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Saudi King Visits Morocco, Promises 50 Million Dollars [May 19]
"Morocco and Saudi Arabia on Friday signed accords to strengthen cooperation, with Saudi Arabia promising to donate 50 million U.S. dollars to Morocco's development. Saudi King Abdullah bin Abdul Aziz started his two-day visit to Morocco Thursday in the historic city of Fez, east of the capital Rabat. This is his first visit to an Arab nation since Abdullah became king in August 2005.. ..Saudi Arabia is Morocco's main supplier of oil and since 1999 its development fund has lent the North African kingdom 170 million dollars to help build schools and hospitals.." [more]

Canada Concerned Pair Held in Saudi Mistreated [May 19]
"Canada’s top diplomat said yesterday he fears two Canadian brothers who face beheading in Saudi Arabia for a murder they insist they did not commit may have been mistreated by Saudi authorities. 'We are very concerned about allegations of mistreatment (in Saudi Arabia),' Foreign Minister Peter MacKay said in the House of Commons. 'We have made representations to the Saudi government about our concern for their well-being and we will continue to do so,' he said. 'As well, we have in the past expressed our concerns (to the Saudis) about allegations of torture.'.." [more]

Saudi Diplomat Urges Palestinians to Stop Aggression Against Israel [May 19]
"Saudi diplomat Turki al-Faisal al-Saud Saturday urged Palestinians to stop shedding each other's blood, and also called on them to stop directing their weapons towards Israel.. ..The Saudis are hoping Israel would get on board with an Arab- backed proposed peace initiative that promises recognition of the Jewish state, in addition to full diplomatic ties on the condition that Israeli troops would pullout from the Palestinian territories occupied in 1967, the Golan Heights in Syria and some territories in southern Lebanon.." [more]

7 Saudi Insurance Firms Launch IPOs Today [May 19]
"The initial public offerings (IPOs) for 35 million shares of seven insurance companies will begin today, the Saudi Capital Market Authority (CMA) announced yesterday. The IPO is worth SR350 million at a nominal SR10 per share.. ..some investors feel that the decision by the CMA to float all seven insurance companies coupled with future plans to list them on the Tadawul together, will cause unnecessary chaos in an already fragile market. 'People these days don’t have a lot of cash, so just as in the past, investors will rush to sell their shares as soon as they list on the Saudi stock market. I think this will cause a market index drop from the seven thousand range into the six or five thousand mark.'.." [more]

Arab Peace Plan Hangs in Balance [May 18]
"Israel's escalation of its attack on Gaza yesterday amid a stunning wave of inter-Palestinian bloodshed have cast doubt on the fate of the revived Arab peace initiative and threatens to undermine Arab efforts to promote the plan. It has become difficult to move with plans to promote the initiative, re-launched at the Riyadh Arab Summit last March, admitted a senior Arab League official. But the League will not stop its efforts despite the latest Israeli aggression.. ..'Israel has again proved that it is not at all serious about making peace,' Hesham Yousuf, Arab League spokesman told Gulf News on the telephone from Cairo.." [more]

US-Backed Arab TV Network to Be Investigated by Congress [May 18]
"Al-Hurra, the Arabic language satellite television network set up by the US government to promote freedom and democracy in the Middle East, is to be investigated for possible irregularities, the State Department confirmed yesterday.. ..Critics say that Larry Register, a former CNN producer who doesn’t speak Arabic, has given voice to terrorists. In recent weeks both conservative Republicans and liberal Democrats have attacked Al-Hurra for, in the words of The Wall Street Journal’s editorial last week, providing 'friendly coverage of camera-ready extremists from Al-Qaeda, Hamas and other terrorist groups.' State Department officials call these errors in judgment. But critics of the station, whose name means 'the Free One' in Arabic, say there is little oversight to what the US-funded TV is showing.." [more]

Saudi Liberals Advance Agenda With New TV Show [May 18]
"Saudi liberals have added a new television programme to their media arsenal in an ongoing battle against the Muslim kingdom's powerful religious establishment and ingrained social conservatism. 'More Than a Woman' began airing in April on Lebanese channel LBC -- majority-owned by Saudi billionaire Prince Alwaleed bin Talal -- with sharp discussions about a litany of restrictions on women in Saudi Arabian society. Presented by Saudi filmmaker Haifaa Mansour, the show has broken ground in its discussion of the absence of women in Saudi Arabia's unelected parliament, gender segregation encouraging homosexuality and the idea of women entering the judiciary. Judges in Saudi Arabia are in fact religious scholars.." [more]

Saudi Health Care Expo to Appraise Industry Needs [May 18]
"The annual twin show of Saudi Health Care and Saudi Hospital, to be held in Jeddah on May 20-23, will showcase the latest services and equipment related to the sector and will be marked by a two-day symposium at the Jeddah Hilton Hotel.The 14th health care exhibition is an international show of medical, insurance, dental, pharmaceutical, scientific equipment and lab ware. The Saudi Hospital is an international event for non-medical hospital infrastructure, supplies and furnishings.." [more]

Saudi Gold Market on Way to Recovery [May 18]
"Volume of gold demand in Saudi Arabia rose 6.9 per cent to 26 tonnes in the first quarter of this year, as consumers became accustomed to higher prices and the stock market euphoria cooled off, a senior World Gold Council official said.. ..Saudi Arabia's gold demand fell 16.4 per cent to 128.1 tonnes in 2006 due to price volatility in the first half of the year, but demand rose 14.7 per cent in the fourth quarter of 2006 from the same period in 2005, the WGC said in February. High and volatile prices also halved gold scrap flows in the country in the first quarter of 2007.." [more]

Malaysian and Saudi Banks in Islamic Deal [May 18]
"Malaysia's central bank said yesterday it had signed a commodity-based Islamic finance agreement with Saudi Hollandi Bank, the first such pact with an Islamic bank outside Malaysia. The agreement is based on Bank Negara's Commodity Murabahah Programme, which helps Islamic banks to manage their short-term cash flows. Islamic finance is a new industry and is still developing instruments that would enable banks to manage liquidity in a way that complies with Sharia, or Islamic law, which bans payment of interest.." [more]

GCC to Take up N-plans With IAEA [May 17]
"A working team from the Gulf Cooperation Council states will hold its first meeting with experts from the Vienna-based International Atomic Energy Agency at GCC headquarters in Riyadh from May 21 to 22. A press release issued by the Gulf Cooperation Council Secretariat General yesterday said the meeting aims to reach an agreement on the framework, goals, elements and steps for the preparation of the initial feasibility study for the GCC nuclear programme, which is the utilisation of nuclear power for peaceful purposes within international standards and requirements.." [more]

Saudi’s Western Way, US Gerald Metals Sign $4bn Aluminium Deal [May 17]
"Saudi Arabia’s Western Way For Industrial Development yesterday said it had signed three agreements with Gerald Metals of the US to help it develop an estimated $4bn aluminum complex on the country’s Red Sea coast. Under the agreements, Connecticut-based Gerald and its affiliates will supply bauxite to Western Way’s aluminum refinery and offtake all aluminium produced at the smelter. Gerald will also take a 20% equity stake in the project.." [more]

Sudan-Chad Deal Another Saudi Diplomatic Win [May 17]
"In a move that affirms its belief that regional problems need regional solutions, Saudi Arabia scored yet another diplomatic victory by brokering a deal between Sudan and Chad to quell spillover fighting from the Darfur crisis. While the impact will become clearer in the months ahead, there is no denying that the recent accord — encouraging the two African neighbors to stop rebels and opposition groups from staging cross-border raids and support the African Union’s efforts to stabilize Darfur — breaks new ground in a festering crisis.. ..Apart from being a major economic power in the Gulf and Middle East, Saudi Arabia’s need to get involved in conflict resolution efforts in the Arab and Islamic worlds stems from its leadership’s newfound zest for attempting to slowly start addressing the Muslim world’s accumulated baggage of problems.." [more]

Nobel Laureates Plan Mideast Science Fund [May 17]
"Nobel laureates wrapped up yesterday two days of brainstorming on the challenges facing Arab and Israeli youths with plans to set up a science fund for Middle East development. “I think everybody agrees with our suggestion to create a Middle East science fund” to develop research and improve education for Jordanians, Palestinians and Israelis, Nobel peace laureate Elie Wiesel said. The $10mn fund will be managed by the King Abdullah II Fund for Development, which co-organised the gathering with Wiesel’s Foundation for Humanity, organisers said in the ancient city of Petra.." [more]

Khaled Al-Faisal Is Makkah Governor [May 17]
"Prince Khaled Al-Faisal, governor of the Asir region and director general of King Faisal Foundation, has been appointed governor of the Makkah region. Custodian of the Two Holy Mosques King Abdullah made the appointment yesterday in a royal decree. Prince Khaled’s appointment comes following the death of Prince Abdul Majeed, who served as Makkah governor from 2000 until he died on May 5, 2007 at Seattle University Hospital in the United States following a prolonged illness. Prince Faisal ibn Khaled ibn Abdul Aziz is the new Asir governor.. ..Born in 1940, Prince Khaled, who is the son of King Faisal, is a great thinker and poet and an accomplished artist.." [more]

Red Sea Projects to Attract SR150 Billion [May 17]
"New tourism projects on the Red Sea coast are expected to attract nearly SR150 billion, according to statistics made public by officials of the Supreme Commission for Tourism (SCT) during a workshop held here. They further estimated annual tourist spending at new Red Sea tourist resorts to be valued at SR9.9 billion. The Red Sea projects will be established in Ras Humaid, Sharma, Qayyal, Dhaffat Al-Wajh in the Tabuk region, Arrayes in Yanbu, Ras Muhaisen in the Makkah region, Haridha in the Asir region and Fursan in Jizan. The new resorts will have a total of 557,000 rooms and create 413,000 jobs, including 165,000 direct jobs in the first five years.." [more]

Big Things Are on the Horizon’ in Education [May 17]
"The director of the women’s section and strategic planning of the King Abdul Aziz and His Companions Foundation for the Gifted is accompanying the Saudi students taking part in the International Science and Engineering Fair.. ..Dr. Amal Al-Hazza, a microbiologist from Riyadh who now plays a leadership role with the Foundation, took time out to discuss the Saudi science fair team and the future of education for gifted students in the Kingdom. She said big things are on the horizon in Saudi education. 'The king is very keen on improving the country’s education system, and he wants to get the students involved in science fairs and other competitions,'.." [more]

Crude Futures Rise Above US$63 a Barrel on OPEC Reluctance to Pump More Oil [May 17]
"Oil prices rose Thursday on comments by a top OPEC leader that the oil cartel will not pump more crude to meet an expected surge in demand during the summer driving season. The concerns surfaced despite a U.S. government report that showed domestic gasoline stockpiles increased last week. Light, sweet crude for June delivery was up 52 cents to US$63.07 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe. The contract fell Wednesday after crude oil, gasoline and distillate inventories were all reported to have increased last week.." [more]

Saudi Sabic Makes Final Offer to Acquire GE Plastic [May 16]
"Saudi Basic Industries Corporation have joined the fierce competition to acquire General Electric's plastics division as it has submitted its final offer in a deal that could value the business at up to $12bn, Financial Times reported. Privately owned Koch Industries, Apollo and Basell have all made offers to buy the divison, which GE plans to sell in order to divest commodity businesses to focus on higher-growth industries.. ..Sabic, which is 70 percent owned by the Saudi government and one of the world's 10 largest petrochemicals manufacturers, is one of the strongest bidders.." [more]

Opec Sees No Shortage of Crude in the Market [May 16]
"Opec sees no shortage of crude in global markets despite consumer calls to increase supply before the summer to help boost inventories and bring down high prices. 'We think there is no shortage of crude in the market at the moment,' Opec president and UAE Minister of Energy Mohammad Bin Dha'en Al Hamili said yesterday. 'The market is in balance... and fundamentals are in good shape now. We will increase supply if there is a need to or if the market needs it'.. ..The IEA has urged Opec to open the taps for the past three months. The energy department of the United States echoed the call on Monday.." [more]

Saudi Arabian King to Visit Morocco [May 16]
"Saudi Arabian King Abdallah Ibn Abdelaziz will make an official visit to Morocco on Thursday and Friday at the invitation of Moroccan King Mohammed VI. During this visit, King Mohammed VI will hold official talks with the Saudi king, and will later host a state dinner in his honor at Royal Palace Fes, according to a statement issued Tuesday by the Moroccan ministry of royal affairs, protocol and chancellery.." [more]

Security Brings Investments to Saudi Arabia [May 16]
"Saudi Arabia is one of the most secure countries in the world and the increasing inflow of foreign investments is a strong evidence of that, according to Interior Minister Prince Naif.. ..'The growing investments from within and outside the country are a strong proof of stability and investor-confidence,' Prince Naif said in comments carried by the Saudi Press Agency. Saudi Arabia has licensed 1,389 foreign and joint projects with a capital investment of SR253 billion until 2006, registering a 25 percent rise in investments. The government is also planning to attract new investments worth SR300 billion this year.." [more]

5 Kuwaitis Arrested in Saudi City [May 16]
"Saudi authorities have detained five Kuwaiti nationals and a Saudi in the holy city of Madinah.. ..The six men were arrested last Wednesday while distributing audiotapes on a road in downtown Madinah, General Mansur al-Turki said, declining to say what was on the tapes. He said that Saudi police were “co-ordinating with Kuwaiti security authorities in questioning the detained Kuwaitis to find out the motives behind distributing the tapes.. ..Kuwait’s ambassador to Saudi Arabia, Sheikh Hamad Jaber al-Sabah, said the men were detained on “suspicion” without elaborating.." [more]

Al Qaeda Suspects Confess Saudi Strikes [May 15]
" Four suspected al Qaeda members planned attacks on Saudi Arabian oil facilities and other Gulf Arab oil producers, they said in confessions shown on Saudi television Tuesday, after they were arrested last year. Saudi police arrested the four in April last year in connection with a failed attack two months earlier on Abqaiq, the country's biggest oil-gathering facility. Saudi Arabia is the world's biggest oil exporter, supplying about 7 million barrels per day, and holds almost a quarter of the world's oil reserves.. ..Another suspect, identified as Khaled al-Kurdi, said al Qaeda leadership in Saudi Arabia told them that the attacks on oil facilities would be 'equal' to the September 11, 2001 attacks.." [more]

Swiss Investigating BAE in Money Laundering Case [May 15]
"Law enforcement authorities in Switzerland confirmed Monday that they had opened a criminal investigation into possible money laundering at BAE Systems, adding to the international scrutiny of the company, the top British military contractor.. ..The news follows a meeting last week in The Hague of prosecutors from Austria, Britain, the Czech Republic, Sweden and Switzerland. They are seeking to coordinate corruption inquiries related to the sale and lease of Gripen fighter jets, which are built by Saab of Sweden and sold through a joint venture with BAE. The two companies are accused of offering intermediaries as much as 1 billion kronor, about $150 million, to promote the sale of the jets to the Czech Republic and Austria in 2002.." [more]

Saudi Arabia Discovers Two Gas-Rich Oil Fields [May 15]
"Two new gas-rich oil fields have been found in Saudi Arabia's Eastern Province, close to the massive Al-Ghawar field, Oil Minister Ali al-Nuaimi has announced. The Mabruk 1 field, which lies 30 kilometres southeast of Al-Ghawar, will produce 5,600 barrels of heavy crude and 2 mln cubic feet of gas per day, Nuaimi said in a statement carried by the official SPA agency. The Durwazah 1 field, located 70 kilometres southeast of Al-Ghawar, will produce 5,569 barrels of light crude and 2.8 mln cubic feet of gas per day. The Al-Ghawar field - the world's largest - has a production capacity of 6 mln bpd.." [more]

Saudi-UAE Economic Forum Clears Doubts [May 15]
"Officials, who had gathered at the Saudi-UAE Economic Forum, agreed that urgent measures were needed to solve economic obstacles between the Kingdom and the UAE, and that small differences between Saudi and Emirati businessmen should not be allowed to hamper further progress in joint ventures between the two countries.. ..The forum also saw a series of Saudi and Emirati government officials address a number of serious issues, which stand in the way of joint ventures between the two countries. In the workshops, officials discussed topics such as dumping, custom tariffs, trade volume and the need for committees to enhance banking cooperation, as well as the need for further collaboration between Saudi and Emirati businesswomen in the real estate sector.." [more]

Saudis Target Firecrackers Amid Security Crackdown [May 15]
"Saudi Arabia yesterday said it intended to regulate more tightly the sale and use of firecrackers and commercial explosives, weeks after widespread arrests of suspected Al Qaida-linked militants. The Saudi cabinet said after a meeting chaired by King Abdullah that the sale, use and production of non-military explosives and firecrackers would be strictly controlled. Penalties would be imposed for those not abiding by the new measures, published by the state news agency SPA. Details of punishments for disobeying the rules would be issued by the Interior Ministry within four months.." [more]

Saudis Continue to Keep Lid on Crude Supply [May 15]
"Saudi Arabia, the world's top oil exporter, will keep its crude oil supply curbs to Asia and Europe steady in June from May, industry sources said yesterday. The steady volume indicates that the kingdom, the largest producer in Opec, is still keeping a lid on supply, following deals with other member countries to trim supply by 1.7 million barrels per day.. ..The Organisation of Petroleum Exporting Countries (Opec) is under pressure from consumers to reverse the supply curbs agreed last year that have helped lift the price of Brent crude to above $67 a barrel from about $50 in January.." [more]

Dumping Common in GCC Countries [May 15]
"Neither Saudi Arabia, nor other five member states of the Gulf Cooperation Council (GCC), have introduced any anti-dumping laws against other World Trade Organization (WTO) member countries. At the same time WTO member countries continue to dump their products on GCC markets, said an official from the Saudi Arabian General Investment Authority (SAGIA) speaking at a symposium here yesterday. According to the WTO agreement, members are required to sign agreements which specify that their products would not be dumped in another WTO member state.. ..Sattam Al-Tayyar, senior adviser at SAGIA, pointed a finger at the GCC secretariat general for not being able to provide financial guarantees in this matter so that member states could start taking measures. He said that negligence by GCC countries regarding this matter would cause “huge losses” to GCC economies.." [more]

Oil Rises on Saudi Supply Decision [May 14]
"Oil rallied to nearly $63 on Monday as Saudi Arabia kept OPEC supply curbs in place through June and West African supplies faced continuing disruption. U.S. oil rose 56 cents to $62.93 after rising 56 cents on Friday when oilfield outages in Congo and Nigeria added to investor concern over U.S. gasoline stocks at their lowest in 16 years for the time of year. Peak gasoline demand in the world's top consumer kicks in for summer.. ..The International Energy Agency (IEA) called on OPEC on Friday to raise oil output before the summer to prevent a sharp decline in consumer nations' crude oil stocks.." [more]

Autogrill jv Aldeasa Wins Contract to Run First Saudi Arabian Duty-Free Stores [May 14]
"Autogrill SpA said its 50:50 joint venture Aldeasa will run the first duty-free stores in three Saudi Arabian airports for a period of 10 years, in a partnership with the Al Musbah international group.. ..The venture will run five stores of which two are in Riyadh's airport and cover a total of 2,600 square metres, another two in Jeddah for a total surface of 1,500 square metres and the fifth in Damman covering 400 square metres.. ..The stores will sell, among other things, international luxury leather goods, accessories brands and high-end fragrances and cosmetics.." [more]

Court Postpones First Lawsuit Against Virtue Commission [May 14]
"The Court of Grievances in Riyadh yesterday postponed until July 2 the first ever compensation lawsuit against a member of the Commission for the Promotion of Virtue and the Prevention of Vice filed by a Saudi woman after commission members failed to respond to a court summons.. ..Al-Lahem is representing a mother and daughter who were stopped by commission members in 2004 in front of a Riyadh shopping center. They accused the women, who were waiting in their car together with their driver, of not conforming to customs of decency.." [more]

Saudi Authorities Release Draft Bill to Regulate Mergers [May 14]
"The Saudi Capital Market Authority (CMA) has released a new draft bill aims at regulating the merger and acquisition process for listed companies. CMA said the bill was prepared after a thorough review of international norms in this field. It asked those concerned to express their views about the draft bill before it is approved, adding that all suggestions will be considered.. ..The bill covers a number of issues like obliging the M&A parties to take independent consultation from a CMA-licensed financial adviser, regulating acquisition packages that include conflicts of interest, setting timetables of the acquisition process and others.." [more]

Cheney Meets Saudi King [May 13]
"U.S. Vice President Dick Cheney arrived on Saturday in Saudi Arabia, a key U.S. ally which has grown cold on Washington's Iraq policy, for talks with King Abdullah expected to discuss Iran's growing power.. ..Saudi television showed King Abdullah receiving Cheney in the desert town of Tabuk in the far north of Saudi Arabia.. ..Saudi Arabia shares U.S. concerns about Iran's nuclear program, which the Shi'ite power says is only for civilian purposes. But Saudi Arabia and its Arab allies Egypt and Jordan want Washington to press Iraq's Shi'ite-led government into a new political deal with Sunni Muslims and are concerned about U.S. troops leaving Iraq before such an agreement. Washington wants Arab countries to do more to help stabilize the government of Prime Minister Nuri al-Maliki.." [more]

First Case Against Saudi Religious Police [May 13]
" A Saudi civil court is to hear the first ever case brought against the kingdom’s religious police charged with enforcing a strict Islamic moral code, the woman plaintiff’s lawyer told AFP on Saturday. The unnamed woman is seeking compensation after she and her daughter were allegedly wrongfully arrested in a shopping centre car park in 2004 for 'not wearing decent clothing'.. ..The woman’s family is bringing the case before a civil court in Riyadh on Sunday after an Islamic court rejected the complaint, reportedly ruling that 'a member of the religious police cannot be judged'.." [more]

Mubarak Denies Plans for Saudi-Egypt Causeway [May 13]
"Egypt on Sunday denied there were any plans to build a causeway linking Saudi Arabia to Sharm el-Sheikh, saying such a project would be bad for tourism in the popular the Red Sea resort. On May 3, the Saudi English-language daily Arab News reported that the construction of a three-billion-dollar causeway linking the Saudi region of Tabuk to Egypt would begin in 10 days. But Egyptian President Hosni Mubarak denied the existence of such a plan, telling the state-owned Al-Messa that a causeway at the entrance of Sharm el-Sheikh would harm tourism and would also be a security threat.." [more]

Saudi Arabia Covers World Tourism in New Media [May 13]
"Prince Saud bin Faisal bin Musaid bin Saud bin Abdul Aziz has announced the official launching of a new media on world tourism called as 'World Tourism News' (WTN) on May 9th 2007 in Jeddah. The new bilingual (Arabic/English) media will reflect the Saudi tourism developments along with the boom in tourism around the world, said Prince Saud, the Chairman for Saudi Investment & Development Group, which owns the media aiming to provide latest tourism information for the readers. During the ceremony, the Prince signed a contract that declares Mrs. Ahlam Al Salimoni, as a Partner and General Manager of the group in addition to act as the Chief Editor for WTN Magazine.." [more]

Dow in Saudi Chemical Plant Deal [May 13]
"Saudi Aramco and US Dow Chemical Co announced yesterday a deal to build a petrochemical plant that industry insiders expect to be the largest foreign investment in Saudi Arabia's energy sector. The cost of the Ras Tanura plastics and chemicals complex would be "mammoth", said Saudi Aramco's President Abdullah Juma, although he declined to give details. Last week, industry sources said the plant would have an investment cost of at least $20 billion. Costs have risen with soaring inflation in the energy industry from an Aramco estimate last year of around $15 billion.." [more]

Saudi Confirms Expat Citizenship Plans [May 13]
"Saudi Arabia has reaffirmed its commitment to grant citizenship to expatriates who have qualifications in hi-tech professions.A naturalisation programme was first discussed in October 2004 when it was announced that expats with degrees in medicine, computer science, and other branches of science and technology would be given priority for citizenship. A requirement for expatriates to have spent 10 years living in Saudi Arabia was relaxed at that time. Applications for citizenship have been accepted since May 2005.." [more]

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