Arabic News Weekly Edition for Economics, 10/13/1997
Weekly Edition, Economics - Week of October 13, 1997
- PNA has yet to decide on Qatar parley
Palestinian sources expressed worry that the Doha economic conference might serve a springboard for Israeli attempts to penetrate the Arab boycott of the Israel. The sources said the conference might serve an appropriate venue for Israel to renew economic ties and forge new trade relations with countries that have so far kept a distance. Palestine, Economics, 10/18/1997 - Electricity workers suspend strike
The strike, during which workers left damages to the power grid unrepaired and halted collection of bills, began Tuesday after the state company, Electricite du Liban, failed to meet workers' demands for higher wages and improved conditions. Lebanon, Business, 10/18/1997 - Setting up a free trade zone between Tunisia and Egypt
The Egyptian Minister of Supply and Trade Dr. Ahmed Goweili will sign with his Tunisian counterpart an agreement to establish a free trade zone between the two countries. Egypt-Tunisia, Economics, 10/18/1997 - Meetings of the Arab Businessmen and Investors Conference start today
The two-day conference will discuss the implications of economic exchanges on the Arab countries in addition to studying the successful economic experiences of some of the Arab countries: Egypt, Saudi Arabia, Lebanon, Tunisia, Morocco, and Jordan. Regional, Economics, 10/18/1997 - Union could lead to all-out strike damaging the country
Striking electricity workers plan to continue their protest until they receive an official, written memoranda accepting all their demands, despite signs that half of the outstanding issues have been resolved. Lebanon, Economics, 10/17/1997 - Egypt to transfer Libyan oil
The Egyptian Minister of Oil Hamdi Al Banbi confirmed that a pipeline will be installed to transfer Libyan crude oil with a capacity of 950 thousand barrels a day, which will be refined in the Egyptian refineries. Egypt-Libya, Economics, 10/17/1997 - Saudi billionaire buys half of Meridian
"There is no doubt that each trip I make, I find significant progress in the country and I hope to see more of the same on my next trip," Prince Al-Waleed added. Lebanon, Business, 10/17/1997 - Radisson road show in Oman
A 12-strong sales team from Radisson SAS Hotels Worldwide, which will operate the three-story Radisson SAS Hotels Muscat, is due in Oman this week to promote its "Look to Book" on-line program for travel agents. Oman, Business, 10/17/1997 - Israeli closure costs Palestine $6 million daily
The Palestinian economy has suffered a major blow because of Israel's continued closure of the PNA areas, said Abdul Aziz Shahin, minister of food supplies in the PNA. Palestine, Economics, 10/17/1997 - No more taxes on books
The 17 percent VAT was canceled because the PNA wants to repair the damage caused to Palestinian cultural and educational life throughout the past 27 years of Israeli military occupation, said Yihya Yakhluf. Palestine, Business, 10/17/1997 - Saudi prince buys a large piece of Korean conglomerate
Sources close to the Daewo Group mentioned that the Prince signed the deal with the management of the company without going to the Korean bourse. The sources added that this deal is a very successful one for the Saudi businessman Saudi Arabia, Business, 10/16/1997 - Setting up an international investment company in Morocco
Investment sources in Morocco said that the initial capital of the company is expected to be $100 million and that its headquarters will be in Casablanca. Morocco, Business, 10/16/1997 - The First US-Arab Seminar on Investing in Mining
The seminar will be organized by the Arab Organization for Mining and Industrial Development (AOMID), and it aims to promote the mining industries in the Middle East and North African countries. Regional, Economics, 10/16/1997 - Petrochemical Industries of the Gulf Countries in Kuwait
The two-day conference aims to strengthen coordination between the producers of petrochemicals and raw materials on one hand and their users on the other hand in order to cope with the international economic developments. Kuwait, Business, 10/16/1997 - 7.5 trillion cubic meters of natural gas in Saudi Arabia
The Saudi Minister of Oil and Mineral Resources Ali Al Nueimy stated that the increase in the reserves of pure natural gas which is not mixed with oil reached 22 trillion cubic meters. Saudi Arabia, Economics, 10/16/1997 - Egyptian minister of supply signs Chinese agreements
The Chinese delegation will participate in the 5th Exhibition of Egyptian Exports which will be inaugurated next Saturday by the Egyptian Prime Minister. Egypt, Economics, 10/16/1997 - Israel releases PA funds
Israeli Prime Minister Benjamin Netanyahu said yesterday he had ordered Israel's treasury to transfer to the Palestinian Authority the rest of the tax and customs money he froze after a suicide bombing in Jerusalem. Palestine, Economics, 10/16/1997 - Food poisioning cases on the rise in Palestinian Authority
The Palestinian Consumer Protection Association called on the Palestinian authorities to take tough measures against people involved in importing and marketing poisoned foods or foods whose dates had expired. Palestine, Business, 10/16/1997 - Workers break their strike to repair lines destroyed by Israel
Workers of the Electricity Company of Lebanon continued their open strike for the second day, leaving some areas, needing repair, completely in the dark. Lebanon, Business, 10/16/1997 - GCC trade talks opened in Doha
GCC Secretary General Jamil Hujaila said the committee will find ways to "remove obstacles hindering the flow of trade and products between the six GCC states." Gulf Region, Economics, 10/15/1997 - Kuwait, Lebanon sign $33 million US deal
The statement said the KD 10 million agreement would help finance the Uzai Bridge and the southern entrance of Beirut to ease the daily traffic jam in the region. Kuwait-Lebanon, Business, 10/15/1997 - Arab investors conference in Beirut on October 18
The improving investment climate between Arab countries resulted in a rise in inter-Arab investments to reach 1.5 billion US dollars in 1996 in comparison to only one billion in 1995. Regional, Economics, 10/15/1997 - Japan Grants 23.6 m. dollars in aid to Palestinians
A statement, issued by the Japanese embassy in Cairo, said 12.6 million US dollars of the donated sum would go to the United Nations Relief and Works Agency. Palestine, Economics, 10/15/1997 - Qatar expects 12 Arab countries to attend - Iraq, Syria, Libya not invited!
No official confirmation has been received from any of the 15 Arab states that were invited to attend the conference. Iraq, Syria, Libya, Sudan and Lebanon are among the countries that Qatar chose not to invite. Regional, Economics, 10/14/1997 - Foreign investors reap profits from their first UAE fund
Just four months after launched, the Emirates Equity Fund said its investment in the UAE and other Gulf countries had so far yielded earnings of around 13 percent of share value. United Arab Emirates, Business, 10/14/1997 - Iraq exports oil to Morocco
Sources in the Samir company said that it reached a deal with the Iraqi oil authorities through which it will be able to buy about 600 thousand barrels of crude oil Iraq-Morocco, Business, 10/14/1997 - Egyptian banking system achieves LE 25.5 billion increase in savings
The increase achieved last year was only L.E. 14 billion and in the year before was L.E. 16 billion. The limited increase achieved last year was due to the fact that many clients moved to the stock exchange market and the bourse. Egypt, Economics, 10/14/1997 - EU, GCC meeting to discuss oil, gas industries
The three-day conference aims at promoting cooperation between GCC states and the European Union's countries in the field of oil and natural gas industry. Gulf Region, Economics, 10/14/1997 - Teachers call for pension law move
The teachers pension law would include a backdating clause to render justice to retired teachers who received their pension on the basis of their old salary scale. Lebanon, Business, 10/14/1997 - Al Mudhaf to attend GCC meeting
The meeting will cover the GCC general secretariat memo on obstacles facing trade among member states. Kuwait, Economics, 10/14/1997 - Higher council meets on investment law
The conferees discussed a project intended to amend the executive instructions of investment law No. 10 for the year 1991. Syria, Economics, 10/14/1997 - Assiut's first international airline open today
The chairman of the Egypt higher council for youth and sport will officially inaugurate a new sports facility, located 15 KMS west of Assiut. Egypt, Economics, 10/14/1997 - Parliament's committee met yesterday
Minister of Finance Fouad Sanyura said that the government was only insisting on keeping the percentage of the deficit stable and that the proposed taxes could be modified. Lebanon, Economics, 10/14/1997 - Qatar to take part in Kuwait November 4 meeting
The conference will substantiate cooperation between petrochemical producers and international users to address world economic developments. Qatar, Economics, 10/13/1997 - Increase in custom duties on imported cars?
The customs administration has been monitoring the investigation into who leaked the information about the increase in duties on imported cars. Lebanon, Economics, 10/13/1997 - GCC private sector's help sought in fishery development
In their recommendations, officials at the meeting stressed the need to develop the fishery sector by adopting elaborate plans aimed at emphasizing the role of this sector in food security strategic and economic diversification policies. Gulf Region, Economics, 10/13/1997 - Libya-Egypt power link next year
Official operation of the joint power line will take place on March 28, marking the celebration of the pullout of western troops from Libya. Libya-Egypt, Economics, 10/13/1997 - Draft law establishes rules for commercial transactions
The draft law establishes rules for commercial transactions which will be regulated by international agreements and WTO regulations Egypt, Economics, 10/13/1997 - Budget and finance committee to meet today
Prime Minister Rafik Hariri and several ministers were invited to join the meeting in order to discuss the government's financial policy. Lebanon, Economics, 10/13/1997