|
~~~~~~~~ [
Aug 23] ~~~~~~~~~
Saudi Ban on Women Driving Erodes Gradually [Aug 23]
"When Ruwaida Al Habis' father and two brothers were badly burned
in a fire, she had no choice but to break Saudi Arabia's ban on women
drivers to get them to a clinic. Using the driving skills her father
taught her on the family farm, Al Habis managed to reach the clinic's
emergency entrance without a hitch. 'When I pulled up, a crowd of people
surrounded the car and stared as if they were seeing extraterrestrial
beings,' the 20-year-old university student said. 'Instead of focusing
on the burn victims, the nurses kept repeating, 'You drove them here?'..
..Saudi Arabia is the only country in the world that bans all women -
Saudi and foreign - from driving. The prohibition forces families to
hire live-in drivers, and women who cannot afford the $300-$400 a month
for a driver must rely on male relatives to drive them to work, school,
shopping or the doctor. But there are signs support for the ban is
eroding.. ..Recent media reports have highlighted women driving not as
organised protests, but out of necessity or just a desire to be behind
the wheel.." [more]
Sighting of
Moon a Must, Ulema Board [Aug 23]
"The Board of Senior Ulema dismissed the idea of determining the
beginning of Ramadan with astronomic calculations without visibly
sighting the month’s crescent, Al-Madina reported. The Grand Mufti,
Sheikh Abdul Aziz Bin Abdullah Aal Sheikh, said astronomic calculations
are based on mathematical equations and are not acceptable in terms of
fasting. He said the Prophet’s (pbuh) Hadith of 'Fast at its sighting'
and the one of 'Do not fast until you sight it' were clear and decisive.
The Board finished discussing the issue last Tuesday and concluded to
continue depending on sighting the crescent since only three members
agreed on using the mathematical calculations instead.." [more]
Saudi Set to Lead Way in Future Steel Demand [Aug 23]
"One of the largest steel trading companies in the world said on
Saturday that demand for the raw material will rocket in parts of the
Gulf region over the next five years. UK-based Balli Steel said the
Middle East is one of the fastest growing markets for steel in the world
and while Dubai has led the way, Saudi Arabia, Abu Dhabi and Qatar will
be the growth markets in the future.. ..Balli Steel believes that while
the Dubai property market has grown significantly and emerged well ahead
of other markets in the region, the next five years will see the rapid
growth of new property markets in Saudi Arabia, Qatar and Abu Dhabi. The
company highlighted Saudi Arabia as a major area for growth, saying the
kingdom had not commenced construction on any of its major masterplan
projects, which will add some five million tonnes per annum to the
country's steel requirement.." [more]
Kingdom Further Opens Up Skies [Aug 23]
"Singapore and Saudi Arabia Friday signed a new air agreement which
will allow any number of air services to operate between the two
countries. With the new deal, airlines may operate up to 14 services
between Singapore and other points in Saudi Arabia, including Jeddah and
Riyadh, according to a statement from the Singapore Transport Ministry.
Airlines of both countries have also been granted permission to operate
services between the other country and selected cities in third
countries with 5th freedom traffic rights. Under the previous
agreement, carriers were only allowed to operate three weekly services
between Saudi Arabia and Singapore.. ..Local aviation experts, who spoke
to our correspondent, said the agreements would spell doom for the
country’s domestic carriers, as the foreign carriers that had been
granted multi-point entry into the country would airlift the passengers
they ought to be carrying.." [more]
Mufti Has Spoken Against It [Aug 23]
"The grand mufti of Saudi Arabia, in recent press statements, has
rightly warned parents against marrying their young daughters to men who
are older than them by 50 and 60 years or more. He described such
practices as an indication of lack of conscience on the part of the
parents. He also said such marriages will not protect the chastity of
the girls and may drive them toward sinful acts. The mufti stressed that
the young girl will be living in agony while her parents enjoy the
comforts her dowry can buy them.I cannot agree more with the mufti. He
is right in his warning about the consequences of such marriages which
may lead the young girls to adultery to satisfy their sexual urges which
old men cannot satisfy. To escape marital violence or unhappiness and
the coldness of their elderly husbands, the young wives may also resort
to drugs. The marriage of old men to young girls is not new to this
country or the world.." [more]
~~~~~~~~ [
Aug 22] ~~~~~~~~~
The Saudi Arabia Of Solar Energy [Aug 22]
"In the wake of the first Gulf War, the U.S. Army assessed Saudi
Arabia's solar energy resource potential in a classified effort to
determine how oil fires had affected the region. The results were clear
and surprising. In addition to being a vast petroleum repository, the
desert nation was also the heart of the most potentially productive
region on the planet for harvesting power from the sun. In other words,
Saudi Arabia was the Saudi Arabia of solar energy. Sitting in the center
of the so-called Sun Belt, the country is part of a vast, rainless
region reaching from the western edge of North Africa to the eastern
edge of Central Asia that boasts the best solar energy resources on
Earth. With the cost of oil skyrocketing, this belt is attracting the
attention of a growing number of European leaders, who are embracing an
ambitious proposal to harvest this solar energy for their
nations.." [more]
Top Cleric Quashes Colleague's Opinion on Celebrations [Aug 22]
"Celebrating anniversaries, birthdays or mother's day is against
Muslim 'righteousness', Saudi Arabia's top cleric has said, quashing
suggestions by a colleague that Islam permits personal celebrations.
Media savvy cleric Salman Al Awdah told viewers during a television show
last week that celebrating birthdays and wedding anniversaries was not
against Islam, sparking a debate in the kingdom and prompting the Mufti
to weigh in. Grand Mufti Abdul Aziz Al Shaikh said celebrating such
events would make Muslims like followers of other faiths including Jews
and Christians, Al Madinah newspaper reported. Al Shaikh embodies
Wahhabism.. ..Awdah, who follows a relatively softer line, is widely
believed to be favoured by circles close to King Abdullah. The monarch
has repeatedly said that Saudi Arabia needs reforms.." [more]
Yemen Hands Over Saudis Wanted on Terror Charges [Aug 22]
"Yemen has handed over eight Saudi citizens wanted on terror
charges to the security authorities of Saudi Arabia, a Yemeni security
official said on Thursday. The eight men were arrested in the Yemeni
territories, and were extradited to the Saudi authorities over the last
two days; the state-run newspaper on September 26 quoted an unidentified
security official as saying. The extradition of the men came in the
framework of the bilateral cooperation between the two countries in
accordance with security agreements on extradition of criminals.
Earlier in the week, Saudi Arabia press reports said that Yemen forms a
haven for Saudi members of Al Qaida who receive support from Iran and
Libya.." [more]
GCC Panel to
Discuss KSA Proposal on Tobacco Duty [Aug 22]
"The Kingdom’s proposal to double customs duty on tobacco
products is to come up for discussion at the 45th meeting of the Customs
Union Committee of the GCC here on Sunday.. ..Gulf sources expect the
committee members to resolve the issue in the meeting as it stems from
their determination to curb smoking in GCC member states, Al-Riyadh
said. They said the committee members would discuss the Saudi proposal
and submit its recommendation to the Financial and Economic Committee to
take a final decision. The GCC unanimously agrees on the importance of
turning the member states into smoking free countries because of the
irreparable damage it causes to health and respective economies of the
Gulf countries” sources added.." [more]
Ministry Asked to Pay Citizens for Land Acquisition [Aug 22]
"In what has been hailed as a first in Saudi Arabia, the Court of
Grievances here issued 18 verdicts compelling the Ministry of Transport
to compensate citizens whose lands were claimed by imminent domain for
the construction of the Jeddah-Jizan coastal road. The ministry had
previously rejected a ruling on the grounds that an article in the law
concerning the acquisition of property for public interest stipulated
that there was no compensation, in some cases, for real estate owners.
The judicial committee refuted the ministry's claim and said that not
compensating owners for the acquisition of their properties is against
Shariah. 'All regulations in Saudi Arabia are based on the Qur'an and
the Sunnah. So refusing to compensate people whose properties are
confiscated for the public interest is against Islam,' the court
said.." [more]
OPEC Faces New Challenges as Global Oil Demand Slows [Aug 22]
"With market dynamics undergoing massive transition, literally in a
matter of weeks, the focus is back on the next move of the Organization
of the Petroleum Exporting Countries (OPEC) on the global energy
chessboard. In the evolving scenario, eyes are once again set on the
next OPEC ministerial scheduled on Sept. 9 in Vienna. While barely a few
weeks back, there was a growing clamor for the oil producers to open
their taps; things have taken 360 degrees U turn. Oil prices have lost
more than $35 since the peak attained on July 11. And now there are
talks all around of OPEC reining in production of its members to respect
their respective production quotas. And the hawk within the OPEC —
Iran — is on the forefront of the drive.. ..Interestingly, after a
long time, the issue of abiding by the OPEC output quotas is also back
under hammer. The group’s President Chakib Khelil while on a visit to
Iran last week, emphasized that the OPEC members should keep oil output
within the agreed targets. The issue of quota is also back on the table
and with a vengeance this time, it seems.." [more]
~~~~~~~~ [
Aug 21] ~~~~~~~~~
Saudi Market Opens Door, a Bit [Aug 21]
"Saudi Arabia's stock-market regulator took a step toward opening
the country's stock exchange to outsiders by allowing foreign investors
to enter into some swap agreements for shares. Outside investors aren't
allowed to buy shares listed on the Saudi stock market, or Tadawul, the
largest in the Mideast. They can own shares only through complex and
indirect mutual funds. As global investor interest in the Saudi market
has grown amid a regionwide economic boom, international banks have
pushed for an opening. Under the new rules, foreigners will for the
first time be able to buy and sell swaps of Saudi-listed shares through
authorized brokers, according to the country's Capital Market Authority.
A dozen or so international banks and brokerage firms with licenses to
operate in Saudi Arabia are expected to be approved for this
activity.." [more]
Fake-Degree Mill in US Leads to Saudi Inquest [Aug 21]
"A long list of people who had purchased or attempted to purchase
fake university diplomas in the United States has spurred the Saudi
education authorities to launch an investigation into the issue of
Saudis and expatriates who may be working in the Kingdom on counterfeit
certificates. However, Shoura Council member Abdullah Al-Tuwairqi called
the reaction to the list 'disappointing,' and expressed concern that
education officials would have a death-by-committee mentality in
addressing the issue. The Spokesman-Review newspaper in Washington state
recently obtained and posted online a list of nearly 10,000 names of
people who had spent $7.3 million on purchasing or attempting to
purchase fake diplomas from an illegal operation. The US Department of
Justice shut down the illegal enterprise and compiled a list of its
clients. The list was then leaked to the newspaper.. ..Deputy Minister
of Higher Education Muhammad Al-Ouhali told Al-Watan newspaper that the
ministry would investigate people on the list who may be working in
Saudi Arabia on fake documents. He said that if the US Department of
Justice’s list were accurate then Saudi education officials would take
necessary
action.." [more]
Saudi Banks Limit Loans as Borrowing Costs Increase [Aug 21]
"Getting a loan has just got harder for consumers, corporate, and
even financial institutions themselves according to local banks which
are reporting stiff demands for credit amid an increasing lack of
deposits. 'There is an increasing number of requests for credit from
facilities in the economy and contributors to the economy but not enough
money in riyals to support these requests,' the chief economist of SABB
in Riyadh said. Three-month CIBOR (corporate Saudi riyal interest
rates), according to analysts have risen sharply over the past few
months, which saw the rates at around 2.2 percent in May of this year
but rose to 4 percent last month.. ..Local banks have found
themselves in an increasingly difficult position as the Saudi
Arabian Monetary Agency (SAMA) has cautioned local commercial banks not
to exceed their asset to deposit limit, which is equal to 85 percent of
their total assets, while on the other hand trying to battle rising
inflation.." [more]
~~~~~~~~ [
Aug 20] ~~~~~~~~~
Liberal Pockets in Saudi Arabia's Rigid State [Aug 20]
"The Saudi government has a project to develop at least four
'economic cities' where many expect the religious establishment will be
kept at a distance from social life, the workplace and education. Women
will be able to drive in them and there may even be cinema houses. There
are already some spaces in the country of 25 million people where the
religious police -- charged with maintaining "public morals"
-- are nowhere to be seen. They are Jeddah, which has a population of
about three million people, and the tri-city area of
Khobar-Dhahran-Damman, which houses about two million.. ..'For people in
Riyadh, Jeddah is their breathing space if they can't afford to go
abroad,' said public relations manager Rayyan al-Dahlawi as he headed
into one of Jeddah's famed malls. This year the King Abdullah University
of Science and Technology (KAUST) -- run by the once-U.S.-owned state
oil giant Aramco -- will open just north of Jeddah with desegregated
education. Islamists constantly fulminate against the situation
in Jeddah as if it was Sodom and Gomorrah.." [more]
Kingdom Accounts for 40% of IT Spending in Mideast [Aug 20]
"The Kingdom of Saudi Arabia accounts for 40 percent of IT spending
in the Middle East region, according to recent industry reports. This
high expenditure is attributed to an increasing demand by both large
enterprises and SMBs for more robust and high performance IT solutions
and products.. ..'The KSA IT market is among the fastest growing
regional markets at present, with industry indicators pointing towards
more accelerated growth in the near future. An increasing number of
organizations in the Kingdom are recognizing the benefits of adopting
latest technology, thereby boosting the demand for advanced IT
solutions,'.." [more]
Saudi Arabia Tops Fast Food Sales in Gulf [Aug 20]
"Saudi Arabia consumes about 75 per cent of the total volume of
fast food served in Gulf markets, according to a study. The fast food
sector has grown rapidly in the region because of lifestyle changes and
the spread of Western trends, the study by the Gulf Organisation for
Industrial Consulting found. Of the 60 fast food factories in the Gulf,
29 are in Saudi Arabia. Investment in the sector has increased due to
the overwhelming consumption of fast food, especially by Saudi
youth.." [more]
OPEC’s
Reserves Put at 900 Billion Barrels [Aug 20]
"More than three-quarters of the world’s oil reserves are located
in OPEC countries. The bulk of OPEC oil reserves is located in the
Middle East, with Saudi Arabia, Iran and Iraq contributing 55 percent to
the OPEC total. According to current estimates, OPEC proven reserves
currently stand well above 900 billion barrels. OPEC countries have made
significant contributions to their reserves in recent years by adopting
best practices in the industry. As a result of these additions, OPEC
added 111 billion barrels of reserves, substantially more than the
reserve additions made by other crude oil producers. According to the
information available on the website of the Organization of the
Petroleum Exporting Countries, the global reserve/resource base can
easily meet forecast demand growth for decades to come. Estimates of
ultimately recoverable reserves (URR) have increased over time, with
advancing technology, enhanced recovery and new reservoir
development.." [more]
~~~~~~~~ [
Aug 19] ~~~~~~~~~
Saudis Deny
Musharraf Asylum Plan [Aug 19]
"Saudi Arabia has denied it has a plane waiting to take former
Pakistani president Pervez Musharraf to the Muslim kingdom, a press
report said today, amid speculation Riyadh could offer him asylum. The
Saudi ambassador to Pakistan, Ali Awad Esseiri, said media reports that
that there was a Saudi plane in Islamabad ready to transport Musharraf
were 'baseless claims' and 'media lies' , the Okaz newspaper reported.
'Saudi Arabia has been and continues to look out for the security,
stability and sovereignty of Pakistan and will not interfere in its
internal affairs,'.. ..In Pakistan, officials from both the ruling
coalition and the security services said that in the wake of his
resignation Musharraf would travel to close ally Saudi Arabia in the
coming days to perform Muslim rites. A senior coalition official said
Musharraf would then head for London or Turkey.." [more]
Saudi
Minister Rules Out Increase in Haj Quota [Aug 19]
"Saudi Minister of Haj Dr Fouad Bin Abdul Salam Al Farsi has denied
that there will be an increase in the quota of pilgrims visiting Makkah
for any country this year. The announcement came from a Press Conference
held on Sunday in which Dr Al Farsi noted that the increase in pilgrims
each year has been the biggest challenge for Haj organisers. The UAE and
Qatar among other GCC countries have frequently sought to increase the
quota for pilgrims in their respective countries.. ..'From time to
time countries with large populations ask to increase their quotas,
but we have to abide by the decision agreed upon by the Islamic foreign
ministers,'.." [more]
Court Orders Retrial of Canadian in School Brawl [Aug 19]
"The case of two Canadian brothers charged in connection with the
death of a teenager during a schoolyard fight in Jeddah has taken a new
turn after a court threw out an earlier judgment and ordered the retrial
of one of the brothers in an adult court. If tried as an adult, Sultan
Kohail, 18, may face a stiffer punishment or even death for his role in
the killing. Sultan’s elder brother, Mohammed Kohail, 23, has already
been found guilty and sentenced to death. That ruling is currently being
appealed.. ..In an official statement, the Canadian Embassy in Riyadh
said Canada would continue to pursue all avenues to assist Mohammed and
Sultan Kohail. Canadian officials, during their recent visits to Saudi
Arabia, have raised the case at top levels. 'The Canadian consular
officials are actively providing assistance and support, and remain in
regular contact with the Kohail family and their legal counsel... Due to
the Privacy Act, we cannot comment further on specific details of the
case,'.." [more]
OPEC Likely to Cut Output as Oil Prices Dip [Aug 19]
"The Organization of Petroleum Exporting Countries may decide to
cut the organization’s oil output quota as the price of crude risks
falling under $100 a barrel, energy consultancy CGES said yesterday.
'The worsening economic outlook suggests that oil prices have further to
fall, but OPEC, whose members are due to meet in early September, may
act to prevent them from falling too far,' the Center for Global Energy
Studies said in its latest monthly report. 'There is a danger, though,
that the Organization will over-react, cut its production too
sharply and send oil prices back up,' added the London-based
consultancy. Oil futures had fallen sharply last week on the prospect of
reduced demand for energy around the globe owing to slower economic
growth. Oil prices have sunk since hitting record highs above $147 one
month ago.." [more]
KSA Wins IAPB
Awards [Aug 19]
"The International Agency for the Prevention of Blindness (IAPB)
decided recently to award Saudi Arabia the Global Partnership Award and
Regional Achievement Award in recognition to the Kingdom’s efforts led
by King Abdullah, Custodian of the Two Holy Mosques, in a program to
control visual disability and to support WHO in the fight against
blindness and the leading role played by the Minister of Health during
the past years. Both awards have given for the first time to Saudi
Arabia.. ..He also referred to Kingdom’s strong role in presenting the
initiative Vision 2020: the Right to Sight to the General Assembly of
the World Health Organization.." [more]
Chiyoda to Bid for Saudi Refinery Projects [Aug 19]
" Japanese oil and gas engineering group Chiyoda Corp said on
Tuesday it and South Korea's Samsung Engineering Co are preparing to bid
for two huge export refinery projects planned by Saudi Aramco jointly
with Houston-based ConocoPhillips and France's Total SA. The orders are
estimated to be worth 200 billion yen ($1.8 billion). Chiyoda President
Takashi Kubota also told Reuters in an interview that the company plans
to announce one or two alliances with other engineering firms when it
unveils half-year results in November. Chiyoda, which saw its
profit squeezed last year due to its heavy concentration of contracts in
Qatar, is pursuing new contracts in areas such as refineries,
development of oil fields and construction of petrochemical production
facilities in Asia and Latin America as it aims to diversify income
sources and markets.." [more]
Kingdom to Develop Biodiversity Strategy [Aug 19]
"The Council of Ministers yesterday decided to develop a national
strategy for preserving biological diversity involving the protection of
all kinds of species, natural locations, hereditary resources and
training manpower for its development. The existing National Committee
for Biodiversity should develop the strategy, Culture and Information
Minister Iyad Madani said in a statement.. ..King Abdullah, who chaired
the council meeting at the Al-Salam Palace in Jeddah, said that the
national committee should also prepare a database on the Kingdom’s
biodiversity and classify all known types of environments, their
geographical locations, their history and changes that they have
undergone or that may take place. The Council of Ministers ordered the
National Commission for Wildlife Conservation and Development to set up
a National Committee for the Program of Man and the Biosphere to
undertake the preservation of biodiversity including identifying the
locations for establishing biosphere reserves.." [more]
~~~~~~~~ [
Aug 18] ~~~~~~~~~
Pakistani President Quits in Deal Brokered With Help of Saudi Arabia [Aug 18]
"Pakistan's President Pervez Musharraf on Monday announced that he
was resigning from his post in light of an impending impeachment motion
by the ruling coalition government. Musharraf announced his decision in
a 75-minute televised speech in which he flayed attempts to impeach him
but said was avoiding confrontation to prevent instability.. ..On Sunday
the coalition said it had drawn up impeachment charges and would lodge
them in parliament this week. The charges reportedly included violation
of the constitution and gross misconduct. Officials said that
Musharraf's aides have been in talks with the coalition, brokered by
Saudi Arabia, the United States and Britain, to allow him to quit in
return for indemnity. Sources told CNN-IBN that Musharraf is likely to
go to the Saudi city of Jeddah as a state guest of the kingdom.." [more]
US Hopes for Mideast Peace Before Bush Leaves Office [Aug 18]
"US Secretary of State Condoleezza Rice will make another trip to
the Middle East next week to continue the Israeli-Palestinian peace
negotiations, officials said on Monday. "She is coming on the 25th
and 26th of August for a series of trilateral and bilateral
meetings," Palestinian negotiator Saeb Erekat said. Rice originally
planned to visit the region on August 20. After the trip, she will visit
Brussels to meet with Nato and EU officials. Israel confirmed the dates
for talks to be held in Occupied Jerusalem and the West Bank. Meanwhile,
an Israeli cabinet committee approved on Monday a list of 200
Palestinian prisoners to be released on August 25.." [more]
Recommendations on Labor Laws await GCC Nod [Aug 18]
"The GCC (Gulf Cooperation Council) Ministerial Council has
received two recommendations from the labour ministers' council
concerning expatriate labour laws, informed sources at the GCC
secretariat have revealed. The first recommendation calls for setting a
six-year limit to foreign labourers. The second recommendation calls for
forming a joint committee to specify certain professions that would be
exempt from this time frame. If the two recommendations are approved,
GCC states will be given a grace period to arrange their own affairs and
issue the required legislations implement such recommendations..
.Meanwhile, the Chairman of the Saudi Human Rights Commission
Turki Khalid Al Sudairi affirmed that his organisation has adopted
several initiatives to improve the status of expatriates in the Kingdom
of Saudi Arabia. Al Sudairi confirmed the adoption of these initiatives
after he received a delegation from the US embassy in Riyadh.." [more]
Northern Fuel Shortages Widen [Aug 18]
"A fuel crisis is the last crisis most would not expect in the
world’s largest oil exporting country. The northwestern city of Ar’ar
already facing a diesel shortage for the last month is now faced with a
shortage of fuel. Some nine owners of fuel stations filed complaints to
the Ar’ar Chamber of Commerce and Industry against Saudi Aramco for
not supplying enough fuel to meet their needs.. ..the shortage was due
to a new electronic quota system adopted by Saudi Aramco. 'The
electronic system distributes a certain quantity of fuel to each fuel
station, but the quantity distributed is not precise and does not meet
the market demand,' he said. 'The system does not take into
consideration that many fuel stations do not own their own fuel tanker
trucks, so several fuel stations may help each other.' 'Some factories
purchase large quantities of fuel reducing the quota for fuel station
owners,'.. ..In an earlier SG report, farmers of Al-Jouf region
threatened to sue Saudi Aramco for curtailing diesel supplies.." [more]
Gulf Construction to Top SR1.2 Trillion [Aug 18]
"Despite the petrodollar windfall Saudi Arabia and the Gulf
Cooperation Council (GCC) have been raking in as a result of the
increase in oil prices over the last few months, new research suggests
that there is an even bigger investment to be made in the region.. ..At
the center of the world’s most concentrated construction boom —
Saudi Arabia and the United Arab Emirates have more than 3,800 active
construction projects across the region involving commercial, education,
health, residential, retail, hotel, leisure, entertainment and mixed-use
buildings amounting to SR12.2 trillion ($3.5 trillion) under way or
planned to begin shortly.. ..'Gulf countries have historically under
invested in their own infrastructure but have clearly realized the
requirement to do so now'.." [more]
~~~~~~~~ [
Aug 17] ~~~~~~~~~
Gap Widens Between Saudi Arabia's Very Rich and Very Poor [Aug 17]
"With inflation rising across the Gulf region, Saudi Arabia's
perennial problem of an unequal distribution of wealth has never been so
obvious. While poor Saudis line up for hours to obtain water in Jidda,
others are able to take advantage of America's new-found disdain for
gas-guzzling four-wheel-drives by snapping up imported cars. Thousands
of couples are cutting costs by forgoing individual weddings in favor of
mass ceremonies carried out by a charity backed by Saudi princes. But
the affluent are still going on vacation, albeit opting for more
affordable visits to neighboring Arab countries rather than to Europe or
Asia. Surging oil prices have led to a turnaround in Saudi Arabia's
economic fortunes and a return to some of the big spending - by wealthy
individuals and the monarchy - that characterized the 1970s and 1980s.
But the boom has also driven up the prices for food and fuel, creating
discontent in a rapidly changing country where about two-thirds of the
17 million local resident are under 30, educated, outspoken and aware of
events abroad. This has put the royal Al Saud family under greater
scrutiny.." [more]
Saudi Telecom Signs Five-Year Deal With Manchester United [Aug 17]
"Manchester United has signed a lucrative sponsorship deal with
Saudi Telecom. The five-year deal with Saudi Arabia's biggest
telecommunications company was announced at Old Trafford on Sunday ahead
of United's season-opening home match against Newcastle. Details of the
deal, which is reportedly worth US$18.6 million, were to be announced at
a news conference on Monday. It is the European and English champion's
biggest marketing deal outside of jersey sponsorship.. ..Saudi Telecom,
whose adverts featured inside and outside Old Trafford on Sunday,
will be able to use the United brand and players in advertising
campaigns in Saudi Arabia.." [more]
Saudi Oil
Subsidy at Stake Over Musharraf Exit [Aug 17]
"Saudi Arabia thrust itself into the Pervez Musharraf impeachment
drama last night when it warned that a huge oil subsidy that provides
life support for the moribund Pakistan economy was at risk unless he was
given an 'exit with dignity'. As a deadline tonight approached for the
Pakistani President to 'quit or else', the House of Saud's powerful
intelligence chief Prince Muqrin bin Abdul Aziz, acting as a personal
emissary of King Abdullah, injected himself into the impasse. One source
described it as 'banging heads together and trying to get all sides to
see sense before the point of no return is reached'.. ..No country
exerts greater influence than Saudi Arabia on Pakistan, which is
frequently seen as a vassal state of the House of Saud, and the
appearance on the scene of Prince Muqrin, acting as a satrap, is seen as
a potentially decisive development in the crisis. The cut-rate Saudi Oil
Facility is worth more than $US5 billion ($5.8 billion) a year in
deferred payments and without it, analysts say, Pakistan's
economy would fall into an even deeper hole.." [more]
Saudi Almarai
to Buy Egyptian Food Company [Aug 17]
"Saudi Arabia's Almarai, the largest dairy company in the Gulf by
market value, said on Saturday it has signed an initial agreement to buy
an Egyptian dairy and juice manufacturer. Almarai will sign the fin-al
deal to buy International Company for Agricultural Industrialisation
Projects (Beeaty) once it completes financial, technical and legal
audits, the Saudi firm said in a statement on the bourse website. Beeaty
is Arabic for 'my environment'. If completed, the acquisition would be
Almarai's first in Egypt, the Arab world's most-populous country - and
home to twice as many people as the Gulf, where Almarai's business is
currently focused.. " [more]
Jubail
Chevron Set to Start Exports [Aug 17]
"Saudi-based Jubail Chevron Phillips Co. petrochemical company said
on Saturday it plans to export its first shipment next month. The firm,
based in the eastern Saudi city of Jubail, will produce an annual
750,000 tons of styrene and 150,000 tons of polypropylene, Saudi
Industrial Investment Group (SIIG) said in a statement posted Saturday
on the bourse’s website. SIIG holds a 50 percent in Jubail Chevron
Phillips Co.. Chevron Phillips Chemical Company holds an unspecified
stake in Jubail Chevron Phillips Co. which was built at a total cost of
SR4.5 billion ($1.2 billion). The start of commercial operations has
been delayed by at least six months on initial launch plans.
Jubail Chevron Phillips Co. is the second joint venture between SIIG and
Chevron Phillips Chemical Co. Saudi Arabia is among the world’s top
suppliers of petrochemical products.." [more]
GCC Slams
Iran Over Abu Musa [Aug 17]
"The Gulf Cooperation Council (GCC) yesterday chided Iran for
setting up facilities on an island claimed by the United Arab Emirates,
two days after Abu Dhabi protested to Tehran over the move. GCC
Secretary-General Abdurrahman Al-Attiyah 'strongly denounced Iran’s
opening of two administrative offices on Abu Musa Island, which belongs
to the UAE and is occupied by Iran,' a GCC statement said. The Iranian
measure constitutes an 'illegitimate action on an indivisible part of
the UAE,' he said, calling for it to be revoked. The GCC groups
Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. Attiyah renewed
the GCC’s support for the UAE’s 'full sovereignty' over Abu Musa and
the Greater Tunb and the Lesser Tunb — two other strategic Gulf
islands controlled by Iran and claimed by Abu Dhabi.." [more]
Rice Hopes Saudi Women Will Soon Compete in Olympics [Aug 17]
" US Secretary of State Condoleezza Rice said Sunday she hoped to
one day see Saudi women competing in the Olympic Games. 'I think Saudi
women ought to be able to participate. I've said they ought to be able
to vote. And I think that when women can vote and are empowered you'll
see them in the Games,' she told NBC's Meet the Press. She said
many countries with predominantly Muslim populations, such as
Afghanistan and Iraq, were now allowing women to compete in athletic
competitions. 'Certainly I look forward to the day that there's a Saudi
woman athlete in that parade,' Rice said, referring to the opening
parade for the Olympic Games. There are no women on the Saudi team
competing at the 2008 Games in Beijing and the director of the country's
sprint team, Hadi Souan Somayli, told the BBC recently: 'Some events are
difficult for us, with the clothes. Events like track and field,
swimming, even football.'.. ..Sports for girls are banned in public
schools, and women face a host of restrictions.." [more]
Stocks Surge as Disclosure Rule Kicks In [Aug 17]
"After falling 3.11 percent last week, Saudi Arabia’s stock
market rose yesterday as Tadawul began naming investors holding stakes
of 5 percent or more in order to boost transparency on the largest Arab
bourse. The Tadawul All-Share Index (TASI) surged 1.75 percent to close
at 8,331.63 points as investors snapped up shares they judged were cheap
relative to earnings expectations. The index has risen 5.7 percent in
the last four trading days, having dropped almost 9 percent in the seven
sessions after market operator Tadawul said on July 30 it would name
large investors at the end of each trading day from Aug. 16. The index
is down 24.52 percent so far this year.." [more]
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