Jul 22-Jul 28, 2007

~~~~~~~~ [ Jul 27 ] ~~~~~~~~~

U.S.-Saudi Tensions To Increase In 2008 [Jul 27]
"U.S. Secretary of State Condoleezza Rice and Defense Secretary Robert Gates will visit Saudi Arabia's capital Riyadh on July 31. As the United States looks to regional actors for support on Iraq, Iran and Israeli-Palestinian issues, it will find that Riyadh is not going to play its assigned role. While President George W. Bush's administration faces long odds on these issues already, the Saudi position makes the prospect for success even less likely.. ..Such tensions are a normal feature of the Saudi-U.S. relationship and do not necessarily herald a crisis in the making. However, while core relations will not be affected, they will add to the tensions likely to emerge between the countries on Middle East issues and make for an uncomfortable few months in bilateral relations in 2008.." [more]

Enhancing a Culture of Human Rights [Jul 27]
"The human rights report released by the National Society for Human Rights (NSHR) toward the end of May is indicative of the government�s new political direction under Custodian of the Two Holy Mosques King Abdullah, according to a recent Al-Majalla magazine interview with Dr. Bandar ibn Mohammad Al-Hajjar, president of the NSHR. The 67-page NSHR report, which cited violations of the rights of women, prisoners and workers as well as injustices in law courts, discrimination against non-Saudis, can be viewed as major stepping stone in the progression of human rights and freedom of expression in the Kingdom.. ..On the release of the report, the first by a human rights body in Saudi Arabia, Al-Hajjar said that the NSHR plans to enhance and implement a culture of human rights in Saudi Arabia, adding that the organization is less than three years old and has managed to publish its first report opening the door to partnerships with other social establishments.." [more]

Saudi Media Discuss Creation of Second MSI [Jul 27]
"A group of media personnel gathered here this week to discuss the state of the media in the Kingdom. This nongovernmental effort by media people in Saudi Arabia, along with the US-based international organization IREX, aimed at creating the second so-called Media Sustainability Index, or MSI, for Saudi Arabia. The MSI is a survey by IREX regarding the state of press freedom and other issues pertaining to the freedom of information in different regions of the world. In 2005 the survey was created for the MENA (Middle East/North Africa) region.. ..Subjects that were rated included legal protections that encourage freedom of information and expression, journalistic work ethics and the plurality of perspectives offered in the local press. Saudi Arabia�s total score was 2.04 out of four.." [more]

~~~~~~~~ [ Jul 26 ] ~~~~~~~~~

Saudi Earthquake Release US$ 2.0 Million to World Food Programme [ Jul 26]
"Saudi Public Assistance for Pakistan Earthquake Victims has released US$ 2.0 million to World Food Programme for the distribution of flour bags among quake survivors of October 8, 2005 in Azad Kashmir and NWFP Northern Areas.. ..Saudi Public Assistance For Pakistan Earthquake Victims, Ibrahim Homaily said the Saudi Relief Organization was established specially for quake hit survivors to help mitigate their sufferings and in this regard relief in different areas. Recently, the organization has provided 0.7 million US dollar school material to Read Foundation schools. At least 22,000 schools children including girls and boys upto matric level were provided bags, stationery books, two set of uniforms for each student and other essential material used for educational purposes.." [more]

Top Cleric Defends Religious Police in Face of Criticism [Jul 26]
"Saudi Arabia's top cleric yesterday defended the country's powerful religious police in the face of increasing complaints of malpractice and brutality, warning that critics are spreading moral corruption. The excesses of the religious police, known as the Commission for the Propagation of Virtue and the Prevention of Vice - including charges of torture and killing - have stirred a rare backlash in the kingdom.. .."Propagation of Virtue and the Prevention of Vice is a great ritual which God has made one of the traits of the faithful," Shaikh Abdul Aziz Bin Abdullah Bin Al Shaikh, the kingdom's mufti and highest religious authority.. .."Those who call for marginalising it do not mean good. It is corruption because they demand the nation to deviate from the path of God," he said.." [more]

SFD Provides SR 1209.5 Million to Developing Countries [Jul 26]
"The Annual report of The Saudi Fund for Development (SFD) showed that it financed 16 development projects in 12 Asian developing countries with an amount SR 1209.5 Million in 2006, according to Minister of Finance Dr Ibrahim Al-Assaf, who is also Chairman of the Board of Directors of SFD. As part of the SFD message to support development in beneficiary-countries, the financing for projects was allocated to such projects which have positive impact for the poor in beneficiary-countries, thus the financing was distributed among sectors which have high priorities in fighting poverty. "Out of this amount, 47.26% was allocated to transport and telecommunication sectors; 40% assigned for health, education and urban development while the remaining percentage was for agriculture and energy.." [more]

SAGIA Announces 51% Rise in FDI to SR68.6 Billion [Jul 26]
"The Saudi Arabian General Investments Authority (SAGIA) has announced a remarkable increase in the foreign direct investments in the Kingdom over the last three years. 'The volume of foreign investments in 2006 is estimated at SR68.6 billion, a 51 percent growth compared to 2005 while the volume of the domestic investments amounted to about SR125 billion in the same year registering a growth rate of 9 percent against the previous year,' Awad Al-Awad, undersecretary of the SAGIA governor said in press statement yesterday.. ..Observing that the largest portion of the foreign investments were directed to industries of energy and its derivatives in 2006, Awad said 'Taking into account the fact that the Kingdom has the largest and most important economy in the region, it will not be a strange matter if foreign investments flow into the country.'.." [more]

NSHR Investigates Cases of Terminally Ill Prisoners [Jul 26]
"The National Society for Human Rights (NSHR) is investigating reports of sick prisoners in Saudi jails, who � contrary to Saudi law � are being kept in prison and not freed, reported the Al-Eqtisadiah newspaper. The investigation follows news about the death of an Indian cancer patient who recently died while in prison in Riyadh. Farki Matthew, a cancer patient who also had a brain tumor, was arrested last month by police following a car crash. Being unable to pay for damages to another car and and a lamppost, Matthew was imprisoned, where he died.. ..although the society believes that the giving and taking of life is in Allah�s hands, the NSHR cannot comprehend how some organizations fail to understand the sensitivities of cases involving extremely sick prisoners.." [more]

~~~~~~~~ [ Jul 25 ] ~~~~~~~~~

Secretary Rice's Travel to the Middle East [Jul 25]
"Secretary of State Condoleezza Rice will travel to the Middle East from July 30to August 2, 2007. During her stops in Sharm el-Sheikh, Egypt and Jeddah, SaudiArabia, she will be accompanied by Secretary of Defense Robert Gates; the two will meet with their counterparts to discuss the ways in which Iraq's neighbors can help advance the cause of security and stability in that country. While in Sharm el-Sheikh, Secretary Rice will meet with the Foreign Ministers of the Gulf Cooperation Council countries, Egypt, and Jordan to consult on regional issues. Secretary Rice also will travel to Jerusalem and Ramallah for meetings with Israeli and Palestinian officials.." [more]

King to Visit Britain [Jul 25]
"In response to an invitation from Her Majesty Queen Elizabeth II of Great Britain, the Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz will pay an official three-day visit to the United Kingdom in the fall. The visit will commence on October 30 and aims at discussion of issues pertaining to bilateral relations as well as a number of regional and international issues. Saudi Arabia and the UK have had a long relationship that today has matured into one of mutual respect and vigorous trading. Saudi Arabia is the UK's biggest trading partner in the Middle East and the Kingdom rates as the UK's 25th largest importer.." [more]

Saudi Releases 2 Reformers [Jul 25]
"Saudi Arabia said it had freed two prominent reformers on bail while a US human rights watchdog on Tuesday condemned the detentions of the activists. Human Rights Watch identified the two as Abdullah Al Hamid, a lawyer, and his brother, Isa Al Hamid and said they were arrested on July 19 along with five women who had peacefully demonstrated for a speedy trial for their imprisoned relatives. The protest took place three days earlier outside a jail in the town of Buraida. One of the imprisoned was Abdullah Al Hamid's client.." [more]

Saudi Arabia: Hold Religious Police Accountable for Killing [Jul 25]
"Saudi authorities should hold religious police accountable for their fatal beating of a 28-year-old man in Riyadh on May 23, 2007, Human Rights Watch said today. Despite eyewitness testimony that four religious police officers fatally beat Salman al-Huraisi, criminal investigators are charging only one volunteer officer in the incident. Meanwhile, Saudi officials have attempted to downplay the religious police�s responsibility for the death, and police are harassing the victim�s family. Al-Huraisi is the second person since May to die in the custody of religious police after a beating. 'The Saudi authorities should ensure that all those responsible for beating Salman al-Huraisi to death are held accountable,' said Sarah Leah Whitson, Middle East director at Human Rights Watch.." [more]

International Forum to Focus on Saudi Seaports [Jul 25]
"An international forum on maritime transportation to be participated in by neighboring countries and international organizations is being organized by The Chamber of Commerce and Industry in Jeddah for next month. The forum aims to publicize how Saudi seaports adhere to the highest environmental standards, and to open opportunities for investments in the Kingdom. 'We will raise the status of seaports in Saudi Arabia by discussing the operations of maritime piracy and various concerns like wages, services and procedures'.. ..The Saudi seaports are distinctive for their strategic locations.." [more]

Iraq, Saudi Arabia Advance to Final [Jul 25]
"Iraq moved into its first Asian Cup final, beating South Korea 4-3 on penalty kicks Wednesday night after a 0-0 tie. At least 50 fans were killed by car bombs during postgame celebrations in Baghdad. Iraq advanced to Sunday's final in Jakarta against Saudi Arabia, which beat two-time defending champion Japan 3-2 in Hanoi. The winner of the tournament joins the United States, Brazil, Italy and host South Africa at the 2009 FIFA Confederations Cup along with the champions of Europe, Africa and Oceania..' [more]

Saudi Stocks Heading for 10-15 Percent Growth [Jul 25]
"The Saudi stock market is heading for steady gains after suffering massive losses in 2006. The Tadawul All-Share Index (TASI) dropped by 52.53 percent to 7,933.29 points last year. The market capitalization also dropped 49.72 percent to SR1,225.86 billion ($326.9 billion) in 2006. The TASI, however, gained 133.75 points or 1.8 percent to 7,570.42 yesterday with market turnover of around SR7.76 billion. According to a report by the Riyadh-based Jadwa Investment released yesterday, the macroeconomic and stock market conditions are in place for steady gains in share prices on the Saudi stock market.." [more]

~~~~~~~~ [ Jul 24 ] ~~~~~~~~~

Saudi Arabia to Inject Funds Into ITFC [Jul 24]
"Saudi Arabia will infuse the Islamic Trade Financing Corporation (ITFC) with SR112.5 million ($30 million). The money will come from the General Investment Fund. Culture and Information Minister Iyad Madani made this announcement yesterday after the weekly Cabinet meeting chaired by Custodian of the Two Holy Mosques King Abdullah at Al-Salam Palace in Jeddah. ITFC, a recently established subsidiary of the Islamic Development Bank (IDB) group, aims to develop export and import markets among IDB member states. The ITFC has $3 billion in capital. IDB controls a majority stake in the ITFC.." [more]

Japan Brace for Saudi Assault [Jul 24]
"Japan coach Ivica Osim has warned that the defending champions will face an unknown quantity when they clash with long-time rivals Saudi Arabia in their Asian Cup semi-final on Wednesday. Both teams are looking for a record fourth continental title with Japan beating the Saudis 3-1 at home in their last meeting in November to avenge a 1-0 loss away two months earlier.. ..Saudi Arabia, who last won the title in 1996 but failed to reach the knockout stage in 2004 for the first time in two decades, have shown solid form through the tournament, whipping Uzebekistan 2-1 in the quarter-finals.." [more]

Girls of Riyadh Spurs Rush of Saudi Novels [Jul 24]
"Saudi Arabia has seen a literary explosion in the last two years after the success of Girls of Riyadh, a taboo-breaking novel that this month went on sale worldwide in English.Rajaa Alsanea's insight into the closed world of Saudi women and their disappointments in love caused a storm in the Islamic state where the Beirut-published book was at first banned, although it is now available. But strikingly, Saudi Arabia's literary output doubled in 2006, with half of the authors women, and publishing industry insiders suggest the growing interest is partly due to Alsanea's book.." [more]

Gulf Marts Mixed; Saudi Index Rises [Jul 24]
"Gulf shares closed mixed yesterday with Saudi, the region�s largest market, leading the risers and Abu Dhabi the decliners.. ..Saudi shares closed up 0.6% at 7435.28 after falling during early trade. Heavyweight Sabic, up 0.4% at 126 riyals, helped the index rise. Telecom stocks also bolstered gains. There was some value buying with the market closing above 7424, its 10-day moving average, said a Saudi market analyst.." [more]

Alfaisal University Signs Pact With MIT, KACST [Jun 24]
"Alfaisal University has signed a three-way agreement with the Massachusetts Institute of Technology (MIT) and the King Abdul Aziz City for Science and Technology (KACST) to conduct research in water, biotechnology and other areas of interest to the Kingdom. Dr. Alan Goodridge, acting president of Alfaisal University, said the university has also concluded a Memorandum of Understanding (MoU) with MIT on an open courseware system. This would enable the university to conduct onsite and distance learning programs for Saudis and expatriate students to pursue higher education in science, medicine, business technology and engineering.." [more]

~~~~~~~~ [ Jul 23 ] ~~~~~~~~~

Aramco Resumes Operations After Fire [Jul 23]
"State oil company Saudi Aramco announced on Monday that operations from a fire damaged pier at their export oil terminal had resumed. Four people died and a durther 12 were injured as a result of the fire on Thursday at the world�s largest offshore oil export terminal. 'The Ras Tanura North Pier is back in operation, but the two berths affected by the fire are currently not in service,'.." [more]

Global Industries Awarded Berri & Qatif Projects by Saudi Aramco [Jul 23]
" Global Industries, Ltd. announced today that its subsidiary Global Al Rushaid Offshore Company, Ltd. has signed a contract with Saudi Aramco for the Berri Water Injection and Qatif Crude Offshore Pipelines Projects. The work will be performed in the Qatif and Berri Fields off the Eastern coast of Saudi Arabia.. ..B.K. Chin, Chairman and Chief Executive Officer, stated: 'This project award represents a significant step for Global as we position ourselves as a major player in the Middle East, a crucial oil and gas market. We look forward to working for Saudi Aramco on this project and many more in the future.'.." [more]

Opec Ready to Pump More Oil [Jul 23]
"Opec is concerned about the potential impact of the near-record price of oil on the world economy but has seen little sign that growth has been hit by higher energy costs, the group's president said yesterday. The Organisation of Petroleum Exporting Countries stands ready to pump more oil if needed, but it is not clear whether the group will need to boost output before the end of the year, said Opec President and UAE Energy Minister Mohammad Bin Dha'en Al Hamili.." [more]

Saudi Arabian Airlines Reportedly in Talks to Buy Dreamliner 787 [Jul 23]
"State-owned Saudi Arabian Airlines is in talks with Boeing Co. (BA : Boeing Co. to buy its 787 Dreamliner, Riyadh-based Arab News reported Monday citing a Boeing official. Ahmed Jazzar, Boeing's president in Saudi Arabia, was quoted as saying that the Chicago-based Boeing is also eyeing investment opportunities in the kingdom's six economic cities. Boeing signed a memorandum of understanding with the Saudi Arabian General Investment Authority in May for partnership and cooperation in the aviation sector.." [more]

Change in Financial Culture Bodes Well for Kingdom [Jul 23]
"Recent changes in the Saudi Arabia�s financial culture bode well for the development of the investment market. The GCC (Gulf Cooperation Council) region is changing rapidly, adding to its traditional reliance of commodities � particularly oil � financial trading and investment. Saudi Arabia in particular, with over 70 percent of the GCC population and 70 percent of the wealth, is in the view of Christian R. Mouchbahani, CEO of Jeffries Investment Bank in the Middle East and North Africa (MENA), a key area in the region and one that offers tremendous potential for growth. In his view the challenge developing the markets in the Kingdom is something of a groundbreaking exercise and one with tremendous potential.." [more]

Saudi Television Station Mecca to Launch Russian-Language Channel [Jul 23]
"The establishment of a Russian language channel within the Saudi Arabian television company Mecca was discussed at a meeting between Mecca television channel Chairman Al Auid Assam Salah and Russian Council of Muftis head Ravil Gainutdin in Moscow. The council's official website said the new channel is supposed to broadcast for the Russian-speaking population of Russia, Ukraine, Kazakhstan, Kyrgyzstan, Tajikistan, Georgia, Armenia, and the Baltic states. The channel plans to open subsidiaries in these countries later.. ..The channel's programs will include those aimed at preventing the circulation of extremist ideas within the Islamic environment.." [more]

Saudi Shares Drive Regional Markets Lower [Jul 23]
"Shares in Saudi Arabia, the largest Gulf market, led all other regional bourses lower yesterday with investors preferring to encash recent gains on earnings. Many stocks had run up ahead of the earnings season beginning July and investors are booking profit now.. ..Shares in Saudi Arabia, the worst performing Gulf market, ended down 1.5% at 7,391.9, led by losses in index heavyweight Saudi Basic Industries Corp. The share closed down 1.8% at 125.50 riyals. There was some late selling in banking and telecom shares that added to the weakness, said a trader. The market fell below its 10-day moving average of 7431 and that could indicate further weakness, but Sabic is still trading above its 10-day moving average of 125 riyals.." [more]

No Plans to Back Off Saudization Demands [Jul 23]
"Saudi Arabia is not considering reducing the quota set for employment of Saudi nationals in the commercial sector, a statement from the Labor Ministry said yesterday.. ..Some employers have complained that it is difficult to meet the government�s quotas because of a lack of skilled citizens for high-end jobs or difficulties in recruiting Saudis for low-skilled jobs that foreigners are willing to do for much less money. Generally speaking, the more the sector requires technical expertise by workers with advanced degrees, the lower the Saudization quota. The minister said that his ministry would �act firmly� in seeing that establishments implement the directive. He said that commercial establishments had already been given three years to train Saudi workers to replace foreigners in several sectors.." [more]

New Cities to Create 2.1m Jobs [Jul 23]
"The new industrial cities being built in Tabuk, Hail, Eastern Province, Madinah, Rabigh and Jizan will create a total of 2.1 million job opportunities over the period between 2010 and 2020.. ..While presenting a paper in a seminar organized by the Riyadh Chamber of Commerce and Industry recently, Abdul Wahid said: 'Out of a total of 1.3 million new permanent jobs in these cities, 170,000 jobs would require skilled workers, 675,000 would be for semi-skilled and 455,000 would need only a low level of skill.'.." [more]

~~~~~~~~ [ Jul 22 ] ~~~~~~~~~

Another Try on Mideast [Jul 22]
"Secretary of State Condoleezza Rice will chair a peace-seeking conference on the Middle East this fall - time, place, participants and agenda to be announced. It's supposed to help put the Palestinians on the road to statehood. But there are caution signs everywhere. Tying his government to the United States and its allies may appeal to Palestinian President Mahmoud Abbas as a way to get traction on the way to a state, at least in the West Bank, but Palestinians overwhelmingly loathe the United States and many still support "martyrdom" attacks against Israelis.." [more]

Want to Understand Islam? [Jul 22]
"Nearly half of Americans have a generally unfavorable view of Islam, according to a 2006 Washington Post-ABC News poll, a number has risen since the Sept. 11, 2001, terrorist attacks. That climate makes it easy to lose sight of the fact that the majority of mainstream Muslims hate terrorism and violence as much as we do -- and makes it hard for non-Muslims to know where to begin to try to understand a great world faith. Like Judaism and Christianity, Islam originated in the Middle East. As F.E. Peters shows in "The Children of Abraham," the commonalities can be striking. Muslims worship the God of Abraham, as do Christians and Jews. Islam was seen as a continuation of the Abrahamic faith tradition, not a totally new religion.. ..The Gallup World Poll's helpful section on the Muslim world www.muslimwestfacts.com  sheds some light on the views and aspirations of more than 1 billion Muslims.."  [more]

Fire at Oil Terminal Under Maintenance Kills Four [Jul 22]
"State oil firm Saudi Aramco said yesterday four people died at a fire which did not affect crude and oil product exports from the world's largest offshore oil export facility. A statement said two Filipinos, an Indian and a Sri Lankan died in the incident at Ras Tanura, all workers with a maintenance firm used at the site. Twelve were injured, including one Saudi official from Aramco and 11 workers from India, Sri Lanka and Bangladesh. It said the fire was brought under control within an hour after it erupted on Thursday morning.." [more]

King Bails Out Makkah Daily With SR10 Million [Jul 22]
"A 49-year-old Makkah institution was bailed out of financial troubles with a SR10 million cash infusion from Custodian of the Two Holy Mosques King Abdullah�s personal account yesterday. Al-Nadwa, which has chronicled the daily life of Islam�s holiest city in modern times, has been unable to meet payroll for the past three months.. ..�King Abdullah ordered the payment of the amount to the Al-Nadwa newspaper from his personal account to help it overcome its current financial crisis,� said Culture and Information Minister Iyad Madani in a statement to the Saudi Press Agency.The culture and information minister said that the kind gesture is proof of the king�s support for the Kingdom�s media. Madani added that he hopes the newspaper will regain its glory and competitiveness through the king�s donation.." [more]

Saudis Down Uzbeks In Quarter-Final [Jul 22]
"Saudi Arabia became the fourth team to reach the semi-finals of the Asian Cup after an exciting 2-1 victory over Uzbekistan in Jakarta on Sunday. Goals in each half gave the Sons of the Desert a two goal lead but the Central Asians never gave up and ensured a tense quarter-final finale with a goal with ten minutes remaining.." [more]

OPEC Research Head: Fair Oil Price $60-$65 [Jul 22]
" A fair price for both oil producers and consumers for a barrel of oil would be around $60 to $65 a barrel, a Kuwaiti state oil newsletter quoted the head of OPEC's research division as saying. 'A price of $60 to $65 is appropriate for consumers and producers, because it boosts means of investment in the oil industry in light of growing demand for oil in the coming years,' state firm Kuwait Petroleum Corporation's (KOC) monthly newsletter quoted Hasan Qabazard as saying. 'OPEC seeks to supply markets sufficiently at proper prices'.. ..The price of OPEC's reference crude oil basket stood at $73.23 on Thursday.." [more]

Jul 15-Jul 21, 2007

~~~~~~~~ [ Jul 21 ] ~~~~~~~~~

Asian Cup: Saudis Vow to Silence Critics [Jul 21]
"Saudi Arabia's coach has proved his critics wrong so far in the Asian Cup and could shut them up altogether by winning Sunday's quarterfinal clash against Uzbekistan.. ..The team goes in to the quarterfinals on a high after demolishing Bahrain 4-0 on Wednesday. In its first group match, it drew with South Korea and then scored in the last minute against a determined Indonesia to win 2-1. 'We are in transition to a new generation,' dos Anjos, who was largely unknown to Saudi soccer fans until he took control of the national team six weeks ago, told a media conference Saturday. 'But up until now, we can say they are doing well.'.." [more]

TV Told Not to Promote Regionalism [Jul 21]
"Abdullah Al-Jasser, undersecretary at the Ministry of Culture and Information, has criticized Saudi owners of satellite channels for promoting regionalism in a recent press statement. He charged them with promoting narrow-minded regionalism.. ..He affirmed that, 'giving the television channels names such as the Al-Qassim Channel or Jeddah Channel is nothing but unwelcome narrow regionalism, which every loyal citizen should condemn.' The official continued that the founder of the Kingdom, the late King Abdul Aziz, unified the Kingdom on the principle of brotherhood of the people and the unity of the society with loyalty to the land and the state. The people have been following this path since then.." [more]

Saudi Arabia: Female Cases Rise by 25% in Labor Ministry [Jul 21]
"The number of complaints filed by females to the Primary Committee for Workers' Problems [PCWP] has increased to make up 25% of all filed cases and complaints, according to the Ministry of Labor.. ..This comes at a time when the Chairman of the PCWP revealed that some private companies use ploys to repel employees from the workplace, instead of firing them. He said, 'Nowadays, companies do not fire employees in a straightforward manner but instead put other means to play until the employee opts to quit of his own accord. This way the company prevents law suits.' Al-Ghamdi called upon companies to take heed to rules and regulations set by the Ministry of Labor. He warned owners of companies against neglect of their employees, and asked that they be given their full rights.." [more]

SRMG Appoints Booz Allen Hamilton as Consultant [Jul 21]
"The Saudi Research and Marketing Group (SRMG) announced the appointment of Booz Allen Hamilton, leading global consulting firm, as its management consultant for the development of its vast growth strategies aimed at guaranteeing its sustained growth besides fortifying its market competitiveness, according to an SRMG statement yesterday. Hamilton will make extensive studies on SRMG�s short term and medium term initiatives for the ideal performance of its media companies.." [more]

Corporate Results Keep Saudi Stocks Volatile [Jul 21]
"Saudi shares were volatile last week as corporate results for the first six months of the year continued to come out.The Tadawul All-Share Index (TASI) gained 0.67 percent last week, closing at 7,501.56 points, up from 7,451.38 points in the previous week. TASI is currently 5.4 percent lower than the year�s start. According to the weekly report of the Riyadh-based Bakheet Financial Advisors (BFA), the market was reacting to the mixed performance of the blue chip firms.." [more]

Expats Hopeful of Saudi Amendment [Jul 21]
"In March, the Saudi cabinet endorsed amendment to Article 16 of the Naturalisation Law. The Article pertains to granting Saudi nationality to foreign women married to Saudis or foreign widow of a Saudi. Implementation of the amended Article will come into effect later this month as the cabinet stipulates that the decision shall come into effect 90 days after being published in the official gazette.. ..The decision stipulates that the Interior Minister may delegate his authorities in this regard to whoever official he deputises, while in the previous provision only the minister has to decide in such matters.." [more]

~~~~~~~~ [ Jul 20 ] ~~~~~~~~~

Beware of Fake Jihad: Saudi Mufti [Jul 20] 
"Saudi Arabia�s Grand Mufti Sheikh Abdulaziz Al-Shaikh has urged the Muslim youth to be aware of elements that were launching �fake jihad�. In an interview, he said that there were large numbers of such elements, which were giving lessons of fake jihad to the youth and misguiding the common man. 'Self-claimed mujahideen with their version of jihad are only distracting Muslims'.. ..Sheikh Abdul Aziz said that jihad, in present time, was to shun evil and follow the teachings of Islam.." [more]

Fire Reported at Saudi Aramco [Jul 20]
"There has been talk in the markets since yesterday about a fire which broke out at Saudi Aramco's Ras Tanura facility. On investigating, a polymerupdate team member was informed that the fire had broken out at Saudi Aramco's Ras Tanura North Product Terminal on Thursday at approximately 9:30 a.m.. The fire was brought under control by 10:30 a.m.. The area was undergoing maintenance activities at the time of the incident.." [more]

Saudi-Kuwaiti Owned Website Largest Job Portal in Arab World [Jul 20] 
"With more than 50,000 job seekers and 5,000 employers � including 100 top corporate clients � registered within a few months of its being launched, a local recruitment portal, Mihnati.com, has emerged as the largest job portal in the Arab world with a slew of innovative features.. ..The portal, he said, has emerged as an integrated one-stop-shop for companies and institutions with recruitment needs. 'In fact, Mihnati.com can help you like no other organization can,' said Najjar, adding that the employers in the Gulf are becoming more and more interested in recruiting online.." [more]

Italian-Led Consortium Wins Railway Project [Jul 20]
  "A Saudi-Italian-Russian consortium has won a SR22.5 billion ($6 billion) project to build the Jeddah-Makkah-Madinah high speed railway line, a source at the Italian Embassy in Riyadh told Al-Eqtisadiah business daily, a sister publication of Arab News yesterday. The source said the selected consortium comprises the local company Saudi Oger, Italian companies Italian State Railway FS and Finmeccanica, and a Russian company called RZD.. ..But in a recent statement to Al-Jazeerah newspaper, Transport Minister Dr. Jabara Al-Seraisry, chairman of the Saudi Railways Organization (SRO), gave no indication of any particular consortium being selected for the railway project.." [more]

Bank Shares Rally Over $929m Deal [Jul 20]
  "Shares of Albaraka Banking Group rallied yesterday after Saudi Investment Bank agreed to buy 50 per cent of Bahrain-based Islamic lender. The Saudi bank said it had agreed to buy half of Albaraka Banking from Dallah Albaraka Group in an all share deal that would be worth $929 million at Wednesday's closing price.. ..Saudi Investment gets access to Albaraka's 230 branches in 10 countries. Saudi Investment will pay for the stake by issuing new shares to Dallah Albaraka, which together with its president, Shaikh Saleh Abdullah Kamel, owns 55pc of Albaraka Banking, Ahmed Abdul Ghaffar, assistant vice-president of investor relations at Albaraka Banking said.." [more]

~~~~~~~~ [ Jul 19 ] ~~~~~~~~~

Saudi Arabia Thrashes Bahrain, Tops Group [Jul 19]
"Three-time champion Saudi Arabia routed Bahrain 4-0 on Wednesday to finish atop Group D and remain in Jakarta for an Asian Cup quarterfinal during the weekend. Saudi Arabia scored twice in each half against Gulf rival Bahrain, which needed at least a draw in the Gelora Sriwijaya Stadium to qualify.." [more]

Our Focus Is on Local Tourism [Jul 19]
"The Supreme Commission for Tourism (SCT) has announced plans to build a full-fledged tourism information center and establish three new tourism projects along the Red Sea coast this year, a senior official from SCT announced yesterday.. ..Prince Sultan said.. ..that the aim of the future tourism projects was to invest in Saudi tourists � not foreign tourists. 'SCT�s focus is on local tourism. The tourist we are targeting is the local tourist, who travels abroad,' .. ..He mentioned that focusing on local tourists had its economical benefits as well in addition to it being a national duty. 'The Saudi citizen today spends generously. We will not forsake him easily,' .." [more]

Calls for Release of Saudi Divorcee [Jul 19]
"US-based Human Rights Watch called on Saudi Arabia overnight to release a woman forcibly divorced by a court because her family claimed her husband's tribal lineage was not good enough for them. 'Saudi courts responsible for protecting families and children instead have torn apart a married couple and their children,' said the group's Middle East director Sarah Leah Whitson. 'The government must rectify this travesty and end harmful lawsuits brought by a woman's male family members.' Fatima Azzaz was jailed in August 2006 after she refused to return to the home of half-brothers who had obtained a court ruling annulling her marriage to Mansour al-Timani.." [more]

A Young Saudi's Online Gambit [Jul 19]
"A desire to bring to life his favorite heroes in Islamic history initially spurred Thamer al-Sikhan toward storytelling, and he wrote for hours every day: first historic series, then drama and comedy shows, and finally, when he was in college, a screenplay. But in a country without much of an entertainment culture, with no movie industry, no performing arts schools, where cinemas are banned and television production is in its infancy, Sikhan knocked on many doors but could not find a way to bring his stories to the screen.. ..In February, Sikhan, 27, launched the Arab Internet Channel with two comedy shows he wrote, directed and produced. Since then, more than 2 million people in Saudi Arabia and in neighboring Arab countries have watched episodes online, downloaded them to their iPods or viewed them on their cellphones.." [more]

Saudi Electricity to Issue $1.33b Sukuk [Jul 19]
"A statement released by the Saudi Electricity Company (SEC) said that the company has signed subscription agreements for a $1.33 billion sukuk, the largest ever to be issued by a Saudi entity.. ..SEC had earlier given a 10-day subscription period to investors during which the order book built up quickly to $1.87 billion. The overwhelming demand allowed SEC to issue sukuk worth SR5 billion, matching the maximum permitted by Saudi regulatory authorities.." [more]

HP Targets Oil and Gas in Saudi Arabia [Jul 19]
"HP and Al-Bilad Arabia have come together in Saudi Arabia targeting the oil and gas industry. The two companies will work on localising HP solutions for large SAP projects in the region. HP services together with SAP consultancy offered by Al-Bilad Arabia will help oil and gas customers improve business processes, implement IT solutions and systems seamlessly with the existing infrastructures and provide ongoing maintenance and enhancement of IT applications as necessary.. ..HP has been working with SAP on more than 55,000 customer implementations.." [more]

Gulf Arab Foreign Acquisitions in 2007 [Jul 19]
"Oil-rich Gulf Arab state Qatar has made a bid approach for J Sainsbury Plc, which newspapers said valued the supermarket group at about 12 billion pounds ($24.5 billion), including debt. Following is a chronology of some of the largest purchases of the past six months: February: An affiliate of Saudi Arabia�s National Industrialisation Co, partly owned by Prince Alwaleed, agrees to buy the titanium dioxide pigment business of Lyondell Chemical Co for $1.2 billion.. ..Saudi Basic Industries Corp agreed to pay $11.6 billion in cash for General Electric Co�s plastics business in the largest foreign 
acquisition ever announced by a Gulf Arab investor.." [more]

Construction Boom Sparks Steel Demand in ME [ Jul 19]
"The steel industry in the Middle East is heading for major expansion as crude steel production is projected to increase by nearly 70 percent from 15.4 million tons in 2006 to over 26 million tons by 2010. According to a report entitled �The Steel Industry Worldwide and Regionally: Assessment of Development and Outlook,� by the Kuwait-based Gulf Investment Corporation (GIC) released recently, steel demand in the region is dominated by long products, most of which are used in construction.." [more]

Bush's Proposed Conference Should Tackle Core Issues [Jul 18]
"Saudi Arabia yesterday welcomed US President George W. Bush's call for a Middle East peace conference, saying the meeting should tackle the core issues of the Israeli-Palestinian conflict. 'Saudi Arabia welcomes ... Bush's initiative, which contains important positive elements, including the call to end occupation and establish an independent, contiguous and viable Palestinian state,'.. ..'Regarding the international peace conference due to be held next fall, Saudi Arabia hopes this will come within the framework of a serious international endeavour that tackles the core issues of the conflict,' .." [more]

~~~~~~~~ [ Jul 18 ] ~~~~~~~~~

Kingdom Welcomes New Peace Initiative [Jul 18]
"Saudi Arabia yesterday welcomed US President George W. Bush's peace initiative which was announced in Washington on Monday. The US president called for an international conference later this year to include Israel, the Palestinian Authority and some of their Arab neighbors to help restart Middle East peace talks and review progress in building democratic institutions. A statement carried by the Saudi Press Agency quoted an official source as saying that the Kingdom welcomed Bush's initiative "because it specifically calls for an end to the Israeli occupation and the establishment of an independent, contiguous and viable Palestinian state.".." [more]

Huraisi's Father Wants Son's Assailants Executed [Jul 18]
"The father of the Saudi young man who was allegedly beaten to death when members of the Commission for the Promotion of Virtue and Prevention of Vice stormed his house in late May in the capital on the suspicion of his son selling alcohol has demanded execution of the persons responsible for his death. "I want execution. And I do not want just one person executed, but the three persons I saw beating up my son in the commission center that day,".. .."I am not dropping charges. They can offer any amount of money. I am not giving in," he added, referring to claims he made earlier, saying members of the commission had offered him money to drop the charges.." [more]

Indonesia Asks Saudi Arabia to Audit Airlines [Jul 18]
"The Indonesian government has invited Saudi Arabia to audit the safety standards of Indonesian airlines following its announcement of plans to adopt a European Union ban on all Indonesian airlines. "Saudi Arabia wants assurance that the kingdom is doing the right thing by adopting the EU ban," Transportation Ministry spokesman Bambang Ervan was quoted Wednesday by English daily The Jakarta Post as saying. "To convince them (otherwise), we have invited Saudi Arabia's General Authority of Civil Aviation (GACA) to do their own audit here".." [more]

HRC Visits Saudis in Syrian Jails [Jul 18]
"Dozens of Saudis are being held in Syrian jails on charges of trying to smuggle themselves into Iraq and other neighboring countries, the Human Rights Commission (HRC), Saudi Arabia's government rights body, said here yesterday. "A committee from the HRC visited Syria last week to meet officials there and also to meet the jailed Saudis," a source from the HRC told Arab News. He said that around 30 Saudis were imprisoned there. The HRC officials have been reportedly assured by Syrian officials that some of them would be returned to the Kingdom to be tried according to the Kingdom's laws. "Part of the HRC's role is to confirm reports it receives of Saudis being imprisoned abroad,".." [more]

IT Ministry to Create Women-Only Work Centers [Jul 18]
"Government departments as well private companies have started setting up more women-only work centers to handle an increasing number of women who are expected to enter the work force. The Ministry of Telecommunications and Information Technology recently embarked on a major project aimed at setting up office space for women workers at the ministry.. ..Nearly 250,000 Saudi women currently work at government departments and 45,000 others at private firms. The number of Saudi women is expected to exceed that of their Saudi male counterparts by 2010 when the Saudi population is estimated to cross 26 million.." [more]

~~~~~~~~ [ Jul 17 ] ~~~~~~~~~

Saudi Women Stage Sit-in Over Detentions [Jul 17]
"Wives of Saudi men detained on suspicion of links to militant groups complained to the authorities yesterday, saying their husbands should be released or face a public trial, families said. 'Our husbands and sons are in prison ... We have sent telegrams and we've gone to the Human Rights Commission but it's useless. So we are staging this sit-in,' Rima Al Juraish said by telephone. She said she was speaking from outside a state security headquarters in Al Qasim region north of Riyadh.. ..Khalid Al Omair, an Islamist reform activist held for six months in 2005, said many detainees were wrongfully arrested and praised the women for trying to draw attention to the issue.." [more]


Sri Lanka Deputy Foreign Minister to Leave for Saudi to Plead Mercy for the Doomed Housemaid [Jul 17]
"Sri Lanka's Deputy Minister of Foreign Affairs Hussein Bahila has scheduled to leave for Saudi Arabia next Friday to plea mercy for young migrant housemaid Rizana Nafeek who is sentenced to death in Jeddah for killing a baby. The parents of Rizana are also to go with the Deputy Foreign Minister with the hope of meeting the family members of the deceased baby who can grant pardon to the doomed housemaid. Their tour was scheduled for the past Monday but was postponed as the Sri Lanka diplomatic mission in Saudi Arabia could not make an appointment with the Saudi family.." [more]

S&P Raises Kingdom's Credit Ratings [Jul 17]
"Standard & Poor's has raised its foreign and local currency long-term sovereign credit ratings on Saudi Arabia to "AA-" from "A+". At the same time, the local and foreign currency short-term ratings were raised to "A-1+" from "A-1". The outlook is stable. Standard & Poor's also raised the transfer and convertibility (T&C) assessment on Saudi Arabia to "AA+" from "AA". "The upgrade primarily reflects Saudi Arabia's extremely strong and rapidly improving external and fiscal positions,".." [more]

Saudi Samba Earnings Slump Continues [Jul 17]
"Samba Financial Group reported its third consecutive decline in quarterly profit, the last of Saudi Arabia's four largest banks to blame declining second-quarter earnings on a slump in brokerage activity. Samba, the second-largest Gulf Arab lender by market value, said profit in the three months to 30 June fell 7.56% to SAR 1.296 billion (US$345.6 million), its lowest level in three years. Analysts forecast for second quarter earnings ranged from SAR 1.21 billion to SAR 1.30 billion, according to a survey. A decline in brokerage activity led to a 9% drop in net income in the six months to 30 June, the bank said.." [more]

~~~~~~~~ [ Jul 16 ] ~~~~~~~~~

Saudi King Abdullah Meets Jumblat [Jul 16]
"Saudi King Abdullah, whose country has been involved in efforts to solve Lebanon's ongoing political crisis, has held talks with Druze leader Walid Jumblat, official media reported. Sunday's meeting in the Red Sea city of Jeddah dealt with "the current situation in Lebanon," SPA news agency said. Jumblat, a prominent lawmaker from the anti-Syrian parliamentary majority and leader of the Progressive Socialist Party, was accompanied by Information Minister Ghazi Aridi, SPA said without providing further details. Jumblat's visit coincided with French-sponsored talks between representatives of rival Lebanese factions.." [more]

16 Saudis Transferred Home from Guantanamo [Jul 16]
" Sixteen Saudis transferred from the U.S. prison in Guantanamo Bay arrived home Monday and were immediately detained by authorities investigating possible terrorist connections, the official Saudi Press Agency reported. A total of 77 Saudis have now been returned from Guantanamo, Maj. Gen. Mansour al-Turki told SPA. He said 53 remain incarcerated at the U.S. military facility in Cuba, a source of tension in U.S. relations with Saudi Arabia, a close ally of Washington. Al-Turki's figures correspond to those maintained independently by The Associated Press. A Pentagon spokesman, Navy Cmdr. Jeffrey Gordon, confirmed Monday that 16 detainees had been transferred from Guantanamo to Saudi Arabia.." [more]

Diplomatic Clash Looms With US over BAE Arms Sale Investigation [Jul 16]
"A potential diplomatic collision with the US is looming over the corruption allegations against the arms company BAE. The department of justice in Washington has formally demanded that Britain hand over all evidence of secret payments the company made to members of the Saudi royal family to secure huge arms deals. The department has taken over the corruption investigation after British prosecutors were forced by the then prime minister, Tony Blair, to halt it late last year on alleged grounds of national security.." [more]

SITA in $16.8mn Saudi Airport Deal [Jul 16]
"SITA has signed an agreement with the Saudi General Authority of Civil Aviation (GACA) to automate passenger and baggage processing at all four of Saudi Arabia's international airports. The air transport IT business solutions provider will implement an IT investment program focused on departure control systems, passenger check-in and baggage management, valued at $16.8 million, over the next five years.. ..SITA will implement the new systems at the international airports of King Abdul-Aziz, Jeddah, King Khaled, Riyadh, King Fahd, Dammam, and Prince Mohamad, Medina.to handle all foreign airlines' departure passengers using these airports.." [more]

Saudi Arabian Garment Company Makes Hefty Investment in China's Cotton Base [Jul 16]
"A leading Saudi Arabian clothing company has launched a 50-million-U.S.-dollar cotton spinning project in Shihezi, northwest China's Xinjiang Uygur Autonomous Region. Ajlan Bin Abdelaziz Alaajlan & Bros, one of the top Arabian garment makers in the world, may realize an annual sales revenue of 650 million yuan after the 160,000-spindle project goes into operation next June, according to Tageldin Saad, Ajlan's CEO in China.." [more]

Profit-taking Hits Saudi Index Ahead of IPO Close [Jul 16]
"Profit-taking hit Saudi Arabia�s bourse benchmark yesterday as investors freed up cash before the close of Kingdom Holding�s IPO on Wednesday.. ..In Saudi Arabia, the index, the region�s worst performing market this year, fell 0.95% to 7,463.78 points. It is down 5.02% to yesterday�s close. 'There have been some good gains in the last 12 days,' said Youssef Kassantini, chief executive at Riyadh-based consultancy Bourse Experts. 'With the Kingdom IPO ending investors are selling so they can buy more shares in it.'.." [more]

Hundreds of Saudis Under Iraq Detention [Jul 16]
"About 160 Saudi militants have been tried in Iraq for taking part in its insurgency while hundreds others are in detention, a top Iraqi official told a local newspaper yesterday. 'Some 160 Saudi nationals arrested in Iraq have been put on trial while hundreds others await their trials,' Iraq�s national security adviser Muwaffaq al-Rubaie told the Okaz newspaper. 'There are hundreds of Saudis in Iraq. Many were killed in suicide attacks,' he said, claiming that foreign militants infiltrate Iraq 'from a neighbouring country,' in an apparent reference to Syria.." [more]

Suspect in Frenchmen�s Murder Captured [Jul 16]
"Naser Al-Balawi, a third suspect wanted by Saudi authorities for alleged involvement in the cold-blooded murder of four French nationals on Feb. 26 north of Madinah, was arrested in the northwestern Al-Jouf region of the Kingdom, the Interior Ministry announced yesterday.. ..Saudi authorities have been searching for Al-Balawi for the last four months. On March 6, the Interior Ministry gave Al-Balawi and another suspect, Abdullah Al-Muhammadi, an ultimatum to turn themselves in and offered a SR7 million reward for information leading to their capture. Al-Muhammadi is still at large and the ministry did not comment on whether a reward was paid to anyone for the arrest of Al-Balawi.." [more]

Saudi Petrochemical Industry: The Heart of Investment [Jul 16]
"In the era of market openness and fierce globalized competition, both multinationals and nations are once again reassessing their core competitive advantage. What is it they are good at and which makes them stand out from the crowd? For the Gulf nations, embarking on massive investment and infrastructure projects, this is an important question to ask, the alternative being lumbered with �white elephant�, uncompetitive and uneconomic projects down the road.. ..For Saudi Arabia, the choices are more open. The domestic market is the largest in the Gulf, and there are a diversified number of local industries that cater to this market, while at the same time upgrading their operations to meet international competition. The key comparative advantage lies in the Saudi petrochemical industry. The upstream oil and gas sector will remain the country�s main source of revenue, based on low cost energy and feedstock.." [more]

~~~~~~~~ [ Jul 15 ] ~~~~~~~~~

Saudis' Role in Iraq Insurgency Outlined [Jul 15]
"Although Bush administration officials have frequently lashed out at Syria and Iran, accusing it of helping insurgents and militias here, the largest number of foreign fighters and suicide bombers in Iraq come from a third neighbor, Saudi Arabia, according to a senior U.S. military officer and Iraqi lawmakers. About 45% of all foreign militants targeting U.S. troops and Iraqi civilians and security forces are from Saudi Arabia.. ..Fighters from Saudi Arabia are thought to have carried out more suicide bombings than those of any other nationality, said the senior U.S. officer, who spoke on condition of anonymity because of the subject's sensitivity. It is apparently the first time a U.S. official has given such a breakdown on the role played by Saudi nationals in Iraq's Sunni Arab insurgency.." [more]

Anti-vice Squad Banned From Detaining Suspects [Jul 15]
"Saudi Arabia has banned its anti-vice squad from detaining suspects after recent deaths in their custody raised questions about the role of the controversial force. Newspapers reported yesterday that Interior Ministry guidelines distributed to state prosecutors include an explicit ban on extracting confessions, and inspections of anti-vice squad offices to ensure no one is being held there. The order - which news agencies said was not meant to be made public - came amid reports that the squad sacked two of its members for questioning an Austrian pilgrim in Madinah after she filed a complaint with a government rights body.." [more]

Lebanese Group Held for Recruiting Saudi Youths [Jul 15]
"Saudi security forces arrested a group of Lebanese nationals recently for involvement in terrorist activities and attempts to recruit Saudi youths in armed terrorist organizations, reported Arabic language daily Al-Hayat on Saturday. The group members entered the Kingdom at different periods to avoid suspicion, Saudi security sources told the newspaper. The sources referred to an important information revealed by Abi Usaid Al-Falouji, who was detained in the Eastern Province two months ago along with two advocates of the deviant thoughts and experts in cyber technology.. ..The Saudi sources, however, did not deny or confirm the detention of Lebanese Al-Qaeda leader Bassam Hamoud alias "Abu Bakr." Hamoud is closely linked to the leaders of Fatah Al-Islam.." [more]

Technology Zones Get a Major Boost [Jul 15]
"An estimated SR400 million has been invested in setting up 800 factories in technology zones under the Saudi Organization for Industrial Estates and Technology Zones (SOIETZ) in Riyadh. Speaking to Arab News, Mohammed Al-Otai, administration manager at SOIETZ, and Mohammed S. Al-Motairi, acting manager at SOIETZ, said that there is a new trend among major Saudi businessmen to establish private industrial estates that would exclusively be reserved for them. 'There is a big demand for such estates,�' Al-Otai said, adding that a separate industrial estate for women is also under consideration.." [more]

Sabic Powers Saudi Index [Jul 15]
"Saudi and Kuwait bourses, the two largest markets in the Arabian Gulf, closed the first day of the week in opposite directions as earnings dictated trading trends. All other Gulf bourses are closed on Saturday for weekend holidays. Riyadh�s Tadawul All Share Index advanced 1.1% to 7535.4, powered by gains in market heavyweight Saudi Basic Industries Corp. Sabic closed up 1.4% at 127 riyals as investors stacked up the share on expectations of strong second-quarter earnings, said analysts.." [more]

Rabigh to Host Refining Station [Jul 15]
"A $40 million contract is to be signed today with the American Refining Company to build the Middle East�s first Caustic Soda Refining Station in Rabigh. The contract is to be signed by Prince Turki ibn Nassir, general-president of the Presidency of Meteorology and Environment, and representatives of the American Refining Company. The station will be built on a 62,500 square meter plot of land and will be finished by the second quarter of 2008.." [more]

Saudis on Top [Jul 15]
"Saudi Arabia shattered Indonesia's Asian Cup dream yesterday with a last-gasp winner and the nightmare got worse for fellow co-hosts Malaysia who were routed 5-0 by Uzbekistan.. .."Credit to us. The win was very important for Saudi Arabia," said Dos Angos, who has been under the cosh at home after his side's opening 1-1 draw with South Korea.." [more]

Kingdom Holding IPO 40% Covered [Jul 15]
"The retail portion of Saudi Arabia's Kingdom Holding's $861 million initial public offering was 40% covered by the end of Saturday, the lead manager said on Sunday. Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, is selling 315 million existing shares, or a 5% stake, to Saudi nationals at 10.25 riyals each, valuing the company at $17.2 billion. The IPO, which closes July 18, had raised 635.1 million riyals ($169.4 million) since opening on Tuesday.." [more]

NSHR Public Service Announcements on TV [Jul 15]
"Wanting to reach out for the Saudi public through television, the National Society for Human Rights (NSHR) is planning to launch a series of 40-second public service announcements on TV. NSHR President Bandar Al-Hajjar said the society is currently negotiating with a number of production companies to produce the spots. 'They are to educate people in all subjects of human rights issues. We are planning five or six announcements to be aired daily,'.. ..Other than the quickie 40-second televised messages the society is also preparing a television program devoted to men and women explaining how the NSHR helped them win grievances against government departments.." [more]

Jul 8-Jul 14, 2007

~~~~~~~~ [ Jul 14 ] ~~~~~~~~~

Saudi Students in US Told to Be Alert [Jul 14]
"Saudi students in the US have been asked to report to Saudi Cultural Attache in Washington DC if they receive calls from local security authorities. The students are to refrain from discussing sensitive issues that may be misunderstood.." [more]

Free Rizana, Women�s Education and Research Centre appeals to Saudi King [Jul 14]
"The Women�s Education and Research Centre has appealed to the Saudi King to pardon Rizana Nazik who is facing execution for the alleged murder of her Saudi employer�s infant. The Centre said they were making this appeal as she is only 17 years old child. They also pointed out that the accident was not deliberate but occurred due to Rizana�s youth and inexperience. 'She was not provided with a translator on time and we understand that the child died from choking and this was not communicated properly to all concerned. This was also further complicated by miscommunication,' the Centre said in a release. 'We note that the Kingdom of Saudi Arabia has ratified the UN Convention on the rights of the child.'.." [more]

Middle East Demand Powers the Resurgence of Fuel Oil [Jul 14]
"Surging economic growth and power demand in the Middle East are giving fuel oil a new lease of life and heralding big changes in international trade of the dirty left-over product of refined crude. As European demand for fuel oil has waned in recent years, its value has slump-ed, prompting refiners to upgrade plants or process lighter crude oil to reduce output of the loss-making product.. ..That is about to change, with repercussions for all three regions. 'There is strong demand growth for fuel oil for power generation in the Middle East among countries that don't have enough gas,'.." [more]

Saudi Firm Eyes Indian Baby Care Market [Jul 14]
"Saudi Arabia-based Al Batterjee Group plans to set up a manufacturing plant for baby care products in India and is targeting a turnover of Rs 20 crore in the first year of operations in the country. Company's Managing Director Sohail Fayyad told a press meet here that the manufacturing facility would be established soon.. ..The Saudi Arabia-based diversified group, with an annual turnover of $ 200 million, already has an understanding with Liyod Steel India for manufacturing of various steel products. The $ 80 million venture is expected to bring the group to the forefront of the Saudi steel industry.." [more]

HP and Al-Bilad Arabia Announce Strategic Partnership in Saudi Arabia [Jul 14]
"HP and Al-Bilad Arabia announced today a strategic partnership in Saudi Arabia in the oil and gas industry. This partnership between the two IT companies will localize the global HP consulting and integration experience especially for large SAP projects and bring it to the Saudi market. It will also help Al-Bilad Arabia to continue to expand its leadership in the Gulf market.." [more]

Crude Oil Prices Surge to a New 11 Month High [Jul 14]
"Oil rose yesterday, hitting an 11-month high above $77 a barrel on speculative buying as North Sea production problems and forecasts for rising demand tightened the supply outlook. Oil has gained more than $6 in two weeks on a wave of buying by funds during the US summer vacation season, when demand for gasoline peaks in the top oil-consuming country.. ..Adding to supply jitters was a report by the International Energy Agency which forecast oil demand growth will grow more quickly in 2008 than this year. But the West�s energy watchdog also but demand growth for this year after receiving new data for 2006, and said higher output and refinery capacity should ease pressure on supply.." [more]

Midyear Results Buoy Up Saudi Stocks [Jul 14]
"The Saudi stock market made hefty gains last week, buoyed by emerging reports about the performance of blue chip firms in the first six months of the year. The Tadawul All-Share Index (TASI) climbed 3.94 percent or 282.68 points, closing the week at 7,451.38 points, up from 7,168.70 points in the previous week. TASI is currently 6.1 percent lower than the year�s start.." [more]

~~~~~~~~ [ Jul 13 ] ~~~~~~~~~

Teenager's Beheading Tests Saudi's Sharia Law [Jul 13]
"The plight of a Sri Lankan teenager facing the death sentence in Saudi Arabia has received sympathetic attention from the global media during the past week. She is charged over an incident that, according to her, happened while she was trying to bottle-feed a 4-month-old infant.. ..the tragic incident occurred in which the infant choked as Rizana was trying to feed him.. .. On June 16, however, the court sentenced her to death by beheading.. ..Rizana Nafeek's case will test the justice system in Saudi Arabia, and sharia law in general, for better or for worse.." [more]

Asian Cup Group D Preview: Saudi Arabia - Indonesia [Jul 13]
"90,000 fans are expected to cram into the Gelaro Bung Karno Stadium on Saturday night as Indonesia take on Saudi Arabia in the second game in Group D.. ..The Saudis have reached five out of the last six Asian Cup finals.. ..The Saudis will be looking to get into winning ways after a 1-1 draw with South Korea. Coach Helio Cesar dos Anjos promised improvements after that result and the new boss knows that failure to defeat Indonesia will start to bring back unwanted memories of the team�s first-round exit in 2004. Bahrain pointed to the Indonesians� pace and passion of the fans as problems. There will be even more fans on Saturday and a young Saudi team will not find it easy.." [more]

Jeddah Festival Opens [Jul 13]
"Hundreds of thousands of Saudis, expatriates and foreign tourists thronged the Corniche last night to witness the launch of the Jeddah tourism festival, one of the major annual events of the Kingdom.. ..About three million tourists and holidaymakers are expected to attend the festival that includes 226 events, mostly entertainment programs.." [more]

Carrier Corp. Lands Multimillion-Dollar Contract [Jul 13]
"With 2.5 million pilgrims expected during the Haj season and 7.5 million visitors for Umrah, which includes two million pilgrims during Ramadan alone, the Kingdom�s air-conditioning industry has received a big boost. Carrier Corp., a business unit of United Technologies Corp., has announced that it has landed a multimillion-dollar contract for the supply of Aquaforce chillers to Safwa Hotel in Makkah.. ..'The rapid pace of infrastructural development in the Kingdom has triggered a huge demand for cooling systems across various segments,' said Baqir Ali Johar, general manager of Carrier Saudi Arabia.." [more]

~~~~~~~~ [ Jul 12 ] ~~~~~~~~~

Saudi Arabia Upholds Oil Supply Cuts for August [Jul 12]
"Saudi Arabia told major oil companies and Asian refiners on Wednesday that it would not relent on its oil export curbs next month, despite crude prices nearing record highs. Saudi Oil Minister Ali al-Naimi said none of its customers is asking for more crude oil.. ..In monthly notices sent to its customers, state oil giant Saudi Aramco said it would continue to supply its Asian lifters with about 9.5 to 10 percent less than their full contractual volume in August, as it has done since April, two industry sources in Japan and another in South Korea.." [more]

Raytheon Denies Ties to DoJ Probe on BAE [Jul 12]
"Military contractor Raytheon Co. on Wednesday denied accusations it was involved in getting the U.S. Justice Department to investigate British defense conglomerate BAE Systems Plc. The Waltham, Mass.-based company said any suggestions are "patently false" that it influenced Sen. John Kerry, D-Mass., who wrote letters last month to Justice and the U.S. Treasury Department asking about allegations BAE had paid bribes to the Saudi Arabian government.. ..Brundage confirmed that Kerry had written to Justice and Treasury regarding the matter, and he has yet to receive a response from either agency. Last month, Justice opened an investigation into BAE, one of the world's largest arm makers, to determine whether the company illegally sweetened a Saudi oil-for-arms deal with the British government.." [more]

Based on Astronomy, Ramadan Is on Sept. 13 [Jul 12]
"Based on astronomic calculations, Sept. 13 (Thursday) will be the first day of Ramadan while Dec. 19 (Wednesday) will be Arafat Day during Haj this year, according to Sheikh Abdullah ibn Munie, a member of the Council of Senior Islamic Scholars and the Umm Al-Qura Calendar Committee. Sheikh Munie, however, pointed out that the new crescent of Ramadan and Shawwal should be sighted by witnesses to determine the beginning and end of the fasting month, in accordance with Shariah regulations.. ..Islamic scholars around the world are divided on whether the beginning and end of Ramadan could be determined on the basis of astronomical calculations.." [more]

Arab National Bank�s Rating Upgraded by Fitch [Jul 12]
"Fitch Ratings has recently upgraded Saudi Arabia-based Arab National Bank�s (ANB) Long-term Issuer Default Rating (�IDR�) to �A� from �A-� (A minus), Short-term IDR to �F1� from �F2� and Individual rating to �B� from �B/C�. Simultaneously, the agency has affirmed ANB�s Support �2� rating. Following the upgrade, the bank�s outlook is now stable. Fitch executives said that their rating reflected ANB�s sustained strong performance, which Fitch expects to continue for the next few years while the Saudi Arabian economic environment remains benign.." [more]

Late Penalty Salvages a Draw for Saudi Arabia Against Koreans [Jul 12]
"Saudi Arabia salvaged a 1-1 draw against South Korea with a second-half penalty in an Asian Cup match interrupted for 25 minutes due to floodlight failure at Indonesia's Soviet-era stadium. Saudi striker Yasser Al Qahtani fired home the penalty on 75 minutes after the referee judged that South Korean defender Oh Beom-seok pulled down striker Malek Maaz.." [more]

~~~~~~~~ [ Jul 11 ] ~~~~~~~~~

Two Years of King Abdullah�s Rule [Jul 11]
"Today marks the passage of two years on the accession to the throne of King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques. During the last two years, the Kingdom has made remarkable achievements characterized by comprehensiveness and integration, thus molding a unique era in the country's progress and development.. ..his rule shows his keenness on legislating rules and building the country's institutions. Thus a series of Royal orders have been issued rendering effective developmental solutions to this expansion of the country which in their end yield best results.." [more]

Saudi Leader: Don't Blame Us For High Prices [Jul 11]
"Near-record oil prices are unrelated to supply and demand and none of Saudi Arabia's customers is asking for more crude, the kingdom's Oil Minister Ali al-Naimi said on Wednesday. Tightness in supplies of refined fuel like gasoline and international political tensions are helping propel oil's rally, Naimi told a news conference. 'The price today is not at all connected with the fundamentals of the oil industry. There is a good balance between supply and demand. Inventories are in a comfortable position, therefore fundamentals do not support high prices today,' the oil minister of top exporter Saudi Arabia said.." [more]

Saudi Economic City Developer to Launch IPO [Jul 11]
"The developer of an "economic city" project in northern Saudi Arabia will sell 30% of its shares to the public next month, Saudi newspaper Okaz reported on Wednesday. The developer of the Prince Abdul Aziz bin Mousaed Economic City was planning an initial public offering of shares and would have a capital of around 7.5 billion riyals ($2 billion), a partner in the project said last year. The sale would take place in mid-August and a Spanish company had taken a 30% stake in the project.." [more]

Research Center for Renewable Energy Set Up [Jul 11]
"Saudi Arabia has set up a world-class multimillion-riyal research center for renewable energy that seeks to empower the country to continue playing the role of world energy leader for years to come. The center, which is housed at the campus of the Dhahran-based King Fahd University of Petroleum and Minerals (KFUPM), is currently working on resource mobilization before its premier research activities kick off in a year�s time.. ..The move to open this research center is also significant keeping in view the fact that Saudi Arabia continues to face long-term economic challenges that place pressures on Saudi oil revenues. Hence, there is a need to diversify the economy and decrease reliance on oil, earnings of which make up around 90-95 percent of total Saudi export earnings, 70-80 percent of state revenues, and around 40 percent of the country�s gross domestic product (GDP).." [more]

Saudi Index Leads Gulf Markets Higher [Jul 11]
"Saudi Arabia, the region�s largest bourse, led the Gulf markets up yesterday, propped up by gains in index heavyweight Saudi basic Industries Co, or Sabic.. ..Riyadh�s Tadawul All Share Index, the worst performing Gulf bourse this year, closed up 0.8% at 7293.37, breaking a two-day losing streak. A 1.7% rise in the index heavyweight Sabic pushed the index up. Saudi Arabia British Bank and Al Rajhi Bank lost 2.9% and 1.7% respectively after the lenders reported fall in second-quarter results.." [more]

Awareness Drive to Promote Human Rights Set [Jul 11]
"The Ministry of Islamic Affairs, Guidance, Endowments has agreed with the Human Rights Commission (HRC), Saudi Arabia�s governmental human rights body, to begin an awareness campaign in the Kingdom to promote the ideals of human rights in the teachings of Islam.. ..The campaign will focus on creating awareness among Saudis and residents in the Kingdom about the teachings of human rights in Islam through Islamic propagation (dawa) symposiums, training courses, as well as publishing brochures on human rights in Islam and distributing them in the Kingdom.." [more]

~~~~~~~~ [ Jul 10 ] ~~~~~~~~~

Iraqi Delegation Heads to Saudi Arabia to Coordinate in Fighting Al Qaeda [Jul 10]
"An Iraqi delegation headed to Saudi Arabia on Tuesday to discuss how the two countries can coordinate in fighting the al-Qaida terror network, a senior Iraqi official said. "There is no doubt that the majority of the suicide bombers and those who drive the vehicles to blow up our innocent civilians, Iraqis, are Saudis," said Mouwaffak al-Rubaie, who heads the delegation. "We need to stop the flow of suicide bombers, we need to stop the fatwas (religious edicts) coming from Saudis to justify the killings of innocent Iraqis." "We need to coordinate our work and get into common understanding with the Saudis.." [more]

Alwaleed's Kingdom Opens IPO in Bet on Saudi Bourse [Jul 10]
"Billionaire investor Prince Alwaleed bin Talal starts selling shares in his Kingdom Holding on Tuesday in a cautious bet on the recovery of the Saudi bourse, the worst performer this year among Arab markets. Kingdom is selling 315 million existing shares, or a 5 percent stake, to Saudi nationals at 10.25 riyals ($2.73) each, valuing the company at $17.2 billion. The IPO will run until July 18.. ..He is taking his company public after a stock market crash halved the value of the Saudi bourse last year and diminished the appetite for initial public offerings in the world's biggest oil-exporting region.." [more]

IEA Sees Supply Crunch Looming [Jul 10]
"World oil demand will rise faster than expected to 2012 while production lags, leading to a supply crunch, the International Energy Agency said yesterday. In its Medium-Term Oil Market Report, the adviser to 26 industrialised countries said demand will rise by an average 2.2 per cent a year between 2007 and 2012.. ..The report points to a greater reliance on the Organisation of Petroleum Exporting Countries, source of more than a third of the world's oil. While foreseeing higher demand, the IEA expects less supply to come from producers outside Opec and the agency also trimmed a forecast for the 12-member group's unused production capacity.." [more]

Cleric Opposes Investment in Kingdom IPO [Jul 10]
"Interest in the public sale of a stake in Saudi Prince Alwaleed bin Talal's Kingdom Holding, which began on Tuesday, could be tempered by clerical opposition to a business empire often attacked as un-Islamic. The billionaire royal, often accused as being "al-amir al-majin" (the depraved prince) by Islamists on internet forums, is selling 5% of the flagship firm that has made him one of the richest people in the world. But a Saudi cleric who specialises in giving religious opinions on economic issues this week deemed Kingdom mired in activities forbidden by Islam, such as usury and alcohol.." [more]

Saudi Urges Gaza Takeover Probe [Jul 10]
"Israeli Prime Minister Ehud Olmert and Palestinian President Mahmoud Abbas will hold talks next week, Olmert's office said yesterday, as regional leaders intensify efforts to isolate Gaza's Hamas rulers. Saudi Arabia, meanwhile, called for reactivation of an Arab commission charged with probing the violent takeover last month of the Gaza Strip by Hamas. 'The Arab League must play a central role regarding (events) on the Palestinian scene, especially the application of its last ministerial meeting decision to send a commission of inquiry' to Gaza, the government said in a statement reported by the official SPA news agency. The statement came after a weekly cabinet meeting presided over by King Abdullah.." [more]

Jeddah Festival to Attract Three Million Tourists [Jul 10]
"The upcoming 28th round of the annual Jeddah Summer Festival is, according to its organizers, expected to attract more than 3 million tourists and generate an income of more than SR2 billion. The festival, which is planned to kick off on July 12, includes 200 different events and activities for all strata of society, especially children and women, said Saleh Al-Turki, chairman of the Jeddah Chamber of Commerce and Industry (JCCI).." [more]

~~~~~~~~ [ Jul 09 ] ~~~~~~~~~

Abdullah, Moussa Discuss Lebanon [Jul 9]
"Custodian of the Two Holy Mosques King Abdullah held talks here yesterday with Arab League Secretary-General Amr Moussa on major issues and developments in the region. The Arab League chief was in the Kingdom on the first leg of a tour that will also take him to Syria to discuss the crisis in Lebanon.. ..King Abdullah and Moussa discussed renewed Arab mediation in the Lebanese political crisis that has paralyzed the country for more than seven months, Arab diplomatic sources said. An Arab League mission to Beirut last month ended with no progress in getting Lebanon�s feuding political factions to the negotiating table.." [more]

Edict Against Liberals Raises Violence Fears [Jul 9]
"A religious edict by a prominent Saudi cleric suggesting liberals are not real Muslims has inflamed debate over reforms in the country, with self-professed liberals fearing they will be attacked. Responding to an online request for a religious edict, or fatwa, Shaikh Saleh Al Fozan said last month: 'Calling oneself a liberal Muslim is a contradiction in terms ... one should repent before God for such ideas in order to be a real Muslim'. The fatwa said liberal in this context meant 'freedom which is not subject to the bounds of Sharia.'.." [more]

Saudi Conservatives Blocking Online News -Editor [Jul 9]
"Saudi Arabia is blocking one of the Arab world's most popular online news outlets because of pressure from religious conservatives who are "fighting the future," the site's Saudi editor said this week. Since it was launched in 2001, Elaph (www.elaph.com) has become a prominent source of political and entertainment news in the Arab world with around 1.5 million hits a day, Managing Editor Sultan al-Qahtani told Reuters in Riyadh. Though the site is Saudi-owned, it has been blocked by Saudi authorities since May 2006. Its owner, who has business interests in Morocco, registered Elaph in Britain. The site employs 90 journalists worldwide.." [more]

Saudi Role in Camp Battle Overblown [Jul 9]
"The number of Saudis in the Al Qaeda-inspired Fatah al-Islam group battling the Lebanese army has been exaggerated by some Lebanese, a Saudi official was reported as saying yesterday. Lebanese troops have been fighting the militant group at a Palestinian refugee camp in north Lebanon since May 20. More than 200 people have been killed.. ..officials have said dozens of Fatah al-Islam�s members are from the kingdom, after hundreds of Saudis are thought to have gone to Iraq to fight with Al Qaeda militants against US forces and the US-backed government there. But Riyadh�s consul in Beirut, Abdel-Hadi al-Shafei, said few of the dead fighters had been identified as Saudi and there was no evidence that many more were fighting at the camp.." [more]

Brokerage Revenue Fall Pulls Down Saudi Bank Profit [Jul 9]
"Saudi Arabia's third-largest bank by market value, said yesterday second-quarter profit fell 9.4 per cent as brokerage revenue declined. The profit of $194.1 million in the three months to June 30, beat forecasts from two of three analysts polled by Reuters last month. The forecasts ranged from 629.1 million riyals to 786.9 million riyals. The decline was due to a loss of income from trading operations on the Saudi bourse, the Gulf's worst performer last year and so far this year, Fransi Chairman Sheikh Ibrahim al Touq said in a statement. 'The bank succeeded in raising revenue from conventional banking activities which will compensate for the decline in commissions from trading in Saudi shares,' he said.." [more]

Saudi Printing's Share Offering Closes With 36% Oversubscribtion [Jul 9]
"Saudi Printing and Packaging Co's (SPPC) 396 million riyal ($105.6 million) initial public offering closed 36.4 per cent oversubscribed, lead manager Samba Fin-ancial Group said yesterday. The IPO, which closed on Wednesday, attracted offers of 540 million riyals from more than 1.3 million Saudi retail investors, Samba said in a statement. Because more than 540,700 individual investors applied for SPPC's shares, Samba reduced the number of shares reserved for institutions from 70 to 50 percent of the total offering.." [more]

Kingdom to Get World�s Largest Ammonia Plant [Jul 9]
"Maaden and Samsung Engineering signed yesterday a contract to build the world�s largest ammonia plant. The plant is the final major infrastructure project in Maaden�s phosphate production project, which will make the Kingdom a world leader in phosphate production. The output of the completed project will supply 10 percent of the world�s annual requirement for phosphates. The SR3.6-billion contract with Samsung Engineering will deliver an ammonia production plant with a production capacity of 3,300 tons per day.." [more]

8 Paintings by Saudi Girls Win UN Prize [Jul 9]
"Eight Saudi girl students won in a paintings and greeting cards competition last week organized by the United Nations. The winning paintings are to help raise awareness among the youth of the importance of human development. About 140 girl students from nine schools in Saudi Arabia joined the contest. "These Saudi students participate in many international events to foster partnerships in line with the aspiration of the Kingdom to cope with international culture and contribute to global events, " said Shadia Ameen, Dar Al-Fikr headmistress.." [more]

Govt Agencies Told to Phase Out CFCs [Jul 9]
"As part of its intensified effort to protect the environment, the six-nation Gulf Cooperation Council (GCC) has called on government agencies and private organizations to phase out harmful substances including chlorofluorocarbon (CFCs) that deplete the ozone layer.. ..The new guidelines called for the imposing of penalties on business entities, which import or deal with equipment using ozone-harming substances, and the monitoring of halons used in fire extinguishing systems. The guidelines have also stressed the need to exchange new information and research materials between the Gulf countries, while renewing call to phase out CFCs, harmful gases and chemicals that been contributing 
to the depletion of ozone layer.." [more]

~~~~~~~~ [ Jul 08 ] ~~~~~~~~~

U.S. Human Trafficking Report Misses Progress: Saudi [Jul 8]
"Saudi Arabia has criticised U.S. charges that it is guilty of human trafficking, saying a U.S. State Department report was misleading and ignored Saudi efforts to stamp out the practice. Saudi Arabia was among 16 countries listed in an annual report released last month on the world's worst offenders in failing to prevent people being sold into the sex trade and servitude.. ..'Examining the American report on human trafficking, we felt that it was misleading ... It contains descriptions, opinions and understandings that are not necessarily true,' Turky Al Sudairy, head of the government's Human Rights Commission said in a statement published in Saudi newspapers.." [more]

BAE in New Multibillion-Pound Deal to Sell Hawk Jets to Saudis [Jul 8]
"British arms manufacturer BAE Systems is locked in negotiations for a new multibillion-pound deal to sell military aircraft to Saudi Arabia, just six months after the Government scrapped a corruption inquiry into a huge arms deal between the firm and the Saudis.. ..The arms industry bible Jane's Defence Weekly reports that BAE and the Saudi government are negotiating a new �1bn contract for 60 Hawk trainer jets. If that goes ahead, it will lock the Saudi air force, BAE and Britain's Royal Air Force into years of training co-operation that would be worth billions of pounds.." [more]

Saudi Businessman Blasts US Double Standard [Jul 8]
"Blasting the United States for its double standard in the Middle East policy, a Saudi businessman has said that while the country has a department of public diplomacy to try to undo the damage done to its image as a result of its wars in Afghanistan and Iraq, it persists in its pro-Israeli tilt along with a hostile attitude toward Muslims. This is one of the points raised by Turki Faisal Al-Rasheed, chairman of Riyadh-based Golden Grass Inc., an agricultural company, in a letter sent to all US congressmen.. ..Al-Rasheed said that 'when we talk of religious intolerance, the US, unfortunately, projects a poor image of a country that has become increasingly intolerant of Islam and symbols identified with this faith.'.." [more]

Saudi Bank Profits Fall [Jul 8]
"Saudi Arabia's Arab National Bank, the country's sixth-largest lender, said yesterday its second-quarter profit fell 1.1 per cent to 725 million riyals. The bank's first-half net profit rose 1pc to 1.37 billion riyals. First-half earnings per share were 3.01 riyals, compared with 2.98 riyals in the year-earlier period, Arab National said. Revenues in the six months to June 30 rose 5pc to 2.1bn riyals, while operating costs climbed 14pc to 735m riyals, it said. Shares of Arab National fell by 0.68 pc yesterday. Jordan's Arab Bank holds a 40pc stake in Arab National.." [more]

Q2 Expectations Power Saudi, Kuwait Shares [Jul 8]
"Saudi and Kuwait bourses, the two largest markets in the Arabian Gulf and the only ones open on Saturdays, closed up on the first trading day of the week as investors bet on positive second-quarter earnings. Riyadh�s Tadawul All Share Index advanced 2% to 7315.5, extending the late last week rally that pushed it firmly above the 7000-level. Sabic, the most weighted stock on the index, was among the biggest gainers and ended up 2.1% at 119.50 riyals. Strong second-quarter results are expected for the world�s largest petrochemicals firm by market value and that will boost the Saudi market this week.." [more]

Jul 1-Jul 7, 2007

~~~~~~~~ [ Jul 07 ] ~~~~~~~~~

Solve Iran Crisis Peacefully, Saud Says [Jul 7]
"Foreign Minister Prince Saud Al-Faisal yesterday reiterated Saudi Arabia�s call for a peaceful solution to the international standoff over Iran�s nuclear energy program and downplayed the idea of Tehran targeting GCC countries in the wake of a possible US strike against it. 'We have expressed our hope that the Iranian crisis is solved peacefully,'.. ..Asked about the chances of Iran striking at Gulf countries in the event of hostilities, the prince said: 'I haven�t heard of such a suggestion ... but it is inappropriate.'.." [more]

Premier Visits Saudi [Jul 7]
"Saudi Crown Prince, Deputy Premier, Minister of Defence and Aviation and Inspector General Prince Sultan bin Abdul Aziz al-Saudi received at his Jeddah Palace yesterday Qatar�s Prime Minister and Foreign Minister HE Sheikh Hamad bin Jassim bin Jabor al-Thani. During the meeting, they reviewed bilateral relations and discussed a host of other issues of mutual interest.." [more]

GCC Calls For Winding Back the Clock in Gaza [Jul 7]
"Gulf Cooperation Council called on Thursday for the situation in the Gaza Strip to return to how it was before Hamas seized control last month. '[We] demand the return of the situation in the Gaza Strip to how it was before the latest incidents,'.. ..The GCC foreign ministers ended their 103rd session held under the chairmanship of Prince Saud Al Faisal, Saudi Foreign Minister. UAE Foreign Minister Shaikh Abdullah Bin Zayed Al Nahyan, took part in the meeting.." [more]

Fitch Assigns Stable Rating for Samba [Jul 7]
"Fitch Ratings yesterday assigned a stable rating for Saudi Arabia-based SAMBA Financial Group (Samba). The agency affirmed Samba's Long-term Issuer Default (IDR) 'A', Short-term IDR 'F1', Individual 'B' and Support '1'. The Support Rating Floor is unchanged at 'A'. The Outlook for the Long-term IDR is Stable.. ..Samba's last year's results showed a strong performance with reported net income of 5.2 billion riyals, equating to an operating return on equity of 36pc.." [more]

Saudi Stocks Recover After Early Plunge [Jul 7]
"Saudi shares dived to record lows at the beginning of last week, but recovered later, reflecting a cautious approach ahead of the publication of semi-annual results of the listed companies. The Tadawul All-Share Index (TASI) hit its lowest point since February 2005, but recovered later to close at 7,168.70 points that represents a 2.25 percent increase over previous week�s close at 7,011.16 points. The index jumped 179.53 points or 2.57 percent on Wednesday. TASI is currently 9.6 percent lower than the year�s start.." [more]

~~~~~~~~ [ Jul 06 ] ~~~~~~~~~

Project to Fingerprint Expat Workers Takes Off [Jul 6]
"The Saudi passport department began fingerprinting foreign workers in the kingdom in a move that aims, among other things, to control the number of expatriate workers and cut the volume of paper used in the passport transactions.. ..A large number of foreigners overstay after coming for the Haj or Umrah. Many of them dispose of all their identity documents after entering the kingdom. The move to collect fingerprints from foreigners will also prevent those expatriates who flee after committing crimes in the kingdom from returning to the country under a different name and with a different passport.." [more]

Shoura Members Call for Rights Ministry [Jul 6]
"Some members of the Shoura Council requested the establishment of an independent ministry for human rights and civil society, according to a report by Al-Riyadh Arabic daily, Thursday. These members suggested during the Council's regular deliberations that the proposed ministry replace the national associations and organizations. Meantime, another group demanded the establishment of a National Commission for Discipline to probe into implementation and law enforcement of all the state bodies. The Shoura Council is to devote upcoming sessions in discussing the non-government organizations draft law which raised controversy on whether their function should be under the blanket 
of government or independent entities.." [more]

Sabic Plans to Raise $5b Through Islamic Bonds [Jul 6]
"Saudi Basic Industries Corp. (Sabic) could be planning to raise up to $5 billion through a programme of sukuk, an official of the Saudi-based Islamic Development Bank said yesterday. The world's largest chemical firm by market value, Sabic wants to use the money to pay for expansion, Islamic Development Bank Treasurer Mohammad Tarek told Reuters.. ..The Islamic Development Bank is a multilateral institution providing financial and technical assistance to Muslims. Sabic bought General Electric Co's plastics business in May for $11.6 billion and said it would borrow around 75 per cent of the cost. The largest single sukuk sale raised $3.52 billion for Nakheel Group in December.." [more]

Arabian Tourism Bank to Jump-Start Weak Industry [Jul 6]
"A deal was signed to establish an Arabian Tourism Bank to help create and improve tourist infrastructure facilities across the Arab world, at a meeting here on Wednesday night. Prince Sultan ibn Salman, secretary general of the Supreme Commission for Tourism, and Lebanese Tourism Minister Joseph Sarkis participated in the signing ceremony held at the Jeddah Hilton.. ..Sarkis said the agreement reflected the strong existing relations between Saudi Arabia and Lebanon. He urged Arabs to band together to promote tourism and said Arab League member states should collaborate to revive the ailing Middle East tourism industry after political instability and intermittent violence led to a sluggish 2006 season across the region.." [more]

Arab Bourses Vigilant as Investors Await Midyear Results [Jul 6]
"Cautious optimism is expected to dominate Arab stock markets in the coming week as investors monitor the midyear results particularly of blue chip firms.. ..Saudi shares dived to record lows at the beginning of this week, but recovered later, reflecting a cautious approach ahead of the publication of semi-annual results. The Tadawul All Share Index (TASI) of the Arab world's largest bourse hit its lowest point since February 2005, but recovered later to close at 7,168.70 points that represents a 2.2-per-cent increase over last week's close at 7,011.16 points.." [more]

~~~~~~~~ [ Jul 05 ] ~~~~~~~~~

Bin Laden Deputy Calls For Regime Change in Saudi Arabia [Jul 5]
"Osama bin Laden's deputy Dr. Ayman al-Zawahiri issued a new video calling for Muslim fighters to strike Western interests worldwide and for regime change in Egypt and Saudi Arabia. "The struggle against the corrupt regimes and the corruptors is in two phases... In the short term, one must take aim at the interests of the Crusaders and Jews," Zawahiri said in the new video.. ..Zawahiri dedicated a considerable part of his message to attacking Saudi royals and officials as "rapacious ones who want to possess the land, that which it holds and those who people it." He singled out Prince Bandar bin Sultan for allegedly receiving secret payments of more than one billion dollars from Britain's BAE following a 1985 aircraft deal with Riyadh.." [more]

Ismail Hails Saudi Political, Humanitarian Efforts towards Sudan [Jul 5]
"The Presidential Advisor, Dr. Mustafa Osaman Ismail has lauded the distinguished political and humanitarian roles played by the Kingdom of Saudi Arabia towards Sudan particularly on Darfur. Ismail stated that the Saudi Red Crescent is one of the major organizations operating in Darfur ever since the eruption of the crisis. He further considered the Saudi organization as a model for Arab organizations operating in Darfur.. ..The Ambassador disclosed that upon his departure to Khartoum, the Custodian of the Two Holy Mosques, King Abdallah Bin Saud directly instructed him to promote the two counties bilateral relations in all fields.." [more]

Riyad Bank Beats Profit Forecasts [Jul 5]
"Riyad Bank, Saudi Arabia's sixth-largest lender by market value, beat profit forecasts by expanding its lending business in the second quarter to compensate for tumbling stock market revenue. The bank, which reported declines in net profit over the past three quarters, said earnings rose 24.3 per cent from the year-earlier period to 848 million riyals ($226.1 million).." [more]

Umm Faisal vs. Commission: Trial Postponed Until Sept. 1 [Jul 5]
"The trial involving a 50-year-old Saudi woman who is suing the Commission for the Promotion of Virtue and the Prevention of Vice for a 2003 incident has been postponed until Sept. 1.. ..On Monday, the court postponed the hearing until September to give the commission time to contact the Riyadh Governorate (where the original lawsuit was filed in early 2004) regarding the paperwork in the case. On Monday, no representative from the commission attended the hearing, which was another reason for the postponement. A lower court had originally found the arresting commission member guilty and fined him SR2,000 while acquitting the other for lack of evidence.." [more]

US Demand Lifts Oil Near 10-Month High [Jul 5]
"Oil held steady around $73 a barrel after briefly marking a new 10-month high today as dealers waited for weekly US oil inventory data that is expected to show little change in crude or fuel stocks.. ..Oil prices have risen to a series of 10-month highs over the past week as traders fret over thin US gasoline supplies and fear a rapid drawdown in lofty crude stocks if Opec maintains its supply curbs through the peak summer demand season. Weekly inventory data due out later is unlikely to do much to change the medium-term outlook, according to a Reuters poll of analysts that shows an expected 100,000 barrels rise in distillate stocks and a 300,