Arabic News Weekly Edition for Economics, 4/24/2000

Weekly Edition, Economics - Week of April 24, 2000

• Petroleum discoveries in Egypt worth $2.1 billion Egypt, Economics, 4/29/2000
• Arab states consider replacing foreign labor with Arab labor to deal with Arab youth unemployment
  Ibrahim Qaider, the general manager of the Arab Labor Organization, said the organization seeks to make a mechanism that contributes to solving the problem of employing Arab youths and confronting unemployment in general. Regional, Economics, 4/29/2000
• Oman begins negotiations to join WTO
  Oman started its first negotiations to enter the World Trade Organization, which can be a challenge for getting into the system of economic globalization, especially as globalization is no longer considered an option, and the countries ignoring it may face isolation and risks, Omani Trade Minister Makboul Ali Sutlan said. Oman, Economics, 4/29/2000
• Ebeid: economic conditions satisfactory
  Prime Minister Atef Ebeid said the conditions of the Egyptian economy are extremely satisfactory adding that the government is seriously acting to reactivate demand on the market as an urgent challenge. Egypt, Economics, 4/29/2000
• Egypt to occupy prominent economic position within 10 coming years
  US diplomatic sources in Cairo expressed on Thursday confidence that the Egyptian economy would occupy a prominent position in ten years should Egypt keep pace with the current information revolution. Egypt-USA, Economics, 4/29/2000
• Mali, Tunisia sign accord on prevention of double taxation
  Tunisia and Mali signed on Friday an agreement on preventing double taxation to promote investments and encourage the private sector to engage in partnership projects. Tunisia, Economics, 4/29/2000
• Granting US and German aid to Jordan Jordan-International, Economics, 4/29/2000
• It is difficult for the time being to assert existence of oil in Morocco
  Moroccan Minister of Energy and Mining Youssef Tahiri said it is difficult for the time being to assert that oil exists in Morocco. Morocco, Business, 4/29/2000
• One million German tourists visited Tunis
  Tunisian official statistics said that one million German tourist visited Tunis during the last year, as they accounted for 22% of the total foreign tourists who visited Tunis estimated at 4.8 million tourists and nearly a quarter of the European tourism volume coming to Tunis, which reached nearly 4 million persons. Tunisia-Germany, Economics, 4/29/2000
• Morocco hosts Arab conference on women, poverty
  The Arab League has accepted Morocco's candidacy to host next May an Arab conference on "women and poverty." Regional, Economics, 4/28/2000
• UAE food aid for Yemen Yemen-United Arab Emirates, Economics, 4/28/2000
• Arab Maghreb electricity grid group meets in Tripoli
  The electricity grid group of the Arab Maghreb states held its annual meeting in Tripoli, Libya on Wednesday. Maghreb, Economics, 4/28/2000
• Arab union for steel convenes in Algeria Regional, Business, 4/28/2000
• Spanish power corporation provides 100 mgw to Morocco until 2001 Morocco-Spain, Business, 4/28/2000
• French fund consolidates development assistance to Morocco
  The French Development Agency (AFD) announced an increase in its budget to development assistance in Morocco which will reach 45 million euros this year. Morocco-France, Economics, 4/28/2000
• Moroccan homeless children association raises funds
  Moroccan association for homeless children AMESIP will launch a fund raising campaign in schools from, May 8 through 31. Morocco, Economics, 4/28/2000
• Saudi commercial delegation leaves Lebanon
  A Saudi commercial delegation is concluding today its visit to Beirut, Lebanon, which lasted for five days and fulfilled the invitation of the international Lebanese company for marketing and investment. Saudi Arabia-Lebanon, Economics, 4/28/2000
• King Mohammed launches housing projects in Tangiers
  King Mohammed VI, who was accompanied by Prince Moulay Rachid and visiting Mauritanian President Mouaouia Ould Sid Ahmed Taya, launched on Thursday housing projects in several poor districts in Tangiers. Morocco, Economics, 4/28/2000
• An assemblage for Egyptian petrochemicals on the Red Sea shores
  The executive steps started for establishing a large assemblage for the Egyptian petrochemicals in Ain Sokhna area with a capital of 600 million LE in the participation of Egyptian, Saudi and Iranian companies. Egypt, Business, 4/28/2000
• Morocco, Germany hold economy forum next October
  Morocco and Germany will hold an economic forum in Berlin next October, the German Afrika Verein Association announced in its Agenda 2000. Morocco-Germany, Economics, 4/28/2000
• Establishing a new tourism resort in Bahrain
  The executive steps have been started to establish a resort in Bahrain worth $22.4 million south of Sheikh Hamad Road, which links Manama and Mahrak. Bahrain, Business, 4/28/2000
• $17 billion in Saudi expenditures on internal tourism
  Statistics issued by union of industrial and trade chambers in Jeddah said that the Saudis' expenditures on tourism services inside Saudi Arabia reaches $17 billion annually while the national investments in international tourism and establishing tourism and entertainment resorts between 1995 and now reached more than $6.4 billion dollars. Saudi Arabia, Economics, 4/28/2000
• International symposium for investment and business in Algeria
  An international symposium concerning chances of investment in Algeria will be held on June 11 and 12 in an attempt to attract foreign and joint investments to Algeria to address the economic crisis that has been confronting Algeria for years. Algeria, Business, 4/28/2000
• Egypt prepares to participate in Expo 2000 fair in Germany
  The Egyptian government decided to form a ministerial committee to be headed by Economy Minister Yusef Botrus Ghali to discuss Egyptian participation in the Expo 2000 fair that will be held in Hanover, Germany, between June 1 and October 31. Egypt-Germany, Economics, 4/28/2000
• Unemployment rate drops slightly during fourth quarter of 1999
  The unemployment rate dropped slightly nationwide from 15.1% in July-August 1999 period to 14.5% during Sept-Nov period, the number of idle persons having gone down from 1.53 million to 1.45 million. Morocco, Economics, 4/28/2000
• Accor develops its works in Tunis
  The international Accor group for hotels signed a management contract for several hotels and resorts in Tunis that includes 1,400 hotel rooms and related services. Tunisia-France, Business, 4/28/2000
• Development fruits to be reaped by all Egyptians
  Mubarak voiced hope that the living standards of all Egyptians would be improved and that "a tangible leap forward" in the quality of life for all Egyptians would be achieved. "We firmly believe that social justice is the basis of the legitimacy of the ruling system and that burdens of life should be fairly shared by all members of society," he added. Egypt, Economics, 4/27/2000
• Egypt, region's key to commerce, investment, stability
  The AmCham’s 17th Door knock mission which represents the Egyptian private sector, has recently visited Washington on its own members’ initiative without any governmental interference . Through a long time now, the Mission could establish strong relations in the American circles, working under the slogan of the "Interest of Egypt"; this year’s slogan was: "Egypt, the Region’s key to Commerce, investment and stability". Egypt-Regional-USA, Economics, 4/27/2000
• Egyptian economic reform program goes on, private sector given priority
  Setting a precedence in Egypt, Economy and Foreign Trade Minister Youssef Boutros Ghali Wednesday held a telephone conference via satellite with international companies and investors on the Egyptian economy and the investment climate. Egypt, Economics, 4/27/2000
• U.S increases aid to Yemen to $50 million next year Yemen-USA, Economics, 4/27/2000
• Moroccan, US firms conclude $50 million drilling accord
  The Moroccan state-run Oil Drilling and Exploiting Company ONAREP concluded in Rabat Wednesday a drilling contract with US Lone Star Energy. Morocco-USA, Business, 4/27/2000
• Lebanese premier confers with Arab tourism writers board
  Lebanese Prime Minister Salim al-Hoss met on Wednesday with the board of the Arab tourism writers federation, currently meeting in Beirut, in a special session as an expression of solidarity with Lebanon. Lebanon-Regional, Economics, 4/27/2000
• An Egyptian company for tourism investment of $150 million
  Accor international group for hotels started establishing a holding company for tourism investment in Egypt with a capital of $150 million to establish many hotels, resorts and floating hotels all over Egypt with investment of $450 million. Egypt, Business, 4/27/2000
• On the issuance of new legislative decrees in Syria Syria, Economics, 4/26/2000
• Egyptian economy minister visits Baghdad Egypt-Iraq, Economics, 4/26/2000
• Syrian Cabinet approves amendment bill for investment law no.10 of 1991
  Chaired by Prime Minister Muhammad Mustafa Miro, the Syrian Cabinet held a meeting on Tuesday during which it approved the bill that provides for amending law no. 10 on encouraging investment for the year 1991. Syria, Economics, 4/26/2000
• IMF mission lauds stability of Egyptian credit market
  Prime Minister Atef Ebeid said the government would take urgent measures to control recession and activate capital and stock exchange market. He added that all government outstanding debts will be repaid within nine months at LE 2.5 billion per month. Egypt, Economics, 4/26/2000
• Saudi Arabia, Iran to resume air flights
  One of the Saudi airlines' planes arrived in Tehran on Monday evening in an experimental flight in preparation for resuming regular flights. Saudi Arabia-Iran, Economics, 4/26/2000
• Qatari minister meets with Japanese consultants to discuss rising water Qatar-Japan, Economics, 4/26/2000
• Italian tourism group injects $60 million in Morocco
  The Italian tourism group NESCO will inject some $60 million in tourism projects in Morocco. Morocco-Italy, Economics, 4/26/2000
• Merrill Lynch to hold 1st investment conference on Egypt
  Merrill Lynch, a major US-based investment corporation will organize its first conference on investment in Egypt within the coming few days. Egypt-USA, Business, 4/26/2000
• EgyptAir main host for Mediterranean Travel Fair Egypt-Regional, Business, 4/26/2000
• Moroccan oil-refining firm posts $97.5 million profits in 1999
  Moroccan oil-refining firm "SAMIR" announced a net profit of $97.5 million (975 million DH) in 1999, a 23% growth compared to 1998. Morocco, Business, 4/26/2000
• World Bank chief in Morocco next week
  World Bank President James Wolfensohn will start next Monday a two-day visit to Morocco, WB sources in Washington announced on Tuesday. Morocco-World Bank, Economics, 4/26/2000
• Egypt succeeds in meeting environmental requirements for trade
  Nermin Murad, Egypt's deputy assistant foreign minister of the development and environmental affairs, said Egypt has managed to confront attempts to stop its membership in the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES). Egypt, Economics, 4/26/2000
• Warnings to Egyptians traveling to Saudi Arabia Egypt-Saudi Arabia, Economics, 4/26/2000
• Emirates Banking Group launches Indian investment company United Arab Emirates-India, Business, 4/26/2000
• Elf Petroleum Qatar to invest $350 million in development Qatar-France, Business, 4/26/2000
• Civil servants' promotion would cost the state $700 million
  Generalizing the internal promotion of civil servants, decided under an agreement reached Sunday between the government, two trade unions and employers will cost the state $700 million over three years, said the spokesman of the government, Khalid Alioua. Morocco, Economics, 4/25/2000
• King Mohammed in Tangiers
  King Mohammed VI arrived Monday in the northern Moroccan city of Tangiers, where he will dedicate several development projects. Morocco-Mauritania, Economics, 4/25/2000
• Bashar al-Assad opens Sham 2000 IT exposition Syria, Business, 4/25/2000
• Opening Jeddah international tourism fair
  Jeddah third international fair for tourism and entertainment cities 2000 started yesterday evening. Saudi Arabia-International, Economics, 4/25/2000
• Gulf states - EU customs cooperation
  An official in the United Arab Emirates on Monday in Dubai expressed the optimism of the Arab Gulf states toward achieving progress toward canceling the customs fees of 6% imposed by the European Union on its aluminum exports by the end of this summer. Gulf-European Union, Economics, 4/25/2000
• Al-Assad enacts three decrees on economic crimes
  Syrian President Hafez al-Assad has issued three legislative decrees for 2000. Syria, Economics, 4/25/2000
• Arab towns organization holds 12th conference in Kuwait
  The Arab towns organization opened in Kuwait on Monday its 12th conference. Regional-Kuwait, Economics, 4/25/2000
• Tetuan wind power plant to cover 2% of Morocco's electricity consumption
  The wind power plant under construction in the northern city of Tetuan will cover 2% of Morocco's annual electricity consumption. Morocco, Economics, 4/25/2000
• Moroccan port staff resumes work Monday
  Moroccan ports staff resumed on Monday their work following an agreement reached between the government, trade unions and the employers association, the Employment Ministry announced. Morocco, Economics, 4/25/2000
• Algeria records trade surplus Algeria, Economics, 4/25/2000
• $800 million in Egyptian exports to Iraq Egypt-Iraq, Economics, 4/25/2000
• Establishing a holding company for technology in Kuwait Kuwait, Business, 4/25/2000
• China donates $60,000 to Morocco Morocco-China, Economics, 4/25/2000
• Syrian - Saudi free trade zone opened
  Works of the Syrian - Saudi technical committee in charge of working out a draft agreement for the establishment of a free trade zone between the two states were concluded on Sunday, following two days of deliberations. Syria-Saudi Arabia, Economics, 4/24/2000
• Head of the delegation of the European Commission in Damascus
  The head of the delegation of the European Commission in Damascus, Marc Pierini, gave a lecture on April 19 at Goethe Institute in Damascus under the title "Perspectives for a Euro-Syrian partnership." Syria-European Union, Economics, 4/24/2000
• Morocco, Egypt to upgrade cooperation in audit
  Morocco and Egypt agreed in Cairo Sunday to upgrade bilateral cooperation in audits through exchange of visits and experiences. Egypt-Morocco, Economics, 4/24/2000
• Stopping establishing private aviation companies in Egypt Egypt, Business, 4/24/2000
• Jordan: Economic relations with Israel are not proceeding satisfactorily
  Jordanian Prime Minister Abdul Raouf al-Rawabdeh has asserted that most joint Jordanian- Israeli economic projects are not proceeding satisfactorily. Jordan-Israel, Economics, 4/24/2000
• Meetings of the Egyptian - Japanese businessmen council in coming October
  The first meetings of the joint Egyptian - Japanese businessmen's council were sheduled to be held in October in Tokyo with the participation of 50 businessmen in the two countries in the framework of celebrating Egypt's year in Japan, as supporting means of cooperation among the business organizations in the two countries has been discussed and increased the volume of joint investment. Egypt-Japan, Business, 4/24/2000
• 200 companies participate in GITEX Cairo 2000
  200 worldly computer companies from 17 Arab, European, American and Asian states participated in the fair of GITEX Cairo 2000. Egypt-Regional, Business, 4/24/2000
• Egyptian business mission visits Sweden Egypt-Sweden, Business, 4/24/2000
• The Gulf Microsoft moves to Dubai Internet City United Arab Emirates, Business, 4/24/2000

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