Italians find ancient tablets

(ANSA) - Rome, March 28 - Italian archeologists working in Iraq have found a trove of ancient stone tablets from the fabled civilisation of Ur .

The tablets bear around 500 engravings of a literary and historical nature, according to team leader Silvia Chiodi .

"This is an an exceptional find," she said, noting that the area in question had previously only yielded prehistoric artefacts .

She said the tablets, made of clay and bitumen, were discovered by chance at an archaeological site not far from the location of the ancient city .

"I was looking for a wall structure spotted by an airborne photo when I spotted a small inscription on bitumen and then realised it wasn't the only one" .

An expert on Sumerian civilisation, Giovanni Pettinato, said the finds probably dated back to one of Ur's most prosperous periods .

"The most surprising thing is the time span the tablets cover, ranging from 2,700 BCE, the First Dynasty of Ur, to 2,100 BCE, the Third Dynasty," Pettinato said .

"The place where the tablets were found, not far from the surface, leads one to suppose they contain information from a library," he said .

"There could be thousands of them down there" .

Chiodi said the tablets would probably occupy a prominent place in a new Virtual Museum of Iraq which Italy is building to show people what Baghdad's celebrated museum of antiquities looked like before it was looted in the wake of the 2003 US-led invasion of Iraq .

About a half of 40 star attractions of the museum have yet to be retrieved .

Of the 15,000 items taken from storeooms, 8,000 have not been returned despite an amnesty .

Ur, near the southern Iraqi city of Nassiriya, is cited in the Bible as the birthplace of the prophet Abraham .

It was the religious hub of Sumerian civilisation at the start of a series of dynasties that ruled Mesopotamia from around 4000 BCE .

Long before the Egyptians, the Sumerians invented the wheel and developed the first mathematical system .

The most famous classic of ancient literature, Gilgamesh, was written at Ur .

The most prominent monument at the site is the best preserved ziggurat, or stepped pyramid, in the Arab world .

It was built by the Sumerians around 4000 BCE and restored by Nebuchadnezzar in the sixth century BCE .

National Microfinance Bank inaugurated in Jordan

Their Majesties King Abdullah and Queen Rania receive Saudi Prince Talal Ben Abdul Aziz on Monday (Photo by Yousef Allan)

AMMAN (JT) — Their Majesties King Abdullah and Queen Rania on Monday received Saudi Prince Talal Ben Abdul Aziz, president of the Arab Gulf Programme for United Nations Development Organisations (AGFUND).

They voiced appreciation for the prince's role in serving the cause of development in Jordan, through AGFUND.

The pan-Arab organisation yesterday opened the National Microfinance Bank (NMB) in Amman, the first such institution AGFUND launches in the Arab world.

In addition to AGFUND, stakeholders include the King Abdullah II Fund for Development (KAFD) and the private sector.

The King and Queen held a lunch banquet in honour of Prince Talal attended by KAFD Board of Trustees Chairman Faisal Fayez, his deputy Bassem Awadallah and Adviser to the Arab Open University Mohammad Hamdan.

According to the KAFD, AGFUND seeks to assist Arab countries in establishing their own microcredit organisations to finance projects for the needy, while ensuring sustainability of the beneficiaries' financial income.

NMB, previously known as Bank of the Poor, works to finance productive projects for underprivileged segments of the society, spread a culture of microcredit and carry out activities that are likely to serve its mission.

Queen Rania attended the opening ceremony, along with Prince Talal and Professor Mohammed Yunis, president of Bangladesh's Grameen Bank and a microcredit pioneer since the 1970s.

Fayez, Labour Minister Bassem Salem and senior officials also attended the ceremony.

The official inauguration was in parallel with the opening of two other NMB branches in Karak and Zarqa. The bank hopes to expand its network to 13 branches, covering all of the Kingdom's districts.

On the sidelines of the ceremony, the NMB signed an agreement with the Queen Rania Society for the Welfare of Servicemen and Families, under which it will provide eligible families with small loans to improve their living conditions.

Under the agreement, the bank will also train staff working for the organisation.

In his address at the ceremony, Prince Talal praised the flexibility in procedures to establish the bank, voicing hope that the bank would help Jordan achieve its development goals, including one to reduce poverty by 50 per cent by 2015.

NMB Manager Bassem Khanfar highlighted Queen Rania's efforts to enhance the microcredit culture in the Kingdom.

The Queen, who has played a key role in supporting microprojects in the Kingdom, was named UN Microcredit Ambassador last year. She is also a board member of FINCA, an international organisation that provides financial services to the world's poorest families so they can create their own jobs, raise household incomes and improve their standard of living.

In his address at the opening ceremony, Professor Younis outlined the experiences of Grameen, noting that most beneficiaries are women.

Meanwhile, NMB Chairman Fadi Ghandour presented plaques to the Queen and Prince Talal at yesterday's ceremony.

Syria’s First Female Vice President

Somayya Jabarti & Abdul Maqsood Mirza, Arab News

JEDDAH, 24 March 2006 — Syria named a veteran former culture minister, Najah Al-Attar, as its first woman vice president, the official SANA news agency reported yesterday.

“Mrs. Najah Al-Attar was sworn in as second vice-president in charge of cultural policy by President Bashar Assad,” SANA said.

In Saudi Arabia, women were keen to hail the move as another step in the right direction of empowering qualified women for high positions of power. Fatin Bundugji, director of Women Empowerment & Research at the Khadija bint Khuwailed Center of the Jeddah Chamber of Commerce and Industry emphasized that “qualified” is the operative term.

“The fact that she’s a woman does not undermine the fact that she’s the most qualified one for the job,” Bundugji told Arab News. “The decision of her appointment as vice president was not gender-based, though the fact that she’s a woman is a plus for the women’s cause. Her appointment is based on qualification.”

Indeed, Attar, 68, has served as minister of culture from 1976 to 2000 and was most recently in charge of the ministry’s translation department. She holds a doctorate from Edinburgh University and has published a number of books.

Director General of the Khadija bint Khuwailed Center Nadiah Baashan said it was not only good news, but also righteous.

“Women are taking back their right that has been assigned by Islamic Law,” said Baashan. “The Holy Prophet (peace be upon him) had assigned to Nusaiba, daughter of Kaab, a role identical to the head of a market-inspection team. What is happening to women in the world presently is aberration from the right.”

Muna Abu Sulayman, executive manager of strategy at Kingdom Holding Company, agreed that Islam is not what has created the glass ceiling for women in the region. “Having a woman in such a position is a great step forward for all in the Middle East,” said Sulayman, who is also anchor of MBC’s “Kalam Nouaem,” a weekly social entertainment and variety television program. “It’s a step further in breaking the glass ceiling... Islam doesn’t prevent women from achieving these kind of positions.”

A male political science professor at a prominent local Saudi university who did not want to be named said the political shift in Syria is a part of a greater move where women, who are underrepresented in politics in the region, have no choice but to keep their eyes on the prize and grab the fruits of power through hard work and diligence.

“There’s no doubt that women are being driven to join the Arab political arena because men’s representation on behalf of women’s voices is poor if not totally dumb,” he said. “There’s no doubt that the majority of Saudi men dread the involvement and competition of women; it’s called intimidation and control-loss.”

Bashar last month appointed former Foreign Minister Farouk Al-Shara as first vice president, replacing Abdel-Halim Khaddam, who resigned last year. “Attar will be responsible for following culture policy according to the directions of the president,” SANA said.

US Freezes al Manar's Assets

March 23, 2006JS-4134
U.S. Designates Al-Manar as a Specially Designated Global Terrorist Entity
Television Station is Arm of Hizballah Terrorist Network
The U.S. Department of the Treasury today designated pursuant to Executive Order 13224 al Manar, a satellite television operation owned or controlled by the Iran-funded Hizballah terrorist network. Additionally designated today were al Nour Radio and the Lebanese Media Group, the parent company to both al Manar and al Nour Radio.
Al Manar and al Nour
Al Manar and al Nour are the media arms of the Hizballah terrorist network and have facilitated Hizballah's activities.
"Any entity maintained by a terrorist group – whether masquerading as a charity, a business, or a media outlet – is as culpable as the terrorist group itself," said Stuart Levey, Treasury Under Secretary for Terrorism and Financial Intelligence.
Al Manar has employed multiple Hizballah members. One al Manar employee engaged in pre-operational surveillance for Hizballah operations under cover of employment by al Manar.
Al Manar and al Nour have supported fundraising and recruitment efforts by Hizballah. Al Manar raised funds for Hizballah through advertisements broadcast on the network and an accompanying website that requested donations for the terrorist organization. As recently as late 2005, Hizballah-affiliated charities aired commercials on al Manar, providing contact information and bank account numbers for donations. Moreover, Hizballah Secretary General Nasrallah publicized an invitation for all Lebanese citizens to volunteer for Hizballah military training on al Manar and al Nour.
In addition to supporting Hizballah, al Manar has also provided support to other designated Palestinian terrorist organizations, including the Palestinian Islamic Jihad (PIJ) and al Aqsa Martyrs Brigade, notably transferring tens of thousands of dollars for a PIJ-controlled charity. PIJ is listed as a Specially Designated Global Terrorist and a Foreign Terrorist Organization by the U.S. Government, and is also named on the European Union's list of terrorist entities.
Hizballah Secretary General Hasan Nasrallah, along with Hizballah's Executive Council, managed and oversaw the budgets of al Manar and al Nour.
The Lebanese Media Group
The Lebanese Media Group is the parent company of both al Manar and al Nour. Prominent Hizballah members have been major shareholders of the Lebanese Media Group.
Background on Hizballah
Hizballah is a Lebanon-based terrorist group. Until September 11, 2001, Hizballah was responsible for more American deaths than any other terrorist organization. Hizballah is known or suspected to have been involved in numerous terrorist attacks throughout the world, including the suicide truck bombings of the U.S. Embassy and U.S. Marine Corps barracks in Beirut in 1983 and the U.S. Embassy annex in Beirut in September 1984. Hizballah also executed the 1985 hijacking of TWA Flight 847 en route from Athens to Rome and assumed responsibility for the suicide bombing of the Israeli embassy in Argentina in 1992. It also attacked the Israeli cultural center in Buenos Aires in 1994.
On January 25, 1995, the Annex to Executive Order 12947 listed Hizballah as a Specially Designated Terrorist. The Department of State designated Hizballah as a Foreign Terrorist Organization in 1997. Additionally, on October 31, 2001, Hizballah was designated as a Specially Designated Global terrorist under Executive Order 13224.
Today's action prohibits transactions between U.S. persons and the designated entities and also freezes any assets they may have under U.S. jurisdiction.
The U.S. Department of State added al Manar to the Terrorism Exclusion List (TEL) in December 2004. For more information on this action, please visit: http://www.treas.gov/cgi-bin/redirect.cgi?http://www.state.gov/r/pa/prs/ps/2004/40081.htm.

Seven new Iranian petrochemical plants to become operational soon

TEHRAN – Seven new petrochemical plants will come on stream in the next year (Iranian year starts March 21), noted here on Saturday, Oil Minister Kazem Vaziri Hamaneh.
Along with the crude oil sales, other oil products including petrochemicals as well as the natural gas are also exported, the minister said in response to a question asked by a reporter on why 100 years after the oil discovery in Iran the country was still a mere crude exporter.
The more we focus on the exports of our oil products the more value added we gain. However, the world is in need of energy too, the minister stated adding, therefore, "a portion of our exports should be allocated to the energy consumers," the Persian service of Fars News Agency reported on Saturday.
Hamaneh who was visiting an exhibition of the documents of Movement for Nationalization of Iran’s Oil Industry elaborated on the cultural aspects of the industry and maintained that, Iran’s oil industry is now free from colonial domination. The cultural aspect of the industry has had its influence on the lifestyle of the people of the southern parts of the country, he commented when referring to the transfer of the know-how and technology to the oil-rich Iranian regions particularly, in the south.

Dubai World Cup on 25 March 2006

Forget the Grand National, the Kentucky Derby and even the Arc de Triomphe. When it comes to money, the Dubai World Cup at the Nad Al Sheba Racecourse is the richest horse race in the world.
The mile-and-a-quarter group-one race for four year olds and above offers an incredible US$6 million prize fund, with US$3.6 million going to the winner. It is no surprise that the best horses, jockeys and trainers make the annual trip to the UAE.
Thoroughbred racing traces its roots back to the Middle East and its homecoming could not be grander. The magnificent Nad Al Sheba Racecourse boasts state-of-art facilities, including television monitors in all areas to ensure you miss none of the action. A visit to the track is a must for any race fan. Not only is the race of the highest caliber, but the floodlit sand and dirt track is superb.
Dubai is regarded as the "Pearl of the Arabian Gulf", and the city finds the perfect blend between the past and the present. The atmospheric old town, with its markets and alleyways, is contrasted with the ultra modern and cosmopolitan new town. The new town provides the biggest attraction away from the track - some of the best shopping on the planet.

UAE Central Bank to fight money laundering

UAE Central Bank to fight money laundering
BY HASEEB HAIDER
ABU DHABI — The UAE central bank in association with law enforcement agencies, has clamped down on attempts to launder money through the UAE in recent months, said Sultan bin Nasser Al Suwaidi, Governor, Central Bank of UAE, yesterday.
The central bank is closely monitoring charities and NGOs in the wake of a few attempts recently made to launder money through UAE.
"We are closely monitoring and following up any operation that could be an attempt to launder dirty money in the country," Al Suwaidi said.
"We are working in response to international calls to follow up and monitor operations and activities of charities to ensure that their funds are not used by terror groups," he told reporters on the sidelines of a seminar organised by the bank in cooperation with UK's Serious Organised Crime Agency (SOCA) and HM Revenue and Customs (HMRC).
Ministry of Labour and Social Affairs under a law of 1974, which regulates the activities of NGOs and charities is beefing up their licensing mechanism in a bid to monitor their operations.
Al Suwaidi said the UAE has given great attention to implement a national policy to encounter financial crimes, including money laundering and terrorism financing by evolving a proper legal framework and monitoring mechanism to check the inflow of dirty money into the country.
Governor said though the UAE is under threat of the global menace as other financial capitals, but the strong measures adopted till now have been quite successful, curbing the financial crimes effectively.
Describing anti-money laundering efforts as a battle which may take years to root it out completely, he said the Central Bank of UAE is discussing the possibility of signing an MoU with the Serious Organised Crime Agency of UK to share information and expertise in order to effectively check the financial crimes.
To a question, he said there were mechanisms to check the dirty money coming into the country from illegal channels even if it is invested into shares or real estate. Upon receiving information, the real estate and investments are confiscated before legal proceedings start against the concerned individual who is involved in the crime.
"There are ways to freeze and attach such properties and investments. But, the central bank gets involved in a final stage," Suwaidi told reporters.
He said: "The innovative methods adopted by the criminals involved in money laundering are a constant challenge to the authorities that is why, we are committed to continue improving and developing our legislation, systems, regulations and measures to encounter money laundering and to combat financial crimes and those behind executing them."
He said that following the biggest bank robbery in UK, central bank is monitoring the money transactions so as to check this money coming into the country. He said that recently 85 hawala dealers have been registered in the country while the money being remitted by generally blue collared class is insignificant.
Richard Makepeace, British Ambassador, said both the UAE and UK were convinced to enhance the cordial bilateral cooperation between the financial intelligence units in both the countries, in accordance with the requirements of the EGMONT Group and recommendations issued by the Financial Action Task Force (FATF).
Abdulrahim Mohammed Al Awadi, Head of UAE's Anti Money Laundering Unit, said that the MoU will outline avenues of cooperation, and exchange of information in combating money laundering.

Arab Stock Markets Up After Record Plunge Last Week

Arab Stock Markets Rally After Record Plunge Last Week
Arab News - 18/03/2006
Arab stock markets rebounded over the past couple of days after an historical plunge that prompted intervention by respective governments.
However, analysts said yesterday they expected regional markets to remain wary of any significant advance in the short run, though blue-chip stocks stood to gain in the medium term, particularly early in April when first quarter results are due to come out.
Saudi Arabia will soon allow foreign residents to invest directly in the country's stock market as Custodian of the Two Holy Mosques King Abdullah on Wednesday instructed authorities to study measures for implementation soon.
Remarks by Chairman of the Kingdom Holding Company (KHC) Prince Alwaleed that he also intended to invest up to SR10 billion in Saudi stocks gave a boost to the Saudi stock exchange.
The Tadawul All-Share Index (TASI) plummeted 8.75 percent last week, closing on Thursday at 16,355.79 points, down from 17,924.70 points last week.
Saudi analyst Yousuf Qustantini predicted the rally would continue in the short term propelled by demand on blue-chip shares, but said its continuation in the long term would depend on "the availability of adequate liquidity" in the market.He advised small investors with little trading experience to stay on the sidelines in the forthcoming period and assign their decisions to investment funds.
The market turnover also dropped to SR60.84 billion last week compared to SR112 billion in the previous week.
The top losers for the week were Arab National Bank, Food Products Co., Eastern Agriculture, Filling & Packing Materials Manufacturing Co. and Qassim Agriculture.
Saudi Basic Industries Corp. (SABIC) shares fell 10.09 percent in a week to SR1,452 and Saudi Electricity Co. (SEC) shares by 10 percent to SR162.
In the telecom sector, shares of Saudi Telecom Co. (STC) dropped 9.30 percent in a week to SR926 and Etihad Etisalat by 8.03 percent to SR630.
"I believe regional stocks are in a consolidation phase after prices went down to levels where they appeared to provide a buy opportunity," Wajdi Makhamrreh, investment manager and head of brokerage at the Jordan Finance & Investment Bank, told Arab News.
"However, we do not rule out further downward corrections in the short term, but I believe first quarter results will give support to markets in the medium term," he said.
A substantial slippage at the Saudi stock exchange at the beginning of the week seemed to affect other Arab bourses particularly in Egypt, Jordan and Kuwait, which followed suit. The all-share price index of the Amman Stock Exchange shed 3.4 percent last week, closing on Thursday at 7,326 points, compared with previous week's close at 7,584 points, according to the ASE weekly report. "Most Jordanian stocks have ended up at logical levels and the market is passing through a consolidation phase," Bashar Amad, vice chairman of Amwal Invest Co. brokerage said. "Some investors have apparently come under psychological pressure as a result of slippage at other Arab stock markets," he added.
Kuwaiti stocks also plummeted last week and small investors reportedly staged a sit-in urging an intervention by the government.

The 13th Amman-Dead Sea Ultra Marathon

The 13th Amman-Dead Sea Ultra Marathon will take place on April 7th 2006; more than 2500 participants are expected to participate.
The Amman Dead Sea Ultra Marathon is a grueling test of endurance. The competitors begin at the high elevations of Amman and make their way down to the lowest point on Earth, in the desert of southern Jordan.
The race begins at 900 meters above sea level and ends 50 kilometers later at around 400 meters below sea level (yes, that's a difference of 1300 meters).
It is actually divided into three events: the half marathon of 21km, the standard marathon that is 42km and the ultra-marathon topping the bill at 52 hot kilometers along tarmac roads with no shade! Runners can take part individually or within a team of four. If you are not of peak fitness, possessed of a steely will and vaguely acclimatized to the temperature, it's probably best to observe rather than compete.
The marathon is a fund raising event co-organized by the Society for Care of Neurological Patients (SCNP) and the Amman Road Runners.
"Run To the Lowest Point on Earth"
The Dead Sea Ultra Marathon (DSUM) has witnessed over a decade of rising national and international recognition with the joint effort of the Society for the Care of Neurological Patients (SCNP) and Amman Road Runners, under the patronage of HRH Prince Raad Bin Zeid.
The DSUM is held annually every April on the second Friday, from Amman to the Dead Sea. It is the main fund raising event for the SCNP, which provides neurological patients with medical aid and covers the costs of necessary surgeries for the needy.
So far, the Society has contributed to the treatment of 940 cases at a value of nearly 520.000 JDs. The SCNP is funded by donations from individuals, public and private companies, annual membership fees, as well as proceeds of sports events. The Society anticipates expanding its role in the treatment of neurological patients and becoming a developmental organization—creating social and technical programs in cooperation with related official and non-official sectors.
The DSUM has had a successful record of accomplishment since it first started. Several world record runners and champions participated, the year 2005 run broke all records, it marked a turning point in the future of the event as a national and international athletic, touristic and above all charitable event with the continuous support of Jordanian organizations with more than 1600 runners representing 48 nationalities.
If you would like to participate please contact http://www.mideastconsultants.com

Gold Demand Up in the Kingdom

Gold Demand Rises 13% in Saudi Arabia
Arab News - 13/03/2006
JEDDAH, 13 March 2006 — Gold demand increased by 13 percent in Saudi Arabia, while it rose just five percent worldwide in 2005.
In Saudi Arabia, which represents a major market in the region, gold jewelry demand rose by 12 percent during the year compared to 2004, and by 13 percent in terms of both gold jewelry and retail investment sectors, according to the annual review of the regional office of World Gold Council (WGC) in Dubai.
This demand increase is due to the Kingdom's strong economy and the high spend capability. Also, it is expected that the demand will continue to grow similarly in 2006, especially in the context of the biggest budget ever announced by the Kingdom in addition to the increase of marketing activities by large scale gold jewelry manufactures and the WGC across the region.
The increase in gold demand prevailed in the Kingdom's neighboring Gulf countries including Turkey and Egypt. In the UAE, the total percentage of gold demand in 2005 remained positive to reach eight percent in spite of the small decrease in sales during the Q4 of the same year.
As for the other Gulf states like Kuwait, Bahrain, Qatar and Oman, the total increase in demand reached five percent. This increase is also due to high oil prices and strong economy conditions in those countries as well as tourism, especially in UAE, in addition to the increase of marketing activities which were put forward by gold jewelers and the WGC, such as Dubai Shopping Festival, Dubai Summer Surprises, gold festivals and gold jewelry exhibitions in Kuwait and Bahrain in cooperation with several official sectors, such as Dubai government, Gold & Jewelry Committee in Dubai, Dubai Metals and Commodities Center, Ministry of Commerce and Industry in Kuwait, tourism sector in the Ministry of Information in Kuwait etc. Likewise, the growth remained on the rise in Turkey, for the third year in succession, and in Egypt to reach an extra seven percent in Turkey and four percent in Egypt.
Worldwide, the demand has increased on gold jewelry by five percent in 2005 compared to 2004 to reach 2,736 tons. Likewise, demand on gold for industrial use has also increased by two percent to reach 419 tons. The demand on gold for investment has reached 600 tons with an increase of 26 percent for 2005.
According to the figures compiled by Gold Fields Mineral Services Ltd. for the WGC in London for Q4 as well as the whole year of 2005, a remarkable demand increase has been noted for the investment sector, which reached about 200 tons in Q4 of 2005. On the other hand, the gold retail market was affected negatively in Q4 due to the upward surge in the world gold price that resulted from the investment inflows. Selling gold for profit was the trend. In spite of this, the demand in Q4 was strong enough to absorb the extra 10 percent increase in supply and the 12 percent increase in the price. "The region's gold markets are getting used to the price of $500 per ounce, which is due to the confidence of consumers in gold, whether it is for investment and saving or for gold jewelry in modern life," Moaz Barakat, managing director of the WGC for the Middle East, Turkey and Pakistan said.
"In addition to the high world oil prices and the flow of liquidity, a weak dollar and an uncertain geopolitical situation in the Middle East have added to the glitter of gold and made it a major investment beneficiary besides local stock exchange markets and real state," Barakat said. Internationally, gold demand has also increased in India — the largest gold consumer market in the world — to reach 17 percent in terms of weight in 2005 (equivalent to 25 percent increase in terms of dollar value). Likewise, China too has recorded an increase in demand.
On the other hand, there was an exception in Europe where gold demand growth was negative for many economic reasons.
As for the United States, which ranks second largest in terms of gold demand in the world, the demand increased in 2005 for the first time since 2001 despite high-energy prices and the two large hurricanes lashing the country in Q4.

U.S. Treasury orders ties cut to Syrian Banks

March 9, 2006
Treasury Issues Final Rule Against Commercial Bank of Syria
U.S. Financial Institutions Must Terminate Correspondent Accounts
The U.S. Department of the Treasury today finalized its proposed rule against the Commercial Bank of Syria (CBS), along with its subsidiary, the Syrian Lebanese Commercial Bank, requiring U.S. financial institutions to terminate all correspondent accounts involving CBS.
The Commercial Bank of Syria is owned and controlled by the Syrian government, a designated State Sponsor of Terrorism since 1979. The Bank has been used by terrorists to move funds and has acted as a conduit for the laundering of proceeds generated from the illicit sale of Iraqi oil.
"The Commercial Bank of Syria has been used by terrorists to move their money and it continues to afford direct opportunities for the Syrian government to facilitate international terrorist activity and money laundering," said Stuart Levey, the Treasury's Under Secretary for Terrorism and Financial Intelligence (TFI). "Today's action is aimed at protecting our financial system against abuse by this arm of a state-sponsor of terrorism."
The Treasury's Financial Crimes Enforcement Network (FinCEN) today sent to the Federal Register the final rule that prohibits any U.S. bank, broker-dealer, futures commission merchant, introducing broker or mutual fund from opening or maintaining a correspondent account for or on behalf of CBS.
In May 2004, the Treasury found CBS to be of "primary money laundering concern" pursuant to Section 311 of the USA PATRIOT Act, and FinCEN issued a notice of proposed rulemaking. No one disputed the grounds for the finding or the need for protective measures.
"As a state-owned entity with inadequate money laundering and terrorist financing controls, the Commercial Bank of Syria poses a significant risk of being used to further the Syrian Government's continuing support for international terrorist groups," Levey added. "The serious risks posed by CBS have not been adequately mitigated by the Syrian Government's limited efforts to address deficiencies in Syria's financial system."
The Syrian Government continues to provide political and material support to Lebanese Hizballah and Palestinian terrorist groups. HAMAS, Palestinian Islamic Jihad (PIJ), and the Popular Front for the Liberation of Palestine (PFLP), among others, continue to maintain headquarters and offices in Damascus, from which their officers issue guidance and direct affairs. In January 2006, the Syrian Government hosted a meeting in Damascus between Iranian government officials and several designated terrorist leaders, including Abdullah Ramadan Shallah of PIJ, Ahmed Jibril of PFLP-General Command, Hassan Nasrallah of Lebanese Hizballah, and Khaled Mishal of HAMAS. The Syrian Government also continues to permit Iran to use Damascus as a transshipment point for re-supplying Lebanese Hizballah in Lebanon.
For more information on the Treasury's May 2004 designation of CBS as a "primary money laundering concern," please visit: http://www.treasury.gov/press/releases/js1538.htm

Contact information for the Syrian Bank is as follows:

COMMECIAL BANK OF SYRIA- HEAD OFFICE
YOUSEF AZMEH SQUARE
DAMASCUS
SYRIAN ARAB REPUBLIC
P.O.BOX 933
TELEX: 411205/411002
FAX: 963-11-2228524/2216975
TEL: 963-11-2218890-2222481

Best Bids for Saudi Refineries

Oil Minister Ali Al Naimi of Saudi Arabia told reporters today in Vienna that ConocoPhillips had submitted the best tender for its 400,000 bpd Yanbu refinery, and Total SA for its 400,000 bpd refinery at Jubail. The bids are still being assessed and no decision on the awarding of contracts has been made yet. The refineries are expected to cost around $4bn-$5bn each.

The Dubai International Boat Show

Since it was first held more than a decade ago, the Dubai International Boat Show has grown in tandem with Dubais rapidly growing status as a major player in the world economy. The largest marine industry exhibition in the Middle East, the event is a classic showcase of yachts and boats from both local and international builders together with the latest innovations in marine equipment and accessories. The show will be held at the beautiful, expansive Marina in the world class Dubai International Marine Club, the regional hub for national and international water sports enthusiasts. Over the years the show has carved a niche for itself as the ultimate marine event in the region, Dubai International Boat Show 2006 promises to be, if anything, far bigger and better than ever before.
Date: Mar 14, 2006 - Mar 18, 2006
Venue: Dubai International Marine Club, UAE
Organizer: Dubai World Trade Centre LLC













If you would like to attend this event please contact: http://mideastconsultants.com

US Seeks Trade Pact with Oman

Monday, March 6, 2006 7:44 PM
The Bush administration is moving ahead with plans to establish a free trade agreement with Oman, despite the controversy over a deal giving a company in the United Arab Emirates significant control over six U.S. ports in the United States.
Deputy U.S. Trade Representative Susan Schwab says the free trade agreement - or FTA - will benefit workers in the United States and in Oman:
"The FTA will provide new market access opportunities for U.S. farmers, manufacturers, service providers, workers," said Susan Schwab. "It will also help to create an economic environment conducive to additional employment opportunities for the people of Oman."
Schwab made her comments before the Senate Finance Committee Monday, in the wake of an uproar over the Bush administration's approval of a deal to allow a company in the United Arab Emirates to operate terminals at six U.S. ports.
The administration has been accused of undermining national security by allowing the state-owned Dubai Ports World to take over significant operations at the ports. The controversy prompted the company to agree to a 45-day security review to allay concerns, although a growing number of U.S. lawmakers are calling for deal to be canceled.
The administration says the ports deal would not harm national security, and neither would a U.S.-Oman trade agreement. Deputy Trade Representative Schwab:
"As you know, whether it is through the World Trade Organization, the WTO agreement, or any of our free trade agreements, there are specific provisions where there are exceptions for essential security," she said. "No country would give up its ability to protect its own national security, and that is indeed the case with this agreement as well."
Schwab said the trade agreement would help support economic, political and social reforms in Oman, which she described as a key U.S. ally in the war on terrorism.
She said promoting trade is a key part of President Bush's vision for developing economic growth and democracy in the Middle East.
Edward Walker, President of the Middle East Institute and a former U.S. ambassador to the UAE, Egypt and Israel, agrees. He says the trade pact will help diversity Oman's economy and help promote stability.
"The problem Oman faces is that its oil reserves are decreasing while its population is increasing," said Edward Walker. "In the absence of economic diversification, Oman will face increasing problems in fulfilling the needs of its citizens, which may well lead to destabilizing trends in the society, trends that could work against U.S. interests. By anyone's reckoning, Omani reserves at current rates of production will be depleted in 16 to 22 years."
Like other free trade agreements the United States has brokered with other nations, the U.S. Congress will have to ratify this pact. And like previous trade accords, labor groups and their congressional allies are concerned about an erosion of U.S. workers' rights under this deal.
Thea Lee is policy director for legislation for the labor federation known as the AFL-CIO:
"Our argument has been that the worker rights provision in this agreement is entirely inadequate to ensure that workers human rights are respected," said Thea Lee.
Deputy Trade Representative Schwab argues otherwise, saying there are labor protections in the trade agreement.
David Hamod, president of the National U.S.-Arab Chamber of Commerce, notes that U.S. trade with Oman has been on the increase:
"According to our chamber's forecast for 2006, U.S. merchandise exports to Oman are on track to reach nearly $1 billion this year, which translates into more than 15,000 direct U.S. jobs," said David Hamod. "The 2006 figures represent an increase of nearly 56 percent over 2005, when U.S. merchandise exports totaled $593 million. The U.S. has become the third largest exporter to Oman behind the UAE and Japan."
The United States' effort to forge a trade accord with Oman is part of Washington's plans to establish a regional free trade agreement in the Middle East by 2013. It already has free-trade pacts with Jordan, Morocco, Bahrain and Israel.

Libya offers Tourism packages to see the Solar Eclipse

The Libyan National Tourism office is promoting trips to the North African country for those wishing to see the next solar eclipse that will take place on 29 March. The Libyans have made considerable effort to publicize the event and seek to attract tourists.

If you are interested in travelling to Libya for the event please contact: http://www.mideastconsultants.com

Arab Monetary Fund holds session on how to counter money-laundering and terror financing

Kuwait News Agency (KUNA) - 06/03/2006

AMF organized a work session on means to counter money-laundering and terrorism financing.

AMF Chairman and Director-General Dr. Jassem Al-Mannae, in an inaugural speech, said the session will cover global legislation governing money laundering and financing terrorism, tracking economic non-financial transactions relevant to real-estate and jewelry, as well as regulating professions related to accounting and legal practice.

He said due to their influence on financial and economic stability, as well as on a country's reputation, money-laundering and financial sources of terrorism should receive proper attention in terms of strategies.

Explaining that money laundering means hiding the source of the money that was obtained through illegal means, he noted that financial sources of terrorism are not necessarily from illegal business activities.

The session is organized in collaboration with the International Monetary Fund (IMF).

Established in 1976, AMF is a regional Arab financial institution aiming at integrating Arab economies, development of Arab Capital Markets and unification of Arab currencies.

UK Minister for Trade and Investment to visit Libya 5 - 7 March 2006

Ian Pearson, Minister for Trade and Investment will visit Libya from 5 - 7 March to strengthen trade links between the two countries
The Minister will be accompanied in Libya by a 70-strong business delegation led by Scottish Development International, the Middle East Association and the British Council. The delegates will include senior representatives from HSBC Bank PLC, London and Glasgow Schools of English, International Power Associates and Emirates Bank.
Looking forward to his visit, Mr Pearson said: "I am delighted to be making my first trip to Libya as Minister for Trade and Investment and very keen to see our strong bilateral relationship developed further through increased trade and investment.
"Despite day-to-day challenges of the market, I am pleased to say that British interest in the Libyan market remains strong. A number of British companies are present in Libya and many more have expressed interest in pursuing business there and we are encouraging them to take a leading role as Libya's economic reform programme moves forward. The Minister will hold bilateral meetings with Libyan Ministers throughout his three-day visit. On 5 March, Mr Pearson will officially launch ELTEX English Language Training Exhibition and will deliver a keynote speech to the Scottish International and Middle East Association trade delegations. On 6 March, the Minister will meet representatives from Libyan government and members of the Libyan business community at the British Business Group and International Oil Companies Reception.

Wheat to Iraq

March 3 (Bloomberg) -- Australia's ABB Grain Ltd., CBH Group and GrainCorp Ltd. won a contract to sell wheat to Iraq, gaining an opportunity to replace Australia's monopoly wheat exporter AWB Ltd. during a kickbacks probe.

The three will work together to fill the order for as much as 350,000 metric tons of wheat, the companies said in a statement. Melbourne-based AWB agreed not to exercise a right to veto companies filling the order while it's under investigation for alleged illegal payments to Saddam Hussein's regime.

Prime Minister John Howard said this week that AWB's monopoly is open to question, raising the prospect that other companies may handle the forecast A$4.1 billion ($3 billion) in exports from Australia in the year ended June 2007. The contract would be the second time the nation, the world's second-largest wheat exporter, has sold wheat outside the monopoly.

``This could prove an important test case for the future of the wheat export industry,'' Greg Canavan, a senior equities analyst with independent researcher Fat Prophets, said in Sydney today.

Shares in AWB have slumped 36 percent since the inquiry started Jan. 16, plunging to their lowest in more than 2 1/2 years on March 1. They rose 26 cents, or 7 percent, to A$3.97 at the 4:15 p.m. close in Sydney on the Australian Stock Exchange.

Shares in Adelaide-based ABB, the nation's biggest barley exporter, have gained 8.5 percent since the inquiry started and stock in Sydney-based GrainCorp, eastern Australia's biggest grain handler, has risen 10 percent.

Willing

``AWB has confirmed that it is willing to provide access for Australian-owned grain trading companies to wheat from the national pool,'' Trade Minister Mark Vaile said in a statement. ``I encourage AWB to work expeditiously with these three companies to secure this opportunity.''

The contract would only be the second time Australia has exported a shipment of bulk wheat outside its monopoly system, David Ginns, the chief operating officer of the Grains Council of Australia, said from Canberra. The industry body could not give any details of that sale.

The contract would be worth about $50 million based on the current prices in Chicago.

Australia sold 1.5 million tons of wheat to Iraq in 2004-05 according to the Australian Bureau of Agricultural and Resource Economics.

On Feb. 14, it raised its estimate for the latest wheat harvest by 3.7 percent to about 25 million metric tons, which would be its second-biggest crop on record. Total wheat exports could be worth A$4.1 billion in the year ending June 30, 2007, according to Abare.

``AWB International believes that this arrangement is a positive outcome for Australian wheat growers,'' the company's spokesman Peter McBride said today from Sydney.

Separate Issues
Retired judge Terence Cole is investigating claims made in a United Nations report by former U.S. Federal Reserve Chairman Paul Volcker that AWB inflated wheat contracts and funneled $222 million back to Hussein through a Jordanian-based trucking company. Iraq last month refused to deal with AWB during the Cole inquiry.

SOFEX 2006

SOFEX 2006 is in the final stages of preparation, with just over a month to go before the world's leading manufacturers of special operations and homeland security equipment converge on Amman, Jordan for the kick off of the exhibition on March 27th.

With a whole range of upgraded and expanded facilities, and the highest number of confirmed exhibitors in its history, the six in the series aims to re-enforce SOFEX as the most important event on the counter terrorism calendar.

Held under the Patronage of His Majesty King Abdullah Bin Al-Hussein and under the supervision of his Royal Highness Prince Faisal Bin Al Hussein, Chairman of the SOFEX board of directors, SOFEX 2006 will be a showcase of the latest and most up-to-date technologies used to combat terrorism. The Conference and Exhibition will provide the leading manufacturers and official military delegations from governments around the world, with the ideal opportunity to identify needs and acquire the resources that will keep citizens safe at a time when the threat of terrorism is prevalent around the globe.

Mr. Amer Tabbah, Managing Director of SOFEX 2006, stated, "Since the huge success of our 5th edition in 2004, we have invested in expanding and upgrading the SOFEX site to ensure that SOFEX 2006 is even better than the last edition. Furthermore we have now been accredited by the US Department of Commerce, as well as being awarded similar classifications from numerous European countries, showing the global trust and belief held by many in the SOFEX series.'

Mr. Tabbah added "Previous exhibitors will be present again, whilst we have also witnessed substantial interest from manufacturers around the world for whom this will be their first visit to SOFEX.

To cater for the increased number of participants this year, new halls were constructed for the exhibitors to display their equipment, special chalets were built for visitors to meet in private and the site was expanded to cater for more live demonstrations and mobility displays.

Mr. Tabbah added "The SOFEX site has been equipped with all the latest facilities to meet the needs and expectations of our guests. SOFEX is a world class venue, for a world class event and this has been verified by the number of repeat visitors growing year on year.'

Mr. Tabbaa added "We have also upgraded our media facilities to ensure the needs of our Media guests are well taken care of. Our new media center is equipped with all the latest technologies, which will allow the media to effectively cover all the activities and latest developments and news from SOFEX on a daily basis.'

It is also worth mentioning that many of the manufacturers of the burgeoning Jordanian defence industry will be attending SOFEX 2006. Manufacturers such as Jordan Aeronautical Systems, Jordanian Private Jets, Jordan Aerospace Industries, Fawaz Al Saraireh Trading AMITC, M.S. Jaffar & Son's Company will be participating, as well as the King Abdullah Design and Development Bureau (KADDB), a Jordanian research and development facility created to provide a one-stop solution for the supply of defense and commercial equipment optimized to the requirements of the Middle East.

If you would like to participate in SOFEX 2006 please contact: http//www.mideastconsultants.com

China and North Africa's Economy

China Bites at the Markets of the Arab Maghreb
Samir Sobh Al-Hayat - 24/02/06//
The spider web woven by the Chinese economy over the past years has extended to the Arab Maghreb region, where Chinese companies have started to establish in a calculated and steady manner. So far, Algeria and Morocco are the two most targeted countries by the Asian giant.
Backed by both an active government and an increasingly growing economy, the Chinese companies were able to penetrate the markets of the Arab Maghreb countries, completing therewith their selective entrance of the African markets. The political trend that previously governed the trade exchanges and the economic relations with all the countries of the world gave way to the pragmatic economic trend. Based on this current reality, one can note that the Chinese private sector, which coordinates its steps according to the public strategy put forth by the government in Beijing, can now win the considerable agreements worldwide.
In this respect, it is worth noting that the continent and the Arab Maghreb region were not kept at bay of this economic invasion. In addition to being endowed with an advanced know-how, the products, which all bear the "Made in China" tag, will no longer stake on low price but will start, henceforth, to make quality their top priority. The Chinese have proven that they are the best when it comes to achieving projects at an unprecedented pace.
One of the most striking examples thereof is achieving the Algerian army hotel - both in construction and equipment - in less than six months. It is a five-star hotel located at Bani Msous region, one of the capital's entries. In Algeria, as in Morocco, especially when it comes to construction and public works, the achievements of the Chinese companies have become a reference. Thus, they have become an indivisible part of most bids undertaken in the countries of the Arab Maghreb.
In this case, is it possible to say that it is hard from now on to outperform the Chinese in the North Africa region? And subsequently to dub them as economic invaders?
With respect to the first part of the question, the Moroccan employers and industrialists confirm that it is too soon to judge. However, on the other hand, we should admit that, with respect to the most important listed offers, the Chinese companies are forever present in the competition arena, except in the fields of arms and civil aviation. As for the second part, the Chinese Ambassador to Rabat, Cheng Tao, responds by rebuffing the tag "economic invaders," which, according to him, does not reflect the reality at all. The reason is that trade between the two countries is developing bilaterally, bearing in mind that the Chinese companies were able to obtain these contracts because they submitted the best offers with respect to cost, quality, and speed of execution.
In Morocco, a noticeable presence…
From Casablanca to Marrakech to the rural areas on top of the Atlas Mountains, the Moroccans have lately and increasingly been coming across a large number of Chinese in their regions, at a time when their products are invading all the markets of the kingdom. Despite this reality, they are far from representing a threat to the Moroccan economy, at least now. China still ranks 8th on the list of exporters to Morocco. Moreover, the import therefrom did not exceed 5.5% of the total import volume for 2005. Thus, if its exports to Morocco have recorded a 30% increase until the beginning of October 2005 compared to the same period in 2004, the exports of the Kingdom, however, have made a giant leap that reached 121%. The purchased goods from China mainly included radio and TV sets (worth 704 million Dirham, the dollar is equivalent to 9.50 Dirham), tea (632 million Dirham), in addition to various tools and appliances (608 million). This has led the Chinese Ambassador in Morocco to talk about a real disequilibrium in the trade balance.
On the other hand, China has decided to allot a subsidy to import phosphate and cobalt minerals from the Moroccan mines. In return, the number of Chinese tourists flocking to Morocco is still very modest. As for direct foreign investments, the Asian giant did not ascribe enough importance to opportunities provided by Morocco in this field, although China has spent more than 4.5 billion dollars on foreign investments during the first 9 months of last year.
Although the Chinese had modestly headed towards the Moroccan markets through ordinary products, such as automobile parts and plastic and mechanic tools, as well as motorbikes, air conditioners, and sanitary ware, they are proving to be aggressive when it comes to major contracts. Based on this diagnosis, a manager at "Bouygues-Maroc," one of the branches of the giant French group specialized in construction and public works, which built Hassan II mosque in Casablanca - one of the most important landmarks in Morocco - admits that the Chinese have really started to complicate things for them through serious competition in the infrastructure field.
In this respect, it is worth noting that in October 2005, the Chinese were able to win a major contract by an agreement with the "Office National des Chemins de Fer du Maroc" to build a tunnel linking the cities of Sidi Kacem and Meknès. Sources reveal, in this respect, that the Chinese noticeably cut down prices to fend off their European competitors at any cost. According to the Moroccan sources in the Ministry of Supplies, this Chinese insistence to accept to implement the project at a lower price than the actual cost stems from a wager on acquiring the infrastructure market in the future, to which the government allocated 30 billion Dirham in the next 8 years. These sources also confirmed that the Chinese government sought to fund the building of three dams and three closed pools with all their supplies. This will provide these Chinese companies in Morocco with major opportunities. The Moroccan economic circles anticipate "a rush" of these companies in the field of popular residences construction, which is a project launched by King Mohamed VI to build thousands of units over the next five years.
But the principal goal of the Chinese lies in monitoring the repercussions of the free trade exchange agreement signed between Morocco and the US. Beijing never suppressed its expectations thereof, especially that due to the partnership agreement with the European Union, with the Arab countries in the framework of Agadir agreement, and now with the US, Morocco can now provide Chinese companies with many promising opportunities that they will subsequently invest to double their exports.
With Algeria, historical relations….
If the economic relations between China and Morocco practically saw the light in the early 80's, the friendship relations between Beijing and Algeria go back to 1964, i.e. two years after proclaiming the independence. For more than 20 years, the Chinese companies have been actively operating in the Algerian markets. They have been present in the framework of the cooperation agreements signed between the two countries with respect to agricultural projects to build dams and residences. The second half of the 90's has witnessed a major comeback of the Chinese companies through building a ceramic factory in Guelma, carrying out 55 thousand residences, and completing the construction works of the Oran (Wahran) governmental hospital, in addition to projects related to the energy field. Last December, "China Petroleum Engineering Construction" signed a contract with Algerian company "SONATRACH" worth 600 million dollars to build properties for the production and treatment of oil fields in Tuat area in the heart of the Big Sahara. The Chinese company sought to complete the work within only 18 months, at a time when rival companies submitted offers committing therein to complete the work in 24 months. On the other hand, Algeria handed the China Petroleum and Chemical Corporation (SINOPEC) another contract worth 525 million dollars to develop Zarzatin oil field, South of the country. It was also agreed that Algeria will export nearly 350 million dollars of crude oil to China through its national company. The Chinese did not cease to win the most substantial contracts in Algeria, including the project of expanding Hawari Boumediene international airport.
After reinforcing their positions in the infrastructure, oil, and residential construction markets, the Chinese companies are endeavoring to be present on all economic fronts in Algeria, especially after President Abdel Aziz Bouteflika announced that he allotted 55 billion dollars over the next five years to complete all infrastructure projects needed by the country. The Chinese, who are now more confident in their potential and performance of their companies than ever, are hoping to elicit the most sizeable share on the level of inviting offers. Thus, they are wagering on the quality and efficiency of the projects they carried out at an unprecedented pace and at preferential prices. This will tempt the Algerian authoritities to resort to their services once again, at a time when it is hard for their competitors, the Europeans in general and the French in particular, to provide the same facts, tools, and conditions. The Chinese are also wagering on the historical friendship with Algeria, a fact that has proven to be efficient in the competitions during the past years.
*Mr. Samir Sobh is an Economic Researcher.