Arabic News Weekly Edition for Economics, 3/8/1999
Weekly Edition, Economics - Week of March 8, 1999
- Commercial agreement between Egypt and Armenia
Egypt and Armenia signed yesterday a commercial agreement to increase economic cooperation between the two countries from its current volume of more than $4 million. Egypt-Armenia, Economics, 3/13/1999 - Russian - Egyptian trade exchange worth $400 million
The volume of trade exchange between Egypt and Belarus during 1998 amounted to 400 million. Egypt-Russia, Economics, 3/13/1999 - 5 countries to reduce oil production in April
Saudi Minister of Petroleum Ali Ben Ibrahim al-Naimy announced yesterday that petroleum ministers and officials from five major petroleum-exporting countries decided to reduce their production by 2 million barrels daily, starting from April 1. Regional-International, Economics, 3/13/1999 - New investments in Qatari gas worth $8.5 billion
Qatar has valued the total investments in projects for gas liquefaction in Qatar at nearly $8.5 billion. These projects could help address the financial deficit and promote economic growth. Qatar, Business, 3/13/1999 - France ready to assist Morocco increase debt swapping rate
France said it was ready to assist Morocco increase to over 30 percent its debt swapping rate, set by the Paris Club at 20 percent. Morocco-France, Economics, 3/13/1999 - Head of the International Monetary Fund visiting Dubai
United Arab Emirates Minister of Finance and Industry Sheikh Hamdan bin Rashid al-Maktoum received yesterday Michel Camdessus, head of the International Monetary Fund. United Arab Emirates-Regional, Economics, 3/13/1999 - Qatar - riyal Qatar, Economics, 3/13/1999
- Oman supports oil cuts Oman-International, Economics, 3/13/1999
- Russia discusses participation in Toshka project Egypt-Russia, Economics, 3/13/1999
- French group to build tourist center in Casablanca Morocco-France, Business, 3/13/1999
- New incentives for companies to invest in Tunisia
The Tunisian government issued yesterday a new law adjusting the investment law of 1993 to encourage local and the foreign private sectors to invest in development, by extending the period in which companies can benefit from state supported social insurance for employees. Tunisia, Economics, 3/12/1999 - Europe may stop importing Egyptian fish
The commissariat of the European Union in Cairo said the EU will stop importing fish from Egypt if Egypt does not implement the conditions required by European Union countries regarding packing and covering fish in a new step in the commercial war between Egypt and countries of the European Union. Egypt-European Union, Economics, 3/12/1999 - Belarussian - Egyptian agreements for commercial cooperation
Egypt and Belarus endorsed yesterday two agreements for trade cooperation on the margins of 32nd round of the Cairo International Fair. Egypt-Belarus, Economics, 3/12/1999 - Moroccan-Tunisian joint information commission meets in Rabat
The Moroccan-Tunisian joint commission for cooperation in information is currently holding its first session in Rabat to look into ways of bolstering this cooperation. Morocco-Tunisia, Economics, 3/12/1999 - Gulf governments to spend $200 billion and shift focus to private sector
Gulf sources expected that the amount of spending by the governments in the Gulf during the coming ten years will amount to nearly $200 billion, which equals what was expended in the last quarter of this century. Gulf, Economics, 3/12/1999 - Egyptian minister of economy says price of Egyptian pound far less than real value
Egyptian Minister of Economy Youssef Butros Ghali confirmed that the current price of the Egyptian pound is lower than its real value by 15%, according to the capabilities of the Egyptian economy. Egypt-Germany, Economics, 3/12/1999 - Moroccan university concludes scientific agreement with US Lucent Technologies
Morocco's private Al Akhawayn University and Bell Laboratories, a branch of Lucent Technologies specialized in research and development, signed in Rabat Wednesday a partnership agreement in telecommunications research. Morocco, Economics, 3/12/1999 - $1.3 billion in Egyptian - Italian commercial exchange
The Italian ambassador at Cairo, Fransisco Londi, told ArabicNews.com today that his country forms Egypt's third-largest commercial partner and that commercial exchange between the two countries reached nearly $1.3 billion as 7.3% of Italian exports head to Egypt. Egypt-Italy, Economics, 3/12/1999 - Yemeni President to visit India and Japan
Yemeni President Ali Abdullah Saleh today starts a two-day visit to India to be followed by a similar visit to Japan. Yemen-India, Economics, 3/12/1999 - Egyptian Orascom floats 8.67 million shares sale
The Egyptian stock market is going to witnesses on Sunday the implementation of selling 8.67 million shares of Orascom Construction Industries (OCI) at 43 pounds per share for a total value of 372.8 million pounds. Egypt, Business, 3/12/1999 - Cairo floats 11 airports before German investors
Egyptian Minister of Public Works Atef Ebeid said in press statements yesterday that his government has floated up 11 airports on the B.O.T. (build-operate-transfer) system before a delegation of German businessmen currently visiting Egypt. Egypt-Germany, Economics, 3/12/1999 - Emirates airline secures financing for aircraft purchase
Informed sources in the Emirates airline company revealed that the company signed a financing agreement worth 142.9 million euros to purchase the first two of 17 Airbus A330-200 airplanes to support the company's fleet. United Arab Emirates, Business, 3/12/1999 - Three million dollars earmarked for restoring charity centers
A total of $3 million (28.6 million dh) will be earmarked to restore 130 charity centers in Morocco, a committee supervising an anti-poverty fund-raising campaign announced. Morocco, Economics, 3/12/1999 - Four Planet Hollywood restaurants planned for Egypt
The El-Sadat group for investment has decided to construct four Planet Hollywood restaurants in different parts of Egypt at a cost of 15 million pounds. Egypt, Business, 3/12/1999 - French group builds cement plant in northern Morocco
The French Lafarge group will build a cement plant in Morocco's northern region, the Paris-based group announced on Wednesday. Morocco, Business, 3/12/1999 - UAE - Y2K United Arab Emirates, Economics, 3/12/1999
- Egyptian - Cypriot workshop for supporting tourism cooperation Egypt-Cyprus, Economics, 3/12/1999
- Israeli -Jordanian water committee meets next week Jordan-Israel, Economics, 3/12/1999
- Saudi Arabia inaugurates major oil field
Saudi Crown Prince Abdullah Bin Abdul Aziz on Wednesday inaugurated the al-Sheiba oil field in the al-Raba' al-Khali (Empty Quarter) desert located in southeastern Saudi Arabia, which is considered one of the greatest oil projects in the world. Saudi Arabia, Economics, 3/11/1999 - Statement by Arab Gulf oil ministers
The oil ministers of Saudi Arabia, Kuwait, Qatar, and Oman have asserted that the reduction in oil prices and the increase in oil storage in the world oil market is not in the interest of the oil-producing or industrial countries in the short or long run. Gulf, Economics, 3/11/1999 - Morocco will count on its own resources in Fisheries
Morocco has opted for an approach to count on its own means to manage and exploit its sea fisheries, said here Wednesday Moroccan fisheries minister, Thami Khyari. Morocco, Economics, 3/11/1999 - Japanese export bank lends $250 million to Oman
Oman's government endorsed an agreement yesterday to obtain a new loan from the Export-Import Bank of Japan (JEXIM) in Tokyo, valued at $250 million to finance the establishment of Sohar port. Oman-Japan, Economics, 3/11/1999 - Palestinian official describes as positive and needed the trip of Moroccan pilgrims to Jerusalem
Palestinian official in charge of Al-Quds (Jerusalem), Faysal Al-Husseini, described Morocco's decision to send Moroccan pilgrims on a trip to Al Quds as a positive and needed initiative Palestine-Morocco, Economics, 3/11/1999 - Cooperation agreement between international and Arab funds
The Arab finance fund and the International Monetary Fund are going to sign in Abu Dhabi on coming Friday an agreement for mutual cooperation in regulating technical training programs. Regional-United Arab Emirates-IMF, Economics, 3/10/1999 - Egypt, Libya to bolster investments
Egyptian official sources said that Egyptian President Hosni Mubarak and Libyan leader Moammar Gaddafi will discuss the activation of the mechanisms for mutual investment between the two states and means of starting the implementation of 555 projects that are not applied yet. Egypt-Libya, Economics, 3/10/1999 - Libyan - Egyptian petroleum projects of investments one billion dollar
Egyptian Minister of Petroleum Hamdi El-Banbi said that a study is currently taking place to implement joint projects with Libya worth $1 billion that include establishing a pipeline to transport Libyan petroleum and the expansion and establishment of supply stations and car services with Libyan investments in Egypt. Egypt-Libya, Economics, 3/10/1999 - Egyptian Center costs 80 million pounds for ensure smooth communication lines
The Egyptian company for communications started in association with the American company Hewlett Packard established the first center for administrating and running the general communications network at a total cost of 180 million pounds. Egypt, Business, 3/10/1999 - Egyptian tourism promotional campaign due in Japan during April
The head of the Egyptian department for activating tourism, Adel Abd El-Aziz, announced while receiving to a Japanese delegation of representatives from informative bodies and the owners of Japanese tourist companies that an Egyptian promotional campaign is due to take place in Japan at the beginning of April. Egypt-Japan, Economics, 3/10/1999 - Four new insurance companies to be established in Egypt Egypt, Business, 3/10/1999
- UN - oil-for-food Iraq-UN, Economics, 3/10/1999
- Businessmen from G-15 states visit Cairo Egypt-International, Economics, 3/10/1999
- French Alstom struck 550 million dh deal with moroccan railway company Morocco-France, Business, 3/10/1999
- Cairo hosts Arab businesswomen's economic conference Regional, Economics, 3/10/1999
- 53 countries in Cairo International Exhibit Egypt-International, Economics, 3/9/1999
- New bank to promote Syrian exports
The Syrian Cabinet agreed under the chairmanship of Prime Minister Mahmoud Zou'bi on establishing the first bank for developing Syrian exports, with a capital of $21.6 million. Syria, Economics, 3/9/1999 - Canadian - Palestinian commercial agreement
The Palestinian Authority and the Canadian government signed an agreement for commercial cooperation between the two sides at the end of the visit paid by Canadian Minister of Trade Sergio Marchi to Palestinian areas. Palestine-Canada, Economics, 3/9/1999 - Egypt: $2 billion to maintain exchange rate of the pound
Egyptian financial authorities have taken urgent measures to put an end to the rise in the exchange rate of the dollar against the Egyptian pound Egypt, Economics, 3/9/1999 - Youssoufi calls for setting up Morocco-New Zealand business council
Moroccan Prime Minister Abderrahmane Youssoufi called Monday for the establishment of a Morocco-New Zealand business council that will contribute to building up genuine partnership between the two countries. Morocco-New Zealand, Economics, 3/9/1999 - Farouk Qaddoumi in Morocco to attend Jerusalem Fund constituent assembly
Farouk Qaddoumi, head of the political department of the Palestine Liberation Organization (PLO) arrived Monday in Casablanca where he will attend the constituent assembly of Bait Mal Al-Quds (Jerusalem Fund). Palestine-Regional, Economics, 3/9/1999 - Urgent meeting for Gulf ministers of petroleum tomorrow
Prices of crude oil nearly reached $12 per barrel for the first time in eight weeks following reports of an agreement between Saudi Arabia and Iran for fruitful cooperation in increasing petroleum prices. Gulf-Regional, Economics, 3/9/1999 - Abu El-Makariam Egyptian group buys Tunisian factory
The Abu El-Maakarem Egyptian group for investment bought a Tunisian textile factory at a cost of $15 million. Egypt-Tunisia, Business, 3/9/1999 - UAE - GCC tariffs United Arab Emirates-Gulf, Economics, 3/9/1999
- Oman - jobs Oman, Economics, 3/9/1999
- African bank operations in Morocco will match the country's options, bank chairman
The African Development Bank's operations in Morocco, in the 1999-2001 period, will be conform to the five-year plan that is being drafted by the government, said Omar Kabbaj, chairman of the Abidjan-based ADB. Morocco-Africa, Economics, 3/9/1999 - King Abdullah confers with Arab fund's director
King Abdullah of Jordan on Sunday in Amman discussed with the director general of the board of the Arab Fund for Social and Economic Development, Abdul Latif al-Hamad, the efforts carried out by the fund in backing Jordanian economic activities. Jordan-Regional, Economics, 3/8/1999 - Better tourism coordination and standards needed says ministers at Arab - German forum
The Forum organized by the Arab - German chambers of commerce and the German tourism council under the slogan "Tourism is the base for future economy" showed the importance of tourism to many Arab states' economies and the need for better coordination and improved standards to gain the full benefit of this natural economic opportunity. Regional-Regional-Germany, Economics, 3/8/1999 - Moroccan premier dedicates Nice international fair
Moroccan Prime Minister, Abderrahmane Youssoufi, dedicated on Saturday the international fair of the French southern city of Nice, giving thus the kick to the economic component of "Morocco's Season" (Le Temps du Maroc) in France. Morocco-France, Economics, 3/8/1999 - Swedish - Egyptian forum
The Swedish - Egyptian association for friendship and international cooperation will convene the second session of the Swedish - Egyptian forum on Wednesday in Cairo under the auspices of Egyptian Minister of Trade Ahmed Goweili. Egypt-Sweden, Economics, 3/8/1999 - Forming Arab works' council
The establishment of an Arab work's council to upgrade the Arab mutual work in all fields under the patronage of the Arab League was announced yesterday in Cairo, to be the first Arab non-governmental organization not targeting profit under the sponsorship of the AL. Regional, Economics, 3/8/1999 - Kuwait - US trade Kuwait-USA, Economics, 3/8/1999
- International Institutions Loan Morocco $ 600 Mln, Minister Says Morocco, Economics, 3/8/1999