Even You, Airbus?!

“The Rapid Decline of the US Dollar threatens Airbus Company, and the exchange rate of the dollar has exceeded the barrier of pain”. With these words Tom Andros, the Executive Chairman of Airbus Company addressed his company’s employees in Hamburg last week, asserting that the weakness of the dollar threatens the company, which is one of the biggest companies in planes industry, especially with a new decline of the dollar opposite with the Euro, according to statements issued by Reuters reaching $1.4873. Andros added that the workers in Airbus Company, owned by the European EADS Group for aviation and defence industries should be ready for more decreases in terms of costs with the aim of helping the company to contain the negative impact of the currency. The company has started lately to dispense with the services of more than 10.000 employees and to sell factories within the framework of its plan “Power 8” to re-structure the company. It is worth mentioning that Airbus Company has already complained that the weakness of the dollar goes for the interest of its American competitive company Boeing. So if the whole world, except the US, complains of the weakness of the dollar and the economic disasters resulted from that, one cannot blame Airbus Company.

The Real Estate (Damac) Company Opens an Office in Cairo

The Emarati Real Estate Company “Damac” has opened an office in Cairo with the aim of enhancing its presence in the Egyptian Real Estate market, creating 140 new job opportunities. It is worth mentioning that Damac Company has more than 40 real estate projects in the Middle East comprising housing projects, offices, and trade markets in six countries: The UAE, Egypt, Saudi Arabia, Jordan, Lebanon and Qatar.

Global Company Sells its Share to Nebras Company

The International Investment House “Global” has sold its share in the holding an Nebras Company estimated at 88% achieving net profits of 9.6 million Kuwaiti Dinars, which will in turn be reflected on the profits of the fourth quarter of 2007.

The Kuwaiti Gulf Bank Grants the International Dubai Company a Loan of $5 bn

The Kuwaiti Gulf Bank has granted the International Dubai Company a loan estimated at $5 bn with the aim of offering the required financing for the general projects of the company including acquisitions and investments.

Algeria Builds 2 Electricity Generating Stations with a Total Cost of 2.6 bn Euros

Algeria has granted the two projects of building two electricity generating stations with a total capacity of 1200 megawatt to the French-Egyptian complex (Alstom-Orascom) and the American-Spanish complex (General Electric – Iberdrolla) with a total value of 2.609 billion Euros.

The Decline of the Indicator of Consumers’ Trust in Turkey by 0.94% Last Month

The Turkish statistics institute announced on Thursday that the indicator of consumers’ trust in Turkey has declined by 0.94% in October compared to the previous month reaching 96.20 points. Moreover, the indicator has reached 97.11 points in September 2007.

Small Indexes

- Statement issued by the Jordanian directorate of General Statistics showed that the Jordanian national exports during the first 8 months of 2007 have risen by 11.3% compared to the same period of 2006.
- The indicator of Palestine financial market has recorded on Thursday a rise with dealings estimated at 2.2 million dinars.
- The average of inflation in Hong Kong has risen in October, reaching its highest level ever in 9 years.

Companies Indexes

- Ravels Dubai Hotel, located within the complex of Wafi City, was opened yesterday. The hotel is considered one of the best hotels with five starts, four presidential suites and two royal suites “Paint House”.
- A senior official at Dubai Company said yesterday that the company has increased its production by 14% during the third quarter of this year, compared to the same period of last year, reaching 225.000 tons due to the strong local and international demand.
- A banking source said that Gas Prom Company, which dominates the Russian Gas market, denied that it has been granted a loan estimated at $2.2 bn for three years.

Bids & Contracts

- SAS, the company working in the field of information, analytical programs, services, and electronic solutions and Tera Data, working in the field of the technology of storing data base, have announced that they concluded a strategic partnership contract that will allow the clients to benefit from the special services offered by the two companies.

Exhibitions

- Abu Dhabi is due to host the international exhibition of jewelries and watches (Adjex 2007), and the international exhibition of art and master pieces at Abu Dhabi International Center, with the participation of more than 100 merchants. The exhibition will last till the 24th of this month.

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.