Despite its Shortage, Oil is Still the Most Powerful Weapon

The German Energy Monitoring Group said that the world’s oil production has reached climax in 2006, adding that it will decline by more than half by the year 2030. The group pointed out that will result in a shortage of production which will be difficult to address although the increasing demand on organic energy, nuclear power, as well as sources of the alternative energy. These results come at a time oil prices have hit new records due to the shortage of supplies, and the tension in the Middle East, and amid news that Russia has started building the first factory for producing the biological fuel in Tataristan province, which is supposed to transform about one million tons of wheat into fuel for cars annually.
In taking this step, Russia is following the example of Europe which is very keen on developing the industry of biological fuel as an alternative of oil, but all of that does not deny the fact that oil is still the most powerful weapon in our modern times, and which was present in Rice’s talks on Russia, not only that, but also pushed it to criticize Moscow yesterday for using oil as a political weapon.

Expectations of Growth of the Iraqi Economy by 6% This Year

The Iraqi Deputy Prime Minister said that his country’s economy is recovering cautiously, pointing out that the international estimates expects the Iraqi economy to achieve a growth rate of 6%. He further said that the Iraqi government has succeeded in controlling the average of inflation to settle at 33% this year, and 16% last month.

Syria Ratifies a Contract for Exploring Oil with a Canadian Company

Syria has ratified a contract signed between the Syrian government and the Canadian Loan Energy Inc Company for Exploring oil and Gas in an area of 10.000 km. The contract aims at expanding the exploration activities in oil and gas sector in Lattakia, Aleppo, Hama and Idleb.

"The Developers" Company is Granted a Loan of 1.1 Billion Dirhams from Abu Dhabi Bank

Abu Dhabi National Bank has signed an agreement to grant "The Developers" company a loan of 1.1 billion dirhams for financing building "Dalma Mall" which will be one of the biggest shopping centers in Abu Dhabi to be opened in April 2009.

The Qatari "The Gulf" Trade Bank Gains Profits of 55.9 Million Riyals

The Qatari Trade Bank "The Gulf" announced its first financial results covering the period since its establishment in January till the end of the third quarter which ended on the 30th of last September, 2007.
Tareq al Malki, Chairman of the Administrative Board and the Deputized Member in Al Khaleji Bank told Reuters that the figures published in the report of the financial results were encouraging, in the since that the bank gained net profits estimated at 55.9 million Qatari riyal "$15.3 m".

The Arab Development Bank Finances Development Projects in Morocco

Al Maghrib al Arabi news agency quoted the Arab Bank for Development as saying that the administrative board of Al Bank Al Arabi for Economic Development in Africa has allocated 4.8 million dirhams for financing six development projects as well as 11 programs for offering technical assistance to Morocco.
On the other hand, Morocco has signed a memorandum of understanding with the Saudi Fund for Development to grant the latter a donation estimated at $50 m for supporting the national initiative for the Moroccan human development.

Small Indexes

- Meed magazine expected the value of the Islamic Financing Projects to achieve a considerable growth rate estimated at $30.000 million in 2012.
- Libya has started investing about $40 bn in the international markets through a national fund for investment in an attempt to improve its position as a rich oil country in the world.
- The Bahraini Investments came first in terms of the volume of the projects which have taken advantage of the Jordanian law for promoting investment since the beginning of this year by achieving 318 million dinars followed by Saudi Arabia with 85 million dinars and finally by the American investment by 83 million dinars.

Companies’ Indexes

- The Palestinian mobile telecommunications company "Jawal" has launched its new electronic web site and granted on this occasion its subscribers 90 free of charge messages to be sent from the electronic web site for three months.
- Muscat Bank has achieved net profits estimated at 62.6 million Omani riyal during the first nine months which ended on the 30th of September 2007 compared to 44.5 million riyals in 2006, with an increase of profits estimated at 40.7%.
- Kuwait said that it reached an initial agreement with Exon Oil Company for producing heavy crude oil north of the country with the aim of reaching the total volume of production of 900.000 barrels daily by 2020.
- Apple Company for Computers has achieved an increase estimated at 67% in its seasonal net profits following the increase of selling of Macintosh computers produced by the company.

Exhibitions

- A Syrian-Turkish Economic Conference is due to be held in Damascus next April with the participation of hundreds of businessmen from both countries. The conference is organized by the Union of the Syrian Chamber of Trade in cooperation with the company of business and development for conferences and exhibitions.
- About 100 companies from 25 countries will take part in the second Libyan exhibition for aviation to be held in Tripoli between 29-31 of October according to the Libyan news agency which quoted the organizers of the conference.

Bids

- The International Investment Bank, located in Bahrain, said on Tuesday that it bought a share of 49% of the Azeri Amra Bank in a deal estimated at $26 m.

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.