Arabic News Weekly Edition for Economics, 5/17/1999
Weekly Edition, Economics - Week of May 17, 1999
- Special: Syria's economic system
Syria's economic system and inward-oriented development strategy has not helped its economic integration objectives. Syria, Economics, 5/22/1999 - Spanish crown prince to chair conference for Spanish businessmen at Sharm
Spanish Crown Prince Philip is due to chair a large economic conference for Spanish businessmen that is to be convened in autumn in Egypt to discuss the establishment of high-tech multi-part projects investment in which Spain participates with Egypt, countries from Latin America and Arab countries. It will also discuss developing trade movement. Regional-Spain, Economics, 5/22/1999 - Morocco calls for soft visa procedures for Moroccan truck drivers Morocco-European Union, Economics, 5/22/1999
- Seminar to discuss effects of globalization on industry in Africa
A seminar regarding African industry and the effect of globalization on it will be convened in Cairo on Monday on the margins of the annual meeting of the African Development Bank. Regional-Africa, Economics, 5/22/1999 - Morocco, Latvia sign air transport cooperation agreement Morocco-Latvia, Economics, 5/22/1999
- Mubarak approves construction of Aswan iron and steel complex Egypt, Business, 5/22/1999
- Volume of Egyptian petroleum products reaches 9 million tons
The production of Egyptian petroleum amounted during the first quarter of the current year to 9.886 million tons in comparison to 9.997 million tons during the same period of last year, while the production of natural gas and its derivatives amounted to 3.326 million tons in comparison to 3.315 million tons during the first quarter of last year. Egypt, Economics, 5/22/1999 - Egypt to sell companies for internal trade on Sunday
The Egyptian Ministry of Public Enterprises has decided to sell interior trade companies this Sunday. Egypt, Business, 5/21/1999 - Al-Yarmouk dam in Syrian - Jordanian talks
Syrian Prime Minister Mahmoud al-Zou'bi on Thursday received Jordanian Minister of Irrigation Kamel Mahadin and discussed with him joint water projects between the two countries and means of developing and diversifying them. Syria-Jordan, Economics, 5/21/1999 - Importance of opening Arab economies stressed by Moroccan PM at Arab businessmen meeting
Moroccan Prime Minister Abderrahmane Youssoufi called Thursday Arab states to open their economies, intensify inter-Arab trade as a must without which Arab states will remain passive in the globalization era. Regional-Morocco, Business, 5/21/1999 - Egypt selected as a member in ANTOR
The Association of National Tourist Offices (ANTOR) decided to choose Egypt as a member of its board of directors, which includes 14 members of the organization which has 95 offices all over the world. Egypt, Economics, 5/21/1999 - Italian Fiat factory in Egypt
The Italian car company, Fiat, signed an agreement with the two Egyptian companies Seoudi Group and Nile Engineering Company on establishing a joint company named Fiat Auto Egypt for producing and importing cars as well as maintaining them. Egypt-Italy, Business, 5/21/1999 - Russia studies resuming weapons exports to Libya
The chairman of the Russian state-run Rosphore and Jenie "establishment for weapons exports" has asserted that his country is preparing to resume military cooperation with Libya. Libya-Russia, Economics, 5/21/1999 - New Egyptian law reduces taxes on nightclubs and entertainment parties
The Egyptian People's Assembly approved yesterday a new law to reduce taxes imposed on the costs of nightclubs, theaters, cinema and opera. Egypt, Economics, 5/21/1999 - Looking for foreign investors to buy Egyptian Railway Equipment Co SEMAF
The Egyptian holding company for material industries is currently searching for foreign investors to buy the Egyptian Railway Equipment Co. (SEMAF) that will be put for sale in the second half of the current year. Egypt, Business, 5/21/1999 - Egyptian - European company for marketing founded
The Egyptian Ministry of Trade has completed the first executive steps for founding an Egyptian - European company for commerce, aimed at merchandising and distributing the Egyptian products in European Union markets. Egypt-European Union, Economics, 5/21/1999 - Establishing an Egyptian - Pakistani business council
The Egyptian - Pakistani committee will discuss in June in Islamabad establishing a joint business council and a holding company that will carry out many investment and industrial projects in the two countries as well as discussing means of developing commercial exchange. Egypt-Pakistan, Economics, 5/21/1999 - Kuwait provides loan for Bahrain for electric grid
The Kuwaiti Fund for Arab Economic Development said it is presenting a loan of 7.5 million Bahraini dinars ($25 million) to develop Bahrain's electricity network. Bahrain-Kuwait, Economics, 5/21/1999 - Tunisian - Kuwaiti project worth $6 million
The Kuwaiti Company El-Mal has decided to invest $6 million in the Tunisian company, Marina Hamamat El-Ganoub. Tunisia-Kuwait, Business, 5/21/1999 - Japanese loans to upgrade Jordan's tourists projects
The Japan International Cooperation Agency (JICA) decided to offer a loan to Jordan worth $60 million to finance tourist projects through 2001. Jordan-Japan, Economics, 5/21/1999 - Egypt to host Inter Build '99 in June
Cairo will host from June 26 - 30th the sixth international conference for building and construction, "Inter Build 99," organized by the Arabian Group for Development under the auspices of Egyptian Prime Minister Kamal El-Ganzouri. Regional-Egypt, Economics, 5/21/1999 - Upgrading Sinai airports with $250 million Egypt, Economics, 5/21/1999
- UAE and Mozambique set up cooperation commission
Mozambique and the United Arab Emirates have agreed to establish a joint cooperation commission to prevent dual taxation, ensure mutual promotion and protection of investments, and finance a variety of infrastructure and social projects in Mozambique. United Arab Emirates-Mozambique, Economics, 5/20/1999 - French economic delegation visits Saudi Arabia
A French economic delegation that companies representatives of ten French companies specializing in the electronics industry, ceramics and food products will head to the Saudi capital, Riyadh, on June 4. Saudi Arabia-France, Economics, 5/20/1999 - Syrian - Jordanian committee to confer next week
Jordanian - Syrian meetings were held yesterday on the fields of energy, mineral wealth, irrigation, and agriculture, preparing for convening the mutual economic committee in Damascus next week. Jordan-Syria, Economics, 5/20/1999 - A Jordanian offers for maintaining airplanes of the Libyan airlines Jordan-Libya, Economics, 5/20/1999
- Moroccan House of Representatives adopts draft appropriation bill
The Moroccan House of Representatives (lower house of parliament) adopted on Wednesday the draft appropriation bill for 1999-2000. Morocco, Economics, 5/20/1999 - Exempting Tunisian deposits and bonds of foreigners from taxes
The Tunisian government issued a new law that calls for exempting the revenues from deposits and bonds made by foreigners from taxes. Tunisia, Economics, 5/20/1999 - 50 percent of shares in Egyptian company for containers sold for 25 million pounds
Orascom Construction Industries bought 50% of the shares of the Egypt company for exchanging containers, Ashiko, in a transaction worth 25 million pounds. Egypt, Business, 5/20/1999 - Libya: New law for investment in petroleum
The Libyan authorities are currently studying a new law draft for investment in the petroleum sector that would grant incentives to foreign companies to encourage investment in petroleum projects. Libya, Economics, 5/20/1999 - 1,000 Egyptian women in the Egyptian stock market Egypt, Business, 5/20/1999
- 1.2 million participants in Tunisian phone network by end of 2001
Tunisian economic sources in Cairo expected today an increase in the number of participants in the telephone network by the end of 2001, which is the date for completing the current five-year plan. Tunisia, Economics, 5/20/1999 - Morocco to rebate electricity price by 20% for industrial plants
the Moroccan minister said the state-owned "Office National de l'Electricite" (ONE) will invest $445 million in 1999 to boost the country's electricity output and expand power grids to rural areas. Morocco, Business, 5/20/1999 - Mideast tourists visiting Morocco soar in first three months of 1999
The number of tourists visiting Morocco from the Middle East countries increased by 40.5% during the first three months of 1999 to 12,129 against 8,632 during the same period last year. Morocco, Economics, 5/20/1999 - Morocco, Spain's first client in the Maghreb
Morocco is Spain's first client in the Maghreb, attracting 48.8% of Spanish exports to the region, wrote a Spanish newsletter. Morocco-Spain, Economics, 5/20/1999 - Jordanian electricity minister arrives in Damascus Jordan-Syria, Economics, 5/19/1999
- Syria, Jordan to cultivate border areas
A Jordanian weekly said on Tuesday, quoting well-informed sources at the Jordanian Ministry of Agriculture, that there are some 27,000 dunums of Jordanian lands along the borders with Syria which are uncultivated, adding that this area can be planted with fruit trees and cereals and can be irrigated from al-Yarmouk river waters. Jordan-Syria, Economics, 5/19/1999 - Cairo: Arab bank issues bonds worth 500 million pounds
The Arab Bank in Cairo is getting ready to issue finance bonds worth 500 million pounds during the coming days. The bonds' term is five years, with a changing interest rate to exceed by 1.5% the interest on public treasury bonds raised by the government. Interest is to be paid every three months. Egypt, Business, 5/19/1999 - Renault bus factory in Cairo
The French Renault automotive company decided establishing a factory for manufacturing components for cars and busses in Egypt and exporting them to markets in Middle East and Africa in participation with the Egyptian Ghabour group. Egypt, Business, 5/19/1999 - International forum for investment in Kuwait in the coming year
Kuwait will host from February 5 - 24, 2000 its first international economic forum. Kuwait, Economics, 5/19/1999 - EU approves in principle project to boost Arab exports to Europe
Head of the Italian-Arab Chamber of Commerce, Sergei Marini, announced in Kuwait Tuesday that the European Union has given its support in principle to a project to boost Arab exports to Europe and was waiting for the final agreement to finance it. Regional-Kuwait-European Union, Economics, 5/19/1999 - German officials vow to examine Moroccan debt reconversion
Moroccan Secretary of State for Cooperation Aicha Belarbi said Monday that German authorities have promised to ponder on the possibilities of swapping into investments Moroccan debts that absorb over one third of its resources. Morocco-Germany, Economics, 5/19/1999 - Egypt and India sign partnership agreement
The Indian - Egyptian partnership agreement between the Indian Industrial Union, the Egyptian Industrial Union and the Union of Egyptian Trade Chambers was signed yesterday to support bilateral cooperation on the level of business organizations and activating the role of the Indian - Egyptian business council. Egypt-India, Economics, 5/19/1999 - Palestine losses from drought amount to $400 million
The Palestinian Authority evaluated the value of the losses which it suffered due to the drought that afflicted the West Bank and Gaza Strip in 1998/99 at $400 million. Palestine, Economics, 5/19/1999 - U.S EX-IM Bank wants to contribute to developing Morocco-US Partnership
The American Export-Import (EX-IM) Bank on Tuesday voiced the will to contribute to the development of trade exchange and business partnership between Morocco and the USA. Morocco-USA, Economics, 5/19/1999 - Egyptian banks discuss issuing credit cards for youths
Egyptian banks are studying presenting a new service through credit cards directed only at youths, without conditioning the existence of a bank deposit at the issuing of the card. Egypt, Business, 5/19/1999 - Jordan bank's profits increase Jordan, Economics, 5/19/1999
- Qatar - UAE petroleum agreement Qatar-United Arab Emirates, Business, 5/19/1999
- African insurers meet in Morocco
The African Insurance Organization (AIO) opened Tuesday in Fez its 26th conference, with 600 delegates attending. Morocco-Africa, Economics, 5/19/1999 - Air flights resumed between Turkey, Algeria Algeria-Turkey, Economics, 5/19/1999
- Russia resumes cooperation with Libya Libya-Russia, Economics, 5/18/1999
- Daniel Kurtzer: Washington concerned with peace process, regardless of the outcome of Israel's elections Egypt-USA, Economics, 5/18/1999
- Inaugurating a representation office for a Dutch bank in Cairo
The Dutch bank ABN AMRO decided to open a representation office in the Egyptian capital, Cairo. Egypt-Netherlands, Business, 5/18/1999 - Mauritania signs food security pact with China and FAO
Mauritania, China and the FAO have signed a tripartite convention aimed at reinforcing a special programme on food security in Mauritania. Mauritania, Economics, 5/18/1999 - A new international airport in Egypt
The executive manager of the Dreamland project, Amr Asal, said the government will float up the airport in the private sector by August on the B.O.T. (build-operate-transfer) system, expecting that the project will get great interest from investors and businessmen, especially Arabs and Egyptians. Egypt, Business, 5/18/1999 - Anglo-American corporation sets up $ 50 million copper venture in Morocco
Anglo-American Corporation (AAG), a world leader in the mining sector, will invest $ 50 Mln in the creation in Morocco of a venture specialized in copper. Morocco, Business, 5/18/1999 - Tunis Hosts Euro-Mediterranean Meeting on International Trade Regional-Tunisia, Economics, 5/18/1999
- The Syrian-Iraqi oil pipeline Syria-Iraq, Economics, 5/18/1999
- Khatami meets with Saudi oil, trade ministers
Following the meeting, Saudi Minister of Oil Ali al-Nueimi said, "The most important thing is that Saudi Arabia and Iran have had held unanimous stances concerning oil, as the two biggest oil producing countries in the Gulf," noting that such agreement would be conducive to stabilizing the market, and improving oil prices. Saudi Arabia-Iran, Economics, 5/17/1999 - Mubarak discuss economic policy, opens new facilities in South Egypt
"The European market has come into being while the Arab market hasn't. The international economic blocs are dealing with Arab countries as single states. This will spell (unfavorable) consequences. No country, whatever its economy may be, will be able to hold out on its own," he said. Egypt, Economics, 5/17/1999 - UAE - Lebanon daily flight United Arab Emirates-Lebanon, Business, 5/17/1999
- UAE - Qatar banking Qatar-United Arab Emirates, Economics, 5/17/1999
- Egyptian delegation in world businesswomen's conference
An Egyptian delegation is going to take part in the meetings of the economic conference for world businesswomen which is being held in Brussels on May 25 - 28, under the chairmanship of Yomna El-Sheridi, the head of the Egyptian businesswomen's assembly, in the company of 15 businesswomen forming the assembly's members. Egypt, Business, 5/17/1999 - Turkish company invests over $ 2 mln in motorcycle project in Morocco Morocco-Turkey, Business, 5/17/1999
- Italy sets up centers to promote business with Arab states, small business loan to Morocco
The Italian government decided to offer Morocco a loan valued at $16 million dollars to enhance cooperation between the companies and centers of scientific research centers in the two countries, especially in light of a retreat in Italian investments in Morocco. Morocco-Italy, Economics, 5/17/1999 - Report: Lebanese businessmen and investment in Syria
Lebanese businessmen were quoted as saying that Dr. Bashar al-Assad who has decided to "launch the battle of the future," is notably concentrating on the investment issue, inspired by the address given by his father, Syrian President Hafez al-Assad, upon taking his oath for a fifth constitutional term in Syria. Syria, Economics, 5/17/1999 - Morocco and Egypt to foster cooperation in fisheries
Moroccan Fisheries minister, Thami Khyari, conferred last Weekend in Cairo with Egyptian minister of Agriculture, Yussef Wali, on ways of promoting cooperation between the two states in matters of fisheries and related sectors. Egypt-Morocco, Economics, 5/17/1999 - US commercial delegation to visit Cairo
A commercial delegation from the United States representing three economic organizations -- the Export - Import Bank of the United States, the US Trade and Development Agency and the Overseas Private Investment Corporation -- is to arrive in Cairo on May 25. Egypt-USA, Economics, 5/17/1999 - Representation offices for the Saudi - American bank in Lebanon Lebanon-Saudi Arabia, Economics, 5/17/1999
- International Monetary Fund opens bureau in Cairo
The International Monetary Fund affiliated to the World Bank decided opening a regional bureau in Cairo and appointed Sami Hadad as a regional representative to start work at the beginning of June. Regional-Egypt, Economics, 5/17/1999 - Moroccan official chairs economic debate and gala in memphis-in-may festival
Moroccan secretary of state for cooperation, Aicha Belarbi, chaired last week in Memphis, Tennessee, an economic debate and a gala held as the city featured Morocco as guest of honor in its Memphis in May Festival. Morocco, Economics, 5/17/1999 - U.S. - Saudi companies cooperate in technology
The Saudi company for data technology, D.I.T., said that it signed a cooperation agreement with the U.S. Ziff - Davis Company on providing sources about data technology in the Arab world. Saudi Arabia-USA, Business, 5/17/1999