Aug 26-Sep 1, 2007

~~~~~~~~ [ Sep 1 ] ~~~~~~~~~

Saudis Less Trusting of America These Days [Sep 1]
"The Kingdom of Saudi Arabia is increasing its oilfield security forces from 5,000 to 35,000. This dramatic increase in security, at considerable expense, is a response to changes in the geopolitical landscape brought about by the events of 2001 and the American-led invasion of Iraq in 2003. Saudi Arabia no longer perceives the United States as the ultimate guarantor of its security as it did back in the 1990s.. ..The Saudis only have to look north and see the turmoil in Iraq and the toll it has taken on American public opinion about the presence of American forces in the region. It is a two-edged sword for Riyadh.." [more]

Jordan's King Flies to Saudi Arabia for Peace Moving Talks [Sep 1]
"Jordan's King Abdullah II left for Jeddah Saturday for consultations with Saudi leaders ahead of the international conference on the Middle East proposed by US President George W Bush. The monarch was due to have talks with King Abdullah on 'latest Middle East developments and the situation in Iraq', according to a royal court statement.. ..'We hope the conference will represent a big opportunity for finding a solution to the Palestinian question, which is the core of the Middle East conflict, in accordance with the international legitimacy resolutions and the Arab peace initiative,' he added.." [more]

Kingdom Wants More Time to Resolve Case of Maltreated Maids [Sep 1]
"The Kingdom has sought more time from the Indonesian government to resolve the case of four Indonesian housemaids who were assaulted in Aflaj, a town 320 kilometers south of the Saudi capital Riyadh. Two of the maids died from the attack when a family member beat them to death, accusing them of witchcraft. Saudi police have since detained seven male suspects from the family.. ..'The Saudi government will soon settle the case where two maids were fatally maltreated and two others were subject to severe beatings in Saudi Arabia,' Abdulrahman Mohammed Amen Al-Khayyaf, Saudi ambassador to Indonesia, said after a meeting with Teguh Wardoyo, director of Indonesian Citizens and Legal Entities Protection at the Foreign Ministry in Jakarta on Wednesday.." [more]

Wives of Saudi Militancy Suspects Want Public Trial [Sep 1]
"Wives of Saudi men detained as part of a Saudi crackdown on militants fighting to topple the U.S.-allied monarchy held a protest on Saturday demanding the men be tried publicly. The protest was the second this summer, after a similar one in July which led to the brief detention of some of the women.. ..The detainees, who have been held for periods ranging from two to five years, were removed to Riyadh in June for induction in a "correction" programme run by clerics that authorities say has led more than 700 suspects to 'repent'.." [more]

35,000 Low-Income Housing Units Planned [Sep 1]
"Plans have been made to build 35,000 new low-income housing units in different parts of the Kingdom within two years, according to Ahmed ibn Ibrahim Al-Hakami, deputy minister of economy and planning. He said these housing units � targeted by the current Eight Five-Year Development Plan � would be built by the Social Affairs Ministry and charitable organizations. The Kingdom needs more than one million housing units to shelter its poor.. ..The king has donated five million square meters of land worth SR2 billion located between the Prophet�s Mosque and the Madinah airport for the foundation�s project in Madinah. The plot is meant as a source of income for the foundation.." [more]

Increase in Liquidity to Boost Saudi Stocks [Sep 1]
"Arab stock markets continued their strong performance last week as investors seemed to restore confidence in the regional bourses following the turmoil that swept international stock exchanges two weeks ago, analysts said yesterday. They attributed the rally partly to the low prices of Arab stocks, the return of Arab funds to regional markets after the plunge at world bourses and the adamantly soaring prices of crude oil which was expected to ensure comfortable surplus petrodollars for Arab countries. Saudi shares rallied last week, driven by the banking sector gains and the Saudi Cabinet�s decision to allow citizens of the Gulf Cooperation Council (GCC) member states to trade Saudi stocks on equal footing with Saudi citizens.." [more]

~~~~~~~~ [ Aug 31 ] ~~~~~~~~~

King Abdallah to Visit Kingdom [Aug 31]
"King Abdallah of Jordan will arrive in Jeddah tomorrow. King Abdallah will meet Custodian of the Two Holy Mosques King Abdullah to discuss regional and international issues besides exploring the ways to strengthen mutual relations between the two countries, Saudi Press Agency reported yesterday.."[more]

Pak Asks Saudi Arabia to Stall Nawaz Sharif's Return [Aug 31]
"The Pakistan government has contacted authorities in Saudi Arabia in a bid to stall former Prime Minister Nawaz Sharif's return to Pakistan on September 10. The government is confident that the Sharif brothers would not be able to return to Pakistan if Saudi elders intervene, sources said. An envoy of the Saudi leadership is expected to contact the Sharif brothers in a day or two to remind them of the understanding pertaining to their exile from the country till December 2010.. ..Saudi Ambassador to Pakistan Ali Saeed Awadh Assiri who has gone to his native town Anba near the capital has reportedly been staying in Riyadh for the last two weeks. He is believed to be engaged in constant consultations with his government with regard to the Sharif brothers' issue.." [more]

High Demand Will Keep Pressure on Opec Output [Aug 31]
"World oil demand growth is set to remain strong in 2007 at nearly double prior year levels led by US and Chinese demand, maintaining pressure on members of the Organisation of Petroleum Exporting Countries (Opec) to boost output, a Reuters poll showed yesterday. 'Opec crude production would need to increase in the second half of the year from current levels... The bottom line is that Opec will need to add barrels to the market this winter,' JP Morgan's global head of energy strategy Katherine Spector wrote in a note.." [more]

2,500 Saudi Camels Might Have Died of Toxic Feed [Aug 31]
"Authorities in Saudi Arabia may have found that insecticide caused the mysterious deaths of some 2,500 camels over the last three weeks, the Al-Watan daily reported yesterday. Referring to the findings of a state commission, the paper said an animal feed trader had bought large amounts of bran to sell it on to camel breeders. During the long storage period, rodents and insects had entered his silo, which the trader sprayed with insecticide. He subsequently sold the insecticide-contaminated bran to numerous camel breeders.. ..King Abdullah has promised compensation for the camel breeders. Camel�s milk is one of the bedouins� staple food.." [more]

Kingdom�s Industrial Sector Grows 10.1% [Aug 31]
"Saudi Arabia has been witnessing sustained positive growth amid continued high oil prices, coupled with liberalized economic policies and strategic reforms adopted by the government. Against this backdrop, the Kingdom�s non-oil manufacturing sector as well achieved substantial growth, approximately 10.1 percent in real terms in 2006, the Saudi Industrial Development Fund (SIDF) said in its report published recently. The industrial sector�s contribution to the country�s GDP had increased to 13 percent by the end of last year.." [more]

~~~~~~~~ [ Aug 30 ] ~~~~~~~~~

Sri Lankan Women Hand Over a Petition to Saudi Ambassador [Aug 30]
"A women organization in Sri Lanka submitted a petition with 100,000 signatures to the Saudi Embassy in Colombo asking for a royal pardon for the teenage Sri Lankan housemaid Rizana Nafeek who is on death row in Saudi Arabia. Following a massive march to the Embassy by a large number of people the petition was handed over to the Saudi Ambassador Muhammad Mahmud Al-Ali inside the mission premises by a delegation from the women�s organization 'Lakmawa Diyaniyo. After accepting the petition, the Saudi Ambassador told the marchers that it will be sent to the concerned authorities through the Foreign Ministry in Riyadh.." [more]

Saudi Sets Up State Medical Supplier [Aug 30]
"Saudi Arabia is to establish a national company that will be the sole supplier of medicines and medical appliances to government health institutions. The National Company for Unified Purchase of Medicines and Medical Appliances will have a capital of 2 million riyals ($533.1 million), and the government plans to sell 30% of its shares in an initial public offering (IPO) later this year.. ..leading medical companies that dominate the Saudi market would not be invited to become founding members the new firm.. ..About 10 companies control around 50% of the kingdom�s medical supplies market, which is estimated to be worth more than 5 billion riyals.." [more]

Policing Religion [Aug 30]
"Saudi Arabia's draconian religious police, part of the country's previously untouchable religious elite, have come under an unprecedented barrage of criticism in recent months. Known as the mutawwa'in, these foot soldiers of the Committee for the Protection of Virtue and Prevention of Vice are tasked with meting out punishment to those they believe transgress their strict interpretation of Islam.. ..But a series of recent reports exposing mutawwa'in abuse is slowly beginning to erode the committee's edifice of impervious power.." [more]

Saudi's Money Supply Grows 22pc to $194bn [Aug 30]
"Money supply in Saudi Arabia grew at its fastest pace in almost three years in July on corporate lending, signalling inflation in the country could accelerate from last month's seven-year high. M3, the broadest measure of money circulating in the economy, rose 21.5 per cent to 725.71 billion riyals ($193.5bn) on July 31, compared to the same period last year, Saudi Arabian Monetary Agency figures showed. That was the fastest annual increase since November 2004, based on International Monetary Fund data. Money supply grew 18.4pc in June. Saudi inflation hit a seven-year high of 3.83pc in July as rents rose at their fastest pace since at least 2004.." [more]

Saudi Kayan Petrochemical Company Debt [Aug 30]
"On 24 August, Middle East Economic Digest (MEED) magazine published an article titled, 'SABIC Delays Al-Kayan Debt'. Saudi Basic Industries Corporation (SABIC), would like to confirm that there will be no delay, contrary to what was reported in the article. All loan arrangements are well underway and as scheduled. The statements contained within the article are untrue and should be ignored.." [more]

Ramada Announces Saudi Expansion [Aug 30]
"..Ramada Worldwide, through its Master Licensee and operator in Saudi Arabia, Riyada International Hotels & Resorts (RIHR) is set to increase rapidly its portfolio of properties. Its expansion plans to include hotels in Al Khobar, which is expected to open in 2008, and two properties in Makkah, which will also open in 2008. 'The company looks well on track to achieve this, and by the end of 2008 its portfolio will comprise a total of 12 hotels and more than 6000 rooms,' Mohammed Hassan Al Amir, managing director of RIHR, was quoted by a media report as saying. This August, it is opening the Ramada Madinah Al Qibla Hotel and the Al Hambra Hotel.." [more]

Pre-Marriage HIV Tests [Aug 30]
"Couples wanting to marry in Saudi Arabia will have to undergo tests for the HIV virus, which can cause Aids, starting next year, a newspaper reported yesterday. From 2008, future brides and grooms will have to be tested for both the virus and hepatitis in one of more than 20 centres to be set up across the kingdom, Al-Watan said, quoting the health ministry�s assistant undersecretary for preventive medicine, Khaled al-Zahrani. If either of them tests HIV positive and they still want to marry, the case will be examined in conjunction with the justice ministry.." [more]

Saudi Shares Rally to 5-Month High [Aug 30]
"Saudi�s main index surged to a five-month high yesterday as investors bought bank and insurance shares, anticipating they will rise when the kingdom lifts restrictions on capital from its Gulf Arab neighbours. Most other Gulf markets closed lower. Saudi Arabia�s index rose 0.79% to 8,226.97 points, its strongest finish since March 25. Banks rallied for a second day on news the regulator was preparing to remove restrictions on Gulf Arab investment in financial services stocks. Saudi Hollandi Bank surged 9.91%, having underperformed the index by 18% this year.." [more]

~~~~~~~~ [ Aug 29 ] ~~~~~~~~~

GCC, EU to Sign FTA Deal Soon [Aug 29]
"The six-member Gulf Cooperation Council (GCC) is expected to sign the long-awaited free-trade agreement (FTA) with the European Union within the next two months.. ..The GCC � Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates � has been holding FTA talks for the last 18 years. It has already fulfilled 95 percent of the conditions for the prestigious agreement. The last joint meeting of GCC and EU foreign and finance ministers was successful in settling most outstanding issues. GCC central bank governors are scheduled to meet with their EU counterparts next month to discuss monetary policies. Economic observers have insisted that GCC countries must intensify coordination to finalize the agreement as quickly as possible.." [more]

China's Huawei Deploys WiMAX Commercial Network for Saudi Telecom [Aug 29]
"China's Huawei Technologies Co Ltd, a provider of next generation telecommunications network solutions, said in a statement that Saudi Telecom has chosen it to deploy a WiMAX 802.16e-based network. Under the agreement, Huawei will design and deploy the network as well as an authorization, authentication and accounting system for Saudi Telecom, the largest service provider in Saudi Arabia.. ..Financial details of the contract were not provided.." [more]

Saudi Women Studying Law Wish to Practice It Once They Graduate [Aug 29]
"Saudi women studying law at King Abdul Aziz University (KAAU) are pushing to practice in an all-male domain on graduation next year. Twenty-four women attended this summer a six-week training course in law, which included mock trials of real life cases. The course � the first of its kind � was hosted by the National Society for Human Rights (NSHR).. ..'It is our right to practice law and we are needed here,' stressed Hanouf Al-Hazaa, 23. Al-Hazaa is one of five students who conducted a study after attending the course. The study is aimed at explaining the social, religious, economical and educational reasons that would allow them to practice law.." [more]

Saudi Inflation Climbs to Seven-Year High [Aug 29]
"Saudi inflation hit a seven-year high of 3.83 per cent in July as rents rose at their fastest pace since at least 2004, and a currency pegged to the weak dollar helped drive up the cost of food imports. Inflation is accelerating across the Gulf region as governments invest more of their windfall oil revenue in tourism projects and infrastructure.. ..The Saudi cost of living index rose to 105.6 at the end of July, from 101.7 a year earlier, data from the Central Department of Statistics showed yesterday. It was biggest increase since 2000 for the index, based on 1999 prices.." [more]

First Saudi Female Photographer to Join Reuters [Aug 29]
"Joining the ranks of photographers affiliated to a prestigious establishment such as �Reuters� was the payoff after a long journey that spanned over 25 years in which Saudi photographer, Susan Baaqil, seldom put down her camera.. ..She is proud to be the first Saudi female photographer to have had the privilege of photographing the Custodian of the Two Holy Mosques, King Abdullah Bin Abdulaziz al Saud. Additionally, she was the only woman among the press photographers attending the Islamic Summit Conference recently held in Riyadh. Her portfolio includes images of kings and heads of Islamic states.." [more]

Saudi Sends Frozen Camel Samples to France [Aug 29]
"Saudi Arabia has sent frozen samples of dead camels to France to try to discover why dozens are dying each day, along with cattle and sheep, newspapers said on Wednesday. Al-Watan newspaper said 60 more camels died on Tuesday as well as 400 sheep and seven cows. There was no official confirmation of the figures. The camel samples were sent on Tuesday as Saudi officials came under increasing criticism by owners of herds for not acting more quickly to try to determine ways to tackle the problem.. ..Just before the camels began to die, newspapers had reported an outbreak of foot and mouth disease -- aphthous fever, which can also affect camels -- in the kingdom..." [more]

Saudi Banks, Insurers Rally on Hopes of Gulf Cash Flow [Aug 29]
"Saudi stocks ended higher yesterday as local investors piled into banks and insurance stocks on hopes plans to remove constraints on investors from other Gulf nations would bring more cash into the bourse. Saudi Arabia�s main index climbed 0.58% to 8,162.82 points. The top 14 gainers were banking and insurance stocks. 'The banking and insurance sectors are moving higher after the decision allowing Gulf nationals to buy into the market,' said Youssef Kassantini, chief executive officer at Bourse Experts. 'We have now crossed the 8,155 points resistance level.'.." [more]

Saudi Engineering Society to Hold 3rd International Meet [Aug 29]
"The Saudi Engineering Society is organizing its third international conference on engineering arbitration in Alkhobar on Oct. 20. The conference, aimed at evolving a unified Arab arbitration system, will be inaugurated by Crown Prince Sultan, deputy premier and minister of defense and aviation, Abdul Rahman Al-Rabia, chairman of the society�s board of directors and chairman of the organizing committee for the conference, told Arab News yesterday. Delegates and experts of engineering arbitration in the region and other foreign countries will participate in the conference.." [more]

Crude Oil Edges Upward [Aug 29]
"Oil prices rose Wednesday in anticipation of a report showing further declines in U.S. crude and gasoline supplies. Comments from OPEC that no output increases were needed also supported prices. Light, sweet crude for October delivery rose 39 cents to $71.12 a barrel by afternoon in European electronic trading on the New York Mercantile Exchange. In London, October Brent crude rose 41 cents to $70.96 a barrel on the ICE futures exchange.. ..Oil prices alternated between gains and losses Tuesday after Abdalla Salem el-Badri, secretary general of the Organization of Petroleum Exporting Countries, told Dow Jones the oil market is well supplied.." [more]

~~~~~~~~ [ Aug 28 ] ~~~~~~~~~

Saudi Government Bans Leading Arab Paper [Aug 28]
"Saudi Arabia's government has banned the influential Arab newspaper Al Hayat from distribution in the kingdom, just days after it published an article that a Saudi man had served as a key figure for an al-Qaida front group in Iraq, journalists and diplomats said Tuesday. One of the country's most influential journalists immediately criticized the move, calling it a sharp retreat from growing press freedoms in Saudi Arabia.. ..One of Saudi Arabia's most influential journalists, Dawood al-Shirian, who is a former regional director at Al Hayat and still writes a weekly column, said he believed the ban had happened for a different reason. Al-Shirian, who now is deputy head of Al-Arabiya TV, said Al Hayat staff had told him the kingdom's Information Minister had asked the newspaper to stop some writers from writing for the paper. But the paper had refused to comply with the request from Information Minister Iyad Madani.Madani previously had been considered something of a reformer.." [more]

Huge Saudi Force to Defend Oilfields from al-Qaida [Aug 28]
"Anxieties about al-Qaida attacks and a US-led war against Iran have prompted Saudi Arabia to establish a special force - being trained by an American defence contractor - to protect its oilfields. Saudi authorities have already recruited 5,000 members of the Facilities Security Force and plan to raise the number to 8,000-10,000 over the next two years, in a project being run by the Lockheed Martin Corporation.. ..Nervousness has been growing recently about the impact of attacks by al-Qaida-related groups and possible retaliation by Iran in the event of US or Israeli strikes on its nuclear installations.." [more]

Officials Denounce Threats Against Saudi Ambassador [Aug 28]
"Lebanese officials and religious figures denounced on Monday threats of attack addressed to Saudi Arabian ambassador to Lebanon, Abdel-Aziz Khoja. Former Prime Minister Najib Mikati made a telephone call to the Saudi ambassador and expressed his sympathy with him on the threats of attack he had received. Mikati said that it was shameful and denounced that the ambassador be target of threats in Lebanon.." [more]

Saudi to Ease Restrictions on Gulf Investors [Aug 28]
"Saudi Arabia's cabinet ordered the bourse regulator yesterday to remove constraints on investors from five other Gulf oil producers. A cabinet statement said the move was in line with the resolutions of a 2002 summit of the GCC.. ..The GCC summit held in Qatar in December, 2002 sanctioned that all nationals of the bloc receive equal treatment in all economic activities and set this year as a deadline for the implementation of the resolution. The Saudis have been dragging their feet on agreements to open up their stock market as part of plans for economic integration in the world's biggest oil exporting region.." [more]

Saudi Inflation Rate Rises to 19 Month High [Aug 28]
"Saudi Arabia's annual inflation in July rose to its highest level since December 2005 as housing and food costs increased. The kingdom's inflation rate rose to 3.8% in July from 3.1% in June, the central department of statistics said today.. ..Inflation has picked up across all Arabian Gulf states as record oil prices have fueled state and private spending, creating shortages in housing, infrastructure and services. The weakness of the dollar to which the Saudi riyal is pegged, has made imported goods from Europe more expensive.." [more]

Turmoil May Cause World War [Aug 28]
"Upheaval in the Middle East and Islamic civilisation could cause another world war, the US ambassador to the UN was quoted as saying in an Austrian newspaper interview published yesterday. Zalmay Khalilzad told the daily Die Presse the Middle East was now so disordered that it had the potential to inflame the world as Europe did during the first half of the 20th century. 'The (Middle East) is going through a very difficult transformation phase. That has strengthened extremism and creates a breeding ground for terrorism,'.. .. 'It may take decades before some understand that they can remain Muslims and simultaneously join the modern world.'.." [more]

Cabinet Push for Saudia�s Privatization [Aug 28]
"The much-talked about privatization of Saudi Arabian Airlines received a shot in the arm yesterday when the Council of Ministers gave the national carrier the green light to convert its strategic units into companies.. ..The statement said Saudia would be licensed to establish companies wholly owned by the organization in preparation to privatize them with the participation of private investors. Employees of the new companies will get the same salaries and benefits they were receiving before. The decision taken at the Cabinet meeting, chaired by Custodian of the Two Holy Mosques King Abdullah, is expected to speed up privatization of the airline, the largest in the Middle East with a fleet of 120 passenger and cargo planes.." [more]

Specialist Help Offered to Set Up Drug Rehab Program [Aug 28]
"An American expert on the rehabilitation of drug addicts has offered his services in setting up a rehab program in the Kingdom and other Gulf states, where cases of relapse have been found even after drug abusers have been treated for addiction and discharged. Simak Afshar, founder of the New Life Center, made the offer on the Saudi TV�s Second Channel during an interview with Dr. Parisa Saed Alhashim, a clinical psychology doctor from the US.. ..a survey conducted in Taif two years ago found that one-third of 400 high school students (both boys and girls) were suffering from anxiety and severe depression. Such a frame of mind, she said, predisposes the victim to drug abuse to cope with the problem, which then degenerates into chronic addiction.." [more]

CMA Grants License to Saudi Hollandi Capital [Aug 28]
"Saudi Hollandi Bank announced yesterday that the Capital Market Authority (CMA) has officially licensed its affiliate, the Saudi Hollandi Capital Company (SHCC), which will begin operations in the capital market�s securities sector as a principal and agent.. ..The grant of license by the CMA to the Saudi Hollandi Capital Company follows its decision to issue a number of licenses to companies that specialize in providing financial services in the Saudi market. The Saudi capital market has continued to attract interest from the both national and international financial institutions so as to make the Kingdom�s bourse the most important one in the region.." [more]

~~~~~~~~ [ Aug 27 ] ~~~~~~~~~

Humanitarian Aid General Commissioner Lauds the Saudi Monarch's [Aug 27]
"Humanitarian Aid General Commissioner, Hassabo Mohamed Abdul- Rahman has lauded the royal decree issued by the Custodian of the Two Holly Mosques, King Abdullah of Saudi Arabia extending the work of Saudi Red Crescent in Darfur.. ..Abdul- Rahman expressed satisfaction with the support being extended by the Kingdom to Sudan especially to the floods and rains affected people. He reviewed the effects resulting from the floods and rains including the deterioration of food and health situations, referring to the humanitarian aid delivered by the government and its priorities in the fields of shelter, food, health and environment.." [more]

Limitless Launches Recruitment Drive in Saudi Arabia [Aug 27]
"Limitless, the Dubai-based global master developer, has embarked on an aggressive recruitment campaign in the Kingdom of Saudi Arabia, where it is planning a series of distinctive, large-scale, mixed-use projects. The move follows the company's recent confirmation that it will soon open an office near Riyadh, and is currently assessing major projects there. Limitless is also looking at potential developments in the Eastern and Western provinces.." [more]

Commercial Banks� Foreign Assets Increase 8.4% in Q2 [Aug 27]
"Total foreign assets of commercial banks in Saudi Arabia rose by 8.4 percent to SR154.5 billion ($41.2 billion) during the second quarter of this year, the Saudi Arabian Monetary Agency (SAMA) said. The SAMA report, which highlighted major economic developments in the Kingdom during the first half, also pointed out that market capitalization of shares on the Saudi bourse went down by 6.8 percent to SR1,113 billion ($296.8 billion).. ..The SAMA said broad money (M3) rose by 4.6 percent to SR709.3 billion, compared to an increase of 2.6 percent during the first quarter of this year.." [more]

Al-Manie Launches Anti-Measles Drive [Aug 27]
"Health Minister Dr. Hamad Al-Manie kick-started a nationwide campaign against measles on Saturday from his ministry headquarters here. To mark the event, the minister personally vaccinated schoolchildren and told them that their friends should follow suit to keep the nation free from measles. Respective governors from various regions launched similar programs throughout the Kingdom. 'Nine million vaccines targeting 6.5 million people have been made available from today in all the government and private health care centers for children and adults between the ages of nine months and 18 years,'.. ..the vaccines would be administered free-of-charge to nationals as well as expatriates.." [more]

Alwaleed Holds Talks With Panama�s Leader [Aug 27]
"Saudi Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), and his wife visited Panama City, capital of the Republic of Panama, recently as part of his official visit to the region. In a press statement sent to Arab News yesterday, KHC said Alwaleed and his delegation held talks with President Martin Torrijos Espino and discussed bilateral relations between the two countries and investment opportunities in Panama.. ..Panama�s economy is service-oriented, heavily weighted toward banking, commerce, tourism, trading and industry due to its key geographic location.." [more]

~~~~~~~~ [ Aug 26 ] ~~~~~~~~~

Kingdom�s Ambassador Quits Beirut [Aug 26]
"Saudi Ambassador to Lebanon Abdul Aziz Khoja has left the country because of threats made against him. An Arab diplomat confirmed the news of Khoja�s departure but refused to elaborate. According to reports, Ambassador Khoja left Beirut on Aug. 17 after the Saudi Embassy had formally notified the Lebanese Foreign Ministry of a 'threat of attack against the ambassador�s residence, his person, the embassy or other Saudi interests in Lebanon.' The Saudi Embassy declined to comment but Khoja told Asharq Al-Awsat daily, a sister publication of Arab News, 'There were threats against the Saudi Embassy and against my person. But, the threats will not deter friendly countries such as Saudi 
Arabia and they will continue to exert efforts to restore security and stability in Lebanon and in the Arab world.'.." [more]

Qayyum Leaves for Saudi Arabia Amid Rumours [Aug 26]
"Attorney General Malik Mohammad Qayyum left for Saudi Arabia on Saturday evening to perform Umra � his second in a few weeks � amid speculation that he was carrying a message for the Saudi government. However, he told reporters before departure that he had no message for the Saudi authorities. �Honestly, I am not carrying any message.� He said he was going to Saudi Arabia with his family to thank God for affording him the opportunity to work as the chief law officer of the government. Malik Qayyum is going to perform Umra on a day when President Gen Pervez Musharraf was quoted as having said that he would talk tell the Saudi government that former prime minister Nawaz Sharif was morally obliged to stay out of the country for 10 years.." [more]

Saudi Telecom to Bid for Third Kuwait Mobile Operator [Aug 26]
"Saudi Telecom (STC) announced Saturday it will bid to acquire 26 percent of Kuwait's third mobile company, which is expected to start operations early next year. The Saudi company, which enjoys a monopoly over landline services in the kingdom in addition to its vast mobile phone market, will present its bid before the Sept 7 deadline, SPA state news agency reported. 'This is a chance to continue Saudi Telecom's policy of pressing with foreign expansions and to enhance the possibilities for operational consolidations in the Gulf region,'.." [more]

Minister Song Seeks Saudi Arabia's Support Over Hostages [Aug 26]
"Foreign Minister Song Min-soon requested Saudi Arabia Saturday to help win the release 19 South Korean hostages in Afghanistan amid reports that the Taliban were ready to release them.. ..Song, on a visit to Saudi Arabia, paid a courtesy call on King Abdullah bin Abdul Aziz Al Saud in Jedda and delivered him a letter from President Roh Moo-hyun, thanking him for his efforts to resolve the hostage crisis, a Foreign Ministry spokesman said. The official quoted Abdullah as telling Song that he will continue to cooperate with Afghan President Hamid Karzai and other Islamic leaders for the release of the Koreans.." [more]

Open Market Heralds Huge Growth Potential [Aug 26]
"Saudi Arabia�s newly liberalised insurance market is poised for major growth with estimates that a market currently worth around US$1.5 billion annually could soar to US$8 billion within 10 years, according to industry experts. Growth is already happening in one of the major insurance sectors � health cover � due to a combination of new labour laws and the opening of the kingdom�s insurance sector to regional and international competition.. ..Observers point out that with the kingdom�s population growing at 3.2% annually, growth in the health insurance market is also helping to spur development in the health care and pharmaceutical sectors. A report by the Gulf Organization for Industry Consulting noted that health insurance products, and the entry of the private sector, had provided a fillip to the setting up of new hospitals and polyclinics as well as existing facilities.." [more]

Indian Warships Visit Saudi to Further Boost Ties [Aug 26]
" five-day goodwill visit of two Indian warships to the Jubail Port in Saudi Arabia, which attracted a lot of visitors, is expected to further boost the relations between the two countries. INS Rajput and INS Betwas concluded their goodwill visit yesterday with a series of joint naval exercises. Over 2,500 Indian students and expatriates from Riyadh, Dammam and Jubail visited the warships docked at the Jubail Commercial Port.. ..The Indian Navy crew also visited the Royal Saudi Naval base at al-Jubail and interacted with the naval personnel.." [more]

Yemeni-Saudi Economic Zone to be Established [Aug 26]
"Yemen and Saudi Arabia are preparing to establish a joint economic zone at an estimated cost of $500 million in the border area of al-Wadia, said Abdullah bin Mahfoud, Chairman of the Yemeni-Saudi Business Council. He said that this project is awaiting approval from the Yemeni-Saudi Coordination Council at its next session, which is to be held towards the end of the current year. The Yemeni government has already approved the project and submitted a complete study of it to the Saudi Ministry of Trade and Industry, who will forward it to the YSCC.." [more]

Saudi Arabia Win Gold Medal at GCC Youth Basketball Tournament [Aug 26]
"Saudi Arabia clinched the GCC youth basketball title after defeating hosts UAE 67-59 in the last match held Friday night at Sharjah club indoor sports hall.Despite the defeat, the UAE qualified for the Asian Youth finals along with Saudi Arabia, which will be held next year. The host country is yet to be decided by the Asian Basketball Confederation.." [more]

Kingdom IPOs Worth $7.46bn in 2006: CMA [Aug 26]
"Saudi Arabia�s Capital Market Authority (CMA) reported yesterday that the total value of the 62 initial public offerings (IPOs) made in 2006 amounted to SR28 billion ($7.46 billion). Dr. Abdul Rahman Al-Tuwaijeri, CMA�s chairman, said in its first annual report that the number of IPOs recorded last year was the largest since its inception in 2004. He said the CMA approved only 40 IPOs drawing SR12 billion ($3.2 billion) from the middle of 2004 till the end of 2005.." [more]

Aug 19-Aug 25, 2007

~~~~~~~~ [ Aug 25 ] ~~~~~~~~~

US Helping Saudis Train Oil Security Force [Aug 25]
"US defence giant Lockheed Martin is training thousands of recruits for a special force designed to protect Saudi Arabia�s oil facilities from attack, a specialist economic newsletter said yesterday. Saudi authorities have recruited around 5,000 members of the Facilities Security Force and plan to raise the number to 8,000-10,000 over the next two years as an interim target, the Nicosia-based Middle East Economic Survey said. The plan to set up a 35,000-strong force to guard oil and other vital installations was announced in July.." [more]

Saudi Arabia Recalls Chinese-Made Toys [Aug 25]
"Saudi Arabia ordered the recall of 2,300 toys made in China feared to contain high levels of toxic lead paint, the country's official news agency reported Saturday. The Saudi minister of commerce collected 46 samples of toys in the Riyadh markets to examine whether they contained dangerous chemicals, the agency reported. The findings were not yet revealed.. ..Mattel Inc., which recalled almost 19 million Chinese-made items including dolls, cars and action figures earlier this month, warned its agents in Saudi Arabia that lead has been found in the toys, the press agency added.." [more]

Saudi Envoy to Lebanon Threatened [Aug 25]
"The Saudi Ambassador to Lebanon, Abdulaziz Khoja, quit his post last week, 17 August, following warnings of an attack. The ambassador told Asharq Al-Awsat that he had been alerted by the Lebanese Foreign Ministry of, 'a threat of attack against the ambassador�s residence, the embassy or other Saudi interests in Lebanon,� he said. �There were threats against [the] Saudi embassy and against my person,'.. ..According to high-level sources in Saudi Arabia, �the ambassador is currently in Riyadh on holiday for a few days and is consulting with the leadership,� furthermore confirming that he had received direct threats recently.." [more]

Saudi Stock Index Breaks 8,000 Barrier [Aug 25]
"The Saudi stock market continued its strong performance for the third week in a row, propelled by leading stocks particularly the Saudi Basic Industries Corp. (SABIC), Al-Rajhi Bank and the Saudi Telecom Co. (STC). The Tadawul All-Share Index (TASI) gained 2.38 percent last week, closing at 8,089.09 points, the highest this year, up from 7,900.88 points in the previous week. TASI is currently 2.0 percent higher than the year�s start.." [more]

Nearly 2,000 Camels Die in Saudi, Food Suspected [Aug 25]
"Nearly 2,000 camels have died in Saudi Arabia from a mystery illness that first appeared two weeks ago, the government said on Saturday, adding that poisoning was a more likely cause than infectious disease.. ..King Abdullah promised compensation for owners after the government said last week that 232 camels had died in the space of four days in the Dawasir Valley. The Agriculture Ministry blamed the deaths on animal feed supplied by food storage authorities. Bilghoneim said tests showed signs of poisoning from insecticides.." [more]

Opec Exports All Set to Increase [Aug 25]
"Opec oil exports, excluding Angola, will leap 610,000 barrels per day (bpd) in the four weeks to September 8, with most heading west to replenish falling US stocks, an analyst who estimates future shipments said on Thursday. Roy Mason of consultancy Oil Movements estimated Opec seaborne exports would rise to 24.20 million bpd, compared with 23.82 million bpd in the four weeks to August 11. The jump was the biggest this year, taking crude shipments, or exports, to the highest level since April.." [more]

Welfare Projects Grab Attention: Kurdi [Aug 25}
"Osama Al-Kurdi, a Shoura Council member, has been chosen as the deputy chairman of the Inter-Parliamentarians for Social Services (IPSS) following its meeting in Seoul. Al-Kurdi, who is a versatile scholar and social scientist, was selected by the IPSS general assembly, which seeks to set up a legal and institutional framework to promote social services around the globe.. ..The Kingdom was co-opted as an IPSS founder member in recognition of its social welfare programs, especially for its efforts in the rehabilitation of disabled people. The IPSS has also appreciated the Kingdom�s special program to improve housing facilities and help the poor.." [more]

Gosaibi Denies Media Reports [Aug 25]
"Labor Minister Ghazi Al-Gosaibi denied yesterday the recent reports that his ministry had plans to employ Saudi women in the domestic service sector to replace expatriate housekeepers. The minister said, however, that some poor families had contacted the ministry saying that they had unemployed young women without academic qualifications who wanted to work as part-time domestic helpers. They requested the help of the ministry in finding them jobs. Most of these families do not have breadwinners because of death or divorce. The ministry�s employment strategy was to implement the decisions of higher authorities in the matter.." [more]

~~~~~~~~ [ Aug 24 ] ~~~~~~~~~

Indonesians Protest Outside Saudi Embassy in Jakarta [Aug 24]
"Relatives of the four Indonesian maids who were allegedly severely beaten by their Saudi employers in Aflaj more than two weeks ago protested yesterday outside the Saudi Arabian Embassy in Jakarta, Indonesia, along with workers� rights activists, demanding that the remains of the two maids who died of their injuries and the two survivors be sent home immediately.. ..The Saudi authorities have still not released the bodies of the two deceased maids to the Indonesian Embassy in Riyadh, and have also not allowed the embassy official access to the two remaining survivors.." [more]

Saudi Tribal Chief Urges Opposition in Security Forces [Aug 24]
"A leading tribal chief in the world's key oil producer Saudi Arabia called on supporters on Thursday to rally to the exiled London-based Islamist opposition. In a video posted on the internet, the head of the Al-Ajman tribe urged backers within the Saudi security forces to join forces with the exiled Movement for Islamic Reform in Arabia (MIRA).. ..His Al-Ajman tribe has about 300,000 members in the south of the oil-rich kingdom, and allies among the Beni Khaled, Mutir, Qahtan, Shammar and Wutayba tribes as well as confederations extending into neighbouring oil-producing states. Formed in London in 1996 following a breakaway with the Committee for the Defence of Legitimate Rights, MIRA has long been a bogeyman of the Saudi regime.." [more]

Saudi Arabia Pulls Chinese Toothpaste Off the Shelves [Aug 24]
"Saudi Arabia has removed from shop shelves seven brands of Chinese toothpaste found to have a poisonous chemical in them, the government said yesterday. A statement on the Ministry of Trade and Industry's website said tests had shown traces of diethylene glycol, used in coolants and solvents but too toxic for food and medicine.. ..All Chinese toothpastes must now undergo tests before going on the market in Saudi Arabia, which has a population of over 24 million.." [more]

More Bearish Economic Trend Negatively Impact Oil Demand [Aug 24]
"Despite the calls to open taps, OPEC continues to tread a cautious course. With the world oil demand projections put forward by various stake holders falling into a still more widening range, global economic woes coming to surface finally and the crude prices falling, uncertainty in the market seems steering the OPEC to maintain the status quo. Global markets are definitely in a spin, with some hinting at a recession down the road. Doubts about the global crude demand growth are now being circulated.. ..Has the current bull run in the global crude markets contributed to the wobbling of the global economy? Pertinent questions indeed, with major implications, far and wide. And if that happens, the crude markets would almost be the first to hit. And OPEC hesitation is thus understandable.." [more]

~~~~~~~~ [ Aug 23 ] ~~~~~~~~~

Pakistan Has Original Nawaz-Saudi Deal Document [Aug 23]
"An observer of the Organization of Islamic Conference (OIC) has claimed that the original copy of an agreement between Saudi Arabia and Nawaz Sharif has been forwarded to the Pakistan Government through sources.. ..He said Nawaz Sharif had inked a 10-year deal with the Saudi Government to stay away from Pakistan's affairs. The Saudi Government had in turn got a verbal assurance from Pakistani Government not to prosecute Sharif during this period.. .. the Pakistan Government submitted a copy of the exile deal signed with Sharif in the year 2000 before the Supreme Court, and argued that the politician should not be allowed to return. The copy does not specifically mention the Government 
of Saudi Arabia as a party to the deal.." [more]

Saudi Arabia Surpasses Angolan Oil Sales to China in July [Aug 23]
"Saudi Arabia surpassed Angola in July as the biggest supplier of crude oil to China by selling 2.33 million tons, the Chinese General Customs Administration said in Beijing Wednesday. Saudi Arabia, the world�s largest oil producer, in July sold China some 548,677 barrels of oil per day, or 57 percent more than in the same period of last year.. ..In the first seven months of the year, Saudi Arabia was also the biggest supplier of oil to China with sales that rose 6.8 percent to 14.32 million tons.." [more]

Riyadh to Host OPEC Summit [Aug 23]
"The third summit of the Organization of the Petroleum Exporting Countries (OPEC) will be held in Riyadh in November, reported KUNA. The summit will address OPEC's efforts in oil market stability, including the role of OPEC Fund as a humanitarian front to the organization. OPEC has begun sending formal invitations to the 12 participating member states.." [more]

Nigeria: Saudis Introduce New Guideline for Visitors [Aug 23]
"Henceforth, visitors to Saudi Arabia with more than 60,000 Saudi Riyals or $16,000 will have to declare such cash on arrival or be sanctioned. A statement released yesterday by the National Hajj Commission of Nigeria (NAHCON) said a new guideline released by the Saudi authorities stated that any visitor who fails to comply with the rule would be fined or penalized in any other way. NAHCON urged intending Umrah and Hajj pilgrims to try and abide by the new financial and health regulations of Saudi Arabia.." [more]

India to Impose Restrictions on Hiring of Maids [Aug 23]
"India announced it would impose tighter restrictions on the recruitment of household workers, especially maids, beginning Sept. 1 as part of a new measure to check abuse of its contract workers abroad. The new regulation, which covers 18 countries including Saudi Arabia, will require a mandatory $400 monthly salary and a security deposit of $2,500 in the form of bank guarantee with the Indian mission. The new rules would also set a minimum age of 30 and require employers to provide their domestic servants prepaid mobile phones.. ..More than 15,000 Indian women are working as maids in Saudi Arabia.. ..There are more than 1.6 million Indians living and working in Saudi Arabia.." [more]

Maryland, Saudi Arabia Teams, to Head Home From LLWS [Aug 23]
"..Rain forced numerous postponements to the first-round schedule, so tournament organizers decided Tuesday night to cancel Maryland vs. Texas, and Japan vs. Saudi Arabia.. ..Little League president Stephen Keener said organizers had to make a tough decision. 'I'm sure Saudi Arabia and Maryland would have wanted to play for pride, if nothing else,' he said. 'But they understand, with the weather forecast.' Maryland plans to leave Friday, but not before the team tries to get one last exhibition game in against Saudi Arabia. Then it's back home to Salisbury, where manager Chris Yingling expects his youngsters to get a warm reception.." [more]

Mourant Identifies Opportunities for Jersey Trust Business in Saudi Arabia [Aug 23]
"Jersey's long established Trust structure could well help win more business in Saudi Arabia for Jersey firms with links in the region.. ..Senior representatives from Mourant Private Wealth accepted an invitation recently to explain the benefits of a Trust to a prominent group of Saudi Arabian business leaders in Jeddah, on the east coast of Saudi Arabia. Whilst the use of trusts amongst wealthier families in some areas of the Gulf has been commonplace for many years, it is less widely recognised in Saudi Arabia, primarily because of the country's strict adherence to Islamic principles.. ..The visit to Jeddah was arranged in association with one of the leading Jeddah based law firms.." [more]

~~~~~~~~ [ Aug 22 ] ~~~~~~~~~

US CENTCOM Chief Meets Saudi King [Aug 22]
"Saudi King Abdullah met Tuesday with the visiting head of the US Central Command, Admiral William Fallon, the official SPA news agency reported.. ..The CENTCOM chief had a separate meeting with Crown Prince Sultan Bin Abdel Aziz, who is also defense minister, to discuss 'issues of mutual interest,'.. ..Oil powerhouse Saudi Arabia is a close US ally. According to Pentagon officials, several hundred US military personnel remained in the country after the US Air Force relocated its Gulf headquarters to the tiny neighboring emirate of Qatar in 2003, ending a 13-year presence in the kingdom.." [more]

NBAD is Shifting Assets to Saudi [Aug 22]
"National Bank of Abu Dhabi (NBAD), the largest asset manager in the UAE, said it was shifting funds to Saudi Arabia and Abu Dhabi, where infrastructure spending is likely to boost profits and shares.. ..Saudi Arabia's main stock index until this week was the only Gulf stock market to be in negative territory for the year to date. But thanks to gains over the past few trading sessions, it is now up 1.8 per cent for this year so far.." [more]

Gritty Saudi Arabia Edge Out Kuwait [Aug 22]
"Saudi Arabia defeated Kuwait 72-71 in a tough encounter in the 11th GCC basketball tournament at Sharjah Indoor Sports Hall on Monday night. The match the best played in the tournament so far. Until the last seconds of the fourth quarter, no one could say who will win with the scores fluctuating. The win put Saudi Arabia on top of the standing with four points from two wins. They had beaten defending champions Bahrain on the opening day.." [more]

Fed Rate Cuts Could Affect Inflation and Currency Pegs in Gulf [Aug 22]
"The US Federal Reserve plan to cut the federal funds target rate (FFR), according to which commercial banks lend each other, is expected to have a decisive effect on inflation as well as currency pegs in the GCC.. ..the Saudi Arabian Central Bank announced in June that in a case of a substantial cut of rates in the US, the financial authorities of the GCC countries will meet to discuss the issue, an indication that a departure from the peg can be expected,.." [more]

Singapore Seeks to Woo Saudi Visitors Back [Aug 22]
"Singapore is trying to woo back Saudi visitors who turned away from it after the city state imposed strict visa requirements following the September 2001 attacks in the United States.. ..'Saudi Arabia was the number one market before September 11. Visa restrictions were the main reason it became a distant second,' said Ke-Wei Peh, Singapore Tourism Board's area director for Middle East and Africa.. ..the situation is slowly improving and steps are being taken in coordination with tour operators to make it easier for Saudi nationals to obtain a Singaporean visa. 'We are concentrating efforts on Saudi Arabia because the market is very important'.." [more]

Battered Indonesian Maid Held for Questioning [Aug 22]
"One of the Indonesian maids allegedly beaten up by her employers two weeks ago was taken into custody on Monday from hospital where she was being treated for her injuries. The Indonesian Embassy was not informed beforehand .. ..A vicious attack two weeks ago on four maids working for the same employers in Aflaj in the Riyadh region resulted in the death of Siti Tarwiyah Slamet, 32, and Susmiyati Abdul Fulan, 28. Tari and Ruminih were left severely injured in the incident. Seven members of the family that the maids were working for are also being held.. ..The Indonesian Embassy has requested, through diplomatic channels, custody of the two maids and assured authorities that they would ensure they would cooperate with police. However, a response has not yet been received.." [more]

~~~~~~~~ [ Aug 21 ] ~~~~~~~~~

Syrian-Saudi War of Words Bodes Ill For Troubled Region [Aug 21]
"A new war of words has erupted between Syria and Saudi Arabia, signaling a further low in relations between the Mideast's two key regional players � one of them aligned with Washington and the other with Tehran. The latest tensions between the two Arab heavyweights could have major repercussions for other Arab countries such as Iraq and Lebanon.. ..the verbal squabbling is part of a behind-the-scenes conflict that has been underway since the February 2005 assassination of former Lebanese Prime Minister Rafik Hariri, a close ally of the Saudi royal family. Many blame Syria for Hariri's death, despite Syrian denials.." [more]

Kingdom to Invite Bids for Jizan Refinery in Q4 [Aug 21]
"Saudi Arabia said yesterday it would invite bids for the building and operation of the planned Jizan oil refinery in the fourth quarter and denied reports that state oil firm Aramco had been asked to help do the job. The refinery is to be part of an �economic city� in the region of Jizan in the far south, on Saudi Arabia�s Red Sea coast.. ..The London-based Middle East Economic Digest (MEED) reported earlier in August that the oil ministry had asked Aramco to help implement the project after struggling to attract interest from international companies to run the Jizan refinery. Earlier this year, US oil firm Chevron Corp. ruled out taking a stake in the project, saying it did not make strategic sense for the company.." [more]

Kingdom Keen to Activate Convention on Toxic Weapons [Aug 21]
"Saudi Arabia is keen to apply and activate the Convention on the Prohibition of the Development, Production and Stockpiling of Bacteriological and Toxin Weapons and on their Destruction. This was asserted by adviser at the Saudi Foreign Ministry Naif ibn Bandar Al-Sudairy, who is heading the Saudi delegation to the conference, here yesterday. Al-Sudairy said in his speech that the Kingdom paid great attention to the accession to this convention and all international treaties that promote peace and stability in the world.." [more]

Saudi Opens Insurance, Real Estate to GCC Nationals [Aug 21]
"Saudi Arabia's cabinet decided yesterday to lift restrictions on nationals of fellow Gulf Arab states in the insurance, transport and real estate sectors, the official news agency said.. ..Saudi Arabia is one of the world's most under-insured areas, partly due to a belief among some Muslims that insurance could indicate a lack of religious faith. The government has given licences to 26 insurance firms and is considering applications by 10 others to try to open up the insurance sector in the world's top oil exporter.." [more]

Kingdom Urges Arabs to Close Ranks [Aug 21]
"Saudi Arabia said yesterday that solving the problems of the Muslim Ummah by promoting stability, security, development and unity is the first priority of the Kingdom�s foreign policy. 'The ability of the Arab countries to counter all challenges faced by them internally, regionally and internationally requires that they take joint action and fulfill their commitments to the decisions and treaties made at summit meetings,' Custodian of the Two Mosques King Abdullah said in his address to the weekly meeting of the Council of Ministers.." [more]

Shoura Team Heads for Seoul to Attend Social Service Forum [Aug 21]
"A two-member delegation of the Shoura Council led by Osama Al-Kurdi left for Seoul yesterday to participate in the third general assembly of the Inter-Parliamentarians for Social Services (IPSS), which will begin in the South Korean capital tomorrow. The forum will continue for three days.. ..Al-Kurdi said the meeting will evaluate the experience of member countries in establishing a legal and institutional framework to promote social services and issues relating to international labor migration, protection of human rights, streamlining of regulation for international cooperation, and creation of job opportunities for the physically disabled.." [more]

~~~~~~~~ [ Aug 20 ] ~~~~~~~~~

Saudi Writer Wins Plaudits With Harsh Bedouin Tale [Aug 20]
"When Yousef al-Mohaimeed published 'Wolves of the Crescent Moon' four years ago, he never imagined it would stoke much interest in his native Saudi Arabia, never mind the West. But the novel has put Saudi Arabia at the forefront of Arab literature usually dominated by Egypt, an unusual position for a country seen as a cultural backwater, and found an audience in English and French translations.. ..Saudi commentators have warned of an emerging 'industry' of writing about Saudi Arabia that is in danger of falling into cliches of representation for the sake of a quick buck.." [more]

Saudi Aramco Invites Engineering Bids For $8 bln Saudi Refinery [Aug 20]
"Saudi Arabian Oil Co. has invited engineering firms to bid for a contract to help it build an estimated $8-billion refinery in eastern Saudi Arabia, people familiar with the plans said Monday.. ..The plant, known as East Coast refinery, is the fourth new facility planned in the kingdom and will boost total domestic crude oil refining capacity to above 3.5 million barrels a day by 2012, more than double the U.K.'s. The refinery, due for completion around late 2011, will process 400,000 barrels a day of Saudi crude and will be at Ras Tanura on the Persian Gulf, already home to the country's largest refinery with a capacity of 550,000 barrels a day.." [more]

Saudi Arabia's Gold Demand Grows 30% in Q2 [Aug 20]
"A report issued by the World Gold Council showed that Umrah pilgrims and tourists pushed up Saudi Arabia's gold demand by 30 percent to 42.5 million during the second quarter of 2007 compared to a year earlier, Arab News reported.According to the report, gold demand in the Middle East region in general has increased by 20 percent to 97.5 tons in the April-July quarter from 81.25 tons a year earlier, thanks to strong economies and stable prices in the region. The report also forecast that the impact of the wedding season will continue the bullish trend in the third quarter.." [more]

Saudi Still Planning Iraq Mission Says Official [Aug 20]
"Saudi Arabia is still preparing to send a mission to Iraq as a precursor to reopening its embassy in Baghdad, despite a delay in the timeframe, a foreign ministry official said Monday. 'There are preparations and contacts between Saudi and Iraqi officials to undertake the visit soon,'.. ..Foreign minister Prince Saud Al Faisal told reporters August 7 that a Saudi mission would 'head for Baghdad, next week, to look into security conditions there and ... the modalities of opening the embassy,' more than four years after the US-led invasion. The official said the delay had nothing to do with the wrangling between Iraq's fractious leaders that has left the Shiite-led government of Prime Minister Nuri Al 
Maliki teetering on the brink of collapse.." [more]

GCC Insurance Market Should be Consolidated [Aug 20]
"The GCC has vast potential for a consolidated insurance market that could provide more efficiency due to reduced costs, according to global insurer Lloyd�s. Lloyd�s, a market leader in reinsurance, particularly in the hydrocarbon sector, has asked local players to expand �significantly� since the Gulf region accounted for only 0.3% of the global insurance market premiums.. ..The statement from Levene assumes significance against the backdrop of the Gulf region shaping a common currency union with 2010 remaining a target.." [more]

Indian Naval Warships Coming [Aug 20]
"A goodwill visit by two Indian warships begins on Aug. 21 when INS Rajput and INS Betwa touch the Saudi waters in Jubail, according to an official of the Indian Embassy. This will further boost the already growing Indo-Saudi bilateral relations. During their stay here, Indian naval officers will be interacting with Saudi naval and other authorities. Mutual exercise maneuvers are also slated, the official added.." [more]

Profits of Saudi Listed Firms Rise to SR39.51 Billion [Aug 20]
"The Saudi listed companies showed profit growth in the first half of this year. The total profit increased by 3.2 percent to SR39.51 billion as compared to SR38.29 billion in the first half of 2006. According to Al-Rajhi Bank quarterly update, profits for the second quarter rose almost 7 percent to SR21.14 billion, as compared to SR19.78 billion for the same quarter last year. The industrial sector showed a remarkable performance as the bellwether Saudi Basic Industries Corp. (SABIC), the world�s largest chemical company by market value, posted its fourth straight record profit in the second quarter.." [more]

~~~~~~~~ [ Aug 19 ] ~~~~~~~~~

Arab League Helping Resolve Saudi-Syrian Tiff [Aug 19]
"The Arab League is stepping in to defuse a diplomatic row between Saudi Arabia and Syria. Arab diplomats met in Cairo on Saturday to discuss how to approach the dispute, which has recently increased tension between the two countries, according to the UAE-based Gulf News. Riyadh is angry about comments reportedly made last week by Syrian Foreign Minister Farouq A-Shara' that Saudi Arabia's role in the Middle East was "virtually paralyzed" and that Riyadh was to blame for the Palestinian infighting. Saudi Arabia has been instrumental in brokering agreements in various conflicts, including the internal Palestinian dispute.." [more]

Arab Diplomacy Stands to Lose [Aug 19]
"Lebanon and the Palestinians stand to lose the most from the escalating row between Arab heavyweights Saudi Arabia and Syria. Any potential deal to break the current political deadlock in Lebanon and Palestine has to be endorsed by Riyadh and Damascus, analysts say.. ..The traditionally strong ties between the two Arab countries have soured since the February 2005 assassination of Lebanese former prime minister Rafik Al Hariri, who also held Saudi citizenship. A UN probe committee has implicated Syrian and Lebanese security officials in the killing, a charge Damascus has repeatedly denied. At the time of the assassination, Lebanon was under Syrian military and intelligence dominance.." [more]

Saudi Appointed UN Humanitarian Envoy [Aug 19]
"UN Secretary General Ban Ki-moon has appointed Abdulaziz Bin Mohamed Ar-Rukban, of Saudi Arabia, as his special humanitarian envoy.. ..Ar-Rukban was previously special international ambassador for the UN World Food Program (WFP). John Holmes, undersecretary general for humanitarian affairs and emergency relief coordinator, said Ar-Rukban has come with extensive knowledge to the post.. ..Ar-Rukban is the first Saudi national and an Arab who holds this respectable post in the UN.." [more]

Hundreds of Camels Die in Saudi Arabia From Mystery Ailment [Aug 19]
"The Agriculture Ministry has said 232 camels died in the space of four days in the Dawasir Valley, 400 km south of Riyadh. The authorities have promised compensation for owners, who say the real number of deaths is far higher. Agriculture ministry officials have denied an infectious disease caused the deaths and blamed them on animal feed supplied by food storage authorities.. ..Camels are big business in Saudi Arabia and are traded by Bedouin tribes for thousands of dollars each. The animals are used for racing and their meat is also prized.." [more]

Saudi Public Investment Fund Extends US$40 Million for Financing Private Sector [Aug 19]
"The Saudi Public Investment Fund (PIF) will extend US$40 million to the Islamic Corporation for the Development of the private sector (ICD), a member of the Islamic Development Bank Group, to be used for financing companies and corporations in Saudi Arabia�s private sector.. ..Dr Al-Assaf stated that the Line of Finance, which was approved by the PIF Board of Directors, is intended to support the development efforts of in Saudi Arabia, disclosing that a considerable section of the Saudi private sector will benefit from it. 'The ICD has participated in financing about 19 operations for the Saudi private sector institutions totalling US$124 million, which equals 23% of the ICD operations,'.." [more]

Saudi Consumers' Demand for Western Products Still Strong [Aug 19]
"Products from the US, which were taken off the supermarket shelves in the wake of 9/11, and those from Denmark, banned last year following the publication of the blasphemous cartoons, are staging a comeback in the Kingdom, a random survey has shown.. ..Locally produced items currently account for around 50 percent of the Saudi market. However, barring a few well-known brands, most of the 'Made in Saudi Arabia' products have not reached international brand status, according to market sources, which cite lack of expertise in brand management and government initiatives requiring mandatory budget for R&D by the national industry.." [more]

Saudi Foreign Minister Undergoes Neck Surgery [Aug 19]
"Saudi Arabia's veteran foreign minister Prince Saud al-Faisal has undergone neck surgery in New York, the official news agency said late on Saturday. The report from the Saudi Press Agency said the senior member of the ruling Al Saud family, who has been foreign minister since 1975, was treated successfully on Friday to remove bone calcification. It said the prince would return to Saudi Arabia after a convalescence period. He could head the Saudi delegation to a Middle East peace conference including Israel later this year.." [more]

Saudi, Kuwait Bourses Steady After US Discount Rate Cut [Aug 19]
"Investors in Saudi Arabia and Kuwait, the Arabian Gulf�s two largest equity markets, held their nerve yesterday amid concerns that stocks with exposure to the turmoil affecting international markets could suffer. Kingdom Holdings, the largest shareholder in US lender Citigroup, recovered from a 2.1% fall in early trading on Saudi Arabia�s Tadawul, to close flat at 11.50 riyals on concern about its exposure to the US. 'The global stock market problems have affected Kingdom because it owns big shares in Citigroup,' Rashid al-Fowzan, a Saudi market analyst, said.. ..The Tadawul closed slightly up 0.16% at 7913.15 points after early declines led by Al Rajhi Bank, which closed up 2.1% at 85.75 riyals. Other banking stocks fell including Saudi Hollandi bank, down 2.5% at 48.25 riyals and Banque Saudi Fransi 
down 1.8% at 68.75 riyals.." [more]

Saudi Government Urged to Release Reformists [Aug 19]
"More than 60 Saudi activists have signed a petition calling for the release of a group of reformists held in the ultra-conservative kingdom since early February, accused of funding terrorism. The petition, a copy of which was obtained by Agence France-Presse in Dubai, was signed by 67 activists and sent to the justice ministry and advisory Shura council in Riyadh, as well as to two government-sanctioned human rights watchdogs. The petition said the reformists had been held for longer than six months without a trial and that, under Saudi law, they should, therefore, be released.." [more]

Aug 12-Aug 18, 2007

~~~~~~~~ [ Aug 18 ] ~~~~~~~~~

Return of Saudi Red Crescent Society to Humanitarian Work in Darfur [Aug 18]
"Kingdom of Saudi Arabia announces return of Red Crescent society to assume humanitarian activities in Darfur region. The return of the society came as response to an invitation from presidential advisor Mustafa Osman Ismail to chairman of the society prince Faisal Bin Abdel Aziz. Head of medical services Mowafag Atta said the Saudi Red Crescent Society has set a new plan for Darfur including building of houses besides health and educational utilities.." [more]

Saudi Arabia is Developing a World-Class Graduate Research University [Aug 18]
"Based on the decades-long vision of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz Al Saud, Saudi Arabia is developing a unique new world-class graduate research university that will provide significant support for scientific discovery and human advancement within the Kingdom, the region and around the globe. King Abdullah University of Science and Technology ,which will have one of the largest university endowments in the world and will be governed by an independent Board of Trustees, is being built at a site along the Red Sea approximately 80 kilometers north of Jiddah. The campus is expected to open in September 2009.." [more]

Anti-Arab Diplomat Retires From US Government [Aug 18]
"A US diplomat accused of having said �the only good Arab is a dead Arab� in a voice mail left with an Arab-American group has retired from the government, the State Department said on Thursday. The diplomat, Patrick Syring, was accused of having made abusive, intimidating and racist comments in e-mails and voice mails to employees of the Arab American Institute, a Washington group that promotes Arab-American interests. The State Department declined comment on the legal case against Syring, which was outlined in an indictment filed at a US federal court on Wednesday, but said the diplomat had decided to retire.." [more]

Riyadh to Give $40mn in Flood Aid [Aug 18]
"Saudi King Abdullah yesterday ordered two aid packages worth $20mn each be dispatched to Sudan and Mauritania to help the impoverished African countries hit by severe floods. The two grants will aim to bring rapid relief to the stricken zones in co-operation with the Saudi Red Crescent and international humanitarian organisations, according to a royal court statement carried by SPA state news agency. The king also ordered quick medical and food relief to be transferred by Saudi planes to the two countries.." [more]

KAUST, IFP to Cooperate on Research Programs [Aug 18]
"King Abdullah University of Science and Technology (KAUST) and the French Institut Fran�ais Du P�trole (IFP) will collaborate on research programs, graduate education and technological development for the benefit of their respective countries.. ..last week to work jointly on transport energies and materials and on joint efforts to find innovative solutions for more efficient, more economical, cleaner, and sustainable energies and materials. KAUST and IFP will also collaborate in accepting graduate students for agreed upon terms to do course work or specific research on IFP�s premises. Both institutions agreed to focus specifically on research in carbon capture, clean fuels, catalysis, 
polymers and chemical engineering modeling.." [more]

HRW Takes Up Workers� Cause in Saudi Arabia [Aug 18]
"The killing of two Indonesian domestic workers by their employers in Saudi Arabia highlights the Saudi government�s ongoing failure to hold employers accountable for abuses, Human Rights Watch (HRW) said on Friday. The New York-based watchdog group said the employers� brutal beatings also left two other Indonesian domestic workers critically injured. Saudi authorities have detained the employers.. .. About two million women from Indonesia, Sri Lanka, the Philippines and other countries are employed as domestic workers in Saudi Arabia.." [more]

~~~~~~~~ [ Aug 17 ] ~~~~~~~~~

Saudis at the Negotiating Table [Aug 17]
"The United States and Iran have held two rounds of talks over the security and stability of Iraq.. ..recent reports have revealed that US officials are concerned that significant amounts of financial and volunteer support for the Sunni insurgency are flowing into Iraq from Saudi Arabia. The Saudi government does not support the Sunni insurgency, but some segments of Saudi society clearly do. A few Wahabi imams in Saudi Arabia have urged their followers to go to Iraq for jihad against the foreign forces and the Shi'ites. There is no doubt that the Saudi leadership dislikes the current Shi'ite-dominated government of Iraq -- which it regards as being too close to Iran's cleric rulers. The Saudis fear that if the Iran-US negotiations succeed, the Iraqi government will grow stronger. This suspicion is shared by Saudi people and may be a motive for some to increase their support for the Sunni insurgents.." [more]

Saudi Arabia Hits Back Over Syrian Official's Comments [Aug 17]
"Saudi Arabia lashed out at Syria on Thursday with a rare tirade reflecting deteriorated relations between the two Mideast nations.. ..At a press conference in the Syrian capital on Tuesday, al-Sharaa had said that the Saudi nation � the Mideast's key Sunni power player � has become semi-paralyzed. Al-Sharaa also blamed the kingdom for the ultimate failure of the agreement between rival Palestinian factions Fatah and Hamas that was signed in Mecca earlier this year. The statement on SPA, which is considered a kingdom mouthpiece, said that Riyadh was 'very surprised over the repulsive remarks by ... al-Sharaa that included a lot of lies aimed at harming the kingdom.'.. ..It added that the Syrian official's comments show irreverence to the "traditions and norms that rule relations between sisterly Arab nations.'.." [more]

Saudi Women Learn Techniques of Conflict Resolution at US Program [Aug 17]
"A number of Saudi women participated with other Muslim women from around the world in a leadership program earlier this month on Capitol Hill and George Washington University with the aim of empowering Muslim women to promote peaceful change in their communities.. ..'The presence of Saudi participants helps raise the level of discussion within the classroom, and hence enhances the Islamic education of the class as a whole. At the same time, they get leadership development skills provided by renowned professionals.'.." [more]

Gulf Weathers Global Share Market Turmoil [Aug 17]
"Major stock markets in the Gulf region have largely shrugged off the turbulence which has seen many world bourses go into meltdown over the US housing market crisis, analysts said yesterday. The largest Arab bourse in regional powerhouse Saudi Arabia posted a healthy gain over the week.. ..Saudi Arabia�s Tadawul All-Shares Index closed the week on Wednesday at 7,900.88 points, up 2.4% on its opening level on Saturday, after hitting a high on Monday of 7,945.94 points.." [more]

~~~~~~~~ [ Aug 16 ] ~~~~~~~~~

Supporting Saudi Students [Aug 16]
"With the recent influx of Saudi Arabian students sponsored by their government, many American campuses have scrambled to become more attractive to this growing cohort. Very suddenly, says Susan Sutton, associate dean for the Office of International Affairs at Indiana University-Purdue University Indianapolis, 'There became a visible Middle Eastern presence when we hadn�t had such a presence in awhile.'.. ..But the influx of more than 10,000 Saudi students in a matter of two years, compared to a base of just over 3,000 Saudi students studying in the United States in 2004-5, has also posed its problems.." [more]

Inflation in Saudi to Hit 2.8pc [Aug 16]
"Inflation in Saudi Arabia is likely to increase to 2.8 per cent this year, from 2.2 per cent the previous year, Al-Rajhi Bank & Investment said in a report. 'In 2007, consumer and investment demand, especially in the construction sector, is likely to continue putting upwards pressure on prices,' the Gulf's largest lender by market value said in its July monthly report. "Furthermore, bottlenecks in the labour market contributed significantly to the upward pressures on prices as the costs of labour and materials have increased," it added. Saudi inflation rose to a five-month high of 3.1pc in June as food and housing costs climbed, official data showed.." [more]

Prestigious Pak Award Conferred on Arab News Editor in Chief [Aug 16]
"Khaled Almaeena, Arab News editor in chief, has been conferred the Civil Award of Sitara-e-Imtiaz by the Pakistan government. The award was conferred by the Pakistan president on Almaeena for his excellent services in fostering Saudi-Pakistan relations.. ..Sitara-e-Imtiaz is one of the highest honors given to a civilian in Pakistan. Literally meaning �the Star of Excellence�, the civilian is honored for distinguished merit in the fields of literature, arts, sports, medicine or science. Almaeena was picked this year for his contribution through articulate writing of articles and analyses in bringing Saudi Arabia and Pakistan closer. He was also incisive in his writing on Pakistan, always writing from the heart.." [more]

Saudi Telecom to Raise $14 Billion [Aug 16]
"Saudi Telecom Company (STC) could raise up to $14 billion of debt to pursue its goal of generating 10 per cent of its revenue from outside its domestic market by 2010, according to a report on the firm released by Bahrain-based Securities and Investment Company (SICO). The 37-page report on STC - which is listed on the Saudi Exchange (Tadawul) - aims to provide investors with a better understanding of the company and its future prospects against the backdrop of the region's burgeoning telecommunications sector.." [more]

Saudi Arabia to Expand HIV/AIDS Awareness Campaign [Aug 16]
"As the month of Ramadan draws near, medical authorities will start to extend their HIV/AIDS awareness campaign to include mosques, after having formerly targeted airports and markets. The director of the national program to combat AIDS and the King Saud Hospital in Jeddah, Dr. Sana Flimban, told Asharq Al-Awsat that the campaign aims to reach the largest segment of individuals possible, both Saudis and non-Saudis alike. She added that campaign organizers had reported a positive response from the public.. ..Current statistics in the Kingdom maintain that the cumulative number of HIV cases had reached 11,520 by 2006, of whom 2,658 are Saudis and 8,852 were non-Saudis.." [more]

King Abdullah Washes Kaaba [Aug 16]
"Custodian of the Two Holy Mosques King Abdullah washed the Holy Kaaba on Tuesday night in the presence of princes, prominent religious scholars, government ministers, foreign dignitaries and members of the diplomatic corps from Muslim countries.. ..The Kaaba is washed twice a year, once before the fasting month of Ramadan and once during Haj. The ceremonial washing follows the practice of the Holy Prophet (peace be upon him) of cleansing the Kaaba on the day he conquered Makkah in the eighth year of Hijrah (Migration) to Madinah.." [more]

Saudi-Indian Trade Rises to Over USD 3.44 bn [Aug 16]
"Saudi-Indian relations are forging ahead on the parallel bar of trade and investment as the bilateral trade surged from USD 2.63 billion in 2005 to over USD 3.44 billion last year, an increase of over 28 percent. Bilateral investment was also on the upswing. The Saudi Arabian General Investment Authority (SAGIA) issued during the last two years 190 licenses to Indian companies for joint ventures or 100 percent-owned entities in the kingdom in different sectors.. ..In terms of bilateral trade, India ranked as the fourth largest trading partner of Saudi Arabia: the value of two-way trade between the two countries in 2005-2006 stood at USD 3.44 billion.." [more]

S&P Launches 3 Shariah-Compliant Indices [Aug 16]
"Standard & Poor's said it launched three new Shariah-compliant indices covering the Pan Arab region and publicly traded property companies in developed and emerging markets.. ..The indices exclude businesses that offer products and services which are considered unacceptable or non-compliant according to Shariah-law, like advertising and media, alcohol, financials, gambling, pork, pornography, tobacco, and the trading of gold and silver as cash on a deferred basis.. ..Significant countries represented in the index include US, Australia, China, Hong Kong and Japan.," [more]

~~~~~~~~ [ Aug 15 ] ~~~~~~~~~

Woods Hole to Be KAUST�s First Research Partner [Aug 15]
"The King Abdullah University of Science and Technology (KAUST) announced yesterday that Woods Hole Oceanographic Institution (WHOI) in the United States would be its first partner in its global collaborative research program. A delegation from WHOI arrived in Saudi Arabia recently to view the KAUST site and conclude the initial memorandum of understanding that was signed in April 2007.. ..The Memorandum of Understanding signed by WHOI and KAUST creates three initial areas of research at KAUST: coral reefs, coastal hydrography, and fisheries and aquaculture. WHOI also will provide consultation on the design of laboratory support, and dock facilities for the KAUST Marine and Ocean Research Center, which will provide opportunities for advanced research on Red Sea oceanography and marine life.." [more]

Saudi Basic to Cut Bond Sale Over Credit Fears [Aug 15]
"Saudi Basic Industries Corporation (Sabic) plans to cut a bond sale by almost half to $1.5 billion on concern that global credit fears have hurt investor appetite, two of the arranging banks said yesterday . Sabic, the world's largest chemical company by market value, had planned to sell about $2.7bn of bonds to help finance its purchase of the plastics unit of General Electric & Company for $11.6bn, agreed in May. The bonds were going to be sold in two batches; about $2bc in dollars and $700 million in euros. The dollar component will now be reduced to $1.5bn and euro component dropped altogether.." [more]

Saudi-Indian Economic Ties on Upswing [Aug 15]
"Saudi-Indian relations are forging ahead on the parallel bar of trade and investment between the two countries as the bilateral trade surged from $2.63 billion in 2005 to over $3.44 billion last year, an increase of over 28 percent.. ..The Saudi Arabian General Investment Authority (SAGIA) issued during the last two years 190 licenses to Indian companies for joint ventures or 100 percent-owned entities in the Kingdom in different sectors, such as telecommunications, IT, construction projects, electronics and home appliances, engineering goods and jewelry .. ..These joint ventures were expected to net a total investment of around SR 4.113 billion in the Kingdom.." [more]

Saudi Professionals Create Worker Rights Group [Aug 15]
"A group of Saudi professionals is establishing a body to protect the rights of workers, and improve job prospects in the oil-rich kingdom that bans trade unions, a newspaper reported Wednesday. The Saudi Society of Labor aims to reduce unemployment, empower female workers, and offer legal assistance in employment disputes, as well as computer and language training, the Arab News said. The society, whose members include lawyers and other professionals, is also seeking the "authority to monitor and inspect the private sector, and take note of violations," the English-language daily added.." [more]

Oil Demand Doubts Likely to Prompt OPEC Caution [Aug 15]
"World oil demand forecasts are falling into a widening range, adding to uncertainty that may steer OPEC towards doing nothing when it meets on September 11, analysts said on Wednesday. OPEC is under consumer pressure to pump more oil to lower prices near a record high. Complicating its task is whether the U.S. subprime mortgage crisis takes a wider economic toll as well as wide-ranging estimates of oil demand.. ..For months, the IEA has been urging the Organization of Petroleum Exporting Countries to pump more oil. OPEC has rebuffed the call, saying crude oil supply and inventories are sufficient. OPEC's last monthly report on the oil market before next month's meeting, issued on Tuesday, sounded a note of caution. While nudging up its demand forecast, it warned of growing downside risks.." [more]

~~~~~~~~ [ Aug 14 ] ~~~~~~~~~

Saudi Official Condemns U.S. Republican Candidate's Threat to Bomb Muslim Holy Sites [Aug 14]
"..Abdul-Mohsen Al-Sheik, head of Mecca's municipal council, said he was disappointed that the Republican Party did not issue an apology for Representative Tom Tancredo's remarks.. .."If it is up to me, we are going to explain that an attack on this homeland of that nature would be followed by an attack on the holy sites in Mecca and Medina. Because that's the only thing I can think of that might deter somebody from doing what they otherwise might do," said the Colorado Republican, whose bid for the White House is considered unlikely to succeed.. ..The U.S. State Department has distanced itself from Tancredo's comments.." [more]

Kingdom Urges Unity Govt in Iraq [Aug 14]
"Custodian of the Two Holy Mosques King Abdullah yesterday stressed the need for a government of national unity in Iraq that is acceptable to all Iraqis. 'It is a humanitarian and political necessity to bring Iraq out of its crisis with the help of a government of national unity acceptable to all,'.. ..In a statement to the Saudi Press Agency, Minister of Culture and Information Iyad Madani said the Council of Ministers had reviewed the latest developments in the region including current international efforts to embark on serious discussions to find solutions for the tensions and violence in the region.." [more]

Saudi Economy Goes From Strength to Strength [Aug 14]
"There are no economic factors that can prevent Saudi Arabia's dynamic growth continuing throughout 2007 according to analysis by the National Bank of Kuwait, which expects to see $300bn invested in the kingdom over the next five years. Saudi Arabia has become one of the fastest expanding economies in the region with real economic growth of 6 per cent over the last four years compared with an average of 1.4 per cent in the previous decade.. ..The new found wealth is being carefully managed. Contrary to the inflation that followed previous oil booms, the variety of industrial investments, transport developments, the building of six new cities, as well as oil and gas ventures are certain to raise the absorption capacity of the economy.." [more]

Kingdom Sends Emergency Supplies to Bangladesh [Aug 14]
"The Kingdom is in the process of sending five planeloads of urgent relief supplies for victims of floods in Bangladesh following instructions from Custodian of the Two Holy Mosques King Abdullah. One Saudi cargo plane with various types of relief supplies, including medicines, left Riyadh yesterday afternoon. A second plane is scheduled to leave for Dhaka on Aug. 16.. ..Since June, more than 2,000 people have died across South Asia, mostly in Bangladesh, due to floods that have also caused an estimated damage running into hundreds of millions of dollars. Thousands of villages still remain under water and diseases threaten the surviving population.." [more]

Tanmia Seeks $79m in Damages From Tunisia [Aug 14]
"The Arabian Investment Court of the Arab League is set to hold a hearing on Aug. 21 on the petition lodged by Tanmia for Management and Marketing Consultants, a Saudi company, against the Tunisian government for breach of contract that was entered into between the two parties on July 16, 1999. The petitioner (Tanmia) is suing the respondent/defendant (Tunisian government) for $79 million in damages, which represents the loss, over the respondent�s unilateral termination of the contract for the broadcasting rights of the Mediterranean Games �Tunisia 2001� and all its related activities.." [more]

~~~~~~~~ [ Aug 13 ] ~~~~~~~~~

Saudi Warned About Opening Embassy [Aug 13]
"A coalition of Iraqi Sunni Muslim insurgents on Monday warned Saudi Arabia against opening an embassy in Baghdad, saying the move would comfort the Shiite-dominated government. The Iraqi insurgent umbrella group, the Jihad and Reform Front said in a statement posted on its website, 'At the time that the Iraqi people, particularly the Sunnis, look for the support of their brothers everywhere, Saudi Arabia comes out with a strange wish to support Al Maliki by opening an embassy in Baghdad.'.. ..'The Jihad and Reform Front warns against such a step and calls on the government and people of the kingdom of Saudi Arabia not to implement this wish, especially at this time when Al Maliki's government is in its worst and weakest situation.'.." [more]

Chechen President Arrives in Saudi Arabia for Visit [Aug 13]
"President Ramzan Kadyrov of Chechnya arrived in Saudi Arabia late at night on Sunday at the invitation of King Abdullah. As ITAR-TASS learnt at the permanent mission of Chechnya in Moscow, the Chechen president intends to tell the King of Saudi Arabia about positive changes taking place in the Chechen Republic, as well as about the situation in the North Caucasus as a whole. 'A meeting with the King of Saudi Arabia is scheduled for August 14,' a representative of the permanent mission said.." [more]

Mecca's Hallowed Skyline Transformed [Aug 13]
"These days it's easier to find a Cinnabon in Mecca than the house where the Prophet Muhammad was born. The ancient sites in Islam's holiest city are under attack from both money and extreme religion. Developers are building giant glass and marble towers that loom over the revered Kaaba which millions of Muslims face in their daily prayers. At the same time, religious zealots continue to work, as they have for decades, to destroy landmarks that they say encourage the worship of idols instead of God. As a result, some complain that the kingdom's Islamic austerity and oil-stoked capitalism are robbing this city of its history.." [more]

Impact of Credit Crisis on Saudi Banks Limited [Aug 13]
"Turmoil on global financial markets has had a "limited" impact on Saudi banks and the government's foreign assets, a Saudi central bank official was quoted on Monday as saying. Defaults on US subprime, or high-risk, mortgages have spooked global credit and equity markets and central banks around the world pumped money into the banking system last week. Banks in the world's largest oil exporter have not asked central bank to put more liquidity into markets.. ..The Saudi central bank's foreign assets were worth $242.8 billion at the end of June, up 37% from a year earlier.." [more]

Saudis Returning From Thailand Face Grilling [Aug 13]
"The Riyadh Chamber of Commerce and Industry (RCCI) did not inform travel agencies across the Kingdom of a ban on Saudis traveling to Thailand and so many Saudis, who visited the country at the beginning of the summer, have returned to face questioning from the Kingdom�s authorities.. ..People this summer have once again been asked not to visit Thailand unless for business reasons, a rule that many members of the public are unaware of. People believe the ban has been reinforced because of men who visit Thailand to drink alcohol, visit prostitutes and then be robbed and at times murdered.." [more]

Sharks Comeback Poses Danger in Saudi Market [Aug 13]
"In the wake of the stock market crash in February last year, several manipulators in the market, who are nicknamed "sharks", staged a comeback, largely focusing on the smaller companies which could more easily be preyed upon than the large ones. 'Any agreement between speculators on deals involving stocks or bonds with the aim of misleading the investors and thus getting an unrealistic price is deemed a manipulation,' Asharq Al-Awsat newspaper quoted Hazza Al-Fagm, a Saudi legal expert, as saying on Saturday. 'It is a violation of the regulations governing the Saudi stock market,'.. ..the CMA is trying to track down illegal share manipulators and punish them by deterrent measures.." [more]

US Consulate in Jeddah Moving to New Location [Aug 13]
"The US Consulate in Jeddah is to be relocated within two to three years at a new site on the corner of King Road (Al-Malik Road) and Sari Street. Work is currently under way to prepare the new location, which will also serve as the consul general�s residence.. ..The current US Consulate on Palestine Street has been a security concern since the Al-Qaeda network launched a terrorist attack on it on Dec. 6, 2004. Five heavily armed Saudis attacked the consulate shooting their way inside through a side entrance on Hail Street.." [more]

Foreign Investment in Kingdom Rises [Aug 13]
"The Kingdom of Saudi Arabia has attracted SR68.6 billion in foreign direct investment (FDI) last year, a recent statement issued by the Saudi Arabian General Investment Authority (SAGIA) said. The investments which primary came from the US, Japan, the European Union (EU) and new player Malaysia have risen from 38 percent in 2000 to 47 percent in 2006, with petrochemical sector the most popular investment category.. ..Abdulrahman Mousa, an Investment Specialist at SAGIA told Arab News.. ..'At first the Kingdom was skeptical about allowing foreigners to invest, but now Saudi Arabia is realizing that foreign investment will bring added value through new technological advancements in the administrative and production sectors to the country,'.." [more]

IEA Seeks More OPEC Output To Help Avoid Market Turmoil [Aug 13]
"The International Energy Agency kept up its drumbeat for the Organization of Petroleum Exporting Countries to lift oil output next month when it meets, warning Friday that world oil demand is likely to outpace supply this winter and that this gap will widen if the producer group decides not to raise crude production. The IEA warning, in its monthly oil-market report, implies consumers could see higher energy prices if global economic growth continues apace and the U.S., Europe and Asia see normal winter weather.. ..A key reason behind the IEA's warning against inaction by the 12-nation OPEC at its Sept. 11 meeting in Vienna is the usual time lag from when an increase in output is announced and when oil products such as gasoline reach consumers.." [more]

~~~~~~~~ [ Aug 12 ] ~~~~~~~~~

Saudi Arabia's First Music Video Urges Youths to Become Devout [Aug 12]
"The Arab world's hugely popular music video industry often features sexy performers in revealing clothes crooning about love. But the first clip to be fully produced in Saudi Arabia has a message of a different kind: You can be cool and devout. The video is unusual because it was made in a country where the religious establishment considers music un-Islamic and bans it in public places. And the main cast includes a Saudi woman, something rare in a work produced inside the kingdom.. ..The video is expected to air on most of the Middle East's more than 30 music satellite TV channels this week.." [more]

Saudi Arabia Plans Future Cooperation [Aug 12]
"Saudi Arabian officials have completed a six-week program in Taiwan that gave them an opportunity to learn from the nation's experiences in setting up and operating the National Health Insurance program. Saudi Arabia intends to introduce a similar program in the future. 'Saudi Arabia selected Taiwan over Sweden and Germany as the place to send its delegation because Taiwan boasts one of the best national insurance systems in the world and because its population is about the same size as that of Saudi Arabia,' said Fahad Jalwi Lzahr, Saudi Arabia's director-general of health insurance.. ..'Taiwan's publicly funded health insurance program is similar to what we would like to establish in Saudi Arabia'.." [more]

Saudi Shares Close Lower on Subdued Volumes [Aug 12]
"Saudi stock exchange, the Middle East�s largest bourse by market capitalisation, ended the week�s first day of trading on a lower note. Riyadh�s Tadawul All Share Index closed down 0.06% at 7710.97 yesterday amid a quiet trading session, which saw only 153mn shares changing hands. In the short-term 'I don�t think the market will be moving much in either way,' said Eric Louis, head of investment services at Saudi Fransi Bank. 'Starting October you may have another wave of initial public offerings. I think there will be a rally in the third and fourth quarters. But it will be capped because retail investors are still not back in the market,'.." [more]

Alexandria Airlines Launches Saudi Operations [Aug 12]
"Alexandria Airlines has become the first private carrier to operate between Saudi Arabia and Egypt. According to Arab News, the airlines� first Boeing 737 landed at King Abdul Aziz International Airport this weekend, and offers four weekly flights between the two countries. A local agent told the newspaper the airline is the 'first private Egyptian aviation company to obtain approval from the Kingdom�s General Authority of Civil Aviation'.." [more]

Saudi Keeps Term Supply Cuts for Asia Steady in September [Aug 12]
"Saudi Arabia told crude oil buyers in Asia that it will keep term supply cuts steady in September, in line with the Organisation of Petroleum Exporting Countries� pledge to cut production, officials at Asian refiners have said. The Opec member and world�s top oil producer told refiners in Japan, South Korea and Taiwan that it will continue to ship about 10% less crude oil than full contractual volumes to Asia in September, as it has been doing over the past five months, officials at the Asian refiners said.." [more]

Colombo Sending New Envoy to Saudi [Aug 12]
"Sri Lanka is set to send a temporary replacement for the outgoing ambassador A M J Sadiq in Saudi Arabia�s capital Riyadh. �The interim ambassador will work as part of a stop-gap arrangement for three months,� Deputy Minister of Foreign Affairs Hussein Bhaila said on Thursday. He said a permanent ambassador would be named later. Last month, Sri Lanka�s The Sunday Times newspaper claimed Sadiq was being recalled early following his failure to arrange official meetings for Bhaila in the run-up to a visit to Saudi Arabia. Bhaila travelled to the ultra-conservative kingdom last month to try to secure clemency for Rizana Nafeek, a 19-year-old Sri Lankan convicted of strangling her employer�s 
baby in 2005.." [more]

Border Guard Outlines Achievements Since January [Aug 12]
"The Saudi Border Patrol has captured 198,806 undocumented migrants and 171,461 pieces of ammunition since the beginning of the current Hijra year (Jan. 20) until July 14, officials announced yesterday. According to Maj. Gen. Hamoud ibn Marzooq Al-Roqi, the Border Guard spokesman, border officers also detained 1,391 smugglers and seized 9,248 kg of cannabis resin (hash), 347 kg of heroin and 190,7831 kg of qat, the leaves of the Catha edullis shrub chewed for its stimulating effect. The official also said 1,317 bottles of liquor have been seized.. ..Of late, the Kingdom has intensified patrols along its border with neighboring countries foiling attempts to smuggle huge quantities of arms, 
explosives and narcotics into the country.." [more]

GCC Weapons Deals No Threat to Anyone Says Secretary General [Aug 12]
"The weapons deals concluded by the Gulf Cooperation Council (GCC) member states 'do not constitute threats to any party, but this is their right like others in the region,' GCC Secretary General Abdul Rahman Al Attiyah said in an interview published in Saturday's issue of the Egyptian Al-Ahram Al-Arabi weekly magazine. Al Attiyah added that the announcement by the US regarding weapons deals with some Gulf states 'is not new for the GCC countries that have strong relations with Washington, especially in military cooperation.' Al-Attiyah pointed out that the six members of 
the bloc and the US were bound by defence and security pacts and that such deals were part of the security requirements of the GCC countries that 'have the full right to cope with the developments in the field'.." [more]

Kaaba Washing on Tuesday [Aug 12]
"Makkah Gov. Prince Khaled Al-Faisal will participate in the washing of the interior of the Kaaba on Tuesday under orders of Custodian of the Two Holy Mosques King Abdullah. Prominent religious leaders, government officials and foreign dignitaries will attend the event. The Kaaba is washed twice a year, once before the fasting month of Ramadan and once during Haj. The washing of the Kaaba offers a rare opportunity for people to see the stark interior of the cube at the center of the Grand Mosque in Makkah.." [more]

Aug 5-Aug 11, 2007

~~~~~~~~ [ Aug 11 ] ~~~~~~~~~

Mideast Risks Fuel Oil Crunch, says IEA [Aug 11]
"The International Energy Agency yesterday warned that the Middle East runs the risk of becoming a net importer of fuel oil at precisely the time worldwide output of the product could diminish. Fuel oil demand in the region, which sits on nearly three-quarters of the world�s proven reserves of crude oil, has reportedly spiked on the back of hefty power generation requirements as gas supplies become insufficient to meet electricity demand.. ..For some countries, such as Kuwait, Saudi Arabia or Iran, turning to fuel oil for power generation may make economic sense, especially where power plants are close to refineries.." [more]

Group of Pilgrims Seeks Trial of Muttawa [Aug 11]
"A group of British and US Shia Muslims said yesterday the Saudi religious police they accuse of beating them in the holy city of Makkah should be put on trial abroad. The eight male pilgrims, all of Iraqi descent, said they were beaten and detained overnight on Sunday by the Saudi Muttawa, or religious police, because of their nationalities and the fact they were holding Shia-style prayers. Saudi embassy officials were not immediately available for comment. Saudi-owned newspaper Asharq al-Awsat quoted Ghazi al-Usaimi, deputy police chief at Makkah�s Grand Mosque, on Thursday as denying any truth to reports about the incident.." [more]

Liberal Internet Forum Blocked, Says Activist [Aug 11]
"A Saudi political reform activist said on Thursday the authorities had blocked his internet forum as part of a wider crackdown on freedom of expression in Saudi Arabia. 'I want to put government bodies and public opinion in our country before the facts of how certain elements are infringing human rights,' Ali Al Dumaini said in a statement published on blog sites.Dumaini, who was jailed in 2005 along with two other activists for campaigning for political reforms, said his 'Dialogue and Creativity' forum had discussed issues of human rights, tolerance and democracy.." [more]

Saudi Arabia Tops World in Take-Home Pay [Aug 11]
"While senior executives in the Gulf see the UAE as the most desirable place to work due to its liberal lifestyle, it is Saudi Arabia where they can have more disposable incomes. However, both Saudi Arabia and the UAE topped the list of places that offer managers the highest purchasing power, according to a recent survey by consultancy firm Hay Group. 'Managers in Saudi Arabia and the UAE enjoy soaring levels of take-home pay, as employers in this region pay more attention to cash rather than performance-based incentives,'.. ..Top executives in Saudi Arabia enjoyed annual disposable incomes of $229,325 compared to $223,939 for their counterparts in the UAE.." [more]

Speculation to Dominate Middle East Markets [Aug 11]
"Saudi shares resumed their upward trend last week, apparently buoyed by the strong performance of blue chips in the first six months of the year. The Tadawul All-Share Index (TASI) climbed 2.34 percent, closing at 7,715.62 points up from 7,538.94 points in the previous week. Still TASI is 2.7 percent lower than the year�s start. The Riyadh-based Bakheet Financial Advisors (BFA) report attributed the rise mainly to the midyear results of the telecom sector and the �growth potential of telecom companies, especially plans by the Saudi Telecom Company (STC) to expand its operations to new markets outside the country.." [more]

~~~~~~~~ [ Aug 10 ] ~~~~~~~~~

Saudi Arms Sale Likely to Draw, and Repel, Fire From Congress [Aug 10]
"President George W. Bush's plan to sell $20 billion in weaponry to Saudi Arabia and five other Persian Gulf states is almost certain to draw congressional fire -- and just as likely to survive it. Lawmakers will probably acquiesce to the deal, after playing a role in shaping its final terms, because Israel isn't opposing it outright and Bush's aides have cast it as a move to deter Iranian interference in the oil-rich Gulf.. ..While most such deals have been controversial -- most memorably when President Ronald Reagan proposed selling sophisticated AWACS reconnaissance planes in 1981 -- Congress has never vetoed one.." [more]

Saudi Media Influencing Arab Opinion [Aug 10]
"Saudi Arabia has extended its influence over pan-Arab media to try to counter opposition political movements that challenge the US-allied monarchy, a Saudi media mogul said this week. Using its oil wealth, Saudi Arabia has built up a vast media empire since the early 1990s that filters out criticism of Saudi domestic and foreign policy and floods Arab audiences with music videos, Hollywood films and soft-focus apolitical Islam.. ..Dawood al-Shirian, Saudi Arabia manager of the Saudi-owned MBC television and radio network, defending Saudi influence. 'This (media influence) has played a role in opening up the Arab world and revealing the falseness of some ideologies such as Arab nationalism, 
the Left and political Islam,'.." [more]

Saudi Oil Stock to be Steady, Say Sources [Aug 10]
"Saudi Arabia, the world's top oil exporter, will keep its crude oil supply curbs steady to customers in Japan and Europe in September from August, industry sources said yesterday. The steady volume indicates the largest producer in the Organisation of Petroleum Exporting Countries is keeping a lid on output and raises expectations that Opec's September 11 meeting will not alter supply policy.. ..In monthly notices, state oil firm Saudi Aramco said it would continue to supply Asian lifters with around 10 per cent less than their full contractual volume, as it has since April, two sources in Japan said. Sources at three European oil refiners also said supply would be unchanged.." [more]

Kingdom Sends $50m in Aid to Bangladesh [Aug 10]
"Custodian of the Two Holy Mosques King Abdullah ordered the Ministry of Finance yesterday to provide immediate assistance of $50 million to Bangladesh that suffered huge losses in terms of human life and property in the recent floods. The aid will also include airlifting of medical relief, basic requirements and food in coordination with the Saudi Red Crescent Society, and cooperation of the humanitarian organizations and the government of that country.." [more]

SEC Awards Major Contract to Hyundai [Aug 10]
" Saudi Arabia has awarded an SR383 million contract to South Korean giant Hyundai Engineering and Construction Co. (HDEC) to build power transmission lines in the eastern region.. ..HDEC is currently executing SR5 billion worth of projects in the Kingdom. Major ongoing jobs include a sub-station project, four transmission line projects and a gas processing plant. In fact, the HDEC has emerged as a giant on engineering and technology front, providing comprehensive construction services for roads, bridges, subways, dams, and reclamation and harbor projects.." [more]

~~~~~~~~ [ Aug 9 ] ~~~~~~~~~

Police Detain 135 Suspects in Mecca [Aug 9]
"Saudi police have detained 135 suspected sympathisers of Islamist militants in the holy city of Mecca, a Saudi newspaper says. The men of different nationalities were picked up in a security sweep of the city, home to Islam's holiest site, the semi-official al-Riyadh daily said. Investigations were under way to establish if they had any links to wanted militants.. ..Authorities arrested 172 men earlier this year accused of forming militant cells around the vast desert country, which is the world's biggest oil exporter.." [more]

Saudi Embassy Unaware of Any Bar on Sharifs' Return [Aug 9]
"Contrary to Pakistan's claims, the Saudi Embassy here has expressed its complete ignorance about the presence of any accord between Islamabad and Riyadh, barring deposed Prime Minister Nawaz Sharif from entering the country before the 'ten-year exile'.. ..Even according to a document signed by Sharif before he was sent to Jeddah, none of the details of the "deal" which the government claimed was entered between Sharif, Musharraf and the Saudi royals about his 'ten-year exile' along with his family existed on paper.." [more]

BAE in $41bn Saudi Arms Deal [Aug 9]
"British defence contractor BAE Systems is to build and supply 72 Eurofighter Typhoons as part of a �20 billion ($41 billion) contract with Saudi Arabia expected to be signed by the UK�s Ministry of Defence within a month. Negotiators are working towards the agreement for the government-to-government contract called Al-Salam, or �Peace�, before the month of Ramadan starts in mid-September.. ..The Typhoons will replace the Tornados bought by Saudi Arabia as part of 
the Al-Yamamah oil-for-arms deal. This was arranged by former British Prime Minister Margaret Thatcher in 1984 and has been worth �43 billion to BAE, Europe�s largest defence company. The UK shut down a Serious Fraud Office (SFO) investigation into allegations of corruption in Al-Yamamah last December.." [more]

Egypt�s EFG-Hermes Sees Saudi Stocks Rising [Aug 9]
"Egyptian investment bank EFG-Hermes, which manages about $2 billion of assets in Arab equities, said it plans to increase its allocation to Saudi Arabia, betting record oil prices will spur profits and shares. EFG increased its allocation to the world�s largest oil exporter to 15 percent from nothing at the start of the year.. ..'We�re very interested in Saudi Arabia,' Montasser said yesterday. 'We�re ramping up our coverage of that market. There are very few institutional players there.' EFG favors Saudi Telecom Co. and smaller rival Etihad Etisalat (Mobily), as well as banks including Al-Rajhi Bank, Montasser said.." [more]

Saudi Telecom to Borrow $1.6bn [Aug 9]
"Saudi Telecom Company (STC) said yesterday it had agreed to borrow six billion riyals ($1.6bn) to help finance its purchase of a 25 per cent stake in Malaysia's Maxis. The murabaha facility was agreed with Samba Financial Group, Riyad Bank, National Commercial Bank, and Al Rajhi Banking & Investment Corporation, STC said. Murabaha is where a lender buys a commodity and sells it to a customer at a higher price, locking in profit. The facility would "finance part of the strategic partnership agreement with the main shareholders of Maxis ... the rest would be financed from the company's own resources'.." [more]

KAUST, French Institute Agree Research Collaboration [Aug 9]
"Saudi Arabia�s newly founded King Abdullah University of Science and Technology (KAUST) and France�s prestigious Institut Fran�ais du P�trole (IFP) have signed a Memorandum of Understanding (MOU) to collaborate on world-class research programs, graduate education and technological development for the benefit of their respective countries and the world at large.. ..The agreement.. ..will lead to further agreements to work jointly on transport energies and materials, as well as joint efforts to find innovative solutions for more efficient, more economical, cleaner and sustainable energy sources and materials.." [more]

~~~~~~~~ [ Aug 8 ] ~~~~~~~~~

Iraq Calls on Saudi, Syria to do More on Security [Aug 8]
"Iraq urged its neighbours on Wednesday to stem the inflow of fighters crossing their borders to join insurgents in Iraq or risk a spillover of militancy in the region. 'Terrorism is going to spread to your territories because you are not helping enough,' head of Iraqi Military Intelligence Hussein Kamal told an international security meeting on Iraq in the Syrian capital. 'We want more help from our neighbours, especially Saudi Arabia and Syria, who have suffered from crimes linked to insecurity in Iraq,' he said, in reference to Islamist militant attacks in the two neighbouring Arab states.." [more]

Saudi Says Palestinian State Must Be Viable [Aug 8]
"Saudi Arabia voiced support yesterday for a US-sponsored Middle East peace conference and said a future Palestinian state should be �viable� on contiguous territory, apparently backing Washington�s stand on the issue. Washington backs Israel in its rejection of a withdrawal from all of the lands it occupied in the 1967 Middle East war, and Saudi Foreign Minister Prince Saud al-Faisal appeared to endorse that position in a statement that did not call for full withdrawal but used US language about a �viable� state.." [more]

UN Seeks Saudi Help In Fighting Terror [Aug 8]
"In a recent letter to Saudi authorities, a UN monitoring team has expressed desire to obtain information on the Kingdom's special anti-terrorism program, aimed at protecting people from being influenced by Al-Qaeda ideology.. ..Richard Barret, coordinator of the monitoring team of Sanction's Committee, which was formed as per Security Council resolution No. 1267, expressed his desire to study the Saudi model so that it could be used to help other countries facing identical issues.." [more]

Saudi Arabia Sending Mission to Reopen Embassy in Baghdad [Aug 8]
"Saudi Arabia said yesterday it would send a mission to Iraq next week to work out arrangements for reopening its embassy in Baghdad. �The mission will go to Iraq next week to look into the situation there and the opening of an embassy in Baghdad,� Foreign Minister Prince Saud Al-Faisal told reporters in Jeddah yesterday. �The opening of a Saudi Embassy in Baghdad will be a positive element in improving relations between the two countries,� Prince Saud said.."  [more]

Saudi Science University in Head Hunt [Aug 8]
"A worldwide search is underway for a founding president for King Abdullah University of Science and Technology. The university, which is being built 80 km north of Jeddah on Saudi Arabia's Red Sea coast, aims to be a global leader in research into energy, environmental sciences, computing, mathematics and engineering. The facility will have the financial backing of one of the world's largest university endowments from King Abdullah, and will be governed by an independent board of trustees that is expected to attract the scientific community's brightest minds.." [more]

Saudi Index Leads Gulf Bourses [Aug 8]
"Value buying of bluechip shares helped most Gulf markets close higher yesterday, led by Saudi Arabia, the largest regional bourse. Only Doha ended in the red. Saudi shares extended gains to the sixth consecutive session, ending up 0.6% at 7750.7, led by banking stocks. Al Rajhi led risers, up 2.9% at 80.25 riyals. Saudi Electricity bolstered the gains, while telecom stocks were down on profit-taking.." [more]

~~~~~~~~ [ Aug 7 ] ~~~~~~~~~

Saudi Mission to Iraq Next Week [Aug 7]
"Saudi Arabia said on Tuesday it will send a mission to Iraq next week to work on arrangements for the reopening of its embassy in Baghdad, more than four years after the US-led invasion.. ..The reopening of the embassy would mark a new stage in ties between the Sunni authorities in Riyadh and the Shiite-led government in Baghdad. Iraq reopened its embassy in Saudi Arabia last February. It had been closed in December 1990 on the eve of the 1991 Gulf War over Kuwait when ties were broken off by Saddam Hussein's regime. The two countries restored diplomatic relations in July 2004.." [more]

S. Korea Seeks Saudi Help in Afghan Hostage Crisis [Aug 7]
"As part of efforts to secure the release of the 21 Korean hostages held by the Taleban in Afghanistan, the South Korean government has asked Saudi Arabia to exert whatever influence it can. Seoul has asked if it is possible for religious scholars in the Kingdom to issue fatwas (religious edicts) or statements denouncing the Taleban�s action in kidnapping the South Koreans and holding them hostage.. ..The Korean diplomat said he believed an official message from the government of Saudi Arabia, particularly from official religious bodies, could have an impact and help the situation.." [more]

Saudi Religious Police Arrest Man for Helping His Neighbor [Aug 7]
"Members of Saudi Arabia's controversial religious police have arrested a Nigerian man who converted to Islam for being alone with a woman he was not married to or related to. It happened after the African man helped the sick woman by taking her to hospital.. ..Arab News reported that Ibrahim Mohammed Lawal, a Nigerian student of Islam in Riyadh, learned that his 63-year-old neighbor was in need of medical attention and took her to hospital. While checking on her condition several days later, he was arrested by members of the plain-clothed vice squad, known in Arabic as the muttawa or muttaween. The reports said the man, who had been in custody for "50 days and counting," said all he wanted 
to do was to return to his home country.." [more]

J. Ray McDermott Awarded Long Term Agreement by Saudi Aramco [Aug 7]
"J. Ray McDermott, S.A. has been awarded a seven-year project by Saudi Aramco to provide engineering, procurement, construction, and installation for the Offshore Maintain Potential Program in Saudi Arabia. The project is known in the industry as the 'Long Term Agreement' or 'LTA'. 'We have worked in Saudi Arabia and the Middle East for more than 45 years, and this is the largest project we�ve ever undertaken for Saudi Aramco,' said Bob Deason, Chief Executive Officer of J. Ray. 'Saudi Arabia has significant plans to increase oil production to meet the world�s rapidly growing energy demand and our contribution in developing the facilities under the LTA will play a vital role in helping Saudi Aramco meet that commitment.'.." [more]

Saudi Leads Gulf Bourses Higher [Aug 7]
"Shares in Saudi Arabia, the Gulf's largest market, led six out of seven regional bourses higher yesterday. Only Qatari stocks ended slightly down. Volumes have fallen across most markets as investors take a summer break, drying out liquidity.. ..Shares in Saudi Arabia, the worst performing Gulf market so far this year, closed up 1% to 7703.84 on value buying in blue chips, extending gains for the fifth consecutive session on the back of telecom stocks and Al Rajhi bank.." [more]

English for Fourth Grade [Aug 7]
"In an experimental project, the Ministry of Education is to introduce the teaching of English to fourth grade students in eight primary schools in Buraidah. Presently, Saudi public schools begin teaching English in the sixth grade.. ..The Ministry of Education has agreed to run the project on a trial basis before possible introduction to primary stage classes in all Saudi schools. Fourth grade primary pupils will learn English in these eight schools from the beginning of the next academic year.. ..The Ministry of Education made a contract five years ago with the Macmillan Publishing Company through its local agent to design a new book for the fourth elementary grade.." [more]

New TV Channel Aims to Confront Cultural Invasion [Aug 7]
"A new social affairs and marketing channel, Al-Motahadeth, was launched in Riyadh recently.. ..Announcing the launch of Al Motahadeth, Al-Abdullateef said that the new venture was a response to the cultural invasion by foreign channels in the wake of the rapid expansion of electronic media that he felt were contributing to the decline in Saudi moral standards and deeply held beliefs. The channel will carry preferential marketing offers for holders of the Al-Motahadeth card.." [more]

~~~~~~~~ [ Aug 6 ] ~~~~~~~~~

Rice Promises Substantive Mideast Conference [Aug 6]
"U.S. Secretary of State Condoleezza Rice says there is a consensus among potential participants that the conference on the Israeli-Palestinian conflict she is to host this autumn must be substantive.. ..Rice acknowledges that a two-state solution to the Israeli-Palestinian conflict will be hard to achieve in the 17 months remaining in the Bush administration. But she is promising intensive U.S. efforts to spur the peace process, including multiple trips to the region to lay groundwork for the conference, proposed by President Bush in his Middle East policy statement July 16.. ..She achieved a potential breakthrough in Jeddah when Saudi Arabian Foreign Minister Price Saud al-Faisal said his government would seriously consider attending, if the meeting was substantive.."  [more]

OIC-IDB Mission to Visit Darfur [Aug 6]
"A joint mission by the Organization of the Islamic Conference (OIC) and the Islamic Development Bank (IDB) is heading to Darfur, Sudan, on Aug. 10 to provide emergency humanitarian relief at a cost of $1 million.. ..The ten-day mission will travel to Khartoum first and then to Darfur to provide needed medicine, food and other items for the refugees and people of Darfur. While in Khartoum, the mission will discuss with Sudanese authorities organizing an OIC international donors� conference in aid of Darfur.." [more]

New Mortgage Law Set to Boost Saudi Arabia's Housing Market [Aug 6]
"Saudi Arabia's housing market is all set to boom as the Kingdom has geared up to introduce the long-awaited mortgage financing law by the end of this year or early next year. The availability of housing finance will add momentum to rising demand growth, which over the past few years, has been driven by robust economic performance, increasing personal income and Kingdom's population dynamics and demographic trends.. ..the Saudi housing finance market is currently nonexistent, mainly due to the absence of a mortgage system governing property ownership, specifically property repossession, enforced eviction and assets liquidation in the case of delinquency.." [more]

Saudi Market Capitalization Rises to SR1.28 Trillion in July [Aug 6]
"The Saudi stock market made hefty gains in July and it looks like the bourse has slowly and steadily started its upward momentum after a major downturn. After dropping 52.53 percent in 2006, the Tadawul All-Share Index (TASI) is still down 3.82 percent so far this year. According to the Saudi Stock Exchange (Tadawul) report for the month of July, which was released on Saturday on its website, TASI closed at 7,534.05 points at the end of July, up 564.33 points or 8.10 percent over the previous month. On a year to date (YTD) basis the index declined by 5.03 percent. Highest close level for the index in July was 7,633.54 as on July 25.." [more]

~~~~~~~~ [ Aug 5 ] ~~~~~~~~~

Rice Defends U.S. Arms Sale to Saudi Arabia [Aug 5]
"U.S. Secretary of State Condoleezza Rice defended on Sunday the Bush administration's decision to sell military equipment and technology to Saudi Arabiato guard against alleged threat from Iran. In an interview with Fox television, Rice rejected the saying that Saudi Arabia has not done enough to support the U.S.-backed government in Iraq, insisting that 'I think we have good cooperation.' 'We want all states to do more. But it makes no sense to leave our longtime strategic ally undefended in a region in which Iranian and other challenges are brewing,' she added. Rice made the remarks after she returned home Friday from a four-day Middle East trip.." [more]

Britons Released After Saudi Row [Aug 5]
"A group of British Muslims who were held after an incident at the Great Mosque in Mecca have been released by Saudi religious police. British Islamic group says seven Britons and one American were detained. A spokesman for Islamic group SAVEIT said the arrests were made after police became involved in a debate over religious practice. The UK Foreign Office said it was assisting the Britons who were released on Sunday morning.. ..The group - which is called Shiite Muslims Against Violence Extremism and International Terrorism - was founded by Muslims wanting to show opposition to violence. Mr Taki said Saudi police had accused the Britons and the American of being "infidels" who 
were outside Islam.." [more]

Saudi Credit Card Loans Surge 69pct [Aug 5]
"First-quarter loans on credit cards rose 68.7 per cent in Saudi Arabia from a year earlier while consumer loans fell, data from the central bank showed yesterday. Saudi Arabia was the Middle East's most profitable credit card market, according to a study by UK-based Lafferty Group, accounting for a third of bank earnings from their credit card businesses in Middle East last year. Loans on credit cards rose to 7.9 billion riyals ($2.1bn) in the three months to March 31 from 4.68bn riyals a year earlier, according to data published by the Saudi Arabian Monetary Agency (Sama), or central bank. Consumer loans fell 1.9 per cent to 180.5bn riyals in the same period.." [more]

Haj Pilgrims Begin Arrival on Oct. 21 [Aug 5]
"The first Haj pilgrims this year will begin arriving on 10 Shawwal (Oct. 21), according to Deputy Haj Minister Hatim Ghadi. At least 1.5 million pilgrims are expected to arrive from abroad. The five-day Haj is tentatively set to begin on Dec. 17, depending on when the full moon is sighted. Arafat Day, which is the second day (the climax) of the Haj, is tentatively scheduled for Dec. 18.." [more]

Investments in Yanbu Top SR50bn [Aug 5]
"An economic report issued by the Royal Commission for Jubail and Yanbu said industrial investments in Yanbu had crossed the SR50 billion mark and would reach SR71 billion by next year. �The investments in the private commercial and housing projects reached SR5.2 billion thriving under the favorable economic atmosphere in the Kingdom,� the report added.." [more]

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