The Bahrain Stock Exchange announced Sunday (August 1st) that it lost $984 million in market value in July.
Exchange officials attributed the decline to a drop in share price of the Arab Banking Corporation and Bahrain Telecommunications Company (Batelco), in addition to shares of major commercial banks.
Arab Banking Corporation and Batelco account for 20% of the total volume of the Bahrain Stock Exchange. Batelco, the second largest company in terms of market value, represented the majority of trading.
Bahrain's index declined by 12% and lost 190 points by the end of July. The market value declined by 2%.
UAE aviation sector investment continues to rise
Saif Mohammad Al Suwaidi, director-general of the UAE General Civil Aviation Authority, said Wednesday (August 4th) that the annual growth rate for the aviation investment would range between 6% and 8%.
Al-Suwaidi said the sector is experiencing remarkable growth in tandem with increased development in other sectors. He said a plan is in place to increase the Authority's revenues because it is expected to post a financial deficit of 34.3 million dirhams by the end of 2010.
Syria-EU co-operation to focus on reforms
On Wednesday (August 4th) in Damascus, Amer Hosni Lutfi, Chairman of the State Planning Commission and Vassilis Bontosoglou, head of the Delegation of the European Commission to Syria, signed a memo outlining Syrian and European Union co-operation priorities for 2011 to 2013, focusing on reforms in social, administrative, and economic sectors.
According to the memo, Syria will receive about $170 million in aid with an annual increase of 32.2% from the EU. The aid programme focuses on promoting entrepreneurship and competiveness in business by encouraging emerging businesses and increasing the employment rate, exports, sales, and foreign investment. Syria and the EU will co-operate with the United Nations Development Programme to empower civil society organizations and support their co-operation with the government.
Saudi stocks drop
In Saudi Arabia, Tadawul’s July report, released Tuesday (August 3rd), revealed that individual sales in the Saudi Stock Exchange during July reached $13 billion, accounting for 90% of all transactions. Selling accounted for $12.2 billion, equal to 84% of all transactions.
According to the report, the total value of shares traded declined by 29.7% to $14.4 billion from $20.7 billion in June.
Oman talks tourism revenues
The Omani Ministry of Tourism announced Monday (August 2nd) that travel and tourism revenues will reach $7 billion by 2019.
The ministry said the annual "Salalah Khareef Festival" will draw large numbers of tourists to Salalah, the capital city of the southern Omani province of Dhofar and the sultanate’s second-largest city.
The festival was launched to increase tourism's contribution to GDP by no less than 3%. Based upon projections, the number of tourists from the UAE will increase to 72,000.