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~~~~~~~~ [ Oct 11]
~~~~~~~~~
Opec Members
Divided Over Oil Price [Oct 11]
"This could be a difficult moment for Saudi Arabia. After urgent calls
for a meeting of the Opec cartel by its more hawkish members, the organisation
has agreed to get together next month to consider the precipitious fall in the
oil price, now below $80 per barrel. The world is not looking good for oil
exporters. The International Energy Agency yesterday again slashed its
estimate of growth in demand for crude. In response to that signal and the
general panic in the financial markets, Brent crude fell by $6 to $76 per
barrel. Not all the Opec states are keen on the idea of an output cut to shore
up the price. All the cartel members have grown used to lying on a cushion
stuffed with cash, but the Saudis, the Kuwaitis and the Emirates are trying to
diversify their economies away from oil and into industrial production that
adds value and creates employment. A global recession would derail their plans
and wreck their nascent financial markets.. ..Saudi Arabia needs a $100 per
barrel oil price like a hole in the head. It is the weaker economies of Opec,
such as Iran and Venezuela, that are demanding action, but the Saudis are even
now putting more oil on the market.." [more]
Mideast Economies
Face Cooling From Credit Crisis [Oct 11]
"Only in a region where developers are announcing $100 billion
mega-projects even as their stock markets collapse could the global credit
crisis been seen as a potential blessing in disguise. Some analysts say the
current world financial meltdown could bring a needed cooling of the
overheated economies of Gulf Arab nations, while their massive budget
surpluses and non-oil sector growth help sustain them through the crisis. 'The
fact that the liquidity issue is going to take some oomph out of growth in the
region - particularly in the United Arab Emirates - in not necessarily a bad
thing because it brings the economy down to a more manageable growth trend,'
said Ben Faulks, London-based sovereign wealth analyst with Standard &
Poors. Within the six Gulf Cooperation Council nations, 'the problem has been
that growth has been too strong,' said Faulks, adding that currencies in most
of those countries may be undervalued as they are pegged to the US dollar,
meaning the various central banks there have to follow the Federal Reserve’s
lead in interest rates.." [more]
Al-Arabiya.net
Hacked [Oct 11]
"Alarabiya.net was hacked, which prevented Internet browsers from
accessing the major Gulf news organization’s website on Thursday. The media
organization reported that the hackers managed to divert traffic to an outside
website that showed a burning Israeli flag and a message saying: 'If attacks
on Shiite websites continue, none of your websites will be safe.'.."
[more]
Saudi Shares Down
7% at Open [Oct 11]
"The Saudi stock market, the largest in the Arab world, on Saturday
opened the week's trading down seven percent, diving below the 6,000-point
mark. The Tadawul All-Shares Index (TASI) shed more than 450 points in the
first minute before recovering some of its losses. It was later trading at
around 5,873.66 points, down 4.7 percent.The market's 15 sectors and 124 firms
whose stocks were being traded all suffered declines, led by the
petrochemicals sector which dropped 7.8 percent. The Saudi market is the only
Gulf financial market that opens on Saturday. The new decline came despite
statements by Saudi Arabian Monetary Agency (SAMA) on Thursday that it was
ready to inject more than 93 billion dollars into the kindgom's banking
system. The banks index dropped by 5.8 percent.." [more]
~~~~~~~~ [ Oct 10]
~~~~~~~~~
UN Assembly to
Discuss Abdullah’s Interfaith Initiative [Oct 10]
"The United Nations General Assembly will hold a session in the middle of
next month to discuss Custodian of the Two Holy Mosques King Abdullah’s
initiative to promote interfaith dialogue. This was announced by UN
Secretary-General Ban Ki-moon while attending a ceremony marking Saudi
Arabia’s National Day at the UN headquarters in New York. 'I have tremendous
respect for King Abdullah and appreciate his leadership role in many
initiatives,' the UN chief said.. ..Ban had described the Madrid conference
as a symbol of unity among different faiths, adding that he hoped it would
contribute to healing divisions and building a more secure and stable world.
'This event is itself a potent symbol of unity among different traditions. Our
challenge is to see this expression of solidarity turned into a genuine force
for good,' Ban said in a message to the conference. He added that the origin
of many conflicts lies beyond the confines of faith. 'This unique gathering of
religious leaders can help debunk the dangerous myth that religion, even when
properly understood, inspires violence,'.." [more]
Riyadh Monitoring
Global Finance Crisis Effects on Saudis [Oct 10]
"Saudi Arabia’s King Abdullah has ordered state bodies to look into
limiting the effects of the global financial crisis on Saudis’ savings, the
Saudi media reported yesterday. 'The king has entrusted a number of
relevant agencies to study in depth how to deal with this issue,' Crown Prince
Sultan told reporters in comments carried in Asharq al-Awsat and other
newspapers. He was responding to a question about whether the government would
take measures to protect the savings and investments of Saudis in light of the
crisis on world financial markets. Saudi Arabia’s central bank said on
Wednesday that there was no need to provide emergency funds to banks in the
world’s largest oil exporter as the financial sector faced no shortage in
liquidity.. ..He also said bank deposits were safe and economic growth
healthy, adding that Saudi Arabia had no exposure to economies and companies
suffering from the global credit crunch or subprime problems since most
lending was local.." [more]
Karzai’s Brother
Confirms Presence at Saudi Talks [Oct 10]
"A brother of President Hamid Karzai said on Thursday his visit to Saudi
Arabia last month was part of an Afghan push for the kingdom to convene peace
talks with the Taliban. Qayoum Karzai, the elder brother of the Afghan
president, confirmed that no representatives of the militia were present at
the meeting although the Afghan delegation had included former Taliban
leaders. 'The Saudi king ... wants to help the people of Afghanistan in
bringing peace so our trip was in that connection,' Qayoum Karzai told
AFP. 'We briefed them about Afghanistan’s situation, we told them about what
is going on here, about our misery and asked them to mediate as an impartial
country,' he said. This follows denials by the Afghan government and the
Taliban of media reports that the meeting had amounted to peace talks. Former
Taliban members have confirmed they were there but said there were no peace
negotiations.. ..President Karzai has long called for talks with the Taliban
willing to lay down arms and accept the new government.." [more]
Oil's Drop Squeezes
Producers [Oct 10]
"Big oil-producing countries are showing signs of distress as the global
credit crunch and falling crude prices begin to squeeze government budgets and
delay projects. Fears that the boom days are fading appear strongest in Iran
and Venezuela, whose governments have come to rely on oil prices to prop up
otherwise shaky economies. Both countries this week led a chorus within the
Organization of Petroleum Exporting Countries calling for an emergency meeting
of the cartel, now set for Nov. 18, to weigh a production cut.. ..Some
forecasters said that despite a strong thirst for oil in Asia and the Middle
East, global oil consumption could flatten out next year, potentially ending
nearly a decade of steady demand growth.. ..Oil exporters have racked up cash
surpluses as prices soared to historic highs. Saudi Arabia, the world's
largest exporter, is expected to record $138 billion this year, up from $95
billion last year. But government spending also has soared within OPEC and
among other big producers such as Russia, based in part on the expectation
that oil prices would remain high.. ..OPEC is likely to reduce production to
defend prices from falling below $80 a barrel. But some analysts said that
heightened costs elsewhere in the oil patch may keep prices from falling much
further anyway.." [more]
Saudis Have No
Excuse to be in Third World: Prince Khaled [Oct 10]
"A massive exhibition will be staged in Obhur, north of Jeddah, to
showcase major development projects under way in Makkah province. Custodian of
the Two Holy Mosques King Abdullah will open the show tomorrow. Makkah Gov.
Prince Khaled Al-Faisal inspected the arrangements for the exhibition’s
opening on Wednesday and said it was organized to highlight major projects
taking place in the region during King Abdullah’s rule as well as growing
investment opportunities in the region. He said Saudi Arabia’s development
plans were aimed at making the Kingdom a first world country. 'We believe that
this country and its people deserve to have a place in the First World, not in
the Third World, and we have all the potentials to accomplish this objective,'
he said.." [more]
Saudis Feature at
Abu Dhabi Film Festival [Oct 10]
"Saudi Arabia will be represented by six films at the Middle East Film
Festival, starting Saturday in Abu Dhabi. The event, scheduled to conclude
October 19, will feature cinematic contributions from the Middle East and
Europe, with the UAE, Bahrain, Kuwait and Saudi Arabia being the most
prominent representatives from the Gulf.. ..'Saudi Arabian cinema has become
well-known through various film festivals, and our filmmakers are creating a
Saudi movie industry. We are seeing the birth of a new generation in the
film industry presenting the identity of Saudi Arabia to the world,' Salem
said. 'Saudi filmmakers are talented enough to deserve an international
presence,'.." [more]
~~~~~~~~ [ Oct 09]
~~~~~~~~~
Kingdom Exploring
Ways to Deal With World Financial Crisis: Sultan [Oct 9]
"Saudi Arabia is exploring ways to deal with the current crisis in global
financial markets, Crown Prince Sultan, deputy premier and minister of defense
and aviation, said yesterday. He was answering questions from reporters at the
end of a function organized by the armed forces on the occasion of Eid
celebrations in the Eastern Province. Asked if the Kingdom would take any
measures to protect the investments of the Saudis affected by the present
world economic crisis, Sultan responded: 'This is an international issue
that does not concern us alone. However, Custodian of the Two Holy Mosques
King Abdullah has entrusted a number of responsible agencies to make in-depth
studies on how we can deal with this situation. If Allah wills matters will
improve.'.." [more]
Uganda: Government
Seeks Saudi Expertise in Oil Exploitation [Oct 9]
"The government has asked Saudi Arabia to offer her expertise in
exploiting Uganda's oil resources. The Minister of State for Foreign Affairs,
Mr Okello Oryem, said Uganda has to first draw lessons from countries already
producing oil in order to position herself as a oil producing state in the
region. 'Our relations between the Kingdom of Saudi Arabia should be enhanced
by vibrant commercial relations. We would like to benefit from your experience
in exploiting our oil resources in western Uganda given your expertise in
this field,' he said. Mr Oryem made the appeal on Tuesday during celebrations
to mark the 78th national day of the Kingdom of Saudi Arabia in
Kampala.." [more]
Gulf States Poised
to Weather Financial Crisis [Oct 9]
"Gulf stock markets are not immune to the global battering the current
tornado of volatility has brought. In Saudi Arabia, there has been a 45% drop
in share values this year and it is the same story in the United Arab
Emirates' commercial capital, Dubai. It began with foreign investors pulling
out. Local investors followed suit. Across the region - including in Saudi
Arabia where 90% of those investing in markets are estimated to be locals -
the plummet has continued as investors became nervous, more risk averse and
felt the need to deleverage.. ..The Gulf markets are risky and volatile at the
best of times; now with global volatility so high, events on the markets are
playing out exponentially in this region. However, the fundamentals of the
economy are solid, say the analysts. The Gulf has an advantage over other
emerging markets such as India or China in that its main export is oil -
something that, despite recent massive jumps and falls is still trading above
average prices. Certainly demand slows in times of global recession, but the
oil price has a long way to fall before that becomes a big worry for Gulf
governments. These governments have a huge budget surplus. Indeed, the Gulf and
the Middle East are being looked upon by others as a source of capital for the
West. If problems develop closer to home, these surpluses can act as a cushion
domestically.." [more]
Education Key to
Tackling Problem of Saudi Poverty [Oct 9]
"No government in the world can eradicate poverty because part of the
problem stems from behavioural and social attitudes, according to Dr Hatoon Al
Fasi, assistant professor at the King Saud University, who made her comments
on a documentary bout poverty in Saudi Arabia broadcast on the internet.
However, she also stressed that there are no excuses for a government like
that of Saudi Arabia, which witnesses the problem of poverty increasing in its
own nation, while it maintains a position as one of the world's top world
donors when compared to its Gross Domestic Production (GDP). Saudi Arabia
spends more than 4 per cent of its total GDP annually on donations and
humanitarian aid that reaches people in more than 110 countries around the
globe. At the same time, nearly 30 per cent of its own nationals suffer from
poverty.. ..Dr Aziza Al Nuaim, a professor at the King Saud University in
Riyadh who specialises in poverty studies, said the picture of poverty in
Saudi Arabia is bleak but there is some hope in a solution if proper measures
are taken. She said part of the poverty problem lies with values instilled in
young generations through the education process while another part lies with
social norms that rich people are the only people are the ones who should
fight it.." [more]
7 new subjects for
girls’ colleges OK’d [Oct 9]
"Dr. Ali Al-Ghafeis, Governor of the Saudi General Organization for
Technical Education and Vocational Training, has said that seven new
specialized subjects have been approved for girls’ colleges. He described
the move as opening the way for women to work in new sectors in the Saudi job
market. He said that the organization had approved the subjects due to the
demand from students and after an analysis of the market, spreading the seven
subjects over eight training fields, including technical work, accountancy,
small business administration, office machine and equipment maintenance,
photography, jewelry manufacture, design, and small food businesses. Al-Ghufeis
said that the organization’s programs had been tailored to suit the nature
of women and the needs of the women’s work sector, saying that Saudi women
will occupy tens of thousands of positions currently dominated by the foreign
workforce.." [more]
~~~~~~~~ [ Oct 08]
~~~~~~~~~
Saudi Chemical Firm
to Buy US Titanium Producer [Oct 8]
"Saudi industrial group Tasnee 2060.SE said on Wednesday its Cristal unit
had won U.S. regulatory approval for a takeover of International Titanium
Powder (ITP) for $110 million. A statement on the bourse website said the deal
would be completed quickly. Tasnee, which says it is Saudi Arabia's
second-largest petrochemicals company by output volume, said this year it
planned industrial acquisitions and was likely to issue its first Islamic
bonds, or sukuk, in 2009. Cristal said in May it had launched a $289 million
takeover bid for Australian mineral sands producer Bemax Resources Ltd. Tasnee
also plans a 2 billion riyal ($533.3 million) rights issue this year.
International Titanium Powder, founded in 1997, produces titanium and titanium
alloys.." [more]
Saudi Banks Say Not
Hit by Mortgage Woes [Oct 8]
"Six Saudi banks launched a concerted effort to restore confidence
yesterday, saying they had no direct exposure to toxic mortgages, as shares
plunged on fears about the impact of the global financial crisis. The central
bank joined the verbal barrage, assuring depositors that savings were safe,
but warning that profitability in the booming financial sector was threatened
by crisis that stemmed from the collapse of the US housing market and an
increase in bad loans.. ..'Saudi Arabia is more immune to the credit crunch
(than other markets) if high oil prices persist and because the central bank
imposes stricter rules on lending,' Fahd al-Rasheed told Reuters on the
sidelines of a real estate conference. 'Demand on properties will continue to
be high as supply will not meet demand because more people will need housing.'
Saudi Arabia needs more than 6mn units over the next 12 years and 65% of the
population is under 30, according to Rasheed.." [more]
Tilghman to be
Trustee of New Saudi University [Oct 8]
"President Tilghman will serve on the board of trustees of King Abdullah
University of Science and Technology (KAUST), a new research university in
Saudi Arabia, Princeton announced Monday. 'There is nothing comparable to [KAUST]
right now in the Middle East,' Tilghman said, noting that she believes the
opening of the nondenominational graduate-level research university will
significantly increase opportunities for women. 'One of the reasons I have
agreed to join the board is because they have made a strong commitment to
educate women along with men,' she said, adding that women at the university
won’t have to wear hijabs, and non-Muslims will study alongside Muslims.
While the opening of the university will not change the fact that women in
Saudi Arabia live by very different rules from men, Tilghman said she sees it
as 'a promising beginning.'.. ..The new university, which will operate
according to the American model, will be a unique institution in Saudi Arabian
higher education.." [more]
Human Resources
Forum Planned From Oct. 18 [Oct 8]
"The Ministry of Labor is aiming to change Saudi citizens from mere
employees to productive citizens so they can compete with their counterparts
in developed countries. Under the patronage of the Minister of Labor, Dr.
Ghazi Al-Gosaibi, the Jeddah Chamber of Commerce and Industry will hold a
human resources forum from Oct. 18.. ..The forum, under the theme “Toward
Strategic Participation,” will discuss key issues such as the importance of
the role of businessmen in improving and investment in human resources and the
importance of training to reach strategic participation. 'The forum is also
aiming to apply human resources in all organizations as an effective way to
produce qualified employees,' said Dr. Sameer Hussain, the head of the forum.
According to Dr. Hussain the forum will benefit from the previous experience
of national and international companies in improving work standards.." [more]
~~~~~~~~ [ Oct 07]
~~~~~~~~~
Afghan Govt Denies
Saudi Meeting Was Peace Talks [Oct 7]
"Afghanistan on Tuesday denied there had yet been any peace talks with
Taliban insurgents mediated by Saudi Arabia, despite a meeting hosted by the
kingdom last month between Afghan government officials and former Taliban
leaders. With casualties from the war in Afghanistan, which began on Oct. 7,
2001 and is now entering its eighth year, reaching record levels, military
commanders and diplomats from NATO countries are calling for talks with the
Taliban as the only way to end the fighting. Afghan President Hamid Karzai
made a direct appeal for peace to Taliban leader Mullah Mohammad Omar a week
ago and asked Saudi Arabia to help mediate in talks. But negotiations have yet
to take place.. ..Karzai, he said, "has approached his Highness the Saudi
king about playing a role ... in bringing peace to Afghanistan and he would
welcome any effort from the Saudi side.." [more]
King Orders
Assistance for Burkina Faso [Oct 7]
"King Abdullah, Custodian of the Two Holy Mosques, on Monday issued
directives to extend assistance to Burkina Faso to enable the country to make
additional serum available for the treatment of meningitis and vaccination
against the disease. The gesture of King Abdullah comes in response to a
message from Blaise Compaore, President of Burkina Faso, expressing
appreciation for the assistance extended by the Kingdom to confront the menace
of meningitis in his country. President Compaore said his country was in need
of additional serum for carrying out the required vaccination campaigns.
Earlier the Kingdom made 500,000 vaccination units against meningitis
available to the African nation.." [more]
Saudi Admits
Difficulty Managing Liquidity [Oct 7]
"Saudi Arabia admitted problems managing liquidity and at the same time
controlling inflation on Tuesday, but said it may lower the benchmark lending
rate if convinced the monetary system is running out of cash. 'There is a
problem with liquidity management ... We are not sure about the impact
liquidity has on inflation rates, which are currently high,' said Fadi Alajaji
economist at the country's central bank, the Saudi Arabian Monetary Agency
(SAMA), to Reuters. 'If the government sees the need to intervene and boost
liquidity, I don't think it will be done through a direct injection of cash
but through repo and reverse repo rates given their impact on controlling and
managing liquidity in the banking system,'.. ..The kingdom, which pegs its
currency to the dollar, has not lowered the repurchase rate, its benchmark
lending rate, since February 2007. It stands at 5.5 percent.." [more]
Saudi Arabia Leads
Losses in Gulf Markets [Oct 7]
"Gulf bourses fell sharply on Monday, with real estate and bank stocks
the hardest hit as worries over the global economy persisted. Saudi Arabia's
main index plummeted 9.81 per cent, its biggest one-day loss in at least 22
months. 'It's clear that the market is declining due to massive losses in the
region and that's due to the falls in the US,' says Abdullah Al Aqeel, equity
trader at Samba Financial Group. 'Everything is hit, banks, telecoms -
everything is 'limit down'.. ..'Foreign institutions are heavily selling in
the market. Some of them are exiting completely,'.." [more]
Sultan Donates
SR22m to Build Housing Units for Armed Forces [Oct 7]
"Crown Prince Sultan, deputy premier and minister of defense and
aviation, yesterday donated SR22 million to build 649 housing units for
members of the armed forces in the Northwestern Region, it was announced
yesterday. Earlier, addressing an Eid ceremony organized by the armed forces
at King Abdulaziz Military City, the crown prince commended the successful
completion of Saif Al-Salam military exercises. 'I am now convinced that the
joint military operations are going on well as planned and the performance of
the four sectors of armed forces was excellent,'.. ..In a previous statement,
Prince Sultan had said that the routine military exercises had nothing to do
with the growing tension in the region and that they were aimed at enhancing
alertness and achieving the integration of different armed forces. The
National Guard, the Border Guard, land, naval, air and air defense forces took
part in the Saif Al-Salam exercise.." [more]
~~~~~~~~ [ Oct 06]
~~~~~~~~~
Saudi Hosts Afghan
Peace Talks With Taliban Reps [Oct 6]
"In a groundbreaking meeting, King Abdullah of Saudi Arabia recently
hosted talks between the Afghan government and the Taliban militant group,
according to a source familiar with the talks. The historic four-day meeting
took place during the last week of September in the Saudi city of Mecca,
according to the source, who spoke on the condition of anonymity due to the
sensitivity of the negotiations.. ..Taliban leader Mullah Omar was not
present, the source said. It marks a significant departure by the Saudi
leadership to take a direct role in Afghanistan, hosting some delegates who
have until recently been their enemies. In the past, Saudi Arabia has
generally dealt with Afghanistan through Pakistan. The desert kingdom's
current foray marks a significant shift and appears to recognize the political
weakness of Pakistan and the need to stem the growth of al Qaeda.." [more]
Saudi Stocks Plunge
Almost 10% [Oct 6]
"The Saudi stock market, the largest in the Arab world, shed almost 10
percent halfway through trading on Monday and shares in other energy-rich Arab
states in the Gulf also slumped amid the global financial turmoil. It was the
first day of trading in Saudi Arabia after a week-long holiday for Eid al-Fitr
holidays marking the end of the Muslim holy fasting month of Ramadan.. ..Saudi
stocks were sent into freefall not only by the continuing uncertainty in
global financial markets, but also by modest nine-month profits reported by a
number of leading banks. The two factors combined to pull the market badly
down, Saudi economist Ali al-Dakkak said. 'It's a panic from what's happening
in the global market. Investors here are simply expecting the worst in the US
and European markets and are anticipating a severe impact in Saudi Arabia and
the region,'.." [more]
Meshaal Calls for
Syria-Saudi Thaw [Oct 6]
" Exiled Hamas supremo Khaled Meshaal has called for a thaw in ties
between Saudi Arabia and Syria during a recent visit to Saudi Arabia, an Arab
diplomat said on Sunday. 'During meetings with Saudi officials, Meshaal raised
the issue of Saudi-Syrian relations, which have long been tense, and stressed
the importance of improving those ties,' the diplomat told AFP, requesting
anonymity. Relations between Riyadh and Damascus have been tense since the
February 2005 assassination of Lebanese former premier Rafiq Hariri, a
close Saudi ally, in a bombing widely blamed on Syria.. ..Fresh tensions
between Syria and Saudi Arabia surfaced after a deadly car bombing in Damascus
last month that killed 17 people, with Syrian official media complaining that
the Saudi authorities did not condemn the attack. Syrian authorities blocked
the distribution of the Saudi-owned pan-Arab daily Al-Hayat after the
September 27 car bombing, the paper's Beirut bureau chief told AFP on
Thursday.." [more]
Value of Saudi
Shares Traded Falls to SR1.64 Trillion [Oct 6]
"The Saudi stock market has continued to stay in negative territory so
far this year after falling over 40 percent in 2007. Despite the Capital
Market Authority’s (CMA’s) various confidence-building measures, at the
end of the first nine months of this year, the Tadawul All-Share Index (TASI)
closed at 7,458.50 points, down 354.62 points or 4.54 percent over the close
of the same period of the previous year. On an YTD basis TASI lost 3,580.16
points or 32.43 percent. Highest close level for the index during the period
was 11,697.01 points on Jan.12.. ..The CMA allowed recently authorized persons
to enter into swap agreements with non-resident foreign investors whether
institutions or individuals, to transfer the economic benefits of the Saudi
companies’ shares listed on the Tadawul while authorized persons retain the
legal ownership of the shares. In September, Tadawul has successfully
implemented the new tick size with the three bands. According to the Tadawul
report, total equity market capitalization at the end of the first nine
months of 2008 reached SR1.45 trillion ($387.05 billion), increasing by 9.14
percent over the same period of the previous year.." [more]
OPEC Weekly Prices
Continue to Drop [Oct 6]
"The weekly average prices of the Organization of Petroleum Exporting
Countries (OPEC) dropped to 90.01 U.S. dollars per barrel last week, the
Vienna-based cartel said on Monday. As the international oil prices kept
spiraling lower last week, the OPEC oil prices have plunged for five
consecutive trading days from 94.09 dollars last Monday to 86.37 dollars last
Friday. The global economic slowdown and the financial crisis of the United
States largely contributed to the recent downward tendency of the international
oil prices.. ..The prices on the European crude oil market are also expected
to fall due to a decreasing crude oil demand of the European countries and
their lowered expectation on economic growth.." [more]
~~~~~~~~ [ Oct 05]
~~~~~~~~~
US$7.2 Billion
Project Planned Near Saudi Capital [Oct 5]
"Saudi Arabia's Al-Shoala Group and Dubai-based Emaar Properties have
teamed up on a US$7.2 billion community project near the Saudi capital of
Riyadh.. ..The community plan is the latest in a series of ambitious
mega-projects in the region. Gulf Arab countries, flush with oil funds, are
looking to revamp their landscapes with gleaming skyscrapers and full-service
gated communities, while trying to diversify their oil-based economies. The
push for new job creation in Saudi Arabia comes as the country struggles
with rising unemployment that has in the past been blamed by some for
radicalization of youths. Some economists and analysts, however, say such
efforts fail to address education and other key areas requiring reform that
are critical to sustainable economic growth in a country where the bulk of the
work force are foreigners.." [more]
Saudi Money Supply
Continues to Soar [Oct 5]
"Annual growth in Saudi money supply, an indicator of future inflation,
rose for the first time in three months to 21.8 per cent in August from 20.85
per cent in July, the central bank said on Sunday. M3, the broadest measure of
money circulating the Saudi economy, hit 885.77 billion riyals (Dh866bn) at
the end of August, compared with 727.15bn riyals a year earlier, the Saudi
Arabian Monetary Agency said in a monthly report on its website. Like other
Gulf countries, Saudi Arabia is struggling to contain inflation, which
recently hit a 30-year peak of 11.1 per cent in August. Slowing food and rent
prices have slightly reduced this to 10.9 per cent in July.. ..The central
bank’s total net foreign assets hit 1.56 trillion riyals at the end of
August compared with 930.7 billion riyals a year earlier.." [more]
Saudis Extend Jazan
Refinery Deadline to 2015 [Oct 5]
"The Jazan refinery in Saudi Arabia is expected to come online in the
first quarter of 2015, the Petroleum and Mining Ministry said on Friday, after
reports of fresh delays hitting the planned export-oriented refinery. MEED
magazine last week reported that bidders lining up to build the refinery have
been issued a fresh construction deadline of 2015 - a two-year delay to the
original schedule. State news agency SPA carried an apparent denial of reports
of delays, citing an unidentified official from the petroleum ministry..
..Civil engineering and detailed planning as well as the financing of the
project will take 18 months at the latest and construction works will take a
maximum four years, he said. 'Commercial operations will be in the first
quarter of 2015,' it added.." [more]
Saudi Students Work
to Teach Culture [Oct 5]
"Somewhere between the terrorist attacks of Sept. 11, 2001 and the wars
in Iraq and Afghanistan, the way some Americans view those of Arab descent
became a bit skewed. Just ask Kevin Coker. He’s an American from Pleasanton,
but he’s good friends with a man from Saudi Arabia. Coker said his friend is
a 'good guy' and 'just like everyone else,' but Coker’s American friends
aren’t always so sure.. ..Coker, a history and political science major at
Pittsburg State, said ethnic profiling has been on the rise since the
terrorist attacks against New York and Washington D.C. 'I think we stereotype
Muslims,' he said. 'I think we have a tendency to think everyone is an
extremist.'.. ..Coker and Keegan were among many Americans who attended Friday
night’s Eid Al-Fitr Celebration and National Day event conducted by the
Saudi Student Association from PSU.. ..Badar Alburaidi, SSA’s president,
said many Americans don’t have a good grasp of the Saudi Arabian culture and
thus tend to make assumptions based on stereotypes. Part of the goal of
Friday’s celebration at Pittsburg Memorial Auditorium was to help provide a
more solid understanding of the country and its people. 'We want to
change the way people think,' he said. 'We want to show our cultures, our
customs. Some people tend to think Saudi Arabia is just desert with camels,
but that is not the case.' A fellow Saudi native, Talal Alharbi, said it’s
important to provide as much information about the country as possible and
Friday’s celebration was a good
avenue to do just that.." [more]
Mideast Peace
Process Could be Forgotten [Oct 5]
" French Foreign Minister Bernard Kouchner said on Saturday he feared the
world may forget the Middle East peace process while distracted by US
elections, a government change in Israel and tension with Iran.. ..'My concern
is, and what I do not want to see, is that the change in the US
administration, and the formation of a new government in Israel, as well as
the preoccupation with Iran would push everybody to forget the peace process
in the region,' Kouchner said. Israeli Foreign Minister Tzipi Livni is
Israel's chief negotiator in talks with the Palestinians. Palestinian and
Israeli officials and Western diplomats have said it was most unlikely Israel
and the Palestinians could meet the target date of the end of 2008 for a deal
set by US President George W. Bush.." [more]
OPEC Chief Says
Will Seek to Balance Market [Oct 5]
"Supply and demand alone will set oil prices in coming months and OPEC
will seek to balance the market at its December meeting after recent declines,
OPEC President Chakib Khelil said in remarks published on Sunday. Prices had
recently fallen from levels created by 'perverse' speculative practices,
Algerian government newspaper El Moudjahid quoted him as saying.. ..He said
demand had declined by an estimated three million barrels per day as a result
of falling requirements in the main consuming countries, while supply had
remained steady, the paper said, referring to the impact of financial
turbulence on the global economy. The newspaper reported Khelil as saying that
an appropriate decision to manage the effects of the crisis on oil prices
would be taken at OPEC's next meeting in Oran, Algeria, on December 17. The
newspaper did not elaborate. But the independent Quotidien d'Oran newspaper
reported Khelil as 'not ruling out' a reduction in output limits by the export
group in order to guarantee a balance in the market.." [more]
Saudi Seize Drugs,
Arms in Shootout With Smugglers [Oct 5]
"Saudi border guards have seized more than 1.2 tonnes of hashish as well
as weapons along the border with Yemen during a shootout with drug
traffickers, a senior official said on Saturday. Border guards also arrested
two suspects during the incident on Friday, said General Mohammed Zahrani, the
chief of border guards in the southern Saudi border city of Najran, according
to the official SPA news agency. The guards seized more than 1.2 tonnes of
hashish, automatic weapons, munitions and military uniforms which the suspects
had hidden in their car, SPA quoted Zahrani as saying. The ultra-conservative
Muslim kingdom of Saudi Arabia imposes the death penalty on people convicted
of drug trafficking.." [more]
Saudi Arabia
Donates to the Needy [Oct 5]
"The Kingdom of Saudi Arabia, popularly known as the kingdom of humanity,
has generously donated to the needy in Tanzania during the just ended Holy
Month of Ramadhan, Idd el Fitr celebrations. The kingdom commemorates its
national day on Tuesday. The Kingdom’s Ambassasdor to Tanzania, Mr Ali Al
Jabour, has said that benefactors in Saudi Arabia through their King, His
Majesty King Abdullah and through the Saudi Arabia Embassy in Dar es Salaam
provided iftar (meal to break the fast) to 3,700 people in 17 districts
in towns and villages locations. The beneficiaries included orphans, the needy
and general members of the community. Iftar was also served in 21 mosques in
Dar es Salaam city, covering prisons, centre fot the blind, and the sick in
some of Dar es Salaam hospitals. The iftar items included foodstuffs and
dates.. ..'As the acronym of the Kingdom goes - that is 'the Kingdom of
Humanity' - our people are brought up in culture of offering and helping
others. Apart from this being a Muslim way of life, the culture is also within
the Saudi people, thanks to his Majesty King Abdullah who has upheld the
tradition brought down through our long history,’' the Saudi envoy
said.." [more]
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