No Diktats Anymore

The late events showed that Russia dealt on equal foot and with firmness towards the attitude of the British Foreign Ministry by extraditing four Russian diplomats from London, tightening measures concerning granting visas, and giving up the resumption of negotiations with Russia on facilitating these measures.
The firm Russian stand caused a real confusion for “The British Business”, which pushed the British to maneuver over statements made by the British Foreign minister when he called that extraditing the diplomats would be followed by “other steps”.
Economically speaking, Britain occupies the tenth position among Russia’s trade partners in terms of importance. The bilateral trade exchange in 2006 reached 14 billion US dollars exceeding the similar indicator with regard to the American-Russian relation. “The British Business” in Russia is represented by 400 companies working mainly in consuming and services sector.
As for directs British investments in the Russian Economy, they reached in the first quarter of 2007 3.1 billion US$ only according to Novosti news agency.
It seems that the economic boost in Russia, as indicated in its increasing growth rate, has created another strong pillar for moving forward and liberating from external blackmail.

What’s behind Russia’s Call for Establishing OPEC for Wheat

The Russian government looks for establishing an organization that comprises all exporting countries of cereals similar to OPEC in away that would enable it to increase the prices of cereals or decreasing them according to its interest. News agencies circulated that the indirect target behind establishing this organization is to increase the prices of cereals so that the production of biological fuel from agricultural corps, which the US looks for, becomes an invaluable economic production. In other words, the aim is to force the Americans to go back to produce fuels from oil.

The Syrian Telecommunications Establishment Offers the Service of the Wireless Internet

The project of the wireless telecommunications networks for the service of internet has been announced in Syria, with the use of the infrastructure of the mobile phones network which covers today more than 95% of the inhabited areas.
This projects is being carried out in cooperation with “Syriatel” company and “The Syrian-German” company.

A Jordanian-Iraqi Partnership for Establishing a Real Estate Project in “Al-Suleimania”

The Jordanian “Al Kurdi Group” has signed with “Brez” company for contracting and general trade, which is the biggest real estate companies in Kurdistan-Iraq, an agreement for establishing “Assuad” housing project in “Al-Suleimania” governorate north of Iraq.

Insurance Installments in Jordan Increase by 153.3 million dinars

The official preliminary statistics issued by insurance commission showed that the total insurance installments increased at the end of the first half of 2007 by 153.3 million dinars opposite to 131.1 million dinars during the same period of last year and average of increase by 17%.

6.6 million dinars, the Profits of the Jordanian “Industrial Development” Bank

“The Industrial Development” bank achieved net profits of 6.69 million dinars during the first half of this year with an increase of 35% of the same period of last year.

“Mobinil” is granted the License of the Third Generation of the Mobile Phones

“Mobinil” company has been granted the license of the third generation of mobile phones in return for 3.3 billion Egyptian pounds according to the Egyptian Minister of Telecommunications Dr. Tarek Kamel.

“The United Gulf” Bank wins 168.3 million US$

“The United Gulf” bank in Bahrain announced that its net profits reached 168.3 million US$ in the first half of 2007 or 20.9 American cents for one share.

A Report Issued by “Kuwait National Bank” Explains the Crisis of the Real Estate Mortgaging

“Kuwait National Bank” said in its weekly report about stock markets that the crisis of the secondary mortgaging market in the United States has increased, due to what the American Investment Bank “Bear Stearns” announced that two of the funds it runs which concentrate on the secondary mortgaging “has become useless”.

The Moroccan Central Bank Warns of Increase of Debts

A report issued by the Moroccan Central Bank said that the personal debts of Morocco reached 14.5 billion US$ at the end of 2006.
The Central Bank recommended the Moroccan banks to be cautious of the increase of the personal debts in the country.

“Sonatrach” Negotiates with Foreign Companies for Exploiting Two Iron Mines

Chairman of the Administrative Board of the National Agency of Mining Proprieties in Algeria revealed that “Sonatrach” company is holding currently negotiations with companies of different nationalities like the Australian “Reontento”, the “Indian Metal Steel”, in addition to Chinese and South Korean companies for the exploitation of two of the most important iron mines in Algeria which are “Ghar Jubelat” and “Mashre Abdulaziz” located in “Tendof” area.

The French “Total” company is firmly ready to Continue and Strengthen Cooperation with Iran

The Chairman of Exploration and Production at the French Total Company paid yesterday the Iranian Islamic Shura Council a visit and met Chairman and Deputy Chairman of the Committee of Energy in the Council “Kamal Danchiar” and “Muhsen Yahyawi”. According to Irna news agency Total expressed the company’s readiness for developing cooperation with Iran, asserting “Total’s” firm readiness to continue and strengthen cooperation with Iran although the external pressures.

The Turks are Confident of their Lira’s Power

The Turkish State minister “Ali Babacan” said that the Turkish Lira has become accepted an recognized in the rest of the world. He asserted that the biggest multi-national companies are selling and buying by the Turkish Lira nowadays.

Companies Indexes

- The Saudi stock market commission has approved on increasing the maximum price for issuing and circulating Islamic bonds for the Saudi Company for Basic Industries “Sabac” by 8 billion riyals.
- The Executive Director of “Iran Khodro” complex for cars production announced that the revenues of exporting cars will reach 600 million US$ by the 21 March of this year, adding that the revenues of exporting spare parts will reach 10 million US$.
- The Russian “Gazprom” bank expressed its readiness for establishing a banking establishment in the British capital London. It is expected that bank to be opened in London between 6-12 months for offering investment services to Russian businessmen in London.

Small Indexes

- The Syrian Investment Bureau said that it has granted lately licenses for 17 projects with a total value of 190 million US$.
- Egypt’s exports to Japan reached 400 million US$ in 2006.
- The deficit of the Jordanian trade balance reached 6.7% during the first quarter of this year.
- The Iranian Minister of Energy said yesterday that Iran’s production of electricity is currently 31.000 megawatt, adding that this figure will reach 36.000 megawatt next month. He further said that his country increases 5000 megawatt annually to its capacity of electricity production.

Bids & Contracts

- The Kuwaiti “Dar al-Esthmar” has received a final approval of Bahrain Central Bank for the establishment of an Islamic Bank in Bahrain with a capital of 1 billion US$.

Exhibitions & Conferences

- The Syrian State Planning Commission undertakes currently preparations for holding an international conference for investment in the eastern area of the country. The conference is expected to be held in October of this year. According to Tishreen newspaper, the commission prepared a list of projects to be discussed in the conference with regard to the three eastern governorates: “Al-Hassaka, Deir al Zour and al Raqqa” with a total number of about 175 investment projects.

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.