The West Opposes “The Equivalent Parties”

The “Free Economy” prompts theoretically the global implementation of the law of “the ductile plates” of the well-known economic trio: manpower, capitals, and goods. But it seems that “the west, the biggest promoter of the idea of “Open Economy” has begun to retreat and put restrictions in front of the smooth movement of the above mentioned factors.
Today, for many reasons, new economic powers have begun to emerge, seeking to enter the western markets as a part of the spheres of “Open Economy”, but the reaction of the European and American leaders was very negative on the pretext of worry about the financial markets, which in case they allowed that to happen, they will be forced later on to deal with true economic opponents. These markets have always preferred to deal with the poor. Analysts say that the west may loose its position as a business center, as world statistics indicate that a volume of $3.5 trillion are reserved by the governments of the newly-rising economies, and that by 2022, the volume of these reserves will reach $28 trillion.

4812 Exhibitors from 45 Countries are taking Part in Damascus International Fair

The activities of the 54th session of Damascus International Fair for 2007 is due to start in the Syrian capital Damascus on next Wednesday.
Taking part in the fair 4812 exhibitors, among them 2600 local exhibitors, and rest are foreign exhibitor from 45 countries, ten of them are Arab countries in addition to 35 foreign countries. South Korea is participating through 66 companies taking the first position, followed by Indonesia by 44 companies, and China by 37 companies.
As for the Arab participation, Palestine came first through the participation of 22 companies.

Iraqi – Made Clothes to be sold Soon in the US Markets

American and Iraqi officials said that the giant American distribution companies “Wal Mart”, “J. C. Penney” and “Sears, Roebuck and Co” will start selling leather jackets and clothes made in Iraq by Christmas.
10.000-12.000 leather jackets made in Baghdad, in addition to 20.000 pieces of clothes made at factories in al-Najaf and other clothes for teenagers made in al Musel will be exported to the US.

The “Kuwait Fund for Arab and Economic Development” Signs 12 Financing Agreements with Lebanon

The “Kuwait Fund for Arab and Economic Development (KFAED)” has signed 12 financing agreements with Lebanon comprising many projects within a donation offered by Kuwait following the Israeli aggression against Lebanon last summer.
The total value of these agreements is $45 m and 850.000. It is worth mentioning that “Kuwait Fund for Arab and Economic Development” had signed 15 loans agreements with Lebanon with a total value of $500 m.

The Central Banks Pump Billions of Dollars for Stopping Decline at Stock Markets

World Stock Markets continued their decline affected by the American markets. In an attempt to face the re-percussions of the crisis of real estate loans in the US, World Central Banks have pumped at least $326 bn in their financial systems during the last 48 hours.
On the other hand, the value of the European and Asian shares have dropped following losses related to the American real estate insurance system known as “Sub Prime”.

A Coalition of Banks Offers Three Billion Egyptian Pounds for Financing Expansion of “Vodafone” Company in Egypt

Egyptian banks are competing to take the lead for offering long-term loans for the two biggest Egyptian companies of mobile phone services, “Mobinil” and “Vodafone” for helping them getting licenses for offering the services of the third generation of mobile phones, after the Emirati “Etisalat” Company, the new competitor, has been granted this license.

The “Jordan Telecom Group (JTG)” Completes the Process of Transforming Into “Orange”

The “Jordan Telecom Group (JTG)” has announced that “MobileCom” Company, the operator of its mobile phone, has been transformed into the trade mark “Orange” owned by “France Telecom”, the leading operator in telecommunications sector world-wide.

A-0.21% Rise of the Emirati Indicator

The Emirati shares have ended yesterday’s dealings achieving more rise whereas Abu Dhabi Stock Market witnessed yesterday active dealings recording a value that exceeded 545 million dirhams amid a big turn out on buying shares. The Index of Emirate’s stock market has resign by 0.21%, closing by 4.414.97 points.

The Announcement of Forming a Committee for Defending the Rights of the Syrian Workers in Lebanon

The Syndicate of Syrian Lawyers in Damascus has announced the formation of the committee for defending the rights of the Syrian workers in Lebanon. In a statement, the syndicate urged families of Syrians working in Lebanon to inform it of any violations committed against their sons so that it will be able to take the necessary procedures for defending them.

Signs of a New Crisis between Turkey and the European Union

Signs of new crisis with Turkey have emerged in relation to Cyrpus’s plans to grant European and international oil institutions concessions for exploring oil opposite to its costs on the Mediterranean.
Cyprus’s Foreign Minister, Erato Kozakou-Marcoullis, said in statement published today that this development will have negative impacts on the Turkish-European relations.

“PECDAR” Starts Executing 37 Projects in Gaza Strip and the West Bank

Chairman of the “Palestinian Economic Council for Development and Reconstruction (PECDAR)”, Dr. Mohammad Shtayyeh, said that “PECDAR” started executing 37 vital projects for rehabilitating the infrastructure, education, health, roads, social services sectors in the territories of the Palestinian authority within the program of additional financing for development the society “Mini Projects” with a finance by the international bank and with a total value of $5 m, $3 m of them for projects to be executed in the West Bank, and $2 m for projects to be executed in Gaza Strip.

“British American Tobacco” Company Intends to buy a Share in the “Société nationale des tabacs et allumettes” in Algeria

The “British American Tobacco” intends to buy a share in the “Société nationale des tabacs et allumettes (SNTA)” in Algeria. The American company has asked lately information by the concerned authorities on the file of the privatization of the Algerian company.

One million and 60.000 Unemployed in Morocco

Minister of Planning in Morocco said that the average of unemployment in the country has resign during the second quarter of this year by 9.4% compared to 7.8% of the same period of last year due to drought which hit the corps of this year. In a statement issued last Thursday, the minister said that the number of the unemployed has reached 1 million and 60.000 persons during the second quarter of 2007 compared to 859 persons during the same period of last year.

Companies Indexes

- “Istithmar” Company owned by the government in Dubai, which expects making possession activities of $2.5 bn this year, said that it will be more careful about activities of buying due to chaos at world insurance markets.
- The Egyptian “Janoub al Wadi” cement company said in a statement that its administrative board has recommended the distribution of one free of charge share in return for three shares possessed by contributors.
- Chairman of the activities of the Japanese ”Nissan” Company in Europe announced that the company intends to sell the luxurious “Infinity” car in the European markets by the end of 2008.
- The Egyptian Public Bank came in 374 position within the list of the biggest 1000 banks in the world according to The Banker magazine issued by Financial Times newspaper.
- The net profits of ”Jordan Chemical Industries Company” have reached 342.000 dinars during the first half of this year compared to about 279.000 dinars during the same of period of last year.

Small Indexes

- The average of unemployment in Iraq has reached 60%.
- An Iranian news agency said that the Iranian Minister of Oil, Kazem Wazeri Hamana, has resigned adding that a new minister has bee appointed to deputize him.
- A newspaper quoted the Governor of the Kuwaiti Central Bank, Salem Abdul Aziz al Sabah, as saying that the Kuwaiti Banks have not been affected by chaos at world insurance markets.
- Official statements showed that the Qatari economy has achieved a growth rate of 5.6% during the second quarter of this year, recovering a decline at the first quarter following an increase of energy exports.
- Prices at Cairo stock market declined on Sunday by 9.2% due to tension witnessed by world stock markets as a result of the crisis of high danger real estate loans in the US.
- The Israeli Bureau of Statistics announced that the Israeli deficit has increased reaching $1.5 bn in July.
- The volume of trade exchange between Cuba and Venezuela has reached $1 bn and 800 m.
- Prices of Kuwaiti Crude Oil dropped the day before yesterday by $1.03 compared to prices recorded last Wednesday which reach $65.51.

Bids & Contracts

- “Istithmar” agency affiliated by Dubai government, which agreed last Wednesday on buying “Barneys New York” in return for $942.3 m, said that the American Company of High Quality Clothes intends to open five centers with a total cost of $100 m.
- The Kuwaiti Al-Qabas newspaper said that one of the biggest Qatari Banks is discussing the issue of buying a majority share at the Kuwaiti trade bank, offering a price of 2.2 dinars “$7.81” per share.
- Mohammad al Wahebe, the Executive Chairman of the Omani Telecommunications Company “Omantel” said that his company expects to conclude a deal for buying 65% of the Pakistani “WorldCall” by the end of this month.
- “Bank Muscat”, the biggest bank in the Sultanate of Oman in terms of market value, said that it agreed on buying a share of 15% to “Dubai financial” company in return for $619 m, thus the company owned by Dubai government will become the second biggest contributors in the bank.

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.