Oct 28-Nov 3, 2007

~~~~~~~~ [ Nov 3] ~~~~~~~~~

King Abdullah: A Frank King in the Kingdom of Freedoms [Nov 3]
"A warm official welcome .. and a media storm! This is the headline for King Abdullah Bin Abdulaziz’s visit to Britain. The Saudi monarch received a cordial reception on the official level, which he undoubtedly deserves, but it also puzzled some people. This was accentuated more so since the media had charged the atmosphere while the king was still on route to London. In all truth, this was expected; King Abdullah is a frank man and candor is one of London’s characteristics.." [more]

Unfair Criticisms [Nov 3]
"Some British newspapers launched a volley of criticism on Riyadh during the British Government's reception of King Abdullah. As I mentioned in my previous article, this is a habit of British media when welcoming visiting leaders.." [more]

Saud: Families to Decide on Women Driving [Nov 3]
"Women should be allowed to drive in Saudi Arabia, but it is not for the government to impose such changes on society, Foreign Minister Saud Al-Faisal has reiterated. 'Myself, I think they should drive,' Prince Saud told Britain's Channel 4 news following a state visit by King Abdullah to London this week. "But (we) are not the ones who decide on that. It has to be the families who decide on that." He said the government would not force the issue.." [more]

Jeddah Interns Join Fight Against Breast Cancer [Nov 3]
"As part of the ongoing breast cancer awareness campaign in the Kingdom, medical students from the King Abdul Aziz University (KAAU), wearing white laboratory coats, can be seen raising awareness about the killer disease in shopping malls across Jeddah.." [more]

Brotherhood Program in Schools [Nov 3]
"A humanitarian brotherhood program will be started in schools here to enforce a more respectable way of dealing with foreign workers in the Kingdom, reported Arabic daily Al-Madina. The program will urge students to respect expats and admire the services these workers perform, which complies with the humanitarian concepts outlined by Custodian of the Two Holy Mosques King Abdullah.." [more]

Girls of Riyadh Get Their ‘Act’ Together [Nov 3]
"With an aim of energizing the Riyadh cultural scene and to create a 'real interactive' venue for young women writers and artists, a group of young women from Riyadh recently formed a cultural group called 'Act.'.." [more]

Fund to Finance Anti-Terror [Nov 3]
"Interior Minister Prince Naif is scheduled to open next Tuesday the meeting of the agencies of the Arab security media. The participants will discuss a package of issues in the agenda including boosting of cooperation among the Arab media security agencies to fight terrorism, crises management and protection from crimes by creating public awareness. They will also discuss a proposal for the establishment of two Arab funds to finance anti -terrorist media programs and joint security media production.." [more]

King of all Convoys: 22-Vehicle Motorcade [Nov 3]
"It wasn't your typical dash to the airport. But then when you are King Abdullah of Saudi Arabia, nothing in life is particularly ordinary. Unlike most travelers, the ruler enjoyed a majestic trip along the M4 to Heathrow – in a jaw-dropping 22-vehicle motorcade that monopolized the outside lane.." [more]

The Growing Menace of Illegals [Nov 3]
There is a menace growing rampant right in our midst — the increasing numbers of overstayers and illegal aliens who have taken to the streets and neighborhoods to pursue the art of beggary without fear of being caught and deported.." [more]

Infrastructure Boom in Saudi Arabia [Nov 3]
An unprecedented construction boom is gaining momentum in Saudi Arabia with a raft of highly ambitious, multibillion-dollar projects to upgrade infrastructure and meet pressing social challenges beginning to have an effect. The boom may be less visible than in the kingdom's smaller Gulf neighbors, such as Dubai and Qatar, but the needs and the numbers are massive - thousands of kilometers of new roads and railways; billions of dollars of water, sewerage and electricity plants; and four million new housing units over the next decade, with investment of $320 billion estimated to be required in housing through to 2020, according to Sagia, the kingdom's investment authority.." [more]

~~~~~~~~ [ Nov 2] ~~~~~~~~~

Saudis Signal Doubts Over Middle East Peace Talks Called by US [Nov 2]
"Saudi Arabia has signaled that it will not attend the Middle East peace conference scheduled by the US for this month unless there is significant agreement in advance on the core issues that divide Israelis and Palestinians. But Prince Saud al-Faisal, the foreign minister, also held out a vision of normalization between the Arab world and Israel - 'not just the absence of war' - if the conflict could be resolved.. ..The US and Britain have been working hard to persuade their Saudi allies to attend the event in Annapolis, Maryland, although no formal invitations have yet been issued and there are signs the timing may slip.. ..'We have been negotiating for 70 years and we are still at first base,' said Prince Saud. 'This is now the oldest conflict in the world. It is becoming more rather than less complicated over time. We need to move expeditiously in a reasonable amount of time.'.." [more]

Saudi Foreign Minister Seeks to Avert Iranian Nuke Standoff With Joint Nuke Facility [Nov 2]
"Saudi Arabia today revealed details of an ambitious offer to Tehran, aimed at defusing the growing crisis over Iran’s controversial nuclear program, reported the Times of London. Speaking at the end of the state visit to London by King Abdullah of Saudi Arabia, his Foreign Minister Prince Saud al-Faisal said that every effort must be made to avert what many fear could turn into a military confrontation between the United States and Iran.. ..Prince Saud said that to defuse the row, Saudi Arabia and a consortium of Arab Gulf states had invited Iran to produce enriched uranium jointly, where the plant could be properly monitored by international observers. 'We have proposed a solution, which is to create a consortium for all users of enriched uranium to do it in a collective manner that would distribute (nuclear fuel) according to need,'.." [more]

Explore Investment Opportunities: King [Nov 2]
"Custodian of the Two Holy Mosques King Abdullah expressed his happiness at hosting thousands of Britons in the Kingdom and commended their valuable contribution to the Kingdom’s rapid development. King Abdullah was speaking at a banquet given by the Lord Mayor of London John Stuttard on Wednesday night. He added that more than 5,000 Saudi students were studying at various British universities. 'These facts make us optimistic about the future of our economic relations, and I would like to take this opportunity to ask you to benefit from these great opportunities, which are available in the promising Saudi market, not only in the fields of import and export but also in the field of investment and joint projects — notably that pertaining to transference of technology,'.." [more]

Gulf Oil Exporters Cut Interest Rates [Nov 2]
"Saudi Arabia and other Gulf oil exporters cut some interest rates on Thursday to make bets on revaluations of their dollar-pegged currencies less attractive after the Federal Reserve reduced US borrowing costs. The Saudi riyal hit a three-week low after the central bank of the world’s largest oil exporter cut its reverse repo rate by 25 basis points.. ..The Saudi central bank, concerned about quickening inflation at home, opted to ignore the last Fed cut on Sept 18, firing market speculation of an imminent revaluation that drove the riyal to a 21-year high. Bids on the riyal fell as low as 3.7430 per dollar, its weakest since Oct 8, after the Saudi rate cut. The central bank has officially kept the riyal stable at 3.75 to the dollar since June 1986, although on the market its latest 21-year peak was 3.7290 on Oct 10.." [more]

Oil Exhibition Precedes OPEC Ministerial Talks [Nov 2]
"The International Oil Exhibition, arranged by the OPEC Summit Organizing Committee, which will take place at the King Faisal Hall at the Intercontinental Hotel in Riyadh from Nov. 13 to 16, will be followed by a ministerial symposium of member countries. The four-day exhibition will feature prominent exhibitors, including national oil companies of OPEC member nations, major international oil companies such as ExxonMobil, Chevron, Nippon Oil and Shell.. ..A tour of strategic areas within Saudi Arabia is also on the agenda, including a visit to Makkah Province, which includes a stop in Rabigh to visit 
PetroRabigh.." [more]

The Denial of Facts does not Obliterate Them [Nov 2]
"The British are like the Arabs; they do not want others to criticize them even when their mistakes are as glaring as daylight. This is the reason they have adopted this defensive stance towards Saudi King Abdullah’s statement, which is about something they admit secretly amongst themselves. He said that many states, including Britain, are not doing enough to fight international terrorism. King Abdullah did not claim heroism or distinction with this criticism. In fact; he acknowledged the scale of the problem and furthermore admitted that the eradication of extremist terrorism, including combating Al Qaeda 
in Saudi Arabia, could take up to another 20 years. He did not claim victory despite the fact that Saudi Arabia has succeeded in confronting Al Qaeda more than any other country.." [more]

~~~~~~~~ [ Nov 1] ~~~~~~~~~

Wise Initiatives Needed to Avoid Wars [Nov 1]
"Custodian of the Two Holy Mosques King Abdullah has called upon the international community to take wise and bold initiatives in order to resolve global conflicts with justice before they drift into devastating wars. 'Every conflict, even if complicated, can be resolved if we tackle it with a spirit of justice and impartiality,' the king said while addressing a banquet hosted by Queen Elizabeth II at Buckingham Palace on Tuesday night.. ..At the banquet hosted by the queen, King Abdullah suggested that the peace talks were a priority for him as well. 'I am confident we will find from your majesty’s 
government every help to end the tragedy suffered by our Palestinian brethren through genuine peace to protect the rights of all parties,' the king said.." [more]

All Eyes on Saudi as US Cuts Rates Again [Nov 1]
"Gulf Arab currency markets are set to focus on the dollar-pegged Saudi Arabian riyal on Thursday after a US Federal Reserve rate cut raised pressure on the central bank of the world's biggest oil exporter to follow. The Saudi central bank, concerned about quickening inflation at home, opted to ignore the last Fed cut on September 18, firing market speculation of an imminent revaluation that drove the riyal to a 21-year high. The Saudi central bank usually follows US monetary policy to maintain the relative yield on the currency.. ..The US interest rate cuts have divided the six Gulf Arab states that had agreed to keep their currencies pegged to the dollar until monetary union in 2010.." [more]

Thousands of African Migrants Smuggled into Saudi Arabia [Nov 1]
"..Many African migrants go to oil-rich Saudi Arabia looking for a better life, according to Somali leaders in Yemen. Most of the African women find employment illegally as maids in Saudi homes.. ..Sadat Mohammed, head of refugee affairs in the Somali community in Sanaa, the Yemeni capital, estimates that between 5,000 and 6,000 Somalis have tried to enter Saudi Arabia from Yemen since September, including children. According to the UN Refugee Agency (UNHCR), so far in 2007 more than 20,000 African migrants have crossed the Gulf of Aden by boat.." [more]

Saudi Investment Forum 2007 to be Held From 24 -26 November [Nov 1]
"The CWC Group (CWC) and Chamber of Commerce & Industry, Eastern Province today announced that the Saudi Investment Forum 2007 - the Strategic Conference & International Exhibition - will now be held on Saturday 24th - Monday 26th November 2007 in Dammam, Saudi Arabia.. ..The original dates of Sunday 17th to Monday 19th November 2007 has been changed in order to maximise senior government and industry involvement at the Forum and avoid a time conflict with the upcoming OPEC Heads of State Summit. The Forum is a unique event which enjoys the full support of the Saudi government and has been designed to ease the path of interested parties who wish to participate in the projects required in the Kingdom.." [more]

Soaring Oil Climbs Past $96 Mark [Nov 1]
"Oil prices have continued their unremitting climb, passing the $96 a barrel mark after figures showed a surprise fall in US crude reserves. US light crude rose as high as $96.24 in Asian trading on Thursday morning before falling back to $96.05. Traders were concerned by a second weekly fall in US crude stockpiles ahead of the intensive winter period. At the current rate of increase, prices are set to top $100 a barrel during the next week. Adjusted for inflation, prices are still below the $101 high reached in November 1980.." [more]

GCC Economic Growth to Slow Despite Surging Crude [Nov 1]
"The surge in oil prices notwithstanding, economic growth in Gulf Cooperation Council countries in dollar terms is expected to slow sharply this year, but macro fundamentals will remain 'extremely' strong, according to HSBC. Stressing that the first phase was already over with 2003-06 seeing four consecutive years of double digit growth, public finance being overhauled and trade and current accounts registering huge surpluses, HSBC chief economist (Gulf Markets) Simon Williams said 'the second phase does not look so great at first glance.'.. ..Observing that net exports were the growth stimuli during the first phase, Williams said it would slow 'markedly' and domestic demand will establish itself as the prime growth driver. He said the new oil price era had transformed Gulf as an economic proposition and 'oil dependency was a key economic weakness but it is now the catalyst for long term growth.'.." [more]

Society Formed to Protect Abuse Victims [Nov 1]
"A new charity to help victims of domestic abuse has been established with its board members finally elected on Monday at the Jeddah Chamber of Commerce and Industry (JCCI).. ..Lafi Al-Balawi, one of the founders of the society, said that the body would be the first of its kind in the Kingdom. The society will be based in Jeddah and will offer protection to victims of abuse, including women and children.. ..She attributed the increase in domestic abuse cases in the Kingdom to a parallel increase in divorce, family problems and the lack of awareness. She also pointed out the need to prepare people who are getting married on how to deal with marital life.." [more]

Global Forum Sets Out Program to Save Marine Environment [Nov 1]
"The ninth global meeting of the Regional Seas Conventions and Action Plans (RSCAP) ended in Jeddah yesterday with the release of the Jeddah Declaration. The declaration set out the program for the protection of the marine environment and coastal regions of member states for the next four years. The Jeddah Declaration, agreed by the parties from 104 countries, acknowledged as axiomatic the 'ultimate dependence of life including mankind and other life forms on the health and integrity of the marine environment.' It also recognized the value of marine and coastal resources as the main source of 
food security, wealth and health for a 'significant number of people in the world.' Seventy percent of the world’s megacities and 38 percent of the global population, the declaration confirmed, live in coastal areas.." [more]

~~~~~~~~ [ Oct 31] ~~~~~~~~~

UK Greets Abdullah With Pomp, Pageant [Oct 31]
"Custodian of the Two Holy Mosques King Abdullah received a red carpet welcome from Queen Elizabeth II yesterday as he began a state visit to the UK, the first by a Saudi king in 20 years. The queen, alongside her husband Prince Philip and Prime Minister Gordon Brown, formally welcomed King Abdullah at Horse Guards Parade in central London, where he inspected a guard of honor. The two monarchs then proceeded up the Mall, festooned with British and Saudi flags, to Buckingham Palace in an ornate gold and black carriage drawn by six white horses. The Queen later hosted a private lunch at Buckingham Palace in honor of Abdullah, attended by the Duke of Edinburgh and heir-to-the-throne Prince Charles as well as the delegation accompanying the king.." [more]

Speech of Custodian of the Two Holy Mosques King Abdullah [Oct 31]
".. Relations between Saudi Arabia and the United Kingdom have been ongoing for some one hundred years and it was in 1945 that the historic meeting took place between the founder of the Kingdom of Saudi Arabia, the late King AbdulAziz, and one who was among the Prime Ministers who have served Your Majesty, Winston Churchill. It was this meeting which laid the firm foundations for the constructive cooperation which has marked relations between the Two Kingdoms. Nor can we forget the visit by which Your Majesty honored us in coming to the Kingdom of Saudi Arabia, a visit which made a deep and touching impression in all our heart.." [more]

Vatican Says Saudi Arabia's King Abdullah Will Meet With Pope Next Week [Oct 31]
"Saudi Arabia's King Abdullah will meet with Pope Benedict XVI on Tuesday in the first encounter between a Saudi monarch and a Roman Catholic pontiff, the Vatican said Wednesday. The meeting, during Abdullah's European tour, underlines Benedict's efforts to increase dialogue between Catholics and Muslims. The Holy See does not have diplomatic relations with Saudi Arabia but it does with many Islamic countries. Abdullah will also meet with Italian Premier Romano Prodi in Rome later in the day, Prodi's office said in a statement.." [more]

Gordon Brown in an Interview with Asharq Al Awsat [Oct 31]
"The Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz, is visiting the United Kingdom. How do you assess the relationship between the two countries? Saudi Arabia is an important partner and ally in the Middle East and recent years have seen this relationship broaden and deepen. This is demonstrated by the sheer range of our bilateral political, security and commercial discussions. Our two countries have a long history of friendship and cooperation. This visit is an opportunity to look ahead and plot the course of this relationship in the coming years.." [more]

King, Brits to Sign Agreements Today [Oct 31]
"Within the framework of his current state visit to Britain, Custodian of the Two Holy Mosques King Abdullah is scheduled to hold talks with British Premier Gordon Brown at 10 Downing Street in London on Wednesday. The talks will focus on all aspects of bilateral relations and means of enhancing them further especially in political, economic and commercial fields.. ..In the presence of the Monarch and British Premier the two sides will sign a package of agreements including an agreement preventing tax evasion, a memo on technical and vocational training and another on sport cooperation.." [more]

Saudi-British Business Ties Robust [Oct 31]
"During the past 20 years, the Kingdom of Saudi Arabia and the United Kingdom have enjoyed an exceptionally strong trading relationship. Saudi Arabia is one of Britain’s largest trade and investment partners in the Middle East, with the UK among the largest foreign investors in the Kingdom. There are currently more than 150 Saudi-British joint ventures active in the Kingdom, whose total value is around SR56 billion ($15 billion). For over a decade now, the balance of trade has been in favor of the UK. Yet, since the early nineties, Saudi exports to Britain have been growing at a faster rate than imports. 
This has helped narrow the trade gap — from SR8.7 billion ($2.3 billion) in 1991, to just SR3.5 billion ($933 million) by 2005.." [more]

Manufacturing Booms in Saudi Arabia [Oct 31]
"Manufacturing is likely to be the fastest growing economic sector in Saudi Arabia over the next five years, as the Kingdom urgently seeks to generate more investment in sectors that can provide direct employment. More than half the country's population is under 20 years of age. The effort to combat unemployment is nationwide. While Jubail on the Gulf coast, together with Yanbu on the Red Sea, were established as the Kingdom's main industrial locations in 1976 there has been substantial industrial expansion elsewhere.. ..The number of manufacturing and industrial enterprises in the Kingdom now 
totals more than 3,800 and these employ 415,000 people. There is a tangible economic benefit with exports of non-oil products amounting to $21bn last year.." [more]

Saudi Bourse in Market Shake-up [Oct 31]
"The Saudi bourse regulator said on Tuesday it is proposing increasing the number of industry indices to 14 as part of a plan to change the way the largest Arab stock market is structured. It also proposes changing how a company's market value is calculated, basing it on the number of shares available for trade rather than all the shares, the Capital Market Authority (CMA) said in a statement. The bourse lists eight indices now. The CMA will announce within two weeks when the changes will be made.." [more]

Al-Huraisi Murder Trial Begins at Riyadh High Court [Oct 31]
"The trial of two members of the Commission for the Promotion of Virtue and Prevention of Vice, who have been charged with the murder of Salman Al-Huraisi during a commission raid looking for alcohol, began at the Higher Court in Riyadh yesterday.. ..A statement from the Governorate of Riyadh mentioned that the trial was just one of three cases currently in session regarding the death of Salman Al-Huraisi. There is another case about the “abuse of authority” by the commission currently being heard in the Court of Grievances in Riyadh. Commission officers who took part in the raid will be held 
accountable for violations that allegedly took place during the raid..“ [more]

~~~~~~~~ [ Oct 30] ~~~~~~~~~

Saudi King's Royal Meet Draws Fire [Oct 30]
"King Abdullah of Saudi Arabia has begun his visit to the UK as controversy continues over issues related to the Middle Eastern kingdom. The UK government regards the state visit, the first in two decades, as being of fundamental importance due to Saudi Arabia's involvement in hot issues such as the war on terror, the situation in both Iran and Iraq and the attempt to broker peace between Israel and the Palestinians. But the visit has attracted controversy in the UK, with small groups of protestors gathering in London Tuesday ahead of the official welcome.. ..Human rights groups have called on the UK government to react to allegations of the torture of women in the Saudi kingdom. Other issues raised by protesters include the failure of the Serious Fraud Office investigation into alleged bribes surrounding arms deals; and allegations that organizations linked to the Saudi authorities have promoted Islamic fundamentalist literature in UK mosques.." [more]

Riyadh Warns Peace Talks Could Fail [Oct 30]
"King Abdullah Bin Abdul Aziz of Saudi Arabia warned that a key upcoming conference on peace in the Middle East could fail in the absence of a "serious effort" to address the concerns of all sides involved. The United States is organising an international conference due to be held next month in Annapolis in the state of Maryland. But speaking to BBC radio ahead of a state visit to Britain, the king urged caution over the outcome.. ..'I believe unless a serious effort is put into this in order to reach agreements that satisfy the Palestinians and the Arab world and the Islamic world then I believe the 
conference may not be successful.'.." [more]

Va. County to Look at Saudi School Texts [Oct 30]
"Fairfax County officials are reviewing Arabic-language textbooks at a private Islamic school following a federal panel's recommendation that the school be shut down. The county does not expect to find any problems with the textbooks at the Islamic Saudi Academy, but wants to study the issue "to put the matter to rest," Fairfax County spokeswoman Merni Fitzgerald said Monday. Earlier this month, a federal human-rights panel recommended that the State Department prevail on the Saudi government to shut the school down until the school's textbooks can be reviewed and procedures are put in place to ensure the school's independence from the Saudi Embassy.." [more]

United Plan Saudi Trip in January [Oct 30]
"Manchester United are planning to take an extraordinary gamble by breaking off from their title defence to make a one-off visit to Saudi Arabia that will raise inevitable questions about whether the club's owners are putting finance before football.Determined to build on a reputation as the world's best-supported club, the Glazer family have provisionally agreed for the team to make a 6,000-mile round trip to Riyadh in January for a testimonial for the former Saudi Arabian international striker Sami Al-Jaber. United will be paid more than £1m for sending their high-profile players.. ..Perhaps tellingly, Barcelona and Real Madrid were both contacted before United but refused because of the travel and security problems. 'We then approached Manchester United and they have agreed to appear," Al-Jaber, who has recently retired after making 163 international appearances, said in Riyadh. The 34-year-old added that a date had yet to be fixed, but "both sides have agreed January'.." [more]

No US Pressure to Allow Sharif`s Return: Saudi [Oct 30]
"Saudi Arabia has dismissed reports that the US is pressuring it to allow former Prime Minister Nawaz Sharif to return to Pakistan ahead of the upcoming general elections even as a Pakistani minister said the PML-N leader could not come back for another three years. There was never any pressure from the United States on the government of Saudi Arabia regarding the matter of the former Prime Minister of Pakistan, Nawaz Sharif," said a press release issued by the Saudi Embassy here. The Embassy described as baseless and false the reports in a section of the media about pressure on the Saudi government for letting Sharif return to Pakistan.." [more]

Saudi CIO Summit 2007 to Focus on IT Project Management [Oct 30]
"Over 400 CIOs, IT managers and ICT project managers are expected to participate in the Summit, which will take place in Riyadh on November 20-21, 2007 at King Faisal Conference Hall, Intercontinental Hotel. The two days event will witness participation of experts and distinguished speakers from leading industry, consulting firms and government bodies will address the event. They include speakers from: Ministry of Communication & Information Technology (MCIT), Saudi Arabian Monetary Agency (SAMA), Saudi Aramco, SABIC, WIPRO, Microsoft, Gartner, Devoteam, King Fahd Military Medical Complex Dhahran (KFMMC) and King Saud University. The main topics to be covered are: IT Project Management approaches, methodologies, tools and techniques. Case studies and success stories also will be explored.." [more]

Saudi Development Fund Received all 5 Baku Schools Built at its Expense [Oct 30]
"The Saudi Development Fund (SDF) project on construction of 5 secondary schools in Azerbaijan has been completed. The Azerbaijan Agency for Rehabilitation & Reconstruction of Areas (ARRA) reported that construction of all the schools has been finished and the SDF mission was satisfied with the project results. According to the ARRA, the State Commission has finished acceptance of only one of these schools, located in Khatayi district of Baku.. ..The project was financed from a $9.5 million SDF grace loan and $2.5 million from the government. Project completion is scheduled for late 2006. Each of the schools is designed for 1,296 pupils.." [more]

Opec: No Plan to Switch From Dollar in Oil Pricing [Oct 30]
"Opec, which produces more than 40% of the world’s oil, isn’t considering whether to price crude in anything other than the dollar even after the US currency sank to a record against the euro, Qatar said. Abandoning the dollar “isn’t yet on the agenda” of the 12-member Organisation of Petroleum Exporting Countries, Qatar’s Deputy Premier and Minister of Energy and industry, HE Abdullah bin Hamad al-Attiyah told reporters at the natural gas conference. Such a change would “need the co-operation of Opec and non-Opec” states, he said. Opec prices and sells its output in dollars. The dollar fell to a record low against euro yesterday, the weakest since the introduction of the European common currency in 1999.." [more]

Jeddah Forum to Discuss Tourism in Muslim States [Oct 30]
"The First Forum of Tourism in Islamic Countries organized by the Islamic Chamber of Commerce and Industry (ICCI) in cooperation with the Supreme Commission for Tourism and the Council of Saudi Chambers of Commerce and Industry will kick-start tonight at the Jeddah Hilton Hotel. The objectives of the three-day forum include adopting effective and strong strategies for the promotion and marketing of tourism among OIC countries, adopting a mechanism to improve infrastructure and facilitating the issuance of tourist visas among the Islamic countries.." [more]

~~~~~~~~ [ Oct 29] ~~~~~~~~~

Saudi King Criticizes UK on Terror [Oct 29]
"King Abdullah of Saudi Arabia accused Britain on Monday of failing to act on information the Saudis provided that might have averted London's deadly July 7, 2005, suicide bombings. Abdullah told the British Broadcasting Corp. that Britain was not doing enough in the war on terror. He made the comments in Jeddah, Saudi Arabia, hours before arriving in London for a state visit. 'I believe that most countries are not taking this issue too seriously, including, unfortunately, Great Britain,' he said through a translator. 'We have sent information to Great Britain before the terrorist attacks in Britain, but unfortunately no action was taken and it may have been able to avert the tragedy.' The king did not specify what information Saudi Arabia provided.. ..Months before the July 7, 2005, attack in which four suicide bombers killed 52 people and wounded hundreds on London's transit network, Saudi Arabia told the British and U.S. governments that it had arrested a young Saudi man who confessed to raising money for a terrorist attack in crowded areas of the British capital.." [more]

Saudi King: Time for International Intel Agency [Oct 29]
"On the eve of his state visit to the United Kingdom the Saudi monarch, King ‘Abdallah, called for the creation of an international intelligence agency that would pool the knowledge of all member states. In a rare interview the king said many of the national intelligence agencies and their governments were simply not doing a good enough job.. ..The idea of an international intel agency is not new, but the call from the Saudi leader will be taken seriously, said an analyst at The Media Line. Given that most of the 9/11 bombers came from the kingdom and that Al-Qa’ida derives much of its strength and support from within the country, ‘Abdallah’s call will be seen positively in the key intel capitals: Washington, London, Paris, Berlin and Jerusalem, said the analyst.." [more]

We’ll Pressure Iran on Nuke [Oct 29]
"French Defense Minister Hervé Morin said yesterday that Paris and Riyadh were in complete agreement over the concern represented by the Iranian nuclear program and its potential to destabilize the region. Addressing a news conference at King Abdul Aziz International Airport’s Royal Terminal, he said France would continue to apply pressure on Iran in order to bring it back to the negotiating table.. ..The French defense minister said Saudi Arabia and France shared a common concern over Tehran’s nuclear program. 'We share similar views over a number of issues, including the Iranian and Lebanese ones,' he said.." [more]

UK Foreign Minister Pulls Out of Saudi Meeting [Oct 29]
"British Foreign Secretary David Miliband pulled out of a meeting with his Saudi Arabian counterpart in London Monday, but the Foreign Office insisted it was for personal reasons and not a snub.. ..The Foreign Office insisted Miliband's decision to pull out of the meeting with Saudi's Foreign Minister Saud al-Faisal was due to personal reasons and was in no way linked to King Abdullah's comments. Miliband's duties are being carried out by junior ministers in his absence.." [more]

$30bn Saudi Venture Plans IPO [Oct 29]
"Saudi Arabia’s Binladin Group and Malaysia’s MMC Corp plan to sell 30% of a jointly owned developer to the public next year to help finance a $30bn Saudi city, an executive said yesterday. The sale, initially planned for 2007, will raise cash for Jizan Economic City in Saudi Arabia’s south as part of a government plan to tap the windfall from record oil prices to develop infrastructure and create jobs. Emaar Economic City, which is building a port and financial centre on the Red Sea coast, raised $680mn last year in the first IPO by a developer of one of six new cities planned by the world’s largest oil exporter.." [more]

Saudi Build and Stone 2007 Expo Opens [Oct 29]
"Prince Mansour Ibn Miteb, deputy minister for municipal and rural affairs, inaugurated a high-profile international fair of building materials and technology here yesterday against the backdrop of the Kingdom's booming construction sector. The six mega economic cities announced by Custodian of the Two Holy Mosques King Abdullah together with some 200 major public and private sector projects will attract $250 billion capital within next few years. 'This exhibition, which has been titled as 'Saudi Build and Stone 2007' is featuring the whole range of building products and new technology,'.. .. Referring to the participation of a number of countries in this construction fair, an REC official said that this exhibition, the first of its kind in the Middle East, is likely 'to attract some 50,000 trade and business visitors, who will eventually discover this show as an international forum for exchanging information and clinching on-the-spot business deals.'.." [more]

Saudi Stock Market Regaining Confidence [Oct 29]
"The Saudi stock market continued to surge for the second day this week after rising 3.75 percent last week. As the listed companies announced their third quarter results, the stock market showed positive signs. The Tadawul All-Share Index (TASI) gained 33.46 points to 8,397.97. The index increased 5.86 percent so far this year.. ..Despite the fact that two sectors, the Insurance and Services sectors lost 37.7 and 23.1 points, respectively, the index went up due to the increase in the share price of the leading stock, SABIC. SABIC, a constituent of the Industrial sector, was the reason for the Industrial sector succeeding in gaining 17.1 points.." [more]

University Signs Deals with Nobel prize Winners [Oct 29]
"King Saud University signed cooperation contracts with a number of award-winning scientists and experts, including Nobel, King Faisal and Prince Sultan award winners, at the opening of the Nano symposium in Riyadh on Sunday.. ..Al-Uthman assured that the University is on its way to achieving an international pioneering level, thanks to the generous support it receives from the Custodian of the Two Holy Mosque, King Abullah Bin Abdul Aziz, and his Crown Prince. King Saud University will also sign cooperation agreements with the University of Ohio on November 26, and with the University of Michigan. He added that King Saud's Institution of Nano-tech is being prepared for a national Nano-tech initiative with a budget of SR273 million for 53 research seats.." [more]

UK Bank Regulator Recognizes Tadawul [Oct 29]
"The Saudi Stock Exchange Tadawul is on a selected list of stock exchanges which is recognized by British banking regulator, the Financial Services Authority (FSA) and Her Majesty’s Revenue & Customs (HMRC) for the purposes only of Section 48A of the Finance Act 2005, which stipulates that a sukuk (an Islamic bond or trust certificate) must be listed on a recognized stock exchange.. ..The move by HMRC and the FSA is good news for the sukuk market and should pave the way for a more active approach to secondary trading.." [more]

~~~~~~~~ [ Oct 28] ~~~~~~~~~

UK Politician to Boycott Official Saudi Visit to Protest Handling of Corruption Probe [Oct 28]
"The acting leader of a British opposition party said Sunday he will boycott a state visit by Saudi King Abdullah to protest the handling of a British investigation into claims that members of the Saudi royal family received kickbacks as part of a massive arms deal. Vince Cable of the Liberal Democrats, Britain's second largest opposition party, said he also wants to protest Saudi Arabia's human rights record by turning down invitations to all the ceremonial events during the king's four-day visit. It begins Monday and is to include a banquet held by the Queen Elizabeth II in his honor at Buckingham Palace.." [more]

For Oil Producers, Energy Security Rises Up The Political Agenda [Oct 28]
"Energy security, traditionally a high priority for consumer countries that depend on imported oil and natural gas, is now topping the military and foreign policy agenda for producing countries, as they seek to reinforce their credibility in the eyes of volatile global oil markets.. ..This is particularly true in Saudi Arabia and the five neighboring Gulf states that together form the Gulf Cooperation Council. 'GCC states' programs of security cooperation with the U.S. suggest an increased concern about the security of energy and other facilities,' said Neil Partrick, a Gulf analyst with the International Crisis Group. Direct threats to energy infrastructure, by such groups as Al Qaeda Organization in the Arabian Peninsula, had underlined the specific nature of the terrorist challenge to producers.." [more]

Riyadh Will House 7.2m People in 2025 [Oct 28]
"The population of Riyadh will reach 7.2 million in 2025, according to an official study released by the Higher Authority for the Development of Riyadh. Saudis will represent 74 per cent of that total population, the study said. Those under 25 years are estimated at 52 per cent, it added. According to the Authority, a government agency, the present population of Riyadh is 4,260,000 with Saudis representing 65 per cent.. ..The study noted that Riyadh is the fastest growing urban centre in the world. It indicated the city's population had increased by more than 200 times and its area by more than 1,000 times 
since 1930. The study pointed out that the population growth would require additional focus on social and economic aspects.." [more]

High Oil Prices to Fuel Inflation [Oct 28]
"Rising oil prices are expected to further increase the already record-high inflation across the oil-rich Gulf region, which is reaping a windfall from a quadrupling of oil prices in the last five years. US crude and Brent have been hovering above $85 per barrel, raising concerns of inflationary pressure - a reality taking its toll on the Gulf's growing consumer base.. ..Weakness of the US dollar added to inflationary pressures in the GCC countries, as most of them peg their currencies to the US dollar.." [more]

Gulf Explores Alternative Energy for Post-Oil Era [Oct 28]
"With booming domestic demand for power, the Gulf countries are exploring the use of alternative and renewable energy resources including coal, nuclear, solar, wind and hydrogen, said an industry expert. There are 114 power generation projects of all types in the six GCC countries of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE together worth more than $160 billion.. ..'The vast majority of power generation projects in the Gulf are for power stations using conventional gas,'.. ..'But the region is struggling to find enough suitable gas to meet future power demand and the first signs are beginning to emerge of major investment in the region into alternatives,'.." [more]

Official Says Saudi Exports to Iraq Expected to Rise [Oct 28]
"With tension mounting on the Iraqi-Turkish border, Saudi exports to Iraq are expected to increase, the chairman of the Saudi Exports Development Centre, Dr Abdul Rahman Al Zamel, said yesterday. He said the value of Saudi exports to Iraq stood at more than 3.2 billion riyals last year.. ..'Large quantities of consumer products like chicken and soft drinks are exported to Iraq on a daily basis,' Al Zamel said. Meanwhile, statistics on Saudi foreign trade have revealed growth in direct Saudi exports to Iraq. These exports increased by 91 per cent to 484 million riyals last year, compared to 253 million riyals in 2005.." [more]

Change in Riyal Rate Ruled Out [Oct 28]
"Saudi riyal will remain pegged with US dollar, announced Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayyari at the 74th session of the GCC Financial and Economic Cooperation Committee meeting of finance ministers and central bank governors of member countries here on Saturday. This was unanimously decided by GCC countries, which agreed that there was no need to change the exchange rate at present, said Al-Sayyari in a statement after the meeting. Al-Sayyari had chaired the meeting on behalf of Dr. Ibrahim Al-Assaf, Minister of Finance. Asked if the exchange rate of the dollar 
continues to drop what would be the stand of the GCC countries, he said the developments will be studied and suitable policies will be adopted.." [more]

Kingdom Seeks to Promote Other Means of Transport [Oct 28]
"The Saudi Ministry of Transportation is drawing up an integrated strategy that seeks to reduce heavy reliance on motor vehicles as the principal means of transportation and promote the railroad and air transportation sectors as the other viable options. The elements of the new strategy were discussed at a workshop on the 'First National Transportation Strategy (NTS)-Issues and challenges'.. ..The message that came out of the workshop was that an integrated transportation strategy was in the national interest of the Kingdom, where one person gets killed in a traffic accident every hour and pollution levels peak, especially during the Haj season.." [more]

Law to Protect Rights of HIV-Infected [Oct 28]
"Saudi Arabia is preparing a national AIDS program that will ensure the protection of rights of AIDS patients and give them the same rights as others to education, health, social activities and employment. The program will also ensure that people with the HIV virus will not be discriminated against in government and nongovernment institutions because of their condition. Officials from The National Society for Human Rights (NSHR) and a representative of the United Nations Development Program (UNDP) met yesterday to prepare the initial draft for the new program’s guidelines.. ..The sources of the national program are based on Islam and the international agreements signed by Saudi Arabia in the field of human rights.." [more]

Oct 21-Oct 27, 2007

~~~~~~~~ [ Oct 27] ~~~~~~~~~

Saudi Arabia Not Passageway For Any Force in the World - Saudi CP [Oct 27]
"Saudi Crown Prince Sultan bin Abdul-Aziz Al Saud said Friday his nation would never become a passageway or shelter for any force in the world. This came in a press statement after inaugurating his nation's new embassy building at Kuwait's embassies zone. Asked if Saudi Arabia would allow the US to use any of the Gulf's military bases to attack Iran, Prince Sultan said his country was not 'a crossing point or shelter for any force in the world.' Commenting on Iran's declaration to attack the Gulf region if assaulted by the US, Prince Sultan said it was not in Iran's interest to harass any side.." [more]

GCC May Put Six-year Cap for Foreign Workers [Oct 27]
"A six-year residency cap on unskilled expatriate workers in the Gulf region, which was under consideration for the past three years, may soon be enforced by the GCC countries. The Gulf Cooperation Council (GCC) ministers of labour will consider a proposal to define a time-frame ceiling for residency of foreign workers in member states at a meeting in Riyadh, the Saudi capital, next month. The measure may, however, spell trouble for labour-exporting nations like India which comprise the majority of the foreign expat population in the Gulf.. ..The proposal would also be discussed during the next GCC summit scheduled for December.." [more]

Saudis Bankroll New Airlines in Yemen [Oct 27]
"Yemenia Airways is preparing to launch the first domestic flight through the new Internal Air Transport Company in 2008. According to Abdullah al-Mutareb, executive director of Yemenia, three Saudi commercial investment companies have split the capital of the new company as partners and primary contributors, which amounts to a total of $100 million. Yemenia recently signed partnership contracts with the three Saudi investment companies. According to al-Mutareb, the Saudi investors bought 75 percent of the shares in the company, while Yemenia owns the remaining 25 percent. Al- Mutareb indicated that the capital structure of the Internal Air Transport Company will be the biggest of its kind in Yemen. It will increase from $45 million to $100 million as a result of the Saudi investors’ involvement as majority shareholders.." [more]

Abdullah Gives SR100m to Arab Open University [Oct 27]
"Custodian of the Two Holy Mosques King Abdullah has donated SR100 million to support the Arab Open University (AOU), a private institution of higher education accredited to the UK Open University (UKOU), Prince Talal, chairman of the AOU’s board of trustees, announced yesterday. Prince Talal, who is also chairman of AGFUND (the Arab Gulf Program for United Nations Development Organizations), said the money was donated for buildings at AOU’s various branches in the Middle East.. ..The AOU is closely associated with the UKOU, enabling students to graduate with both an Arab Open University degree and that of the UKOU — an internationally recognized UK degree.." [more]

Conference on Cyber Terror Postponed [Oct 27]
"A four-day conference on information technology and national security, which was to be held from Nov. 3-6 in Riyadh as part of the Kingdom’s drive against cyber terrorism, has been postponed to Dec. 1. Prince Abdul Aziz ibn Bandar, assistant to the head of the General Intelligence Presidency (GIP) and supervisor general of the conference, said the postponement was approved by the Royal Court since the GIP was keen on the conference being inaugurated by Custodian of the Two Holy Mosques King Abdullah.. ..A total of 161 scientists and researchers have agreed to present their papers at the four-day event, to be held at the King Fahd Cultural Center and attended by more than 1,000 delegates, including IT experts from the Kingdom and abroad.." [more]

~~~~~~~~ [ Oct 26] ~~~~~~~~~

Oil Tops $90 on Range of Worries [Oct 26]
"Oil soared past $90 a barrel to a record on a mix of unsettling news that ranged from Middle East tensions to supply concerns, demonstrating the delicate state of world petroleum markets heading into the energy-intensive winter months. The events -- which included a statement by a top OPEC official to The Wall Street Journal that the world's oil cartel doesn't see a need to check the price surge -- might not have moved oil markets dramatically by themselves. But oil's 3.9% rise yesterday to an exchange high of $90.46 a barrel shows that prices are responding to a slew of economic and geopolitical forces and suggests further big swings could lie ahead.. ..Some OPEC members, including Saudi Arabia, fear higher prices will damp demand for cartel oil. Others, such as Iran, would prefer to keep prices high. Mr. El-Badri said that there is plenty of oil available and that prices have been rising on political turmoil in the Middle East, and investors dumping equities and putting their money in oil futures.." [more]

Saudi King Tries to Grow Modern Ideas in Desert [Oct 26]
"On a marshy peninsula 50 miles from this Red Sea port, King Abdullah of Saudi Arabia is staking $12.5 billion on a gargantuan bid to catch up with the West in science and technology. Between an oil refinery and the sea, the monarch is building from scratch a graduate research institution that will have one of the 10 largest endowments in the world, worth more than $10 billion.. ..For the new institution, the king has cut his own education ministry out the loop, hiring the state-owned oil giant Saudi Aramco to build the campus, create its curriculum and attract foreigners. Supporters of what is to be called the King Abdullah University of Science and Technology, or Kaust, wonder whether the king is simply building another gated island to be dominated by foreigners, like the compounds for oil industry workers that have existed here for decades, or creating an institution that will have a real impact on Saudi society and the rest of the Arab world.." [more]

Brown Faces Embarrassment Ahead of Saudi Visit [Oct 26]
"Gordon Brown is facing mounting criticism over next week's state visit to the UK by King Abdullah, the dictator of Saudi Arabia. Campaign Against Arms Trade (CAAT) yesterday repeated its call for the reopening of the Serious Fraud Office investigation into the Saudi regime's arms deals with BAE Systems. Gordon Brown has also been reminded of his statement last month that 'human rights are universal', in the context of the Saudi regime's frequent use of torture and violent suppression of political and religious dissent.. ..Abdullah will be met by a peaceful demonstration organised by CAAT when he arrives in the UK on the morning of Tuesday 30th October. His visit will last until Thursday 1st November. He will stay at Buckingham Palace.." [more]

2nd Saudi Insurance Summit [Oct 26]
"IIR is pleased to present to you the 2nd Saudi Insurance Summit, the premier annual insurance event for Saudi Arabia, taking place at the Jeddah Hilton Hotel on 28 – 31 October 2007. The Saudi Arabian insurance industry is experiencing considerable expansion. The Saudi Arabian Monetary Agency (SAMA) continue to develop the insurance industry through market liberalisation, with the central bank approving 26 local and foreign insurance companies to launch operations in the Kingdom and 10 applications under review. Many believe the new laws and new licensed companies will boost confidence in the industry by curbing the activities of unlicensed companies and some are predicting a double in insurance market turnover over the next five years.." [more]

Domestics hired from Nepal and Vietnam [Oct 26]
"Following the recent obstacles of recruiting housemaids from Indonesia and the Philippines, Saudi Arabia is now looking for other options. Recruitment of housemaids from Nepal and Vietnam is what local recruitment offices are currently involved in.. ..In the past, recruitment advertisements were dominated by Indonesia and the Philippines. Earlier, the Indonesian authorities, in a move to improve the conditions of housemaids working in the Kingdom, asked among other conditions, for the increase of monthly salaries of housemaids.." [more]

Haj Housing Revenues Top 1.5b Riyals [Oct 26]
"Revenues generated from housing services during last year's Haj amounted to more than 1.5 billion Saudi riyals, a recent economic study shows. So far, official Haj missions from Islamic countries as well as tourism companies involved in the Haj have rented more than 7,000 buildings in Makkah, well before this year's pilgrimage starts in less than two months.. ..Dealers in Haj housing services estimated that rates in luxury hotels per person in the central area will be as much as 7,000 riyals. In towers and other buildings, the rates will be 2,000 to 4,000 riyals, but the rates for one person in areas far from the Haram may be as low as 1,000 to 1,500 riyals.." [more]

GCC Finance Chiefs, Bank Governors to Meet Amid High Inflation, Weak Dollar [Oct 26]
"The Gulf Cooperation Council (GCC) ministers of finance and economy and central bank governors will hold their 74th meeting here tomorrow and are scheduled to review a number of topics pertaining to joint economic cooperation, SPA news agency website said yesterday. The meeting comes amid surging inflation in the region, which analysts say are due to weak dollar, among others. Observers said that the meeting will also touch on the timetable for a single currency plan which has been dragging on for some time.. ..Apart from Kuwait, the Gulf states agree that allowing their currencies to appreciate against 
US is not an option for now. At the last meeting of central bank governors in Saudi Arabia last month, they could agree about little else. The six said they would fashion separate responses to any US interest rate cut.." [more]

Kingdom OKs Formation of New Mining Company [Oct 26]
"Arabian American Development Co. yesterday said that it has received official notification from Saudi Arabia’s Ministry of Commerce and Industry approving the formation of the Al-Masane Al-Kobra Mining Company. In a statement carried by Reuters, the president and CEO of Arabian American Hatem El-Khalidi said the approval is to be published in the Official Gazette. Hatem El-Khalidi, president and CEO of Arabian American, said the Saudi government’s approval in 'the formation of the joint stock company reinforces our belief that the project will be good for the growth and diversification of the Saudi economy and good for the shareholders of Arabian American Development Co.'.." [more]

Forum on Water, Power to Take Place in Jeddah [Oct 26]
"Issues related to water and power will be discussed in-depth at the Saudi Water and Power Forum (SWPF) scheduled in Jeddah on Nov. 3-6. This is a strategic conference being held with the support of Makkah Governor Prince Khaled ibn Faisal, Dr Bakr ibn Hamza Khoshaim, member of the Shoura Council and a steering committee member of the forum, told a press conference at the Jeddah Hilton. The forum assumes importance as Saudi Arabia is by far the largest water and power market in the Middle East with over $200 billion investment required by 2020. The SWPW will bring over 500 top-level Saudi and international delegates together to discuss the huge requirements for investment in the Kingdom’s water and power sectors.." [more]

~~~~~~~~ [ Oct 25] ~~~~~~~~~

Two-state Solution in Mideast in Jeopardy: Rice [Oct 25]
"US Secretary of State Condoleezza Rice says a 'two-state solution' in the Middle East is in jeopardy and only a narrow window of opportunity remains to push Israel and the Palestinians toward peace. In a House of Representatives hearing interrupted by anti-war protesters, Rice said Wednesday that a peace conference planned for Annapolis, Maryland, is needed to give hope to moderate Palestinian forces. She blamed Iran for fanning flames in the region, including what she called 'troubling' new support for Hamas militants.." [more]

Bush Joins Fight to Break Breast Cancer Silence [Oct 25]
"In a very amiable setting, US first lady Laura Bush had coffee yesterday with a group of Saudi breast cancer survivors and medical volunteers at the residence of the US consul general.. ..Through the mediation of Dr. Samia Al-Amoudi, 49, Arabic-speaking women were able to converse with Bush and convey their remarks and greetings to her. Al-Amoudi, assistant professor at King Abdulaziz University, chose to break the silence about her battle with breast cancer after being diagnosed in April 2006.. ..At the end of the meeting, the group presented Bush with a humble gift as an appreciation of her support and visit. They gave her a traditional scarf and abaya with a pink ribbon that is regarded worldwide as an international symbol for breast cancer. Bush wore the scarf and happily said, 'We have sisterhood more than we’ve thought between American and Saudi women.'.." [more]

Saudi to Open Up Bourse: Sabic Chief [Oct 25]
"Saudi Arabia will open its stock market to foreign investors, giving them direct access to companies in the biggest Arab economy, the chief executive officer of Saudi Basic Industries Corp said. 'It will happen,' Mohamed al-Mady told reporters in Duesseldorf yesterday, without providing a date for the regulatory change. 'Our stock market is in its infancy, and to ecome more mature we need to get international exposure.'.. ..Allowing foreign investors to trade Saudi shares would 'mean better analysis and better forecasts,' al-Mady said.." [more]

IMF Says Saudi Riyal Undervalued [Oct 25]
"The executive board of directors of the International Monetary Fund (IMF) has said that the Saudi riyal appears to be moderately undervalued at present. Many directors see this as a transitional phenomenon “reflecting the positive terms-of-trade shock.” Several other directors considered that the riyal is broadly in line with fundamentals.The IMF directors also considered that the current pegged exchange rate regime has served the economy well, although a few directors were of the view that a more flexible exchange rate would help reduce fluctuations in the face of oil price volatility.." [more]

Saudi Arabia Bans Forbes Issue Over King's Wealth [Oct 25]
"Saudi Arabia has banned the latest issue of the Arabic-language edition of Forbes magazine for an article about the wealth of the king and other Arab leaders.. ..Saudi authorities have ordered columns by Khalid al-Dakhil, a prominent Saudi analyst and university lecturer, to be ripped out of Forbes Arabia twice so far this year. Authorities in the conservative kingdom also tear out pages from newspapers and magazines before they hit newsstands if they contain pictures deemed indecent.." [more]

Saudi Women Have Right to Practice Law [Oct 25]
"Saudi women have the right to practice the legal profession, said Minister of Justice Dr Abdullah Bin Mohammad Al Shaikh. However, he noted that the issue is still being studied by a specialised committee comprising several departments, including the Ministry of Justice. Some legal firms in the kingdom employ female lawyers, but women are not granted licences to operate their own legal offices.. ..Saudi Arabia will allocate 7 billion riyals (about Dh6.8 billion) to develop the judiciary. The process aims to upgrade the courts and their buildings and other infrastructure, provide better facilities as well as employ qualified cadres and provide on the job training.." [more]

~~~~~~~~ [ Oct 24] ~~~~~~~~~

Naif Gives Call to Save Iraq [Oct 24]
"Interior Minister Prince Naif yesterday called for intensive efforts to save Iraq from its present predicament and to stand firm against destructive forces.. ..Prince Naif refuted suggestions that the meeting was aimed at protecting the interests of Iraq’s neighbors rather than Iraq. 'All countries meeting here are deeply concerned with the situation in Iraq as we are linked with the bond of brotherhood and faith,'.. .. The conference, which was the fourth of its kind, discussed how to help Iraq get out of its present security difficulties. It also focused on ways of countering terrorism and curbing smuggling and 
infiltration across the border.. ..Prince Naif said the terrorist groups in Iraq were harming Islam and Muslims. 'Muslims have already realized this fact and enlisted them among their enemies.'.." [more]

World Economic Forum Studies the Future of Saudi Arabia [Oct 24]
"The World Economic Forum today launched its latest scenario study, The Kingdom of Saudi Arabia and the World: Scenarios to 2025, a set of scenarios looking at three possible and plausible futures for Saudi Arabia. These scenarios examine potential shifts across economic, environmental, social, political and technological spheres and offer challenging visions designed to test strategy, open up dialogue, and offer insight into important factors affecting Saudi Arabia and the broader region between today and 2025.. ..'As one of the largest economies and a key political player in the region, Saudi Arabia has a critical role in determining the future of the Middle East, if not the world. It is very important that businesses, politicians and community leaders understand the forces at play within the Kingdom and appreciate both the dynamics of the country and the range possible futures that may evolve,'.." [more]

Breast Cancer Doesn’t Respect Borders: Laura [Oct 24]
"Saudi Arabia and the United States signed here yesterday a strategic partnership agreement that brings together breast cancer experts and awareness advocates from the two countries in a new war against breast cancer.. ..'Breast cancer does not respect national boundaries, which is why people from every country must share their knowledge, resources and experience to protect women from this disease,' Bush said. 'The cure for breast cancer can come from a researcher in Washington or a young doctor in Riyadh,' she added.. ..The US first lady said the partnership would not only build bridges of friendship between the United States and Saudi Arabia, but also help women in the Kingdom and the Middle East to fight the disease.." [more]

Clark Appeal Fails as Saudi Man Executed [Oct 24]
"Saudi Arabian authorities tonight confirmed a man Prime Minister Helen Clark had made an urgent appeal to save from execution had been beheaded. Hadi 'Ali Suliaman, whose brother lives in New Zealand, was executed in the southern city of Najran, according to an interior Ministry statement carried by the official Saudi Press Agency (SPA). Hadi 'Ali Suliaman was convicted of injuring a guard when he opened fire on a truck carrying prisoners, the ministry said. SPA said he was trying to help a prisoner escape from the truck when he shot the security guard. It was not clear when the attack took place and 
whether the prisoner managed to escape.. ..A spokesperson for Miss Clark said she made a personal appeal for Hadi 'Ali Suliaman because his brother lived in New Zealand and the Government's stance against the death penalty.." [more]

Saudi Arabia Urges Pervez Musharraf to Call Back Nawaz Sharif [Oct 24]
"King Abdullah of Saudi Arabia is pressing President Pervez Musharraf to allow former Prime Minister Nawaz Sharif to return to Pakistan before the general elections, highly placed intelligence sources have said. They further said that King Abdullah communicated this appeal to Musharraf on October 15. Musharraf told the Saudi monarch that Sharif and his brother Shahbaz should only return after the general elections, sources added. He, however, said Sharif’s wife, Kulsoom Nawaz, could return to Pakistan immediately. The Saudis made the request after Bhutto insisted on returning to Pakistan. The Saudis are said to be mulling over Musharraf’s request.." [more]

Saudi Arabia's Network Readiness Falls Behind [Oct 24]
"Saudi telecom's is seen internally as a growth sector, with the market open to competition from rival operators and the end of the monopoly that Saudi Telecom Company (STC) long enjoyed. But the Saudi Arabian networks infrastructure remains a thorny issue that requires swift action. In the sixth Global Information Technology Report 2006-2007, recently issued by the World Economic Forum (WEF), Saudi Arabia was dropped from the list of the most advanced countries in IT and telecoms.. ..The 
WEF report stated that Saudi Arabia's poor infrastructure slowed down the kingdom's movement and made it unable to catch up with other developed countries. According to the report, Saudi Arabia lacked network readiness to leverage its IT growth.." [more]

HP Ends Local PC Assembly in Middle East [Oct 24]
"HP will no longer assemble desktop PCs at its plant in Saudi Arabia from the end of December following a review of its supply chain arrangements in the Middle East. The move means desk-based products will now be supplied into the region from Eastern Europe and the Far East using HP's standard distribution set-up. The vendor says its decision to stop PC assembly in the Kingdom has been taken on the basis of a shift in market demand from desktops to mobiles, and revisions in GCC customs rules which reduce the economic benefits of assembling locally.. ..Recent changes to customs duty regulations have also had a major influence on HP's decision to bring the curtains down on the plant. Earlier this year, Saudi Arabia rendered certain computer products exempt from import tax as part of the unified customs tariff reported to be adopted by other GCC states, thereby eradicating the tax-advantage that companies such as HP gain from assembling in-country.." [more]

SAGIA Presents Investment Potentials to Finnish Group [Oct 24]
"Governor of the Saudi Arabian General Investment Authority (SAGIA) Amr Al-Dabbagh met with Finland President Tarja Halonen and her accompanying business delegation in Jeddah yesterday to discuss potential areas of investment for Finnish corporations in Saudi Arabia’s six economic cities.. ..The governor made clear to the Finnish president the Kingdom’s keenness on resolving problems in the investment sector to attract foreign investment opportunities through the cooperation of concerned government bodies.Fahd Al-Rashed, deputy governor of SAGIA for economic cities, said the Saudi-Finnish meeting was a rich opportunity for both sides to discuss areas of future possibilities in investment.." [more]

SABIC Shares Pull BMG Index Down [Oct 24]
"The BMG Saudi Index saw another decline this week after the drop in the index on Sunday, closing down yesterday’s session at 445.01 points, losing 0.7 percent from its previous close at 448 points. The market turnover, however, continued to move ahead and reached SR3.6 billion ($950 million), increasing by 11 percent from Monday’s turnover.. ..Thirteen stocks in the BMG Index closed on a negative note, while 10 increased and 7 remained inactive.. ..SABIC went down by 1.2 percent to close 
at SR140.25 per share, pulling the index downward accordingly.." [more]

~~~~~~~~ [ Oct 23] ~~~~~~~~~

Laura Bush Launches Breast Cancer Awareness Campaign in Saudi [Oct 23]
"US first lady Laura Bush arrived in Saudi Arabia on Tuesday as part of a Middle East tour to promote awareness and treatment of breast cancer.. ..A US-Saudi partnership agreement to promote awareness, early screening of breast cancer and joint cancer research will be signed on Tuesday, Saudi official sources told Deutsche Presse-Agentur dpa. The partnership, the first of its kind for both countries, will increase cooperation between their medical institutions. The institutions involved are the King Fahd Medical City, Saudi Cancer Society in the kingdom and the MD Anderson Cancer Centre and Susan G Komen Breast Cancer Foundation in the US.." [more]

Saudi Shura Council Calls for Wage Hike [Oct 23]
"A committee of Saudi Arabia's advisory Shura Council has recommended a national wage increase to cushion employees from inflation, which hit a seven-year high in August, two council members said on Monday.. ..Although not binding, the committee's recommendations are a sign of growing pressure on the authorities and the central bank, which is torn between containing inflation and preventing an appreciation of the dollar-pegged riyal currency.. ..The committee's opponents argued that a 15 percent public-sector wage increase in 2005 was partly responsible for driving up inflation, he said. Many private sector employers in the kingdom of 24 million people did not match that increase.." [more]

Gulf Security Chiefs Warn of Dangers [Oct 23]
"Security chiefs of the Gulf Arab states kicked off a meeting in Kuwait yesterday by warning of the risks of fallout from regional events especially in Iraq. 'Events in Iraq require us to make effective and strong moves to deter risks that may reach us,' the head of Saudi Public Intelligence, Prince Mugren bin Abdulaziz, who chaired the meeting, told the opening session. 'Such moves must be carried out through co-ordinated practical steps and in accordance with fast mechanisms, because slow implementation ... is not in the interest of our national security'.. ..The meeting was decided on at a July 
session in Riyadh of Gulf defence and foreign ministers, as well as intelligence chiefs, to co-ordinate strategy and counter fallout from the Iraq war and Iran’s nuclear standoff with the West.." [more]

Saudis to Get 10-year UK Visa [Oct 23]
"Saudi nationals traveling to the UK will now get 10-year visas for a fee of SR1,600. Visas will be issued within 24 hours if all required documents are submitted, said Andrew Turner, Deputy Head of Mission, British Embassy.. ..There has been a 15 percent increase in the UK visa applications received at British Embassy here during the first three quarters of this year compared to 2006, said Turner. He also said the British Embassy processed a total number of 36,000 applications (27,000 for Saudi nationals) between January and September this year compared to the same period in 2006. He added that the 15 percent increase in the UK visa applications also included a sizable number of Saudi students and tourists.." [more]

Abdullah, Halonen Discuss Major International Issues [Oct 23]
"Custodian of the Two Holy Mosques King Abdullah held talks here yesterday with Finnish President Tarja Halonen on major regional and international issues, focusing on ways to strengthen bilateral cooperation in all areas, the Saudi Press Agency said. During the meeting, King Abdullah conferred on President Halonen the King Abdul Aziz Medallion, which is awarded to heads of state and world leaders. The Finnish president reciprocated by awarding King Abdullah her country’s top medal, the Order of the White Rose.. ..Finland is among the highest exporters of mobile phones to Saudi Arabia. The Kingdom imported nearly five million mobile phones worth SR3 billion from the country in 2005. Saudi Arabia exports petrochemicals to Finland for the manufacture of plastic products. Halonen is accompanied by a large delegation of Finnish businessmen led by Ole Johansson, CEO and president of the Finnish company Wartsila.." [more]

Saudi Basic Industries to Close $6 bln Debt Deal by Year's End [Oct 23]
"Saudi Basic Industries Corp. expects to close a $6 billion debt deal by the end of the year to finance the expansion of Saudi Kayan Petrochemicals Corp. affiliate, a company official said Tuesday. Mutlaq Al Morished told Zawya Dow Jones in a phone interview that the company, known as Sabic, planned to complete the financing by early next year at the latest. ABN Amro, HSBC, Arab Banking Corp., Samba and BNP Paribas to manage the debt portion of the financing. The debt financing is expected to close at the end of the second quarter. The giant Saudi Kayan petrochemicals complex, based in Jubail, will have an annual production capacity of around 5.6 million tons of petrochemical and chemical products when it comes on stream in 2010.." [more]

Multi Billion Dollar Saudi IPOs Outperform Region [Oct 23]
"Saudi Arabia looks set to continue to outperform the rest of the Middle East in stock market flotations, in spite of a general downturn in the Arabian Gulf, according to analysts. All aspects of the most active initial public offering (IPO) market and largest economy in the Middle East - Saudi Arabia - come under the spotlight at the 2nd Saudi IPO Summit that takes place from 10-14 November 2007 at the Four Seasons Hotel, Riyadh, with the patronage of HRH Prince Salman Ibn Abdul Aziz Al Saud, Governor of Riyadh. On average, newly listed Saudi shares have appreciated fivefold after listing.." [more]

Shoura Panel Holds Ministry Responsible for Camel Deaths [Oct 23]
"The Shoura Council yesterday held the Ministry of Agriculture responsible for the deaths of over 2,000 camels in Saudi Arabia over the past few months..In order to avoid criminal activity or foul play, the committee recommended that a government company supervise the production and distribution of camel fodder. It also recommended that fodder be manufactured according to the specifications of the Saudi Arabian Standards Organization. According to the Agriculture Ministry findings, contaminated fodder, rather than diseases, was blamed for the death of 3,000 camels, cows and goats in different parts of the Kingdom. The results of tests sent to laboratories in Europe showed that camels were fed on contaminated fodder, which contained salinomycin — a compound to which camels are highly allergic.." [more]

BMG Saudi Index Recovers [Oct 23]
"The BMG Saudi Index switched in terms of performance again on the third day of trading this week to gain 7.77 points, recovering from Sunday’s 0.56 points loss, after Saturday’s gain. The index closed in yesterday’s session at 448.6 points, advancing by 1.8 percent compared to Sunday’s session, and also exceeding Saturday’s closing level of 441.39 points, the best closing level achieved since March 2007. The market turnover also moved ahead, and all of this pushed the index up and also increased overall turnover by SR287 million, or 44.6 percent, to reach SR3.2 billion ($856 million).." [more]

~~~~~~~~ [ Oct 22 ] ~~~~~~~~~

Laura Bush Starts Mideast Trip to Fight Cancer [Oct 22]
"US First Lady Laura Bush arrived in Abu Dhabi on Sunday at the start of a Middle East tour to highlight the fight against breast cancer. Wearing a pale blue trouser suit, Bush was greeted on her arrival at the airport by UAE Economy Minister Lubna al-Qassimi, the first woman minister in the conservative desert state. In addition to the United Arab Emirates, Bush is scheduled to visit Saudi Arabia on Tuesday, Kuwait on Thursday, and Jordan on Friday.. ..The UAE and Jordan were the first countries in the region to join the US-Middle East Partnership for Breast Cancer Awareness and Research, and Saudi Arabia is due to formally join the effort during Bush's trip.." [more]

Finland President Halonen Arrives on Landmark Visit [Oct 22]
"President Tarja Halonen arrived last evening on the first official state visit by a Finnish head of state to Saudi Arabia. The president is expected to meet Custodian of the Two Holy Mosques King Abdullah today in Jeddah at the beginning of her three-day visit. Halonen will also meet Crown Prince Sultan as well as other Saudi officials. 'The visit is to deepen and enlarge bilateral relations between the two countries,'.. ..Diplomatic relations between Finland and Saudi Arabia were officially established in 1969. Finland opened its embassy in the Kingdom in Jeddah in 1974. The embassy was then moved to Riyadh in 1985. According to a senior official from the Ministry of Foreign Affairs in Finland, Saudi Arabia is planning to open an embassy in Finland’s capital, Helsinki, following the president’s visit.." [more]

Saudi Ready to Boost Oil Production [Oct 22]
"France's Finance Minister has said that Saudi Arabia has indicated its readiness to boost crude production if it would help meet demand. Christine Lagarde made the remark after meeting Saudi officials on the sidelines of the International Monetary Fund and World Bank's annual meeting on Saturday, reported Forbes. Speaking to the media, she said that Saudi Arabia's confirmation that more crude reserves are available to supply any future demand is promising.. ..The agreement reached at the OPEC meeting on September11 to boost output by 500,000 bpd as of November 1, was a victory for Saudi Arabia.." [more]

Saudi Tadawul to Sell Part of Its Shares [Oct 22]
"Dr. Abdul Rahman Al-Tuwaijeri, chairman of the Capital Market Authority (CMA), on Saturday disclosed plans to transform the Saudi bourse into a joint stock company and sell part of its shares through an initial public offering. 'We have already completed formation of Tadawul's board of directors and a proposal in this regard has been presented to the Council of Ministers for approval,' he said. Speaking to reporters on the occasion of the launch of the new trading system in Riyadh, Tuwaijeri said the new system would meet the market's future requirements.." [more]

Makamin, Shengly in Oil Venture [Oct 22]
"Makamin, the newly established SR1.2 billion oil and gas service company, has announced that it will compete with foreign companies not only in oil exploration and drilling but also go into the manufacture of equipment and spare parts required by the sector. 'Our company will also engage in marine drilling operations. Our feasibility studies have shown that there is a huge potential for onshore and offshore drilling, since the demand for oil has been growing dramatically,' Usama Al-Kurdi, member of the Shoura Council and board member of the Makamin, told Arab News. He said the company has concluded a strategic alliance agreement with Shengly Oilfield Co., one of the subsidiaries of China’s Sinopec, a major oil company. This agreement makes them partners in the operations at Makamin.." [more]

~~~~~~~~ [ Oct 21 ] ~~~~~~~~~

Saudi King Breaks Ground for New Coed University [Oct 21]
"King Abdullah laid the cornerstone Sunday for a new coed science and technology university the government hopes will attract students from around the world.. ..KAUST will be the first public university in the kingdom to educate both male and female students. Saudi Arabia has long enforced a strict Islamic lifestyle in which men and women are segregated in public, including at schools, universities, restaurants, lines outside international fast food outlets and bank branches catering to customers. Currently, there is only one private coed university in the country.." [more]

UN Report Ranks Saudi Arabia 20th on List of Attractive FDI Destinations [Oct 21]
"Saudi Arabia topped the list of most attractive foreign direct investment (FDI) destinations in the region by receiving $18 billion last year, an increase of 51 per cent over 2005, said a recent report. This puts the Kingdom in 20th position in the world in terms of attracting foreign investment, said a report released by the United Nations Conference on Trade and Development (Unctad). The Kingdom topped the Middle East and the Arab countries in terms of attracting FDI.. FDI into the Middle East amounted to $60 billion with Turkey and Saudi Arabia getting more than 60 per cent, the report said.." [more]

It's OK For Saudi Women Not to Drive [Oct 21]
"Nawal Al Shalhoub, wife of the Saudi Consul General in Dubai, said during a panel discussion about women and public affairs that she did not think it necessary for Saudi women to drive as they have full rights.. ..Nawal, who has lived in Dubai for 10 years and drives her own car, says it is OK for her not to drive in Saudi Arabia.. ..Nadine Al Bedair, a Saudi presenter and producer of Al Hurra TV, who was in the audience at the Emirates Towers, responded: 'She doesn't have the right to speak on behalf of all Saudi women who don't have any social or political rights. It's humiliating to say that.'.. ..'I don't have 
one single political right, I can't be promoted to any high position in the public or private sectors, I can't study, work and marry without written approval from my guardian.' Women are treated as incomplete people, she said.." [more]

Turkey's Foreign Minister Makes Unexpected Visit to Saudi Arabia [Oct 21]
"Turkey's Foreign Minister Ali Babacan made an unexpected visit to Saudi Arabia on Sunday — the third Arab country he has visited since the Turkish parliament authorized the government to send troops into northern Iraq to hunt down Kurdish rebels. Babacan was met by his Saudi counterpart, Prince Saud.. ..Babacan said his country was drawing up a plan to send troops into northern Iraq to fight Kurdish guerrilla groups after long attempting to work with the U.S. and Iraqi governments to resolve the problems of Kurdish guerrillas who use northern Iraq as a rear base to attack Turkish territory.." [more]

Turkey's Foreign Minister Makes Unexpected Visit to Saudi Arabia [Oct 21]
"Turkey's Foreign Minister Ali Babacan made an unexpected visit to Saudi Arabia on Sunday — the third Arab country he has visited since the Turkish parliament authorized the government to send troops into northern Iraq to hunt down Kurdish rebels. Babacan was met by his Saudi counterpart, Prince Saud.. ..Babacan said his country was drawing up a plan to send troops into northern Iraq to fight Kurdish guerrilla groups after long attempting to work with the U.S. and Iraqi governments to resolve the problems of Kurdish guerrillas who use northern Iraq as a rear base to attack Turkish territory.." [more]

Saudi Arabia: Embassy Spokesmen Refutes Religious Textbooks Criticisms [Oct 21]
"The Saudi embassy in Washington has refuted the contents of a report by the U.S. Commission on International Religious Freedom which criticized what it called the promotion of religious extremism in Saudi-run schools, particularly the Islamic Saudi Academy, which operates two campuses in Fairfax Virginia.. ..Dr Abdul-Muhsin Ilyas, deputy director of the Saudi Media Office, told Asharq Al-Awsat, "I can absolutely confirm that all textbooks at the academy do not include contents that offend any religion. We extend an open invitation to all US and non-US media to visit the academy, verify the validity of this, and closely examine the subjects that are taught and also the books used by the students.." [more]

Saudi Arabia Not to Review Money Peg [Oct 21]
"Saudi Arabia is not considering or revaluing its currency or moving away from its dollar peg, Finance Minister Ebrahim Al Assaf said here yesterday. Amid speculation that the Kingdom will abandon its currency peg due the dollar's steep fall, the Saudi minister told Washington-based Emerging Market magazine. 'The riyal's exchange regime has served, and continues to serve, the economy so well and there is no need for any change at this time'. The riyal has been pegged to the dollar since 1986, at 3.75 to the dollar. But in late September hedge fund buying in the forward market, on speculation about a possible revaluation, pushed the Saudi currency to a 21-year high of 3.735.." [more]

Saudi Inflation Hits Expat Savings [Oct 21]
"Millions of expatriates in Saudi Arabia, home to the largest number of Indian workers, are facing myriad of economic difficulties like costlier remittances, increased house rents and prices of essential items. 'Things have become difficult for the average expatriate, as there is a general price rise,' Abdul Karim Ismail, one Indian executive, said.. .. rising house rents have also been a cause of concern for expats in Saudi Arabia. Every household has been affected by higher food prices.." [more]

Sharif Delays Homecoming Following Pressure from S Arabia, US [Oct 21]
"Former prime minister Nawaz Sharif has bowed to pressure from Saudia Arabia and the US to defer his return to Pakistan from exile till November 7.. ..Sharif, who was deported to Saudi Arabia barely hours after he flew into Islamabad after seven years in exile on September 10, has given his word that he will not leave Saudi Arabia till November 7 and asked Pakistani and Saudi officials not to compel him to defer his homecoming any longer.." [more]

Saudi to Take on Danes in Insulin Market [Oct 21]
"Two years back, the Danish newspaper Jyllands-Posten published 12 controversial cartoons of the Prophet Mohammed that led to a mass boycott of Danish products by Muslims in almost all Islamic countries. The boycott, however, had opened the eyes of many Muslims to a new bitter reality: The major human insulin supplier to the Muslim world is a Danish company.Two years later, a Saudi private company is trying to break the dominance of the Danish insulin maker, Novo Nordisk, over the Muslim 
country by introducing locally produced insulin. The board of the Jeddah-based Islamic Development Bank (IDB) agreed to finance a Saudi insulin manufacturing plant that is to be built jointly with leading Brazilian biotechnology firm Biomm.." [more]

Saudi Stocks Jump 2.55% in New Trading System [Oct 21]
"The Saudi stock market jumped 2.55 percent as the Tadawul successfully launched the new trading platform yesterday. The Tadawul All-Share Index (TASI) made its biggest one-day gain in more than 15 weeks to close above 8,000 points. The index rose 202.16 points to 8,114.61. According to the information available on the Tadawul website, the transition to the new system was very smooth and active trading took place on the first day of its operation. Links with the banks/brokerage firms 
and data vendors were functioning normally without any disruptions. The new system makes it possible to introduce trading in products such as bonds and sukuk and to offer entirely new products such as exchange-traded funds.." [more]

Gulf States to Decide on Monetary Union This Month [Oct 21]
"The Gulf Cooperation Council (GCC) will decide on a new target deadline for the monetary union by the end of this month, according to senior GCC officials.. ..Following the Gulf central bank governors' meeting in Saudi Arabia in September, the Saudi Central Bank Governor Hamad Saud Al Sayyari said a monetary union among the Gulf states will be difficult to achieve by the 2010 deadline and the central banks have agreed to deal with the inflation problem separately.." [more]

We Want KAUST to Reach MIT Level [Oct 21]
"Nadhmi A. Al-Nasr, the dynamic young interim president of the SR10 billion King Abdullah University of Science and Technology (KAUST), envisions the new research-based institution as a catalyst for creating a knowledge economy in Saudi Arabia — which is a long-standing dream of Custodian of the Two Holy Mosques King Abdullah himself. Al-Nasr said in an exclusive interview with Arab News yesterday that KAUST will be a graduate-level research institution instead of an undergraduate one. “It is the vision of King Abdullah to have this university as a turning point in higher education,” he said. 'Hopefully, it will act as a catalyst in transforming Saudi Arabia into a knowledge economy, by directly integrating research produced at the university into our economy.'.." [more]

Oct 14-Oct 20, 2007

~~~~~~~~ [ Oct 20 ] ~~~~~~~~~

Bush Certifies Saudi Arabia as Anti-Terrorism Ally [Oct 20]
"US President George W. Bush certified Saudi Arabia as an anti-terrorism ally on Friday, weeks after a top US Treasury official sharply criticized the kingdom's record. Bush's move came in a memorandum to US Secretary of State Condoleezza Rice, required under US law to free up aid from Washington to Riyadh, that the White House released to reporters. 'I hereby certify that Saudi Arabia is cooperating with efforts to combat international terrorism and that the proposed assistance will help facilitate that effort,' the president said. His memorandum came a little more than a month after the US Treasury 
undersecretary for Terrorism and Financial Intelligence, Stuart Levey, charged that Saudi Arabia has failed to prosecute the bankrollers of terrorist groups.." [more]

Gulf Investments in Focus at G7 [Oct 20]
"Gulf countries' international investments through sovereign wealth funds or government-owned entities was one of the main focus areas of discussion at the Group of Seven foreign ministers meeting yesterday.. ..'G-7 members particularly concerned about the recent aggressive investments of these state-owned funds especially from the Gulf and China taking positions in strategic assets across the world. Their lack of transparency adds a security angle to these acquisitions,' said a source close to the meeting.. ..The G-7 members are increasingly concerned about some of the acquisitions by Gulf states such as those by the UAE, Qatar and Saudi Arabia in Europe.." [more]

Upsurge in Incidence of Lung Cancer Among Saudis [Oct 20]
" More than 250 people are diagnosed with lung cancer in Saudi Arabia each year, according to statistics released by the Saudi National Cancer Registry. The figures make up 4 percent of the total cancer cases identified in male and female Saudis. The statistics also show that men are more prone to lung cancer than women and that there has been an upsurge in lung cancer among women due to an increased use of hookah. The increase coincides with a trend across the Kingdom for coffee shops that cater exclusively serving women. Lung cancer is considered to be a common form of cancer, ranking first in the world and fifth in Saudi Arabia.." [more]

I Had KAUST in My Mind for 25 Years - Abdullah [Oct 20]
"Custodian of the Two Holy Mosques King Abdullah yesterday emphasized the significance of the new world-class university, which is being built in Thuwal, 80 kms north of Jeddah, and said it would boost the Kingdom’s economic, social and cultural development.. ..“The establishment of a university for science and technology and scientific research having international standard has been an idea vibrant in my mind for more than 25 years and I thank God for helping us to realize it,” the king said.." [more]

Tadawul to Shift to New Trading System Today [Oct 20]
"Saudi banks and stock brokers will reopen the more than 3.6 million investment portfolios this morning in order to exchange shares of 105 companies listed on the Saudi bourse. The portfolios were closed last week in preparation for shifting to the new exchange system. The Capital Market Authority (CMA) stopped all financial dealings of these portfolios at the end of trading before Eid Al-Fitr holidays. Market analysts said the new Tadawul system would increase daily transaction to two million from the current level of about 800,000. The new system makes it possible to introduce trading in products such as bonds and sukuk and to offer entirely new products such as exchange traded funds.." [more]

~~~~~~~~ [ Oct 19 ] ~~~~~~~~~

Blogging Blossoms in Saudi Arabia [Oct 19]
"Blogging is fast becoming a national pastime among Saudi Arabia's youth, according to report in regional daily Asharq Al-Awsat. Young Saudi Arabians are increasingly using the Internet to air their views about political, social and economic issues. In a country where traditional media is monitored by the State, the Internet is providing greater freedom to express opinions and report news.. ..However, Saudi Arabian bloggers do not have complete freedom to publish anything they like. 'Blogs are subject to the same treatment as websites; they are blocked when they contain objectionable material such as 
pornography in particular, and other things in general, and things that go against the established principles of our religion and national regulations,'.." [more]

Saudi Arabia Boosts WFP Assistance [Oct 19]
"A Run-for-Food race in Rome on Sunday will be one of the highlights of the World Food Day with the theme, "The Right to Food," that was observed by over 150 countries, including the Kingdom, as part of month-long celebrations that started on Oct.16.. ..The minister said Saudi Arabia's total material and cash contributions to the World Food Program (WFP), since its establishment in 1963, stood at more $453 million. 'Last year's Saudi contributions to the program reached approximately $34 million,'.." [more]

Panel Seeks Scrutiny of Saudi Abuses [Oct 19]
"Saudi Arabia has failed to take substantial steps to promote religious tolerance, despite assurances from the Bush administration that the kingdom has made progress on reform, a US watchdog said yesterday. A report by the US Commission on International Religious Freedom called for new congressional scrutiny of Saudi Arabia’s progress in implementing religious reform policies announced in July 2006. The commission, established by Congress in 1998 to monitor religious freedom, also asked the administration to pressure Saudi Arabia — an important US ally in the Middle East and the world’s biggest oil producer — to prove it is not involved in circulating texts blamed for encouraging Sunni Muslim militancy in religious schools and mosques worldwide.." [more]

Saudi Rights Body to Take Part in Forum [Oct 19]
"Saudi Arabia's Human Rights Commission (HRC) is taking part in the second Arab-European dialogue on racial discrimination and human rights due to be held in Copenhagen from October 21 to 23. 'The HRC will present a paper on racial discrimination of Muslims in European Union states,' said HRC President Turki Bin Khalid Al Sudairi in a statement to reporters yesterday.." [more]

Kingdom to Open Embassy in Finland [Oct 19]
"Saudi Arabia is working on opening an official embassy in Finland as a sign of the positive development in relations between the two countries, a senior Finnish Foreign Ministry told Arab News recently. 'One indication of this visit is that you (Saudi Arabia) are planning to open an embassy here in Helsinki,' said Teemu Tanner, director general of Africa and the Middle East at the Ministry for Foreign Affairs of Finland. Tanner was referring to Finnish President Tarja Halonen’s visit to the Kingdom for the first time on Sunday.." [more]

Ration Cards for Low-Income Citizens [Oct 19]
"The Council of the Saudi Chambers of Commerce has opposed a suggestion that the government should subsidize certain products that are facing price increases by facilitating their sale to all levels of society at a unified low price. The council has opposed the suggestion saying that this would add extra burden to the government and would not be fair to all citizens.. .. 'The government now has a good and practical option to solve the current crisis of high prices by establishing a system that entails granting ration cards to low-income citizens. This would enable them to buy essential commodities at below-market prices.'.." [more]

AKEA Reschedules Jeddah Forum on Knowledge Economy [Oct 19]
"Arabian Knowledge Economy Association (AKEA) has postponed to Jan. 12-13, 2008 the first regional conference on knowledge economy to be held in Jeddah which was earlier set for Oct. 27-28, 2007.. ..Abdullah Subyani, president of AKEA, said “though we regret to announce the postponement, we would like to inform that the decision has been taken for the overall success of the event.” More keynote speakers including Amr Mousa, secretary general of the Arab League and Bertie Ahern, prime minister of Ireland, are likely to participate in the conference in January.." [more]

~~~~~~~~ [ Oct 18 ] ~~~~~~~~~

Kingdom Is Top FDI Recipient in Arab World [Oct 18]
"Saudi Arabia was the largest recipient of foreign direct investment (FDI) in the Arab world in 2006, attracting $18 billion, an increase of 51 percent over 2005, according to a report of the United Nations Conference on Trade and Development (UNCTAD). The report, published on Tuesday, attributed the increase to the region’s strong economic growth and improved business climate and to high oil prices which have attracted increasing amounts of FDI to oil, gas and related industries as well as to telecom, tourism and financial services.." [more]

Feds Recommend Closing Saudi School in Va. [Oct 18]
"A private Islamic school supported by the Saudi government should be shut down until the U.S. government can ensure the school is not fostering radical Islam, a federal panel recommends. In a report released Thursday, the U.S. Commission on International Religious Freedom broadly criticized what it calls a lack of religious freedom in Saudi society and promotion of religious extremism at Saudi schools. Particular criticism is leveled at the Islamic Saudi Academy, a private school serving nearly 1,000 students in grades K-12 at two campuses in northern Virginia's Fairfax County. The commission's report says the academy hews closely to the curriculum used at Saudi schools, which they criticize for promoting hatred of and intolerance against Jews, Christians and Shiite Muslims.." [more]

Saudi Arabia Revamps Top Petroleum Body [Oct 18]
"Saudi Arabia announced yesterday a revamp of the Supreme Council for Petroleum and Minerals (SCPM). The council is headed by King Abdullah Bin Abdul Aziz, said a royal order issued yesterday. Prince Sultan Bin Abdul Aziz, the Crown Prince and minister of defence, will be deputy chairman. Most of the previous members retained their positions.. ..Saudi Arabia is adopting an integrated oil policy to take into account developments in the world oil market.." [more]

Expert Says Saudi Arabia Should Consider Revaluing Riyal [Oct 18]
"A leading Saudi financial analyst and economic expert has called for the reconsideration of the exchange rate of Saudi riyal without de-pegging it from the US dollar. Dr. Abdul Wahab Abu Dahesh said the exchange rate should be returned to the value of 1986 when the riyal was 3.65 against the dollar. Abu Dahesh noted that the US dollar exchange rate indicates the weakness of the US economy, but not the Kingdom's.. ..He said the revaluation of riyal had now, more than any other time, become an urgent issue. 'This will help in increasing the purchasing power of individuals and companies and remarkably slash the value of imports,' he said.." [more]

Record Oil Rally Stalls as OPEC Mulls Action [Oct 18]
"Oil's record rally stalled on Wednesday after an OPEC minister said the group could not rule out another output hike and may call an early formal meeting next month in Saudi Arabia. U.S. crude settled down 21 cents at $87.40 a barrel -- its first loss in seven sessions -- after touching a fresh record $89 earlier in the day. London Brent crude fell 42 cents to $83.13 a barrel.. ..'There will be a meeting of ministers, initially informally, but there may be a formal meeting,' Minister Odein Ajumogobia said. 'We are still a month away and it depends what transpires before then.' OPEC's next scheduled formal meeting is scheduled for December 5 in the United Arab Emirates. The group already has agreed to boost output by 500,000 barrels per day starting November 1.." [more]

Saudi Ups Consumer Protection Efforts [Oct 18]
"Saudi Arabia is consolidating national efforts to monitor consumer prices with the creation of a department for consumer protection.. ..Osama Al-Kurdi, member of the board of trustees of the Riyadh Economic Forum and member of the Shura Council, told Arab News: 'An agreement has already been reached and the Ministry of Finance will provide the necessary financing to make it operational.'.. ..The new department will monitor consumer prices on a continuous basis, and will be open to consumer feedback, Arab News said.." [more]

~~~~~~~~ [ Oct 17 ] ~~~~~~~~~

King Abdullah's 'Openness' Strategy [Oct 17]
"Four leaders of consequence play an enormous role in today's international arena. The presidents of the United States, Russia and China wield tremendous military, political and economic power. The fourth leader is King Abdullah of Saudi Arabia, who has the potential to bring peace and prosperity to the Middle East due to Saudi Arabia¡¯s strategic heft as an energy giant, its heavyweight political status in the Arab world and its critical role in shaping the future of the Muslim world. The king, who enters his third year on the throne, embodies a unique mix of reformist instincts, religious credentials, political credibility and vision for change. In the interest of stability, the United States and Europe must strike a grand strategic bargain with King Abdullah to bring lasting peace to this deeply troubled yet energy-rich region.." [more]

We’re Doing All We Can: OPEC Chief [Oct 17]
"Organization of the Petroleum Exporting Countries (OPEC) chief Abdalla Salem El-Badri said yesterday that the organization was 'concerned' at the recent surge in oil prices and was convinced that the current record high prices were not justified by the fundamentals. 'OPEC is doing all it can and is carefully watching developments in the oil market and has observed with concern the recent escalation in oil prices,'.. ..There is no fundamental justification for a price run-up that has lifted oil from below $70 in mid-August, say officials from the group that pumps more than a third of the world’s oil. 'OPEC cannot do much now,' Libya’s top oil official Shokri Ghanem told a news agency. 'OPEC did all that it can.'.." [more]

Saudi Malls Worth a Look for Investors [Oct 17]
"Investing in shopping malls in the Saudi capital, Riyadh, will probably remain profitable for some time as demand among shoppers grows, Boston-based property consultancy Colliers International said in a report. Rents in high-end malls have grown as much as 20% since 2005, Colliers said in the report on the Riyadh property market. Development of shopping malls, and residential and office buildings with retail space on the ground floor, has accelerated.. ..by 2010, Riyadh will be sixth amongst Gulf Arab cities in retail space per person. Dubai will be first at more than 2 square metres per person, compared with 0.5 square metres in Riyadh. 'By regional standards, the overall provision of Gross Leasable Area per capita in Riyadh provides more scope for development,'.." [more]

GCC Investment Drives Global Capital Markets [Oct 17]
"Once again oil proved its importance in shaping global economy. Its impact on development is unquestioned. The demand for this precious commodity both from the developed and developing countries remains unabated, and of late, surged to record levels as global industrial and commercial expansion appears to be in full swing particulary in emerging markets.. ..In a report titled 'The New Power Brokers: How Oil, Asia, Hedge Funds and Private Equity are Shaping Global Capital Markets', McKinsey & Company said the majority of revenues generated from oil and petroleum products have been recycled into global financial markets, 'making petrodollar investors increasingly powerful players.'.." [more]

We'll Keep Trying Till We're in Driving Seat [Oct 17]
"..New calls for women to drive is the first effort by the newly-formed committee to defend Saudi women's rights. Other issues are expected to include domestic violence and problems of divorced women. The four women activists initially faced criticism that it was "nonsense" to discuss such issues, as there were other priorities.. ..The four women were accused of having a "Western agenda" and coming from privileged backgrounds. They categorically deny both accusations.. ..She and her compatriots stress that banning women from driving has no roots in religious law and that there is no clear teaching that enforces such a ban.." [more]

Islam Guarantees Justice for All, Says Sultan [Oct 17]
"Crown Prince Sultan said yesterday that the newly issued Judiciary Law and Court of Grievances Law were important turning points in the Kingdom’s judicial history. He said the new laws would ensure justice and protect public rights. Prince Sultan made this statement as he opened an international conference on engineering arbitration organized by the Saudi Council of Engineers.. ..'Custodian of the Two Holy Mosques King Abdullah’s allocation of SR7 billion to upgrade judicial facilities and train judges shows the government’s keenness on the issue,' Sultan said, adding that he hoped the conference would discuss the new laws’ positive impact on investment.." [more]

Bureaucratic Hurdles, Labor Shortage Push Out Women Investors [Oct 17]
"Saudi businesswomen have urged authorities to remove the obstacles facing their investment projects, by issuing more recruitment visas and facilitating procedures to get licenses. They said that a lack of visas, bureaucratic hurdles to get licenses and problems in obtaining loans had forced many women to cancel their investment plans. They also urged authorities to lift the ban on woman investment in certain projects.. ..According to the latest statistics available, Saudi women own 3.4 percent of companies in the Kingdom. Some 1,500 companies and institutions are registered under their names. Women hold 
36,200 commercial registrations — 19,816 in retail and wholesale trade and commercial services, 5,837 in building and construction, 1,483 in social services, 944 in industry, 354 in electricity power generation and water supply, 334 in agriculture and fishing, 317 in transport and storage and 60 in oil and mines.." [more]

~~~~~~~~ [ Oct 16 ] ~~~~~~~~~

Rice Says Time for Palestinian State Has Come [Oct 16]
"US Secret-ary of State Condoleezza Rice pushed Israelis and Palestinians yesterday to reach concrete understandings ahead of a US peace summit, saying the time had come for a Palestinian state. Confirming that an international meeting would take place in Annapolis, Maryland, Rice said the creation of a Palestinian state was essential and that efforts to that end were US President George W Bush’s highest priority.. ..'The US sees the establishment of a Palestinian state, a two-state solution, as absolutely essential to the future, of not only the Palestinians and the Israelis, but also the Middle East,' she said.." [more]

Saudi, Malaysian Firms in Talks to Build Power Plants in Iran [Oct 16]
" Talks with Saudi Arabia and Malaysia on establishment of two power plants in Fars and Zanjan provinces are under way, deputy head of Iran Power Development Company (IPDC), Mostafa Ali-Rabbani, announced here Saturday, IRNA news agency reported on Sunday, a copy of which was sent to Arab News. The power plants will be built on the build-own-operate (BOO) or build-operate-transfer (BOT) basis, the English-language daily Tehran Times quoted him as saying. Ali-Rabbani termed it a novel strategy in the country’s energy sector.. ..Iran is the world’s fourth largest oil producer, but its lack of refineries and colossal consumption encouraged by a heavy state subsidy on fuels means it must import 40 percent of its petrol requirements.." [more]

Riyadh to Host Major French Exhibition [Oct 16]
"A major exhibition of French products and technology targeting key sectors of the Saudi economy will be held here at the end of next month. The exhibition French Technological Days 2007 (JTF in French) has been described as a landmark event in the expanding bilateral relations between the two countries. It marks a diversification away from its traditional exports, such as food, cosmetics, pharmaceuticals and textiles. JTF represents a major French initiative to penetrate new markets that will open up in the wake of the Kingdom's multibillion dollar economic cities projects scheduled to come up in different 
provinces.. ..Trade with Saudi Arabia represents 20.6 percent of France's total trade with Middle Eastern countries.." [more]

Health Ministry Reports Surge in Hepatitis Cases [Oct 16]
"More than 500,000 hepatitis C cases have been reported in Saudi Arabia, according to Dr. Khaled Mirghalani, the Health Ministry spokesman. He said the disease has been spreading in the Kingdom at the rate of 1.7 percent annually. Hepatitis C is a viral infection of the liver and a major cause of acute hepatitis and chronic liver disease, including cirrhosis and liver cancer. Globally, an estimated 170 million people are chronically infected with the virus and three to four million persons are newly infected each year.. ..Because hepatitis C has no vaccine and can be easily spread, health officials fear that it could become the next great global pandemic.." [more]

Local School to Assist in Saudi Aquaculture Project [Oct 16]
"National Cheng Kung University (NCKU) in Tainan City in southern Taiwan will sign a contract with an American venture Tuesday to assist in developing aquaculture off Saudi Arabia's Red Sea coast, a spokesman for the school said yesterday.. ..Under the contract, the NCKU will provide a biomedical product developed by the school to the DevCorp International, an American venture operating in the Arabian Gulf area, the spokesman said. The fish farming project has received attention from the cabinet-level Council for Economic Planning and Development, the spokesman said, adding that the contract will not involve revealing any crucial technology know-how.." [more]

Oil Zooms to All Time High of $86 [Oct 16]
"Oil zoomed more than $2 higher to an all-time peak of $86 a barrel yesterday, propelled by robust demand from booming commodity markets and geopolitical worries. US crude settled $2.44 higher at $86.13 a barrel in its fifth straight session of gains, after hitting an all-time peak of $86.22. London Brent crude rose $2.20 to $82.75. 'A run at $90 is now seen as reasonable,' Citigroup analysts said in a research note.. ..Oil has held over $80 a barrel for most of the last month, fueled by sturdy world energy demand growth, tight inventories heading into the winter heating season and record weakness in the US 
dollar. Though oil prices have more than quadrupled since 2002, they remain below the inflation adjusted peak around $90 a barrel struck after the Iranian revolution in 1979.." [more]

Seismic Station Set Up Near Madinah [Oct 16]
"Following reports of seismic activity in the Harrat Lunayyir region about 200 km northwest of Madinah, the Saudi Geological Survey announced that it has opened a 24-hour-a-day control room to monitor these minor quakes — the strongest of which registering 2.3 on the Richter scale on Thursday.. ..The Arabian Peninsula is slowly breaking away from the African continent and a major fault line is located along the Red Sea off the west coast of the Kingdom. The peninsula is slowly drifting toward the Subcontinent.. ..The western region of Saudi Arabia contains a 40-km thick layer of volcanic rock beneath a soft layer of desert sand, known by geologists as the 'Arabian Shield' which spans the entire west coast of Saudi Arabia. The main part of this geologic shield is so wide that it nearly reaches Riyadh, over 800 km from the west coast.." [more]

~~~~~~~~ [ Oct 15 ] ~~~~~~~~~

Executive Law Of The Saudi Allegiance Commission [Oct 15]
"The following is a MEES translation of the text of a royal decree, published by the Saudi Press Agency on 8 October, containing the executive law of the Allegiance Commission.. ..In the event that a son of the founder King ΄Abd al-΄Aziz ibn ΄Abd al-Rahman al-Faisal Al Sa΄ud is deceased, unwilling or medically incapacitated, one of his sons shall be appointed to the Allegiance Commission in accordance with the following: .. ..The King shall ask those children of the deceased or incapacitated member over 17 years of age to nominate two or three of their number for membership of the Commission. The children of any deceased or incapacitated grandson (of ΄Abd al-΄Aziz) shall undertake to nominate one of their number to participate in choosing candidates for membership of the Commission. They must nominate candidates within 15 days of receiving the request for nominations..." [more]

First Lady to Embark on Trip to Mideast [Oct 15]
"Breast cancer awareness is the focus of first lady Laura Bush's upcoming trip to the Mideast, where she'll meet with kings and promote women's health in an area of the world where the U.S. image has been marred by the Iraq war. Mrs. Bush will travel Oct. 20-26 to the United Arab Emirates, Saudi Arabia, Kuwait and Jordan to meet with key officials, medical and educational leaders and members of women's groups. She recently made a trip to Africa that focused on U.S. programs battling AIDS and malaria.. ..In Saudi Arabia, Mrs. Bush is launching the U.S.-Saudi Arabia Partnership for Breast Cancer Awareness and Research at the King Fahd Medical City in Riyadh and will tour the nation's first community cancer screening center. In Jeddah, she will hold a discussion with breast cancer survivors and advocates and meet with Saudi King Abdullah.." [more]

Saudi Terrorists Rich and Driven by Revenge [Oct 15]
"Saudi Arabian terrorists are driven by religious belief and a sense of revenge against perceived oppressors, a counter-terrorism conference was told yesterday. Most are middle-class or rich and show no signs of psychological problems, according to Bahraini researcher Hadyah Mohammed Fathalla, who studied 45 "mujahideen" arrested or wanted by Saudi authorities for terrorist activity. Ms Fathalla used al-Qaeda documents and videos, as well as interviews, to build a profile of its members in Saudi. The men were not recruited but sought out the organisation. Their overriding motivation was to defend the Islamic community of believers.." [more]

Saudi Suspect in Tourists' Killing Held [Oct 15]
"Saudi Arabia said on Sunday it had captured a Saudi man suspected of involvement in the murder of four French tourists in the Muslim kingdom earlier this year. The four holidaymakers were among a group of nine French people attacked by militants while on a desert trip in Saudi Arabia in February, the first attack on foreigners by suspected Al Qaida militants in the conservative kingdom for 2-1/2 years.. ..Abdallah Bin Sayer Al Mohammadi, the last suspect wanted in relation to the attack, had been captured as part of a security operation that began earlier this month in a remote area northwest of the Muslim holy city of Medina.." [more]

Tadawul Daily Transaction to Reach 2 Million [Oct 15]
"The Saudi Capital Market Authority (CMA) will launch on Oct. 20 the much-awaited new rules that will govern trading on the Tadawul stock market. Among the salient features of the new system is its ability to significantly boost the capacity for processing trades. In its latest monthly bulletin, the Riyadh-based Jadwa Investment said that the daily transaction would rise to two million from the current level of about 800,000, and has the flexibility to be upgraded further.. ..New data issued by Tadawul showed that investor confidence has yet to recover since the collapse in share prices last year.." [more]

Mideast Spurs Budget Flights [Oct 15]
"The economic boom in the Middle East, fueled by high energy prices in a region that supplies one-fifth of the world's crude oil, is helping to launch a flurry of new budget airlines.. ..There is plenty of room for growth. Three budget carriers, Air Arabia, of Sharjah, U.A.E., Kuwait-based Jazeera Airways and Sama of Saudi Arabia have snared 6.1% of the seats within the region.. ..Plane makers Boeing Co. and Airbus, a unit of European Aeronautic Defence & Space Co., are hoping that a surge in orders from newly launched low-cost carriers in the Middle East could spur sales in a new generation of fuel-efficient aircraft.." [more]

~~~~~~~~ [ Oct 14 ] ~~~~~~~~~

Arabs Skeptical of U.S. Peace Effort [Oct 14]
"The upcoming Israeli-Palestinian peace conference resembles a dinner party with a less-than-inspiring menu and a bunch of well-tailored yet exasperated guests who, if they show up at all, doubt that anyone will go home happy. Posturing and recrimination often characterize such negotiations, but Arab nations, including Washington's closest allies, are criticizing the November conference as a miscalculated photo op by a Bush administration desperate to repair its image in the Middle East.. ..'Saudi Arabia and other Washington allies will lose a lot of credibility if this is just to take part in an American show.' Secretary of State Condoleezza Rice plans a visit to the region this week aimed at persuading Arab countries to send at least ministry-level officials to the meeting in Annapolis, Md. But analysts and media in the Middle East complain that the U.S. has not done the diplomatic legwork needed to advance peace between Palestinians and Israelis.." [more]

Rice Begins Mideast Trip on Cautious Note [Oct 14]
"US Secretary of State Condoleezza Rice began a Middle East visit on Sunday by voicing doubts Israel and the Palestinians could agree during her 4-day trip on parameters for a conference on Palestinian statehood. Israeli and Palestinian negotiating teams have begun meeting to hammer out a joint document addressing 'core issues'.. ..'I don't expect that there will be any particular outcome in the sense of breakthroughs on the document,' Rice told reporters as she flew to Tel Aviv from Moscow. 'I would just warn in advance not to expect that, because this is really a work in progress,' Rice said.." [more]

Saudi is Tops for Business [Oct 14]
"A World Bank report has found that Saudi Arabia is the best place to do business in the entire Middle East and Arab World, reported Khaleej Times. Saudi Arabia has risen from 38th to 23rd position among 178 countries in the World Bank rankings, ahead of Kuwait (in 40th place) and the UAE (68th). In the report, the World Bank recognises Saudi Arabia as one of the world's top reformers.." [more]

Discovering Jedda [Oct 14]
"For centuries Jedda was a waypoint for pilgrims traveling to the holy cities of Mecca and Medina located to the northeast. However, it was not unti1 1869 with the opening of the Suez Canal in Egypt that the city’s growth took off. Today Jedda, which is home to some 2.5 million people, is considered to be the financial hub of the Saudi kingdom. Since the residents of the city have, for generations, been used to meeting and greeting foreigners passing through, some people from smaller towns in Saudi Arabia say the city is decadent, says Tarik Al-Maeena, a columnist for the Saudi newspaper Arabnews and a local. While acknowledging that the city probably is more relaxed and tolerant than the two other major cities in the kingdom – Riyadh in the center and Daharam on the Gulf coast – to say the city is decadent is an exaggeration.." [more]

Petrodollars From Opec Fuel US Treasuries [Oct 14]
"The biggest quarterly rally for US government securities in five years is getting an extraordinary boost from the burgeoning reinvestment of petrodollars by the Organisation of Petroleum Exporting Countries. Opec members increased their holdings of Treasuries 12% this year through July to $123.8bn, Treasury Department data show. The prospect that Opec’s share of US debt is growing is based on the 31% rise in oil since December, which will raise Opec revenue 4% to $630bn this year and 9% to $688bn in 2008, according to estimates by the US Department of Energy. Petroleum exporters are adding to holdings of US debt three times faster than other foreign investors.." [more]

American Muslims Split Over First Day of Eid [Oct 14]
"American Muslims were split yesterday on when Eid Al-Fitr started this year, the feast that follows the Ramadan month of fasting, with some celebrating it Friday and others opting to continue fasting until yesterday.. ..The Muslim community was divided on the issue of the sighting of the new moon, which would denote the beginning of a new month and the beginning of Eid.. ..Muslim organizations like the Islamic Society of North America and the Islamic Circle of North America all announced Eid would be yesterday, but many local mosques still looked toward Saudi Arabia and decided to follow it by declaring Eid on Friday.." [more]

Oct 7-Oct 13, 2007

~~~~~~~~ [ Oct 13 ] ~~~~~~~~~

Become Proactive, Bin-Humaid Urges Muslims [Oct 13]
"Millions of Muslims across the Kingdom, including expatriates and a large number of foreign pilgrims, marked Eid Al-Fitr yesterday, attending special prayers, visiting friends and relatives and joining festivities arranged by various agencies and organizations. The imam of the Grand Mosque in Makkah urged Muslims all over the world to be optimistic about their future, learning lessons from the past, when Muslims won several victories against enemies amid occasional failures and defeats.. ..Custodian of the Two Holy Mosques King Abdullah, Crown Prince Sultan, Makkah Gov. Prince Khaled Al-Faisal and other senior princes joined Eid prayers at the Grand Mosque, which was thronged by more than two million faithful, including foreign pilgrims.." [more]

Gap Between Sides Grows Bigger As Date For Peace Talks Gets Closer [Oct 13]
"After prodding the Israelis and Palestinians back to the negotiating table for the first time in nearly seven years, the Bush administration now confronts a stalemate that threatens to undermine the latest peace initiative.. ..talks have reached an impasse, aides said, prompting the two leaders to look to US Secretary of State Condoleezza Rice to salvage the effort during a six-day visit to the region starting this weekend.. ..With Arab expectations high, some are predicting that an inconclusive outcome at the peace conference would set off a new round of Israeli-Palestinian blood- letting. But analysts in the region say the gap appears to be unbridgeable.." [more]

Diplomats Point to Huge Benefits from Middle East [Oct 13]
"They have met with more than 100 business groups in Auckland this week to look at export opportunities in the Middle East. The heads of mission to Iran, Saudi Arabia, Egypt and Turkey say New Zealand's exports to the region are double that to South Asia. The ambassador to Saudi Arabia, Trevor Matheson, says he was surprised by the huge turnout of businesses. But he says unparalleled economic growth in Saudi Arabia alone shows there is significant room for an increase in exports. Dr Matheson says he is also focused on advancing negotiations for a free trade agreement with the Gulf Co-operation Council.." [more]

Oil Hits Record $84 on Supply Fears [Oct 13]
"Oil hit a record above $84 a barrel yesterday on mounting tensions between Turkey and northern Iraq and lingering supply concerns ahead of the Northern Hemisphere winter. US crude settled up 61¢ at $83.69 a barrel, after trading up to a record $84.05 a barrel earlier.. ..The Organisation of Petroleum Exporting Countries agreed in September to boost crude supplies by 500,000 bpd starting in November. But many analysts have called the move insufficient to avert a squeeze this winter when cold boosts heating oil demand.." [more]

Saudi Travelers Cautioned Against Fast Food Abroad [Oct 13]
"Saudis visiting the tourist resort of Phuket in Thailand during the Eid holidays have been cautioned against eating fast food, since the beef or lamb used in the preparations there need not necessarily be halal. Though the alert has come from Phuket, it is equally applicable to all places around the world where these international fast food chains operate.. ..'I would like to inform Saudi and other Gulf visitors eating at these internationally renowned fast food outlets that the beef or the lamb used in their preparations may be halal in Saudi Arabia but is not so in Phuket and, by extension, elsewhere in other countries.'.." [more]

Mideast Project Financing to Touch $1 Trillion in 10 Years [Oct 13]
"With project finance transactions reaching record highs and infrastructure development requirements assessed at more than $1 trillion over the coming decade in the Middle East region — and Qatar alone expected to consume $130 billion, demand from large-scale projects across the LNG, oil & gas, petrochemicals, power and water sectors in particular is growing at an exciting pace. Combined with the huge boom in major real estate projects, the stage is set for meeting the challenges of financing complex projects. The market is also seeing an increasing role in Islamically-structured transactions and this is having a knock-on effect of spurring more innovative ‘next-generation’ Islamic finance solutions.." [more]

~~~~~~~~ [ Oct 12 ] ~~~~~~~~~

King Urges Muslims to Stand United [Oct 12]
"Custodian of the Two Holy Mosques King Abdullah yesterday called upon Muslims to strengthen their unity and solidarity inspired by the teachings of Islam as well as events like Ramadan and Eid Al-Fitr. 'Fasting in Ramadan and Eid Al-Fitr celebration are elements that promote unity and cohesion. They call for shunning reasons of disunity. Both events bring Muslims closer and remove the reasons for division,'.. ..'We are a nation with a noble message in order to promote justice and peace without being influenced by fanaticism and extremism, thus reinforcing the pillars of coexistence and cohesion with other nations,' the message said.." [more]

Eid All Over the World [Oct 12]
"The declaration of Eid Al Fitr was marked all over the world, as millions of Muslims prepared to return home and spend time with their families. The end of Ramadan sees the biggest human migration in Southeast Asia. Some 14.8 million people in Indonesia were expected to head home, a six per cent rise from last year.. ..Saudi Arabia, the cradle of Islam, celebrated on Friday along with several other Gulf countries, while many Asian nations, where the majority of the world's 1.2 billion Muslims live, will wait until Saturday to mark the end of a month of dawn-to-dusk fasting and restraint from other worldly 
pleasures.." [more]

Dispatches on Extremists Angered Saudis [Oct 12]
"The Saudi Arabian government complained directly to the Foreign Office about a Channel 4 documentary on Islamist extremism, The Daily Telegraph can disclose. The ambassador wrote to Margaret Beckett, then the Foreign Secretary, to denounce the programme, Undercover Mosques, and Government officials also met Saudi diplomats to discuss their concerns. The Dispatches documentary purported to have exposed extremist preaching in several mosques by what were described as Saudi-trained imams.. ..The programme alleged, among other things, that the Kingdom of Saudi Arabia and its 'religious establishment' are spreading a 'radical ideology' of 'intolerance and bigotry' through British mosques and Islamic organisations. This infuriated the Saudis, who are custodians of the two holy mosques in Mecca and Medina. A spokesman for Ofcom said a ruling would be made next month. There had been more than 300 complaints about the programme.." [more]

London's Real Property Draws Saudi Interest [Oct 12]
"Saudis have recently been showing increasing interest in acquiring properties in foreign cities, particularly London. Hassan Mustafa Sunbul, executive president of the Al-Shamila Real Estate Co., attributed the trend to the belief of several Saudis that London is the most hospitable city for Arabs in Europe. He told Arab News yesterday that his firm received title deeds of the plots belonging to Saudi investors in the first phase of the Queen's Garden Project located at southeast London. The project which will depict the Saudi Arabian and Islamic style of architecture aims at building a residential complex for Saudis in this London suburb. It will have an area of 300,000 square meters with 376 plots with all other modern utilities.." [more]

Banning ‘The Kingdom’ Is Counterproductive, Say Experts [Oct 12]
"The banning of the new Hollywood movie “The Kingdom” by Bahrain and Kuwait this week was deemed counterproductive and largely symbolic by a cross-section of experts interviewed by Arab News.. ..Saudi Arabia has not yet announced a ban on the movie. While the Kingdom has no movie theaters, DVD films (both licensed and pirated copies) are widely available. A ban would mean the film would only be available as pirated copies sold on the street.. ..'I think this is a problem — to ban a movie that shows how the West thinks about us,' said Ahmed Al-Ibrahim, a Saudi businessman who worked extensively with the director Peter Berg as a consultant on the film. 'We should know how other people think of us Saudis, and the movie shows that the West and Saudi Arabia stand together against terrorism.'.." [more]

Saudi Hollandi Bank Ratings Affirmed With Stable Outlook [Oct 12]
"Fitch Ratings said it has affirmed Saudi Arabia-based Saudi Hollandi Bank's (SHB) ratings with a stable outlook, reflecting its corporate franchise, good profitability, conservative approach to risk and the benefits gained from its strategic alliance with ABN Amro NV. It added these factors are balanced by SHB's relatively small size, modest capitalisation, weaker asset quality and large concentrations in loans and deposits.. ..SHB is the eighth-largest bank by total assets in Saudi Arabia and is 40 pct-owned by ABN Amro.." [more]

Negotiator Sees Russia Completing WTO Talks With Saudi Arabia [Oct 12]
"Russia expects to complete talks on its accession to the World Trade Organization (WTO) with Saudi Arabia by the end of October, Maxim Medvedkov, head of the Economic Development and Trade Ministry's trade negotiations department, said at a news conference Friday.. ..Russia has signed WTO protocols with all WTO members that wished to hold bilateral talks with it, excluding Georgia and Saudi Arabia.." [more]

~~~~~~~~ [ Oct 11 ] ~~~~~~~~~

US Blacklists Saudis, Freezes Assets [Oct 11]
"Three Saudi nationals on Wednesday were accused of raising funds to back an Al Qaeda-linked group by the US and placed on a blacklist of terrorist financiers. Abdul Rahim Al Talhi, Muhammad Abdallah Salih Sughayr and Fahd Muhammad Abd Al-Aziz Al-Khashiban have been banned from doing business with American individuals or companies and any assets belonging to the men found in the US will be frozen. The US Treasury Department claims the Saudis are providing financial support to the Abu Sayyaf militant group in Southeast Asia.. ..The Treasury named the Saudis as 'specially designated global terrorists' and said they served as significant sources of financial and other support to Abu Sayyaf. There are over 6,000 names on the department’s list of specially designated nationals.." [more]

Saudi Meets OPEC Vow With Big Supply Hike to Asia [Oct 11]
"Saudi Arabia told major Asian refiners on Thursday it will raise their crude sales by a tenth in November, more than expected as it meets the lion's share of OPEC's pledge to boost output, industry sources said. The recovery in shipments to 100 percent of contractual volumes was a surprise to many customers, and would equate to as much as a 350,000 barrels per day (bpd) increase in exports. That is more than half of OPEC's promised 500,000-bpd rise agreed one month ago after the kingdom convinced other members to raise output in a gesture to consumer nations, a move that has failed to tame oil prices still near record highs above $80.." [more]

Thales Wins Air Defence Contract With Saudi Arabia [Oct 11]
"France's Thales (TCFP.PA: Quote, Profile, Research) said on Thursday it has won a contract worth 125 million euros ($176.6 million) to supply an electronic air defence system to the Saudi Air Force. The system, known as Al Madhallah (the Umbrella), comprises an electronic warfare centre with six regional hubs as well as mobile centres to train missile battery personnel.." [more]

Limitless Creates its First New Community in Saudi Arabia [Oct 11]
"Limitless, a global master development arm of Dubai World, will create a SAR45 billion (US$12 billion) urban community in the Kingdom of Saudi Arabia, the company announced today. Al Wasl, on show at Cityscape Dubai from 16 October, is the first of several projects planned by Limitless in the Kingdom. It will be developed on a 1,411 hectare (14.1 million square metre) site North of the Saudi capital, Riyadh. Iconic, integrated, and designed to reflect and complement the natural environment of nearby Wadi Hanifa, Al Wasl will comprise a number of inter-connected districts, with more than 60,000 homes, as well as offices, hotels, mosques, health and educational facilities, shopping malls and sports amenities.. .. 'Riyadh’s population is growing by 150,000, or 3%, every year. Some 50,000 new homes are required annually to accommodate the capital’s rapidly-increasing numbers'.." [more]

BMG Saudi Index on Strong Note [Oct 11]
"The BMG Saudi Index recorded the highest increase this week on the last day of trading this week, with a jump of 2.7 percent, as the index closed at 425.79 points. This closing level was last crossed 5 weeks ago. Along with this optimistic increase in the index’s number of points, the total market turnover yesterday added up approximately SR427 million ($114.3 million) to reach SR1.6 billion ($439 million), after a few days of poor turnover. All sectors landed on positive territory.. ..SABIC, the index’s largest cap stock, was the main contributor to the index’s advance.." [more]

Two Gulf States Ban US Film on Saudi Bombing [Oct 11]
"Two Gulf Arab states have banned a controversial US movie revolving around a probe of a 1996 bombing in Saudi Arabia that killed 19 Americans, officials said on Thursday. 'The Kingdom,' directed by Peter Berg, was banned in Kuwait and Bahrain, but is showing in the United Arab Emirates and will be screened in Qatar starting on Saturday. 'The screening of the film has been banned in Kuwait for many reasons, chiefly because it is a false depiction of facts, a source at the cinema committee of Kuwait's information ministry told AFP.. ..The film studies the complexities facing investigators from two alien cultures attempting to work together for a common cause.." [more]

GCC States to Announce Common Market Soon [Oct 11]
"The six states that make up the Gulf Cooperation Council (GCC) plan to announce the formation of a common market during their annual summit at the end of the year, the secretary-general of the group said in remarks published yesterday.. ..According to the group's website, the agreement will give citizens of the six states all the same economic rights in each country, including ownership of real estate, stock, capital movement, taxation, pensions and social security. The alliance is also aiming for a monetary union by 2010.." [more]

~~~~~~~~ [ Oct 10 ] ~~~~~~~~~

US Envoy Emphasizes Bid to Bridge Social Gap [Oct 10]
"US Ambassador to Saudi Arabia Ford M. Fraker termed the US House of Representatives resolution recognizing Ramadan and expressing the deepest respect to Muslims in the United States as 'historic'. The resolution was adopted in the House by a vote of 376-0 last week for the first time.. ..The resolution, which acknowledges the importance of Muslims in America, is the first of its kind, introduced by Rep. Eddie Bernice Johnson (D-Texas) and co-sponsored by 30 legislators.." [more]

Saudi Arabia to Raise Oil Exports to China 9% [Oct 10]
"Saudi Aramco plans to increase oil exports to China by at least 9 percent this year to meet rising demand from refiners in the world's fastest-growing major economy, said two company officials. Shipments to China may climb to more than 26 million metric tons of crude this year, according to the officials from Saudi Aramco, who asked not to be identified because of company policy. Saudi Arabia's only crude exporter increased oil exports to China by 7.6 percent last year to 23.87 million tons.. ..China Petroleum & Chemical Corp. and PetroChina Co., the nation's two largest oil refiners, are upgrading facilities to process low cost high-sulfur crude to help cut losses caused by government caps on fuel prices.." [more]

BMG Saudi Stock Index Gains Ground [Oct 10]
"The BMG Saudi Index witnessed a third consecutive increase this week, with yesterday's session advancing by 1.4 percent to close at 414.68 points. However, the total value traded registered another decline, of 13.7 percent, to reach SR1.22 billion ($325 million), versus SR1.41 billion ($376 million) on the previous session. For the second day in a row, the Industrial sector was able to keep the Index going up, with the sector adding 1.6 percent.. ..SABIC, the Index's largest cap stock was the main contributor to the Index's advance. It recorded a notable 2.3 percent increase in its share price to close at SR131.5 per share.." [more]

Four Million Pray at Two Holy Shrines [Oct 10]
"More than four million worshippers performed evening and taraweeh prayers at the two holy shrines in Makkah and Madinah in Saudi Arabia on the 27th night of Ramadan, marking Lailat Al Qadr, the night on which the Quran was first revealed, Saudi newspapers said. In the Quran, Lailat Al Qadr, is the night when the angels descend to earth and it is said to be better than a thousand months. It is a time that Muslims spend in prayer and ask for forgiveness.." [more]

Saudi Arabia Tops Gulf IPOs in Second Quarter [Oct 10]
"Initial public offerings in the Gulf raised more than $3.5 billion in the second quarter and the entire Middle East raised $3.9 billion, according to a report by Ernst & Young. Saudi Arabia is ranked at the top in terms of funds raised with about $2.5 billion.. ..'The three largest offerings in the second quarter of 2007 were Saudi Kyan Petrochemical Company's offering of $1.8 billion, followed by Deyaar Development Company's $ 883 million offering in the UAE and Saudi Arabia's Jabal Omar 
Development Company offer of $537 million. This reflected the growing capital base and confidence in the regional markets,'.." [more]

~~~~~~~~ [ Oct 9 ] ~~~~~~~~~

Saudi Issues Succession Council Rules [Oct 9]
"Saudi Arabia’s King Abdullah yesterday issued rules guiding the conduct of a body set up last year to regulate political succession in the world’s biggest oil exporter. The Saudi throne has passed from one brother to the next since the death of Abdul-Aziz bin Saud, the founder of the state. Western diplomats have welcomed efforts to regulate succession in the kingdom, which they say is an attempt to avoid leadership disputes. Saudi Arabia last year announced plans to set up a so-called 'allegiance' council which would regulate succession but would not take effect until Crown Prince Sultan, heir to King Abdullah, accedes to the thrown.." [more]

Group to Carry On Drive for Driving Rights [Oct 9]
"The Society for Protecting and Defending Women’s Rights is planning to expand their capmaign for women in the Kingdom to be allowed to drive by going out educating people and rallying support for their ongoing drive, according to a member of the society. The group has already sent a petition to Custodian of the Two Holy Mosques King Abdullah during the Kingdom’s Sept. 23 National Day. “The petition is now with the authorities and we are optimistic,” said Fawzeyah Al-Oyouni, a founding member of the society and a human rights activist.. ..The group is planning, in a future action, to highlight Saudi women who have driver’s licenses issued to them in other countries in order to underscore the fact that Saudi Arabia is the only country on earth that prevents women from driving.." [more]

Saudi Announces Crude Sales Price [Oct 9]
"Saudi Arabia has started issuing a new price for sales to Mediterranean refiners as it seeks to standardise prices to both north and south Europe, a Saudi Aramco source said yesterday.Aramco has posted a loading price for crude at the world's largest offshore oil export terminal at Ras Tanura for Mediterranean buyers since September. Buyers in northwest Europe also have crude priced from Ras Tanura. Previously, the price posted for Mediterranean buyers was for loading Saudi oil from the Egyptian port of Sidi Kerir, the terminal for the Sumed pipeline from the Red Sea.. ..'We recognised that there were some differentials between the prices to Mediterranean and northwest European customers," an Aramco source said. "With those differentials you won't always satisfy both customers in both locations, so we have issued separate prices (from Ras Tanura).'.." [more]

Treasuries Fueled by Petrodollars From Mideast Funds [Oct 9]
" The biggest quarterly rally for U.S. government securities in five years is getting an extraordinary boost from the burgeoning reinvestment of petrodollars by the Organization of Petroleum Exporting Countries. OPEC members increased their holdings of Treasuries 12 percent this year through July to $123.8 billion, Treasury Department data show. The prospect that OPEC's share of U.S. debt is growing is based on the 31 percent rise in oil since December, which will raise OPEC revenue 4 percent to $630 billion this year and 9 percent to $688 billion in 2008, according to estimates by the U.S. Department of 
Energy.." [more]

Saudi Arabian Residential Projects Need $20bn Cash Injection [Oct 9]
"Residential projects form three quarters of the overall real estate activity in Saudi Arabia. Experts say $20bn must be invested in this sector between now and 2020 if serious challenges such as local demand exceeding supply are to be avoided. The Saudi real estate market is no longer focused around villas and luxurious palaces; today it has to adapt to the changing real estate landscape. Where until recently people could afford to buy villas or land, now, with rising prices, apartments are becoming more popular.. ..Land prices rose between 20 and 40 per cent in 2006. In Riyadh alone.. ..experts believe the 
current rises are just the early stages of a boom that will really take off next year and continue for many years. What is needed now are measures to prepare for the boom, such as establishing companies that can address the needs of those on low incomes.." [more]

~~~~~~~~ [ Oct 8 ] ~~~~~~~~~

Olayan Group Seeks Saudis for US Graduate Program [Oct 8]
"In an initiative that will benefit young Saudi professionals who wish to advance their business careers, Olayan Group is calling for highly motivated candidates to apply for admission to the graduate program at the US-based Kelley School of Business at Indiana University to qualify for a two-year MBA scholarship. The group is re-launching the Suliman S. Olayan Graduate Fellowship in International Business for 2008-09. Applicants should hold an undergraduate degree (BA or BS) and satisfy the necessary requirements for Kelley’s MBA program. Requirements include a minimum undergraduate GPA of 3.3 out of 4.." [more]

Sultan Charity to Build 280 Houses for the Poor [Oct 8]
"Crown Prince Sultan yesterday announced his charitable foundation’s plan to build 280 new housing units for the poor in Makkah and Madinah. The crown prince made the announcement while distributing deeds of 180 housing units built by the Prince Sultan Charitable Foundation to Makkah’s needy.. ..The foundation, established by Prince Sultan and his sons 14 years ago, has carried out a number of educational, medical and housing projects in various parts of the Kingdom benefiting a large number of people. The London-based World Philanthropists Organization chose Prince Sultan Foundation for the philanthropist of the year award in 2006 in appreciation of its humanitarian activities at Muslim, Arab and international levels.." [more]

New Oil & Gas Service Company [Oct 8]
"Efforts are under way to establish an SR1.2 billion oil and gas service company by a group of Saudi and Gulf businessmen and industrialists, according to Osama Al-Kurdi, a member of the new company’s board of directors. He said the company has selected China’s Shengli Oilfield Company as its strategic foreign partner. He said the new company would compete with foreign oil companies working in the Kingdom. Its services will cover not only the Gulf but also Middle East and African countries, Kurdi added.." [more]

Saudi Stocks Recover Slightly [Oct 8]
"The Saudi stock market recovered slightly yesterday, with the Tadawul All-Share Index (TASI) increasing 26.88 points to 7,724.12, from a fall of 67.93 points on Saturday. Shares of 75 companies surged while 22 companies were in the red. Over SR4.27 billion worth of shares changed hands yesterday. Saleh Al-Salman, a market analyst said the Saudi stock market is currently facing a shortage of liquidity and sluggishness of transactions which is quite usual during the last week of Ramadan and before the beginning of the Eid Al-Fitr holidays. Most of the dealers would like to wait until the scene becomes clear after the Eid holidays.." [more]

~~~~~~~~ [ Oct 7 ] ~~~~~~~~~

Saudi Security Forces Arrest Former P.A. Police Chief [Oct 7]
"Saudi police arrested former Palestinian chief of police Ghazi Jabali in Riyadh, Palestinian sources announced. Jabali was arrested while accompanying the Damascus-based Hamas leader Khalid Mash’al on ‘Umra, a minor pilgrimage to Mecca performed by Muslims anytime during the year. The Saudi police were holding Jabali as a fugitive from justice, on the basis of an arrest warrant from Interpol, the world’s largest international police organization, the sources added. The Palestinian Authority submitted a request to Interpol to apprehend Jabali, considered a corrupt official, who fled to Syria two years ago, where he works as an adviser to Mash’al.." [more]

Saudi Arabia Plays Spoil Sport for GCC Equity Funds [Oct 7]
"After providing 8% and 9% returns in July and August respectively, the Saudi Arabian markets provided a negative return of -5%. This negative return has wiped off all the YTD gains in Saudi Arabia and the YTD return as at the end of September stands at -1.26%, making it the worst performing market so far in GCC. Heavyweights like Kingdom Holdings, Saudi Telecom, and SABIC Group ended lower. One of the reasons for decline in the market was profit booking, especially in the insurance sector.." [more]

Rehab Programs for Gitmo Returnees [Oct 7]
"Saudi Arabia yesterday announced a series of programs for the rehabilitation of 55 Saudis who have returned from the US prison on the Guantanamo Bay in Cuba. Meanwhile, Interior Minister Prince Naif ordered the release of the Guantanamo returnees on bail to help them celebrate Eid Al-Fitr with their families, after paying them SR10,000 each as Eid gifts.. ..Twenty-seven prisoners — who were never charged in US court for any crimes and subsequently released to Saudi authorities by the US military — were released before Ramadan while 16 others were set free last Tuesday. The remaining 12 will be 
released within the next few days.." [more]

GCC to Meet in Holland [Oct 7]
"Six countries in the Gulf region will hold GCC Day in the Netherlands between October 30 and November 1 under the patronage of the Cooperation Council for the Arab States of the Gulf (GCC). Leading personalities and academics from the participating countries will conduct three symposia. These are the reality and expectation in the economic cooperation between the GCC and Netherlands (October 1), the role of women in the development of the GCC states (October 31), and building bridges of understanding between the West and the Islamic World (November 1).. ..GCC Secretary General Abdul Rahman Al-Attiyah said an aim of the symposia is to present the correct image of the Arab World to the people of the Netherlands.." [more]

Residency Cap Plan on GCC Agenda [Oct 7]
"A proposal for a six-year residency cap on unskilled expatriate workers is on the agenda at the next meeting of ministers of labour of the GCC countries in Riyadh in November, said the UAE minister of labour.. ..'To enforce a residency cap on unskilled workers of a maximum of six years will contribute to solving the problems associated with the influx of foreign workers and protect our identity,' said Al Ka'abi, adding that he is hopeful that the proposal will be approved at the meeting.." [more]

Al-Ahlia Shares Soar 607.75% on Debut [Oct 7]
"The new insurance company made a strong debut on the Saudi stock market yesterday. Shares in Al-Ahlia Insurance Company, which started trading on the Tadawul yesterday, jumped 607.75 percent to close at SR70.75. The SR10 share opened at SR82.25 and reached high of SR90.50 and a low of SR70.25 during the trading. However, the strong debut of Al-Ahlia failed to halt stock market slide yesterday. The Tadawul All-Share Index dropped 67.93 points to close at 7,697.24.. ..Out of 105 companies traded, shares of only 18 companies were in positive territory while shares of 70 companies dropped yesterday. The stock market turnover was also meager at SR3.64 billion.." [more]

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