SUSRIS News Archive May 2009

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News - May 2009 May 31-Jun 6, 2009 ~~~~~~~~ [ Jun 6]~~~~~~~~~ Cinema Returns to Riyadh on Friday After 30 Years [Jun 6] "The Saudi capital of Riyadh witnessed on Friday a film show, the first of its kind since cinema was banned in the country three decades ago. The film 'Manahi', a comedy starring Saudi actor Fayez Al Maliki was screened at the King Fahd Cultural Centre to a huge audience. The show is an important turning point in Saudi culture and society. Rotana, owned by the Saudi billionaire Prince Alwaleed Bin Talal, is screening the film in Saudi Arabia. The film was previously shown in Jeddah and Taif, and achieved unprecedented success by attracting a total of 25,000 male viewers and 9,000 female viewers, although some Islamic radicals opposed and tried to prevent the screening.." [more] Currency Union Pact to be Signed Monday [Jun 6] "An accord on monetary union among four members of the six-nation Gulf Cooperation Council will be signed Monday, the Saudi Press Agency (SPA) quoted GCC Secretary General Abdurrahman Al-Attiyah as saying Friday. On May 20 the United Arab Emirates pulled out of the proposed monetary union. Oman announced in 2007 that it would not join. The signing had originally been planned for Sunday but will now take place during a meeting in Riyadh of GCC foreign ministers. Al-Attiyah said Mondayï¿½s meeting would also take stock of US President Barack Obamaï¿½s visit to both Saudi Arabia and Egypt.." [more] Saudi-Swedish Ties Gain New Height [Jun 6] "Since last year, there has been acceleration in the relations between Saudi Arabia and Sweden.. ..The Ambassador said expansion of bilateral cooperation in education and research is among his countryï¿½s priority areas. 'In this connection, we have already signed memorandums of understanding with King Saud University and other institutions in the Kingdom. We welcome Saudi students as we are now covered by the King Abdullah Scholarship Program of the Custodian of Two Holy Mosques.' On the trade front, there was a 22 percent jump last year. Swedish exports to the Kingdom totaled 1 billion euros, while its imports from the Kingdom grossed 200 million euros, mostly minerals.." [more] Saudi FM Wants US to Press Israel by Cutting Off Aid [Jun 6] "Saudi Arabia's foreign minister, Prince Saud al-Faisal, said the US should use aid it gives Israel as leverage in order to pressure the state into accepting the US-backed two-state solution. In an interview with Newsweek published Saturday Faisal said, 'The United States has the means to persuade the Israelis to work for a peaceful settlement. It needs to tell them that if it is going to continue to help them, they must be reasonable and make reasonable concessions.' When asked whether the US should withhold funds until Israel agreed to a peace plan calling for the establishment of a Palestinian state Faisal said, 'Why not? If you give aid to someone and they indiscriminately occupy other people's lands, you bear some responsibility.'.." [more] ~~~~~~~~ [ Jun 5]~~~~~~~~~ Harsco Inks $2.4M Pact With Saudi Basic Industries [Jun 5] "Industrial service provider Harsco Corp. said Friday it signed a contract in the U.K. worth about $2.4 million with industrial company Saudi Basic Industries Corp. for a range of scaffolding equipment and services. Saudi Basic Industries makes chemicals, fertilizers, plastics and metals. Work under the contract is scheduled to begin in June and continue into next year. Shares of Harsco rose 87 cents, or 3 percent, to $31.64 in midday trading. The stock has traded between $16.90 and $63.82 over the last 52 weeks.." [more] Dabbagh Seeks Boosting Saudi-Russian Relations [Jun 5] "Amr Al-Dabbagh, Governor and Chairman of the Board of Directors of the Saudi Arabian General Investment Authority (SAGIA), has called for the strengthening of Saudi-Russian relations. Speaking at the 5th Annual St. Petersburg Economic International Forum on Thursday, he said 'Russia is an important but underrepresented potential collaborator on a number of fronts, but our potential for equitable bilateral trade has not been fully realized, perhaps due to a lack of formal institutions and mechanisms for doing so.'.. ..Regionally, Russia-Arab trade has developed, in large part due to a favorable political climate, with trade turnover in 2009 approached $8 billion. Russian-Saudi trade, on the other hand, is very weak considering current potential, he pointed out. In 2007 the balance of trade was $903 million, with Saudi exporting $8.27 million compared to $911 million imported from Russia.." [more] Obama Taps Raytheon Exec as Envoy to Saudi Arabia [Jun 5] "President Obama this afternoon announced another batch of nominees for ambassadorships, including a Raytheon executive as envoy to Saudi Arabia. Retired Air Force General Brigadier General James B. Smith is an international business development executive at Raytheon Integrated Defense Systems.." [more] Women Delighted at Obamaï¿½s Address [Jun 5] "For women across the Muslim world, US President Barack Obamaï¿½s historic address from Cairo was nothing short of a blessing. He acknowledged his respect for their personal choices and at the same time underscored his belief that their choices should be personal. 'God bless him,' said Asya Al-Ashaikh, founder and CEO of the Jeddah-based Tamkeen Development and Management Consulting.. ..Obama divided his speech into seven sections, mostly political. However, the sixth issue focused entirely on womenï¿½s rights. 'I know there is debate about this issue,' Obama said. 'I reject the view of some in the West that a woman who chooses to cover her hair is somehow less equal, but I do believe that a woman who is denied an education is denied equality. And it is no coincidence that countries where women are well-educated are far more likely to be prosperous.'.." [more] Uzbekistan, Saudi Arabia Sign Credit Agreement [Jun 5] "The minister of finance of Saudi Arabia Ibragim Abdulaziz Al-Assaf held talks at the Ministry of finance of Uzbekistan on 4 June. The negotiations focused on issues of expansion and strengthening economic and investment cooperation, as well as development of joint projects. After the talks, the ministries of finance of the two states signed a credit agreement on the project of reconstruction of the Alat pump station in Bukhara region.." [more] Crude Drops Under $69/Bbl After 7-Month High [Jun 5] "Crude oil futures prices dropped below $69 a barrel early Friday after climbing to a seven-month high above $70 a barrel in response to news that U.S. nonfarm payrolls fell by less in May than was expected. 'This initial rally in crude looks to have failed,' aided by strength in the dollar, said Adam Klopfenstein, senior market strategist at Lind-Waldock. Earlier, dollar weakness helped boost crude futures. Jim Ritterbusch, president of Ritterbusch and Associates said crude could show continued strength in coming days, with further gains to $76 in the next few weeks. Crude has gained sharply in the past week on predictions from OPEC and bankers that oil prices will climb above $75 a barrel by year end. Goldman Sachs sees prices at $85 by the end of 2009 and at $95 by the end of 2010. The bank sees declining non-OPEC output tightening supply as global oil demand improves amid an expected economic recovery. Still, in the U.S., the world's biggest oil consumer, demand hit its lowest level in 10 years in the latest week, and inventories remain at extremely high levels.." [more] ~~~~~~~~ [ Jun 4]~~~~~~~~~ Saudi Reform in Fits and Starts [Jun 4] "Saudi Arabia's King Abdullah presents himself as a sponsor of reformed Islam, but as Ginny Hill discovers competing power bases in the country mean that social reform develops sporadically. Saudi Arabia's zealous religious police - the mutaween - are often among the first clichï¿½s that spring to mind when Westerners think about life inside the kingdom. During two weeks in Riyadh, I was curious to know if I would encounter any members of the religious police.. ..For several decades, Saudi Arabia's religious police have been the lynchpin in a power structure linking hard-line Wahabi clerics to the Saudi royal family. But King Abdullah has been sponsoring a slow-burn reform programme since inheriting the throne. And he replaced the head of the mutaween in a rare cabinet reshuffle in February. The move was seen as an attempt to rein in the organisation's most brutal and oppressive elements.." [more] Saudi Applauds Women Appointments to Council [Jun 4] "Saudi leaders have commended the appointment of six women to the Shura Council, which oversees the implementation of Islamic laws and values, and are calling for women to be allowed to drive in the conservative Muslim country. Women are needed to decide various issues, especially concerning families, said Sheikh Azeb bin Saeed Aal Mesbil, head of the Islamic affairs and judiciary committee at the Shura Council, daily Saudi Gazette reported on Thursday. 'It should be borne in mind that the life of our society has changed and so we at the council need to seek the opinions of experts, be they men or women. We need to listen to women on social and family issues,'.." [more] Saudi Business Confidence Wanes But at a Slower Pace [Jun 4] "Saudi Arabiaï¿½s business confidence fell to 88.3 in the second quarter from 89.2 in the first quarter, a report from the Saudi British Bank showed Wednesday. However, the 'pace of decline is slowing,' it said. The bank said business confidence is very much predicated on the governmentï¿½s ability to continue providing credible evidence that the money is being spent. So far, signals from the government have included: (a) contractors being paid on time; and (b) 20-30 percent advance payments becoming the norm since Q1 for those who work on government- related projects. The government has doubled its spending during the past year (in terms of the value of projects approved by the Ministry of Finance) from around SR20 billion to SR40.6 billion. This spending is a necessity as the private sector is largely frozen and considers expansion only with caution. Around 51 percent of respondents expect businesses to grow over the next two quarters.." [more] Gulf Arab Market Rally Running Out of Steam [Jun 4] "Gulf stock markets could suffer a double-digit correction as a slump in summer trading and little improvement in the wider economy spark selling across key sectors, analysts said. Analysts warn the rally -- four of seven markets are at 2009 highs in rising volumes -- is unlikely to be sustained, not only because stocks are overpriced but because the economic downturn is expected to send many wealthy expatriates home for good.. ..Gulf exchanges have rallied strongly since March 1, with Qatar's index surging 70 percent, Saudi Arabia rising by 37 percent and Kuwait up by a nearly a third. Dubai has added 28 percent and Abu Dhabi 15 percent, while the smaller Oman and Bahrain indexes have climbed 17 and 2 percent respectively.." [more] ~~~~~~~~ [ Jun 3]~~~~~~~~~ Readers Cautious But Hopeful About Obama's Visit [Jun 3] "Barack Obama's first steps in the Middle East since becoming US President do not necessarily mean a giant leap for mankind. While raising both hopes and scepticism, Obama's visit has plunged Gulf News readers into debate. The US President arrived in Saudi Arabia on Wednesday ahead of his keynote address to the Arab and Muslim world in Cairo, Egypt. Murad Lassoued, a Tunisian expatriate, was optimistic about the president's role in bridging the East and West. He said: 'I expect Obama to reconcile the Arab world with the US. He has promised a lot of things so far and has delivered. If he continues to do so, America's reputation will finally be repaired.'.. ..The fact that the US President made a Middle East visit part of his agenda in his first year of presidency shows that he is serious.." [more] Saudi Arabia Confirms First H1N1 Flu Case [Jun 3] "Saudi Arabia has confirmed its first case of the H1N1 flu virus in a Filipina nurse, the kingdom's health minister said on Wednesday. The woman arrived on Friday on board a Gulf Air flight from the Philippines and showed first symptoms on Monday, Abdullah Al Rabeeah told Saudi news channel Al Ekhbariya, adding that she was being held in quarantine. Saudi authorities are tracking down people who had contact with her on the flight and in the hospital, he said.." [more] Riyadh Meeting and New Arab-US Relations [Jun 3] "Sources have said that the Saudi and US foreign ministers will hold separate talks during President Barack Obamaï¿½s visit to the Kingdom Wednesday, with Prince Saud Al-Faisal and Hillary Clinton expected to discuss developments on regional and Arab issues. Palestinian President Mahmoud Abbas spoke of the importance of the Obama visit within the Middle Eastï¿½s ï¿½exceptional circumstancesï¿½, saying that the Palestinian people had great expectations of the meeting since King Abdullah has always placed the Palestinian cause and the need for a comprehensive and just solution to the Arab-Israeli conflict at the top of his priorities. Abbas said that the Palestinians were looking forward to the results of the Riyadh meeting and Obamaï¿½s speech to be delivered in Cairo, expressing hopes that the two events would result in a positive breakthrough for the achievement of Arab interests.." [more] U.S. Lawmakers Say Saudis Texts Incite Hatred [Jun 3] "U.S. lawmakers on Wednesday called on the Saudi government to stop distributing children's religious textbooks they said incited hatred and intolerance toward Jews, women and homosexuals. The request by three Democratic legislators coincided with President Barack Obama's visit to Saudi Arabia and Egypt this week to shore up beleaguered U.S. relations with Muslims worldwide. 'This is not some rogue document,' Congressman Anthony Weiner told reporters. 'This is the position of the Saudi government. If we're going to solve the generational conflicts, it's important not to hate one another.' His Democratic colleague, Shelley Berkley of Nevada, backed the move. 'We hope this will be part of the discussion President Obama has with the Saudi leaders,' she said.." [more] Rising Cost of Living Biggest Concern for Saudis [Jun 3] "The rising cost of living is the single biggest issue impacting Saudi consumersï¿½ lifestyle according to a new survey, with unemployment coming a distant second. Out of 1,002 Saudi nationals polled by international market research firm TNS, 53 percent said they thought inflation would impact their lifestyle negatively this year, while 19 percent said they were worried about unemployment. Overall, Saudis were more optimistic about their overall financial situation and the state of their local economy, according to a separate TNS study on the financial crisis based on interviews with 300 people.." [more] Dhahran to Host WE Power From June 7 [Jun 3] "Dhahran will become the water and power capital of Saudi Arabia from June 7 to 10 when the Kingdomï¿½s oil city will host the WE Power exhibition and conference. Now in its fifth year, WE Power has built a strong reputation as the platform where policy makers, industry leaders, experts and practitioners from the water and power industry meet and discuss. This year, with the addition of a strategic conference, WE Power is likely to exceed quality expectations as the most prestigious names in the industry have lined up to speak at the conference including Fareed Zedan, governor of the Electricity & Co-Generation Regulatory Authority, Loay Al-Musallam, CEO of National Water Company, and Paddy Padmanathan, president & CEO of Acwapower.." [more] ~~~~~~~~ [ Jun 2]~~~~~~~~~ Cabinet Backs OPEC Decision on Production [Jun 2] "The Council of Ministers yesterday favored an oil price of $75-80 per barrel, which they called a fair price. They also agreed to an OPEC decision to keep its output ceiling unchanged. The Saudi Cabinet reviewed the results of the May 28 OPEC meeting and said OPECï¿½s move, which helped drive crude prices above $68 a barrel in London trading yesterday, would not have a negative impact on the recovery of the global economy. Culture and Information Minister Abdul Aziz Khoja said the Cabinet meeting endorsed the protocol related to preferential trade agreements among the members of the Organization of the Islamic Conference (OIC), the largest bloc of Muslim countries in the world.." [more] Iran, Mideast Peace Likely Obama Focus in Saudi [Jun 2] " President Barack Obama begins a crucial Mideast trip Wednesday with a visit to Saudi Arabia, where concerns about U.S. outreach to Iran, the Israel-Palestinian peace process, and the kingdom's willingness to accept Yemeni prisoners from Guantanamo will all likely be on the agenda. The range of issues highlights the important relationship between the U.S. and Saudi Arabia, one of Washington's strongest allies in the Middle East. The Sunni Arab powerhouse is also the world's largest oil exporter and its king is considered the guardian of Islam's holiest places, Mecca and Medina. Denis McDonough, the U.S. deputy national security adviser for strategic communications, said Friday that Obama's visit to Saudi Arabia is 'part of our outreach to the Muslim world, but also an opportunity to discuss a range of important concerns from energy to Middle East peace to the fight against extremism.'.." [more] Chevron Eyes Saudi Oil Project Expansion in 2017 [Jun 2] "U.S. oil major Chevron (CVX.N) could deploy a technique to boost oilfield output across the neutral zone between Kuwait and Saudi Arabia in 2017, a top Chevron executive said on Tuesday. If successful, the technique could be rolled out worldwide and add billions of barrels to global reserves, said Guy Hollingsworth, Chevron's president for exploration and production in Europe, Eurasia and the Middle East. 'We could go to full-field in 2017,' Hollingsworth told reporters on the sidelines of an energy conference in Abu Dhabi. Chevron is testing the impact of steam flooding in the oilfields in the neutral zone to help boost output of heavy oil. Steam raises the temperature below ground and loosens up crude that is otherwise difficult to pump. The U.S. firm would begin the second stage of the testing program in July, Hollingsworth said.." [more] Dow, Conoco Saudi Projects Delayed [Jun 2] "Dow Chemical Co's and ConocoPhillips' major joint ventures in Saudi Arabia face delays, a Saudi state oil company official said on Tuesday. A giant petrochemical plant that Saudi Aramco planned to build with Dow Chemical Co would start up in 2015, Abdulaziz al-Judaimi said. That was about two years behind the initial schedule. Engineering and design for that plant should be completed in 2010, Judaimi, vice president for new business development at Aramco, told an energy conference in Abu Dhabi. Dow's planned investment in the plant would be the largest single investment by a foreign oil company in the Saudi energy sector. The price tag for the plant was at least $20 billion. The final investment decision (FID) on the project is expected to be completed in the third quarter of 2010, Judaimi said.." [more] Saudi Arabia Suffers Lack of Working Women as Oil Fluctuates [Jun 2] "Deep in the Arabian desert, hundreds of guests celebrate the birth of a city. The Saudi government has flown them in on chartered planes to the northern city of Hail, then driven them for about half an hour in buses with police escorts to a giant marquee in the sand with a red carpet out front. Inside, curtains with gold tassels adorn walls decorated with artistsï¿½ renditions of Prince Abdulaziz bin Mousaed Economic City, which the government says will be home to 300,000 people when itï¿½s built. After prayers from the Koran, the ceremony begins with a speech by Amr Al-Dabbagh, head of the ministry that has planned the city, who wears a formal cloak with gold trim. The audience -- all male, except for one woman -- sips tea and plucks chocolates off silver trays.." [more] ~~~~~~~~ [ Jun 1]~~~~~~~~~ Obama, Saudi King to Discuss Oil - White House [Jun 1] "The White House reiterated on Monday that President Barack Obama is likely to discuss current oil prices when he meets Saudi King Abdullah later this week in Riyadh. 'I assume that's something that will indeed be on the docket,' White House spokesman Robert Gibbs told reporters when asked whether Obama would talk to the king about oil prices that jumped to 2009 highs on Monday.." [more] Piracy Focus of Talks With Yemen [Jun 1] "Yemeni President Ali Abdullah Saleh, who arrived here yesterday, said his talks with Custodian of the Two Holy Mosques King Abdullah would explore prospects of expanding relations in economic, political and security fields. 'Coordination of efforts to combat terrorism and seaborne piracy is another important subject for discussion,' the president said. King Abdullah and Saleh held talks on major regional and international issues and ways of strengthening cooperation, the Saudi Press Agency said, adding that top officials from both sides attended the talks. Earlier on arrival at Riyadh Airbase, the Yemeni president was received by King Abdullah, Second Deputy Premier and Minister of Interior Prince Naif, senior princes and Cabinet members.." [more] Saudi Saad Group Says to Restructure Debt [Jun 1] "Private Saudi Saad Group said on Monday it plans to restructure the debt of subsidiaries affected by the repercussions of the global financial crisis. 'Recent external events (and) more recent events, specifically affecting the Bahraini banking sector, have led to a short-term liquidity squeeze affecting Saad Group companies in the Middle East,' Saad Group said in a statement. 'We are continuously striving to mitigate the effects of this limited squeeze, and are also planning for an orderly restructuring of the debt of affected companies in cooperation with our counterparties and international advisers,' it added. The kingdom's central bank froze its chairman's accounts, bankers said earlier. The statement made no reference to such a measure.." [more] Mï¿½sian Firms Urged to Invest in Saudi Arabia [Jun 1] "Malaysian investors should head to Saudi Arabia for growth opportunities as the country has not been severely affected by the global economic crisis, with an estimated US$500bil (RM1.74 trillion) worth of investment opportunities over the next five years, according to Saudi authorities. Saudi Council of Chambers and Industry secretary-general Fahad Al Sultan said the Saudi economy was expected to grow by 6.2% this year, from 4.7% last year. 'The Saudi economy is one of the least negatively impacted by the international crisis,' he told a press conference here yesterday, adding that sectors such as education, health, telecommunication , infrastructure, agriculture and railroads had plenty of growth opportunities.." [more] ~~~~~~~~ [ May 31]~~~~~~~~~ President Obama Making Crucial Visit to Muslim Leaders in Saudi Arabia, Egypt [May 31] "President Obama hopes to begin winning over hearts and minds of the Muslim world with strategic visits this week to pro-Western allies Saudi Arabia and Egypt. Obama will dine with Saudi King Abdullah in Riyadh Wednesday, but the crowning moment of the trip comes a day later when he uses a speech at Cairo University to lay out his vision for a two-state solution between Israel and the Palestinians - and reiterate U.S. respect for mainstream Islamic culture. 'Abdullah will press for immediate U.S. action, not just words, to relaunch talks on an independent Palestinian state,' said David Ottaway, senior scholar at the Woodrow Wilson Center. 'Obama will be pressed to explain his opening of a dialogue with Iran, while the king will have to explain why he feels a 'fair price' for oil is $75 a barrel in the midst of a worldwide economic depression,'.." [more] Saudi Billionaire With HSBC Stake Has Accounts Frozen [May 31] " Saudi Arabiaï¿½s central bank ordered the countryï¿½s banks to freeze the accounts of Maan al-Sanea, the Saudi billionaire who owns a stake in HSBC Holdings Plc, people familiar with the instructions said. Al-Sanea, who is chairman of the Khobar-based Saad Group, also manages The International Banking Corp. B.S.C., the Bahrain-based unit of Ahmad Hamad Algosaibi & Brothers Co. that has defaulted on some of its debt, according to an Algosaibi official who spoke on condition of anonymity. Saad Group said al-Sanea does not manage the unit. The Saudi Arabian Monetary Agency sent circulars to the legal departments of Saudi-based banks on May 28 and May 30 telling the lenders to freeze the accounts, including credit cards, of al-Sanea, 54, his wife and four family members, according to one person who read the documents. SAMA didnï¿½t say why it took the action, according to the person, who declined to be identified because the information is confidential.." [more] Naif Rebuffs Iraqi Accusations [May 31] "Second Deputy Premier and Minister of Interior Prince Naif has rejected charges by the Iraqi government that Riyadh was allowing Saudis to join Iraqï¿½s Sunni insurgency. He urged Baghdad to improve border security. In remarks published yesterday in the local Arabic press, Prince Naif said the Kingdom wants only what is in Iraqï¿½s best interests. 'The Iraqi government knows where the (foreign) fighters come from,' said Prince Naif, denying claims that Saudis are infiltrating Iraq. Iraqi Prime Minister Nuri Al-Maliki said on Thursday that Iraqï¿½s efforts to build diplomatic ties with Saudi Arabia had not been reciprocated and more would be 'useless' without a change of heart from Riyadh. 'The Kingdom wants only the good and stability of Iraq in all aspects but if there is someone in Iraq working against its interest and expecting the Kingdom to support him, this will not happen,' Prince Naif said. 'The Kingdom does what is in the best interest of Iraq and its people and the return of Iraq to its unity and sovereignty,'.." [more] Saudi Eyes Fannie Mae-Style Firm in Home Loan Push [May 31] "Saudi Arabia plans to set up a Fannie Mae-style company to buy mortgages from financial institutions and help develop national sukuk and debt markets, Saudi Arabia's finance minister said. The company would be formed in conjunction with Saudi Arabia's first mortgage law, which should come into effect before the end of the year, Ibrahim al-Assaf said in an interview in Oman on Saturday.. .."One of the elements of the mortgage laws is to create this institution. It is one of the components,' al-Assaf told Reuters, adding the company, which would be tailored to local market needs, should be formed before the end of the year. At 62 percent of the population, home ownership in Saudi Arabia is comparable or exceeds that of advanced markets, but most home financing has up to now been done through traditional family financing means and government loans.." [more] Yemen Wants Saudis to Block Cash for Separatists [May 31] "Yemeni President Ali Abdullah Saleh will ask King Abdullah of Saudi Arabia to block the flow of funds from Yemeni expatriates to separatists in the south, a Yemeni government source said on Sunday. Yemen, which is trying to shake off an image of violence to promote its tourism sector, has witnessed frequent clashes between government forces and protesters in the south, where secessionist sentiment is strong. 'Saleh will be discussing the situation in Yemen with King Abdullah, and the activities of some of the Yemeni opposition living in Saudi Arabia,' the source said. The talks will tackle 'measures against individuals raising donations to support the protests in the south' , he said.. ..Saudi Arabia and Yemen, one of the poorest countries outside Africa, are allies of the United States and are partners in the fight against al Qaeda-linked Islamists.." [more] Company in Saudi Rail Project Linked to Israel [May 31] "A plan to link Makkah and Madinah by train has become the subject of controversy, as Palestinian officials try to persuade Saudi authorities to withdraw the rail contract from a company alleged to be complicit in Israel's expansion in occupied East Jerusalem. Palestinian foreign ministry officials have expressed reservation at a recent Saudi announcement awarding the contract for the Haramain Express railway to a consortium consisting of French company Alstom Transport. AlstomAlstom is part of a group of companies that is building a light rail network in occupied Jerusalem, which is expected to extend to occupied East Jerusalem and Jewish colonies in the occupied West Bank. 'Backchannel talks with the Saudis are ongoing,' a Palestinian foreign ministry official said on condition of anonymity. He did not divulge details of the talks but said they would be based on an Arab LeagueArab League decision barring states from dealing with companies building the light rail.." [more] OICï¿½s Gaza Education Caravan in Ramadan [May 31] "The Kingdomï¿½s ï¿½Education Caravanï¿½ destined for Gaza will get under way in Ramadan, the Organization of the Islamic Conference announced yesterday. The caravan aims to help the education sector in the war-ravaged Palestinian territory. This includes providing school buses, student and teacher materials and rebuilding demolished schools. 'What better time to start the campaign than the holy month of Ramadan?' said Atta Almannan Bakheet, OICï¿½s assistant secretary-general for humanitarian affairs. 'Ramadan is a month of giving.' The education campaign, the fourth in a series of charity campaigns organized by the OIC as part of the Custodian of the Two Holy Mosquesï¿½ initiative, is the first specialized caravan to help the people of Gaza. Three previous caravans succeeded in collecting 2,800 tons of relief supplies worth SR30 million. The third caravan alone managed to provide 1,000 tons of food and medical equipment, including 10 ambulances, worth a total of SR12 million. The OIC, in cooperation with the Jeddah Chamber of Commerce and Industryï¿½s Private School Committee and local bookstores, will organize the education caravan.." [more] British Council Embarks on Two Major Projects [May 31] "The British Council, under the umbrella of Social Partnership Projects, runs two large-scale programs, Springboard and Global Changemakers. Springboard, a womenï¿½s self-development program, was introduced to Saudi Arabia in December 2004 as part of the British Councilï¿½s plans to develop womenï¿½s activities. It has attracted more than 600 Saudi women, all of whom found the program extremely beneficial in boosting their confidence and helping them to further develop their personal and working lives.. ..At the same time, the Global Changemakers project, introduced to Saudi Arabia by the British Council, aims at enhancing the capacity of future leaders to meet global challenges. It links young community and future influencers from diverse backgrounds around the world in a sustainable global network. The participants are emerging talents, aged 16 to 25, who are committed to positive social change in their communities.." [more] May 24-May 30, 2009 ~~~~~~~~ [ May 30]~~~~~~~~~ Saudi Arabia Rejects Iraq Claims of Negativity [May 30] "Saudi Interior Minister Prince Nayef bin Abdul-Aziz has rejected Iraqi claims that the kingdom was adopting 'negative positions' on repairing diplomatic ties and urged Baghdad to improve border security. In remarks published on Saturday by Saudi newspapers, Prince Nayef, who is also second deputy prime minister, said the kingdom wants only what is in Iraq's best interest. Iraqi Prime Minister Nuri al-Maliki said on Thursday Iraq's efforts to build diplomatic ties with Saudi Arabia had not been reciprocated and more would be "useless" without a change of heart from Riyadh. 'The kingdom only wants the welfare and stability of Iraq,' al-Watan quoted Prince Nayef as saying in answer to Maliki. 'The kingdom does what is in the best interest of Iraq and its people and the return of Iraq to its unity and sovereignty,'.." [more] Naimi Says No OPEC Boost Until Stocks Fall [May 30] "OPEC would wait until crude inventories fell to around 53 days of forward cover before considering raising output, Saudi Oil Minister Ali al-Naimi was reported as saying in remarks published late on Friday. OPEC left output targets unchanged at a meeting on Thursday, as higher oil prices and optimism the global economy would soon start to recover outweighed concern over high crude stocks. The oil price hit a six-month high over $66 a barrel on Friday. 'We will wait until inventories are at the level which we consider reasonable, which is about 53 days of forward cover,' the minister for the top oil exporter told industry publication Petroleum Argus in an interview, when asked what would prompt OPEC to increase supply. 'I think that is a fair level.'.." [more] Saudi PIF to Buy Stakes in Mortgage Lenders [May 30] "The Public Investment Fund (PIF), the Saudi finance ministry's investment vehicle, plans to take stakes of up to 40 per cent in new mortgage lenders, industry sources said on Saturday. PIF, which is already one of the biggest investors in the Saudi stock market, said in March that it plans to venture into mortgage financing in anticipation of a mortgage law expected to come into effect this year. The new law could open up home ownership to more of the 25 million population in the most-populous Gulf Arab country, less than a third of whom currently owns property. The low home-ownership ratio is seen by analysts as reflecting some weaknesses in Saudi Arabia's wealth distribution policies.." [more] SR1bn Education Project Finalized [May 30] "The Ministry of Education will launch a SR1 billion project to upgrade the mathematics and science syllabi in the Kingdomï¿½s schools, Al-Watan newspaper reported yesterday. 'As part of the project ï¿½ starting next academic year ï¿½ new syllabi will be introduced in the first and fourth standards of primary schools and the first standard of intermediary schools. Secondary schools will get the new syllabus a year later,' said Muhammad Asiri, secretary-general of the project. Asiri was speaking at a meeting of teachers and other Education Depart- ment officials in Qunfuda. More than 400 maths and science teachers, including women, participated in the meeting. 'The Ministry of Education is making preparations to implement the project after it got the approval from higher authorities in 2004. As an initial step, the ministry undertook a feasibility study,' he said.." [more] Saudi Energy Economics Think Tank Formed [May 30] "The new Saudi Association for Energy Economics (SAEE) held its first formal gathering at the Plaza Conference Center here recently. Minister of Petroleum and Mineral Resources Ali Al-Naimi addressed the new organization and several members of Saudi Aramco executive management. 'The step we take today will have a direct impact on the future of the energy industry in our country,' he told the group, made up of Saudi Aramco and industry professionals. 'SAEEï¿½s mission is to provide an interdisciplinary forum for the exchange of ideas, experiences and issues among business, academics, policymakers and other professionals interested in the field of energy economics,'.. ..'Given the central role energy plays in the Saudi economy, we strongly believe that such an affiliation will enhance the local understanding of the challenges facing the energy industry and provide a forum to debate and propose solutions to these challenges,'.." [more] High Court is Urged to Block 9/11 Suit Against Saudis [May 30] "In a setback for insurers and individual victims of the 9/11 attacks, U.S. Solicitor General Elena Kagan urged the Supreme Court yesterday to reject allegations that Saudi Arabia was responsible because it indirectly financed al-Qaeda and other terrorist groups. Kagan, in a 22-page amicus brief filed yesterday with the Supreme Court, said U.S. law generally barred lawsuits against foreign governments for supporting terrorism unless they met narrowly tailored exceptions. Kagan said none of those exceptions applied, and she advised the court not to hear the case. The brief was in response to allegations contained in a lawsuit filed by Center City's Cozen O'Connor law firm on behalf of dozens of insurance companies that lost billions at ground zero. Hundreds of victims' families and survivors also have joined in the litigation alleging Saudi responsibility. The Supreme Court generally - but not always - follows the recommendations of the solicitor general in deciding whether to hear a case.." [more] ~~~~~~~~ [ May 29]~~~~~~~~~ Obama to Cement Saudi Ties on Surprise Trip [May 29] "U.S. President Barack Obama is likely to hear Saudi Arabia's King Abdullah air his worries about the festering Arab-Israeli conflict and rising Iranian influence when he visits Riyadh next week. Obama, who meets King Abdullah on June 3, added a surprise Saudi leg to his trip to Europe and Egypt, where he plans to deliver a much-anticipated speech to the Muslim world. The decision reflects the enduring importance of a bilateral bond based on guaranteed oil supplies in return for U.S. protection for the Saudi monarchy that was sealed in the 1940s. Washington is keen to prevent any spike in oil prices that might threaten economic recovery -- U.S. crude hit a year-high on Tuesday.." [more] Saudi Commerce Minister Urges Closer Ties With U.S. [May 29] "In Saudi Arabia, water is becoming as precious as oil, and grain has to be imported from around the world. Such conditions could create new opportunities for Washington agriculture, said Abdullah Alireza, minister of commerce and industry of the Kingdom of Saudi Arabia. Alireza was in Seattle this week and addressed about 140 guests at a private dinner Wednesday sponsored by the U.S.-Saudi Arabian Business Council. As President Obama prepares to visit Saudi Arabia next week, Alireza said relations are entering a new era. 'We need to work together to reverse past failures,' he said. He said Obama's speech in Turkey ï¿½ declaring that 'the United States is not, and will never be, at war with Islam' ï¿½ was 'highly welcome in Saudi Arabia. It gives us a glimmer of hope.'.." [more] OPEC News Sends Oil to 6-Month High [May 29] "Crude oil rose to a six-month high after the Organization of the Petroleum Exporting Countries decided to leave production quotas unchanged and a government report showed US inventories declined. Saudi oil minister Ali al-Naimi said that the group opted not to alter its targets because "prices are good, the market is in good shape." Oil should stay in a $60 to $70 range for the rest of the year, OPEC said. The gain accelerated after the US Energy Department said US oil supplies fell the most since September. Crude for July delivery rose $1.63 to $65.08 a barrel on the New York Mercantile Exchange, the highest settlement since Nov. 5.." [more] Germany, KSA Sign Anti-Terror Agreement [May 29] "Saudi Arabia and Germany signed a security cooperation pact here Wednesday evening. The intelligence-sharing agreement signed by Second Deputy Premier and Interior Minister Prince Naif Bin Abdul Aziz and German Interior Minister Wolfgang Schaeuble will encompass possible terrorist financing and money-laundering. Srince Naif said the draft agreement left none of the security tasks untouched. They even agreed on the method of dealing with each aspect and the positive and practical measures. Prince Naif expressed his hope that there would be international cooperation to dry up the sources of terrorism and return terrorists to their societies as good citizens. He said the Kingdom was working in creating channels for positive and practical cooperation with all security agencies in the world.." [more] Two From Saudi Arabia Among the 15 Ford Environmental Grants Winners [May 29] "Fifteen environmental initiatives will share a total of $100,000 this year as part of the 2008-2009 Ford Motor Company Conservation & Environmental Grants program. The nine members of the independent jury panel convened in Dubai recently to select and vote on the winners in this yearï¿½s Fordï¿½s green initiative which marks its 10th consecutive year of continued support to non-profit and grass-root level projects in the GCC and Levant markets.. ..ï¿½During the past 10 years, the Ford Grants have funded and helped materialize and expand over 100 projects, and it gives us immense pride when we realize the impact this program has had in the regionï¿½s communities. We are thrilled to have had this opportunity to demonstrate yet again, Ford Motor Companyï¿½s commitment to giving back to the local communities where we serve our customers,ï¿½ Galan added.." [more] Sheikh Yamani: Saudi Arabia Unlikely to Embrace Oil Futures [May 29] "In an interview this week, former Saudi oil minister Sheikh Yamani told Energy Risk that futures trading on exchanges had turned the global crude oil market into a 'casino'. He said it was unlikely that Saudi Arabia would ever follow the example of Oman and Dubai and price its oil from contracts traded on the Dubai Mercantile Exchange, due to the perceived influence of speculators. 'Unfortunately major banks, insurance companies and hedge funds are making huge profits and losses in this casino,' he said, referring to oil futures markets globally. He added that any exchange in the Middle East would need support from all major producers in the region, including Saudi Arabia, Kuwait, Iran and Qatar, to create a truly representative price. 'It has to be sold jointly, he said.." [more] ~~~~~~~~ [ May 28]~~~~~~~~~ OPEC Leaves Output Unchanged, Saudi Oil Minister Says [May 28] "OPEC agreed Thursday to keep its production quotas steady, as expected, Saudi Arabian oil minister Ali Naimi said. The simple calculus: the group's big oil production cuts in past months are starting to bite, and oil prices are at a six-month high. 'It's a great decision; we stayed the course,' Mr. Naimi told reporters. 'The price is good, the market is in good shape and the recovery is under way, so what else would we want? The world is going to be a better place pretty soon.' Taking additional barrels off the market would risk jamming consumers with higher energy costs when the global economy remains fragile. It's the second time in as many months that the Organization of Petroleum Exporting Countries has opted to maintain the group's existing output ceiling.." [more] Islamic Ministers Urged to Bridge Differences [May 28] "Islamic Ministers of Endowments agreed to set aside the doctrinal differences among Muslims and avoid criticising religious beliefs of the other sects. The Ministers, who concluded their eighth conference in Jeddah on Tuesday, issued a number of recommendations urging that the gaps between the various Islamic sects and doctrines be bridged. The recommendations were issued after debates and discussions aimed at eradicating religious extremism which make some Muslim sects depict the others as non-Muslims. The most important recommendation was that the different doctrines of Muslim people must be recognised.." [more] Danube Plans to Invest Dh80m in Saudi Arabian Mega Projects [May 28] "Danube Building Materials, a company dealing in construction, building materials and shop fitting industries, has announced plans to invest Dh80 million in Saudi Arabia this year. The investment plan is a part of its efforts to support multi-billion mega projects that are expected to rise within the kingdom in the next few years. This is expected to result in a stronger presence for the company, thereby allowing it to address the demand spurred by the construction of over two million new housing units that are expected to solve the housing shortage in Saudi Arabia under the government's 8th Development Plan. The company's investment in the kingdom is a continuation of its expanding presence in the GCC, which currently comprises 14 branches in the UAE, two in Oman and one in Bahrain.." [more] Need for Database on Terror Stressed [May 28] "Saudi Arabiaï¿½s initiative to set up an international center to combat global terrorism, which was suggested at an international conference on terrorism held in Riyadh 2005, has been reconfirmed and reinforced at a pan-Arab scientific symposium at Qassim University yesterday. The symposium was organized by Naif Arab University for Security Sciences in cooperation with Qassim University with the support of Qassim Gov. Prince Faisal bin Bandar. The suggested center should build an international database to fight terrorism and urge all countries of the world to exchange information, Maj. Gen. Hasan Al-Shehri, the scientific supervisor of the symposium, said while announcing the recommendations of the symposium. Prince Faisal lauded the role played by the Kingdom to fight terrorism. 'The Kingdom was successful in fighting terrorism and ending terrorist acts,' he said, adding that security is a common responsibility between all citizens and security men.." [more] Why Did Obama Add Saudi Arabia to his Itinerary? [May 28] "The Arab media is buzzing today over the announcement that President Obama will travel to Riyadh before arriving in Cairo for his big address to the Islamic world. Why the late addition to his itinerary? The first wave of response was a pure reflection of endemic inter-Arab rivalries. The Saudis and their advocates are exultant, the Egyptians seem a bit deflated and defensive, and the 'resistance camp' is alternately complaining about the concentration on the usual 'Axis of Sunni Dictators'.. ..With the Saudis now the American President's first port of call, the Egyptian claim to renewed leadership is weaker. After that inter-Arab rivalry business, Arabs are trying to puzzle out the greater political significance of the trip. One group sees it as tied closely to the Israeli-Palestinian track, focusing on the Arab Peace Initiative and the coming unveiling of the Obama approach to Israeli-Arab relations. Another sees it as tied more closely to Iran, preparing the Saudis for the coming engagement (or confrontation) with Tehran.." [more] No More Gestures to Saudis: Iraq's Maliki [May 28] "Saudi-Iraqi relations are at a low ebb and Baghdad has no intention of making goodwill gestures because Riyadh sees them as a sign of weakness, Prime Minister Nuri al-Maliki said on Thursday. Ties have been strained since the US-led invasion of 2003 toppled dictator Saddam Hussein and ended 1,400 years of Sunni Arab domination of Shiite-majority Iraq. Maliki's Shiite-led government accuses Riyadh of not doing enough to stop its citizens crossing the border and joining the mainly-Sunni insurgency that has killed thousands of Iraqis in the past six years. 'Iraq has no intention of making new goodwill gestures towards Saudi Arabia because my initiative has been interpreted in Riyadh as a sign of weakness,'.." [more] ~~~~~~~~ [ May 27]~~~~~~~~~ Saudi Arabia Says No Need for OPEC Production Cuts [May 27] "OPEC doesnï¿½t need to cut oil production more because there are signs of recovering demand, Saudi Arabian Oil Minister Ali al-Naimi said. OPEC should meet existing cutbacks to boost prices, Angolaï¿½s minister said. 'There is no need to cut production,' and members should 'stay the course,' al-Naimi told reporters today during a morning walk in Vienna, where the Organization of Petroleum Exporting Countries will meet tomorrow to decide whether to alter output quotas. The Saudi minister said oil prices are likely to rise to about $75 a barrel by yearï¿½s end because there are signs of a recovery in demand in Asia, though not in the U.S. or Europe.." [more] Moody's Upbeat on Saudi Banking Sector [May 27] "A financial analyst has dismissed reports that Saudi Arabiaï¿½s banking sector is in crisis, insisting the industry is profitable and well capitalised. Speaking to Arabian Business on Wednesday, Constantinos Kypreos, an analyst from corporate finance firm Moodyï¿½s, said the industry was in better shape than most banking sectors around the globe. 'The government has prudently invested its oil revenue windfalls in the past few years, so it has strengthened its financials and is in a position to have this expansionary budget, which will help the economy and banking sector,' he said. 'The [banking] regulator has been prudent in requiring the banks to have a good asset quality and liquidity.'.." [more] Saudi King Says Gulf Will Resolve Disputes [May 27] "Gulf countries will review their deal on regional monetary union and will seek to resolve disputes prior to its implementation, Saudi Arabia's King Abdullah Bin Abdul Aziz was reported as saying on Tuesday. The comments come less than a week after the UAE broke ranks with four other Gulf states by withdrawing from the single currency plan in protest at a May 5 decision to base the joint central bank in Riyadh. King Abdullah did not specify what terms of a monetary union deal would be reviewed, in the remarks carried by Kuwait-based newspaper Al Seyyasah. 'The coming review before the implementation would resolve what had been disputed upon,'.." [more] Saudi Arabia Investor Confidence Index Rises [May 27] "Saudi Arabia saw an increase in investor confidence in May with the Saudi Arabia Investor Confidence Index seeing a significant rise of 8.1 points, moving to 140.1 points from 132 points in April, the second monthly GCC Investor Sentiment Report of SHUAA Capital, the regionï¿½s leading financial services institution, said on Tuesday. This compares well to the GCC confidence index which saw a more modest increase of 2.7 points to 112 points from 109.3 points in April. 'Saudi Arabia is expected by investors to see further improvement in economic conditions over the next six months. 67.6 percent of the respondents signalled that they expected an improvement in economic conditions in the Kingdom, up by over 15 percent on last month. Just 7 percent of investors questioned, expect the Kingdomï¿½s economy to be negatively affected,'.." [more] Sanaa Meet to Evaluate Tourism in Arab States [May 27] "An official delegation led by Prince Sultan bin Salman, chairman of the Saudi Commission for Tourism and Antiquities (SCTA), will attend a high-profile meeting of Arab tourism ministers that starts in the Yemeni capital Sanaa today. The two-day meeting of the Arab Ministerial Council for Tourism (AMCT) will discuss plans of action for promoting tourism among Arab countries, which are witnessing a surge in tourism traffic this year. 'The AMCT session will also evaluate the performance of the tourism sector in Arab countries,' said Prince Sultan in a statement yesterday. He said the meeting would review decisions of the previous AMCT rounds, including the announcement by the council of a prize for tourism quality. Prince Sultan affirmed the importance of enhancing joint Arab work in the field of tourism.." [more] Saudi Arabia: Religious Police Want Cameras to Monitor Youth [May 27] "Saudi Arabia's religious police want to install surveillance cameras in shopping centres throughout the country in order to watch young people. 'We will place surveillance cameras in all shopping centres and public places to monitor the behaviour of young people, said General Abdel Aziz al-Hamin, chief of the committee for the promotion of virtue and the prevention of vice, quoted by Saudi daily Okaz on Wednesday. 'Our objective is to correct the mistakes made by some youths, in order to protect their moral integrity,' said al-Hamin. However, Saudi Arabia's religious police have been accused by many Saudis of violating young people's privacy by providing the media with the names of those who are caught engaging in behaviour considered in breach of Islamic Sharia law. Their names are then published in Saudi newspapers. Al-Hamin, however, has denied the claims and said he never handed over the names of anyone to the media.." [more] ~~~~~~~~ [ May 26]~~~~~~~~~ Obama To Visit Saudi Arabia Next Week [May 26] "President Obama will travel to Saudi Arabia next week where he will meet with Saudi King Abdullah, White House spokesman Robert Gibbs announced today. The meeting will take place on June 3rd in Riyadh Gibbs said the two leaders will 'discuss a range of important issues, including Middle East peace, Iran, and terrorism.' The Saudi stop has been added to the president's previously planned trip to Egypt, Germany and France. Mr. Obama plans to address U.S.-Muslim relations in Egypt, visit the Buchenwald concentration camp in Germany, and mark the 65th anniversary of D-Day in France. The stop in Riyadh will come at the beginning of the trip.." [more] Saudi Crown Prince Recovered, Back in 6 Weeks - King [May 26] " Saudi Arabia's Crown Prince Sultan has recovered from surgery and will return home within six weeks, King Abdullah was quoted as saying on Tuesday. State media said in April Prince Sultan arrived in Morocco for 'rest and recreation' after undergoing treatment in the United States, including unspecified surgery in February. 'The crown prince is in good health, thanks to God the Almighty has cured Sultan after he went for treatment,' King Abdullah told the Kuwaiti newspaper al-Seyassah. 'He was, still is and will be our best helper and right hand in taking care of citizens and pilgrims and we look forward to his return in the next six weeks.' Prince Sultan went to the United States for medical tests in November, then to Morocco for a prescribed convalescence before flying back to New York.." [more] Shots Fired at Minibus in Saudi, No One Hurt [May 26] "Gunmen opened fire on a minibus carrying foreigners in the industrial region of Jubail in eastern Saudi Arabia on Tuesday, but no one was injured, a Saudi Interior Ministry spokesman said.. ..Jubail is home to a large industrial zone comprising heavy industries such as petrochemical plants, many of which are owned by state-controlled Saudi Basic Industries Corp (SABIC). Al Qaeda staged an unsuccessful campaign of violence including suicide attacks on foreign residential compounds, oil installations and government buildings to destabilize the Gulf Arab country from 2003 to 2006. Since then there have been some isolated attacks on foreigners in the kingdom. Three French expatriates working in Saudi Arabia were shot dead during a desert trip in 2007, the last major attack.." [more] Saudi Arabia Aims to Pass Law Controlling Electronic Media [May 26] "The Saudi Ministry of Information and other government bodies are studying the possibility of issuing special regulations to control electronic newspapers. The move came in the wake of a protest staged by a number of Saudi female journalists against a report published in an electronic newspaper allegedly defaming Saudi women. According to informed sources, the new regulations will include several controls including that all Saudi electronic newspapers and websites must obtain official permits from the Ministry of Information, and that owners of the newspapers and the chief editors must put their names on the front pages.." [more] Rights Group Report Ignores Islamic Law [May 26] "A prominent Saudi human rights activist has described the Human Rights Watch report on the rights situation in Saudi Arabia as contradicting the truth in some of its items and does not take into account in many cases the religious background of the people of Saudi Arabia. In a statement to Gulf News, Dr Mufleh Al Qahtani, Chairman of the National Society for Human Rights in Saudi Arabia, said, 'It is quite clear that the writers of such reports ignore the religious side and the beliefs of the people, a matter which makes their reports subject to criticism from governments and people of the respective countries'.. ..'What the Western societies consider a basic right and essential aspect of freedom may be seen by us Muslims as a punishable offence by law. An example of this is the view of Western society towards the rights of homosexuals, adulterers and other offenders of the moral values in general,' he said.." [more] Saudi Private Sector to Spend $20b on New Medical Projects [May 26] "Amid an expected exponential growth in demand in health care services in Saudi Arabia, the Kingdomï¿½s private sector is forecast to spend $20 billion by 2016 on new medical facilities and services, Dr. Mazen Fakeeh, director-general of Dr. Soliman Fakeeh Hospital (DSFH) said on Monday at a function to celebrate the 30th year of the hospital founding.. ..Three major factors drive the upsurge in health care demand in the region, namely population growth, an aging population and unique health risks. Consultants MsCkinsey & Co. forecast earlier that the total health care spending in the Gulf Cooperation Council (GCC) countries will each $60 billion by 2025. 'No other region in the world faces such rapid growth in demand,'.." [more] Insurance Stocks Send TASI Plunging [May 26] "The Saudi stock market closed lower for the second successive session yesterday as shares in insurance companies plunged and blue chips retreated amid region-wide profit-taking. The Tadawul All-Share Index (TASI) closed below 6,000 points after plunging 2.28 percent or 138.07 points at 5,914.23, its second straight decline since hitting a 30-week closing high on Saturday. Almost all market sectors contributed to this loss, except the Media sector, which managed to close with a gain of 1.23 percent. Otherwise, sector losses ranged from a strong drop of 7.33 percent in the Insurance sector to 0.14 percent in the Real Estate development sector.. ..The TASIï¿½s drop of 2.28 percent is ï¿½normalï¿½ and past due after the series of strong gains that pushed most of the listed companies to strong resistance levels that were difficult to overcome due to a lack of supportive news.." [more] British Airways Resumes Flights From June 1 [May 26] "After a four-year hiatus, British Airways (BA) ï¿½ the UKï¿½s flagship carrier ï¿½ will next week mark its return to Saudi Arabia with five weekly flights to both Riyadh and Jeddah from its base of operations at London Heathrowï¿½s Terminal 5. The resumption of operations in the Kingdom form the core of the airlineï¿½s Middle East expansion strategy, with the Riyadh and Jeddah services taking BAï¿½s regional summer schedule to 66 weekly flights from eight GCC destinations, a 35 percent increase on the same period last year.." [more] ~~~~~~~~ [ May 25]~~~~~~~~~ Saudi Oil Min: Price Spike In 3 Yrs If Investment Lags [May 25] "The world may witness a new crude oil price spike in two to three years - potentially worst than a peak of $147 a barrel seen last year - if oil producers don't invest enough, Saudi Arabia's oil minister said Monday. The world's largest oil producer is the latest to warn about the risk associated to under-investment after the International Energy Agency, which represents energy consumers, voiced similar concerns. Speaking at a G8 Energy ministers summit in Rome, Saudi oil minister Ali Al-Naimi said his country is 'continuing to invest now in both the upstream and downstream to help ensure an uninterrupted supply of energy when the global economy recovers.' But 'if others do not begin to invest similarly in new capacity expansion projects, we could see within two to three years another price spike similar to or worse than we witnessed in 2008,'.." [more] Expatriates Number 10 Million by End of 2008 [May 25] "The number of expatriates living in the Kingdom reached 10 million by the end of 2008, an increase of 14 percent from the previous year. Expatriates now represent 27 percent of the countryï¿½s population. Abdul Wahid Al-Humaid, Deputy Minister of Labor, giving the figures at a meeting to discuss Saudization at Riyadhï¿½s Literary Club Sunday, said that the number of domestic workers of both sexes had increased by 23 percent over a year to a 1.2 million. Expatriate remittances abroad, Al-Humaid said, were recorded at SR60 billion in 2007.. ..In 2003 the Saudi Manpower Council mandated that the number of foreign workers and their families should not exceed 20 percent of the total population by 2013, and that the number of persons from any single nationality should not exceed 10 percent of the total expat population. But only five percent total Saudiization could be achieved between 1998 and 2003.." [more] Indian, Saudi Navies to Tackle Piracy Issue [May 25] " The PassEx ï¿½ Passage Exercise ï¿½ that the two visiting Indian naval ships, INS Aditya, and INS Delhi, will conduct with the Royal Saudi Navy (RSN) on Monday acquire an added significance in view of the piracy situation in the region, according to Rear Admiral S.P.S. Cheema, Flag Officer Commanding Western Fleet. Answering a question during a press conference on board the INS Aditya on Saturday, that in view of the increasing problem of piracy in the region, was there any difference in the role of the navy, and whether any special measures were planned between the two navies.. ..'That is why PassEx becomes more critical because we need to understand how to operate with each other. When we understand this then during a chance encounter, we can mutually support each other, help each other towards thwarting any piracy,'.." [more] Saudi-Swiss Talks Focus on ME Peace [May 25] "Talks between Custodian of the Two Holy Mosques King Abdullah and Swiss President Hans-Rudolf Merz yesterday focused on the Middle East peace process and security concerns with special reference to the global financial crisis. 'The talks will be followed by official-level consultations later to boost cooperation in different fields,ï¿½ said Tanja Kocher, a spokeswoman who is traveling with the Swiss president. ï¿½Switzerland, which is keen to see peace in the Middle East, is a neutral country and not part of any alliance.. .. the Swiss president has made it clear that it was part of his countryï¿½s tradition to offer mediation services.'.." [more] Virtue Commissionï¿½s Defamation Move Raises Eyebrows [May 25] "The recent move by the Commission for the Promotion of Virtue and the Prevention of Vice to seek judicial action against those who defame them has evoked a fiery response from Saudi legal experts, who say journalists have the legal right to report news and that members of all government bodies are open to criticism as long as it is supported with evidence. The legal experts also say that the only government body that can question journalists is the Journalist Violations Committee of the Ministry of Information. It is unclear whether the commissionï¿½s decision to seek legal action against media outlets includes coverage in the international media.." [more] GCC Mutual Fund Industry to Reach $200 Billion by 2012 [May 25] "With high growth prospects in the asset-management industry, the GCC mutual fund industry is expected to double in size to around $200 billion by 2012, according to Securities and Investment Company (SICO), the Bahrain-based regionally focused investment bank. 'The long-term prospects for the regional asset-management industry remain positive,' SICO said in a report released yesterday. 'The estimated size of the GCC asset management industry is around $90-100 billion of which GCC equities account for around $10-20 billion. According to estimates, the GCC mutual fund industry is expected to double in size to around $200 billion by 2012,'.. ..The report added that the market is still in its infancy.." [more] Saudi Tuwairqi Sees Fast End to Steel Export Ban [May 25] "Al-Tuwairqi Group, which owns one of Saudi Arabia's top three steel makers, said on Monday it expects the government before the end of July to end a ban on steel exports that has hurt profitability in the industry. 'Currently, negotiations for reviewing the ban are taking place on a very high level and hopefully it will be lifted in one to two months' time,'.. ..The ban, which was enforced at peak prices, has hurt the margins of steel makers in the kingdom as its implementation was almost immediately followed by a rapid slide in global commodity prices on the back of the economic slowdown. 'Saudi Arabia will soon shift from being an importing country of metals to an exporting one. That is why the government wants to lift the ban,' he said.." [more] Saudi Car Imports Brace for Tough 2009 [May 25] "Saudi Arabia, one of the Middle East's biggest car markets, could see the first drop in car imports in 10 years in 2009 as a crisis hits the oil-based economy, analysts and traders said. The industry, whose 2008 sales accounted for about 3 percent of the biggest Arab economy's gross domestic product (GDP), is cutting costs by freezing new recruitment, while banks are making access to financing harder, industry experts said. Global auto makers hope Gulf Arab countries will show relative resilience to the global downturn hitting the industry: the Saudi government has boosted spending to counter the effects of the crisis, but the private sector is widely expected to suffer, mainly from greater caution by banks towards lending.." [more] ~~~~~~~~ [ May 24]~~~~~~~~~ Prince Saud Urges US to Pressure Israel [May 24] "Foreign Minister Prince Saud Al-Faisal has urged the new US administration to pressure Israel to reach peace by granting the just rights of the Palestinian people. Addressing a foreign ministersï¿½ meeting of the Organization of the Islamic Conference here Saturday, he called on Arab countries and the Palestinians to unite in confronting the challenges they face at the hands of the Israeli enemy. 'The Arab League is exerting efforts to criminalize Israel for the crimes it committed during its aggression in the Gaza Strip and to stop the hostilities practiced against the Palestinian people, especially in the city of occupied Al-Quds,' Prince Saud said.. ..Syrian leader said that Israel poses the ï¿½greatest obstacleï¿½ to Mideast peace and warned that a failure of negotiations would open the way for more resistance in occupied lands. He said peace must include regaining Arab territories held by Israel.." [more] Saudi Arabia Sees $75 Oil Which Would Kill An Economic Recovery [May 24] "Saudi Arabiaï¿½s oil minister expects oil to move back to $75, about 22% higher than it is now. He also expects that OPEC will not have to cut production for crude prices to rise. Demand is already strong in Asia, Saudi Arabian oil minister Ali al- Naimi is reported by Reuters as saying. He believes that the increasing need for oil in other large industrial nations will rise as the global economy recovers. The Saudi formula may work, but only if the move up in crude prices trails GDP improvements. If crude move to $75 due to speculation or an increasing need for oil in China and India, it could ruin a recovery in the US, EU, UK, and Japan. Consumer and business demand would be severely undermined if a greater percent of every dollar of income has to go to oil and gas.. ..Low oil prices have played a part in keeping the recession from getting worse.." [more] Venezuela Vows to Beef Up Saudi Diplomatsï¿½ Security [May 24] "Venezuela is doing all it can to arrest and punish criminals who kidnapped, beat and held to ransom two Saudi diplomats in Caracas, the countryï¿½s embassy in Riyadh said yesterday. Saudi diplomat Ali Al-Qahtani was kidnapped and repeatedly beaten before being released after intervention by the Saudi Embassy in Caracas. A few days later, Heilan bin Labda, another Saudi official, was also kidnapped from his home. Labda was tortured brutally, and burned on the face and other parts of his body with a hot iron bar. Faris bin Hizam, a journalist who met Labda after he returned home, said the Venezuelan authorities have failed to take action, and that the case was remotely mentioned in the Venezuelan media. Hizam said authorities in Venezuela claim the incidents are part of a drug war. The Venezuelan Embassy in Riyadh, however, said the Caracas government was doing its best to address the issue.." [more] Saudi Kosovo Proposal Fails at OIC [May 24] " A draft resolution tabled by Saudi Arabia, calling for recognition of Kosovo, has been rejected at the OIC meeting in Damascus, Syria. The draft was presented during the Organization of the Islamic Conference (OIC) ministerial gathering. But Serbian FM Vuk Jeremić stated today that Syria, Egypt, Azerbaijan and some other member states submitted amendments to the resolution, so that the text does not call for Kosovo Albanian unilateral declaration of independence to be recognized, nor does it mention Kosovo's 'statehood'.. .. Saudi Arabia, a very strong and one of the most influential Islamic countries was on the one side, he said, while on the other are Iran, Syria, Algeria and Egypt.." [more] Saudi Grand Mufti Blames Curricula for Deviant Thoughts Among Youngsters [May 24] "Shaikh Abdul Aziz Bin Abdullah Al Shaikh, Grand Mufti of Saudi Arabia, has described the curricula in the Muslim world as the main reason for the spread of deviant thoughts and called for immediate action from relevant authorities to correct the 'unacceptable situation'. 'Shortcomings in some of the curricula in the Islamic world lead to the promotion of intellectual deviations in the mind of the public, which requires an immediate intervention to find out crucial solutions and correct the confusions caused by these shortcomings,' he said. Addressing the opening session of the Eighth Conference of the Ministers of Endowments and Islamic Affairs in the Islamic world, he also attributed the deviation to the uncontrolled TV stations and internet as well as the extremism of some religious men.." [more] Swiss and Saudis Ink Double-Taxation Accord [May 24] "Swiss and Saudi Arabian officials have initialled the first double-taxation treaty that eases portions of Switzerland's banking secrecy laws. During a state visit to the Middle East, Hans-Rudolf Merz, the Swiss finance minister, said the countries had also moved closer to concluding a free trade agreement and bilateral air-traffic accords. Earlier on Sunday the finance ministry confirmed reports that Switzerland was ready to sign two tax accords that met standards set by the Organisation for Economic Co-operation and Development (OECD). Officials would not name the other country with which they had made an agreement.." [more] Indian Warships Arrive in Jeddah on a Goodwill Mission [May 24] "Two stately Indian ships pulled in at the Jeddah Islamic Port Friday on a goodwill visit with the aim to engage 'extensively with the Royal Saudi Naval Force during their three-day stay here.' The two warships, INS Delhi and Aditya, are part of Indian Navyï¿½s overseas deployment to Russia, Europe, the Mediterranean Sea and the Red Sea. Stimulated by the warm welcome accorded to them by the Royal Saudi Naval and the port authorities, the Indian fleet commander, Rear Admiral S.P.S. Cheema, AVSM, NM, observed that the navy was a good instrument of international diplomacy. Addressing a press conference Saturday, Cheema outlined the purpose of such friendly visits. They are, he stressed, an exercise aimed at 'promoting greater interoperability and foster synergy between the two navies by mutual interaction in the practical aspects of seamanship, ship handling and various other naval evolutions.'.." [more] US Official Urges OPEC to Stabilize Oil as IEA Warns of Higher Prices [May 24] "US Energy Secretary Steven Chu wants OPEC to carry out an oil production policy that will help keep oil and gasoline prices stable 'as much as possible.' 'Sudden drops and sudden rises (in oil and gasoline prices) hurt everybody equally, and itï¿½s that stability that we seek,' Chu told Reuters in an interview on Friday as he prepares to leave for Rome this weekend to meet with energy ministers from the Group of Eight (G-8) industrialized countries. Chu noted that US oil and gasoline prices 'have gone up a bit' in recent weeks, with crude rising $10 a barrel and gasoline jumping 23 cents a gallon since the beginning of the month. 'Another price spike would be bad for the economy and they (OPEC members) know it,' he said.." [more] May 17-May 23, 2009 ~~~~~~~~ [ May 23]~~~~~~~~~ Ghost Towns in Saudi Seismic Zone as Evacuations Continue [May 23] "The smell of sulphur lingers in the air and the streets wear a deserted look in the quake-hit villages of Al Ais and Umluj in Madinah region. Civil defence teams and ambulances remain in the area, urging any remaining inhabitants to exercise every precaution. Where there are people to be seen, the sound of wailing sirens can be heard over the commotion of people in various states of panic. Saudi authorities have urged people in the region to evacuate their villages after tremors measuring 5.5 on the Richter scale were registered in Al Ais area.. ..The governor of Tabuk pointed out that the evacuated people had been given the option to settle in the camps set up for them in safe places away from the tremor-hit areas or to move to fully equipped apartments in Tabuk and other provinces.." [more] Saudis Endorse ICDL as Key Employment Norm [May 23] "Saudi government departments and the private sector have recently endorsed International Computer Driving Licence (ICDL) certification as a major criterion for employment. The ICDL initiatives are designed to boost the IT expertise of the local workforce and increase the number of qualified Saudi nationals in the IT sector. The move comes as part of a long-term strategy to support the Saudization program. ICDL complements Saudi Arabiaï¿½s Saudization program as IT skills and knowledge have become increasingly important factors in the growth strategies of various business organizations and in the government's goal of consolidating Saudi's status as a key growth economy in the Middle East. This has prompted a government-led campaign to enhance the IT competency of nationals and encourage them to participate in ICDL programs.." [more] Rights Awareness Program Under Way [May 23] "The head of the National Society for Human Rights (NSHR), Mufleh Al-Qahtani, said a committee is currently organizing a seminar to raise awareness of human rights and include the topic in the school curriculum. The NSHR recently held a seminar to increase awareness of the rights of retirees. Al-Qahtani said recommendations made at the seminar would be sent to the higher authorities. He said that knowledge about individualï¿½s rights is still low among officials and members of the public and that responses from some government departments to the NSHR activities are improving, but are still below the desired level.." [more] Tadawul Witnesses Violent Fluctuations [May 23] "Arab stock markets kept their upward thrust last week, buoyed by rising oil prices and the flow of fresh liquidity to regional markets as investors appeared upbeat over indicators that the world recession could be bottoming out, financial analysts said yesterday.. ..The Saudi stock exchange witnessed violent fluctuations last week which analysts attributed to profit-taking moves that took place after weeks of strong gains. The market was led by both down and up by the petrochemical conglomerate, the Saudi Basic Industries Corp. (SABIC). The Tadawul All-Share Index (TASI) gained 0.1 percent last week, closing at 6,052.63 points. TASI is currently 26 percent higher than the yearï¿½s start, according to the weekly report of the Riyadh-based Bakheet Investment Group (BIG). 'We expect the market to remain volatile within a narrow band this week reflecting the movement of oil prices and performance at global markets,'.." [more] Judicial Reforms in the Works [May 23] "Saudi Arabia intends to develop its judicial system by making use of the experiences of the American, British, French, Malaysian and Jordanian legal systems, said Omar Al-Suwailem, director of the project for the development of the judicial system and its facilities. 'We have selected a number of international judicial systems in order to adopt their best practices while formulating the Kingdomï¿½s strategic plan for judicial development,' Al-Madinah Arabic daily quoted Al-Suwailem as saying in its report yesterday.. ..A team has already conducted a survey of the Kingdomï¿½s existing judicial system to identify shortcomings and make proposals for improvement. At present, there are 266 Shariah courts in the Kingdom with 1,600 judges, but the country requires more than 4,000 judges. A judge looks into 1,184 cases annually and Saudi courts looked into 691,938 cases in 2007.." [more] ~~~~~~~~ [ May 22]~~~~~~~~~ Sumitomo Suspends Saudi Power, Desalination Plans [May 22] "Japan's Sumitomo Corp (8053.T) said it has put on hold its consortium's plans for a $6 billion power and water desalination plant in Saudi Arabia after the Saudi government said the plant was no longer designated an independent project. Sumitomo's consortium had won preferential rights to build and operate the plant, which was to be capable of producing 1 million tonnes of water a day, accounting for a third of the country's total production capacity. 'We need to see what the plans for the project are before we can make a decision about whether or not we can participate,' said Sumitomo Corp spokesman Katsuhiko Onishi. 'We haven't given up necessarily. We are just back at square one.'.." [more] Kingdom Increases IFAD Contribution Fivefold [May 22] "Saudi Arabia announced a fivefold increase in its contribution to the International Fund for Agricultural Development (IFAD) from $10 million in 2006 to $50 million, said Kanayo F. Nwanze, the newly elected president of the UNï¿½s specialized agency. Nwanze, accompanied with Taysir Al-Ghanem, IFADï¿½s Regional Communication Manager for the Near East and North Africa, and Nadim Khouri, Director, Near East and North Africa Division, was on an official visit to the Kingdom, Tuesday. 'IFAD has been seeking funds for its next three-year financial period and the Kingdom has granted a fivefold increase in its contribution from $10 million, three years ago to $50 million,'.. ..IFAD is a specialized agency of the United Nations dedicated to eradicating poverty and hunger in developing countries. Through low-interest loans and grants, it develops and finances projects that enable rural poor people to overcome poverty themselves.." [more] Kingdomï¿½s Industrial Investment Tops $66b [May 22] "The volume of investments in 14 industrial parks in Saudi Arabia that are under the supervision of the Saudi Industrial Property Authority (Modon) has reached 250 billion Saudi riyals ($66.7 billion), Abha-based Al-Watan daily reported on Thursday, citing Tawfig Al-Rabiah, Modonï¿½s director general. The aim of Modon is to boost the contribution of the industrial sector to the kingdomï¿½s gross domestic product to 20 percent by the hegira year 1441, Rabiah said, according to the paper. Meanwhile, the global financial crisis did not affect the adequacy of financing for infrastructure projects in Saudi Arabia, but it impacted the sources of the funds, Abha-based Al-Watan daily reported on Thursday citing Jabara Al-Seraisry. These projects are currently being financed by the government instead of partial or total funding by investors but this does not mean that the government has changed its policy towards the private sector.." [more] Saudi-Brazil Deals Part of SAGIA Strategy [May 22] "The recent trade agreements between Saudi Arabia and Brazil ï¿½ which came with Brazilian President Luis Inacio Lula da Silvaï¿½s landmark visit to the Kingdom recently ï¿½ is an example of the Saudi Arabian General Investment Authorityï¿½s (SAGIA) agenda to implement its so-called 10X10 initiative, which aims to make Saudi Arabia among the top ten most competitive nations by 2010. Lula da Silvaï¿½s visit to the Kingdom resulted in the two countries agreeing to use each other as regional trading hubs: Brazil for the Kingdomï¿½s efforts in Latin America and Saudi Arabia for Brazilï¿½s strategy in the Middle East and North Africa region.." [more] US Eyes Saudi Investors in Real Estate [May 22] "The benefits of investing in the US real estate sector were in focus at a seminar held in Jeddah on Tuesday night. 'The US real estate sector has become an attractive buy for investors in Saudi Arabia and Gulf, in the context of the recent developments brought about by global economic downturn and weak US currency,' Robert Koch, founder and chairman of the Florida-based Fugleberg Koch Inc., told a meeting attended by a large number of investors at Laylaty hall. 'In this phase, Investing in the US real estate offers a lot of opportunities, notwithstanding affordable prices, due to its incredibly sound investment policies,'.." [more] RCCI to Host Saudi-German Trade Talks [May 22] "The Riyadh Chamber of Commerce and Industry (RCCI) will host a high-profile meeting of Saudi and German businessmen tomorrow. A 25-member German delegation led by Secretary of State for the Ministry of Economics, Labor and Transport of Lower Saxony Stefan Kapferer will participate in this business session. 'The German delegation, which will include companies from a large spectrum of industries ranging from export and software solutions to construction and consulting will participate in the meeting before traveling to the UAE on May 24 and later to Qatar,' said Gerd Doepner, delegate of the German-Saudi Arabian Liaison Office for Economic Affairs (GESALO), here yesterday. He added that the Deutsche Messe AG would also be represented. Deutsche Messe AG is the worldï¿½s foremost trade fair organization.." [more] ~~~~~~~~ [ May 21]~~~~~~~~~ Saudi Denies Project Funding Crisis [May 21] "The global financial crisis did not affect the adequacy of financing for infrastructure projects in Saudi Arabia, but it impacted the sources of the funds, Abha-based Al-Watan daily reported on Thursday citing Jabara al-Seraisry, the kingdom's Minister of Transport. These projects are currently being financed by the government instead of partial or total funding by investors but this does not mean that the government has changed its policy towards the private sector.. ..A decision will be taken soon concerning the financing of the Landbridge rail project that will link the eastern region of Saudi Arabia to its western region, Seraisry said.." [more] All Evacuated From Al-Eis [May 21] "Civil Defense forces evacuated Tuesday night all the remaining residents of Al-Eis, some 26,000 people, after an earth tremor recording 5.39 on the Richter scale hit the town and surrounding region. Authorities closed all entrance routes coming from Madina, Yanbu and Umluj to Al-Eis town and villages in the vicinity. By Wednesday morning streets and houses in Al-Eis were deserted and police and Civil Defense authorities had departed from their stations. A Civil Defense chief in the region said that some personnel and equipment had been moved to the outskirts of the town where back-up forces were stationed, while other teams had relocated to the shelter camp on the Al-Eis to Yanbu Road.." [more] Boeing Becomes a Founding Member of KAUST Program [May 21] "King Abdullah University of Science and Technology (KAUST) announced on Wednesday that Boeing has become a member of the KAUST Industrial Collaboration Program (KICP). KAUSTï¿½s Interim Vice President of Economic Development Ahmad Al-Khowaiter signed an agreement with Boeing Saudi Arabia President Ahmed Jazzar that makes Boeing, the worldï¿½s leading aerospace company, a key part of the Universityï¿½s economic development program. 'Companies and universities need to be innovative if they are to remain globally competitive,'.. .. 'Boeing is defined by its technological edge,' Jazzar said. 'We believe that working with KAUSTï¿½s professors and students on innovative technology research will help Boeing assimilate new ideas and innovative processes into our products and programs. This also is good for Saudi Arabia because it will help grow the capabilities of the Saudi research and development and scientific community to meet emerging needs within the Kingdom.'.." [more] Saudi-Swiss Summit Meeting on Saturday [May 21] "A summit meeting between King Abdullah, Custodian of the Two Holy Mosques, and Swiss President Hans-Rudolf Merz is scheduled to take place in Riyadh on Saturday for official discussions on strengthening relations between the two countries and regional and international developments. President Merz will arrive in the Kingdom on Saturday at the head of an official two-day visit by a government and commercial delegation. The Saudi-Swiss Joint Committee held a meeting in Switzerland in February of this year to discuss the strengthening of economic ties and the promotion of joint investment projects in the two countries. The Swiss president is expected during his visit to sign a number of agreements and memorandums of understanding.." [more] Saudi Arabia to Implement Wind Power Technology [May 21] "Local and international experts in wind technology have recommended that a large-scale wind power development programme should be established in Saudi Arabia. The recommendation emerged from the second day of the Wind Power Technology Forum which opened Saturday at the Research Center, King Fahd University of Petroleum and Minerals.. ... Organizers said that because of the increasing energy requirements in the Kingdom, particularly from the industrial sector, it is high time for the Middle East in general and Saudi Arabia in particular to embark on the utilization of wind power to cope with the pace of the nation's development.." [more] ~~~~~~~~ [ May 20]~~~~~~~~~ Gulf Unity In Tatters [May 20] "It was set to be the Middle East's version of the euro, but the Gulf Co-operation Council's plans for a currency union looked doomed on Wednesday after the United Arab Emirates reportedly announced it would not take part.. ..The decision comes two weeks after the six-nation Gulf Co-operation Council--made up of Saudi Arabia, the U.A.E., Bahrain, Kuwait, Oman and Qatar--announced that the planned monetary council and central bank for the group would be located in the Saudi capital of Riyadh. The U.A.E. had wanted its own capital, Abu Dhabi, to house the bank, and analysts at the time worried that this snub could lead to divisions. The U.A.E.'s announcement could be a way to put added pressure on Riyadh, as the whole process is more dependent on politics than economics.." [more] Saudi Analysts Hail Postponement of Elections [May 20] "A number of Saudi writers and political analysts have agreed that the Saudi governmentï¿½s decision to postpone the municipal elections for two years was aimed at giving more time for promotion of the democratic values among the Saudi society and for increasing participation of probable voters. The municipal elections were originally scheduled to take place later this year. In special statements to the Gulf News they stressed that postponement of the municipal elections would lead to a dynamic political and social situation in Saudi Arabia, and will represent a true beginning for the reform process led Saudi King Abdullah and Crown Prince Sultan Bin Abdul Aziz. They noted that the ongoing reform process aims to develop the Saudi community to cope with the new developments in the national and international scene.." [more] Saudi State Funds Keep Transport Projects on Track [May 20] "Saudi Arabia's transport minister said all transport projects in the kingdom were on track and it was using state funds to push them forward given the high cost private sector borrowing. Jebarah bin Eid al-Suraisry said on Wednesday the kingdom allocated 12 billion riyals ($3.2 billion) in its budget for some road and ports, underpinning the state's plan to keep public funds flowing into key infrastructure projects. The largest Arab economy, which expects to post a budget deficit this year, said on Tuesday it had more than doubled spending on development projects in the first quarter to 40.6 billion riyals to support the non-oil sector.." [more] Earthquake Hits Villages in Saudi Arabia [May 20] "Saudi Arabia's earthquake monitoring service on Wednesday urged residents in several villages in the western region to evacuate after a 5.3 earthquake hit the region. The Saudi National Center for Earthquakes and Volcanos said the earthquake did not cause damages or injuries. It residents of five villages west of the holy city of Medina to head to tent camps and shelters set up by authorities. Arab satellite new channels had reported that many have already fled the area.." [more] Capt. Joe Grant Revisiting History [May 20] "Capt. Jose (Joe) Grant, a recipient of the King Abdul Aziz Medal (First Class), arrived in Jeddah yesterday and will be traveling to Riyadh for an audience with Custodian of the Two Holy Mosques King Abdullah. Grant flew King Abdul Aziz in a Douglas DC3 plane that was given to the Kingdomï¿½s founder by US President Franklin D. Roosevelt in 1945. The plane, which was luxuriously fitted with wooden trimmings and special seating, was given to King Abdul Aziz during their historic meeting on board the USS Quincy on Feb. 14, 1945, sparking the formation of the Kingdomï¿½s national airline. 'He used to sit with me in the cockpit in the copilotï¿½s seat sometimes' said Grant at a private lunch. 'He would quietly stroke his beard and ask me questions about the controls and the airplane. He wanted to know everything. He was a great man and a man of tremendous foresight.' Grant stayed for a few years in the Kingdom and, with two colleagues, trained the cadre of pilots that was to become the basis for the modern Saudi Arabian Airlines.." [more] GCC Business Outlook: Kingdom of Saudi Arabia [May 20] "The Kingdom of Saudi Arabia is weathering the storm of the crisis thanks to gross official reserves of $431.9bn, which Riyadh amassed during the energy price boom. But while traditionally strong sectors such as oil, gas and banking face challenges, the biggest GCC country is injecting life into dormant branches. You think Western banks are scaling down their operations? Take the Big Two from Switzerland - UBS and Credit Suisse. They are indeed cutting operations down in their home market and abroad after billions of dollars in losses due to the financial crisis. On the other hand, both financial institutions are currently building up their operations in all fields of banking in Saudi Arabia. Both banks received approval from the Capital Market Authority in Riyadh, the Saudi regulator, in July and November 2008, respectively.." [more] ~~~~~~~~ [ May 19]~~~~~~~~~ French, German Envoys Downplay Visa Delay Issue [May 19] "French and German ambassadors on Monday downplayed allegations of discriminatory attitudes and unreasonable delays in visa issuance to Saudis for several European and Schengen countries. Bertrand Besancenot, French Ambassador, and Volkmar Wenzel, German Ambassador, jointly addressed a press conference at the German Embassy to announce the outsourcing of visa services. Besancenot said reports in a section of the press blaming unreasonable delays in the issuance of visas to Saudi nationals were unfounded and unjustifiable. 'In fact, the wording used in the reports was outrageous and insulting to the officials working in our visa section,'.. ..The envoy said there has been a need for the improvement of visa services on both sides, and it was true that the French Embassy had discussions with the Saudi Ministry of Foreign Affairs on the issue. He did not elaborate, but said that French nationals visiting other GCC states receive visas at the airport.." [more] British Muslim Minister to Examine Counter-Radicalisation in Saudi Arabia [May 19] "The British Muslim Minister responsible for community cohesion Sadiq Khan is currently visiting Saudi Arabia to examine the interaction between faith and state with key decision makers in Government and faith institutions and also to learn more about the counter-radicalisation programmes being carried out in the country. His four-day visit also seeks to promote a better public understanding of the position of Muslims and Islam in the UK.." [more] Saudi Inflation Down to 5.2% [May 19] "Data from Saudi Arabia's Central Department of Statistics shows that the kingdom's inflation has fallen for the sixth consecutive month from 6% in March to 5.2% in April, its lowest rate since September 2007, according to Meed magazine. Food and beverage inflation was 1.6% in April, down from 2.8% in the previous month, while rental prices rose 18.8% in the most recent period, after rising 20% in March.." [more] Swedes Show Interest in Saudi Health Sector [May 19] "A Swedish trade delegation from the health sector which has just visited Saudi Arabia expressed optimism as far as their prospects in the local market are concerned. Accompanied by Swedish Ambassador Jan Thesleff as head of delegation, the members held talks with their counterparts in hospitals, clinics and medical centers in the Saudi capital. The delegation left yesterday after a three-day visit. 'We visited hospitals, medical centers and clinics in Riyadh which are in need of the products and services offered by the companies being represented by the delegation,' Thesleff said during the reception he hosted in honor of the delegation.." [more] ~~~~~~~~ [ May 18]~~~~~~~~~ Saudi Municipal Polls Put Off For 2 Years [May 18] "The Saudi government has extended the mandate of municipal councils by two years, effectively postponing elections expected to have taken place later this year, the cabinet announced Monday. The Saudi cabinet decided to extend the councils' mandate for two more years from October 31, after hearing a report from the Minister of Municipal and Rural Affairs on the experience of the first municipal council elections held four years ago, according to a statement carried by SPA state news agency. The government wants to give time to 'expand the participation of citizens in the management of local affairs' and to draft new regulations for the councils toward this goal, the statement said. In 2005, Saudi Arabia held pioneering elections to select half the members of 178 municipal councils as part of a cautious process of reform; the other half remained appointed. Women were not allowed to run as candidates or to vote but the elections were considered a landmark in the highly-centralised absolute monarchy, where all government positions had been appointed.." [more] Saudi Prince Says Militants Are a Disgrace [May 18] " Militant Saudis who kill innocent people in terror attacks in Iraq, Pakistan and elsewhere are a disgrace to their country, a Saudi prince says. Prince Naif bin Abdulaziz, Saudi second deputy premier and interior minister, said Monday in Riyadh he hopes to stop the spread of Islamic militancy through the media, KUNA, the Kuwait News Service, reported. The prince blamed 'propaganda and yellow journalism"' for helping to recruit Saudi youths into militant organizations and called for media reforms to protect the country's security. 'Our media, whether it is the state media or private media, should be realistic and well prepared,'.." [more] Saudi Arabia Evacuates 5 Villages in Volcano Scare [May 18] "Saudi authorities evacuated five western villages on Monday after tremors hit a volcanic region in the past weeks raising concerns of possible eruptions. 'There was a large quake, the largest so far,' Ahmed al-Attas, vice president of the Saudi Geological Survey (SGS), told Reuters after civil defence officials evacuated the villages near the town of al-Ais. Attas was referring to a 4.68 earthquake, which hit the region on Sunday. Al-Ais, 150 km (100 miles) northeast of the Yanbu on the Red Sea, is not close to the world's top oil exporter's oil and petrochemicals facilities. The region lies on a fault line.. ..Fears of an eruption in dormant volcanoes in al-Ais have sent panic stricken residents voluntarily fleeing to the holy city of Medina and Yanbu last week.." [more] Brazil Pledges Energy Cooperation [May 18] "Brazil, which pledged 'to boost energy cooperation' with Saudi Arabia here yesterday, has declined to become a member of the Organization of Petroleum Exporting Countries (OPEC) despite the discovery of massive crude oil reserves there. 'Brazil, on the other hand, has planned to refine, not export, its crude oil,' Brazilian President Luiz Inacio Lula da Silva, who is on a landmark visit to the Kingdom, told a crowded press conference here.." [more] Saudi Arabia to Slash Gasoline Imports by 29% in June [May 18] "Saudi Arabia is expected to slash gasoline imports by nearly 29 percent in June, as domestic production capacity ramps up following refinery maintenance work, traders said on Monday. The world's top oil exporter will import nearly 57,000 barrels per day of gasoline in June versus 80,000 bpd in May, traders said. Saudi Arabia typically imports between 60,000 to 70,000 bpd each month, traders said, but the OPEC member had raised imports in recent months due to an outage at a 44,000 bpd hydrocracking unit at its largest refinery in Ras Tanura and planned maintenance work at its 120,000 bpd Riyadh refinery.." [more] ~~~~~~~~ [ May 17]~~~~~~~~~ Reform Sought Amid Saudi War of Succession [May 17] "..Dozens of Saudi activists, mostly women, have petitioned King Abdullah bin Abdul Aziz with a ten point plan of radical political reforms that includes an elected Parliament and limiting the powers of the princes, at a time when the crown princeï¿½s ill-health is reviving the war of succession in the Kingdom. The 77 petitioners, mainly human rights campaigners, stress in the petitionï¿½s seventh point, the necessity to 'add an important clause on the status of Hayï¿½at al-Bayï¿½a (Allegiance Commission), stipulating the participation of an elected Parliament' in the decisions of this body whose responsibilities include the appointment of the crown prince. Such participation 'will among other benefits, counter all secret and / or professed struggles (for power) and enable the people to participate in decisions, on the same basis as the reigning family', underlines the signatories of the petition, a copy of which has been sent to twenty high ranking officials, including the Crown Prince and Minister of Defence, Prince Sultan bin Abdul Aziz, and the Minister of Interior, Prince Nayef bin Abdul Aziz.." [more] Brazilian President Meets King on Historic Visit [May 17] "Brazilian President Luis Inacio Lula da Silva met King Abdullah, Custodian of the Two Holy Mosques, Saturday in the historic first visit by a Brazilian president to the Kingdom. The two leaders held talks and dined together at the Kingï¿½s Riyadh palace, where they were to sign a number of bilateral agreements governing political, economic and cultural relations. Lula arrived earlier Saturday with a large delegation of Brazilian businessmen hoping to explore joint investment and trade opportunities between the two countries. After his arrival he met Abdurrahman Al-Attiyah, secretary general of the six-member Gulf Cooperation Council, which is seeking a free trade deal with the Latin American Mercosur trade group. One area the Saudis are looking at is investment in agriculture in Brazil as Riyadh seeks to build up food security by purchasing or leasing farmland in other countries.." [more] Saudi Women Pioneers Brave Clerics With Ball Games [May 17] "In red-and-white uniforms which cover all but their hands and face, Saudi women pioneers with their basketballs and footballs are puncturing strict religious taboos. Jeddah United train four times a week away from the prying eyes of men.. ..They practice together in uniforms that include white scarves covering their hair, long-sleeve shirts and full-length pants. For competitive games, they have had to travel far -- twice to Jordan and once to the United Arab Emirates. 'It's difficult, but we are pioneers,' Maina said. 'Our message is that Saudi women should be able to take part in sports, like everywhere around the world.' Even so, news of the club has drawn the hostility of conservative Muslim clerics, three of whom charged in a statement that women's clubs are 'one of the principal sources of vice and debauchery.'.." [more] Saudi Experience to Help Arab Countries Confront Deviant Ideologies: Naif [May 17] "Second Deputy Premier and Minister of Interior Prince Naif said yesterday that the national strategy to confront ideological deviation would set the base for an Arab strategy in this regard. 'All Arab countries face similar challenges. The Arab world needs a clear strategy to ensure intellectual security,' he said. Prince Naif stressed that deviant thoughts promote crimes. 'Therefore, the prevention of deviation in thinking should be the first step to achieve intellectual security,' he said. Identifying such deviation, whatever its direction and reasons, early enough would increase the ability to cure them, he added. 'Deviancy in thinking is like certain dangerous diseases that can be cured if we are able to diagnose and treat them properly before they reach an advanced stage,' he explained. Prince Naif expressed his hope that deviant thoughts could be stopped through proper education, dialogue, academic curricula and various informational, cultural and religious activities.." [more] Taiwan Trade Mission Gets Orders Worth $13 Million [May 17] "Taiwan said yesterday that it was concerned about the huge bilateral trade gap and was considering new moves to narrow it. 'We are keen on expanding our exports to Saudi Arabia,' David Wang, chief secretary of the Taipei-based Bureau of Foreign Trade of the Ministry of Economic Affairs, told Arab News on the sidelines of a business session of the 2009 Taiwan trade mission at Le Meridien Jeddah yesterday. 'Trade between Saudi Arabia and Taiwan totals $16 billion, but it has remained largely in favor of the Kingdom as our exports are only $1 billion and imports $15 billion. So our effort is to bridge this yawning gap as much as possible, which is one of the objectives of the current mission,' Wang added. In fact the Taiwanese companies are at the forefront of technological innovations in a wide specter of industries and are keen to expand their distribution network with new partners, he said.." [more] Fall in Construction Costs Driving Progress in Economic Cities [May 17] "A 30 to 40 percent fall in construction costs in Saudi Arabia is speeding up the development of Saudi Arabiaï¿½s Economic Cities. Although the economic downturn has lead to the shelving of a number of major projects elsewhere in the world, it has led to a significant opportunity for Saudi Arabiaï¿½s Economic Cities to develop at an increasing rate. Amr Al Dabbagh Governor of the Saudi Arabian General Investment Authority (SAGIA) said in an interview at the InterAction Council meeting held last week at the King Abdullah Economic City, 'The global economic slowdown has presented a great deal of opportunities including depressed prices of building materials and surplus capacities in construction companies, equipment and human capital. All these challenges were there six months ago but now we are talking about a cost advantage for construction between 30 and 40 percent. Now the challenge is how much we can do in 24 hours a day, seven days a week.'.." [more] Womenï¿½s Branches Soon in Chambers of Commerce [May 17] "Reem Al-Frayyan, Director of the General Administration of Businesswomenï¿½s Affairs at the Council of Saudi Chambers of Commerce, has revealed that the council plans to open new female branches in various regions of the Kingdom, among them Najran. Al-Frayyan said the council was also working to improve existing womenï¿½s sections, and that the 25 chambers of commerce in the Kingdom were providing figures to reveal the number of businesswomen registered with them. Those chambers that had not yet opened female sections, she added, were being urged to do so. According to Al-Frayyan 15 chambers currently have womenï¿½s sections or female representation, having increased from ten over the past year.." [more] Insurance Summit Opens Amid Very Promising Saudi Outlook [May 17] "The state of the Saudi insurance industry will be explored and scrutinized amid the protracted global financial crisis during the four-day Saudi Insurance Summit that opens today (May 17) at the Riyadh Marriott Hotel. The slated panel discussions will focus, among others, on the effects of the global financial crisis on the worldwide insurance market and on the formation of a competitive Saudi insurance industry. Other issues like corporate risk and internal insurance management, the health of the Saudi health insurance market and a review of the regional and local reinsurance and Takaful landscape amid a changing environment will also be tackled. The Saudi insurance segment witnessed 24 percent growth between 2006 and 2007 and many new insurance companies are now operating under the Takaful licenses adopted recently in the Kingdom.." [more] May 9-May 16, 2009 ~~~~~~~~ [ May 16]~~~~~~~~~ Saudi SABIC Says Domestic Economy Helping it Cope [May 16] "Saudi Basic Industries Corp 2010.SE (SABIC) was coping better than other petrochemical companies with a global recession because Saudi Arabia will not be as badly hit, its chairman said on Saturday. Prince Saud bin Abdullah bin Thenayan also reiterated that an oil price at $70-$75 was necessary to help the kingdom sustain investments in petrochemicals. 'The impact of the crisis is very clear while SABIC has been affected like others it's better placed than other petrochemical firms to weather the crisis due to the economics of the industry in Saudi Arabia and our business model,' Prince Saud said. He made the comments to Reuters on the sidelines of the World Economic Forum at the Dead Sea, Jordan. SABIC is the Arab world's largest company and a yardstick for the performance of global petrochemical firms. It swung to a worse-than-expected loss in the first quarter as it took a hit from a downturn in prices for petrochemicals and metals.." [more] 22% of Children in KSA Sexually Abused ï¿½ Study [May 16] "A study carried out by Dr. Ali Al-Zahrani of Edinburgh University has shown that 22 percent of children in the Kingdom are exposed to sexual abuse. According to a report in Al-Watan daily Dr. Khalid Al-Helaibi, Head of the Family Development Center and a teaching assistant at the Shariah and Islamic Studies College at Mohammad Bin Saud University, cited the study during a lecture given last week at Prince Mohammad Bin Fahd Elementary School in Hofuf, during which he challenged students to stand up in front of their colleagues, parents and teachers and tell of their experiences of attempts to sexually abuse them. Al-Helaibi spoke of the nature of children most vulnerable to sexual abuse and gave advice to parents and teachers on how to spot the signs that a child is being sexually abused. Many of them, he said, are kept quiet through blackmail.." [more] Kingdom, Brazil to Sign Deals During Lula Visit [May 16] "A high-level business delegation led by the Vice President of the Confederation National Industries (CNI) of Brazil Paulo Gilberto Fernandes Tigre, who is also the president of the Federation of Industries of the Rio Grande do Sul State, arrived in Riyadh. The delegation arrived a day ahead of the two-day visit by Brazil President Luiz Inلcio Lula da Silva today. The President will be accompanied by the Minister of External Relations of Brazil Celso Amorim, the Minister of Development-Industry & Foreign Trade Jiguel Jorge, Minister of Press and Media Franklin Martins and other high-ranking officials. Saudi Arabia and Brazil will sign, during the presidentï¿½s visit, several agreements and memorandum of understandings such as the General Agreement on Cooperation, agreement on the cooperation on higher education, memorandum of understanding regarding political consultation, memorandum of understanding between the diplomatic institutes and agreement on cultural cooperation.." [more] Taiwan Eyes Kingdom to Boost Exports [May 16] "The head of the Taiwanese trade delegation currently in the Kingdom on an eight-day visit said on Wednesday night that there is great scope for an expanded bilateral trade between Taiwan and Saudi Arabia, which currently touches $15.24 billion. Sheng-Chung Lin, deputy chairman of the Taiwan External Trade Development Council (TAITRA), said he is optimistic about the trade relationship between the two countries. 'Taiwan has high-quality products which Saudi Arabia needs and looks for. Saudi Arabia is also our biggest trading partner in the Middle East,' Lin said.. ..Lin said that thereï¿½s much that Taiwan could offer to Saudi Arabia in trade and industry. Its leading exports to the Kingdom include consumer products, machinery and hardware. Acer, Taiwanï¿½s IT hardware giant, has set up an assembly plant in the Kingdom for the production of desktop PCs in collaboration with Riyadh-based Advanced Electronics.." [more] Saudi Policy is Vital to Enhancing the Stability of Yemen [May 16] "..Saudi Arabia's relationship with Yemen is unlike that with any other Arab country. The two countries are joined through historical, ethnic, and tribal ties, yet neither has the means to resolve popular resentments and resistance. Saudi Arabia's traditional "soft power" foreign policy tools - lavish spending of oil money and Daawa, "the Call," are no longer effective. Building fences and sending helicopters to police the borders will not be sufficient, and the idea that jihadists can be rehabilitated is a myth. No medicine will work if, when the patient is released, he encounters the same virus: institutionalized Wahhabism. Yet there are things the Saudis can do to vaccinate themselves, and Yemen as well, from fanaticism. The tentative moves toward liberalization that King Abdullah has made over the past two years need to be accelerated, made more daring, and become more effective in removing the Wahhabi ideology as an incubator for radicalism.." [more] ~~~~~~~~ [ May 15]~~~~~~~~~ Abdullah to Patronize Intï¿½l Media Conference [May 15] "King Abdullah, Custodian of the Two Holy Mosques, will patronize here on May 18-19 the 1st international media conference titled 'Future of news publishing.' The conference is being organized by the Ministry of Culture and Information in coordination with the international Afra organization. In organizing the conference, the Ministry of Culture and Information seeks to build bridges of cooperation and dialogue between media organizations in the Middle East, to create a culture of communication between media members, to promote an academic climate appropriate for the graduation of distinguished media cadres, and to benefit from global expertise and experience in the field of publishing and journalism.." [more] Value of Kingdomï¿½s IT Market Forecast to Rise to $5.6 Billion by 2013 [May 15] " The value of Saudi Arabiaï¿½s IT market is expected to rise to $5.6 billion by 2013 from $3.4 billion recorded in 2008, or a CAGR (compound annual growth rate) of 11 percent. The Information Technology Report for the second quarter of 2009 showed that the Kingdom appears better placed than some other markets in the region to withstand the current global economic headwinds. Saudi Arabiaï¿½s IT market has a number of positive factors to help it avoid stagnation, including fairly resilient consumer demand, and ongoing infrastructure projects in major verticals such as oil and gas, power, education and telecoms. The report predicted that per-capita IT spending will reach $170 by 2013.." [more] Mideast in Focus as WEF Opens Today in Jordan [May 15] "The World Economic Forum (WEF) opens a conference on the Middle East at the eastern shore of the Dead Sea today, with the participation of about 1,300 political, business and civil community leaders from 80 countries. The three-day conference, to be opened by King Abdallah of Jordan, will be held under the title: 'Implications of the Global Economic Crisis for the Middle East: Home-Grown Strategies for Success.' 'The Middle Eastï¿½s aspirations for prosperity will be challenged as it attempts to restore its own growth while navigating a complex geopolitical landscape,' organizers said.. ..Analysts have estimated the losses incurred by Arab sovereign funds and stock markets, especially those in the Gulf at more than $1 trillion as a result of global economic downturn.." [more] Oil Demand Seen Dropping at Fastest Pace Since 1981 [May 15] "Oil consumption will this year fall at the sharpest pace since 1981 due to the crisis afflicting world economies, the International Energy Agency (IEA) said Thursday as it made new cuts to its forecast for crude demand. In its closely watched monthly survey, the Paris-based agency said it now expects global oil demand to fall 3 percent to 83.2 million barrels a day this year, or 2.6 million barrels a day less than in 2008. That is the ninth consecutive monthly cut the IEA has made to its oil demand forecast since last August, when the IEA had forecast oil demand would reach 87.8 million barrels a day in 2009. Oil futures ended mixed Thursday as a cautious market digested news of a cut in energy demand forecast by the IEA amid economic downturn.." [more] ~~~~~~~~ [ May 14]~~~~~~~~~ Saudi Activists Petition King for Reforms [May 14] "A group of Saudi human rights and opposition activists have sent King Abdullah a petition to ask for more political and judicial reforms and fair trials for suspected al Qaeda militants. Saudi Arabia, the world's top oil exporter and a firm U.S. ally, is an absolute monarchy without an elected parliament or political parties. Its courts are run by clerics who apply an austere version of Sunni Muslim Islamic law. 'We request his majesty to implement his promised reform initiatives by establishing a modern state built on democracy, justice, dignity, equality, tolerance, pluralism and citizens' rights,' said the statement signed by 77 activists, according to a copy sent to Reuters on Thursday. The group, comprising human rights activists, writers and academics, demanded that trials against 991 suspected al Qaeda militants be fair and public, not held in secret.." [more] Saudi Sees Oil's Rise Unrelated to Demand [May 14] "Top oil exporter Saudi Arabia sees factors other than demand behind oil's rise this week to $60 a barrel, Saudi-owned newspaper al-Hayat reported on Thursday. 'The Saudis said that the recent rise in oil prices does not reflect the reality of demand,' al-Hayat said, citing French sources after French Economy Minister Christine Lagarde met Saudi King Abdullah and his Oil Minister Ali al-Naimi on Sunday. The Saudis said factors other than oil market fundamentals had affected the price, al-Hayat reported the sources as saying. U.S. crude traded around $57.50 a barrel on Thursday, after hitting a six-month high of $60 a barrel on Tuesday. Oil has risen 75 percent from a January low of $32.70 a barrel despite rising inventories and weak demand.." [more] CIU Backs Kingï¿½s Peace Push [May 14] "The Council for International Understanding (CIU) that includes more than 30 world statesmen Wednesday underscored religious tolerance as among the most important issues of the 21st century, recognized Saudi Arabia as one of the few moderate countries in the region and endorsed the 2002 initiative by King Abdullah, Custodian of the Two Holy Mosques, for peace in the Middle East. The concluding statement of the three-day 27th annual meeting of the CIU held at King Abdullah Economic City also welcomed the reform proposals initiated by King Abdullah and his endeavors to promote dialogue among followers of religions, as evidenced by last yearï¿½s conferences in Madrid, Spain, and the United Nations in New York.." [more] Singapore Woos Saudi Visitors With its Latest Tourism Offerings [May 14] "Saudi Arabia has emerged as a top tourism market for Singapore, following a 23 percent increase in visitor arrivals to the city-state in the first quarter of 2009 compared to 2008 figures. Arrivals from the Middle East and Africa region expanded 5 percent in the period. Singapore continues to attract record numbers of Middle East visitors with 30,000 visitors arriving in the first quarter of 2009, representing a five percent increase over 2008. Visitors from UAE grew 10 percent in the said period. In a two-day roadshow in the Kingdom to promote ï¿½Fabulous Singapore Stopoverï¿½ package under the ï¿½Uniquely Singaporeï¿½ 2009 campaign slogan, the Singapore Tourism Board (STB), together with Singaporeï¿½s leading travel and tourism companies, offer fascinating opportunities for tourists.." [more] Time Up for Debate Over Women in Workplace: Princess Loulwah [May 14] "Princess Loulwah Al-Faisal, vice president of the board of trustees and general supervisor of Effat College, said that women have demonstrated both their business acumen and abilities, and that the time for debate over women in the workplace has past. She made these remarks on Tuesday night to a crowd of more than 400 women gathered for the second annual Womenï¿½s Economic Forum at the Asharqia Chamber for Businesswomen. The two-day conference, the theme of which was ï¿½Women as Partners in Development,ï¿½ examined womenï¿½s current and future role in the Kingdomï¿½s economic development as well as other Gulf Cooperation Council (GCC) member states. The forum covered topics from womenï¿½s traditional investment plans and economic priorities to obstacles facing women and the necessity of overcoming them. 'The role of women has changed dramatically recently ï¿½ side-by-side with global and regional social, economic and political developments,'.." [more] Kingdomï¿½s Gas Reserves Put at 267 tcf [May 14] "Saudi Arabiaï¿½s gas reserves stood at 267 trillion cubic feet in 2008, Minister of Petroleum and Mineral Resources Ali Al-Naimi said in remarks reported yesterday. The figure Al-Naimi gave according to a report carried by the official Saudi Press Agency was four billion cubic feet higher than an estimate Saudi Aramco data showed earlier yesterday. Aramcoï¿½s figure shows an increase of about 4 percent in gas reserves compared to 2007. Al-Naimi said the offshore field of Karan is expected to produce 1.8 billion cubic feet per day of non-associated gas. Saudi Arabia awarded in February the contracts for the field, its first non-associated offshore gas field project. 'The program of Saudi Aramco to develop the reserves and gas production will continue. For example the Karan offshore field is expected to add 1.8 billion cubic feet per day to the production capacity,' he said, without giving details.." [more] ~~~~~~~~ [ May 13]~~~~~~~~~ Joint GCC Efforts Needed on Iraq ï¿½ Naif [May 13] "Joint GCC efforts are needed to end the bloodshed in Iraq, Prince Naif Bin Abdul Aziz, Second Deputy Prime Minister, and Minister of Interior, said here on Tuesday. Addressing the 10th consultative meeting of GCC interior ministers here, Prince Naif said the meeting comes amid global and regional changes which have huge implications on the security and stability of the region. The aggravation of security conditions in Iraq, he said, necessitates that the neighboring countries crystallize their stands in the interest of the unity and stability of Iraq and safety of its people. 'They (the neighboring countries) need to realize the danger of instigating and antagonizing one party against another and its impact not only on the security of Iraq but on the security of the entire world,' he said. 'This makes it inevitable for all of us to cooperate to avert the killing and destruction in Iraq,' Prince Naif said.." [more] Saudi Aramco in 2008: Setting New Standards in Excellence [May 13] "Saudi Aramco on May 13 released its 2008 Annual Review, reaffirming its role as a leading provider of energy. The Review summarizes company operations and outlines significant achievements throughout the year. The Annual Reviewï¿½s theme, 'Setting New Standards: Our Legacy, Our Future,ï¿½ highlights the companyï¿½s unmatched track record of reliability, innovations in technology across the petroleum value chain, and its commitment to providing energy to the world while maximizing the value of its petroleum reserves for the benefit of the Kingdomï¿½s citizens. H.E. Ali I. Al-Naimi, Minister of Petroleum and Mineral Resources of the Kingdom of Saudi Arabia and Chairman of the Saudi Aramco Board of Directors, notes in the review: 'Saudi Aramcoï¿½s prudent management of the worldï¿½s largest petroleum reserves and fourth-largest gas reserves was showcased this anniversary year through the companyï¿½s ongoing, record capital program to expand oil and gas production capacity.." [more] Saudi to Lift Cement Exports Curb [May 13] "The Saudi Trade and Industry Ministry has decided to lift its restrictions on cement exports to various countries, including Bahrain, from May 25, it has been revealed. Tough restrictions on cement imports from Saudi Arabia, had pushed Bahrain's construction industry into crisis. Exports to Bahrain were restricted to 25,000 tonnes a week from the end of May last year, causing crippling shortages and halting or delaying construction projects. Bahrain was forced to import cement from further away and the crisis was compounded by massive delays in getting trucks carrying limited supplies across King Fahad Causeway. Importers welcomed the news yesterday, saying their 'hand to mouth' days could soon be over, though problems continue on the causeway.." [more] Women May Get Jobs in Judiciary [May 13] "Justice Minister Muhammad Al-Issa revealed Tuesday a study into the possibility of allocating offices for women in courts and 'channels for appointing women in the judiciary.' The minister was speaking at a function organized by the National Committee for Lawyers here. Office jobs in the judiciary can be as managers, supervisors, courtroom clerks, IT technicians and specialists, research librarians, etc. So far no woman has been appointed as a judge in Saudi Arabia and Saudi scholars have said that women should not be burdened with such a job. Al-Issa, in an interview with the Arabic daily Asharq Al-Awsat last week, was asked about the chances of a woman becoming a judge in Saudi Arabia, whether this was 'possible or impossible.'.. ..Bahrain is the only Gulf country to allow women to become judges, and the UAE is reportedly considering such a move. Saudi Arabia is in the early stages of implementing judicial reforms, starting with developing the infrastructure.." [more] New System to Replace Sponsorship [May 13] "The Ministry of Labor has completed a five-year study of the current sponsorship system. The plan behind the study is to replace the sponsorship of individual workers with a new system of private recruitment companies which will take care of the affairs of individual expatriate workers. While the precise time the new system will come into effect is unclear, the changes will only apply to workers with minimum qualifications such as laborers, drivers, housemaids and private female nurses. According to the system recommended by the study, recruitment companies, instead of Saudi individuals, will recruit individual foreign workers, return them to their native countries at the end of their contract or before if they so desire. The company will also provide employment opportunities to workers or allow them to change jobs if the change is within the provisions of the relevant regulations, an informed source told Arab News.." [more] Shoura Call Raises Virtual Storm [May 13] "Ahmad Al-Ghamdi, the head of the Commission for the Promotion of Virtue and the Prevention of Vice in Makkah region, is generally supportive of the Shoura Councilï¿½s call to include women as members of the commission. He said there was need for a 'body that can penetrate womenï¿½s groups such as those in the education and business fields.' 'There is no other monitoring body that does this job (except the commission). I believe the presence of women, after educating them and teaching them the necessary procedures, would produce positive results,' he added. The Shoura Council recently approved the inclusion of women members in the commission. The approval not only upset certain groups in the Kingdom but also sparked heated debates in Saudi society. Both women and men were quick to point out what they saw as the inherent contradiction in the move and they were vocal in their arguments against the recommendation.." [more] ~~~~~~~~ [ May 12]~~~~~~~~~ Saudi FM Says Israel's Plan to Raze Palestinian Homes Dangerous [Mar 12] "A reported Israeli plan to raze Palestinian homes in east Jerusalem and surround the city with Jewish-controlled sites is dangerous, Saudi Foreign Minister Prince Saud al-Faisal said Tuesday. Prince Saud called the moves a 'counter-indication' of Israel's commitment to peace, and said they reflect new Prime Minister Benjamin Netanyahu's "extreme position" on the Arab-backed two-states peace plan for the region. The peace plan calls for the Palestinians and Israelis to share Jerusalem as the capital of both states. 'It is hoped that it (Israel) will take steps to prove its sincerity in applying itself to peace instead of continuing operations in Jerusalem,' Prince Saud told a news conference. 'It is not only dangerous in itself. It is dangerous as an indication of the intent of Israel toward peace,'.." [more] University of ND to Train Saudi Pilots [Mar 12] "The University of North Dakota says it has a $17 million contract to train 75 Saudis to fly helicopters over the next several years. UND Aerospace Foundation Executive Director Chuck Pineo says the first of the students are in Grand Forks and are learning English to prepare for training. The foundation is the business arm of the UND School of Aerospace Sciences. It has a contract with the Kingdom of Saudi Arabia's Interior Ministry. Pineo says the pilots will join the ministry's search and rescue operations.." [more] Saudi Shiites Call for Sheikh Kalbani Dismissal [Mar 12] "Saudi Shiites called for the dismissal of Sheikh Adel Al-Kalbani, the first black imam of the Grand Mosque in Mecca, and his trial for inciting hatred against their community. During a live interview on the BBC Arabic Television last week, Sheikh Kalbani, who was appointed nine months ago as the Imam of the first shrine of Islam, called Shiite clerics 'heretics' and insisted they were not entitled to join the Supreme Council of Ulema, the highest religious body in Saudi Arabia. These statements have angered religious Shiite dignitaries, writers and journalists, calling for his dismissal and trial. Some even urged the Saudi government 'to officially apologise to Shiites.' Even the moderate Shiite leader, Sheikh Hassan Al-Saffar, condemned these 'takfiri sentiments' and asked Sheikh Kalbani to be present an 'official apology' or be dismissed, while several other Shiite clerics simply called for his dismissal and trial.." [more] Saudi Arabia Defence and Security Report Q2 2009 [May 12] "The economic outlook has worsened in Saudi Arabia, with our latest oil price and production figures having been revised down, and the global climate continuing to deteriorate. Interbank lending remains very tight, and private sector projects continue to be cancelled. However, we are relatively positive on Saudi Arabia compared with some of its neighbours.. ..Economic risks are the main threat to stability in Saudi Arabia as we move into 2009, with a rise in unemployment and a decline in living standards having the potential to destabilise the Kingdom. However, in the absence of any evidence of unrest so far, either in the way of terrorism or industrial action, we have left our short-term political risk ratings unchanged in this area. We are forecasting an increase in government spending this year, and this, in our view, should be enough to ensure ongoing stability. However, domestic terrorism still remains an issue.." [more] UNICEF Praises KSA on Rghts of Children [May 12] "The situation of children in Saudi Arabia was at the center of discussions that UNICEF Regional Director for the Middle East and North Africa Sigrid Kaag had with King Abdullah, Custodian of the Two Holy Mosques, and other senior Saudi officials. We are encouraged by the progress that Saudi Arabia has made in protecting childrenï¿½s rights and are confident that more will be done to ensure that all children are safe from harm, abuse and exploitation,ï¿½ Kaag said at the end of a two-day visit to the Kingdom. According to national statistics, 93 percent of Saudi children are attending primary school and the country is on track to achieve universal primary education by 2015.. ..UNICEF works closely with the Saudi government and other partners to fully realize childrenï¿½s rights through addressing youth and adolescent needs and issues, preventing domestic violence, abuse, and child trafficking, and protecting children who come into contact with the law.." [more] Shoura Members Call For Female Sports Clubs [May 12] "Members of the Shoura (Consultative) Council at a recently held session asked the General Presidency for Youth Welfare to expedite the process of establishing all-female sports centers. Amer Al-Lowehiq, a member of the Shouraï¿½s external affairs committee, urged the General Presidency for Youth Welfare to hasten the process of allocation for women clubs. Dr. Abdullah Al-Faifi, head of culture and media affairs at the Shoura, highlighted the role of women in social reformation. He said that they also had the right to such recreational facilities in conformity with Saudi culture and traditions. He also called on the private sector to extend cooperation to the General Presidency of Youth Welfare by financing both menï¿½s and womenï¿½s sports clubs.. ..Madawi Al-Hassoun of the Jeddah Chamber of Commerce said the chamber has been trying for three years to find a government body prepared to take on board licensing female gyms.." [more] SR142m Haramain Railway Contract Goes to British Firm [May 12] "Foster & Partners has won an SR142 million contract to design four stations for the new high-speed Haramain railway linking the two holy cities of Makkah and Madinah with Jeddah. Finance Minister Ibrahim Al-Assaf, chairman of Public Investment Fund (PIF), and Transport Minister Jabara Al-Seraisry, chairman of Saudi Railway Organization (SRO), yesterday signed the contract with the British company to carry out the project. ï¿½This contract represents the second part the Haramain railwayï¿½s first phase. It is for preparing engineering designs, matching international standards,ï¿½ said Al-Seraisry after signing the contract. He said the four stations would be located in Jeddah, Makkah, Madinah and King Abdullah Economic City in Rabigh, adding that Foster & Partners has long-standing experience in the field.." [more] KKR Looking for Investments in Saudi Arabia [May 12] " KKR & Co., the leveraged buyout firm run by Henry Kravis and George Roberts, is studying possible investments in Saudi Arabia as it prepares to expand in the Middle East. 'Any way you look at it, itï¿½s the biggest market,' said Makram Azar, who joined KKR in September as head of the firmï¿½s Middle Eastern operations. 'It has scale, it has 28 million people, it has lots of corporates and industries and family businesses that we could support and give growth capital to.'.. ..The planned expansion follows a slowdown in Persian Gulf economies as a result of a decline in oil prices, credit shortage and increased government spending to boost growth and employment. Egypt, Saudi Arabia and the United Arab Emirates were the largest recipients of private equity investment for the past four years, according a report by the Gulf Venture Capital Association in March. ï¿½Itï¿½s definitely a good time to be looking at investment opportunities,ï¿½.." [more] ~~~~~~~~ [ May 11]~~~~~~~~~ Saudi-French Civil N-Pact Soon [May 11] "France and Saudi Arabia are close to finalizing a civil nuclear cooperation pact which could lead to the sale of French atomic energy technology, French Economy Minister Christine Lagarde said on Sunday. A deal could be completed 'soon,' Lagarde said. 'The talks have progressed well.' Lagarde had a day of meetings with King Abdullah, Custodian of the Two Holy Mosques and top officials, including Ali Bin Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources, and Jubara Al-Sireisiri, Minister of Transport. The meetings focused on stepping up bilateral cooperation between the two countries for oil price stability, in the transportation sector and for civilian use of nuclear energy. Lagarde gave no details of what would be covered by the civil nuclear cooperation pact, but officials said it could be completed and signed by the end of 2009.." [more] Riyadh Vows to Help Colombo [May 11] "Sri Lankan Foreign Minister Rohitha Bogollagama, who wrapped up a dayï¿½s visit to the Kingdom yesterday, said Saudi Arabia would help in post-conflict development in the northern and eastern parts of the country. He said the Kingdom would send an evaluation team to the areas affected by the war against the rebels to consider the volume of assistance that could be rendered to rehabilitate the refugees in the country. He added that the Saudi team would comprise mainly officials from the Saudi Fund for Development. The foreign minister said the government has already provided full assistance to the civilians who fled from the cease-fire zone.. ..The minister held talks in Riyadh with Interior Minister Prince Naif, Prince Saud Al-Faisal, Prince Alwaleed bin Talal, chairman of the Kingdom Holding Company, GCC Secretary-General Abdul Rahman Al-Attiyah and SFD Vice Chairman Mohamed Al-Arefi.." [more] Taiwanese Team Due on Tuesday [May 11] "A Taiwanese trade delegationï¿½s visit to the Kingdom from May 12 to 18 is expected to boost the bilateral trade between Taiwan and Saudi Arabia which has reached $15.24 billion, up 45 percent over the previous year, according to Taipei Economic and Cultural Representative in Saudi Arabia Sheng-tsungYang. The delegation, under the auspices of the Taiwan External Trade Development Council (TAITRA), will include 90 members representing 59 Taiwanese firms. The head of delegation is Sheng-chung Lin, TAITRA vice chairman. In Riyadh, the delegation will meet Saudi businessmen on May 13.." [more] Top World Leaders Gather at KAEC on Monday [May 11] "How to avert a new cold war will be on top of the agenda for the 27th session of the Council for International Understanding (CIU), which opens at King Abdullah Economic City (KAEC) in Rabigh on Monday. About 28 present and former heads of state will attend the four-day event, in addition to some 200 Saudi and other delegates including political, intellectual and business leaders.. ..ï¿½The decision taken by the council to hold its next conference in Saudi Arabia reflects the Kingdomï¿½s leading role in the economic world,ï¿½ said Amr Al-Dabbagh, SAGIA governor.." [more] Iran Protests Saudi Insult to Female Pilgrims [May 11] "Iran's Hajj and Pilgrimage Organization has expressed strong protest against the fingerprinting of Iranian women pilgrims by Saudi airport officials. Iran will give a suitable response to the insulting Saudi move, an official of the organization, Abdollah Nassiri, told IRNA. He added that Iranian organizations had already written to Iran's Foreign Ministry and the Saudi Interior Ministry to voice their protest. Police in Saudi Arabia have insulted Iranian female Hajj pilgrims by fingerprinting them at Jeddah International Airport. It was not the first time that the Saudi police have fingerprinted Iranians entering the country for participating in the Hajj.." [more] Khatami Heads to Saudi to Attend Interaction Council Meeting [May 11] "Former Iranian President Mohammad Khatami left Tehran on Sunday to attend the Interaction Council meeting in Jeddah. The Interaction Council consists of a group of former heads of government who meet periodically to discuss world issues. The council was formed in 1983 by Takeo Fukuda, the former Japanese premier. Khatamiï¿½s five-day trip takes place upon an invitation by former German chancellor Helmut Schmidt and former Australian premier Malcolm Fraser. The meeting will discuss dialogue between Islam and Christianity, the current global situation, ways to defuse crises, energy, and the worldï¿½s future. Khatami is to deliver speeches on Islam and Christianity as well as the current situation of the world.." [more] Chances for Economic Recovery Linked to OPEC [May 11] "Top officials with the Organization of Petroleum Exporting Countries are meeting in Vienna Sunday, and are expected to make a decision about possible cuts in oil production to boost prices. The meeting is being watched closely by the United States and other industrial countries, with some officials warning new cuts and higher oil prices could keep the global economy mired in a recession. OPEC members gathering in Vienna face a difficult decision. Many of the oil-exporting countries would like to see higher prices. But Saudi Oil Minister Ali al-Naimi says the global recession makes that difficult. 'You have to understand, the world economy is not as healthy as it should be. So you should expect demand, worldwide, to be down,' he said. And he fears that, as long as the global recession persists, demand for oil will continue to weaken. 'That would be a guess, but you know, the global oil demand in 2009 is significantly less than 2008,' he said.." [more] Times Changing, But Saudi Women Still Held Back [May 11] "The topic of our speech at the Saudi Arabian conference was bringing society together through volunteerism. That's why it seemed ironic a screen separated men and women in the audience. Genders were also divided at dinner. During breakout sessions. Everywhere. We spoke with some incredible women. Though we could only see their eyes through the black abaya cloak, they were filled with expression as they discussed their ideas and plans for grassroots volunteerism and civic engagement. Too bad they couldn't share those ideas with their male counterparts. The men told us, 'Things are changing.' True. The country got a taste of equality in February when Nour al-Fayez was appointed the first female member of the Saudi Council of Ministers. But, that taste is bittersweet. Her position as Deputy Minister for Women's Education exists because of gender-segregated education.." [more] ~~~~~~~~ [ May 10]~~~~~~~~~ Shiï¿½ites Plan to Take Saudi Clerics to Intï¿½l Court [May 10] "Shiï¿½ites in Egypt and Iraq are planning to take Saudi clerics to an international court for incitement to violence against the Shiï¿½ite minority. The Al Al-Beit institution in Cairo and Baghdad are joining efforts to press charges against 22 Saudi clerics, accusing them of issuing fatwas, religious decrees, that label the Shiï¿½ites as infidels and incite to violence against them. News of the plan appeared in the Sunday edition of the London-based Al-Quds Al-ï¿½Arabi, and in several other Arabic language websites. Muhammad A-Dureini, who heads the institute in Cairo, said he made an agreement with Waï¿½d Al-Husseini, who heads the Hashemite Al Al-Beit in Iraq, to pursue Saudi religious clerics in court, in order to settle accounts with them. The Iraqi branch of Al Al-Beit is making the appropriate arrangements to take the clerics to an international court, where they want them charged for crimes against humanity. Al-Husseini told Al-Quds Al-ï¿½Arabi that several committees had finished preparing the charge sheets against the Saudi clerics this week.." [more] Poll: Mideast Arabs Think Very Highly of Obama [May 10] "..The poll of six Arab nations found that residents think Obama will have a positive impact on the Middle East - a region marked by war, religious disputes, ethnic and sectarian violence - as well as on the United States and the rest of the world. Obama scored highest in Jordan, where 58 percent of its citizens have a favorable opinion of him, 29 percent have an unfavorable view, 6 percent had no opinion and 7 percent didn't know. Saudi Arabians have a 53 percent favorable opinion of Obama, followed by 52 percent in the United Arab Emirates. From there, Obama's popularity dips with a 47 percent favorability rating in Kuwait, 43 percent in Lebanon and 35 percent in Egypt. In none of these countries, however, was Obama's unfavorable rating higher than his favorable one. In contrast, only 38 percent of Saudis have a favorable view of the United States.." [more] Three Gulf Economies to Contract in 2009 - IMF [May 10] "The International Monetary Fund slashed its 2009 growth forecast for Gulf states by more than half to 1.3 percent as it expected economies of three of the oil exporters, including Saudi Arabia, to shrink in a global recession. The IMF, which in February projected growth in the Gulf region of 3.5 percent this year, also warned of risks from a prolonged global recession and further deterioration of bank balance sheets due to exposure to weak real estate markets.. ..Saudi Arabia's economy would contract 0.9 percent, the UAE's would shrink 0.6 percent and Kuwait's would contract 1.1 percent, the IMF said in a regional economic outlook. Over all, economies in the Middle East and Central Asia are likely to grow 2.5 percent compared with 6 percent last year, it said. 'The bottom line is that nearly all countries in the region will be seriously affected by the global crisis in important but different ways,'.." [more] Saudi Judge: It's OK to Slap Spendthrift Wives [May 10] "Husbands are allowed to slap their wives if they spend lavishly, a Saudi judge said recently during a seminar on domestic violence, Saudi media reported Sunday. Arab News, a Saudi English-language daily newspaper based in Riyadh, reported that Judge Hamad Al-Razine said that 'if a person gives SR 1,200 [$320] to his wife and she spends 900 riyals [$240] to purchase an abaya [the black cover that women in Saudi Arabia must wear] from a brand shop and if her husband slaps her on the face as a reaction to her action, she deserves that punishment.' Women in the audience immediately and loudly protested Al-Razine's statement, and were shocked to learn the remarks came from a judge.. .. Al-Razine made his remark as he was attempting to explain why incidents of domestic violence had increased in Saudi Arabia. He said that women and men shared responsibility, but added that 'nobody puts even a fraction of blame' on women, the newspaper said. Al-Razine 'also pointed out that women's indecent behavior and use of offensive words against their husbands were some of the reasons for domestic violence in the country,' it added.." [more] May 3-May 9, 2009 ~~~~~~~~ [ May 9]~~~~~~~~~ MOS Lee to Visit Saudi Arabia 9 to 12 May [May 9] "Singaporeï¿½s Minister of State Lee Yi Shyan will be visiting the Kingdom of Saudi Arabia for four days, from 9 to 12 May. The visit aims to reaffirm the growing economic ties between the two countries, and further catalyse bilateral business linkages. The Kingdom of Saudi Arabia is Singaporeï¿½s largest trading partner in the Middle East, with bilateral trade at S$22 billion in 2008, and presents significant opportunities for Singapore companies in the infrastructure, environmental services, and oil and gas sectors. Since 2007, Singapore companies have secured S$1.25 billion worth of projects in the Kingdom.." [more] Saudi Signs $2.4bn Water Contracts [May 9] "Saudi Arabia's Water and Electricity ministry on Saturday signed contracts worth SR9 billion ($2.4 billion) for water projects in the central region around Riyadh, the state news agency said. Minister Abdullah bin Abdul-Rahman al-Husayen signed the contracts for water pumping, desalination and storage with a group of Saudi and foreign companies, SPA said. They will serve the city of Riyadh and a number of neighbouring regions, including Sudair, Zulfa and Majma'a. The contracts involve a project which will take 42 months to implement.." [more] Major Banking, Investment Conference Today in Jeddah [May 9] "Prince Khaled Al-Faisal, Emir of Makkah province, will inaugurate the third Saudi International Banking and Investment Conference (SIBIC 2009) under the theme 'Investment and Securities: Forum of Views and Ideas' today at the Jeddah Hilton Hotel. Over 700 experts from business, insurance and banking are expected to attend the event which seeks to address investorsï¿½ problems in the Kingdom. 'We expect to hear many interesting solutions during the forum about the financial industry and how to benefit from the growth of the Saudi economy,' said Yassin Al-Jefri, general supervisor of the conference.. ..the main points of discussion will center on local and foreign banks, insurance companies, and the variety of mortgages under the authority of the Ministry of Trade and Industry. The conference aims to increase foreign investment in the Saudi market.." [more] Saudi Shares Hit 6-Month High [May 9] "Petrochemical stocks lead Saudi shares to their highest close in more than six months after oil prices end the trading week at their highest in as many months. The all-share ends 3.75 per cent higher at 6,019.69 points, its highest close since November 5. The front-month contract for US crude oil closes the trading week up $1.92, or 3.4 per cent, at $58.63 a barrel, its highest settlement in six months after fewer-than-expected job cuts in April suggested the economic slump was easing. Nymex crude is up about 30 per cent since the start of the year, responding to the run-up in the stock market and output cuts by producer group Opec.." [more] ~~~~~~~~ [ May 8]~~~~~~~~~ Saudi Arabia Donates $3 Million to World Scout Foundation [May 8] "On behalf of the Kingdom of Saudi Arabia, Saudi Minister of Education and President of the Saudi Arabian Boy Scouts Association, HH Prince Faisal bin Abdullah bin Mohammed, today is delivering a $3 million donation to Swedish King Carl XVI Gustaf, Honorary Chairman of the World Scout Foundation, to support the Gifts for Peace program. Gifts for Peace was created under the patronage of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz in November 2001 at a Scouting Conference in Riyadh. 'Gifts for Peace is a truly worthy program and represents an extension of Saudi Arabia efforts to promote peace and cultural understanding worldwide,' said Saudi Ambassador to the United States Adel A. Al-Jubeir. 'Through Gifts for Peace, King Abdullah and King Gustaf have already inspired more than ten million young people in 110 countries to work for peace and understanding in their local communities.'.." [more] Saudi to Commission $15 Mln Solar Plant [May 8] "Saudi Arabia will commission the $15 million two-megawatt solar power plant at the King Abdullah University of Science and Technology (KAUST) in July, a senior company executive working on the project said on Thursday. The plant will generate enough power for about 500 homes, said Abdulhadi al-Mureeh, a business development director with National Solar Systems. 'We are halfway through the project and will commission it in July,' Mureeh said on the sidelines of an industry conference. KAUST is seeking to position itself as a leading solar energy research centre focused on making solar energy more efficient and economical, said Khalid al-Falih, Saudi Aramco's chief executive officer, during a speech in Washington on Tuesday.." [more] Arab Peace Offer is Not Negotiable [May 8] "The Arab League and Syria have shot down a US suggestion that the Arab peace initiative be changed to make it more palatable to Israel. The 2002 peace initiative offers Israel Arab recognition, peace and normal relations in exchange for an Israeli withdrawal from territory it occupied in the 1967 Middle East War, the establishment of a Palestinian state with east Jerusalem as its capital and a just solution to the issue of Palestinian refugees. Several Arab diplomats said this week that the Americans are asking Arab states to drop demands for a right of return for Palestinian refugees and agree to either resettle them in the host countries or in the Palestinian territories. Arab foreign ministers meeting at the Arab League headquarters in Cairo yesterday rejected the request, said Jordanï¿½s foreign minister. 'The ministers renewed their commitment to the initiative as it is without change,'.." [more] Saudi-Egypt Joint Investment Set to rRse: Al-Hokair [May 8] "The new chairman of the Saudi-Egyptian Business Council Abdul Mohsen Al-Hokair has projected the volume of fresh joint investments in the two countries for the next three years at SR16 billion. 'The new investment projects will cover areas such as energy, electricity, tourism, industry, agriculture and services,' Al-Hokair said in the wake of his election to the office at the Council of Saudi Chambers and Commerce and Industry (CSCCI) in Riyadh yesterday. The meeting held under the chairmanship of Fahd Al-Sultan, secretary of CSCCI, also elected two Saudis Osama Al-Kurdi and Fahd Al-Hammad as deputy chairmen of the business council. The meeting will shortly nominate 25 Saudi and Egyptian members to the council. Referring to the leap in the volume of bilateral trade and investments to SR20 billion last year, Al-Hokair said, 'The Saudi-Egyptian trade ties are now viewed as not only the cornerstone of Arab trade but a decisive factor in the social stability of the region as well.'.." [more] Kingdom Leads Gainers as GCC Markets in Uptrend [May 8] "Returns in the GCC equity markets showed signs of significant momentum in April at 16.83 percent from 7.94 percent return in March. A report by Kuwait Financial Center (Markaz) on Thursday said all the GCC markets posted positive returns in April. Five of the six GCC markets posted returns in excess of 10 percent. Saudi Arabia led the gainers with a return of 20.8 percent. In March, due to the reversal in trend, the momentum model was overweight on all the markets, due to which it was leveraged by 20 percent. This had led to significant out performance of the model as compared to the SAA. The out performance for the month of April was at 3.32 percent and for the year at 6.46 percent. Similarly, in the case of emerging markets and the world indices, the trend of momentum continues to be strong post the reversal in March.." [more] Saudi Tourism Expected to Grow [May 8] "The Saudi Commission for Tourism and Antiquities has launched a massive investigation into how to improve tourist facilities, hotel management training and cultural festivals. In an accelerated development process to promote tourism in the Kingdom, the government has announced a strategy which includes the construction of several multi-million-riyal tourist sites. Prince Sultan Bin Salman Bin Abdul Aziz, Secretary-General of the Supreme Tourism Commission, has said Saudi Arabia will become a solid tourist destination, with political stability, economic prosperity and international confidence in the country. The tourist areas of Saudi Arabia currently comprise the coastal areas of Jeddah, Dammam and Al Khobar. Inland areas as such as Taif, Al Baha, Abha and the Unesco heritage site of Madain Saleh in Diriyah are expected to attract most foreign tourists.." [more] ~~~~~~~~ [ May 7]~~~~~~~~~ Saudi Arabia, Bahrain to Keep Currency Pegs to Dollar [May 7] "Saudi Arabia, Qatar and Bahrain officials said today that they see no need to change their more than two-decade-old fixed-exchange rates to the U.S. dollar. 'We are committed to the peg because it serves us well,' Saudi central bank Governor Mohammed al-Jasser said today at an Islamic Financial Services Board conference held in Singapore. The dollar still remains the 'dominant' global currency, he said. Forward contracts on the Saudi riyal and the United Arab Emirates dirham tumbled to the lowest in more than a decade last year on speculation they would scrap or loosen links to the dollar in order to tackle soaring inflation. Inflation slowed this year, reducing pressure on the exchange rates and easing the way to the creation of a single currency in the region.." [more] Saudi Arabiaï¿½s Islamic Bank Plans to Sell $500 Million of Bonds [May 7] "Saudi Arabiaï¿½s Islamic Development Bank, an organization set up by 56 nations to lend to Muslim communities, plans to sell $500 million of Islamic bonds by the end of June, its first debt offering this year. Proceeds from the sale will be used to fund the bankï¿½s projects in member countries, Mohammed Tariq, director of the Treasury Department said in an interview in Singapore today. The Jeddah-based bank plans to raise as much as $5 billion over the next five years through 2014 to expand lending, President Ahmad Mohamed Ali al-Madani said separately at the Islamic Financial Services Board summit. Sales of the so-called sukuk may rise to a record this year, led by issuers from the Persian Gulf, as higher yields attract investors, Saudi Arabia-based NCB Capital said in March.." [more] Aramco Raises Energy Production Capability [May 7] "Saudi Arabia is investing in 'all petroleum value chain on a scale never before seen in the history of our industry,' President and CEO of Saudi Aramco, Khalid A. Al-Falih said on Wednesday. Underlining the Kingdomï¿½s commitment and sense of responsibility at being the worldï¿½s largest energy supplier, he said 'we are continuing our efforts to locate additional resources across Saudi Arabia, including new frontier areas both on land and offshore, despite the large resource base we already possess.' Speaking at the Center for Strategic and International Studies in the US capital Washington, DC, Al-Falih reinforced the need to keep investing in the oil and gas industry. Being bullish on the propects, he said 'we believe there is tremendous potential to locate substantial new hydrocarbon resources in various regions of the Kingdom.'.." [more] Saudi Businessmen Wary of Agrarian Reform [May 7] "Agriculture Secretary Arthur Yap said corporate executives representing the big agricultural businesses in Saudi Arabia have raised concerns about the Philippine agrarian reform and limiting foreign land ownership as they indicated interest in acquiring tracts of plantation land and poultry farms. 'They have raised their concern on the effect of these policies on the security of their investment,' Yap told reporters at the sidelines of the Kingdom of Saudi Arabia (KSA) Agriculture and Trade and Investment Mission to the Philippines at the Apo View Hotel here yesterday. He said that it was understandable for Saudi business executives to raise such issues 'because some of them wanted to acquire thousands of hectares of land for planting, processing and raising livestock and poultry'.. ..Yap said he would explain to the KSA government and business delegation how the twin policies operate to persuade them to push through with their investments in plantations and food processing. 'We will try to convince them to put those big investments, especially that they are focused on food production,'.." [more] Here She Comes: Saudi Arabia's Miss Beautiful Morals [May 7] " Sukaina Al Zayer is an unlikely beauty queen hopeful. She covers her face and body in black robes and an Islamic veil, so no one can tell what she looks like. She also admits she's a little on the plump side. But at Saudi Arabia's only beauty pageant, the judges don't care about a perfect figure or face. What they're looking for in the quest for 'Miss Beautiful Morals' is the contestant who shows the most devotion and respect for her parents. 'The idea of the pageant is to measure the contestants' commitment to Islamic morals'.. ..'The winner won't necessarily be pretty,' she added. 'We care about the beauty of the soul and the morals.' So after the pageant opens Saturday, the nearly 200 contestants will spend the next 10 weeks attending classes and being quizzed on themes on inner strength and leadership. Pageant hopefuls will also spend a day at a country house with their mothers, where they will be observed by female judges and graded on how they interact with their mothers.." [more] Municipal Councils Not Ready to Employ Women [May 7] "The time is not ripe for municipal councils to employ women, a city council official here said. Hassan Al-Zahrani, vice chairman of the municipal council here said that the councils are still in their inception stage and need time before involving females in their work. Overly hasty moves to open the door to womenï¿½s participation could have negative consequences, he said. The issue of men and women sharing responsibilities is not up for debate, Al-Zahrani said, as each one has their responsibilities specified in Shariah Law. He said women were taking part in extensive areas of society that are suited to their nature, citing social issues and district centers and other societies. More women working in those areas would have a positive effect on the structure and cohesion of society.." [more] Man Tries to Attack Saudi Embassy in Stockholm [May 7] "Police said they arrested a man who tried to start a fire at the entrance to the Saudi Arabian Embassy in Stockholm. Police spokesman Tore Loftheim said the man set fire to a car outside the embassy and was pouring flammable liquid on the embassy door when he was captured by security guards. He was arrested on suspicion of attempted grave arson. No one was injured in Wednesdayï¿½s attack and the embassy stayed open. Loftheim declined to give more information about the man and said the motive for attack remained unclear.." [more] New Vision to Boost Saudi-German Ties [May 7] "The German-Saudi Arabian Liaison Office for Economic Affairs (GESALO), a Riyadh-based institution supported by Saudi and German governments, has set out a new vision to boost economic ties between the two countries. The new vision for the group was unveiled on the occasion of the weeklong celebrations that kicked off yesterday to mark the 30th anniversary of GESALOï¿½s successful operation. GESALO, whose mission is to support and to boost Germanyï¿½s bilateral economic relations with Saudi Arabia, Bahrain, Kuwait and Yemen, 'has emerged as an active player and a trusted institution in the international business world,' said Gerd Doepner, a delegate of the German Industry and Commerce in Saudi Arabia, who supervises the growing operation of GESALO on a day-to-day basis. Doepner said that the GESALO was organizing a high-profile function with a gala dinner on May 10 as part of the 30th anniversary celebrations.." [more] ~~~~~~~~ [ May 6]~~~~~~~~~ Saudis Trying to Forge National Alliance Against Militancy [May 6] "Saudi Arabiaï¿½s role in evolving a consensus among the major players in Pakistani politics became more pronounced on Saturday night when some of the top government and opposition leaders met at Ambassador Ali Awadh Asseriï¿½s palatial residence, and Prime Minister Yousuf Raza Gilani used the occasion to announce, what he called a ï¿½process of reconciliationï¿½ in the country. The announcement was more about the Pakistan Peopleï¿½s Party joining the government in Punjab, but Prime Minister Gilani described it as the start of reconciliation, indicating that it may even lead to a greater alliance at the centre. Flanked by the main opposition leader Mian Nawaz Sharif and ambassador Asseri, Premier Gilani praised the Saudi role and said it was significant the announcement was being made at the residence of the Saudi envoy.." [more] U.S. Mulls Saudi Scheme for Guantanamo Yemenis [May 6] "The United States has raised the idea of sending Yemeni detainees held at Guantanamo Bay to Saudi Arabia as part of Washington's efforts to close down the controversial prison, Defense Secretary Robert Gates said. U.S. President Barack Obama ordered in January the closure of the prison within one year but Washington is keen to ensure that those freed do not end up rejoining militant groups. Gates told reporters on Wednesday that he was impressed with Saudi Arabia's programme to rehabilitate militants whereas Yemen may have less capacity to deal with repatriated inmates. 'They've probably done as good, if not a better, job of that than almost anybody and (we) explored the possibility of some of the Yemeni detainees coming through that system,' he said. 'It would be those with strong Saudi family connections or strong connections to Saudi Arabia. Nothing was decided. Nothing specifically was asked. It was more a general conversation about the capability and about the possibility.'.." [more] Cape Verde: Saudi Fund for Development Finances Construction of Ring Road on Fogo Island [May 6] "The Saudi Fund for Development (SFD) plans to provide Cape Verde with a US$10 million loan to help build a ring road on Fogo Island, according to the PANA news agency. The ring road project, which will link the three municipalities on the island, has a total estimated cost of US$36.13 million, which will also be financed by the Arab Bank for Economic Development of Africa (BADEA), and by the Cape Verdean government. The OPEC (Organisation of Petroleum Exporting Countries) Fund for International Development (OFID) and Sociedade Financeira Internacional (SFI) are also involved in funding the project. The project icnludes over 80 kilometres of roads, most of which with na asphalted 7-metre wide layer, but which in some places will keep the traditional cobblestones. The concession agreement for this funding is due to be signed Friday.." [more] Sheikh Kalbani: All Shiite Clerics are Heretics [May 6] "Sheikh Adil Al-Kalbani, the first black imam of the Grand Mosque in Mecca lashed out at Shiite clerics, saying they are not entitled to join the Supreme Council of Ulema, the highest religious body in Saudi Arabia. 'I think Shiite clerics are heretics,' Sheikh Kalbani said Monday on the BBC Arabic satellite new channel.. ..Sheikh Kalbani, who was appointed by King Abdullah last September as the imam of the Mosque of the first shrine of Islam, to which flock over two million Muslim pilgrims of all faiths every year. 'Indeed, I can not consider a Muslim anyone who knows the value (for Sunnis) of Abu Bakr (the faithful companion of the Prophet Muhammad), and still insults and curses him and warns Muslims against him,'.. ..Shiites claim they suffer discrimination, particularly being banned from holding key positions in military, diplomacy and security and from exercising their religious rites and cultural activities. But the Saudi government, dominated by Wahhabism-inspired Sunnis, insists Shiites have all their rights.." [more] Riyadh to Host GCC Central Bank [May 6] "GCC leaders on Tuesday chose Riyadh to host the blocï¿½s first regional central bank, a key step toward a long-elusive push for greater economic integration in the oil rich region. Abdul Rahman Hamad Al-Attiyah, the groupï¿½s secretary-general, said Riyadh was chosen as the location for the regionï¿½s monetary council, the precursor to the new central bank. He said details of the agreement would be released later. The announcement marked a major step toward advancing the Gulf regionï¿½s monetary union plan that also includes a unified currency. The effort, in the works for years, has stalled on a number of issues, including Omanï¿½s decision not to participate in the single currency and Kuwaitï¿½s decision to drop the US dollar as a currency peg.." [more] KAEC Hosts 28 World Leaders Next Week [May 6] "Twenty-eight present and former heads of state will attend the 27th session of the Council for International Understanding (CIU) at King Abdullah Economic City (KAEC) in Rabigh May 10-13. The event will also be attended by more than 200 Saudi and foreign political, intellectual and business leaders. 'The Kingdomï¿½s hosting of the conference reflects the support of Custodian of the Two Holy Mosques King Abdullah for investment projects in the Kingdom,' said an official statement. 'The KAEC is considered the largest single private sector investment project in the Kingdom,' it added. Projects like the KAEC would reduce the migration of Saudis from less developed area to the cities, said Fahd Al-Rashid, board member and CEO of Emaar Economic City. Total investments in the city reached SR4.8 billion last year. The number of engineers and technicians working in the city rose to 13,000 while the number of housing units sold in 2008 reached 1,124 with a total value of SR2 billion. A number of industries have started building their facilities in the city. 'The KAEC has been successful in attracting huge foreign investments during the past few years,'.." [more] ~~~~~~~~ [ May 5]~~~~~~~~~ Saudis Angered by Europe Visa Hassles [May 5] "Saudi Arabia has accused France, Germany and Italy of discrimination over what it said were unreasonable delays for its nationals to secure visas to visit several European countries. Saudi applicants are forced to submit more documentation and wait much longer than citizens of neighbouring countries for Europe's Schengen visa, the foreign ministry said. The visa allows visitors to travel freely through 15 countries with a visa from a single embassy. Articles in several newspapers in the past three weeks have accused especially the French embassy in Riyadh of mistreating Saudi applicants, with some calling for a boycott of France and its businesses. 'The visas take longer than it should be.. ..We want to be treated as the other Gulf countries are, 'foreign ministry spokesman Osama Nugali told AFP. 'The Kuwaitis don't have to wait, the Omanis don't, so why the Saudis?'.." [more] Gates Begins Official Saudi Visit [May 5] "US Defense Secretary Robert Gates is due to start an official visit to the Kingdom of Saudi Arabia Tuesday and is expected to meet King Abdullah bin Abdelaziz Al-Saud. According to Saudi ofiicail's Gates and King Abdullah are to discuss relations and the situation of the Middle East and Gulf region, in addition to other international developments. Gates is visiting Saudi part of a tour of the region and he is the second top figure in the Obama administration to visit Egypt after Secretary of State Hillary Clinton, who visited on March 2.." [more] Ministry to Impose Anti-Dumping Measures on BDO Imports [May 5] "The Chinese mainland will start from Wednesday imposing temporary anti-dumping measures on 1,4-butanediol (BDO) imported from Taiwan and Saudi Arabia, the Ministry of Commerce said Tuesday. In a statement on its website, the ministry said Taiwan and Saudi Arabia had dumped BDO products on the Chinese mainland. The ministry said the temporary measures are a result of the initial ruling of an anti-dumping investigation that began in September last year. The ministry said Taiwan and Saudi Abrabia's dumping had caused substantial damage to the mainland's BDO industry. Importers will have to pay a deposit when bringing the goods into the country.." [more] Cybercrime Threatens Businesses in Kingdom [May 5] "A 3,000 percent exponential growth in internet usage since 2000 has meant that more than 22.7 percent of the Kingdomï¿½s citizens are now prone to cyber crime today, Trend Micro said in a statement on Monday. In the first three months of 2009, Trend Micro has cleaned more than a million infected computers across the GCC, and 723,567 of those were in Saudis Arabia. The number of infected computers in the country is set to grow as spam peaks at 200 billion a day globally. 'The Kingdom of Saudi Arabia has one of the highest number of internet usage in the Arab world, and Saudi individuals and businesses are prone to malicious web attacks that could be financially damaging,'.." [more] Saudi Arabiaï¿½s Foreign Assets Fall [May 5] "Saudi Arabiaï¿½s foreign assets fell for the fourth straight month in March after almost a decade of steady growth driven by rising oil prices, official data showed Monday. Foreign assets controlled by the Saudi Arabian Monetary Agency (SAMA) declined 2.8 percent, or about $11 billion, to SR1.541 trillion ($410.93 billion) in March from a month earlier. The decline has accelerated from a 2 percent drop in February. Although SAMAï¿½s foreign assets rose by about 19 percent in March from their level a year earlier, they were at their lowest level since July, 2008. The Kingdom has shed more than $31 billion in foreign assets since November 2008, according to a report posted on SAMAï¿½s website. SAMAï¿½s net foreign assets stood at SR1.541 trillion ($410.93 billion) in March, down from SR1.585 trillion in February. The global financial crisis has battered global markets and oil prices have fallen around $100 from a record high near $150 in July, hitting both the revenues and the foreign holdings of many countries in the worldï¿½s largest oil-exporting region.." [more] Riyadh, Canberra Agree to Upgrade Cooperation [May 5] "Saudi Arabia and Australia have agreed to boost ties in education, commerce and counterterrorism efforts. Australia is also discussing with the six-nation Gulf Cooperation Council (GCC) plans to upgrade bilateral contacts by holding ministerial level dialogue as part of a wider consultation process. 'We have discussed ways and means to enhance the relationship between the Kingdom and Australia on the one hand and between Australia and the GCC on the other through increased cooperation in trade and investment, education links and counterterrorism,' said Australian Foreign Minister Stephen Smith after holding wide-ranging talks with Custodian of the Two Holy Mosques King Abdullah in Riyadh on Sunday.. ..This is the first visit of an Australian foreign minister to Riyadh in five years. Smith is scheduled to meet Minister of Commerce and Industry Zainal Alireza today to discuss progress of negotiations on the Australia-GCC Free Trade Agreement.." [more] 3-day Jeddah Commercial Forum from June 15 [May 5] "Jeddah is to host a three-day economic forum exploring business developments and issues in the Kingdom. 'Ministers, top government officials, businessmen and businesswomen in the Kingdom will participate in the first Jeddah Commercial Forum (JCF) to be held under the aegis of Makkah Gov. Prince Khaled Al-Faisal at the Jeddah International Center for Conferences on June 15, 16 and 17,' said Majed Qarub, chairman of JCFï¿½s organizing committee. 'The forum, in which problems faced by businesswomen will receive special attention, is scheduled to discuss topics such as obstacles in the way of investments consequent to the ongoing global economic crisis, the result of governmental measures to protect the investment environment in the country, and the pros and cons of new commercial regulations,' said Qarub who was speaking at a press conference at the Jeddah Chamber of Commerce and Industry (JCCI).." [more] Saudi Arabia Looking to Expand Domestic Tourism [May 5] "The Kingdom of Saudi Arabia plans to launch a new national tourism scheme by the end of the current year. According to the Saudi tourism commission, the long-term vision for the hospitality sector in the country estimates that visitor numbers will nearly double by 2020, from 47 million in 2008 to 88 million in 2020. The commission noted that the number of hotel rooms would more than double, rising from 117,097 to 254,310. Prince Sultan bin Salman bin Abdulaziz Al-Saud, president and chairman of the board of the Saudi Commission for Tourism and Antiquities, commented at the Arabian Hotel Investment Conference (AHIC): 'We have a major programme for human resource development as we see tourism as a major job creator.'.." [more] ~~~~~~~~ [ May 4]~~~~~~~~~ Gates Wants Saudi Help in Pakistan [May 4] "U.S. Defense Secretary Robert Gates says he wants Saudi Arabia to help forge a political consensus in Pakistan that it must deal with the threat from the Taliban, al-Qaida and related militant groups. The secretary spoke to reporters on his aircraft, while on his way to Cairo and Riyadh, telling them, 'The Saudis, in particular, have considerable influence in Pakistan.' American officials have been working for months to convince Pakistani officials to shift their focus from the threat they perceive from India to what they see as the more immediate and dangerous threat from militants inside Pakistan. And, they say they have made some progress.." [more] Saudi Leaders Refuse To Give New Money To IMF [May 4] "When leaders of the G20 nations pledged at their recent London summit to find $1.1 trillion in lending resources for the International Monetary Fund, they were counting on the world's wealthiest countries to boost their IMF contributions. Among the countries at the top of their list was the oil-rich kingdom of Saudi Arabia. But a month has passed, and Saudi leaders are still refusing to come up with new money for the IMF. Their reluctance to part with their cash, however, has less to do with Saudi stinginess than with a new Saudi determination to assert their economic and political clout on their own terms. 'The Saudis want to see exactly what's on offer from the IMF,' says Eswar Prasad, a former IMF division chief and a professor of trade policy at Cornell University. 'They want to see if a larger contribution will get them a larger voting share [and] more influence at the IMF.'.." [more] Saudi Investors Pledge $2 Bln for Madagascar Projects [May 4] "Saudi investors have pledged $2 billion for Madagascar's tourism, communications and energy sectors, the government said, in a sign that some financiers are not shying away from the new president's administration. A political crisis since early this year has dealt a hefty blow to the Indian Ocean island's $390 million-a-year holiday industry and the roughly $8 billion-a-year economy. Some investors are concerned that Africa's youngest incumbent president, Andry Rajoelina, will revise existing contracts -- branded golden handshakes by the new government -- if economic circumstances become more favourable. 'Investments initially worth up to $2 billion will target the energy, communications, telecommunications and hotel sectors,' Madagascar's Foreign Affairs Ministry said in a statement late on Sunday.." [more] Saudi-US Cultural Festival Set in Taif [May 4] "Following the success of the first Saudi-American cultural festival in Abha in 2007, the US Consulate General in Jeddah will host a second festival in Taif starting Wednesday. With the support of Makkah Gov. Prince Khaled Al-Faisal, the American-Saudi Arabian Culture and Commerce Festival seeks to develop and strengthen the cultural and commercial relations between the Kingdom and the US, said a statement issued by the consulate. It said the festival is being organized in partnership with the Taif governorate, the Taif Chamber of Commerce and Industry and the Saudi Commission for Tourism and Antiquities. An exhibition will take place at the Intercontinental Hotel in Taif from 9 a.m. to 9 p.m. on Wednesday and Thursday, the statement said, adding that the exhibition is open to the public and admission is free of charge.." [more] Saudi Arabia Most Likely to Host Gulf Central Bank [May 4] "While the race will be tight, Gulf Arab leaders meeting this week are most likely to choose Saudi Arabia, the regionï¿½s largest economy, as the headquarters of their common central bank, a Reuters poll showed Sunday. The worldï¿½s top oil exporter will face tough competition from Bahrain and the United Arab Emirates, which were neck-and-neck in the second and third spot in the poll of 21 economists. Heads of state of Saudi Arabia, the UAE, Kuwait, Qatar and Bahrain are meeting in Riyadh on May 5 in their latest attempt to decide on a location for the central bank - a key remaining hurdle before the Gulf monetary union plan. Choosing a venue wonï¿½t be easy, according to respondents in the April 29 to May 2 poll, who said a number of political and economic considerations complicate the decision. Of the 21 poll respondents drawn from regional and global banks and research institutes, nine favoured Saudi Arabia as the most-likely choice for the headquarters, while six opted for the UAE, five picked Bahrain and one chose Qatar.." [more] New Port Terminal to be Ready by October [May 4] "Mazen Mohammed Matar, CEO of Red Sea Gateway Terminal Company, said the new terminal would increase Jeddah Islamic Portï¿½s capacity by 45 percent. The new facility would be operational by October this year with half capacity. The terminal is designed to handle 1.5 million containers annually. 'Our desire is to complete the project with all related aspects including linkage with Jeddah city and the port,' he said. 'We have prepared three studies, including a traffic study on linking the terminal with the port and the city. We have passed these studies to the concerned authorities,' he said. A committee comprising representatives of different departments, such as municipality and the Traffic Department, has approved a number of proposals made in that study to serve Jeddah for the next 30 years. 'The study has taken into consideration the roads around the port including traffic intersections, up to the borders of Andalus district,' he said.." [more] Stephen Smith Visits Saudi Arabia [May 4] "Stephen Smith has become the first Australian foreign minister to visit Saudi Arabia since 2003. Mr Smith met with King Abdullah, Second Deputy Prime Minister Prince Naif and his Saudi Arabian counterpart Prince Saud Al-Faisal. The delegations from Australia and Saudi Arabia discussed trade, education links and counter-terrorism. Mr Smith said he would meet with Saudi Arabia's Commerce Minister Zainal Alireza on Tuesday to discuss negotiations towards a free-trade agreement between Australia and the Gulf Cooperation Council, made up of six Persian Gulf nations. The Arab states of the Persian Gulf are major customers of Australian-made cars, buying almost 40 per cent of vehicle exports in 2008.." [more] ~~~~~~~~ [ May 3]~~~~~~~~~ Saudi Business to Close in Protest [May 3] "A prominent Saudi businesswoman has decided to shut her IT firm in protest against a government requirement that she appoint a male director-general. Aliya Banaja said she will close her company, 2 The Point, after receiving a circular from Hossan Aqeel, undersecretary at the Ministry of Commerce and Industry. The circular says that it is mandatory for every Saudi company owned by a woman to appoint a male director-general. Banaja, who owns the first Saudi IT firm run and staffed exclusively by women, told the Al Watan Arabic daily that her decision would take effect immediately. She said she expected that other businesswomen would follow suit. She did not specify the number of firms that might be affected.." [more] Saudi Domestic Liquidity Crosses SR1 Trillion-Mark [May 3] " Saudi Arabiaï¿½s domestic liquidity has crossed SR1 trillion-mark, the Saudi Arabian Monetary Agency (SAMA) said in an announcement. 'This growth in liquidity is the result of steps taken by SAMA since October until April 14,' SAMA said. SAMA, which is the Kingdomï¿½s central bank, said the new measures were taken to strengthen commercial banks to provide loans that play a significant role in stimulating economic growth. 'The measures adopted by SAMA led to liquidity enhancement that would encourage banks to resume financing productive projects,' Al-Eqtisadiah business daily quoted experts as saying. Economist Abdul Wahab Abu Dahesh said SAMAï¿½s decision to lower the reverse repo rate apparently helped in substantially increasing the availability of money in the local economy.." [more]
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News - May 2009