Inflation Hovers on The Incomes of the Foreign Manpower in the Gulf

Some experts have warned against the dangers of inflation which threaten the economies of the GCC countries and which are inflicted mainly on the deposits of the laborers and on their levels of living, which will be a factor for making those who enjoy great experiences leave the Gulf, as statistics show that most of them have a wish to change their work or to leave the region for ever. In this context, David Westly, Editor in Chief of Arabian Business website thinks that the foreign workers are suffering from increase pressures and the reasons are obvious, adding that the increasing average of inflation has become a pivotal issue in the whole region, and that the continues increase of the incomes does not match the increase of inflation which will create an impression among the workers that there incomes have declined. With the continues dependence of the GCC countries on those workers who form in some of the Gulf economies about 80% of the manpower, this for sure will ring the bell in the region that the workers might leave into other countries all over the world.

The Exhibition and Conference of Vision X 2008 in Dubai

The activities of exhibition and conference of vision X Dubai 2008 started yesterday at Dubai International Trade Center with the aim of exhibiting equipment of eyes and optics in the Middle East. Taking part in the three-exhibition 150 companies representing 26 countries in addition to national pavilions from Italy and Germany exhibiting the latest productions in the field of optics.

Italy is Ready to Invest $3 bn in the Iranian Tourist Sector

The consultant at the investment directorate in the Iranian institution of heritage and culture Beman Bayat said that a team of the Italian investors has expressed their readiness to invest $3 bn in the field of building hotels, tourist and recreation centers in Hermz Can governorate South of Iran.

The Revenues of the International Telecommunications Sector Exceed $106 bn

Dubai International Trade Center has pointed out that the report issued by the international establishment for satellites asserts that the international revenues of the telecommunications sector have reached $106 bn in 2006, achieving a growth rate estimated at 10.5% annually between 2001-2006.

Small Indexes

- The Saudi Representative in the GCC market has revealed that 13000.564 Saudis men and women are working in the governmental and private sector in the GCC countries expecting an increase of demand on the Saudi manpower in the region.
- News reports have said that Syria has consumed about 10 million tones of oil products in 2007, half of it were locally produced.
- Deputy Russian Prime Minister and Minister of Finance Alexy Codrin said on Monday that the Russian Investment in Iraq might reach $4 bn.

Companies’ Indexes

- A news report has mentioned that the American Lockheed Martin Company for Defence and Aviation Systems has signed a deal with the Indian government estimated at about $1.1 bn for selling six military airplanes, Super Hercules-C 130 G model.
- The profits of Acer Company-The Middle East and Emirate have reached last year about $392.86 m, and its revenues have risen by 25% reaching $14 bn compared to 2006.
- King Abdullah Economic City has attracted 19 billion Saudi Riyal of direct foreign investments during last January.

Exhibitions & Conferences

- Abu Dhabi National Center for Exhibitions is due to host next May the conference of Connect Summit for Strategic Telecommunications which will discuss the impacts of liberating the telecommunications sector in the Middle East region. It is worth mentioning that the conference is held along with the second exhibition of Middle East for telecommunications Micom 2008 between 26-28 of May 2008.
- The activities of the 35 session of Arab Labor Conference is due to start next week in Sharm al Sheikh city in Egypt with the participation of Ministers of Labor in the Arab countries as well as representative of workers. The conference will last for 8 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 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.