All Countries and All Sectors

When the European Union's much-anticipated aid package to Cyprus was unveiled last week, reactions were decidedly mixed among both Turks and Turkish Cypriots. While any steps to end the economic isolation of the Turkish side of the island - and its dependency on the "mother country" - are welcome in Ankara, it seems that there is still a long way to go before a serious revival of Turkish Cypriots' fortunes can take place.

Perhaps after viewing the down-to-the-wire construction troubles of this summer's Olympic Games in Athens, Qatar's planners have been taking a more long-term view when it comes to the 2006 Asian Games. Scheduled to come under starters' orders in December of that year, gearing up the country's infrastructure to meet the challenge is already underway. As a spin off, Qatar is also heading for an up-to-the-minute electricity distribution system.

This week has seen some mixed fortunes for the tobacco industry in Bulgaria. While, on the one hand, new regulations are set to largely curtail tobacco-product advertising, on the other, the long-running saga of Bulgartabac's privatisation took a step forward with a new sell-off strategy decided.

Meeting on the margins of the NATO summit in Istanbul earlier this week, the Greek and Turkish defence ministers discussed still further measures to reduce their respective military's deployments in the Aegean. With Greece also expressing strong support for Turkey's European Union membership bid and a host of other steps aimed at rapprochement underway, the two old rivals seem to be taking every opportunity these days to declare their newfound friendship. Meanwhile, although this is good for peace in general, it is also bringing some important economic benefits. Central in these is a plan for a gas pipeline between the two countries that may see Turkey become an important intercontinental energy hub.

After Bulgarian concluded its negotiations with the EU on its accession chapters last week, the positive fallout is already evident. With a leading international ratings agency shifting the country from speculative to investment grade, it seems Bulgaria is now well on track to seeing more foreign interest, particularly with approval for a new IMF agreement now also under its belt.

With news coming mid-month that Qatar has retained its position as the richest of all Arab countries, it was perhaps no surprise that a leading international ratings agency then decided to upgrade its country outlook for the state. With major investment projects in the pipeline, alongside a continuing flow of foreign investment, the statistics are certainly looking good for the months to come.