The Rise of Oil Prices and Its Negative Effects

The Rise of Oil Prices and Its Negative Effects

Following the decline to $55 per barrel, oil prices witnessed a big rise by the end of 2007, reaching during the second half of this month more than $90 per barrel.
Oil prices have previously witnessed a continuous rise by more than $30 per barrel till they reached the current prices. With the increase of oil prices, the living standards have been affected negatively in the non-producing oil countries, especially in the developed countries or the poor ones. Moreover, the costs of transportation and the industrial production in the industrial countries have increased, which led to the decrease of the margins of the profits of the non-oil companies, and transformed a considerable part of the revenues of the international growth rate to the oil producing countries. This led to more worry about world economics’ stability, and its ability on continuous growth rate, in case the rise of oil prices became out of control, and the inability of the international economy to create jobs and achieve more profits and revenues, at a time the profits of the oil companies in the west are increasing beyond one’s imagination.

"Al-Masharaq al –Arabi" for Insurance Starts its Activities in Syria

Al-Masharaq al-Arabi Insurance Company will be launched officially next Monday in the Syrian Insurance Company with a total capital of 850 million Syrian pounds. The Establishing parties of this company are: Al-Emarat with 40%, Saeb Nahas 5%, Mohammd Soubieh Nahas !% - Nahas Company for Trade and Machines 2% and the modern company of cars 1%.

Palestine Financial Market Signs An Agreement with "Badico"

Palestine Financial Market and Palestine Company for Development and Investment "Badico" have signed an agreement to transmit information on the internet through a computer system for analyzing the performance of the financial markets.

The Selling of 11.6% of the Shares of the Jordanian Telecommunication Company Next Month

A well informed Jordanian governmental source said that there is a possibility for announcing a deal for selling 11.6% of the shares of the Jordanian telecommunications company owned by the state for the Kuwaiti "Nor" Company for Financial Investment next month.

$85, the Profits of the Gulf Financing House

The Gulf Financing House said yesterday that it achieved big financial results during the third quarter which ended on the 30th of September 2007, gaining net profits estimated at $85 m with an increase of 44% compared to the profits of the same period of 2006 which reached $59 m.

Decline of the Profits of the Saudi Telecommunication Company

The Saudi Telecommunication Company, the biggest Arab Telecommunication Company in terms of market value for shares that its net profits have declined during the fifth quarter consecutively, coming less than the expectations of the analysts. The net profits have declined during the third quarter till the 30th by 2% reaching 3.14 billion riyals compared to 3.21 billion riyals during the third quarter of the last year.

France and Marocco Sign a Number of Agreements

France and Morocco have signed civil and military agreements in a total value of 2 billion Euros during the visit paid by the French President Nicolas Sarkozy to Morocco. The agreements ranged between constructing a high speed train between Tanger and Casablanca. Moreover "Alstom" has concluded a deal for importing 20 trails of Prime model and for building a generating station for electricity near Jeddeh.

The Increase of the Tourists Visiting Turkey by 23.5%

The Turkish Institute of Statistics said that the number of the tourist who visited the country last September has risen by 23.5% compared to the same period of last year indicating the continuous recovery of this important sector. About 2.8 million tourists visited Turkey in September only. It is worth mentioning that the revenues have risen during the second quarter by 1% compared to last year.

Small Indexes

– Insurance experts expect the volume of investment which will be pumped by insurance companies in the Syrian investment market to reach 10 billion Syrian pounds by the end of this year, and the direct job opportunities in this sector to reach about 3000 job opportunities.
– The Iranian Deputy Minister of Oil Ghulam Hussein Nozeri said that the volume of producing crude oil has reached 4 million, and 137.000 barrels daily during October.

Companies’ Indexes

– Dubai Commission for Financial Services said that it signed a memorandum of understanding which it described as historical with the monitoring commission of the American banks.
– The International al Waha Company for Renting said that it will buy a share of 42.5% of the Bahraini Adax Bank with the aim of expanding in the sector of banking services.
– The Bahraini United Gulf Bank announced that achieved net profits estimated at $195 m during the first nine months of 2007 which equals 24.1 American cents per one share.

Exhibitions

– The activities of Palestine Fourth Exhibition for the technology of information and telecommunications – 2007- ExpoTec have started , with the motto : " The Unite of Developed Technology ". The activities will last for three days.
– More than four hundred companies from 15 countries is due to take part in the 11th International Exhibition for the means of protecting the state’s security (Interpolitikh) 2007 due to be held between 30 October – 2 November in Moscow. According to Novostey news agency the exhibition will offer a unique chance for consumers to meet and hold talks with regard to with military and security equipment and also to conclude deals among them in this sector.

Bids

– The Jordanian Oil Refinery Company has offered a bid for the project of designing, importing, and building automatic facilities for storing liquid gas at the refinery’s site in Al Zarqa area. The deadline of receiving the bids will be on the 15th of next November.