been approved yet by the parliament.

Companies Indexes

- The White House has intervened to push General Motors Company to negotiate with the syndicate of labors at the sector of cars production with the aim of addressing the demands of the latter which announced a strike against the company.
- "City Group" group said in documents presented to the Swedish commission of money market that its share in OMX company for stock markets north of Europe and the Baltic area has dropped by 4.67%, following deals concluded last week. It is worth mentioning that the group’s shares was before 6.3%.
- Mass media reports said that the American Google establishment is holding currently early negotiations with the aim of joining a group that intends to lay cables of high velocity via the Pacific.
- The specialized British "Mac" company intends to invest about $18 m for building the first factory of soft drinks and juice in Yemen with a total cost of $18.5 m.
- Al-Sharq al-Awsat newspaper said that Halliburton Company, the second biggest company in the world in terms of oil services, said that it seeks to buy shares at rising companies at the Gulf states to expand its activities in the region.

Bids

- The Malaysian mining establishment "MMC", specialized in the infrastructure and energy sectors, said that it signed a marinal and real estate agreement with a total value of $4.7 bn with an investment unit affiliated by Dubai government.
- A senior executive official at Dubai company for planes industry said that the company, run by Dubai Emirate, is coming closer to buy planes with a total value of $1.5 bn with the aim of offering the service of renting planes for competing international companies.
- Qatar National Bank said on Monday that it paid $175 m for increasing its share by 30% at the housing bank for trade and financing, the second biggest bank in Jordan, with the aim of expanding abroad.

Conferences

- Egypt signed yesterday the protocol of holding the economic "Davos" forum expected to be held at Sharm al Sheikh in May of 2008. A big number of world leaders, decision makers, thinkers, and prominent mass media men are expected to take part in the forum.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on Voltairenet.org in Arabic and English. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English and French languages.

Article licensed under Creative Commons

The articles on Voltaire Network may be freely reproduced provided the source is cited, their integrity is respected and they are not used for commercial purposes (license CC BY-NC-ND).

Support Voltaire Network

You visit this website to seek quality analysis that enables you to forge your own understanding of today’s world. In order to continue our work, we need you to support our efforts.
Help us by making a contribution.

How to participate in Voltaire Network?

The members of our team are all volunteers.
- Professional-level mother-tongue translators: you can help us by translating our articles.