Tarek Hoteit Notebook

profile|contact

The Daily Star reports that Lebanon's financial market was largely unmoved by last Sunday's parliamentary elections for the district of Beirut. "The results of the election have already been discounted by the market...that's why nothing has changed", the newspaper quoted a local currency dealer saying.

Labels: middle east

Posted by Tarek Hoteit at 6:50 AM | Permalink | Comments

Mutual funds in Bahrain has grown significantly by the first quarter this year. 1,657 mutual funds (only 64 are locally-incorporated funds) representing $5.3 billion in assets under management where recently authorized by the Bahrain Monetary Agency, BMA governor was reported saying. 64 of these were locally-incorporated funds, representing more than $1.3 billion in assets under management. Even through volume of Islamic funds was small compared to the conventional mutual funds (number of Islamic funds was 62 with $445 million in assets) but average growth of such funds was seen as 20 per cent each year for the past 5 years.
The governor was also quoted saying:
"the global market for Islamic investment funds is estimated to include over 100 funds, managing assets of over $5 billion with growth rate of around 15 per center a year."

KhaleejTimes.com highlights the opening session speech given by Governor of Bahrain Monetary Agency (BMA) Rasheed Al Maraj that prospects of growth in mutual funds industry in the MENA region seems exceptionally positive, challenges still lie ahead for this sector to be fully realized and to maintain its competitiveness, "Islamic funds cannot be sold solely on the basis that they are Shariah compliant."

Labels: middle east

Posted by Tarek Hoteit at 9:00 AM | Permalink | Comments

The first World Islaminc Funds Conference is being held in Bahrain (29-30 May). With 200 delegates from 24 countries, the the main focus of the conference is to bring together international investors and asset managers from the global Islamic finance industry in order to discuss the multi-billion Islamic Funds market. Islamic funds in the booming Gulf real-estate sector will be the main topic. Quoted from AME Info, "Bahrain, for instance, has tenders or projects in the construction industry valued at more than BD 4 million (US$ 10.7 billion)."

Other discussions at the World Islamic Funds Conference would include Hedge Funds, Asset and Wealth Management as well as investing in oil, gas and mining industries.

Labels: middle east

Posted by Tarek Hoteit at 8:45 AM | Permalink | Comments

The French people have rejected the EU Constitution.

Labels: middle east

Posted by Tarek Hoteit at 9:16 PM | Permalink | Comments

International Labor Office released a report on Palestinian labor conditions in the occupied territories. According to the report, despite domestic output grew in 2004 after four years of recession in the Palestinian economy, unemployment rate is close to 26 percent (224,000 people), less than half of all men of working age and just 10 percent of women of working age are employed; youth unemployment is alarmingly 40 percent among 15 to 24 years old, and one in every 15-24 years olds and over half of those aged 25-29 are forced in "idleness, that is neither studying nor in employment." Moreover 57 of workers received monthly wages that is not enough to lift a family of two adults and four children above the poverty line. Click here for the complete report.

Labels: middle east

Posted by Tarek Hoteit at 6:55 AM | Permalink | Comments

Prestigious Foreign Affairs magazine published online an essay, titled "Freedom and Justice in The Modern Middle East" adapted from a lecture given by Bernard Lewis, a Professor Emeritus of Near Eastern Studies at Princeton University.
The site summaries the article as follows: "To speak of dictatorship as being the immemorial way of doing things in the Middle East is simply untrue. It shows ignorance of the Arab past, contempt for the Arab present, and lack of concern for the Arab future. Creating a democratic political and social order in Iraq or elsewhere in the region will not be easy. But it is possible, and there are increasing signs that it has already begun."

NASSER NASSER / THE ASSOCIATED PRESS

Labels: middle east

Posted by Tarek Hoteit at 6:25 AM | Permalink | Comments

The Daily Star newspaper highlights a report released by Bank Audi-Saradar that Lebanon's latest political changes, prospects for investments by Gulf countries and country's own handling of foreign reserves will let the country arise from a near-zero growth in the first quarter of 2005. 'Lebanon is "on the eve of a historic reform opportunity' which could boost foreign investment and shave the public debt to 130 percent of GDP in four years - down from around 100 percent today.", the report says. Economists are having an optimistic look over Lebanon but a senior economist at the World Bank is quoted by the Daily Star article saying: "We have to wait until after the elections to see where the country is willing to go in terms of economic reforms."

Labels: middle east

Posted by Tarek Hoteit at 7:33 AM | Permalink | Comments

MasterCard International conducted a bi-annual survey on consumer confidence in Egypt, Lebanon, Saudia Arabia, United Arab Emirates, India and South Africa. AMEInfo.com reports on the results as follows: Kuwait, Saudi and UAE consumers remained highly optimistic (score > 90) in terms of "Regular Income", (the) "Economy", "Quality of Life", "Stock Market" and "Employment". Egyptian consumers showed the highest improvements in consumer confidence (score 60.7) compared to preceding periods (scores less than 40). Lebanese consumers (score 44.0) remain the most pessimistic.
More on this at AMEInfo.com.

Labels: middle east

Posted by Tarek Hoteit at 5:56 AM | Permalink | Comments

Syria's first international women's business conference opened at the Omayyad Conference Palace outside Damascus. The conference is organized by "Women in Business International" and the British-Syrian Society and Modernizing and Activating Women's Role in Economic Development (MAWRED). Both organizations provide networking events between Arab and international business women. Syria's first lady, Asma Assad, stressed on importance of country's reforms and transparency in order to attract foreign investments that enables Arab economies to flourish. She also said that Syria is improving its educational system. Former Pakistani Prime Minister Mohtarma Benazir Bhutto then discussed the challenges facing women in Muslim societies.
"My message to delegates, to career women, to business women is don't take no for an answer, " said Bhutto. "This conference in Damascus on women in business this morning gives me great confidence. The number of women in business, in politics is increasing. I have great hope for the future."
More on this at Daily Star's article.

Labels: middle east, society

Posted by Tarek Hoteit at 6:08 AM | Permalink | Comments

With the end of the 3-day World Economic Forum (WEF) in Jordan, Daily Star reports "regional leaders to respond to popular demand for economic and political reforms". Region's population to double in the next 30 years and it is currently receiving one percent of foreign investments. The region should act fast enough to catch up with the rest of the world. The article also highlights the Vision 2010 agenda that sets four ambitious 2010 targets: "privatization, free trade, labor reform and developing the business environment." This is expected to establish an economic growth rate of six to seven percent a year.

Labels: middle east

Posted by Tarek Hoteit at 7:31 AM | Permalink | Comments

At the World Economic Forum in Jordan, director-general of Dubai's Department of Economic Development told business leaders that the Middle East will attract global capital of $300 billion dollars over the next decade.

Labels: middle east

Posted by Tarek Hoteit at 4:09 PM | Permalink | Comments

MENAFn.com reports that a Gallup survey, presented at the World Economy Forum, shows that the Arab people are generally optimistic about the future. Those who were employed, feel safe with their present jobs, but changing jobs would be difficult. On the other hand, wars in the region and fears for the economy is their greatest worry this year.

Labels: middle east

Posted by Tarek Hoteit at 6:39 AM | Permalink | Comments

SiwssInfo.org reports that a study distributed at the World Economic Forum regional meeting in Jordan concluded that Arab women face a pervasive lack of freedom in the Arab world.

Labels: middle east

Posted by Tarek Hoteit at 8:22 AM | Permalink | Comments

World Economic Forum (WEF) will open today at the Jordan shores of the Dead sea. Major part of this three-day forum would focus on exploring major reforms that enhance competitiveness, lead to sustainable growth and create jobs for millions of our Arab youngsters.

Labels: middle east

Posted by Tarek Hoteit at 6:13 AM | Permalink | Comments

From TimesOnline, check the partial transcript of an exchange between a British police office and 16-year old boy in West London, where the office says: "'I'll smash your f****** Arab face in"

Labels: middle east

Posted by Tarek Hoteit at 8:34 AM | Permalink | Comments

MENA conference on our Arab youth, "Urban Children and Youth in the MENA Region: Addressing Priorities in Education" has started in Dubai.
Quoted from AME Info: "World Bank urges MENA officials to work on behalf of children and youth".



In another AME Info article highlighting live discussions with the region's youth generation, a young participant said:
"We youths are not the citizens of tomorrow. We are citizens now. Our voices have to be heard and city officials should make it a point to plan the city that is friendly to youth"

Labels: middle east

Posted by Tarek Hoteit at 5:18 AM | Permalink | Comments

What do you think of this blog? What do you like to be added or discussed? discuss Arabian Circle

Labels: middle east

Posted by Tarek Hoteit at 9:18 AM | Permalink | Comments

The Daily Star newspaper reports that Oil industry sees prices going higher

Labels: middle east

Posted by Tarek Hoteit at 9:16 AM | Permalink | Comments

ITP.net publishes an article about Talks product, developed by a non-profit organization - Tamkeen, that helps visually impaired phone users with their mobile lives. The software helps them with mobile calls, e-mail and text messages.

Labels: middle east

Posted by Tarek Hoteit at 11:46 AM | Permalink | Comments

Customers vote Air Arabia Best MENA Airline

Labels: middle east

Posted by Tarek Hoteit at 11:37 AM | Permalink | Comments

United press International discusses a report from a prestigious company that the world will depend more on Saudia Arabia for its oil needs, and the Kingdom's reserves are big enough to meet such demand.

Labels: middle east

Posted by Tarek Hoteit at 10:07 AM | Permalink | Comments

AMEInfo: Investors' behavior will need to change to match the growing maturity of Gulf markets.

Quoted from AMEInfo:
"The positive momentum driving primary and secondary capital markets in the Gulf region, fuelled by high oil prices, gradual liberalization and diversification at the economic level, and the number of private companies going public, is expected to continue through 2005."

Labels: middle east

Posted by Tarek Hoteit at 9:54 AM | Permalink | Comments

The Daily Star - American University of Beirut starts first Mideast corporate governance program. Corporate governance studies how corporations would run. We hope this helps in attracting investors to Arab corporations and projects.

Labels: middle east

Posted by Tarek Hoteit at 1:01 PM | Permalink | Comments

Burj Al-Arab named Middle East Hotel of the Year | DEPA

Labels: middle east

Posted by Tarek Hoteit at 5:40 PM | Permalink | Comments

First Arab American Museum Opens!

Labels: middle east

Posted by Tarek Hoteit at 2:22 AM | Permalink | Comments

The Daily Star - Business Articles - Shell clinches multi-million dollar gas exploration deal with Libya

Labels: middle east

Posted by Tarek Hoteit at 7:41 AM | Permalink | Comments

Labels: middle east

Posted by Tarek Hoteit at 9:49 AM | Permalink | Comments

In cooperation with Arab Urban Development Institute, the World Bank and UNICEF, a conference, titled "Urban Children and Youth in the MENA Region: Addressing Priorities in Education" will discuss Youth and children's issues in Arab world. It will be held in Dubai during 16-18 May 2005.

There will be several discussion sessions each day, but one session worth noting: a dialogue between Youth, Municipal and National Authorities where Youth will moderate the discussions, with children participating from West Bank-Gaza, Sana'a, Rabat, Cairo and Dubai through video-conferencing. First signs of effective usage of technology in assisting with solving our own Arab issues today.

Labels: middle east

Posted by Tarek Hoteit at 10:57 PM | Permalink | Comments