Dispute on the Investment Sovereignty Funds

Dispute on the invest sovereignty funds has comeback again. A number of participants in Dafos forum has shown worry with regard that the owning governments of those funds may have an economic and political influence on the decision making in the recipient countries of these investments. Larry Summers, the Former American Treasury Secretary expressed his worry of the possibility of entering money owned by governments to the facilities of foreign countries through investment by saying: “The question is: if we believe in free economy and open market, shouldn’t we express worry on investments that have governmental supervision?” but opposite to this opinion, Gulf officials said that these criticism are not correct. Bader al Sa’ad, the deputized member of the Kuwaiti investment commission pointed out that there are many worries with regard to investment sovereignty funds, but it is restricted to speculations that don’t have solid ground. In this context also, Deputy Governor of the Saudi Arab Fiscal Institution said: “Those funds have always played an important part in stabling the financial markets and we must not regard them as a source of danger”.

The Iranian Trade and Industrial Exhibition in Sri Lanka

The Iranian Private Trade and Industrial Exhibition was opened in Colombo in Sir Lanka on Sunday. 60 companies from Iranian governmental and private sectors are taking part in the exhibition through exhibiting food stuff, medical industries, handmade industries, carpets, ceramics and tourism related-issues.

The Real Estate al Madar Company Sells Most Units of Skala and Sarraj Towers

The Real Estate al Madar Company said that it is about to conclude selling Skala and Sarraj towers which are considered of the first projects carried out by the company in the UAE.
The General Director of al Madar Group said that the two towers have achieved great success with regard to selling that exceeded our expectations, adding that this was the result of our commitment to make high quality real estates available and appreciated by our clients of investors who are interests in the prosperous real estate market in Dubai.

$318, the Revenues of Tourism in Yemen

The Yemen Minister of Tourism said that the revenues of tourism in Yemen in 2007 reached $318 m pumped by about 379.000 tourists from the different nationalities. Moreover the revenues of the tourist sector in 2006 rose by $9 million.

200.000 Tourists Facilities in China by 2015

The Chinese News Agency Senghwa has expected hotels sector to witness prosperity due to the rapidly developed tourism industry. The agency said that it is expected 200.000 hotels, resorts to be built by 2015. The buildings, according to the agency, comprises about 10.000 five-star hotels. The international tourism organization have expected China’s market to witness a growth and to become a huge tourist market that will receive one million visitors from abroad and 2.8 billion tourist from inside by 2015.

Small Indexes

- Mackenzie Institution in the Middle East expected the total GDP of the GCC countries to reach about $2.3 trillion in 2020.
- Iraq’s current production of oil is estimated at 2.3 million barrels daily, and there are expectations that production would increase between 2.6-2.7 million barrels daily during this year.
- The European shares closed yesterday with low percentages affected by the renewal of the investor’s worries about expectations of international growth rate and the continuation of the repercussions of the crisis of fraud in Societé Générale Bank.

Companies’ Indexes

- The mobile telecommunications company in Bahrain “Betalco” announced that it decreased the cost of the mobile phones to India on the occasion of India Independence Day for three months starting from 26th of December till 25th of April.
- The Saudi telecommunication company said that its profits have risen by 9.6% reaching $813.3 m during the fourth quarter of last year opposite to $745 m for the same period of 2006.
- The resort and marina of the tourist “Shate’e al Mina’a” is due to be opened in June 2008 with a total cost estimated at 350 million dirhams.

Exhibitions & Conferences

- Organizers of Abu Dhabi exhibition for real estate and investment (Ires 2008) announced, according to WAM news agency, that they sold more than 95% of the total space area of the exhibition due to be held in Abu Dhabi between 30 of this month till the second of next February in Abu Dhabi National Center for Exhibitions.
- The first conference of the future of aviation sector in the Middle East is due to be held in Abu Dhabi between 27-28 of next February.

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.