Gulf Standards Company Sacrifices Senior Officials For Continuing Oil Exploration in Syria

Gulf Standard Petroleum company has decided to challenge the American sanctions imposed against Syria and continue developing its investment assets there by sacrificing its American executive officials.
The company has announced that two of its top executive employees, including the Executive Official of the company have resigned. The company further added that it is about to move its main office into London without mentioning the direct reasons behind taking this strategic decision.
Nevertheless, international observers assure that the main reason behind the company’s step i.e. moving its offices to London is its keenness to preserve its business in Syria, especially that the company expressed its wish to go on with its investments in the Middle East, let alone the crucial importance of its oil activities in Syria.
The question to be raised here is: How long will the American Administration be convinced of the worthiness of what it calls "economic sanctions"??!

Iran Inaugurates the 1st Foreign Bank in Its Economy

The 1st foreign bank was opened in Iran under the name:"The Iranian-European Trade Bank", which is considered a turning point in the banks system in Iran.
Iranian News Agency, Irna said that the bank will contribute, through the competitive atmosphere it will create, in enhancing and strengthening the banking system in Iran, adding that the bank will activate in the field of hard currency, and it will accomplish the activities of transforming the hard currency into the countries which deal with the Euro within less than 24 hours.

An Increase of 51% of the Profits of the Tunisian Bank

Tunisia Bank, the biggest Tunisian banks in terms of market value, has said that its net profits rose by 51% last year due to the big profits the bank achieved in the sector of consuming loans.
The bank said in a statement published on the Tunisian stock market website that its net profits rose from 55,1 to 83,1 billion Dinar in 2006, concluding that its revenues increased by 10% , reaching 137,4 million Dinar.

Egypt Builds 315,000 Hotel Rooms by 2017

A report issued by the Commission of Tourist Development in Egypt said that the total volume of the Arab and foreign contribution in the fields of tourist investment, under the supervision of the Ministry of Tourism, represented by the Commission, has reached 8, 5 %, and the rest represents 19, 5% of sheer Egyptian capitals.
The report further added that the total number of the tourist centers in Egypt has reached 51 centers comprising 546 projects with a total capacity of rooms estimated at about 38000, and 835 hotel rooms with a total investment value estimated at 7,1 billion Egyptian Pounds, in addition to 3,2 billion Pounds which has been spent in carrying out facilities and infra-structure.

Re-Launching "Beit El-Deen" Summer Festival-2008

Lebanese Minister of Tourism has said in a press conference held by the Commission of "Beit El-Deen" Festival that the festival will be re-launched this summer , adding that "it is expected Lebanon to witness a promising summer with so many tourist activities, among them holding international festivals.
He further added: "that we are witnessing today a new era which President Michael Suleiman called as "the era of Lebanon and the Lebanese people", describing the festival as representing Lebanon’s’ real face.

The Kuwaiti Financial Centre Offers Luxurious Housing Units for Sale in Beirut

The Kuwaiti Financial Centre has said that it offered luxurious housing units for sell at " Klimanso" neighborhood in Beirut.
The project is a luxurious housing tower with 23 floors, comprising 26 medium-sized flats with a total space area of 420 square meters, 8 big flats with a space area of 520 square meters, and one Duplex flat with a space area of 700 square meters.

Small Indexes

 A senior Saudi official said, on the sidelines of a meeting held in Sweden, that his country was ready to cancel Iraq’s debts.
 The average of inflation in the UAE has a record , reaching 14% last year as a result of the surging flat rents, food stuff and energy prices.

Companies Indexes

 "Al-Madina" for Investment and Financing company has announced that it has been granted the approval of the Kuwaiti Central Bank for buying not more than 10% of its shares.
 The Spanish "Andara" Company for Technology said that it signed a memorandum of understanding with the Emeriti "Mubadal" Investment Company for holding joint projects.

Exhibitions & Conferences

 Head of the Directorate of Tourism and Marketing in Dubai has inaugurated the fist promotional workshop organized by the Directorate for decision -makers in big tourist companies in the GCC Countries, and the representative of the most famous Arab and foreign newspapers.
224 persons from different Gulf tourist companies, in addition to representatives of 40 tourist bodies in Dubai took part in the workshop.

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.