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Discuss this article (0 Comments)Arabic Press Review - Aug 22
by This email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 22 August 2007
In today's Arabic press, Kuwait's Al Wasat daily reveals that a trade ministry committee will meet in September under the chairmanship of Assistant Undersecretary Ali al-Baghli to discuss the increase in the prices of goods in the country.
According to reports earlier this month, consumer price inflation in the country accelerated during 2007 after having declined to 3% in 2006 from its record high of 4.1% in 2005.
Inflation ended the month of May at 5.3% year-on-year, slightly below the all time high of 5.4% registered in the previous month, data released from the Ministry of Planning said.
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In Saudi Arabia, today's Al Eqtisadiah reveals a report by Jadwa Investment that says the kingdom should maintain the riyal's peg to the US dollar and not change the current peg level.
The report indicated that the economy was not diversified enough to avoid the dollar's influence and the state does not have independent mechanisms to set interest rates in light of low debt levels among businesses and individuals.
...and in other news...
Al Eqtisadiah, Saudi Arabia: The General Investment Authority lent 436 million riyals ($116 million) to the National Chemical Transport, a subsidiary of the National Shipping Co. The money will be used to pay for four chemical tankers bought in 2004.
Al Eqtisadiah, Saudi Arabia: The Capital Markets Authority has cancelled the licence of Fursa Investment, which offered financial services after it failed to provide documents the regulator required.
Al Riyadh, Saudi Arabia: The General Statistics Authority said average wholesale prices rose 6.3% in the second quarter, compared to prices a year ago, with highest rises in livestock, meat and vegetables.
Al Watan, Kuwait: The cabinet will receive a study in November on the country's economy undertaken by McKenzie International.
Al Qabas, Kuwait: Prime Minister Sheikh Nasser al-Mohammad al-Sabah said all government contracts must be awarded through the Central Tenders Committee and Audit Bureau.
Al Alam Al Youm, Egypt: The company which has won the contract to supply turbines to Sidi Kerir power station will be announced within days. The project has a 204 million euro ($275 million) loan from the European Investment Bank.
Al Alam Al Youm, Egypt: Prime Minister Nazif today opens road projects in Beheira province at a cost of 33 million Egyptian pounds ($5.8 million).
Al Alam Al Youm, Egypt: Public-sector company workers will be paid 50% of their company's profits.
Al Alam Al Youm, Egypt: Trade and Industry Minister Rachid will open within days an electronic system for managing exports and imports.
Al Alam Al Youm, Egypt: Petrol consumption has gone up 13% in the summer.
Al Alam Al Youm, Egypt: The shareholders of National Bank for Development are studying a proposal to increase the bank's capital to 1 billion pounds.
Al Masry Al Youm, Egypt: Gold sales in Egypt rose 9% in the second quarter of 2007, compared to the same period of 2006, despite higher prices.
Al Ahram, Egypt: Government subsidies on fuel for industry will be cut gradually, saving the government 15 billion pounds.
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