Amnesty International Criticizes Some Arab Legal Systems
Amnesty International has issued a report on the corruption in the legal system in some Arab countries, and on governmental interference in legal matters.
The report cited Egypt as an example of a country where legal authorities defend the government at the expense of the people. According to the report, in Algeria, judges known for their independence are transferred to remote areas, while in Morocco, one-third of those who go to court acknowledge paying bribes.
The report asserted that economic development moves faster with an independent legal system [particularly in cases of litigation on contractual issues].
Source: Al-Mada, Iraq, June 4, 2007
U.S. Urges Swiss Banks Not To Deal With Iran
A senior U.S. Treasury official was in Switzerland urging Swiss banks not to deal with Iran because Iranian officials often conceal their identity to carry out transactions in connection with Iran's uranium enrichment program.
The official said that the U.S. has provided evidence about the involvement of Iranian financial institutions in supporting uranium enrichment.
UBS, the largest Swiss bank, has said that it will sever all relations with Iran. The second largest Swiss bank, Credit Suisse, said it will not take on new customers but will retain current customers.
Source: Sotaliraq, June 4, 2007
Retail International: Retail Business in Mideast – $100 Billion
The second international fair for retail business opened in Dubai on Saturday, with many international companies participating.
Retail International said the retail business in the Middle East has reached $100 billion annually.
Dubai, Abu Dhabi, Riyadh, and Jeddah are considered the four leading cities in the area in the retail business
Source: Al-Sharq Al-Awsat, London, June 3, 2007
Saudi Investment Authority Entices U.S. Investors
During a five-day tour in the U.S. the Saudi Investment Authority offered U.S. investors opportunities to invest in the Kingdom worth $500 billion.
Saudi Arabia is in the process of planning the construction of six integrated economic cities to attract foreign investments.
[The first city, named after King Abdullah, is already in operation.]
Source: Al-Sharq Al-Awsat, London, June 3, 2007
Financial Services Conference Launched In Bahrain
Under the auspices of the Financial Times, the first financial services conference opened in Bahrain over the weekend.
The conference addresses a new reality in the Gulf – that, in terms of economic significance, the oil sector is being increasingly overshadowed by the significance of economic sectors such as real estate, tourism, and, in the case of the Emirates, the private sector.
Income per capita is also rising. The figure for Qatar comes behind only Luxembourg and Norway.
Source: Al-Hayat, London, June 3, 2007
Gulf Banks "Wake Up" To Challenges of Global Competition
The chief executive of the Saudi Commercial National Bank has said that the banks in the Gulf states are getting ready for the challenges of global competition, and are more likely than ever to seek opportunities for integration in their domestic markets.
He cited the integration of the National Bank of Dubai with the Dubai-based Emirates Bank.
The Gulf banks are still small by international standards and need to integrate in order to compete with the flourishing businesses in the region. Ample oil revenues and the emergence of powerful new players in the business sector provide support to these banks.
The total combined assets of the GCC banks amount to $624 billion.
Source: Al-Qabas, Kuwait, June 3, 2007
Commercial Bank Of Kuwait Seeks To Buy Large Share In Egyptian Bank
The Commercial Bank of Kuwait – the fourth largest bank in the country – is negotiating to buy a significant share of an Egyptian bank and another share in a Turkish bank. Previously, the Kuwaiti newspaper Al-Rai wrote that the bank was in advanced negotiating stages to buy 51% of the shares of a regional bank for $1.5 billion.
With increasing competition at home, the Commercial Bank of Kuwait has begun to expand into Iraq and Syria
Source: Al-Sharq, Qatar, June 3, 2007
Energy Black Market In Iraq
Because of the Iraqi energy sector's failure to meet the needs of the population, it is common to see in Baghdad these days power lines strung over trees and connected to private generators.
The shortage of power has been particularly onerous for people who live in high rise apartments, where elevators do not work and water does not reach them unless private generators are used.
Source: Al-Mada, Iraq, June 4, 2007
U.A.E. Transfers $80 Million To Palestinian Authority
In keeping with its obligations under the Arab League, the United Arab Emirates has transferred $80 million to the PLO to "pay salaries and relieve the suffering of the Palestinian people."
Source: Sotaliraq, June 4, 2007
