The Real Estate Mortgage Threatens the Growth Rate of the American Economy

A report issued by the International Monetary Fund asserted that it will decrease once again its estimations of the economy growth rate for 2008 in the USA and Europe due to the decline in the performance levels of the two economies as a result of insurance crises, and specially the real estate mortgage in America. Head of the economists in the International Monetary Fund, Simon Johnson, said that we will not be able to adhere to the estimates of the growth rate in the US by 1.9%, and neither by the estimates of the European growth rate by 2.1%. He pointed out that how far the European economy was affected by the crisis of the real estate mortgage in the US was not clear, but the power of the Euro imposes an additional burden on the shoulder of the content’s economy. He added that the continuous decline in the exchange rate of the American dollar would be necessary because it is still estimated by more than of its real value, as it is also helps correcting international unbalances. Earlier the Head of the International Monetary Fund Dominique Strauss, said on Friday that the world financial stability had got a blow as a result of the crisis of the real estate mortgage which would result in the weakness of the European and American economic growth rates.

Iraq and Syria Agree on Implementing Joint Energy Projects

Syria and Iraq signed a number of agreements within the framework of enhancing the strengthening economic cooperation between the two sides. The agreements included the project of rehabilitating the old oil pipeline between the two countries, implementing the project of a new pipeline for exporting 1.4 million barrels a day of the Iraqi oil via the Syrian seaports, building oil refineries in Syria for the refinery of the Iraqi oil, and building big storages for storing oil products.

$100 m, The Value of a Libyan-Chinese Oil Contract

The Chinese “China Oil Field Services” has been granted a $100 m contract after cutting the taxes for exporting drilling platforms for a Libyan company within the context of efforts for entering the markets of the Middle East and Africa.

Al-Waha Company Owns 42.5% of the Bahraini “Adax” Bank

Al-Waha Company, based in Abu Dhabi, signed yesterday an agreement with the Bahraini Adax Bank for implementing measures concerning owning a strategic share estimated at 42.5% of the shares of the bank through a process of increasing its capital. It is worth mentioning that Adax Bank works under the supervision of Bahrain Central Bank and its considered one of the most prominent investment bank working in the kingdom.

The Iraqi Insurance Bank Raises its Capital to 75 billion Dinars

The Iraqi Insurance Bank has taking the decision to raise its capital from 50 to 75 billion dinars for implementing its programs and expanding the base of its banking services better. The authorized Director of the Bank Fouad al Hosni told al Hayat that the contribution of Kuwait National Bank and the International Financing Establishment in the capital of the bank by 85% has offered a support for the bank in adopting the latest international information systems.

“Infoconnect” 2008 Exhibition in Kuwait

The 27th of Infoconnect 2008 exhibition for the Technology of Information and Telecommunications is due to start on third of next February on the International Fair Grounds in Kuwait. The exhibition which will last till the ninth of next February, is considered an opportunity for the producing companies and international as well as regional distributors for offering the latest of their products of computers, internet, mobile phones and accessories, as well as advanced programs and technical services.

Small Indexes

- An Egyptian statistical report has revealed that the volume of the Egyptian exports has risen last September, reaching $455 m with an increase of 12.7% compared to September of last year.
- The total value of deals of integration and acquisition in the Middle East area and north of Africa has reached $36.76 bn during the first 11 months of this year.
- Tunisian governmental statistics showed that the average of the annual inflation has risen by 4.6% last February from 3.7% in October.

Companies Indexes

- Abu Dhabi Trade Bank asserted in a memorandum it sent to Abu Dhabi Banknote Market that there are exclusive talks for buying a share of 25% of the Malaysian RHB Bank owned by the Malaysian Fund for Employees Deposits.
- The Administration of Dubai’s Department for Silicon has been granted the ISO certificate 2000:9001 for the systems of quality management.

Exhibitions

- The fourth session of the exhibition of Steel activities “Steel Fab” and the exhibition of the technology of steel, organized by Expo Center with support of al Sharjja Chamber of Trade and Industry is due to be held on the fairgrounds in al Sharjja Expo Center between 21-23 of next February.

Bids

- The Palestinian Investment Fund and “Al Ard al Qabeda” Company have signed a memorandum of understanding for implementing a real estate project in Palestine with investment volume that exceeds $200 m. The fund will contribute by 40% and al Ard al Qabeda Company will contribute by the same percentage, whereas the Palestinian private sector will contribute by 20%.

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, English and Spanish. Also worth a read is Tendencies, the daily Near East political watch newsletter, available in Arabic, English, French, German, and Spanish languages.