Indicators

The Gulf Economy Faces the Rights of Workers

The Conference of “Colombo’s Operation” held in Dubai and comprised representative of 22 Asian countries, some of which export manpower, and others import them was different in all criteria. For the first time the importing countries of manpower were faced with big criticism for the rights of manpower in them, and the conference was concluded by “a new cooperation initiative for tackling the issues of the temporary contractual manpower” according to the final statement of the conference which was full of general signals, according to those who put them who insisted that it is “a first step but it is a big one”. It seems that the Gulf countries don’t want issues like the foreign manpower to fade away the shining economic growth rate, especially that this issue has been tackled over and over again until it almost became a political card of pressure sometimes and sometimes an economic card. If the exporting countries of manpower have presented studies that point out to the decline of the wages of the foreign workers in the gulf and calling for giving more rights to their citizens, the Gulf countries, for their parts, have stressed on the importance of “sovereignty” in the issue of immigration, hinting that improving the conditions of work and staying in the Gulf countries will not reach the level of granting the workers the nationalities of those countries, which the Gulf countries considered as a red line.

$ 25m, a Banking Loan to Hadid Company in Jordan

The agreement of granting a banking loan estimated at $25 m for Hadid Company in Jordan led by the Jordanian Trade Bank and with the participation of Jordan, the Jordanian for Investment and Financing and the financial Jordanian banks was signed yesterday. The aim of granting the loan is to support the new trends of Hadid Company which is considered one of the biggest Iron companies in the area in increasing its investments through financing buying and acquiring the remaining 50% of the shares of the Jordanian coalition for iron and mining industry to be owned completely by the company.

The Kuwaiti Real Estate Sector Witnesses a Decline by 41%

A real estate economic report pointed out that there is a sharp decline in the selling of real estates in Kuwait during last September by 41% following an unusual strong activity during the previous month. The report issued by Kuwait National Bank further added that the number of the real estate deals have reached 505 deals estimated at 97.6 million dinars, pointing out that the selling of the units declined by 41% and their value declined by 57% compared to July.

The Exhibition of al Doha for Jewelries and Watches-2008

Chairman of the General Commission for Tourism and Exhibitions in Qatar Ahmad Abdullah al Naiemi said that al Doha Fifth Exhibition for Jewelries and Watches is due to be held on the 12th of February. He said in a press conference that the opening of the exhibition will be the biggest of its kind due to the increase of the number of companies taking part in the exhibition. About 450 companies and producers from all over the world in addition to 25 companies from Qatar will take part in the exhibition.

Dubai Shopping Exhibition Starts by $32 m

The organizers of Dubai Shopping Exhibition have expected the exhibition to achieve a growth rate estimated between 10-15% in terms of selling and with the same percentage in terms of the number of tourists compared to the session of 2005. The volume of the direct budget of Dubai exhibition in 2008 has reached $32 m spent on the activities of the event as well as its promotional campaigns.

Small Indexes

- The number of tourists who visited Jordan from the European countries have increased reaching 37% in 2007 with a total number estimated at 570.8 tourists. Furthermore the number of the tourists from the two Americans have risen by 4% reaching 177.7 tourist.
- The Yemeni government has lost lately about $40 m dollar which it paid in compensation for a French company that failed in carrying out a project of laying a pipeline estimated at $230 m.
- The number of visitors who visited the archeological city of Thala near Saba’a in Yemen has reached 27.000 tourists in 2007.

Bids

- The General Commission for Tourism and the Saudi Airlines have signed a cooperation agreement for implementing the recommendations of the general strategy for developing the national tourism.

Companies Indexes

- Al Bahrain Central Bank has granted the limited Apex Company for the services of money management a license for work in Bahrain.
- The limited international bank located in Bahrain announced that it succeeded in concluding a deal for buying the Danish Cosan Crisplant Company.
- After controlling the cars markets all over the world for 76 years, official reports have asserted that General Motors Company is now more controlling the market after it equaled with its competitor Toyota in the total number of selling all over the world.

Exhibition

- The British Museum and the holing Dubai Company have announced that they will organized the second session for the exhibition of “The Art of Word” in Dubai International Financial Center between 7 February till 30 of April 2008.
- New Tel Telecommunications Company in Bahrain said that it will sponsor “Meftek” 2008, the regional conference for banking technologies to be held in 11-12 of February in Bahrain International Center for Exhibitions. The conference will focus mainly on the latest technical and technological innovations in the banking sextors.

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.