The Economic History Repeats Itself Too

Analysts think that the current economic crisis in the U.S. reminds of previous crisis like the recession Japan witnessed in the 90’s and the inflational depression in the U.S. in the 30’s. The economic expert, Joel Naroff, said that the current situation comprises elements of those crisis, and this makes it so fearful.
For his part, Peter Morresi, from Maryland University said that there are a fundamental problem in the banking system, like it was the case in Japan , and the opportunity for solving this problem quickly is limited.
Moreover, Liz Saunders, the economic expert said that " if we are still away from the inflation of the 70’s, yet there are common factors.
Paul Krugman, the economic expert from Princeton University said that huge amount of money were paid by the traditional banking system and distributed on " unknown banking system".
Krugman wrote that a lot of money were spent in 1929, and we are now facing the crisis of the 30’s. Furthermore, he warned that unless a solution has been reached, the coming years will be very bad.

Arabtec" Wins a Contract for establishing the villas of "Sanctuary Falls"

The holding " Sheikh" company for real estate development has granted " Arabtec" Construction Company a contract estimated at 412 million Dirham ($ 112.2 Million), to carry out the constructional activities of the project " the villas of Sanctuary Falls" at "Jumaira Golf real estates .
"Arabtec" will build 96 housing villas to be paid at reasonable prices. The sources added that the company intends to sell about 48% of its capital through a public and private subscription for allocating 25 billion Robbie ( $ 625 million) .

The Tunisian Central Bank Preserves Its Interest Rate

The Tunisian Central Bank has decided to preserve its main interest’s rate by 5,25%, as the ups and downs in the international markets continue to press upon the prices despite that the inflation of consuming prices has slightly dropped in February from 5.8 to 57%, according to the bank.

Lukoil Might Get Oil Reserves In Iraq

Analysts at JP Morgan bank said that the Russian Lukoil company might win reserves estimated at $7billion in case it managed to recover an Iraqi oil deal dating back to the time of the previous Iraqi regime.
JP Morgan said in an investigational memorandum that according to the Russian estimates, the expected production of the oil field to reach its utmost by 700,000 barrels daily, adding that the total reserves might be between 4.5 - 6.3 billion barrels daily. It is worth mentioning that Lock Oil share is estimated between$ 3.7-6.8 bilion.

Old Houses in Bosra are For Investment by 54 Million Syrian Pounds

Following offering the project o old houses at the historical Syrian city of Basra at the 3rd Investment Meeting last year, the Syrian Ministry of Tourism intends to offer the project once again during the 4th meeting for this year. Sources at the Directorate of Tourism at the Ministry said that the project comprises the renovations of the sites in the ancient city of Bosra, and maintaining them with the purpose of investing as a traditional site with a two-star level, pointing out that the period of investment is 25 years with a total estimated cost of about 54 million Syrian.

Small Indexes

- Prices of the future deals of the American oil dropped by more than $ dollars yesterday, due to news that the Iraqi oil exports in Basra have gained their levels, following the explosion of a main pipeline in Thursday.
- An official at Dubai Chamber of Trade and Industry said that the Emirate will contribute by about 42% of the total domestic non-oil production of the UAE.

Companies Indexes

- A new administrative board of Zain telecommunications company had been chosen on the 10th of March during the meeting of the Ordinary General Assembly of the company.
- Scania Trucks Company, based in Sweden, has asserted that it will open a a factory in Dubai, taking advantage of the strong demand in the region.
- The Islamic Cooperation Institution for Foodstuff and the Fund of "Alf Yad"( One Thousand Hands) for investment for the owners of the youth projects have signed an agreement for launching a joint project for supporting the Arab youth with the aim of integrating them in the business sector through the project of " Islamic Card" for foodstuff menus.

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.