Who is Behind the Crisis of Real Estate Mortgage?

The American Judiciary System accused almost officially some of the biggest banks in Wall Street and Connecticut because of their possible role in the crisis of the real estate in the US through granting loans by trillions of dollars illegally and this will have consequences in terms of creating a crisis of banking trust that will have dire consequences that are similar to the crisis of the collapse of the real estate mortgage market itself.
The general attorney in Connecticut state said: “Those loans were granted to persons who don’t deserve them, some of them don’t have credentials that show their real incomes or any other official papers that must be submitted to be granted loans”. Authorities believe that the banks which remained unknown despite their presence in Wall Street, have deliberately hidden important information with regard to loans of high risks before enlisting within the financial bombs which were sold later on to the investors.

The Real Estate Amlak Company Hits a Record in Terms of Profit During the Last Quarter of the Last Year

A statement issued by the Emratai Real Estate Company “Amlak”, the biggest Emarati Company for Real Estate Loans in terms of market value, said that it hit a record in terms of profits during the last quarter of 2007 that exceeded expectations, and with an increase of about 8 times compared to the same period of 2006.
The Company said that it profit during the last quarter of the year have increased by 758% reaching $35 m and with an increase of 131% reaching 301 million dirhams for the whole year, whereas revenues doubled.

Calls for a Strategy of Tourist Promotion in Syria

Chairman of Chamber of Tourism in Syria Nashat al Sanadeki called for working according to a promotional strategy for attracting tourism throughout the whole year.
He further called for the necessity for opening new markets like eastern Europe and China, rehabilitating the Syrian tourist product, and establishing a promotional that runs and financed by the private sector.

46 million Tourists Visited New York in 2007

New York witnessed in 2007 a hit record with regard to the a number of tourists estimated at 46 million visitors, in what it indicated that the city recovered from the attacks of 11/9. Head of the Municipality of New York Micheal Blumberg said that New York received 37.5 million American visitors and 8.5 million foreign visitors which contributed in pumping $28 bn in the local economy.
He further said that this big progress allows us to achieve our goals to attract 50 million visitors annually by 2015.

658 million Riyals, the Profits of Qatar National Bank

Qatar National Bank, the biggest bank in the country in terms of the market value, has achieved net profits estimated at 658 million riyals during the last quarter of last year with an increase of 65% compared to the same period of 2006. The bank said in a statement that it achieved profits estimated at 2.51 billion riyals in 2007 compared to two billion riyals in 2006 without mentioning the seasonal figures which Reuters concluded from previous financial statements.

Small Indexes

- The volume of the announced projects in Abu Dhabi Islands for 2007 have reached about 15 billion and 970 million dirhams comprising a multi purpose real estate projects like housing, trade, offices, hotels, and resorts.
- The economic report issued by the UN under the title “The Status and Economic Expectations in the World for 2008” expected this year to witness an average of an active regional economic growth rate in West of Asia region by 5.2%.
- Sources of the Moroccan Ministry of Tourism showed that the number of tourists who visited Morocco between January-November 2007 reached 6 millions and 72000 tourists, recording an increase by 14% compared to the same period of last year.

Companies’ Indexes

- The United al Ahli Bank, the biggest Bahraini bank in terms of market value, said that it expects its new unit for Islamic dealings to achieve revenues that equal half of its current profits during three years.
- Al-Arabiya Airlines Company said that it will open a new station for its operations in Kathamadnu for operating two stations in South and Central Asia, the Far East, the Middle East and the Indian Sub-Continent.

Exhibitions

- The activities of the Gulf exhibition for the technology of cleaning and equipment Bolari-the Middle East 2008 started yesterday at Dubai International Trade Center. The exhibition comprises many important national pavilions like: Germany, Italy, and Turkey as well as the Chinese pavilion and many others local and international companies. The exhibition will last till the 16th of this month.
- Assistant Chairman of Trade Chamber in Tajikistan Adel Sangof said that an Iranian International Company has signed an agreement with the Tajik trade chamber stipulating on holding six international exhibitions during last year in Dushanbe with the aim of attracting foreign investments and establishing joint productional factories and companies in Tajikistan.

Bids

- Officials said that the French Company Areva for Manufacturing Nuclear Reactors said that it signed on Monday an agreement estimated at 470 million Euros with Qatar for distributing and transporting electricity.

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.