The Equation of Stability and Growth

Turkey owns today the most attractive markets among the European markets, and it is witnessing an upturn in the direct foreign investments although specifications of competitiveness did not put the Turkish economy in advanced positions.
The question raised by the economic media concerning the Turkish case is: Does stability bring about growth or vice versa?
Despite Turkey owns great potentials, yet business and workers are suffering because of the burdens of a legal system that does not meet the required criterion, and a bureaucracy that results in governmental routine, as well as presence of taxation system that does not encourage on working within the framework of the official economy. But Turkish economists are aware of the fact that stability, which is a basic and necessary factor for welfare and prosperity, cannot be realized but with paying a price in a country that has a long history of monetary instability, and this is the reason, for example, why the interests rates in Turkey is considered one of the higher rates all over the world.
Stability may not be everything, but the Turks consider that everything else is not enough without stability.

The Service of Mobile Telecommunications

The Group of Mobile Telecommunications “MTC”, mentioned in a study it presented in the telecommunications conference organized by “Price WaterHouse Coopers” held in London yesterday, that the services of mobile telecommunications have played a pivotal role in ensuring the continuation of interaction among the Lebanese during the last war launched by Israel in July, 2006 against Lebanon.
The report added that these telecommunications backed efforts to get rid of the humanitarian and economic disaster.

The Capacity of Cement Production in Syria reaches 7 million tons

The General Establishment of Geology and Mineral Resources in Syria, in cooperation with the Japanese “Jaica” agency, is carrying out a study of the places of row materials for cement industry in “Abu al-Shamat” area “Damascus Countryside”, and “Jabal Abdul Aziz” area in al Hassaka governorate, as well as “Al-Quteifah” area.
It is expected that the total production capacity of these sites to reach 7 million tons annually, and this would be enough for 45 years.

A Jordanian-Iraqi Company with a Capital of 100 million US$

The Establishment of a holding Investment Company between the Authority of al Aqaba Private area and the company of “Al-Aqaba Development”, on the one hand, and the Iraqi Council of Business has been announced in Jordan with a capital of 100 million US$ aiming at carrying out viability studies of a group of projects in al-Aqaba area.

The Iraqis Invest in Projects in Jordan

The Iraqi Council of Business has concluded a-three-day meeting in the Jordanian al-Aqaba seaport with pledging to invest about 400 million US$ in infrastructure projects as well as touristic projects according to the participants in the meeting.

The Palestinian Emergency Government Pays the Falling Dues

Chairman of the Palestinian Contractors Union, Usama Kahel, said that 90% of the owners of contracting companies have received their falling dues by the Palestinian Authority. In an interview with Al-Ayam Al-Falastenia (The Palestinian Days) newspaper, Kahel said that these dues are estimated by 30 million shekel. He further pointed out that the general commission of the union will take decisions, during a session to be held today, to stop the projects executed by contracting companies in protest of the continuation of closing the crossing points.

“Boubyan Bank” Resorts to New Investment Techniques

Despite the fierce competition on buying and collecting the shares of “Boubyan Bank” by investment groups and companies, either directly or indirectly, which led for the rise of the price of shares at yesterday dealings by 800 fils, this competition will not continue for long. Well informed sources told the Kuwaiti Al-Watan newspaper that one of the most important companies concerned in collecting the shares is “Dar al-Istithmar” company for investment.

70 billion dirhams, the Value of Industrial Investments in the U.A.E

The Emirati Ministry of Finance and Industry has issued the industrial statistical book for 2007 which includes the result of the last industrial statistics carried out by the Ministry for industrial activity in the UAE till the end of 2006.

12 billion Egyptian Pounds for 2996 Money Companies in Egypt

A report issued by the Information Center at the Egyptian Cabinet has pointed out to the increase of the number of money companies which have been established since last January till May of this year.
The number of these companies have reached 2996 companies with a capital of 12.33 billion Egyptian pounds in return for 1742 companies during the same period of last year.

Tunisia and Egypt Sign 9 Cooperation Agreements

Tunisia and Egypt have signed 9 cooperation agreements, according to the Tunisian news agency. The agreements comprises a memorandum of understanding between the Egyptian national library and the Tunisian Archive Bureau, Three memorandum of understandings about cooperation in the field of technology, four executive programs about youth, media, tourism, and industry, in addition to a cooperation agreement between the Tunisian national oil company and the holding Egyptian company for gas.

The French “Fram” Company Opens New Touristic Units in “Al Mahdia” in Tunisia

The French “Fram” group specialized in touristic activity intends to open new touristic unit at “al Mahdia” governorate in 2008. Georges Colson, Chairman of the Supervision Council of this group said, in a press conference, that the groups looks for strengthening its presence in the tourist sector in Tunisia based on the importance it pays to Tunisia, and its determination to enhance the bilateral cooperation in this context.

Algeria expresses its Wish to Get Benefit of Iran’s Experiences

Algerian minister for the Affairs of Fish Wealth, Smail Mimoune said, during his meeting with the Iranian Ambassador to Algeria, Hussein Abiyane, last Tuesday that his country is ready to get benefit of Iran’s experiences to develop the sector of Fish Wealth and specially in the field of industrial fishing and fish breeding.

The Iranian Industries Match Their Western Counterparts

Chairman of Chamber of Trade and Industry in Uzbekistan, “Ali Sheer Shikhof”, has announced that Uzbekistan prepares to import Iranian industrial products for their good quality and ship prices, instead of importing western industries.
Shikhof who met the Iranian ambassador to Uzbekistan last Tuesday, added that its high time to take practical steps by the two countries for the execution of joint projects.

Turkey Receives 500 million US$ for Improving its Economy

The International Bank announced that it would grant Turkey a loan of 500 million U.S.$ to support the economic reforms and increase manpower. NBC news station quoted “Alrich Zakaw”, the regional director of the bank in Turkey as saying that the loan has a package of benefits in terms of what it offers to Turkey to increase investments and production as well as creating more job opportunities, including creating job opportunities in the public sector.

Companies Indexes

 The American “Black Stone Group” has agreed to buy a series of Hilton Hotels in return for 26 billion US$ in one of the biggest deals of its kind to buy hotels companies.
 The Chairman of “Metal Complex” said yesterday that his establishment is about to invest 20 billion US$ in Algeria in the coming three years, adding that this would cerate 100.000 direct job opportunities and one million indirect opportunities.
 The Kuwaiti National Industries Group said that it intends to collect 1.5 billion US$ through selling Islamic bonds.
 “Amlak” company for financing, the biggest company for real estate loaning in the U.A.E, in terms of the market value, has achieved big profits in the second quarter of this year by 22..37 million US$ with an increase of 88% compared to the same period of last year.

Small Indexes

 The value of flowers and a decoration equipment which the Iranian “Mahalat” city exported to the Gulf states, Central Asia, Azerbaijan, Armenia, and Turkey has reached 4 million, 129.000 US$.
 The Exchange Rate of the Sterling reached yesterday 2.018 US$ recording its highest level opposite to the dollar since a quarter of a century amid expectations of increasing the British interests rate.
 Iraq comes second after America in terms of trade exchange with Jordan. The number of the Iraqi companies registered in Jordan has reached 100.000 companies.

Bids & Contracts

 The Indian “Petronet” company for liquid natural gas said that its agreement with the Qatari “Rasgas” to buy 1.25 million tons of liquid natural gas, will be in effect starting of July 2007 till March 2008 with the possibility of doubling the volume of the contract.
 Kuwait stock market said that “Dar al-Esthmar” and affiliated companies have resigned their shares at the Islamic “Boubyan Bank” to 11.3%.

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