Do the Foreign Investment Funds Play An Active Role?

It has become evident lately that the state-owned investment funds with the aim of controlling the chaos sweeping the financial markets, have had the upper hand. The Finance Ministers of the G7 are to meet on the sidelines of Autumn’s meeting of the International Monetary Fund to discuss how to get benefit of these funds which control about 42.2 trillion of the international financial system, with the participation of countries like: China, Saudi Arabia, and Kuwait which control the most important investment funds in the world. Despite the great hopes and expectations awaited from these funds to solve the crisis, yet, the many questions on how the secret activities of these funds are being carried out, and who is in charge of monitoring the flow of such huge amount of money across the borders, as well as how to secure the national security at a time when state-owned funds seek to invest in very critical sectors, is very important issue which must be answered so that we are able to know whether there is a real benefit of these funds.

The International monetary Fund Warns Against a Shock of the International Economy

The International Monetary Fund has warned, in its report entitled "The International Financial Stability" which it issued by the end of last month, against the decline of the international economy in case the dangers of insurance and chaos at the international financial markets continued, but it also asserted that despite the continuation of the wave of chaos which has started lately yet it is too early to have sharp conclusions.

Syria and Turkey Agree on Holding 37 Joint Projects

The joint Syrian-Turkish Committee for Supervising and Monitoring Affiliated by the Program of the Regional Cooperation has approved on holding 37 projects with a total cost of $6 m and 765.000 on the border lines between the two countries. Sana news agency said earlier that these projects will be implemented mainly for developing the regional infrastructure and developing the cultural and training sectors as well as holding an agricultural project that would contribute in achieving food security.

Foreign Companies Win Contracts of $1.3 billion for Building Electricity Generating Stations in Iraq

The Iraqi Minister of Electricity said on Thursday that contracts were concluded with foreign companies for building new electricity generating stations and the rehabilitation of other stations with a total cost of about $1.3 bn.

"Emaar" Company’s Revenues in 9 Months Exceed 12 billion Dirhams

The Real Estate "Emaar" company announced that it gained revenues of 12.537 billion dirhams during the first nine months of this year, whereas the net profits during the same period have reached 4.839 billion dirhams, representing an increase of 48% compared to the revenues of the first nine months of 2006 estimated at 8.458 billion dirhams, and an increase of the net profits by 4% compared to the same period of last year estimated at 4.658 billion dirhams.

The Imarati "Etisalat" Seeks to Buy a Share in "Oman Tel"

The UAE Telecommunications Company "Etisalat" said that it was very interested in buying a share at the Omani telecommunications company "Oman Tel" which the Omani government seeks to sell a part of it.

Turkey and Iran Invest $1.5 billion in the Electricity Sector

Ahmad Nourani, Senior Iranian Nuclear Negotiator, told Reuters that Turkey and Iran will signed a memorandum of understanding on the 30th of October in Ankara to invest $1.5 bn for building lines for transforming electricity between the two countries, pointing out that each side will invest $750 m.

Small Indexes

- The number of tourists visiting Egypt have risen by 21.6% in August compared to the same month of last year.
- The German "Deutsche Bank" said in a statement that it launched an electronic dealing platform for foreign currencies in the Middle East.
- Algeria’s reserves of hard currency has hit a record reaching $90.96 bn during the first half of this year, the Algerian news agency said quoting the governor of the Algerian Central Bank.
- A report issued by UNCTAD said that the volume of the investing financial flow to Saudi Arabia last year reached $18 bn, with an increase of 51% compared to 2005.

Companies’ Indexes

- The state-owned real estate Dubai company said that it aims at increasing the package of its projects by 500 billion dirhams "$136.2 bn".
- The Kuwaiti Trade Bank announced that its profits during the third quarter of this year have increased by 28.3%, due to profits in investing in the local prosperous stock market, as well as the foreign exchange rate.
- Al-Doha Bank, the fourth biggest bank in Qatar in terms of market value, has gained profits estimated at 214.61 million riyals "$59 m" in the third quarter of this year with an increase of 26.2% compared to the same period of last year.
- The profits of "Nokia" Company, the biggest company of mobile phones in the world, have increased by 90% exceeding expectations, and backed by the increasing demand on cheap mobile phones in rising markets like India.


- The Singaporean "Chanji Airports International" said that it concluded a contract for preparing plans with the aim of developing the international King Hussein Airport in Jordan.
- The Executive Chairman of "Amlak" Financing Company, located in Dubai, said that the company is on the right track for selling $260 m of bonds backed by real estates this year.
- The Yemeni Airlines has concluded a deal with European Airbus Company for buying 10 planes of "Airbus-350" model in return for $2.2 bn to be financed by the European banks.

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.