Raining Petrol

The Syrian government announced yesterday morning a new increase of patrol with 720 Syrian pounds for 20 liters instead of 600 pounds, with an increase of 6 pounds for one litre, i.e. 36 pounds instead of 30 pounds. With this step, the government has started to implement what it has called reconsidering the policy of supporting.
Despite the issue of increasing the prices in itself is of no surprise for the Syrian citizen who is has been accustomed lately on new increases in the process of everything, yet the factor of surprise is represented in the sense that the increase imposed by the government comes at a time the cabinet is still discussing the issue of increasing the prices of oil products, let alone the wide and harsh opposition by economists and politicians in addition to the wide public oppositions and dissatisfaction two months ago. This may be explains the policy of “De Facto” adopted by the government to implement the plan. What is important is that the step has come at a time the Syrian citizen is awaiting for winter, so will heaven listen to the call and rain petrol?

The Holding Al-Cham Company Intends to Hold Real Estate Projects in Syria

Officials at the Holding Cham Company said that they intend to hold big real estate projects comprising building an international hotel and a trade complex in the capital Damascus in addition to other projects in Palmyra. The estimated cost of the hotel, which is expected to be build within three years, is $100 m.

Signing a Memorandum of Understanding between Abu Dhabi and Damascus Stock Markets

A memorandum of understanding was assigned between Damascus and Abu Dhabi stock markets. The memo stipulates facilitating and encouraging the joint registering of the listed companies in both markets, cooperation between the working mediation companies, investing in the field of financial equipment, in addition to developing the mechanisms of joint work for organizing the activities of exchange, central deposit and putting forward the necessary measures for exchanging information, let alone exchanging expertise.

$372 m, the Profits of Orascom Construction Company Through Selling a Share in a Seaports

Orascom Company for Construction and Industry said that selling its share estimated at 50% in the Egyptian Company for Exchanging Containers for the Interest of Dubai International Seaports Company will grant it profits reaching $372 m. Dubai International Seaports Company said earlier that it bought a share of 90% from the Egyptian company in return for $670 m.

17.6 million Dinars, the Profits of the Islamic Bank in Jordan

The profits of the Jordanian Islamic Bank during the third quarter of this year before cutting taxes have reached 26.6 million dinars opposite to 19.7 million dinars of the same period of last year, with an increase of 34.9%, according to a statement issued by a bank.

Gold Prices Reach Their Highest Levels In 27 years

Oil prices have reached their highest levels ever in 27 years due to the increase of oil prices and the weakness of the US dollar. The prices of one ounce of gold have reached $799.30 at dealings, East of Asia which is the highest average of gold prices ever since 1980.

The European Investment Bank Finances 25% of Morocco’s Economic Projects

Chairman of the European Delegation to Morocco Prono Detomass said that the European Investment Bank is financing currently in partnership with other banks between 20-25% of the total cost of Morocco’s economic projects. Detomass called upon the European Union to increase its financial aids to Morocco in accordance with the European-Mediterranean policy of good neighboring. It is worth mentioning that the European Investment Bank is working in Morocco since 1978 and has financed projects with a total value of 3.4 billion Euros.

Turkey’s Exports Exceed $9.7 billion in October

A report issued by the association of the Turkish exporters has revealed that the volume of the Turkish exports has risen by 37.1% reaching $9.703 bn last October. The report added that the volume of exports during the first nine month of this year has risen by 24.9% reaching $85.422 bn.

Small Indexes

- Diplomatic sources said that a Dutch Economic delegation representing 30 companies specialized in the sector of energy, water, and agriculture will pay Algeria a work visit between 5-8 of next November.
- Dr. Ahmad Joweli Secretary General of the Council of Arab Economic Unity said that the Arab countries are producing currently 23 million barrels of crude oil daily, pointing out that the price of one barrel has reached $90.
- Oil prices have reached the limit of $96 per barrel at dealings in the Asian stock markets due to the decrease in the American reserves and the drop of the dollar’s prices.

Companies’ Indexes

- Sources at Oil India Limited Company said that exploration activities made by the company have resulted in discovering two natural gas fields in Rajaistan province North of India.
- Aramx company announced its financial results for the third quarter which ended on the 30th 2007 recording an increase of revenues estimated at 25% reaching 451.7 million dirhams.
- Dubai Financial Group said today that it intends to increase share by 30% at Marvin Bank and 20% at Marvin Investment Group.
- Al-Fujeera Company for Construction Industries has gained net profits estimated at 24.4 million dirhams during the first nine months of this year with an increase of 44% compared to the profits of the same period of last year which reached 17 million dirhams.

Exhibition

- 65 international companies from 25 countries have taken part in the activities of the second session of the international aviation exhibition, Lavex 2007, which started in the Libyan capital Tripoli two days ago.
- Dubai is due to host the conference and exhibition of Gulf Electricity 2007 between 5.7 of next November with the participation of more than 30 companies and more than 200 Gulf, regional, and international figures specialized in the field of electricity and distributing electrical energy.

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.