The Euro Area, “A Practical Economic Lesson”

The Euro area has witnessed during the second half of this year a state of considerable economic revival. A series of indicators published in June and July revealed that the economic performance of this area is still a good one with a slight retreat of investors’ trust, whereas unemployment dropped to its lowest level by 6.9%.
Moreover, inflation witnessed a big dropped in the since that increase of prices adhered to the aim of the European Central Bank which said that the percentage of inflation is close to 20%.
This indicates that correctness and wisdom of fiscal and financial policies adopted by officials responsible for the economic authority in Europe, and also the economic agreement and harmony among the European economies themselves. Europe represents now the best practical economic lesson for the rest of the world’s economies, and among them the Arab economies which experienced failing attempts of integration throughout their history. So will the students get benefit this time from the lesson of their European teacher?

Rupert Murdoch Expands his Empire

After talks lasted for more than three months with Bancroft family which has controlled “Wall Street Journal” newspaper, one of the most famous economic newspaper in the world, and classified the first in the US, for more than 100 years, the Emperor of mass media and the owner of the giant “News Corporation” company working in the field of mass media industry, the billionaire Rupert Murdoch has succeeded in concluding a deal to buy the mentioned newspaper. Murdoch paid five billion US dollars for buying the mass media “Dow Jones” group.

The Donor Countries Offer 5 billion US$ for Operating Manpower in Iraq

It has been announced during the economic conference held under the title “The Reconstruction of Iraq by the Iraqis”, that five billion US dollars have been granted by the participating countries in the conference with the aim of operating the local man power in Iraq.

7.4 million dinars, the Profits of the Jordanian Trade Bank

The net profits of the Jordanian Trade Bank reached about 7.4 million dinars in the first half of this year compared to about 6 million dinars of the same period of last year. Moreover the total assets of the company at the end of June of this year reached about 556.3 million dinars compared to 513.2 million dinars at the end of last year, whereas the total rights of the contributors in the company reached 77.2 million dinars compared to 75.5 million dinars last year.

225 million US$ for Garden City in Syria with a Partnership with the Bahraini “Global Investment House”

Global Investment House” located in Bahrain revealed that it signed lately a partnership agreement with the biggest project of “Garden City” in Syria, according to which “Global” will own 50%.
A statement said that the total value of the project is 225 million US$, taking into consideration that 40% of the projects has been accomplished till now.

1 million US$, the Profits of the Palestinians “National Insurance Company”

The National Insurance Company announced that the net profits, before collecting the taxes, reached about 1 million US$ in the first half of this year in return for loses of about 760.000 US$ in the first half of last year.

Decline of Profits of the Kuwaiti “Agility”

The Kuwaiti “Agility” company, the biggest company for the services of supply and provisions in the Gulf in terms of market value, announced that it gained net profits of 137 million US$ in the second quarter of this year with a decline of 6.8% compared to the same period of last year.

The Opening of the First Iranian Center for Agricultural Technologies in Central Asia

The First Iranian Center in the countries of Central Asia for Technical Services and Agricultural Engineering was opened yesterday at “Roadkey” area in the Tajik capital Dushanbe.
The General Director of the Center, Hamed Rida Sultani, said that the center was established with the participation of the private Iranian and Tajik sectors, with the aim of transferring the technology of the Iranian Agricultural Engineering through using the modern machines and equipment, in addition to training the Tajik farmers.

250 million US$, the Contribution of Oil and Mining Sectors in Mauritania Budget

The contribution of oil and mining sectors in the budget of Mauritania reached 250 million dollars in 2006, forming 38% of the revenues without taking into account the external donations.

A Tunisian Company Buys 50% of the Algerian “Inpha” Laboratories

The Tunisian company for Medical Industry “Medis” bought 50% of the total capital of the Algerian laboratories “Inpha”.

A-28%-Increase of Turkey’s Exports in July

The syndicate of Turkish exporters said that the Turkish exports have increased by 28% in July compared to the same month of last year reaching 8.9 billion US$.

Iraq Supports Prices of Wheat

Sources at the Iraqi Ministry of Trade said that Iraq bought in July 1 million tons of wheat from the local farmers with prices higher than those of the international market for promoting the local production.

The Closure of Gaza’s Crossing Points Dysfunctions 80% of Transportation Sector

Owners of Transportation Companies working in Gaza Strip, which transform goods from and to the sector, said that about 80% of the total number of the trucks working in this field have stopped completely since the closure of the crossing points.

Companies Indexes

- National Bank of Dubai achieved net profits of 651 million dirhams in the first half of 2007, recording a big growth rate by 29.1% compared to the profits of the first half of 2006.
- Emirate International Bank, the second biggest bank in Dubai in terms of market value, achieved net profits in the second quarter of this year reaching 626.4 million dirhams “170.6” million US$ with an increase of 70.2%.
- Emirate Integrated Telecommunications Company “DU” achieved between April-June a growth rate in the total revenues of its sellings by 302.3 million dirhams with a growth rate percentage by 184% compared to the revenues of the same period at last year.
- The Algerian minister of Oil announced that the governmental “Sonatrach” company intends to increase its investments by 60 billion US$ in the coming five years. The minister said that “Sonatrach’s” investments are ranging now between 6-7 billion US dollars annually which enables it to employ 2000 persons annually.

Small Indexes

- The annual inflation percentage in Qatar has declined by 12.8% at the end of last June with a slow of increase in renting prices.
- Official statements showed that inflation percentage in Saudi Arabia has increased by 3.1% in last June recording its highest level in five months with the rise of food and housing costs.
- Chairman of the Iranian Establishment of investments and technical and economic aids, “Bahroz Ali Cheery” said last Tuesday that his country owns a surplus of hard currencies estimated by 60 billion US$.
- The International Monetary Fund said that the average of annual inflation in Zimbabwe might exceed 100.000% by the end of this year compared to last year.

Bids & Contracts

- One of the Real Estates offices in Kuwait announced that it signed the biggest real estate deal in Kuwait with a total value of 57 million dinars for buying “Al-Salmiyeh” Southern market.

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.