High Prices In The European Cities Might Harm Tourism

A study issued by a number of economists showed that Oslo, London, and Copenhagen are the most expensive cities in the world with regard to tourism, due to the ups and downs of currencies , according to a study made by the Swiss "UBS". In return, the American cities have become more cheaper due to the weakness of the American Dollar, and New York was ranked no. 18 in terms of the most expensive countries in the worlds after cities like Tokyo, Brussels, Leon.
Researchers have pointed out that the sharp decline of the Dollar prices has made New York cheaper for European shoppers ,and that prices have become higher in London by 26%.
Moreover, among the Asian cities, Tokyo was the most expensive city followed by Seoul, Singapore, and Hong Kong. As for the tourists who do not have much money , may be the best for them is to visit Kuala Lambor or BounesAires , or Mumbai, which are the most cheap cities for tourists.
The surge of prices might lead to in some of the European cities to make the East the best tourist destination, i.e. toward the Asian cities which witnessed lately a big jump with regard of the number of tourists as well as the volume of tourist industry that has been dominated for so long by the European continent.

The Real Estate "New Dubai" Launches the Red Tower by $150 million

The real estate " New Dubai" company said that it is about to launch the project of " the Red Tower" in Dubai with a total cost of $150 million.
The tower consists of 18 floors, comprising 162 offices affiliated by Dubai Media City. The tower is characterized by the red glass which covers it completely. The project is expected to be completed by the mid of next year.

Aouda Bank Holds Talks with "Hermis" for Integration

The Lebanese "Aoud" bank said that it is holding talks with the Egyptian financial group "Hermis" on the possibility of integrating the two establishments. For its part, "Aouda" bank has said that if the integration is completed, it will save more money, stressing that the talks are in their preliminary phase.

The Increase of The Budget of Lebanon Central Bank

A brief financial statement has showed that there is a rise in the total budget of Lebanon Central Bank estimated at 431 billion and 850 million Lebanese Pounds by mid of March compared to the end of February of this year. The statement, published by Lebanon Central Bank, further pointed out that the total has reached 52505 billion and 670 million Pounds by mid March compared to about 52073 billion and 820 million pounds of the previous month.

A Sharp Decline in the Prices of the Japanese and European prices

Prices of the international shares have witnessed a sharp decline and the prices. Prices of the Dollar have declined also , as the selling of "Bear Sterns" bank by a low price as well as the sudden decline of the prices of main loaning by the American Federal Reserve has ignited the spark of fears of possible new victims of the international insurance crisis.
Moreover, prices of the European shares have dropped by more than 4% as a result of big selling in Asia, whereas the main indicators in Japan have dropped by more than 3.5 %, and the American shares have dropped at early dealings, as all indicators have declined.
Moreover, the American Dollar has almost reached new low levels opposite to the Euro and a package of 6 main currencies.

Small Indexes

- The average of the foreign ownership from outside the GGC countries with regard to the developmental projects in Ajman Emirate has reached 33% , according to the latest statistics issued by Ajman Chamber of Trade and Industry.
- The British National Bureau of Statistics has announced that the average of inflation in Britain has risen last month by 2,5% , which is the highest average in 8 months.
- A senior official in gold industry has said that the high prices of gold have affected negatively on Dubai gold purchasing , decreasing its volume by about 15% on an annual basis.

Companies Indexes

- A statement issued by the real estate company "Sorouh" has said that the company will establish two companies in Egypt and Morocco for developing real estate projects , in addition to a unit for concluding acquisitions outside the UAE.
- The American Investment House " Lehman Brothers " has said that its profits have declined during the first quarter of current fiscal year by 7% reaching $489 million.
- Micro Soft – Bahrain has said announced that "Bahrain Telecommunications Company" (Betalco) is among the first companies to use Windows Server-2008 in the Kingdom of Bahrain.

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.