The Great Jump of The Gulf Investments in Turkey

The six Gulf countries in Turkey have promised to increase the volume of its investments in Turkey by more than $17 bn. The promise came following a visit paid by senior Gulf officials to Ankara. King Abdullah promised that his country will invest in Turkey, 7 million of these investment will be invested in building a medical city with the aim of offering services to Muslim patients in all countries in the Middle East and the Islamic countries as well. For its part, the holding Dubai company promised to invest $5 bn in holding different projects, among them building "Dubai Tower" in Istanbul. Bankers said that in addition to that, there are promising fields that are expected to enhance the relations between the two countries in the banking sector and specially the Islamic ones, as well as the religious tourism represented in "al-Haj" and in the sector of construction.
Economists and financial experts think that these movements enjoy big importance because they come at a time the Turkish economy has recovered from some financial crises caused by the government headed by Justice and Development Party of the Islamic trends. But politicians don’t keep the pool in the court of economy only, rather what matters is politics about all.
The favor of Justice and Development Party is not restricted only to its role in getting out the economic crises only, but also because it is the party of Justice of the Islamic trends too and may be this come first.

Prices of the US Dollar Drop, Whereas the American Trade Balance is Stable

Prices of the US dollar settled yesterday at a higher level than the low level they reached on Monday, recording their lowest level ever in 15 years opposite to a package of currencies. On the other hand, statements of housing selling and the trust of the consumers in the US have recorded at a later time on Tuesday weak results.

Qatar Says that the Unified Gulf Currency is not Likely to be Circulated in 2010

Mass media men quoted the Qatari Minister of Finance as saying that adopting the unified Gulf currency as set off in 2010 was unlikely, stressing that the Qatari riyal will remain attached by the American dollar.

The Canadian Dublin Company Continues its Activities in Syria

The Canadian Dublin Company denied what some mass media men circulated about the company’s intention to sell its share of the two contracts of "Awada" and "Tishreen" to two Chinese companies. The denial of the company came during a meeting between a delegation represented by the director of the company and the Syrian Minister of Petroleum and Mineral Resources Dr. Sufian al Alaw.

Washington Says it Wants Baghdad Airport to be One of the Most Important International Trade Centers

Washington said that its working currently to make Baghdad International Airport one of the most important trade centers in the world, and a gate for investment in the country.
A report issued by the American army said that it is supervising a wide construction activity in the airport comprising giant projects like building towers for commercial offices, a number of hotels, and centers for conferences.

The Iranian Central Bank Warns the Banks that Boycotted Iran

The new governor of the Iranian central bank, Tahamshab Zaheri warned yesterday the International Banks, which suspended their financial ties with Tehran pointing out that Iran might take measures against these banks at the suitable time.

The Iranian Government Circulates its Shares to be Sold in 25 Companies in the Stock Market

The spokesman of the Iranian government Ghulam Hussein Ilham announced that the cabinet has approved the decision according to which all shares belong to the government at 25 big companies will be offered for selling at the stock market or at auction by the end of this year.
He further said that these companies are the Establishment of Developing Mining and Iranian Mining Industries, "Tawaneer" company, the national company for petrochemical industries, and the Iranian company of water sources.

Pharaon Group Buys 51% of the Capital of the Algerian ABC Company

The private Pharaon Group signed on Monday in Algeria a contract for buying 51% of the capital of ABC company, the branch of the national company complex for marinal transportation. It is worth mentioning that the Saudi Moumen Pharaon owns 24.5% of the share of Pharaon Complex, whereas the Jordanian Dajani owns 24.5%, and the Algerian al Rajehi Mustafa owns 2%.

Small Indexes

- Financial statements issued by Amman stock market said that the volume of exchanging shares by the mediators has reached since the beginning of this year till the end of last Thursday about 17.1 million dinars, at a time the volume of exchanging of bonds for the same period of time has reached 6.3 million dinars.
- The total value of the Jordanian deficit has reached 786 million dinars for 2007.
- The Egyptian Minister for Domestic Development Mohammad Abdul Salam al Mahjoub expected the volume of the external Egyptian trade to reach 160 billion pounds during the coming three years.
- Algeria has recorded a trade surplus estimated by $19.575 bn during the first seven month of this year, dropping by $23.79 bn of the same period of last year, according to statistics issued by the national centre for information and statistics.
- World Trade Organization is holding an official investigation with regard to an American complaint of piracy in China which America says that it would result in big losses by billion of dollars in the software and music industry as well as books publishers.

Companies’ Indexes

- The Non-Profitable Establishment of "One Portable Computer for Each Child" has started a campaign under the title "Donate One Computer and Buy Another" with the aim of selling the equipment that are produced in the US and Canada in return for 400 dollar.
- International Capital Trading Company for Private Investments in Abu Dhabi said that it has been granted more than 1.7 billion dirhams ($463 m) from big banks in the UAE for financing a real estate project in the capital.
- Sonatrach complex has offered about 6 million Euro for selling 30% of the capital of the Spanish Establishment for Fuels "Cepsa" with the aim of paving the way in front of the Algerian company to enter the Spanish market.

Bids

- The Kuwaiti news agency said that Kuwait does not want Royal Dutch "Shell" company to be a partner in the project of building an oil refinery with a total cost of $5 bn in Jwan Jodong in China, adding that it is considering instead to take BP company as a partner.

Conferences & Exhibitions

- Tunisia will take part in the 29th session of the Saloon "Top Resa" hosted at the French Deauville city between 26-28 of September.

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.