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| Prospects for Business in the Arab World
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Panelists Examine Post-'DPW' Environment
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By Patrick W. Ryan -
The red-hot political controversy over Dubai Ports World’s acquisition of the British Peninsular & Oriental Steam Navigation
Co., and assumption of leases to manage terminals in six U.S. cities, has faded from America’s front pages, radio talk shows and cable news pundit panels. But the howling of charges that some of America’s Gulf allies were too cozy with terrorists and the Taliban is still ringing in the ears of many specialists who closely follow developments between the United States and the Arab world..
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| Re-Open for Business
to the Arab World? Part 1
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MEPC Capitol Hill Forum
- Ambassador Chas Freeman - I am just back from the region, as I believe a couple of others here are. I found it full of British, French, German, Chinese, Singaporean, Japanese, and Korean businesspeople. You may notice an absence on that list, as I certainly did. I can report that the fallout from the Dubai Ports World debacle is widespread. For many people in the region who had spent the last several years, as they told me, defending the United States, a country for which they have great affection, this was the last straw. It demonstrated that
Arabophobia, a fear of Arabs and Islam, was not simply a regional or elite phenomenon, but was deeply rooted throughout our country, and it demonstrated that passionate prejudice would be exploited with shameless demagoguery by our ruling political class.
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| Re-Open for Business
to the Arab World? Part 2
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MEPC Capitol Hill Forum
- Dr. Edward M. Graham -
The main reason I'm here is because in the course of doing this book I had quite a close look at the Dubai Ports World transaction. In this close look I think I detected, well, xenophobia for certain and
Arabiaphobia, if that's a word, certainly a lot of politics. I mean, what an opportunity for Hillary to put herself on defense to the right of George Bush. I would like to hope to think that will come back and bite her, personally, because I think that was one of the cheapest shots that any politician could have taken. But demagoguery for the purpose of, shall we say, padding one's political résumé when one is a possible presidential candidate, that certainly seemed to be a big part of the story.
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| Keeping
Track - Recently
on SUSRIS |
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Chinese
President Visiting Kingdom Next Week
 "Chinese
President Hu Jintao will arrive in Riyadh next Saturday on a
two-day state visit to the Kingdom that points to the growing
importance of a mutually important relationship. ..President Hu
will hold talks with Custodian of the Two Holy Mosques King
Abdullah, and he is also scheduled to visit the Shoura Council,
where he will deliver a speech before its members. “This
will be the second time the two countries’ top leaders have met
this year. King Abdullah visited China in January, which was his
first overseas trip since ascending the throne in August last
year,” the diplomat said." [Arab
News]
Young
and Restless
By
Afshin Molavi
Saudi
Arabia's baby boomers, born after the 1973 oil embargo, are
redefining the kingdom’s relationship with the modern world
Scented
smoke from dozens of water pipes mingled with Lebanese pop music
at Al-Nakheel, a seaside restaurant in the Red Sea port of Jeddah.
Saudi men in white robes and women in black abayas, their head
scarves falling to their shoulders, leaned back on red cushions as
they sipped tea and shared lamb kebab and hummus. Four young Saudi
women, head scarves removed, trailed perfume as they walked past.
Nearby, a teenage boy snapped photos of his friends with a cell
phone. At an adjoining table, two young men with slicked-back hair
swayed their heads to a hip-hop song echoing from the parking lot.
“Look around,”
said Khaled al-Maeena, editor in chief of the English-language
daily Arab News. “You wouldn’t have seen this even a
few years ago.” [Smithsonian
via NewAmerica.net]
Meeting
the Challenge of a Fragmented Iraq: A Saudi Perspective
By Nawaf Obaid
During
an official visit to Washington, DC on September 20th, 2005, Saudi
Foreign Minister Prince Saud al-Faisal proclaimed: "US policy
in Iraq is widening sectarian divisions to the point of
effectively handing the country to Iran.. ..We fought a war
together to keep Iran out of Iraq, now we are handing the whole
country over to Iran without reason.. ..Iraq is
disintegrating. This report explores a Saudi view of the
ramification of these comments and provides a factual background
to them.." [CSIS]

Suggest
an event to add to the calendar -- click
here.
| News
This Week - April 9-15, 2006 |
|
[For
more on these stories and for more in the SUSRIS news archive CLICK
HERE]
Interior
Ministry Probes Suspected Terror-Funding [Apr 15]
"The financial intelligence unit at the Ministry of Interior
has been monitoring several sources possibly offering financial
support to terrorist operations in the Kingdom, press reports said
yesterday. 'The unit has received several reports of suspicious
financial dealings and it is taking required measures to foil
them,' Al-Jazirah newspaper quoted Interior Ministry spokesman
Maj. Gen. Mansour Al-Turki, as saying.." [more]
Shoura
Member Speaks for Families Abandoned Abroad [Apr 15]
"A Shoura Council member has urged the consultative body to
study problems faced by foreign wives and children of Saudis who
abandon them abroad when returning to the Kingdom. 'It is a
pressing issue worrying several families who have been left in
Arab countries, such as Syria and Egypt,' said council member
Hamad ibn Al-Dueij.." [more]
Plunge
in Saudi Stocks to Affect Other Markets [Apr 15]
"Arab stock markets are expected to maintain their cautious
approach in the coming couple of weeks with offshoots from a
historic Saudi nosedive leaving their impact on investors
throughout the region, analysts said yesterday.. ..However, the
analyst said the Saudi stock market and other Arab bourses would
“benefit in the long run” from surging oil prices and the
subsequent huge surplus petrodollars.." [more]
Saudi
Shares Fell by 11.15 on the Week [Apr 14]
"Saudi shares fell by 11.15 percent on the week ending
Thursday. The Tadawul All-Shares Index (TASI) closed the week at
15,694.84 points, up from last week's close of 17,665.07.." [more]
Kingdom’s
Support for Hamas Unwavering [Apr 14]
"Crown Prince Sultan yesterday reaffirmed Saudi Arabia’s
unwavering support to Palestinians and said the victory of Hamas
in January parliamentary elections would not affect this historic
stand. 'We believe that Hamas is part of the Palestinian people
and we’ll not differentiate between Hamas and others. They are
all our brothers and friends,' he said.." [more]
Middle
East Focus: Saudi Arabia [Apr 14]
"This is the fourth installment of a series on countries in
the Middle East. Saudi Arabia is a kingdom of 27 million people
situated on the Arabian Peninsula in the Middle East. Why is Saudi
Arabia important for oil? 'The country claims the largest oil
reserves in the world, over 250 billion barrels, which is about 40
percent of all the region’s reserves. This makes Saudi Arabia an
influential country in a world whose major industrial nations rely
on access to fossil fuels at affordable prices'.." [more]
New
System for Tourist Visas in the Process [Apr 14]
"The Supreme Commission for Tourism (SCT) is in the process
of implementing the tourist-visa system through a limited number
of tourist companies in the Kingdom in a bid to promote the
country’s tourism industry. According to informed sources, the
SCT has authorized seven tourism companies in the Kingdom to bring
in foreign tourists, who will be allowed to visit all places in
the Kingdom except Makkah and Madinah.." [more]
Oil
Price Smashes Through $70 [Apr 14]
"The price of Brent North Sea crude oil broke through $70.00
per barrel for the first time yesterday, fueled by heightened
tensions between Iran and the international community. The price
of Brent crude for June delivery jumped 34 cents to reach $70.20
per barrel at 16:45 GMT. It later stood at $70.18, an increase of
32 cents from Wednesday’s close.." [more]
Saudi
Arabia 18th, UAE 24th Top Oil Exporters [Apr 14]
"Saudi Arabia, the world’s leading oil producer, was the
18th top exporter in the world with the Middle East, Africa and
the CIS, the world’s largest net exporters of fuels, benefiting
from the rise in fuel prices and increased their merchandise
exports values between 29 percent and 36 percent in 2005, says the
latest World Trade Organization report.." [more]
Prince
Ahmad Says No Political Prisoners in Jails [Apr 14]
" Deputy Interior Minister Prince Ahmad has denied there was
any political prisoner in the Kingdom’s jails, Asharq Al-Awsat,
a sister publication of Arab News reported yesterday. Speaking to
the press after opening the historical picture archives of the
Model Asima Institute in Riyadh, Prince Ahmad said that the
country did not imprison any person on political grounds.." [more]
Saudi
Crown Prince Donates US$1.5M to Local Community and Education
Services [Apr 13]
"The Crown Prince of Saudi Arabia has donated US$$1.5 million
to Singapore's community and education services. Prince Sultan Bin
Abdulaziz Al-Saud named the three beneficiary organisations during
his visit to Singapore. They are the Muhammadiyah Association of
Singapore, the Muslim Missionary Society of Singapore, and
Madrasah Al-Irsyad.." [more]
State
Funds Help Saudi Shares Pull Out of Plunge [Apr 13]
"State funds bought Saudi blue chips on Wednesday and helped
the Arab world's largest bourse to rise, recovering some ground
from a record-breaking sell-off triggered by a crackdown on
alleged market manipulation. The slide threatened to spill into a
third day when the main Saudi index fell 3.9 percent in morning
trade to breach lows hit on March 14, when shares tumbled across
the Gulf and ended a months-long rally powered by record oil
prices.." [more]
SNC-Lavalin
Signs Oil Contract as Saudi Seeks to Boost Output [Apr 13]
"SNC-Lavalin Group Inc., Canada's biggest engineering
company, signed a contract to boost oil production capacity at
Saudi Arabia's Shaybah field by 50 percent as the country
undertakes to increase overall output. The project is designed to
increase the field's output capacity by 250,000 barrels a day of
oil by 2008.." [more]
CDs
of Al Qaeda Military Works Distributed in Saudi [Apr 13]
"Security forces in Saudi Arabia are on the lookout for
unknown persons in the Al Qaseem region, who are believed to have
distributed envelopes with CDs inside, containing models of Al
Qaeda military works, anthems of suicide bombers, and advice by
some men wanted by the authorities in the kingdom.." [more]
Harris
School Welcomes Saudi Prince [Apr 13]
"Seeking to promote greater understanding between cultures
and to learn more about American views of his country, Prince
Turki Al-Faisal, the new Saudi Ambassador to the United States,
will visit the University later this month, as a guest of the
Irving B. Harris School of Public Policy Studies. 'The Harris
School is delighted to host His Royal Highness, Prince Turki
Al-Faisal, during his visit to the University of Chicago,' said
Susan Mayer, Dean of the Irving B. Harris School of Public
Policy.." [more]
Can
Saudi Arabia Keep Up With the Expanding Demand? [Apr 13]
"The world's only oil superpower boosted its output last
month, beginning two projects that are part of a $55 billion
effort to keep pace with the world's ever-growing thirst for oil.
However, demand for crude oil from the world's première source of
energy is rising so fast -- by about 2 million barrels a day each
year -- that even Saudi Arabia's vast resources will be unable to
cope without drastic help, oil executives and analysts say.."
[more]
Forum
Participants Demand Physical Education for Girls [Apr 13]
"Participants in an educational forum here demanded yesterday
the introduction of physical education in the Kingdom’s girls
schools. Ayesha Al-Shahri, director of security at the Asir
education department, said: 'Sports education cannot be ignored
because, according to the old adage, a healthy mind exists in a
healthy body'.." [more]
J.
Ray McDermott Wins Two New Contracts Offshore Saudi Arabia [Apr
13]
"J. Ray McDermott, S.A. (J. Ray) announced that two of its
subsidiaries have won contracts from Saudi Aramco to supply
platforms and pipelines for the Additional Maintain Potential
Facilities project. Both contracts are lump sum turnkey and these
are the first such contracts for Saudi Aramco to commission in the
offshore environment.." [more]
Large
Saudi Delegation Heading for Euro-Arab Talks [Apr 13]
"A large Saudi delegation is taking part in the first
Euro-Arab Dialogue Forum set at the Arab World Institute in Paris
from April 26-28. The theme of the forum is “Prospects and
contents of a Euro-Arab strategic partnership. 'It’s a strong
diplomatic gesture that falls within the continuity of the state
visit of French President Jacques Chirac to Saudi Arabia in early
March,' Saleh Bakr El-Tayar, secretary-general of the Franco-Arab
Chamber of Commerce, said.." [more]
Oil
Prices Rise to Record High [Apr 13]
"The price of Brent North Sea crude reached an all-time peak
of $69.97 per barrel in yesterday trading on news of falling US
gasoline stockpiles, combined with heightened tensions over Iran.
Yesterday, the price of Brent crude for May delivery was 24 cents
up at $69.55 per barrel in electronic deals. New York’s main
contract, light sweet crude for delivery in May, rose 12 cents to
$69.10 per barrel in pit trading.." [more]
$3.8bn
Saudi Aluminum Smelter Signals Major Diversification [Apr 12]
"After several years deliberation the Saudi government has
approved construction of a $3.8 billion aluminium smelter. The
plant, to be developed by state-owned mining company Maaden, will
be built at Ras Az Zour industrial zone in central eastern Saudi
Arabia. Aluminium exports could begin in 2008.. ..Analysts predict
an eight million tonnes-year deficit in aluminium supplies by 2010
if recent levels of world economic growth continue.." [more]
Saudi
Arabia to Establish National Security Court [Apr 12]
"Saudi Arabia would soon establish a National Security court,
said Saudi Minister of Interior Prince Nayef bin Abdul-Aziz,
stressing that no terrorism suspect would be excluded from trial..
..He stressed that detainees were not kept in jail unless they
were sentenced by the court and that the Interior Ministry
released a number of detainees in terrorism cases who were proven
to be innocent.." [more]
Saudi
Arabia: Al-Qa'ida Critic Arrested for Destructive Thoughts [Apr
12]
"Saudi authorities in the northern city of Ha'il should
immediately release Rabbah al-Quwai'i, a journalist for Riyadh's
al-Shams newspaper, Human Rights Watch said today. The group also
urged Turki al-Sudairy, Saudi Arabia's minister for human rights,
to open a public inquiry into the role of the country's security
and intelligence services in al-Quwai'i's arrest.." [more]
Singapore
to Explore Saudi Arabia's Business Potential [Apr 12]
"Singapore companies need to explore the immense potential
business opportunities in Saudi Arabia, Singapore's Minister for
Trade and Industry Lim Hng Kiang said here Tuesday at a business
seminar.. ..Saudi Arabia is Singapore's largest trading partner in
the Middle East with bilateral trade growing by over 50 percent to
reach 10 billion U.S. dollars in 2005. It is also Singapore's
largest foreign investor from the Middle East.." [more]
Saudi
Cultural, Educational Event to Be Held in Vienna [Apr 12]
"Minister of Higher Education Dr. Khaled Al-Angari will
inaugurate on April 24 a five-day educational-cultural event in
Vienna to highlight the Kingdom’s progress in that field. The
event, the sixth in a series, is different from “Saudi Arabia
Yesterday and Today” in that the focus is on the Kingdom’s
strides on the scientific, educational and cultural fronts.
Previous venues of the event known as “Saudi Scientific Cultural
Days” include the UAE, the US, Morocco, Jordan and Syria.."
[more]
Iran's
Larijani Confers with Saudi King Abdullah [Apr 12]
"Secretary of Iran's Supreme National Security Council Ali
Larijani held talks with Saudi King Abdullah bin Abd al-Aziz on
bilateral issues and ways to develop mutual cooperation, IRNA
reported. Larijani and King Abdullah reviewed the situation in the
region especially in Iraq and Iranian nuclear program. King
Abdullah emphasized the need for developing Tehran-Riyadh
relations in all domains and said that the Islamic Republic of
Iran is an important state in the region.." [more]
SRMG
IPO Oversubscribed 132 Percent in Three Days [Apr 12]
"The initial public offering (IPO) of Saudi Research &
Marketing Group (SRMG) was oversubscribed by 132 percent in three
days.. ..SRMG has offered 24 million shares for SR46 each with a
total value of SR1.104 billion in the IPO, which was launched on
Saturday and will continue until April 17.." [more]
Sultan
Affirms Look-East Policy [Apr 12]
"Crown Prince Sultan yesterday emphasized Saudi Arabia’s
look-East policy and called for strengthening Arab-Asian ties..
..The crown prince was delivering a lecture on, “Asia-Middle
East Cooperation: Challenges and Opportunities.” The
institute’s auditorium was filled with foreign diplomats,
academics and leaders of business and industry.." [more]
Indonesian
President to Visit Kingdom [Apr 12]
"Indonesian President Susilo Bambang Yudhoyono will begin a
nine-day official trip to four Gulf states later this month..
..President Yudhoyono will arrive in Riyadh on April 25 and then
go to Kuwait, Qatar and the United Arab Emirates, said Helmi Jasim
Sebubaker, a presidential spokesperson. Helmi said the president,
accompanied by 30 to 50 officials and businessmen, would hold
talks with Custodian of the Two Holy Mosques King Abdullah and
other Saudi officials.." [more]
Saudi
Stocks Continue to Dive [Apr 12]
"The Saudi stock market continued to plunge yesterday. The
Tadawul All-Share Index (TASI) dropped 968.30 points or 6.01
percent to close yesterday at 15,130.76. The index, which went
below 15,000 mark during the day, lost 2,426.26 points in two days
of trading.." [more]
Saudi
Arabia Prince Reiterates Oil Plans [Apr 11]
"Saudi Arabia plans to increase its crude oil production
capacity to 12.5 million barrels a day from about 9.5 million
barrels a day, the kingdom's Crown Prince said Tuesday. The
kingdom is keen on "stabilizing the market in order to
support the development of the world economy," said Prince
Sultan bin Abdul Aziz Al-Saud at a public lecture during his visit
to Singapore.." [more]
China's
President Heading to Middle East [Apr 11]
"President Hu Jintao is heading to Saudi Arabia and Africa
immediately following his visit to the United States later this
month, the Foreign Ministry said Tuesday. Hu will visit Saudi
Arabia, the world's largest oil exporter, from April 22 to 24,
where he will make a speech to the kingdom's Consultative Council,
its version of parliament, said ministry spokesman Liu Jianchao.
The visit comes as China aggressively courts the world's major oil
suppliers as it seeks new oil and gas deposits to fuel its
power-hungry economy.." [more]
Saudi
Crown Prince Says Terrorism Still the Main Global Challenge [Apr
11]
"Terrorism is still the main global challenge, even as world
economies explore opportunities overseas. That is one key issue
Asia and Saudi Arabia faces, said the Crown Prince of Saudi
Arabia, when he delivered the 28th Singapore lecture. Sultan Abdul
Aziz Al-Saud also urged the world to step up efforts to promote
understanding to combat terrorism.." [more]
Saudi
Stocks Extend Losses; Regional Bourses Decline [Apr 11]
"Saudi stocks fell as much as 4 per cent early on Tuesday,
extending losses from their record-breaking plunge the previous
day and spilling across the world's biggest oil exporting region.
The main Saudi all-share index dropped to 15,401.35 points minutes
after opening, following the 8.3 percent drop on Monday, its
steepest one-day decline on record.." [more]
Saudi
Denies Security Barrier With Iraq [Apr 11]
"Saudi Arabia has denied foreign press reports that it plans
to build a security barrier along its border with Iraq to beef up
control over infiltration. Interior Ministry spokesman Maj. Gen.
Mansour Turki was quoted in daily al-Riyadh as saying Tuesday that
no barrier will be built along the 562-mile border with Iraq as
part of an overall plan to increase the oil-rich kingdom's defense
along its 4,062-mile borders. 'We are currently conducting a study
on technical defense systems which we can use to beef up security
measures along the border'.." [more]
Crude
Oil Prices are Revised - KSA [Apr 11]
"The Council of Ministers yesterday fixed bench prices for
heavy crude and other crude oils at between 4.90 and 6.30 halalas
per liter for all consumers at all distribution centers, the Saudi
Press Agency said. The Cabinet meeting, which was chaired by
Custodian of the Two Holy Mosques King Abdullah, decided that the
crude oil prices would be revised every five years in the light of
international energy prices. 'The prices will remain the same for
10 years for clients who sign long-term purchasing contracts with
Saudi Aramco,' the Cabinet said, adding that the period would be
calculated from the date on which the contract was signed.."
[more]
Spanish
City Honor for King Fahd [Apr 11]
"The Spanish resort city of Marbella has declared the late
King Fahd “an adopted son” of the city following a proposal
approved unanimously by Spanish officials. “This prestigious
proclamation on the part of the city recognizes the importance of
the Saudi royals, particularly the late King Fahd, for Spain amid
growing relations,” Manuel Cacho, a spokesman of the Spanish
Foreign Ministry, said.." [more]
US
Approves Alwaleed’s Plan to Acquire Fairmont [Apr 11]
"The US Federal Trade Commission (FTC) has approved plans by
Kingdom Holding Company Chairman Prince Alwaleed ibn Talal to
acquire Fairmont Hotels and Resorts for $3.9 billion. The FTC’s
approval of the acquisition was direct and confirms the
non-discriminatory policy of the United States in welcoming
foreign investors, especially Arab investors. The FTC’s approval
re-affirms Prince Alwaleed’s longstanding strong relationship
and presence in the United States.." [more]
SR40
Million to Develop Yanbu Port [Apr 11]
"Transportation Minister, Dr. Jubara Al-Seraisari, has signed
the contract with Hotafield Saudi Company for the first phase of
deepening the entrances and docks of King Fahd Industrial Port for
SR40 million. Work is to be completed within 18 months. According
to Al-Madinah newspaper, this contract is part of agreements to
develop and raise operational standards to increase its capacity
of receiving large ships.." [more]
Saudi
Arabia Must Act to Contain Iraq Strife - Study [Apr 10]
"Saudi Arabia should try to avert Iraq's fragmentation by
lobbying against any premature withdrawal of U.S. forces and by
pressing Iran to stop meddling, a report by a security adviser to
the Saudi government says.. ..The report, released by the
U.S.-based Center for Strategic and International Studies, was
based on dozens of interviews with military and intelligence
officials in the region, and numerous conversations with Iranian
officials.." [more]
$5B
Investment Fund to be Established by Saudi and Spanish Firms [Apr
10]
"A $5 billion joint investment fund will reportedly be
established by Saudi and Spanish companies in the Kingdom
following the recent signing of a bilateral agreement between the
two countries to encourage investments. The decision to do so was
decided upon during the visit of King Juan Carlos to Saudi Arabia
this week.." [more]
Spanish
Monarch on Official Visit to Saudi Arabia [Apr 10]
"King Juan Carlos of Spain visited in Riyadh the Saudi
Consultative Council Sunday where he reviewed issues of mutual
interest, including enhancing bilateral relations in various
spheres, particularly in the parliamentary domain.. ..Juan Carlos
and Queen Sofia started a three-day official visit to Saudi Arabia
Saturday.." [more]
Human
Rights in Saudi Arabia Governed by Islamic Law [Apr 10]
"Visiting General Director of the curriculum development
department at the Saudi Ministry of Education Dr. Saud Al-Zahrani
said on Monday human rights in Saudi Arabia are governed by the
Islamic law which guarantees justice and equality.. ..Saudi Arabia
is currently preparing a national strategy to educate people on
human rights through its schools' curriculum, he added.." [more]
New
SR 200 Million Saudi Jewellery Stock Company Approved [Apr 10]
"Minister of commerce and industry Dr Hashim Yamani has
approved the establishment of Lazawardi Jewelry Company as a Saudi
stock company with a capital of SR 200 million. The capital is
divided into four million shares, and the value of each share
amounts to SR 50. The company's founders have already paid the
total capital.." [more]
Sultan,
Saleh Discuss Iraq [Apr 10]
"Crown Prince Sultan, deputy premier and minister of defense
and aviation, held talks in Hong Kong yesterday with Yemeni
President Ali Abdullah Saleh on major regional and international
issues with an emphasis on Iraq and Palestine. Sultan begins his
three-day official visit to Singapore today.. ..The royal visit to
Singapore, which begins today, is expected to strengthen political
and economic cooperation between the two countries.." [more]
National
Dialogue Culture Gains Momentum [Apr 10]
"An official of the Riyadh Chamber of Commerce and Industry (RCCI)
has underlined the importance of maintaining momentum to ensure
the success of the National Dialogue programs.. ..'What is needed
now is to continue and ensure success in turning the dialogue
culture into our way of life,' RCCI Secretary-General Husein
Abdurahman Al-Athel said in an interview. 'There are very strong
indications that most people in the Kingdom have shown readiness
to accept the new dialogue culture'.." [more]
Separate
IPO for Al-Madina: Prince Faisal [Apr 10]
"A separate IPO (initial public offering) will be launched
for Al-Madina Printing & Publishing Company this year or early
next year, Prince Faisal Bin Salman, chairman of Saudi Research
& Marketing Group (SRMG), announced yesterday.He said 40
percent of SRMG shares on offer in the IPO were sold out on the
first day of the launch.. ..Prince Faisal spoke in detail about
the group’s IPO, the first by a media organization in the Arab
world, offering some 24 million shares to the public at the rate
of SR46.." [more]
SRMG
Profit Soars 120% in 1st Quarter [Apr 10]
"Saudi Research & Marketing Group’s (SRMG)
first-quarter net profit this year grew by 120 percent to SR61.1
million compared to the same period last year when the figure was
SR27.8 million.. ..The report augurs well for the initial public
offering (IPO) of the group which began on Saturday. The company
is offering some 24 million shares for SR46 per share. Prince
Faisal said the flotation of shares would be a 'qualitative
addition' to the Saudi stock market because of the company’s
strong financial standing.." [more]
Thai-Saudi
Relations Looking Up [Apr 9]
"The top Thai diplomat in Saudi Arabia said this morning that
he is optimistic that ties between Bangkok and Riyadh will soon be
back to normal.. ..There have effectively been almsot no relations
between Thailand and Saudi Arabia for the past 20 years. The theft
of jeweler from a Saudi princess and the unsolved murders of
several Saudi diplomats in Thailand resulted in Saudi Arabia
virtually ignoring Thailand. All Thai workers were sent home, Thai
Airways International was barred from flying to Saudi Arabia, the
Saudi diplomatic staff was mostly withdrawn and the embassy
downgraded and Saudi Arabia even prevented much trade. Saudi
citizens were barred from travelling to Thailand, costing the
tourist industry millions of dollars.." [more]
New
King Faces Challenges as he Moves His Country Toward More Openness
[Apr 9]
"In the seven months since Saudi Arabia's new monarch, King
Abdullah, took the throne, there have been small but striking
signs that he is leading his country toward more openness.. ..No
one expects Abdullah's ride to be smooth, though. He needs to keep
the reform momentum going despite reported differences within the
royal family over the pace and direction of change. In addition,
he must worry about militants still active in Saudi Arabia. The
Feb. 24 attack in which suicide bombers tried but failed to get
past the perimeter of the world's largest oil processing facility
in Abqaiq was a reminder of the harm radicals can still
inflict.." [more]
Kingdom
Promises Aid to UN Fund [Apr 9]
"The Kingdom has agreed to provide aid to the UN Central
Emergency Response Fund, which has so far received $260 million
from 40 countries and is still short of $200 million in emergency
aid for the victims of humanitarian disaster in Africa, the Middle
East and Afghanistan.." [more]
Glitch
Mars Saudi Stock Trading [Apr 9]
"The Saudi stock market recovered slightly at the close as a
glitch marred trading yesterday. The market extended morning
trading by one hour after it had frozen transactions for more than
one hour to recalculate the Tadawul All-Share Index (TASI) after a
5-1 share split in the telecom and banking sectors. Trading in the
four banks to remain on hold until today.." [more]
LG
to Build Saudi Air Conditioner Factory [Apr 9]
"LG Electronics is to build its ninth air conditioner factory
worldwide in Riyadh, Saudi Arabia by next year, the company said
on Sunday. Under a joint venture with a local Saudi Arabian
distributor, H.G. Ibrahim Shaker, the company will invest 51
percent of the $30-million factory with the balance being taken up
by the Saudi firm.. ..'Saudi Arabia is the biggest market in the
Middle East'.." [more]
Saudi
Foreign Minister Says Iraq Is In Civil War [Apr 9]
"Saudi Arabia's foreign minister, Prince Saud al-Faisal,
today became the second senior Middle Eastern political figure in
two days to call the violence in Iraq a civil war. Prince Saud
said the definition of civil war is that the people of a country
are fighting each other and that, by that standard, Iraq must be
seen as in being in a state of civil war. He said the Arab League
must work to bring the Iraqi sides together to avoid what he
called a "disaster" for the region.." [more]
Saudis
Invest in Two Major Steel Projects in Pakistan [Apr 9]
"Saudi Arabia has come up prominently in Pakistani steel
sector. Saudis have invested in two major projects — a state of
the art new steel plant, and purchase of Pakistan’s biggest
steel mill. The $ 130 million Tuwairqi Steel Mill (TSM), being
built by Saudi Arabia’s biggest steel producer, Dr. Hilal
Hussain Al-Tuwairiqi, Chairman of Al-Tuwairqi Group of Companies (ATG),
plans to start production within 18 months.." [more]
More
Than a Confrontation [Apr 9]
"The Saudi Interior Minister's statement that "the
discovery of a group of financial supporters of deviant groups in
Saudi Arabia by security forces," is the clearest example of
the acknowledgement of an issue that has been whispered about in
various gatherings and on various occasions. The phenomenon of
moral and financial support of terrorism has become a well-known
issue, thus the war on terrorism should focus on the battle
against ideological and financial support and should be as fierce
as the military confrontation in this respect.." [more]
[For
more on these stories and for more in the SUSRIS news archive CLICK
HERE]
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