Sep 30-Oct 06, 2007

~~~~~~~~ [ Oct 6 ] ~~~~~~~~~

Bush Optimistic on Setting Up Palestinian State [Oct 6]
"President George W. Bush said in comments aired yesterday he was 'very optimistic' a Palestinian state could be set up alongside Israel and that next month's Middle East conference could lead towards peace in the region.. ..'I want to affirm that the two-state solution is part of a comprehensive peace in the Middle East and that our strategy is for all parties to attend at the table for the sake of a comprehensive peace. We want to push this issue.'. Israeli and Palestinian leaders agreed on Wednesday that formal negotiations on Palestinian statehood would begin after the peace conference.." [more]

Saudi Judicial Reforms Could Augur Well for the Entire Region [Oct 6]
"Saudi Arabia's announcement this week that it would initiate significant and comprehensive judicial reforms could prove to be one of the most important developments in the region for many years.. ..Saudi Arabia has long exercised great moral influence in the region, due to its custodianship of the leading Islamic holy sites.. ..A quality judiciary is the bedrock of durable statehood and a stable, satisfying society. Saudi Arabia's judicial reform decision is an important move that deserves to be monitored carefully.." [more]

Saudi Arabia Launches Official Fatwa Site [Oct 6]
"The highest religious authority in Saudi Arabia, where a strict version of sharia, or Islamic law, is applied, has launched an official website for fatwas, or religious edicts. The site (www.alifta.com) aims at providing "quick access to fatwas on an official website," says a committee for research and edicts affiliated with the Council of Senior Ulema (Muslim scholars), which operates the site. The site features edicts issued by a number of official religious scholars.. ..The launch of the website is apparently a response to the issuing of fatwas by Saudi and other Muslim scholars that clash with the official line of the Saudi religious establishment led by the Council of Senior Ulema.." [more]

Saudi King Asks Officials to Explain Rising Prices [Oct 6]
"Saudi Arabia's King Abdullah has summoned the interior minister and provincial governors to explain rising inflation, which hit a seven-year high in August, reports said on Saturday. The king asked for 'prompt reports' at the last weekly government meeting on Monday.. ..Inflation in August was 4.4 per cent from a year earlier, driven mainly by a record 12.1 percent jump in rents and a 6.6 per cent rise in prices of food products, according to data released this week. The data raised pressure on the central bank which is torn between the need to contain prices and avoid appreciation of its dollar-pegged currency.." [more]

Saudi Students Tell of Brief Harvard Stint [Oct 6]
"Instead of taking a summer break from their studies, Rasheeda Bilal and Sondos Alireza spent four weeks hitting the books at the Women and Public Policy Program at Harvard�s John F. Kennedy School of Government in Cambridge, Massachusetts. Bilal and Alireza � majoring in management information systems at Dar Al-Hekma, the women�s private college in Jeddah � attended the intensive four-week program covering a wide array of graduate-level subjects covering economics, politics and social issues.. ..Regarding the annual summer-exchange program with Harvard, Abedin said it would not only give a merit-based opportunity for serious Saudi students to study at the prestigious university but also reciprocate with offering students there a chance to peek inside the Saudi household.." [more]

Investors Adopt Wait-and-See Attitude [Oct 6]
"The Saudi stock market declined last week as investors adopted wait-and-see attitude in view of the Eid Al-Fitr holidays. They are also waiting for the third-quarter results of the listed companies. The Tadawul All-Share Index (TASI) dropped by 2.07 percent to 7,765.17 points last week. The index closed at 7,929.71 points in the previous week.. ..The GulfBase GCC Index rose 0.83 percent to 5,622.91 points last week. The value of GCC traded shares also increased 20.73 percent to $12.77 billion and volume surged 18.84 percent to 6.06 billion.." [more]

Oil May Fall Because of Supply Increase, Survey Shows [Oct 6]
"Crude oil may decline on speculation that U.S. inventories will rise because of refinery maintenance and increased OPEC output. Twenty-four of 32 analysts surveyed, or 75 percent, said oil prices will fall through Oct. 12, the most bearish response since the survey was introduced in April 2004. Two, or 6.3 percent, said prices will rise and six said there will be little change. Last week, 72 percent of respondents said oil would fall. U.S. crude-oil inventories rose 2.98 million barrels to 321.8 million barrels in the past two weeks.." [more]

~~~~~~~~ [ Oct 5 ] ~~~~~~~~~

Peace Deal Possible by May [Oct 5]
"Palestinian President Mahmoud Abbas's government said yesterday formal negotiations to create a Palestinian state could be completed in six months after a US sponsored Middle East conference. Palestinian Information Minister Riyad Al Malki said the agreement would then be brought before the Palestinian people, both inside the Palestinian territories and abroad, for a referendum.. ..Once a final-status agreement is reached, it would be presented to a follow-up meeting of the countries that took part in the conference, Palestinian officials said.." [more]

Saudis to Overhaul Legal System [Oct 5]
"Saudi Arabia has announced an overhaul of its judicial system, including the allocation of $2bn (�981m) for training judges and building new courts. The reforms, by royal decree, will lead to the creation of a supreme court, an appeals court and new general courts to replace the Supreme Judicial Council. Reformers have welcomed the measures, which they say will improve human rights and help modernise the country.. ..Until now, Saudi judges have had wide discretion to issue rulings according to their own interpretation of Islamic Sharia law.." [more]

Aluminum Smelter Plant Planned in Saudi Arabia [Oct 5]
"Malaysian conglomerate MMC Corp. Bhd. said its unit MMC International Holdings Ltd. and joint-venture partner, Saudi Binladin Group, have signed a memorandum of understanding with Aluminum Corp. of China Ltd. to build a $3 billion aluminum smelter in Saudi Arabia. The smelter, to be built in Saudi's Jazan Economic City, is expected to have an annual production capacity of about one million metric tons after the plant's three phases are completed.. ..The project will be developed by a new joint-venture company, which will be set up before the end of the year, and construction is expected to begin by the second half of 2008. The project is part of a $30 billion, 30-year contract to develop and manage the 117-square-kilometer Jazan Economic City.." [more]

Price Rise Causing Big Concern in Gulf States [Oct 5]
"With prices of essential commodities showing hefty increases in the past one year, the Gulf states have warned retailers against raising costs ahead of the Eid festival.. ..With the Saudi consumer price index hitting 4.4 per cent in August, King Abdullah has asked the Interior Ministry and provincial governors to submit a report on the reasons for the unprecedented increase in the prices of essential commodities, 'Arab News' reported. The inflation in the Kingdom has been rising steadily in recent months, it was 3.83 per cent in July and 2.96 per cent in May. The seven-year record in inflation is mainly attributed to the steep rise in rents and the costs of food and beverages.." [more]

Saudi Market Regulator Allows Five Companies to Float IPOs [Oct 5]
"The Saudi Capital Market Authority (CMA) has agreed to allow five Saudi firms to float their shares in initial public offerings (IPOs). The move is expected to suck liquidity from the market.. ..A statement released by CMA yesterday said that the total shares to be floated for the IPOs reached 38.9 million, adding that the subscription period will be from October 27 to November 12.." [more]

Firms Seek Finance to Bid for Saudi Railway [Oct 5]
"Companies from Germany to Japan have approached banks to arrange as much as $5 billion to bid for a 1,100 km railway crossing the Saudi Arabian desert, bankers and executives said yesterday. Four groups of Saudi and international firms are vying for a contract to build and operate the rail network linking the Gulf and Red Sea coasts of the world's largest oil exporter. Bidding closes on November 5 with the outcome expected early next year, the executives said.. ..The winner of the Landbridge will have a 50-year concession to operate the network and could raise the funds in a mix of conventional and Islamic loans, bonds and project finance.." [more]

Darussalam Releases Six Books of Hadiths Translated Into English [Oct 5]
"As part of a major Islamic project, a Saudi Islamic publishing house released this week six books of Hadiths (sayings of the Prophet) in English from the original works in Arabic published several hundred years ago.. ..An international team of linguists and scholars consisting of Americans, Canadians, Pakistanis and Indians have been working on the project that seeks to bring out for the first time an authentic English translation of the original Hadiths in Arabic compiled by six authentic narrators of the Prophet�s sayings.." [more]

~~~~~~~~ [ Oct 4 ] ~~~~~~~~~

Bishops' Warning Over Middle East [Oct 4]
"Three senior bishops have made public a letter they wrote to the prime minister about hopes for peace in the Middle East after he failed to reply. The letter, written three months ago, accused Israel of undermining the chance of a future Palestinian state. The Bishops of Exeter, Winchester and Coventry believe only a two-state solution will create peace. But they said that this would soon become impossible unless international pressure was placed on Israel.." [more]

Reform Set to Revolutionize Justice System, Say Experts [Oct 4]
"Prominent Saudi officials and lawyers welcomed the judicial reforms approved by Custodian of the Two Holy Mosques King Abdullah and said the new laws would revolutionize the country�s justice system, improving human rights and business environment.. ..'This is a major turning point in the Saudi criminal justice system. There are more guarantees for offenders and it creates specialized courts,� said commentator Zohair Al-Harithy, who works with the official Human Rights Commission. �We�ve been asking for this, and now it�s been done,' he told Reuters.." [more]

Kingdom Will Establish Five New Airports [Oct 4]
"The General Authority of Civil Aviation (GACA) will establish five new airports in the Kingdom�s eastern, western, northern and southern regions.. ..Saudi Arabia has 27 airports including three international ones in Riyadh, Jeddah and Dammam. Efforts are under way to establish an international airport in Madinah within four years. The government has so far spent nearly SR60 billion on airports.." [more]

Saudi Oil Exports May Fall to $165 bn [Oct 4]
"Saudi oil exports this year may fall as much as 12 per cent from last year's record to $165 billion as the world's largest oil exporter restricts production as part of OPEC quotas.. ..Average production may fall as much as 6 percent to 8.65 million barrels per day, while the average price of Saudi crude could be $59 per barrel, close to last year's record of $60.50, Riyadh-based SABB bank said in a report on the Saudi economy.." [more]

Rising Rents Push Saudi Inflation to Record High [Oct 4]
"Saudi inflation hit a seven-year high of 4.4 per cent in August on a record jump in rents, raising pressure on a central bank torn between the need to contain prices and avoid appreciation of its dollar-pegged currency.. ..The kingdom's government has been under growing pressure to rein in prices, with the advisory Shura Council calling for action after inflation hit 3.83pc in July. The increase in August was driven mainly by rents which surged 12.1pc, the biggest increase on record, according to data from the Central Department of Statistics. The food and beverage component of the index rose 
6.6pc, the department said. Inflation has not been this high since it reached 4.98pc at the end of 1995.." [more]

Value of Saudi Shares Traded Falls 55.89% to SR2 Trillion [Oct 4]
"The Saudi stock market took a tumble yesterday as the Tadawul All-Share Index (TASI) dropped 80.11 points to 7,765.17. Shares of only five companies rose out of 104 companies traded yesterday. In the banking sector, shares of Samba Financial Group edged higher by 0.20 percent to SR123.25. In the industrial sector, shares of Saudi Cable Co. increased to SR40 and that of Alabdullatif Industrial Investment Co. to SR58.75. The other two gainers were the National Shipping Company of Saudi Arabia and Malath Cooperative Insurance and Reinsurance Co. The stock market turnover was over SR4 billion yesterday.." [more]

HRC to Address Muslim Rights Issues in Europe [Oct 4]
"Saudi Arabia�s Human Rights Commission (HRC) will urge its counterparts in the European Union to ask their governments not to link terrorism to Islam and also to issue regulations to protect Muslims from prejudice and discrimination because of their faith.. ..The points are expected to be addressed during HRC�s official participation in the Second Arab-European Dialogue on Human Rights and Terrorism, which will take place in Copenhagen on Oct.21-23. 'The dialogue is significant because it is being held in Denmark, where the controversy started over the Prophet Muhammad (pbuh) cartoons,'.." [more]

~~~~~~~~ [ Oct 3 ] ~~~~~~~~~

Saudi Arabia to Have Independent Judiciary [Oct 3]
"In a step towards developing its judicial and legal system, Saudi Arabia will be setting up an independent judiciary at the cost of nearly seven billion Saudi riyals. A royal decree has approved the mechanism for the judiciary and grievances board laws and has allocated seven billion riyals for the project, which was named the King Abdullah bin Abdul Aziz scheme for developing the judiciary utilities.. ..one of the main features of the judiciary and grievances board laws is the transfer of the judiciary competences of the Supreme Judiciary Council (SJC) to the High Court, leaving the function of the SJC confined to the employment affairs of judges.." [more]

Saudi Arabia to Host Third OPEC Summit at Presidential Level [Oct 3]
"Saudi's King Abdullah invited heads of member states of the Organization of Petroleum Exporting Countries (OPEC) to a summit to take place November 17 and 18, local press said Wednesday. In its overnight bulletin, the state-owned Saudi news agency, citing Oil Minister Ali al-Naimi, said that the third OPEC summit will be held in Riyadh. Al-Naimi said that 'embracing' this summit 'confirms the Kingdom's keenness on the stability of international oil markets in a way that serves consumers, producers, oil industry, (and) international economy especially that of developing states.'.." [more]

Saudi Banks Hold Key as Firms Seek $6 Billion [Oct 3]
"Firms looking to raise about $6.25 billion to finance projects in Saudi Arabia in the coming months will struggle in a market reeling from a global credit crunch unless Saudi lenders come to their rescue, bankers said. Saudi Basic Industries Corporation (Sabic), Saudi Arabian Mining and Chevron Phillips Chemical are all seeking cash for projects in the world's top oil exporter at a time when US mortgage defaults have sapped global risk appetite. 'The litmus test is how much will Saudi (banks) give for each of these projects. That's crucial,' a senior banker said. 'In today's environment, if you know there's going to limited international bank appetite, you need a big chunk of this cash to come from Saudi,'.." [more]

Saudi Souq.com Opens Its Doors [Oct 3]
"The Middle East's primary online auction portal, Souq.com, has launched a version of the site for Saudi Arabia, a full year after this move was first planned. The internet marketplace, which already offers buy/sell services to users in the UAE and Jordan, now offers Saudi users a fully Arabic site that its creators claim boasts features that have been customised for users in Saudi Arabia and includes numerous product categories, ranging from mobile phones and computers, to health and beauty products, cars and properties. An English version is also available if clicked.. ..Souq.com claims to have over 80,000 registered users and receive 165,000 unique visitors a month. Its average number of items listed each month currently stands at 30,000.." [more]

Saudi Aramco Raises October 2007 LPG Prices to a Record [Oct 3]
"Saudi Aramco, the world's largest state oil company, boosted prices of liquefied petroleum gas to a record in October in line with higher crude oil costs as demand increased from China and Japan. The Dhahran, Saudi Arabia-based company increased propane prices sharply for cargoes loading in October to US$640 a metric ton from US$560 a ton in September and raised butane prices to US$665 a ton from US$580 a ton, said a company official, asking not to be identified because of company rules. Crude oil in New York touched US$83.90 a barrel on 20 September, the highest since futures started in 1983.." [more]

Saudi Youth Exploited to Commit Heinous Acts for Jihad [Oct 3]
"Shaikh Abdul Aziz Bin Mohammad Al Shaikh, the Saudi grand mufti, and Chairman of the Board of Senior Ulema [Muslim scholars] and Administration of Islamic Research, accused foreign circles of misleading and exploiting Saudi youth to commit 'heinous' acts under the banner of Jihad.. ..He pointed out that travelling abroad for jihad and getting involved in acts of destruction are in clear defiance to the state leader and ulema and could bring corruption to the whole nation. 'By doing so, these young men violate the divine commandments as they are disobeying their legitimate ruler'.." [more]

King to Sign Four Deals in UK State Visit [Oct 3]
"British Ambassador to the Kingdom William Beaty said King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, will be signing four agreements in the fields of education, economic and politics in his state visit to Britain this month, according to Arabic daily newspaper Al-Riyadh. He underlined the importance of the state visit of the King to Britain by pointing out that Queen Elizabeth receives only two state visits every year. The only other state visit received by the Queen this year was of the Brazilian President earlier.." [more]

~~~~~~~~ [ Oct 2 ] ~~~~~~~~~

Saudi Grand Mufti Warns Young People Against Going Abroad for Jihad [Oct 2]
"Sheikh Abdulaziz al-sheikh, the Grand Mufti of the Kingdom of Saudi Arabia, warned young men on Monday against traveling abroad to wage holy war because situations there are 'troubled, ambiguous and not clear,' and could be exploited by 'outside forces.. for shameful goals' under the banner of jihad.. ..'By doing such things, youths commit a number of violations of Islamic rules and teachings, including disobedience to our rulers. They fall to the attraction of deviant elements, using their enthusiasm to achieve political and military gains on behalf of suspicious groups,'.." [more]

Malaysian Resources Seeks $2 Billion Saudi Contract [Oct 2]
"Malaysian Resources Corp. is in talks to build a $2 billion transport and housing development in Saudi Arabia, the company's biggest overseas project, to tap a construction boom in the Middle East kingdom.. ..Shares of Malaysian Resources rose as much as 3.5 percent and have more than doubled this year, buoyed by orders at home and abroad. The company, builder of Malaysia's biggest bus and rail hub in Kuala Lumpur, plans to export the model to the Middle East, where oil revenue is helping fund $1 trillion of building projects, based on JPMorgan Chase & Co. estimates. 'It's a natural thing' to focus on the Middle East, given the wealth in the region.." [more]

Saudi Stock Market Gains Slightly [Oct 2]
"The Saudi stock market rose slightly yesterday after falling 35.50 points on Sunday. The Tadawul All-Share Index (TASI) edged higher by 14.22 points to 7,847.64. Shares of 70 companies surged while 19 companies were in the red yesterday. The market activity was low as investors awaited third quarter results of the listed firms and as Eid Al-Fitr holidays drew closer. The stock market turnover was SR4.64 billion yesterday.." [more]

Saudi Investment Bank's Outlook Cut to Negative on Planned Stake Buy [Oct 2]
"Fitch Ratings said it has changed The Saudi Investment Bank's outlook to negative from stable for its long-term issuer default rating, due to the bank's planned acquisition of a 50 pct stake in Bahrain-based Albaraka Banking Group (ABG) via a share swap with ABG's parent.. ..Fitch added it is uncertain at this stage how this acquisition would impact the bank's future ownership structure, strategy and risk profile.." [more]

Saudi Foreign Assets Slump to $248bn [Oct 2]
"Saudi Arabia's official reserves excluding gold declined and net foreign assets held by its central bank showed a rare drop in August as the world's largest oil exporter battles the repercussions of the dollar's fall. Saudi Arabian Monetary Agency (Sama) net foreign assets were 930 billion riyals ($248bn) in August, down 1.2 per cent from July, in their first monthly drop in at least a year.. ..One analyst, speaking on condition of anonymity, said the dollar's all and the subprime crisis in the US contributed to the decline in Sama's assets. 'They invest in safe instruments .. ..including U.S. and European treasury bonds. Sama might have operated a readjustment of the value of its assets after the decline in the dollar and the recent turmoil in the US financial market,'.." [more]

Saudi Arabia Keen on Free Trade With Canada [Oct 2]
"Saudi Arabia is increasingly looking eastward and to non-traditional trading partners such as Canada, New Zealand and Australia, in an effort to diversify its economic relations. 'Turning Eastward,' said Dr. Abdulaziz Al-Sowayegh, Saudi ambassador to Canada, 'is the natural strategic extension of the Kingdom's economic policy that aims to diversify both the nature of our economic activity as well as our trade partners in the coming years. It also represents a mature awareness in the Kingdom's diplomacy, at a time when this part of the world, including China, Japan, India, Malaysia, Pakistan and Singapore, have become giant economic powers that are imposing themselves on the economic world arena. For this reason, Saudi Arabia is very keen on building close relations in this era where strategic partnerships are based on closer economic interdependency that takes into consideration the changes that have taken place as far as the world order is concerned'.." [more]

Ministry Sets Sights on Diabetes Awareness [Oct 2]
"The Ministry of Health announced it would begin a Kingdom wide campaign to raise awareness about the dangers, causes and treatments for diabetes, a growing health problem in Saudi Arabia. The new effort includes establishing a satellite channel devoted to educating people on preventing the pancreas-affecting disease. 'We have to take constructive steps to combat this disease which is becoming common among the locals and expatriates,'.. ..Saudi Arabia, where diabetes affects nearly 30 percent of the population, is one of 10 countries that have the highest number of diabetics in the world, according to the World Health Organization.." [more]

~~~~~~~~ [ Oct 1 ] ~~~~~~~~~

US Human Trafficking Report Against Riyadh Criticised [Oct 1]
"The Saudi Human Rights Commission dismissed a recent US State Department report accusing the kingdom of failing to comply with the minimum standards outlined in the American Trafficking Victims Protection Act.. ..Saudi Arabia was put on the third tier of the report which includes countries that do not comply with the minimum US standards to fight human trafficking or to make tangible efforts to improve their records. Dr Adnan Mohammad Al Wazzan, rector of the Makkah-based Umm Al Qura University and member of HRC, said that the US report was full of contradictions and double standards while tackling the concept of human trafficking.." [more]

Didactic Ramadan TV Tries to Better Saudis [Oct 1]
"Saudi television has used the Muslim fasting month of Ramadan to convey educational messages on everything from reform issues such as women's right to drive to pride in the Arabic language. The holy month, when Muslims fast from dawn to dusk, has traditionally offered a chance for the media to debate social issues since captive audiences spend hours in front of the television after breaking the fast. But with 'reform' now a buzzword in the conservative kingdom since King Abdullah ascended the throne in 2005, the efforts to 'better' the Saudi citizen through pithy commentaries in comedy, drama and direct lecturing have notably increased. Saudi-owned pan-Arab entertainment network MBC is the main vehicle for the Saudi Ramadan television.." [more]

Saudi Arabia Jumps 15 Places on World Bank Investment Climate List [Oct 1]
"World Bank vice-president for Financial and Private Sector Development Michael Klein said Saudi Arabia has jumped 15 places in the rankings to No 23 for the best investment climate among 178 countries evaluated on the basis of 10 indicators that affect their business environment in the world.. ..'Saudi Arabia has last year undergone a number of qualitative reforms that make it one of the most successful countries in the world in term of economic reform,'.." [more]

Saudi Arabia Entering the Gulf's Single Largest Healthcare Market [Oct 1]
"The 15th edition of SHASH, 5th to 8th May 2008, will once again be held in the prime location of Jeddah. Already the largest market in the gulf for medical equipment and healthcare products, Saudi Arabia's burgeoning population, forecast to rise from the present 26 million to 47 million by 2020, and its citizens increasing affluence, which is expected to exacerbate related illnesses such as obesity, diabetes etc, will help to maintain a steady continual growth and tremendous new potential in the future in all sectors of healthcare.." [more]

Saudi Jails to be Improved With Help of Private Sector [Oct 1]
"In a move to improve the situation of its prisons and introduce new reforms for prisoner welfare, Saudi Arabia has decided to work with the private sector. The Saudi Higher Council for Prisons (HCP), during its meeting on Friday evening under the chairmanship of Prince Naif Bin Abdul Aziz, the Interior Minister, underlined the importance of substituting prison terms with other financial, physical and social penalties.. ..The Council decided to encourage the private sector to invest in projects related to prisons, support the care and reform process of prisoners, build factories and workshops and offer financial incentives for prisoners.." [more]

Saudi Space Hero Hails Malaysian [Oct 1]
"A Saudi prince who was the first Muslim in space said yesterday the Islamic world would be proud of a budding Malaysian astronaut and spoke of his religious observance while in orbit. Malaysian physician Sheikh Muszaphar Shukor heads to Russia�s International Space Station (ISS) on October 10 in a trip he hopes will spur his countrymen to build careers in the sciences. Saudi Prince Sultan bin Salman went into space in 1985 as a payload specialist on board the US space shuttle Discovery. Saudi commentators often cite Malaysia as their shining example of a modern, successful Islamic country on good terms with the West that can compete in science and technology.." [more]

Eid Al-Fitr Will Be on Oct. 13, Say Astronomers [Oct 1]
"The first day of Eid Al-Fitr will be Saturday, Oct. 13, according to Dr. Ali Al-Shukri, head of the department of physics at King Fahd University of Petroleum and Minerals in Dhahran. 'Friday, Oct. 12th, will not be the first day of Shawwal but will be the 30th day of Ramadan,� Al-Watan Arabic daily quoted Shukri as saying. He said it would be impossible to sight the Shawwal crescent on Thursday evening'.. ..Muslim scholars are divided on whether dates of religious occasions such as fasting and Haj could be determined on the basis of astronomical calculations. While one group says technology could be used for the purpose, their opponents say sighting of crescent by naked eye is a must in the light of the Prophet�s instructions.." [more]

~~~~~~~~ [ Sep 30 ] ~~~~~~~~~

Kingdom Urges New Approach to Middle East [Sep 30]
"Saudi Arabia yesterday called upon major international powers to change the current approach toward the Arab-Israeli conflict and find a just and lasting solution to the 60-year-old dispute in order to promote world peace and save the region from an impending catastrophe. Addressing the 62nd session of the UN General Assembly in New York, Foreign Minister Prince Saud Al-Faisal said the Israeli occupation of Arab territories was the main reason for the spread of extremism and terrorism in the region.. ..Saud said any negligence on the part of the international community to find a just and comprehensive solution to the conflict would create a suitable environment for the spread of extremism and terrorism.." [more]

Saudi Arabia: Recognition Comes, but Comes After Peace, Not Before Peace [Sep 30]
"Despite Saudi calls to halt the construction of the security fence, senior diplomatic sources said that Israel will not cease building just to encourage Saudi Arabia's participation in the upcoming peace summit, the Jerusalem Post reported. Until recently, Israel had rejected the terms upon which Saudi Arabia said its attendance was contingent. The Sunni-led nation is demanding a complete withdrawal from the Golan Heights, Gaza and Judea and Samaria, among other things. However Israel views the Saudis' participation in the conference as essential to its success.." [more]

Saudi Arabia Seeks Fazl's Help for Nawaz-Musharraf Patch Up [Sep 30]
"Saudi Intelligence chief Prince Muqrin Bin Abdul Aziz Al Saud met Maulana Fazlur Rehman in Jeddah after the latter's meeting with former Pakistan premier Nawaz Sharif, and requested him to persuade Sharif to reconcile with President Pervez Musharraf. A close aide of Fazl, Maulana Abdul Ghafoor Haidri, who accompanied him during his visit to Saudi Arabia, quoted Sharif as telling Fazl that Saudi King Abdullah had conveyed to him 'serious unease' over the widespread anti-Saudi sentiments among Pakistanis.." [more]

Saudi Projects Take Centre Stage at Cityscape Dubai [Sep 30]
"With Saudi Arabia committed to enhancing its investment potential, the latest real estate developments and projects in the kingdom are to figure prominently at Cityscape Dubai 2007. The world�s largest business-to-business property investment and development event takes place at the Dubai International Exhibition Centre from 16-18 October 2007.. ..The Kingdom's best-known and astute businessmen, Prince Al Waleed bin Talal, plans to invest heavily in the real estate sector in both Riyadh and Jeddah. The Riyadh project will have residential units and commercial areas, as well as a Fairmont-operated leisure resort, with some 69,000 residents. The cost on completion is expected to be US$7 billion. In Jeddah, his Kingdom Holdings will develop a 5.3 million square metre mixed-use complex. Al Waleed estimates the cost on completion at US$13.3 billion. Saudi Arabia, already the biggest economic market in the Middle East, has launched a series of mega-economic cities expected to attract upwards of US$80 billion in domestic and foreign investment as well as creating thousands of jobs for Saudi nationals.." [more]

Saudi Oil Giant Receives Three Bids for Ras Tanura Refinery [Sep 30]
"Saudi Arabia's national oil company, Saudi Aramco, has received three bids for a contract to help it build a $US8 billion (�5.6 billion) refinery in eastern Saudi Arabia. Three international engineering firms, Foster Wheeler Ltd., WorleyParsons and SNC-Lavalin Group Inc., submitted bids on Saturday for the contract that includes project management and early engineering on the planned 400,000 barrel a day crude oil refinery.. ..Arab Petroleum Investment Corporation predicts that Saudi Arabia will spend as much as US$85 billion on energy projects between 2007 and 2011. The new Ras Tanura refinery is expected to increase Aramco's refining capacity to more than 3.5 million barrels a day by 2012.." [more]

Saudi Arabia to Move Up in World Talent Ranking [Sep 30]
"The competition for talent is fiercer than ever in the Middle East countries with Saudi Arabia and Egypt expected to elevate their positions over the next five years in the Global Talent Index rankings, a 30-country survey conducted by executive search firm Heidrick & Struggles and the Economist Intelligence Unit showed. Saudi Arabia will rank ninth in 2012 for the quality of its universities and business schools. The Kingdom's relatively high disposable incomes are also a plus point, and will help raise its talent rating to 20th from 23rd place, the survey said.. ..The Global Talent Index is the first survey of its kind. Countries were chosen based on a representative geographic spread and the quality of available comparative data. Egypt, Saudi Arabia and Iran were selected from the Middle Eastern region.." [more]

Sep 23-Sep 29, 2007

~~~~~~~~ [ Sep 29 ] ~~~~~~~~~

Kingdom, Gulf States Condemn US Senate Plan to Divide Iraq [Sep 29]
" Saudi Arabia and other members of the Gulf Cooperation Council (GCC) have strongly condemned a US Senate non-binding resolution to divide Iraq on ethnic and religious lines, saying the move would complicate matters further in the war-torn country. The Bosnia-style plan, which was touted as a way out of the sectarian strife, which has risen steadily since the 2003 US-led invasion, �would add new complications to the already difficult situation in Iraq,� GCC Secretary-General Abdul Rahman Al-Attiyah said in a statement.. ..Saudi Arabia, which is an ardent advocate of Iraq�s unity, independence and territorial integrity, has reiterated its rejection of the move to divide the country.." [more]

Saudi Reception Brings Government, Opposition Leaders Together [Sep 29]
"Saudi Ambassador to Pakistan Ali Awadh Asseri hosted an Iftar dinner here on Saturday, which brought many stalwarts from the government and opposition sides together sitting across the same table and exchanging pleasantries.. ..The elite gathering was reflective of the fact that both opposition and government accord high importance to Pakistan�s close and brotherly relations with Saudi Arabia. Talking to APP, Ch. Shujaat said that all sections of people in Pakistan hold relations with Saudi government and people in high esteem. He said the people and government of Pakistan are proud of the assistance and support that Saudi government has been providing to Pakistan from time to time.." [more]

Charity to Tackle Saudi Aids Stigma in Landmark Move [Sep 29]
"The first charitable society in Saudi Arabia to take care of Aids patients is to be set up in Jeddah. Among the objectives of the society is to 'encourage male and female Aids patients to tie the knot ... keeping youngsters from deviant behaviour, protect society from Aids and increase awareness about the condition,' announced the official Saudi news agency yesterday. Meanwhile, according to human rights activists, a draft bill on Aids patients has been sent to concerned authorities for endorsement. The number of Aids patients in Saudi Arabia in 2006 is estimated to be about 5,000.." [more]

DSM Jumps as Saudi Opens Up for GCC Traders [Sep 29]
"The Doha Securities Market gained a huge 1.66% in the week ended Thursday as the investors expect eased investment norms after Saudi Arabia removed restriction on buying by GCC investors.. ..Though rumours had had a play at least for a day, investors also see a good third-quarter results, especially by banks and industries, he added. Saudi Arabia�s Capital Market Authority had on Monday said nationals from five other GCC states could buy Saudi stocks without limit, a step closer to opening up the Middle East�s biggest stock market to all foreign investors.." [more]

Separate Section for Women at Football Stadiums Urged [Sep 29]
" The majority of soccer fans in the Kingdom have demanded separate seating arrangements for women at stadiums across the country to help them watch live football matches.. ..The survey is significant as a large number of Saudi women follow football matches like their male counterparts. Their number is growing year after year, especially after the participation of Saudi soccer teams in international football tournaments. Opponents argue the attendance of women at football stadium would open the floodgates of evil and immorality. Many of them do not like women watching football. They do not believe that watching matches at stadiums is a right of women.." [more]

SAMA Must Pre-Empt Wild Speculation [Sep 29]
"The appreciation of the Saudi riyal against the US dollar during September, which saw the riyal at its highest against the greenback in 21 years, has fueled speculation whether the riyal will indeed maintain its peg to the US dollar or whether it will be revalued to a more realistic level to maintain the balance between the two currencies and therefore trade between the two countries.. ..SAMA like the other dollar zone GCC countries must act decisively to pre-empt any wild speculation on the local currencies with regards to revaluation or depegging. The uncertainty has already fueled a frenzy of speculation on the riyal precipitated by a gamble on whether SAMA would revalue or not.." [more]

~~~~~~~~ [ Sep 28 ] ~~~~~~~~~

Commitment to Tackle Final Status Issues Key to Success of Peace Talks [Sep 28]
"Saudi Arabia's foreign minister described as 'encouraging' his talks with US officials about a proposed Mideast peace meeting, but stressed that success will be determined by commitments to tackle key final status issues, not whether Arab countries agree to attend.. ..Saud avoided committing his country's participation, and made clear that he is voicing the Arab position. But the veteran diplomat also sounded an optimistic tone following a meeting with Bush administration officials. 'We have been shown a canvas with some brushstrokes that has nice colours in them ... but we don't yet know if it is a portrait or a landscape that we are looking at,'.. ..'there is a sense there is something new happening and this is encouraging' if it turns out to be true, he said.." [more]

Crude Oil Falls Below $79 as Naimi Says Markets Are in Turmoil [Sep 28]
"Crude oil fell below $79 a barrel in New York as production resumed after a storm passed through the Gulf of Mexico and Saudi Arabia's oil minister said energy markets are 'in turmoil.'' 'The market is in turmoil, let's leave it at that,' the minister, Ali al-Naimi, said today in an interview in New York. He wouldn't comment further. Crude oil fell as low as $78.96 a barrel on the New York Mercantile Exchange today as output increased in the Gulf. Prices have risen 31 percent since Jan. 18 as demand increased and OPEC members curtailed output.. ..'To a certain extent, Al-Naimi's right, the market has got completely confused with the financial aspects, the banking in collapse,' said Rob Laughlin, a senior broker at MF Global Ltd. in London. 'He's just saying the recent spike up is overdone, and they're looking for an understandable correction.'.." [more]

Oil, Saudis and the States Means Trouble [Sep 28]
".. by holding onto massive dollar reserves and pricing oil in dollars, Saudi Arabia is sitting on two assets that threaten to depreciate in value. By pegging the Riyal to the dollar, the kingdom also risks importing inflation and damaging the Saudi economy. Riyadh�s predicament has increased both macroeconomic and geopolitical risks to the price of oil. The US dollar has long been key mechanism tying together the two most important players in the global oil market � the US and Saudi Arabia.. ..Likely contributing to the recent pop in oil prices, speculation has increased that the dollar alliance between Washington and Riyadh is ending. With the US and Saudi business cycles appearing 
increasingly out of sync, it may become more difficult for Riyadh to maintain its currency peg to the dollar without causing inflation.." [more]

Democrats in Congress Turning Against Saudi Arms Deal [Sep 28]
"Opposition has been building within the Democratic-controlled Congress to a Bush administration plan to sell up to $20 billion worth of advanced weapons to Saudi Arabia.. ..'In the end, selling them arms won't guarantee their cooperation, much less their love,' Rep. Gary Ackerman, chairman of the House Foreign Affairs subcommittee on the Middle East and South Asia, said. 'The results of such deals are usually a mixed bag of hoopla, limited behind-the-scenes cooperation and ugly public disappointments down the road, and I believe this will be the outcome of the deal currently being proposed.'.. ..Ackerman's subcommittee discussed the proposed Saudi deal during a hearing on Sept. 18.. ..The hearing was addressed by U.S. experts on Saudi Arabia, who doubted whether the kingdom would use U.S. advanced weapons. F. Gregory Gause, director of the University of Vermont's Middle East studies program, said the Saudi military would not be deployed outside the kingdom. 'It has never done so on its own in the history of the modern state,' Gause said.." [more]

Private Sector in Saudi Arabia Posts Highest Growth in 25 Years [Sep 28]
"The Saudi economy grew 4.3 per cent in 2006.. ..'The private sector recorded an increase of 6.4 per cent, its highest real growth rate in 25 years, and the government sector realised an increase of 6.1 per cent, its highest in nine years,' added the report detailing the most prominent economic developments in Saudi Arabia for fiscal year 2006-07. The Sama governor attributed these results to the role played by the private sector, the huge direct domestic and foreign investments and the positive situation of the world oil market.." [more]

Demand for GCC Rights Issues Rebounding [Sep 28]
"The use of rights issues in the Gulf Cooperation Council (GCC) is beginning to recover after the correction of the region�s stock markets last year, the international law firm Trowers & Hamlins said yesterday. The amount raised by rights issues on equity markets in the Gulf Cooperation Council (GCC) region between July 2006 and June 2007 fell 69 percent to $4.6 billion from $14.7 billion in the same period the previous year.. ..This month Saudi Arabia�s Riyad Bank announced plans to raise $3.5 billion through a rights issue, the report said. 'Last year�s correction in the Gulf stock markets really knocked the wind out of rights issues. As the stock markets fell investors just weren�t willing to pick up extra shares at what they saw as inflated prices,' Rupert Copeman-Hill, partner of Trowers & Hamlins, said.." [more]

CNN Marketplace Middle East Program Takes Off [Sep 28]
"'CNN Marketplace Middle East', which debuts today, is CNN�s first weekly business program dedicated to the latest financial news from the Middle Eastern region and the companies and personalities driving that news. The program, hosted by veteran business correspondent, John Defterios, targets the global business community and expands the focus of CNN�s coverage from the region.. ..The program will explore the companies, investors and government leaders forging business relations in a market of almost 200 million people in 21 countries and territories across the region. It will also highlight the global players investing in this rapidly growing region, as well as those within 
the region that are reaching out to build new alliances.." [more]

~~~~~~~~ [ Sep 27 ] ~~~~~~~~~

Saudi Asks Israel to Abandon Barrier as a Gesture to Arabs [Sep 27]
"Israel should stop work on a security barrier in and along the West Bank and halt settlement activity there as a good-will gesture to assure Arab states that it is serious about comprehensive peace talks, Saudi Arabia�s foreign minister said yesterday. The minister, Prince Saud al-Faisal, stopped short of making his demand a condition for Arab attendance at a planned Middle East peace conference. And he said that in recent days, he had become encouraged about the prospects for the conference, which the United States is to sponsor in November. But he would not promise that Saudi Arabia would attend, a major Israeli objective.." [more]

Saudi Arabia Planning to Keep Riyal-Dollar Peg [Sep 27]
"Saudi Arabia yesterday ruled out revaluing its dollar-pegged riyal, quashing speculation it might strengthen its currency that rose to a 21-year high after it held back from matching US interest rate cut. 'We are not considering any change,' Central Bank governor Hamad Saud Al Sayyari said in Riyadh when asked whether the world's largest oil exporter might revalue the riyal, pegged to the US currency at the same rate since 1986. Saudi Arabia, one of five GCC states with a dollar peg, said last week it would not lower interest rates after a 50 basis-point cut by the US Federal Reserve, fuelling speculation the kingdom might revalue.." [more]

Saudis Worried Iran Nuclear Issue Headed to Confrontation [Sep 27]
"Saudi Arabia's foreign minister said here Wednesday that Iran's standoff with Western powers over its nuclear program is heading toward a 'confrontation.' Saudi Prince Saud al-Faisal met in New York with other Gulf foreign ministers as well as the chief diplomats of Jordan and Egypt, and US Secretary of State Condoleezza Rice on the sidelines of the UN General Assembly. 'We talked certainly about Iran with the Secretary Rice,' Prince Saud told reporters. 'Definitely what we are seeing is a confrontation in the making,.. ..He said Saudi Arabia is "very concerned" about Iran's nuclear program, which Western powers charge is a cover for building an atomic bomb. Tehran rejects the charge, saying it only seeks to produce energy. Prince Saud said Tehran must prove its program is peaceful.." [more]

Arab-Language iPhone Hack �60 Percent Complete [Sep 27]
"A Saudi software developer says he�s over halfway done with a project that would provide Arabic-language support to Apple�s much-hyped mobile phone. Though the product is not officially available outside the United States � and won�t be available directly from Apple until next year � some Saudis have found ways to unlock phones that they have managed to obtain either in the local marker (at a steep premium price) or by having them shipped by friends in the US.. ..Omar says his work on developing Arabic-language support should be considered an Apple customer�s own initiative to make the phone accessible in Saudi Arabia (and perhaps to Arabic speakers worldwide through the Internet). He is not, he says, subverting Apple�s system.." [more]

SR290bn Record Budget Surplus in 2006 [Sep 27]
"Saudi Arabia yesterday announced a record budget surplus of SR290 billion ($77.5 billion) for 2006 thanks to high crude oil prices, the Saudi Press Agency reported, quoting Hamad Al-Sayari, governor of the Saudi Arabian Monetary Agency (SAMA). Presenting SAMA�s 43rd annual report to Custodian of the Two Holy Mosques King Abdullah during a ceremony at Al-Salam Palace on Tuesday night, Sayari said the national economy had achieved an excellent growth rate of 4.3 percent in 2006 for the fourth consecutive year. The Kingdom achieved the surplus of SR290 billion despite the record public spending of about SR393 billion ($105 billion), which went largely to development projects and the 
repayment of some public debt.." [more]

~~~~~~~~ [ Sep 26 ] ~~~~~~~~~

Saudi Arabia Lets Neighbors Into its Stock Market [Sep 26]
"Saudi Arabia is allowing citizens of neighboring Gulf countries, including Kuwait and Qatar, to buy and sell shares freely for the first time, moving closer to opening its stock market, the biggest in the Middle East, to all foreign investors. Nationals from the five other Gulf Cooperation Council states may now buy Saudi stocks in any industry and without limit, the kingdom's Capital Markets Authority said late Monday. That pronouncement removes a statute restricting ownership of banking and insurance stocks to Saudi citizens and foreigners living in the kingdom.." [more]

Egypt, Saudi Arabia Rise In World Bank Rankings [Sep 26]
"Egypt and Saudi Arabia, long considered bureaucratic mazes, changed their laws and regulations to make it substantially easier to start and run businesses, according to a yearly World Bank report that tracks business reforms globally.. ..Among the 10 areas tracked by the World Bank are regulations involved in starting businesses, obtaining licenses, registering property, getting credit, paying taxes and closing businesses. Saudi Arabia, for instance, has been among the toughest places in the world to start a business. The country cut layers of bureaucracy and reduced the time to approve start-ups to 15 days from 39. Saudi Arabia jumped 15 places in the overall rankings to No. 23.." [more]

Cyber Crime Takes Toll in Saudi Arabia [Sep 26]
"Cyber crime is costing Saudi Arabia millions of dollars annually, said an official at the Saudi interior ministry. Dr Abdul Rahman Al Shunaifi, the adviser in information technology (IT) security at the ministry's unit to tackle cyber crime, said that a large number of Saudis were involved in hacking.. ..Among the approximately six million expatriate workers in the kingdom, Al Shunaifi said that those from the Philippines, India and Bangladesh are the most commonly involved in cyber crime. Speaking about the types of cyber crime in the kingdom, the official said that they include fraud with the use of technology and financial crimes. Al Shunaifi underlined that importance of transparency in dealing with cases related to networks and information security systems.." [more]

Saudi Currency Peg to Dollar Under Scrutiny [Sep 26]
"Speculation and rumors are on the rise that Saudi Arabia, like some members of the Gulf Cooperation Council (GCC), mulls leaving the US dollar peg. The rumors were triggered when Saudi Arabia refused to cut interest rates following the US Federal Reserve�s decision. But for Saudi Arabia and other GCC states, holding on to the dollar peg has become a cause for concern across the Middle East with the inflation rate in the Kingdom alone leaping to 4 percent this year. In other Gulf States the scenario is even worse.. ..A SAMA spokesman told Arab News that Hamad Al-Sayari, govenor of SAMA, would be addressing the pressing issue 'very soon'.." [more]

MTV Arabia Ready to Rock Middle East [Sep 26]
"How do you launch a brand synonymous with cutting-edge programming and risque content in a region most commonly associated with conservative social mores? That is the challenge facing Viacom and Arab Media Group when they begin their eagerly anticipated joint venture MTV Arabia in November.. ..With some two-thirds of the Arab world's population under the age of 30, the market for MTV Arabia is huge. What's more, the opportunity for SMS-based revenues is sky high given that mobile phone penetration across the region is particularly high as well.. ..AMG pulled off a coup last December when it outbid the Saudi-owned MBC Group, the Arab world's first, and to this day leading, private satellite channel, to land the coveted MTV license from Viacom.." [more]

Middle East Water Sector Poised For Massive Essential Investment [Sep 26]
"While the Middle East region faces the same challenges, the scale and required pace of development are far more pressing, as populations continue to grow at unparalleled speed. Water, above all, is a key area that is receiving special focus from governments across the entire region.. ..it is estimated that the Middle East's many building projects alone will consume in excess of 112 billion litres of potable water over the next two years, thus putting further severe pressure on groundwater reserves and existing desalination facilities.. ..While the Middle East is home to 5% of the global population, it has just 1% of the world's renewable fresh water, which is why between 2005 and 2015, the Middle East and North Africa countries are committed to spend in excess of US$24 billion on desalination, with Saudi Arabia and the UAE together spending close to US$13 billion.." [more]

~~~~~~~~ [ Sep 25 ] ~~~~~~~~~

Saudi Still Undecided [Sep 25]
"Saudi Arabia has not yet decided if it will take part in a Middle East peace conference called by the US, a Saudi official said yesterday. 'So far, Saudi Arabia has not decided whether it will attend the international conference. It is waiting for the picture to become clear with regard to the conference�s agenda and goals,'.. ..Prince Saud also refrained from saying if Saudi Arabia would attend the conference, after the US said that Riyadh would be invited. The conference�s 'success hinges on the issues it will tackle,' said Saud.." [more]
 
Saudi Envoy to Qatar Will Return Soon [Sep 25]
"The Saudi ambassador to Qatar is likely to return soon after a five-year hiatus due to a bilateral spat, diplomats and officials said yesterday.. ..the officials said the meeting between Saudi King Abdullah Bin Abdul Aziz and Qatari Emir Shaikh Hamad Bin Khalifa Al Thani during Ramadan 'has succeeded in bringing warmth to Saudi-Qatari ties and could ease the running tension since 2002 between the two neighbours.' The Saudi foreign ministry is expected to take a decision soon enabling the return of the Saudi ambassador to Qatar.. ..The Saudi envoy was recalled for consultations by Riyadh in October 2002. No reasons were given for the Saudi move at that time, but observers said it was because Qatar-based Al Jazeera televised a debate in which participants strongly criticised the Saudi royal family.." [more]

Saudi Riyal Hits Fresh High Against Dollar [Sep 25]
"The Saudi riyal rose to a fresh 21-year high against the dollar on Tuesday as speculation mounted that the world's largest oil exporter might revalue its dollar-pegged currency. Saudi neighbour UAE on Tuesday dropped its three-month Certificate of Deposit (CD) interest rate for the second time in a week, cumulatively matching half the 50 basis-point cut in the US federal funds rate on Tuesday. Saudi Arabia, one of five Gulf Arab states, including the UAE, with a dollar peg, said last week it would not cut rates.." [more]

Saudi Politician Defends Satirical TV Comedy [Sep 25]
"Saudi Arabia's speaker of the Council of Shurah has defended Tuesday a TV comedy series that has angered everybody from fundamentalists to liberals with its sardonic imagery and acerbic satire. The speaker of the Council of Shurah, Salih bin Hamid, rejected a request by a councillor for a formal reaction to a Saudi TV comedy named Tash Ma Tash, which has recently ridiculed the country's liberals.. ..Tash Ma Tash is a sketch comedy series that has become a smash hit among Saudi viewers during Ramadan over the last years. Through a combination of satire and lampooning, the series has crossed red lines by challenging the kingdom's sacrosanct institutions.." [more]

Tourism Development Not a Threat to Culture: Sultan [Sep 25]
"In a no-holds barred discussion with Shoura Council members, Prince Sultan ibn Salman, secretary-general of the Supreme Commission for Tourism (STC), denied that Saudi Arabia�s aim to promote tourism would have a negative effect on the Kingdom�s culture and traditions. 'There is no concern for the Kingdom from tourism,'.. ..According to Prince Sultan, the STC is currently focusing on local tourists rather than on foreign tourists coming to the Kingdom. The aim is to keep the money spent abroad each summer. 'Promoting tourism is tool. The primary objective is to preserve the money that is spent abroad,'.." [more]

Russia and Saudi Arabia to Meet for WTO Talks in Geneva [Sep 25]
"The Russian delegation will arrive on Wednesday in Geneva to hold negotiations with Saudi Arabia on Russia's accession to the World Trade Organization (WTO), Russia's chief WTO negotiator said. The bilateral talks will focus on access to the Russian market. 'These will be the first wide-ranging negotiations with Saudi Arabia to be based on an inquiry, sent to us at the beginning of August, regarding a variety of goods and services,' Maxim Medvedkov said. The parties will also hold two-day multilateral consultations to define the terms and the framework of the next meeting of a working party, to be held in October, on Russia's accession to the WTO.." [more]

Saudi Group to Finance Rehab Center in Sri Lanka [Sep 25]
"A Saudi company is to build a center for mentally retarded children in Sri Lanka and has agreed to offer SR500,000 for the project. Jiffry Haniffa, leader of a delegation from the Islamic Center for Physically Handicapped (ICPH) in Doolmala, Sri Lanka, who is currently on a visit to the Kingdom, told Arab News that the Al-Zamil Group has agreed to give SR500,000 to help mentally retarded Muslim children on the island.. ..The center recently established a wing to take care of mentally challenged children. The wing currently has 50 children, including eight boys. At least 500 children are waiting enrollment.." [more]

~~~~~~~~ [ Sep 24 ] ~~~~~~~~~

Son Speaks of King Abdullah�s Deep Concern for His People [Sep 24]
"Fighting poverty and improving the living conditions of citizens are among the top priorities of Custodian of the Two Holy Mosques King Abdullah, says his son Prince Mishaal, who is minister plenipotentiary at the Foreign Ministry. 'King Abdullah visited a slum area in Riyadh when he was crown prince in order to see the living condition of the poor and understand their needs. He later established a public fund to fight poverty,'.." [more]

U.S. to Invite Syria, Saudis to Talks [Sep 24]
"The United States intends to invite Syria and Saudi Arabia to a Middle East peace conference it plans to hold this fall, a senior U.S. official said Sunday. Secretary of State Condoleezza Rice reportedly informed top Arab officials before and after a meeting of the so-called quartet of world powers involved in the Middle East peace process, which is made up of the United States, United Nations, Russia and the European Union. The move was greeted by diplomats as a bold but risky attempt to reinvigorate the long-stalled peace process. Syria and Saudi Arabia are still technically at war with Israel, and the United States has accused the Syrian government of stoking violence in the region.." [more]

Saudi Foreign Minister Calls for Arab Protection of Lebanese MPs [Sep 24]
"The Saudi foreign minister on Monday called on Arab countries to look into providing protection to Lebanese deputies after the latest killing of an member of parliament (MP) in Beirut. Prince Saud al-Faisal.. ..Al-Faisal said Arab countries should take the initiative and decide on a protection for Lebanese deputies.. ..The anti-Syrian MP, Antoine Ghanem, was killed in a bomb blast on Wednesday in east Beirut. He was the eighth anti-Syrian figure to be slain since the 2005 assassination of former Prime Minister Rafik al-Hariri.." [more]

Saudi Women Restart Driving Campaign [Sep 24]
"A Saudi women�s group is picking up where others left off in 1990 -- demanding the right to drive. An extremely strict interpretation of Islamic law has made Saudi Arabia the only country in the world where women aren't allowed to operate vehicles. Instead, wealthy women hire live-in chauffeurs, while poor women must rely on male relatives for transportation. But a women�s group called Association for the Protection and Defense of Women's Rights in Saudi Arabia has launched a campaign against the prohibition, collecting 1,100 signatures for a petition to King Abdullah through text messages and e-mail.." [more]

Expat Rules Fuel Saudi Insurance Boom [Sep 24]
"Saudi Arabia�s insurance market is set to reach 30 billion riyals ($8 billion) in the next ten years, according to industry experts. The existing 7 billion riyals market is expected to reach 15 billion riyals in 2009, and to double again with the introduction of compulsory health insurance on the kingdom�s entire 16 million population.. ..Seven million expatriates are to come under the scheme through 18 companies. Resident certificates will be renewed only on production of relevant health insurance cover on foreign workers.." [more]

Impact of the US Subprime Housing Crisis on the Middle East Region [Sep 24]
"The risk of an economic fallout from the US subprime housing crisis has decreased following the recent 0.5 percent cut in US Federal Funds rates, nevertheless its impact on the world financial market will continue to unravel in the weeks and months ahead. Historically, widening credit spreads are followed by rising corporate defaults and volatile movements in debt and equity market.. ..The biggest risk to the region is the prospect of a major slowdown in world economic growth. Falling housing and other asset prices in the US, coupled with credit squeeze will undoubtedly have an impact on the highly indebted American consumer.." [more]

~~~~~~~~ [ Sep 23 ] ~~~~~~~~~

The Kingdom: US-Saudi Relations on Film [Sep 23]
"Watching the trailers for �The Kingdom� over the past several months, I was curious about how the film would portray Saudi Arabia and Saudis. I had personal experience with terrorist bombings of residential compounds in Riyadh and wanted to see how accurate the film might be. The film could have taken the low and easy road, pandering to stereotypes, and shown the Saudis as slavering jihadists looking forward to killing the infidel.. ..Instead, I was pleased to see that the film showed that while there are bad Saudis, there are also good and decent Saudis who care about their country, their religion, and justice.." [more]

Qatar Moves to Ease Saudi Tensions [Sep 23]
"The ruler of Qatar left Saudi Arabia on Saturday after a brief meeting with the Saudi king, a move seen as a step toward possibly easing tensions between the two Gulf states. The two rulers discussed boosting bilateral relations in various fields between the two 'brotherly countries', and developments on the Gulf, Arab, Islamic and international arenas.. ..The neighbouring states have long had political differences and often criticise each other through their respective media, newswire AFP reported on Sunday. A Gulf diplomatic source in Riyadh told the newswire that the emir�s visit was also intended to "improve the atmosphere" and ensure that King Abdullah attends the GCC summit to be held in Qatar.." [more]

Saudi Assets Set to Hit One Trillion Riyal Mark [Sep 23]
"Rising oil prices are continuing to support Saudi Arabia's foreign asset accumulation, news reports said. 'Saudi Arabia's foreign assets in the hands of Saudi Arabian Monetary Agency (Sama) would break the 1 trillion riyal mark this year, having grown by 16.17 billion riyal per month on average so far this year, which could support any future pressure which might be exerted on the Saudi riyal,'.. ..Most of Sama's foreign assets are G-7 bonds that provide safe returns during volatile times. Investment in foreign securities, which are now more than 80 per cent of Sama's foreign assets, provide ample security in time of high global volatility. Saudi Arabia's acquisitions abroad are just beginning to take off.." [more]

Bank Stocks Pull Saudi Index Down [Sep 23]
"Banking stocks pulled Saudi Arabia�s benchmark slightly lower yesterday for the first time in four trading days, including Arab National Bank, which had rallied last week. The index, the Gulf�s worst performer this year, inched down 0.08% to 7,879.46 points. It is still up 16.3% since hitting a more than four-month low on June 17.." [more]

National Campaign Against Domestic Abuse Launched [Sep 23]
"The National Family Safety Program (NFSP) was launched on Thursday at the Intercontinental Hotel under the sponsorship of Princess Sita bint Abdul Aziz. According to Dr. Maha Al-Monief, executive director of the program, the income generated from that evening was raised to support the program. The NSFP initiated the first of its kind national campaign against domestic violence. The program is disseminating recently established guidelines created by the Ministry of Health regarding how domestic violence will be diagnosed and reported by doctors to authorities. The Kingdom is a signatory to the United Nations Child Rights Agreement and the Declaration of Child Rights in Islam.." [more]

Sep 16-Sep 22, 2007

~~~~~~~~ [ Sep 22 ] ~~~~~~~~~

Saudi Arabia: Reformer Released for Health Reasons [Sep 22]
"A Saudi reformer has been released apparently for health reasons after petitions to free 10 detained in February, but two others have been put on trial in a different case, lawyers and colleagues said on Saturday. Essam al-Basrawi was freed on Thursday, his lawyer Bassem Alem told Reuters. He said it was not clear why the authorities let Basrawi go. A rights activist who asked not to be named said Basrawi's release was probably temporary and for health reasons. He is confined to a wheelchair and was recently diagnozed with cancer. Basrawi, a lawyer known for his political reform work.." [more]

Saudi Stocks Stable Ahead of 3rd Quarter Results [Sep 22]
"Volatile trading and low volume continued to characterize the Saudi stock exchange last week, and the Tadawul All-Share Index (TASI) gained 0.99 percent, closing at 7,885.52 points up from 7,807.87 points in the previous week. According to the weekly report of the Riyadh-based Bakheet Investment Group (BIG), 'The market�s performance was relatively stable as investors awaited the third quarter corporate results.' The report further said: 'Most blue chips showed a fairly sound performance while the telecommunications sector gained 4 percent, retrieving some of its losses suffered during the last two weeks,'.." [more]

Saudi Riyal Hits 21-Year High [Sep 22]
"Saudi Arabia's dollar-pegged riyal surged to a 21-year high against the US currency last week after the world's largest oil exporter said it would hold back from matching a US interest rate cut. Speculation the kingdom may ditch its peg to the dollar has fuelled a frenzy of riyal buying which has pushed the currency's spot rate to 3.7405 Saudi riyals, the highest since December 1986.. ..Saudi Arabia has pegged its currency to the dollar at the same value since 1986 and has rarely moved out of step with US interest rate movements.." [more]

Expat Doctors Have to Quit After 20 Years� Service [Sep 22]
"Health Minister Dr. Hamad Al-Manie has decided not to renew contracts of foreign doctors who have completed 20 years of service, Al-Jazirah Arabic daily reported yesterday. 'The Health Ministry has banned foreign doctors who have completed more than 20 years service in the Kingdom from practicing the profession,' .. ..The new decision aims at creating job opportunities for qualified Saudi doctors. Many Saudi doctors have returned to the Kingdom after completing higher studies in foreign countries. There are more than 43,000 doctors at private and public hospitals in the Kingdom and about 78 percent of them are expatriates.." [more]

~~~~~~~~ [ Sep 21 ] ~~~~~~~~~

Shell, Saudi Venture to Build Top U.S. Refinery [Sep 21]
"Royal Dutch Shell and Saudi Aramco on Friday said they would go ahead with a $7 billion expansion of the Port Arthur, Tex. refinery that would create the largest U.S. refinery and one of the biggest worldwide. The plan is to expand the refinery's capabilities by 325,000 barrels a day, resulting in a refinery with a throughput capacity of 600,000 barrels a day, according to a statement from Motiva Enterprises, the jointly held unit of Shell and the state-owned Saudi Aramco. Motiva said the expansion is the equivalent of building the first new refinery in the U.S. in more than 30 years. It expects the capacity to be online in 2010.." [more]

Saudi Arabia Elected to IAEA Board of Governors [Sep 21]
"Saudi Arabia has been elected to the 35-member International Atomic Energy Agency (IAEA) Board of Governors for 2006-2007. The election was held yesterday at the IAEA�s 51st Annual General Conference in Vienna, Austria. Also elected to the board were Albania, Algeria, Ecuador, Ghana, Iraq, Ireland, Lithuania, Mexico, Philippines, and Switzerland.." [more]

Web Chat to Give Insight About American Muslims [Sep 21]
"Ramadan is a month of fasting, prayer and supplication for Muslims worldwide. In efforts to allow people � Muslim and non-Muslim alike � to get a better look at how American Muslims observe the holy month, a web chat will be held on Sept. 26 at 10 a.m. EDT (14:00 GMT). The web chat will feature Seema Matin, a public diplomacy officer for the US Department of State. Matin will discuss what life is like in America for Muslim women, who choose to wear the hijab, and how she and others are marking the festive season.." [more]

Kingdom Factory Investment Hits SR306bn in Q1 [Sep 21]
"The number of factories in the Kingdom reached 3,808 in the first quarter of 2007, with a total capital of SR306 billion, a statistical report published by the Ministry of Commerce and Industry said yesterday. These factories employ 415,000 workers, the report added. The statistics showed that the largest industrial ventures are in the manufacturing, chemicals and plastic products sectors, followed by ceramics, construction materials, textiles, metal products, equipment and foodstuffs. The value of the Kingdom�s industrial exports in 2006 stood at SR79 billion for non-oil products that were exported to more than 120 countries.." [more]

US Envoy: Let�s Stay Together [Sep 21]
"On behalf of the people of the United States of America, I would like to offer congratulations to Custodian of the Two Holy Mosques King Abdullah and the people of the Kingdom of Saudi Arabia on the occasion of your national day. For over sixty years, the United States and the Kingdom of Saudi Arabia have enjoyed a relationship founded on mutual respect and common interests. This relationship between two great countries is long-lasting and deep, and it becomes stronger everyday.." [more]

Sep 16-Sep 22, 2007

~~~~~~~~ [ Sep 20 ] ~~~~~~~~~

Dollar Plunges on Fears Saudis Might Drop Peg [Sep 20]
"The dollar fell sharply across the board Thursday, hitting a new all-time low against the euro and parity with its Canadian counterpart, as lower U.S. interest rates and a report that Saudi Arabia might be signaling the end of its currency "peg" put the greenback under heavy pressure.. ..'Saudi Arabia has refused to cut interest rates in lockstep with the U.S. Federal Reserve for the first time, signaling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East,' the Daily Telegraph report said. But Marc Chandler, currency strategist at Brown Brothers Harriman, said speculation that Saudi Arabia may abandon its the peg between its riyal and the dollar and reduce its holdings of dollars seems unfounded.." [more]

Saudi Views on Driving Ban [Sep 20]
"Saudi Arabian citizens comment on a petition urging the king to overturn their country's ban on women driving.. ..Even if there were a law enabling women to drive, society itself would reject the women who did so. It's a taboo that has been ingrained in Saudi society. It's not just a legal issue, but a social tradition. Saudi households would reject the idea.. .. I have already taught my wife and most of my daughters how to drive. We go outside the city and drive there. In the Bedouin areas, women drive around, no problem. The Bedouins are far away from any sort of control. I teach in a university and students who come from there tell us about it.." [more]

BAE Sued by U.S. Pension Fund Over Saudi Bribe Claim [Sep 20]
" BAE Systems Plc, Europe's biggest defense contractor, is being sued by a Michigan pension fund over allegations that BAE spent more than $2 billion bribing Saudi Arabian officials to win business. City of Harper Woods Employees' Retirement System, which owns less than 10,000 of BAE's 3.57 billion shares, accuses BAE directors of breaching their fiduciary duty in a shareholders derivative claim filed yesterday in Washington. The U.S. Justice Department is separately investigating alleged corruption tied to Saudi weapons purchases from BAE.." [more]

Boeing Awarded $49.2 Million Contract to Upgrade Saudi AWACS Fleet [Sep 20]
"The Boeing Company [NYSE: BA] has been awarded a $49.2 million contract, including options, to upgrade communications aboard Saudi Arabia�s fleet of five E-3 Airborne Warning and Control System (AWACS) aircraft. The U.S. Air Force Electronic Systems Center, Hanscom Air Force Base, Mass., awarded the contract under a foreign military sales agreement. The enhancement, known as Link 16, is a secure, jam-resistant, digital data link that allows military aircraft, ships and ground units to exchange their tactical pictures in near real time. Link 16 also supports the exchange of text messages and imagery data and provides additional channels for digital voice.." [more]

Aramco Celebrates 75th Anniversary [Sep 20]
"Saudi Aramco on Tuesday announced a year-long program of exciting celebrations throughout Saudi Arabia and various countries around the world to mark the company�s 75th Anniversary in 2008 under the theme 'Energy for Generations'. A significant focus of the anniversary will be the role Saudi Aramco plays in contributing to the economic development of the Kingdom of Saudi Arabia and in global economic stability.. ..Al-Naimi, minister of Petroleum and Mineral Resources, said: 'I am already experiencing all the joys of preparing for and anticipating the company�s 75th anniversary of the signing of the Concession Agreement in 1933 when the Kingdom�s founder, the late King Abdul Aziz, gave the nod to his minister of finance, Sheikh Abdullah Al-Sulayman, to sign the articles of agreement.' 'This far-seeing decision ushered in the historic Saudi oil and development legacy, which thrust the Kingdom onto the world stage and ultimately made it an influential global force,'.." [more]

~~~~~~~~ [ Sep 19 ] ~~~~~~~~~

Lebanese PM Meets Saudi King Ahead of Key Vote [Sep 19]
"Lebanese Prime Minister Fuad Siniora has held talks with Saudi Arabia's King Abdullah just a week before Lebanon's parliament is due to elect a new president for the deeply divided country. The two leaders met in the Red Sea city of Jeddah late on Tuesday and discussed 'developments in Lebanon and ways to support cooperation between the two states in all fields,'.. ..King Abdullah told Siniora that the president should be elected with the agreement of all the Lebanese people, an unnamed source close to the meeting told AFP. Saudi Arabia has been involved in efforts to end the impasse before the Lebanese parliament convenes on Tuesday to pick a successor to Syrian-backed President Emile 
Lahoud.." [more]

Saudi Hailed for Easing Visas for Foreign Businessmen [Sep 19]
"Saudi business leaders on Tuesday welcomed a decision by the Saudi government to facilitate entry visas for foreign businessmen, saying it would boost investments in the kingdom. At its weekly meeting in the Red Sea city of Jeddah, the cabinet decided that foreign businessmen would henceforth be granted multiple-entry visas valid for one year. The decision was announced early Tuesday. The visas will be granted by Saudi diplomatic missions abroad without the applicant producing an invitation from a specific Saudi company or an introduction letter from one of the chambers of commerce.. ..The move aims at 'boosting foreign investments in the kingdom as part of its plan to become one of the world's top 10 countries in attracting investments,'.." [more]

Saudis Support Arab-African Somali Troop Plan [Sep 19]
"Ali Mohammad Gedi, Prime Minister of Somalia's transitional government, has reaffirmed that Saudi Arabia supports the idea of sending Arab-African troops under the leadership of the United Nations to maintain security and stability in Somalia. He expressed hope that Saudi Arabia would play a role in this matter within its capacity as chair of the rotating Presidency of the Arab League.. ..The Saudi monarch, King Abdullah Bin Abdulaziz on Sunday evening oversaw the signing of a reconciliation agreement between several Somali factions.." [more]

US Vows Serious Mid-East Talks [Sep 19]
"The US Secretary of State, Condoleezza Rice, has said "critical issues" would be tackled at a US-sponsored Middle East peace conference later this year. Speaking en route to Israel on her sixth visit to the region this year, Ms Rice said the talks would help lay the foundations of a Palestinian state. Ms Rice is due to meet the Israeli PM, Ehud Olmert, and the Palestinian Authority President, Mahmoud Abbas. With US encouragement, the two recently held a series of face-to-face meetings.. ..both leaders reaffirmed their commitment to a two-state solution and agreed to set up negotiating teams to discuss some of the issues in dispute.." [more]

GCC Against Iran Sanctions: Attiyah [Sep 19]
"The six-member Gulf Cooperation Council yesterday reiterated its stance on reaching a negotiated settlement to the standoff between Iran and the West over Iran�s nuclear program and opposed plans to impose sanctions on Tehran. �GCC states don�t want to see any brotherly or friendly country subjected to sanctions,� said Abdul Rahman Al-Attiyah, secretary-general of the group, in reference to Iran. 'The GCC wants a peaceful dialogue to resolve all the problems liable to affect international security and stability.'.. ..Attiyah�s statement came as Russia expressed alarm over comments by France�s foreign minister raising the specter of war with Iran, and Washington said diplomacy was key to ending a standoff with Tehran over its nuclear program.." [more]

KPMG Boosts Saudi Operation [Sep 19]
"KPMG, the international accounting firm, has been building its relationship with national oil company Saudi Aramco by moving part of its Energy and Natural Resources practice to Saudi Arabia. 'We moved to Saudi to build relationship with Saudi Aramco, which we saw not just acting like a national oil company but also like an international oil company, with the same corporate mindset, and attitude to project decision making,' said Tim Rockell, global executive director of KPMG's Energy and Natural Resources practice. Rockell's role is to co-ordinate the relationship between KPMG and Saudi Aramco, wherever it happens to be in the world.." [more]

Saudi Cleric Publicly Denounces Al Qaida [Sep 19]
"A leading Saudi cleric has publicly denounced Osama Bin Laden, a rare move among clerics in his native Saudi Arabia who have avoided direct criticism of the Al Qaida leader. Salman Al Awdah issued his 'open letter to Osama Bin Laden' on his website this week (www.islamtoday.net) and read it out on a show he presents on Saudi-owned pan-Arab channel MBC.. ..Bin Laden used to single out Al Awdah as an independent cleric worthy of respect; but Al Awdah -jailed in the 1990s for criticising the US-allied Saudi royals over corruption and pro-Western foreign policy - has since toned down his rhetoric.." [more]

Shoura Council Slams GOSI [Sep 19]
"The General Organization for Social Insurance (GOSI) was heavily criticized by the Shoura Council yesterday. The organization was accused of lacking social responsibility and not doing enough for the welfare of those working in the private sector. Millions of Saudis and non-Saudis are registered with GOSI in accordance with the Kingdom�s laws. During yesterday�s discussion of GOSI�s annual report for 2005, Shoura Council members recommended that GOSI increase the minimum annual pension from SR1,700 to SR3,000, saying the first amount was too little to support any family today given the country�s price increases. 'If only SR1 billion of GOSI�s net profits were given to increase the minimum annual pension, that would make a big difference in the lives of many citizens,'.." [more]

Umm Faisal Case Postponed Again [Sep 19]
"The case brought by a Saudi woman against the Commission for the Promotion of Virtue and the Prevention of Vice in the Riyadh Court of Grievances has been postponed for the fourth time to Nov. 27, according to the woman�s lawyer. 'Representatives from the commission failed to show up in court yesterday.. ..The lawyer said he and his clients would persist in following up the case. 'We want to make sure that no one is above the law and that the government implements the rules that protect human rights,'.." [more]

Oil Hits New High Over $82 [Sep 19]
"Oil surged to a peak over $82 a barrel yesterday, the fifth record in as many trading days, on concerns of a winter supply squeeze in the world�s top energy consumer the United States. A US Federal Reserve decision to cut interest rates by 50 basis points � more than some investors had expected � also supported oil and other commodities by raising expectations the economy will weather a credit crisis.. ..The Organization of Petroleum Exporting Countries agreed last week to boost output by 500,000 barrels per day (bpd) from November, but the move has failed to soothe consumer concerns.." [more]

~~~~~~~~ [ Sep 18 ] ~~~~~~~~~

Saudi Typhoon Buy Could Herald Wave of Big Arms Deals in Middle East [Sep 18]
"The announcement on 17 September of the purchase of 72 Eurofighter Typhoon by the Kingdom of Saudi Arabia looks set to start a wave of multibillion-dollar defence deals in the Middle East thanks to surging global crude oil prices.. ..Dubbed 'Project Salam', the deal is more than just an arms export contract. It involves the establishment of a Typhoon assembly line in Saudi Arabia and an unprecedented degree of defence technology transfer to a Middle Eastern country.. ..'Project Salam' reportedly involves a series of multilayered contracts and diplomatic agreements.." [more]

Leadership in a Time of Crisis: How King Abdullah Guided Saudi Arabia Through the 9/11 Storm [Sep 18]
"..Suddenly, Saudi Arabia; a country known for its political composure and moderate positions, found itself forced to confront international events.. ..The Saudi king has consciously and responsibly realized all of these matters. Therefore, he is determined to be part of the confrontation. In these costly, complicated conflicts, victory is in his favor. King Abdullah has sought to mobilize internal potential, including writers, media figures, intellectuals, scientists and security experts in order to crystallize a unified national position against corruption, terrorism and armies of deception and destruction.. ..Saudi-US relations have surpassed the historical crisis and balance has been restored to these relations. Saudis have new feelings towards the importance of Saudi-US ties. In parallel, the Americans share the same feeling with respect to the significance of ties with Saudi Arabia, along with the determination to develop and maintain these ties.." [more]

BMG Saudi Index Up 2.81 Points [Sep 18]
"The Saudi Arabian market took a positive turn yesterday, turning around two days of lackluster trading, to see the BMG Saudi Index move up 0.7 percent or 2.81 points to close at 407.07, compared to a closing level at 404.26 points on Sunday. In addition, the total turnover of the index was a more healthy SR2.5 billion ($674 million), up 39 percent from Sunday. With the third quarter now well under way, some market participants are beginning to review which stocks might produce good results in the 3Q earnings in October, so we are likely to see some market speculation around stocks that the market thinks might produce good results.." [more]

Saudi Project Will Combat West's Smear Campaigns [Sep 18]
"In a move regarded by many as a response to Western campaigns targeting Islam and Saudi Arabia, a group of Saudi scholars has come up with a project aimed at defending Islam and Saudi Arabia. The project, the International books on Islam and the Kingdom of Saudi Arabia, is now in progress.. ..the project aims to serve a number of goals. These include clarifying the position of Saudi Arabia vis-� -vis the topics and issues discussed in the project, to reveal the smear campaigns adopted by Western political, intellectual and media establishments in regard to the issues covered by the project and the presentation of a fair, unbiased vision emanating from the kingdom's domestic and foreign policies.." [more]

Bechtel Wins SR50bn Jeddah Project [Sep 18]
"Bechtel, a privately-owned company with headquarters in San Francisco, US, was chosen to supervise the construction of a massive Jeddah project with investment valued at SR50 billion.. ..The Jeddah project has an area of 5.3 million square meters located in the city�s northern area on the Red Sea coastline. The gargantuan project includes a colossal skyscraper with a surrounding area for other facilities (residential, commercial, a five-star hotel and offices). The residential area will be 1.5 million square meters, with the commercial area measuring 470,000 square meters, education vicinity having an area of 150,000 square meters and the offices cover 800,000 square meters. The remaining lands will be utilized for leisure facilities, tourism and the construction of four-star hotels.." [more]

~~~~~~~~ [ Sep 17 ] ~~~~~~~~~

Saudi King Oversees Somali Pact Signing [Sep 17]
"Saudi King Abdullah oversaw the signing Sunday of a reconciliation agreement negotiated by several Somali factions in an attempt to stabilize their country and battle the Islamic opposition. Cheers filled the hall where members of a high-level Somali delegation congregated after the pact was signed. The group included the premier, parliamentary speaker and president of Somalia's U.N.-backed transitional government. A Saudi official told The Associated Press the Somalis asked that the reconciliation pact be signed in the kingdom even though it was drafted during a monthlong conference in the Somali capital of Mogadishu last month.." [more]

Muslims Attack $1m Saudi Gift [Sep 17]
"Up to $1 million will be pumped by Saudi Arabia into an Australian university, sparking fears the money will skew its research and create sympathy for an extremist Muslim ideology espoused by al-Qai'da. Muslim leaders and academics have attacked Queensland's Griffith University for accepting an initial $100,000 grant from the Saudi embassy, which they accused of having given cash in the past to educational institutions to improve the perception of Wahhabism - a hardline interpretation of Islam. The Australian understands the Griffith Islamic Research Unit will in coming years receive up to $1 million from Saudi Arabia, which has injected more than $120 million into Australia's Islamic community since the 1970s for mosques, schools, scholarships and clerical salaries.." [more]

Prudential To Start Saudi Insurance Firm [Sep 17]
"Prudential Asset Management is moving to initiate a joint venture to create an insurance firm in Saudi Arabia, Asian Investor reports. Having already established a business in United Arab Emirates, in Dubai International Financial Centre, Dubai-based CEO Suraj Mishra looked to the oil-rich Muslim nation of Saudi Arabia as the next place to set up shop.. ..The firm is moving ahead on a new memorandum of understanding between its parent insurance company and Saudi Arabia-based Aljazira Bank to establish a new takaful (Islamic insurance) company. The bank�s life insurance business, Takaful Taawuni, will create a joint venture company where Prudential will be the largest shareholder.." [more]

Saudis Buy Eurofighters From UK [Sep 17]
"Saudi Arabia says it is to buy 72 Eurofighter Typhoon jets from UK firm BAE Systems for �4.43bn. The Ministry of Defence would not confirm the deal had been completed, saying negotiations are continuing.. ..A report on the official Saudi news agency SPA says that the price paid per aircraft is the same that Britain's Royal Air Force pays for the aircraft.. ..In addition to the price paid for the planes, there is also expected to be a lucrative deal for the munitions that go with them and for their maintenance.." [more]

Cost of Sabic's Mining Venture Soars to $5.6b [Sep 17]
"Saudi Arabian Mining (Maaden) said yesterday that a phosphate venture it is developing with Saudi Basic Industries Corp (Sabic) will cost 21 billion riyals ($5.6 billion), 62 per cent more than expected in March. 'The increase in the cost of the project ... is due to a rise in prices in the international construction market,' state-owned Maaden said. Sabic, the world's largest chemical company by market value and the Gulf's largest steel producer, owns 30 per cent of the project and Maaden the rest. They said in March the project would cost 13 billion riyals.. ..With the project, Sabic, the main shareholder in Saudi Fertilisers, would be able to increase its fertiliser production by 900,000 tonnes per year to eight million tonnes.." [more]

Surging Insurance Stocks Fail to Halt TASI�s Slide [Sep 17]
"The Saudi stock market dropped yesterday as investors kept an eye on the third quarter results of the listed companies. The Tadawul All-Share Index (TASI) fell 44.01 points to close at 7,773.03.. .. Out of 104 stocks traded, shares of 26 companies were in positive territory, while 61 companies were in the red yesterday. Over SR5.39 billion worth of shares changed hands yesterday.." [more]

Former Saudi Rebel Cleric Flays Bin Laden [Sep 17]
"A Saudi Islamist former dissident and prominent cleric has slammed Al Qaeda chief Osama bin Laden for the killing of innocent people including children, his first such attack on the West�s most wanted man. 'How many innocent people, elderly men and children have been killed and displaced under the Al Qaeda banner? Would you be happy to meet God carrying the burden (of their death) on your shoulders?'.. ..Odah, a well-known cleric in the Gulf region, was arrested for political and religious activism in 1994 but has since ceased to oppose the Saudi regime and moderated his once radical views.." [more]

Poor Response to NSHR Report Irks Al-Hajjar [Sep 17]
"Dr. Bandar Al-Hajjar, chairman of the National Society for Human Rights, has expressed his dismay at the lukewarm response by Saudi agencies to a report published by his organization last May on the human rights situation in the country.. ..'Unfortunately we have not received any positive or negative comments from government agencies in the Kingdom,'.. ..He said the report had strengthened the Kingdom�s position as a member of the Geneva-based International Human Rights Committee.." [more]

SIIG, Chevron-Phillips to Form New Petrochem Firm [Sep 17]
"The Saudi Industrial Investment Group (SIIG) will establish a new petrochemical company at a cost of SR18 billion ($4.8 billion) in joint venture with American Chevron-Phillips. The project is likely to start production in the last quarter of 2011.. ..The group will give priority to existing shareholders to purchase its new shares, the statement said, adding that the shareholders would be determined by the extraordinary general assembly meeting to be held by the end of this year. SIIG will use the money collected from the sale of new shares to establish a new joint stock company, Petrochem. The new company will offer 50 percent of its shares for public subscription.." [more]

~~~~~~~~ [ Sep 16 ] ~~~~~~~~~

Iran Warns Saudi of Bid to Create Rift [Sep 16]
"Iranian President Mahmoud Ahmadinejad warned Saudi King Abdullah that the 'enemies of Islam' were trying to divide the Muslim community, his website said yesterday. The Ahmadinejad-Abdullah telephone call came amid complaints from Iran, which is majority Shia, that Iranian pilgrims visiting Islam�s holiest sites in the mainly Sunni kingdom were being harassed.. ..Earlier this month Tehran asked Riyadh to fight against Sunni extremists who Iran said were targeting Iranian pilgrims in Makkah and Madinah in anti-Shia sermons.." [more]

Saudi Remains on Religious Freedom Blacklist [Sep 16]
"The United States says religious freedom in Saudi Arabia remains �severely restricted' in its annual report on religious freedom around the world.. ..Overall government policies in Saudi Arabia 'continue to place severe restrictions on religious freedom' the report said, however, 'there were some improvements in specific areas during the period covered by this report'.. ..Hanford said Saudi Arabia should remain on the US blacklist but that he was encouraged by some acts of tolerance, which 'are in the early stages of implementation.'.." [more]

Somali Delegation Heads to Saudi Arabia [Sep 16]
"A high-level delegation of Somalis led by the head of the shaky transitional government left Sunday for a pilgrimage in Saudi Arabia, a government spokesman said. The 410-member delegation includes the pre