The World Will Lose Five Million Jobs

Following increasing expectations about world growth rate from 4.4% to 4.1% by the International Monetary Fund, the International Labor Organization has warned that the slow of international economy will result in loosing more than five opportunities this year.
The economic experts Dorothy Schmidt said that most loses will be in the rich countries, but millions of the working poor in the developed countries will be affected negatively also. The International Organization has speculated in a report issued recently that the average of unemployment all over the world will increase to reach about 195 million an employed compared to 190 million for last year. She further said that there are 1.2 billion persons working with the minimum wages of two dollars daily in addition to about 500 million persons living under poverty line with an average of one dollar a day. She concluded by saying that these figures will continue to increase.

Kuwait Will Spend $51 bn in Projects of Developing Oil Sector

The Executive Chairman of the Kuwaiti Oil Company said that Kuwait intends to spend $51 bn in the coming five years for promoting and strengthening oil sector which contributes by 95% of Kuwait’s revenues. He added that these projects include increasing the producational capacity of Kuwait from 2.7 million barrels daily to four million barrels a daily by 2020.

$3.37 bn the Volume of Conferences and Exhibitions Sector in Dubai

Executive Chairman of a number of the biggest companies of managing events and activities in the world have taking part in the first Middle East forum for executive chairman said that Dubai is on the top of the preferred destinations for holding exhibitions and conference in the Middle East and Africa with a volume estimated at $3.37 bn.

The Profits of Abu Dhabi Airlines Company Exceed 76 million Dirhams in 2007

Abu Dhabi airlines company has announced that it gained net profits estimated at 75.6 million dirhams in 2007 and with a growth rate estimated at 49.7% compared to the gained profits in 2006 that reached 50.5 million dirhams. Moreover, the revenues of shares have reached 0.188 fils.

The Increase of the Profits of the Jordanian Housing Bank by 18%

The Bank of Trade and Finance, the second biggest bank in Jordan said yesterday that its net profits rose by 18% in 2007, reaching 111.5 million dinars amid the strong growth rate. Chairman of the board of the bank said that this increase was due to variety of the bank’s activities and the increase of deposits, by 18% compared to 2006.

Small Indexes

- Iran’s ambassador to South Korea said that the volume of trade exchange between Iran and South Korea reached by the end of 2007 $8 bn.
- The indicator of the international investment house “Global” in Kuwait’s financial market has risen by 8.4% last month closing by 409.51 points.

Companies Indexes

- The German-Austrian Strabag Group for Construction said that it acquired its Italian counterpart Adante, allowing it to enter the Italian market.
- The holding al Qudra Company has revealed that it was carrying out studies for opening different investment channels in Jordan within its expansionial plans in the Arab countries.

Bids

- The holding General Company “Al Sharaka al Ama’a” said that the Italian Danielee Company for Mining Equipment has won a contract estimated at $1 bn for expanding iron and mining factory in Abu Dhabi.
- Chairman of land transportation union said that Kuwait, the Gulf oil-rich country is planning to lay a national net work of railways and a project of metro with a total cost estimated at $4.11 bn.

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.