The Ghost of “The Sovereignty Funds”

Despite the fact that Davos Forum has welcomed sovereignty funds as a guarantee against a possible economic crisis, yet skepticism with regard to these funds did not stop, and the Western market economy system is not able with to consider these trans-continental financial huge blocks as “democratically”, and despite these funds are run through the mentality of the multinational company, in the since that they buy here and invest there, as well as acquire most of the time, yet the property of these companies that go back to the governments, form a source of instability more than they form a source of assurance. Moreover, despite the fact that prominent economic analysts consider that pumping funds in China, Kuwait, Singapore, and Russia billion of dollars has saved main western banks and contributed in postponing the crisis of depression resulted in the crisis of real estate mortgage, yet political analysts have had another opinion, starting from the CIA Chairman who talked about the many dangers with regard to the most powerful country in the world politically, militarily, and economically as he equaled between the danger of “The Sovereignty Funds” and the danger of al Qaeda and terrorism. _ He was supported also by congressmen who called for investigate the investments of sovereignty funds in their country. It seems that there are two solution today, the first one is either to close doors for these funds which the west is desperately in need of its money or either to accept them and to accept also the possibility that they will be used as a mean of political pressure by the governments whenever they want.

A Russian Company Starts Building a Second Gas Refinery in Syria

The Russian “Stroytransgaz” has started to build a second factory for Gas refinery in Syria in addition to equipping five fields of Gas for investment in the middle region in the country. The Russian News Agency Novosti said that the factory will treat 1.3 billion cubic meters of crude gas a year. It is worth mentioning that the company has started lately to build another factory for gas refinery in Syria with a total cost amounted at $190 m.

The International Bank Offers a Strategy for Developing Tourism in Hadramot

The World Bank has adopted an integrated strategy for developing tourism in al Moukala city and its suburbs. A number of experts in the bank has offered a draft strategy for developing tourism within the framework of preparing for tourism and real estate investment conference organized by Hadramout Chamber of Trade which includes a number of visions aimed at developing the tourist sector in the city like the project of developing the sea port cities.

More than 1 million Tourists have Visited Marakesh in 2007

The number of tourists who visited Markash City in 2007 has reached one million, 599.000 and 832 tourists who spent at the city’s hotels more than five million, 950.000, and 409 nights with an increase of 4% in the number of tourists and 5% in terms of the nights.

The UAE Telecommunication Company Launches the Services of Three-G Roter next Month

The Emirate Telecommunications Company “Itissalat” told al-Itthiad newspaper that intends to offer the service of Three-G Roter by the end of the coming month. This service will offer the permanent telecommunication with the internet via mobile phones in the country and in another 103 countries through 258 operators.

Small Indexes

- The Congress has adopted an economic plan set-up by the government which will cost $167 bn for recovering the American economy and preventing recession.
- The number of the British tourists who visited Marakesh in 2007 has risen by 53% compared to 2006 with a total number estimated at 146.000 and 599 tourists.

Companies Indexes

- The Russian Gazprom Company said on Thursday that it give up a planning a complex for liquid natural gas on the Baltic with a total cost estimated $3.5%.
- The International Nokia Company has launched a new mobile phone for games within the series of N-Giga affiliated to it.

Bids

- Libya and Indonesia have signed a memorandum of understanding in the field of oil and gas, as well as signing an agreement according to which a Libyan oil refinery will be built in Indonesia for providing the Indonesian market with the Libyans oil with a daily production capacity estimated at 300.000 barrels daily.
- Al Dar company located in Abu Dhabi said that it approved on taking part in the joint project with the holding Istismar Company with a total value estimated at 1.2 billion dirhams for developing a part of Shatie al Raha project.

Exhibitions

- The International Meeting for Farmers is due to be held in Rome to discuss developments with regard to partnerships between IFAD and Farmers Organizations.
- The activities of the international exhibition for furniture Mobetex-2000 is due to be held on the 14th of this month in Syria with the participation of more than 110 local, Arab and international companies.

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.