Shocks of World Economy Have Not Ended Yet

Shocks of World Economy Have Not Ended Yet

Wall Street Journal newspaper quoted Jean-Claude Trichet, Chairman of the European Central Bank as saying that the possible economic impacts of the chaos witnessed by the financial markets in addition to the increase of prices of food stuff and basic goods are " accumulated shocks which , obviously, have not ended" .
In an interview with the newspaper, Trichet has underlined the advantages of the fiscal unity in the Euro Zone, saying that it "has achieved an undeniable success", pointing out that " we have a trust in the process we carry out, i.e. realizing what we have to realize, that is to say settling prices on the medium-term.
Trichet also pointed out to a survey published lately in which economic analysts speculated that inflation in the Euro Zone will reach 1,19% in five years, adding that :" at present, we have a long period of high averages of inflation, but we will realize our goal in settling prices on the medium- term." He concluded by saying that Europe can achieve a better growth rate and create more job opportunities in case the structural reform continue.

The Saudi Market Continues to Decline in The Test of Points of Support

Prices of the Saudi shares declined yesterday, closing the supporting point by 9500 points, amid a general sectarian decline with a strong movement of selling by the investors. The indicator has lost 162 points which equals 1067% of its value, closing of the supporting point of 9500 points.

An Exhibition for Domestic Tourism For The First Time In Syria

Syrian Prime Minister, " Mr. Mohammed Naji Utri" has said during the opening ceremony of the 1st Domestic Tourism in Syria, that his country owns a lot of factors for tourist attractions with a multi touristic kinds, among them the historical, cultural, and others, pointing out that the current exhibition points out to this exhibition exhibit the Syrian heritage and encourage the Syrians on domestic tourism

The Real Estate " Burjal" Launches a Housing Unit by 15 Billion Dirham in Ajman

The Saudi Real Estate "Burjal" company has announced , in a press conference, that it launched the project of "Burjal City" in Ajman with a total volume of investments estimated at more than 15 billion Dirham, in cooperation with the real estate "Al-Rashed" company, and " Adnan Safarini" for Engineering Consultations.
The executive Director of the company " Abdullah Naser" said that the project will provide 30 million cubic meters for building housing, trade, and administrative towers, forming a big investment opportunity for all investors from different nationalities through the system of free market and with the right of residency.
He concluded by saying that the height of the housing towers will be between 19-5- floors with two water and greenery overlooks

35 Million Euro from the Program of Financing the Arab Trade To Masqat Bank

The Program of Financing the Arab Trade said yesterday that it signed an agreement of insurance line with Masqat bank, one of the accredited National Agencies of the Program in the Sultanate of Oman with a total value estimated at $ 35 million.

The Saudi "Mobili" Company Increases its Share in the Market by 2008

The company of "Ittihad Itissalat" ( Mobili) , the second biggest company for operating mobile phones in Saudi Arabia has said that it expects its share in the market to reach more than 40% in 2008 despite of the presence of a third operator.
It is worth mentioning that " Mobili" company , which started its work in May 2005 , is competing with the Saudi Telecommunication company , the biggest Arab Telecommunication company in terms of market value, on winning more users of the mobile phone in the Kingdom which is the biggest oil exporting country in the world with a total population of 25 million.

Small Indexes

– The UAE has announced that that it will offer food stuff aids estimated at 500000 tons of wheat as a gift to the Palestinian people.
– The Palestinian indicator has continued its decline below the average of 700 points, closing by 692 points , with a decline estimated at 0,56% of its value, whereas the Tunisian indicator has settled at 2957 points, losing 0,21 points.

Companies Indexes

– Royal Dutch company has said that it had to stop oil production in Nigeria following an attack by hardliners against a main oil pipeline at the Nigerian Delta.
– "Al-Arabiya" Airlines Company has announced that it will start its flights to Daka city on the 8th of June, 2008 with four flights a week between Daka and Sharja.

Bids

– The Korean Chamber of Commerce and Industry and the Union of Sudanese businessmen signed an agreement with the presence of the Sudanese president " Omar Hasan Al-Bashir" and Head of the Korean Chamber of Commerce and Trade " Son Kiong Shik" .
– "Reliance Communication" company, the second biggest telecommunication company in India has said that it bought the British " Fanco" Telecommunication company in return for $ 77 million.

Exhibitions & Conferences

– The Swedish Company "Volvo" and the Indian " Isher Motors" for trucks manufacturing and producing have signed a final agreement for holding a joint project.
– The Authority of Dubai International Financial Centre has announced that it signed a memorandum of understanding with the Fiscal Establishment in Hong Kong for developing financial products in compliance with the Islamic Sharea as well as developing the infra-structure of the sector of the financial services in the regions managed by both .