Arabic News Weekly Edition for Economics, 5/11/1998
Weekly Edition, Economics - Week of May 11, 1998
- Saudi Arabia: Expected electricity generation increase requires annual investment of 17 billion riyrals
The Saudi minister of electricity and industry, Hashim Bin Abdullah Yamani, said today that the expected increase in the capability of electric energy generation in Saudi Arabia, at an average 2,000 megawatts annually during the coming 25 years, will require great investments in the electrical systems development. Saudi Arabia, Economics, 5/16/1998 - International Red Cross committee resumes work in Sudan
Meanwhile, Sudanese human rights activist Ghazi Suleiman said the Sudanese police fired tear gas bombs and used sticks to disperse some 5,000 Sudanese lawyers who tried to convene a conference in opposition to the new constitution project in the country. Sudan, Economics, 5/16/1998 - Oman - WTO Oman, Economics, 5/16/1998
- Sudan - aid Sudan, Economics, 5/16/1998
- Egyptian companies see great performance: profits of LE 1.8 billion
Dr. Atef Ebeid, the Egyptian minister of the general business sector, said yesterday that the profits of the Egyptian general business sector reached LE1.8 billion. In statements to reporters, Ebeid said, "The profits of the Egyptian companies in the general business sector have increased 40 times during four years as they were only LE42 million Egyptian pounds in the year 1994. Egypt, Business, 5/16/1998 - Egypt does not proceed with third network of portable phones
Egypt refused to establish a third network for portable telephones after selling the first network, which was owned by the government, to the private sector and allowing foreign and Egyptian companies to establish a second network. Egypt, Business, 5/16/1998 - The continuation of the German tourism's out flows Egypt Egypt-Regional-Germany, Business, 5/16/1998
- Exhibition for the Egyptian products in Baghdad
Meanwhile, a cargo of Egyptian car frames arrived in Baghdad on Thursday. This cargo is part of a total of 40 trucks arriving during the coming few days, in a deal valued at $1 million. Egypt-Iraq, Economics, 5/16/1998 - Gulf finance ministers discuss customs tariffs Gulf, Economics, 5/16/1998
- Gas and petroleum sectors in Arab countries need $120 billion
The general manager of the Arab company for the petroleum investments, Nour El-Din Farrag, estimated the financial needs in Arab states' gas and petroleum sectors through the year 2003 at about $120 billion, without counting the investment in the gas and the petroleum sectors. Regional, Economics, 5/15/1998 - Egypt, Argentina agree to develop nuclear reactors for peaceful purposes
Engineer Maher Abaza, the Egyptian minister of energy and electricity, confirmed after signing a protocol for technical cooperation in field of energy with Alfredo Meirkeen, the Argentine minister of energy, the two countries' readiness to develop experimental nuclear reactors. Egypt-Argentina, Economics, 5/15/1998 - G.C.C. financial committee to meet on Saturday
Saudi Arabian economic sources disclosed that Gulf States' ministers of commerce and industry will come to Riyadh leading their delegations to the 47th meeting of the financial economic cooperation committee on Saturday. Gulf, Economics, 5/15/1998 - Increasing Egypt's imports from the Arab states Egypt-Regional, Economics, 5/15/1998
- Israel - EU - Palestine Palestine-Israel, Economics, 5/15/1998
- Gulf petroleum ministers to discuss building united network for gas supplies
The petroleum ministers in the countries of the Gulf Cooperation Council will discuss in their meeting next month in Riyadh, Saudi Arabia a project to build a united network for natural gas supply in an attempt to revive the ambitious project which is considered among the biggest joint projects in the area. Gulf, Economics, 5/14/1998 - Tunisia seeks to expand the 2 free zones in Benzert and Gariss
The Free Zone Development Company in Gariss said that it intends to launch an information campaign in the Asian countries in order to attract projects in the petroleum and technology development sectors. Tunisia, Business, 5/14/1998 - World Bank chief visits Syria, Lebanon
Syrian President Hafez al-Assad on Wednesday received the president of the World Bank, James D. Wolfensohn. Talks dealt with financial and economic conditions in the region and the activities carried out by the W.B. Syria-Lebanon-World Bank, Economics, 5/14/1998 - New round of European - Egyptian participation negotiations
Baioumi said that ten items were agreed upon in the participation negotiations, including a program for modernizing Egyptian industry, adding that the points of dispute have become very limited. Egypt-European Union, Economics, 5/14/1998 - Kuwaiti parliament asks government to reduce expenditures
The Kuwaiti state council yesterday asked the government to reduce the expenditures in the state's budget and asked the Cabinet to present suggestions to reform the state's ecnomy. Kuwait, Economics, 5/14/1998 - A meeting for facilitating trade in the Gulf
The meeting will address the role of the G.C.C.'s industrial and trade chambers in leading private sector work, besides directing its steps according to the effect of international and regional economic events. Gulf, Economics, 5/14/1998 - Egyptian - Yemeni joint projects Egypt-Yemen, Economics, 5/14/1998
- Egyptian banks demand reduction in financial reserve percentage Egypt, Economics, 5/14/1998
- International union discusses winter tourist travel to Egypt
During his meeting with the union's members on Tuesday Egyptian Minister of Tourism Mamdouh El-Beltagi stated that the union will discuss tourist groups' travel to Egypt during the coming winter as well as intensifying publicity about the Egyptian tourist products in international markets. Egypt-Regional, Business, 5/14/1998 - U.S. $300 million donation for Dubai Islamic Bank
Islamic banks agreed on Monday to collect some U.S. $300 million to support Dubai Islamic Bank which faced financial difficulties during April. In a statement, the Islamic Bank for Development said the decision was taken in a meeting held on Monday in Jeddah. Regional-United Arab Emirates, Business, 5/13/1998 - Egypt confirms Sudan's adherence to Nile water agreement
Cairo denied that the Sudanese government is provoking problems concerning the Nile water agreement with Egypt in effect since 1959. An Egyptian official stated today that Khartoum is greatly concerned with separating political relations and the agreement. Egypt-Sudan-Ethiopia, Economics, 5/13/1998 - Jordan's second largest dam inaugurated
It cost JD 51 million and has the capacity to hold 55 million cubic meters of water. Jordan's government financed 45% of its total cost, while a loan from the Arab Fund for Economic and Social Development covered the rest. Jordan, Economics, 5/13/1998 - Oman team to attend Gulf states chambers meets
The Oman Chamber of Commerce and Industry (OCCI) will participate in the 33rd meeting of the board of directors of the union of Gulf Cooperation Council states' chambers and the G.C.C. chambers, which began in Doha yesterday. Sheikh Salim Al-Khalili, OCCI's president, will head the sultanate's delegation. Gulf-Oman, Economics, 5/13/1998 - Arab Energy Conference resumes deliberations
The sixth Arab Energy Conference continued its deliberations on Tuesday. The conferees discussed the question of local consumption of energy and Arab oil exports. Regional, Economics, 5/13/1998 - Sudan urges Arab states to send humanitarian aid Sudan-Regional, Economics, 5/13/1998
- Kuwait, Germany for trade cooperation Kuwait-Germany, Economics, 5/13/1998
- Bahrain records 1997 budget surplus Bahrain, Economics, 5/13/1998
- G-15 calls for stronger voice for members in world economic talks Regional, Economics, 5/13/1998
- G-15 summit works begin today
The works of the eighth session of the Group of 15 developing nations, headed by Egyptian President, Hosni Mubarak, started today in Cairo. In inaugurating it, President Mubarak said, "There are different challenges that face the countries' group, yet I am sure that we are able to rise with the nations." Regional, Economics, 5/12/1998 - Algeria intends to invest 22 billion dollars
An Algerian diplomatic source participating in the group of 15 summit in Egypt confirmed that Algeria intends to invest $22 billion for developing petroleum and gas industries and that Algeria seeks to share the foreign investment in that project, which will be the basis of its economy during five years between 1998 - 2002. Algeria, Economics, 5/12/1998 - Saudi Ahli bank signs $40 million financing agreement with Nasama company
The regional manager for the southern and western regions at the Ahli trade bank, Ali El-Sehili, said today that the support will be granted according to the needs of the corporations that want to open credit on present guarantees. Saudi Arabia, Business, 5/12/1998 - Saudi Arabia inaugurates King Fahd Dam
Saudi television said that Saudi Crown Prince Abdullah Bin Abdul Aziz on Saturday inaugurated one of the biggest dams in the Middle East with a storage capacity of 325 cubic meters of waters bearing the name King Fahd Dam. Saudi Arabia, Economics, 5/12/1998 - U.S. - Gulf negotiations to open U.S. markets to Gulf products
The U.S. capital of Washington D.C. will be the site of economic negotiations during this month between the Gulf Cooperation Council countries and the U.S. about openning U.S. markets to the Gulf states' exports. Gulf-USA, Economics, 5/12/1998 - Unofficially recorded funds in Egypt at $240 billion
Yousef Butros Ghali, the Egyptian minister of economy, said today that the volume of unofficially recorded funds in the Egyptian economy is $240 billion which can be invested in the development in Egypt. Egypt, Economics, 5/12/1998 - Batelco profits Bahrain, Business, 5/12/1998
- Oman reduces customs on Arab commodities Oman, Economics, 5/12/1998
- Qatar studies providing Lebanon with natural gas through French company Lebanon-Qatar-France, Business, 5/12/1998
- The Jordanian foreign minister is to arrive at Cairo Jordan-Egypt, Economics, 5/12/1998
- Arab joint projects for petroleum in Egypt
The Egyptian minister said that a company for gas was formed by a contribution from Kuwait and the United Arab Emirates with a rate of 9% and 10% from Egypt. The company in Egypt will work on attracting investment. Joint projects were also crystallized with Bahrain, which will be announced later. Egypt-Regional, Economics, 5/12/1998 - Arab Energy Conference continues deliberations Regional, Economics, 5/12/1998
- Arab Energy Conference opens in Damascus
collective Arab efforts should be made to set up industries and promote investments conducive to diversifying sources of national income and materializing integration between oil and gas industries and between petrochemical and convertible industries with a view to finding new sources of alternative energy. Regional, Economics, 5/11/1998 - Moroccan privatization program takes in $2 billion
So far the Moroccan privatization program has taken in more than $2 billion, including the profits from selling the state's shares in 52 of 114 companies that are taking part in the privatization program. Morocco, Business, 5/11/1998 - UAE group to divest stakes
Al-Fahim group sources said it would invite national private investors to buy between 60 and 20% of its U.A.E. Crown plaza hotels, worth nearly 1.4 billion dirhams ($361 million). United Arab Emirates, Business, 5/11/1998 - Egypt refuses to reduce petroleum production
Meanwhile, Ali Bin Ibrahim El-Naimi, the Saudi minister of petroleum and mineral wealth, confirmed that the Arab Energy Conference is discussing the possibility of reducing Arab petroleum production to halt the universal reduction of petroleum prices Egypt-Regional, Economics, 5/11/1998 - Chinese-Jordanian economic relations highlighted Jordan-China, Economics, 5/11/1998
- Syrian - Egyptian discussions to follow-up on Cairo high joint committee meetings Egypt-Syria, Economics, 5/11/1998