When Will Palestine Prosper?

One cannot understand simply the viewpoint’s expressed by the Prime minister of the Palestinian Emergency government Salam Fayyad, in taking “Israel as an example to be followed in creating the economic miracle”, without pointing out to its role which is taking for granted world wide in creating the “Palestinian economic disaster”.
At the same day in which Arab newspapers circulated news about the paralyze of trade activity in Gaza Strip as a result of the closure, and other news about those who were stuck at Rafah crossing point, and how they spent their night under the sky after they sold their properties, Mr. Fayyad, the holder of a PHD in economy, answered the last question raised by Haaretz newspaper: Will the small Palestinian state count on itself alone? Fayyad’s answer was clear. He said: “Israel is the best proof that the states’ largeness does not count. Look at the economic miracle which you achieved”. He continued by saying: “Every state can prosper on condition that it is opened to the world, not only economically, rather culturally and socially to”. Fayyad’s answer ended restricting achieving prosperity by only internal Palestinian conditions.

Iraq: Huge Unexploited Oil Resources

Kirkuk, the third largest city in Iraq, is unable to export its oil resources although its production capacity is 2.1 million barrels per day. This reflects the general situation in this country which enjoys huge oil resources which remain unexploited. Although Iraq owns the third oil reserve world-wide, its old infrastructure, and the consecutive sabotage since the American invasion in 2003, and the wide spread corruption are all factors that stop the country from exploiting this wealth. In addition to the current war on the different fronts in Iraq, there is another secret war which is the war of oil.

Iran Looks for an Active Presence in Davos Forum

Chairman of Iranian Trade, Industry, and mining chamber of commerce, Mohammad Nahawandyan said on Monday, during his meeting with the director of the Middle East Department at World Economic Summit (Dafos Forum), Sharif al Dewaini, that Iran’s economic policy is heading towards liberation and privatization. He added that Iran welcomes the joint investments.

Washington Criticizes Gas Cooperation Agreement Between Turkey and Iran

The US criticize an initial agreement signed between Turkey and Iran in the field of gas to transfer Iranian gas as well as Turkmani gas to Europe, considering that Iran “is” untrustworthy partner”.

16% of Gaza’s Companies Offer Services Via Internet

An evaluation study on the use of information and telecommunications technology in the industrial institutions in Gaza Strip concluded that 16% of the companies are offering services and information via the internet. The results of the study, carried out by the unit of researchers and studies at the Faculty of Commerce in the Islamic University, pointed out that most of the companies own an electronic page and they use the internet in their operations, as well as owning an electronic mail.

Decrease of Half-Year Profits of the Jordanian “Beit al Istitmar”

The Jordanian “Beit al Istitmar” for Financial Services announced that its profits dropped by about 52.000 dinars during the first half of this year compared to 422.000 dinars during the same period of last year.

Shares of (Libya for Insurance) Company in the Stock Market

Libya circulated today 40% of the shares of “Libya Insurance” company with a capital of 45.2 million US$ for the Libyan’s and other companies in the stock market with 7 dinars per person.

Orascom Buys 50% of a Korean Cement Factory

Orascom for Construction and Industry has bought a share of 50% in a cement factory in Korea with a production capacity of 2.5 million tons annually. The company paid in return for this deal above 115 million dollars.

73 million US$, the Quarterly Profits of “Betelco”

Al-Bahrain Company for Telecommunications “Betelco” said that its net profit in the second quarter of this year reached 73.02 million US$ with a rise of 13.6% of the same period of last year.

The Commission of Organizing Telecommunications in Emirate Warns “Do”

The Commission of Organizing Telecommunications in Emirates warned the integrated telecommunications company “Do” of exceeding the deadline of the granted license for offering telephone services, saying that this would harm the competition inside this industry.

The Offer of the International Gulf Bank Company

The international Gulf bank is considered one of the biggest regional banks in the Gulf area. The assets of the bank exceed 27 billion US$ whereas the volume of the assets run by the bank for the interests of its agents is more than 22 billion US$.

Companies Indexes

-  “Intel Company” announced that it concluded an agreement with the non-profitable institution of “One Portable Computer for Each Child” according to which it would contribute in the process of manufacturing computers with 100 US$ price for each.
-  The Saudi “Dar Al-Arkan” company for real estate development said that it sold 1 billion US$ of bonds with an increase of 25% than it was decided due to the an expected increase in demand by investors who are looking to benefit from the real estate market in the kingdom.

Small Indexes

-  “OPEC” expected an increase in world demand of crude oil and fuels in 2008 with an average of 1.3 million barrels per day which equals 1.6% of the current daily production.
-  The Iranian Minister of Oil Kazem Hamana announced, on the sideline of the meeting of Pipelines Industry in Iran, that the price of crude oil barrel in world markets may reach 80 US$ because of the geo-political issues and the shortage of oil productions.
-  The Iranian Minister of Trade Masud Meir Kazemi said last Monday that the volume of non-oil trade exchange between Iran and the world’s countries is 60 billion US$ currently.
-  American experts concluded that world oil companies would not be able to cover world demand of oil during the next 25 years, which will result in increasing the price of the barrel by more than 150 US$.
-  The Algerian National Federation of Exporters called for laying a direct marine pipeline between “Ghazawat” sea port in Algeria and “Al-Nazor” sea port north of Morocco for the facilitation of trade exchange between the two countries.
-  The volume of exports of the Arab Gulf oil production directed to Europe and America via “Someid” sea port and Suez Canal has reached 51 million tons.

Bids & Contracts

The Gulf Financing House, in cooperation with the Gulf Company for Energy, announced their plans for establishing the energy city in China with a total cost of 5 billion US$.

Exhibitions & Conferences

A two-day intensive seminar on London stock market for metals, organized by Bahrain Aluminum Company ‘Alba” for its regional clients, was concluded in the kingdom of Bahrain.

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.