Jun 24-Jun 30, 2007

~~~~~~~~ [ Jun 30 ] ~~~~~~~~~

Naif to Address Shoura Sunday [Jun 30]
"Prince Naif Bin Abdul Aziz, Minister of Interior, is scheduled to address the Shoura Council on terrorism on Sunday. Council members expect the speech to focus on the financing and recruitment schemes terrorists commonly use to attract young Saudis to their folds. Shoura Council members stressed the importance of the meeting. Combating terrorism is not only responsibility of the Ministry of Interior, but an obligation of every citizen. All segments of our society join hands, Shoura members said. According to Shoura member Shebailly Bin Magdoae, Prince Naif's visit sends a specific message: 'It shows how he gives importance to security issues facing our country.'.." [more]

Saudi Arabia's Portal Market to Grow 40% This Year [Jun 30]
"Expenditure on cost-saving online work processes has rocketed to more than $58 million per year in Saudi Arabia as more government and non-government departments become aware of the value of electronic portals.. ..Interactive Saudi Arabia's President said that the growth has been remarkable and largely driven by an educational process to better inform them of the benefits. He added that contract growth is expected to reach 40 percent this year in comparison to last year.." [more]

Court Summons 2 Commission Members [Jun 30]
"Two members of the Commission for the Promotion of Virtue and Prevention of Vice have been asked to appear before the Court of Grievances in Riyadh Sunday in connection with an alleged abduction case of three women three years ago. The first hearing was postponed last month because Commission representatives did not turn up in the court.. ..Recently Commission field workers have come under criticism for their heavy-handedness. Three members are facing trial in Tabuk in connection with an alleged custodial death of a Saudi national. Probe into the death of a Saudi national in a Commission branch in Riyadh has implicated one member.." [more]

SR22m Allocated for Research Projects [Jun 30]
"The King Abdulaziz City for Science and Technology (KACST) will spend SR22 million on 28 research projects in the first phase of its annual scholarship program, and provide funds for a project in the second development research scholarship program. Details of the allocation of funds were disclosed here by Dr. Abdulrahman Abdulali, supervisor of the research scholarship program, who said that one of the highlights of the program is the allocation of SR324,000 to support projects relating to invention in key sectors such as water, petrochemicals, electronics, genetic engineering and high technology.." [more]

Investors Keep Eye on Mid-Year Results [Jun 30]
"The Saudi stock market was relatively stable last week after a plunge that continued for the past few weeks. The Tadawul All-Share Index (TASI) fell slightly last week, closing at 7,011.16 points down from 7,022.05 points previous week. The index lost over 100 points on Wednesday. TASI is currently 11.62 percent lower that the year�s start. 'While investors are eying the corporate results which are expected to be out within the next few days, we believe that the midyear results particularly of blue chips will represent the driving force that decides the trend of market,'.." [more]

~~~~~~~~ [ Jun 29 ] ~~~~~~~~~

Saudi King Snubs Abbas [Jun 29]
"Saudi Arabia's King Abdullah has skipped a meeting with Palestinian President Mahmoud Abbas on a visit to Jordan, Al Jazeera reported on Friday. Abbas was reportedly kept waiting at a palace room for a telephone call that never came. Al Jazeera said the move appeared "deliberate". The move comes days after Abbas dissolved the unity government set up under the Saudi deal and accused Hamas of attempting to assassinate him.. ..The official said Abbas would meet Abdullah in Saudi Arabia "in the few coming weeks" but gave no details.." [more]

Saudi Arabia Inches to Forefront of Arab Political Affairs [Jun 29]
"After decades of Arabs looking at Egypt's role in regional issues as vital and decisive, Saudi Arabia, which played a supportive role in Arab decisions and positions for a long time, has begun to emerge as a leader in Middle East affairs in what analysts describe as a "natural" progression. However, the shift between the role of "leadership" and "strategic follower" has created a veiled tension between the two heaviest-weight Arab countries, added analysts and experts. Officials in both countries denied it.. ..Both Riyadh and Cairo, meanwhile, seem to be categorised by the West under similar criteria, a factor that analysts believe facilitates the emergence of a leading political role for Saudi Arabia.." [more]

King Opens Big Jordan Project [Jun 29]
"Custodian of the Two Holy Mosques King Abdullah and King Abdallah of Jordan yesterday jointly opened a huge residential-city project named after the Saudi ruler as a mark of appreciation for his support to Jordan. The function was held at the Basman Royal Palace in Amman. The residential project sprawls over an area of 21 square kilometers comprising 70,000 residential units with an ability to house over 370,000 people. Both kings watered an olive plant indicating the project�s formal opening.." [more]

ALJ Employment Center for Saudi Women Opens [Jun 29]
"Abdul Latif Jameel (ALJ) Community Services Programs become operational with the opening of the first "Bab Rizq Jameel" Center (Gateway to Prosperity), which specializes in creating employment opportunities for females, on Sari Street in Jeddah. The center is tasked either to offer job vacancies in both the public and private sectors, or offer existing "start-up" opportunities for small or micro projects for females. In addition, the center includes more than 65 commercial shops for ladies, six female restaurants and a beauty center, together with a children's playground and a multipurpose "demonstration" hall. The center also includes meeting areas for companies to conduct interviews with 
potential candidates. Twelve female coordinators are working in the center to provide the necessary assistance.." [more]

Tomizawa Named JICA�s Kingdom Representative [Jun 29]
"The Japan International Cooperation Agency (JICA) � an apex organization of the Japanese government that is responsible for implementing technical projects in foreign countries � has named Ryuichi Tomizawa as its new resident representative for Saudi Arabia. Tomizawa, who has worked in different positions at JICA, has arrived in the Kingdom with a mandate to further expand Saudi-Japanese technical cooperation. JICA, according to Tomizawa, seeks to expand relations particularly in the fields of energy, training, water and sewage.. ..The Kingdom and Japan began cooperating in technology in 1975 following the signing of an economic and technical cooperation agreement between the two governments.." [more]

First Mideast Knowledge Economy Forum Set [Jun 29]
"The first regional conference on knowledge economy will highlight education and investment in research and development to cope with its growing challenges, Abdullah M. Al-Subyani, president of Dhahran-based Arabian Knowledge Economy Association (AKEA), told a press conference at the Jeddah Hilton yesterday. The conference will be held here later this year under the auspices of Makkah Governor Prince Khaled Al-Faisal. 'Patent and intellectual property rights are among the challenges that will also be in focus at the two-day first Middle East knowledge Economy Conference and Exhibition scheduled from Oct. 27,'.." [more]

Documentaries to Promote Tourism [Jun 29]
"Supreme Commission for Tourism (SCT) Secretary General Prince Sultan Bin Salman Bin Abdul Aziz has signed a contract with international media company Industria of Mexico to make promotional documentaries and clips about the Kingdom. The agreement is to promote domestic tourism for citizens, residents and international visitors.. ..All clips will be shown in English and Arabic via electronic media, exhibitions, and festivals and on various events through out the kingdom. In the past, SCT produced clips about the Kingdom's heritage and culture that won 18 international awards. These video clips will be ready for broadcast in the coming six months.." [more]

~~~~~~~~ [ Jun 28 ] ~~~~~~~~~

Saudi Shura Council to Question Interior Minister on War on Terror [Jun 28]
"It was announced in Saudi Arabia yesterday that next Sunday was set as the date for a discussion in the Shura Council with Interior Minister Prince Naif Bin-Abdulaziz of matters related to his ministry's work and specifically the efforts being made to fight terror and crush "Al-Qaeda" organization. A source in the "Shura" told "Asharq Al-Awsat" that the reason for inviting the interior minister to the council is in response to requests by members' seeking clarification of some information relating to the terrorist group and the ministry's efforts in tracking them and foiling their schemes. Saudi Arabia has been battling the "Al-Qaeda" organization locally since May 2003 following the bombings which shook three residential compounds in Riyadh where Westerners and Arabs lived.." [more]

Kingdom, Jordan Call for Palestinian Unity [Jun 28]
"Saudi Arabia and Jordan on Wednesday said they would continue to back efforts to restore unity in the Palestinian ranks. They also warned of "dangerous repercussions" in the Palestinian territories after Hamas's armed takeover of Gaza. King Abdullah, Custodian of the Two Holy Mosques, and Jordanian King Abdullah II also reaffirmed their support for Palestinian President Mahmoud Abbas, who arrived separately in Jordan and was due to meet later with the Custodian of the Two Holy Mosques.. ..The two leaders "also discussed ways of reactivating Arab coordination with the international Mideast Quartet, to revive the peace process leading to serious political negotiations aimed at clear and final" results.." [more]

Veolia Wins US$945 Million Desalination Contract in Saudi Arabia [Jun 28]
"Veolia Environnement said Thursday it won a $945 million (�702 million) contract as part of a consortium to design and build one of the world's largest desalination plants in Saudi Arabia. The plant will provide desalinated water to Jubail Industrial City and the Eastern Province of Saudi Arabia � a desert region due to be industrially developed. Veolia's partners in the consortium are GE Corp., Hyundai Heavy Industries and France's SIDEM.." [more]

UPS Opens New Saudi Arabian Express Center [Jun 28]
"EIRAD, UPS�s contractor in Saudi Arabia, has announced the opening of the new UPS express center in Hail. The centre will be built to accommodate the growing demand for express deliveries from customers in the region. Hail city has grown rapidly in the last few years because of its strategic location only an hour�s flight away from 11 Arab capitals. Moreover, the construction of the new Hail Economic City is boosting investments in the region. As the city is heading towards a bright economic future, shipping needs in the region are expected to grow quickly with the rise in residents and businesses.." [more]

Makkah, Taif, Al-Ahsa to Have New Social Protective Centers [Jun 28]
"The Ministry of Social Affairs will open new social protective centers in Makkah, Taif and Al-Ahsa as part of its strategy to reduce abuse of women and children.. ..�The ministry has responded to HRC�s request to open more social protective centers in all the regions of the Kingdom due to their extreme importance in combating domestic violence,� the statement said. It said it would continue to coordinate with other ministries in order to guarantee the protection of human rights.." [more]

Oil Prices Surge Past $70 in US [Jun 28]
"Oil prices have topped $70 in the US, hitting the highest level in 10 months on fears that more crude will need to be refined to boost petrol stocks. New York light crude rose as high as $70.09 a barrel, before slipping back to trade 82 cents higher at $69.79. Petrol stocks have declined just as the US summer driving season - a period of peak of demand - is about to begin. A number of refineries are also about to start working again after a break, increasing demand for crude oil.." [more]

~~~~~~~~ [ Jun 27 ] ~~~~~~~~~

Saudi King Arrives at Egypt's Resort for Talks With Mubarak [Jun 27]
"Saudi King Abdullah bin Abdel Aziz arrived at Egyptian Red Sea resort Sharm El-Sheikh on Tuesday afternoon for talks with Egyptian President Hosni Mubarak on the latest developments in the Palestinian territories. The talks between Abdullah and Mubarak are expected to focus on the Palestinian situation following Hamas takeover of the Gaza Strip and the stalled Middle East peace process. The Mubarak-Abdullah meeting came one day after a four-way summit, which was also attended by Jordanian King Abdullah II, Palestinian President Mahmoud Abbas and Israeli Prime Minister Ehud Olmert.." [more]

Saudi King on Landmark Visit to Jordan [Jun 27]
"King Abdullah of Saudi Arabia arrived in Amman Wednesday on a two-day visit to Jordan where he was set to hold talks with Jordanian King Abdullah II on the latest developments in the Middle East, foremost the Palestinian rift since Hamas' takeover of the Gaza Strip two weeks ago. The Saudi monarch was accorded an exceptionally tumultuous welcome that was led by King Abdullah and senior government officials.. ..Ways of healing Palestinian division and re-launching the Arab-Israeli peace process on the basis of the Arab peace initiative are expected to top the Saudi-Jordanian summit talks later in the day, officials and diplomats said.." [more]

Emirates Will Start Pumping Gas from Qatar Despite Saudi Objections [Jun 27]
"The Emirati firm Dolphin Energy Ltd. plans to borrow US$3 billion (euro2,2 billion) to refinance the Middle East's largest cross-border gas pipeline project, a company official said Wednesday. The Emirates government, which owns half of Dolphin Energy, expects to begin pumping gas it produces with partners Total S.A. and Occidental Petroleum Corporation off Qatar's shore in July.. ..But the Dolphin venture, which will tap the world's single-largest gas field in Qatar's Gulf waters, faces objections from Saudi Arabia last year because of a quarter of a century old territorial dispute Riyadh has with Qatar. A document the Saudi government sent to The National Bank of Abu Dhabi � the initial sponsor of the gas pipeline project � warned that the kingdom had not approved a section of the pipeline that it claims passes through its territorial waters.." [more]

ABB Wins $1b Deal from Saudi Arabia [Jun 27]
"Grains marketer ABB Grain Ltd has won a $1 billion contract over five years to supply barley to Saudi Arabia. ABB said it had entered into a memorandum of understanding with Saudi Arabia's United Feed Company to supply feed barley. An ABB spokesman said ABB would supply at least one million tonnes of barley a year, but United Feed had indicated that it would take as much as ABB could provide.. ..ABB said Saudi Arabia was the world's biggest buyer of feed barley, importing about 7.5 million tonnes a year. United Feed accounted for most of the grain tonnage.." [more]

US Lawmakers Warned on Anti-OPEC Bill [Jun 27]
"OPEC president Mohammed Al Hamli warned US lawmakers on Wednesday they were taking a "really dangerous step" in seeking legislation to sue the oil group.. ..He said OPEC had successfully fought off two prior attempts by Washington against the 12-member grouping, saying decisions taken by the group were non-binding.. ..The White House has threatened to veto the measure, and even if it became law, the Bush administration's Justice Department would have to initiate any lawsuit. Some of the bill's opponents have warned that OPEC nations - source of about a third of the world's oil - could reciprocate and sue the United States in their courts, or refuse to sell oil to the United States.." [more]

Let�s Work for Peace: Abdullah [Jun 27]
"Custodian of the Two Holy Mosques King Abdullah yesterday received the Order of the Smile during a ceremony at Belweder Palace. The children of the world selected him for the award in appreciation for his role in the separation of the Polish conjoined twins Olga and Daria Kolacz at a Riyadh hospital in 2005. 'We in Saudi Arabia were happy to host the Polish twins. When I visited them in hospital, I saw their beautiful smiles that strengthened my perception that our basic responsibility is to build a future of peace and security where our children can live happily without fears,'.. 'This is the goal for which I pray day and night and may God help us to realize it with other nations of the world,' the king said.." [more]

~~~~~~~~ [ Jun 26 ] ~~~~~~~~~

BAE Says U.S. Starts Investigation of Saudi Business [Jun 26]
"BAE Systems Plc, Europe's biggest weapons maker, said the U.S. Justice Department is investigating whether the company violated corruption laws in arms sales to Saudi Arabia. The shares fell as much as 11 percent, the most in 4 1/2 years. BAE gets about 44 percent of revenue from the U.S., according to its 2006 annual report, and is the largest foreign supplier to the Pentagon. John Neilson, a BAE spokesman, declined to comment beyond the statement confirming the investigation.. ..BAE has been shedding assets in Europe to expand in the U.S., where it is the Pentagon's eighth-largest supplier.." [more]

Saudi Telecom Buys 25 Percent of Maxis for $3 Billion [Jun 26]
"Saudi Telecom Co., the largest phone company in Saudi Arabia, bought a 25 percent stake in Malaysia's Maxis Communications Bhd. for 11.4 billion riyals ($3 billion) to tap growth in developing markets such as India. Saudi Telecom bought the shares from Malaysian billionaire T. Ananda Krishnan, who last month offered to buy the 40 percent that he didn't already control in Kuala Lumpur-based Maxis, the country's biggest mobile-phone operator. 'This purchase makes sense because both markets share the same culture,'.. ..Saudi Telecom is the last major telecommunications company in the Persian Gulf to make a major acquisition in foreign markets, having focused previously on the Arab world's largest economy.." [more]

Saudi King Meets Separated Siamese Twins as He Ends Polish Visit [Jun 26]
"Saudi Arabian King Abdullah bin Abdulaziz al-Saud ended a landmark visit to Poland Tuesday on a cheerful note, meeting with sisters born as Siamese twins but separated thanks to his sponsorship. The Saudi royal gained popularity in Poland two years ago when he funded a complicated and costly operation separating Siamese twin girls Olga and Daria Kolacz at an exclusive clinic in Riyadh. Physicians say the children have fully recovered from the procedure and are in splendid health.." [more]

Cost of Living Rises in Saudi [Jun 26]
"Inflation in Saudi Arabia rose for a second consecutive month in May to 2.96% as food and housing costs climbed, the central bank said on Tuesday. Inflation has been gaining this year as windfall oil revenues boosted Saudi Arabia's economy, increasing demand for housing. The component of the consumer price index tracking the cost of home renovation, rent, fuel, and water was up 6.5% compared with the end of May, 2006.. ..Food prices were main reason driver of inflation in April, when inflation was 2.9%. The annual inflation rate dropped for the first time in nine months when it slipped to 2.86% in March from 3% in February.." [more]

Commission Members Exonerated of Murder [Jun 26]
"Members of the Commission for the Promotion of Virtue and Prevention of Vice in Riyadh were exonerated Monday of the alleged custodial death of Saudi national Sulaiman Al-Huraisi. A probe by Riyadh Governorate charged a group member distanced from the Comissionwith the death of Al-Huraisi. The group member took part in the arrest and house raid without any authority. Thus, he will be referred to court for causing the death of Al-Huraisi, the investigation report carried by Saudi Press Agency (SPA) said. However, the investigation found some administrative lapses, which will be looked into by the Control and Investigation Commission. Ten of the 18 detained Commission members and others 
have been released.." [more]

UN Protocols on Organized Crime OK�d [Jun 26]
"The Council of Ministers yesterday endorsed two UN security protocols related to the Convention against Transnational Organized Crime. The first aims at preventing, suppressing and punishing human trafficking, especially of women and children, while the second calls for action against the smuggling of migrants by land, sea and air, the Saudi Press Agency said. The UN agreement seeks to strengthen the power of governments in combating serious crimes and provides the basis for stronger joint action against drug trafficking and money-laundering.." [more]

NAS Allots SR15.5bn for 98 New Aircraft [Jun 26]
"The National Air Services (NAS) has allocated SR15.5 billion for the purchase of 98 new aircraft in the next five years, NAS Chairman Ayed Al-Jeaid said in a press conference at the company�s headquarters here yesterday. He said arrangements for the acquisitions were made with different airlines such as Airbus, Boeing, Gulfstream, Dassault and Raytheon. 'Following the signing of a number of purchase agreements, NAS will increase its fleet size to include 142 over the next five years, thus becoming one of the most significant companies operating in the commercial and private aviation sectors in the Middle East,'.." [more]

~~~~~~~~ [ Jun 25 ] ~~~~~~~~~

Saudi King to Hold Economy Talks With Poland's Leaders [Jun 25]
"Saudi Arabia's King Abdullah was to arrive in Warsaw Monday for two days of talks with Poland's leaders on bolstering economic ties and fighting organized crime. During the very first visit ever by a Saudi king to Poland, Abdullah is to meet with President Lech Kaczynski, his twin brother, Prime Minster Jaroslaw Kaczynski, Economy Minister Piotr Wozniak and Science Minister Michal Sewerynski. The king is to take part in the signing of bilateral agreements to fight organized crime linked to the smuggling of humans, drugs and weapons and to forging documents and money.." [more]

Finnish Group to Deliver Sulphuric Acid Plants to Saudi Arabia [Jun 25]
"Finnish-based group Outotec said Monday it had signed a deal to deliver three sulphuric acid plants to the Saudi Arabian Mining Company. The project, described as the world's largest sulphuric acid production facility, was estimated to cost 370 million euros (498 million dollars) of which Outotec's share was some 270 million euros.. ..The production would be used by the Saudi Arabian Mining Company to manufacture phosphate-based fertilizer.." [more]

Singapore and Saudi Arabia Launch Business Forum [Jun 25]
"Singapore and Saudi Arabia have launched a business forum aimed at identifying areas of cooperation, promoting networks and providing a channel for information exchange, the city- state's trade body said on Monday. Projects available in Saudi Arabia over the next 10 years are worth more than 400 billion US dollars. The Saudi-Singapore Economic Cities Business Forum is co-chaired by Singapore's Minister of State for Trade and Industry Lee Yi Shyan and Amr Abdullah al-Dabbagh, governor of the Saudi Arabian General Investment Authority, said IE Singapore, the trade promotion agency.." [more]

RI Seeking Saudi Investors to Revitalize Sugar Factories [Jun 25]
"Indonesia is seeking investors from Saudi Arabia to revitalize its sugar factories at an estimated cost of Rp5 trillion, an industry ministry official said. Djoko Said Damardjati, director general of processing and marketing of agricultural products, said here on Monday the investors were needed because the country`s sugar factories urgently needed to be refurbished. 'Saudi businessmen seem to be interested in investing in development of sugar factories here,' he said in a briefing on the result of his recent visit to the Middle Eastern country. He said the government had offered Saudi investors investment opportunities in the development of sugar factories because of the good economic prospects of the business.." [more]

Japan, Saudi Arabia Heighten Relations [Jun 25]
"Japan�s presence in Saudi Arabia widened with investments in various projects exceeding $13 billion between April 2000 and March 2006. The latest investment of $9.8 billion is the PETRORabigh project, an equal joint venture between Saudi Aramco and Japan�s Sumitomo Chemical Company that is set to become operational next year. Japanese Ambassador Shigeru Nakamura told Arab News in an interview on Saturday that about 30,000 workers are engaged in the PETRORabigh project, 250 of them Japanese. Nakamura said Japan has been investing in desalination and electricity projects in 
southern part of the Kingdom.." [more]

~~~~~~~~ [ Jun 24 ] ~~~~~~~~~

Palestinians Have Reached Abyss: Saud [Jun 24]
"Foreign Minister Prince Saud Al-Faisal yesterday called on warring Palestinian groups Hamas and Fatah to stand united on the basis of the Makkah Accord to save themselves from self-destruction. 'The Palestinians have reached an abyss. Either they turn back or suffer the consequences of falling into it,' he said. He also emphasized Riyadh's efforts in support of the Palestinian issue. 'We are working with the Arab League on this matter,' he said when asked about the Kingdom's efforts to end the latest bout of Palestinian infighting. However, he pointed out that all efforts would go in vain if the Palestinian leaders themselves refuse to reconcile to protect their national interests.." [more]

Landmark Trial of Saudi Anti-Vice Squad Put Off [Jun 24]
"A judge yesterday postponed the trial of three members of Saudi Arabia's powerful religious police for their alleged involvement in the death of a man in custody. The judge did not set a date for the trial, the first of its kind in this conservative nation.. ..The case involves the death of Ahmad Al Bulaiwi, a Saudi man arrested by the religious police for being alone with a woman who was not a relative - an act considered an offence in the kingdom. Al Bulaiwi's cousin, Audah Al Bulaiwi, who is representing the family in court, said the trial was postponed because the documents he presented to the judge were incomplete. While Saudis are allowed to appoint lawyers, many choose to send a family representative instead.." [more]

Saudi Women to be Urged to Work as Maids [Jun 24]
"Saudi Arabia is planning to encourage Saudi women to work as housekeepers after some Asian countries raised minimum wage requirements for maids hired for work in the Gulf Arab country, a Saudi newspaper said on Sunday. Wealthy Saudi Arabia, the world's largest oil exporter, employs over 1 million maids from Asian and African countries and nannies have become the norm for even low-income families. But frequent reports of abuse have led some Asian countries to impose stricter controls on women hired at home by recruitment agencies for work in the desert country.. ..labour and social affairs ministries were working on finding "Saudi housekeepers" - a euphemism to avoid the usual Arabic word "khadima", or servant - to help Saudi families needing domestic help. Hiring its own women to do housework would be a major shift for conservative Saudi Arabia, where strict Islamic laws and customs restrict women's freedom to work and even ban them from driving cars.." [more]

Road Accidents Cost Saudi $6bn a Year [Jun 24]
"Road accidents cost Saudi Arabia�s economy SR21 billion ($5.72 billion) a year and are one of the biggest problems facing the Kingdom, according to a leading Saudi researcher. 'More than 30,000 people are injured annually. About 6-7% of them become permanently handicapped. This means that every year about 2,000 become permanently handicapped and remain like that,' Naif Al-Shammary told Arab News on Sunday. 'According to conservative statistics, traffic accidents cause material losses worth SR21 billion, which is 4.7 per cent of the gross domestic product (GDP),'.." [more]

The Sage of Saudi Arabia [Jun 24]
"Prince Charles, reportedly referred to him as 'a good egg'. He is is in the vanguard of an important trend in Saudi Arabia: a desire to drag the Kingdom into the 21st century. Helen Power profiles Prince Al-Waleed bin Talal. Saudi Arabia's most famous businessman, Prince Al-Waleed bin Talal, could have stepped off a film script. A nephew of King Abdullah and the grandson of a former prime minister of Lebanon, Prince Al-Waleed is known as the Saudi Warren Buffett and holds significant stakes in international companies from Rupert Murdoch's News Corporation to banking giant Citi.." [more]

British Council Meets Saudi Writers, Plans Project [Jun 24]
"Aiming to bridge the literary gap between the United Kingdom and Saudi Arabia, a group of British Council project managers has been in Riyadh, Dammam and Jeddah with the aim of meeting Saudi writers and thinkers.. ..The British Council said the visit was an introduction to what will become a long-term relationship based on a shared love for art and literature. In addition to its usual activity of teaching English, the Council is expanding into other fields such as science programs, vocational training, higher education and arts.. ..The Saudi writers expressed their opinions and ideas about what would be beneficial to them. Most of them agreed that translating their works was the first step toward a better understanding of Saudi literature.." [more]

Why the Saudis are Being Left Behind [Jun 24]
"'They don't know what they're doing. They don't do any homework. They don't do proper research. They just go in and out when they feel like. It's just not sophisticated.' Okay, so who said these words and what was he talking about? The unfortunate truth is it's something far worse and more significant - Saudi Arabia's HRH Prince Alwaleed describing what kind of people invest in the Saudi stock market. He has an excellent point. Whereas in the West, around 95% of stock market investors are big financial institutions, the figure is exactly the opposite in Saudi Arabia, where almost everyone trading is a private dealer, going in blind, with relatively small amounts, hoping to make fast cash. The effects are clear for all to see. Last year Saudi Arabia's stock market dived 60%.." [more]

Jun 17-Jun 23, 2007

~~~~~~~~ [ Jun 23 ] ~~~~~~~~~

House Votes to Ban Aid to Saudi Arabia [Jun 23]
"The U.S. House of Representatives voted on Friday to prohibit any aid to Saudi Arabia as lawmakers accused the close ally of religious intolerance and bankrolling terrorist organizations. The prohibition, reflecting persistent tensions with the kingdom after the September 11 attacks on the United States in 2001, was attached to a foreign aid funding bill for next year that has not yet been debated by the Senate. It also faces a veto threat from the White House because of an unrelated provision. A spokesman for the Saudi embassy in Washington declined to comment on the legislation.." [more]

Religious Police on Trial in Saudi [Jun 23]
"Three members of Saudi Arabia's powerful religious police were to go on trial on Saturday for their alleged involvement in the death of a Saudi man they arrested for being alone with a woman who was not a relative - an act considered an offence in the kingdom. The landmark trial is the first of its kind in Saudi and was to begin in the northern city of Tabuk, close to the Iraqi border.. ..The trial is seen as a major setback for the Commission for the Propagation of Virtue and the Prevention of Vice, a government body that employs the religious police.." [more]

King�s Trip to Help Bring in Advanced Technology [Jun 23]
"The five-nation tour of Custodian of the Two Holy Mosques King Abdullah will not only strengthen Saudi Arabia�s political ties with other countries but also bring much-needed foreign direct investment and advanced technology to the country, analysts and businessmen said.. ..According to a joint communiqu� issued after the Paris meeting, Saudi Arabia and France were studying prospects of setting up a joint fund to finance scientific cooperation and launch new projects in the field. They have expressed their desire to sign an agreement for cooperation in higher education, training and research.." [more]

Saudi Stocks Fall for the 3rd Week in a Row [Jun 23]
"Saudi shares continued to suffer for the third week in a row with the Tadawul All-Share Index (TASI) tumbling last Saturday and approaching its lowest point this year. However, the market was able to recover some of its losses by the end of the week, driven by telecom and banking stocks. TASI closed week at 7,022.05 points, down 0.7 percent from previous week�s close at 7,074.51 points. The Saudi benchmark price is currently 11.5 percent lower that the year�s start.." [more]

~~~~~~~~ [ Jun 22 ] ~~~~~~~~~

An Unprecedented Uproar Over Saudi Religious Police [Jun 22]
"Three members of Saudi Arabia's religious police will stand trial this week for their involvement in the death of a man in their custody, an unprecedented action against the powerful enforcers of the country's strict moral code. The death, the second in the custody of the religious police in the past month, has triggered calls for a reevaluation of the force's role and responsibilities, and generated a media uproar -- a first in a country where criticism of the religious establishment had until recently been off-limits.. ..Newspapers have splashed stories about the commission on their front pages since the first death. The criticism has roused the commission, long known for being aloof and dismissive of the press, and its members have for the first time given almost weekly briefings to the news media.." [more]

Saudi Delegation Concludes Visit to Guantanamo Bay [Jun 22]
"A delegation representing Saudi counselling committees concluded an official two-week visit to Guantanamo Bay detention camp last week, where the delegation met with American officials in charge of the detainees. The counselling committees, comprising Islamic scholars, preachers, academics, psychologists and sociologists were set up by the Saudi Ministry of Interior a few years ago to encourage detained militants to renounce their extremist beliefs.. ..The United States is keeping 69 Saudi detainees, among other nationalities, who were arrested during the US military operations against the Taliban regime in Afghanistan more than five years ago.." [more]

World Needs Abdullah: Sarkozy [Jun 22]
"Custodian of the Two Holy Mosques King Abdullah and French President Nicolas Sarkozy discussed yesterday regional and international issues with a focus on the situation in Palestine, Iraq, Lebanon, nuclear proliferation and the war on terror.. ..Sarkozy affirmed his wish to maintain France�s good relations with the Kingdom. The president said his country would continue under his leadership to recognize the Kingdom�s important position in the Islamic world and its influential position in the global economy. 'The world needs the Kingdom in order to achieve peace,' said Sarkozy. 'The world needs the Custodian of the Two Holy Mosques to find a way out of tension and clashes.'.." [more]

Saudi Water and Power Plant Secures $3.44b Financing [Jun 22]
"A consortium of Suez Energy International, Gulf Investment Corporation and the Arabian Company for Water and Power Projects, has completed limited recourse financing for the Marafiq Independent Water and Power Project (IWPP) in Jubail, Saudi Arabia. A syndicate of 29 international, regional and Saudi banks is providing loans of $3.44 billion to the project.. ..'This is the largest project finance deal ever signed in the power sector so far. It is a clear demonstration of our strong commitment to both Saudi Arabia and the Middle East', said Dirk Beeuwsaert, Suez Energy International's chief executive officer in a statement sent to Gulf News.." [more]

Saudis Need 60b Riyals to Develop Industry [Jun 22]
"Saudi Arabia will require 60 billion riyals to finance the programmes and projects of the national industry strategy (NIS), Saudi government officials said yesterday. Dr Khalid Al Sulaiman, the deputy minister of the ministry of commerce and industry for industrial affairs, said NIS will positively contribute to solving many problems and challenges that face Saudi industries by creating industrial zones of international standards, increase the output of existing industries, raise the rate of Saudization and cut the number of expatriate workers. NIS is currently under the consideration of Saudi Supreme Economic Council.." [more]

WHO Survey Soon to Be Completed [Jun 22]
"Two weeks remain until the World Health Survey that is taking place in Saudi Arabia for the first time finishes. The survey began four weeks ago, according to the Ministry of Health, and included 5283 families or 50 percent of the randomly chosen 10900 families. 'The survey aims to give a clear picture of the health of the Saudi population as well as the most common genetic diseases in the country,'.. ..Some 147 teams are collecting information for the survey.." [more]

Kingdom�s Mega Cities Development Must Be in Stages: Economist [Jun 22]
"The development of four economic cities in the Kingdom should proceed according to a phased plan to offset any negative impact as a result of hastening the pace of the projects, Dr. John Sfakianakis, chief economist of SAAB, told Arab News on Wednesday. He said the government would have to work out the projects schedule in consultation with contractors, since they will need 1.3 million skilled and unskilled manpower when the projects are scheduled to be completed by 2020. They should also look into the demand and supply situation concerning the various sectors to avoid any adverse impact.." [more]

~~~~~~~~ [ Jun 21 ] ~~~~~~~~~

Saudi King Abdullah Arrives in France [Jun 21]
"Saudi Arabia's King Abdullah has traveled to France to discuss major regional and international issues and ways of boosting strategic ties.. ..Sarkozy, in a statement on the eve of the royal visit, welcomed King Abdullah to France and is scheduled to hold talks with the Saudi king at the Elysee Palace in Paris today. French president would announce his country's support for the Arab peace plan during the meeting, a spokesman said. The peace plan was initially proposed by Abdullah when he was crown prince and relaunched at the Arab summit in Riyadh earlier this year.." [more]

US Senate Clears Plan to Sue Opec [Jun 21]
" The US Senate on Tuesday approved a plan that would enable the federal government to sue the Organisation of Petroleum Exporting Countries (Opec) for price manipulation, but the White House has threatened to veto the measure and opponents warned Opec members could retaliate by turning off the taps. The bill would revoke the sovereign immunity Opec members enjoy from US legal action. It would allow the Justice Department to sue Opec nations in US courts.. ..The bill's opponents admitted that it was popular but warned that Opec nations - source of about a third of the world's oil - could reciprocate and sue the US in their courts.." [more]

Saudis Give Museum of the Horse $2.35 Million [Jun 21]
"The Saudi Arabian Equestrian Federation is donating $2.35 million to the International Museum of the Horse at the Kentucky Horse Park in Lexington for an exhibit during the 2010 Alltech FEI World Equestrian Games. The federation will be the presenting sponsor of the exhibition and film titled "A Gift From the Desert: The Art, History and Culture of the Arabian Horse." The donation is the museum's largest for an exhibition.." [more]

Saudi, France in Secret Helicopter Deal [Jun 21]
"The King of Saudi Arabia accompanied by a delegation of Saudi Government officials is in secret talks today in Paris with the French president Nicolas Sarkozy about plans to purchase several military helicopters from a French firm. A spokeswoman for the firm, Eurocopter, a division of EADS has exclusively revealed to Arabian Business.com that the talks are the culmination of over a year of negotiation with the Saudi ruler over plans to purchase several of the NH90 and Fennec models of military helicopter.. ..A spokeswoman for the firm, Eurocopter.. ..it was not known whether the Saudi Arabian delegation was ready to make its purchase but said that the high profile nature of the visit could indicate that the time has come for the two parties to seal a deal.." [more]

Naif Supports Wider Role for Commission [Jun 21]
"Prince Naif Bin Abdul Aziz, Minister of Interior, said the Commission for the Promotion of Virtue and Prevention of Vice should play a wider role in society. 'The role of the Commission is not confined to fighting depravity and bad conduct, but must spread to cover other matters,' he said, addressing the first open forum of more than 600 preachers and mosque imams in Riyadh, Tuesday. 'We will enlighten our people to respect members of the Commission rather than finding their minor mistakes,' Prince Naif said. Some 26 Commission members were detained last month over alleged custodial deaths of two people in the Commission's Riyadh and Tabuk branches, which triggered a public outcry to reform the Commission.." [more]

3 Commission Members to Be Tried for Custodial Death [Jun 21]
"In the first such incident in the Kingdom, three members of the Commission for the Promotion of Virtue and Prevention of Vice will go on trial on Saturday for their involvement in the death of a Saudi man in their custody at a commission center in Tabuk three weeks ago. This is one of two cases involving the virtue commission allegedly causing death of a Saudi.. ..An earlier statement from the Governorate of Tabuk said that medical reports showed that the man died of natural causes.. ..The commission head and the Bangladeshi were cleared of any wrongdoing but the other three men have been transferred to the General Investigation and Prosecution Authority (GIPA) for violations committed during the detention.." [more]

~~~~~~~~ [ Jun 20 ] ~~~~~~~~~

Merrill Lynch Granted License to Operate in Kingdom [Jun 20]
"Merrill Lynch has received a banking license from the Capital Market Authority (CMA) to operate in the Kingdom, where it will offer a whole range of global markets, investment banking products and wealth management solutions for high net worth individuals. At a press conference held here yesterday, Ahmass Fakahany, Merrill Lynch�s president and chief operating officer, said the company will also extend its services in areas like M&A advisory services, structured finance, equity and debt capital market. It also has expertise in the field of Islamic banking, a high growth area in this region.." [more]

Saudis Must Pay More to Hire Indonesian Maids [Jun 20]
"In what seems another blow to the Saudi housemaids market, Indonesia announced that its has increased the recruitment fees of its housemaids who would work in Saudi Arabia, Saudi officials said. The Indonesian move came a few weeks after the Philippines decided to increase the monthly salary of its housemaids who would like to work in the kingdom.. ..'This has led to the increase of recruitment costs of a single housemaid to 6,000 riyals, including 2,000 riyals fees collected by the Saudi foreign ministry,' he said.." [more]

We Are Committed to Fighting Corruption in Govt Offices [Jun 20]
"Saleh Al-Ali, head of the Commission for Monitoring and Investigation, denied yesterday that some ministries were exempt from the purview of the commission. 'The commission treats all ministries and government departments alike without exempting any of them from its investigations. The regulations enable the commission to function without restriction or impediment. Its work is transparent as well,' he said during his visit to the commission�s Makkah office. Al-Ali said the commission had implemented a new strategy for which royal approval had recently been given. The strategy, he said, focused on eliminating the corruption of government employees and guaranteeing their honesty.." [more]

~~~~~~~~ [ Jun 19 ] ~~~~~~~~~

Abdullah Says Mideast Crisis Will Engulf World [Jun 19]
"The Saudi king has warned of an impending "explosion" in the Middle East.. ..'At this point in time we are exerting efforts to solve this conflict, but we are witnessing an expansion of the crisis to include other countries like Iraq and Lebanon," he said. "This makes the region replete with troubles that pose grave concerns for us. My fears are the fears of all reasonable men that the explosive situation will not be confined to the region but will extend to the whole world,' he said.." [more]

Saudi, Spanish Firms Create bln Dollar Investment Fund [Jun 19]
"Saudi and Spanish firms have created a joint investment fund worth one billion dollars to finance infrastructure projects in the Gulf kingdom, the official SPA news agency said on Tuesday. The announcement came on the second day of King Abdullah's visit to Spain, the first official trip to the state by a Saudi ruling monarch since 1980. Abdullah and Spain's King Juan Carlos attended a ceremony to unveil the fund in Madrid. The Saudi finance minister, Ibrahim al-Asaf, also took part and praised the strong economic links between the two states.." [more]

Saudi Minister Calls for Peace Among Palestinian Factions [Jun 19]
"Saudi Arabia's foreign minister called on warring Hamas and Fatah to recommit to an accord the kingdom sponsored this year to pave the way for a unity government that collapsed last week when Hamas fighters seized control of Gaza.�We hope both parties can recommit themselves to the commitments of Mecca. Prince Saud al-Faisal said in Madrid, alluding to the accord reached in February in the holy Saudi city that led to the creation of a Palestinian unity government. He spoke after King Abdullah met with Spanish Prime Minister Jose Luis Rodriguez Zapatero. The minister said the Palestinians could not have Gaza run by one faction and the West Bank by another.." [more]

Saudi Benchmark Declines for 6th Day [Jun 19]
"Saudi Arabia�s main index resumed its decline yesterday, falling for the sixth day in seven as companies including Prince Alwaleed bin Talal�s Kingdom Holding prepared initial public offerings.. ..In Saudi Arabia the index declined 1.49% to 6,870.60 points. All traded stocks, bar three, including Saudi Electricity Co fell. Saudi Basic Industries Corp and Samba Financial Group erased early gains.." [more]

~~~~~~~~ [ Jun 18 ] ~~~~~~~~~

Saudi King Expresses Fear Middle East Conflicts Could Become Global [Jun 18]
"Saudi Arabia's King Abdullah, a key player in Middle East politics, said he fears conflicts in the Palestinian territories, Lebanon and Iraq could explode into a global one, adding that his monarchy was making great efforts to reach peace. 'My fears are similar to those of all sensible people, that the continuation of all these conflicts will provoke an explosion that will not be restricted to the region, but will have global dimensions'.. ..Regarding the latest outbreak of internal Palestinian violence, Abdullah said: 'I feel profoundly hurt by what is happening in Palestine. We are in contact with all the parties involved within the Palestinian community,'.." [more]

Riyadh Wants Iran to Return Fugitive Terror Suspects [Jun 18]
"Saudi Arabia will activate the security agreement with Iran, calling for Tehran to hand over wanted Saudi militias in Iran. 'We have a security agreement with the Iranian side and I have repeated the request to Iran to hand over [the wanted ones] when I met the Iranian ambassador [on Saturday] and we will work together to activate the security agreement,'.. ..He said mutual respect and realisation of responsibility make all parties resort to logic, adding that the Gulf Cooperation Council (GCC) states' relations with Iran would develop from better to best.." [more]

Saudi Arabia: Two Religious Courts to Try Terror Suspects [Jun 18]
"Interior Minister Prince Naif said that two religious courts had been established in the Kingdom � one in Riyadh and one in Jeddah � to speed up the trials of terrorist suspects who have been apprehended in the country.. ..Prince Naif went on to say that much remained to be done on the ideological side in the Kingdom�s battle against terrorism. 'We need greater efforts from religious scholars, sheikhs, thinkers and people working in educational institutions,' he said. 'Unfortunately, these efforts have not yet been seen and they need to happen as soon as possible.'.." [more]

American Writer Wins Libel Battle With Saudi Billionaire [Jun 18]
"After seven long months, on June 8, 2007, the Second Circuit Court of Appeals breathed vitality into Rachel Ehrenfeld's case against Saudi billionaire Khalid bin Mahfouz -- handing her extraordinary lawyer, Daniel Kornstein (and associates) an important victory -- and establishing a legal precedent that henceforward affects every American writer and publisher. In suing Mahfouz, Ehrenfeld asked the Federal Court to declare the default judgment against her obtained by bin Mahfouz in England's High Court -- concerning details of his alleged terror financing in her U.S.-published book, "Funding Evil" -- as unenforceable in the U.S., and contrary to the free speech protections Americans enjoy.." [more]

A Saudi Snub of Boeing? [Jun 18]
"Saudi Arabia appears ready to officially confirm a purchase of up to four refueling tanker planes from European Aeronautic Defense & Space (EADS) at the Paris Airshow, according to people familiar with the matter. The announcement, which could come this week, would raise further doubt about Boeing's (BA) ability to compete against a team from Northrop Grumman (NOC) and EADS North America to replace 179 aging U.S. Air Force refueling tankers. For Boeing, the Saudi deal to purchase modified Airbus A330s would represent another setback for a tanker program that had been a sure bet until a lease scandal engulfed and tarnished it four years ago. Since the scandal, the Chicago aerospace goliath has yet to win an open competition in pitting its KC-767 Global Tanker against EADS's newer A330 version.." [more]

Saudi Shares Recover [Jun 18]
"Saudi Arabia�s main index closed up for the first time in six trading days yesterday as investors returned to the market after a series of initial public offerings, a bourse analyst said. Lenders including Banque Saudi Fransi led gainers. The benchmark rose 1.64% to 6,974.46 points. Banque Saudi Fransi surged 4.74% and Riyad Bank 6.32%. Samba Financial Group climbed 3.55%. 'People are coming back to the market after IPOs,' said Joe Kassantini, chief executive of Riyadh-based Bourse Experts. Small investors had sold bank and other stock to raise funds for IPOs, driving the index down. The benchmark has lost 21% of its value since touching a 2007 high on March 20.." [more]

Aramco's New Refinery For Local Market [Jun 18]
"State oil company Saudi Aramco's new 400,000 barrel per day (bpd) refinery at Ras Tanura will supply the rapidly growing domestic fuel market, an Aramco spokesman said yesterday. 'The refinery will provide for domestic fuel consumption, similar to existing in-Kingdom wholly owned Saudi Aramco refineries,' the spokesman said.." [more]

Foreign-Born Women Married to Saudis Concerned Over New Citizenship Rule [Jun 18]
"Recent changes implemented to Saudi-naturalization rules have foreign women married to Saudi men wondering if their marriage ends up in divorce whether they�ll be left without a country to call their own. Among the new rules implemented earlier this year is a change to Article 16 that states the Saudi citizenship of foreign-born women can be revoked if they divorce their Saudi husbands. Since the Saudi rules also require these women to give up citizenship to their native homeland in order to become naturalized Saudis, these women feel like they could end up in a real quandary should their marriages end in divorce.." [more]

Plan to Set Up War College Next Year [Jun 18]
"Crown Prince Sultan yesterday announced Saudi Arabia�s plan to establish a war college next year. �We�ll provide details about the college after Custodian of the Two Holy Mosques King Abdullah�s approval, which will be given two months later,� he said. Prince Sultan was talking to reporters after attending a graduation ceremony at the Command & Staff College in Riyadh. He said officers who have received war college certificates would be given the responsibility of setting up the new college. Earlier, an official statement said that Prince Sultan had donated SR5.6 million for a national project to prepare books on Islam and Saudi Arabia and distribute them free of charge. 'This international book project aims at promoting cultural understanding and presenting a true picture of Islam and Saudi Arabia,'.." [more]

~~~~~~~~ [ Jun 17 ] ~~~~~~~~~

King�s Visit to Be �a Turning Point� in Spanish Ties [Jun 17]
"Custodian of the Two Holy Mosques King Abdullah begins a five-nation tour tomorrow with a two-day visit to Spain. The king�s Madrid talks are expected to focus on Middle East peace, Iraq and Lebanon as well as ways of strengthening bilateral ties. This is Abdullah�s first visit to Spain since becoming king in August 2005.. ..�King Abdullah�s visit will be a turning point in political and economic relations between the two countries and between Spain and the Arab world,� the ambassador said, adding that the visit would witness the signing of several agreements including one for the avoidance of double taxation.." [more]

Saudi Pledges $12 Million in Aid for North Lebanon Camps [Jun 17]
"Lebanon�s Prime Minister Fouad Siniora has announced that the kingdom of Saudi Arabia has pledged $12 million in aid for Palestinians in north Lebanon's Nahr al-Bared and Beddawi refugee camps. "Saudi King Abdullah will donate $10 million and the amount could increase to $12 million" depending on the number of families at the camps, Siniora said.. ..The U.N. Relief and Works Agency (UNRWA) said earlier this month that it was launching an urgent appeal for $12.7 million to address the needs of the thousands of Palestine refugees displaced by the fighting between Fatah al-Islam militants and the Lebanese army in and around Nahr al-Bared.." [more]

Global Approved to Operate in Saudi Arabia [Jun 17]
"Global Investment House "Global" announced today it received license to operate in Saudi Arabia, a leap in the company's expansions strategy across regional markets. Global Investment House Saudi Arabia, Global-Saudi as it will be known, is a Saudi joint stock company with a capital of 50 million Saudi Riyals. The new company is a fully fledged investment bank set to carry out various financial services such as; the establishment and management of investment funds, portfolio management, International brokerage, private and public placement, underwriting, advisory, dealings as a principal and as agent, and custody. Global currently operate in 14 countries.." [more]

Saudis to Spend SR70bn on Foreign Tourism This Year [Jun 17]
"Some 4.5 million Saudi tourists would spend nearly SR70 billion on foreign tourism this year, an increase of 40 percent against the preceding year, amid Saudi riyal�s low exchange rate, market analysts said.. ..According to Dr. Nasser Al-Tayar, general manager of Al-Tayar Travel & Tourism, Malaysia is the favorite destination of Saudi tourists in Asia. �For many, Egypt is the favorite destination in the Arab world and all the flights to Egypt are fully booked until mid-August,� he said. Al-Muhaideb said Switzerland is the number one destination of Saudi tourists in Europe.." [more]

Challenging the Gender Factor [Jun 17]
"For some women it is the bureaucratic barriers that have to be tackled when they attempt to get licences or register companies in male-dominated business sectors.. ..Setting up a business in the Middle East is a tough exercise for both sexes because of cumbersome bureaucracies, the high level of start-up capital required and poorly functioning judiciaries and regulatory frameworks. But for women operating in traditionally conservative societies the challenges can be exacerbated by age-old discrimination and prejudices.." [more]

Saudi Arabia Donates Two Ferries to Egypt [Jun 17]
"The Kingdom of Saudi Arabia will soon give the Egyptian government two new ferries worth SR600 million to support sea transportation between the countries.. ..The two ferries, along with others, will primarily transport Egyptian Haj and Umrah passengers. The ferry traffic annually between Egypt and Saudi Arabia is around 3 million.." [more]

Jun 10-Jun 16, 2007

~~~~~~~~ [ Jun 16 ] ~~~~~~~~~

Return to Makkah Pact, Saudi Urges Foes [Jun 16]
"Saudi Arabia, which brokered a unity government deal between Fatah and Hamas in February, yesterday reproached both sides for breaking their commitments and pressed them to return to the agreement. In a speech to an Arab League meeting in Cairo, Saudi Foreign Minister Saud al-Faisal said the latest fighting between Fatah and Hamas had served the interests of Israel. 'Today the Palestinians have come close to putting by themselves the last nail in the coffin of the Palestinian cause,' he told other Arab foreign ministers in closed session.." [more]

Saudi-Kuwaiti Group Invests Nearly $2.5 Billion in Pakistan [Jun 16]
" Saudi-Kuwaiti Group, Midroc Tussonia (Pvt.) Limited, has initiated to invest $1.5 billion to $2.5 billion in Power, Oil and Gas and Real Estate sectors of Pakistan over a period of next five to seven years, according to an official statement. Sheikh Humoud Al-Sabah, President of the group, gave this information to Minister for Privatization and Investment Zahid Hamid in a meeting with him.." [more]

Jabal Omar IPO Weighs Heavily on Stock Market [Jun 16]
"The Saudi stock market continued its downward trend last week. The Tadawul All-Share Index (TASI) fell by 3.92 percent or 288.45 points last week to 7,074.51 compared to previous week�s close at 7,362.96. The continuing IPO of Jabal Omar Development Co., which opened for subscription on June 9, also contributed to the stock market fall as it attracted huge investment in first week of its opening. According to Bank Albilad, manager of Jabal Omar IPO, as many as 2,051,191 Saudis subscribed to the company�s shares investing more than SR1.95 billion by Thursday.." [more]

~~~~~~~~ [ Jun 15 ] ~~~~~~~~~

Saudi Arrests are Weapons Against Web Jihad [Jun 15]
" In arresting three men suspected of spreading al-Qaida propaganda on the Web, Saudi authorities are trying to take the battle against extremism to the Internet. Earlier this month, the official Saudi Press Agency reported that the Ministry of the Interior had 'arrested three people involved in promoting deviant thoughts through the Internet to undermine the security of the country'.. ..An analysis from the SITE Institute, a non-profit that tracks the online activities of Islamic extremists, says that al-Najdi was the publisher of Sawt al-Jihad, or "Voice of Jihad," effectively the official online organ of al-Qaida in Saudi Arabia -- and the head of the group's Information Department.." [more]

~~~~~~~~ [ Jun 14 ] ~~~~~~~~~

Passions Run High as Region's Three Hotspots Ignite [Jun 14]
"The Middle East was literally on fire yesterday as a senior Lebanese MP was killed in a car bomb that also claimed nine other lives in Beirut, hours after saboteurs destroyed two minarets of a holy Shiite shrine in Iraq, site of a 2006 bombing that shattered its golden dome and unleashed a wave of sectarian violence. In Gaza, the power struggle intensified between rival movements Hamas and Fatah. At least 22 people were killed yesterday. The chaotic scene is likely to inflame religious and political tensions in the region. Analysts also warned the Arab world was descending into a 'systematic collapse.' [more]

Gap to Open 100 Stores in Saudi Arabia and Turkey [Jun 14]
"Fashion chain Gap is to expand its international presence with franchise agreements in Saudi Arabia and Turkey for more than 100 Gap and Banana Republic stores. The retailer intends to open about 90 Gap stores and 20 Banana Republic outlets in these countries with franchise partners Fawaz Alhokair in Saudi Arabia and Fiba Holding in Turkey by 2012. The first Gap stores will be open by the end of this year and the first Banana Republic stores are expected to open by next spring. Gap senior vice-president of international strategic alliances Ron Young said: �Both Saudi Arabia and Turkey represent natural markets for Gap. Each of these countries has a strong, steadily growing economy and consumers in these markets have a great interest in iconic apparel brands such as ours.." [more]

Saudi Arabian FM Sues PIA for Blocking Sale of his Shares [Jun 14]
"Saudi Arabian Foreign Minister Saud Al-Faisal has sued Pakistan International Airlines (PIA), accusing it of blocking efforts to sell 8.6 million dollars in shares of the carrier's PIA Investments unit.. ..The complaint said PIA Investments, owner and manager of the Roosevelt Hotel in Manhattan and Hotel Scribe in Paris, has a first right of refusal and offered a grossly reduced price of 480,000 dollars on May 2. The prince said in his suit: 'Rather than permit the sale to proceed, or acquiring the shares as PIAC was entitled to, PIAC instructed the company to redeem the claimant's shares as an end-run around Prince Faisal's shareholder rights'.." [more]

BAE Systems Facing US Investigation Over Corruption Allegations [Jun 14]
"Defence group BAE Systems PLC is reportedly facing a corruption investigation in the US relating to alleged payments of more than 1 bln stg made to a Saudi prince to secure a multi-billion dollar arms deal. US prosecutors are '99 pct certain' to open a criminal inquiry under the Foreign Corrupt Practices Act (FCPA) into the affair, the Guardian cited Washington sources familiar with the thinking of senior officials at the US Department of Justice (DoJ) as saying. The BBC and the Guardian have claimed that payments of up to 120 mln stg per year were channelled into two Saudi embassy bank accounts in the US with the full knowledge of the MoD as part of the Al-Yamamah arms-for-oil deal signed in 1985.." [more]

Economic Cities to Create 1.3m Jobs in Saudi Arabia [Jun 14]
"New economic cities in Saudi Arabia will create some 1.3 million new jobs, according to Amro Al Dabbagh, governor of the Saudi Arabian General Investment Authority (Sagia). Sagia yesterday signed a memorandum of understanding (MoU) with the General Organisation for Technical Education and Vocational Training (Gotevt). The MoU aims at establishing necessary plans to qualify Saudi nationals to work at the projects of the six economic cities in the kingdom.. ..He said that hiring Saudi women at these cities is open as long as it runs in conformity with Islamic laws.. ..Meanwhile, the Saudi Human Resources Development Fund (HRDF) is planning to employ more than 18,000 Saudi women in the private sector and the new economic cities.." [more]

Land Phone Service to Get Big Boost [Jun 14]
"Three consortia led by Bahrain Telecom Co. (Batelco), Hong Kong�s PCCW and US Verizon Communications will receive licenses next month to provide land phone services in the Kingdom.. ..The licensing of the three companies will increase the number of land phone service providers in the Kingdom to four and end the monopoly of state-owned Saudi Telecom Company. It will also improve the quality of service and Internet connections and reduce charges, market analysts said. The arrival of the three new service providers augurs well for the national telecom and IT plan that aims to provide fixed-line service to 25 percent of the population, mobile service to 80 percent and spread personal 
computers and the Internet among 30 percent of the population.." [more]

~~~~~~~~ [ Jun 13 ] ~~~~~~~~~

Saudi Council to Summon Ministers [Jun 13]
"The Saudi Shura Council is to summon three ministers to question them on the performance of their ministries, members of council said. Members of the council told Gulf News that the council notified King Abdullah Bin Abdul Aziz of its plan to summon the ministers of foreign affairs, finance and labour.. ..'The King has approved the Shura requests,' said Dr Abdul Aziz Al Thunayyan, Shura member, in press statements published yesterday.Labour Minister Dr Gazi Al Qusaibi is expected to be the first of the three ministers to be summoned to the Shura. 'The Shura wants to have Al Qusaibi explain some matters related to the performance of his ministry, particularly the issuing of recruitment visas, employment policy in the private sector and other relevant issues'.." [more]

Saudi Organisation Buys Chemical Company With Subsidiary in Brazil [Jun 13]
"Saudi company Cristal signed last Monday (11) the contract for acquisition of Millenium Inorganic Chemical, the titanium dioxide division of North American multinational company Lyondell. The acquisition includes Millenium's Brazilian operations: a pigment factory in Cama�ari, in the northeastern Brazilian state of Bahia, and a titanium ore mine in Mataraca, in Para�ba also in the NE. This information was published by Kuwait News Agency (KUNA). The deal, for US$ 1.3 billion, was closed last month, but the contract was signed early this week.. ..With offices in the United Kingdom, Saudi Arabia and Singapore, Cristal is the only producer of titanium dioxide in the Middle East and North 
Africa, and exports its products to over 70 countries. Together, both companies are going to employ 3,700 people worldwide.." [more]

Five Joint Stock Firms Approved [Jun 13]
"The Ministry of Commerce and Industry yesterday approved the setting up of five new joint stock companies with a combined capital of SR17.3 billion, including Kayan Petrochemical Company, the Saudi Press Agency said.. ..In a related development, the Capital Market Authority yesterday licensed five new companies � Merrill Lynch Saudi Arabia, National Investment House, Mediterranean Investment, Capital Investors, and International Investment House - to provide services to investors in the Kingdom�s stock market.." [more]

Gulf States Face Power Shortages Amid Lack of Gas [Jun 13]
"The oil and gas-producing countries of the Middle East are facing a worrying paradox - how to meet rapidly expanding power demand to feed their fast growing econ-omies, the International Energy Agency said yesterday. 'Shortages of natural gas - hitherto the fuel of choice for electricity generation - have become a regular feature, forcing governments to consider alternatives such as coal, fuel oil, nuclear and even imported gas,'.. ..For most countries local gas is not a short-term option because projects take a long time to develop.." [more]

Egypt Emerging Favorite Destination for Saudis [Jun 13]
"An estimated 5 million tourists, majority of them Saudis, are expected to leave the Kingdom for their holidays this summer.. ..'Last year, Saudi tourists spent around SR60 billion during their summer holidays abroad but this year their expenditures are likely to increase by another eight percent due to an increase in fares, accommodation, travel and transport rates as a result of the appreciation of foreign currencies,' said Dr. Nasser Al-Tayyar, chairman of the Al-Tayyar Group of Companies. He added that this year popular destinations include Malaysia and Egypt.." [more]

Saudi Arabia Donates Relief Food, Transport Vehicles to Mauritania [Jun 13]
"Saudi Arabian government has given a donation of 29 off-road 4X4 vehicles, which includes five Toyota (GX) Land Cruisers and 24 Toyota Hilux, to Mauritania. The donation which was made Monday is part of the 2 million U.S. dollars food aid which was announced for Mauritania by Saudi Arabia. The donation includes 1 million U.S. dollars for buying food products and another 1 million U.S. dollars to facilitate the purchase of vehicles for the transportation of the relief food.. ..According World Food Program (WFP), Saudi Arabia is the second biggest source of funds for its programs in Mauritania.." [more]

~~~~~~~~ [ Jun 12 ] ~~~~~~~~~

Abdullah�s 5-Nation Visit Next Week [Jun 12]
"King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, is scheduled to start official visits next week to Spain, France and Poland at the invitation of the leaders of these countries. The King will also visit Sharm El-Sheikh and Amman on his way back to the Kingdom. The Monarch will hold a series of official talks with the leaders of the respective countries. The Monarch is expected to discuss means to boost bilateral cooperation besides reviewing the current regional and international issues with special emphasis on situation in Palestine, Iraq and Lebanon.." [more]

Saudi Prince in British Arms Case Denies Secret Payments [Jun 12]
" Prince Bandar bin Sultan, at the centre of British media reports he received a huge commission for a multi-billion-dollar arms deal, insists all the funds went to the Saudi government. 'The allegations in The Guardian have nothing to do with the truth and reality but represent a pinnacle of slander and lies,'.. ..The British newspaper has alleged payments totaling more than 2 bln usd were paid to Prince Bandar. Britain's defence giant BAE is alleged to have set up a secret slush fund for members of the Saudi royal family to secure continued business, dating back to the massive Al-Yamamah arms deal signed in 1985.." [more]

Oil Trades Little Changed After Rising on Saudi Shipment Cut [Jun 12]
"Crude oil was little changed in New York after rising yesterday on signs the Organization of Petroleum Exporting Countries may extend production cuts to trim global stockpiles. Saudi Arabia, the world's biggest exporter, said it would curb shipments for a ninth month in July. An Energy Department report tomorrow will probably show above-average oil stockpiles in the U.S. fell 400,000 barrels last week as refiners boosted output to meet summer demand, according to a Bloomberg News survey of 13 analysts. The report will probably show gasoline inventories gained 1.5 million barrels, a sixth weekly increase.." [more]

A $300 Billion Metropolis Will Showcase a New Saudi Arabia [Jun 12]
"..the Tabouk regional governor, Prince Fahd bin Sultan, this year will begin construction on what is intended as a showcase for a new Saudi Arabia: a $300 billion multicultural metropolis designed to lure 700,000 inhabitants from around the globe. The construction of this and five other megacities scheduled for completion by 2020 will be funded by oil revenue. Five extended families in the Middle East own about 60 percent of the world's oil, and the House of Saud controls more than a third of that amount, according to Robert Baer, a former CIA field officer in the Middle East.. ..Hariri's plans call for the sprawling Red Sea megacity to be powered by solar energy and wind farms. A golf course and yacht club are in the works, along with residential estates and vacation villas. Cheap Saudi oil will fuel the industrial parks scheduled to fan deep into the now hardscrabble desert.." [more]

UN Envoy Raises Alarm on Middle East [Jun 12]
"UN envoy Terje Roed-Larsen raised an 'alarm' about the situation in the Middle East, warning that the region faces the possibilities of full-scale war.. ..Roed-Larsen, the current UN envoy for Lebanon-Syria issues who for many years was the top UN Mideast envoy, said 'the geopolitical landscape of the Middle East has changed fundamentally over a few years.' 'A few years ago, as it had been over many, many decades, the center of gravity for all the conflicts were the Israeli-Arab conflicts,' he said. 'Now, there seems to be four epicenters of conflict in the region with their own dynamics, the Iraqi issues, the Iranian issues, the Syrian-Lebanese issues, and of course the heart of hearts, the traditional conflict, the Palestinian-Israeli issue.'.." [more]

Armed Forces Ready to Face Any Eventuality, Khaled Says [Jun 12]
"Saudi Arabia�s armed forces are ready to confront any eventuality, Prince Khaled ibn Sultan, assistant minister of defense and aviation for military affairs, stated yesterday when asked about Iran�s threat to strike strategic Gulf targets if it was attacked by the United States.. ..Prince Khaled expressed his hope that the leaders in the region would work for avoiding any military confrontation between Iran and the US. Asked about joint US and Israeli military maneuvers in the Gulf, the prince said every country has the right to conduct such training programs. 'The US naval fleet has been present in the Gulf for quite a long time'.." [more]

Saudi Stock Market Holds a Tiger by the Tail [Jun 12]
"The Saudi stock market tumbled 2.75 percent yesterday as investors dumped stocks to prepare for the launch of several upcoming initial public offerings. The continuing IPO of Jabal Omar Development Co., which opened for subscription on Saturday, also contributed to the fall as it attracted huge investment in just three days of its opening. The company offers 201 million shares or 30 percent of the total to Saudis at the rate of SR10 per share. The Tadawul All-Share Index plunged 203.16 points to 7,172.57 yesterday, inching closer to 7,000 mark. All the traded stocks fell yesterday in market turnover of SR6.32 billion.." [more]

~~~~~~~~ [ Jun 11 ] ~~~~~~~~~

Al Qaida Link Seen in Top Officer's Killing [Jun 11]
"..Colonel Nasser Al Othman, of the General Investigation Department, was found dead on his farm in Qasim region. At that time, analysts said that the murder of Colonel Nasser Al Othman is similar to the murder of Lt Col Mubarak Al Sawat, another Saudi officer who was killed by terrorists outside his home in Jeddah in June 2005.. ..The official, however, pointed out that the results of the investigations would be announced to the public immediately. He didn't say when he expects investigations to be completed. "Throughout the history of Saudi security there was no crime recorded against an unknown person. This is what was proved by incidents and facts even if investigations took a lot of time," the official indicated.." [more]

Saudi Telco Eyes $1bn in Africa Deals [Jun 11]
"Saudi mobile operator HITS Telecom, which won Uganda's fourth GSM licence in March, is looking to spend $1 billion on seven licences in Africa, a Saudi-owned newspaper reported on Monday. Three deals could be announced in the next two weeks, including in the Democratic Republic of Congo and Tanzania, Asharq al-Awsat quoted Mohamed Bahiri, a member of HITS Telecom's board, as saying.. ..HITS Telecom has set up a Cayman Islands-registered subsidiary with a capital of $300 million to manage its operations in Africa, the newspaper said. It hopes to have between 4 million and 6 million 
users in Africa in five years.." [more]

Saudi Maintains Asia Oil Supply Curbs for July [Jun 11]
"Top oil exporter Saudi Arabia told Asian lifters to expect the same crude volume for July as they have been getting since April, showing no signs of boosting production to soften prices near $70 a barrel. Saudi Arabia will supply crude oil to Japan and South Korea at about 9,5-10,0% below contracted volumes in July, the same as June, two Japanese industry sources and one South Korean source said today. Saudi�s cuts have been kept unchanged since April supplies, a deeper reduction compared with 7-8% below contracted volumes for March.." [more]

Foreign Investment Creates 223,000 Jobs in Saudi Arabia [Jun 11]
"Foreign investment in Saudi Arabia created 223,000 jobs last year, said an official at the Saudi Arabian General Investment Authority (SAGIA) in remarks published yesterday. Dr Awad Al Awad, Sagia deputy governor for investment affairs, noted that 70,000 of those jobs were filled by Saudis, adding that 90 per cent of foreign investors offered jobs through their investments. During the past few years, the Saudi government has been encouraging foreign direct investment, particularly investment that is tied to joint ventures with Saudi partners.." [more]

Commission to Form Legal Wing [Jun 11]
"The Commission for the Promotion of Virtue and Prevention of Vice is moving to create a legal wing to address charges against its members as well as upgrade operations, the Commission's head said Sunday.. ..Sheikh Al-Ghaith said the legal wing is part of a package of new guidelines on the tasks of Commission members. The legal department would, besides representing members in the Court of Grievances, serve to teach members the new regulations and measures, he said. The Sheikh told the directors to ignore public outcry in the wake of the recent allegations, accept what is right and cast aside the rest. None of the Commission members detained as part of the investigations had previous 
criminal records, he said. The Sheikh, however, made it clear that Commission members would be held accountable for their "mistakes" in line with new guidelines in this regard.." [more]

Tuwaijeri�s Death a Great Loss to Nation [Jun 11]
"Abdul Aziz ibn Abdul Mohsen Al-Tuwaijeri, assistant deputy commander of the National Guard, died yesterday at the age of 95 following an illness, the Royal Court has announced. Funeral prayers for Al-Tuwaijeri will be held at Imam Turki ibn Abdullah Mosque in Riyadh after Asr prayers today and his body will be buried in Al-Oud Cemetery. The Royal Court commended Al-Tuwaijeri�s long-standing services to the Kingdom. �He served the state for about 80 years with loyalty and dedication,� it said.. ..Al-Tuwaijeri began his services as a volunteer in King Abdul Aziz�s army. He was appointed undersecretary at the National Guard in 1381 and became assistant deputy commander in 1395.." [more]

SR60bn Lost in Investments Annually [Jun 11]
"The Saudi economy loses SR60 billion ($16 billion) in investments and more than 120,000 jobs annually as a result of bureaucratic practices in addition to other reasons that obstruct the implementation of vital projects, according to a senior official at Saudi Arabian General Investment Authority (SAGIA). 'The main challenges facing investors are the nature of regulations and the internal procedures in addition to a lack of infrastructure,'.. ..'SAGIA will not accept less than the 30th position this year in terms of economic competitiveness and we expect the Kingdom will reach the 10th position by 2010,' the official said. At present the Kingdom is in 38th position.." [more]

~~~~~~~~ [ Jun 10 ] ~~~~~~~~~

Saudi Arabia: An Ally we Cannot Afford to Lose [Jun 10]
"Ministers have blocked an investigation by the Serious Fraud Office into the al Yamamah arms deal, claiming that our relationship with Saudi Arabia is of over-riding importance. Do they protest too much? I think not. It is time for some realism in our Middle East policy. Our fundamental mistake has been to judge Middle Eastern countries by Western standards. This is what lay behind our ghastly mistake in invading Iraq. We must not repeat this basic error in our dealings with the other key countries in the region. Saudi Arabia is such a key country.." [more]

Terror Operatives Are Tools in Hands of Others: Naif [Jun 10]
"The 11 terrorist financiers and plotters who were arrested by Saudi authorities last week were more dangerous than those who had carried out terrorist attacks in the Kingdom, Interior Minister Prince Naif stated yesterday. �These arrested persons have played a big role in the terrorist incidents that have taken place in the Kingdom, much more than those who carried them out,� the Saudi Press Agency quoted the minister as saying. Prince Naif said the terror operatives were just tools in the hands of the 11, who financed and organized the attacks. He hoped the arrest of the 11 would lead to the eradication of terrorism from the country.." [more]

GCC Banks on Recovery Track [Jun 10]
"GCC based banks, which reported a substantial decline in profits last year, are recovering fast from the impact of market corrections, according to analysts at international rating agencies. In its assessment of the region's banking industry, Standard and Poor's (S&P), in its report said that despite the market correction, the asset quality of banks in Saudi Arabia has improved substantially due to the very strong economic environment and conservative provisioning policies. The banking system in Saudi Arabia is the largest in the Gulf and among the most profitable.." [more]

Riyadh Governorate Confirms Probing Complaint Against Commission [Jun 10]
"The governorate of Riyadh confirmed yesterday to Arab News that it is investigating a complaint filed by a Saudi citizen against the Commission for the Promotion of Virtue and Prevention of Vice for alleged harassment and detention of his two sons. The father claims members of the moral police wrongfully arrested his two sons for possession of alcohol and for having illicit contact with a 16-year-old girl. He also said they wrecked his son�s car when they chased the young men in two unmarked vehicles.. ..Arab News tried to get a response from the commission but no one there was answering the phone yesterday. The news comes as president of the commission Sheikh Ibrahim Al-Ghaith is scheduled to hold an emergency meeting today with the heads of virtue centers in the Kingdom to discuss the conduct of field operatives and the handling of suspects.." [more]

Saudi Inflation Up in April on Food Prices [Jun 10]
"Saudi Arabia�s annual inflation, as measured by the cost of living index, rose slightly to 2.9% in April as the cost of some food products climbed, state news agency SPA reported. Compared to its level in the previous month, the index rose 0.1% in April, SPA said on Friday, quoting a report from the Economy and Planning Ministry�s statistics and data department. Annual inflation was 2.86% in March. The ministry said food and beverages drove April�s inflation, with prices for locally-produced potato rising 80% and eggs 19.7%.." [more]

SAP Arabia Looks to Make up Lost Ground in the Saudi IT Space [Jun 10]
"SAP Arabia launched the SAP Technology Tour in Khobar, Saudi Arabia last month to showcase their latest developments to customers in the Kingdom. Attendees took part in informative presentations, industry- and IT-specific breakout tracks, and focused planning sessions. The tour was launched in response to the local need for closer collaboration with the software giant�s local representative. Research from Business Monitor estimates the value of the Saudi IT market will rise to US$3.8bn by 2010. While the numbers are lower than that of other reports, including IDC and Datamonitor, Business Monitor has been criticized for its out of date information, including the inaccuracy that Oracle does not have an office in the Kingdom. To date, Oracle is the only dedicated ERP vendor with a direct presence in Saudi Arabia.." [more]

Sabic Boosts Saudi Bourse [Jun 10]
"Saudi Arabia�s main stock index rose to its highest close in more than a week yesterday, lifted by Saudi Basic Industries Co (Sabic).. .. The Saudi Arabian index gained 1.22% to 7,452.71 points, its highest close since May 30. �Blue chips have good value now after the drops of the past week or two,� said Khan Zahid, chief economist at Riyad Bank. Sabic led gains among the five largest firms, rising 1.26%. Sabic and China�s Sinopec Corp have agreed to invest over $1bn in a petrochemical plant in China. 'Sabic was a big loser last week and it is coming back from those lows,'.." [more]

Global Scholarship Program for Arab Women [Jun 10]
"Women professionals in the travel industry in Saudi Arabia and the UAE have been offered access to a development program which would develop their skills and further their careers. The program, composed of 20 scholarships for the U21Global Executive Diploma of Business Administration, is intended for graduates. The very positive take-up on the graduate program last year from a wide cross-section of the travel and tourism industry encouraged co-sponsors MasterCard and U21 Global to extend it to Saudi Arabia, the UAE and South Africa. 'We are excited to extend the reach of this scholarship to South Africa, Saudi Arabia and the UAE to allow more women in travel and tourism to benefit from our business curriculum and to stay abreast of industry trends while also managing work commitments and family life,'.." [more]

Saudis Top Gulf Investors in Dubai Financial Market [Jun 10]
"Saudi Arabia topped the list of Gulf investors in Dubai financial market over the past five months with an estimated AED11.8 billion of the AED16 billion total investments, Arabic business daily Al-Eqtisadiah reported yesterday, quoting Dubai financial market sources. Kuwait, Qatar and Bahrain took the second, third and fourth positions, respectively. The Saudi deals accounted for 7.5 percent of the AED216 billion total transactions, inclusive of other Arab and non-Arab investors. The 27,777 Saudi investors constituted 60 percent of the 46,462 investors belonging to the Gulf region.." [more]

Jun 3-Jun 9, 2007

~~~~~~~~ [ Jun 9 ] ~~~~~~~~~

Blair Fends Off Row to Press for Saudi Deal [Jun 9]
"Tony Blair wants to sign a new �20 billion arms deal with Saudi Arabia before he leaves office later this month despite the mounting row over allegations of secret payments to a Saudi prince, Government sources indicated yesterday. Saudi Arabia had been on the brink of concluding the deal to supply Eurofighter Typhoon jets to Riyadh when fresh allegations emerged that BAE Systems had paid �1 billion in backhanders to Prince Bandar bin Sultan, former Saudi ambassador to the US. The Prime Minister still hopes to clinch the deal before he leaves No 10 on June 27.. ..The deal had been in jeopardy because of Saudi anger at the probe - but was said to be back on track after the SFO inquiry was halted by the Government last December.." [more]

Freed Academic Among Qaeda Suspects Detained in Saudi [Jun 9]
"An Islamist academic who was freed under a royal pardon in 2005 is among a dozen Al Qaeda suspects detained in Saudi Arabia this month, the interior minister said in comments published Saturday. Saeed Bin Zueir, a former professor of mass communication, and his fellow detainees are "considered among the financiers and inciters of terrorism" in the oil-rich kingdom, Prince Nayef Bin Abdul Aziz told the Al Riyadh daily. Bin Zueir was arrested in 1994 and sentenced to five years in jail for justifying acts of violence but served barely a year of his sentence before being pardoned.." [more]

Saudi Stocks Remain Under Pressure [Jun 9]
"The Saudi stock market remained under downward pressure due to profit-taking for the second week in a row. The Tadawul All-Share Index (TASI) lost 1.73 percent, closing the week at 7,362.96 points, the lowest level this year. The Saudi benchmark price closed last week at 7,492.66 points. The TASI is currently 7.2 percent lower that the year�s start.. ..The market, however, is expected to receive a shot in the arm with the start of Jabal Omar Development Company�s initial public offering (IPO) today. The company offers 201 million shares to Saudis at the rate of SR10 per share without charging any commission. Jabal Omar has a capital of SR6.7 billion with a total of 671.4 million shares.." [more]

New Commission Guidelines Today [Jun 9]
"Members of the Commission for the Promotion of Virtue and Prevention of Vice will no longer be allowed to use physical force or intercept cars to interrogate people. These are among a package of decisions defining the task of Commission members to be announced Saturday, according to Commissions' Vice President Sheikh Ibrahim Al-Huwamil. The meeting of all the Commission branch chiefs to be held under the chairmanship of its President Sheikh Ibrahim Al-Ghaith is expected to clearly separate the powers of Commission members and the police. It will also make it mandatory on field members to seek prior permission from authorities concerned before raiding a place.. ..People have been expressing grave concern over the use of force by some of the Commission members. Media reports have appeared recently of several cases of maltreatment of people by Commission members, including the use of violence.." [more]

SCT Offers 60-Day Tourist Visas [Jun 9]
"The Supreme Commission for Tourism (SCT) has started issuing group visas through tour operators for foreigners intending to visit the Kingdom, according to a senior official.. ..Spelling out the conditions for obtaining tourist visas, he said tourists should come in groups of not less than five members. The minimum age for women to get visas is 30 if they are not traveling with their close relatives, he added. The Kingdom has started receiving tourists who come by shipping lines.." [more]

Unemployment: Gulf�s Dilemma [Jun 9]
"As Gulf states fed with rising revenues from their distinct natural resource, oil, move into a spending spree over massive financial projects, there is growing demand that attention must be given to the underlying and potentially explosive issue of unemployment among the locals. With a booming population in the region, an estimated 40 million job seekers are expected to enter the labor market within the next decade. This would require governments to be far more creative than ever before to absorb this growing influx. Handouts and subsidies to nationals would no longer be able to fill the gap, and would tax the respective governments far more than effective employment programs.." [more]

~~~~~~~~ [ Jun 8 ] ~~~~~~~~~

Religious Police to be Evaluated [Jun 8]
"In what is seen by observers as a move to absorb and calm the anger of Saudi society and media over the behaviour of squads belonging to the Commission for the Promotion of Virtue and Prevention of Vice [religious police] in Saudi Arabia, the Commission's chairman revealed that the activities of his field personnel are under scrutiny. Shaikh Ebrahim Bin Abdullah Al Gaith, the Commission's chairman told the official Saudi Press agency (SPA), in remarks published yesterday, that committees have been set up to study all aspects related to the Commission's field work.. ..During the past few years, the Commission has come under attack by the media and citizens who questioned whether the Commission's personnel abide by the law.." [more]

Saudi Firm Seeking $537m in IPO [Jun 8]
"Saudi Arabia's Jabal Omar Development, which is building hotels and apartments in Makkah, opens an initial public offering tomorrow to raise 2.01 billion riyals ($537 million). Analysts expect the IPO to be oversubscribed, given the location of the project, the low listing price and the strong appeal of real estate investment after last year's stock market crash. Jabal Omar will offer Saudi investors a 30 per cent stake, or 201.4m existing shares, at 10 riyals each, valuing the company at around $1.79bn, according to lead manager and underwriter Albilad Bank. Subscriptions will close on June 18.." [more]

GCC Markets Show Strong Marks in May [Jun 8]
"With the exception of the Saudi market, GCC markets ended higher last month with the best gains being recorded in Qatar and the UAE. With two major IPOs witnessed in the month, Saudi Kayan in Saudi Arabia and Deyyar in UAE, investors were initially wary about the performance of the secondary markets but amid clear signs of fresh liquidity being infused in the markets by domestic and foreign institutional investors, speculators and retail investors rushed back to the markets.. ..The Saudi Tadawul Index ended lower for the third month in a row and with the one percent loss in May, it is the only MENA equity market to show losses for the year.." [more]

Opec Vows to Keep Output Steady as Crude Hits $71 [Jun 8]
"Oil climbed above $71 a barrel yesterday, nearing a nine-month high, after Opec president reiterated the exporter group was pumping enough crude to satisfy world markets. Mohammed Al Hamli said oil supplies were "sufficient currently" and there was no need for an emergency meeting. Consumers have been urging the 12-member group to produce more oil to lower prices.. ..Weekly US inventory data showing a surprise drop in refinery utilisation rates last week added to gains, overshadowing an unseasonally large 3.5 million barrel build in petrol stocks thanks to a surge in imports.." [more]

France, Saudi Arabia, Iran Mediate Lebanese Logjam [Jun 8]
"France has joined diplomatic efforts by Iran and Saudi Arabia to help Lebanon's rival political camps form a national unity government to avoid a political vacuum in the months leading up to the presidential elections. Quoting political sources, Reuters said French diplomats have suggested to the parliamentary majority that it accept the opposition's demand for veto power in the Cabinet now that UN Security Council has approved the formation of an international tribunal to try suspects in the slaying of former Prime Minister Rafik Hariri.." [more]

~~~~~~~ [ Jun 7 ] ~~~~~~~~~

Saudi Prince Got Arms Cash [Jun 7]
"A Saudi prince received millions of dollars for his own use as part of an $80 billion arms deal between Saudi Arabia and Britain in 1985, the British Broadcasting Corp. said in a statement on an upcoming report. The payments went to Prince Bandar bin Sultan, who negotiated the Al-Yamamah arms deal to sell 100 British warplanes to Saudi Arabia when Margaret Thatcher was prime minister, the BBC said in the statement Wednesday. Its full report on the arms deal is scheduled to air Monday on the "Panorama" program. BAE Systems, the prime contractor, has denied that it violated British law in relation to the contract. Prince Bandar refused to comment on the report.." [more]

Saudi Arrests 11 al Qaeda Members [Jun 7]
"Saudi Arabia's Interior Ministry announced Thursday it had arrested 11 al Qaeda members in the span of 48 hours who were responsible for financing and encouraging terrorism. A ministry statement quoting a senior ministry official said the detainees were wanted terrorists in Saudi Arabia, that their assets have been frozen and an investigation into the incident is ongoing. On Tuesday the ministry announced it had arrested three senior al Qaeda members responsible for recruiting youths via the internet and encouraging attacks on Saudi Arabia's oil facilities. The two Saudis and one Arab non-national were arrested in Medina, but the ministry statement did not say when. They were also in charge of media 
publications for the al Qaeda terror network, the ministry said.." [more]

Bear Stearns Announces Asset Management Joint Venture in Saudi Arabia [Jun 7]
"Bear Stearns today announced that it has signed a letter of intent with a consortium of Saudi business leaders led by HH Prince Mishaal Bin Abdullah Bin Turki Al-Saud of Zad Investment Company to form Bear Stearns Arabia Asset Management. Bear Stearns Arabia Asset Management ("BSAAM") will be a Saudi Arabian registered asset management company, with headquarters in Riyadh, serving institutions and high-net-worth individuals in Saudi Arabia. BSAAM will develop and distribute Sharia-compliant and other investment products. In addition, it will leverage Bear Stearns Asset Management�s platform, offering traditional equity and fixed income, hedge fund and private equity fund products.." [more]

France & Saudi Mediating to Defuse Lebanon's Crises [Jun 7]
"France and Saudi Arabia are promoting efforts to widen Lebanon's cabinet to end a protracted crisis pitting the Western-backed government against Hezbollah and its allies, political sources and diplomats said on Thursday. They said the new mediation effort aimed at defusing tension ahead of a presidential election later in the year. Lebanon was plunged into its worst political crisis since the 1975-1990 civil war when opposition ministers quit the cabinet of Prime Minister Fouad Siniora last November after the ruling majority refused opposition demands for veto power.." [more]

New Channels of Investment for Expatriates Sought [Jun 7]
"Saudi authorities and businessmen are seriously thinking about how to make use of the massive funds of expatriate workers by opening new channels of investment. According to press reports, the country�s eight million expatriates annually send home nearly SR100 billion ($26.6 billion). 'It�s the right of expatriates to transfer the money they earn in the Kingdom to their countries. At the same time, it is important that we create new investment channels to absorb part of this money in investments within the Kingdom,' said Abdullah ibn Saleh Al-Hamoud, a businessman.. ..The Gulf Cooperation Council (GCC) considers expatriates� foreign remittances (which account for 42 percent of the total foreign investments they receive) as a big loss.." [more]

World Bank Warns of Full-Blown Water Crisis in the Middle East [Jun 7]
"Pointing out that water management practices in the Middle East and North Africa (MENA) region are still inadequate, the World Bank foresees a full-blown crisis that could see the per capita water availability halved by 2050, with serious consequences for the region�s already depleted aquifers and natural hydrological systems. This is a major finding of the World Bank�s Regional Development Report with its focus on water resources.. ..The report points out that unless the use of water is reduced and water service providers are made accountable for their operations, drinking water services will become more erratic than they are already, cities will come to rely more and more on expensive desalination and during droughts will have to rely frequently on emergency supplies brought by water tankers. The report said the impact of the situation is already being felt by farmers whose income has dropped in the wake of the depletion of aquifers.." [more]

Kingdom Takes its Culture to Moscow [Jun 7]
"The Saudi Ministry of Culture and Information organized Monday cultural days in three Russian cities. Iyad Madani, the Saudi Minister of Culture and Information, launched the events in the Russian capital Moscow. 'This is the first time Saudi cultural events are held in Russia,"'said Abu Bakr Ba-Qader, the Ministry's Undersecretary for International and Cultural Relations. Ba-Qader noted that most of the Saudi cultural events would occur in the Moscow University. He gave reasons why Qazan, in particular, was chosen. 'The history of Qazan and Bulgar played a role in choosing them since Islam came into the two cities a thousand years ago. Since that time, Qazan, where the first Islamic books were printed, has become important in the Islamic culture'.." [more]

Oil Rises on OPEC's Decision to Leave Production Quotas Unchanged [Jun 7]
"Oil rose on OPEC's decision not to increase production quotas, which sparked supply fears. Mohammed al-Hamli, the cartel's head, was quoted as saying oil supplies were 'sufficient currently' and there was no need for an emergency meeting. OPEC cannot increase production without holding an extraordinary general meeting.. ..Consumers were hopeful OPEC might increase production in a bid to ease prices.." [more]

ECS Set to Take on Saudi Arabia During the Coming Year [Jun 7]
"Taiwanese powerhouse Elitegroup Computer Systems (ECS) has set its sights on the Kingdom as it looks to continue its Middle East expansion. The vendor of motherboards, video cards, desktop PCs, notebooks, servers, wireless and mobile products is looking to leverage off its manufacturing might and reach out to the local channel with a variety of solutions for both components and finished goods. ECS�s account manager Pearl Shieh also revealed that the firm, which is celebrating its 20th anniversary this year, is looking for in-country partners to better serve the channel.." [more]

~~~~~~~~ [ Jun 6 ] ~~~~~~~~~

Saudi Arabia Will Stick to Dollar Peg [Jun 6]
"Saudi Arabia has said that its will take measures that suit its national economy in response to the US Federal Reserve's reduction of dollar interest rates. It added that it does not feel it necessary to follow the American step.. ..In remarks published yesterday, the Sama governor, however, denied any pressures at present on the Saudi riyal and its exchange rate against the dollar. He underlined the support of all Gulf Cooperation Council (GCC) states in creating a single GCC currency, adding that there is no member state that is unconvinced of having a single GCC currency.." [more]

Virtue Commission Member Calls for Fairness From People [Jun 6]
"The news of the death of a man, who was beaten up by members of the Commission for the Promotion of Virtue and the Prevention of Vice in Riyadh, has spread shock and horror in Saudi society. To add to people�s dismay, the subsequent news of the death of another man, who died of a heart attack after being detained by commission members in Tabuk, has only added to the flak that the commission is currently receiving. The deaths have kicked-off a massive debate in the Saudi press on the role of the commission in Saudi society.." [more]

Opec Wary on Raising Output [Jun 6]
"Opec would need evidence of a sustained drop in oil inventories before members decide to pump more, the group�s secretary general said yesterday, rebuffing calls from consumers for higher supply. The comments from Abdullah al-Badri are the latest sign that Opec will not rush to open the taps despite crude prices at $70 a barrel. The group next meets to set policy in September. 'If we are convinced from the figures that we will get from different organisations here and in the States that there is a drawdown in the stocks, then there is a shortage in the market, of course Opec will react,' .." [more]

Three Held for Running Terror Websites [Jun 6]
"Security forces have arrested three members of a deviant group responsible for running extremist and terrorist websites, the Interior Ministry announced yesterday. The websites espoused an ideology of �takfeer� � the labeling by extremists of all who do not agree with their version of Islam as infidels. Two of the men are Saudis and the third is an expatriate resident of Madinah, the statement said. The statement said, �Security forces arrested a national calling himself �Abu Aseed Al-Falouji� who ran a highly organized site aimed at recruiting youths by using special effects to attract them.� His prominence on the Internet made him a link between deviant groups in the country and sympathizers outside, the statement explained.." [more]

Saudi Insurance Premiums to Triple by 2017 [Jun 6]
"Saudi Arabia seeks to nearly triple the volume of insurance premiums to at least 20 billion riyals ($5.3 billion) by the end of 2017, local newspapers on Tuesday quoted the central bank's deputy-governor as saying. 'Efforts deployed ... and the future developments in the insurance sector over the next ten years target raising insurance premiums to at least 20 billion riyals at the end of that period,' .. ..Saudi Arabia is the largest economy in the Gulf Arab region, one of the world's most under-insured areas, partly due to the belief that insurance indicates a lack of religious faith. Standard & Poor's estimated last year that per capita premiums in the Gulf were around 2% of those in Europe.." [more]

Hyundai Wins $1bn Contract From Saudi [Jun 6]
"Hyundai Heavy Industries Co, the world�s largest shipyard, agreed to build a power station for Saudi Arabia�s Jubail Water & Power Co for 985.9bn won ($1.06bn). Construction will be completed by March 2010, the Ulsan, South Korea-based company said yesterday in a regulatory filing. Hyundai Heavy is also involved in building refineries, power plants and other facilities. Hyundai Heavy and South Korea�s other contractors are more than halfway to matching a record set in 1981 for orders from the Middle East. Saudi Arabia has awarded the most contracts.." [more]

Sultan, UK Minister Hold Defense Talks in Riyadh [Jun 6]
"Des Browne, British secretary of state for defense, wrapped up a two-day visit to the capital yesterday and held talks with officials to strengthen defense relations between the two countries and review the security situation in the region.. ..Commenting on the visit, Alex McDonald-Vitale, spokesman at the British Embassy, said: �The visit provided a useful opportunity for both parties to renew friendships and exchange views on issues of mutual interests.� He added that defense links are part of the important bilateral ties. The spokesman said that Browne visited the Kingdom for the first time as secretary of state for defense.." [more]

Kingdom Bids to Boost Tourism [Jun 6]
"The Supreme Commission for Tourism (SCT) will license 18 tour operators next week as part of efforts to boost domestic tourism, according to Prince Sultan ibn Salman, secretary-general of the commission. The move augurs well for the government�s strategy to increase from six percent to 16 percent the tourism sector�s share in the gross domestic product (GDP) by 2020. The sector, including Haj and Umrah services, currently contributes six percent to the GDP � SR55 billion ($14.6 billion) annually to state coffers. The commission has taken measures to strengthen the Kingdom�s tourism 
industry.." [more]

~~~~~~~~ [ Jun 5 ] ~~~~~~~~~

Saudi Arabia Arrests 3 Al Qaida Suspects [Jun 5]
"Saudi Arabia said on Tuesday it has arrested three suspected Al Qaida militants involved in spreading the group's ideology through the Internet. The Interior Ministry identified two of them in a statement by their aliases Abu Osaid Al Falluji and Abu Abdullah Al Najdi and said the arrests were part of a crackdown on terrorism and 'misleading media that seeks to spread their deviant ideology'.. ..Saudi-owned Al Arabiya television said earlier the three were members of Al Qaida and that one of them was involved in plans to hit the kingdom's oil industry. The ministry said Najdi, also a Saudi, re-published an Internet magazine that was started by Al Qaida, Sawt al-Jihad, calling for attacks on the kingdom's oil industry.." [more]

Man Who Died Wasn�t Breaking Law [Jun 5]
"A man, who died on Friday, possibly from a stress-related heart attack while in religious police custody, wasn�t breaking the law, according to Sheikh Sulaiman Al-Anzi, the head of the Commission for Promotion of Virtue and Prevention of Vice in Tabuk. Al-Anzi said yesterday that it was determined after the arrest of 50-year-old Ahmed ibn Mussalam Al-Bulawi that the deceased was the driver of the family of the woman he picked up in his car, but he stopped short of admitting outright that the officers had made a mistake.. ..An investigation is currently taking place and five officers are reportedly being questioned for the death. The governorate of Tabuk and the General Investigation and Prosecution Authority (GIPA) are investigating the case.." [more]

Kingdom�s Industrial Sector Urged to Train Saudis [Jun 5]
"The urgent need to specify job vacancies, areas where Saudization cannot be applied, as well as the role played by government institutions to train Saudis in the country or abroad in the industrial sector were highlighted in a recent study done for the Riyadh Chamber of Commerce and Industry (RCCI). The study, conducted by Dar Al-Khibra for Economic Consultations, established that there was as little as 12 percent of Saudis working in all the industrial fields in the Kingdom, while noting at the same time the increase of foreigners, estimated at 88 percent of the total national workforce in the same sector.." [more]

Bear Stearns in Saudi Venture [Jun 5]
"Bear Stearns has agreed a joint venture with a consortium of Saudi business leaders to form an asset management firm for institutional and high net-worth individuals in Saudi Arabia. Bear Stearns Arabia Asset Management (BSAAM) will be a Saudi Arabian registered company which will develop and distribute Sharia-compliant and other investment products. In addition, it will leverage Bear Stearns Asset Management�s platform, offering traditional equity and fixed income, as well as hedge fund and private equity products.." [more]

Economic Cities Offer Investment Scope to Young Saudi Nationals [Jun 5]
"A large number of investment opportunities await young Saudi businessmen and women at the kingdom's new economic cities in Rabigh, Hail, Madinah and Jizan, according to Fahd Al Rasheed, deputy governor of Saudi Arabian General Investment Authority (SAGIA).. ..SAGIA Governor Amr Al Dabbagh said the new economic cities in the kingdom would contribute $150 billion to the gross domestic product (GDP) by year 2020. The four economic cities require at least SR300 billion in 
capital investment.." [more]

Mega World Jewel Capital Complex to Rise in Riyadh [Jun 5]
"As a standing testimony to Riyadh as �a center of opulence and regality,� a major SR1.5 billion project is in progress to make the city the �world�s jewel capital� as envisioned by Prince Bandar ibn Mohammed Al-Saud. Opposite the Directorate of Passport on King Fahd Road, at the heart of this complex will be a 7-star hotel, the first of its kind in Riyadh, along with luxurious villas and a four-story commercial center of international jewelry and luxury shops.. ..The three-in-one complex would bring it global recognition as the World Jewel Capital (WJC),� Say said, adding that his is the first Philippine company to land a prestigious contract in the Kingdom.." [more]

~~~~~~~~ [ Jun 4 ] ~~~~~~~~~

Saudi Arabia Promotes $283 Billion Infrastructure Projects at US Forum [Jun 4]
"The Saudi Arabian General Investment Authority (SAGIA) was one of the constituents of the Universal Express Friendship Invitational Business Forum that was held in Orlando, Florida, recently to promote mega infrastructure projects launched by the Saudi government entailing total investments of $283 billion over the next three years.. ..According to the US Census Bureau and the US Saudi Business Council, total US exports to Saudi Arabia for 2005 amounted to $6.8 billion, up from $5.2 billion the previous year. The US is also the leading foreign direct investor in Saudi Arabia, accounting for more than 25 per cent of the total inward Foreign Direct Investment (FDI). In 2005, the top three US states that exported to Saudi Arabia were Texas, New York and Florida.." [more]

In Saudi Capital, a Mind-Jangling Mix of Tradition and Modernity [Jun 4]
"It's all the buzz in the Saudi capital - the two new skyscrapers that soon will soar upward from this city in the middle of flat and barren desert, taking their place above a row of chic new sidewalk cafes. They are a sign of the kingdom's flush of oil money. But they point to something else that surprised me on my first visit back in six years - a sense of stability, even confidence, that is rare across the Mideast these days. Saudi Arabia, while clearly every bit as worried as its Arab neighbors about Iran's new aggressiveness, Iraq's spreading chaos and the United States' waning influence, does not seem particularly panicked.." [more]

Financial Services Vital to Saudi Economy [Jun 4]
"The Saudi government is developing its econ-omic instruments and structures in order to compete regionally and internationally and contribute to enhancing the Kingdom's global economic position after joining the World Trade Organisation, said Saudi Crown Prince Sultan bin Abdul Aziz. Addressing the 16th meeting of the Saudi Economic Society (SES) in Riyadh on Saturday evening, Prince Sultan noted that the financial services sector is vital to the Kingdom's national economy.." [more]

$3tr Needed for Tourism Industry [Jun 4]
"More than 800 hotels will open in the Middle East in the next 13 years, creating the crucially needed infrastructure to support the growing tourism sector, a British-based think thank said in a study.. ..Chief executive Rohit Talwar said the number of hotels will far exceed 800 as Saudi Arabia alone plans to have 557,000 rooms in several Red Sea projects. 'They have not yet announced how many hotels they are going to have'.. ..The region is expected to see its income from tourism grow from an estimated $150 billion in 2006 to $280 billion in 2020.. ..He said efforts are required to address major environmental concerns like consumption of resources, generation of waste and carbon emissions.." [more]

Indra Wins First IT Contract in Saudi Arabia [Jun 4]
"Indra Sistemas SA said it has been awarded a contract worth 1.1 mln eur to install its OCEN information technology system at a combined cycle power plant in Saudi Arabia, its first deal in the country. In a statement, Indra said the contract confirms expansion in electricity generation in the Middle East, and particularly in Saudi Arabia, which 'has the growth potential to become one of the most attractive markets of the region.' The Saudi government is targeting a 12 bln eur investment in independent water and energy projects until 2016.." [more]

Saudi to Get New Medical TV Channel [Jun 4]
"Saudi Arabia will soon have a new TV channel dedicated to healthcare. The channel is being set up by MOA.CO, a Saudi Arabian company, to raise the level of health care awareness among families in the Kingdom. The channel will air healthcare educational programmes on diseases, drugs, civil defense, health food and products; and will include interviews with doctors and documentaries.. ..'Medical companies will also be allowed to promote their products through the channel as long as they are approved by the Saudi Ministry of Health and related to healthcare'.." [more]

Conference to Focus on IT and National Security [Jun 4]
"A four-day conference on Information Technology and National Security will be held here from Nov. 3-6 as part of the Kingdom�s drive against terrorism via the Internet and other security issues.. ..One of the goals of the conference, said Prince Muqrin, was to 'encourage researchers in modern technology to use it in such a way as to serve national security in a comprehensive manner.' He said some 1,000 delegates, including IT experts from the Kingdom and abroad, were expected to attend the conference at the King Fahd Cultural Center. An exhibition on electronic and IT security will also be organized on the sidelines of the conference.." [more]

~~~~~~~~ [ Jun 3 ] ~~~~~~~~~

US Embassy Withdraws Invitation to Saudi Official [Jun 3]
"The US Embassy here has withdrawn a dinner invitation it extended to a senior Saudi official without offering any reason. Soliman Al-Buthi, general manager of Environmental Health at the Riyadh Municipality, was extended an invitation to attend a US Embassy function in Riyadh outside the Diplomatic Quarter yesterday. The American mission subsequently withdrew the invitation when it was found that the invitee was the former director of the Al-Haramain Islamic Foundation.'We invited Soliman Al-Buthi to an embassy sponsored function and later we withdrew it,' Rachel Grass from the US Embassy, told Arab News yesterday without giving reasons for the change of heart.. ..Al-Buthi, 45, was designated a terrorist by the US government for his role in operating the Al-Haramain Islamic Foundation in the southern Oregon city of Ashland.." [more]

Saudi Religious Police Quizzed Over Man's Death [Jun 3]
"Five members of the religious police have been arrested in Saudi Arabia and accused of being responsible for the death of a man in their custody, police said on Sunday. A statement said a probe was under way into Friday's death of the unidentified man in one of the offices of the Muttawa, the Commission for the Promotion of Virtue and Prevention of Vice, in the northwestern city of Tabuk. The religious police, who enforce a strict Islamic moral code, were questioning the man for allegedly associating with a woman who was not a relative.." [more]

Saudi Stock Index Drops 2 Percent [Jun 3]
"After falling 2.81 percent last week, the Saudi stock market continued to drop sharply yesterday. The Tadawul All-Share Index (TASI) fell over 2 percent or 150.48 points to 7,342.18, its lowest close in almost a month. Out of 89 stocks traded, shares of 84 companies declined while only three companies � The Saudi Investment Bank, Savola Group and Makkah Construction & Development Co. � were in positive territory yesterday. The value of traded shares was over SR5.70 billion yesterday compared to SR42.35 billion last week.." [more]

Sabic to Sell $2.2b Bonds for GE Unit [Jun 3]
"Saudi Basic Industries Corp (Sabic), the world's largest chemical firm by market value, said yesterday it would sell bonds worth $2.2 billion to fund its purchase of General Electric's plastics unit. Sabic bought General Electric's plastics unit for $11.6 billion last month. The company had previously said it would borrow up to 75 per cent of the 
purchase price. 'About 25 per cent of three quarters of the deal's value will be in bonds'.." [more]

Samsung Launches Saudi Website [Jun 3]
"Samsung Electronics Co., Ltd announced today the launch of a new website dedicated to the Saudi market.. ..Samsung�s Marketing Manager in Saudi Arabia. 'Reiterated Samsung�s commitment to providing our Saudi customers with a tailored experience. It is more than an Arab-ized version of the company�s original site. We are enhancing technical and marketing support services in the local users� language.'.. ..The Saudi market has a niche for high end household products and mobile phones.." [more]

Malaysian Centre to Build Proton Car Plant in Saudi Arabia [Jun 3]
"A senior official at Malaysian Centre, a private Saudi company owned by Al Qabba Group, announced that the company is planning to set up an assembly plant in Saudi Arabia to market the Malaysian Proton cars in the Middle East, Khaleej Times reported. The official said that the company expects to sell more than 2,000 Proton cars in the Middle East 
initially and the number is expected to increase to 5,000 units within the next three years. He added that the company also plans to promote Malaysian products to all the member countries of the Organization of Islamic Conference (OIC).." [more]

New US Magazines Target Muslim Women and Teens [Jun 3]
"A new publication is aiming to break negative stereotypes about Islam and to help young Muslim women feel confident and optimistic about being Muslim in America. Muslim Girl was launched in January with the headline: �Enlighten, Celebrate, Inspire.� The bi-monthly magazine targets hundreds of thousands Muslim teenagers in North America who want a magazine that reflects their values, ambitions and goals. Muslim Girl is the latest of several new magazines catering to Muslim Americans.." [more]

Kingdom to Host GCC Health Care Conference [Jun 3]
"Saudi Arabia will host the Sixth Gulf Conference on Primary Health Care and the seventh Scientific Meeting for Family and Community Medicine entitled �Future of Family Medicine and Primary Health Care in the GCC� for three days starting tomorrow at King Faisal Conference Hall in Riyadh. GCC health ministers decided that the year 2009 would be the year of supporting primary health care for families and communities in the region. �The success of the health systems is measured by the primary health care,� said Dr. Tawfik Khoja, director general of the Executive Board of Council of Health Ministers of GCC States.." [more]

Saudi Project Provides 254 Houses for the Needy [Jun 3]
"On behalf of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, who chairs the Foundation for His Parents for Developmental Housing, the governor of Ha�il, Prince Saud Bin Abdul Mohsen Bin Abdulaziz will inaugurate a project in al Ghazala, Ha�il, on June 9, 2007. The inauguration ceremony will see Prince Saud presenting documents and 
keys to houses to the chosen citizens. 254 houses that each measure 396 square meters will be accommodated by 1778 citizens. The project has cost a total of 60 million Saudi Riyals.." [more]

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