Japan Intends to Launch a Program for Storing the Oil of the Middle East for Emergency Cases

“Japan, which is considered the third biggest consumer of crude oil in the world, intends to launch a program aiming at storing the oil of the Middle East for emergency cases”.
That was the circulated by western mass media during the last two days, pointing out to Japan’s intention of holding talks on this project with New Zealand with the aim of building an oil storage east of Asia of the Middle East’s oil for emergency cases, which would contribute in stabilizing oil prices, and develop the economy of the region’s countries, in case any shortage of oil supplies took place to this point, there is nothing new about this item of news for a big country like Japan, which managed, despite the collapse of its economy as a result of the Second World War, to occupy a prominent position on the map of world’s economy, taking into consideration that it does not have any oil reserves, and getting 90% of its needs of oil from the Middle East countries.
But the most urgent and logical question that should be asked when reading this news is: what are the plans to the Arab governments for facing such emergency cases, which are so many in the Arab region, and what are their plans for preserving their oil reserves, the source of their pride, and the only reason for their existence?

$ 17 bn dirhams, The Volume of Investments in the Emirati Insurance Sector for 2006

The annual report issued by Insurance Department of the companys’ administration at the Emirati Ministry of Economy, under the title The Activity of Insurance Sector in the UAE in 2006, said that the volume of invested money in insurance sector at the Emirati market has reached 17.2 billion dirhams in 2006, whereas the volume of the subscribed installments of the insurance market has reached about 10.3 billion dirhams.

The Emirati “Emaar” Company Announces Launching The First Phase of “The 8th Gate” Project

The Emirati “Emaar” company has announced that it started to execute the first phase of “The 8th Gate” project at Yafour area in Damascus countryside, a commercial center with a total cost of a half billion US dollar throughout six years.
“Emaar” company and investment group of overseas will execute the project which includes integrated housing, commercial, and entertainment facilities, imitating the architectural patterns of old Damascus..

Arab Monetary Fund Says: $ 41.7 bn the Value of the Profits of Arab Shares

In a newly-issued report by Arab Monetary Fund on the performance of Arab stock markets during the second quarter of this year, the fund said that the Arab shares have managed to achieve net profits of $41.7 bn in three months, following the increase of the value of stock markets by 4.7% reaching $931.8 bn opposite to $890.1 bn during the first quarter of this year.

The Reconstruction Process in Iraq Needs $ 150 bn

The Iraqi Minister of Finance said during his visit to the Jordanian capital Amman, that renewing the infrastructure in the country as well as all necessary needs of Iraq, needs between $ 100-150 bn, pointing out that there are more than $ 10 bn of oil revenues deposited at the Federal Reserve Bank in New York for the account of Iraq development fund.

“Talal Abu Ghazaleh” Company in a Coalition with “CMCS” for Promoting and Developing the ITI & Telecommunications Services in the Region

Talal Abu-Ghazaleh Information Technology International (TAGITI)” one of the Jordanian companies of “Talal Abu-Ghazaleh Organization (TAGorg)”, announced that it signed an exclusive partnership agreement with “Collaboration Management and Control Systems (CMCS)”, the leading provider of solutions and programs for the management of projects, as well as training programs in the Middle East, in a step aiming at addressing the increasing technical requirements in the region.

World Food Program Warns Against a Rapid Collapse of Gaza’s Economy

Arnold Fracken, the Representative of World Food Program in the occupied Palesti0nian territories, has warned against a rapid collapse of Gaza’s economy as a result of the imposed restrictions on the crossing points, and the collapse of services sector in the strip. He pointed out that the collapse of economy in Gaza Strip would result in the increase of the number of the poor, adding that World Food Program will shoulder responsibility for providing food stuff for about 250.000 persons in the Gaza Strip.

The “Egyptian Resorts Company” Distributes Free of Charge Shares

The “Egyptian Resorts Company” said in a statement published by Reuters yesterday that the board of the company recommended of distributing profits through free of charge shares, by one share for each five subscribed shares. The board invited the contributors for a meeting on the 11th of next September for approving this recommendation. It is worth mentioning that the value of the company’s shares is estimated by 1 Egyptian pounds ($ 0.18).

The Islamic Development Bank Grants Loans and Donations with a Total Value of $ 46 bn

The Islamic Development Bank has announced that the accumulated total value of the accredited finances have reached $ 46 bn for the non member states till the end of November, 2007. The volume of the annual finances of the bank including finances of external trade, has reached till the end of 2006 about $ 5.2 bn.

“Qtel” Expands its Activities in 15 Countries

Dr. Nasser Marefia, the Executive Chairman of “Qatar Telecommunications Company (Qtel)” said that the national telecommunications company is considered one of the leading telecommunications companies in the Middle East and North of Africa, adding that it covers 6 countries in the region.
It is worth mentioning that “Qtel” bought last March a majority share of 51% from its Kuwaiti counterpart for telecommunications in return for more than $ 3.8 bn.

“Picanto” Represents About 70% of “Kia” Sellings in Algeria

The General Director of “Kia Motors-Algérie” has revealed in an interview with Al-Khabar newspaper that he sent 2 offers to Ministry of Interior and National Defense with the aim of concluding a deal to sell Kia cars manufactured by the Koreans. He further added that “Picanto” car represents about 70% of the sellings of the Kia’s client in Algeria for this year.

The Third Telecommunications Company in Mauritania Starts its Activities

The third telecommunications company in Mauritania “Chinguitel” started its activities yesterday, according to a statement issued by the company. The company will provide its clients with a number of services throughout the country including fixed lines and internet through using developed technology. It is worth mentioning that “Chinguitel” is a Sudanese-Mauritani company.

“Khurasan al Radawia” in Iran Attracts Foreign Investments

Mohammad Jawad Mohammadi Zada, the Governor of the Iranian “Khorasan al Radawia” governorate said on Wednesday that the governorate managed to attract foreign investments with a total value of $ 136, 615.000 m, within the framework of executing 28 small and medium-sized economic projects, adding that the percentage of achievement of these project has reached 94%.

Small Indexes

- Future dealings of Gold for October 2007 at Dubai stock market for Gold and goods have witnessed a decline compared to the previous session, dropping by 1.70 dollar per ounce, i.e. a drop of 0.26%.
- The Tunisian energy sector has recorded a surplus by 134 million Euro during the first half of 2007, according to statistics issued by the Tunisian national bureau of statistics.
- The Federal Statistics Bureau in Germany said that Germany has recorded a surplus in the budget of the public sector during the first half of 2007, adding that it is the first time this surplus is achieved during this period of the year in 2 decades.
- Dr. Abdullah al Dardari, The Syrian Deputy Prime Minister for Economic Affairs said that the prices of fuels in Syria will start to rise gradually during the few coming weeks .
- The preliminary estimations at the end of 2006 have pointed out that Sudan owns 6.4 billion barrels of oil.

Companies Indexes

- “Sharp” company, the third biggest producer of LCD TV sets in the world, has revealed that it produced a new kind of TV sets LCD, which is considered the less thicker and lighter in the world, adding that it is 20 mm thick and 25 k.g.
- Abu Dhabi National Company for Energy “Taqa” said in a statement last Thursday that it will buy the Canadian “Pioneer Natural Ressources Canada” company for exploring oil and gas in return for $ 540 m.
- The International “Dubai World” company affiliated by Dubai’s government has approved to buy a share of the series of the famous gambling casinos “MGM Mirage”, and half of the shares of “City Center Hotels” in a deal estimated by $ 5 bn

Bids & Contracts

- An official at “Commercial Bank of Kuwait” said that the bank intends to sell its share estimated by 20% at “Bank of Bahrain & Kuwait” to “Zumorroda Investment Co” investing company, making the value of the deal worth of $ 278 m.
- The Malaysian “WCT Engineering Berhad” said that the unit of “Cebarco-WCT (CWCT)” which it owns in it 50%, has won a deal estimated by $ 77.7 m for equipping a hotel at the Bahraini capital Manama.


- Syrian Minister of Tourism Dr. Sa’ad Allah Aga al Qalla discussed on Wednesday with a delegation of the International “Reed” company for organizing and holding exhibitions launching the international tourist exhibition for the first time in Syria .
- The 8th session of the international summer festival for internet is due to take place between 30 of August till a second of September 2007 at Sousa city in Tunisia.

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.