No Limits for American Greed for Oil

With the announcement of the American government last week of the rise of its crude oil preserve to their highest levels in more than 9 years, the question on the reason of the continuous presents of the US oil investments companies in Iraq, despite the security threats, becomes meaningless.
The Department of Energy Data, which is the statistical arm of the US Ministry of Energy, said in its weekly report, that the volume of oil imports reached 10.79 million barrels daily. The report further should an increase in the reserves of the refinery fuel by 203.3 m barrels daily compared to expectations to increase them by an additional one million barrels.
With the increase of crude oil reserves last week, the American oil reserves have increased by more than 10 m barrels compared to last year.
Despite the huge American reserves of oil, which refers to the end of the American mission in Iraq, nevertheless, the announcement of the American administration that fuel reserves have dropped by 55% compared to last year, indicates implicitly that the greedy American administration has not been satisfied yet from Iraq oil and its people’s blood.

The Big Flow in the Gulf Strengthens Prices of Shares in the Stock Markets

A report issued by “Global Investment House” – Kuwait on the private shares in the Middle East and North Africa under the title: “Continue to Achieve More Growth”, said that the private shares continued its rapid growth in 2006-2007, In the whole region and in specifically the area of the G.C.C., specifically on the level of collecting capitals and increasing their volumes.

Increase of Lebanese Central Bank’s Assets to $13 bn

The assets of Central Bank of Lebanon of Hard Currencies have increased by $92.6 m in the second half of last July, reaching $12.89 bn, whereas the value of gold assets declined by $7.4 m reaching $6.15 bn.

The Second Gulf Bank Starts Procedures of License for Entering Syria

Qatar National Bank” has been granted the initial approval for establishing a bank in Syria. Qatar Bank will contribute by 49% in establishing the new bank, whereas the Syrian saving bank will contribute by 3%, the public loaning bank will contribute by 2.5%, and the General Establishment for Social Insurances will contribute by 10%.

A Project of a New Industrial Zone in Syria

The founding stone for the first phase of the project of the industrial zone in “Kafar Bahm” town in Hama governorate in Syria has been laid with a total cost of 43 million Syrian pounds and with a total space area of 8550 square meters.

250.000 Jordanian dinars, Profits of “Al-Hayat” Company for Medical Industries

The net profits of the Jordanian “Al-Hayat” company for Medical Industries have reached about 250.000 dinars in the second half of this year compared to about 505.000 dinars of the same period of last year, according to the Jordanian Al-Dustor newspaper.

27.6%, Profits of “Al Itissalat” company in the First Half of This Year

The Palestinian telecommunications company announced that its net profits, before cutting taxes, reached about 72.75 m dinars in the first half of this year, raising from about 62 m in the second half of last year.

15 bn Egyptian pounds, the Volume of Computers Trade in Egypt Annually

Director of Computers Department at the Union of Chambers of Commerce in Egypt, Khalil Hassan Khalil, said that the total value of computers trade in Egypt is about 15 bn Egyptian pounds annually.
According to Reuters, Khalil said that the volume of this trade is currently about 1 million computers annually, 500.000 of them are new computers and other 500.000 are used ones.

The Parliament of Kurdistan- Iraq Authorizes Establishing 4 Oil Companies

The Parliament of Kurdistan-Iraq has approved seven articles of the regional oil and gas law among 65 articles which stipulated the authorization of establishing for oil companies affiliated by Kurdistan.

$12 bn, the Profits of the Real Estate “Al Tejaria” company

The Kuwaiti real estate trade company said yesterday that it achieved an increase in its net profits by 98% in the second quarter of this year. The company said in a statement published on al Kuwait stock market web site that the net profits reached 12.5 m dinars “$44.26 m” compared to 6.3 m dinars of the same period of last year.

The Kuwaiti “Al Abraj” company Invests in Senegal

The Kuwaiti holding “Al-Abraj” company said on Tuesday that it is holding talks with the Senegali government on concluding three contracts for offering services estimated by $1.3 bn, one of these contracts has to do with oil and gas industry.

The American “Delphi” company builds a Factory for Cars Spare Parts in Morocco

Morocco and the American “Delphi” group of companies for cars industry have signed a memorandum of understanding on building a factory for producing cars spare parts in the free zone in Tanja City with a total cost of $36 m. It is expected that 2500-3000 job opportunities will be created during the coming three years as a result of building this new factory.

The Algerian “Tasele” for Aviation Receives the First “Bombardee” Plane today

Well informed sources told Al-Khabar that “Tasele” company for aviation will receive the first plane of “Bombardee” today with a cost of about $200 m. The agreement signed between the Algerian “Tasele” company for aviation and the Canadian “Bombardee” company stipulates on selling 8 planes for the Algerian company.

The Volume of Trade Exchange between Turkey and Iran Exceeds $3.75 bn

The volume of trade exchange between Iran and Turkey during the first six months of this year reach more than %3.75 bn, achieving a growth by 19% compared to the same period of last year.

Iran provides 19 million Phone Lines in 2 Years

Minister of Iranian Telecommunications and Information Technology, Mohamad Sulaimani, announced yesterday, on the sideline of inaugurating 96 projects of telecommunications in Iran, that his government provided 19 million fixes and movable phone lines for the citizens ever since it took charge two years ago.

Companies Indexes

- The British airways company announced on Wednesday that it reached a settlement with the British free trade bureau according to which it will pay 121 m sterling pounds as a fine due to its involvement in breaching the lose of free competition.
- The businessman, Saud Fahod al Mateiri, announced that he bought 22.000 square meters at the heart of Al-Salmiyeh market which equals about half of al-Salmiyeh old market.
- The profits of the Emirati al-Ittihad real estate company have increased in terms of market value by 26.9% in the second quarter of this year along with a drop in costs.
- The American “Apple” company for electronics industry affirmed that the service of “I-Tunes” for operating music via the internet has sold more than 3 million songs since starting operating it four years ago.

Small Indexes

- The Turkish Trade deficit has increased by 18% in July compared to the same month of last year reaching $5.5 bn with a growth rate in exports by 14% reaching $8.9 bn.
- The volume of trade exchange between Turkey and Iran during the first six months of this year reached $3.75 bn achieving a growth rate by 19.38% compared to the same period of last year.
- The General Director of the Iranian Petrochemicals complex “Tabriz” announced that his country exported 16.000 tons of petrochemicals products and with a total value of $20 m to different world countries since the beginning of March of this year.
- The index of the UAE stock market has declined during yesterday dealings session by 0.88% closing on 4.358,96 points.

Exhibitions & Conferences

- The Federation of Syrian Chambers of Commerce, in cooperation with the Syrian establishments and business center, and within the initiative of “Sincerely Syria”, is due to held the days of the sixth Syrian-European meetings in many agricultural sectors, in addition to affiliated industries at “Four Seasons” hotel in Damascus between 8-10 of September, 2007.
- The Palestinian Center for Economic and Social Development has opened the exhibition and the campaign of “Yomak Assal” “Your Honey Day” aiming at opening promotional channels for woman rural societies and gatherings through exhibiting honey products with a new name that has trade mark registered at the National Ministry of Economy. The exhibition will last till the 18th of this month.

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.