Saudi-US Relations Information Service

Keeping Track - Recently on SUSRIS








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Secret Syrian Meet Denied [Sep 8]
"Saudi Arabia yesterday denied press reports that its intelligence chief Prince Muqrin had visited Damascus and met with senior Syrian officials. Saudi Ambassador to Syria Ahmed Al-Qahtani issued the denial in response to a report published by a Lebanese newspaper on Tuesday. 'The media should make sure that the reports and analysis they receive are correct before publishing them in order to achieve closer relations among Arab countries,' Qahtani said.." [more]

Saudi Arabia, Lebanon Ask Sharif to Quit Plans to Return [Sep 8]
"Saudi Arabia and Lebanon today intensified pressure on former prime minister Nawaz Sharif to give up his plans to return to Pakistan on Monday and honour the deal brokered by them after the 1999 coup. Saad Hariri, the son of former Lebanese Prime Minister Rafiq Hariri, and a special envoy of Saudi king, Maqruin bin Abdul Aziz, meet President Pervez Musharraf after which they publicly reminded Sharif about the "agreement" he struck to stay out of Pakistan for 10 years in return for his exile to Jeddah in 2001 and asked him not to violate it. 'The agreement made with the custodian of the holy mosques (an official reference to Saudi King) should be honoured,'.." [more]

Joint UK- Saudi Air Exercise Concludes [Sep 8]
"The United Kingdom and Saudi Arabia have successfully completed their joint air exercise codenamed Exercise Saudi Green Flag, the British Ministry of Defence (MOD) announced on Saturday. The exercise was held at RAF Lossiemouth, in Scotland, the home base for Tornado aircraft where the jet fighters from the two countries engaged in different engagements. The exercise was the second half of a squadron exchange, which began last year when RAF personnel and aircraft visited Saudi Arabia for Exercise Lone Frame.." [more]

Five Million Students Return to School Today [Sep 8]
"More than five million Saudi students return to schools and colleges across the Kingdom today at the start of a new academic year.. ..Education Minister Dr. Abdullah Al-Obaid.. ..said students would enjoy the first fruits of the King Abdullah Project for Educational Development this academic year. The SR9 billion project, which will be carried out within the next six years, includes development of curriculum, training of teachers, improvement of educational atmosphere and extracurricular activities.." [more]

Saudi Tourism Chief in Paris to Promote Madain Saleh [Sep 8]
"Secretary-General of the Supreme Commission for Tourism Prince Sultan ibn Salman inaugurated in Paris a photo exhibition to promote the ancient Nabataen city of Madain Saleh, which Saudi Arabia officially nominated earlier this year to become the Kingdom’s first United Nations Educational, Scientific and Cultural Organization (UNESCO) World Heritage Site.. ..Structures still standing at the site, located about 400 km north of Madinah, date back to the second century BC. The city was part of the Nabataean culture that fought wars against King Herod and managed to force the Romans into an allegiance under the Pax Romana until Emperor Trajan annexed Petra to the north in 107 AD.." [more]

Banking, Insurance Stocks Pull TASI Down [Sep 8]
"The Saudi stock market suffered heavy losses last week after surging 1.70 percent in the previous week. The Tadawul All-Share Index (TASI) dropped below 8,000 points. The index fell 4.54 percent or 373.31 points to 7,853.66 points last week compared to previous week’s closing at 8,226.97 points. The newly listed Saudi Arabian Cooperative Insurance Company was top gainer last week as its shares jumped 1,225 percent to SR132.50.." [more]

BAE to Seal 20 Billion Pound Eurofighter Deal With Saudi Arabia [Sep 7]
" British defence firm BAE Systems will next week clinch a 20-billion-pound (29.5 billion euro, 40.4 billion dollar) deal to supply 72 Eurofighter Typhoon jets to Saudi Arabia, a report said Friday. 'It is understood that the British government sent the Typhoon contract to King Abdullah two days ago,' The Times newspaper wrote Friday. 'The king is expected to sign the contract next week, sealing one of the largest export orders ever won by the UK,' it added. A spokeswoman for BAE told the newspaper: 'This is a government-to-government negotiation and we are unable to make any comment on it.'.." [more]

New Saudi Owners Praise Hoosier Factory [Sep 7]
"The former General Electric Plastics plant welcomed its new owner Saudi Basic Industries Corp. and commemorated a name change during a ceremony for executives and workers. Saudi Basic Vice Chairman and CEO Mohamed Al-Mady told about 800 workers Wednesday that the plant's record for technical competence, safety and employee time on the job helped sell him and others on buying the company. 'What we see in technology, plant operations and sales here is very impressive,' Al-Mady said. 'Our objective is to be the preferred petrochemicals company.'.. ..The new owners described the coming year as one of change at the plant but did not outline the specifics. Company officials have said they expect to grow their new business and are not planning to cut jobs.." [more]

Saudi Finance Minister to be Quizzed [Sep 7]
"The Saudi finance minister will appear before a council that advises the government to discuss inflation, which hit a seven-year high in July, a council member said yesterday.. ..'The finance minister will come to the council and one of the issues that will be discussed with him is inflation and inflationary pressures.' He declined to say when Finance Minister Ibrahim al-Assaf would appear before the council. The National Society for Human Rights this week urged the government, the country's biggest employer, to raise wages for lower income workers, saying in a report in Okaz daily that 40pc of Saudis were vulnerable to rising prices of staple goods.." [more]

Saudi Aramco Seeks Team Players for Mega Projects [Sep 7]
"More than 30,000 oil and gas professionals from around the world meet this week at the Offshore Europe Conference and Exhibition, and emerging technologies are taking the spotlight as the industry considers the future.. ..Among the more than 1,500 exhibitors displaying were most of the oil majors along with oil giant Saudi Aramco, which is taking the lead in development of several new technologies, from geo-seismic exploration and reservoir monitoring to multilateral drilling and “smart” wells. Saudi Aramco is developing thousands of young Saudi employees to take leadership roles in the company, but the global player also is looking for industry professionals from around the world to augment its work force.." [more]

Oil up on US Stock Draw, Rising Mideast Tensions [Sep 7]
"Oil rose to over $76 a barrel yesterday on rising tensions between Syria and Israel and a drop in US gasoline and crude inventories. US crude settled up 57¢ to $76.30 a barrel after profit-taking erased an earlier rise up to $77.43, near the all time high of $78.77 a barrel struck on August 1. London Brent crude settled 43¢ higher at $74.77. The market grew more jittery about supply from the Middle East, the source of nearly a third of world oil, after Syria accused Israel of bombing its territory yesterday and warned it could respond.." [more]

16 More Gitmo Detainees Return Home [Sep 7]
"Sixteen Saudi Guantanamo detainees returned home yesterday after their release from the US-run detention center in Cuba. This is the second group of detainees to return to the Kingdom in less than two months after a recent high-profile visit by an official Saudi Delegation to the camp to secure the release of Saudis imprisoned there.. ..Interior Minister Prince Naif said that the Kingdom, under the direction of Custodian of the Two Holy Mosques King Abdullah, is keen to see the return of all Saudi Guantanamo detainees. Prince Naif said the men would be tried according to the Kingdom’s laws, and expressed satisfaction and appreciation at US cooperation.." [more]

US Transfers 16 Guantanamo Inmates to Saudi [Sep 6]
"Sixteen Saudi prisoners from the US detention facility at Guantanamo Bay arrived in Riyadh on Thursday after being handed over to Saudi authorities, the interior ministry said. Their transfer brings to 93 the number of Saudi detainees so far handed over to the kingdom, while 37 remain incarcerated at the notorious prison camp in Cuba. Saudi Interior Minister Prince Nayef bin Abdul Aziz said in a statement carried by the official SPA news agency that Riyadh was making every effort to secure the return of the Saudi nationals still at Guantanamo.. ..About 800 detainees have passed through Guantanamo Bay since it opened, and several hundred are still being held there without charge.." [more]

Nawaz Says He’s in Contact With Saudis [Sep 6]
" Nawaz Sharif, former prime minister and chief of the Pakistan Muslim League-Nawaz (PML-N), said on Wednesday that he was in contact with Saudi King Shah Abdullah and had conveyed his sentiments on his decision to return to Pakistan to the Saudi administration. Commenting on a statement issued by a Saudi government spokesman on Nawaz’s return to Pakistan the other day, Nawaz told Geo news that he would not elaborate on the Saudi statement because it was a sensitive issue. He, however, vowed that he would return to Pakistan on September 10 because 'my people and country are calling me'.." [more]

US Subprime Mortgage Crisis Affects Kingdom [Sep 6]
"The recent volatility in global financial markets due to problems in the US subprime mortgage market have taken their toll on banks throughout the world including Saudi Arabia. While Saudi banks will be able to comfortably absorb only minimal exposure to distressed loans, corporations such as Saudi Basic Industries Corp. (SABIC) have already faced some constraints.. ..An expected cut in the US Fed funds rate may also impact on Saudi Arabia. Bourland commented: 'The riyal’s peg to the US dollar means that Saudi interest rates have to track broadly those in the US. Should SAMA (Saudi Arabian Monetary Agency) let local interest rates diverge too greatly from those in the US, money market investors will quickly take advantage of the arbitrage opportunity that is created'.." [more]

Breeders Blame Authorities for Surge in Camel Deaths [Sep 6]
"The Saudi Shura (Consultative) Council is set to take up the recent spate of camel deaths during its Monday session in what is considered a response to the mounting criticism of the authorities. Some 2,000 camels died in the past three weeks in the kingdom. The Minister of Agriculture, Abdul Rahman Balghunaim, had told the official Saudi Press Agency (SPA) in August that the cause of the deaths is not an infectious disease, adding the animals were fed contaminated bran.. ..breeders continue to criticise the concerned authorities for not taking enough measures to control the death toll.." [more]

GCC Currency Union in Focus at Riyadh [Sep 6]
"Gulf central bankers will try to revive plans for regional monetary union on Saturday at a meeting that may give investors an insight into currency policy after a summer of Kuwait revaluations and market turmoil. Kuwait plunged the monetary union project into crisis in May by dropping a dollar-pegged exchange rate.. ..Kuwait's central bank said it broke ranks with Saudi Arabia and four other oil producers because the dollar's slide on global markets was fuelling inflation by making some imports more expensive.." [more]

Intervention Urged Amid Rising Prices of Goods [Sep 6]
" Citizens and residents have demanded intervention by higher authorities in order to halt the escalating prices of essential commodities. According to the National Society for Human Rights, the price hikes have affected 40 percent of the population. Many citizens blame the Ministry of Commerce and Industry for the crisis as they said the ministry did not act to stop rising prices.. ..Dr. Bandar Al-Hajjar, chairman of the National Society for Human Rights.. ..said five groups within society had been most affected by the price hikes: Retirees who receive a monthly pension of less than SR2,000; 575,000 families who receive assistance from social insurance; government employees receiving a monthly salary of less than 3,000; private company workers getting a salary of less than SR2,500; and those who have no monthly income. 'These groups represent 40 percent of the population,'.." [more]

Saudi Prince Criticises Monopoly of Power at the Heart of Kingdom [Sep 5]
"A prominent prince plans to form a political party in Saudi Arabia and invite jailed reformists to join. The rare call for reform from within the royal family is likely to anger the kingdom, which bans political parties. Prince Talal bin Abdul-Aziz, a half-brother of King Abdullah and the father of Saudi Arabia's richest private business tycoon, also criticised what he termed an alleged monopoly on Saudi power by one faction within the Saudi royal family.. ..Prince Talal, now in his 70s, is considered something of an outsider within the royal family, because of his past pushes for reform, which forced him into exile briefly in the 1960s. But the prince is also believed to be a confidant of the current king, whom he praised as a reformer who faces 'obstacles before him'.." [more]

Saudi Arabia Chides Sharif for Planning Pakistan Return [Sep 5]
"Saudi Arabia, once the home in exile of former Pakistani Prime Minister Nawaz Sharif, chided him for planning to return to his country and challenge President Pervez Musharraf. 'Wisdom dictates that Nawaz Sharif abide by his promises not to return to Pakistan and to political activity,' said an unnamed spokesman quoted by the state Spa news agency yesterday. The spokesman denied what he said were claims in some Pakistani newspapers that Riyadh 'supports' the return of Sharif and his family to Pakistan.. ..Sharif lived in exile in oil-rich Saudi Arabia after Musharraf toppled him in a 1999 bloodless coup. He was sentenced to life in prison on tax evasion and treason charges, but under a deal brokered by the Saudi royal family, President Musharraf released him in December 2000 on condition that
he and his family live in exile in Saudi Arabia for 10 years.." [more]

More Indian Firms Investing in Saudi Arabia [Sep 5]
"Saudi Arabia has emerged as a lucrative investment destination for Indian firms with over 190 of them getting licenses from the Saudi Arabian Investment Authority over the past two years. These companies are capable of pumping more than SR4 billion (Rs 43,673 crore appx) to the Saudi economy.. ..Bilateral trade between the two countries rose to 28 percent to cross the SR13 billion in 2006. While Saudi imports from India were valued at SR 6.8 billion in 2006, the exports, excluding petroleum products, accounted for SR 2.6 billion in the same period.. ..The Saudi investments in India are pegged at more than SR 858 million in 55 joint ventures. They cover chemicals, computer software, cement, metals and some other industrial products.." [more]

Saudi Telecom Sector Highly Competitive [Sep 5]
"Saudi Arabia, the Arab world's largest economy, hosts a highly competitive telecommunication sector, says a report. With a nominal GDP of $351.92 billion last year, the immense size of the Saudi economy in comparison to other economies in the region has facilitated the speedy development of both public and private sectors, and has seen the emergence of successful companies with equally robust financial and operational strengths.. ..The Saudi telecommunications sector has proceeded from an entirely government owned/regulated single-operator market into a competitive, multi-operator market. The sector currently boasts three operational cellular operators.." [more]

Saudi Hikes October Crude Prices [Sep 5]
"Top oil exporter Saudi Arabia has raised October official selling prices (OSPs) for its crude for Asian buyers and its lightest grades to Europe, but mostly lowered prices to the US. State-owned Saudi Aramco set its flagship Arab Light crude to Asian buyers at its highest premium in more than four years, with the price hike for lighter grades beating expectations and likely to support demand for rival crudes traded on the spot market.." [more]

Saudi Stock Market Takes a Tumble [Sep 5]
"The Saudi stock market was in the red yesterday. The Tadawul All-Share Index (TASI) tumbled 138.84 points or 1.73 percent to 7,878.70. Out of 103 stocks, there were only three gainers and they were in the insurance sector. The Saudi Arabian Cooperative Insurance Company (SAICO) continued to surge yesterday after rising 997.50 percent on debut on Monday. Its shares soared 9.79 percent to SR120.50. The other two gainers were Saudi IAIC Cooperative Insurance Co. (Salama) and Alahli Takaful Company (ATC). Salama shares increased 1.91 percent to SR120 and ATC by 0.13 percent to SR190.." [more]

After Rough Patch, Future Looks Bright for AISJ [Sep 5]
"The American International School of Jeddah is a local institution that throughout the decades has fostered the education of thousands of students from dozens of nationalities going all the way back to its inception in 1952. Graduates of this school have moved on to occupy top jobs the world over. That is not to say it hasn’t been a bumpy ride for the institution founded 55 years ago as the PCS, the Parents Cooperative School, by a group of American companies operating in Saudi Arabia. In the 1980s, the school changed its name to the SAIS, the Saudi-American International School, and was underwritten by Saudi Arabian Airlines. But in June 2004 the country’s national carrier gave up its sponsorship, threatening the future of one of Jeddah’s top-rated private schools. Under threat of dissolution, a group of individuals led by Dr. Khaldoun Mhaimeed, got together and figured out a way to give the school a new lease on life. The American community in Jeddah pulled through, and the SAIS became the American International School of Jeddah (AISJ).." [more]

Saudi Canadian Begins Work at Az Zabirah Project [Sep 5]
"The Saudi Canadian Mining Services, with a vast experience in drilling, blasting, hauling, excavation and surveying works, has mobilized major capital equipment worth SR50 million to Az Zabirah North Zone Kaolin & Bauxite Project for the execution of a 5-year contract, which it recently signed with Saudi Arabian Mining Company (Maaden).. ..The Jeddah-based Saudi Canadian was selected by Maaden to do the Bauxite Trial Mining at Az Zabirah Bauxite Project to establish the parameters for the future large-scale mining operation and to collect the bulk samples for metallurgical test works.." [more]

Abhur Tourism Fest to Be Held During Eid Al-Fitr [Sep 5]
"The Abhur Tourism Festival, which will be held for the first time this year during Eid Al-Fitr holidays, is expected to attract more than a million tourists and holidaymakers from Saudi cities and neighboring Gulf states, according to Prince Abdullah ibn Saud, chairman of the festival’s executive committee.. ..'More efforts should be made to exploit tourism facilities and potentials in the Kingdom,' the prince said. He emphasized the need for organizing a variety of tourist programs throughout the year in addition to summer tourism festival.." [more]

Blair Discusses Mideast Peace With Saudi King [Sep 4]
"International Middle East peace envoy Tony Blair met Saudi Arabia's King Abdullah on Monday on the second leg of a regional tour ahead of a US-sponsored peace conference later this year. Blair and the Saudi monarch discussed 'developments pertaining to the Middle East peace process and efforts under way to achieve a just and comprehensive peace in the region in keeping with UN resolutions and the Arab peace initiative,'.. ..Blair, who flew in from Kuwait, 'welcomes the chance to talk directly to Saudi Arabia about the Palestinian situation,' Doyle said.." [more]

Saudi Activist Faces Trial Over Women's Protest [Sep 4]
"A well-known Saudi reform activist and his brother have been ordered to appear in court on charges including inciting protests by women, a colleague said on Tuesday. Abdullah al-Hamed and his brother Isa are expected to appear in a criminal court in the town of Buraida north of Riyadh over an incident in July where the wives of Saudi men in indefinite detention staged a public protest. 'They were ordered three days ago to appear in court on charges of provoking women to stage a sit-in and trying to break a security cordon,' said Khaled al-Omair, legal representative for the two men.." [more]

Dammam to Host Saudi Investment Forum in November [Sep 4]
"The Chairman of the Board of Directors at Saudi Arabia's Eastern Province Chamber of Commerce and Industry (EPCCI) announced that the chamber will host the three-day Saudi Investment Forum in November.. ..The chairman pointed out that the forum aims at accelerating the flow of foreign investment and vitalize the private sector in the region. He added that discussions will focus on plans for sustained economic growth in the Kingdom, the requirements of the business sector for the development of the infrastructure, development of the transport sector to fulfill the needs of the industrial sector, project financing, oil, natural gas, petrochemical and refinery projects.." [more]

Saudi SAICO Makes Tadawul Debut With a Bang [Sep 4]
"The Saudi Arabian Cooperative Insurance Company (SAICO) yesterday made its Saudi stock market debut with a bang. Shares in SAICO, which became the 13th insurance company to be traded, jumped 997.50 percent on the first day of trading. The SR10 shares opened at SR109.75 and stayed in that level throughout the day.. ..The insurance companies are in the limelight as Saudi Arabia's newly liberalized insurance market is poised for major growth with estimates that a market currently worth around $1.5 billion annually could soar to $8 billion within 10 years.." [more]

Saudi Loan for Bagmati Irrigation Project [Sep 4]
"The Saudi Fund for Development has agreed to provide loan of 56.25 million Saudi Riyals (Rs 985 million) to Nepal for implementation of Bagmati Irrigation Project in the remaining areas of the project command area.. ..The fund, which is the third and final phase of loan for the project, will be used to construct secondary canals, internal drainage, command area protection work and rural link roads in about 16,600 hectares of land in Sarlahi and Rautahat districts, the statement said. The project, which started in 1987 with a target to irrigate 55,600 hectares of land in the two districts, has already provided extensive irrigation facilities to around 29,000 hectares of land in the two districts.." [more]

Religious Police Attend Training Course [Sep 4]
"Saudi Arabia’s religious police, facing a wave of public criticism over zealous behaviour, held their first ever training course this weekend to teach members about the penal code. Over 40 senior members of the autonomous force, which clerics see as central to Saudi Arabia’s Islamic state, attended the three-day course in a Riyadh hotel to hear about where the limits of their authority lie in Saudi law. Two Saudis have died in the custody of the ‘Committee for Promotion of Virtue and Prevention of Vice’ this year, prompting calls by liberals in the Saudi press for it to be disbanded.." [more]

Commission Will Not Assign Defense Lawyer [Sep 4]
"According to a senior official in the Commission for the Promotion of Virtue and Prevention of Vice, no attorney will be assigned to defend the two imprisoned commission members allegedly responsible for the death of a young Saudi man, Salman Al-Huraisi, in late May. They are accused of beating the man to death when his house was raided because of suspicions he was selling alcohol.. ..'The case has been transferred to the concerned authorities and we are waiting for the trial’s outcome,' he said. The trial is expected to begin soon though Al-Huraisi’s relatives are still looking for an attorney to represent them in court. Al-Shitri did not rule out the possibility that mistakes were made during the raid on Al-Huraisi’s house.." [more]

GIB to Establish a Financial Services Company in Saudi Arabia [Sep 3]
"Bahrain-based Gulf International Bank (GIB) is to establish a securities company in the Kingdom of Saudi Arabia. The Bank has recently obtained a licence from the Saudi Arabian Capital Market Authority. The new company will be called GIB Financial Services and will provide various specialised services including corporate finance advisory, brokerage services and dealing in securities as principal, underwriter and agent, in addition to fund management and custodial services.. ..The six GCC governments own 72.5 per cent of the GIB, while the Saudi Arabian Monetary Agency owns 27.5
per cent. The Bank is one of the largest regional banks in the region, with more than US$ 27.5 billion of its own assets and US$ 22 billion of clients’ assets under management.." [more]

Ahad, Solidarity to Create $107m JV in Saudi Arabia [Sep 3]
"Saudi Arabia's Ahad Insurance signed an agreement with Solidarity, one of the world's largest Takaful companies, to set up an insurance company that complies with Islamic sharia with $107 million in paid-up capital, Bahrain Tribune reported. The new company will focus on providing general and family-related insurance solutions in Saudi Arabia. Ahad founders will be included as part of the licensing application submitted earlier by Solidarity to Saudi Arabian Monitory Agency (SAMA).. ..Solidarity and Ahad will focus on offering a comprehensive and diversified range of sharia'h-complaint insurance products and financial solutions.." [more]

Leading Arab Daily Back on Sale in Saudi [Sep 3]
"Saudi Arabia’s ban on the distribution of influential pan-Arab daily Al-Hayat has been lifted, a senior member of the newspaper’s management said today. 'The ban on Al-Hayat was lifted on Friday'.. ..'There was a misunderstanding with the Ministry of Information which has now been cleared up,' he said when asked about the reason for the ban, without going into further detail. However, another executive at Al-Hayat’s office in Riyadh told ArabianBusiness.com today that the real reason behind the ban was because the Saudi government had tried to pressure the paper into firing columnist Abdelaziz Al-Suwaid who has criticised the administration.." [more]

Sabic Says $6b Borrowing Plan for Industrial Complex on Track [Sep 3]
"Saudi Basic Industries Corp (Sabic) said yesterday it was on track to borrow $6 billion this year for an industrial complex despite credit market turmoil that forced it to cut a planned bond in half last month. Sabic, the world's largest chemical maker by market value, aims to raise mainly Islamic loans for the $10 billion complex it is building with affiliate Kayan Petrochemical Co, Chief Financial Officer Mutlaq Al Morished told Reuters. Banks have already underwritten the loans and will start syndication in the next few months.." [more]

Saudi Market Cap Soars to SR1.40 Trillion [Sep 3]
"The Saudi stock market showed solid performance in the month of August. At the end of August the Tadawul All-Share Index (TASI) closed at 8,226.97 points. The index gained 692.92 points at a growth rate of 9.20 percent over the previous month’s close. On an YTD basis TASI registered a positive return of 3.70 percent. According to the Monthly Statistical Report of Tadawul for August, which was released yesterday, total equity market capitalization increased 9.04 percent from July to SR1.40 trillion ($372.75 billion).." [more]

GCC Pledges Full Support for Mideast Conference [Sep 2]
"The Gulf Cooperation Council (GCC) yesterday pledged its full support for the international peace conference called by the US and hoped it would bring about a comprehensive Middle East settlement based on the Arab peace plan. In a joint communiqué issued after a meeting here, the GCC foreign ministers said they hoped that the conference would revive talks on various issues in achieving a final solution to the Arab-Israeli conflict. They also called on Israel to stop building settlements in the occupied territories.. ..The GCC communiqué urged all foreign parties not to interfere in the internal affairs of Iraq and called on the Iraqi people to reject machinations to promote racial conflicts in the country.." [more]

Saudi, Jordan Call for Final Status Talks [Sep 2]
"The leaders of Jordan and Saudi Arabia yesterday urged Israel to enter into negotiations with the Palestinians on final status issues in the run-up for the creation of a Palestinian state. The call was made by Jordan’s King Abdullah II and King Abdullah of Saudi Arabia, who held talks in Jeddah that focused on latest efforts to move the Middle East peace process forward. 'The two leaders expressed their support for the Palestinian attitude that calls on Israel to discuss the final status issues like Jerusalem, the refugees and the borders,'.." [more]

Saudis Push for Friday-Saturday Weekend [Sep 2]
"Saudi businessmen and economists yesterday called for changing the weekend in the kingdom to Friday and Saturday. They said that the present Thursday-Friday weekend was negatively affecting the economy of the kingdom. Saudis believe that it was essential for the kingdom's economy to switch the weekly off days from Thursday and Friday to Friday and Saturday. They added that at the present time they are cut off the other world countries for four days - Thursday, Friday, Saturday and Sunday.." [more]

Opec’s Production Cuts Have Boosted Prices [Sep 2]
"Organisation of Petroleum Exporting Countries’ crude oil output cuts have succeeded in stabilising prices, but likely haven’t cut deeply enough into global stockpiles to sanction a production increase at the group’s September 11 meeting. 'As I see it at this time, there’s enough crude in the market,' Opec’s Secretary General Abdalla El-Badri said on Tuesday. He appeared to hint that Opec will officially keep output restraints in place when it meets at its Vienna headquarters in less than two weeks and take up the issue again at its scheduled December 5 meeting in the United Arab Emirates. 'We’ll review the market and we’ll see what we can do in September, but the picture at this time is not clear. It will be clear to me in December what’s going to happen in the American economy,'.." [more]

Saudi Bans Execs From Trading Before Results [Sep 2]
"Saudi Arabia's bourse regulator said on Sunday it would ban board members and senior executives from trading in the shares of their companies in the run up to earnings reports. For executives of companies reporting for the three months to September 30, the ban takes effect on September 16 and runs until the results are announced, the Capital Market Authority (CMA) said in a statement. The ban starts on October 20 for firms reporting for the three months ending October 31, and October 28 for those with a quarter ending November 10.." [more]

Scholarships for Doctors to Study Abroad [Sep 2]
"Custodian of the Two Holy Mosques King Abdullah has approved a new scholarship program under which 1,000 Saudi doctors and medical technicians would be sent abroad for higher studies and training, Health Minister Dr. Hamad Al-Manie announced yesterday. Al-Manie thanked the king for approving the proposal which is aimed at further improving health services across the Kingdom by enhancing the skills and capabilities of medical staff. The ministry’s annual budget allocation for scholarships will be increased for sending more medical staff to advanced countries for higher studies and training.." [more]

Saudi Index Plunges as Profit-Taking Weighs on Bank Stocks [Sep 2]
"Saudi Arabia’s main index ended almost 2% lower yesterday after gains in early trading, as profit-taking hit banking stocks.. ..Saudi Arabia’s main index, which peaked to a five-month high on Wednesday, closed 1.87% lower at 8,073.32 points, paced by Saudi Telecom and banking stocks. Saudi Telecom, which has closed lower six times in the last seven trading sessions, ended 2.79% down.. ..Saudi Hollandi Bank bucked the downward trend, however, surging 9.87%. Alwan said a rumour in the market could be moving the bank’s share price.." [more]

Hearing in Lawsuit Against Commission Postponed Again [Sep 2]
"The trial involving a 50-year-old Saudi woman who is suing the Commission for Promotion of Virtue and Prevention of Vice over a 2003 incident has been postponed for the second time after a representative from the commission failed to gather legal documents in the hearing at the Court of Grievances in Riyadh yesterday.. ..The attorney said that the lawsuit was not against members of the commission who detained Umm Faisal and her family members but against the government body in whole for allegedly committing human rights violations and for damages endured by her because of the detention.." [more]

U-17 Volleyball Squad Bow to Saudis [Sep 2]
"Bahrain suffered their first defeat in the first GCC Under-17 Volleyball Championship, going down to Saudi Arabia 1-3 last night at Al Qadsia Club Gym in Kuwait.. ..Both Saudi Arabia and hosts Kuwait are leading this six-team round robin championship with four points each from two matches, one point ahead of Bahrain who slipped to second. Saudi Arabia got off with a tough 15-25, 25-23, 25-14, 27-29, 18-16 win over Qatar on Friday while Kuwait bagged straight-set wins over the UAE and Qatar.." [more]

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