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~~~~~~~~ [ Sep 6] ~~~~~~~~~
Opec is Likely to Trim Crude Supply as Global Economy Slows [Sep 6]
"Slower demand, an economic downturn and cheaper oil could convince Opec it needs to trim supply unofficially, but the producer group is expected to leave public output
targets unchanged when it meets next week. Prices have plunged from a peak of more than $147 a barrel in July after leading oil exporter Saudi Arabia took a unilateral
decision to pump at the fastest rate since 1981. At the same time, demand in top oil consumer the US fell at the fastest rate since 1982 in the first half of this year and traditional price hawks Iran and Venezuela have raised the prospect of reining in over-supply. Given the potential for oil stocks to build, the Organisation of the Petroleum
Exporting Countries (Opec) will need to cut output at some point this year to prevent a further price fall, said David Kirsch of Washington-based consultancy PFC Energy.
'The question is not whether to cut, but when,'.." [more]
Saudi Arabia Debates Birthday Parties [Sep 6]
"When Hala Al Masa'ad invited her girlfriends over to celebrate her 18th birthday with cake and juice, little did the high school student know that she was stepping into an
unusual public debate. Is celebrating birthdays un-Islamic? Saudi Arabia's most senior Muslim cleric recently denounced birthday parties as an unwanted foreign influence,
but another prominent cleric declared they were OK.. ..The Saudi ban on birthdays is in line with the strict interpretation of Islam followed by the conservative Wahhabi sect
adhered to in the Kingdom. All Christian and even most Muslim feasts are also prohibited because they are considered alien customs that the Saudi clerics do not approve.
Only the Muslim feasts of Eid Al Fitr, which marks the end of Ramadan, and Eid Al
Adha, which concludes the annual pilgrimage to Makkah, are permitted.. ..The latest
controversy started when a prominent Saudi Arabian cleric, Salman Al
Audah, said on a popular satellite TV programme last month that it was OK to mark birthdays and
wedding anniversaries with parties as long as the Arabic word "eid", meaning feast, is not used to describe the events. That prompted a quick denunciation by Saudi Arabia's
grand mufti and top religious authority, Shaikh Abdul Aziz Al Shaikh, who said such celebrations have no place in Islam and produced a list of foreign customs that he
suggested were unacceptable.." [more]
Labor Supply Firms in a Fix [Sep 6]
"The labor subcontracting business may no longer be lucrative as blue-collar foreign workers recruited on a salary of less than SR1,000 a month are unable to cope with a
rising cost of living from inflation in Saudi Arabia. Worth as much as SR500 million, the labor supply business involves mostly Asian workers who get extremely low wages
and no other financial benefits for jobs in often unhealthy and hazardous conditions.. ..Thousands of sub-contracted workers have surrendered to the Passports Department
in recent months, seeking deportation at Saudi government expenses since they could not even afford a one-way ticket back home. Following the sharp rise in the cost of
living over the past year, such subcontracted workers have had no choice but to look for a second job in violation of residency laws, make money through illegal ways, or
simply the leave the country.." [more]
Child Labor Becoming a Problem in Saudi Arabia [Sep 6]
"Child labor is becoming a problem in Saudi Arabia, where nearly 1.54 percent of the child population works, a study said. The study, first of its kind in the Kingdom,
commissioned by King Abdul Aziz City for Science & Technology (KACST) and conducted by Dr. Mohammad Abdullah
Al-Naji, put the Eastern Province on top of the list
at 2.3 percent followed by Makkah, Madinah, Asir and Riyadh. Economic issues are the primary driving factors behind child labor, followed by other factors that include dropping out of school and domestic compulsions, the study said. Some 2,000 Saudi children included in the study were either interviewed by Naji himself or asked to fill out
questionnaires prepared as part of the national survey.. ..According to another study conducted by Saud-Al
Shahri, a Saudi social worker, there are more than 83,000
homeless children in the Kingdom. 'Nearly 69 percent of child beggars in Riyadh are Saudis,' said the study, adding that about 88 percent of mothers of child beggars are illiterate and only nine percent of them hold an elementary school certificate.."
[more]
~~~~~~~~ [ Sep 5] ~~~~~~~~~
Saudi Analysts Slam Iranian Expansionism [Sep 5]
"Saudi parliamentarians and political analysts have come down heavily on the tone and tenor of the Iranian response to a GCC call for returning the the three occupied UAE
islands of Greater and Lesser Tunbs and Abu Mousa to UAE sovereignty. Speaking to Gulf News, parliamentarians and analysts said the Iranian assertion that the islands
were an integral part of its territory reflected its hegemonic ambitions given the strategic and military value of the three islands.. ..'All the time, it [Iran] is endeavouring to
extend its hegemonic hold over the three UAE islands though it is not in need of more territory. It wants to continue its occupation of the three islands in view of the strategic
advantage they offer vis-a-vis control of international navigation routes and the flow of oil to international markets in case it faces a military attack', he said.."
[more]
Oil Scene: No Warning Bells in OPEC Capitals Yet [Sep 5]
"All eyes are focused on Riyadh. With calls from within the Organization of the Petroleum Exporting Countries (OPEC) to have a close look at its current output practices,
the Saudi stance on the issue is eagerly awaited. The guessing game is on. Keeping with its traditions, Riyadh has kept its cards close to its chest tactically avoiding any public
position on the issue. The next few days are thus going to be interesting, with global energy fraternity almost on tenterhooks. There is a growing feeling now that at the Sept.
9 meeting in Vienna, Saudi Arabia may increasingly come under some pressure from within the OPEC ranks to curtail its output so as to prevent any steep fall in crude
prices. Saudi Arabia has been underlining at the highest level its commitment, will and the ability to meet the growing needs of the market.."
[more]
Saudi and Iraq to Enhance Security Cooperation [Sep 5]
"Iraq's National Security Adviser, Muwaffaq al-Rubayi, has revealed to Asharq
Al-Awsat that the Kingdom of Saudi Arabia has provided the Iraqi Government with a list of
434 Iraqi nationals currently held in Saudi jails, most of whom were convicted for drug possession and trafficking.. ..Riyadh and Baghdad have agreed to take numerous
measures to strengthen border security, including monitoring the transference of funds and the movement of individuals, whether those who travel directly between the two
countries or through a third country. On his departure from Saudi Arabia,
Al-Rubayi carried a draft security agreement between the two countries. He said that he would
convey it to the Iraqi government and if approved, it would be tantamount to a legal framework for the extradition of prisoners between the two countries.."
[more]
GCC to Discuss Monetary Plan [Sep 5]
"GCC finance ministers will discuss on September 17 a blue print to set up a monetary council as a prelude to establishing a GCC central bank, Jeddah-based Okaz daily
reported yesterday. We are committed to 2010 as the year to establish a monetary council or a monetary authority for the GCC states,” the paper reported citing the
governor of the Qatar Central Bank. The move will be a big step towards the GCC monetary union, the paper said. The Technical Committee for the GCC Monetary Union
will hold its 25th meeting in Doha next Sunday.." [more]
Women’s Varsity to Have New Campus [Sep 5]
"Custodian of the Two Holy Mosques King Abdullah will lay the foundation stone of the new campus of Kingdom’s first women university shortly, Princess
Al-Jowhara bint
Fahd, president of the university, announced yesterday. Located north of Riyadh, the university will have 13 new colleges. She praised King Abdullah and Crown Prince
Sultan for their tremendous support to Riyadh Women's University, which, she said, will usher in a new era in higher education for women in Saudi Arabia. “We want to make it a leading international university,” Princess
Al-Jowhara told Al-Riyadh Arabic daily. She disclosed plans about tie-ups with prominent universities inside and outside
the Kingdom to promote research. The women’s university, along with its affiliated colleges, has so far enrolled 17,000 women students, she added.."
[more]
~~~~~~~~ [ Sep 4] ~~~~~~~~~
Victim's Father Offers Glimmer of Hope to Canadians Facing Saudi Execution [Sep 4]
"The father of a Syrian teen beaten to death in a schoolyard brawl here says he might forgive the Canadian brothers accused in his son's murder - a mercy that could save
them from an executioner's sword. But Mueen Al-Haraki's rare offer of clemency comes with strings attached: He is demanding that Saudi Arabia order the death penalty
for Mohamed and Sultan Kohail, a public admission of guilt from the brothers and an apology from their family for the killing of
Munzer, his 19-year-old son. Most crucially, he is asking the Canadian government to stop interfering in their case.. ..If the Kohails take Mr.
Al-Haraki at his word, their best chance of survival could hinge on
them renouncing Ottawa's efforts to seek clemency directly from the Saudi government. Until now, engaging Ottawa in their cause has been viewed as the best hope for the
Kohails, who maintain they are innocent victims of conspiracy and a twisted justice system.."
[more]
Saudi Arabia Opens New Field [Sep 4]
"Saudi Aramco, the Saudi Arabian oil giant, will add an additional half a million barrels per day (bpd) to its production capabilities with the opening of the Khursaniyah
field.. ..With the opening of the new field Saudi Arabia's production capabilities are expected to rise to 11.8 million bpd. Riyadh, which is a strong regional ally of
Washington, has been under increasing pressure by the latter to increase its oil output in order to combat the rising price of oil, which has hit consumers in the U.S.."
[more]
Iran Rejects GCC Call to End Isle Row [Sep 4]
"The row between Gulf Arab countries and Iran over an island in the strategic Gulf waterway remained deadlocked Wednesday with Iran rejecting a call by GGC foreign
ministers for a peaceful resolution through direct negotiations or by referring the case to the International Court of Justice. Late Tuesday, the foreign ministers of the six-member Gulf Cooperation Council (GCC) met here and backed the United Arab Emirates’ claim to the territories. 'The ministerial council condemns Iran’s establishment of two administrative offices on Abu Musa island that belongs to the UAE and demands that Iran remove these illegal installations and respect the UAE’s sovereignty on its
land,' the GCC ministers’ statement read.. ..Abu Musa and the Greater and Lesser
Tunbs, located near key shipping lanes in the Gulf, are controlled by non-Arab Iran but
claimed by the United Arab Emirates with broad Arab support.." [more]
Buying a Home is Beyond the Reach of Many Saudis [Sep 4]
"Owning a home has never been more difficult for most Saudis. Soaring construction costs, land speculation, and lack of bank financing have aggravated a housing deficit
estimated at some 1mn homes and driven rents higher. Realtors say the percentage of home ownership stands at about 30%, making it the lowest among the oil-driven
economies in the Gulf Arab region. Saudi Arabia has 5-6mn homes. 'It is a challenge they have to address when you have 65% of the population on rent,' said John Sfakianakis, chief economist at SABB bank, HSBC’s Saudi subsidiary. 'Many Saudis feel there is an obligation that during this economic boom people have to be housed ... If
people don’t have equity and the only thing they have is, say, a car, then what is it that they have to pass down to the next generation?' he said.."
[more]
HRC Opens Women’s Wing in Riyadh [Sep 4]
"The Human Rights Commission (HRC) announced yesterday the opening of its women’s branch here to look into cases of human rights violations against women and
children. ‘Dignity of women and childhood support’ is the motto of this new wing,' said Wafiqah
Al-Dakhil, the newly appointed head of the women’s wing. She added that
its aim is to create awareness about the laws pertaining to women and children through campaigns and define rights as established by Islam.
Al-Dakhil said the new wing would seek the help of volunteers and experts from all parts of the Kingdom to accomplish its mission. She also registered her thanks to HRC President Turki
Al-Sudairy for
the establishment of the new wing that would concentrate on women and children... ..The new wing will have a team of specialists in psychology and sociology, who will
receive complaints relating to violence, sexual harassment, arbitrary divorce, rape and personal cases.."
[more]
~~~~~~~~ [ Sep 3] ~~~~~~~~~
EU Court Unfreezes Assets of Saudi Suspect [Sep 3]
"The EU's Court of Justice on Wednesday overturned a 2001 decision by EU governments to implement a U.N. anti-terror order to freeze the assets of a Saudi businessman
and a Sweden-based charity suspected of funding al-Qaida terror groups. The ruling by the EU's highest court in Luxembourg calls into question international efforts to stop
the financing of terror groups, notably al-Qaida. Similar cases filed by other suspects and groups on the list have also led to them winning legal victories against their listing
on the EU terror blacklist.. ..Wednesday's decision overturns a 2005 EU court decision that rejected an appeal by Yasin
al-Qadi, a Saudi national, and the Swedish-based
charity Al-Barakaat International Foundation to unfreeze their assets.
Al-Qadi, head of the Saudi-based Muwafaq Foundation, is trying to appeal the freezing of his assets by
the 27-nation bloc under a U.N. order filed after a month after the Sept. 11, 2001, terror attacks in the United States.."
[more]
Saudis Could Lift Heavy Crude and Cut Light Prices [Sep 3]
"Lifters of Saudi crude expect the world's top oil exporter to raise prices of its heavy crude on the back of strong fuel oil prices, and to trim the price of its lighter grades as
Asian refiners cut runs. But lifters polled agreed on the direction, not the size of the moves. Refiners said this was a tough month to predict, as product prices have started
diverging with the fuel oil crack rising strongly while the gas oil crack has plunged.. ..Saudi prices set the trend for Iranian, Kuwaiti and Iraqi prices, affecting the price of
more than 8 million barrels per day (bpd) of crude sold to Asia. They are usually released around the fifth of each month before crude starts trading. The front-month fuel oil
crack rose to average $10.76 a barrel below Dubai swaps in August, up a steep $7.63 from July, as strong demand from the Middle East tightened supplies, Reuters data
showed. That would likely prompt Saudi Aramco to raise the prices of Arab Medium and Heavy, which have a high fuel oil content, lifters said.."
[more]
Education Gets a Boost [Sep 3]
" The increase in gratuities and allowances of members of the academic staff in Saudi universities has been praised by the Minister of Higher Education and other officials.
The incentives to university teachers were approved by the Council of Ministers on Monday.. ..'Universities in Kingdom of Saudi Arabia have to compete with famous
educational institutions throughout the world,' he said. 'Achieving such high educational standards requires us to have international universities, such as, King Abdullah University in
Thwal,' he added. The incentives for teachers will also encourage Saudi youth to take up the teaching profession, he said. It will also help the government in its
Saudization campaign, said Al-Uwaihel. In order to create a better educational work environment, the Cabinet has earmarked around SR5 billion for housing projects for
teachers.." [more]
Saudi Girl Selected as Youth Ambassador [Sep 3]
"A first-year student at the College of Business Administration, Ala’a Al–Mizyen, has recently been selected as Saudi Youth Ambassador for the Middle East Youth Initiative.
Ala’a, 18, is also the founder president of the on-campus student organization Saudi Arabia’s Women of Tomorrow. Saudi Arabia’s Women of Tomorrow aims to instill and
nurture the leadership role in female students, Ala’a said. She looks forward to providing opportunities for character development and enrichment, to extend networking and
team-building beyond classrooms.. ..Ala’a was also selected by the British Council from a pool of applicants to attend the Learning from the Future workshop. As the
youngest and only undergraduate college student chosen, she represented Saudi Arabia at the workshop covering global and regional issues such as climate change, the
multi-polar world, energy crisis, and relations between the Arab World and the West.."
[more]
Manufacturing Sector's Investments Drive IT Growth in Saudi Arabia [Sep 3]
"The growing manufacturing industry in Saudi Arabia is driving IT growth in the Kingdom, said a recent report from the Jeddah Chamber of Commerce and Industry
(JCCI). According to the report, there are approximately 3,986 manufacturing industries in Saudi Arabia with a total investment of 306 billion Saudi riyals. 'Manufacturing
in the Gulf region has been investing quite heavily, particularly last year, in ERP solutions and specific applications related to manufacturing and distribution,' said Margaret Adams, senior analyst, IT services, Middle East and Africa,
IDC, a research house. She told Gulf News that there is a lot of supply chain management investment.. ..A study
done by the Central Department of Statistics, of the Saudi Ministry of Economy and Planning, showed that the annual value-added achieved by the manufacturing sector
rose from 15 billion riyals in 1974 to about 92.6 billion riyals at the end of 2006.."
[more]
~~~~~~~~ [ Sep 2] ~~~~~~~~~
Iran Calls for Control of OPEC Oil Supply [Sep 2]
"Iran's Oil Minister Gholam Hossein Nozari said here on Tuesday that the Organization of Petroleum Exporting Countries (OPEC) should control the excess of oil supply to
the market, the official IRNA news agency reported. Nozari called for the member states of OPEC to discuss the issue by reconsidering the quota in the upcoming meeting
in Viennaon Sept. 9. 'The oil supply should be in proportion to the market demand'.. ..Saudi Arabia and some other members have excess supply and this has affected the oil
price in the market, he said. Nozari said Sunday that 100 U.S. dollars per barrel is the lowest suitable price for oil. Oil prices have dropped from the record high of 147.27
dollars a barrel on July 11 to about 110 dollars a barrel due to an increase in Saudi Arabia's output and a fall in the world's demand for oil.."
[more]
Saudi Defence Industry Strategy Takes Shape [Sep 2]
"Plans to develop military aircraft production in Saudi Arabia are moving ahead following the Kingdom's agreement to purchase Typhoon fighter jets from BAE Systems.
The new deal calls for most of the aircraft to be assembled in Saudi Arabia. In March, Defence and Aviation Minister Crown Prince Sultan laid the foundation stone at King
Abdulaziz Air Base in Eastern Province for a new centre to update and assemble systems for Saudi military aircraft. The complex will be developed on a 300,000sqkm site will include a range of hangars, stores for hazardous materials, workshops, fuel storage, a
water desalination plant and power station as well as other utilities and infrastructure.."
[more]
Al-Arabiya Bureau Chief Says Told to Leave Iran [Sep 2]
"The head of the Tehran bureau of pan-Arab television station Al-Arabiya said on Tuesday that Iranian officials have demanded his departure from the country.. ..Iranian
state radio said that students from 10 universities had called for the closure of the offices of the Saudi-owned network, one of two leading pan-Arab satellite news channels
which was launched five years ago in Dubai. 'This demand came after this network, which is linked with hardline Saudi movements, broadcast a a film insulting Imam (Ruhollah)
Khomeini, the founder of Islamic revolution, and Shiite beliefs,' the radio said. A prominent Iranian MP had warned last month about the future of the network in
the Islamic republic.. ..In July this year, AFP's deputy bureau chief in Tehran, Stuart Williams, had to leave the country after being told by Iranian authorities that his visa
would not be renewed.." [more]
KSA Inflation Hits 11.1% – a New High [Sep 2]
"Annual inflation in Saudi Arabia accelerated to 11.1 percent in July, its highest level in at least 30 years, due mainly to increases in food and housing costs, official data
showed on Monday. The cost of living index for the largest Arab economy hit 117.3 points on July 31 compared with 105.6 points a year earlier, the Central Department of
Statistics said in a statement. Food and beverage costs advanced 16 percent in July compared with an increase of 15.8 percent in June while the rental index – which includes
rents, fuel and water – soared 19.8 percent versus 18.7 percent in June. The rent index alone rose 23.7 percent. Monthly inflation in Saudi Arabia added 1.6 percent in July
compared to June.. ..Analysts expect annual inflation to hit its peak towards the end of the third quarter which coincides with the end of Ramadan, the Muslim fasting month
which sees a surge in both consumption and prices.." [more]
Indonesia Moves to Protect Workers [Sep 2]
"The delay in the recruitment of Indonesian housemaids and drivers has prompted Jakarta to set up a commission to look into the interests of Indonesian workers, including
their overseas employment, training and health. What has also resulted in the appointment of the commission is the growing woes of Indonesian migrant workers, an official
at the Consulate General of Indonesia told Arab News yesterday. The workers, especially housemaids, consistently complain against their employers of physical abuse and
nonpayment of wages, and also for not granting weekly days off and annual leaves. Their complaints also relate to the harassment caused by some unscrupulous recruitment
agencies. The commission is meant to protect the country’s overseas workers and also focus on their issues.. ..'There is a shortage of domestic workers in Saudi Arabia,” a
council member said. In fact a reduction in the number of Indonesian domestic workers is responsible for a major crisis in the Saudi recruitment market'.."
[more]
~~~~~~~~ [ Sep 1] ~~~~~~~~~
King, Crown Prince Make Speech on Ramadan [Sep 1]
"Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz and Crown Prince Sultan Bin Abdul
Aziz, Deputy Premier, Minister of Defense and Aviation and
Inspector General made a speech on the advent of the blessed month of Ramadan for the year 1429H. The following is the text of the speech delivered through the media by
Minister of State, Cabinet’s Member for Shoura Council Affairs and Acting Minister of Culture and Information Dr. Saud Bin Saeed
Al-Mathami.." [more]
Muslims' Holy Month of Fasting Starts [Sep 1]
"Most of the Muslim Mideast began the first day of Ramadan on Monday, but Iraqi Shiites, some Lebanese Shiites and Iran will start observing the holy month of fasting on
Tuesday.. ..This year's Muslim holy month comes at a time of high food prices region-wide — a burden for low-income people struggling to afford the special foods
traditionally prepared for the meal that breaks the fast at each sunset. High food prices also complicate the usual practice of buying new clothes and other Ramadan treats.
Hot weather also will likely create extra challenges this year, for observers who go without food or water during daylight hours.. ..Ramadan can last either 29 or 30 days,
depending on when the first moon of the next lunar month is sighted. During the month, Muslims are expected to abstain during daylight hours from food, drink, smoking
and sex in order to focus on spiritual introspection.." [more]
Start Date Set for New $40bn Saudi City [Sep 1]
"Construction work is scheduled to start within six months on the $40bn Sudair City, which will be the largest city built by the private sector in the Gulf. A decision is
expected to be announced in the next four months on a development consortium to spearhead the building of the 257 million square metre metropolis to the north of Saudi
Arabia’s capital Riyadh and which is set to incorporate the biggest industrial development in the region. More than 60 developers have been invited by the Saudi Industrial Property Authority
(Sipa) to invest in the project which will feature zones covering economics,
technology, education, entertainment, in addition to a residential area home to
up to one million people.. ..The industrial zone will span one million square
metres, the largest industrial development in the Gulf. Serving the city will be the 2,400km-long
North-South Railway, which is being built in the kingdom, as well as an airport and two ports.."
[more]
Alstom Signs Contract to Build Stage 3 of Shoaiba in Saudi Arabia [Sep 1]
"Alstom (Paris:ALO) today signed a contract with Saudi Electricity Company (SEC) to build stage 3 of the Shoaiba power plant, worth around
1.9 billion Euros.. ..Stages 1 and 2
of Shoaiba were supplied by an Alstom-led consortium on a turnkey basis. The contract to build stage 1, consisting of five 400 MW units, was signed in October 1998.
Following its completion in 2003, a second contract was signed in March 2004 for stage 2 , which included six 400 MW units. Stage 2 was completed in December 2007, with
the last unit (number 6) commercially operational six months in advance of the agreed contract completion date. Electric power demand in Saudi Arabia has increased
tremendously in the last two decades in line with the country’s rapidly growing economy, requiring massive investment in the country’s power generation capacity.."
[more]
~~~~~~~~ [ Aug 31] ~~~~~~~~~
Saudi, Most Gulf Arabs, to Start Ramadan on Monday [Aug 31]
"Saudi Arabia, the birthplace of Islam, will start the Muslim fasting month of Ramadan on Monday along with most other Gulf states, regional state media reported on
Saturday. Senior religious councils in Saudi Arabia, Kuwait, Qatar, Bahrain and the United Arab Emirates said the moon's crescent was not sighted after nightfall on
Saturday, and so Sunday would be the last day of the month preceding Ramadan. Muslims scan the sky at night in search of the new moon to proclaim the start of
Ramadan, the holiest month for the world's more than one billion Muslims.."
[more]
Low-Income Saudis Get $306m [Aug 31]
"Saudi Arabia is to pay low-income Saudis an extra 1.15 billion riyals ($306 million) in aid during the fasting month of Ramadan, state media said. The grant ordered by
King Abdullah will be distributed to families covered by social welfare to help them
'fulfil their urgent needs during the holy month of Ramadan'.. ..Saudi inflation hit a 30-year high of 10.6 percent in June and is expected to continue rising in the third quarter. Inflation is a key challenge across the Gulf, where currencies are pegged to the ailing
dollar, as their economies surge on windfall revenues from oil that has been racing to record highs.."
[more]
Gulf Monarchies to Boost Links With Turkey [Aug 31]
"Oil-rich Gulf monarchies will sign an accord with Turkey aimed at boosting ties between the pro-Western Arab bloc and Ankara, the chief of the Gulf Cooperation Council
said on Sunday. The 'memorandum of understanding to be inked in the Saudi Red Sea city of Jeddah on Tuesday will provide for 'cooperation in the economic, political and
security domains,' GCC Secretary General Abdurrahman al-Attiyah told AFP. Attiyah said GCC foreign ministers are due to meet in Jeddah on Tuesday and will hold talks
with their Turkish counterpart Ali Babacan on the sidelines of the meeting. The MoU will pave the way for the conclusion of a free trade agreement between the GCC and
Turkey that has been under negotiation since 2005, he said. The GCC groups Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates. GCC states have
good relations with Turkey. 'Turkey has an important role in the region. It is a balanced and moderate role,'.."
[more]
Iranian Official Considers $100 Per Barrel as Lowest Suitable Price for Oil [Aug 31]
" Iranian Oil Minister Gholam-Hossein Nozari said Sunday that 100 U.S. dollars per barrel is the lowest suitable price for oil, the English-language Press TV satellite channel
reported. 'This (crude at 100 USD a barrel) is the minimum price for oil,' Nozari was quoted as saying, adding 'in view of the cold season and rising oil demand, we are
moving toward higher and more acceptable prices.' Oil prices have dropped from the record high of 147.27 dollars a barrel on July 11 to about 115 dollars a barrel due to an increase in Saudi Arabia's output and a fall in the world's demand for oil. Despite the Organization of Petroleum Exporting Countries (OPEC) decided to maintain crude
output levels, its member-state Saudi Arabia said in June that it would raise production from 9.45 million barrels per day (bpd) to 9.7 million bpd, the kingdom's highest level
since 1981.." [more]
Saudi Arabia Requested To Give $300-400 Million Credit Facility [Aug 31]
"Pakistan has requested Saudi Arabia to provide $300-400 million credit facility for purchasing urea, well-placed sources told Business Recorder here on Saturday. This is in
addition to the request made by the government of Pakistan for a $5.9 billion oil facility. Last month, the Saudi authorities provided a credit facility of $125 million for
fertiliser. This amount is over and above the credit facility of $133 million that was provided for the same purpose one and a half month ago. Thus far the Saudis have
extended $258 million for purchase of urea. Ziaur Rehman, Secretary, Ministry of Food, Agriculture and Livestock
(Minfal), has left for Saudi Arabia to negotiate with the
concerned authorities the additional credit facility of $300-400 million.. ..The price of urea in the international market is $800 per ton while in Pakistan growers are
purchasing it at $200 per tons. This huge difference has created shortage of the commodity in the market.."
[more]
Saudi Stock Exchange Falls Sharply [Aug 31]
"The Tadawul fell sharply yesterday taking away one third of its profits from last week, which reached 5.1%, after its general index fell by 2%. Analysts believe that the
decline is justified after its strong performance in the last two weeks in which the market gained around 1000 points or 8%. The decision taken by the market to let foreigners
trade in local shares gave strong support, but not strong enough to push the index above 9,000 points. All 15 listed sectors witnessed a decline excepting slight rises for retail
and energy. Most deals were focused on the three main sectors; Banking, Petrochemicals and Telecoms which have been traditional supporters for the index.."
[more]
Saudis, Expats Back Obama [Aug 31]
"There is overwhelming support among Saudis and expatriates here in the Kingdom for Democratic candidate Barack Hussein Obama as the next US president. A cross-section of both groups told Arab News yesterday that they wanted Obama to succeed George W. Bush. One Saudi said Obama was preferred because he is black while an
expatriate felt his middle name suggested a willingness to tackle the contentious issues facing the Muslim world.. ..'Some believed Obama is a Muslim because of his middle
name. All the blacks so far in power at various levels have shown their commitment and determination to serve the country and the world without discrimination of color and
religion. However, the track record of whites has been to side with Israel rather than with Muslim countries. We now have a ray of hope in
Obama. We expect him to solve
the problems facing the Muslim world, including those in Iraq, Palestine and Kashmir. What has happened after Sept. 11, 2001, is that Muslims are being dubbed terrorists.
We extend our support to Obama or anyone who will be able to solve problems related to the Muslim world,'.."
[more]
Persian Gulf to Drive the Next Big Agricultural Boom [Aug 31]
"The oil-rich Persian Gulf states are making a headlong rush for farmland. Most of these countries heavily rely on food imports at a time when global food prices surged 57%
between Aprils 2007 to 2008, according to the United Nations. With food riots breaking out in impoverished countries, as well as rationing in industrialized nations such as
the U.S., the Persian Gulf states have made food availability a high priority. A report by the Gulf Research Center
[GRC] revealed that Saudi Arabia is the largest Arab food
importer in the Gulf Cooperation Council [GCC].. ..The GCC states are especially susceptible to food shortages. Arid landscapes and of course water shortages make it
difficult for them to grow their own crops. The GCC imports approximately 60% of its food. Worse, the total population of GCC members rose from around 30 million in
2000 to more than 35 million in 2006.. ..A regional food crisis is more fact than fiction.."
[more]
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