Chavez, a Hero of Our Time

“Thieves, you will not steal our wealth anymore, an International Mafia, is a description best give it to “Exxon Mobil Company”, it is one of the huge capitalist companies”. With these words the Venezuelan President Hugo Chavez threatened the US by saying that Venezuela will stop supplying the US with oil in case the judiciary sentence issued by one of the American courts has been implemented, on the basis of the file raised by Exxon Mobil Cooperation against Caracas, which calls for freezing the assets of the national Venezuelan oil company. Chavez further added that if the US has decided to freeze our money then this will result in dial consequences, do you know how?. He answered the question by saying that Venezuela will not supply the US with oil anymore. It is worth mentioning that the United States is one of the biggest consumers of Venezuela’s oil, as it exports about 1.4 million barrels a day, according to the American Secretary of Oil.

Société Générale Seeks to Allocate 5.5 billion Euros

The French Société Générale Bank which is facing the consequences of a corruption scandal has offered a special issuance for its contributors through a big cut with the aim of allocating 5.5 billion Euros for supporting its general budget. It is worth mentioning that this issuance will raise the capital of the bank by 20%.

The Real Estate “Limitless” Company Plans for Building a Housing Complex in Saudi Arabia

Limitless Company, the arm of the International Real Estate Development Company “The International Dubai Company”, has said that it is about to start carrying out the first real estate development project in Saudi Arabia with a total value estimated at 45 billion riyals. A statement issued by limitless said that the project will hold the name of “Al Wasel”, South of al Riyadh City, and on a space area estimated at 14.1 million square meters, comprising more than 60 housing units.

A Program for Tourist Cooperation Between Syria and Iran

The Syrian Ministry of Tourism and the Iranian Organization for Cultural Heritage and Tourism have signed the executive program of the joint Syrian-Iranian Tourist Cooperation. Executive program aims at promoting the Syrian Iranian tourism through producing short promotion films to be exhibited via the official mass media in both countries. It is worth mentioning that the Syrian-Iranian memorandum has concluded preparing a detailed study on the exporting markets.

Small Indexes

- The International Investment House “Global” announce yesterday its profits for the fiscal year which ended on 31st of December 2007, reaching 91.4 Kuwaiti dinars compared to 71.4 Kuwaiti dinars in 2006.
- Kuwaiti Parliamentarians have called for holding a special session for the parliament to discuss the issue of the increase of prices after inflation average has reached an unprecedented level in 15 years.

Companies’ Indexes

- Anglo Platinum Company, the biggest producer of platinum in the world, said that its profits have risen considerably reaching $1.6 bn last year due to the big increase of metals prices.
- Standards and Boors Company opened its first office in the Middle East at Dubai International Financial Center yesterday.


- Yahoo has refused a proposal by Microsoft for acquiring the company with a total value estimated at $42 bn, saying that the administrative board of the company has concluded that the proposal is not for the best interest of the contributors.


- Department of Tourism and Trade Marketing and Promotion in Dubai has taken part lately in two exhibitions for marketing and promoting factors of tourist attraction to Dubai.
- The activities of the Jordanian Travel Market are due to start next Sunday at King Hussein Bin Talal Center for Conferences with the participation of about 100 figures from different international tourism and travel companies. It is worth mentioning that the activities will last for two days.

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.