The War of Food

Prices of grain like cereals, wheat, rice and other basic food stuff have witnessed a considerable rise lately, which pushed the International Monetary Fund to say frankly that " the rise of prices of food stuff might lead to frightening results in the world among them the dangers of a possible war".
Head of the Fund, "Dominique Straus" said "hundreds of people will suffer from famine because of the food crises, warning against the negative impacts on the international economic situation.
Many economists think that the development achieved during the last 5-10 years might be completely collapsed, warning, at the same time, that social unrest might lead to war. At the same time, the Fiscal and Financial Commission at the International Monetary Fund has announced that the current financial crisis is an international one, but it did not point out to the responsibility of the U.S. in this respect. The Commission has also asserted that the challenges which the Fund should face are of a global nature, and requires firm measures and close cooperation between the member countries to resolve this crisis.

2,4 Billion Dirham, the Profits of the Emarati "Ittisalat"

The Emarati Telecommunications Company " Itttisalat" has achieved capital profits estimated at 2,4 Billion Dirham following selling a part of its share at "Mobili|" company early this month.
The number of the shares sold reached 43,75 million shares with a value of 55 Saudi Riyal per share.

A coalition between "al-Arabi" Bank and Illians Global Investors" Company

"Al-Arabi" bank has signed an investment consultations agreement with "Illians Global Investors", which is considered one of the biggest investment companies in the world, aiming at enhancing the investment services and products offered by the bank in a number of the international financial markets. The bank also aims, through the agreement, to make the most varied and safe choices available for the investors in the different markets and countries where branches of "Al-Arabi" bank and its banking group are.

The World Bank Deals With the problem of Famine

The World Bank has announced that it took a number of urgent procedures aiming at facing the big increase in the prices of some of the basic food stuff all over in the world. The Bank has adopted a plan it called "the New Bargain" for improving the agricultural production on the long term. The plan includes offering an additional financial support to Haiti with a value of $ 10 Million, in addition to doubling the value of the agricultural loans granted to the African countries. It is worth mentioning that Haiti witnessed protests in which a number of people were killed .

The Profits of the Kuwaiti Financing House Rises by 42,8% in the First Quarter

The Kuwaiti Financing House, the second biggest Islamic bank in the Gulf in terms of market value, has said that its profits during
The first quarter of the year have increased by 42,80 %. In a statement on the Kuwaiti Stock Market Web Site, the bank said that it achieved profits estimated at 73,4 Million Dinar during the first three months compared to 51,4 Million Dinar during the same period of last year. It is worth mentioning that the bank said last month it intends to expand in China, India, Indonesia, and Algeria. Moreover, the price of the share of the Financing House has risen by 26% early this year till the closing session of yesterday.

Companies Indexes

- The Palestinian Investment House plans to build 30000 houses for limited- income families in the West Bank and Gaza Strip with a total cost of 4 1,5 Billion.
- The Swiss President, "Pascal Couchepin" has expressed his support of the agreement signed with Iran for buying the Iranian gaz. It is worth mentioning that Iran and Switzerland concluded last February a deal estimated at $ 10 Billion.

Companies Indexes

- "Al-Rajihi" bank has announced that it achieved net profits estimated at $ 427,2 Million during this year opposite to $ 418,4 Million of the same period of last year , with an increase of 2,15.
- The Executive Chairman of the Real Estate "Plus Properties" said that the company has launched four real estate projects in Abu Dhabi and Dubai with a total cost that exceeds 700 Million Dirham.

Exhibitions & Conferences

- Dubai is due to host between 8-10 of next June at Dubai International Exhibitions Centre, The Exhibition of Hotels; specialized in providing accessories of entertaining and recreation sector which is witnessing prosperity in the Middle East.
- The activities of the Middle East 3rd Exhibition for swimming pools and resorts, held between 14-16 of this month, started yesterday at Dubai International Centre for Exhibitions, organized by "Reed " for Exhibitions.

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.