OPEC Will Not Move, and Prices Are Not Governed by the Market

OPEC Will Not Move, and Prices Are Not Governed by the Market

Surging prices of oil which puts world economy into flames are still the focus and interest of the whole world. No wonder about that because oil is the propeller of local and international economic cycle, and the proof is that world leaders are calling OPEC to increase its production at a time the Head of the organization replies by saying that the rise of oil prices to hit records has nothing to do with demand and supply , rather it is the result of speculations and the weakness of the dollar.
In his opinion, these factors are out of the control of the market and this will lead to rise oil prices to reach $ 130 per barrel. OPEC will not do anything to confront this problem of the present levels of production, because the current prices are not governed by factors of the market as much as by certain economic circumstances.

Al-Dardari At Buildex Exhibition- 2008

Syrian Deputy Prime Minister for Economic Affairs, Mr. Abdullah Al-Dardari has paid Buildex Exhibition – 2008, held at the Fair Ground in Damascus between 12- 16 of this month, a visit. What drew the attention were the friendly atmosphere and the deep discussions between Mr. Dardari and heads of the companies. Answering the questions raised by the reporters, Mr. Dardari said that the Syrian government considers industry as one of the most important propellers of growth in the country, asserting that the industrial sector, since the first Industrial Conference and till now has achieved big steps in the sense that the average of growth rate in the industrial sector has exceeded 20% annually and that the volume of the industrial investments are doubling considerably, as the total volume of the industrial exports in 2007, according to "

Iraq to Increase its Oil Production by 500.000 Barrels Daily

A spokesman of the Iraqi Ministry of Oil has said that the ministry is about to conclude deals with a number of companies for increasing oil production by an average estimated at 500.000 barrels daily, raising the average to 3 million barrels a day.
The spokesman Mr. "Asem Jihad" has also revealed plans for producing 2,5 million barrels daily next June, by 1,8 barrels from the Southern fields, and 700.000 barrels from Kirkuk fields.

Prices of the Lebanese Shares Rise Following Doha Agreement

Prices of the Lebanese shares rose yesterday ,and shares of the real estate Solidere company have witnessed a big increase, following signing Doha Agreement yesterday morning, which is expected to put an end to a political conflict which lasted for 18 months.
Moreover, " Bloom" index has risen by 7,8% reaching 1862,46 points, whereas shares of Solidere , category A has risen by 14,3%, reaching $31,05, and shares of Category B by 15% , reaching $31,05 , in addition to a rise of the volume of dealing at Beirut stock market.

"Al-Arabi" Bank Helps " Zain" Company to Have $ 1,2 Billion

The Group of "Al-Arabi" bank has signed an agreement for granting a banking loan for the Kuwaiti Telecommunications company "Zain" by a total value estimated at $ 1,2 billion with the participation of a number of regional and international banks. The loan will be used for general financing purposes of "Zain" company , working in the field of offering services of mobile phones and other services on the regional and international

Omantel Authorizes " City Bank" for Selling 25% of its Shares

"Dow Jones" publication has mentioned that the Omani Telecommunications Company, Omantel, has authorized the banking "City Bank" Group (Citibank) to manage the selling of 255 of its shares, quoting the Executive Chairman of the company "Mohammed Ali Al-Wahibi", on the sidelines of the conference of Financing Telecommunication Sector, held in Dubai, that the selling is espected to be completed by the end of this year.

Small Indexes

– The volume of Iraq’s oil revenues during last April has reached about $6 billion, with a total volume of exports estimated at 57 billion barrels od crude oil.
– The volume of gold selling in Egypt has increased by 64 %, raising from $ 392000 during the first quarter of 2007 to $ 641000 during the same period of this year.

Companies Indexes

– The Saudi "Safola" Group has controlled 40% of the market of food oil in Egypt as the volume of its selling of its well-known "Afia" has risen considerably in the last few years.
– "Al-Khalij (The Gulf) bank has said that its unit in Libya has been granted a licensee for practicing banking activities there.

Bids

– In a series of deals for selling "Vermont" hotels, the Holding "Kingdom" Company has concluded a deal for selling "Vermont New Orleans" hotel in the U.S. with revenues estimated at 108 million Riyals.
– A general auction is due to be held next Thursday in "Hael" city for selling 520 housing units in "Durat Mashar" neighborhood to be carried out " Real Estate of the Country" company under the supervision of "Al-Khreiji" Group for Real Estate Investments.
The new blueprint of this neighborhood is considered one of the most prominent of housing blueprints in the city.