Arabic News Weekly Edition for Economics, 8/16/2004
Weekly Edition, Economics - Week of August 16, 2004
- Achieving Arab food security program
Saleem al-louzi, Director General of Arab Organization for Agricultural Development said that the Organization prepared a program to achieve Arab food security. Regional, Economics, 8/21/2004 - Oil prices continue higher record levels Regional, Economics, 8/21/2004
- New incentives to activate privatization program Egypt, Economics, 8/21/2004
- Project for Institutional Development of Organic Agriculture in Syria Syria, Economics, 8/21/2004
- Syrian- Swiss economic relations highlighted
Minister of Economy and Trade Ghassan al-Refaee discussed with Swiss senior officials, businessmen and international organizations means of enhancing economic and trade cooperation between Syria and the Swiss Union and prospects of future cooperation. Syria-Switzerland, Economics, 8/20/2004 - Oil scores record prices, OPEC discusses prices
The light American crude oil yesterday registered a new high record price of 47.52 dollars per one barrel via electronic trading in London amid fears among the dealers of the increased pressures in the world demands for oil and tension in Iraq. Regional, Economics, 8/20/2004 - Lahoud was briefed on Water Projects Between Syria and Lebanon Lebanon-Syria, Economics, 8/19/2004
- On the production of the Syrian Gas Company
Production of the Syrian Company for gas in Homs amounted to 26 million cubic meter of clean gas per a day distributed within a group of transportation network which occupies 2300 km in Syria. Syria, Economics, 8/19/2004 - Syria owns 74 million olive trees
Syria which have 74 million of olive trees is planning to develop the Syrian olive oil through a financial grant offered by the Italian government, a senior Syrian agricultural official on Tuesday said. Syria, Economics, 8/19/2004 - US president signs Morocco-US FTA implementation act
US president George W. Bush signed this Tuesday the implementation act of the Morocco-US free trade agreement signed by the two countries last June 15. Morocco-USA, Economics, 8/18/2004 - oil price expected to reach 50 dollars per barrel
Analysts expected oil prices to continue their increase in the future to reach 50 dollars per barrel, despite the slight decrease in the price for the second running day from their record levels, after President of Venezuela Hugo Chaviz won the referendum over his presidential term of office and vowed to guarantee the stability of world oil market. Regional, Economics, 8/18/2004 - Iraq continues closure of its main oil line, its exports recede
A spokesman for the Iraqi South Oil company stressed on Tuesday continued closure of one of the two main oil pipelines in southern Iraq for security reasons. Iraq, Economics, 8/18/2004 - Kuwait signs a contract to buy three oil tankers
The Kuwaiti Oil Company on Tuesday finalized a contract with the Southern Korean Hyundai Heffy Industries at a cost of USD 182 million to purchase three new oil tankers, one week after requesting four other oil tankers. Kuwait, Business, 8/18/2004 - Mohie-Eddin: Public sector insurance companies must hone their performance Egypt, Economics, 8/18/2004
- Saudi Arabia: New income-tax on foreign companies
Saudi Arabia said that the new income-tax procedure which has been in effect as from July 30th effects only foreign individuals and foreign companies who have activities in the Kingdom. Saudi Arabia, Economics, 8/17/2004 - Strenuous efforts to convert Egypt into chip credit and debit card technology
Cobb expounded that one of the main reasons for shifting to Visa cards is because cash and paper money-based system have variable cost, while the electronic card systems have fixed costs. Besides the multi-function benefits of the smart card, it helps reduce fraud across the globe, she added. Egypt, Economics, 8/17/2004 - Libya starts bids for licenses for oil exploration
On Monday, Libya announced bids for oil exploration in its land and sea, the first bids of their kind since the lifting of the American sanctions. Libya, Economics, 8/17/2004 - Agreement on establishing first Egyptian-Sudanese Bank
Khartoum witnessed late last week the signing of the statute of the first joint Egyptian-Sudanese Bank with an authorized capital of $ 25 million out of which $ 15 million in a paid up capital. Sudan-Egypt, Economics, 8/17/2004 - $ 2.8 billion in oil sector's foreign investments under 2003-2004
Egypt's Minister of Petroleum Sameh Fahmy said that the oil sector has succeeded in luring foreign investments to the tune of $ 2.8 billion in the fields of exploration activities and natural gas exports under the FY 2003-2004. Egypt, Economics, 8/17/2004 - Brent oil price effected by fire in an oil well in al-Amara to the south of Iraq
An Iraqi source announced yesterday, Monday, that armed Shiite set fire in an oil well to the south of Iraq. Iraq-Regional, Economics, 8/17/2004 - 1000 megawatts added to Egypt's unified grid
In the last few years, Egypt's Ministry of Electricity and Energy has invited major international power companies to invest in Egypt in a bid to upgrade the total power grid before 2007 and meet the growing demand of energy in sectors of industry, agriculture and tourism. Egypt, Economics, 8/17/2004 - EU approves customs exemption on Egyptian agricultural commodities
The European Union (EU) has approved customs exemption on importing seven Egyptian agricultural commodities year round and without determining any export quotas. Egypt-European Union, Economics, 8/17/2004 - Egypt, China keen to develop Suez free economic zone
Consultations are under way to accelerate the development of the free economic zone in North West of Gulf of Suez, where an Egyptian delegation has visited China's Shenzhen industrial zone Egypt-China, Economics, 8/17/2004 - Nazif probes upping Indian investments in Egypt in IT
The message dealt with boosting bilateral cooperation mainly in the information technology, trade, economy and scientific domains, as well as increasing the volume of Indian investments in Egypt, said the ambassador. Egypt-India, Economics, 8/17/2004 - GCC investments in Egypt on the up
The investments of the Gulf Council Countries (GCC) in Egypt have increased remarkably, representing 66 percent of total Arab investments in Egypt, a study made by the Gu1f Centre for Strategic Studies revealed. Gulf-Egypt, Economics, 8/17/2004 - Egyptian cement sector in focus
Latest statistics show that an English company owns 88.5 percent of Alexandria Portland Cement Co., a French company holds 94.7 percent of He1wan Portland Cement Co., a Portuguese company owns 91.4 percent of Amriya for Cement, Mexican company owns 90 percent of Assiut for Cement and finally 95 percent of Beni Sweif Cement Co. owned by a major French Co. Egypt, Economics, 8/17/2004 - Suez power station renovation investment cost L.E. 1.3 billion
Between now and 2007, new investments of L.E. 1.3 billion will be used to develop the power grid in Suez Governorate, while a further L.E. 4.4 billion has been set aside to implement projects that were started in 1981, in order to cater for the increasing demands for electricity in the Governorate. Egypt, Economics, 8/17/2004 - Trade with Sudan and common currency, Nile Basin countries promising
Abdel Magad argued that further integration with the Sudan can be achieved by encouraging the creation of small and medium-sized business projects (SMEs) between Aswan and Wadi Halfa; establishing joint banks to extend credit to such businesses and striking a common currency to be known as the Nile pound. Egypt-Sudan, Economics, 8/16/2004 - Iran considers political and military reasons behind oil price increase, ensures oil abundance
A prominent Iranian oil official said that oil markets have a surplus in marketed oil and that there is no reason necessitates the increase in oil production. Iran-Regional, Economics, 8/16/2004 - Iraq closes one main oil exporting pipelines following threats
One Iraqi oil official said yesterday that the main oil pipeline which carried exportation oil in al-Basra city to the south of Iraq was blocked after intelligent information said that Shiite gunmen might attack the basic infrastructure for oil industry. Iraq, Economics, 8/16/2004 - Drastic benzene shortage in Iraq after one pipeline bombardment
One Iraqi oil official said that the Benzene shortage crisis has increased in Baghdad after attackers assaulted an oil pipeline to the south of the city on Saturday and this increased the shortage in fuel especially with the continued acts of unrest in the southern cities because of the fighting between al-Sader followers and the American forces. Iraq, Economics, 8/16/2004