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Snapshot of the Week Past |
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Saudi
Oil Policy Will Be Stable Say Gulf Experts
"The latest illness of Custodian of the Two
Holy Mosques King Fahad bin Abdulaziz will not
affect Saudi Arabia's oil policy, which has been
marked by stability under the command of Crown
Prince Abdullah bin Abdulaziz, Gulf experts said
yesterday. "The kingdom's (oil) policy is
stable... and I don't think King Fahad's state of
health will have an impact on the market"
despite an initial rise in crude prices on Friday
following news that he was admitted in hospital,
said former Kuwaiti oil minister Ali Al Baghli.."
Saudi's
Economic Growth Set To Exceed 5.3 Percent In 2005
"Hamad Al Sayari, governor of Saudi Arabian
Monetary Agency (SAMA), said that Saudi Arabia,
the largest oil exporter in the world, expects
economic growth in 2005 to exceed last year's
level of 5.3 percent. "We are optimistic that
it is going to be better than last year," he
said. The Kingdom has been pumping crude at its
highest rates since the last oil boom a quarter
century ago in an effort to cool surging oil
prices.."
Kingdom,
Russia Agree to Cooperate in Several Key Areas
"As a result of the second Saudi-Russian
Joint Economic Commission (JEC), the Kingdom and
Russia have agreed to cooperate in several key
areas. A Saudi-Russian bank will be set up; more
Saudi satellites will be launched by Russian
rocket launchers and the two countries will
increase cooperation in higher education and
manufacturing.."
Saudi
Arabia, Russia Discuss Hike In Output
"Saudi Arabia and Russia, the world's two
biggest oil producers, discussed increasing their
output capacity yesterday to meet surging world
demand, the official SPA news agency reported.
Saudi Oil Minister Ali al-Nuaimi and the director
of the Russian Federal Energy Agency, Sergei
Oganesian, discussed co-operation between the two
producers, SPA said. "This [co-operation]
includes increasing oil production capacity to
face the hiking world demand in the coming
years," SPA added.."
Fundamentals
Are Healthy for Oil Market': Al-Naimi
"Minister of Petroleum and Mineral Resources
Ali Al-Naimi has offered a calming view of the
world oil market, saying "fundamentals are
healthy" for current levels of supplies and
inventories. He said Saudi Arabia did not see a
need to cut current production and noted that it
will maintain a spare production capacity cushion
of 1.5 million to 2 million barrels per
day.."
Kingdom
Pledges SR187m for Aceh Reconstruction
"Saudi Arabia has pledged to extend a SR187
million soft loan facility to carry out
reconstruction work in the tsunami-hit areas of
Indonesia's northwestern Aceh province. The
Kingdom will wait for a formal proposal from
Jakarta before the Saudi Fund for Development (SFD)
releases the funds for infrastructure and
agriculture projects, Indonesian Minister of
Agriculture Dr. Anton Apriyantono said here
yesterday.."
Syria
Arrests 300 Saudis
"More than 300 Saudis have been arrested at
the airport in Damascus and along the Syrian
border on suspicion they were en route to Iraq to
fight alongside insurgents, press reports said
yesterday. Relatives of some of the arrested told
Al-Watan Arabic daily that the Saudis had no
intention of entering Iraq in order to take part
in a jihad against American and other occupation
forces.."
New
Insurance Firms to Be Licensed in Kingdom
"More insurance companies are likely to be
licensed to operate in the Kingdom as the Saudi
Arabian Monetary Agency (SAMA) urged 26 insurance
firms that were previously operating in the
country to re-apply after fulfilling the
conditions set by authorities.. .. According to
SAMA, the Kingdom's insurance regulator, the 13
companies as well as nine others are currently
completing licensing procedures. The addition of
26 more would bring the total number of insurance
companies in the market to 49.."
Saudi
Arabia To License Brokerage Firms
"Saudi authorities will soon issue licenses
to brokerage firms in the Kingdom to facilitate
share transactions in the SR 1 trillion plus stock
market, which is expected to see a slew of initial
public offerings (IPOs) next year. This was
disclosed by Hamad Al-Sayari, governor of the
Saudi Arabian Monetary Agency (SAMA). Meanwhile,
the Kingdom's Capital Market Authority (CMA) also
announced that it is going ahead with regulations
for allowing the establishment of brokerage
firms.."
SABIC
Signs Agreement With US Company
"Saudi Basic Industries Corporation (SABIC)
yesterday signed a Letter of Intent (LOI) with the
US Flour Company to construct utilities and site
facilities at the SABIC affiliate, Yanbu National
Petrochemicals Company (YANSAB) in Yanbu.
According to a report received yesterday, the LOI
was signed in the presence of SABIC Vice Chairman
& CEO Mohamed Al-Mady by Abdul Rahman Al-Fakeeh,
president YANSAB, for SABIC, and David Seaton,
senior vice president, chemical products business
line, energy and chemicals group, for the Flour
Company.."
Saudi
Schools Buy Boise Firm's Labs
"PCS Edventures of Boise has sold its
learning labs to two private schools serving 8,000
students in Saudi Arabia. The company expects
additional orders in the next 18 months as its
customer base in the Middle East, company
officials said. PCS learning labs are installed in
classrooms and after-school program sites in all
50 states and 12 foreign nations.."
Sweden
to Stage Roadshow for Saudi Students
"Sweden will be holding an educational
roadshow later this year as part of its attempt to
target Saudi students for higher studies in that
country. This was told to Arab News in an
interview by Ambassador Per Saland from the
Ministry of Foreign Affairs in Stockholm, who
arrived here on Tuesday on a fact-finding mission
to the Kingdom. He was briefed at the Foreign
Ministry and the GCC headquarters on the current
situation.."
CMA
Role in Financial Market
"The Saudi Arabian Capital Markets Law (CML)
has the potential to bring radical changes to the
Kingdom's banking and financial markets.. ..The
CMA has just announced the licensing of non-bank
financial intermediaries for the first time, the
details of which have not yet been published in
English.."
Labor
Visas Will Not Be Renewed
"The validity of labor visas will be
restricted to one year beginning June 8, according
to Labor Minister Ghazi Al-Gosaibi. "The visa
will be canceled after a year and will not be
renewed nor will its validity be extended,"
the Saudi Press Agency quoted him as saying.
However, Gosaibi said, the beneficiaries could
request alterations to visas such as changing the
name or nationality within six months after
issuance.."
'Saudi-Thai
Ties Getting Stronger'
"Saudi Arabia and Thailand have agreed to
sign a memorandum of understanding (MOU) to boost
cooperation between their chambers of commerce and
industry. Praphad Phodhivorakhun, head of the
Federation of Thai Industries (FTI), who held
wide-ranging talks with senior Saudi officials and
businessmen during his visit to the Kingdom said
investigations into criminal cases during the past
would not hamper 'our future business plans.'
Praphad thanked Saudi officials for their efforts
to promote relations with Thailand.."
Thailand,
Saudi Arabia Set To Resume Direct Air Link
" Thailand and Saudi Arabia are moving to
re-establish the first direct commercial air
services between the two countries in more than a
decade in an early sign of restoring their
relationship severed by the Saudi gems scandal.
Officials of Thailand's Department of Aviation and
their Saudi counterparts recently signed an
agreement in Jeddah allowing designated national
airlines of the two countries to each operate up
to nine flights a week between the two
countries.."
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