The Russian "Gazprom" Company Runs Ukraine’s Policy

The problem of the Ukraine-Russian debt is still facing a deadlock, warning of the deterioration of the political and economic relations between the two countries. The Russian "Gazprom" company notified its European partners last Tuesday that the volume of the accumulated debt of Ukraine for the supplies of the Russian gas has increased $1.3 bn, adding that due to the fact that Ukraine has not abode by the terms of the concluded contracts, "Gazprom" will be forced to decrease gas supplies to the consumers in Ukraine unless a solution is reached for the problem of debt in October.
This, in turn, will have dire consequences on Ukraine’s economy and maybe will cause it a complete paralyze. Some observers think that the essence of the gas problem between Ukraine and Russia is a political one that aims at exercising pressure so that "The Orange Princess", Yulia Tymoshenko, will not come back to power and to replace the current Prime Minister Viktor Yanukovich.
The question is will a Russian company achieve success in the management of Ukraine’s policy as it wants?

The European Investment Bank Offers 2.5 million Euros for Studying Damascus’ Metro

The European Investment Bank has offered a donation of 2.5 million Euros for studying the technical, organizational, and financial choices as well as operation and import reasons that can be applied to the green line of Damascus’ metro, as a continuation of the fourth and the fifth phases of the French study on the alternatives of public transportation in the city. The period of study of Damascus’ metro is 18 months.

A Five-Year Plan with a Total Cost of $ 13 billion for the Reconstruction of Baghdad

Chairman of the Council of Baghdad governorate has revealed a five year plan set up by the govern rate’s council for the reconstruction of Baghdad with a total cost of $13 bn, the plan includes building bridges and roads, building parks, educational institutions, hospitals, the rehabilitation of the infrastructure, as well as allocating a lot of money for the projects of the housing units in Al-Karah and al Rasafah areas.

The Syrian-Turkish Cooperation Program Adopts Financing 11 Projects

The National Committee of Supervision and Monitoring concerned with the Syrian-Turkish regional cooperation program has decided to adopt 11 projects of the proposed projects by the Syrian side to be financed and implemented in the next phase. It is worth mentioning that these projects will be financed by more than 105 million Syrian pounds.

The Gulf Airlines Increases its Capital by 100%

Al Jazeera Airlines said that increased its capital by 100%, reaching 20 million Kuwaiti dinars through a special subscription that starts from 21 of October till the first of November 2007, adding that all the current contributors in the company estimated at 36.500 contributors will have the chance to participate in this subscription.

An Increase of the Profits of Al-Ahli Bank by 37.5%

The United Al Ahli Bank announced that its financial results for the third quarter of 2007, showed that the net profits of the bank reached $225.9 m during the last nine months which ended on 30 of September 2007, i.e. with an increase of 37.5% compared to the same period of 2006 which reflects the strong performance by the bank ever since its establishment.

Kuwait Bank Acquires 100% of the Shares of the Egyptian Bank

The Egyptian Commission of Money Market approve yesterday on the proposal offered by Kuwait National Bank for acquiring 100% of the shares of the Egyptian Bank with a total value that exceeds 5.7 billion Egyptian pounds, with a price of 77.01 pound per one share.

The Mauritani Opposition Refuses the Privatization of the National Companies

Parties of the Political Opposition in Mauritania refused during a press conference held yesterday the decision of the Mauritani Authorities of selling the national airline company and the company of "Asneen for Iron", the biggest company in the world to foreign investors, adding that this step will have dire consequences on the economic future of the country.

Small Indexes

- The trade volume between Algeria and Italy has reached 4.3 billion Euros during the first six months of 2007 recording a slight drop compared to the same period of last year.
- The Executive Chairman of the Chinese Hong Kong Center "Donald Tsang" promised that the province will compete Malaysia and Singapore as an Islamic Financial Center, considering that enhancing and strengthening the position of Hong Kong as a financial center necessities activating an Islamic formula for financial dealings.
- The volume of the Jordanian Industrial Production has hit a record during the first nine months of 2007 with an increase of 2.3% compared to the same period of last year.
- The press bureau of the Russian Ministry of Finance said that the Russian Federal Surplus has reached during nine months one trillion and 601.4 billion roubles, whereas the volume of revenues between the first of this year till last September has reached 5.085 trillion roubles in return for 3.484 trillion roubles for expenditure.

Bids & Contracts

- The Indian "Larsen and Turbo Limited" for Engineering and Construction said that it has been granted a contract of $60 m by the Saudi "Chemanol Company for Building to Chemical Factories".
- The French President Nicolas Sarkozy said that French investors want to buy a share in "Gazprom" which controls the gas market in Russia within the framework of developing the political-tense relations with regard to energy sector between Russia and Europe.

Exhibitions & Conferences

- "Pal Expo", the company specialized in the field of designing and building exhibitions, announced that it won a bid for designing and implementing the exhibition of information and telecommunications technology "Expo-Tech 2007" due to be held in Gaza, Ramallah, and Al Bireh between 30/10-1/11/2007.

Companies’ Indexes

- Dubai International Financial Center has won an international prize for "The Best Governmental Initiative" during a special festival for distributing awards among the special agents 2007 for the society of real estates and insurances professionals "STEP" held in London.
- Al-Bilad Bank, the most newly-established bank in Saudi Arabia, said that its profits during the third quarter of this year have increased by 27.3%, reaching 39.1 million riyals "$10.4 m" in the best performance achieved by a Saudi Bank.
- A senior official in "City Group" said that the group expects an increase of its activities in the field of the management of wealth in Asia, the Middle East, and other markets of rapid growth between 25-30 percent annually.
- The Singapore A.S. Cell International Company specialized in the researches of stem cells announced that it has been granted new investments with a total value of $1 m for its branch in Israel.

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.