As a result, there will be very few orders won (by German companies).
Sanctions weld together the state and the population.
We have no indication that the cartoon row has had a negative effect on trade and business there. The top executives in the region are highly educated and have close relations with their German counterparts. They are not affected by the conflict.
We have no indication that business connections have gotten worse between German enterprises and their partners in the Middle East.
In the short term, sales of some European consumer goods producers could suffer. However, on the other hand, western consumer goods in the region enjoy a high prestige.
For 2006, we expect a significant decline of exports.
