Towards More of Financial Globalization and Unknown Results

The most attracting financial event during 2007 in the Arab region was the many integrations and acquisitions between some Arab and other foreign companies in different fields. Many Arab companies, and specially the Gulf ones, have owned a bigger share of some of the foreign companies enlisted in the international financial markets. Despite the positive aspects of this process which indicates the huge financial as well as administrative ability of the Arab companies, yet they have an evident negative indicator in the since that the economic crises of the foreign companies will affect sooner the Arab economies as the financial integration between them will pave the way easily for overcoming the crises and the financial as well as economic problems and they will push the Arab economies one day towards dire consequences as a result of such activities in case the negative results of these crises were not absorbed. It is the financial globalization which allows to go through wherever you want but you will pay the tax sooner not later.

The Real Estate Ima’ar Achieves Profits Estimated at $110 billion

The Real Estate Ima’ar Company has achieved net profits estimated at 6 billions and 575 million dirhams during last year opposite to 6 billions and 371 million dirhams in 2006 with an increase of 3%.
The revenues of the company in 2007 reached about 17 billion and 566 million dirhams opposite to 14 billion dirhams in 2006 with an increase of 25%, whereas the annual price of the shares last year has reached 1.08 dirham opposite to 1.05 dirham in 2006.

Yemen Establishes the Union of Businessmen of the Islamic Countries

The Director General of the General Union of the Yemeni Chambers of Trade said that Yemen intends to establish a union for the businessmen of the Islamic countries with the participation of 17 countries.
Mohammad al Tamimi pointed out that the union intends to sign an agreement with the Islamic Chamber of Trade headed by the well-known businessman Saleh Kamel for establishing a union that comprises businessmen in the Islamic world.
He further added that the new union will establish a bank with a capital estimated at $100 million for offering facilitations and finances for investment activities.

Egypt’s Pyramids are Granted the Prize of the Best Attracting Tourist Site

The Pyramids of Geeza have been granted the prize of the best attracting tourist site offered by the International Tourism Organization on the 14th anniversary of its establishment held in Trax and Casius islands in the Caribbeans. The Secretary General of the Higher Council of Egyptian Antiquities Zhai al Hawas described this prize as the prizes of the tourist Oscars specially that they are the most valuable and important prizes in the field of tourism industry.

Small Indexes

- Real Estate circles pointed out that the volume of the Qatari Real Estate Investments abroad are estimated at 145 billion riyals whereas these investments are available in about 40 Gulf, Arab, and foreign countries.
- Prices of the future dealings of the American crude oil have declined by more than 2 dollars reaching $90 for the first time since the 19th of December and following an increase more than it was expected in the reserves of crude oil in the US last week.

Bids

- A newspaper report published in Germany said that the German publishing company “Gruner and Jahr” will acquire soon the German version of the British Financial Times Newspaper.
- The state owned GIC the investment establishment in Singapore announced that it intends to invest $6.8 bn in the giant American City Group banking group.

Companies Indexes

- Two well informed sources said that al Ahali United Bank, the biggest Bahraini banks in terms of market value, said that the bank suspended its activities with Iran under what was consider American pressures aiming at isolating the Islamic Republic.
- GB Morgan Cheez Company said that its seasonal profits have declined following canceling $1.3 bn by the third biggest American Bank in centers that have to do with real estate Mortgages of high dangers.

Conferences & Exhibitions

- Abu Dhabi is due to host between 20-21 of December 2008 the 11th conference of industrialists of the GCC countries under the motto: “The Petro-Chemical Sector, a Futuristic Vision for 2008”.
- Al Doha is due to host on the fourth of next May the first exhibition of its kind for the industry of weddings and customs. More than 100 of the most important companies specialized in organizing local, regional and international weddings in addition to 20.000 expected visitors will take part in the exhibition. It is worth mentioning that the exhibition will last for four days.

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.