Congratulations to the American People

The American people are waiting today the proposals of their President George Bush on reforms for helping those who have owns to pay the installments of the real states’ loans.
The cleaver American President is due to study the situation till the congress approves the law of reforming the administration of the federal housing with the aim of providing the administration with the necessary flexibility for helping the loaners who don’t enjoy high insurance credit.
It is worth mentioning, that this is the first procedure by the American President to find a solution for the crisis of housing, which caused chaos at world money markets and urged the investors to sell their assets with all what encompass of dangers starting by shares value till reaching the currencies of the growing markets.
Despite the importance of this matter for the domestic American economy, due to the great effect of the issue of housing on the American GDP, yet the news in itself has had pad effect, even before knowing the proposal, on the prices of the bonds of the American government which have declined although they are considered a secure investment.
Due to the fact that, we Arabs have experienced the success of the American President’s proposals, starting from Iraq and ending with Lebanon, we assure that the American people will witness more crises and we congratulate them beforehand on the new Bush’s proposal.

An International Report: A Promising Growth Rate of Syrian Tourism

An international report expected the total value of tourism demand in Syria to reach $4.759 bn during this year. This includes the total value of tourists expenditure, the domestic and the foreign alike.
Add to that, the flow of the private and governmental touristic investments during the current year. The report, issued by the International Council of Tourism and Travel, in cooperation with Oxford Center for Economic Researchers, further said that Syria ranked 34 world-wide according to the scale of touristic growth rate in 2007 compared to the neighboring countries. Concerning the contribution of tourism economy in Syria in the total GDP during this year, the report said that it was estimated by 13.4%.

An Increase of 43% of the Profits of the Jordanian (International Islamic Arab Bank)

The Jordanian “International Islamic Arab Bank’s” profits reached during the first half of this year before cutting taxes about 7.9 million dinars, with an increase of 43% compared to the same period of last year.

Signing the Agreement of Building a Generating Station That Runs by Solar System in Jericho

An agreement for building a generating station that runs by the solar system was signed on Wednesday in Jericho between al Quds Electricity Company and the American “Nanofo” company, following extensive talks that lasted for six month.

The Kuwaiti “KKufpec” Buys an Oil Unit in Indonesia

“Kuwait Foreign Petroleum Exploration Co. (Kufpec)”, has bought a unit affiliated by “ConocoPhillips” company in Indonesia in return for $330 m. The Kuwaiti news agency said that “Kufpec” has bought the limited “ConocoPhillips” company which owns a-25%-share in Pangkah in the eastern Java sea in Indonesia. It is expected that the capacity production would reach 25.000 barrels of oil per day.

800 Companies Enroll in the Ras Al Khaimah Free Trade Zone

The commission of the Ras Al Khaimah Free Trade Zone (RAK FTZ), in the Emirates, has witnessed during the first half of this year a considerable increase in the number of the new registered companies, through more than 800 companies from different countries, with a total invest value estimated by 1 million dirhams.
Osama al Omari, the General Director of the Commission of the Free Zone, and the General Secretary of the World Economic Processing Zones Association (WEPZA), said that the number of the European companies registered during the first half of this year has risen from 23% during the first half of last year to reach 31%.

The Libyan Government issues a Number of Decisions in Economy, Trade, and Investment Sectors

The Libyan government has decided to approve on the issuance of the executive legislations of law No. 6 to concerning encouraging the Libyan capitals, which grant the Libyan investors the same privileges granted to the foreign investors with additional preferential privileges.

Turkey Buys a Number of Buses from Egypt

Al-Masri newspaper has revealed today that 100 buses of Mercedes model, manufactured in Egypt were sold to one of the Turkish companies. It is considered the first deal in this field. Mamdouh Mustafa, Chairman of the Department of Commercial Representation, said that the Egyptian and Turkish companies have agreed on exporting a pre-paid sample of cars to Istanbul and other Turkish governorates, and concluding the special procedures on funding the deal by the Turkish Commercial Banks.

“Afghanistan Telecommunications” Company Offers The Service of GSM

“Afghanistan Telecommunications” company, which was established lately, and affiliated by the Emirate “Etisalat”, announced that it will offer the service of GSM in Afghanistan, which would be available by the end of August 2007.

Small Indexes

- The Algerian government has expected the volume of direct foreign investments in Algeria to reach $20 bn during this year, which equals the figure achieved last year.
- Libya has approved on establishing a joint investment fund by half with a total value of $2 bn with Qatar Commission for Investments, the Investment Arm of Qatar.
- Tunisia and Mauritania has signed a new agreement for promoting and enhancing cooperation between the two countries in the field of tourism industry.
- The Chinese government has announced that Minister of Finance Jin Renqing resigned for “personal” reasons, amid fears related to inflation.
- The General index of Bahrain stock markets declined once again yesterday, losing 09.4 points, following a recovery witnessed two days ago by more than 20 points.
- Financial Times newspaper said that the conflict in Iraq and the exerted efforts to reconstruction the country have cost the British about 6.6 billion pounds “$13.3 bn”, which means increasing the value of money paid by the third allocated in Britain for this process.

Company Indexes

- “Al-Fahim” company in Abu Dhabi said that it studies selling shares of its hotel and real estate unit within the framework of new Emirati law that allows families to maintain their control on companies after circulating them for subscription.
- The net profits of “al-Itihad” bank for savings and investment have reached about 8.5 million dinars during the first half of this year compared to about 7.6 million dinars of the same period of last year.
- “Moskovia Airlines”, affiliated by “RosoboronExport” company, expressed its intention to buy 24 Russian planes of “Tupolev-204” model for passengers transportation and “Antonov-148” model “Freight Planes”.
- “Lukoil” company, the second biggest oil company in Russia, said yesterday that it would seek to sell its oil directly to the German refineries without any mediations.

Bids & Contracts

- The former Deputy Chairman of Arsenal Football Club has sold his share estimated by 14.5% in the English Club to a company owned partly by Russian Alisher Usmanov in return for 75 million sterling ($150.6 m).
- Qatar telecommunications company “Qtel” said that it seeks to refund a loan estimated by $2.5 bn for acquiring the Kuwaiti national company for mobile telecommunications “Wataniya” in an attempt to decrease its costs.

Exhibitions & Conferences

- Syria and Germany have opened the German House in Damascus which includes representative of the German Development Establishments working in Syria, for cooperation in the fields of economic reform, sewage, rural development, and higher education, as well as in the field of renewable energy.

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.