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~~~~~~~~ [
Aug 30] ~~~~~~~~~
Gulf Arabs
Scoff at Obama’s Oil Threat [Aug 30]
"Saudi and other Gulf Arab businessmen Friday scoffed at Democratic
presidential nominee Barack Obama’s pledge to end US dependence on
Middle East oil within 10 years if elected president. 'For the sake of
our economy, our security, and the future of our planet, I will set a
goal as president: In 10 years, we will finally end our dependence on
oil from the Middle East,” Obama had declared in his speech to the
Democratic convention in Denver, Thursday. In the Gulf, where many
people stayed awake after the morning Fajr prayer to watch live TV
coverage of Obama’s historic acceptance speech as the first-ever
African-American presidential nominee, the pledge sounded more like
political grandstanding. 'It’s easier said than done,' said Abdullah
S. Al-Ghamdi, chief finance officer of a Saudi contracting company. 'If
Obama ends buying oil from the Middle East, that will not hurt because
we have other markets,' added Dr. Said Al-Qahtani.." [more]
Kingdom
Positioned to Become Solar Power [Aug 30]
"In the wake of the first Gulf War, the US 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
Kingdom was also the heart of the most potentially productive region on
the planet for harvesting power from the sun. Sitting in the center of
the so-called Sun Belt, the Kingdom 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. The developed
world again turns to the less developed countries in hopes of powering
their economies.." [more]
Patience is
the Name of the Game in Saudi Arabia [Aug 30]
"Patience appears to be the key approach by investment banks doing
business in Saudi Arabia, the Middle East's largest economy and the
world's biggest oil producing country. Most investment banks have long
had a limited presence in the kingdom but, over the past two years, many
- including UBS, Merrill Lynch, Deutsche Bank and JPMorgan - have been
granted licences to open offices as the sector has been liberalised.
There has also been recent pressure on international institutions to
boost their business in emerging markets, including the Middle
East, to counter slowdowns elsewhere and help offset the hits they have
taken from the subprime crisis. However, in spite of the influx of
global investment banks, the extent of new business the groups have been
able to attract in Saudi Arabia is questionable.." [more]
Saudi Arabia,
Malaysia Banned for Nepali Maids [Aug 30]
"The government has stopped granting work permits to Nepali women
to work as housemaids in Saudi Arabia and Malaysia. The decision comes
at a time when there are increasing numbers Nepali housemaids are being
reported to have been undergoing abuse by their employers in these
countries. Also, Nepali embassies in Saudi Arabia and Malaysia have
requested the government to arrange a proper mechanism to safeguard the
rights of domestic helps before allowing them to leave for foreign jobs.
Saying that the women working in these countries are subjected to
economic as well as sexual oppression.." [more]
~~~~~~~~ [
Aug 29] ~~~~~~~~~
Saudi Group
Calls on Rights Body to Stop Illegal Arrests of Citizens [Aug 29]
"A group of citizens has urged the National Human Rights
Association in Saudi Arabia to try to find a solution to the illegal
arrest of Saudis, especially those who express their opinions in
peaceful and civilised ways. The group denounced the arrest of Professor
Matrook Al Faleh, political science professor at King Saud University (KSU)
which it described as an indication of a serious human rights violation.
His family was not informed about his arrest until late at night. Dr Al
Faleh was not provided with an attorney during questioning, even though
Saudi law grants him that right. Dr Al Faleh's wife, Jameela Al Aqla,
said that her husband has been in prison for more than 80 days; however,
he is still in solitary confinement in Al Haeer Jail. He is prohibited
from receiving books, newspapers, and watching television.." [more]
Religious
Police Demand Access to Blocked Websites [Aug 29]
"A number of members of the religious police (the Commission for
Promotion of Virtue and Prevention of Vice) have urged the Chairman of
the Saudi Shura Council, Dr Saleh Bin Humaid, to enable them to have
access to blocked websites to monitor immoral practices by visitors of
these sites. In an open meeting held by Dr Bin Humaid at the
headquarters of the Commission in Makkah last night they justified this
unexpected request by arguing that there are some male and female
youngsters who exploit blocked websites to get involved in negative
practices away from the eyes of the Saudi authorities. 'Since members of
the Commission have no access to these blocked websites, such immoral
practices cannot be pursued and put an end to. Dr Al Humaid told the
Commission members to provide the relevant authorities with convincing
justifications to give them to access to the blocked sites. However, he
expressed doubt on the need for such a thing. 'These justifications must
be supported by clear evidence, otherwise there is no need for
it,'.." [more]
Kingdom Signs
Treaty Against Chemical Weapons [Aug 29]
"Saudi Arabia, along with 186 countries, signed the Chemical Weapon
Convention (CWC) treaty prohibiting the use of chemical weapons in
Colombo, Monday. 'We discussed many issues before signing the treaty.
The Kingdom’s role is to support peace and stand against violence,'
said Dr. Khalil Al-Khalil, member of the Shoura Council and head of the
Security Affairs Commission and the Saudi delegation in Colombo..
..'This treaty includes many conditions that must be followed by Arab
and international countries to ensure world safety,' Al-Khalil said.
'The treaty prohibits the use of chemical weapons in war and puts a
restriction on weapon factories. All countries that have signed the
treaty must declare the number of the chemical weapons they have.' 'All
countries should be inspected by the (OPCW) authority to make sure they
are free of such weapons', he added. The Kingdom has earlier signed a
treaty prohibiting the use of chemical weapons in 1993.." [more]
Foreign
Investments Break Record [Aug 29]
"Saudi Arabia's foreign investment swelled by nearly $25 billion
(Dh91.7bn) in one month to smash the $400bn mark for the first time at
the end of July – and it is expected to surge by the year end. Foreign
assets of the Saudi Arabian Monetary Agency (Sama) hit an record high of
around SR1.56 trillion (Dh1.5trn) at the end of July this year, an
increase of nearly $25bn over their level of SR1.468trn at the end of
June, official figures show. The assets have gained a staggering SR297bn
since the start of 2008 to reflect a surge in the Kingdom's oil export
earnings and a massive budget surplus that has replaced a painful
deficit in most of the 1985-2000 period. The figures by Sama, Saudi
Arabia's Central Bank, showed the assets were nearly double their 2006
level of SR884bn and eight times the foreign assets of around SR197bn at
the end of 2002.." [more]
Shariah-compliant
Housing Loan Unveiled for Saudis, Expatriates [Aug 29]
"A leading Saudi company has come forward to offer housing loans
for Saudis and expatriates following the introduction of mortgage laws
in the Kingdom. 'We are going to help them own property by giving them
simple and flexible Shariah-compliant home finance,' Sheikh Abdullatif
Al-Shalash, managing director of Saudi Home Loans (SHL), told Arab News.
SHL, which was launched with a SR2 billion in startup capital in January
this year, is the first fully Islamic specialized home finance company
to be established in the Kingdom. Al-Shalash said that the
company’s experienced advisers would offer free advice and provide
home financing up to 90 percent of the cost of the land, villas and
apartments with payment terms up to 25 years.." [more]
Saudi Arabia
Releases Leading Reformer [Aug 29]
" Authorities in Saudi Arabia, the world's biggest oil exporter,
have released a leading reform activist after he served a six-month
prison sentence, acquaintances said on Thursday. Abdullah al-Hamed, a
leading intellectual figure among Islamist reformists, was freed early
on Thursday, preacher Mohsen al-Awajy and rights activist Fawziya al-Oyouni
told Reuters. Hamed's sentence was widely seen as punishment for his
calls for political reform in the conservative Islamic monarchy, a key
U.S. ally. He was jailed by a Saudi court for encouraging the wives of
suspected Islamist militants to publicly protest their husband's
indefinite detention. 'I hope Hamed's release will be the beginning of a
new phase and that this will be a good sign regarding the status of
reformers,' said Islamist activist Khaled al-Omair. Saudi intellectuals
this week urged the government to do more to stop detentions and other
restrictions placed on figures, both liberals and Islamists, who work
publicly to turn the absolute monarchy into a parliamentary
democracy.." [more]
~~~~~~~~ [
Aug 28] ~~~~~~~~~
IMF
Vindicates Saudi Dollar Peg [Aug 28]
"Saudi Arabia's economy has almost doubled since 2002 with nominal
gross domestic product projected to approach $500m this year. The
kingdom is awash with liquidity as most of the rest of the world faces a
credit crunch. A robust economic performance, oil revenue windfalls and
strengthened government finances as well as the government's commitment
to diversification have been accompanied by the announcement of
infrastructure projects valued in excess of $350bn. However, the huge
expansion of wealth has made the economy vulnerable to rapid inflation
now at double-digit levels.. ..In spite of this the kingdom's currency
peg to the dollar provides macroeconomic stability benefits that
currently outweigh its contribution to short-term inflationary pressures
the International Monetary Fund has said, following its recent annual
consultation with Saudi Arabia. Most of the IMF's executive board
consider the benefits of maintaining the peg to outweigh the cost of
higher short-term inflation, provided that current inflationary
pressures prove temporary.." [more]
Kingdom to
Host Real Estate Investment World Summit [Aug 28]
"With a booming real estate industry and Shariah-compliant
investments on the rise, the Council of Saudi Chambers of Commerce &
Industry has decided to partner with Naseba, a leading international
business information company, in hosting the exclusive Real Estate
Investment World Summit, to further attract foreign investors to the
country. The summit, held for the first time in the Kingdom of Saudi
Arabia, will take place on Oct. 19-20th, 2008 at the Four Seasons Hotel
at Kingdom Center in Riyadh.. ..250 of the biggest profiles including
royalties, ministries, financial authorities, high net worth individuals
and institutional investors as well as the board members from top
worldwide financial institutions and developers will attend the summit.
They will have the opportunity to be re-educated on the market trends
and regulations, discuss future projects and funding, as well as to
network with the high net worth individuals from Saudi Arabia and across
the region.." [more]
AIDS Cases in
Jeddah up by 20% [Aug 28]
"AIDS cases in Jeddah have increased by 20 percent when compared to
last year, Dr. Sami Badawood, Jeddah’s Health Affairs Director, has
said. Efforts are under way to assist AIDS patients to get jobs and not
be treated as pariahs, Dr. Badawood said. Addressing the media after
inaugurating mobile clinics for HIV tests, Badawood said the rise in the
AIDS cases in Jeddah is associated with the increase in technical
facilities provided for medical tests manifested in the premarital test
centers. He said these facilities have made it possible to detect new
cases of this deadly disease.. ..He said the continuation of the
awareness campaigns is a must as they enlighten the public about how
people should protect themselves from AIDS and the stigma attached to
it.." [more]
Ericsson in
Exclusive Broadband Deal for Flagship Saudi Tech City [Aug 28]
"Ericsson is to supply, build, integrate operate and manage
multiplay communications infrastructure for Saudi Arabia's high-tech
flagship, King Abdullah Economic City. The five-year sole-supplier
partnership agreement with Emaar, developer of the smart-city project,
is the first for an end-to-end fixed network in Saudi Arabia. This
turnkey agreement award breaks new ground in Saudi Arabia.. ..Fahd Al-Rasheed,
CEO of Emaar the Economic City, says: 'This partnership sets the
foundation for King Abdullah Economic City to be the world's first
truly smart city.' Omar Al-Khudairi, Ethraa Smart City Senior Director,
described the deal to build the smart city's infrastructure in alliance
with Ericsson as a global benchmark from all perspectives.." [more]
~~~~~~~~ [
Aug 27] ~~~~~~~~~
Iran Tops GCC
Ministerial Agenda [Aug 27]
"The occupation of three UAE islands by Iran and the implications
of the recent international confrontation between Russia and the US over
the security in the region will top the agenda of the GCC ministerial
council meeting to be held in Jeddah next Tuesday, according to an
official statement issued by the GCC secretariat. This will be the 108th
meeting since he GCC was formed in 1980 and will be especially crucial
due to Iran's recent activity on UAE island of Abu Mousa, strategists
told Gulf News. Iran would be committing a huge mistake if it keeps
ignoring the call by the GCC for a peaceful end to the conflict.. ..Riad
Kahwaji, Director General of the Institute of Near Easat and Gulf
Military Analysis, said the GCC show of solidarity with the UAE is very
important at this stage.." [more]
Banks Act on
Saudi's Foreign Investment Shift [Aug 27]
"Major investment banks say they have begun trading under new rules
by Saudi Arabia that allow foreigners their first-ever access to
individual stocks listed on the kingdom's exchange, the largest in the
Middle East. Saudi authorities announced the major policy shift a week
ago, but it was uncertain when trading would begin. Investors previously
could invest in Saudi stocks only through locally run mutual funds - a
restriction observers said limited outside investment in the kingdom..
..Under the new regulations, foreign buyers can enter into transactions
known as swap agreements with local branches of investment banks. The
arrangement lets investors take advantage of movements in Saudi shares
even though they are prohibited from owning them outright. Some 60
companies are authorized to carry out swap trades on the Riyadh-based
exchange, known as the Tadawul, according to a list on the CMA Web site.
Most buyers are likely to be large institutional investors, industry
experts said.." [more]
Saudi May
Face OPEC Pressure to Trim Supply [Aug 27]
" Saudi Arabia, the world's top oil exporter, may come under
pressure from within OPEC ranks to reduce supplies to prevent a further
fall in crude prices when the group meets on Sept. 9. While OPEC is
unlikely to change its official supply target at the meeting in Vienna,
it is pumping almost 1 million barrels per day (bpd) more than the
target largely because of an increase from Saudi Arabia. The extra Saudi
oil and declining demand from slowing economies in the West have helped
lower prices to $117 a barrel from a record high of $147.27 in July. The
drop has prompted OPEC price hawks Iran and Venezuela to suggest a cut
in supplies.'I think there will be pressure on Saudi Arabia to rein in
some of its recent unilateral increases,' said Julian Lee, analyst at
the London-based Centre for Global Energy Studies.." [more]
Nobel
Laureates Associate With KSU [Aug 27]
"The new “Noble laureates at King Saud University Program” has
hosted 10 Nobel laureates since it started last year boosting the
academic standing of the university worldwide, said Dr. Khaled Al-Nuwaib,
supervisor of the program. The university discussed with the top-notch
visiting professors means of cooperation in different aspects including
joint research, teaching, conferences, and seminars, he said. This step
comes as part of a makeover the university has taken to climb the list
of world university ranking. In less than a year, the ranking of the
university jumped phenomenally from nearly 3,000 to a spectacular 380,
according to the rating of the famous Spanish Webometrics Ranking of
World Universities. The visiting Nobel laureates were selected from
different disciplines such as medicine, economics, physics, and
chemistry.." [more]
~~~~~~~ [ Aug
26] ~~~~~~~~~
Steps in
Place to Foil Terror Attack [Aug 26]
"As the Kingdom braces itself for a huge influx of Umrah pilgrims
during the holy month of Ramadan, the Saudi Interior Ministry has ruled
out the possibility of a terror attack during the holy month. Lt. Gen.
Mansour Al-Turki, spokesman for the Interior Ministry, made the comments
in the wake of new security and travel warnings issued by the Australian
and British governments yesterday. 'Saudi Arabia is adequately prepared
to face any emergency and we are prepared round the year to cope with
any eventuality. We are always ready to foil any such plans,' said
Al-Turki. 'The security forces are alert and they are keeping a watch
round-the-clock. Suspects are not detained by security forces without
any rhyme or reason... suspects, in fact, are first questioned and their
movements are closely monitored, before they are arrested,' he added.
The Australian government issued a warning yesterday asking its citizens
to consider whether they need to travel to the Kingdom 'at this time due
to the very high threat of terrorist attack.'.. ..In another warning,
the British government highlighted 'credible' reports that terrorists
are planning attacks on Westerners. A notice on the British Embassy’s
website warned of a continuing 'high threat' of terrorism in the
Kingdom. Australia and Britain have followed an American Embassy warning
issued on July 25 that militants were probably plotting new
attacks.." [more]
Rice
Criticises Israel Over New Report on Settlement Construction [Aug 26]
"US Secretary of State Condoleezza Rice criticised Israeli
authorities for undermining peace efforts in the region, following a
report that said construction in Jewish settlements had nearly doubled.
Citing information from Israel's Central Bureau of Statistics, the
Israeli group Peace Now released an eight-page report on Tuesday, which
said that construction on more than 1,000 buildings in the West Bank had
begun since January, more than double the number the year before.
Speaking at a news conference while in Israel as part of her Middle
East visit, Rice repeated her criticism of the settlements. 'I think
it's no secret, and I have said it to my Israeli counterparts, that I
don't think that settlement activity is helpful,'.. ..More than half of
the construction took place in areas beyond the intended settlement
blocs, adding that it undermines peace negotiations by 'creating facts
on the ground that might prevent the possibility of an
agreement'.." [more]
Zain to
Invest $8 Billion in Kingdom in Next Five Years [Aug 26]
"Kuwait’s telecom giant Zain, which launches its mobile phone
service in Saudi Arabia today (Tuesday), said the company plans to
invest between $6 and $8 billion in the next five years. Last year, a
Zain-led consortium won the third mobile phone license in the Kingdom
after making the highest bid of $6.1 billion.. ..With a focus on
corporate social responsibility, to date Zain in Saudi Arabia has made
considerable financial contributions to various charitable organizations
such as the King Abdul Aziz University, the BMG Foundation as well as
sponsoring the Kingdom’s national football teams, the company
statement further said. Zain in Saudi Arabia has committed investments
of over $1.5 billion in the development of the network.." [more]
King Urges
Speedy Solution to Water Crisis [Aug 26]
"..King Abdullah, who chaired the weekly meeting of the Council of
Ministers at the Huwaiyyah Palace in Taif yesterday, affirmed the need
for careful use of water and preservation of water resources. The Saudi
Press Agency quoted acting Culture and Information Minister Saud Al-Mutahammi
as saying that the king ordered the speeding up of measures to solve the
problem of water shortage and guarantee a sufficient water supply to all
regions of the Kingdom. The measures include construction of new dams, digging
wells, shifting of floating desalination plants to places close to
affected regions and the hiring of fleets of tanker trucks. Asir
province and several cities, including Riyadh, Jeddah and Taif, have
been suffering from water shortages and people have been obliged to wait
for hours for water tankers at water distribution centers. The water
shortage is attributed to climatic changes and drought in most parts of
the Kingdom.." [more]
Saudi
Institution Under Threat From Revived Publishing Brand [Aug 26]
"Marwan Dimas seems to be on a roll these days. With his company
flush with revenue from the kingdom’s booming print media market, the
general manager of Al Wataniya is at the receiving end of praise for his
aggressive marketing of Al Hayat, a decades-old pan-Arab title.
Advertisers say Al Wataniya is leaving its main rival, Saudi Research
and Marketing Group (SRMG) and its flagship title Asharq Alawsat, in the
dust in the battle for dominance of Saudi Arabia’s dailies scene. And
the battle is just beginning: Dimas says Al Wataniya now has its eye on
more dailies. He is guarded when it comes to revealing specifics of the
company’s expansion strategy, but says the publisher 'will acquire new
media and acquire existing media on the market.'.. ..As with all
newspapers in the Kingdom, both titles have the support of powerful
patrons: SRMG is chaired by Prince Faisal bin Salman, while Al Wataniya
is owned by Prince Khalid bin Sultan, both of whom are nephews of King
Abdullah. Though both papers have been critical of the government at
times, they toe an editorial line that is broadly both pro-Western and
pro-Saudi. But in the marketplace, neither respect nor wasta necessarily
translates into financial success.." [more]
HRC Seeks End
to Child Marriages [Aug 26]
"The Saudi Human Rights Commission (HRC) has called on government
agencies to take necessary steps to end the practice of child marriages
by adopting a clear and unambiguous position on such weddings. The
condemnation comes in the wake of several cases across the Kingdom in
which young girls have been married to elderly men, mainly for monetary
reasons such as the settlement of debts or to receive generous dowries.
'Such marriages violate human rights by depriving a girl of her
childhood,' said Turki Al-Sudairy, president of the Human Rights
Commission. He added that such weddings are prohibited by a number of
international conventions and by reputed global organizations concerned
with children’s rights.. ..Sheikh Abdul Aziz Al-Asheikh, grand mufti
of Saudi Arabia, has also warned parents against marrying their young
daughters to elderly men.." [more]
~~~~~~~~ [
Aug 25] ~~~~~~~~~
Saudi Shura
Member Calls for Unified Position to Counter Iran [Aug 25]
"A member of the Saudi Shura Council has called for a strong
unified Arab position to counter Iran's aggressive designs in the Arab
region, according to a report in Elaph, an electronic newspaper, on
Sunday. Dr. Mohammad Al Zalfa unleashed an unprecedented barrage of
criticism at Iran and its aggressive policies against Arabs, referring
to its occupation of the UAE's three islands of Abu Mousa and Greater
and Lesser Tunbs. "Iran and Israel are two sides of the same coin
since both are still occupying Arab territories," said Dr Al Zalfa.
He unleashed a strong attack against Iran, accusing it of playing the
same strategy as Israel in the region.. ..Al Zalfa also described
statements by Iranian officials as provocative, referring to a statement
by Iran's Deputy Foreign Minister who said the region will remain in
crisis as long as monarchies remain in the Gulf.." [more]
Kingdom Plans
SR2bn Firm to Invest in Agriculture [Aug 25]
"Saudi Arabia plans to set up in two months time a SR2 billion
holding company to invest in agriculture overseas to ensure food
security, Agricultural Minister Fahd Balghunaim said. The new company, a
partnership between the public sector and domestic private companies, is
part of a program to ensure adequate and cheap food supplies in the
Kingdom, Al-Madinah newspaper reported yesterday. The company will focus
on items that either cannot be grown in the Kingdom such as rice and
sugar, or need plenty of water supplies such as wheat, barley and
animal fodder, the minister said. The government had earlier hinted at
plans to reduce by 12.5 percent each year the amount of wheat bought
from local farmers, abandoning a 30-year program to grow wheat and which
achieved self-sufficiency but depleted the Kingdom’s scarce water
supplies.." [more]
OPEC to Try
to Curb Oil Price Fall in Sept-Iran [Aug 25]
"Iran's oil minister said on Monday he expects OPEC to work on
preventing the falling trend in crude prices and also to study
oversupply in the market when it meets in September, oil ministry news
website SHANA said. Iran is traditionally a price hawk and has been at
the forefront of rejecting calls for more output from consumers such as
the United States, even when prices surged to a record $147 a barrel, a
level from which they have now tumbled. Iran has previously said the
market was oversupplied by about 1 million barrels per day (bpd).. ..Oil
prices are now trading at around $115 a barrel, finding some support
from tensions between the West and Russia over Georgia. Iran's nuclear
row with the West has provided support for oil prices this year. OPEC
ministers next meet on Sept. 9 in Vienna.." [more]
Gulf States
Remain Wedded to Dollar [Aug 25]
"Before the recent fall in oil prices and the subsequent rise in
the dollar, a chorus of academics and policy experts had been contending
that Saudi Arabia and neighboring Gulf countries should abandon their
long-fixed currency peg to a depreciating dollar to help combat the
social ravages of inflation that were spreading across the region and
affecting people like Bahader. The brief, put forth by the likes of Alan
Greenspan and the Harvard economist Martin Feldstein, made impeccable
theoretical sense: with Gulf economies riding an oil boom, higher
interest rates and stronger currencies were needed, not the reverse.
Currency traders took heed. But that argument made only limited headway
in Saudi Arablia. And now, with the dollar's modest comeback and oil's
retreat, policy makers in the region have been bolstered in their
resolve to keep the peg in place and accept the consequences of higher
inflation if need be.." [more]
SHUAA Saudi
Hospitality Fund Attracts SR900 Million at First Closing [Aug 25]
"Shuaa Capital Saudi Arabia announced today the successful first
closing of its 'SHUAA Saudi Hospitality Fund I', a Shari'a compliant
closed-end fund which aims to develop and own seventeen hotel
properties, furnished apartments, and resorts across the Kingdom of
Saudi Arabia comprising 5,000 rooms. As at August 25, 2008, commitments
from regional, institutional and individual investors totalled SR 900
million (US$ 240 million) for this initial closing and it is anticipated
that a further SR 1.1 billion (US$ 293.3 million) will be fully
subscribed by the second and final closing.. ..Its goal is to acquire or
develop five stars and budget hotels in the Kingdom of Saudi Arabia. In
addition, it will own 20% of a new hotel management company to be
incorporated in the Kingdom.. ..The Kingdom of Saudi Arabia is
experiencing a sustained boom in business and leisure travel and the
SHUAA Saudi Hospitality Fund is in an excellent position to benefit from
that. Demand for hotel accommodation, throughout the Kingdom, is far
outstripping supply. Overnight visitors to and within the Kingdom have
jumped over 74% from 6.6 million in 2000 to 11.5 million in 2007, while
the number of hotel rooms increased by a limited annualized growth rate
of only 1.5%.." [more]
~~~~~~~~ [
Aug 24] ~~~~~~~~~
Saudi Women
Hoping to Get Green Light to Drive Soon [Aug 24]
"..Supporters of ending the ban on female drivers point out that
the prohibition exists neither in law nor in Islam. There is no written
Saudi law banning women from driving, only fatwas, or edicts by senior
clerics that are enforced by police. No major Islamic clerics outside
the country call for such a ban. Conservatives say women at the wheel
create situations for sinful temptation. They argue that women drivers
will be free to leave home alone, will unduly expose their eyes while
driving and will interact with male strangers, such as traffic police
and mechanics.. ..Last September, a group of women formed the Committee
of Demanders of Women's Right to Drive Cars to lobby for the right to
get behind the wheel, collecting more than 3,000 signatures. They have
sent two petitions to Abdullah, committee member Wajeha al-Huwaider
said.. ..To mark Women's Day in March, al-Huwaider posted a video of
herself on YouTube driving in the Eastern province. Surprisingly, the
government did not try to stop the group from collecting signatures
or punish al-Huwaider. Al-Huwaider said that's an encouraging sign,
leading her to believe that women will start driving by the end of the
year.." [more]
Saudi Child
Files for Divorce [Aug 24]
"A court in Saudi Arabia is reported to be preparing to hear a plea
for divorce from an eight-year-old girl who has been married off to a
man in his 50s. The Saudi newspaper al-Watan said the girl had been
married off to the man by her father without her knowledge. The child's
mother is thought to be pushing for the marriage to be annulled - though
the father opposes the move.. ..Child-protection groups say children are
often given away in return for hefty dowries, or as a result of old
customs in which a father promises his infant daughters and sons to
cousins out of a belief that marriage will protect them from illicit
relationships. Activists have called for an end to the practice.."
[more]
Saudi Arabia
to Fingerprint Air Travellers [Aug 24]
"Starting this Haj season, passengers arriving at King Abdulaziz
Airport in Jeddah and Prince Muhammad Bin Abdulaziz Airport in Madina
will be finger-printed, a senior Saudi official has said. The Saudi
government has recently started finger-printing seven million foreign
residents, who make up 30 per cent of the its total population of 21
million and started training personnel to master the new system at the
country's entry points. World Bank estimates this number to reach 34
million in 2020.. ..In 2003, the Saudi government began a package of new
measures including finger-printing to eliminate the problem of
overstaying. Now foreign residents and visitors will be finger-printed
to help put an end to those who enter the country with fake passports or
forged papers.." [more]
Saudi Stocks
Jump 5.18% on CMA Announcement [Aug 24]
"The Saudi stock market reacted positively yesterday to the
announcement of the Capital Market Authority (CMA) on Wednesday that it
will allow non-resident foreign investors access to the stock market
through swap agreements with authorized investors, who would legally own
the underlying shares. The Tadawul All-Share Index (TASI) jumped by 5.18
percent or 438.19 points to 8,901.90, its biggest one-day gain since
April 2007. Despite yesterday's big gain, the index is still down 19.36
percent so far this year. Out of 124 shares traded, 117 companies were
in positive territory, while only three were down.. ..Over SR8.76
billion worth of shares changed hands yesterday.." [more]
Investment
Bankers Turn to Saudi Arabia [Aug 24]
"Saudi Arabia is not a country that stands out as a trendsetter.
But as the Gulf enjoys a period of unprecedented expansion, the kingdom
has been turning heads throughout the investment banking world. In the
past two years a series of major international players - including
Merrill Lynch, Deutsche Bank and JPMorgan - have been granted licences
to open offices as the financial services sector has been liberalised.
Last month UBS joined the list. Most investment banks had been doing
business in the kingdom for some years.. ..But the line from bankers
today is that a group is not considered a player in the region unless it
has a full-blown presence in Saudi Arabia.." [more]
Saudi to Set
Up Farm Investment Firm in 2 Months to Ensure Supply [Aug 24]
"Saudi Arabia plans to set up a firm to invest in agriculture
overseas within two months to ensure food security, the kingdom’s
agricultural minister said in remarks published yesterday. The new
company, a partnership between the public sector and domestic private
companies, is a part of a programme to ensure adequate food supplies to
the Gulf Arab country at cheaper prices.. ..The firm will focus on items
that either cannot be grown in the kingdom such as rice and sugar or
need plenty of water supplies such as wheat, barley and animal fodder,
the minister said. Saudi Arabia said in January it would start reducing
purchases of wheat from local farmers by 12.5% per year from this year,
abandoning a 30-year programme to grow wheat that achieved
self-sufficiency but depleted the desert kingdom’s scarce water
supplies. Riyadh’s plan was to start importing wheat in the spring of
2009 and move to 100% reliance on foreign purchases by 2015.." [more]
Palestinians
to Receive Cash Boost From Saudi Arabia [Aug 24]
"The cash-strapped Palestinian Authority will receive a financial
boost from Saudi Arabia to help Prime Minister Salam Fayyad pay public
sector salaries, Palestinian officials said on Saturday. 'The Saudi
finance minister told the Palestinian Authority that the decision was
made to transfer $100 million,'.. ..Malki said the money was part of
pledges made to the Palestinian Authority at a donors conference in
Paris in December and expected the transfer to arrive in the coming
days. Fayyad has struggled in recent months to pay government workers
because many Arab donors have not met their financial commitments.
Earlier in the week, the European Union said it would inject 40 million
euros ($59 million) of funds on top of the 256 million euros in budget
support disbursed so far this year by the European Union.." [more]
Deutsche Bank
Ready to Offer Access to Saudi Arabia’s Stock Market [Aug 24]
"Deutsche Bank announced today that it is ready to commence
offering its international clients access to Saudi Arabia’s stock
exchange, the largest equity market in the Middle East. Most Recently
Saudi Arabia’s Capital Market Authority (CMA) took the groundbreaking
decision to allow non-resident foreign investors to conclude swap
agreements with authorized entities.. ..The swap agreements will be
conducted through Deutsche Bank’s subsidiary in the Kingdom, Deutsche
Securities Saudi Arabia, subject to final regulatory approval.
Henry Azzam, Deutsche Bank’s CEO in the Middle East and North Africa
and Chairman of the Board of Deutsche Securities Saudi Arabia, said 'We
are delighted with the CMA’s historic resolution, which we believe
will greatly enhance the depth and breadth to of the Saudi capital
market. This development will undoubtedly increase foreign capital
inflows to the Kingdom’s stock market, promote greater transparency,
reduce volatility associated with dominance of the retail investors in
the Saudi market, and encourage more comprehensive equity research on
listed companies.'.." [more]
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