Embarrassing Figures

What draws the attention really is that a small geographical area to have revenues that equal the third of the national income of tourism into the state budget, but what draws the attention more is that that the area is very small to the extent that is does not have very big natural variety, and more is that a large part of the tourist facilities and resorts in that area is man-made getting benefit from completely a desert nature with desolate coast areas. What is more striking is that this area is located in Egypt and it does not have pyramids and doesnot have the temples of the pharos in Aswan and even it does not have the ruins of Luxeres and the high dam. Neither Alexandria city nor Bor Sayed city are located in that area. It is simply an area located south of Sinai which its governor announced two days ago that the number of tourists have risen from 4.5 million tourists in 2002 to 11 million tourists in 2007 who came to that area to practice their religious rituals and to enjoy swimming and diving. The question is: Don’t these figures cause embarrassment to the officials who are responsible for tourism in many Arab countries that own much more than what the area of South of Sinai owns?

The Decline of the Profits of Bank of America

Bank of American, the second biggest banks in the US, said that its profits during the last quarter of last year have declined by 95% due to losses that exceeded $7 millions which are caused by bad decisions in the financial markets and the increase of insurance fears.

The Increase of the Profits of the Real Estate Al-Dar Company by 55%

The statement issued by the Real Estate al Dar Company said that the profit of the company rose last year by 55% reaching 1.941 billion dirhams compared to about 1.250 billion dirhams in 2006. The company said that the increase of profits were caused by the increase of revenues of selling and the profits of the just value.

$3 bn, the Profits of the Saudi Itissalat Company in 2007

The Saudi Telecommunications Company “Itissalat” witnessed a decline in its profits estimated at 6%, reaching about 12 billion riyals compared to 12.7 billion riyals in 2006. The company said in a statement published by al Sharq al Awsat newspaper that the operating incomes have reached 12.637 billion riyals compared to 12.648 billion riyals ($3.3 billion dollar) for the same period of last year.

Expectations of the Increase of Tourism Prices in Jordan by 10%

The Society of Tourism and Travel Clients in Jordan has expected prices of tourist trips offer to the tourist to rise by 10% due to reflections of the increase of fuel prices expected on the prices of hotels, restaurants, and tourism transportation.

Small Indexes

- The number of visitors of the exhibition of projects of tourist development and investment-2008 held in Dubai has reached in its first session which was concluded yesterday more than 4500 visitors.
- The number of Indian tourists who visited Egypt in 2007 has reached about 70.000 tourists.
- China attracted $74.7 billion of foreign investments in 2007, preserving its first position among the developed countries in this respect for fifteen years.


- Boeing Company and the Bahraini National Airlines Company “Al Khaleej” airlines have concluded their talks for selling about 24 Boeing planes-dream liner-787 model in a deal estimated at $3.9 billion
- The Danish Royal Pam Group for Construction said that it won a contract for building two hotels in Abu Dhabi estimated at 110 million Euros granted by the real estate al Dar Company.

Companies’ Indexes

- “KGL” Company for Investment announced that it owned a share no less than 5% in the American Medical Company “Conformes” within a strategic plan to increase opportunities of cooperation between the two companies in the field of medical investment in the surgery of bones.
- The Group of “The Hotels and Resorts of GGW” a company affiliated by the group of MPI international has bought four luxuries real estate in Portugal. The value of the deal with Starman hotels is estimated at $268 million .


- The activities of the international exhibition for exploration and developing mineral resources “Mena-EX” was opened yesterday in Jeddeh International Center for Exhibitions and conference with the participation of 80 international companies and more than 600 exports and researchers as well as businessmen and woman in mining sector.

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.