Saudi Arabia Spends 100 billion Riyals on Tourism

A plan set-up by the Saudi Ministry of Planning has expected the tourist expenditure in Saudi Arabia to witness a big rise during the coming years, and to reach during the 12 coming years 100 billion riyals ($26.6 bn), amid the increase of projects and tourists services available by the governmental and private sectors in the different Saudi areas.
Moreover, the plan has also expected an increase in the number of tourists’ trips inside and outside the kingdom from 65.1 billion trips five years ago to 83 million trips for this year and then to 141.1 million trips in 2020. The number of domestic trips will reach 128 million, whereas the number of those trips from abroad will reach 13.1 million, most of them from the GCC countries and the Arab countries as well.

The International Insurance Company “Al Takaful” Seeks to Enter the Saudi Market

The Executive Chairman of the International Company “Al Takaful”, Younes Kamal has revealed that 33 registered companies in al Manama as banking units (off shore) have modified their positions and enter the Saudi market since the implementation of the obligatory insurance law three years ago with the aim of seizing opportunities there.

The Real Estate Damak Company Opens a Regional Site in Canary Seaport

The Real Estate Damak Company said that is about to open its regional site in Canary Seaport in the UK during next month. Chairman of the administrative board of the holding Damak Company said that the UK is considered an important market for Damak, as the new regional site will address the demands in the UK and Ireland.

2 bn, the Profits of the Emarati Telecommunications Company

The Emrati Telecommunications Company have achieved profits estimated at 7.297 billion dirhams in 2007 with a growth rate estimated at 25% compared to 2006, according to initial results published in a statement. According to the statement, the company has achieved revenues and with a growth rate estimated at 31% in 2007 reaching 21.340 dirhams and the total assets of the group have increased by 14%.

Cairo Exhibition for the Technology of Information and Telecommunications-2008

The International Cairo Center for Conferences is due to be held between 24-27 of February 2008 the activities of the 12th session of the exhibition and conference of Cairo ICT 2008. It is expected the session of this year to witness the presence of many international companies which assure that they will take part with an increase that exceeded 30% compared to their participation last year.

Small Indexes

 A report issued by “Meril Lench” has expected the average of inflation in the UAE to reach 12% this year compared to about 10% in 2007.
 The number of tourists who visited Yemen during 2007 have risen to 379.000 and 390 tourists from different nationalities and with revenues estimated at $ 424 m, 916.000 and 800, with an increase of $115 m, 227.000, and 880 compared to the previous year, 2006.

Companies Indexes

 The Minister of Finance in Malawi, Jodol Jondou said that a company run by one of the member of the governing family in Qatar will build a facility for storing fuels with investments estimated at $150 million in Malawi for helping increase the revenues of the country.
 The General Executive Director of the Italian “Geodenamic” Company said that his company is keen to enter the oil market in Yemen as it is considered one of the promising markets in the future.
 Dubai Islamic Bank has received the two prices of: the best Islamic Bank, and the best communication center in the country by “Ethos” institution for consultations specialized in implementing the criteria of distinguished services in the field of serving clients.


 The UAE is due to host the first exhibition specialized in the trade of precious stones in the region between 13-15 of next October. The exhibition is expected to attract a big number of participants who represent all sectors of the international precious stones market, among them manufacturers, providers of technical equipment, and others.

Indicators is a daily economic watch newsletter about the Near East, issued by New Orient News agency in Beirut, Lebanon. It is available on 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.