News - June 2009

Jun 28-Jul 4, 2009

~~~~~~~~ [ Jul 4]~~~~~~~~~

Saudi Terror Awareness Campaign for Imams, Preachers Gets Under Way [Jul 4]
"As part of the Saudi government's comprehensive national strategy to fight terrorism, the Ministry of Islamic Affairs, Endowments, Call and Guidance has launched an awareness campaign for imams and preachers. Nearly 300 imams and preachers in Riyadh will benefit from the Islamic jurisprudence course on 'Development and Citizenship' organised by the Institute for Imams and Preachers under the ministry, which got under way yesterday.. ..the ministry was implementing a long-term national strategy aimed at eradicating extremism in conjunction with 72,000 mosques across the Kingdom.." [more]

Saudi Shares Slide as Western Markets Ease [Jul 4]
"Saudi Arabian shares dropped as the trading week began, led by Saudi Basic Industries Corp. and Al Rajhi Bank, after stock indexes in the US and Europe recorded their third weekly decline. Saudi Basic Industries, the world's largest chemicals maker by market value, fell 6.4 per cent. Al Rajhi shed 2.8 per cent and Samba Financial Group fell 1.9 per cent. The Tadawul All Share Index declined 2.4 per cent to 5,467.81 in Riyadh, bringing the measure to a two-month low. The index has added 14 per cent this year after slumping more than 50 per cent in 2008 as the price of oil, the country's biggest export.." [more]

Saudi Petrochemicals Exporters Slam China Over Dumping Probe [Jul 4]
"Saudi petrochemicals producers said on Saturday they would seek duties on imports from China after Beijing began a dumping probe on petrochemical products from Saudi Arabia and three other countries. Abdulrahman al-Zamil, chairman of the Council of Saudi Chambers, said China had no grounds to pursue the dumping investigation on imports of methanol and butanediol (BDO) it launched in late June. 'We do not subsidise our exporters' of petrochemicals, he told a news conference.  'This is not fair for two major partners,' he said, referring to China and Saudi Arabia's mostly duty-free bilateral trade, which surpassed 40 billion dollars in 2008, according to SABB bank.."  [more]

Road Accidents Costing Saudi Economy $7 bln [Jul 4]
"Road accidents in Saudi Arabia are costing the economy 26 billion riyals ($6.93 billion) a year, a leading professor said in remarks published on Saturday, amid growing concern over the increasing number of fatalities on the roads.. ..The newspaper said there were as many as 485,931 accidents on Saudi’s roads in 2008, in which 6,458 people were killed and 36,486 injured. Saudi’s roads rank among the most dangerous in the world. According the World Health Organization (WHO) figures, 29 road users died for every 100,000 of the kingdom’s population in 2007.." [more]

Saudi Electricity Wants to Sell More Islamic Bonds [Jul 4]
"State-owned Saudi Electricity will sell more Islamic bonds, or sukuk, to finance expansion of capacity, its chief executive said on Saturday. 'In the future there is a plan (to issue more sukuk) to fund projects,' Ali Saleh al-Barrak told reporters in the Saudi Red sea port of Jeddah. He gave no details. Last week, the firm priced a 5 billion riyals sukuk 160 basis points over the Saudi interbank rate (Saibor). Barrak said then the new five-year issue has raised at least 10 billion riyals, but declined to say how much the company ended taking. Bankers said it would be 7 billion riyals. Saudi Electricity is currently carrying out projects worth 75 billion riyals to be completed within three years.." [more]

~~~~~~~~ [ Jul 3]~~~~~~~~~

Saudi-Syrian Summit Expected to Take Place Next Week [Jul 3]
" Syrian-Saudi summit is expected to take place in Damascus on Monday, Egypt's official Middle East News Agency (MENA) said. Saudi King Abdullah Bin Abdel Aziz is to visit Damascus early next week to meet with Syrian President Bashar al-Assad, a diplomatic source told As-Sharq al-Awsat newspaper on Friday. This would be the king’s first visit in years, after relations between the two states had soured. 'The trip is expected to take place on Monday and would include discussions on Arab relations and regional developments, including the new Lebanese cabinet formation, which will be headed by Prime Minister-designate Saad Hariri,'.." [more]

Kingdom, Sweden Team Up To Promote Green Diplomacy [Jul 3]
" Saudi Arabia will be a partner of a major European initiative called Green Public Diplomacy, which calls for intensified efforts to create green environment, control pollution on a global level, adopt environmental-friendly technology and encourage journalists to write more on environmental issues, according to Swedish Ambassador Jan Thesleff. Thesleff said Sweden has teamed up with the King Saud University and Saudi Research and Publication Company to hold a major seminar on climate change and the environment later this year as part of the initiative.. ..The Saudi involvement in Green Public Diplomacy will be significant keeping in view the fact that the European companies are world leaders in green technology. Companies gave added value to their products and services by increasing eco-efficiency.." [more]

Hi-Tech System to Seal Saudi Border [Jul 3]
"Saudi Arabia has signed a deal with Eads, the European defence and aerospace group, to build a hi-tech security system along its land and sea borders. The $2.8bn scheme is aimed at curbing people, weapons and drugs smuggling across 9,000km of the Gulf state's frontiers. The surveillance system includes radar facilities, coastal detection centres, telecommunications networks and reconnaissance aircraft.. ..The border project was first envisaged in the 1990s in the wake of the first Gulf War to secure Saudi Arabia's border with Iraq with physical fencing and high-tech monitoring. But with increased worries over infiltration into the country by anti-government and al Qaeda operatives, and a rise in illegal immigration from around the region, the Saudi interior ministry expanded the scope of the programme to fence and electronically monitor all the country's borders.." [more]

Saudi Oil Income to Dip by $147bn in 2009 [Jul 3]
"A plunge in oil prices will ally with a sharp output cut to depress Saudi Arabia's oil income by nearly $147 billion (Dh539bn) in 2009, equivalent to the combined 2008 crude export earnings of the UAE and Kuwait, according to a key Saudi bank.   From a peak of $281.4bn in 2008, the Kingdom's oil revenues will dive to nearly $134.2bn in 2009 before rebounding to around $164bn in 2010, the Saudi American Bank (Samba) said in a study. The projected income this year will be the lowest since 2005 as a result of a sharp fall in crude prices and a drop of more than one million barrels per day in the country's crude production in line with a collective Opec agreement to trim supplies to prevent prices from collapsing due to the global fiscal distress. Samba estimated Saudi Arabia's actual oil production at around eight million bpd in 2009, nearly 1.2 million bpd lower than its output of 9.2 million bpd in 2008.." [more]

~~~~~~~~ [ Jul 2]~~~~~~~~~

$28b For More Power in 3 Years [Jul 2]
"Saudi Electricity Company (SEC) plans to spend $28 billion (SR105 billion) in the next three years to meet rising demand in the Arab world’s largest economy. 'We already have major projects under construction now,' said Ali Al-Barrak, CEO of the Riyadh-based state-controlled power producer, in an interview. 'This is to add about 13,000 megawatts of power and the required transmission distribution system.' SEC also plans to invest $70 billion by 2018 to add 25,000 megawatts and match demand spurred by a $400 billion, five-year government-spending program and a growing population. The Kingdom’s electricity use may quadruple to 140 gigawatts a year by 2032.." [more]

English as Medium of Instruction [Jul 2]
"The English of Saudi university graduates is very poor. Since the labor market in the Kingdom largely depends on foreign manpower, English has necessarily become the language of business. Anyone who does not master English will be in a weak position when competing for a job. His or her chances for progressing in terms of career will be severely compromised.  Faced by this situation, some Saudi universities that could not improve their preparatory year for teaching English have thought of a more radical step to confront the problem: To make English the medium of instruction for specializations that are in huge demand in the labor market. If this proposal is implemented, we could face a cultural catastrophe. This proposal is not the solution to the problem for the following reasons:.."  [more]

Loans To Saad, Al Gosaibi Top $7.42B With 88 Firms Exposed [Jul 2]
"A total of 88 firms have exposure of $7.42 billion in syndicated loans to troubled Saudi conglomerates Saad Group and Ahmad Hamad Al Gosaibi & Brothers Co., documents show. By the value of loans, international lenders hold $4.88 billion of the total syndicated debt held by the groups, the documents being circulated amongst the lenders show. The rest is held by Middle East firms, mostly banks but holding companies as well. Banks are desperately trying to call in the loans amid growing concerns over the financial stability of the Saudi conglomerates. But the total exposure to both Saudi companies is likely to top $7.42 billion as the documents don't include bilateral loans, trade finance or foreign exchange transactions. By the number of institutions, almost half the 88 firms with exposure are from the Middle East, with 12 from the United Arab Emirates.." [more]

Babson College And Wellesley Centers For Women Partner To Launch U.S.-Saudi Women's Forum On Social Entrepreneurship [Jul 2]
"The Center for Women's Leadership at Babson and The Wellesley Centers for Women at Wellesley College have partnered with two renowned global organizations--Dar Al Hekma College, Saudi Arabia, and ICF International-- to deliver The U.S.-Saudi Women's Forum on Social Entrepreneurship July 13-24, 2009 at Babson College. Leaders from all four institutions will present the second of three modules to 30 undergraduate women from Saudi Arabia. Module I launched earlier this year in Jeddah, Saudi Arabia.. ..This program is funded through the Middle East Partnership Initiative.." [more]

Asean Eyes Trade Pact With Gulf Countries [Jul 2]
"THE Association of Southeast Asian Nations (Asean) may break new ground by partnering with the oil-rich countries of the Middle East grouped in the Gulf Cooperation Council (GCC), in the face of the global financial crisis and the collapse of the Doha Round of the World Trade Organization (WTO). The Asian regional bloc is studying whether a free-trade agreement (FTA) with the GCC is workable within the next two years, with the aim of expanding trade and investments, specifically in renewable energy, tourism, information technology and communications between the two groups.. ..The meeting of the Asean and the GCC was thus believed significant in the face of the Doha collapse, and the joint statement indicated this fact, saying both regional blocs agreed 'to study and make recommendations on free-trade agreement between the GCC and Asean; economic cooperation and development; and culture, education and information.'.." [more]

Mandatory Flu Vaccine For Haj, Umrah Pilgrims [Jul 2]
"Saudi Minister of Health Dr Abdullah Al Rabe'ei asserted that his ministry has taken all the precautionary measures to ensure the safety of Haj and Umrah pilgrims from swine flu. He urged the pilgrims, those living in the holy places, and those serving pilgrims, to take the seasonal flu vaccine. 'Pilgrims coming from all over the world must take the vaccine at least two weeks before travelling to the holy sites. Instructions have been sent out to establish isolation centres in the holy sites for Umrah pilgrims suffering from flu,' he said, adding that the vaccine would be available before the Haj season.." [more]

Saudi Regulator Cracks Whip For More Transparency [Jul 2]
"It has happened twice. In February 2006 and last October, millions of Saudis saw their savings evaporate overnight as the Saudi bourse, the Arab world's biggest, crashed. As the index plummeted, anger rose among retail investors who had ploughed family savings and loans into the market hoping for a quick gain. They accused the government of turning a blind eye to 'big sharks'. But, in what analysts say is a move towards greater transparency, the Capital Market Authority (CMA), the market regulator, took a rare step late last month and fined two Saudi investors $26,673 each for insider trading. The CMA has imposed fines in the past and suspended trading in the shares of suspected shell companies, but bankers say this time the wealth and importance of one of the investors targeted make it significant.." [more]

~~~~~~~~ [ Jul 1]~~~~~~~~~

Haj Pilgrims Urged to Take Vaccine Against HINI Virus Well in Advance [Jul 1]
"Dr Abdullah Al Rabeeah, Saudi Minister of Health, asserted that his ministry has taken all precautionary measures to ensure the safety of Haj and Umrah pilgrims from HINI virus (swine flu). He urged pilgrims as well as those living in the holy places and those serving pilgrims to take the seasonal flu vaccine. "Pilgrims coming from all over the world must take the vaccine at least two weeks before traveling to the holy place. Instructions have been sent out to set up quarantine centres for Umrah pilgrims suffering from flu," he said, adding that the flu vaccine would be available before the Haj season.. ..The minister said he did not agree with claims that the media’s focus on the disease was larger than the actual danger. 'On the other hand, the danger of the disease comes from the absence of immunity and vaccination against it,'.." [more]

New Saudi TV Channel to Focus on Rights of Children [Jul 1]
"The first Saudi TV channel dedicated to educating children about their rights in society will start broadcasting this month.  Sana, the new satellite channel which will broadcast in Arabic 24 hours a day from Cairo, will feature cartoons and songs designed by international child behavior specialists in cooperation with the Ministry of Culture and Information’s Children’s Rights Awareness campaign. The campaign, which began three years ago, aims to use the media to make children and the general public aware of the 10 basic rights of all children. 'Sana will be the first Arab TV channel to broadcast songs and cartoons to explain Arab children’s rights,' said the channel’s director in Jeddah, Mohammed Al-Aggad. The Children’s Rights Awareness campaign has identified 10 basic rights of all children.." [more]

Kingdom to Have Own Aircraft Industry [Jul 1]
"An aeronautics industry will be developed in the Kingdom to assemble 48 Eurofighter Typhoon jets with the support of companies participating in the Economic Offset Program, Gen. Prince Abdul Rahman bin Fahd Al-Faisal, commander of the Royal Saudi Air Force, said yesterday. Speaking to reporters after receiving the first two Typhoon jets, part of the 72-aircraft deal signed with Britain’s BAE Systems, the general said the new fourth-generation planes with advanced facilities would strengthen the Kingdom’s defense capabilities.. ..Prince Abdul Rahman said some of the plane’s spare parts would be manufactured in the Kingdom. Since the signing of an operation and maintenance contract for these aircraft, a number of officers and engineers have been sent for training on advanced equipment by experts from the Britain’s Royal Air Force,” he said.." [more]

EADS Wins Saudi Border Deal With Local Partner [Jul 1]
"European aerospace group EADS EADS.PA and a Saudi partner have won a deal to secure the Saudi air, sea and land border worth billions of Saudi riyals, an official at the local partner said on Wednesday. 'It was signed last night,' the official at Al-Rasheed Trading & Contracting Co told Reuters, speaking on condition of anonymity. The deal covers the rest of the Saudi land border after the consortium already won a contract covering the northern border to Iraq and now also includes the air and sea borders, the official said. EADS in Saudi Arabia could not be reached for comment and there was no immediate Saudi government comment.." [more]

Saudi Requires OFWs to Submit Biometric Data [Jul 1]
"Filipinos seeking to visit or work in the Kingdom of Saudi Arabia (KSA) would need to provide biometric data as the Saudi Arabian government will be introducing a biometric system in the issuance of visa starting 2010. The move is part of Saudi Arabia’s efforts to strengthen its security, prevent identity theft, and combat terrorism. KSA’s biometric service centers would be established in major cities around the world starting 2010. There are about 1.3-million Overseas Filipino workers (OFWs) in Saudi Arabia. 'This important initiative has been taken to strengthen the Kingdom’s security and improve services to visa applicants,' KSA Ministry of Foreign Affairs Undersecretary Prince Khaled bin Saud said, adding that they would provide quick, quality service at reasonable charges.." [more]

Let Us Make Peace, Israel Tells Arab World [Jul 1]
"Israel on Wednesday utilised the platform of a global faith conference to reach out to the Arab world to bring about lasting peace in the Middle East. 'I call on his excellency, the king of Saudi Arabia, to meet wherever you wish, in Jerusalam, in Riyadh, in this beautiful country of Kazakhstan; we will be able to realise your vision (of peace in the Middle East),' Israeli President Shimon Peres said. He was addressing the third Congress of Leaders of World and Traditional Religions that Kazakhstan President Nursultan Nazarbayev inaugurated here today. 'We must stretch our hands one to another in a spirit of mutual commitment, with a prayer for peace and prosperity.'.. ..This is perhaps the clearest indication yet of Israel's desire to make peace more than six decades after its creation that has led to immense turmoil in the Middle East and sparked a series of violent conflicts.." [more]

~~~~~~~~ [ Jun 30]~~~~~~~~~

Egyptian President Holds Talks With Saudi King [Jun 30]
"With Palestinian factions continue to hold reconciliation talks in Cairo through Egyptian mediation, Egyptian President Hosni Mubarak and Saudi King Abdullah met at the Red Sea resort town of Sharm el-Sheik on Tuesday to discuss the issue. The meeting was the second in three days between the leaders. Mubarak held talks with Abdullah on Sunday in Saudi Arabia that the official Saudi news agency said were also mainly focused on 'the Palestinian issue.' Egypt has tried to mediate a reconciliation between Fatah, Hamas, and other Palestinian factions since Hamas took over the Gaza Strip in a bloody coup in June 2007.." [more]

Saudi Captures Wanted Qaeda Member [Jun 30]
"Saudi authorities captured a wanted Al-Qaeda member on Tuesday after a brief shootout in the central city of Buraidah, the interior ministry said. Ministry spokesman General Mansour al-Turki said he could not divulge the name of the man or details of his alleged crimes. 'Yes, he was involved in Al-Qaeda,' Turki said.. ..Turki added that the man was not one of the 85 people on a "most wanted" list published by Saudi Arabia in February and turned over to Interpol for inclusion on its wanted lists.." [more]

Pregnant Women, Elderly Urged to Skip Haj Pilgrimage [Jun 30]
"International experts have recommended children, pregnant women, the elderly and those with chronic diseases stay away from the annual hajj pilgrimage in Saudi Arabia to prevent catching swine flu. The recommendations come at the end of a four-day meeting in the western seaport city of Jiddah that examined Saudi measures to prevent the spread of swine flu during the Muslim pilgrimage in December. The workshop, which ended on Tuesday and included experts from the US Centres for Disease Control and Prevention and the World Health Organisation, was meant to allay fears of a wide-scale transmission of the disease during Haj.." [more]

Arabs Plan Anti-Piracy Joint Force [Jun 30]
"Arab states of the Gulf and Red Sea said Monday that they are planning a joint anti-piracy force, insisting defense of the crucial Red Sea waterway was the “primary responsibility” of littoral states. Saying it was necessary to prevent the spread of piracy to the Red Sea or the Gulf, 11 regional states agreed to set up an all-Arab Navy Task Force, to be led at the outset by the Saudis.. ..The delegates to the conference in the Saudi capital stressed the 'importance of the exclusion of the Red Sea from any international arrangements, especially the fight against sea piracy.' Royal Saudi Navy commander Lieutenant General Prince Fahd Bin Abdullah told journalists: 'This subject is now under negotiation and we are hoping to reach an agreement to form this force.' Joining the talks were representatives from Bahrain, Djibouti, Egypt, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Sudan, the United Arab Emirates and Yemen.." [more]

Saudi-US Trade Grows 14% [Jun 30]
"The Embassy of the United States in the Kingdom has plans to facilitate visits by several Saudi delegations to the US over the next two months so that they may have a close view of how small and medium enterprises in the US function. The announcement was made by US charge d'affaires, Richard Erdman, in a meeting with the officials of the Jeddah Chamber of Commerce and Industry (JCCI) yesterday. Erdman is accompanying a US delegation currently visiting Jeddah. “The embassy is working on entry visas got the Saudi businessmen and businesswomen in addition to expanding the training program for Saudi students in the US,” Erdman said. The signing of various trade agreements between the two countries resulted in a 14 percent growth in bilateral trade between the two countries last year.." [more]

Saudi, Conoco Relaunch Yanbu Refinery Bidding [Jun 30]
"Saudi Aramco and U.S. ConocoPhillips (COP.N) said on Tuesday they would relaunch bidding for the 400,000 barrels per day (bpd) Yanbu refinery. The two companies stopped the bidding process to build the refinery in November, due to uncertainties clouding financial markets and after a drop in input costs. Cost estimates for Yanbu doubled last year to $12 billion from $6 billion when the project was announced in 2006. The two firms were initially planning to start the refinery in 2011. 'Market improvements have provided a good opportunity to reactivate the bidding process for the Yanbu export refinery project,' said Khalid al-Buainain, senior vice president for refining and marketing at Saudi Aramco, in a joint statement.." [more]

~~~~~~~~ [ Jun 29]~~~~~~~~~

Court Won't Hear Sept. 11 Claims vs. Saudi Arabia [Jun 29]
" The Supreme Court has refused to allow victims of the Sept. 11 attacks to pursue lawsuits against Saudi Arabia and four of its princes over charitable donations that were allegedly funneled to al-Qaida. The court, in an order Monday, is leaving in place the ruling of a federal appeals court that the country and the princes are protected by sovereign immunity, which generally means that foreign countries can't be sued in American courts. The Obama administration had angered some victims and families by urging the justices to pass up the case. In their appeal, the more than 6,000 plaintiffs said the government's court brief filed in early June was an 'apparent effort to appease a sometime ally' just before President Barack Obama's visit to Saudi Arabia.." [more]

Enemies Targeted Nation’s Security [Jun 29]
"Prince Naif, second deputy premier and minister of interior, said on Saturday Saudi Arabia is one of the most secure and stable countries of the world. 'The security and stability of this country along with its religion and economy have been targeted (by its enemies),' said Prince Naif during a dinner hosted in his honor by Makkah Gov. Prince Khaled Al-Faisal at the governor’s palace in Jeddah. 'Its determined people putting their trust in Almighty Allah have fought and defeated everyone who wished evil for the Kingdom. We live now in security and safety, thanks to Almighty Allah, then to the country’s prudent political leadership and the people standing steadfast behind their leaders.'.." [more]

Saudi Royal Denounces His Brother [Jun 29]
"A member of the Saudi royal family has called for the assets of his brother to be frozen. Prince Khaled bin Talal denounced his brother's media empire in an unprecedented public attack from within the ruling family. Prince Khaled accused Prince Walid bin Talal of disseminating vice and violating the rules of Islamic Sharia in the conservative kingdom. Prince Walid is one of the richest businessmen in the world. It has long been known that there is a split within the ranks of Saud family between liberals and conservatives. But, until now, they have always managed to keep a lid on the problem.. ..Prince Khaled, told an Arabic website that his brother's plan to introduce cinema into Saudi society was the straw that broke the camel's back.." [more]

Saudis to Sue Electricity Company Over Outages [Jun 29]
"Angered by the frequent power disruptions that are inflicting huge losses and damage to their industry, a group of Saudi businessmen and industrialists plans to sue the Saudi Electricity Company (SEC). They said that the SEC has failed to fulfil its commitment to provide an uninterrupted power supply. Several Saudi cities and regions have been hit by power disruptions without notice over the past few days. This resulted in both material and moral damage and losses to a large number of people, especially those in the industrial sector.. ..Meanwhile, sources at the Saudi Electricity Regulatory Authority said they had not received complaints about power disruptions. 'We will take stern action once we receive any such complaints,' the source said. It is noteworthy that Minister of Water and Electricity Abdullah Al Hussain recently attributed power disruptions in some regions of the Kingdom mainly to engine failure at three generators. He ruled out claims for compensation, saying there were also other causes for which the ministry was not accountable.." [more]

Saudi Arabia Expresses Concern Over The Situation in Somalia [Jun 29]
"Admiral Prince Fahd bin Abdullah bin Mohammed, the Commander of the Royal Saudi Naval Forces, said Monday that the Kingdom of Saudi Arabia has been following up with a great concern the current developments of the situation in Somalia. "The Kingdom is also worried about the state of instability in the country of the Horn of Africa due to the deterioration of the security conditions leading to aggravation of the piracy phenomenon, " he said.. ..Admiral Prince Fahd bin Abdullah pointed out that the Kingdom had welcomed Djibouti’s agreement which paved the way for the election of Sheikh Shareef Ahmad as a new President of Somalia He noted that the Kingdom's humanitarian assistance to Somalia has exceeded 0 million. 'It is well-known that sea-lanes constitute the major transportation means for our exports and imports,' he said, noting that 90 percent of the exports and imports come through the sea. 'This means that any threat to navigation will have an adverse impact on our economic security and our national security in general,'.." [more]

Jeddah to Establish Middle East's Largest Dialysis Centre [Jun 29]
"The largest dialysis centre in the Middle East, equipped with 140 machines to serve 800 patients daily, will be established in Jeddah at a cost of SR60 million. An Arab News report said that the centre will be named after the late Makkah governor, Prince Abdul Majeed, and will be fully funded by the Prince Fahd bin Salman Charitable Foundation For the Care of Kidney Patients.. ..The three-story centre will be built on an area of 10,000 sq. meters at the King Fahd General Hospital in Jeddah. Its staff will include 17 consultants in nephrology, 34 resident-physicians and specialists in addition to 280 nurses.." [more]

~~~~~~~~ [ Jun 28]~~~~~~~~~

US Loosens Security Rules for Diplomats in Saudi [Jun 28]
"The United States has eased tight security controls on its diplomats in Saudi Arabia, acknowledging an improvement in security four years after Riyadh squelched an Al-Qaeda campaign of attacks. But restrictions remained tighter than in most other countries as Washington warned in a statement on Friday that 'there is an ongoing security threat due to the continued presence of terrorist groups' in the country. The announcement on the State Department's travel warnings website said diplomats at the US consulate in the eastern city of Dhahran would be able to have their families live with them. Diplomats in the capital of Riyadh would be able to have adult family members and non-school age children with them. However, diplomats attached to the consulate in Jeddah, the target of a 2004 attack that left five people dead, would still not be able to have relatives with them. While not mentioned in the statement, Washington is also allowing diplomatic staff to remain in Saudi Arabia for two years, rather than the one-year tour that had been standard for several years.." [more]

Saudi Unlikely to Cut Repo Rate in Next Quarter [Jun 28]
"Saudi Arabia is unlikely to cut its benchmark lending rate in the third quarter, a Reuters poll showed after the kingdom's central bank sought to boost lending by halving the rate it pays to commercial banks for deposits. The world's top oil exporter's economy is expected to contract 0.2 percent in 2009 at constant prices compared to 4.2 percent growth last year, according to median forecasts of 14 economists and analysts. The Saudi Arabian Monetary Authority (SAMA) on June 16 lowered to 0.25 percent its reverse repo rate, prompting some analysts to expect a follow-on cut to its benchmark repo rate, which has remained unchanged at 2 percent since Jan. 19. Only four of those polled said they expected the Gulf Arab state to cut its repo rate before the end of this year, while another four saw a cut coming either in 2010 or 2011.." [more]

Saudi Arabia Has Too Many Clerics: University Head [Jun 28]
"The Saudi job market does not need more graduates in Islamic studies, the head of one of Saudi Arabia's newest universities said in remarks published on Sunday. The comments by Mohammed Ali al-Hazaa, who directs Jazan University in the south, could irritate many in the influential religious establishment which has held back reforms aimed at creating a modern state and combating Islamic militancy. Founded in 2006 by King Abdullah, Jazan University does not have a faculty for religious studies, unlike other universities in the conservative kingdom, the world's biggest oil exporter. 'There is no need in the job market for graduates in Sharia (Islamic law) and the foundations of religion. We don't want to increase unemployment and the market is saturated,'.." [more]

Saudi Arabia to Form Scientific Panel in Fighting Swine Flu [Jun 28]
"UAE Minister of Health Dr. Abdullah Al Rabeeah has directed to constitute a scientific committee to work out conditions and modalities for medical check up and treatment of those affected by swine flu at all the entry points to the Kingdom. The committee, which would comprise of international experts and consultants, would come out with proposals to put them in place before the ensuing peak season of Umrah and Haj.. ..As many as 20 experts from the US Centers for Disease Control and Prevention and World Health Organisation (WHO) are gathered in Jeddah to assess Saudi Arabia’s precautionary steps as well as to offer recommendations and modifications if necessary. The workshop was aimed at studying methods of creating awareness, providing treatment and ways of preventing the disease.." [more]

Foreign Assets Dip SR16 Billion in May: SAMA [Jun 28]
"Saudi Arabia’s foreign assets continued to decline for the sixth straight month in May, but at a slower pace, after almost a decade of steady growth driven by rising oil prices, official data released Saturday show. Foreign assets controlled by the Saudi Arabian Monetary Agency (SAMA), the Kingdom’s central bank, declined 1.07% to SR1.483 trillion ($395.47 billion) in May, compared to a month earlier. The Kingdom has shed $47.7 billion in foreign assets since November 2008, according to a report posted on SAMA’s website. SAMA governor Muhammed Al-Jasser said last month the Kingdom was not selling foreign assets. He said Saudi Arabia was using its accumulated foreign assets to stave off an economic decline. 'Oil prices are going down, revenue from oil is going down, but our spending continues to be very robust. That’s what we accumulate foreign reserves for,'.." [more]

Kingdom, Canada Boost Trade Ties [Jun 28]
" In another boost to Saudi-Canadian trade relations, three multimillion-dollar trade agreements between three Canadian and Saudi companies were signed here on Saturday in the presence of the visiting Canadian Minister of International Trade and Minister for the Asia-Pacific Gateway Stockwell Day and Saudi Minister of Commerce and Industry Abdullah Ahmed Zainal Alireza.. ..The Canadian minister said 'Canada is building on these successes and creating more opportunities for Canadians and Saudis alike to prosper and thrive during this global economic downturn.' He underscored that his visit serves to strengthen 'our relationship with Saudi Arabia and to promote Canadian companies as world-class suppliers of quality goods and services. Canadian companies can benefit from a stronger commercial relationship between our countries. This is particularly true in sectors such as aerospace and defense, infrastructure projects, oil production, mining, health, education and agriculture.'.." [more]

Korean Naval Ships Here on Goodwill Mission [Jun 28]
"The Republic of Korea Navy Cruise Training Task Group arrived here Saturday at the Jeddah Islamic Port. The goodwill visit is part of a nine-country tour of the group for the same purpose. Addressing a press conference on board the ship, the captain of the group, Commander Rear Admiral Kim Dong-kyun said the arrival of the group has nothing to do with the recent piracy problem close to the coast of Somalia. 'This visit is for training purposes despite the readiness of these ships for other tasks,' Kim said. Saudi Arabia and Korea, he said, share mutual interests and added that his country was keen to show respect and loyalty to Saudi Arabia through such cooperation. 'We are indebted to Saudi Arabia for supporting South Korea when it was financially weak in the 70s. With such cooperation we are paying back to this great country in a loyal way,'.." [more]

SECO Sukuk Orders Exceed $1.87 Billion [Jun 28]
" Saudi Electricity Co., the state- controlled power producer, received more than 7 billion riyals ($1.87 billion) in orders for this year’s largest Islamic bond sale, a banker familiar with the transaction said. The five-year Islamic bonds, known as sukuk, may be priced to yield 160 basis points over the Saudi interbank rate, said the banker, who declined to be identified before the sale is completed. The utility paid 45 basis points over the Saudi benchmark in 2007 when it raised 5 billion riyals in its first sukuk sale, Bloomberg data show. A basis point is 0.01 percentage point. Companies in the Arab world’s largest economy are seeking other ways to finance projects as the global crisis prompts banks to tighten lending. Saudi Arabia, which has the largest bourse by market value in the Middle East, started an electronic market for bond trading this month as part of its efforts to broaden sources of financing. The utility may seek the Capital Market Authority’s permission to increase the size of the bond, the banker said, adding that the settlement date for the issue is July 6.." [more]

Jun 21-Jun 27, 2009

~~~~~~~~ [ Jun 27]~~~~~~~~~

Saudi-Egyptian Summit to Discuss Mideast Peace [Jun 27]
"King Abdullah and Egyptian President Hosni Mubarak are to hold a summit meeting in Jeddah Sunday to discuss issues including the Arab response to Benjamin Netanyahu’s recent speech, the Palestinian reconciliation process and strengthening Saudi-Egyptian strategic relations. Sources said the summit meeting would provide the opportunity for the two leaders to exchange views on proposals from the Obama administration regarding regional issues and on strengthening joint Arab work.." [more]

Banks Lead Saudi Index to Lower Close [Jun 27]
"Banking stocks lead the Saudi bourse's all-share index to a lower close mainly due to concerns over their exposure to troubled family-owned businesses and after the announcement of poor credit data for May. The all-share TASI index ended 0.14 percent lower at 5,601 points. Samba Financial Group, the second-largest listed lender, led losers after it closes 4.06 percent lower at 42.5 riyals ($11.33), its lowest level in almost three months.. ..'Banks are pressing negatively on the market. There are no disclosures about their exposure on loans granted to businessmen such as Maan Al Sanea and Algosaibi Group,'.." [more]

Saudi Arabia Hopes to Go for Gold [Jun 27]
"..Al Amar, 200km southwest of Riyadh, is one of five gold mines operated by Ma'aden, the Saudi mining company. Ma'aden produced 127,744 ounces of gold worth 420 million riyals ($112 million) last year, and is responsible for the bulk of Saudi Arabia's production which last year reached 5.7 tonnes. But, despite gold discoveries which added another 1.3 million ounces to reserves previously estimated at 8.2 million ounces, production dropped 14 per cent last year, from a peak of eight tonnes in 2003. 'The challenge we face is infrastructure and water in particular,'.. ..By developing the kingdom's mineral reserves, the government aims to create careers for young Saudis and reduce an unemployment rate officially put at nine percent. Moreover, mining provides jobs in remote areas where unemployment is often highest. The kingdom also hopes to develop a competitive edge in gold and other industries that benefit from cheap fuel and relative political stability.." [more]

Kingdom, Yemen Consider Border Economic City [Jun 27]
"Yemen and Saudi Arabia are considering the establishment of an economic city at the Al-Wade’a crossing on the border between them. The announcement was made during the recent meeting of the Yemeni-Saudi Businessmen Council. Earlier, Saudi Crown Prince Sultan Bin Abdul Aziz gave an order to conduct a feasibility study for the project. The idea first came to light in 2006 at a meeting of the Yemeni-Saudi Coordination Council. The leaders of the two countries welcomed it, with each ordering the relevant authorities in each country to start practical steps including identifying the project site and providing infrastructure and other requirements to bring the project into the light.." [more]

Women’s Transport: Solutions Needed [Jun 27]
"In Saudi Arabia, the only country in the world where women are not allowed to drive, transportation is definitely an issue. Women are usually driven around by family members and personal drivers, or are forced to use some other type of private transportation. While the private transport is a booming business, the higher the demand the more expensive the supply becomes. Providing alternative solutions is the only exit. Some companies provide cars and drivers to ferry their women employees for work purposes, but not all companies have the budget to do that. Workingwomen, meanwhile, find it difficult getting to work and are often charged thousands of riyals a month in transportation.." [more]

~~~~~~~~ [ Jun 26]~~~~~~~~~

Means of Enhancing Yemeni- Saudi Trade Cooperation Discussed [Jun 26]
"Yemen and kingdom of Saudi Arabia have held talks over means of boosting trade cooperation between the two neighboring countries. Upon his arrival from Saudi Arabia, the Minister of Trade and Industry Yahya al-Mutawakel told Saba that the talks with the Saudi officials of trade ministry over commercial ties between the two countries. Al-Mutawakel said that his visit to Saudi Arabia came in reply to an invitation of his Saudi counterpart to follow up outcomes of Yemeni-Saudi trade technical team's meeting which was held recently in Sana'a. He said that the talks affirmed of setting up Yemeni-Saudi Businessmen council, highlighting support of the kingdom for joining Yemen to the corporations of Gulf Cooperation Council (GCC).." [more]

War on Drugs to Continue [Jun 26]
" Col. Abdullah Al-Qahtani, acting director of the Drug Combating Department in Jeddah, said yesterday Saudi Arabia will continue its campaign against drug smugglers and traffickers. 'Saudi Arabia is a permanent partner of humanity in combating this poison,' Al-Qahtani said in a statement on the occasion of World Anti-Drugs Day today. 'We’ll use all means to prevent illicit trade of drugs.' Al-Qahtani said the Kingdom shares the feelings of the international community on the need to combat drugs. Saudi Arabia is one of the first signatories to the 1987 United Nations agreement to fight illicit drugs. 'Drugs not only affect the individuals who abuse them but also the community in which they live,' he said.. ..Saudi Arabia applies capital punishment on drug traffickers on the basis of a ruling by the Council of Senior Islamic Scholars in 1986. The scholars defined drug trafficking as a socially corrupting offense for which capital punishment may be applied in accordance with Shariah.." [more]

New Law Gives Greater Role to Businesswomen [Jun 26]
"The new law for the Council of Saudi Chambers of Commerce and Industry (CSCCI) gives greater powers to businesswomen, Fahd Al-Sultan, secretary-general of the council, said yesterday. 'The new law, which replaces the existing 50-year-old law, will be passed within a few days,' he said. Speaking to Arab News after attending a seminar on 'Developing a new concept and culture of chamber elections' at the JCCI, Al-Sultan said the new law was designed to provide the council with necessary flexibility. 'The law has already been studied by the committee of experts at the Council of Ministers and has been passed to the minister of commerce and industry for his endorsement before presenting to the Cabinet for final approval,' he said. Al-Sultan said the new law gives businesswomen a greater role in the council as well as in the development of the country. 'Even if only women are elected to the CSCCI board, there is nothing in the law to prevent it,' he pointed out.." [more]

New Tender for $9bn Ras Azzour Water Project on the Cards [Jun 26]
"Saudi authorities are expected to call for new tenders from specialized companies to establish the proposed $9 billion Independent Water and Power Production (IWPP) project in Ras Azzour, Saudi and foreign investors have said. Saudi Arabia required new investments worth more than $50 billion for desalination projects during the next 10 years, Asharq Al-Awsat Arabic daily said quoting informed market sources. Tarik Al-Tamimi, chairman of Tamimi Group, described investments in the Kingdom’s water sector as the most feasible as the Kingdom depends mainly on desalinated water for the consumption of its growing population and meet industrial requirements. Saudi Arabia is the world’s largest producer of desalinated water. It consumes nearly 2.5 billion cubic meters of water annually and about half of which (1.1 billion cubic meters) comes from its desalination plants on the Red Sea and Arabian Gulf.." [more]

OPEC Helps Savvy Oil Traders Sell Millions of Barrels [Jun 26]
"Oil traders are relying on an unwitting ally, OPEC, to help them quietly exit what experts say is one of their most lucrative gambits ever -- storing vast oil supplies at sea to sell later for profit. Trading firms like Koch KCHIN.UL and Vitol have sold millions of barrels from supertankers into the United States over the past month to cash in after crude prices doubled since winter, tanker brokers told Reuters. The oil sold ashore has gone almost unnoticed, offset by output cuts by the Organization of the Petroleum Exporting Countries that allowed traders to unload tankers without causing a tsunami of U.S. oil imports that would crash prices. U.S. imports, including sales from the tankers, rose 3 percent to 9.3 million barrels a day last week, still below an average 9.4 million bpd this year. OPEC and crude traders are often at odds, with OPEC blaming speculators for wild oil price swings. But the tidy sell-off of seaborne crude shows how their interests can also align, and how each side anticipates the other's moves.." [more]

~~~~~~~~ [ Jun 25]~~~~~~~~~

SelTtrac Awarded Saudi Makkah Metro Project [Jun 25]
"Thales’s world-leading SelTrac Communications-Based Train Control (CBTC) system solution has been awarded a contract worth €103 million by China Railway Construction Corp. (CRCC), for the Makkah Metro project. Thales will supply, integrate and deploy its proven driverless train control and telecommunication systems for the Al Mashaaer Al Muqaddassah Metro project, the first for the Makkah region, Saudi Arabia, said the company. The metro line will operate with Automatic Train Protection in time for the Hajj (pilgrimage) of November 2010. By mid 2011, in preparation for Ramadan, the line will operate driverless with an attendant on board. The metro will service three main areas each with three substations. The new trains will have the capacity to move 72,000 passengers per hour per direction.." [more]

Iraq PM Slams Cleric's Death Calls [Jun 25]
"Iraqi Prime Minister Nuri al-Maliki on Thursday criticised Arab and Muslim countries for their silence on calls by a senior Saudi cleric for Shiite scholars to be killed. The Iraqi leader made the remarks a day after a massive bomb in the predominantly Shiite neighbourhood of Sadr City in northeastern Baghdad killed 62 people and wounded 150. 'We have observed that many governments have been suspiciously silent on the fatwa provoking the killing' of Shiites.. ..He was referring to comments made by Mecca Mufti Sheikh Adil al-Kalbani last month to the BBC that 'Shiite clerics are infidels.'  'The Shiites have no right to be represented in the (Saudi) senior scholarly committee,' Kalbani said. 'The Shiite public, it's a matter of discussion (as to whether they are infidels). Shiite clerics are definitely infidels, without question.' According to Islam, it is permitted to kill infidels.."  [more]

World's Tallest Skyscraper to be Built in Saudi Arabia [Jun 25]
"Saudi business mogul Prince al-Waleed bin Talal's Kingdom Holding company announced last week that it had signed an agreement for the construction of the world's highest skyscraper. According to the company's statement, the skyscraper will be 1,000 meters (3,280 feet) high and will be built in the city of Jeddah off the Red Sea. Dubai's Emaar Properties real estate company will be in charge of developing the project. The project, named Kingdom Tower, will spread over 23 million square meters and will include commerce, housing and office areas. It will be built not far from Jeddah's international airport. The total cost of the project is estimated at some $27 billion, and the tallest tower in the world will be built in its center. The tallest tower in the world today is Burj Dubai, which is 800 meters (2,625 feet) hight and is still being built by Emaar.." [more]

All Visa Seekers to be Photographed and Fingerprinted [Jun 25]
"Saudi Arabia will introduce fingerprinting and full-face digital photographs for visa applicants next year as part of its efforts to strengthen its security, prevent identity theft and combat terrorism. The Ministry of Foreign Affairs announced yesterday that it was calling for tenders from specialized international firms to set up a network of centers to provide biometric services to people applying for visas to the Kingdom. 'This important initiative has been taken to strengthen the Kingdom’s security and improve services to visa applicants,' said Prince Khaled bin Saud, undersecretary at the ministry. He said authorized biometric service centers would receive visa applications on behalf of Saudi embassies and missions, adding that they would provide quick, quality service at reasonable charges.." [more]

26 Saudis Selected for UK Program [Jun 25]
"Twenty-six Saudi academics, including 10 women, will leave for the United Kingdom under the annual Post-Doctoral Summer Research (PDSR) Program of the British Council. 'They will travel shortly to the United Kingdom to take part in the British Council’s 2009 PDSR program. The Saudi academics will work alongside their UK counterparts in selected areas of specialization,' said Jim Scarth, the council’s director.. ..The British Council started the PDSR in 1989, with King Fahd University for Petroleum and Minerals, to develop a research collaboration program aimed at facilitating the Saudi specialists to work alongside their UK counterparts. Since 1991 the British Council has been awarding around 20 Saudi academics annually the opportunity to take part in its PDSR program.." [more]

Aramco Shifts Focus to Gas as Oil Expansion Ends [Jun 25]
"Saudi state oil giant Aramco is shifting its exploration and production focus to gas to meet rapidly rising domestic demand as its program to expand oil capacity comes to a close. Falling global oil consumption has left the Kingdom sitting on its biggest supply cushion in years and allowed it to shift attention from oil to booming gas demand at home. 'There will be more gas developments,' a senior source at Aramco told Reuters. 'We are expanding gas activity and we are slowing down oil.' 
Saudi gas demand has risen with an economic boom financed by record crude export revenues as the oil price rallied from 2002 to 2008. Economic momentum continues, despite lower oil prices, as the Kingdom presses ahead with projects to diversify away from dependence on crude sales revenue. 'Gas is a high priority as it is used to fire power plants, to desalinate water and as a feedstock for petrochemicals,'.." [more]

~~~~~~~~ [ Jun 24]~~~~~~~~~

No Interference in Lebanon: KSA [Jun 24]
"Saudi Ambassador to Lebanon Ali Asiri has refuted a report in the US magazine Newsweek concerning the Kingdom’s funding of the elections in Lebanon. 'The Saudi leadership’s attention is always focused on the unity and stability of Lebanon and all Lebanese people across the board, and we deny these allegations,' Asiri said. He said that as a new ambassador he must maintain communications with all political powers.." [more]

Documents Show Saudi-Extremists Links [Jun 24]
"Lawyers for families of Sept. 11, 2001, victims say they have documents linking members of Saudi Arabia's royal family to al-Qaida and other extremists. That evidence, however, may not see the legal light of day because of legal and diplomatic roadblocks in the long-running effort by the families to sue the Saudi government and its leaders in the attacks on New York and Washington, The New York Times reported Wednesday.. ..Saudi lawyers countered that the ties are weak, saying Saudi Arabia is being sued because of its vast wealth and because it was home to 15 of the 19 hijackers. 'In looking at all the evidence the families brought together, I have not seen one iota of evidence that Saudi Arabia had anything to do with the Sept. 11 (2001) attacks,' Michael Kellogg, a Washington lawyer representing Prince Muhammad al-Faisal al-Saud in the lawsuit, told the Times.." [more]

Saudi Blasts Burka Comments [Jun 24]
"Journalists in ultra-conservative Saudi Arabia blasted France on Wednesday over President Nicolas Sarkozy's criticism of the burka, the head-to-toe garment favored for women by conservative Muslims. 'What about personal freedom? What about respect for people's traditions and privacy?' Mr Dawood al-Shiryan asked in Al-Hayat.. ..On Monday Mr Sarkozy called the burka a sign of women's 'subservience' that was 'not welcome' in staunchly secular France. 'We cannot accept to have in our country women who are prisoners behind netting, cut off from all social life, deprived of identity.' An editorial in Arab News said the French approach to the burka was founded in the country's secular society, while the Dutch and Danish attempts to restrict it were rooted in anti-Muslim, anti-immigrant racism. It said 'France must tread carefully.'.." [more]

Japan Refiner Eyes Solar-Power Business in Saudi [Jun 24]
"A Japanese oil refiner said that it was considering operating solar-power plants in Saudi Arabia, the world's top oil exporter, in cooperation with state-owned energy giant Saudi Aramco. Showa Shell Sekiyu said it had agreed with Saudi Aramco, the world's biggest state-owned oil company, to 'explore the possibility of engaging in a small-scale electricity generation business using solar power'. After initial studies, small pilot plants will be built by 2010 to test technologies, the Tokyo-based company said. The firms will set up a joint venture to expand the business, possibly beyond the Middle East, if the plants prove commercially viable, it said. Saudi Arabia has the world's largest proved reserves of crude oil but has also been looking to invest in solar power. Japan, which has virtually no natural energy resources of its own, aims to take the lead in environmentally friendly energy.." [more]

King to Patronize Forum For Trainers of Culture of Dialogue [Jun 24]
"King Abdullah, Custodian of the Two Holy Mosques, is scheduled to patronize on Saturday a three-day forum for authorized trainers to spread the culture of dialogue. The forum is being organized by the King Abdul Aziz Center for National Dialogue at King Faisal Conference Hall in Riyadh.. ..the forum comes within the continuing efforts for training a large number of male and female trainees who would lead the initiative to acquaint people with dialogue and the values of moderation and tolerance in all parts of the Kingdom. He said these efforts would continue until the culture of dialogue is instilled in the Saudi society. He said over 150,000 male and female citizens have benefited from the training projects and dialogue programs.." [more]

BNP, Citi Exposed to $6.3 Billion Saudi Debt Workout [Jun 24]
" BNP Paribas SA and Citigroup Inc. provided about $500 million each in syndicated loans to companies owned by Saudi billionaire Maan al-Sanea and the Algosaibi family, making them the most at risk to the country’s largest debt restructuring.  The banks top a list of 37 creditors that provided $5.6 billion to units of Saad Group, the construction and finance company whose owner al-Sanea has had accounts frozen, according to a document provided by one lender that shows the breakdown for the first time. The creditors lent another $700 million to Ahmad Hamad Algosaibi & Brothers Co. Banks that provided at least $64 billion to Saudi borrowers in the past five years as record oil prices spurred economic growth for the world’s biggest crude exporter now risk losses because the country’s first recession in a decade is threatening the wealth of some of the most powerful families.." [more]

$3.7bn Deals Done at Cityscape Saudi Arabia [Jun 24]
"More than SAR14 billion ($3.7bn) worth of deals were done at Cityscape Saudi Arabia, organisers revealed on Wednesday. And Shuaa Capital Saudi Arabia officials announced that it was in the process of organising finance for hospitality projects worth a further SR2bn, as a direct result of the real estate show. One hundred companies took part in the exhibition earlier this month which attracted in excess of 8,500 visitors.. ..'Irrespective of the total size of the onsite orders, what it clearly demonstrates is that the Saudi real estate market is very much alive and well,'.." [more]

Oz Visa for Saudis in Two Days [Jun 24]
"The Australian government has announced it has reduced the processing time for Australian visas with an aim to ensure that a Saudi applicant gets his or her visit visa within two days. Previously, an Australian visa application submitted by a Saudi national or a resident could take weeks to process. 'This is a good development that the Australian visa turn-around time has been reduced,' said Roy Clogstoun, deputy chief of mission at the Australian Embassy. 'The announcement to reduce the processing time is a welcome move,' said Arif Rahman, who works for a travel and tourism organization. This will also boost business traffic and passenger loads on flights to Australian destinations, he added. There are increasing people-to-people contacts between Australia and Saudi Arabia.." [more]

~~~~~~~~ [ Jun 23]~~~~~~~~~

Saudi Aramco Awards Japan's JGC Petchem Deal [Jun 23]
"The Saudi Arabian Oil Company and Sumitomo Chemical Co. Ltd. said Tuesday they had selected Japan's JGC Corporation to conduct a feasibility study for the expansion of the giant Petro Rabigh refining and petrochemical complex in the oil-rich kingdom. The study would be completed by the third quarter of 2010 and, if proven viable, a decision would be made on the implementation of the expansion of the Rabigh project, Saudi Aramco said in a statement. Aramco, Saudi Arabia's state-owned oil giant, and Sumitomo, one of Japan's biggest chemical companies, signed a memorandum of understanding in April to conduct the feasibility study for the second phase. The two companies had joined forces in 2005 to upgrade an exiting 400,000 barrel per day refinery with the addition of a petrochemical complex. The export-oriented project is another part of OPEC powerhouse Saudi Arabia's push to build new production and refining capacity, as well as greater integration of its existing ventures.." [more]

Morgan Stanley Launches Equity Trading in Saudi Arabia [Jun 23]
"Morgan Stanley Saudi Arabia (MSSA) has launched equity trading in Saudi Arabia on the KSA stock exchange, Tadawul.  The move will allow the bank and its customers to engage in cash equities trading and will allow Saudi, as well as GCC, investors to benefit from Morgan Stanley’s global expertise. The launch of equity trading in Saudi Arabia comes after the bank embarked upon economic and equity strategy research coverage in the country. MSSA chairman Dr. Fahad Almubarak has stated that Saudi Arabia is a key market for Morgan Stanley, and that with the recent launch of equity strategy research and equity trading the bank is in a critical stage of developing its presence in the country.." [more]

Germany, Saudi Arabia Muscle Into Top 500 Supercomputer List [Jun 23]
"Computers in Germany and Saudi Arabia are now among the fastest in the world, but the bi-annual Top500 list of the world's most powerful supercomputers is still topped by the Roadrunner system at the U.S. Department of Energy's Los Alamos National Laboratory.. ..A third notable newcomer to the Top500 list is the Shaheen, which can handle 185.17 teraflops and is installed at the King Abdullah University of Science and Technology in Saudi Arabia. It is also an IBM system.." [more]

Saudi Stocks Decline to 7-Week Low [Jun 23]
"Saudi Arabia’s index slumped to its lowest finish for seven weeks as most Gulf Arab markets fell on weakening oil prices and worries over banks’ exposure to two troubled Saudi conglomerates. The market saw a downward pressure with very weak liquidity yesterday. Only 6 sectors made gains, with the Media and Publishing sector leading with 1.40 percent gain. On the losses front, 9 sectors posted losses ranging from 0.11 percent for Multi-Investment to 1.55 percent for Agriculture & Food Industries. Market breadth was negative, with 45 advancers and 74 decliners registering an AD ratio of 0.60, the Jeddah-based Financial Transaction House (FTH) said. The Tadawul All-Share Index (TASI) closed 0.58 percent down at 5,708.67 yesterday.." [more]

GCC Signs Free Trade Accord With EFTA [Jun 23]
"The six-nation Gulf Cooperation Council (GCC) and four European states, which are members of the European Free Trade Association (EFTA), signed a free trade agreement (FTA) in Norway yesterday. On behalf of the GCC, Abdul Rahman Al-Attiyah, GCC secretary general, signed the FTA, while the ministers of trade and economy from Switzerland, Norway, Iceland and Liechtenstein signed the accord on behalf of EFTA. The EFTA is composed of the four European countries that have not join the EU. It is an intergovernmental organization set up for the promotion of free trade and economic integration for the benefit of its member states.." [more]

Kingdom’s Private Pharmaceutical Sector Valued at SR11b [Jun 23]
"Amid a growing demand for healthcare services in Saudi Arabia, Banaja Holdings, formerly Saudi Import Company, unveiled on Sunday its new corporate identity and group management restructuring. The new name and management structure for Saudi Import Company will fuel greater efficiencies and further growth.. ..With steady 15 percent year on year growth over the last five years, the organization’s restructuring will further develop and mature pharmaceutical market.  The Kingdom’s pharmaceutical sector is valued at SR11 billion ($2.9 billion), of which 11 percent is held by Banaja Holdings.."  [more]

What the Arab World Is--and Isn't--Saying About the Protests in Iran [Jun 23]
"As Western media outlets obsessively cover the protests in Iran, the Arab press has been approaching the events with mixed emotions. Since much of the media in the Middle East is state-controlled, press coverage provides an interesting window into the complex relationship between Iran and the Arab world. Egypt and Saudi Arabia have been leading Arab opposition to Iran's nuclear program. These countries, worried about Iran's quest for regional domination, would be expected to highlight the recent tumult in their state organs. But the media in both countries have been eerily quiet on the issue.. ..The lackluster coverage belies the fact that Egypt and Saudi Arabia, as much as they fear Iran's regional designs, are probably just as afraid of their uncomfortable internal similarities.." [more]

King Abdullah's Pledge [Jun 23]
"The word "pledge" is most often used for political and propaganda purposes as a means of publicizing something or promoting strategic goals for political regimes that lack credibility with the public. However this is not a correct definition of the word, and it is possible for the word "pledge" to be used accurately [such as in the case of King Abdullah].. ..In only a short period of time, King Abdullah has managed to make many political, economic, intellectual, and social achievements in areas that had previously been stagnating. The King has opened files that were previously impossible to discuss, or even think about.." [more]

~~~~~~~~ [ Jun 22]~~~~~~~~~

Iran overtakes Saudi as China's No.1 Crude Supplier [Jun 22]
" Iran overtook Saudi Arabia in May as China's top crude supplier, Chinese customs data showed on Monday, but traders said it was partly due to a supply cut from the Saudis. Beijing-based trading officials cautioned against reading too much into one month's figures, which they said may have been skewed due to technical problems such as port congestion that pushed back or forth imported cargoes for customs clearance. Iran, the world's fifth-largest crude exporter, shipped into China 3.088 million tonnes of crude, or 727,000 barrels per day last month, a rise of 88 percent from a year ago. Exports from the world's top exporter, Saudi Arabia, however, slipped 15.5 percent on year to 2.76 million tonnes, or 650,000 bpd, official data from the General Administration of Customs showed. 'Saudis can't supply the amount of heavy grades Chinese refineries asked for, as most of the OPEC-agreed cuts are on these heavy grades,' said one trader close to state-run Saudi Aramco.." [more]

Saudi King Receives Russian Presidential Envoy [Jun 22]
"Saudi King Abdullah received a Russian presidential adviser and an official from the country's arms export company in Riyadh Sunday, the Interfax agency reported, citing the Kremlin press service. Sergei Prikhodko transmitted a personal message from President Dmitry Medvedev, said the Kremlin. With him was Alexander Saltanov, Medvedev's special envoy to the Middle East; and Anatoly Isaykin, head of Rosoboronexport, Russia's arms export service. After a period of tension between the two countries, relations improved in July 2008 with the signing of a military cooperation treaty. According to the Russian daily Kommersant, Saudi Arabia is mainly interested in buying Russian tanks and helicopters.."  [more]

40% Surge in Saudi Applications to UK Universities [Jun 22]
"A 40 percent surge in the number of Saudi applications to British universities and new rules for UK study permits is delaying the visa application process for Saudi students, prompting fears that some may not be able to begin their studies on time.  The British embassy in Riyadh has hired extra staff to deal with the number of visa applications from Saudi students, which has risen by 40 percent from the same period last year, the Al Arabiya Arabic website reported.. .. As of March this year, visas will only be granted to students who “show a proven track record in education” and are applying for a course that meets a minimum level of qualification. They must also be able to demonstrate they can support themselves financially.."  [more]

KSU, Missouri University Signs Partnership Accord [Jun 22]
"King Saud University (KSU) has recently signed an educational partnership agreement with US Missouri University for Science and Technology. The agreement was signed by Deputy Rector of King Saud University Dr. Abdulaziz Al-Ruwais and Deputy Rector of Missouri University Dr. Benjamin Do. King Saud University’s Deputy Rector for Knowledge Exchange and Technology Transfer Dr. Ali Bin Saeed Al-Ghamdi said that this agreement will open the door to opportunities for exchange of knowledge and technology transfer between the two universities, pointing to the start with Missouri University of a specialization of M.Sc. Joint Program of Engineering Management which is the first of its kind in the Middle East.." [more]

Saudi Electricity Gets $1.09B Loan for GE Turbines [Jun 22]
"The Saudi Electricity Company said Monday it had secured a 4.1 billion riyal ($1.09 billion) loan from the U.S. Export-Import Bank and Canada's Export Development Credit to finance the purchase of power generation units. The 12-year loan is to fund the purchase of 23 turbines made by U.S. giant General Electric ( GE - news - people ), the official Saudi Press Agency reported. The units will help boost power generation capacity in Riyadh, the Saudi capital, as well as in some areas in the eastern part of the country by about 2,900 megawatts, the company said in a statement posted on the Saudi exchange's Web site. Saudi Arabia has been working to boost power generation capacity to meet increased demands linked to a series of new mega-projects in the kingdom, as well as a growing population.." [more]

~~~~~~~~ [ Jun 21]~~~~~~~~~

Hotel Sector Gets Major Boost as Religious Tourism in Saudi Grows [Jun 21]
"The Elaf Group of Companies, a business organisation serving the Saudi Arabian travel, tourism and hotel industries, has announced that it has recently launched a major expansion initiative in the Saudi hotel sector, driven by a significant surge in religious tourism, which according to recent reports has achieved a remarkable 30 per cent growth in the first quarter of 2009. Elaf has particularly prepared for the new Umrah season that started in February 2009, noting a considerable growth trend as around 3.5 million pilgrims are expected to visit the Kingdom in the current Umrah season. Religious tourism in Saudi generates around USD 7 billion annually according to recent reports.." [more]

Saudi-Palestinian Summit Today [Jun 21]
" King Abdullah, Custodian of the Two Holy Mosques, and Palestinian President Mahmoud Abbas are scheduled to hold a summit in Jeddah on Sunday to discuss Arab moves in the light of the recent speech made by the Israeli premier Benjamin Netanyahu, as well as the faltering peace process and the latest developments concerning Palestinian land and Palestinian dialogue. Palestinian sources say that President Abbas will hear the King’s vision for a lasting, just and comprehensive solution to the Palestinian issue and the establishment of an independent Palestinian state with Jerusalem as its capital. The two leaders will also discuss ways of pushing forward the Arab peace initiative.." [more]

Saudi Oil Production at 12-Month Low [Jun 21]
"Saudi Arabia’s oil production fell by 320,000 barrels in April to its lowest level this year, according to the latest official figures from the kingdom. A recent update to the international database maintained by the Joint Oil Data Initiative (JODI), which uses figures submitted by its member countries, showed Saudi crude output at 8.038 million barrels per day (bpd) in April, down from 8.358 million bpd in March. The JODI data series shows that the world’s biggest oil exporter has sharply reduced crude production, by 1.5 million bpd or nearly 16 per cent since last August, as it has led OPEC in a series of cuts aimed at stabilising prices.." [more]

Saudi Hospitals on Full Alert Over Swine Flu [Jun 21]
"Emergency departments at government hospitals in Saudi Arabia are on full alert to deal with swine flu cases as the number of people diagnosed with the virus rises to 34.. ..Meanwhile, the Kingdom and the World Health Organisation (WHO) are working together to finalise a plan to deal with a possible swine flu outbreak among Makkah pilgrims. Fears are heightened, reported Gulf News, because nearly 16,000 Muslims from the United States, where the virus has been most severe affecting 17,000 people and killing 44, perform the Hajj each year. The Saudi health authorities are reported to be stockpiling medicines to deal with any outbreak.." [more]

Conjoined Moroccan Twins Successfully Separated in Riyadh [Jun 21]
"Conjoined twins from Morocco were successfully separated on Saturday at King Abdul Aziz Medical City of Riyadh. The operation, headed by the Minister of Health Dr Abdullah Al Rabee’ah, took more than 11 hours to complete and makes it the 22nd successful separation by Saudi medical teams in 19 years. 'The seven-phase surgical process did not encounter any major difficulties and all the organs of the separated girls were functioning well,'.. ..The King Abdul Aziz Medical City of Riyadh has successfully separated conjoined twins of various nationalities brought to the Kingdom from all over the world. The average cost for each surgical separation is estimated at Saudi Riyal 3 million.." [more]

Jeddah to Host Saudi Arabia’s First International Boat Show [Jun 21]
"Jeddah is hosting the first ever Saudi International Boat Show to be held from Oct. 14-17, 2009 at the Al Furusya Marine and Yacht Club located in the grounds of the new Park Hyatt. The impressive Al Furusya Marine & Yacht Club is located in the Al Hamra district in the heart of Jeddah, minutes away from Jeddah Port and commanding spectacular views across the Red Sea and King Fahd’s fountain. Organized by Dubai World Trade Centre and endorsed by the Saudi Commission for Tourism and Antiquities, the inaugural event will showcase the world’s leading names participating in the Kingdom’s largest display of boats, the latest marine and diving equipment, tourism, supplies and services.." [more]

VP in Arrives in Saudi Arabia [Jun 21]
"Vice President Abdu Rabo Mansour Hadi arrived on Sunday in King Abdul Aziz Airport in Jeddah city of Kingdom of Saudi Arabia. Saudi Arabia is the second leg, after Oman, of Gulf tour including Gulf Cooperation Council's states, during which Hadi conveys letters from President Ali Abdullah Saleh to the leaders of GCC states. The letters deal with bilateral relations between Yemen and GCC's states in addition to the current developments at the territorial, Arab and international levels.." [more]

Saudi Arabia's Debt Declines to 13.5% in 2008 [Jun 21]
"A sharp rise in oil revenue boosted Saudi Arabia's budget surplus to a record high level in 2008 and depressed its public debt to only 13.5 per cent at the end of the year, the Gulf Kingdom's Economy and Planning Minister said yesterday. The increase in the country's oil exports to their highest ever level also sharply expanded the nominal gross domestic product and catapulted the country into the list of the world's largest 19 economies, said Khaled Al Qusaibi. 'On this occasion, we should mention the great achievements made by the Kingdom in the economy and other fields,' he said in local press comments to mark the anniversary of the accession to throne by the Custodian of the two Holy Mosques King Abdullah bin Abdulaziz of Saudi Arabia.." [more]

Jun 14-Jun 20, 2009

~~~~~~~~ [ Jun 20]~~~~~~~~~

Saudi May Inflation Speeds Up for First Time in 2009 [Jun 20]
" Inflation in Saudi Arabia, the Arab world’s largest economy, sped up for the first time this year on higher global oil prices and housing shortages in the kingdom. The inflation rate rose to 5.5 percent in May from a 19- month low of 5.2 percent a month earlier, the country’s statistics office said on its Web site today. The decline in Saudi inflation may be slowing with oil prices climbing 56 percent this year, and the dollar, to which Saudi Arabia’s riyal is pegged, weakening against other major currencies. The world’s largest oil supplier also has a shortage of about 2 million homes as the population is set to rise, CB Richard Ellis Group Inc. said earlier this month. 'We are seeing a leveling off of inflation on the way down,' John Sfakianakis, chief economist at the Saudi British Bank, said by phone from Riyadh today. 'The decline in global commodity prices has ended. We are also seeing a continuation of pressure on rental and food prices.'.." [more]

Saudi Health Ministry's Plan to Combat Swine Flu in Offing [Jun 20]
"As part of the ongoing urgent measures to combat swine flu, Saudi Arabia's Ministry of Health is set to present a comprehensive precautionary plan to the Royal Court for final approval. The ministry has also constituted an extensive scientific committee to take up urgent steps within the coming fortnight. This was disclosed by Dr. Khaled Al Zahrani, assistant undersecretary for preventive medicine at the ministry. Speaking to Gulf News, Dr. Khaled said that the minister of health had issued directive to constitute a committee to explore ways to prevent a possible outbreak of swine flu among millions of Haj and Umrah pilgrims this year as four new cases were detected in the holy cities of Makkah and Madinah this week.." [more]

Saudi Editor Sacked After Writer Angers Interior Minister [Jun 20]
"The editor of leading Saudi newspaper Al-Watan has been fired after a columnist angered the interior minister in an exchange over the country's religious police, journalists said on Saturday. Jamal Khashoggi, one of the country's most prominent journalists, was sacked from his position late Friday, Al-Watan writer Khalid al-Ghannami confirmed. The firing came after a columnist for the newspaper upset powerful Interior Minister Prince Nayef bin Abdul Aziz on Tuesday by questioning the power of the country's religious police, the Committee for the Promotion of Virtue and Prevention of Vice. It was the second time that Khashoggi has been fired from the job. In 2003 he was forced out for a lengthy period after the paper ran an article critical of an ancient cleric important to Wahhabism, the ultra-conservative school of Islam dominant in Saudi Arabia.." [more]

Saudis See Hope in Fannie Mae Model [Jun 20]
"The announcement that Saudi Arabia is planning to set up a Fannie Mae-style company, operating like the Federal National Mortgage Association in the US, to buy mortgages from financial institutions, has set the kingdom buzzing with the belief that at last the Saudi property sector will take off. Given the considerable potential of the Saudi housing market, this should also be attractive news to Gulf investors seeking to diversify into property in Saudi Arabia. The proposed company will in effect become the primary purchaser of eligible home loans from institutional issuers. It will have the mandate to securitise these loans into mortgage-backed securities, sell them to investors through Islamic sukuks and create a liquid secondary market.." [more]

Oil Eases Investors Past Saudi’s Regulatory Risks [Jun 20]
"The Kingdom’s muddy investment rules are failing to deter foreign inflows, as Saudi’s oil-cushioned economy and state spending offers traders a safe haven from the global turmoil. Foreign investors are set to stay bullish on Saudi Arabia despite the opaque nature of the Kingdom’s markets, as opportunities from a buoyant crude price and infrastructure spending outweigh regulatory risk. But analysts say the case of unlisted Saad Group, which credit agencies stopped covering due to a lack of information, underline the need for stricter regulation and transparency from the world’s largest oil exporter.. ..Saudi Arabia, which controls more than a fifth of global crude reserves, has pledged to spend $400bn to improve its infrastructure and diversify its economy, hit by global chaos to a much lesser extent than other Gulf states.." [more]

Gulf Dinar To Replace Four Local Currencies [Jun 20]
"Four Gulf oil producers planning monetary union are expected to name a new common currency the Gulf dinar, a Saudi academic said on Thursday. And the new currency will run in tandem with national coins and notes now in circulation to ease the transition, he said. Wadei Ahmed Kably, economics professor at the King Abdul Aziz University in Jeddah, said he expected the Gulf dinar to be issued by the Gulf Central Bank and set at SR10, nearly $2.66. 'Based on the European Union experience, I expect the new currency to be circulated along with the existing national currencies in the Gulf Cooperation Council,' he told the Saudi Arabic language daily Al Watan. 'Both currencies will remain in circulation by banks and individuals for one or two years so the public get used to the new currency. National currencies could then be gradually withdrawn within five years so the public will not feel any difference,'.." [more]

SR2 Billion Saudi-British Company Approved [Jun 20]
"The Saudi British Business Council (SBBC) approved Friday the establishment of the Saudi British Investment Company, an idea first formulated at the second Saudi British Conference in 2006 in Riyadh, with capital of SR2 billion. Khaled Al-Saif, Chairman of the SBBC, said the company would be up and running in the last quarter of 2009, and that the SBBC would meet in Riyadh in November of this year to discuss the details of the company and its work strategy. 'Both sides were keen to set up the company despite the global economic crisis,' Al-Saif said.. ..'The council agreed on an agenda to be submitted to the next Two Kingdoms’ Dialogue meeting next year in London, which includes tax systems pertinent to businessmen and the protection of the joint investment protection accord signed by the two countries,' Al-Saif added.." [more]

Israeli Flights: Riyadh Denies Media Reports [Jun 20]
"Saudi Arabia yesterday denied media reports that it intends to allow Israeli military planes to fly over its airspace. “These reports are totally false and baseless,” an official source at the Ministry of Defense and Aviation said. The source also denied reports that Saudi military officials had met with their Israeli counterparts to discuss the issue. 'The source expressed surprise over such false media reports,' the Saudi Press Agency said. 'No Saudi official has met with any Israeli official. There was no such meeting to discuss this matter in any form,' the SPA said quoting the Ministry of Defense and Aviation source as saying. 'Saudi Arabia has not held any meetings with anybody in this respect. Saudi policies are very clear and transparent,'.." [more]

US Students on Goodwill Visit [Jun 20]
"A group of US students arrived here to begin a 16-day goodwill mission to the Kingdom. During the visit, the youths will visit schools, places of cultural interest and visit media organizations to get to know the social and cultural environment in the Kingdom. On their arrival, the delegates were met by Prince Khalid ibn Bandar ibn Sultan who warmly welcomed them to the Kingdom. 'They have arrived here as our honored guests and we hope they will leave as our good friends,'.. ..The students, members of the Institute for Civic Leadership (ICL), will engage with the Saudi media and share their experience in the Kingdom. 'This has provided us a good opportunity to learn Saudi traditions and culture, which would help build stronger relations with the people of the two countries,' said Daren Khairule, leader of the visiting delegation.." [more]

~~~~~~~~ [ Jun 19]~~~~~~~~~

Four Years in Service of Nation [Jun 19]
"Citizens yesterday renewed their allegiance and support to Custodian of the Two Holy Mosques King Abdullah, Crown Prince Sultan and Second Deputy Premier and Interior Minister Prince Naif on the eve of the fourth anniversary of the pledge of allegiance to King Abdullah on his assumption of power. 'The Kingdom’s achievements in various fields since King Abdullah’s coming to power is a matter that every citizen should be proud of,' Riyadh Gov. Prince Salman said. Prince Salman added that King Abdullah has been striving to complete the march of progress in the country started by King Abdul Aziz and continued by King Saud, King Faisal, King Khaled and King Fahd.." [more]

Swine Flu No Obstacle to Haj, says Al-Obaikan [Jun 19]
"Sheikh Abdul-Mohsen Al-Obaikan, senior Saudi cleric and a member of the Shoura (Consultative) Council has voiced his opposition Thursday to any travel bans for the annual Muslim Haj pilgrimage because of the scare over the swine flu pandemic. Sheikh Al-Obaikan was quoted by Okaz daily as saying that Islam does not condone travel bans. “It is not proper to ban people from the Haj,” said Al-Obaikan. He also said travel to and from countries with reported cases of swine flu should not be impeded. While no official in the Middle East has proposed banning Muslims from traveling for the Haj, Al-Obaikan’s remarks appear to be a reaction to a recent stark warning from Egypt.." [more]

H1N1 Outbreak Feared Among Makkah Pilgrims [Jun 19]
"There are growing fears that a swine flu outbreak could sweep through Makkah as Umrah and the Haj bring millions of pilgrims from around the world. Egypt's health minister Hatem Al Jabali has warned that pilgrims returning from Saudi Arabia could face quarantine. Saudi Arabia is gearing up for a possible outbreak among pilgrims after the first case was detected in a Malaysian boy in Makkah, health ministry spokesman Khaled Marghlani said. The Saudis are working with World Health Organisation experts to finalise a plan to deal with the threat.."  [more]

US Govt Unfairly Targets Muslim Charities: ACLU [Jun 19]
"Harsh measures meant to combat terrorist financing are violating Muslim charities' rights by discouraging Muslims from the charitable giving of zakah, the American Civil Liberties Union said in a report this week. An expansion of laws and policies since 2001 has given the US Treasury Department virtually unchecked authority to designate charities as terrorist organizations and freeze assets without adequate safeguards to protect against mistakes or abuse, the study concluded. But Federal prosecutors say some of these charities have served as fronts for terror-financing operations.. ..The report is based on interviews with more than 100 Muslim community leaders as well as experts on antiterrorism laws and regulations. Though it gives no estimate of the decline in donations to Muslim groups, it says a total of nine Islamic charities have closed as a result of government action against them since the Sept. 11 attacks.." [more]

Buckingham Palace Hosts Workshop on Saudi Investment [Jun 19]
"In the presence of Prince Mohammed Bin Nawaf Bin Abdul Aziz, Saudi Ambassador to the United Kingdom and Ireland, Prince Abdulaziz Bin Ahmed Bin Abdul Aziz, chairman of the board of directors of Atheeb Telecom Group and Prince Andrew, the Duke of York who is also Britain’s special representative for international trade and development, Buckingham Palace hosted here on Wednesday, a high-level Saudi-British meeting in which the prospects of British investment opportunities in the Kingdom of Saudi Arabia were discussed. Speaking on the occasion, Prince Mohammed stressed that the meeting reflected the commitment of the two countries to move forward in cooperation and partnership in all fields.." [more]

Peak Oil Pundits Need to Review Their Calculations After BP Report [Jun 19]
"BP is definitely not OPEC. Its pronouncements carry weight, coming from a global industry major and not the producers. The energy fraternity keenly awaits its annual 'Statistical Review of World Energy.' There is not much skepticism associated with it, as unfortunately is the case with some major OPEC intellectual initiatives. The recently presented review that highlights the currents trends in the industry is an interesting document. The review seconds a number of major issues afflicting the industry that are often raised by OPEC. The just released review also underlines what OPEC has been insisting for years now. 'Our data confirm that the world has enough proven reserves of oil, natural gas and coal to meet the world’s needs for decades to come,' says the review. This was indeed music to ears, especially since coming from a Western oil major.." [more]

Saudi Investors Pledge $10m to Canadian Oil Firm CORRE [Jun 19]
"Canadian Oil Recovery and Remediation Enterprises Ltd. (CORRE), a provider of leading edge oil recovery and remediation technologies and services, has entered into binding memoranda of agreement in connection with a two-phase financing for aggregate gross proceeds of up to $10 million. The principal subscriber for $8.5 million of the Financing is Al-Najah Advanced Technology Co. Ltd. (NAT), a wholly-owned subsidiary of Saudi Binladin Group (SBG). The remaining balance of the financing (an aggregate of $1.5 million) is committed by Hassan Dahlawi, an existing director of the company based in Jeddah. The proceeds of the financing will be used to fund the purchasing and fabrication of plant and ancillary equipment as required in support of CORRE’s anticipated project pipeline.." [more]

Saudi Aramco, Total Award Jubail Refinery Contracts [Jun 19]
"Saudi Aramco and France’s Total said yesterday that they would invest SR36 billion to build the Jubail oil refinery. 'The refinery is now expected to be fully operational by the second half of 2013,' said Khalid Al-Falih, chief executive of Saudi Aramco, in a statement. 'Today we are marking a major milestone in our partnership with Total, which has been strong historically but is now stronger than ever.' The two companies have set up the joint venture Saudi Aramco Total Refining and Petrochemical Company” (SATORP) to build and operate the refinery. SATORP has finalized the awarding plan for engineering, procurement and construction contracts that constitute the 13 different process packages of their Jubail joint venture refinery, following a meeting of the SATORP board of directors.." [more]

~~~~~~~~ [ Jun 18]~~~~~~~~~

What to Watch in Saudi Credit Crisis [Jun 18]
"Saudi Arabia is facing a mounting bank lending crisis, with domestic lending stalled in part over concerns that troubles at two key conglomerates will spread and with confidence faltering. The Saudi Arabia Monetary Agency (SAMA) is expected to further cut interest rates or reserve requirements to kickstart lending, but analysts worry that may not be enough to restore bank confidence. On Tuesday, it sought to boost lending by halving the rate it pays to commercial banks when they deposit money with the central bank by lowering its reverse repo rate from 50 basis points to 25.. ..Below are some of the key points to watch identified by Reuters correspondents in the region.." [more]

Palestinian President to Visit Syria, Saudi Arabia This Week [Jun 18]
"Palestinian President Mahmoud Abbas is to start a regional tour of Syria and Saudi Arabia this week, his spokesman said Thursday. 'Abbas will meet during the coming two days with Syrian President Bashar al-Assad in Damascus before heading for Saudi Arabia to meet Saudi king Abdullah bin Abdulaziz,' Abbas' spokesman Nabil Abu Rdineh told Xinhua. Abbas' visit aims at discussing the long-stalled Israeli-Palestinian peace process and internal Palestinian feud which involves Abbas' Fatah party and Islamic Hamas movement, according to the spokesman. 'Abbas will brief the Arab leaders on the results of his talks with U.S. President Barack Obama to crystallize a united Arab position facing the conditions Israeli prime minister set for peace,'.." [more]

Yemen Hails Surrender of Saudi Qaeda Suspect [Jun 18]
" A Saudi wanted by the Yemeni authorities on suspicion of plotting attacks for Al-Qaeda has turned himself in, a security official said on Thursday. Naif Dahis Yahia al-Harbi is suspected of 'belonging to a cell that was planning attacks in Yemen,' the official said, asking not to be identified. The news follows the announcement by the defence ministry website on Sunday of the capture of Al-Qaeda's main financier in the Arabian peninsula.. ..Saudi Arabia and Yemen have exchanged dozens of suspected militants in recent years under the terms of a 2003 security pact that strengthened an extradition treaty first signed in 1998.." [more]

Pakistan Urges Saudi Arabia to Stop Trial of Pilgrim Family [Jun 18]
"Pakistan has decided to formally request the Saudi government to postpone the trial of a Pakistani couple allegedly arrested in a drug smuggling case. Talking to the media after a cabinet meeting on Wednesday, Information Minister Qamar Zaman Kaira said the Pakistani mission in Riyadh was in touch with the Saudi authorities to ensure that no innocent person was punished. He said the Saudi ambassador had assured Prime Minster Yousuf Raza Gilani during a meeting that he would talk to the authorities concerned in this regard. ‘The government understands through preliminary reports that the couple is innocent and those who sent them to Saudi Arabia for Umra are the real culprits and, therefore, the cabinet has decided to approach the Saudi government so that no innocent person is punished,’.." [more]

Saudi Arabia to Permit Private Radio Operators [Jun 18]
"The Ministry of Information and Culture in Saudi Arabia will for the first time give permit for private radio operators in the Kingdom. This is according to a ministerial source. The ministerial source said that the decision has been arrived after years of deliberation on this issue. He said that the Ministry has already started receiving an increasing number of applications from private radio operators.." [more]

KSA Reiterates Call to Make M-E Region Free of Nuclear Weapons [Jun 18]
"The Kingdom of Saudi Arabia on Wednesday reiterated its call to make the Middle East region free from nuclear weapons, and said security and stability don’t come through acquisition of weapons of mass destruction but through cooperation and consultation among the countries as well as through realizing development and progress. These remarks were made by adviser at the Saudi embassy in The Hague Naif Bin Bandar Al-Sudeiry while addressing the fifth meeting for the international initiative for fighting nuclear terrorism. He pointed out that acquisition of nuclear weapons by Israel constitutes a basic obstacle for bringing about security and stability to the region.." [more]

Saudization is Not Racist, Says Official [Jun 18]
"Deputy Labor Minister Abdul Wahid Humaid has refuted accusations that Saudization of jobs is a racist program. 'It’s our legitimate right to create employment for our citizens. Countries in the East and West give priority to their citizens in employment,' he said. Humaid said the Saudization program was essential for creating jobs for the country’s unemployed citizens. He said the Kingdom would continue to depend on foreign workers to do many jobs. 'Recruitment of foreigners to work in the private sector and for Saudi individuals will continue,' he added. At present there are nearly seven million foreign workers in the Kingdom. The Labor Ministry intends to Saudize more jobs.." [more]

Saudi Weighs Eurofighter, F-15 For New Fighter Deal [Jun 18]
"Saudi Arabia is stepping up efforts to acquire advanced fighter jets to renew its combat fleet amid growing security concerns in the Gulf region over Iran, two sources following the matter said on Thursday. Saudi Arabia is in talks with Britain over possibly doubling a recent purchase of 72 Eurofighter Typhoons with an add-on purchase buttressed by a support deal, and has held exploratory talks with Boeing on adding more F-15s, the sources said. 'Saudi Arabia has not finalised its requirements or decided if it will hold a competition or go with one player,' said a source who has followed the discussions.  British BAE Systems, which coordinates production of Eurofighter Typhoons recently sold to Saudi Arabia, and F-15 manufacturer Boeing both declined to comment.." [more]

~~~~~~~~ [ Jun 17]~~~~~~~~~

Sinopec Drills 7th Saudi Gas Well After Others Disappoint [Jun 17]
"China's Sinopec Group is sinking a seventh exploration well in Saudi Arabia to hunt for natural gas, after the previous six found no flows of commercial value, partly due to low gas prices, a company executive told Reuters. China's second-largest energy group will complete drilling of the last well by about October, but with costs far exceeding an original projection of $300 million, the executive said. Under a pact sealed in early 2004 with state-run Saudi Aramco, Sinopec agreed to drill seven wells over a contract period of 10 years. 'We are drilling the last well now'.. ..The official did not specify the agreed gas price. 'All the foreign firms accepted that price. But you need to strike a high-yield discovery to make it economically viable,'.." [more]

Key Saudi Prince Gives Backing to Religious Police [Jun 17]
"Saudi Arabia's interior minister signalled his backing for the kingdom's controversial morality police this week, saying they were on a par with the security forces. The Commission for the Promotion of Virtue and Prevention of Vice -- a key arm of the powerful religious establishment -- has been under pressure after incidents where Saudis died in their custody or in car accidents as the police pursued them.. ..With over 5,000 members, the men have wide powers to patrol public places to ensure unrelated men and women do not mix, uncover use of alcohol and drugs, and urge men to perform Muslim prayers in mosques. The body answers to King Abdullah but his half-brother Prince Nayef also has sway over it. Prince Nayef was appointed second deputy prime minister in March, a post that could strengthen his chances of becoming crown prince one day. Crown Prince Sultan is convalescing in Morocco after an operation this year in the United States.." [more]

Oil Giant Saudi Arabia Struggles to Keep Power On [Jun 17]
"Energy superpower Saudi Arabia, the world's largest oil exporter, is having trouble keeping the lights on, the Saudi Gazette reports. Every afternoon from 1 to 4 o'clock, the Saudi Electricity Company (SEC) is cutting power to factories and businesses around Jeddah, the desert kingdom's second-largest city and its major port. As summer electricity demands increase — much of it from air conditioning in malls, office buildings and mansions — the "load shedding" is needed "to avoid a massive power cut to the city" of 3.6 million people, the Gazette writes. Factory owners say the deliberate blackouts are causing financial losses, damaging equipment and threatening jobs.." [more]

Hai’a Won’t Use Spy Cameras in Malls [Jun 17]
" The Commission for Promotion of Virtue and Prevention of Vice (Hai’a) has no plans to install surveillance cameras in shopping malls, Sheikh Abdul Aziz Al-Humayyen, General President of the Hai’a, has stated. 'The Hai’a will never take such a move nor have any connection with surveillance cameras inside or outside malls,' Al-Humayyen was quoted as saying by Al-Hayat Arabic daily Monday. Al-Humayyen refuted the news which has been widely published by the media producing strong reactions of both support and opposition, and said that suggestions that the Hai’a would exploit cameras in shopping malls and public areas to expose and intrude on people’s privacy were 'false and baseless.'.. ..Al-Humayyen said the Hai’a’s long history of public work and staff competency would not allow it to resort to 'such methods which breach public privacy' and that the Hai’a would 'not relinquish its reform policy, based on correcting mistakes, without publicizing them.'.." [more]

DOW, KAUST Enter Into Strategic Relationship [Jun 17]
"The Dow Chemical Company, a world leader in science and technology, yesterday announced its intention to enter into a multimillion-dollar strategic relationship with King Abdullah University of Science and Technology (KAUST). The framework will initially aim to use catalyses as a means to develop new routes for producing chemical derivatives. Dow also announced its intention to explore developmental efforts at the KAUST Research Park and Innovations Cluster. Areas being considered for the park include CO2 capture, enhanced oil recovery, water desalination, solar energy and wind energy. In addition, Dow has affirmed its commitment to becoming a founding member of KAUST’s Industrial Collaboration Program (KICP), which aims to enrich the local research experience while promoting economic development in Saudi Arabia.." [more]

~~~~~~~~ [ Jun 16]~~~~~~~~~

Saudi Arabia Bank Cuts Reverse Repo Rate to 0.25% [Jun 16]
"The Saudi Arabian central bank cut its key reverse repurchase rate by a quarter point to 0.25 percent as it seeks to revive lending. 'This measure has been taken to normalize domestic money market conditions against the backdrop of stable macroeconomic activity,' the Saudi Arabian Monetary Agency said in an e- mailed statement today. The rate is effective immediately. It’s the third time this year that the central bank has cut the reverse repo rate, taking it to the lowest level since Bloomberg data began in September 2007. The step may encourage banks to lend money instead of keeping it with the central bank, said Marios Maratheftis, chief regional economist at Standard Chartered Plc. 'Credit growth has been weak, effectively banks were reluctant to lend,' Maratheftis said. 'With the rate cut, it is now less attractive for banks to place funds with SAMA, encouraging banks to increase lending.'.." [more]

Saudi Shuffles Opec Team [Jun 16]
"Saudi Arabia has shuffled its team at the Organization of Petroleum Exporting Countries appointing Ahmad Al-ghamdi as its representative to the oil cartel to replace Yasser Mufti, an oil official told Zawya Dow Jones. Al-ghamdi moves from his previous position as an advisor to the Saudi oil minister Ali Naimi, according to the official who declined to be identified.  A spokesman for the Saudi oil ministry was unreachable for comment. Saudi Arabia, is the Middle East's largest oil producer, and most powerful member of the 13-member producing group of nations.." [more]

Saudis and UAE Reach Agreement on Ending Truck Crisis [Jun 16]
"The truck crisis has ended with the UAE and Saudi Arabia reaching an agreement to ease queues at the border points of Al Ghuwaifat and Al Bat'ha. The agreement followed a meeting in Riyadh yesterday at the Saudi Customs Authority between a UAE delegation headed by Mohammad Khalifa Bin Fahd Al Muhairi, Director General of the Federal Customs Authority, and a delegation representing the Saudi Customs Authority and Interior Ministry. The Saudi authorities undertook to end the crisis resulting from implementing new customs and security procedures at the Al Bat'ha checkpoint and restore the situation to what it was two weeks ago before the crisis erupted.." [more]

Cabinet Approves MoU With UK on Fingerprinting [Jun 16]
"The Cabinet has approved a proposal to sign a memorandum of understanding (MoU) with Britain on the modalities of new laws on fingerprinting and face photos for those applying for a visa to visit Britain. The Cabinet which met here Monday and was presided over by King Abdullah, Custodian of the Two Holy Mosques, gave its approval for the MoU after recommendations from Prince Naif Bin Abdul Aziz, Second Deputy Prime Minister and the Minister of Interior. Dr. Abdul Aziz Khoja, Minister of Culture and Information, said after the meeting that the Monarch briefed the Cabinet on the outcome of his talks, consultations and contacts made in the past few days with the leaders of some countries, their envoys and the telephone call he received from Syrian President Bashar Al-Assad.." [more]

Prince Khaled Opens Jeddah Trade Forum [Jun 16]
"Makkah Gov. Prince Khaled Al-Faisal opened the first Jeddah trade forum at Lailaty Hall here yesterday and urged participants to make proposals to remove the obstacles facing businessmen and women and boost the Kingdom's trade sector. He stressed the need to revise the Kingdom's trade regulations in accordance with those of the World Trade Organization (WTO). He also extended all-out support to businesswomen and said: 'They have made tremendous progress in business and we are proud of them.' Prince Khaled said the Kingdom's annual exports and imports have crossed SR1 trillion and hoped the forum would contribute to further increasing the Kingdom's trade volume. 'We hope that these kinds of forums would help increase the country's gross domestic product,'.." [more]

Dubai's Emaar Says Saudi Deal Still Conditional [Jun 16]
"Dubai developer Emaar Properties EMAR.DU said on Tuesday a deal signed with Saudi Arabia's Kingdom Holding 4280.SE was still conditional and would focus solely on managing the development process. In a statment on the Dubai bourse website, Emaar said it was too early to envisage the level of income from the project as it was still in feasibility study stage. Emaar on Sunday denied it was investing in a development by Saudi Arabia's Kingdom Holding that will feature what would be the world's tallest tower, but said it was in a deal to offer management services against a fee. The United Arab Emirates' bourse regulator had asked Emaar on Monday to give detailed clarification. 'The agreement currently signed by Emaar is conditional upon a number of other additional agreements to be finalised btween Emaar and the company,' Emaar said.." [more]

Israel: Lieberman Wants Talks With Saudi Arabia, Syria and the PA [Jun 16]
" Israel's hardline foreign minister Avigdor Lieberman on Tuesday called for direct talks with Saudi Arabia, Syria and the Palestinian Authority government without any preconditions, while maintaining support for the 'natural growth' of existing settlements. 'There is understanding in the US and in Europe with regards to the basic need to continue natural growth,' Lieberman told Israel Radio during an official visit to Luxembourg where he met his counterparts from the European Union.  'We have no intention of changing the demographic balance in the West Bank and establishing facts on the ground.'  Although EU foreign ministers reacted positively to the speech that Israeli prime minister Benjamin Netanyahu delivered on Sunday, some said it was not enough to raise the level of talks, postponing the upgrading of ties with the Jewish state.." [more]

~~~~~~~~ [ Jun 15]~~~~~~~~~

Suspected Financier For Al-Qaeda Arrested [Jun 15]
"Yemeni security forces have arrested a Saudi man suspected of financing al-Qaeda cells in Yemen and Saudi Arabia, an Interior Ministry official said Sunday. The official said authorities had captured the network's 'biggest and the most influential' money provider in the two countries. The Yemeni Embassy in Washington said the arrest of Hassan Hussein Bin Alwanin on Friday 'will be instrumental in understanding the system of global terrorism financing.'.." [more]

Gulf Arabs Give Muted Reaction to Ahmadinejad Win [Jun 15]
"Gulf Arab governments fearing growing Iranian power in the region gave a muted reaction to hardline president Mahmoud Ahmadinejad's election win this week. Semi-official media in Saudi Arabia, an absolute monarchy with no elected parliament, attacked the results as undemocratic. 'Falsifying the results is the easiest of tasks for a religious-security regime that does not believe in leaving to chance what it considers to be its right,' wrote Abdul-Rahman al-Rashed in Saudi daily Asharq al-Awsat. Saudi-owned Al Arabiya TV, which has had extensive coverage, said Iran had closed its office for a week without reason.. ..Tehran denies Western charges, backed by Arab states led by Saudi Arabia, of seeking to develop nuclear weapons.  Saudi Arabia sees itself as the leader of Sunni Islam and fears Washington will recognize Iran as a regional power in an eventual rapprochement.." [more]

Saudi's PetroRabigh to Start Making Gasoline in July [Jun 15]
"Saudi Arabia will start gasoline production at its $10.3 billion Rabigh Refining and Petrochemical Co in July, industry sources said on Monday. PetroRabigh, an export-oriented joint venture between state oil giant Saudi Aramco and Japan's Sumitomo Chemical, will have the capacity to produce up to 60,000 barrels per day (bpd) of high octane gasoline that will be converted from fuel oil. 'We have been informed by PetroRabigh that gasoline production will start in July,' a Gulf-based source familiar with the project said.. .The world's top oil exporter typically imports between 60,000 to 70,000 bpd monthly, traders said.  'Most of the gasoline coming out of Rabigh is going to be for the domestic market, so we are definitely keeping an eye on this to see if Saudi cuts back on their imports,'.." [more]

Saudi Arabia Suspends Visas for Yemeni Laborers [Jun 15]
"Saudi Arabia has suspended visa processing and other travel measures for Yemeni laborers. The move comes in protest at the slowness of the Yemeni government in taking appropriate measures concerning the smuggling of a Saudi girl by a Yemeni young man into his country, sources at the Saudi embassy in Sana'a said. www.newsyemen.net cited the sources as saying that a parliamentarian in Yemen's western province of Hodeida is part in the matter, a claim which the Yemeni official Ziyad Ali Sagheer Shami denies. Shami said a Yemeni young man from Zabeed, who said he married to a 21-year-old Saudi girl, visited him three weeks ago and asked for help. But Shami did not say what kind of help the young was asking for. 'I told him to go to the Saudi embassy and discuss the matter there,' .." [more]

Emaar Denies Kingdom Holding Deal to Develop World's Tallest Tower [Jun 15]
"Emaar Properties on Monday issued a denial that it had made any deal with Saudi Arabia's Kingdom Holding Company on developing the world's tallest tower with a total investment of at least 100 billion riyals ($26.7 billion). Kingdom Holding, owned by billionaire Prince Alwaleed bin Talal, said on Saturday in an emailed statement that Emaar would be in charge of developing and supervising the construction of the Kingdom Tower. The news saw a surge in Emaar’s shares rise up to to 7.8 per cent. In a statement issued to Reuters, the Dubai based properties said that it will not invest in any projects of this sort.." [more]

~~~~~~~~ [ Jun 14]~~~~~~~~~

Yemen Denies Guantanamo Inmates Heading to Saudi [Jun 14]
"Yemen on Sunday denied reports that it has agreed to a U.S. proposal to transfer almost 100 Yemeni inmates at Guantanamo Bay prison to terrorist rehabilitation centers in Saudi Arabia. The statement comes days after U.S. officials said they were close to a deal with the two countries. The Yemenis make up the largest national group among the remaining Guantanamo detainees, and determining their fate is key to President Barack Obama's plan to close the prison. Yemen's Foreign Ministry said the country was still discussing with the U.S. the possibility of transferring the detainees back home. It issued a statement saying the country 'denies media reports about the transfer of Yemeni detainees from the prison at Guantanamo to rehabilitation centers in Saudi Arabia.'.." [more]

CMA Launches Bond and Securities Market [Jun 14]
"The Capital Market Authority (CMA) yesterday launched the bond and securities market as leading stocks including banks, financial services, industries and petrochemicals reacted positively to the move by the regulator’s move. The new market yesterday witnessed two major deals worth more than SR1.1 billion ($269 million) with the first deal involving sukuk (Islamic bond) of SABIC as 20,000 sukuks were sold for SR202 million at the rate of SR10,100 per sukuk. The second deal involved sales of 80,000 sukuk for SR808 million at the same price. SABIC’s second issue of sukuk are valued at SR8 billion ($2.1 billion). It involves 800,000 sukuks with a face value of SR10,000 each and matures in 2027.." [more]

Saudis Alleviate Border Jam [Jun 14]
"Saudi Arabia opened its border for a few hours on Sunday in an attempt to ease the 19-mile-long traffic jam leading to its frontier with the United Arab Emirates (UAE). Thousands of truck drivers have been stuck in the jam for days without access to basic necessities in temperatures reaching 133 degrees Fahrenheit. Since traffic usually flows smoothly at the crossing, many drivers did not prepare for a lengthy stay. Much of the produce being transported has gone bad.. ..Some local newspapers are reporting that this action by the Saudis is retaliation to get back at the UAE for dropping out of plans for a common currency for the six countries (Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman) that make up the Gulf Cooperation Council (GCC).." [more]

Jun 7-Jun 13, 2009

~~~~~~~~ [ Jun 13]~~~~~~~~~

Guantanamo Prisoner on Hunger Strike Returns to Saudi [Jun 13]
"A Guantanamo prisoner who had been on continual hunger strike for almost four years has been released. The US Justice Department says Ahmed Zuhair and two other detainees have been sent home to Saudi Arabia, where they will be subject to judicial review before entering a government-run 'rehabilitation' programme.. ..US authorities allege Zuhair trained with the Taliban and Al Qaida in Afghanistan and belonged to a fighting group in Bosnia in the mid-1990s - allegations denied by his lawyer.." [more]

New Bonds Market to be Launched Today [Jun 13]
"The Saudi Tadawul Stock Exchange is launching Saturday the Sukuk and Bonds Market following the completion of preparations conducted with brokerage firms and information providers. Tadawul Director of Monetary Trading Waleed Al-Bawaradi said that the issue of foreigners investing in the market was being studied, with non-Saudi nationals currently only permitted to invest via Saudi intermediaries. The trading of Sukuk and bonds will be conducted through stock market brokers to facilitate investor transactions and the diversification of investments.." [more]

Saudi Pledges to Ease Controls on Women: HRW [Jun 13]
" Saudi Arabia has pledged to take steps toward removing rules requiring a woman to have a male guardian at all times, saying there is no such legal requirement, a rights organisation said. Saudi rights officials committed in a review with the UN Human Rights Council to take steps to end the male guardianship rule, to give women full legal identity and to ban discrimination by gender, Human Rights Watch said in a statement from Geneva received on Saturday. HRW said that during the review, which took place in Geneva on June 10, Saudi officials said the Islamic sharia law concept of male guardianship does not exist in Saudi law.." [more]

Saudi Demand For Low Cost Homes To Spur RE Mkt Rebound [Jun 13]
"Affordable housing in Saudi Arabia is the next big untapped market for investors and developers as demand from the region's largest economy is expected to pickup, according to a study by real estate consultancy firm Jones Lang LaSalle.  Investor sentiment has improved recently, with more than 50% of those surveyed by Jones Lang LaSalle expecting the region's real estate market to recover soon. 'This positive sentiment is also reflected by Saudi Arabia being identified as the only market across MENA where more investors expect to see prices increase rather than decrease further over the next 12 months,' the report added. Unlike the property booms in other oil-rich Persian Gulf states like the United Arab Emirates and Qatar, the demand for housing in Saudi Arabia comes from the young and growing indigenous population seeking affordable homes rather than the luxurious villas and penthouses with sea-views that pepper Dubai's natural and artificial coasts. Saudi Arabia is expected to face a shortfall of 1 million housing units by 2012.." [more]

Aceh Receives $12.88m Projects in Quake Relief [Jun 13]
"Saudi Arabia has handed over post-tsunami and earthquake reconstruction projects worth $12.88 million to the government of Aceh, a special territory of Indonesia, where more than 226,000 people were killed following an Indian Ocean earthquake a few years back. The projects include two Saudi-funded orphanages and education centers in Aceh region. 'The Kingdom has disbursed many forms of assistance, both during the time of the crisis and also during the post-quake rehabilitation and reconstruction period,'.." [more]

World Oil Demand Settling Down: OPEC [Jun 13]
"The OPEC oil producers’ organization said the worst of the impact from the economic crisis was past for the oil markets, as it fractionally reduced its demand estimate for 2009 yesterday. 'In light of the considerable challenges the world economy and commodity markets, particularly the oil market, have undergone, the worst appears to be behind us,' the Organization of Petroleum Exporting Countries wrote in its latest monthly report. 'As the world economy stabilizes, the world oil demand appears to be settling down,' it said. 'Industrial production activities are steadying and in some parts of the world have even improved slightly. This should stop the bleeding in oil demand. There are no significant downward revisions to our previous oil demand forecasts.'.." [more]

Jeddah Commercial Forum on June 15 [Jun 13]
"The deputy president of the National Land Transport committee at the Saudi Chambers of Commerce and Industry Ali Saeed Bin Al-Bassami said that the Jeddah Commercial Forum will be inaugurated on June 15 under the patronage of Prince Khaled Al-Faisal.. ..The forum will attempt to resolve some of the commercial problems faced by businessmen along with a number of issues of vital interest to all the members of the Jeddah Chamber of Commerce and Industry (JCCI), he said.  'Minister of Trade and Industry, Abdullah Bin Ahmed Zainal Alireza, will provide an overview of the Saudi economy, highlighting those local companies which are the symbols of the Kingdom’s strong economic development in the face of the global financial crisis,'.." [more]

GCC, Philippines Launch Economic Cooperation [Jun 13]
"The GCC countries and the Philippines agreed to launch major economic cooperation that will set the pace for stronger long-term relations between the Philippines and the six regional states of Saudi Arabia, Bahrain, Kuwait, United Arab Emirates, Qatar and Oman. The areas of key cooperation between the Philippines and the GCC were decided upon last week following the visit of Abdulrahim Hasan Naqi, Secretary General of the Federation of GCC Chambers of Commerce and Industry, to Manila. Naqi was received by President Gloria Macapagal Arroyo in Malaca?ang Palace and held discussions with her on wide-ranging issues of economic cooperation.." [more]

~~~~~~~~ [ Jun 12]~~~~~~~~~

Saudi Arabia's Renewed Political Influence Counters Tehran [Jun 12]
"Saudi Arabia's traditional clout over Middle East politics appears to be on the rebound with the weekend election victory of its political allies in Lebanon, after years of frustration in Riyadh over Iran's regional ascendancy. Invigorated Saudi influence could be important to the Obama administration's emerging strategy on Middle East peace. The staunch U.S. ally is seen in Washington as perhaps the only regional powerhouse that can bring unruly Arab neighbors, in particular Syria, into line with the U.S. goal of a comprehensive Arab-Israeli peace deal. Both Riyadh and Washington believe that checking Iran's recently rising regional influence is a key element. Saudi officials could get another big boost if Iranian voters toss out hard-line conservative President Mahmoud Ahmadinejad.." [more]

Saudis Take Delivery of First Typhoon Jets [Jun 12]
"Saudi Arabia has taken delivery of the first two Eurofighter Typhoons out of a massive order for 72 of the British planes that first fell into doubt over an arms scandal, state news agency SPA said on Friday. Assistant Defence and Aviation Minister Prince Khaled bin Sultan received the two Typhoons at a ceremony with British officials at the facilities of BAE Systems, the aircraft's manufacturer, in Wharton, England on Thursday, it said. The two fighters were the first out of an order for an eventual 72 that has been valued at up to 20 billion pounds (32.9 billion dollars), including armaments and long-term servicing.  Saudi Arabia is the first country outside Europe to have the Typhoon, a multi-role aircraft produced by a BAE Systems-led consortium of European firms.." [more]

Korean Builders May Win Saudi Contract [Jun 12]
"Three Korean builders are likely to obtain a 3 trillion won ($2.4 billion) order from Saudi Arabia to build a refinery plant there, industry sources said yesterday. The companies - Daelim Industrial Co., SK Engineering and Construction Co. and Samsung Engineering Co. - have bid for the Jubail export refinery project, which was awarded by Saudi Aramco, a state-owned national oil company, and Total, a French oil company, they said. The plant to be built in Al Jubail will have a daily processing capacity of 400,000 barrels and cost $11 billion, the sources said.." [more]

Haj Ministry Heightens Swine Flu Watch [Jun 12]
"Undersecretary at the Ministry of Haj Ali Balkhayr has said his ministry is carefully watching outbreaks of infectious diseases, such as swine flu, in various parts of the world. The ministry is collaborating with the Ministry of Health to stop the entry of any pilgrim carrying dangerous infections, Balkhayr said. 'Umrah activities have never been disrupted by infectious diseases and none of the scheduled pilgrim trips have been canceled because of swine flu,' he added. According to Saad Al-Qurashi, head of the National Committee for Haj and Umrah, no case of swine flu has been detected among Umrah pilgrims since the virus originated in Mexico two months ago. 'No pilgrim carrying infectious diseases is allowed to enter the Kingdom because the Saudi missions abroad insist on strict health precautions while issuing Umrah visas,'.." [more]

Girls Need Athletics, Says Princess Adela [Jun 12]
"Princess Adela, daughter of Custodian of the Two Holy Mosques King Abdullah, has called for the introduction of physical education and athletic programs for girls at the Kingdom’s public schools as quickly as possible. 'It’s high time to look into the matter of introducing sports at girls schools seriously, following the teachings of Islam,' Al-Riyadh Arabic daily quoted the princess as saying. Princess Adela made this comment while opening a health program in the Faisaliyah district of Riyadh.
She said introduction of athletic programs was essential to control obesity and prevent related diseases among women. A study conducted by researchers at the College of Medicine in King Faisal University in Dammam showed that obesity is a common problem among intermediate and secondary school girls. The study focused on social and economic factors that cause obesity among students.." [more]

Saudi Cityscape Expo Opens June 14 [Jun 12]
"A three-day exhibition and conference for Saudi real estate development and investment entitled 'Cityscape' will open on June 14 under the patronage of Prince Mishal Bin Majed, the Governor of Jeddah, at the Jeddah Center for Forums and Events. Nearly 100 Saudi and Gulf exhibitors will showcase their products in an area of ten thousand square meters with the aim of achieving a breakthrough in new investment and the marketing of real estate. 'The Conference will feature a number of panel discussions on the long-term effects of environmental work in Saudi Arabia, in addition to the effects of the global financial crisis on real estate investment and development in the Kingdom,'.." [more]

Vietnam and Saudi Arabia See Great Potential From Each Other [Jun 12]
"President Nguyen Minh Triet and Minister of Petroleum and Mineral Resources Ali Ibrahim Al Naimi of Saudi Arabia both said bilateral co-operation should be based on each other’s strengths such as Vietnam’s agriculture and the Middle-East country’s energy. President Triet on June 11 welcomed the Saudi Arabian minister’s working visit, saying it was a spring-board for the two countries to usher in a new stage of bilateral ties. 'Ministries and industries from the two countries should increase the exchange of visits so as to work out concrete programmes of co-operation,'.. ..His view was shared by the Saudi Arabian Minister, who said his country was rich in energy and minerals while Vietnam had potential in labour forces and agriculture so the two countries could supplement each other through their co-operation.." [more]

Saudi Arabian Healthcare Market Forecast to 2012 [Jun 12]
"According to a new report, “Saudi Arabian Healthcare Market Forecast to 2012”, the Saudi Arabian healthcare market is witnessing rapid growth and will continue to expand exponentially in future. The country’s rapidly increasing population, due to which demand is outpacing supply, can be regarded as the main push for the market. And as the incidences of a number of lifestyle diseases, such as obesity, diabetes and hypertension, in the country amongst the highest in the world, these will significantly boost the healthcare spending in future. Government plays a central role in providing healthcare services in the kingdom, accounting for around 75% of the total healthcare spending in the country.." [more]

~~~~~~~~ [ Jun 11]~~~~~~~~~

Saudi, Gosaibi Impact on Gulf Widens [Jun 11]
"The impact of troubled Saudi groups Saad and Al Gosaibi widened on Thursday with the first bank detailing its exposure while Al Gosaibi said it had discovered evidence of "substantial financial irregularities." Bank Muscat BMAO.OM, Oman's largest lender, said on Thursday its exposures to both Saudi groups total $171.4 million through its Riyadh branch and said its Bahraini unit BMI Bank also has exposures of about $44 million. Little information has emerged since privately-owned Saad Group [SAADG.UL] and Ahmad Hamad Al-Gosaibi & Brothers Company both said they were restructuring debt, with parts of Saad group being downgraded to junk status by Moody's.." [more]

Detainee Deal With Saudis Close [Jun 11]
"The United States is nearing a deal that would send nearly 100 Yemeni detainees held at Guantanamo Bay to Saudi Arabia, according to a Wall Street Journal report Thursday. Officials told the Journal the deal could speed up President Obama's plan to close the U.S. military facility that houses alleged terrorists. Of the nearly 250 people held at Guantanamo, nearly half are from Yemen and are among the most difficult to transfer given their alleged ties to al Qaeda, the Journal reports. President Obama discussed such a deal with Yemen's president, Ali Abdullah Saleh, last month, officials told the Journal.." [more]

New Plan to Improve Vice Cops’ Image [Jun 11]
"Second Deputy Premier and Minister of Interior Prince Naif will launch a new strategic plan of the Commission for the Promotion of Virtue and Prevention of Vice at the Riyadh InterContinental on Tuesday. Abdul Aziz Al-Humain, president of the commission, said the strategy was aimed at improving the organization’s stature and services and enhancing the efficiency of its workers in order to make it a model for government departments. Al-Humain signed an agreement on Tuesday with Khaled Al-Sultan, president of King Fahd University of Petroleum and Minerals, for drafting the commission’s long-term strategy.. ..Al-Huwaimel added: “The goal is to achieve excellence in carrying out our noble mission after identifying the commission’s objectives.” He said the new strategy would overhaul the commission in order for it to perform its duties in a proper manner.." [more]

~~~~~~~~ [ Jun 10]~~~~~~~~~

Saudi Starts Pumping From Giant Khurais Oilfield [Jun 10]
"Saudi Arabia has started production from its giant Khurais oilfield, the largest ever single addition to global oil supplies, Saudi Aramco's top executive said in remarks broadcast on Wednesday.. ..'The oil from the plant is now being pumped into tanks that are at the project,' he said, adding that the field's capacity can now be seen as part of Saudi Arabia's total output capacity. The kingdom does not need to use the extra capacity at current demand levels, the head of the state oil company said. The 1.2 million barrels per day (bpd) Khurais field contains highly prized Arab Light crude, which is easily converted into transport fuel. Khurais would also produce 315 million cubic feet per day (cfd) of sour gas and 70,000 bpd of natural gas liquids (NGL) to be processed at Shedgum and Yanbu gas plants.." [more]

Saudi Boosts Number of Qaeda Judges [Jun 10]
"Saudi Arabia plans to increase the number of special security court judges handling the cases of alleged Al-Qaeda militants to speed up the process, a newspaper reported on Wednesday. Five judges will be added to the courts trying Al-Qaeda-linked suspects on charges of bombings and other attacks, bringing the total to 12, Al-Watan reported, citing a top judiciary official.  'We need to increase the number of judges,' Saleh bin Humaid, head of the Supreme Judiciary Council, told a press conference. 'The small number of judges is an obstacle to the speedy management of cases.' According to Saudi rights activists, the government began secret tribunals for nearly 1,000 suspected militants early this year, most of them believed linked to attacks across the country during 2003-2005.."  [more]

Palestinians Press Saudi Arabia to Cancel Alstom Tender Win [Jun 10]
"The French companies involved in the Jerusalem light rail project, among them Alstom and Veolia, are having to contend with heavy pressure from Arab countries because of their activity in Israel. Arab media report that senior figures in the Palestinian Authority have appealed to the Saudi Arabian authorities to cancel Alstom's win in a huge tender for the construction of the Haramain Express Railway, a high-speed rail link between the holy cities of Mecca and Medina. The reason is that Alstom is a 20% partner in the City Pass consortium which won the concession for the Jerusalem light railway.." [more]

Accords Signed With Chinese Universities [Jun 10]
"The presidents of nine Saudi universities yesterday signed 24 agreements with Chinese universities in the presence of Higher Education Minister Khaled Al-Anqari and his Chinese counterpart. King Saud University in Riyadh signed a research cooperation accord with the Chinese Academy of Sciences (CAS) for its Nano Technology Center. "The agreement with CAS will open new areas of cooperation with other centers of research in China," said Abdullah Al-Othman, president of King Saud University. He said the agreement would benefit more than 470 students in higher education departments. The signing of new educational agreements comes as a result of the summit talks between Custodian of the Two Holy Mosques King Abdullah and Chinese President Hu Jintao in Riyadh.." [more]

Kingdom’s Population 25 Million [Jun 9]
" The population of the Kingdom as of the middle of this year has been estimated at 25,373,512 persons, according to the Central Department of Statistics and Information. Abdullah Al-Batil, deputy operations manager for the population census, added that over 18 million of the total are Saudi nationals, made up of 9,307,550 males and 9,235,969 females. The statistics, based on birth and death rates for nationals and annual immigration figures for non-nationals, put the number of foreign expatriates at 6,830,266, with 4,687,043 males and 2,143,223 females. The estimations come ahead of the national population census which is scheduled to start early in the second quarter of 2010, possibly in tandem with other GCC states.." [more]

Gulf Facing Imminent Barriers to Clean Water [Jun 10]
"The obstacles that the Gulf region faces when it comes to clean water are imminent. According to various sources, Arab countries receive approximately 2 percent of the world’s rainfall and have a mere 0.4 percent of the world’s recoverable water resources, with less than 150 billion cubic meters of total water resources allocated to the 22 Arab states. By 2030, the population in Arab countries is expected to more than double. According to estimates, the population of Saudi Arabia has increased from 3.8 to 4 percent per year. As a result of this escalation, demand for water in Saudi Arabia has risen from 1 million to about 5 million cubic meters per day over the last 25 years.." [more]

Saudis Get a Draw in Seoul, 1 Win From World Cup [Jun 10]
"Saudi Arabia set up a showdown in qualifying for the 2010 World Cup with a 0-0 tie at South Korea on Wednesday.  The result moved the Saudis even with North Korea for second place in Group B. Saudi Arabia will host North Korea next Wednesday, with automatic World Cup qualification on the line. A tie will be enough for North Korea to advance.   The third-place team in the group will go to a playoff with the third-place team in Group A for the right to play Oceania champion New Zealand for a spot at the 2010 World Cup in South Africa.." [more]

Saudi Arabia Tops World List For New Retailers [Jun 10]
"Saudi Arabia saw more new retailers arrive in the past year than any other country in the world, according to new research by real estate consultancy CB Richard Ellis (CBRE). The kingdom attracted 37 new international retailers over the last year, according to an annual CBRE study that maps the global footprint of 280 of the world’s top retailers across 67 countries.  'What makes the retail market in the region so appealing is that over recent years has been the overall growth in the KSA, which has allowed for some strong sales figures and that has underpinned the introduction of new brands and the rapid expansion of outlets,'.."  [more]

~~~~~~~~ [ Jun 9]~~~~~~~~~

A New Era in US-Islamic World Ties: Cabinet [Jun 9]
"A new era has begun in the relations between the US and the Islamic world, said King Abdullah while chairing the weekly Cabinet session here, Monday. The King said his talks with US President Barack Obama Wednesday focused on strengthening and deepening the bonds of friendship between the two countries. King Abdullah told the Cabinet that he discussed with President Obama regional issues, foremost of which was the Mideast peace stalemate. The Cabinet viewed Obama’s Cairo speech as a new beginning, which would pave the way for a constructive, instrumental and genuine dialogue, said Minister of Culture and Information Dr. Abdul Aziz Khoja.." [more]

Saudi Foreign Minister Meets With Top Vatican Officials [Jun 9]
"Vatican officials met with Saudi Arabia’s foreign minister, Prince Saud Al Faisal, to discuss ideas that came out of a major interreligious meeting in Spain last year. Cardinal Jean-Louis Tauran, president of the Pontifical Council for Interreligious Dialogue, met with the prince and his delegation at the Vatican June 5. Three other members of the Vatican interreligious council were part of the closed-door deliberations. During the meeting, Vatican officials and the Saudi delegation exchanged ideas that came out of the World Conference of Dialogue in Spain in 2008 that had been initiated by Saudi Arabian King Abdullah Aziz, said a Vatican press release June 6.. ..The Vatican and Saudi Arabia do not have formal diplomatic ties, but King Abdullah met with Pope Benedict XVI in November 2007, the first such meeting between a pope and a reigning Saudi monarch.." [more]

Trade to Play Vital Role in Kingdom’s Ties With US [Jun 9]
"Saudi exports to the US have witnessed a substantial increase (due to the appreciation of oil prices) over the past year. Total exports in 2007 are estimated at SR141.3 billion ($37.68 billion). Saudi Arabia’s exports to the US have also changed direction over the years. In 2000, 20 percent of Saudi exports (mostly oil-based) went to the US, and by 2007 that figure had fallen to an estimated 15 percent.. ..Going forward, the Saudi-US economic relationship will continue to strengthen. Trade will play a pivotal role in the relationship between the two. The US, given its high-value, high-tech products should continue to maintain its niche position in the Saudi market for many years to come, but the nature of the trade relationship will evolve as global trends change and new competitors emerge.." [more]

Women's Education in Saudi Arabia: The Way Forward [Jun 9]
"In recent years, women's education in Saudi Arabia has experienced significant progress. Girls' access to education has increased and the gender gap reduced, while women's education has prompted a number of social developments.  However, lingering social norms, traditions, and the existing public education system have been constraints on women's realization of equal opportunities.. ..Saudi Arabia has invested large amounts of money in public education, but it has not resulted in an equal increase in women's production output. It has led to a growth in the number of girls' schools, to the detriment of teaching quality.." [more]

Saudi Arabia Set to Launch New Bond Market [Jun 9]
"Saudi Arabia is poised to launch a sukuk and bond market this week, a step analysts said Tuesday reflected the OPEC kingpin's push to further develop its debt market at a time when the global meltdown is drying up credit and restricting liquidity. The new market's launch on June 13 comes as Saudi Arabia, home to the world's largest proven reserves of crude oil and the Arab world's largest economy, forges ahead with a slew of infrastructure projects that officials say will cost around $400 billion over the next five years. It also marks a broader push within the Gulf Arab region to try to encourage a shift away from bank lending and the development of a new debt market.." [more]

Samsung Electronics in $100 mln Saudi Mobily Deal [Jun 9]
"Samsung Electronics (005930.KS) will supply Saudi mobile phone group Etihad Etisalat (7020.SE) (Mobily) with WiMax technology in a deal worth 375 million riyals ($100 million), Mobily officials said on Tuesday. Mobily said the wireless broadband network would be the biggest of its kind in the Middle East.." [more]

~~~~~~~~ [ Jun 8]~~~~~~~~~

Arab Patience Running Out – King [Jun 8]
"King Abdullah told US President Barack Obama during last week’s meeting that Arab patience was 'running out' and that solving the Palestinian issue was the 'magic key' to finding solutions to all other problems in the region.. ..'We the Arabs want to devote ourselves to building a generation capable of facing the future with work and knowledge,' the King reportedly told Obama. 'We need from you serious participation in solving the Palestinian issue and need you to enforce the solution if so required,' King Abdullah is quoted as saying by Al-Hayat, adding that delays in giving the Palestinians their rights complicated the case and every other case as a result.." [more]

Saudi Woman Minister Needs Permission to be on TV [Jun 8]
" Saudi Arabia's first woman cabinet minister cannot appear on television without permission, a newspaper quoted her as saying on Monday. Noura al-Faiz's appointment in February as deputy minister for women's education was hailed as a big step for the integration of women in conservative Saudi Arabia where a puritanical form of Islam bans women from driving, voting and mixing with unrelated men. 'I don't take my veil off and I will not appear on television unless it is allowed for us to do so,' Faiz told the daily Shamss, which published a picture of the deputy minister wearing a headscarf with her face showing.." [more]

Economic Cities to Boost GDP by $150b [Jun 8]
"The six economic cities are expected to contribute $150 billion to the Kingdom’s national product by 2020 and provide job opportunities for 1.3 million persons, according to reports in a study conducted by Ahli Capital, a subsidiary of the National Commercial Bank. The cities are also expected to house 4.9 million people. Other reports in the study on the Kingdom’s economic and industrial environments showed that the Saudi economy recorded the highest growth rate of countries in the Middle East over the last few years.." [more]

US Rapporteur Sees Rights Situation Improving [Jun 8]
"UN Special Rapporteur on Discrimination Against Women Yakin Erturk presented recently a report about her last visit to a number of countries including the Kingdom. The report was presented during the Human Rights Council 11th session last week. Erturk started by commending the Kingdom for its cooperation and providing a chance for her to meet with representatives from non-governmental groups. She praised the governmental Human Rights Commission’s for enabling her to fulfill her mission. In reference to the Kingdom’s collaboration with the UN in the field of human rights, the Erturk presented her report to the committee designated to eliminate all forms of discrimination against women. Erturk also pointed out that although Saudi society has sex discrimination, the Kingdom had witnessed many positive developments in a very short period of time.." [more]

Saudi to Keep July Crude Curbs Steady to Asia [Jun 8]
"Saudi Arabia, the world's top crude exporter, told three Asian term buyers on Monday it will keep supply curbs on contracted volumes of crude oil in July steady with June levels, industry sources said on Monday. Another Asian term buyer said it had yet to receive a notice for July supplies, but was expecting supply cuts to be the same as last month.." [more]

Indonesian Clerics Ask Saudis to Drop Hajj Vaccination [Jun 8]
"Indonesia's top Muslim body on Monday called on Saudi Arabia to drop a mandatory meningitis vaccination for hajj pilgrims, claiming the injection contains an enzyme from a pig, seen as unclean in Islam.. ..Amin said the vaccine manufacturer GlaxoSmithKline had confirmed that a pig enzyme was used in the early stages of production of the vaccine, but was not in the final product.. .."As the hajj pilgrimage is a religious obligation, we have asked the Saudi authorities not to insist on the meningitis vaccination requirement," Amin said, adding that if necessary, an alternative should be found. An official at Indonesia's religious affairs ministry said Saudi Arabia has required pilgrims to have a meningitis vaccination for 10 years, following an outbreak that originated with African pilgrims.." [more]

~~~~~~~~ [ Jun 7]~~~~~~~~~

No Diplomatic Overtures Before Return of Arab Land, says Saud [Jun 7]
"..Washington could use its aid as a lever to push Israel into a two-state settlement with the Palestinians, Foreign Minister Prince Saud Al-Faisal said in an interview published yesterday.. ..Prince Saud praised Obama’s 'sincerity' and his calling Israel’s expansion of West Bank settlements as 'not legitimate,' but said the speech 'has yet to be translated into actions.' And he fended off Washington’s call for Arab states to make diplomatic overtures to Israel to get new peace negotiations off the ground. 'We don’t have anything to offer Israel except normalization, and if we put that before the return of Arab land we are giving away the only chip in the hands of Arab countries,'.." [more]

Saudi Security Forces Deter Anti-Manahi Film Protesters in Riyadh [Jun 7]
"Saudi security forces thwarted efforts by Islamic militants in Saudi Arabia to prevent the screening of the film, Manahi, at the King Fahd Cultural Center. The film has sparked protests from militants who threatened to stop the screening of the film, which they called a corruption and a sin. The film was first shown in Riyadh on Friday, marking the first time in three decades that cinemas opened in Saudi Arabia.. ..Two militants had entered a cinema to try to stop a screening of the film and called film director Fayez Al Maliki a 'leader of misguided people' . Al Maliki also received threats via SMS, according to media reports.." [more]

Gulf States Sign Monetary Pact After UAE Pullout [Jun 7]
"Four Gulf Arab states signed a pact on Sunday creating a pared-down monetary union with a currency starting with a dollar peg, after the United Arab Emirates became the second country abandoning the project. 'The joint Gulf currency will be pegged to the dollar,' Abdul-Rahman al-Attiyah, Secretary-General of the Gulf Cooperation Council (GCC).. ..With the exception of Kuwait, which dropped its dollar peg in favour of currency basket in 2007, the other three union members Saudi Arabia, Qatar and Bahrain all have pegged their currencies to the greenback.. ..'This is also a confidence booster to the U.S. economy by the largest energy exporter in the world,'.." [more]

Saudi Regulator Approves Six IPOs Over June-Oct [Jun 7]
"Saudi Arabia's stock market regulator said on Sunday it had approved six initial public offerings (IPOs) for the period until October, the first of which will be for Saudi Steel Pipes Co (SSP) this month. The IPOs will be the first since April when four insurance companies raised 260 million riyals. SSP, which was founded in 1980 and caters mainly to the oil and gas industry, will offer 16 million shares, or 31.4 percent of its capital, over the June 27 to July 3 period, the Capital Market Authority (CMA) said in statements. Mouwasat Medical Services Co, set up in 1975 and engaged in the ownership and management of hospitals and pharmacies, will sell 7.5 million shares representing 30 percent of its capital over Aug. 15 to 21.." [more]

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