Snapshot of the Week Past

Despite Windfall, Problems Loom For Saudi Economy
"Is there light at the end of the Saudi tunnel? Can sustained oil revenues and aggressive economic liberalization program reduce the kingdom's immediate problems? These questions linger in the minds of economists who closely examine the sustained economic growth over the past two years thanks to the rise in the prices of oil.."

Saudi Ambassador Links Latest London Attacks To Al-Qaeda
"Saudi Arabia's ambassador to London [Jul 21] linked the latest wave of attacks in London to Osama bin Laden's Al-Qaeda extremist network, even if the British authorities have yet to do so. "The modus operandi, the sheer cowardice associated with them and the attacks on innocent civilians -- these are all part and parcel of Al-Qaeda," Prince Turki al-Faisal told BBC radio.Turki, a former head of Saudi foreign intelligence, and soon to be Riyadh's ambassador to Washington.."

British Defense Secretary Visits Saudi Arabia
"British Defense Secretary John Reid met his Saudi counterpart [Jul 23] after arriving in Riyadh on a previously unannounced visit to Saudi Arabia, the official SPA news agency reported. Reid and Saudi Defense Minister Prince Sultan bin Abdul Aziz 'discussed issues of mutual concern to the two friendly countries,' it said without giving further details. A British embassy spokesman said Reid was also expected to meet with Saudi Crown Prince and de facto ruler Abdullah bin Abdul Aziz.."

Saudi Arabia Plans Huge Refinery Investments
"Saudi Arabia has a long maintained a downstream oil industry strategy developing from extraction of crude to refining and distribution with the result that the company now has one of the largest refining and distribution systems in the world.. ..The scale of Saudi Arabia's commitment to meeting market needs is shown by plans for a new export refinery at Yanbu on the Red Sea to produce 400,000 bpd of clean fuels involving a $5 billion-$8 billion investment. The planned refinery at Yanbu could supply the US east coast market with high-quality gasoline while low-sulphur diesel could be exported to Europe and naphtha to East Asia.."

US Warns Of Attacks In Saudi Arabia
"The United States has warned its citizens against fresh attacks from insurgents in Saudi Arabia. 'The American embassy in Riyadh advises all American citizens living in Saudi Arabia that it has received indications of operational planning for a terrorist attack or attacks in the kingdom,' the US embassy in Riyadh said in a statement on [Jul 20].. .. Hours after the embassy published its warning, Saudi Arabia's Interior Ministry said security forces uncovered a hideout 60km southeast of Riyadh where insurgents had stored more than two tons of bomb-making equipment"

Saudi Arabia's Longtime Ambassador to the U.S. Is Resigning
"Prince Bandar bin Sultan, who in 22 years as the Saudi Arabian ambassador to the United States operated as an insider's insider and wielded enormous influence in Washington over successive administrations, is resigning for "private reasons," Saudi Arabia announced [Jul 20]. Prince Bandar, 56, the son of the Saudi defense minister, is to be replaced by another royal family member, Prince Turki al-Faisal, the brother of the Saudi foreign minister and a former Saudi intelligence chief."

Linde Confirms Share Of Saudi Arabia Ethylene Plant Order Worth 300 Mln Eur
"Germany's Linde AG confirmed its share of a 1.2 billion USD contract to build an ethylene plant in Saudi Arabia is around 300 Million EUR. Linde and South Korea's Samsung Engineering Co yesterday signed the contract in the capital Riyadh with a consortium of Saudi petrochemical companies led by National Petrochemical Industrialization Co (Tasnee Petrochemicals).
The ethylene plant will be built in Al-Jubail, Saudi Arabia and is scheduled to start operations in the second half of 2008.."

U.S. Must Press Saudi Arabia On Terrorism, Senator Says
"Contending that Saudi Arabia remains a center of financing and recruitment for extremists, Sen. Frank Lautenberg says it is time for the United States to consider ending military cooperation with the Saudis unless they crack down more forcefully on radical Islamic groups. Lautenberg, D-N.J., and his staff have prepared a 12-page report detailing links between extremist groups and Saudi financiers in an effort to persuade Congress and the White House to re-examine the relationship. The Philadelphia Inquirer was given a copy of the report, which has not yet been released.."

Saudi Court Upholds Verdicts On Reformers
"A Saudi appeals court upheld a verdict sentencing three reformers to prison terms ranging from six to nine years, judicial sources said [Jul 24]. They said the court upheld the verdicts against Ali al-Dumeini, Abdullah al-Hamed and Matrouk al-Faleh, charged with attempting to establish a constitutional monarchy in the conservative oil-rich Arab kingdom.."

Saudi Arabia, U.S. To Sign Trade Agreement
"Saudi Arabia will sign a trade agreement with the United States in the next two days to pave the ground for entering the World Trade Organization.. ..'Only the signing of the bilateral trade agreement with Saudi Arabia's biggest trade partner remains and this should happen later this week,' Yamani said. He said the agreement will help Saudi Arabia join the WTO.."

Saudi Arabia Set To Post Real GDP Growth Of 6.5
"The Saudi economy is booming and heading for the best year in the Kingdom's economic history. According to Samba Financial Group forecast real GDP is likely to grow by 6.5 percent, reflecting over 7 percent output expansion in both the oil and private sectors, and more modest growth of under 4 percent in government. The report also sees growth in GDP of 26 percent in nominal terms with insignificant domestic inflation.."

Turki Calls for Even-Handed ME Solution
"Saudi Arabia has called upon world community to find a just, lasting and comprehensive Middle East peace settlement based on the principles of international legitimacy and responsibility as well as justice and even-handedness. Addressing a conference organized by the Next Century Foundation at the Houses of Parliament in London, Saudi Ambassador Prince Turki Al-Faisal also reiterated Saudi Arabia's unwavering support for the Palestinians.."

Greater Cooperation Needed to Fight Iraq Violence: Naif
"Interior Minister Prince Naif [Jul 19] sought greater cooperation and coordination among Iraq's neighbors, saying not enough was being done to prevent growing violence and terrorist attacks in the war-torn country.. ..He also called upon the international community 'to cooperate with us to achieve the objectives of our meeting in order to help the Iraqis and all other people in the region enjoy peace and stability'.."

Cabinet Passes Anti-Drugs Law
"The Council of Ministers, chaired by Crown Prince Abdullah, [Jul 19] passed a new law for combating drugs and narcotics and assigned the ministries of interior and health to draft its executive regulations. Culture and Information Minister Iyad Madani said the law insisted that drug addicts must be given treatment in complete secrecy and without disclosing his/her identity or information, adding that violators would be punished.."