The World Watches Gaza’s Catastrophe

“The National Economy in Gaza Strip is witnessing a state of complete collapse and the catastrophe took place”. A statement that is being repeated everyday by economists, governmental officials, unionist, chairmen of chambers of trade and economy in Gaza.
Facts have been unveiled and the reasons are clear, i.e the Israeli embargo on Gaza Strip. Observers think that even if the embargo has been lifted, thinks would not come back to their previous normal state till a long time had passed.
There are those who said that the embargo made the strip returns to what is used to be, a consuming market after it used to compete in many industries. All this but no response, even these statements are no longer published in most Arab newspapers and mass media and have become restricted to the Palestinian mass media only.
4.500 economic facilities have been closed, 100.000 workers are unemployed, and nothing new to be said, whereas the world is watching.

Turkey and Iraq Build Electricity Generating Stations

The Turkish Minister of Energy Hilmi Guler said that Turkey and Iran have signed an agreement for building electricity generating stations and exploration of oil. Gular said that the number of these stations will be decided following bilateral discussions.

Explosion of a Pipeline Cuts Water off the Turkish Capital

The Turkish authorities said that water supplies have been cut on Monday off the Turkish capital Ankara which suffers from drought due to the explosion of a main pipeline which supplies the city of the four million inhabitants with water.

The Establishment of New Company for Financial Mediation in Syria

The Council of Commissioners of the Syrian Stock Market has given its preliminary approval for the Establishment of “Diamond Group” for Financial Mediation, with a capital of 50 million Syrian pounds; the share of the Syrians will be 55%, whereas the Egyptian company for financial mediation will contribute by 10% of the capital of the new company.

The Lebanese National Debt Increases Reaching $414 bn

The economic performance of the fifth month in Lebanon showed that economic indicators remained under the level they recorded at the same period in 2006. The growth of banking activity dropped by 23% whereas the average of interests in Beirut Stock Market settled.
On the other hand the general debt continued to rise reaching $414 bn.

The UAE Establishes “Dubai Stock Market Company”

Dubai government announced yesterday that it intends to integrate its shares in Dubai financial market and Dubai International Stock Market for establishing a new holding company by the name Dubai Stock Market. An official statement said that this step comes within efforts being exerted by the government to implement the strategic plan of Dubai – 2015.

“Umniah” and “Housing Bank for Trade and Finance” Declare the Joint Product for Their Clients

Umniah” company, one of the companies of “Batelco” group in Bahrain and the most modern provider of mobile services in Jordan, announced that there is a joint product with “Housing Bank for Trade and Finance”, through a strategic partnership agreement which was signed last week between the two sides for offering services for their clients in telecommunications and banks sectors.

A Coalition between “Noor” and the “Commercial Bank of Kuwait” for Possessing the “Al-Watany Bank of Egypt”

Noor Financial Investment Co” has formed a coalition with “Commercial Bank of Kuwait” for possessing the majority share in the “Al-Watany Bank of Egypt on which National Bank of Kuwait” and the Greek “EFG Eurobank” bank compete.

The Mauritani Government Expects an Increase of Growth Rate by 6.2%

Minister of Economy and Finance and Mauritania said that the government expects an increase of economic growth rate by 6.2% by the end of 2007, that is to say with an increase of 2.1% compared to last year according to the Mauritani news agency.

“LG-Algeria” Holds Negotiations for Buying “ENIE” Establishment

Mr. Ahn Deuk Son, the General Director of “LG Algérie” establishment revealed that its government is holding negotiations with the Ministry of Industry and Investment Promotion for participating in the capital of “Entreprise Nationale des Industries Electroniques - ENIE” Establishment for TV industry within the program of privatization.
Mr Ahn Deuk Son said that the negotiations will end by next September.

The Libyan “Layco ” Buys 60% of the Capital of “Abou Nawas Hotel”

A statement by the Libyan Ministry of Tourism said that the group of the Libyan “Layco” companies has bought 60% of the capital of the luxurious “Abou Nawas Hotel” in Tunisia.

An Islamic Economic Cartel, the Center of Which Are Iran and Algeria

The Iranian President Mahmood Ahmadinejad called in the forum of the Algerian-Iranian businessmen held lately, for forming an Islamic economic cartel in which Iran and Algeria are the center of for facing what he described “the economic hegemony of great powers”.

Companies Indexes

- The Executive Chairman of the Kuwaiti “Mobile Telecommunications Company - MTC” said that the company intends to invest $484 m in Congo for the next five years.
- The Giant “Qatari Telecommunications - Qtel” said that the company gained revenues of $1.103 bn, with an increase of 97.4% compared to profits gained at the same period of last year.
- The General Director of the Company of The Syrian-Jordanian Free Zone, Hassan al Khairat, said that the volume of trade exchange in the free zone between the two countries reached during the first half of this year 1 billion and 166 US$.
- The net profits of the Turkish “Batkem” for Petrochemicals have jumped to 72.04 million Liras “$57 m” in the first half of 2007 compared to 19.11 million Lira of the same period of 2006.

Bids & Contracts

- The Company of Building the Saudi Economic City announced that it signed a memorandum of understanding with “Bemko” company for contracting for building an energy station which operates by gas turbines of open cycle.
- The European Commissionary has adopted the deal of the Saudi company for basic industries “Sabic” for buying the unit of plastics from the American General Electric Company in return for $11.6 bn considering that this would not have any bad effect on competition in Europe.
- The Governmental Indonesian “PLN” Company for Electricity said that it signed agreements of electricity projects with a total value of $2 bn with the two Chinese “Dongfang Electric Corp” and “Shanghai Golden Concord Power” Companies.

Small Indexes

- Algeria and Iran signed on Tuesday four documents for bilateral cooperation in housing, justice, culture and aviation services fields.
- Statements by the Kuwaiti Central Bank showed that the GDP has achieved a growth rate by 20.8% reaching 29.57 billion dinars in 2006.
- The value of Jordan’s imports of telecommunications machines and equipment have increased during the first five months of this year by 80.5 million dinars, with an increase of 57%, reaching 221.7 million dinars.
- The Arab GDP has exceeded for the first time one trillion US$, reaching $1050 bn as a result of the increase of oil prices by about 70$ per barrel.
- Russia intends to sign two investment agreements on the 15th of next September with “Hyundai” and “Mitsubishi” companies for assembling the cars of these two companies in Russia. It is worth mentioning that Russia have signed up till now more than 10 agreements for assembling cars with world biggest companies.

Exhibitions & Conferences

- The activities of the exhibition of food stuff industries “Zaduna-2007”, organized by the Palestinian Trade Center “PalTrade” and the Federation of Food Stuff Industries in Al Bireh City, started yesterday. 32 Palestinian companies working in food stuff industries are taking part in the exhibition with the support of the “Islamic Development Bank”, the unit of Al Aqsa Fund, in a contribution for supporting the national economy and the Palestinian private sector.

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.