Oil Contracts and a Non-Oil Investment

Despite the opposition of the central government in Baghdad on signing any agreements before approving oil and gas law by the Iraqi parliament, Kurdistan Regional Government has signed four oil investment contracts that would attract about half a billion US dollars, the most important of which was signed with the American "Hunt Oil Company".
The government of Kurdistan said that it signed these contracts based on oil and gas law issued by the parliament of the province. Nevertheless, these contracts has resulted in making relations within the political coalition in Baghdad more tense, let alone the tension of relations with Turkey. Analysts said that Kurdistan’s government is trying to enhance its independence through signing more oil agreements, in addition to issuing an oil law that goes in line with the federation which the leaders of the province seek to achieve. Within this context, we can say that the goal has not to do only with oil investment, rather with the investments of the western parties in the province.

The Higher Syria-Jordanian Committee Meets in Amman

Syrian official sources said that the joint higher Syrian-Jordanian Committee will hold its meetings in the Jordanian capital Amman by the end of next month with the aim of enhancing the economic and trade as well as developmental relations between the two countries.

The "Ahli United Bank" Finances Dimyat Seaport by $480 m

"Ahli United Bank" and "Arab Banking Corporation" said yesterday that an agreement was signed on main financial facilitations with a total value of $480 m for the interest of "Damietta International Port Company (DIPCO)." aiming at financing the building of a new station for containers which is expected to be the biggest of its kin in the Middle East.

The Rehabilitation of 24 Companies for Competing on Building Cement Factories in Egypt

A statement issued by the Egyptian government said yesterday that 24 companies have been rehabilitated for competing on 14 licenses for building new cement factories in Egypt, and also increasing the value of purchasing within the framework of increasing the local production.

Egypt and Turkey Agree on Building an Industrial Complex

Egypt and Turkey have signed an agreement for building a new industrial complex on a total space area of 2 million square meters north of the industrial zone at the city of the sixth of October with the aim of comprising 150 factories with a total value of investments estimated at 4 billion Egyptian pounds in five years and with a total volume of export estimated at $2 bn annually.

FAO Says the Increase of Prices will have Negative Effects on the Poor States WorldWide

A senior official at FAO Organization said that the increase of food stuff prices will have negative effects on the poorest countries in the world and eventually will increase the dangers of political chaos.

Bahrain Asserts Iran’s Right of Nuclear Energy

Sheikh Mohammad Bin Mubarak Deputy Prime Minister of Bahrain said in a statement following his meeting with the Iranian ambassador to al Manama that the international agency for atomic energy is the only reference world-wide that has the right to speak about the Iranian nuclear activities, asserting his country’s support to Iran in using the nuclear energy for peaceful purposes.

The British Central Bank Preserves the Percentages of Interest

England Central Bank said that it will preserve the percentage of the general interest as it is for the third month consecutively as it reached 5.75% amid expectations that the bank would later decrease this percentage by quarter a point due to the crisis of the international insurance resulted from the crisis of the high danger real estate mortgage in the US a few months ago.

Small Indexes

- The main indicator of the Turkish shares has closed with a hit record amid expectations of the decrease of the local interest prices and improvement of the economic growth rate. The indicator closed on Friday raising by 3.4%.
- Pacific Star Group, a real estate investment company located in Singapore, seeks to attract more American investments in Asian real estates despite it has increased its capital from European sources.
- Share prices of Northern Rock Bank have risen in the market by 10% following news that an American financial group is about to buy the bank which faced a financial crisis by the mid of last month and resulted the interference of England Central Bank.

Companies’ Indexes

- Chairman of the Moroccan "Olia Capital" fund said that the fund has inaugurated what it said that it is the biggest project in the world for olive planting through planting 20 million olive trees to extract 30.000 tons of olive oil.
- The French oil company "Total" said that it will cancel 177 jobs in return for creating 22.000 jobs within the framework of the plan aiming at decreasing the fixed costs and increasing efficiency, as well as preserving the level of services offered to the customers.
- A group of regional and international banks led by Al-Arabi bank has granted the Saudi "Sabic" and the Qatari "Mesaieed" companies two loans estimated at $7.24 bn.

Bids & Contracts

- The French "Total" energy group said that it is about to sell its shares estimated at 10% at "Interconnector-The UK" which is the operating company of gas pipeline via the English channel that connects between Britain and Belgium to a Chairman of the Canadian Fund.
- The British Plus Markets Group for Stock Markets said that it signed a non-binding memorandum of understanding for exchangeable acquisition with a third partner.

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.