Dec 23 -Dec 29, 2007

~~~~~~~~ [ Dec 29] ~~~~~~~~~

Ten Saudi Guantanamo Inmates Free [Dec 29]
"Ten Guantanamo Bay detainees have been freed and returned home to Saudi Arabia, US and Saudi officials say. The government in Riyadh will mitigate any risk posed by the former detainees with a programme to integrate them into civilian life, the Pentagon says. Around 275 people remain at the detention centre in Cuba and the Pentagon says another 60 inmates are now eligible for transfer or release. The US has returned dozens of Saudi former detainees over the past year.." [more]

Take a Peek at the Saudi Bourse [Dec 29]
"A few weeks ago Dr. Abdul Rahman Al Tuwaijeri, chairman of Capital Market Authority (CMA), announced plans to transform Tadawul, the Saudi stock exchange, into a joint stock company.. ..The CMA recently announced the formation of Tadawul's board of directors, approved by the Council of Ministers. These are steps in the right direction as the government liberalises the Kingdom's capital market and provides a platform to the investing public to participate in economic growth. Today, Tadawul is at a defining moment in its history.." [more]

Swiss Halt Probe of Saudi Suspected of Terror Funding [Dec 29]
"Swiss authorities have dropped an investigation into a Saudi businessman suspected of financing Al Qaida-linked terrorism networks, a lawyer said on Friday. The Federal Prosecutor's Office halted the six-year probe into Yassin Al Qadi, who was alleged to have used Swiss bank accounts to transfer funds of over $1 million (about Dh3.65 million) to individuals tied to Al Qaida, said his lawyer Marc Bonnant. "All accusations were dropped," Bonnant said. Al Qadi was designated a global terrorist by the United States in October 2001 and his name also is on the United Nations terror blacklist.." [more]

What Control Does Opec Have Now? [Dec 29]
"..The Organisation of Petroleum Exporting Countries (Opec) declared last month it had lost control of the world market, but energy experts say the group has wrested much of the control back since.. ..Oil sector analysts say Opec doesn't want to succumb to pressures to raise supply, since market oversupply was the cause of sharp falls in the price of oil as recently as in the late '90s. In 1998, for example, oil prices on the world market were down to as low as $9 per barrel. With the benefit of hindsight, Opec is watchful not to let inventories slip out of hand, at a time when the chances of a global economic downturn look real on the back of the severely weakened dollar and the sub-prime mortgage crisis in the United States, the world's largest oil importer.." [more]

Huraisi Case Goes to Appeal [Dec 29]
"The high-profile case of Salman Al-Huraisi, a 28-year-old Saudi hotel security guard who died as a result of alleged beatings by two members of the Commission for Promotion of Virtue and Prevention of Vice, has been transferred to the Cassation Court, the Kingdom�s court of appeals. A ruling is expected within a month. Raif Badwi, a human rights advocate, has teamed up with the family�s attorney, Yahya Al-Huraisi, to appeal the lower court�s decision on Nov. 28 dropping all charges against two defendants in the murder case � both of them Commission members.. ..'The ruling (by the lower court) implies what I refer to as a �license to kill�,' Badwi told Arab News. �If the Cassation Court does not overturn the lower court�s decision and there is no intervention from higher authorities, this basically means that these people can enter anyone�s house in the name of religion, humiliate them physically and mentally, take them to a station and even kill someone and get away with it.'.." [more]

~~~~~~~~ [ Dec 28] ~~~~~~~~~

Saudi Arabia Condemns Killing of Benazir Bhutto [Dec 28]
"Saudi Arabia Friday strongly condemned assassination of Pakistan Peoples Party�s Chairperson Benazir Bhutto. 'With immense sorrow and grief, we have come to know about the martyrdom of her Excellency the venerable sister Benazir Bhutto at the dastardly and treacherous hands of terrorists,' said Custodian of two Holy Mosques, King Abdullah Bin Abdul Aziz. In a condolence message to President Pervez Musharraf, he said 'Saudi Arabia is confident that this crime, despite its enormity, will not dent the determination of true and faithful brothers and sisters in Pakistan.'.." [more]

Petrochem Industry Fears Free Trade With the Gulf [Dec 28]
"A leading industry body has urged the government to keep key petrochemical products outside the purview of the proposed free trade agreement with the Gulf Cooperation Council (GCC), fearing unfair competitive advantage. Indian manufacturers are at a disadvantage because key inputs like feedstock are available in GCC countries at subsidised prices, the Associated Chambers of Commerce and Industry of India (Assocham) said in a statement issued Friday.. ..As a bloc, GCC is India's third largest trading partner after the European Union and the US, according to latest import statistics available with the commerce ministry.." [more]

New Middle East Sukuk Market Hits $19bn in �07 [Dec 28]
"The Middle East�s primary market for Islamic bonds is expected to close at $19bn in 2007 as further deals are delayed amid concerns over a weakening dollar, bankers say. 'It�s the year end, no issues are likely to hit the market now,' said Nader al-Salim, a banker at Citi Islamic Investment Bank. As of December 10, new sukuks issued in the Middle East were close to $18.65bn, compared to a global market of $27bn, according to Zawya.com data.. ..Saudi Arabia�s Al Rajhi Cement Investment Co said it planned to sell $600mn of Islamic bonds by the end of February to finance construction of plants in Syria and Jordan.." [more]

Reflections on the Qatif Saga [Dec 28]
"..Domestically as well, people were aghast that judges could render out such judgment against a rape victim.. ..King Abdullah has unconditionally pardoned the victim and her lawyer. The royal pardon reflected the opinion of the majority of Saudis who saw in this case the issue of biased justice.. ..The judiciary must be overhauled and a recognized and codified system of justice implemented. By simply basing judgment on one's bias or narrow interpretations of the Shariah, such cases will rise at one time or the other. But what is encouraging is that the majority of Saudis have no patience for such follies.." [more]

~~~~~~~~ [ Dec 27] ~~~~~~~~~

Saudi Blogger Held Incommunicado for Past Two and a Half Weeks [Dec 27]
"Reporters Without Borders condemns the detention of blogger Ahmad Fouad Al-Farhan since 10 December. His family does not know where he is being held or what he is charged with. He said on his blog a few days before his arrest that he was expecting a summons from the interior ministry.. .. 'After blocking the news website Elaph and the leading blog publishing service www.blogger.com, the authorities have now directly targeted a blogger for the first time. We call on the police to immediately reveal where and why Farhan is being held.'.. ..The Saudi government�s official Internet blacklist affects more than 400,000 websites, ranging from the sites of political organisations to those of unrecognised Islamist movements and porn sites.." [more]

Saudi Exports to Reach Record High of $240bn in �07 [Dec 27]
"Saudi Arabia�s total exports of goods and services are expected to grow by 6.7 percent in 2007 to reach SR900.8 billion ($240.2 billion), according to a report issued by the General Statistics Department. Non-oil exports of goods are expected to grow by 24.9 percent to SR106.8 billion, it added. Preliminary statistics issued by the Saudi Arabian Monetary Agency (SAMA) said the Kingdom�s trade balance in 2007 was estimated to record a surplus of SR555.6 billion with an increase of 1.1 percent compared to the previous year. Current account is estimated to record a surplus of SR 344.4 billion in 2007 compared to SR371 billion in 2006.." [more]

Yemen, Saudi Arabia Discuss Cooperation in Religious Guidance [Dec 27]
"Minister of Religious Endowment and Islamic Affairs Hamoud al-Hitar discussed on Thursday with the preacher of the Grand Mosque in Makka Saleh bin Humeid cooperation relations between the two friend countries in field of Islamic guidance. They also discussed horizons of reinforcing contacts between Islamic scholars of Yemen and the Kingdom of Saudi Arabia so as to serve the Islamic faith as well as the issues of the Islamic nations according to moderation principle.." [more]

Saudi Embassies Can Issue Dependent Visas to Doctors [Dec 27]
"Wives and children of doctors working in the Kingdom can now obtain entry visas from Saudi embassies abroad, according to a circular issued by the Ministry of Foreign Affairs. Up till now foreign doctors like other expatriates had to stay in long queues at recruitment offices in the Kingdom to get entry visas for their family members. The new move is expected to benefit more than 7,000 foreign doctors working in the Kingdom. Dr. Khaled Al-Mirghalani, spokesman of the Health Ministry, welcomed the Foreign Ministry�s decision saying: 'This move will certainly improve the working conditions of doctors'.. ..The new move comes ahead of the Health Ministry�s plan to recruit more foreign doctors to provide family health care services. In June, Mirghalani said the Kingdom required at least 2,000 doctors to meet the present shortage.." [more]

India Fifth Biggest Market for Saudi Exports [Dec 27]
"India has been ranked as the fifth biggest export market for Saudi Arabia whose total exports grew 6.7 per cent in 2007 to reach SR900.8 billion (USD240.2 billion), a report said. The report by Saudi Arabian Monetary Agency, the central bank, today said that non-oil exports of goods are expected to grow by 24.9 per cent to SR106.8 billion. Japan topped the list of countries that imported Saudi products, mainly crude and petrochemicals, with its imports amounting to SR130.37 billion or 17 per cent of the total, the department pointed out, adding that the country's imports from Saudi Arabia rose by SR24.79 billion. The United States held the second position receiving 15 per cent of the total exports.." [more]

SABIC, STC Send Saudi Index Higher [Dec 27]
" In only a three-day trading activity after the Eid holidays, Saudi Arabia�s Tadawul All Share Index ended higher yesterday, led by Saudi Basic Industries Corp. (SABIC) and Saudi Telecom Co. SABIC gained 0.88 percent and STC 3.85 percent. The benchmark rose 0.17 percent to 11,415.30 points. Top gainers yesterday were MESC, Real Estate, Pipes, Alujain and Jabal Omar. Most active by value were Saudi Kayan, Jabal Omar, STC, SABIC and MESC.." [more]

~~~~~~~~ [ Dec 26] ~~~~~~~~~

Saudi Oil Investments Top $100bn [Dec 26]
"Saudi Arabia has pumped more than $100 billion (about Dh367bn) into its oil sector over the last 40 years but the investments have largely been offset by crude sales which have fetched the Gulf Kingdom more than $1.6trn, official figures showed. The sales involved a total 79 billion barrels pumped out of the country�s giant oilfields since it began full crude exports in 1967, Acording to the Saudi Arabian Monetary Agency (Sama), which cited Saudi Aramco figures. Theoretically, such a massive output could have depleted the Kingdom�s oil resources as it exceeded its proven oil reserves of 68bn barrels in 1967. But the reserves have more than tripled to a record 264bn barrels at the beginning of 2007.." [more]

Economic Issues Worry Saudi Arabians [Dec 26]
"Adults in Saudi Arabia are clearly worried about financial hardship, according to a poll by D3 Systems released by Terror Free Tomorrow. 92.9 per cent of respondents believe reducing unemployment and inflation are important priorities for the kingdom. Addressing the problem of terrorism is second on the list with 88 per cent, followed by providing financial assistance to mosques and madrassas in foreign countries with 81.3 per cent, ensuring a free press and free elections with 79.4 per cent, and defeating al-Qaeda and other Jihadi groups with 60.9 per cent. Only 42.9 per cent of respondents consider permitting women to drive as a key priority.." [more]

Profit-Taking Hits Kingdom [Dec 26]
"The rally that was witnessed when trading in the Gulf stock markets resumed on Monday after the Eid holidays appeared to be short-lived, as Saudi and Omani shares ended lower yesterday after investors booked profit, with banks leading declines in both markets.. ..The Saudi Tadawul All Share Index closed down 1.81 percent at 11,396.28 points, ending a three-day rally. 'The market was overvalued in the past period and that is why we are seeing profit-taking,' said Abdullah Al-Rashoud, chief executive officer of Riyadh-based KSB Capital Group. 'I think the market will trade within the levels we are seeing now until the end of the first quarter of 2008.'.." [more]

Saudi-Japanese Energy Relationship is Enormously Important [Dec 26]
"A senior official of Saudi Aramco has said the Saudi-Japanese energy relationship is enormously important - not only for the Kingdom of Saudi Arabia and Japan, but also for the entire world. 'Japan is the world's second largest economy, a technological powerhouse, home to some of the planet's leading companies in a wide variety of industries, and a primary driver of what many international observers are calling the 'Asian century,'.. ..'The economic power of Japan coupled with Saudi Arabia's position in 
the energy picture through its national petroleum enterprise, Saudi Aramco, make it clear that the relationships between our countries and among our companies are a matter of tremendous significance,'.." [more]

The Ball Remains Firmly in the Iranian Court [Dec 26]
"December 2007 delivered new developments as far as Gulf regional security is concerned. Coinciding with the annual summit meeting of the Gulf Cooperation Council (GCC) in Doha, Qatar, from Dec. 3 to 4, a National Intelligence Estimate (NIE) was released in the United States, that stated with �high confidence� that Iran had abandoned its military nuclear program as far back as 2003.. ..Both the release of the NIE in the US and the attendance of President Ahmadinejad in Doha offered opportunities to calm Gulf tensions and downgrade the rhetoric that has been traded between Tehran and Washington. For Iran, in particular, it was a chance to inject confidence into the relationship with its Arab Gulf neighbors and, in conjunction with the NIE, to allay fears about Iranian intentions that over the past years have led to the distinct possibility of another Gulf conflict.." [more]

~~~~~~~~ [ Dec 25] ~~~~~~~~~

All Pilgrims to Leave by Jan. 18 [Dec 25]
"All pilgrims have to leave the Kingdom by Muharram 10 (Jan. 18, 2008) as per a deadline set by the Ministry of Haj. Hatim Hasan Al-Qadi, Undersecretary of the Ministry of Haj, said each tawafa establishment has been given a timetable for the departure of pilgrims. This year 1.7 million pilgrims came from over 181 countries.. ..The Central Haj Committee report said Makkah hospitals received 13,3940 emergency cases, and the Saudi Red Crescent Society tackled 1,4626 cases. Some 1,7028 missing pilgrims were guided and led back to their Haj missions.." [more]

Settlements Overshadow M-E Talks [Dec 25]
"Israeli and Palesti-nian negotiators were to meet on Monday for a second time since relaunching the Middle East peace process, with Jewish settlements once again overshadowing the talks. A day before teams headed by Foreign Minister Tzipi Livni and ex-premier Ahmed Qorei were to meet in Jerusalem, it was revealed that Israel was planning to expand two settlements in occupied Palestinian territory next year. the Palestinians, who have demanded that Israel freeze all settlement activity, slammed the move - the second settlement expansion announced since peace talks were revived at a US conference in November.." [more]

IPO Values Saudi PetroRabigh at Half Project Cost [Dec 25]
"Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh) will raise 4.6 billion riyals ($1.23 billion) from the sale of a 25 percent stake in an IPO next month, the offering's lead manager said on Tuesday. PetroRabigh, a $10 billion joint venture between Saudi Aramco and Japan's Sumitomo Chemicals will sell 219 million shares to Saudi nationals at 21 riyals each, HSBC Saudi Arabia said in a statement. The share price offers a 50 percent discount on the project's cost of $10 billion.." [more]

Gulf Bourses Resume Trading With a Bang [Dec 25]
"Stock markets in the Gulf impressively re-opened trading activity yesterday after the Eid holidays as investors� expectations of positive full-year company profit results propelled the markets further into positive territory. Saudi Arabia�s benchmark Tadawul All Share Stock Index closed up 2.26 percent to 11,606.34 points. Turnover reached SR18.21 billion with a total volume of 459,746,668. It is the best-performing Arab benchmark in the fourth quarter, up about 45 percent since Oct. 1.." [more]

Saudi Inflation Tops 5% Even as UAE Sees Plunge [Dec 25]
"Inflation in three Saudi Arabian cities, including the capital Riyadh, rose to more than 5 percent in the third quarter, accelerating at a faster pace than the country average, the central bank said yesterday. Price rises in Riyadh grew 5.9 percent in the three months ended Sept. 30, while inflation hit 5.2 percent in Najran and 6.1 percent in Hail, the fastest pace in the oil producer�s 16 cities, the Saudi Arabian Monetary Agency said on its website. Inflation averaged of 4.4 percent in the largest Arab economy in the third quarte.." [more]

Countdown to GCC Common Market Begins [Dec 25]
"Countdown to the GCC common market has begun. Earlier this month in Doha, leaders of the six-nation Gulf Cooperation Council (GCC) pledged to launch a common market in January. The common Gulf market is aimed at finding a single market through which GCC citizens can benefit from the available opportunities in the Gulf economy as well as opening broader mutual and foreign investments. It is also aimed at increasing benefits resulting from the volume of economies and raising efficiency in production as well as realizing the model usage for available resources and improving the GCC countries negotiating abilities and enhancing their influential position among the international economic groups.." [more]

~~~~~~~~ [ Dec 24] ~~~~~~~~~

Saudi Police Arrest 28 in Foiled Plot During Hajj [Dec 24]
"The number of men arrested late last week in a suspected plot to attack Muslim holy sites around Mecca and Medina during the hajj, the annual Muslim pilgrimage, was put at 28 in a statement issued Sunday by the Saudi Interior Ministry. Over the past several years, the government has announced that it has foiled several domestic terrorist plots but has provided few details. This time, the news that almost all of the men were Saudi and that the supposed plot was to have taken place during a religious holiday caused widespread consternation.. ..The press agency did not say whether the arrests were linked to the announcement on Friday of the foiled plot, but it noted that 27 of the 28 men arrested were Saudi citizens, and that they were part of a 'deviant group,' a common official euphemism for Al Qaeda.." [more]

Saudi Rejects Politicisation' of Rights [Dec 24]
"International human rights reports have made valid points which could benefit Saudi Arabia, but �politicise� the issues unnecessarily, according to the head of a government body. A spokesman for the government sponsored National Human Rights Association (NHRA) told the English language Asharq Al-Awsat newspaper the kingdom rejects the politicisation of reports issued by some human rights organisations or agencies working for Western governments. He did not mention any specific reports or organisations.." [more]

Saudi Media Enjoy Full Freedom, Madani Says [Dec 24]
"Culture and Information Minister Iyad Madani has highlighted the press freedom in Saudi Arabia and said his ministry had put no restrictions on foreign journalists and media persons who came for Haj coverage. 'We did not tell any foreign news agency or television station what they should cover and what they should not ... and with whom they should speak and with whom they should not ... the field was open to them and all facilities have been provided so they could do their work in an objective manner,' the minister said. 'This is one of the features of media work in Saudi Arabia and we at the Ministry of Culture and Information will not dictate that the Saudi media or a newspaper must say what we want it to say and we also will not exert influence on the foreign media to say what we want it to say,'.." [more]

Myanmar to Get Interest-Free Loan From Saudi [Dec 24]
"Myanmar may get long-term interest-free loan from the Saudi Arabian government which has set the country eligible for such loan under its National Assistance Fund being offered for developing countries, local media reported Monday. The Saudi government's 25-year interest-free loans are particularly aimed at social development in such areas as schooling, healthcare and electricity generation as well as other development projects if necessary, the Saudi Embassy sources was quoted by the weekly Myanmar Times as saying. Myanmar and Saudi have no official business links despite forging of diplomatic ties more than three years ago.. ..Saudi Arabia established diplomatic relations with Myanmar in August 2004 and opened its embassy in Yangon in December 2005.." [more]

Inflation in Three Saudi Cities Reaches 5% [Dec 24]
"Inflation in three Saudi Arabian cities, including the capital Riyadh, rose to more than 5 percent in the third quarter, accelerating at a faster pace than the country average, the central bank said on Monday. Price rises in Riyadh grew 5.9 per cent in the three months ended September 30, while inflation hit 5.2 per cent in Najran and 6.1 per cent in Ha'il, the fastest pace in the oil producer's 16 cities, the Saudi Arabian Monetary Agency said on its Web site. Inflation averaged of 4.4 per cent in the largest Arab economy in the third quarter, the central bank said. The dollar's weakness this year helped drive up food and beverage costs 6.5 per cent in the third quarter, while rents jumped 9.5 per cent in the period, the data showed. Saudi Arabia pegs its riyal currency to the dollar.." [more]

~~~~~~~~ [ Dec 23] ~~~~~~~~~

US to Keep Assessment of Peace Moves Confidential [Dec 23]
"The US will conduct confidential assessments of whether Israel and the Palestinians are meeting their peacemaking commitments and share the results privately with the parties, US and Western officials said. Israel has sought to keep the US process of judging compliance with the long-stalled road map peace plan largely secret. Palestinians say they favour disclosure of judgments on whether Israel is halting all settlement activity and whether the Palestinians are curbing militants as the plan demands. Though the Bush administration has decided to keep the assessment process confidential, it reserves the right to go public with its views if necessary.." [more]

Imams and Pilgrims Denounce Planned Attacks on Holy Sites [Dec 23]
"A number of Islamic personalities and pilgrims have denounced the failed terrorist plan to attack holy sites outside Makkah. Yesterday, the Interior Ministry said police arrested 28 men for allegedly planning to attack holy sites around Makkah and Madinah. The ministry said 27 of the men were Saudis and one was a foreigner. 'Thanks to God, the security forces managed to detain members of the deviated group who have links with elements outside [the kingdom] while planning to carry out criminal acts inside,' a statement by the Interior Ministry statement said. 'For security interests we will not divulge more details at present.'.." [more]

Haj Operation Huge Success: Prince Naif [Dec 23]
"Interior Minister Prince Naif, who is also chairman of the Supreme Haj Committee, declared yesterday the success of this year�s Haj operation and commended security officers for their excellent work in managing the world�s largest gathering. 'Thanks be to God, there was not a single accident and the Kingdom and all pilgrims are free of diseases and epidemics and this is, of course, a great blessing from God,'.. ..The minister had only praise for the security forces for their efforts to ensure the security and safety of the guests of God who came from more than 180 countries. Nearly three million pilgrims, including 1.7 million from abroad, performed Haj this year.." [more]

Balance of Global Power Changing Before Our Eyes [Dec 23]
"The sight of powerful bankers from the world's financial capitals going cap in hand to access the vast pools of wealth in China and the Middle East is one big sign of how the global game is changing. Over the past few months, investors from China, the Middle East and other emerging market economies have poured an estimated $60 billion into the world's big banks and other financial institutions.. ..It was noteworthy that when Citicorp recently decided to oust its chief executive officer following the bank's huge losses on subprime mortgages, board members flew to Saudi Arabia to consult with a Saudi prince, the largest individual shareholder in the biggest American bank. As Bob Dylan put it in another context, 'The times they are a changing'.." [more]

Dec 16 -Dec 22, 2007

~~~~~~~~ [ Dec 22] ~~~~~~~~~

Saudi Arrests Seven Arabs for Hajj Attack Plot [Dec 22]
"Saudi security forces arrested seven non-Saudi Arabs on suspicion of plotting attacks during the annual Muslim pilgrimage, the Arabic newspaper Al-Hayat reported on Saturday.The report came a day after the interior ministry said security forces in the oil-rich kingdom, the target of Islamist attacks since 2003, had arrested an Al-Qaeda linked group planning a "terrorist act" during the hajj.Security forces "arrested seven people of two Arab nationalities, but not Saudis, at the entrance to the city of Mecca", Al-Hayat said, quoting sources within the security services."They were planning acts of sabotage during the hajj period," it said, adding that the arrests were carried on December 16 and 17 but without giving details in the plot.Al-Hayat said the arrests were not announced earlier so as not to create panic among the hundreds of thousands of pilgrims to Islam's holiest sites in and around around Mecca, western Saudi Arabia.." [more]

Iran Polls Better Than US in Saudi Arabia [Dec 22]
"Although the image of the United States appears to have improved in Saudi Arabia over the past year, the Saudi public's view of Washington remains largely negative, according to major new poll released here this week by Terror Free Tomorrow (TFT), a Washington, D.C.-based bipartisan group. Indeed, less than 40 percent of some 1,000 Saudi respondents interviewed by telephone during the first week of December, said they have either a "very" or "somewhat favorable" opinion of the US, while nearly 52 percent said their view was either very or somewhat unfavorable, according to the survey results. By contrast, Iran � which Saudi leaders reportedly consider a dangerous rival for influence in the oil-rich Gulf region � is seen more positively by the Saudi public in general, the poll found.." [more]

Saudi Arabia Aims to Take Lead in Sovereign Wealth Fund Stakes [Dec 22]
"Saudi Arabia plans to establish a sovereign wealth fund that is expected to dwarf Abu Dhabi's $900bn (�454bn) and become the largest in the world. The new fund will be a formidable rival for other government-owned investment funds in the Middle East and Asia, which are playing an increasingly active role in channelling capital to western companies, particularly financial companies hard hit by the US mortgage meltdown. News of the Saudi plan comes as Temasek of Singapore is in "preliminary" talks with Merrill Lynch concerning a multibillion- dollar stake in the ailing investment bank, according to a person familiar with the matter.." [more]

GCC Mega Power Project on Schedule [Dec 22]
"Gulf Arab states are pushing ahead with landmark plans to connect their electricity networks and the initial stage of the project is expected to be completed on time next year, reported the GCC. The $1.6-billion (Dh5.87bn) venture, which was launched more than six years ago, will bring substantial benefits to the six Gulf Co-operation Council nations by offering huge savings, ensuring sufficient power supplies, and ruling out any disruption, the Riyadh-based GCC Secretariat said in its latest quarterly bulletin. To ensure the success of such a mega project, the six nations have also agreed to create an electricity and water database, which has been put online and is undergoing development, it said.." [more]

Little Surprise: Oil Prices Will Rise [Dec 22]
"Oil-price prognosticators, bruised after an unusually volatile spell in the oil patch, have reached a rough consensus on next year: Oil will be even costlier, even if the economy cools. Consumers are likely to pay a lot more at the pump, too. The Energy Department predicts that far higher average oil prices will force gasoline prices to even out at $3.11 next year, up 10% from the average price of $2.81 this year.. ..So what is the world's biggest petro-power saying about 2008? Saudi Arabia's 2008 budget, released last week, is based on a price assumption of around $45 a barrel, according to economists who have crunched the numbers. So with the added margin, Riyadh's prediction for 2008 comes in at around $68 a barrel for Saudi oil -- or more like $75 a barrel for the higher-grade U.S. benchmark crude. That is lower than the analysts' consensus, but not by much. Analysts agree that the one force that could clearly nudge oil prices lower next year would be a sharp decline in demand in the U.S. and China. So far there is little evidence of that happening. Demand is expected to rise by around 1.5 million barrels a day next year, with more than half of the growth coming from Asia and the Middle East.." [more]

~~~~~~~~ [ Dec 21] ~~~~~~~~~

Israel to US: No New Neighbourhood in Occupied Jerusalem [Dec 21]
"Israel has reassured the US ambassador in Tel Aviv that the country will not build a new settlement in northern Occupied Jerusalem, Israel Radio reported on Friday. Media reports this week said that the Israeli housing minister is considering building more than 10,000 new apartments in the area. In a message to US ambassador Richard Jones, Israel reiterated that it would not build new settlements in occupied territory or authorise new land confiscations.." [more]

Abdullah, Ahmadinejad Hold Wide-Ranging Talks [Dec 21]
"Ahmadinejad, the first Iranian president to perform Haj as guest of a Saudi king, arrived in the Kingdom on Monday accompanied by top aides. Nearly three million pilgrims from different parts of the Islamic world including several thousands from Iran performed Haj this year. �In my discussion with King Abdullah we discussed different ways to consolidate the brotherly relations among Muslim nations,� Ahmadinejad was quoted as saying by the Iranian media covering his trip. He described Tehran�s relations with Riyadh as �friendly,� adding: �The message of my presence here is boosting ties among Islamic nations.� Iranian pilgrims in the Kingdom expressed their hope that Ahmadinejad�s participation in the pilgrimage would help repair ties between the Islamic republic and its Arab neighbors.." [more]

$3.63 Trillion Earmarked for Middle East Tourism [Dec 21]
"A massive $3.63 trillion is being invested in hotels, leisure projects, aviation developments, cruise lines, tourism promotion and supporting infrastructure, across the Middle East, according to the preliminary results of a research program unveiled on Tuesday. The study covers 13 Middle Eastern countries for the period to 2020 and is to be published in full at the Hotel Show 2008, the Middle East�s leading supplies exhibition to the region�s hospitality sector, taking place at the Dubai International Exhibition Center on June 8-10, 2008. The Middle East Industry Outlook 2020 is an update of a groundbreaking research study by Fast Future and Global Futures and Foresight (GFF) on the Future of Travel and Tourism in the Middle East and is sponsored by the Hotel Show, Siraj Capital, Nakheel and Silverjet. Strategic partners on the study are the Pacific Asia Travel Association and IMEX Frankfurt.." [more]

~~~~~~~~ [ Dec 20] ~~~~~~~~~

Most Saudis Want More Democracy, Says Study [Dec 20]
"Most Saudis back the government in its campaign against Al Qaida, but say they want more democracy in the country, according to poll findings released this week. The study conducted by US group Terror Free Tomorrow showed 15 per cent of respondents had a favourable view of Saudi-born Al Qaida leader Osama Bin Laden and 88 per cent approve of the government's efforts to pursue militants inside the kingdom.. ..While 95 per cent of respondents said they had an approving view of King Abdullah, who came to power in 2005 promising reforms, 80 per cent said free elections and a free press should be a government priority.." [more]

Saudi�s Ma�aden Awards $630m Contracts [Dec 20]
"Saudi Arabian Mining Company (Ma�aden) awarded $630 million (Dh2.31bn) final contracts separately to two Chinese and Korean firms for the construction of power and desalination as well as beneficiation plants for the world�s largest fully integrated phosphate fertiliser complex in the kingdom. Abdallah Dabbagh, President and CEO of Ma�aden, signed the contracts separately with Chinese and Korean firms.Guizhou Hongfu Industry and Commerce Development Company (Hongfu) of China won the $350m (Dh1.28bn) contract for the beneficiation plant that will be located at the phosphate mine site in Al Jalamid in north of the Kingdom. Hanwha Engineering and Construction Corporation, a Korea company, meanwhile, bagged the power and desalination plant at a total cost of $280m (Dh1.02bn) that will be located at the phosphate processing complex at Ras Az Zawr.." [more]

In Pictures: Last Day of the Hajj [Dec 20]
"Pilgrims circle the Kaaba inside the Grand Mosque in the holy city of Mecca in Saudi Arabia. Millions of Muslims marked the last day of the annual Hajj, one of the five pillars of Islam.. ..After walking around the Kaaba at the centre of the mosque, pilgrims walk back and forth between the stations of Safa to Marwa.." [more]

Saudi Aramco Intensifies Drilling as Demand Rises [Dec 20]
"Amid heightened global demand for energy, coupled with rising hydrocarbon prices and increased exploration and production activities by major oil companies, Saudi Aramco underlined the important role of drilling in efforts to satisfy the market.In the recently held first drilling symposium organized by the state-owned oil company in Alkhobar, Saudi Aramco�s senior vice president Abd Allah S. Al-Saif said in his keynote speech that �these days the oil industry is overwhelmed, to say the least, with issues such as prices, cost, peak oil, safety, environment, and security of supply and demand. He said that rising demand � along with a decreasing supply from other producers, geopolitical tension, misconceptions about resources, and environmental concerns � have led Saudi Aramco to intensify its activities to meet the global demand.." [more]

GCC Needs to Boost Heavy Industries [Dec 20]
"The need for GCC heavy industry to adopt a business model based on outsourcing downstream activities like fabrication and distribution to cost-effective, labour-intensive markets of India and China to make the region the capital of energy-intensive production of Aluminium, petrochemicals, and plastics was underscored by the global consultation major, Boston Consulting Group. "GCC countries trying to diversify their economies need to focus their attention on further developing the heavy industry sector," the group said in its latest report.." [more]

~~~~~~~~ [ Dec 19] ~~~~~~~~~

Pilgrims Stone Satan in Saudi Hajj Ritual [Dec 19]
"Around two million Muslims massed in the holy Saudi city of Mina on Wednesday for the symbolic stoning of the devil, one of the high points, but also one of the most risky, of the annual hajj. Amid tight security, with helicopters hovering overhead and a fleet of ambulances standing by, the human tide converged on the area for the stoning of pillars which will continue on Thursday and Friday. The crush as pilgrims seek to ensure their stones hit Satan has led to hundreds of deaths in the past, including 345 during the ritual in January last year. A similar tragedy in 2004 saw 251 people trampled to death. The Saudi Gazette newspaper said 10,000 troops had been deployed in Mina to beef up security and control pedestrian traffic on Jamarat Bridge, from where many throw their stones.." [more]

Saudi-Iranian Rapprochement Opens up Some Intriguing Possibilities [Dec 19]
"Iranian President Mahmoud Ahmadinejad's presence at this year's hajj in Mecca - at the personal invitation of Saudi Arabia's King Abdullah - has the potential to restore mutual trust between two of the Islamic world's most important players. The need for greater cooperation and understanding - between Sunnis and Shiites, as well as between Arabs and Persians - has long been a crucial but elusive goal for those interested in a more stable Middle East. Now we have solid evidence that attempts to resolve some ancient differences and suspicions have at last moved beyond empty slogans and ad hoc diplomacy: King Abdullah's overture is obviously part of the same diplomatic initiative that saw Ahmadinejad attend the recent summit of the Gulf Cooperation Council.." [more]

Saudi Envoy Calls for Improvement in Trade Ties [Dec 19]
"There is need to improve mutual trade between Muslim countries as Saudi Arabia and Pakistan have been making hectic efforts in this regard. This was stated by H.E Ali. Awadh Al-Asseri, Ambassador of Saudi Arabia to Pakistan, during a talk with President Islamabad Chamber of Commerce & Industry Nasir Khan and Chairman FPCCI Islamabad Office Munawar Mughal in meeting. He informed that about above two million Pakistani are running their businesses in Saudi Arabia. He invited Pakistani traders for vigilance of growth of big cities of Saudi Arabia during their Umrah or Hajj visit.." [more]

Saudi Stock Market Correction Seen [Dec 19]
"The �law of round numbers� will prevail in 2008 for the Saudi stock market, whereby the Tadawul All-Share Index (TASI) will spend much of the year testing the psychological 10,000 level which was witnessed in mid-December of this year, the Riyadh-based Jadwa Investment said in its latest monthly bulletin. It said that the rally that has lifted share prices over the second half of the year was an act of going past beyond a point, making the TASI �currently undervalued�. �TASI will spend much of the year testing the psychological 10,000 level and struggling to move decisively above it.." [more]

Hyundai Engineering Unit Clinches $210m Deal in Saudi Arabia [Dec 19]
"South Korea�s Hyundai Engineering Co. Ltd. (HEDC) said yesterday it had won an order to build a petrochemical plant in Saudi Arabia for about $210 million. Under the deal, the unlisted unit of Hyundai Engineering and Construction Co. would build an ethyleneamines plant jointly with Hanwha Engineering & Construction Corp, another South Korean builder. Separately, a published report said recently that Arabian Amines Company, a joint venture, has awarded an early works agreement on a complex in Jubail to Hanwha Engineering and Hyundai Engineering. Under the terms of the lump-sum engineering, procurement and construction contract, the consortium will build the 27,000-ton-a-year ethylene amines complex over a period of 24 months.." [more]

Bush to Visit 5 Arab Countries [Dec 19]
"President Bush will extend his January peacemaking blitz to five Arab countries - a security nightmare in a volatile region where he's very unpopular. Bush will begin his eight-day tour on Jan. 8 in Israel and the West Bank to try to salvage agreements from last month's Annapolis summit between Palestinians and the Jewish state, the White House announced Tuesday. He'll then jet off to counterterrorism meetings in Egypt, Kuwait, Bahrain, the United Arab Emirates and Saudi Arabia - where jihadists recently made threats to kill him.. ..Negotiating teams have begun discussions on a Middle East peace agreement, but are far from completing anything. Bush has made peace in the region a priority late in his presidency.." [more]

~~~~~~~~ [ Dec 18] ~~~~~~~~~

Poll: Most Saudis Oppose al Qaeda [Dec 18]
"Most Saudi Arabia citizens interviewed in a poll oppose terrorism and want closer ties with the United States. But many Saudis remain opposed to making peace with Israel, according to what researchers call an unprecedented survey of the kingdom.. ..'I think that the people of Saudi Arabia have so overwhelmingly turned against bin Laden, al Qaeda and terrorism in general that nine out of 10 of them look at all three unfavorably,' the group's president, Ken Ballen, said Monday.. ..Pollsters questioned 1,004 Saudi adults in Arabic between November 30 and December 5, according to the group. The survey had a sampling error of plus or minus 3 percentage points. Saudis also have a better opinion of the United States than in other countries in the Muslim world, with 40 percent saying they view the U.S. favorably.." [more]

Saudi King's Pardon of Gang-Rape Victim a Signal of Reform [Dec 18]
"..Yesterday the events that sparked fierce debate in Saudi Arabia came to a dramatic close as Saudi King Abdullah pardoned the young woman, known by the media as 'Qatif girl' for the nearby oil town on the Persian Gulf.. ..'I think this is a warning sign to the judiciary,' said Christoph Wilcke, a Jordan-based Saudi Arabia researcher for Human Rights Watch. 'It will not stop the punishment of women, or stop them being sent to prison or fined for immoral behaviour. But it will help to set boundaries'.. ..King Abdullah, 83, pledged 'moderate reform' when he came to the throne in 2005, saying 'we cannot remain 
rigid while the surrounding world is changing.' But he faces deep prejudice against women's equality among the hard-line Wahhabi clergy and judiciary.." [more]

UN Says Saudis Should Lead in Stabilization of Somalia [Dec 18]
"After 17 years and no success, Ould-Abdallah says it is time for the international community and the United Nations to either take a new approach or, essentially, admit defeat and withdraw from Somalia. The status quo, Ould-Abdallah says, may actually be adding to the suffering in Somalia, which UN officials call the worst humanitarian crisis in the world today.. ..Ould-Abdallah says Saudi Arabia has the 'moral authority' to oversee such initiatives, arranging technical and financial support, but not necessarily providing troops. 'As time is pressing, this new peace presence has become a must. For this, Saudi Arabia, the custodian of the two Moslem holiest sites and a close neighbor with many Somali refugees, more than 350,000, should be invited to play a leading role. Due to its successful contribution to peace in previous conflicts, Saudi Arabia can help'.." [more]

Pilgrims Throng the Plain of Arafat [Dec 18]
"Muslim pilgrims poured on to the plain of Arafat east of Makkah on Tuesday as the sun rose over the rocky hills for the day marking the climax of the annual Haj pilgrimage.. ..Saudi authorities say more than 1.6 million people have entered Saudi Arabia for the event, the largest religious gathering in the world. Some of the most enthusiastic pilgrims spent the night on Mount Arafat, also known as Jabal Al Rahma or the Mountain of Mercy.." [more]

China to Boost Saudi Oil Imports by 38% [Dec 18]
"China has agreed to boost crude oil imports from Saudi Arabia by over a third next year, two Beijing-based trading sources said yesterday, helping fuel new refineries in the world�s second-biggest consumer. Saudi Arabia, the world�s biggest oil exporter, will sell Sinopec Corp and PetroChina about 200,000 bpd, or 38% more crude in 2008 than this year, equal to about a tenth of China�s total oil consumption. The deal comes just days after confirmation that China will also boost imports from Iran by a third, both signs of Beijing�s desire to strengthen ties with major Opec producers to ensure a steady flow of oil to keep its economy humming. The deal also gives Saudi Arabia a growing share of the vast Chinese oil market ahead of the commissioning next year of a new 160,000-bpd refinery in Fujian province in which state-run Saudi Aramco and US giant Exxon Mobil Corp each own 25%, the kingdom�s first such investment in China.." [more]

GCC Urged to Intensify Role in Islamic Tourism [Dec 18]
"Halal airlines and women-only hotels are just some of the up and coming investment trends currently gaining global popularity, according to a recently released global trends report published by World Tourism Market (WTM). The report also said Saudi Arabia and the Gulf should do more to promote the Islamic tourism market and urged the region to take a more assertive role in pursuing the wealth of investment opportunities in the market, noting that 'it is critical for Middle Eastern countries to take concrete steps to develop halal tourism internally.'.." [more]

~~~~~~~~ [ Dec 17] ~~~~~~~~~

Annual Hajj Pilgrimage Begins in Saudi Arabia [Dec 17]
"Millions of Muslims from around the world gathered in Mecca Sunday for the start of the annual Islamic hajj pilgrimage, as the Saudi Interior Ministry announced tough security precautions. Men and women draped in white robes circled the Kaaba, Islam's holiest site, seven times in a ceremony anticipating the official start of the pilgrimage on Monday.. ..This year's hajj takes place amid increasing worries across the Islamic world over the bloodshed in Iraq and Afghanistan and recent terror attacks by al-Qaida-linked groups, including last week's twin suicide bombings in Algeria that killed at least 37 people.." [more]

Saudi King Pardons Rape Victim [Dec 17]
"The Saudi king has pardoned a female rape victim sentenced to jail and 200 lashes for being alone with a man raped in the same attack, reports say. The 'Qatif girl' case caused an international outcry with widespread criticism of the Saudi justice system.. ..the king's decision to pardon the woman victim is already arousing controversy with some contributors to conservative websites, who say he has breached the rules of religion in order to appease critics in the West. The US had called the punishment 'astonishing', although it refused to condemn the Saudi justice system. Human rights groups had been 
calling on King Abdullah, who has a reputation as a pro-Western reformer, to change it.." [more]

Kingdom, Spain to Exchange Security Info [Dec 17]
"Saudi Arabia and Spain are set to exchange security information regarding their efforts in the war against terror and exchange training programs between the security bodies of the two countries as a result of bolstering political and economic relations, a reliable source told Arab News yesterday. In addition, a fund worth 5 billion euros, considered to be 'seed money' for potential areas of investments between the two countries, was established as a result of an official visit of Custodian of the Two Holy Mosques King Abdullah to Spain last June, and King Juan Carlos� visit to the Kingdom last year.. ..Commenting on the security agreement, the source mentioned that the agreement would be followed by official visits from delegations to later discuss training pacts. 'A series of visits from from both countries will take place,'.." [more]

Arab Strategies for Global Era [Dec 17]
"Looking at the current state of the Arab world and the steps needed to move it to the next level of global competitiveness was the focus of the sixth annual Arab Thought Foundation conference. Under the theme 'Arab Strategies for the Global Era,' Arab experts and their international counterparts examined the dynamic transformations shaping both the Arab world and the global community. They met with the objectives of deepening understanding and fostering respect between Arabs and non-Arabs by forging new relationships, partnerships and collaboration to solve urgent issues of the 21st century.. ..The Arab and international experts urged government, civil society and the business community to work together to build an infrastructure that will create the environment for a healthy and prosperous Arab region.." [more]

Saudi Arabia, Jordan Sign Border Pact [Dec 17]
"Saudi Arabia and Jordan yesterday signed an agreement to demarcate their marine border in the Gulf of Aqaba. The landmark accord was signed at the Conference Palace in Jeddah by Interior Minister Prince Naif and his Jordanian counterpart Eid Al-Fayez.. ..Prince Naif highlighted the deep-rooted relations between Saudi Arabia and Jordan. 'Our relations are a model for sincere brotherly ties,' the Saudi Press Agency quoted the prince saying. Prince Naif said increasing terrorist threats facing Middle East countries demand greater coordination and cooperation to eradicate terrorism from the region. He added that the two countries have never had a border dispute.." [more]

Tawuniya Inks SR180bn Deals With 10 Firms for Coverage [Dec 17]
"Tawuniya, the leading insurance company in Saudi Arabia, has signed deals with 10 local and international companies to provide insurance in the energy sector, recently undertaking projects in the Kingdom, the company announced yesterday. The company�s insurance scheme will cover all the projects signed by the 10 companies at a total of SR180 billion.. ..'The contracts signed are considered to be the first of its kind for a Saudi company to provide energy insurance to companies in Saudi Arabia with the collaboration of international energy market,' Al-Hisni said. Commenting on the insurance scheme, he said that it would cover insurance in the mega projects currently being established in the Kingdom such as power plants, water desalination plants, as well as plants that manufacture or produce gas, oil, and minerals.." [more]

Tadawul Leads Gulf Gains at 14-Month High [Dec 17]
"Saudi Arabia�s bourse closed at its highest in more than 14 months yesterday, leading gains in the Gulf Arab region, led by Saudi Basic Industries Corp. (SABIC) and Kingdom Holding Co. The index added 1.07 percent to 11,045.63 points. SABIC gained 1.46 percent and Kingdom Holding, which had closed unchanged in the last three trading days, jumped 8.51 percent to 12.75 riyals ($3.40), its highest close since listing in July. The Saudi index has rallied more than 40 percent this quarter, more than any other Gulf benchmark. Yesterday�s trading yielded SR13.3 billion with total shares traded reaching 
384,942,527.." [more]

Woman Voted to First Saudi Theater Board [Dec 17]
"Saudi Arabia's first official theater association was born recently and it has a woman on its board of directors. The election on Dec. 6 to form the King Fahd Culture Center Theater Association in Riyadh saw Dr. Eman Tounsi winning a seat in the 10-member board. Tounsi's win was only the second time ever for Saudi women to win a board election. The first was in December 2005 when Nashwa Taher and Lama Al-Suliman were elected to the 18-member board of directors of the Jeddah Chamber of Commerce and Industry. Tounsi was the only woman among 59 candidates in the poll fray, who were all earlier elected from a field of 206 theater enthusiasts. Dr. Abdulaziz Al-Subayel, deputy minister for Cultural Affairs at the Ministry of Culture and Information, oversaw the elections.." [more]

Daelim Wins $962.3 Million Construction Order From Saudi Arabia [Dec 17]
" Daelim Industrial Co., South Korea's fourth-largest builder by market value, received a $962.3 million order to build a petrochemical factory in Saudi Arabia as demand grows for plastics and chemical products. The plant for Saudi Polymers Co. will be located at Al- Jubail in eastern Saudi Arabia, Seoul-based Daelim Industrial said in a regulatory filing on Dec. 14. Construction will be completed in April 2011. South Korean contractors, including Doosan Heavy Industries & Construction Co. and Hyundai Engineering & Construction Co., have won a record $36.4 billion in overseas orders this year as surging oil prices and global economic growth fueled demand for power plants, refineries and other factories.." [more]

~~~~~~~~ [ Dec 16] ~~~~~~~~~

Saudi Minister: Problems in Other Countries Will Not be Played Out in Mecca [Dec 16]
"Saudi Arabia's Interior Ministry has taken security precautions for this year's hajj pilgrimage and will not allow problems in other countries to be played out in Islam's most holy city. This year's hajj, which officially begins Sunday, takes place amid increasing worries across the Islamic world � over the bloodshed in Iraq and Afghanistan and recent terror attacks by al-Qaida-linked groups.. ..Saudi Interior Minister Prince Nayef bin Abdul-Aziz said the kingdom is capable of maintaining security and preventing any attempt to threaten the safety of the pilgrims. 'We will not allow for the problems in other countries to be reflected here during this hajj season,'.." [more]

Saudi Clerics Warn Government Over Inflation [Dec 16]
"A group of Saudi Muslim clerics has issued a rare warning to Saudi leaders that they must take action to curb rising inflation, which has prompted public anger at the absolute monarchy. A near five-fold increase in oil prices over the past five years has helped the government log large budget surpluses, but Saudis are feeling the pinch.. ..'The rulers should seek to try to remedy this crisis in a way that would ease people's suffering,' it said, proposing measures including raising subsidies, removing some fees on services and offering direct financial help to families. Several of the signatories teach at Islamic universities.. ..the clerical establishment enjoys a position of power and influence in society and on government.." [more]

Saudi Arabia Denies Interference in Lebanon [Dec 16]
"The Saudi embassy here denied in an issued statement on Friday any interference by Saudi Arabia in the internal affairs of Lebanon, underlining that the Saudi role was confined to 'bringing closer opposing views of conflicting Lebanese factions.'  The Saudi role in Lebanon reflects the Saudi leadership's keenness for a secure and safe Lebanon, and does not in any way seek to affect any political decisions made by the Lebanese themselves.. ..This Saudi denial has come in response to what the Lebanese newspaper Al-Akhbar (which is close to the Opposition) alleged in an article that Saudi Arabia had made up its mind to count MP al-Hariri and PM al-Siniora out of the Lebanese government. The embassy statement said that the Lebanese constitution is crystal clear on the methodology of selecting head of the government and on the role the lawmakers assume in that selection.." [more]

Saudi Index Revamp May Trigger Sell-off [Dec 16]
" Saudi Arabia�s plans to recalculate its stock market index to reflect the number of shares freely available for trading could force mutual funds to sell some of the largest stocks, analysts said. Under Saudi rules mutual funds are required to limit their exposure to a single stock to 10% of their portfolio or the stock�s weight on the index, whichever is larger. The stock market regulator said this week it would switch to an index weighted on so-called free-floated stock from April 5 next year.. ..The new index weights would strip out the value of stock held by the government, foreign investors banned from trading without the permission of local partners, company founders during the period they are prevented from trading, and any investors owning 10% or more of a company, according to the Capital Markets Authority.." [more]

PetroRabigh IPO Price Set at SR21 [Dec 16]
"Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh) will sell shares in its IPO at SR21 ($5.60) per share, a newspaper said. At that price the company would raise as much as SR4.599 billion, Al-Riyadh newspaper said on Friday. PetroRabigh, a $9.8 billion joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, will sell 219 million shares representing a 25 percent stake between Jan. 5 and Jan. 12. PetroRabigh said the Saudi Capital Market Authority (CMA) has approved the company's application to hold an initial public offering (IPO). The landmark offering, which will be open to all Saudi nationals, will open for subscription on Jan. 5 and close on Jan. 12, 2008.. ..The massive integrated facility is located at the site of Saudi Aramco's existing Rabigh refinery, which produces 19 percent of the Kingdom's current refining capacity.." [more]

Saudi Stock Market Falls Marginally to Below 11,000 [Dec 16]
"Saudi shares fell below the 11,000-mark yesterday to close down 0.9 at 10928.92, paced by losses in Sabic shares. Sabic, the world's largest maker of chemicals, declined 2.2 per cent, while its affiliate Safco dropped 3.6 per cent. Banking majors Samba and Saudi Hollandi led losers with declines of 6.3 per cent and 5.1 per cent respectively.. ..Investors were selling larger stock such as Sabic, and buying shares in smaller firms that had lagged the rally in the benchmark, said Ebrahim Al Alwan, deputy chief executive of KSB Capital.." [more]

Saudi Aramco May Up Stake in Showa Shell [Dec 16]
"Saudi Arabian Oil Co. is open to the idea of raising its stake in Japan�s Showa Shell Sekiyu KK if the oil distributor wants to expand its operations, the Nikkei business daily quoted the vice president of the Saudi refiner as saying. In an interview published on Saturday, the Nikkei quoted Saudi Aramco Vice President Adil Al-Tubayyeb as saying he planned to increase the firm�s stake in Showa Shell in the future. Currently holding a 15 percent stake, the state-run Saudi Aramco is Showa Shell�s second-largest investor, after Royal Dutch Shell.." [more]

Investments in Yanbu to Reach SR162.8 Billion [Dec 16]
"The total volume of investments in the Yanbu Industrial City would reach SR162.8 billion in five years. Aqili Khawaji, director general of Royal Commission for Jubail and Yanbu, told Arab News yesterday 'the royal commission would invite tenders worth SR500 million to construct the infrastructure facilities for heavy and light industries including a coastal road. The construction of power stations for the new industries are already under way,' he said. The projects, for which the commission plans to invite tenders, include SR600 million-worth seafront development and a SR300 million for women�s college. A local gas distribution network to supply gas to light industries is expected to be completed in the third quarter next year, he said.." [more]

No Connection Between Poverty, Terrorism [Dec 16]
"..Shura Council Speaker Dr Salih Bin-Humayd has stressed there was a plan to address the issue of high prices as well as poverty at various levels by proposing views to address this phenomenon. He said it was the duty of the state and its civil servants to contribute to addressing poverty.. ..Poverty is a problem that has its implications, including crimes. He noted however that there was 'no connection between poverty and terrorism.' Bin-Humayd called for addressing the intellectual security of both types of extremism with the aim of achieving moderation. He noted that intellectual security contributes to the reformation of the society and achieves comprehensive security. At the same time, he urged the media and education institutions to double their efforts in maintaining the Islamic cultural identity, adding that all these channels served as a conduit to intellectual security.." [more]

Dec 9 -Dec 15, 2007

~~~~~~~~ [ Dec 15] ~~~~~~~~~

Saudis Prepare for Haj Pilgrim Influx [Dec 15]
"A total of 11,000 doctors, nurses and paramedics will be on hand to provide medical care with 4,200 beds at 21 hospitals and 145 health centres in the holy sites of Makkah, Mina and Arafat, local media reported. According to the official news agency SPA, 85 ambulances have also been mobilized for the occasion and health awareness and alerts will be issued in case of any epidemic outbreaks. Al Jazeera news reported that the health ministry in the kingdom had been spraying pesticides on pilgrims� tents and accommodation blocks to protect against mosquitoes. The precautions and security measures are to safety of pilgrims. Last year 364 people were killed in a stampede at the entrance of the Jamarat Bridge.. ..Nearly 2.4mn people flocked to Saudi Arabia to perform the last Haj, including more than 1.6mn from outside the kingdom.." [more]

Saudi Culls 13,500 Ostriches Amid New Bird Flu Outbreak [Dec 15]
"Saudi Arabia's agriculture ministry has ordered 13,500 ostriches to be destroyed following a new outbreak of bird flu in the kingdom, the Al-Watan newspaper reported on Saturday. The outbreak of the H5N1 strain of the disease that is dangerous to humans was reported on Thursday evening at a farm in the Al-Kharj region, 80 kilometers (50 miles) south of Riyadh, the Arabic language daily said. Last month, the Saudi authorities ordered nearly four million birds culled in the face of at least 14 separate outbreaks of avian influenza. There have been no reports of the disease spreading to humans in the oil-rich desert kingdom.." [more]

Saudi Bourse Opens Up To Foreign Investors [Dec 15]
"Saudi Arabia's Tadawul All Share Index (Tasi) closed above 11,000 points in mid-December, the highest it has been in 14 months, and displaying a consistent recovery from its low point in 2006. The bounce back comes amid indications that the kingdom's stock market, which is the largest by capitalization in the Middle East, is heading for a big expansion as local companies increasingly seek to use initial public offerings (IPOs) as a vehicle for raising capital. The move to lift restrictions on GCC nationals investing in the kingdom's stocks is also playing a part. This and the market's expected opening up to non-Gulf investors is expected to result in a steadily increasing flow of overseas capital into the Saudi market.." [more]

IEA Increases 2008 World Demand Growth Forecast [Dec 15]
" World oil demand will grow more quickly than expected next year fuelled by stronger consumption in the Middle East, the International Energy Agency said on Friday. The IEA, adviser to industrialized countries, said in its monthly Oil Market Report that demand will rise by 2.1 million barrels per day (bpd) next year, up 200,000 bpd from its previous forecast.. ..Oil inventories in the OECD fell by 22.4 million barrels in October to equal 52.6 days of demand, just below the five-year average, the IEA said. The agency also trimmed its forecast for growth in oil demand in the last quarter of 2007. It now expects consumption to rise by 1.3 million bpd, 200,000 bpd less than previously expected.." [more]

Haj: Symbol of Muslim Unity [Dec 15]
"Sheikh Osama Khayyat, an imam of the Grand Mosque in Makkah, yesterday described the annual pilgrimage as a symbol of Islamic unity and solidarity and urged Muslims to strengthen their unity by upholding the teachings of Islam. Delivering the Juma (Friday) sermon to nearly two million faithful including a large number of pilgrims, Khayyat decried sectarian violence.. ..The Haj is often described as the world�s biggest religious gathering, and men and women from more than 100 countries take part. Some of the largest contingents come from Indonesia, Iran, India, Pakistan, Bangladesh, Turkey and 
Egypt.." [more]

Makkah Conference Opens Today [Dec 15]
"Prince Khaled Al-Faisal, the Emir of Makkah, launches Saturday the Muslim World League's 8th Makkah Conference. Sponsored by the Custodian of the Two Holy Mosque and held in Makkah the conference this year has the theme 'Islamic Discourse and Today's Challenges.' Several scholars, intellectuals and university professors will present research papers during the three-day conference.. ..The three main topics to be discussed are Islamic discourse and its importance, Islamic discourse between right and wrong interpretation of the revealed texts, and Islamic discourse between reality and hope.." [more]

~~~~~~~~ [ Dec 14] ~~~~~~~~~

Тhe Real World: Global Energy Transformed [Dec 14]
"The world is on the eve of a new energy order that is going to change the way that Middle Eastern suppliers and consumers around the world do their business. This is not the opinion of a radical environmentalist or even of prominent ecological activist and former U.S. Vice President Al Gore.. ..Saudi Arabia maintains the world's largest crude oil production capacity, estimated to be around 11.3 million barrels a day. The kingdom plans to increase its oil production capacity to 12.5 million barrels a day by 2009. Saudi Arabia is seeking to stay ahead of the demand curve, with a policy that seeks to maintain excess capacity. However, its swing producer power is declining as it currently has only between 1-2 million barrels a day of excess capacity. In Birol's opinion there are some serious transparency issues with the Saudi reserves.." [more]

Kingdom to Spend $15bn on Education Sector in �07 [Dec 14]
"Saudi Arabia is set to spend $15 billion in 2007 on the education sector, primarily to fund existing and open new universities in the Kingdom as part of its movement toward giving top priority to the development of higher education. In line with this, Edutech Middle East, a leading provider of technology-enabled learning solutions, has announced that it has completed the implementation of an extensive eLearning system for the Prince Mohammad Bin Fahd University (PMU) in Saudi Arabia.. ..In the recent years, there have been widespread concerns regarding the large-scale movement of Saudi students overseas in pursuit of a higher quality educational experience.." [more]

Special Haj Delegation From India Leaves for Saudi Arabia [Dec 14]
" A special goodwill delegation left for the Haj pilgrimage from here today. The delegation includes Ministers, political leaders, lawmakers and prominent members of the Muslim community.Minister of State for External Affairs E. Ahamed saw off the delegation led by Minority Affairs Minister A R Antulay at the Indira Gandhi International Airport. Ahamed said the delegation is visiting on behalf of Prime Minister Manmohan Singh as �unofficial ambassadors� of India. 'The delegation will be carrying the message of goodwill and fraternity from India and they are going to participate in the greatest and most important international Islamic congregation and international Islamic community. India�s presence will definitely be felt because India is sending the second largest contingent of Hajjis (Haj pilgrims) after Indonesia'.." [more]

Gulf Arms: Complex Motives [Dec 14]
"The US is pushing ahead with plans for a major boost in arms sales to Gulf states as it seeks to draw them into an alliance against Iran while protecting its regional strategic predominance against competing powers. The Pentagon notified Congress on 5 December of the potential sale of up to US$10.4 billion in arms and military systems to the UAE and Kuwait. President George W Bush's administration pledged up to US$20 billion in military aid to its Gulf allies in July. Arab Gulf militaries have been progressively expanding and improving their armaments since the first Gulf War, but this process appears to have picked up pace with Iranian nuclear and missile developments and the descent of Iraq into civil war.. ..Asked by ISN Security Watch if Gulf states are resisting incorporation in a regional defense pact, Chatham House's Dr Gareth Stansfield replied: 'I would say that there has been some opposition to that. I think that one thing that has happened with this recent standoff with Iran is that the Arab Gulf states have become much more aware of their own regional interactions and relations'.." [more]

Kingdom, UK Bodies Sign Heritage Accord [Dec 14]
"The British-based Prince�s Foundation for the Built Environment and the Prince�s School of Traditional Arts signed with Al-Turath Establishment an agreement of cooperation aimed at the promotion and preservation of traditional arts and architecture in London on Tuesday. Prince Charles and Secretary-General of Supreme Commission for Tourism Prince Sultan ibn Salman, who is also chairman of the Al-Turath Establishment, were present at the signing of the agreement.. ..Speaking on the occasion, Prince Sultan said: �Al-Turath Establishment adopted a strategy based on active cooperation and partnership with all the parties interested in the preservation and development of heritage.." [more]

Ministry to Build More Girls� Schools [Dec 14]
"The Ministry of Education launched a new SR5 billion project to build 1,000 girls' schools in big cities and rural areas. Abdul Rahman Ibrahim Al-Ahmad, undersecretary of the building agency at the ministry, said they aim to further lessen the number of student applicants who are turned down by schools due to lack of classroom space and facilities. The population capacity of the school buildings will be on a case-to-case basis. "That's because the number of students in big cities like Jeddah or Riyadh is greater than the number of students in the rural area," said Al-Ahmad. He added that 440 schools with a total cost of SR2 billion were built this year.." [more]

~~~~~~~~ [ Dec 13] ~~~~~~~~~

Ahmadinejad to Make Pilgrimage to Mecca [Dec 13]
" Iranian president Mahmoud Ahmadinejad will become the first Islamic Republic Head of State to make a pilgrimage to Saudi Arabia. His advisor Mojtaba Samareh Hashemi said that Ahmadinejad had accepted King Abdullah's invitation to go to Mecca and Medina for the next Hajj, the annual pilgrimage of Muslims. A date has not yet been set for the visit, but the climax of the Hajj is next Tuesday.. ..King Abdullah's invitation, to the leader of a Shia country which has often had tense relations with Riyadh, is without precedent and particularly meaningful in a period seeing a high level of tension in the region between Sunni and Shia Muslims. Ahmadinejad spoke of an 'important event in relations between the two countries'.." [more]

A State Department Official Praises Saudis on Terror [Dec 13]
"A Saudi Arabian re-education program that treats terrorists as victims of a misguided ideology and not criminals to be warehoused for life in a cell is winning praise from America's top ambassador for counterterrorism.. ..'The Saudi program is about the best program in existence today. ... It is geared for the Saudi people, it is focused on their people and treats them as a victim, not a criminal'.. ..When asked yesterday about the fact that a recent cache of Al Qaeda in Iraq documents found disclosed that more than 50% of foreign fighters in Iraq came from Saudi Arabia, the ambassador urged limited patience. 'This effort for the hearts and minds, to go to the root causes is a generational challenge,' he said. He later added, 'We have to give them some time. But not too much time.'.." [more]

Red Cross Demands Mid-East Action [Dec 13]
"The International Committee of the Red Cross has called for immediate political action to contain the 'deep crisis' in the West Bank and Gaza. The statement was an unusual departure from its normally non-political stance. The ICRC said the measures imposed by Israel had denied the Palestinian population the right to live a normal and dignified life. The organisation says humanitarian assistance cannot possibly be the solution in Gaza and the West Bank.. ..'Why do we call for political action? Because actually we do not think that humanitarian aid can solve the problem,' said Beatrice Megevand Roggo, ICRC director of operations for the Middle East. 'In Gaza the whole Strip is being strangled, economically speaking, life there has become a nightmare. And for that there is no solution that can be provided by humanitarian organisations'.." [more]

Inflation to Quicken in Saudi, Plague Gulf in 2008 [Dec 13]
"Saudi Arabia alone among Gulf Arab oil producers faces accelerating inflation in 2008 with prices rising twice as fast as they did last year, spurred by rents and a dollar-pegged currency, a Reuters poll showed. Inflation in Saudi Arabia's five Gulf neighbours will ease only slightly in 2008, mostly from near record highs, with region's central banks constrained in the battle to contain rising prices by the need to maintain links to the weak dollar. 'The inflation outlook is bleak for the entire region,'.. ..Average inflation in Saudi Arabia, the world's largest oil exporter, will rise to a 4.1 percent in 2008, a 13-year high, from 3.8 percent this year, according to the poll. Inflation was 2.21 percent last year.." [more]

Saudi Stock Index Hits Above 11,000 [Dec 13]
"Saudi Arabia's Tadawul index closed above 11,000 points yesterday for the first time in 14 months, powered by gains by the banking sector. Trading ended yesterday on a bullish note, closing at 11,022.65 points or an increase of 2.07 percent from Tuesday's mark. Some 108 companies were traded yesterday, reaching a volume of 461,640,087 with a total value of SR18.79 billion.." [more]

Some Gulf States Slash Key Rates Following Fed�s Action [Dec 13]
"Gulf states moved to deter bets on the appreciation of their dollar-pegged currencies, with some member deciding to slash their key rates following the US Federal Reserve�s move yesterday to trim its federal funds rate by a quarter percentage point to 4.25 percent. Saudi Arabia, United Arab Emirates and Bahrain matched Tuesday�s 25 basis point US Federal Reserve rate to ensure investors in their dollar-pegged currencies would not benefit from higher returns than they would get in US deposits. The Saudi and Bahraini central banks tried not to make credit cheaper. Saudi Arabia cut its reverse repurchase rate, which guides the return on bank deposits, but left the benchmark repo, the rate at which it lends to banks, unchanged.." [more]

Saudi Baja Organisers Offer Generous Concessions to Overseas Competitors [Dec 13]
"The Saudi Motor Sports Committee has confirmed that the Saudi Arabian Hail Baja has moved back a few days in the 2008 FIA calendar and will now take place on February 11th-14th, 2008. The Hail-based event is the opening round of the 2008 FIA International Cup for Cross-Country Bajas and generous concessions are on offer to overseas competitors keen to take part in the Kingdom's premier motorsport event and the first FIA event of this stature from Saudi Arabia to be included in a global series.. ..Saudi organisers will oversee visa formalities for team management, drivers, co-drivers and mechanics and organise the customs operation.." [more]

~~~~~~~~ [ Dec 12] ~~~~~~~~~

Israel Settlement Move Against Annapolis: Saud [Dec 12]
"Foreign Minister Prince Saud Al-Faisal said that a conference of donor states will be held in Paris tomorrow to raise funds for the Palestinians and help them develop their infrastructure and other facilities. During a press conference held at the Foreign Ministry yesterday, Prince Saud blasted the Israeli government�s decision to expand settlements in East Jerusalem soon after the Annapolis Peace Conference on Nov. 27. He said it was contrary to the principles of the peace conference, which called for addressing the key issues of the Palestinian-Israeli conflict, including Israeli settlements on the occupied territories.." [more]

Saudis Battle Bin Laden's Jihad With 150 Clerics, Art Classes [Dec 12]
"..The detention center is on the front line of Saudi Arabia's battle to assimilate 3,200 militants returning from Iraq and the U.S. military prison at Guantanamo Bay, Cuba, or who were caught trying to leave the country to fight. Detainees attend courses on Islam taught by 150 clerics, whose goal is to discredit Osama bin Laden's radical teachings. They also see psychiatrists, train for new jobs and take art classes. Saudi authorities are trying to prevent the returnees from undermining the regime with attacks at home. They may fail because the government isn't fighting extremism in the school system, which churns out people willing to carry out terrorist attacks, says Rochdi Younsi, the Saudi analyst for Eurasia Group, a New York-based political risk advisory group.. ..There are about 1,700 men in the program, run by the Interior Ministry, and 1,500 have completed it. Most detainees stay three months, though the length varies with each case.." [more]

Economic Impact of Pilgrimage Huge: Study [Dec 12]
"Haj and Umrah, which are important Islamic rituals and among the five pillars of Islam, have had, for a millennium and a half, a major economic impact on what is now Saudi Arabia. Pilgrims are considered to be the Kingdom�s second economic backbone. Dr. Ali Hassan Al-Nagur, the head of the Transport Committee at the Jeddah Chamber of Commerce and Industry, in his recent book 'The Economy of Haj and Umrah,' writes that private sector revenues from the pilgrimage industry in 1425AH (2004-05) reached SR30.6 billion ($8.2 billion). The Haj generated SR14 billion, with the Umrah season generating SR16.6 billion. According to Haj Ministry figures, the Kingdom hosted more than six million Umrah pilgrims and more than 2.3 million Haj pilgrims in 1425AH.." [more]

Chevron Phillips to Raise $1.8 bln by First Quarter for Saudi Plant [Dec 12]
"Chevron Phillips Chemical Co. plans to raise as much as $1.8 billion in project finance by the first quarter of 2008 as part of plans to build a large petrochemicals complex in eastern Saudi Arabia, the company's chief executive said Wednesday. The funds will be used for the construction of an estimated $5-billion petrochemicals complex known as National Chevron Phillips, or NCP, a 50:50 joint venture between Chevron Phillips and Saudi Industrial Investment Group.. ..NCP is the third petrochemical complex planned by Chevron Phillips and Saudi Industrial at Jubail, an industrial city located at the Persian Gulf.." [more]

Saudi Arabia's Spending to Cross $118b This Year [Dec 12]
"The Saudi Arabian Ministry of Finance said in a statement that the country's spending is expected to reach $118.1 billion, up from $105 billion last year, Arab News reported. According to economists, Saudi Arabia plans to continue its spending spree for a fourth year running after unveiling a massive expenditure bill in its 2008 surplus budget, spurred by soaring oil revenues. The world's top oil exporter and producer on projected spending in 2008 at $109.3 billion, the second highest in the Kingdom's history. The sharp rise in year-on-year spending comes on the back of high oil revenues that have resulted in a huge surplus amounting to $220 billion between 2003 and 2007.." [more]

Saudi Pumps $3.62bn Into Pension Scheme [Dec 12]
"The Saudi pension fund will pump 10 billion riyals ($3.62 billion) into a scheme for providing housing loans to early retired public sector workers, the fund announced on Monday in a statement carried by the official Saudi Press Agency (SPA). President of the Public Pension Agency (PPA) the Saudi minister of finance Ibrahim Al-Assaf on Monday approved the increase in funds available for the Masakin scheme, after the agency reported a huge increase in the number of people wanting to join the programme. PPA said that the initial 2 billion riyals allotted for Masakin on its launch earlier this year did not meet the demand of the 3,360 retired employees of the kingdom�s public workforce.." [more]

~~~~~~~~ [ Dec 11] ~~~~~~~~~

Saudi Arabia Says Will Not Revalue Currency [Dec 11]
"Saudi Arabia will not revalue its currency, Foreign Minister Prince Saud Al Faisal said on Tuesday. Gulf finance ministers meet regularly to discuss 'all aspects" of interest, but "there was no decision' to revalue their dollar-pegged currencies, Prince Saud said. Asked whether Saudi Arabia would revalue its riyal, Prince Saud said 'No'.." [more]

Foreign Oil Companies Building Texas-size Refinery in Port Arthur [Dec 11]
"Two foreign companies broke ground Monday on construction of the largest oil refinery in the U.S. in the Gulf Coast town of Port Arthur. Motiva Enterprises LLC, owned by Royal Dutch Shell and Saudi Aramco, will invest $7 billion to expand an existing refinery. That's the biggest capital investment Texas has ever received, and it comes at a time when refiners are enjoying fat profits.. ..Saudi Aramco is also building refineries outside of the U.S., but the Port Arthur project is massive. The expansion will more than double the capacity for the existing refinery to 600,000 barrels a day. It will make enough fuel to fill about 700,000 cars a day. The project should be finished in 2010.." [more]

Arab Stocks Lure BlackRock, Goldman, Blair as Europe, U.S. Fall [Dec 11]
"Arab stocks, the world's best- performing equity markets this quarter, are luring BlackRock Inc., Deutsche Asset Management and William Blair & Co. with the cheapest shares since at least 2005. Funds run by the firms that together oversee about $100 billion are investing in Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman for the first time because Middle East economies may expand at twice the global pace next year, according to Morgan Stanley. Profit growth will exceed the biggest emerging markets as revenue from oil sales spurs construction and increases consumer 
demand.. ..Benchmark indexes in Saudi Arabia, the U.A.E. and Oman have risen at least 25 percent this quarter.." [more]

Saudi Budget Surplus to Fall [Dec 11]
"Saudi Arabia expects its budget surplus to shrink by a third to $48 billion and economic growth to slow this year after the world's top oil exporter cut output to follow Opec policy, raised spending and paid off debt. The finance ministry forecast a surplus for next year, the sixth in a row, after two decades in which low oil prices left the government struggling to fund its welfare system. Last year's surplus was $77 billion, according to revised ministry figures. Government debt would fall to 19 per cent of gross domestic product by the end of this year compared with 28pc of GDP last year, the finance ministry said yesterday. A near five-fold increase in oil prices since 2002 has allowed Saudi Arabia to slash public debt - all of which is owed to local institutions - from a peak of 119pc of GDP in the late 1990s.." [more]

Saudi to Splash $54bn on Water [Dec 11]
"Saudi Arabia plans to spend up to $54 billion by 2020 on expanding and operating its water network, a minister said yesterday. Deputy water & electricity minister Loay Al-Musallam told the Meed Wastewater Treatment & Reuse conference in  Abu Dhabi 'We plan to spend $37 billion on capital projects and $17 billion on operating the network'. A further $40 billion will be spent on desalination projects.. ..The National Water Company will launch with $6 billion capital, rising to $20 billion as privatisation develops and it takes on more systems across the country.." [more]

Cameras to Ensure Security of Pilgrims [Dec 11]
"More than 2,000 policemen were assigned to organise the entry and exit of worshippers at the holy places in Makkah, said a Saudi security source. The source added that hundreds of surveillance cameras were installed at the Grand Mosque and its surrounding area to detect pickpocketing and those who may try to undermine the security and stability of pilgrims.. ..Last year, pilgrims complained that the security personnel deployed at the site were not working enough to direct crowds and ensure pilgrims are obeying regulations. The Saudi authorities denied this.. ..Major General Sulaiman Al Amro said that his personnel are ready for this year's Hajj season. 'About 12,000 civil defence personnel along with their equipment, machines and helicopters are in full readiness for the Haj season,'.." [more]

Arafat Day on Dec. 18 [Dec 11]
"The Arafat Day, when pilgrims will stand in prayer in the plain of Arafat at the peak of Haj this year, will be on Dec. 18, the Supreme Judiciary Council announced yesterday. Eid Al-Adha will be on Dec. 19.." [more]

Rise in Nonoil Exports a Positive Step [Dec 11]
"Robust oil prices gave a record boost in oil revenues for Saudi Arabia in 2007. Oil revenues stood at a historical high of SR754.4 billion ($201.1 billion). In regional terms the size of the Kingdom�s oil revenues are staggering. The Kingdom�s oil revenues for 2007 were more than 118 percent of the UAE�s GDP in 2006 and four times bigger than the size of Qatar�s GDP. However, nonoil exports rose close to 25 percent, which is a positive step and indicative of the efforts to diversify away from simply producing oil. In fact, nonoil exports in 2007 represented a 12.4 percent out of total exports whereas in 2006 in was a bit more than 10 percent. This is a slow but important advancement.." [more]

UK Group Offers Scholarships to Aviation Students [Dec 11]
"The UK�s Royal Aeronautical Society (RAeS), the world�s only professional body dedicated to the global aerospace community, launched a new branch in Riyadh on Sunday, and announced a scholarship program to help Saudis pursue further education in aviation. The group�s Riyadh branch was launched in a ceremony that was attended by former British Prime Minister Tony Blair, members of the Saudi royal family, aviation personnel and diplomats.. ..Marshall said that the RAeS had created a �Centennial Scholarship Fund� to provide assistance to prospective students. Keith Mans, chief executive of the society�s Riyadh branch, said the branch would support and supplement all its initiatives.." [more]

~~~~~~~~ [ Dec 10] ~~~~~~~~~

Saudi King Names Members to a Commission Entrusted With Picking Future Kings [Dec 10]
"King Abdullah has issued a royal decree naming 35 sons and grandsons of Saudi Arabia's founder to a commission that would help select future kings, the kingdom's official news agency reported Monday. In October, Abdullah issued a decree that detailed how he would choose members of the Allegiance Commission and how it would pick future successors in an effort to help ensure a smooth transfer of power and defuse any rifts within the ruling Al Saud family.. ..A 2006 law that established the Allegiance Commission was aimed at quelling internal power struggles over which of the younger generation of royals will be appointed crown prince when the last son of Abdul-Aziz becomes king. Abdullah is believed to be in early 80s and his designated successor, Crown Prince Sultan, is in his late 70s. The 35-member commission includes 16 of Abdul-Aziz's sons and 19 of his grandsons.." [more]

Pressure Needed for ME Peace: Blair [Dec 10]
"Middle East envoy and former British Prime Minister Tony Blair said last night that his talks with Custodian of the Two Holy Mosques King Abdullah focused on the Middle East peace process with special reference to the security situation in the region.. ..'We feel the need to keep the pressure to get action and to get the changes we need to make the peace process work,' said Blair, speaking during a reception hosted by the Riyadh branch of the Royal Aeronautical Society (RAeS), which was inaugurated here amid great fanfare. The London-based RAeS, which is the world�s only professional body dedicated to the entire aerospace community, has set up a branch in Riyadh to locally support the society�s projects.." [more]

Saudi's Size Hampering Terror Clamp [Dec 10]
"Saudi Arabia has admitted that it cannot prevent all of its home-grown terrorists leaving the country to launch attacks overseas due to the sheer size of its borders. Deputy Chief of General Intelligence Prince Faisal bin Abdullah al Saud said tough measures were in place to control the movement of people at its boundaries, but said their sheer size meant it was impossible to scrutinise everyone. 'No one can give any guarantees,'.. ..'This (terrorism) is a disease that has been planted and unfortunately is part of our nation.' 'The best guarantee we can give is that we are working very hard on our youth, their education and creating prosperity.'.." [more]

Nato-Model Security Alliance Sought for Gulf Region [Dec 10]
"Failure to make concerted efforts to combat terrorism and extremism in the region will have dire consequences, senior security and military officials have warned. In this regard, Iraq's top security advisor called for the formation of an effective Nato-like security alliance.. ..'In today's interdependent world, we must face our challenges together. We must not underestimate the challenges ahead. We must seize the opportunities we have and we must work collectively to secure the future for Iraq and this most vital region of the world,'.. ..'The countries should put aside political issues, focus on security and set up a regional security organisation, like Nato or the Baghdad Pact to combat extremism and drug trafficking,'.." [more]

Kingdom to Open IPOs, Stocks for Foreigners [Dec 10]
"Abdul Rahman Al-Tuwaijri, chairman of the Capital Market Authority, has said that Saudi Arabia will soon allow foreigners to invest in its stocks and initial public offerings (IPOs). Al-Tuwaijri said in an interview with Al-Arabiya television that the CMA would allow investment through domestic funds which will be established by licensed firms. SABB chief economist Dr. John Sfakianakis said, 'This is an excellent step in line with the commitments of the Kingdom toward liberalizing its economy. The partial liberalization of the capital market is an essential component of the economy..." [more]

Korea Seeks to Sell Air Defense System to Saudi Arabia [Dec 10]
"Saudi Arabia is considering dispatching a military attache to its embassy in Seoul as part of efforts to improve bilateral defense ties, the Ministry of National Defense said Monday. The plan was proposed during talks between Defense Minister Kim Jang-soo and his Saudi Arabian counterpart Crown Prince Sultan bin Abdul Aziz, minister of defense and aviation, in Riyadh, Sunday.. ..Minister Kim proposed South Korea participate in Saudi's bid to modernize its military as part of efforts to nhance cooperation in the defense industry, the officer said. Sources said the South Korean defense minister asked his Saudi Arabian counterpart to consider purchasing South Korea's indigenous Chunma air defense missile system.." [more]

Security Tightened to Ensure Safety of Haj Pilgrims [Dec 10]
"More than 2,000 policemen have been assigned near Makkah to ensure the smooth movement of pilgrims, said a Saudi security source. Hundreds of surveillance cameras have been installed near the mosque and its surrounding areas to ensure the safety of pilgrims, said the source. More than 850 students from the Saudi military colleges have been also been posted to manage pilgrims.." [more]

Saudis Give Big to U.S. Colleges [Dec 10]
"Two years ago this month, a Saudi prince caused a media splash � and raised eyebrows � when he donated $20 million each to Georgetown and Harvard universities to fund Islamic studies. Although few details have been released about how the money has been spent, at Georgetown, the money helped pay for a recent symposium on Islamic-Western relations held in the university's Copley Formal Lounge.. ..Some call the Saudi gift Arab generosity and gratitude for the years American universities have educated the elite of the Arab world. Others say the sheer size of the donations amounts to buying influence and creating bastions of noncritical pro-Islamic scholarship within academia.. ..The $40 million gift from the Saudi donor, Prince Alwaleed bin Talal, was the latest in a tradition that started in the 1970s.." [more]

Saudi Market Continues to Surge [Dec 10]
"GCC stock markets witnessed selling pressure as the investors tried to book profits. Four regional indices ended the month in red, led by Kuwait which reported a monthly decline of 6.1% in Nov-07. However, Saudi market continued its surge as its benchmark index recorded monthly gain of 9.8% in Nov-07 on the back on 10.1% gain registered in the previous month. Oman markets received strong buying support as it was up by 5.3% which led it to record the highest YTD growth of 51.3% in 
the region.." [more]

~~~~~~~~ [ Dec 9] ~~~~~~~~~

Saudis Must Wage Battle of Minds [Dec 9]
"Saudi arrests of hundreds more Al-Qaeda suspects for plotting attacks shows that Riyadh's security crackdown is not enough to vanquish them and that the authorities also need to combat the extremist thinking that drives them, analysts said. 'By focusing on the security approach, the state has eliminated the visible threat' by foiling a series of attacks, Sheikh Mohsen al-Awaji, a prominent Saudi Muslim cleric, told AFP. 'But the latent threat is there, and it is a big one. There is no guarantee that (the crackdown) will always succeed' unless it is accompanied by an effort to 'confront the deviant thinking' of the militants.. ..Saudi Arabia has often reported arrests of "deviant" cells despite its success in thwarting attacks such as those that shook the oil powerhouse in 2003-2004.." [more]

Iraq Calls for Gulf Security Pact Including Iran [Dec 9]
"Iraq's National Security Advisor on Sunday called on Gulf states to form a regional security pact, which would include Iran, while he reassured the area's US allies that Baghdad is 'heading West' in its foreign policies. But Mouaffak al-Rubaie also criticised Saudi Arabia and Iran for what he called settling scores on Iraqi soil and called for regional reconciliation that put sectarian differences aside. 'It is extremely important to have a regional reconciliation rather than having this heightened sectarian tension in the region,'.. ..In a strongly-worded address, Rubaie complained of an Iran-Saudi proxy conflict raging in Iraq and accused some regional countries of meddling in Iraq's internal affairs. 'From where we sit in Baghdad and from an Iraqi prespective..we see competition turned into conflict between Saudi Arabia and Iran on the soil of Iraq'.." [

Gulf States Plan Currency Revaluation Talks Within Days [Dec 9]
"Gulf Arab states are considering revaluing their dollar-pegged currencies together and will hold talks on a change in the exchange rates 'in the next few days', Bahrain's foreign minister said on Saturday. Saudi Arabia and five neighbours preparing for monetary union as early as 2010 ruled out dropping pegs to the tumbling dollar after a summit last week and said any talks on revaluation would be kept secret.