Gulf Finances, Yemeni Counter-Terrorism, Tehran Holocaust

GCC Finance:
London-based Al-Hayat quotes a report about financial markets in the Persian Gulf states that estimates market capitalization losses during 2006 have exceeded the combined GDP of these countries. The decline is estimated at about 160% of GDP. Now banks form about one third of total market value of the listed stocks, with telecommunications taking second place. SABIC, the huge Saudi petrochemical conglomerate, has lost about 66% of its market value. The report also claims that the markets are now close to bottoming out. The report claims that the GCC market losses were the largest in the history of emerging markets...that is, if these markets are indeed emerging from somewhere.
The report contains interesting data that should be confirmed- it claims that the UAE market losses reached 254% of the GDP, while for Saudi Arabia it was 170% of GDP. The losses were bad across the region, with the total reaching $ 907 billion (total GDP is estimated at $ 565.7 billion, presumably based on some average of oil prices for the year). The rerport also indicates that margin financing may have exacerbated the impact of market declines.

During the last GCC summit in Riyadh, Oman declared that it will not join the regional unified currency that is slated for 2010. It is now very likely that the project will be postponed.

Iraq Politics:
Iraqi newspapers, both Shi'a (al-Sabah) and Sunnni (Azzaman), and others in the region, report that a new parliamentary coalition might be formed in Iraq. The reports claim that this new alliance will consist of SCIRI of Abdulaziz al-Hakim (the Shi'a leader who met with Mr. Bush last week), the two main Kurdish parties, and the Iraq Islamic Party of Mr al-Hashimi, the Sunni vice president who will meet with President Bush soon. The reported goal is to patch together a new government to replace al-Maliki's cabinet and leave Muqtada al-Sadr out in the cold. Perhaps it will work, but is it wise at this stage to push al-Sadr completely out of politics, and back toward his renegade commanders on the ground?

Yemenis Use Marriage as Counter-terrorism:
In Yemen, authorities have revealed a novel way for dealing with their citizens who join terrorist organizations such as al-Qaida: they marry them off. The goal is to create an atmosphere of social stability that would keep them away from fundamentalist organizations. (And presumably divert some of their energies toward more....creative pursuits). The head of the Yemen Mukhabarat Secret Police has revealed the new plan, which can be called, perhaps somewhat unoriginally, 'Make Love not War'. He claims the plan has kept many young men from returning to their bro's bent on killing and mayhem. The Yemeni official did not elaborate on the sources of the brides, and how they get them together. Perhaps something like e-harmony in Arabia Felix...very felix indeed. Osama, let us see you come up with a counter-plan: perhaps you can get one of the shaikhs to issue a fatwa upping the number to 73.
Yemen seems to look at matrimony as a solution to many problems: last week it was revealed that they are testing a plan to marry off men and women who carry HIV to each other- not a bad plan come to think of it, provided that they do not create new offspring.

Bahrain:
A new cabinet was formed in Bahrain or, rather, the old cabinet is back with a few new members. For the first time one of the deputy prime ministers is a Shi'a (Shiite). That this has made regional headline news tells you where things are coming from (Shi'as form over 70% of the population of the island nation). Twelve of the 23 ministers are from the ruling family, al-Khalifa, which gives them a nice majority if they ever need it. This is a tiny step. Now, perhaps something can be done about those neglected villages where Shi'as live in hovels.

Iran and the Holocaust:
The only places where doubts are still cast about the veracity of the Holocaust are in the Arab World and in the halls of the Iranian government. And perhaps in the deep dark recesses of some skinhead dens across Europe, both old and new.
Sixty researchers have started a conference on the whole thing in Tehran. Among the participants, all of them fringe elements from across the world, several of the prominent ones have served jail terms in Europe for anti-semetic activities. Iran's Foreign Minister said that 'the goal is not to prove or deny the holocaust, but to answer questions raised by President Mahmoud Ahmadinejad', whatever they are. No indication if they will try to answer any questions raised by the man's statements about his own condition.
Iran's diminishing Jewish community has condemned the conference. The only Jewish member of the Iranian Parliament, Maurice Mutamedi, has said that the conference is an insult to all Jews around the world.
One thing about the little Iranian president: he sure knows how to win friends and influence people around the world. He can write his own book on the subject. Every time he opens his mouth he gets it in deeper. And speaking of which, reports say that he was heckled by students at Tehran University two days ago.
Cheers
Mohammed

mhg6363@gmail.com