News - October 2008

October 26-November 1, 2008

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

Pakistani President to Visit Saudi Arabia [Oct 31]
"Pakistani President Asif Ali Zardari will visit Saudi Arabia next week to seek a deferred payment on oil imports and garner support for a financial aid package, the foreign ministry said Friday. Zardari will hold talks with King Abdullah during the two-day visit to the oil-rich Gulf kingdom starting November 4, foreign ministry spokesman Mohammad Sadiq told a press briefing. The visit comes amid reports that cash-strapped Pakistan is close to securing a rescue package from the International Monetary Fund, while it is also tapping up allies for further assistance. 'The two leaders will exchange views on bilateral, regional and international issues,' Sadiq said, adding that increases in the volume of bilateral trade and export of manpower to Saudi Arabia will be on the agenda. 'The president will solicit Saudi support for the Friends of Pakistan initiative and the oil-facility requested by Pakistan' on deferred payment.." [more]

Obama Wins Hearts, But Not All Minds, in Oil-Rich Gulf [Oct 31]
"Officials in the Arab monarchies of the Gulf are confident that close links with the United States will live on whether Democrat Barack Obama or Republican John McCain end up in the Oval Office. But many ordinary citizens, unshackled by diplomatic niceties, do not hide their fondness for the would-be first black president of the world's most powerful nation.. ..Saudi King Abdullah might become the first Gulf Arab leader to meet the US president-elect when he visits Washington to attend a November 15 summit of the world's richest nations and biggest emerging economies to tackle the global financial crisis. Saudi Foreign Minister Prince Saud al-Faisal told reporters on Tuesday that the king would 'welcome' such a meeting but will not initiate it. 'No doubt, King Abdullah welcomes any meeting with a US official. But the onus (in requesting a meeting) is on the candidate who will win the election, not on Saudi Arabia,' Saud said.." [more]

Bush Accepts Saudi Invitation to UN Faith Talks [Oct 31]
"US President George W. Bush has accepted Saudi King Abdullah's personal invitation to attend a November 13 UN inter-faith conference, the White House said Wednesday. Bush 'appreciates King Abdullah of Saudi Arabia's initiative in calling for this dialogue and remains committed to fostering interfaith harmony among all religions, both at home and abroad,'.. ..A US official, who declined to be identified, said Bush was going 'at the personal invitation of the king,' whose country does not permit the public practice of religions other than Islam.." [more]

Saudi Group in Drive to Spread Islam [Oct 31]
"The Makkah-based Muslim World League (MWL) is launching a major drive to spread the message of Islam among people in the non-Muslim countries. 'As part of this, MWL, the second largest Islamic organisation in the world, will organise an international conference on 'Familiarising Islam in the non-Muslim countries',' said Dr Abdullah Al Turki, the secretary general of MWL. Saudi King Abdullah Bin Abdul Aziz will open the conference.. ..the conference will discuss a number of pivotal topics focusing on presenting the true image of Islam and removing the misgivings about it. The conference will address the challenges of removing the misgivings and difficulties of introducing the religion among non-Muslims.." [more]

Gulf Stock Markets Lose $250b in October [Oct 31]
"The total value of shares listed on stock markets in the Gulf region plummeted by $250 billion in October as indexes sank by an average 25 percent amid the global market meltdown. A mild upturn at the end of the month did little to counteract the earlier rout and markets in the oil-rich states ended October worth $720 billion, an enormous $400 billion less than at the start of the year. Gulf bourses closed slightly higher at best on Thursday, their final trading day of the month, as low investor confidence prevented them from responding to a huge rally by global stock markets in the past few days.. ..Investors failed to react to concerted support moves by Gulf state governments, such as injection of funds in the financial system and the guaranteeing of bank deposits.." [more]

SAMA Cuts Repo Rate to Restore Market Trust [Oct 31]
"The Saudi Arabian Monetary Agency (SAMA) lowered its benchmark repurchase rate by 100 basis points to 4 percent yesterday to boost confidence amid the global financial crisis. However, the central bank kept its reverse repurchase rate unchanged at 2 percent. Kuwait and Bahrain also joined Saudi Arabia in lowering rates to ease credit conditions while the United Arab Emirates decided for the first time not to match a US interest rate cut. The US Federal Reserve cut its key lending rate a half point Wednesday to match a historic low of 1 percent in the latest action to ease a credit crisis that is strangling the US economy.. ..According to SAMA’s data released yesterday, annual growth in Saudi Arabia’s money supply slowed to 19.39 percent in September from 21.81 percent in August.." [more]

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

Sudan President and Saudi King Hold Talks in Riyadh [Oct 30]
"The Sudanese president Omer Hassan Al-Bashir arrived at Saudi Arabia’s capital for talks with King Abdullah. Sudan news agency (SUNA) said that Al-Bashir led a high level delegation on a two day visit. The Sudanese ambassador to Riyadh Abdel-Hafiz Mohamed told the daily Al-Sharq Al-Awsat that Al-Bashir briefed his Saudi counterpart on efforts to resolve the Darfur crisis in light of the ‘People of Sudan’ initiative. Mohamed further said that Al-Bashir reiterated that the initiative will join the Qatari one to speed up a political settlement.. ..The Sudanese envoy would not confirm whether the two sides discussed the move by the International Criminal Court (ICC) to indict Al-Bashir.." [move]

Saudi King Invites Israel To Conference [Oct 30]
"King Abdullah of Saudi Arabia gave the green light, and Israel has been invited to attend an interfaith peace conference to be held on Nov. 12 in the U.N. building in New York. Israeli officials ascribe great importance to the invitation and regard it as historic, because it marks the first time that the Saudis have invited Israel to a conference that they initiated. No official Israeli figures were invited to the previous interfaith conference, which was held in Spain, and only Jewish rabbis were invited. This time, the Saudis intend to have the conference attended by either heads of state or foreign ministers. Israeli President Shimon Peres and Israeli Foreign Minister Tzipi Livni are considering attending. One of the questions quietly raised by the Israeli government is whether this means that Saudi Arabia will cancel its active state of war with Israel, which has continued unabated since 1948.." [more]

Saudi Satellites to Conduct Research [Oct 30]
"Prince Dr Turki Bin Saud Al Saud, Vice President of the King Abdul Aziz City for Science and Technology (KACST) for Space Research Institute, announced that the Saudi satellites will be ready to carry out research in space by the end of 2010 or in the beginning of 2011. He made the remarks in a press briefing after signing an agreement with the US Stanford University to establish a Riyadh-based joint centre for space and aviation technology. Prince Turki said that the agreement involves implementing three projects, the first of which will be bilateral cooperation in analysing information concerned with the satellite, which was launched by Saudi Arabia in 2004, and sending a team from KACST to the university next year for the purpose.. ..Prince Turki said the satellites, including one called Saudi Sat 3 are meant for remote sensing and five smaller ones known as comsat meant for communications and exchange of data. 'Saudi Arabia's policy towards science and technology is solid and it is committed to using space technology for peaceful purposes and development,' he said adding that the Kingdom was keen to develop space technology to meet domestic requirements in various fields.." [move]

Union Slams Saudi Lashing for Doctor [Oct 30]
"Egypt’s doctors’ union yesterday slammed as 'worse than death' a punishment of 1,500 lashes handed down by a Saudi court to an Egyptian doctor for allegedly turning a Saudi princess into a drug addict. Doctor Rauf Amin, 53, is being whipped at the rate of 10-15 lashes a week during a 15-year jail term, said Hamdi al-Sayyad, director of the Doctors Syndicate. He was charged with giving the woman morphine to ease her pain following a riding accident, which allegedly turned her into an addict. Sayyed described Amin’s trial as unfair and his sentence - doubled on appeal from 750 lashes and seven years prison — as torture. 'We condemn this verdict in the strongest terms and we are making contact with officials in Cairo and Saudi Arabia, as well as (Egyptian President Hosni) Mubarak for them to intervene,'.." [more]

UN Move Proves Success of Saudi Initiative [Oct 30]
"The United Nations has decided to hold a special session of the General Assembly at the level of world leaders in New York on Nov. 12-13 to discuss the interfaith dialogue initiative taken by Custodian of the Two Holy Mosques King Abdullah. This was announced yesterday by Faisal bin Muammar, secretary-general of King Abdul Aziz National Dialogue Center while addressing the Russia-Islamic World Strategic Vision Group at the Jeddah Conference Palace. 'This is an international achievement for Saudi Arabia and for those who work for promoting dialogue between various religious faiths and ideologies,' Muammar told Saudi and Russian officials attending the three-day forum. He said the UN took the decision in the light of recommendations made by the World Interfaith Dialogue Conference in Madrid. 'Saudi Arabia has opened a new era in international relations with the launch of King Abdullah’s interfaith dialogue initiative,'.." [more]

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

Germany Backs Saudi Conditions for Hosting Afghan Reconciliation Talks [Oct 29]
"..Prince Saud called on the warring factions of Afghanistan to step up efforts for reconciliation. 'We are awaiting an official response from the Afghan side for the start of serious talks,' he added. He said the Afghan factions taking part in the reconciliation talks should come with open minds with the intent of reaching an agreement and not to create problems. They should renounce terrorism and cooperation with terrorists, he added. Steinmeier supported the conditions set by Saudi Arabia for Afghan reconciliation talks. He also pledged support to Pakistan and Afghanistan to ensure the region becomes free from terrorism, insecurity and militancy.. ..Saud said cooperation of Afghanistan and Pakistan was key to resolving the conflict. 'Saudi Arabia is always willing to help its allies,' he said. 'But, there must be a willingness to hold dialogue, to sort out differences and a resolve to work together.'.." [more]

Saudi Arabia Moves Ahead on Iraq Fence [Oct 29]
"Saudi Arabia says it will move ahead with plans to build a fence along its border with Iraq to prevent terrorists from moving between the two countries. Saying although such 'infiltrations' into Iraq are rare, Saudi Interior Minister Prince Nayef bin Abdulaziz said Tuesday Riyadh would proceed with a border fence to prevent such unauthorized crossings, the Kuwait news agency KUNA reported. 'If (terrorists) did not find facilities to reach Iraq they would never have made it,' Nayef said about Saudis arrested in Iraq, KUNA reported. The fence would be used to prevent Saudi militants from joining such Sunni Arab terrorist groups as al-Qaida In Iraq, as well as to prevent terrorists based in Iraq to targets in Saudi Arabia.." [more]

Saudi Arabia to Set Up World's Largest Women-Only Varsity [Oct 29]
"The world's largest university exclusively for women is to come up in Saudi Arabia, with Saudi King Abdullah scheduled to lay the foundation stone. The Riyadh Women's University will be the world's largest institute for higher studies when the project is completed in 2010. The university will have 13 colleges and will cover an area of eight million square metres north of the Saudi capital. 'After we received instructions from higher authorities to establish a full-fledged university, we have consulted international engineering houses for the purpose of designing a world-class campus that can accommodate 40,000 students,'.. ..University president Princess Al-Jowhara Bint Fahd, while lauding King Abdullah and Crown Prince Sultan for the project, said that the university will usher in a new era for women's education in that Gulf nation.." [more]

King to Attend G-20 Summit [Oct 29]
"King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, will attend the Nov. 15 emergency economic summit of the G20 world leaders at the White House to discuss further measures to deal with the financial crisis and international regulatory reform, it was announced on Tuesday.  'The King has welcomed the summit and accepted the invitation,'.. ..Prince Saud said that King Abdullah, in his talks with Steinmeier earlier Tuesday, had expressed confidence in the resilience of the economies of Saudi Arabia and other GCC countries thanks to a solid banking system and increasing growth rates which can withstand any fallout of the global financial crisis.." [more]

OPEC Warns of More Cuts if Oil Prices Keep Falling [Oct 29]
"The head of the Organization of Petroleum Exporting Countries (OPEC) warned Tuesday that it could cut output again if prices keep falling despite an emergency reduction last week. OPEC, which produces 40 percent of the world’s crude, could hold a new emergency meeting before its next scheduled session in December, its Secretary General Abdalla Salem El-Badri said. 'We will have to wait and see how the market will react ... (but) if this problem continues then we will have another cut,'.. ..'If the market reacted badly (to the cut in oil production) we will meet before that.'Oil prices rallied after the OPEC chief’s comments, after dipping below $60 on Monday. New York’s main contract, light sweet crude for December delivery, rose $1.81 to $65.03 a barrel. OPEC ministers agreed at an emergency meeting in Vienna on Friday to slash output by 1.5 million barrels a day from Nov. 1 as it seeks to shore up prices. The OPEC chief said a fair price for a barrel of oil would be 'something in between' the record high of more than $147 reached in July and current levels of around $60.." [more]

Cuba Seeks Strong Ties With Kingdom [Oct 29]
"Cuba foresees stronger relations with the Kingdom following the recent opening of its embassy in Riyadh, said Laureano Rodriguez Castro, the Cuban ambassador to Saudi Arabia, in a press briefing held at the embassy yesterday. 'We have been maintaining good relations with the Kingdom, but the establishment of the mission in Riyadh will step up cooperation between the two countries. The Cuban mission in the Kingdom is our third station in the Gulf after Kuwait and Qatar,' he said. Castro, who was previously the Cuban ambassador to Kuwait from 2004 to 2007, said Saudi Arabia is an important Gulf state, which his country would like to cooperate with in matters of mutual interests. 'Even before the mission was established, Cuba supported the Kingdom on all international issues and we have severed our diplomatic relations with Israel in support of the Palestinians,'.." [more]

The Saudi Arabia that the Middle East Needs is Finally Emerging [Oct 29]
"..the trajectory of Saudi Arabia in the 1980s and the 1990s suggests that Saudi Arabia indeed altered its course to accommodate its most conservative elements. As the leading Saudi experts Afshin Molavi and Jean-Francois Seznec wrote, the terms of the bargain were too favourable to those who opposed genuine modernisation: 'While the king and the civil service would still control the hardware – defence, finance, oil, and foreign policy – he essentially handed over the software – the education system and the courts – to conservative forces.' Saudi leaders would come to regret this compromise. Today’s Saudi Arabia seems set on a wildly different course. While the hardware remains firmly in the hands of the ruling elites, the state is reasserting ownership of the 'software' through gradual educational and judicial reform. Clerics are gradually losing their dominant say in courts and classrooms while the civil service and merchant class, the country’s lead reformers, are empowered. Plainly, without the leadership of King Abdullah – whom many Saudis regret came to power too late – this progress would not have happened.." [more]

Russia Embraces Muslim World [Oct 29]
" Russia renewed its commitment to stronger ties with the Muslim world, vowing respect for religious values and a stronger voice for Islamic nations on the global stage at a forum with Muslim leaders here yesterday. President of Tatarstan Mintimer Shaimiyev took a friendly dig at all those who have a habit of blaming Muslims for everything that goes wrong in the world. 'Thank God, Islam is not being blamed for the global financial crisis,' Shaimiyev said, speaking to reporters on the sidelines of the fourth meeting of the Russia-Islamic World Strategic Vision Group at the Jeddah Conference Palace.. ..'One should bear in mind the fact that a strategic partnership with Russia, which seeks a multi-polar world order and does not encroach on values, traditions, authenticity or sovereignty of countries of the Muslim East, is very important for Muslim countries as well,' he said.." [more]

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

Saudi Bucks Trend as Most Gulf Bourses Slide [Oct 28]
"The Saudi Arabian stock market, the largest in the Arab world, rebounded strongly on Tuesday but shares in most other Gulf states sank for the third day running.. ..Saudi Arabia's Tadawul All-Shares Index finished up 5.3 percent at 5,621.99 points overcoming initial volatile trading. Over the previous three days, the TASI has plunged more than 13 percent and is still down 49 percent on the year. The bourse was supported on Tuesday by a rise in all sectors. The leading petrochemicals sector rose 6.7 percent as market leader SABIC gained 7.1 percent. Of 125 stocks traded, 121 increased and three dropped while one remained unchanged. The rebound came after assurances from Saudi Arabian Monetary Agency chief Hamad al-Sayari that banks in the world's leading oil exporter were not facing a liquidity crunch.." [more]

Enhanced Monitoring Needed – Cabinet [Oct 28]
"The Council of Ministers stressed here Monday the need to enhance control of the financial sector and to strengthen its potential through coordination among GCC countries to face the negative impact of the global economic slowdown. The Cabinet chaired by King Abdullah, Custodian of the Two Holy Mosques, praised the outcome of the extraordinary meeting of GCC finance ministers and central bank governors in Riyadh Saturday which stressed the strength of the GCC economies and their growth despite the global crisis. The GCC finance ministers’ meeting also emphasized the strength of the banking system of the GCC member states, their stability and ability to deal with the impact of the global economic meltdown.." [more]

Growing Middle Class Boosts Kingdom Residential Projects [Oct 28]
"Population growth and an increasingly wealthy middle class are creating a boom in high-end real estate development in the GCC, especially in Saudi Arabian where government reforms are encouraging dynamic construction activity.. ..'There are three main factors influencing the Kingdom’s economic growth and the resulting demand for residential real estate. First, the Saudi market is a budding environment that has ample opportunity for real estate development due to its great expanse of land, while the second factor is the Kingdom’s richness of resources.' 'Third, Saudi Arabia is in the midst of a population boom that will necessitate and estimated 1.3 million units over the next seven years, representing an annual requirement of 190,000 units, and requiring a total investment of more than SR680 billion.' 'These positive factors are vital concerning our strategic expansion and development plans in the Kingdom, where we have already succeeded in establishing a strong 
leadership position in the luxury property market.' Regionally, Saudi Arabia is top of the list in the investment sector, based on a real estate market evaluation of $640 billion for the coming 20 years.." [more]

Saudi Arabia Says Need for Balance on Oil Markets [Oct 28]
"..Saudi Arabia 'emphasised the need to achieve balance in the oil market' and is keen on the stability of the oil market, avoiding sharp fluctuations, the cabinet said in a statement after a weekly meeting chaired by King Abdullah. The kingdom is continuously 'committed to cooperation with all Opec and non-Opec producers and to boosting dialogue with consumers' , it added, noting that balanced markets were in the interests of both consumers and producers. It was the first comment made by the Saudi cabinet after the Organization of the Petroleum Exporting Countries (Opec) decided on Friday to cut 1.5 million barrels per day of output. The cut failed to prop up prices which have dropped by nearly 60 per cent from a record high $147.27 a barrel in July as global economic turmoil dents world fuel consumption. Demand has fallen in the United States, the world's top energy consumer, and in other industrial countries as the credit crisis infects the wider economy and begins to spread to emerging markets.." [more]

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

Move to Ban Underage Marriages [Oct 27]
"The Shoura Council is studying a new law to prevent marriages between aged Saudi men and young girls. The law is expected to produce guidelines to protect young girls from marriages with Saudi men of a significantly higher age, a phenomenon that has spread in parts of the Kingdom and abroad, resulting in numerous problems for wives and Saudi children abroad. The new law also deals with marriages to non-Saudi women in which the Saudi husbands admit fathering the children, with new legal procedures expected to be in place soon to enable their children to be brought to the Kingdom. The law secondly addresses cases where fathers refuse to recognize their children, in which case proof of the marriage will be required from the wife through relevant authorities. If she fails to provide the documents, the matter will be referred to the courts to conduct DNA tests. The Ministry of Justice and other government departments are also preparing regulations to prevent the marriage of girls under the age of 14.." [more]

German Minister Arrives Tomorrow [Oct 27]
"German Vice Chancellor and Foreign Minister Frank-Walter Steinmeier will arrive in Saudi Arabia tomorrow for a two-day visit. He will meet with Custodian of the Two Holy Mosques King Abdullah to discuss bilateral and international issues with special emphasis on the global financial crisis and regional stability. 'Steinmeier, who will arrive in the Kingdom leading an 80-member delegation, will hold consultations on the global financial crisis with Finance Minister Ibrahim Al-Assaf and Governor of Saudi Arabian Monetary Agency (SAMA) Hamad Al-Sayari,'.." [more]

DuPont Presents Dynamic Science Construction Solutions at Saudi Build 2008 [Oct 27]
"DuPont is participating at the Saudi Build 2008, a leading international construction technology and building materials exhibition in the Kingdom of Saudi Arabia [KSA] providing comprehensive commercial, industrial, infrastructure and residential construction solutions. One DuPont, a strategic concept works together through an industry initiative offering integrated products and applications solutions to specific industries for example food, construction, transportation and oil & gas. At 
Saudi Build, DuPont will showcase construction solutions committed to increase the performance of building systems, helping reduce operating costs, reduce energy consumption and help provide safer, healthier environments for more sustainable structures. The exhibition will launch key DuPont construction offerings to the KSA market.." [more]

GCC Economies Responding Well to Crisis, Saudi Minister Says [Oct 27]
"Economies of the GCC states are showing strong indications of relatively higher growth rates and lower inflationary levels despite the global financial crisis, said Saudi Arabia's Finance Minister Ebrahim Al Assaf. 'The GCC economies will continue to maintain a good growth rate ranging between 4 per cent and 6 per cent in 2008 despite the global economic slowdown. If the rate slows down a little, it is because of the slowdown in growth in the oil sector. But the non-oil sectors are expected to continue growing,' he said.. ..'The signs of the seriousness of the crisis, with indications of a recession, started to emerge in developed countries and there is a possibility for direct and indirect effects on the economies of the GCC countries,' he said while stressing the need for urgent steps to counter any adverse implications .. ..He said the crisis required global cooperation and international coordination to address it. He called on the World Bank and the International Monetary Fund to play a vital role in helping the global economy to overcome the grave crisis.." [more]

Edge of Arabia: A New Wave of Saudi Artists in London [Oct 27]
"For the first time, a contemporary and comprehensive art exhibition of 17 Saudi Artists is on view in London. The art exhibition which opened on Oct. 16 and which will run through Dec. 13 is being held at the School of Oriental and Africa Studies (SOAS) Brunei Gallery of the University of London. The exhibition entitled ‘Edge of Arabia’ is being sponsored by a number of leading establishments in the Kingdom.. ..Saudi artists, both men and women throughout the Kingdom, have been hoping to establish themselves on the international art scene. For decades, they have created works of art in all media which have remained in their studios with very little exposure. They have been longing to show the world that Saudi artists are truly talented, professional and equal in quality to the art produced worldwide. ‘Edge of Arabia’ is presently giving some 17 Saudi artists to be seen and heard on an international scale. Their works are being viewed for the first time by the European and international community.." [more]

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

Saudi Gives $2.7 bln Credit to Needy as Turmoil Spreads [Oct 26]
"Saudi Arabia plans to extend 10 billion riyals ($2.7 billion) in credit to low-income citizens as Gulf Arab oil-producers step up efforts to contain the fallout from the global financial crisis. Saudi King Abdullah ordered that the additional funds be deposited in the Saudi Credit Bank, which was established to extend interest-free loans to Saudi citizens with limited resources to help them overcome financial difficulties. The move comes on the heels of an emergency meeting of Gulf finance ministers and central bankers held in Riyadh on Saturday which was aimed at better coordinating the response to a global downturn that threatens to brake their region's six-year economic boom.. ..Saudi Finance Minister Ibrahim al-Assaf said after Saturday's meeting that he was confident that the GCC countries would see their economies grow an average of 4-6 percent in 2008 despite the global economic downturn. 'The danger in this crisis is that indicators are pointing to a recession...in developed countries which suggests that the fallout from this crisis is moving into the real economy, which could carry direct and indirect effects on the economies of the Council,'.." [more]

Saudi Foreign Assets Expected to Reach $878 Billion in 2010 [Oct 26]
"Saudi Arabia's foreign assets could more than double to nearly $878 billion (Dh3.22 trillion) at the end of 2010 because of massive fiscal surpluses spawned by a surge in its petrodollar income, according to a Saudi bank. The assets controlled by the Saudi Arabian Monetary Agency (Sama), the kingdom's central bank, peaked at an all time high of about SAR1.62trn ($432bn) at the end of August, a staggering increase of SAR424bn from their level of SAR1.196trn at the end of 2007.. ..Projections by the International Monetary Fund (IMF) showed the sharp growth in the country's fiscal surpluses would largely boost Sama's foreign assets by the end of this year while the Saudi American Bank (Samba) expects the investments to more than double by the end of 2010.." [more]

Saudi King to Attend Nov. UN Interfaith Dialogue [Oct 26]
"The ruler of conservative Saudi Arabia said he plans to attend a meeting at the United Nations next month to discuss his initiative to promote interfaith dialogue, reported the official Saudi Press Agency. In remarks carried by the agency late Saturday, the King Abdullah called for religious tolerance and said such dialogue is the duty of every human being. The king also urged fellow Muslims to reach out to non-Muslims as a way to show that Islam is not a violent religion. 'I will go to America for the dialogue of followers of religions,' the king said at a meeting with Information Minister Ayad Madani and newspaper editors. 'The dialogue comes a time when the world is criticizing Islam.' 'It is regrettable that some of our sons have been tempted by Satan or brothers of Satan,' added the king, referring to Muslim militants who have carried out attacks around the world. 'Nothing can purify (Islam's reputation) except for the extension of Muslims' hands to their brothers in other religions.'.." [more]

Saudi Reforms Tell a Tale of Success in Raking in FDI [Oct 26]
"Economic reforms pay off as shown by growing inflow of foreign direct investment (FDI) in Saudi Arabia. FDI allows long-term commitments, as opposed to investments in stock markets. According to World Investment Report 2008 of the United Nations Conference on Trade and Development (Unctad), inward FDI amounted to $24.3 billion (Dh89.1 billion) in 2007, showing a hefty growth of 33 per cent. The FDI in 2006 was $18.3 billion, up from $12.1 billion in 2005. The inbound FDI had averaged merely $245 million for the 1990-2000 period. The extraordinary progress is a result of on-going economic reforms, kick-started with the drive to join the World Trade Organisation (WTO).. ..The kingdom has advanced nine notches in a span of one year. The World Economic Forum issues the annual report that ranks economies based on their performance of Growth Competitiveness Index. The Saudi experience shows that sustained reforms can help meet economic challenges.." [more]

Saudi Stocks Plunge to Record Low [Oct 26]
"The Saudi stock market, the largest in the Arab world, began its trading week on Saturday with a nine percent plunge to sink to its lowest point in four years. The renewed nosedive came as policymakers from Gulf states met in Riyadh to seek a common response to the global economic crisis. The Tawadul All-Shares Index (TASI) closed 8.7 percent weaker at 5,624.68 after dropping as low as 5,564.96 points, a level last seen in May 2004. The fresh selling means the index has lost around 20 percent in the past eight days as the Riyadh market continues to reel from the global financial crisis. The fall on one of the few markets open on a Saturday suggested no end is in sight for the rout which caused heavy losses on Friday on most stock exchanges worldwide. Analysts said major initiatives were unlikely to result from the Gulf Cooperation Council (GCC) conference, as member countries have already made individually tailored moves.." [more]

Kingdom to Try 1,200 More Terror Suspects [Oct 26]
"Saudi authorities have planned to try nearly 1,200 new detained terror suspects on charges that they participated in terrorist attacks carried out in the Kingdom over the last five years, sources said Saturday. Interior Minister Prince Naif Bin Abdul Aziz said that the ministry is preparing the charges with the help of the Investigation and Prosecution Bureau. The new 1200 suspected militants, rounded up in anti-terror raids across the country in recent years, will be added to the 991 suspects already referred to court for terrorism charges. The legal proceedings mark a big step in the country’s fight against terrorism as more terror suspects stand trial in the judicial circuits within the General Court in Riyadh. Among the arrested were 520 terror suspects who were netted earlier this year in different five terror cells as they were planning to bomb the Intelligence Building in Khafji and an oil installation facility in the Eastern Province, a long-time dream of Osama Bin Laden, leader of Al-Qaeda terror network.." [more]

50 Experts Confirm Nuke Forum Participation [Oct 26]
"All preparations have been made for the Kingdom’s first international symposium on the peaceful use of nuclear technology in Gulf countries, which will be held at King Abdulaziz University (KAU) in Jeddah Nov. 3-5. Mohammed Subian Al-Johani, head of the event’s organizing committee and dean of KAU’s Department of Nuclear Engineering, said 50 renowned nuclear scientists and experts from across the world, including the United States, Russia, China, Canada, France, Germany and Japan, have confirmed their participation. He said around 50 studies and working papers, which are to be discussed during the sessions, have been received and translated. 'This in itself is a wealth of knowledge,'.. ..Al-Johani said participants would listen to the experiences of countries such as Egypt, the Czech Republic, Chile and others in the domain of nuclear technology. Local and international companies will exhibit their products and services on the sidelines of the event.." [more]

Plan to Open Tourism Sector for Saudi Women [Oct 26]
"Saudi women will soon be able to work in the tourism sector. A new program organized by the Arab Tourism Organization in cooperation with the American University of Beirut, aims to develop human resources in the tourism and hotel sector in February. Several campaigns, training programs and training centers are being planned to reorient tourism experts and instill the tourism culture in every Saudi student. “Our aim is to have a special academy for lectures on tourism in each region in the Kingdom. Initially, it will start in Makkah, Riyadh and Jeddah,” said Prince Bandar Bin Fahd Al-Fuhaid, Chairman of the National Committee of the Council of Tourism, Chamber of Commerce and Industry. The details are being worked out with the General Commission for Tourism and Antiquities, he said and added that plans are underway to start the program in February 2009.. ..The program will try to allay certain misconceptions among Saudi families about the tourism sector. Each tourist city will have a center specialized in teaching tourism to both sexes.." [more]

October 19-October 25, 2008

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

Saudi Bourse Plunges as Gulf Ministers Meet [Oct 25]
" The Saudi stock market, the largest in the Arab world, began its trading week on Saturday with a nine percent plunge to sink to its lowest point in four years. The renewed nosedive came as policymakers from Gulf states met in Riyadh to seek a common response to the global economic crisis. The Tawadul All-Shares Index (TASI) closed 8.7 percent weaker at 5,624.68 after dropping as low as 5,564.96 points, a level last seen in May 2004. The fresh selling means the index has lost around 20 percent in the past eight days as the Riyadh market continues to reel from the global financial crisis. The fall on one of the few markets open on a Saturday suggested no end is in sight for the rout which caused heavy losses on Friday on most stock exchanges worldwide. Analysts said major initiatives were unlikely to result from the Gulf Cooperation Council (GCC) conference, as member countries have already made individually tailored moves.." [more]

Saudi-Qatar Visit of PM Put Off; To Attend G-20 Meet in US [Oct 25]
"Prime Minister Manmohan Singh is likely to put off his visit to Saudi Arabia following Riyadh's request for its re-scheduling but will fly to Washington for the G-20 summit on November 15. Singh was to undertake bilateral visits to Riyadh and neighbouring Qatar from November eight. The Saudi side made a request through diplomatic channels to prepone Singh's visit since Saudi King Abdullah bin Abdul Aziz Al Saud will be flying to New York for a UN meet, official sources said. But this was found to be inconvenient from the Indian side, the sources said, adding fresh dates will be worked out. The Prime Minister is expected to fly to Washington for the meeting of the G-20 convened by President George W Bush on November 15 to discuss the global financial turmoil. He will meet Bush for the second time in under two months.." [more]

Saudi Plans Could Skid on Slippery Oil [Oct 25]
"Some of the grand development plans in the world's biggest oil exporter could fall victim to falling crude prices, analysts say, but canny money management means Saudi Arabia has no reason to hit the panic buttons yet. The government has sought to reassure Saudis that modernisation schemes are on track after fears of a global economic slowdown helped push oil prices down to around $70 (Dh257) a barrel this month from double that three months ago.. ..Riyadh is now joining the queue of Opec producers scrambling to hold up the price of crude at an emergency meeting in Vienna which started on Friday. Saudi Arabia has already begun to pare back production in line with expectations of lower demand.. ..Development plans could suffer not only from the fall in government revenues but also from tighter international finance for private sector projects. The kingdom, where citizens pay no tax has run budget surpluses in recent years allowing it to pay back debt and develop infrastructure.." [more]

Kingdom’s Inclusion in G8 Meetings as Observer Proposed [Oct 25]
"In the midst of current global economic developments, an European Union senior official has moved for the participation of Saudi Arabia in the expanded Group of Eight meetings. Professor Otmar Issing, a member of the Executive Board of the European Central Bank (ECB) said its high time that GCC (Gulf Cooperation Council) weight in the world’s economy be considered, by including Saudi Arabia in the group’s meetings as an observer country. 'An important group like GCC should not be ignored for its surpluses, economic and strategic weight,' he noted. He said G8 will witness an expansion to include Brazil, India, China, South Africa, and Mexico. European ministers of finance and economy are awaiting the results of the coming GCC meeting of finance ministers and heads of central banks, which is held on Saturday (today) in Riyadh.." [more]

US Embassy Facilitates Voting Procedures for Expats in Kingdom [Oct 25]
"The US Embassy has opened a special desk to help its citizens in the Kingdom cast their votes for the presidential elections scheduled for Nov. 4. 'The Embassy of the United States of America in Riyadh is committed to assisting US citizens with the voting process and providing a number of services to those seeking assistance or information,' Erin Pelton, deputy press attache of the mission, told Arab News yesterday. There are approximately 30, 000-35,000 US citizens in the Kingdom, she added. A Voting Assistance Officer is available by phone or e-mail to answer questions about absentee voting.." [more]

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

OPEC Cuts Production [Oct 24]
" Oil prices fell to their lowest point since May 2007 Friday after the world's largest oil cartel slashed production targets by a smaller-than-expected amount. The Organization of Petroleum Exporting Countries, whose member nations control about 40% of the world's oil, said it would cut production by 1.5 million barrels a day starting in November.. ..OPEC said the cut was necessary because the global financial crisis has caused oil demand and prices to plummet. 'The financial crisis is .. dampening the demand for energy, in general, and oil in particular," said OPEC in a statement released after the meeting concluded. "Oil prices have witnessed a dramatic collapse - unprecedented in speed and magnitude'.. ..Though OPEC said it will revisit the cuts in its next meeting on Dec. 17, analysts believe it will be hard to convince the oil producing nations to further slash production. 'The Saudis took a third of the cut off the books,' Laughlin said. 'But the Saudi minister made pretty clear that this is the cut, and they're not going to get another one in December.'.." [more]

Plea to Free Saudi Prisoners Rejected [Oct 24]
"Kuwaiti authorities have rejected a request from Saudi Arabia to extradite scores of Saudis detained in the neighbouring country and allow them to spend the remaining period of their jail terms in Saudi prisons. Kuwait's refusal was attributed to the non-existence of any extradition treaty for exchange of prisoners with any other GCC states, including Saudi Arabia.. ..According to estimates, there are around 150,000 Saudi expatriates in Kuwait, who work mainly in the private sector. There is a small percentage of Saudis working in the government sector also. There are about 100 Saudis undergoing various prison terms in Kuwait. 'The Saudi embassy is closely following their matters. A representative from the embassy frequently visits the prisons to take stock of their situation,'.." [more]

Arab Interior Ministers Stress Security for Iraq [Oct 24]
"The final communiqué from the Fifth Meeting of Interior Ministers of Iraq’s Neighboring Countries emphasized the importance of the security, unity, and sovereignty of Iraqi territories and maintaining its Islamic and Arab identity. The meeting, held Thursday in the Jordanian capital, Amman, hosted representatives from Egypt, Bahrain, the UN, the Arab League and the OIC, with Prince Naif Bin Abdul Aziz, Minister of Interior, heading the Saudi delegation. The 19-point communiqué stressed the importance of countering all terrorist activity threatening Iraq and neighboring countries and called for greater cooperation between Iraq and its neighbors.. .. with Prince Naif Bin Abdul Aziz, Minister of Interior, heading the Saudi delegation.. ..the Prince highlighted the wish of all Iraq’s neighboring countries to see a return to stability and security for the people of Iraq, saying that Saudi Arabia was supportive of all efforts to bring prosperity and preserve the unity all Iraqis desire.." [more]

Arab Plan is an Opportunity – Peres [Oct 24]
"Israeli President Shimon Peres has endorsed the 'spirit' of an Arab peace initiative, saying it’s an 'opportunity' that can bring peace to the Middle East.. ..Peres cautioned that while he doesn’t accept all of the Saudi-initiated Arab plan which 'needs to be negotiated' further, the spirit of the proposal is 'correct.' However, Mubarak disagreed with Peres’ one-track approach – saying the Arab plan is not 'open for negotiations.' Mubarak said Palestinians and Israelis should first reach an agreement through bilateral talks, before all Arab states normalize relations with Israel.." [more]

Human Rights: Let's Strike the Right Note [Oct 24]
"Saudi Arabia’s human rights body, we learn, is preparing its first official report to be presented to the UN. As we wait to see what the report includes, newspapers have published a comment by the deputy head of the Human Rights Commission (HRC) that makes one wonder if the report will be candid enough. As Okaz newspaper published on Monday, the deputy said that those who claim that there is discrimination in the Kingdom between men and women are simply 'ignorant people.' The Kingdom, he pointed out, has signed the UN treaty against discrimination on the basis of sex. What is more, the country is following the Shariah that, he said, guarantees women their full rights.. ..What we need at this stage is some self-criticism and frank reviews of our problems and, most importantly, acceptance that as a normal society we do have shortcomings. Talking about those shortcomings does not make us 'ignorant'; it will only make us more sincere in addressing our problems, instead of being defensive about them.." [more]

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

Gulf Kingpins Likely to Resist Big Opec Cuts [Oct 23]
"Opec kingpin Saudi Arabia and its Gulf partners are likely to resist demands for a big cut in oil output amid fears of a crippling global economic downturn, analysts said. Opec hawks have called for the cartel's meeting tomorrow to agree a substantial reduction to halt a rapid slide in oil prices, now running at less than half their peak of almost $150 just three months ago.. ..'I think that the maximum Saudi Arabia will be willing to do is to cut the extra barrels it started pumping in the summer in a bid to cool off rocketing oil prices,' Saudi economist Abdulwahan Abu-Dahesh said. Riyadh unilaterally raised production by 5,00,000 bpd to 9.7 million bpd in the summer in the face of Western pressure to stem soaring prices. The kingdom, along with the United Arab Emirates, Kuwait and Qatar, account for more than half OPEC's official production quota of 28.8 million bpd.." [more]

KAUST Announces Partnership With UC San Diego [Oct 23]
"King Abdullah University of Science and Technology (KAUST) and the University of California, San Diego (UCSD) today announced a special partnership to develop and conduct joint research in visualization and virtual reality and training facilities, which will make the KAUST campus in Saudi Arabia the site of the world's most advanced visualization suite. The Geometric Modeling and Scientific Visualization Research Center (GM&SVRC) will allow researchers to transform raw data into a fully three-dimensional visual experience that will enhance research in a broad range of scientific and technological disciplines. Under the four-year agreement between KAUST, a graduate-level research university under development in Saudi Arabia, the UCSD division of the California Institute for Telecommunications and Information Technology will provide expertise and joint research in visualization, virtual reality and collaboration tools to support KAUST's ambitious plan to deploy state-of-the-art technologies for elite scientific research. 'Our partnership with UCSD will be a catalyst for researchers, enabling them to conduct novel scientific research leading to discoveries and inventions that will contribute to the most pressing needs of science and technology and to Saudi Arabia's transformation to a knowledge society,'.." [more]

Go-ahead for £20bn Typhoon Sale to Saudis [Oct 23]
"The US has given Britain the green light to sell Typhoon fighter jets to Saudi Arabia by approving the transfer of sensitive American technology on the aircraft after months of internal debate. The Bush administration told Congress this week that it would approve the transfer, which paves the way for the UK to proceed with the £20bn ($32.4bn, €25.4bn) deal to sell 72 Eurofighter Typhoons to the Gulf kingdom. The state department has wanted to approve the transfer for some time, but was resisted by the justice department and Congress, both of which were concerned that approval could impact a probe into BAE Systems, the British defence company. The justice department is investigating BAE, which is the prime contractor to the UK on the Typhoon deal, to see if it broke any US laws by allegedly bribing Saudi officials over a previous arms deal known as al-Yamamah. BAE has denied any wrongdoing.. ..News of the US approval is a boost for Britain’s largest defence contractor and prepares the ground for the export of the 72 Eurofighter Typhoons to the Gulf kingdom as part of a deal signed last year called Project Salam, or Al-Salam, meaning 'peace'.." [more]

Performance of Saudi Banks in Q3 Affected by Global Credit Crisis [Oct 23]
"The global financial crisis has affected the performance of Saudi banks in the third quarter but they are expected to remain strong as a result of government support and favourable economic conditions, a study said yesterday. Most of them have reported lower earnings in the third quarter of this year following impressive results in the second quarter but the performance is considered good compared to a year earlier. According to the study by the Kuwaiti-based Global Investment House (GIH), the outlook for the Kingdom's banking sector is good because of strong economic performance and an announcement by the central bank that it could inject SR150 billion (Dh143bn) into the banking sector to offset the credit crunch.." [more]

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

Palestinians Welcome Israeli Interest in Saudi Plan [Oct 22]
"Palestinians hope Israeli calls for the revival of a Saudi peace initiative could lead to progress on a diplomatic track that has been dormant for years, their chief negotiator with Israel said on Wednesday. Israeli President Shimon Peres last month called on Saudi King Abdullah to 'further' a land-for-peace proposal endorsed six years ago by the Arab League, and Defence Minister Ehud Barak said last week Israelis were reconsidering the plan. 'For the past week Israel has started speaking in a new and positive way about this initiative. We note this change of language and we place a lot of hope in it,' Palestinian chief negotiator with Israel Ahmed Qurie told reporters in Paris. The Saudi plan calls for full Arab recognition of Israel if it gives up 'all of the territories' occupied in the 1967 Six Day War and accepts "a just solution" for Palestinian refugees. Egypt and Jordan are the only Arab countries to have signed full peace accords with Israel.." [more]

OPEC Risks Split on Cuts as Economies Reel, Oil Drops [Oct 22]
"OPEC, founded five decades ago to unify oil producers, risks dividing members as the group plans to cut output and raise prices just as developed nations face their worst recession since 1983. Iran's energy minister, Gholamhossein Nozari, said yesterday OPEC may slash output quotas by 2.5 million barrels a day, or 8.7 percent, an amount about equal to what's pumped from Kuwait. The Algerian minister and OPEC president, Chakib Khelil, said two days earlier the reduction at the group's Oct. 24 meeting in Vienna may be only 1 million barrels. The debate in the Organization of Petroleum Exporting Countries pits Saudi Arabia, the group's biggest producer and a U.S. ally, against Venezuela and Iran, two nations that oppose U.S. foreign policy and advocate higher oil costs. Crude has plunged 53 percent from its July 11 record of $147.27 on the New York Mercantile Exchange. It traded at $69.37 today.. ..Saudi Arabia needs oil prices of less than $30 a barrel to balance its government budget.." [more]

Piracy Seen Thriving on Saudi Censors [Oct 22]
"Saudi Arabia has one of the world's worst records in protecting intellectual property rights, but retailers blame government censorship for driving music and movie piracy.. ..'Saudi Arabia has the 'worst enforcement regime, and for most copyright industries, the highest piracy levels in the Middle East,' the International Intellectual Property Association (IIPA) said in a report issued this year. But traders in Jeddah say government bureaucracy plays a large part in encouraging piracy. 'By the time the permission arrives all the customers would have bought pirated versions. Why should the customer pay 80 riyals if he can buy it for 10 riyals and get it earlier?' said Rasmi al-Tahhan, manager of a videogame retailer that closed down its video club due to pirated competition.. ..Censors are keen to filter everything that comes into the kingdom, a strict Islamic state where images of women are usually blurred in advertising. Scissors are taken to foreign films, pop and rock music and printed matter.. ..Amoudy said this draconian attitude led many to prefer the pirated version over the original, even if censors get the material onto the streets in a matter of days.." [more]

Saudis Wary of West's Overtures to Syria Due to its Links with Iran [Oct 22]
"Saudi Arabia thinks Syria has not delivered enough to deserve Western diplomatic overtures and fears international rapprochement would do little to cut Damascus' links with Iran, diplomats and analysts say. They also say that Saudi rancour towards Syria and its president Bashar Al Assad may be blinding Riyadh to the possibilities of dialogue with Damascus. A US official said this month Washington is assessing its policy of trying to isolate Syria. The review in US policy follows a recent rapprochement between France and Syria, with President Nicolas Sarkozy visiting Damascus last month.. ..a Western diplomat said those moves were unlikely to change thinking in Riyadh. 'The hatred they have in Saudi Arabia for Syria is enormous. King Abdullah [Bin Abdul Aziz] says Bashar 'broke an oath' - though what oath we don't know,' said the diplomat, who has experience of Lebanese and Syrian affairs.." [more]

SAMA Injects $3b Into Cash-Strapped Banks [Oct 22]
"The Saudi central bank poured between $2-$3 billion in deposits into the banking system to ease liquidity pressures, its first direct injection of US dollars in a decade, bankers said on Tuesday. The Saudi Arabian Monetary Agency (SAMA), the central bank, also provided riyal liquidity and the bankers said it may add more US dollar funds to the system given current conditions. The bankers said SAMA had deposited between $200-$350 million with each bank. The global financial crisis has created tight credit conditions for banks, forcing governments and central banks around the world to provide liquidity to defrost interbank lending. The three-month Saudi Interbank Offered Rate stood at 4.65125 percent and is likely to fall after the latest attempt to ease credit conditions.." [more]

GCC Ministers to Attend Nuclear Forum in Jeddah [Oct 22]
"Custodian of the Two Holy Mosques King Abdullah, who is sponsoring the first international symposium on “Peaceful Application of Nuclear Technology in the Gulf Cooperation Council (GCC) Countries” scheduled to begin here on Nov. 3, has given consent to invite all concerned ministers in the six GCC member states to attend the three-day event.. ..The symposium will tackle such vital issues as strategic planning for the introduction of nuclear technology in the GCC countries. Under this theme, the participants will focus on such issues as education and manpower development, nuclear regulations and legislation, nuclear technology transfer, strategic planning for research on nuclear reactors and nuclear power generation programs.." [more]

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

New Window of Opportunity [Oct 21]
"If the past is any predictor of the future, I hesitate to say, 'Good news for Middle East peace'. However, there is certainly a new confluence of positive factors that could effect dramatic change, including a new tenant in the White House as well as new Israeli leadership. During the Bush presidency the Israel-Palestine peace process has remained at a standstill.. ..But just as the future seemed bleak, the attitude of the Israeli government appears to be changing in a positive way. First of all, the Israeli Foreign Ministry says it is open to negotiating a 'nonbelligerence pact' with Lebanon contingent on a similar deal with Syria, which would prevent another war erupting on the scale of 2005 when over 1200 innocents were killed. This comes at an opportune moment for both Beirut and Damascus, currently forming the kinds of diplomatic ties that good neighbors on an equal footing usually cement. But an even more exciting development is the news that Israel is revisiting the Arab peace initiative, first unveiled on March 28, 2002 at an Arab League summit held in Beirut, reaffirmed at the league’s 2005 Algiers meet and, again, in Riyadh during March 2007.." [more]

Gulf Arabs to Meet as Saudi Adds $3 bln in Liquidity [Oct 21]
"Saudi Arabia poured up to $3 billion into its banking system to ease tight conditions, bankers said on Tuesday, as Gulf Arab policymakers prepared to discuss a coordinated response to the global economic crisis. Top oil exporter Saudi Arabia and five other members of the Gulf Cooperation Council (GCC), which is preparing for monetary union, have responded separately so far to the world's worst financial crisis since the Great Depression. This week's meeting will follow a call from Saudi Arabia's highest economic body for Gulf states to look at how they can coordinate their policies as Western economies head for a likely recession, threatening to put the brakes on a regional economic boom. Gulf central bank governors and finance ministers will meet in Riyadh on Oct. 25 to explore how to cope with the global downturn.. ..Economists have scaled back their economic growth forecasts for the Gulf region due to waning global energy demand and likely oil output cuts by producers' group OPEC. The Riyadh meeting will happen the day after OPEC holds its own emergency summit on oil prices.." [more]

Saudi to Put Almost 1,000 in Dock for Qaeda Trials [Oct 21]
" Saudi Arabia said it plans to put in the dock a total of 991 defendants in the first trials of Al-Qaeda suspects after more than five years of deadly Islamist violence. 'We have started to bring before the judiciary 991 people implicated in various incidents,' Saudi Interior Minister Prince Nayef bin Abdel Aziz told the official SPA news agency late on Monday. 'Each case will be examined in stages,' the minister said, without giving any date for the start of the trials, although an official said on Monday that they were in the final stages of preparation. Saudi Arabia has faced a string of attacks against Western targets and oil facilities in the OPEC powerhouse since May 2003 and hundreds of suspected Islamist sympathisers have been arrested. Giving a first-ever official toll, Prince Nayef said the wave of attacks in the ultra-conservative Muslim kingdom had killed a total of 90 civilians -- both foreigners and Saudis, and 74 members of the security forces.." [more]

Kingdom Shows Political Will to Prevent IPR Malpractices [Oct 21]
"Brand protection really matters as technological advancements and inventions painstakingly achieved through complicated research and development process become easy prey for the 'highly organized' con men. Against this explosive backdrop, participants at the first Arab Consumer and Brand Protection Forum in Jeddah were in unison calling for well-coordinated action between the public and the private sectors to win the war against the 'sophisticated syndicates' behind the proliferation of fake products.. ..'The fact that the first Arab Consumer and Brand Protection Forum is held in Saudi Arabia shows the government’s strong political will to tackle the global phenomenon' that hurts the economy and victimizes innocent and unsuspecting customers.. ..In the absence of official statistics on the value of counterfeit goods, sources said around two percent of an estimated $500 billion annual global trade are pirated and fake goods.." [more]

Saudi Arabia Sues Cigarette Agents [Oct 21]
"The General Court in Riyadh will begin hearing today a lawsuit filed by the Ministry of Health against agents of international tobacco companies in the Kingdom, demanding compensation of SR10 billion and an annual compensation of SR500 million for the expenditures incurred on the treatment of smokers. 'This is the first case filed by the ministry against agents of tobacco companies, demanding compensation for medical care,' said an official statement carried by the Saudi Press Agency. 'The court was ready to look into the case at a previous date but the tobacco agents did not attend that session,' it added. In a previous statement on the issue, Health Minister Hamad Al-Manie said he was confident that his ministry would win the lawsuit since it provided statistics and medical data that showed how smoking destroys people’s health and eats away at social spending connected with smoking-related medical treatment of citizens.. ..A new law to combat smoking in public and workplaces has been drafted and is awaiting Cabinet approval. The law is significant as Saudi Arabia tops the list of tobacco importers, according to 2007 statistics.." [more]

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

Israel Considers Reviving Saudi Peace Plan [Oct 20]
"Israeli leaders are considering reviving a 2002 peace plan that offered the Jewish nation a comprehensive end to its conflict with the Arab world, Israel's defence minister, Ehud Barak, said yesterday. Talks with the Palestinians and Syrians have yielded little in almost a year so it may be time to consider the Saudi plan which offers Israel normal relations with all 22 Arab countries in exchange for a Palestinian state, Barak said. 'We have a mutual interest with moderate Arab elements on the issues of Iran, Hizbullah and Hamas,' Barak told Israeli radio. He added that he had discussed the plan with Israel's prime minister elect, Tzipi Livni, who has also indicated a willingness to resuscitate the plan.. ..Barak is the third Israeli leader over the past month that has publicly touted a peace deal akin to the Saudi plan which would require Israel to withdraw from land it captured in 1967 and has occupied ever since including east Jerusalem, the West Bank, Gaza and the Golan Heights. Shas insists that Israel must not surrender east Jerusalem but still Barak said 'there is room in the Israeli coalition for the Saudi initiative'.." [more]

Saudi Terrorist Trials Kick Off in Riyadh [Oct 20]
"The much-awaited trial of al-Qaeda militants, arrested for taking part in a series of terrorist operations across the Kingdom of Saudi Arabia, begins today in Riyadh.. ..Last June, the Saudi Interior Ministry announced the arrests of 701 militants for plotting to carry out terrorist attacks. Some of the detainees, according to Maj. Gen. Mansour al-Turki, the ministry’s spokesman, were planning to stage terrorist attacks on oil fields and other vital installations, the Arab News reported. The Kingdom of Saudi Arabia has launched a crackdown on al-Qaeda since 2003. It has also built a 35,000-strong rapid reaction force to protect oil installations after a failed al-Qaeda attack in 2006.." [more]

Iran and Allies Want to Cut OPEC Production by 1 Million [Oct 20]
"OPEC agreed to hold an emergency meeting coming Friday. Iran and its allies at OPEC, Oil Producing and Exporting countries, want to cut OPEC’s production by 1 million barrels per day, in order to prevent the prices of oil from falling even further than they have in recent weeks. Last Friday, that is two days ago, one barrel of oil was less than $70. This while the price was twice as high only months ago. The main reason for the drop was, of course, the economic crisis.. .. All, however, is dependent on Saudi Arabia: the largest producer of oil in the world, and the dominant force of OPEC. The Saudis too are quite dependent on oil revenues, but less so than Iran. And, they have taken a dovish stance in this regard, due to their relative alliance with the United States and… their concern about Iran’s growing power. Many often presume that since Wahabbis are in control of Saudi Arabia, the country’s main enemy has to be ‘the West.’ This is, however, not the case. Saudi Arabia’s main enemy is Iran; a radical Shiite country, and therefor the Saudis’ archenemy. Keeping the prices of oil down hurts the Saudis… but it hurts the Iranians much more.." [more]

Islamic Fiqh Academy Hits Out at Sectarianism [Oct 20]
"The International Islamic Fiqh Academy has warned against the dangers of "growing difference and sectarian strife" between the followers of some schools of thought, particularly between scholars of Sunni and Shia, the two main branches of Islam. There have been hot exchanges of words between prominent figures representing Sunnis and Shiites following a controversial statement by prominent Sunni scholar Shaikh Yousuf Al Qaradhawi, in which he accused Shiites, especially Iranians, of spreading their ideologies in the Sunni world, especially in Egypt and Sudan.. ..Dr Abdul Salam Al Obadi, secretary general of the Fiqh Academy, an affiliate of the Organisation of the Islamic Conference, which represents 57 Muslim countries, voiced deep concern over the controversy, saying that it would be helpful only to hamper the ongoing efforts to cement ties between the followers of various schools of thought and foster Islamic unity. 'It is high time for Muslims to denounce all sectarian partialities and stand united in safeguarding the common interest at a time when the Ummah is passing through difficult times,'.." [more]

80 Firms Postpone IPO in Kingdom [Oct 20]
"As many as 80 companies have postponed IPO plans in Saudi Arabia amid the current stock market uncertainty from the global economic crisis, markets sources estimate. The companies have postponed plans to offer shares to the public and raise capital of up to SR70 billion, the sources said. The companies include Saudi Arabian Airlines, Saudi Railways Organization, Al-Tayyar Travel. Al-Rabea Foods and Zamil Holding Company. In the first nine months of the year, 13 IPOs raised a total of SR36.36 billion. On Sunday, the Saudi stock market, the largest in the region, was the main loser in the Gulf, with the Tadawul All-Shares Index (TASI) dropping 3.8 percent to close at 6,258.32 points, pulled down by the petrochemicals sector which dropped 7.4 percent.." [more]

Gulf States Initiate Debate on Uses of Nuclear Technology [Oct 20]
"An international symposium on the peaceful applications of nuclear technology in GCC countries will be held at King Abdulaziz University (KAU) here Nov. 3-5. The symposium will be held under the sponsorship of Custodian of the Two Holy Mosques King Abdullah. Atomic energy agencies from 20 countries, including Malaysia, Turkey, Egypt and others in addition to the Vienna-based International Atomic Energy Agency (IAEA) will participate in the three-day gathering. 'The leadership of Saudi Arabia is giving high importance to this symposium in which about 50 keynote speakers from various parts of the world will present papers and researches on the topic,'.. ..The program of the symposium had been designed to ensure various objectives, said Al-Johani. They included drawing the attention of the scientific community in the GCC countries to the potential of nuclear science and technology and its relations to energy, health, agriculture and industry. The symposium hopes to attract the attention of international nuclear organizations and nuclear technology vendors to the potential market in the GCC countries.." [more]

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

Saudi University Supercomputer Lures Researchers [Oct 19]
"A new science and technology university in Saudi Arabia will house one of the world's largest supercomputers and it is helping lure top researchers to the conservative desert state. The King Abdullah University of Science and Technology (KAUST) is due to open next year on the Red Sea coast near Jeddah, the most liberal city in a country where religious conservatives have extensive control over society. Inside the campus, male and female students will be able to mingle freely, contrary to strict gender segregation enforced in most of the country. The university is part of a series of reforms by King Abdullah aiming to open the country up. 'The supercomputer is the cornerstone of this knowledge-based economy that we are seeking,'.. ..Although Saudi Arabia has immense financial resources as the world's biggest oil exporter, the parameters of school and university education are governed by religious strictures and many subjects are even off-limits for women to study. The new university will offer research in biosciences and bioengineering, material sciences and engineering, applied mathematics and computational sciences.." [more]

RP, KSA Renew Pact on Commercial Shipping [Oct 19]
"The Philippines and the Kingdom of Saudi Arabia renewed their cooperation pact to increase commercial vessel traffic between the two countries and protect the rights of seafarers. The Philippine Maritime Industry Authority (Marina) and Saudi Arabia’s Ministry of Transport forged the agreement—already approved in principle—during the third joint commission meeting last week between the two nations. Ships flying the Philippine flag 'are now being recognized in Saudi Arabia,' according to the agreement. The agreement does not cover military ships and vessels, as well as fishing vessels. 'The two contracting parties shall seek to facilitate, enhance and develop the traffic 
between the two countries for passenger and cargo transport,' the agreement said. The pact is reviewed every two years, or as the need may arise. Malacañang and its Saudi Arabian counterpart would have to sign the agreement to make it binding and effective. The agreement bestows ships registered in the Philippines and Saudi Arabia the right to sail to each other’s ports and use their respective facilities in transporting cargo and passengers.." [more]

Saudi Market Opens Week With Sharp Fall [Oct 19]
"Saudi Arabian shares fell in the week's first day of trading, led by Saudi Basic Industries Corp, the world's biggest chemicals maker by market value. The Tadawul All Share Index fell 2.1 per cent to 6,716.35 at 11:50am in Riyadh. Sabic fell 3.8 per cent to 101.5 riyals. Samba Financial Group, the second largest bank in Saudi Arabia by market value, dropped 5.2 per cent to 78.25 riyals. Al Rajhi Bank, the country's largest bank by market value, fell 2.7 per cent to 81.25 riyals.." [more]

Saudi Arabia Top IT Spender in Region [Oct 19]
"Saudi Arabia and the UAE are seen emerging as leading spenders on information technology among the Gulf countries and the six GCC countries together will account for nearly 23 per cent of the total IT spending in the Middle East and Africa (MEA) region, according to research firm International Data Corp (IDC). Saudi Arabia is projected to spend $3.76 billion (Dh13.81 billion) on IT, an increase of 11.28 per cent compared to its spending of $3.38 billion in 2007, and the UAE is expected to spend $2.99b (Dh11.01 billion) this year compared to $2.66 billion (Dh9.54 billion) last year while spending across the Middle East and Africa (MEA) region will cross $40 billion (Dh146.8 billion) this year.. ..The Gulf region's total IT spending in 2006 stood at $6.82 billion.." [more]

Opec’s Supply Cut Must Be Significant [Oct 19]
"Opec oil producers will cut oil supplies when they meet next week in Vienna and “the reduction must be significant,” the group’s president, Chakib Khelil, was quoted as saying yesterday. 'There will be a reduction of the output and the reduction must be significant to restore the balance between supply and demand,' Algerian state news agency APS quoted Khelil as telling reporters. The Organisation of the Petroleum Exporting Countries will hold an emergency meeting on Friday, October 24 in Vienna to discuss the impact of economic weakness on oil markets. Pressure is mounting within Opec to reduce supplies as oil prices have fallen more than 50% from July’s record of $147.27 and expectations have grown that a global recession will erode fuel demand. 'If the cut is 1.5mn barrels per day, then it will be 1.5mn barrels. If it is 2mn barrels per day, it will be 2mn bpd,' added Khelil, who is also Algeria’s energy and mining minister.." [more]

Lebanese FM Says Syria Ready to Improve Relations with Saudi Arabia [Oct 19]
"Lebanese Foreign Minister Fawzi Sallukh has stated to Asharq Al-Awsat during his presence in Canada among the delegation accompanying [Lebanese] President Michel Suleiman that 'there is no specific initiative concerning Syrian-Saudi relations' but referred to Lebanon's willingness 'to do everything that is necessary' to clear these relations. He stressed that he discussed the issue of 'clearing Arab-Arab relations' with the Syrian leadership and the Syrian side was open-minded about the issue, adding that the 'efforts are focused on clearing these relations.' He said 'there is not an Arab country which does not desire to establish ideal Arab relations' and added that the Lebanese side informed 'those concerned' of President Suleiman's willingness 'to undertake any steps or endeavors that help clear these relations.'.." [more]

Northern Ireland Business Team Due on Oct. 23 [Oct 19]
"A Northern Ireland Trade Mission returns to Saudi Arabia between Oct. 23-30 to explore opportunities and develop existing partnerships in the Kingdom. Starting in Jeddah with a reception at the British consulate on the Oct. 25, the delegation moves to Riyadh on Oct. 27-29. The 17-strong business delegation representing many of Northern Ireland’s leading companies, the second this year, will be exploring opportunities for trade and business partnerships with companies in Jeddah and Riyadh. Bill McGinnis, chairman of the McAvoy Group, a major UK manufacturer of modular buildings, said, 'Saudi Arabia has long been a feature of Invest Northern Ireland’s business development program. It has become one of our most popular and successful markets because it is an excellent marketplace in which to do business.'.. ..Support for the delegation is also being provided by Northern Ireland’s Technology and Development Center based at Dubai Internet City. The businesses represented in the current delegation are all experienced exporters; many already have business in Saudi Arabia.." [more]

Ultraconservative Islam on Rise in Mideast [Oct 19]
"..The rise of Salafists has critics worried that their beliefs will crowd out the more liberal and tolerant version of Islam long practiced in some Middle East countries, particularly Egypt, Jordan and Lebanon. They also warn that its doctrine is only a few shades away from that of violent groups like al-Qaida _ that it effectively preaches, 'Yes to jihad, just not now.' In the broad spectrum of Islamic thought, Salafism is on the extreme conservative end. Saudi Arabia's puritanical Wahhabi interpretation is considered the forerunner of modern Salafism, and Saudi preachers on satellite TV _ and more recently the Internet _ have been key to the spread of Salafism. Salafist groups are gaining in numbers and influence across the Middle East. In Jordan, a Salafist was chosen as head of the old-line opposition group, the Muslim Brotherhood. In Kuwait, Salafists were elected to parliament and are leading the resistance to any change that would threaten traditional Islamic values. The gains for Salafists are part of a trend of turning back to conservatism and religion after major political movements like Arab nationalism and Democratic reform failed to fulfill promises to improve the lives of average people. Egypt has been at the forefront of change in both directions, toward liberalization in the 1950s and '60s and back to conservatism more recently.. ..Critics of Salafism say it has spread so quickly in part because of encouragement by the Egyptian and Saudi governments, which see it as an apolitical, nonviolent alternative to hard-line jihadi groups. Critics warn that the governments are playing with fire, saying Salafism creates an environment that breed extremism. Al-Qaida continues to try to draw Salafists into jihad, and the terror network's No. 2, the Egyptian Ayman al-Zawahri, praised Salafists in an Internet statement in April, urging them to take up arms.." [more]

October 12-October 18, 2008

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

A Mideast Plan for the Next President [Oct 18]
"The next president of the United States, in addition to dealing with the overwhelming global economic crisis, will have to contend with problems that have arisen recently in the Middle East. They include: The decline of America's status; The too-slow progress toward political stability in Iraq and the growing Iranian subversion there; The rising influence of the "resistance camp" - Iran and its proxies: Hezbollah, Hamas, Islamic Jihad; The reluctance of US allies to stand defiantly against the anti-American forces;  The stagnation in Israeli-Palestinian negotiations; Iran's progress in developing a nuclear weapon, and its present long-range capacity to deliver it; The return of Russia as an active player, especially as the main supplier of sophisticated weapons to America's adversaries.. ..The next US president would thereby be viewed as the leader who changed the regional reality by generosity and not by military force; who aligned the moderate forces in the region for a coordinated action not as a war coalition, but as a coalition for peace and economic development.." [more]

Islamic Books Project Launched in London [Oct 18]
" The international books on Islam and the Kingdom of Saudi Arabia project was launched here on Thursday. The project, prepared by 77 researchers, thinkers and politicians from in and outside the Kingdom, aims at projecting Islam and Saudi society in the proper manner as well as deepening dialogue and understanding between the Kingdom and other societies and civilizations.. ..The launching ceremony was organized by the clubs of the Saudi students in Britain and Northern Ireland with the support of Ghaina Establishment for Studies and Information, the publisher of the books. The books published in Arabic, English and French constitute a cultural message for enhancing the values of dialogue and correction of wrong concepts about Islam and the Kingdom. Moreover they shed light on the biography of Prophet Muhammad.." [more]

Saudi Stocks Shed Nearly 3% [Oct 18]
"The Saudi stock market, the largest in the Arab world, opened the trading week on Saturday with a fall of nearly three percent. In initial exchanges, the Tadawul All-Shares Index (TASI) was trading at 6,675.45 points, down 2.73 percent on last week's close on Wednesday, pulled down by the leading banking and petrochemicals sectors. The Saudi bourse recovered initial losses by the end of last week, ending the week up 11.4 percent. The Saudi stock market is open from Saturday until Wednesday, while other markets in the oil-rich Gulf region operate from Sunday until Thursday. The latest fall followed modest losses on Wall Street on Friday.." [more]

New Madinah Airport to Handle 30 Million Passengers Annually [Oct 18]
"The huge expansion plan for Prince Muhammad bin Abdulaziz International Airport in Madinah, which has been approved by Custodian of the Two Holy Mosques King Abdullah, is designed to accommodate about 30 million passengers, mostly pilgrims, annually. 'The expansion will be carried out in three phases during a period of 30 years,'.. ..The first phase, which is to accommodate 12 million passengers, will be ready by 2019.. ..A Haj complex for external pilgrims will be constructed and linked with the main passenger lounge for pilgrims, Al-Ruhaimy said. A mosque with prayer facilities for more than 1,000 people will also be built under the plan.." [more]

Lebanon and the Saudi Position [Oct 18]
"In the last two years Saudi Arabia has giving over 2,875 million dollars for the reconstruction of the Lebanese regions after the July war. One thousand million dollars of this money was deposited in the Central bank and another 1,000 million dollars was the amount of money that Saudi Arabia had pledged to give, at the Paris 3 Conference. The latest Saudi aid to Lebanon was 44 million dollars to meet the needs of the current academic year. This is the Saudi aid to Lebanon. It is clear, open, with defined objectives. It does not give anyone the opportunity to speculate and claim that the Saudi aid is meant for just one region of the country and not the rest of it. Beefing up the economy, rebuilding what the July war has destroyed, and promoting the education sector in Lebanon are objectives that do not allow for speculations and simplification, and they are not based on discrimination and sectarianism.." [more]

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

PM to Visit Saudi Arabia, Qatar [Oct 17]
"India's engagement with the Arab world is expected to receive a boost with Prime Minister Manmohan Singh set to visit Saudi Arabia and Qatar early next month, his first trip to the Gulf during his over four year in office. Singh will undertake a six-day two-nation tour which is expected to begin on November eight, official sources said here today. The visit to Saudi Arabia is immensely significant as it will mark the first Prime Ministerial trip to the crucial gulf country in 28 years. Singh's trip to Riyadh will come nearly three years after Saudi King Abdullah's visit here as Chief Guest for the 2006 Republic Day. Energy, trade and investment will dominate the agenda of Singh's visit which has been long overdue.." [more]

Saudi Minister: Imams Unable to Keep young People From Extremism [Oct 17]
"With the exception of those in Mecca and Medina, Saudi imams are unable to keep young people from extremism. The denunciation comes from the interior minister, Prince Naif. During a meeting with university professors, the minister said that 'the more than 15,000 mosques in the country constitute the best forums for guidance, but the imams have failed miserably in discharging their duties.'.. ..In his view, the universities have a significant role to play in keeping Saudi young people away from the danger of destructive ideologies. 'Since universities are centers of research, it is their duty to study ways to root out ideas that distort religion and defame the nation.' More specifically in regard to questions of security, 'universities should be capable of contributing to the service of the country and it is in line with the teaching of Islam which urges its followers to benefit from fruits of learning'.." [more]

Saudi Arabia Guarantees Bank Loans and Liquidity [Oct 17]
"Saudi Arabia’s highest economic body said yesterday the central bank will guarantee liquidity to Saudi banks as well as bank deposits to survive the world finance crisis whose impact would be 'limited.' 'The Saudi Arabian Monetary Agency (Sama) will monitor the restrictions on liquidity to banks to reduce reserve requirements and costs of financing, if necessary,' a statement on the state news agency SPA said. Sama is the Saudi central bank. 'The government will continue to ensure the health of Saudi banks and banks deposits,' it said, citing a decision by the Supreme Economic Council which convened under the chairmanship of King Abdullah. 'The process of development continues despite the global nature of the crisis. 'The process of development continues despite the global nature of the crisis. Its effect on the Saudi economy will be limited because of the local economic boom the kingdom is witnessing and the soundness of the financial position of Saudi banks,'.." [more]

Shoura Looks at Saudis Abandoning Families Abroad [Oct 17]
"The Shoura Council has called for investigation into cases of Saudi husbands abandoning their foreign wives and children abroad. Increasing cases have been reported of Saudi men marrying foreign women while abroad, siring children and abandoning them once they leave to return to the Kingdom.. ..A foreign ministry report puts the provisional number of cases registered with 23 Saudi embassies abroad at 835. The Saudi charity Awasir provides aid to 461 families living in Arab countries. Researches from Saudi universities and ministries have identified additional social problems concerning Saudi children born to Saudi fathers and foreign mothers, saying that children embrace traditions and customs from the mother’s country of origin which in most cases conflict with the conservative nature of society and weakens their affiliation to their original country. They also note some children who have been made to change their fathers’ faith and embrace their mothers’. In the meeting, Shoura’s members called for a relaxation of the rules governing marriages with foreign women so that Saudi men are not forced to break the law, a situation which has led to the emergence of the current problem, with husbands and fathers relinquishing their responsibilities upon their return home.." [more]

OPEC Moves Crisis Talks to Oct. 24 [Oct 17]
"As shares across the world fell for the second straight day on Thursday, OPEC brought forward its special ministerial meeting on the impact of the financial crisis to Oct. 24 from Nov. 18. 'Following consultations with the president of the OPEC Conference and colleague ministers, it has been decided to re-schedule the extraordinary meeting of the OPEC Conference,' the body said in a statement, citing a decision by OPEC Secretary General Abdalla Salem El-Badri. Oil prices have weakened markedly on prospects for reduced world demand in the face of a global economic slowdown brought on by finance sector turmoil. The Organization of Petroleum Exporting Countries said last week it would hold the meeting 'to discuss the global financial crisis, the world economic situation and the impacts on the oil market.'.." [more]

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

For Saudi Human Rights Association Death Penalty is Lawful [Oct 16]
"The death penalty in the kingdom is not carried out until after 'an exhaustive examination of the relevant' evidence with 'enough guarantees for the defendant' and especially in accordance with Sharia or Islamic Law, Zuhayr al-Harithi, the Saudi Human Rights Association spokesman, said in response to criticism from Amnesty International which in its annual report slammed 'the process in which the death penalty is taken and implemented [because it] is harsh, secret, and largely unfair.' The London-based human rights association said that Saudi Arabia is 'executing convicted persons at an average of more than two a week and that around half of them are foreigners from poor countries.' The number of executions carried out last year rose to 158 up from 36 in the previous year. For Al-Harithi international organisations are unable to understand that 'each country has its own penal system and judicial rulings which should be respected.' 'Saudi Arabia applies the rules of Sharia law which imposes the death penalty in cases of murder, sexual violence, drug trafficking and witchcraft.'.." [more]

Unigold Gets Saudi Mining Licence [Oct 16]
"Canadian mining company, Unigold, has secured a reconnaissance licence for all minerals and rocks from Saudi Arabia's Deputy Ministry of Mineral Resources, a report said. The licence covers all areas in the Kingdom and all minerals and rocks except those unlisted in the Mining Investment Code, according to the Emirates Business report.'This licence offers opportunities to Unigold in the virgin mineral industry of the Kingdom of Saudi Arabia which contains tremendous varieties of precious and base metals and thus provides a valuable blue sky for future development/ growth of the company,'.." [more]

Saudi Inches Up Despite Gulf Losses [Oct 16]
"Saudi shares rose slightly yesterday as other Arab stock markets closed lower in line with bourses in Europe and Asia, following two days of strong gains, on renewed concerns over the global financial crisis. Performance was mixed, with some markets extending early losses and others clawing back some negative territory. The Saudi stock market, the main Arab bourse, recovered its initial losses of 8% to close up 0.5% on 6,863.15 points after the leading petrochemicals and banks sectors rebounded. The Tadawul All-Shares Index, which had rebounded 17.5 % in the past two days, also ended the week up 11.4% but was still down 37.8% on the year. The Saudi stock market opens Saturday through Wednesday, while other markets in the Gulf operate Sunday through Thursday. Since Monday, the Saudi market recovered more than $55bn of capitalisation and now stands at close to $360bn.." [more]

Women’s Presence at Eid Al-Fitr Festivities Sparks Heated Debate [Oct 16]
"Abdullah Al-Suwailim, a member of the Riyadh Municipal Council, resigned after what he described as violations of Islamic rules during this year's Eid Al-Fitr festivities in the city. The festivities included myriad public, family-friendly events, including children's activities, plays, circuses and firework displays citywide. Al-Suwailim objected in the local press to the lack of segregation of single men from families, non-Muslims entertaining audiences and live music that was played in one of the theatrical productions. For its part, the Commission for the Promotion of Virtue and Prevention of Vice more or less refrained from interfering, but what sparked the ire of conservatives was that the public events didn't have concrete barriers in place to separate families from single men. Instead, the seating was separated by about 30 meters of open space.. ..Islamic scholars argue that, unlike Ramadan, which is a month of introspection, worship and religious obligation, the whole point of Eid is to be able to relax afterward with the family. 'Nothing in the content of (Riyadh's) Eid program is against Islamic teachings," said Ibrahim Al-Khudairi, a judge in the Court of Appeals. "If we canceled the Eid activities, we would push people outside the country. Families should enjoy their time and go out with the feeling that it is a special occasion. Eid means joy and no one has any right to steal the joy from the people.'.." [more]

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

Rice Vows to Leave No Stone Unturned in Peace Bid [Oct 15]
"US Secretary of State Condoleezza Rice said yesterday she would leave 'no stone unturned' to reach an Israeli-Palestinian peace deal before leaving office but conceded time was running out. Speaking to a US conference on business investment in Palestinian areas, Rice said she still hoped to reach the Bush administration’s goal of a peace deal by the end of 2008 that was set at a conference in Annapolis nearly a year ago. 'I still believe that we must make every effort in the time that we have to lay this foundation for peace, and that still means that we must do everything that we can to find an agreement between these parties by the end of the year,'.. ..Rice has made multiple trips to the Middle East to get a peace agreement. But US-sponsored negotiations have made little progress, and Israeli and Palestinian officials have expressed doubt whether the year-end target is realistic. An additional problem has been political upheaval in Israel, where Foreign Minister Tzipi Livni is trying to form a new government after Prime Minister Ehud Olmert resigned over a corruption scandal. Rice said the parties should also 'redouble their efforts' for peace. The Palestinian Authority must continue to dismantle 'the infrastructure of terrorism' while Israel must halt settlement activity and do more to lift restrictions on movement of Palestinian workers and business people.." [more]

Saudi Arabia Hosts Taliban Talks to Bolster Pakistan [Oct 15]
"Saudi Arabia is mediating between Taliban and Afghan officials to prevent its ally Pakistan from sliding into Islamist violence and to wean the Taliban away from al Qaeda, diplomats said on Wednesday. They said Saudi Arabia is worried that Islamist forces including the Taliban and their al Qaeda allies are succeeding in destabilising neighbouring Pakistan, a crucial U.S. and Saudi ally where the Islamist militant groups are also present. Taliban and Afghan officials attended an iftar, or breaking of the fast during the holy month of Ramadan, in the holy city of Mecca last month in the presence of King Abdullah. Both Afghan parties have denied the meeting amounted to reconciliation talks, but Riyadh-based diplomats and a well-placed Saudi analyst said Riyadh was hoping to break the Taliban's link to al Qaeda for fear of Pakistan's future.." [more]

OPEC Cuts 2009 Crude Oil Demand Forecast for a Second Month [Oct 15]
"The Organization of Petroleum Exporting Countries, supplier of more than 40 percent of the world's oil, lowered its 2009 demand forecast for a second month as the worst financial crisis since the 1930s threatens a global recession. OPEC will hold an extraordinary meeting on Nov. 18 in Vienna, after its decision to trim excess supplies at last month's gathering failed to check a slump in prices, which have tumbled 49 percent from their July record. The group told members on Sept. 10 to strictly comply with production quotas, implying a cut of about 500,000 barrels a day.. ..Total OPEC crude production averaged 32.157 million barrels a day in September, a drop of 308,600 barrels a day from August, the report said, citing secondary source estimates that include analysts and news agencies. Saudi output fell by 113,600 barrels a day in September to 9.377 million barrels a day, according to the report.." [more]

Saudi Cuts Oil to Europe [Oct 15]
"Saudi Arabia, the world’s top crude oil exporter, will cut supplies next month to one major Europe-based refiner with a global system, but will maintain shipments to key Asian refiners, trade sources said yesterday. Saudi Arabia typically cuts supplies to Europe and the US before Asia, which pays more for its crude. 'We are not getting what we wanted,' a European trade source said. But this was not the case in Asia. 'The allocation was what everyone was expecting. We didn’t expect them to trim (it), not just yet,' said one refiner. Five other Saudi customers confirmed the notice. Sources at refiners in Japan, the kingdom’s biggest customers in Asia, were not available due to a holiday. Most refiners had expected the kingdom to keep their monthly supply allocations steady at full contractual volumes. But these are the first formal allocations from the kingdom since the Organisation of the Petroleum Exporting Countries agreed last month to trim output because of a sharp fall in oil prices, partly due to expectations of a global economic slowdown.." [more]

Women Students Beat Men to Clinch More Foreign Scholarships [Oct 15]
"The Ministry of Higher Education has selected all the students who applied for and fulfilled the stipulated conditions for the King Abdullah Foreign Scholarship Program. According to a statement by the ministry yesterday, 5,775 students of both genders are eligible to enroll in foreign universities to continue their higher education. It is the first time that all the applications for the scholarship program have been accepted. 'Over the years the number of applicants exceeded the available number of scholarships. The ministry had no choice but to select those who scored higher from those applicants. This year the principle of higher merit has been abandoned in favor of the right of every student to study abroad if he or she meets the conditions,'.. ..A distinctive feature of this year’s selection is that women dominated the scholarships for master’s and research programs, the director said. 'Out of a total of 4,779 students selected for master’s degree 2,585 are women while 86 women students are selected for doctoral degree for which the total seats are only 127,'.." [more]

A Prince for all Titles [Oct 15]
"Known for his global philanthropic activities, business acumen, farsightedness and bold investments, Prince Alwaleed bin Talal has added another feather in his cap. Vanity Fair magazine has listed Alwaleed, chairman of Kingdom Holding Company, among the annual “Top 100 Most Influential People in the World” 2008 list that was featured in the October issue of the magazine. Alwaleed has been given numerous awards and ranked on many lists that document and celebrate his achievements in business and philanthropy. This year, Newsweek magazine featured Alwaleed among the global elite in its 'Superclass in Action' list.." [more]

Malaria Nearly Wiped Out: Al-Manie [Oct 15]
"Malaria cases in Saudi Arabia have come down from 36,139 in 1998 to only 55 by the end of September, according to Health Minister Dr. Hamad Al-Manie. 'This is an unprecedented achievement realized by the ministry’s continued efforts to combat the disease carriers (mosquitoes),' Al-Madinah newspaper quoted the minister as saying.Al-Manie said there were 466 cases of malaria in the Kingdom last year. He also said there was a remarkable drop in the cases of bilharzias, which have dropped from 1,031 cases in 2001 to 370 cases in 2007. According to the minister, there were no reported cases of the Rift Valley Fever since the outbreak of the disease in the Kingdom in 2001.." [more]

Intellectual Rights Forum in Jeddah Set [Oct 15]
"The Arab League and Hemaya Universal are jointly organizing the first Arab consumer and brand protection forum to discuss ways to rein in the spread of commercial fraud and violation of intellectual property rights in Arab countries on Sunday. Makkah Governor Prince Khaled Al-Faisal will inaugurate the three-day forum at the Hilton Hotel in Jeddah in which more than 1,000 Saudi and international experts and representatives of various companies will participate, according to a statement from the governor’s office yesterday. 'The economies of Arab nations are being threatened by counterfeiting and it is one of the major obstacles that hamper economic growth in the region'.. ..Al-Hamadan estimated the annual loss caused by fraud in the intellectual property rights in the Arab world at $50 billion.." [more]

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

Amnesty Condemns Saudi Executions [Oct 14]
"Executions in Saudi Arabia are being carried at an average rate of more than two a week, according to a new report by Amnesty International. The human rights group says the rate of executions in the Kingdom has increased markedly in recent years. In their report, they say foreign nationals bear the brunt of executions. Saudi Arabia is also one of the few remaining countries to execute people for crimes they committed while under the age of 18.. ..Although the Kingdom refuses to provide official statistics on how many people it kills each year, Amnesty International has recorded at least 1,695 executions between 1985 and May 2008. Of these, 830 were foreign nationals - a highly disproportionate figure since foreigners only make up about a quarter of the country's population.." [more]

Saudi Maaden, Rio Tinto Aluminum Venture Delayed [Oct 14]
"A $10.6 billion aluminum joint venture between Rio Tinto and Saudi Arabian Mining Co 1211.SE to be built in the kingdom will be delayed by the global financial crisis, a Maaden executive said on Tuesday. 'The aluminum project will probably be a little later because of the financial situation around the world,' Maaden Chief Executive Abdullah Dabbagh told an industry conference in Dubai. 'We were hoping it would be 2012-2013,' he said. He declined to give a new timeframe when asked later. Maaden said in July the venture was still viable despite a 40 percent increase in costs due to greater capacity and inflation. Dabbagh was quoted as saying in August it planned to borrow as much as $8 billion in the third quarter of next year to finance the project.." [more]

Lebanon Leader Woos Saudi Investors [Oct 14]
"Lebanese President Michel Suleiman yesterday urged Saudi entrepreneurs to invest in his country during his first visit to Saudi Arabia since his election in May. Addressing business leaders at the Jeddah Chamber of Commerce and Industry, Suleiman urged them to “boost their investments” in Lebanon, which offers “guarantees and facilities” for investors, the state SPA news agency reported. Lebanon has formed a committee to assess the losses incurred by Saudi investors during the political crisis his country went through over the past years, Suleiman said, thanking Saudi Arabia for its constant support for Lebanon, according to SPA. Suleiman, a former army chief, was elected president in May after Lebanon’s rival pro- and anti-Syrian factions struck an Arab-brokered deal in Qatar to end an 18-month political crisis that had brought the country to the brink of civil war.. ..The Western-backed parliamentary majority is close to Saudi Arabia and accuses Syria of seeking to restore its grip on Lebanon, from which it was forced to withdraw its troops in 2005. Relations between Riyadh and Damascus have been tense since the February 2005 assassination of Lebanese former premier Rafik al-Hariri, a Saudi ally, in a bombing widely blamed on Syria.." [more]

Kingdom Part of CCS Initiative [Oct 14]
"Four major energy producing and consuming nations — Saudi Arabia, Norway, the Netherlands and the United Kingdom — have backed the global carbon capture and storage (CCS) initiative and they have launched a plan to set up a ‘CCS Group’ to work together with a defined mission that will open a new era of clean energy revolution. This was announced by Maria van der Hoeven, Dutch minister of economic affairs and energy, here yesterday. Minister Hoeven, who called for greater global cooperation in solving multiplying energy challenges, said: 'We are heading forward to see that there is an agreement between the four countries on how to handle CCS, what to do about it and how to invest so that there is more knowledge and technology available.'.. .. 'We (Saudi Arabia and the Netherlands) have already started working jointly in handling CCS and we also organized a conference last June, but a further plan of action is being elaborated with the UK and Norway on board.' She pointed out that the CCS, which involves trapping carbon dioxide (CO2) from industrial processes, such as power generation from fossil fuels, and storing it underground or below the seabed, will be a new technology.." [more]

Biggest 1-day Gain for Stocks in 20 Years [Oct 14]
"Global stock markets staged spectacular gains yesterday as governments pumped billions of dollars into banks crippled by the credit crunch, coaxing newly confident investors into buying shares. The stocks soared in their biggest one-day advance in at least 20 years. Gulf markets also rallied on revived investor faith in government measures to boost financial stability, but analysts said it was too early to call an end to weeks of losses on regional bourses.. ..The Saudi stock market closed up 9.47 percent, its best finish since Oct. 7. The Tadawul All-Share Index (TASI) closed 550.62 points higher at 6,365.23. The market turnover was over SR8 billion yesterday. Analysts also credited Saudi gains to a rare repo rate cut by the Kingdom’s central bank, Saudi Arabian Monetary Agency (SAMA), on Sunday. 'Measures taken by SAMA and other regional central banks to safeguard financial soundness fueled the rally in Saudi Arabia and other Gulf markets,'.." [more]

OIC Finalizing Action Plan for Women Empowerment [Oct 14]
"In preparation for the Second Ministerial Meeting on Women by the Organization of the Islamic Conference (OIC) that will take place in Cairo Nov. 24-25, 33 delegates from the group’s member states met here yesterday to finalize a draft of the action plan for the meeting. The OIC Plan of Action for the Advancement of Women (OPAAW) is the result of the First Ministerial Conference on Women’s Role in Development that was held in Istanbul in 2006.. ..'The OIC Plan of Action for Advancement of Women started with some headlines and titles that were put forward in a document back in Istanbul,' said Khaled Elbakly, Egypt’s deputy assistant minister of foreign affairs. 'Now we are working on a plan of action — how we can work as countries, governments and societies to develop the status of women.' He also said that the OIC member states are working together in this project.." [more]

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

Saudi Cuts Oil to Europe, Keeps Asia Supply Steady [Oct 13]
" Saudi Arabia, the world's top crude oil exporter, will cut supplies next month to one major Europe-based refiner with a global system, but will maintain shipments to key Asian refiners, trade sources said on Monday. Saudi Arabia typically cuts supplies to Europe and the United States before Asia, which pays more for its crude. 'We are not getting what we wanted,' a European trade source said. But this was not the case in Asia. 'The allocation was what everyone was expecting. We didn't expect them to trim (it), not just yet,' said one refiner. Five other Saudi customers confirmed the notice. Sources at refiners in Japan, the kingdom's biggest customers in Asia, were not available due to a holiday.. ..Saudi Arabia maintained its standard policy on operational tolerance limits, which allow the oil producer to vary contracted volumes by 5 percent either lower or higher, despite some talk that the Saudis might tighten those limits to pare back supply discreetly, the lifters said. Lifters said they had not asked to use the ship tolerance to lift lower volumes but had asked for full volumes.." [more]

Saudi Prince Aims For The Sky [Oct 13]
"The curtain has been lifted on Saudi Prince Alwaleed Bin Talal’s plans to build the world’s tallest building. Or at least some of the plans. The new tower will be taller than 3,280 feet--but the prince isn’t saying how much taller. 'I don’t want to say [the exact height] right now,' said the prince at an event Saturday night in this steamy city by the Red Sea. To do so would give other developers a specific height to surpass, he explained. Alwaleed is an international investor and one of the many nephews of the Saudi king. In March, Forbes estimated his personal fortune at $21 billion, making him the 19th richest man in the world. Saudi Arabia’s King Abdullah gave his blessing to the planned tower and 13 other projects planned for the Jeddah region at the event.. ..The Middle East is at the center of a race to build the world's tallest building. Currently, the Burj Dubai in the United Arab Emirates is considered the world’s tallest tower at nearly 2,260 feet. It’s still under construction, though, and could climb to as high as 2,680 feet. In early October, Dubai developer Nakheel, which built Dubai’s palm-shaped island, announced it also planned to construct a building in Dubai that would also exceed 3,280 feet. The global financial meltdown raises questions about whether the financing will be available to carry out these supertall projects.." [more]

Rate of Earnings Growth Declines in Saudi Arabia [Oct 13]
"Kuwait Financial Centre "Markaz" has revised its earnings and price estimates for Saudi Arabia. There has been a stark decline in the rate of growth of earnings in the current year as compared to 2007, notes M.R. Raghu, Head of Research, and Amrith Mukkamala, Senior Analyst, the authors of the report. In its January outlook report, "Markaz" had expected the TASI Index to have an upside potential of 6%. However, the index in the YTD period has witnessed a 44% decline, which has wiped out all the gains made in the year 2007. 'Markaz' was expecting a 6% upside based on a 15% earnings growth and a PE discounting the 2007 earnings by 22x. Till 1H08, the aggregate earnings of Saudi Arabian companies have witnessed a YoY growth of 12% and the bottoms - up approach in earnings estimation points to similar growth for the full year 2008, which is a 200 bps reduction to the previous estimate.." [more]

Oil Can Fall to $50-$60 if Credit Stays Tight [Oct 13]
"World oil prices are likely to fall further if the rush to cash across global financial markets continues but crude is unlikely to dip for long below the oil industry's $50-a-barrel average operating cost, analysts said. Benchmark U.S. crude has fallen 45 percent from July's record $147.27 a barrel to trade at $81 a barrel Monday after settling at $77.70 on Friday, its lowest close in 13 months. 'We believe the deepening banking sector crisis and the significant slowdown in global growth that lies ahead will continue to put downward pressure on commodity prices,' said Deutsche Bank in a report released on Friday. 'A combination of fear, de-stocking and disruptions across the supply chain owing to frozen credit markets is currently depressing oil demand far below where underlying economic fundamentals would suggest,'.. .. 'Should the financial and economic crisis cut deeper into demand, the market could fall as low as $50 a barrel.' That is the price threshold that is widely considered to be the average operating cost, or 'cash cost', for the world's oil major oil companies.." [more]

Kingdom Still Needs 6 Million Housing Units [Oct 13]
"Fahd Bin Abdul Mohsin Al-Rasheed, Chief Executive Officer of Emaar, the company contracted to build the King Abdullah Economic City in Rabegh, has said that a new housing project will provide homes for 55,000 people of medium income. The project will be put out for tender next year when its designs are completed.. ..Al-Rasheed also said that the Kingdom’s real estate market would not be affected by the global mortgage crisis for a number of reasons, the most important being that the central Saudi bank is very conservative in its lending policies – including loans granted to people by banks – and high oil revenues are enabling Emaar to fund its projects and give the Saudi economy the boost it needs over the coming years. He further pointed to a shortage in housing units, saying the Kingdom would need more than 6 million housing units over the next 12 years, a figure that exceeds units built in the past 50 years.." [more]

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

Opec May Fall Apart if Saudi Shuns Output Cut [Oct 12]
"Opec divisions could 'tear the organisation apart' as its biggest producer, Saudi Arabia, pursues a more moderate course than other members calling for supply cuts to revive oil prices, a London analyst said. 'Saudi Arabia has not joined the Opec hawks, led by Venezuela and Iran, in calling for another supply cut, and we think we could be witnessing the beginning of the end for the organisation,'.. ..Without a concerted Opec effort to reduce supply, prices are likely to drift to the marginal cost of $75 to $80 a barrel, or $60 to $70, when adjusting for a recession and lower service company costs, according to McMahon. 'Such an outcome would likely create an untenable situation within Opec and the potential for the organisation to cease to work as one body,'.." [more]

Saudi Govt Expected to Buy Falling Stocks [Oct 12]
"A member of Saudi Arabia's advisory Shura Council said he expected the government to buy into the falling local stock market, according to a local newspaper report. The government's intervention would be part of 'urgent and exceptional' measures in line with those taken by other countries such as Japan, the United States and the European Union, Okaz newspaper cited Abdul-Rahman Al-Zamil, a member of the Shura's economic committee and also a former government minister. The council will debate on Sunday the issue of the stock market, Al Zamil said. The Arab world's worst performing stock market closed on Saturday at its lowest level in more than four years amid concerns over the global financial crisis.. ..Shura Council's members are appointed by the king. Although its decisions are not binding, the council has become a more active platform of debate and proposition over the past few years, encouraged by King Abdullah's calls for reform in the absolute monarchy.." [more]

Saudi Inflation Hits 10.9% in August [Oct 12]
"Saudi inflation eased slightly in August but remained in double digits at 10.9 percent compared to 11.1 percent in July, official statistics showed on Sunday. Figures released by the Saudi Arabian Monetary Agency (SAMA), or central bank, showed that the consumer price index (CPI) reached 117.9 points in August compared to 106.3 points a year earlier. The increase was mainly spurred by an 18.5 percent year-on-year rise in rents and the water index and a 15.8 percent increase in foodstuffs and beverages, SAMA statistics showed.. ..'The Saudi economy is confronted with many fundamental challenges but the biggest challenge is the rate of inflation,'.." [more]

Crisis Will Not Affect Kingdom: Al-Assaf [Oct 12]
"Saudi Arabia’s development plans will not be affected by the current global economic crisis as they will be funded by reserves and oil receipts, Finance Minister Ibrahim Al-Assaf stated yesterday. 'Oil revenues will definitely cover these projects in addition to what we have in reserve,' the minister told Saudi Arabian Television Channel One. He said the Kingdom would be indirectly affected by the crisis but its impact would be temporary. Speaking about stock markets, Al-Assaf said: 'Markets in some countries like America and Europe were affected by real reasons but in other areas unjustifiable fear was the main reason.' He said many sectors in the Kingdom’s stock market, such as banks, were in excellent position.. ..He said the Kingdom was not facing any liquidity crunch as the continuing government spending would ensure adequate liquidity.." [more]

Saudi Arabia Cuts Repo Rate, Reduces Cash Reserve Requirement [Oct 12]
"Saudi Arabia reduced its benchmark repo rate by 0.5 percentage point, and lowered the amount of money commercial banks have to hold as reserves to 10 percent from 13 percent, as it seeks to address liquidity shortages. Saudi Arabia cut the repo rate to 5 percent and kept the reverse repo on hold at 2 percent, said John Sfakianakis, chief economist at Saudi British Bank, citing communication from the Saudi Arabian Monetary Agency, the country's central bank. Saudi Arabia has followed the last seven U.S. interest rate cuts with reductions in the reverse repo. Reducing the repo and the reserve requirement 'is a liquidity booster,'.. ..No Saudi bank is yet to use the repo window, SAMA Deputy Governor Mohamed al-Jasser told Al Arabiya television channel on Oct. 8. Local banks have access to as much as 150 billion riyals ($39.8 billion) from SAMA in the form of a repo agreement.." [more]

Suleiman for Saudi Arabia [Oct 12]
"President Michel Suleiman headed to Saudi Arabia on Sunday to express gratitude to the kingdom for its backing to Lebanon and upgrade bilateral relations. Sources accompanying Suleiman said the Lebanese President would not launch an initiative aimed at reconciling Riyadh with Damascus. Suleiman's talks in Saudi Arabia, including a meeting with King Abdullah, would cover the need to bolster pan-Arab solidarity. Suleiman heads a five-person ministerial team in his two day visit, including Deputy Premier Issam Abu Jamra, a member of Michel Aoun's Free Patriotic Movement. Abu Jamra, talking to reporters at Beirut's Rafik Hariri airport, said criticism by Aoun of Saudi Arabia on Saturday was not intended to sabotage President Suleiman's visit.." [more]

Saudi Arabia is Emerging as the Real Estate Market to Watch [Oct 12]
"Colliers International, the global real estate consultancy, has launched comprehensive Saudi Arabia Real Estate Overview that provides comparative key performance indicators across 4 areas - Riyadh, Jeddah, Mecca and the Eastern Province. According to the report, the demand-supply dynamic remains very positive with robust economic growth patterns set to continue underpinned by high oil prices and rapid industrial expansion promoted by accession to the World Trade Organization (WTO). Imad Damrah, Country Director Saudi Arabia, Colliers International, said, 'Saudi Arabia is an interesting market to watch because it has one of the most inwardly serving property sectors in the MENA region. The kingdom remains a prime opportunity for investors and developers offering the largest market in the GCC and a population set to grow from 25 million to 33 million by 2020.'.." [more]

The Muslim World - A Neutral View [Oct 12]
"Recently, I had the opportunity to attend an industry event and the good fortune to attend a presentation on Muslim attitudes across the world. The difference in this presentation is that the authors are Indians based in Dubai and not some western researcher based in New York. Here, I am pleased to share with you some of the findings of this research.. ..Summary of findings: a. While Family was paramount across the region, marital insecurity amongst women was high in some regions (MENA), b. There was an over-riding desire for traditions to adapt to changing times, c. There was almost universal emphasis on the Importance of education amongst both men and women, d. A large proportion of people felt that Individual opinions should be respected, e. A large proportion aspired to be a part of a social forum wherein they can voice their views and concerns, In other words, most of what Muslim world customers want is not significantly different from what the average household in New York, Tel Aviv or New Delhi wants.." [more]

October 5 - October 11, 2008

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

Opec Members Divided Over Oil Price [Oct 11]
"This could be a difficult moment for Saudi Arabia. After urgent calls for a meeting of the Opec cartel by its more hawkish members, the organisation has agreed to get together next month to consider the precipitious fall in the oil price, now below $80 per barrel. The world is not looking good for oil exporters. The International Energy Agency yesterday again slashed its estimate of growth in demand for crude. In response to that signal and the general panic in the financial markets, Brent crude fell by $6 to $76 per barrel. Not all the Opec states are keen on the idea of an output cut to shore up the price. All the cartel members have grown used to lying on a cushion stuffed with cash, but the Saudis, the Kuwaitis and the Emirates are trying to diversify their economies away from oil and into industrial production that adds value and creates employment. A global recession would derail their plans and wreck their nascent financial markets.. ..Saudi Arabia needs a $100 per barrel oil price like a hole in the head. It is the weaker economies of Opec, such as Iran and Venezuela, that are demanding action, but the Saudis are even now putting more oil on the market.." [more]

Mideast Economies Face Cooling From Credit Crisis [Oct 11]
"Only in a region where developers are announcing $100 billion mega-projects even as their stock markets collapse could the global credit crisis been seen as a potential blessing in disguise. Some analysts say the current world financial meltdown could bring a needed cooling of the overheated economies of Gulf Arab nations, while their massive budget surpluses and non-oil sector growth help sustain them through the crisis. 'The fact that the liquidity issue is going to take some oomph out of growth in the region - particularly in the United Arab Emirates - in not necessarily a bad thing because it brings the economy down to a more manageable growth trend,' said Ben Faulks, London-based sovereign wealth analyst with Standard & Poors. Within the six Gulf Cooperation Council nations, 'the problem has been that growth has been too strong,' said Faulks, adding that currencies in most of those countries may be undervalued as they are pegged to the US dollar, meaning the various central banks there have to follow the Federal Reserve’s lead in interest rates.." [more]

Al-Arabiya.net Hacked [Oct 11]
"Alarabiya.net was hacked, which prevented Internet browsers from accessing the major Gulf news organization’s website on Thursday. The media organization reported that the hackers managed to divert traffic to an outside website that showed a burning Israeli flag and a message saying: 'If attacks on Shiite websites continue, none of your websites will be safe.'.."  [more]

Saudi Shares Down 7% at Open [Oct 11]
"The Saudi stock market, the largest in the Arab world, on Saturday opened the week's trading down seven percent, diving below the 6,000-point mark. The Tadawul All-Shares Index (TASI) shed more than 450 points in the first minute before recovering some of its losses. It was later trading at around 5,873.66 points, down 4.7 percent.The market's 15 sectors and 124 firms whose stocks were being traded all suffered declines, led by the petrochemicals sector which dropped 7.8 percent. The Saudi market is the only Gulf financial market that opens on Saturday. The new decline came despite statements by Saudi Arabian Monetary Agency (SAMA) on Thursday that it was ready to inject more than 93 billion dollars into the kindgom's banking system. The banks index dropped by 5.8 percent.." [more]

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

UN Assembly to Discuss Abdullah’s Interfaith Initiative [Oct 10]
"The United Nations General Assembly will hold a session in the middle of next month to discuss Custodian of the Two Holy Mosques King Abdullah’s initiative to promote interfaith dialogue. This was announced by UN Secretary-General Ban Ki-moon while attending a ceremony marking Saudi Arabia’s National Day at the UN headquarters in New York. 'I have tremendous respect for King Abdullah and appreciate his leadership role in many initiatives,' the UN chief said.. ..Ban had described the Madrid conference as a symbol of unity among different faiths, adding that he hoped it would contribute to healing divisions and building a more secure and stable world. 'This event is itself a potent symbol of unity among different traditions. Our challenge is to see this expression of solidarity turned into a genuine force for good,' Ban said in a message to the conference. He added that the origin of many conflicts lies beyond the confines of faith. 'This unique gathering of religious leaders can help debunk the dangerous myth that religion, even when properly understood, inspires violence,'.." [more]

Riyadh Monitoring Global Finance Crisis Effects on Saudis [Oct 10]
"Saudi Arabia’s King Abdullah has ordered state bodies to look into limiting the effects of the global financial crisis on Saudis’ savings, the Saudi media reported yesterday.  'The king has entrusted a number of relevant agencies to study in depth how to deal with this issue,' Crown Prince Sultan told reporters in comments carried in Asharq al-Awsat and other newspapers. He was responding to a question about whether the government would take measures to protect the savings and investments of Saudis in light of the crisis on world financial markets. Saudi Arabia’s central bank said on Wednesday that there was no need to provide emergency funds to banks in the world’s largest oil exporter as the financial sector faced no shortage in liquidity.. ..He also said bank deposits were safe and economic growth healthy, adding that Saudi Arabia had no exposure to economies and companies suffering from the global credit crunch or subprime problems since most lending was local.." [more]

Karzai’s Brother Confirms Presence at Saudi Talks [Oct 10]
"A brother of President Hamid Karzai said on Thursday his visit to Saudi Arabia last month was part of an Afghan push for the kingdom to convene peace talks with the Taliban. Qayoum Karzai, the elder brother of the Afghan president, confirmed that no representatives of the militia were present at the meeting although the Afghan delegation had included former Taliban leaders. 'The Saudi king ... wants to help the people of Afghanistan in bringing peace so our trip was in that connection,' Qayoum Karzai told AFP. 'We briefed them about Afghanistan’s situation, we told them about what is going on here, about our misery and asked them to mediate as an impartial country,' he said. This follows denials by the Afghan government and the Taliban of media reports that the meeting had amounted to peace talks. Former Taliban members have confirmed they were there but said there were no peace negotiations.. ..President Karzai has long called for talks with the Taliban willing to lay down arms and accept the new government.."  [more]

Oil's Drop Squeezes Producers [Oct 10]
"Big oil-producing countries are showing signs of distress as the global credit crunch and falling crude prices begin to squeeze government budgets and delay projects. Fears that the boom days are fading appear strongest in Iran and Venezuela, whose governments have come to rely on oil prices to prop up otherwise shaky economies. Both countries this week led a chorus within the Organization of Petroleum Exporting Countries calling for an emergency meeting of the cartel, now set for Nov. 18, to weigh a production cut.. ..Some forecasters said that despite a strong thirst for oil in Asia and the Middle East, global oil consumption could flatten out next year, potentially ending nearly a decade of steady demand growth.. ..Oil exporters have racked up cash surpluses as prices soared to historic highs. Saudi Arabia, the world's largest exporter, is expected to record $138 billion this year, up from $95 billion last year. But government spending also has soared within OPEC and among other big producers such as Russia, based in part on the expectation that oil prices would remain high.. ..OPEC is likely to reduce production to defend prices from falling below $80 a barrel. But some analysts said that heightened costs elsewhere in the oil patch may keep prices from falling much further anyway.." [more]

Saudis Have No Excuse to be in Third World: Prince Khaled [Oct 10]
"A massive exhibition will be staged in Obhur, north of Jeddah, to showcase major development projects under way in Makkah province. Custodian of the Two Holy Mosques King Abdullah will open the show tomorrow. Makkah Gov. Prince Khaled Al-Faisal inspected the arrangements for the exhibition’s opening on Wednesday and said it was organized to highlight major projects taking place in the region during King Abdullah’s rule as well as growing investment opportunities in the region. He said Saudi Arabia’s development plans were aimed at making the Kingdom a first world country. 'We believe that this country and its people deserve to have a place in the First World, not in the Third World, and we have all the potentials to accomplish this objective,' he said.." [more]

Saudis Feature at Abu Dhabi Film Festival [Oct 10]
"Saudi Arabia will be represented by six films at the Middle East Film Festival, starting Saturday in Abu Dhabi. The event, scheduled to conclude October 19, will feature cinematic contributions from the Middle East and Europe, with the UAE, Bahrain, Kuwait and Saudi Arabia being the most prominent representatives from the Gulf.. ..'Saudi Arabian cinema has become well-known through various film festivals, and our filmmakers are creating a Saudi movie industry. We are seeing the birth of a new generation in the film industry presenting the identity of Saudi Arabia to the world,' Salem said. 'Saudi filmmakers are talented enough to deserve an international presence,'.." [more]

~~~~~~~~ [ Oct 09] ~~~~~~~~~

Kingdom Exploring Ways to Deal With World Financial Crisis: Sultan [Oct 9]
"Saudi Arabia is exploring ways to deal with the current crisis in global financial markets, Crown Prince Sultan, deputy premier and minister of defense and aviation, said yesterday. He was answering questions from reporters at the end of a function organized by the armed forces on the occasion of Eid celebrations in the Eastern Province. Asked if the Kingdom would take any measures to protect the investments of the Saudis affected by the present world economic crisis, Sultan responded: 'This is an international issue that does not concern us alone. However, Custodian of the Two Holy Mosques King Abdullah has entrusted a number of responsible agencies to make in-depth studies on how we can deal with this situation. If Allah wills matters will improve.'.." [more]

Uganda: Government Seeks Saudi Expertise in Oil Exploitation [Oct 9]
"The government has asked Saudi Arabia to offer her expertise in exploiting Uganda's oil resources. The Minister of State for Foreign Affairs, Mr Okello Oryem, said Uganda has to first draw lessons from countries already producing oil in order to position herself as a oil producing state in the region. 'Our relations between the Kingdom of Saudi Arabia should be enhanced by vibrant commercial relations. We would like to benefit from your experience in exploiting our oil resources in western Uganda given your expertise in this field,' he said. Mr Oryem made the appeal on Tuesday during celebrations to mark the 78th national day of the Kingdom of Saudi Arabia in Kampala.." [more]

Gulf States Poised to Weather Financial Crisis [Oct 9]
"Gulf stock markets are not immune to the global battering the current tornado of volatility has brought. In Saudi Arabia, there has been a 45% drop in share values this year and it is the same story in the United Arab Emirates' commercial capital, Dubai. It began with foreign investors pulling out. Local investors followed suit. Across the region - including in Saudi Arabia where 90% of those investing in markets are estimated to be locals - the plummet has continued as investors became nervous, more risk averse and felt the need to deleverage.. ..The Gulf markets are risky and volatile at the best of times; now with global volatility so high, events on the markets are playing out exponentially in this region. However, the fundamentals of the economy are solid, say the analysts. The Gulf has an advantage over other emerging markets such as India or China in that its main export is oil - something that, despite recent massive jumps and falls is still trading above average prices. Certainly demand slows in times of global recession, but the oil price has a long way to fall before that becomes a big worry for Gulf governments. These governments have a huge budget surplus. Indeed, the Gulf and the Middle East are being looked upon by others as a source of capital for the West. If problems develop closer to home, these surpluses can act as a cushion domestically.." [more]

Education Key to Tackling Problem of Saudi Poverty [Oct 9]
"No government in the world can eradicate poverty because part of the problem stems from behavioural and social attitudes, according to Dr Hatoon Al Fasi, assistant professor at the King Saud University, who made her comments on a documentary bout poverty in Saudi Arabia broadcast on the internet. However, she also stressed that there are no excuses for a government like that of Saudi Arabia, which witnesses the problem of poverty increasing in its own nation, while it maintains a position as one of the world's top world donors when compared to its Gross Domestic Production (GDP). Saudi Arabia spends more than 4 per cent of its total GDP annually on donations and humanitarian aid that reaches people in more than 110 countries around the globe. At the same time, nearly 30 per cent of its own nationals suffer from poverty.. ..Dr Aziza Al Nuaim, a professor at the King Saud University in Riyadh who specialises in poverty studies, said the picture of poverty in Saudi Arabia is bleak but there is some hope in a solution if proper measures are taken. She said part of the poverty problem lies with values instilled in young generations through the education process while another part lies with social norms that rich people are the only people are the ones who should fight it.." [more]

7 new subjects for girls’ colleges OK’d [Oct 9]
"Dr. Ali Al-Ghafeis, Governor of the Saudi General Organization for Technical Education and Vocational Training, has said that seven new specialized subjects have been approved for girls’ colleges. He described the move as opening the way for women to work in new sectors in the Saudi job market. He said that the organization had approved the subjects due to the demand from students and after an analysis of the market, spreading the seven subjects over eight training fields, including technical work, accountancy, small business administration, office machine and equipment maintenance, photography, jewelry manufacture, design, and small food businesses. Al-Ghufeis said that the organization’s programs had been tailored to suit the nature of women and the needs of the women’s work sector, saying that Saudi women will occupy tens of thousands of positions currently dominated by the foreign workforce.." [more]

~~~~~~~~ [ Oct 08] ~~~~~~~~~

Saudi Chemical Firm to Buy US Titanium Producer [Oct 8]
"Saudi industrial group Tasnee 2060.SE said on Wednesday its Cristal unit had won U.S. regulatory approval for a takeover of International Titanium Powder (ITP) for $110 million. A statement on the bourse website said the deal would be completed quickly. Tasnee, which says it is Saudi Arabia's second-largest petrochemicals company by output volume, said this year it planned industrial acquisitions and was likely to issue its first Islamic bonds, or sukuk, in 2009. Cristal said in May it had launched a $289 million takeover bid for Australian mineral sands producer Bemax Resources Ltd. Tasnee also plans a 2 billion riyal ($533.3 million) rights issue this year. International Titanium Powder, founded in 1997, produces titanium and titanium alloys.." [more]

Saudi Banks Say Not Hit by Mortgage Woes [Oct 8]
"Six Saudi banks launched a concerted effort to restore confidence yesterday, saying they had no direct exposure to toxic mortgages, as shares plunged on fears about the impact of the global financial crisis. The central bank joined the verbal barrage, assuring depositors that savings were safe, but warning that profitability in the booming financial sector was threatened by crisis that stemmed from the collapse of the US housing market and an increase in bad loans.. ..'Saudi Arabia is more immune to the credit crunch (than other markets) if high oil prices persist and because the central bank imposes stricter rules on lending,' Fahd al-Rasheed told Reuters on the sidelines of a real estate conference. 'Demand on properties will continue to be high as supply will not meet demand because more people will need housing.' Saudi Arabia needs more than 6mn units over the next 12 years and 65% of the population is under 30, according to Rasheed.." [more]

Tilghman to be Trustee of New Saudi University [Oct 8]
"President Tilghman will serve on the board of trustees of King Abdullah University of Science and Technology (KAUST), a new research university in Saudi Arabia, Princeton announced Monday. 'There is nothing comparable to [KAUST] right now in the Middle East,' Tilghman said, noting that she believes the opening of the nondenominational graduate-level research university will significantly increase opportunities for women. 'One of the reasons I have agreed to join the board is because they have made a strong commitment to educate women along with men,' she said, adding that women at the university won’t have to wear hijabs, and non-Muslims will study alongside Muslims. While the opening of the university will not change the fact that women in Saudi Arabia live by very different rules from men, Tilghman said she sees it as 'a promising beginning.'.. ..The new university, which will operate according to the American model, will be a unique institution in Saudi Arabian higher education.." [more]

Human Resources Forum Planned From Oct. 18 [Oct 8]
"The Ministry of Labor is aiming to change Saudi citizens from mere employees to productive citizens so they can compete with their counterparts in developed countries. Under the patronage of the Minister of Labor, Dr. Ghazi Al-Gosaibi, the Jeddah Chamber of Commerce and Industry will hold a human resources forum from Oct. 18.. ..The forum, under the theme “Toward Strategic Participation,” will discuss key issues such as the importance of the role of businessmen in improving and investment in human resources and the importance of training to reach strategic participation. 'The forum is also aiming to apply human resources in all organizations as an effective way to produce qualified employees,' said Dr. Sameer Hussain, the head of the forum. According to Dr. Hussain the forum will benefit from the previous experience of national and international companies in improving work standards.." [more]

~~~~~~~~ [ Oct 07] ~~~~~~~~~

Afghan Govt Denies Saudi Meeting Was Peace Talks [Oct 7]
"Afghanistan on Tuesday denied there had yet been any peace talks with Taliban insurgents mediated by Saudi Arabia, despite a meeting hosted by the kingdom last month between Afghan government officials and former Taliban leaders. With casualties from the war in Afghanistan, which began on Oct. 7, 2001 and is now entering its eighth year, reaching record levels, military commanders and diplomats from NATO countries are calling for talks with the Taliban as the only way to end the fighting. Afghan President Hamid Karzai made a direct appeal for peace to Taliban leader Mullah Mohammad Omar a week ago and asked Saudi Arabia to help mediate in talks. But negotiations have yet to take place.. ..Karzai, he said, "has approached his Highness the Saudi king about playing a role ... in bringing peace to Afghanistan and he would welcome any effort from the Saudi side.." [more]

King Orders Assistance for Burkina Faso [Oct 7]
"King Abdullah, Custodian of the Two Holy Mosques, on Monday issued directives to extend assistance to Burkina Faso to enable the country to make additional serum available for the treatment of meningitis and vaccination against the disease. The gesture of King Abdullah comes in response to a message from Blaise Compaore, President of Burkina Faso, expressing appreciation for the assistance extended by the Kingdom to confront the menace of meningitis in his country. President Compaore said his country was in need of additional serum for carrying out the required vaccination campaigns. Earlier the Kingdom made 500,000 vaccination units against meningitis available to the African nation.." [more]

Saudi Admits Difficulty Managing Liquidity [Oct 7]
"Saudi Arabia admitted problems managing liquidity and at the same time controlling inflation on Tuesday, but said it may lower the benchmark lending rate if convinced the monetary system is running out of cash. 'There is a problem with liquidity management ... We are not sure about the impact liquidity has on inflation rates, which are currently high,' said Fadi Alajaji economist at the country's central bank, the Saudi Arabian Monetary Agency (SAMA), to Reuters. 'If the government sees the need to intervene and boost liquidity, I don't think it will be done through a direct injection of cash but through repo and reverse repo rates given their impact on controlling and managing liquidity in the banking system,'.. ..The kingdom, which pegs its currency to the dollar, has not lowered the repurchase rate, its benchmark lending rate, since February 2007. It stands at 5.5 percent.." [more]

Saudi Arabia Leads Losses in Gulf Markets [Oct 7]
"Gulf bourses fell sharply on Monday, with real estate and bank stocks the hardest hit as worries over the global economy persisted. Saudi Arabia's main index plummeted 9.81 per cent, its biggest one-day loss in at least 22 months. 'It's clear that the market is declining due to massive losses in the region and that's due to the falls in the US,' says Abdullah Al Aqeel, equity trader at Samba Financial Group. 'Everything is hit, banks, telecoms - everything is 'limit down'.. ..'Foreign institutions are heavily selling in the market. Some of them are exiting completely,'.." [more]

Sultan Donates SR22m to Build Housing Units for Armed Forces [Oct 7]
"Crown Prince Sultan, deputy premier and minister of defense and aviation, yesterday donated SR22 million to build 649 housing units for members of the armed forces in the Northwestern Region, it was announced yesterday. Earlier, addressing an Eid ceremony organized by the armed forces at King Abdulaziz Military City, the crown prince commended the successful completion of Saif Al-Salam military exercises. 'I am now convinced that the joint military operations are going on well as planned and the performance of the four sectors of armed forces was excellent,'.. ..In a previous statement, Prince Sultan had said that the routine military exercises had nothing to do with the growing tension in the region and that they were aimed at enhancing alertness and achieving the integration of different armed forces. The National Guard, the Border Guard, land, naval, air and air defense forces took part in the Saif Al-Salam exercise.." [more]

~~~~~~~~ [ Oct 06] ~~~~~~~~~

Saudi Hosts Afghan Peace Talks With Taliban Reps [Oct 6]
"In a groundbreaking meeting, King Abdullah of Saudi Arabia recently hosted talks between the Afghan government and the Taliban militant group, according to a source familiar with the talks. The historic four-day meeting took place during the last week of September in the Saudi city of Mecca, according to the source, who spoke on the condition of anonymity due to the sensitivity of the negotiations.. ..Taliban leader Mullah Omar was not present, the source said. It marks a significant departure by the Saudi leadership to take a direct role in Afghanistan, hosting some delegates who have until recently been their enemies. In the past, Saudi Arabia has generally dealt with Afghanistan through Pakistan. The desert kingdom's current foray marks a significant shift and appears to recognize the political weakness of Pakistan and the need to stem the growth of al Qaeda.." [more]

Saudi Stocks Plunge Almost 10% [Oct 6]
"The Saudi stock market, the largest in the Arab world, shed almost 10 percent halfway through trading on Monday and shares in other energy-rich Arab states in the Gulf also slumped amid the global financial turmoil. It was the first day of trading in Saudi Arabia after a week-long holiday for Eid al-Fitr holidays marking the end of the Muslim holy fasting month of Ramadan.. ..Saudi stocks were sent into freefall not only by the continuing uncertainty in global financial markets, but also by modest nine-month profits reported by a number of leading banks. The two factors combined to pull the market badly down, Saudi economist Ali al-Dakkak said. 'It's a panic from what's happening in the global market. Investors here are simply expecting the worst in the US and European markets and are anticipating a severe impact in Saudi Arabia and the region,'.." [more]

Meshaal Calls for Syria-Saudi Thaw [Oct 6]
" Exiled Hamas supremo Khaled Meshaal has called for a thaw in ties between Saudi Arabia and Syria during a recent visit to Saudi Arabia, an Arab diplomat said on Sunday. 'During meetings with Saudi officials, Meshaal raised the issue of Saudi-Syrian relations, which have long been tense, and stressed the importance of improving those ties,' the diplomat told AFP, requesting anonymity. Relations between Riyadh and Damascus have been tense since the February 2005 assassination of Lebanese former premier Rafiq Hariri, a close Saudi ally, in a bombing widely blamed on Syria.. ..Fresh tensions between Syria and Saudi Arabia surfaced after a deadly car bombing in Damascus last month that killed 17 people, with Syrian official media complaining that the Saudi authorities did not condemn the attack. Syrian authorities blocked the distribution of the Saudi-owned pan-Arab daily Al-Hayat after the September 27 car bombing, the paper's Beirut bureau chief told AFP on Thursday.." [more]

Value of Saudi Shares Traded Falls to SR1.64 Trillion [Oct 6]
"The Saudi stock market has continued to stay in negative territory so far this year after falling over 40 percent in 2007. Despite the Capital Market Authority’s (CMA’s) various confidence-building measures, at the end of the first nine months of this year, the Tadawul All-Share Index (TASI) closed at 7,458.50 points, down 354.62 points or 4.54 percent over the close of the same period of the previous year. On an YTD basis TASI lost 3,580.16 points or 32.43 percent. Highest close level for the index during the period was 11,697.01 points on Jan.12.. ..The CMA allowed recently authorized persons to enter into swap agreements with non-resident foreign investors whether institutions or individuals, to transfer the economic benefits of the Saudi companies’ shares listed on the Tadawul while authorized persons retain the legal ownership of the shares. In September, Tadawul has successfully implemented the new tick size with the three bands. According to the Tadawul report, total equity market capitalization at the end of the first nine months of 2008 reached SR1.45 trillion ($387.05 billion), increasing by 9.14 percent over the same period of the previous year.." [more]

OPEC Weekly Prices Continue to Drop [Oct 6]
"The weekly average prices of the Organization of Petroleum Exporting Countries (OPEC) dropped to 90.01 U.S. dollars per barrel last week, the Vienna-based cartel said on Monday. As the international oil prices kept spiraling lower last week, the OPEC oil prices have plunged for five consecutive trading days from 94.09 dollars last Monday to 86.37 dollars last Friday. The global economic slowdown and the financial crisis of the United States largely contributed to the recent downward tendency of the international oil prices.. ..The prices on the European crude oil market are also expected to fall due to a decreasing crude oil demand of the European countries and their lowered expectation on economic growth.." [more]

~~~~~~~~ [ Oct 05] ~~~~~~~~~

US$7.2 Billion Project Planned Near Saudi Capital [Oct 5]
"Saudi Arabia's Al-Shoala Group and Dubai-based Emaar Properties have teamed up on a US$7.2 billion community project near the Saudi capital of Riyadh.. ..The community plan is the latest in a series of ambitious mega-projects in the region. Gulf Arab countries, flush with oil funds, are looking to revamp their landscapes with gleaming skyscrapers and full-service gated communities, while trying to diversify their oil-based economies. The push for new job creation in Saudi Arabia comes as the country struggles with rising unemployment that has in the past been blamed by some for radicalization of youths. Some economists and analysts, however, say such efforts fail to address education and other key areas requiring reform that are critical to sustainable economic growth in a country where the bulk of the work force are foreigners.." [more]

Saudi Money Supply Continues to Soar [Oct 5]
"Annual growth in Saudi money supply, an indicator of future inflation, rose for the first time in three months to 21.8 per cent in August from 20.85 per cent in July, the central bank said on Sunday. M3, the broadest measure of money circulating the Saudi economy, hit 885.77 billion riyals (Dh866bn) at the end of August, compared with 727.15bn riyals a year earlier, the Saudi Arabian Monetary Agency said in a monthly report on its website. Like other Gulf countries, Saudi Arabia is struggling to contain inflation, which recently hit a 30-year peak of 11.1 per cent in August. Slowing food and rent prices have slightly reduced this to 10.9 per cent in July.. ..The central bank’s total net foreign assets hit 1.56 trillion riyals at the end of August compared with 930.7 billion riyals a year earlier.." [more]

Saudis Extend Jazan Refinery Deadline to 2015 [Oct 5]
"The Jazan refinery in Saudi Arabia is expected to come online in the first quarter of 2015, the Petroleum and Mining Ministry said on Friday, after reports of fresh delays hitting the planned export-oriented refinery. MEED magazine last week reported that bidders lining up to build the refinery have been issued a fresh construction deadline of 2015 - a two-year delay to the original schedule. State news agency SPA carried an apparent denial of reports of delays, citing an unidentified official from the petroleum ministry.. ..Civil engineering and detailed planning as well as the financing of the project will take 18 months at the latest and construction works will take a maximum four years, he said. 'Commercial operations will be in the first quarter of 2015,' it added.." [more]

Saudi Students Work to Teach Culture [Oct 5]
"Somewhere between the terrorist attacks of Sept. 11, 2001 and the wars in Iraq and Afghanistan, the way some Americans view those of Arab descent became a bit skewed. Just ask Kevin Coker. He’s an American from Pleasanton, but he’s good friends with a man from Saudi Arabia. Coker said his friend is a 'good guy' and 'just like everyone else,' but Coker’s American friends aren’t always so sure.. ..Coker, a history and political science major at Pittsburg State, said ethnic profiling has been on the rise since the terrorist attacks against New York and Washington D.C. 'I think we stereotype Muslims,' he said. 'I think we have a tendency to think everyone is an extremist.'.. ..Coker and Keegan were among many Americans who attended Friday night’s Eid Al-Fitr Celebration and National Day event conducted by the Saudi Student Association from PSU.. ..Badar Alburaidi, SSA’s president, said many Americans don’t have a good grasp of the Saudi Arabian culture and thus tend to make assumptions based on stereotypes. Part of the goal of Friday’s celebration at Pittsburg Memorial Auditorium was to help provide a more solid understanding of the country and its people.  'We want to change the way people think,' he said. 'We want to show our cultures, our customs. Some people tend to think Saudi Arabia is just desert with camels, but that is not the case.' A fellow Saudi native, Talal Alharbi, said it’s important to provide as much information about the country as possible and Friday’s celebration was a good 
avenue to do just that.." [more]

Mideast Peace Process Could be Forgotten [Oct 5]
" French Foreign Minister Bernard Kouchner said on Saturday he feared the world may forget the Middle East peace process while distracted by US elections, a government change in Israel and tension with Iran.. ..'My concern is, and what I do not want to see, is that the change in the US administration, and the formation of a new government in Israel, as well as the preoccupation with Iran would push everybody to forget the peace process in the region,' Kouchner said. Israeli Foreign Minister Tzipi Livni is Israel's chief negotiator in talks with the Palestinians. Palestinian and Israeli officials and Western diplomats have said it was most unlikely Israel and the Palestinians could meet the target date of the end of 2008 for a deal set by US President George W. Bush.." [more]

OPEC Chief Says Will Seek to Balance Market [Oct 5]
"Supply and demand alone will set oil prices in coming months and OPEC will seek to balance the market at its December meeting after recent declines, OPEC President Chakib Khelil said in remarks published on Sunday. Prices had recently fallen from levels created by 'perverse' speculative practices, Algerian government newspaper El Moudjahid quoted him as saying.. ..He said demand had declined by an estimated three million barrels per day as a result of falling requirements in the main consuming countries, while supply had remained steady, the paper said, referring to the impact of financial turbulence on the global economy. The newspaper reported Khelil as saying that an appropriate decision to manage the effects of the crisis on oil prices would be taken at OPEC's next meeting in Oran, Algeria, on December 17. The newspaper did not elaborate. But the independent Quotidien d'Oran newspaper reported Khelil as 'not ruling out' a reduction in output limits by the export group in order to guarantee a balance in the market.." [more]

Saudi Seize Drugs, Arms in Shootout With Smugglers [Oct 5]
"Saudi border guards have seized more than 1.2 tonnes of hashish as well as weapons along the border with Yemen during a shootout with drug traffickers, a senior official said on Saturday. Border guards also arrested two suspects during the incident on Friday, said General Mohammed Zahrani, the chief of border guards in the southern Saudi border city of Najran, according to the official SPA news agency. The guards seized more than 1.2 tonnes of hashish, automatic weapons, munitions and military uniforms which the suspects had hidden in their car, SPA quoted Zahrani as saying. The ultra-conservative Muslim kingdom of Saudi Arabia imposes the death penalty on people convicted of drug trafficking.." [more]

Saudi Arabia Donates to the Needy [Oct 5]
"The Kingdom of Saudi Arabia, popularly known as the kingdom of humanity, has generously donated to the needy in Tanzania during the just ended Holy Month of Ramadhan, Idd el Fitr celebrations. The kingdom commemorates its national day on Tuesday. The Kingdom’s Ambassasdor to Tanzania, Mr Ali Al Jabour, has said that benefactors in Saudi Arabia through their King, His Majesty King Abdullah and through the Saudi Arabia Embassy in Dar es Salaam provided iftar (meal to break the fast) to 3,700 people in 17 districts in towns and villages locations. The beneficiaries included orphans, the needy and general members of the community. Iftar was also served in 21 mosques in Dar es Salaam city, covering prisons, centre fot the blind, and the sick in some of Dar es Salaam hospitals. The iftar items included foodstuffs and dates.. ..'As the acronym of the Kingdom goes - that is 'the Kingdom of Humanity' - our people are brought up in culture of offering and helping others. Apart from this being a Muslim way of life, the culture is also within the Saudi people, thanks to his Majesty King Abdullah who has upheld the tradition brought down through our long history,’' the Saudi envoy said.." [more]

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