The Expected Meeting of the Industrial Countries

The Expected Meeting of the Industrial Countries

Amid the crisis of the international insurance, and the decline of the prices of the American dollar, as well as the slaw growth rate of many economies, the financial officials of the big industrial companies will have many issues on the table when they meet in Washington this week. It is worth mentioning that during the last meeting of these officials six months ago, the hot issue was how to treat and face causes of worry with regard to currency especially solving the problem of China’s policy to stop the rise of Yuwan prices. It is expected that this issue to remain on the agenda of the meeting due to be held on the 19th of October but it seems that the US, Britain, France, Germany, Italy, Japan, and Canada are facing a difficult situation in the sense that they must review their policies following the crisis at the real estate loaning market in the US with regard to the delay of payment which resulted in a rapid stress of insurance that caused disturbance in the financial markets.

Great Developments in the Sector of Arab Tourism

The weekly report issued by the real estate holding company "Al-Mazaya" pointed out that the tourist revenues in the Arab countries have increased, adding that the contribution of the tourist sector in the GDP of the Arab countries have also risen, whether in countries depending mainly on tourism like Egypt and Tunisia or those countries which have started to adopt reforms like Saudi Arabia.

Algeria Grants Italy a Deal for Building the Liquid Gas Pipeline

A statement issued by the Algerian Energy Company "Sonatrach" said that the Italian complex "Cypim-Snam Projetee Lead" has been granted a deal for building a pipeline of 495 km for transporting the liquid gas between "Hase Ramel Field" and the treatment factory in "Arzio" in Algeria.

The Gulf Countries Invest $122 Billion in Building Oil Refineries

An economic report said that projects which are being implemented in the GCC countries with regard to oil refineries will invest about $122 bn, among them $80 bn in Saudi Arabia alone. It is expected that these projects be concluded in 2013 in building new oil refineries for addressing the increasing demand on oil products.

ANBI Company Wins a Contract of $1.4 Billion in Venezuela

The Engineering Company for Petro-Chemical Industries (ANBI) said that it won a new contract in Venezuela for carrying out three projects in the field of producing natural gas with a total value of 1.4 billion Egyptian pounds. The period of implementing these projects will be 24 months.

Putin Underlines the Importance of Developing Economy According to Liberal Economic System

The Russian President Vladimir Putin said that the Russian economy must be developed according to the liberal economic system. In a statement he delivered at the forum of "Petersburg’s Dialogue" held currently in the German city Wiesbaden, Putin asserted the necessity of providing the suitable conditions that would not arouse fears by businessmen, adding that the doors of economy must be opened widely.

Iran’s Revenues of Gasoline Decline by $4 billion

A senior official said that it is expected that Iran to import about $4 bn of gasoline during the coming Persian year which means a decline by 20% compare to the last year following adopting gasoline rationing system in June. He further said that the daily production of the nine Iranian oil refineries has increased by 3.8% which equals about 80% of the average of consuming.

Iraq and Turkey Discuss a Long Term Agreement of Oil Supplies}

Iraq is holding currently talks with regard to a long term contract to provide Turkey with oil supplies following the recovery of supplies via the northern pipeline which enhanced trust in the increase of oil refineries as well as exports to Turkey via the northern pipeline. It is worth mentioning that the total oil supplies at the storage houses at the Turkish Jihan sea port is between 6.9-7 barrels.

Small Indexes

– The volume of the Tunisian exports during the first nine months of 2007 have increased by 26.2%, whereas the volume of the imports during the same period have increased by 22%.
– An economic report expected the total revenues of the GCC countries of oil to reach about $5 trillion during the coming 25 years.
– Well informed sources said that big banks including city Group Bank is considering establishing a fund with a total value of $80 bn for buying the bank notes guaranteed by real estate "Mortgag".

Exhibitions & Conferences

– The international "Anoga" exhibition for food stuff and reserved drinks was opened on Monday at the German Cologne city with the participating of 6600 exhibitors from 95 states which seek to have demands from the buyers from all parts of Europe. The exhibition will last for four days.
– The activities of the 12th session of the international exhibition of investment and external trade is due to start in Macco located on the southern coasts of China between 18-21 of October 2007. 236 trade delegations from fifty countries will take part in the exhibition.

Bids & Contracts

– The Indian "Baharat Heavy Electricals" company for Energy Equipment said that it received a demand estimated at $38 m for exporting two units for electricity generating by using gas with a total capacity of each 42 megawatt for the interest of "Al-Ghel" electricity company owned completely by the for the investment commission of Ra’as al Khaiyma in the UAE.

Companies’ Indexes

– The Dutch-British Oil Group "Royal Dutch Shell" has closed a factory for producing gas South of Nigeria following the fire erupted in one of the supply units.
– The Turkish "Tofash" company has agreed with "Fiat" company on producing 120.000 light trade vehicles annually in Turkey dedicated mainly for export. The company said that 70% of these vehicles will be exported.
– The United Arab Bank said that his net profits during the third quarter of this year have reached 55.8 million dirhams "$15.20" m with an increase of 28%.