Liberalization Without Ideology, It is the State

The news says that the British government intends to issue a parliamentarian legislation that would allow it to nationalize the real estate Northern Bank which is facing financial problems since last August because of the crisis of real estate mortgage which hit the world economy and with the aim of preserving the bank as well as the deposits. Britain, the mother of international capitalism, is using a socialist instrument for saving the economy from the disaster, but it is using it without ideology with the aim of proving that the state is present in the economy, and that it must intervene to protect the people’s money and also to protect the reputation of its international banking system. When the market’s demands become harsher and more fierce, the state must intervene to put an end for these interventions and this means that liberalism needs to be more organized and to be put once again on the right path when ever it comes out of the truck or whenever it tries to exceed the barrier.

The Gulf Finance House Establishes the First Energy Bank

The Gulf Finance House has announced that it establish the first energy bank with contribution of a number of Bahraini and Gulf investors for financing the investment and service needs of energy sector according to the Islamic Sharia with a total capital estimated at $750 m. The share of the Gulf Finance House is estimated at about 10% of the total capital whereas the rest of contributors’ shares ranged between 5-10% in addition to strategic partners specialized in energy sector.

Oman Tel Buys 65% of the Pakistani "World Call" Company

The Omani Telecommunications Company Oman Tel has paid $193 million in return for buying 65% of the shares of the Pakistani "World Call Telecom Company" which is the biggest investor outside the Sultanate of Oman.

Emaar Opens the Sales of the Trade Center of the Project "The Eighth Gate" in Damascus

Emaar Company said that it is about to launch selling the offices inside the trade center within the project of the Eighth Gate which is 15 k.m. away from the down town on the 23rd of this month at Ima’ar selling center in Burj Dubai City. The project of the eighth gate comprises a trade center, water spaces, and a tourist area with a total cost of $500 m.

Small Indexes

- Prices of the American Oil have risen recording new levels above $101 per barrel in a session that witnessed difference in terms of prices during the last dealing session at March contracts.
- Gold prices for instant dealings have hit a new record at New York market on Wednesday reaching $937.70 per ounce.

Companies’ Indexes

- "Emirates Business" newspaper has quoted Deputy Chairman of al Emarat Airlines Company that the company expects an increase of its profits during this fiscal year to exceed one billion dollars for the first time.
- Al Waha Capital Company said that intends to invest 20 billion dirhams "$ 5.45" bn during the coming three years in real estate sector.
- The real estate Falcon City of Wonders has achieved great success at the International Real Estates Exhibition-2008 in Dubai which attracted more than 27.000 visitors from 70 countries in its current session.

Exhibition & Conferences

- Milano Tourist Stock Market is to be held between 21-24 of February with the participation of more than 120 countries from all over the world.
- The Emarati Shoua’a capital fund institution, working in the field of banking investment in the region, is due to organize a big investment conference in Dubai on the 23rd in February with the participation of Chairmen of Administrative Boards, and executive as well as financial chairmen representing more than 30 companies in the GCC countries and in the region.
- Dubai is due to host the activities of the 13th International Food Stuff Exhibition between 24-27 of February with the participation of 65 countries.

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.