What The Partners Are Waiting For

The USA is facing increasing domestic pressures aiming at disengaging its currency with the American dollar which is on decline, and engaging it with a basket of currencies.
The pressure is exercised by a groups and companies in the sixth country worldwide in terms of oil production as a result of the increase of inflation. Supported by the decline of the American dollar. Despite the increasing economic and social pressures, the governor of the UAE Central Bank said that any decision to disengage the local currency with the dollar for the interest of a basket of currencies that include the dollar and the Euro necessitates an agreement between the leaders of the GCC countries which agreed on establishing a monetary unit.
Among them, so such a decision can’t be taken before coordinating with the Gulf partners. But if Syria, with its limited oil resources compared to the Gulf countries, and despite all the political and economic pressures exercised on her, has taken the decision of disengaging its currency with the dollar a few months ago, so what are the partners are waiting for to take a similar step?

A New Project by Beirut Bank in Qatar

Beirut Bank has launched the project of Bay Root in cooperation with al Doha Bank in Qatar within the framework of its policy to expand regionally. It is worth mentioning that the project of Bay Root will provide a number of mutual services in the two countries through opening double accounts in Qatar and Lebanon in addition to offering real estate loans for buying a land or a house with a finance estimated at 100%.

Iraq Exports about 2 million Barrels of Oil Daily

The Iraqi Minister of Oil said that Iraq export currently about 2 million barrels of crude oil daily raising from 1.8 million barrels daily in October. Mr. Housein Shartstani said that the production capacity of the country of oil will increase to three million barrels daily at the beginning of 2009.

Zoellick Says: Dealing with Egypt Allowed Providing $2 billion

Chairman of the International Bank Robert Zoellick said that the dealing between the bank and Egypt has provided $2 b for it, $1.2 bn were invested and the remaining $800m in addition to $0.5 bn for the Egyptian private sector through the establishment of the international financing.

The European Union Grants Morocco an Additional 28 million Euros

The European Commissioner of External Relations Peneta Ferero said that the European Union has allocated 28 million Euro for Morocco with the aim of supporting its efforts in the field of development and cooperation. It is worth mentioning that the European Union has already pledged to grant Morocco 654 million euro by 2013 to support these initiatives.

Russia and Iran Seek to Establish “A Gas Cartel”

The well known American diplomat Lawrence Wilkinson said in a report offer to the American congress on Wednesday that the American administration with its short sight policies towards Iran was facilitating the strategic mission carried out by Russia aiming at establishing an international gas cartel which will be stronger than OPEC.

Small Indexes

- The Chinese Trade Surplus has hit an unprecedented record which reached during the first nine months of this year $212.36 bn with an increase of 59% compared to the same period of 2006 according to the Chinese Custom House.
- The number of hungry people in the US in 2006 has increased according to a new study published by the American Ministry of Agriculture on Wednesday; the number reached 35.5 million persons with an average of about 12.1% of the American population.
- Governmental officials said that Britain will pave the way to become the first western government to circulate Islamic bonds at the beginning of next year.
- Moscow’s Mayor said in a press conference that the Russian capital will be witnessing building about 350 hotels before 2010, among them 130 hotels to be built in the center of the city.

Companies’ Indexes

- The total revenues of Dana Gas Company has increased during the first nine months of this year to 719 million dirhams with a total profitability estimated at 184 million dirhams.
- The Egyptian Company for Tourist Resorts has achieved an increase of 85.7% of its net profits during the first nine month of this year, reaching 163.8 million Egyptian pounds (29.7) million.
- The Egyptian al Sweidi Cables Company achieved net profits during the first nine months of this year estimated at 527 million Egyptian pounds ($95.5 million) with an increase of 60% compared to the same period of last year.

Exhibition & Conferences

- The Tunisian capital is due to host between 16-17 of November 207 an international symposium on: “The Challenges of the Arab Satellite Media” organized by the Union of Arab Radio and TV Stations.
- The activities of the first conference of economic relations between Egypt and the USA will start in the Egyptian capital Cairo on the 21st of November to discuss means of activating the international agreements between the two countries and to increase the volume of trade exchange between them.

Bids & Contracts

- Jean Bernard Levy, Chairman of the French Media Group “Vivendi”, said that the group is coming closure to buy a share in AJ telecomm company affiliated by Saudi AJ Company.
- The Algerian Ministry of Energy and Italian Ministry of Development have signed the agreement of the joint governmental Galsy, which stipulates on marketing the Algerian gas in Sardinia through the gas pipeline “Galsy” which will connect Algeria and Italy together.

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.