Even the Sector of Contracting

The decline of the US dollar, the rise of construction materials prices, and the increase of petrol prices urged the Union of the Palestinian Contractors to warn against an economic disaster on the short term which will include their sector in the territories of the Palestinian authority. The currency dealt with in most of these projects which are being implemented is the American dollar.
As a result of that the sector of contracting and contractors was subject to huge losses that cannot be borne as all the companies of contracting and contractors are considering the possibility of stopping implementing these projects, taking into consideration that all contracting companies in Gaza have completely stopped since three months. For its part the Palestinian Contractors Union declared emergency state in this sector, whereas the General Secretary of the Union Engineer Adel Aouda bore the responsibility of finding solutions on the shoulder of the Palestinian government saying that the government should address this question and come up with urgent solutions in cooperation with the donor countries.
He further called upon the Palestinian Authority not to be a factor in this disaster and to work on stop the sharp increase of the prices of the basic materials. The result will be transforming the sector of contracting and the Union of Contractors into a real work cell for considering the coming disaster.

An Iron Factory will Cover 40% of the Needs of the Syrian Market

The Director of the Syrian Investment Commission said that 2007 is the year of implementing investments despite the decline in the number of the projects included in the investment law. He further said that the number of the project which were implemented in 2007 were very good following the investment giant step witnessed in 2006. It is worth mentioning that an Iron Factory owned by Hmeisho Trade Company is expected to be opened by the end of this year to cover 40% of the needs of the Syrian market of this material.

5 million Dirhams, the Profits of The Emarati Salamah Insurance Company

The Emarati Arab Islamic Insurance Company Salamah achieved net profits during the first nine months of this year estimated at 102.567 million dirhams recording a decline compared to 147 millions achieved during the same period of 2006.

The Kuwaiti Zain Group for Telecommunications Achieves Big Profits

Zain Group announced that it achieved good profits estimated at 235.085 million Kuwiati dinar during the first nine months of the fiscal year 2007 with a profitability estimated at 127 fils per one share.

A Turkish Commission Agrees on Buying a Local Bank by Kuwait National Bank

The Turkish Competitiveness Council said that it agreed on selling a share of 40% of the Turkish Bank to Kuwait National Bank during the meeting of its administrative board last week.

Iran Opens Economically on the African Content

The First Vice President in Iran Perevez Dawoddi said on Monday during the meeting of the trade opportunities between Iran and Africa that the volume of trade exchange between Iran and Africa has reached during this year $600 m with an increase of 60% compared to 2006. It is worth mentioning that Iran’s exports to the African countries in the field of technical and engineering services between 2001-2006 has reached $1 bn.

Small Indexes

- The volume of deals concluded at Dubai Aviation Exhibition has exceeded the limit of $100 bn following the end of the third day of the event which will last till next Thursday at the exhibitions center in Dubai International Airport.
- Governmental statements showed that the average of inflation in Kuwait has declined compared to its highest level it reached by 4.98% in July which decline to 4.8% in August.
- The value of the Egyptian exports of furniture till the mid of this year has reached $730 m.

Companies’ Indexes

- al Sharaja Islamic Bank announced that it launched the package of “Tharwa” for the Shares of Precious Metals, which is the first investment package of its kind that goes in line with the Sharia.
- Al-Watanya Mobile Telecommunications Company announced the financial results is achieved till the third quarter of 2007, recording a profit estimated at 59.4 million Kuwaiti dinars “$ 211.5 m” during the first nine months of this year with an increase of 65% compared to the results of the company achieved during the same period of 2006.
- Head of the Russian Illusion Finance Company for Planes Alexander Robtosov said on the sidelines of Dubai Aviation Exhibition 2007 that his company concluded a final contract with Iran for exporting five passenger planes for this country.

Exhibition & Conference

- The first Arab Statistics Conference has concluded its activities in Amman which lasted for two days and organized by the Arab Institute for Training, Statistical Researchers, and the Jordanian Directorate of Statistics. More than 25 Arab and International Organizations took part in the conference.
- The activities of “The First International Economic Women Forum” will starts in Abu Dhabi City between 18-20 of November under the Patronage of Shieka Fatima Bin Mubarak, the honorary President of the Council of Emirate’s Business Women. The forum is organized by Emirate’s Business Women under the moto “Women Are Active Partners in Development”.

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.