July 2-8, 2006

• What's New on SUSRIS this week:

  • US-Arab Relationship in 2020 - Abdullah Alireza

  • American and Arab Leaders as Agents of Change - Karen Hughes 

• On the Web -  USAEF Photo Archive   

• In the News - Analysis: U.S. policy and Islamic renewal  

• In the News - Prince Turki al-Faisal    

• Keeping Track - Recent SUSRIS Items

• This Week's News - July 2-8, 2006

• About SUSRIS

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US-Arab Relationship in 2020 - Abdullah Alireza
"..What’s happening in Saudi Arabia right now is probably the biggest booms that we will ever witness. It’s not like the boom of the 1970s. Then it was cash flow generation. It was people who used to come to Saudi Arabia to be able to make a deal and go back out. There wasn’t development of local industry or investments made.. ..Today there are two important things happening in Saudi Arabia. They are the advent of the private sector and wealth creation through development of a productive base in society. In the case of the former the government has made a conscious decision to bring in the private sector to work with the government in a partnership that will allow it to take the lead and be the driver in the next boom. As a result our economy today is one of the top 25 in the world. It accounts for one fifth of the GDP of the entire Middle East and one quarter of all trade among Arab countries. It generates two thirds of all the aggregate GDP formation within the Gulf Cooperation Council.."
Leaders as Agents of Change - Karen Hughes
"..As I travel the Arab world, I hear, as I'm sure all of you do, concern, suspicion, even mistrust of America's motives and some of our policies. Recently, we also witnessed here in America concern, suspicion and mistrust directed at the Arab world. The Dubai Port's matter hit a deep nerve of worry among our population about America's security in our post-9/11 world. Yet as we work to secure our country, as we work to protect our people, I believe it is just as much in our vital national security interest that America remain an open and welcoming country: open to visitors, open to students, open to other cultures, open to ideas and innovation and open to business opportunities.."
On the Web - USAEF Photo Archive
Take a minute to visit the SUSRIS archive of US-Arab Economic Forum photos. Click on a thumbnail image for a larger view.
In the News
Analysis: U.S. policy and Islamic renewal "..Ever since the Sept. 11, 2001 terrorist attacks on the World Trade Center and the Pentagon, the United States has found itself in a war against an enemy it had very little intelligence on -- Islamist extremists. In the aftermath of the attacks and as the wars in Afghanistan and Iraq dragged on, the United States struggled with the consequence of its inability to fully understand how to go about winning the hearts and minds of the majority of the world's 1.4 billion Muslims.."
In the News
Prince Turki al-Faisal "..We are a country that has in one century, the last century, moved from a social and political and philosophical view of the world that was based mostly on 17th-century - and if you like 18th-century - background, to 20th-century attitudes and aspirations. And some of that baggage has come along over the past century .. we are open to criticism. There are faults within our makeup, whether social, political, or philosophical. We are happy to look at those faults and try to rectify them. And we are. We admit we have people in our midst who are bigots and who are intolerant and who see the world in an attitude of them and us. And hopefully by recognizing that and uninhibitedly dealing with it that we can rectify it. But it is not an issue where we have a miracle wand about where we can simply point that wand and say be done and it is done. We admit that it will take us some time within our makeup to move forward from these unacceptable attitudes and tangents that we think have affected the substance of and the practice of the true spirit of Islam.."

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Terror Suspects Flee Saudi Jail [Jul 8]
"Seven terror suspects have escaped from prison in Saudi Arabia, according to the country's Interior Ministry. Saudi-owned television Al Arabiya said the fugitives - six Saudis and one Yemeni - were linked to al-Qaeda. Saudi Arabia has been battling a campaign of violence by al-Qaeda aimed at toppling the pro-US monarchy.. ..An Interior Ministry spokesman said the suspects were religious extremists and said they had been arrested in separate incidents over the past year.." [more]

Heritage Village Plan for Saudi [Jul 8]
"Five heritage villages are to be developed in various locations in Saudi Arabia in a bid to boost the country's tourism industry, reported Arab News. The villages will be tourist centres built to look like traditional Arab towns and will feature regional architecture, crafts, costume and cuisine.." [more]

Saudi Prince Gives $1.25 Million to AUM [Jul 8]
"Auburn University Montgomery is receiving $1.25 million for fellowships and to help further its international programs from a Saudi Arabian prince who is an AUM alumnus. Prince Khaled bin Sultan bin Abdulaziz Al Saud, a member of the Royal Saudi Family and a 1980 graduate of AUM, is donating $250,000 for the 2006-2007 school year to be used for fellowships.." [more]

Saudi FM Arrives in Tehran to Attend Iraq Meeting [Jun 8]
"Saudi Foreign Minister Saud al-Faisal arrived in Tehran earlier Saturday to attend the 9th meeting of foreign ministers of Iraqi neighboring states plus Egypt scheduled to open here today. Participants in the two-day meeting will discuss ongoing developments in Iraq and problems of Islamic states. The Saudi foreign minister's visit to Tehran is his second this year.." [more]

Value of Saudi Traded Shares Falls to SR120.90BN [Jul 8]
"The Saudi stock market fell slightly last week. The Tadawul All-Share Index (TASI) shed 0.7 percent, closing at 13,053.19 points down 92.07 points from the previous week's close at 13,145.26 points. The TASI is currently 21.9 percent lower than the year's start. The stock market turnover also declined to SR120.90 billion last week compared to SR159 billion in the previous week.." [more]

Crown Prince Receives Saudi Ambassadors-Designate [Jul 8]
"Crown Prince Sultan bin Abdulaziz, Deputy Premier, Defense and Aviation Minister and Inspector General, received here today Saudi Ambassadors-Designate to a number of brotherly and friendly countries. They include Mohammad Homoud Al-Qahtani (to Greece), Ali bin Mohammad Al-Hamdan (to Yemen), Essam bin Ahmad Al-Thaqafi (to Argentine) and Sami bin Abdullah Al-Saleh (to Algiers).." [more]

Saudi Plane Deal Gets Off Ground [Jul 7]
"Worldwide aircraft maintenance company SR Technics has signed a five-year, US$121m contract, with the new low-cost carrier for Saudia Arabia.. ..Mike Humphreys, UK chief executive officer.. ..said: 'Sama represents a great opportunity for SR Technics to prove its leadership in the Gulf region, it being one of our key growth markets. We are very excited about our future in that region with all of our existing customers and our new customer, Sama'.." [more]

GVSU Hopes Saudi Students Get Warm Welcome [Jul 7]
"In an effort to chip away at many Americans' post-9/11 skepticism about Saudi Arabians and to build relationships with the United States, the Saudi government is paying for more than 10,000 students to study at American universities beginning this fall.. ..The university sent representatives to Washington and made a presentation to Saudi officials to get on a list of schools approved to receive Saudi students. 'The U.S. sees this as a great economic boost and important to reaching out,' said Kate Stoetzner, GVSU's director of International Student and Scholar Services. 'I think it will strengthen the opportunity for understanding of international culture'.."  [more]

Kingdom Not Funding Islamic Courts, Sultan Says [Jul 7]
"Crown Prince Sultan, deputy premier and minister of defense and aviation, denied charges that the Kingdom is offering assistance to Somalia's Islamic Court Union (ICU).. ..The allegations stem, in part, from comments made by Jendayi Frazer, the head of the Bureau of African Affairs at the US State Department, during a June 29 hearing at the House's International Relations Committee. Frazer did not directly accuse the Saudi government of funding Somalia's ICU, but said that money is flowing from the Kingdom and Yemen in support of the Islamic courts, which recently ousted the faltering transitional government of a country that has been in a state of anarchy since the early 1990s.." [more]

Shell, Total Saudi Gas Venture Drills First Well [Jul 7]
"South Rub Al Khali Company (SRAK), a joint venture between Saudi Aramco, Royal Dutch/Shell and Total, said it had started digging its first gas well in Saudi Arabia's Empty Quarter.. .. The well is anticipated to take up to four months to drill,' a statement said. 'A second drilling rig is planned to be mobilised to the area in 2007,' it added. SRAK, which won rights to seek gas in the 210,000 square km bloc in November 2003, has said it does not expect to produce the first gas until 2009 at the earliest.." [more]

Three New Mövenpick Hotels for Saudi Arabia [Jul 7]
"Mövenpick plans to open three new hotels in the Kingdom of Saudi Arabia in order to bring the company’s portfolio in the country up to nine. The company already operates two hotels in the city of Madinah and two in Jeddah, while two further hotels are currently under construction in Al Khobar and Mecca, due to open in 2007.. ..The Swiss hotel chain set out to double its portfolio of properties in 1999, when it operated 35 hotels and 7,400 rooms. The company looks well on track to achieve this, and by the end of 2007 its portfolio will comprise a total of 73 hotels and more than 19,000 rooms.." [more]

CMA Plans Regulations to Inject Greater Transparency [Jul 7]
"The Saudi Capital Market Authority (CMA) has announced a new draft of regulations to inject greater transparency into the functioning of the private sector and the prevention of CEOs from taking arbitrary decisions.. ..The CMA chief said the whole thrust of the exercise is to streamline the company's administration, safeguard the shareholder's rights, and prevent the misuse of power by the company's chairman or board members. The draft regulations also lay down a set of criteria that seek to streamline the company's administration.." [more]

Press Freedom Has a Long Way To Go [Jul 7]
"Some blame the lack of professional quality available in the region for the low standard of journalism, others pin the blame on the watchful eye of local governments. Regardless of which reason is most realistic, Arab reporters have a long list of obstacles to overcome in their search for the truth.. ..a report prepared by the Cairo-based Federation of Arab Journalists (FAJ).. ..which was based on information received from media syndications, associations and unions in 18 Arab countries, had classified media freedoms into four indexes: journalists' freedom, press freedom, state-media relations and censorship.." [more]

Oil Retreats After Hitting Record High [Jul 7]
"Oil fell from a record high of $75.78 a barrel on Friday on signs of a decrease in tension between the West and Iran, the world's fourth largest oil exporter.. ..Prices drew support from a US government report on Thursday showing gasoline demand grew by 1.4 per cent in the last four weeks from a year ago.." [more]

Registration Made Easy for Women Entrepreneurs [Jul 7]
" In a bid to encourage more women entrepreneurs in the Kingdom, Saudi businesswomen can now register their businesses themselves without a lawyer and in an hour according to an official at the Ministry of Commerce’s Jeddah branch.. ..The director general however added that there are certain areas that the ministry does not consider suitable for women to start businesses in; these include real estate and construction.." [more]

Three Saudi Banks to Give SR2.6bn to Shareholders [Jul 7]
"Three Saudi banks are planning to distribute more than SR2.6 billion ($700 million) among the shareholders for the first half of this year. This was announced by the Capital Market Authority (CMA) yesterday, which named the Samba Financial Group, Riyad Bank and Banque Saudi Fransi (BSF) as the three banks.." [more]

Two Saudi Princes Visit Zimbabwe [Jul 6]
"Two princes of Saudi Arabia's royalty arrived in Harare on Wednesday to visit the country's premier tourism resort areas, Victoria Falls and Hwange National Park.. ..Their visit comes barely a month after Zimbabwe scooped the Global Destination and Most Visited Stand award at the Kuwait International Travel Fair, an acknowledgment that the country ranks among the top tourist and safe destinations in the world.." [more]

New Real Estate Firm to Invest $533M in Saudi [Jul 6]
"Bahrain-based International Investment Bank (IIB) yesterday announced the formation of a $100 million real estate development company in Saudi Arabia. Established in conjunction with its partners the Saudi-based Islamic Corporation for Development of the Private Sector (ICD) and the Saudi Economic Development Company (SEDCO), Ewaan will focus on investment in the Saudi Arabian real estate market. The firm will seek to invest $533m in the country's fast-developing property sector during the next three years.." [more]

US$35.7M Saudi Construction Contract Awarded [Jul 6]
"Turkish company Yuksel Insaat Saudia has won a US$35.7M contract to construct the Damad dam near the city of Jizan in Saudi Arabia. The dam is being built primarily as a flood-protection structure, but can also be used for irrigation. It is part of a push by the Saudi government to build a string of multipurpose dams in the country.." [more]

Aramco to Increase Rig Fleet [Jul 6]
"Saudi Arabia has nearly doubled its drilling rig fleet to 100 and aims to have 121 rigs by the end of the year as the world's top oil exporter moves to boost its crude and gas output capacity.. ..'By the end of the year, we expect to have 121 rigs in the field. With global demand for energy soaring, and drilling rigs in short supply, Saudi Aramco is evaluating all options to meet our drilling requirements,' it added.Aramco said last September it wanted to double its fleet to 110 by 2006 from 55 rigs in 2004.." [more]

Militants Reject Saudi Amnesty Deal [Jul 6]
"Al Qaida in Saudi Arabia has rejected a renewed amnesty offer to repentant militants from Saudi King Abdullah Bin Abdul Aziz, according to an Internet statement posted on Tuesday. 'We say no surrender. It's either victory or martyrdom,' said the statement signed by the Al Qaida Organisation in the Arabian Peninsula and posted on a website frequently used by militants.." [more]

Arab Perspective on Gaza [Jul 6]
"The "Gaza calamity" has entered the 'nail biting' phase. Israel is insisting on getting her soldier back regardless of the price (and without any restrictions or conditions). The Palestinian front has been adamant from the start to negotiate with Israel on its own terms.." [more]

Oil Near Record Above $75, Eyes on US Gasoline [Jul 6]
"Oil stayed within sight of a new record high beyond $75 on Thursday as investors fretted over gasoline supply in the United States, where drivers burn 40 percent of the world’s motor fuel. Prices have climbed more than $5 a barrel over the past two weeks, fuelled by signs that US pump prices near $3 a gallon have yet to pinch the wallets of motorists in the world’s biggest energy user.." [more]

U.S. Rules Force Western Union to Block Muslims Money Transfers [Jul 6]
"Money transfer agencies have delayed or blocked thousands of cash deliveries on suspicion of terrorist connections simply because senders or recipients have names like Mohammed or Ahmed, company officials said.. ..Dubai-based representatives from Western Union Financial Services, an American company based in Colorado, and Minnesota-based MoneyGram International said their clerks are simply following U.S. Treasury Department guidelines that scrutinize cash flows for terrorist links. Most of the flagged transactions are delayed a few hours. Some are blocked entirely.." [more]

KAAU to Bridge ‘Digital Divide’ With IT Deal [Jul 6]
"King Abdul Aziz University (KAAU) and Sun Microsystems yesterday signed an initiative that will eventually lead to the development of a Sun Center of Excellence at the university. The agreement between KAAU and the software giant is aimed at providing high quality IT education.. ..The initiative will enable students at KAAU to access a training program and get experience with state-of-the-art IT technologies through the Internet and develop competitive skills equal to those anywhere in the world.." [more]

Kingdom Gives SR134m to Turkish Dam Project [Jul 6]
"Saudi Arabia has awarded a SR134 million contract to a major Turkish company to build a major dam near the southern Saudi city of Jizan in a new move to ensure protection from turbulent floodwaters and to ensure better water management. The move comes in line with the Saudi government’s ambitious plan to build multipurpose dams in different parts of the country.." [more]

Saudi's Qaeda Rejects Renewed Amnesty by King [Jul 5]
"Al Qaeda in Saudi Arabia have rejected a renewed amnesty offer to repentant Islamist militants from Saudi King Abdullah, according to an Internet statement posted on Tuesday. 'We say no surrender. Its either victory or martyrdom,' said the statement signed by Islamic militants.." [move]

KFUPM and Intel Inaugurate Energy Competency Laboratory in Saudi Arabia [Jul 5]
"King Fahd University of Petroleum and Minerals (KFUPM) and Intel Corporation have announced the opening of the Energy Competency Laboratory located at KFUPM in Dhahran. The lab, part of Dhahran Technology Valley, will lay the foundation for a specialized centre in oil, gas and petrochemicals applications and software, and will receive contributions from a number of specialized companies. The move aims to reinforce ongoing cooperation between the University and Intel Corporation.." [more]

SABIC Set to Launch its Debut Islamic Sukuk [Jul 5]
"The Saudi Capital Market Authority (CMA) has given approval to SABIC to launch issuance of Sukuk in a total amount up to SAR 3 billion.. ..This Sukuk will be the first to be launched in Saudi Arabia under the new Capital Market Law. HSBC Group, one of the world's largest banking and financial services organizations, has been appointed as the lead manager and book runner for this pioneering issuance.." [more]

Arab National Indexes Moving Up [Jul 5]
"Shares in Egypt and Jordan gained yesterday. The Dow Jones DIFC Arabia Titans Index, which includes 50 companies in 10 Arab countries, excluding Saudi Arabia, added 0.5% to 321.58 as of 2.53pm London time. Seven out of 13 Arab national indexes moved higher, including those in Morocco and Kuwait. Gauges in Saudi Arabia and the United Arab Emirates were among the six that fell.." [more]

Analysis: U.S. Policy and Islamic Renewal [Jul 5]
"Ever since the Sept. 11, 2001 terrorist attacks on the World Trade Center and the Pentagon, the United States has found itself in a war against an enemy it had very little intelligence on -- Islamist extremists.. ..'The United States still lacks an integrated and sustainable strategy to confront religious extremism in the Muslim world,' writes Abdeslam M. Maghraoui, director of the Muslim World Initiative at the U.S. Institute of Peace.." [more]

Arab League Puts Nestle on the Boycott List [Jun 5]
"Swiss food giant Nestle has been added to the Arab League list of companies to be boycotted because of links with Israel, officials said on Tuesday, but a source said the decision was likely to be ignored by most member states.. ..The Damascus-based Arab League Central Boycott Office (CBO) has informed Nestle that the firm was added to the list.." [more]

Italian Scholarships for KSU Students, Teacher [Jul 5]
"Three students and a professor from King Saud University (KSU) in Riyadh have been awarded scholarships to undertake courses at a leading Italian university.. ..The scholarships have been awarded according to a cultural agreement between Saudi Arabia and Italy in 1973. Since that time several Saudis have been given scholarships to undertake courses in Italy.." [more]

Saudis Adopt Production and Refining Strategy [Jul 5]
"Saudi Arabia expressed readiness to increase its oil production capacity gradually to cope with international demand and emphasized the increase in its refining capacity in and outside the Kingdom to meet the growing demand for refined products. It also revealed a plan to set up new refineries to refine heavy crude, production of which is increasing worldwide.." [more]

US Muslims Alienated by Patriot Act [Jul 4]
"Since 11 September 2001, when more than 3,000 people lost their lives on US soil, the federal government has adopted a raft of new powers which include phone tapping and search without warrants as well as surveillance of bank accounts, internet records and even library lending lists. Arabs and Muslims believe they are being indiscriminately targeted and suffer from an over-zealous use of the law.." [more]

Saudi Crown Prince to Visit France for Defence Deal [Jul 4]
"Saudi Crown Prince and Defence Minister Prince Sultan bin Abdul Aziz is heading to France for a three-day official visit on July 20, a Saudi official said.. ..A French source said there will be talks on a deal covering fighter planes, refueling planes, tanks, frigates and submarines.." [more]

Telecom Industry Sees 3G Boom in Saudi Arabia [Jul 4]
"Saudi Arabia, which plans to license a third telecom operator by the end of this year, offers considerable growth potential for third-generation mobile-phone use, experts say.. ..Saudi Arabia's biggest operator, the state-owned Saudi Telecom (STC) <7010.SE>, rolled out its 3G service last month, and three weeks later its competitor Mobily <7020.SE>, which began operations in 2005, launched its own version. The government will grant a third mobile-phone license by the end of the year.." [more]

GCC Investors to Pump 1.5b Riyals Into New Saudi Economic City [Jul 4]
"The holding company of Saudi Arabia's new economic city has won commitments of up to 1.5 billion Saudi riyals from GCC investors including the UAE, officials announced yesterday. They said the balance of the holding company's capital of 5 billion riyals would be raised through a public share offering and from investors in the Kingdom.." [more]

New Gas Field Discovered in Saudi Arabia [Jul 4]
"Saudi oil corporation Aramco has discovered a new gas field, according to a statement by Saudi Minister of petroleum Ali Al-Naimi. The Gas field located in the Eastern province flows at an average of 20 million cubic feet of gas associated with 1,400 barrels of condensates per day.." [more]

Visit Saudi Arabia, But Dress and Behave Appropriately [Jul 4]
"Saudi Arabia seems an unlikely destination for fun in the sun. Yet here was a Saudi prince at a tourism conference in neighboring Dubai, busily trying to sell his country as a vacation spot — provided visitors don't expect alcohol, women come robed, and everyone refrains from eating in public from dawn to dusk during the holy month of Ramadan. And swinging singles need not apply. Women younger than 40 must be accompanied by their brothers or fathers.." [more]

Increasing The National Networking Skills Across Saudi Arabia [Jul 4]
"Unless the networking skills shortage is addressed urgently, in only three years demand for networking skills in Saudi Arabia will exceed supply by 33 per cent in 2009 and there will be a shortage of more than 33,900 skilled people required to help drive economic growth.. ..Saudi Arabia is actively attempting to address the shortages through various human resource development initiatives.." [more]

Abdullah and Mubarak Hold Talks on Palestinian Situation [Jul 4]
"King Abdullah Bin Abdul Aziz and President Hosni Mubarak of Egypt yesterday discussed ways of jointly containing the deteriorating situation in Palestine following Israeli atrocities and kidnapping 64 Palestinian ministers and lawmakers.. ..The two leaders were to discuss "the situation in the Palestinian territories and Israel's threats to launch an all-out assault on the Gaza Strip" to force the release of an Israeli soldier held by Palestinian militants.." [more]

Kingdom Blasts Israel for ‘Collective Punishment’ of Palestinians [Jul 4]
"On the day of Egyptian President Hosni Mubarak’s visit to the Kingdom, Saudi Arabia yesterday condemned Israel’s recent incursions into the occupied Palestinian territories, calling it “collective punishment” for the abduction of a 19-year-old Israeli soldier on June 25.. ..Saudi officials say Israel’s response is only leading to increased violence, clashes and hostilities.." [more]

Youths Begin Summer Lessons in Dialogue [Jul 4]
"As the summer break is in full swing, Saudi youths are flocking to Education Ministry summer programs that typically involve a lot of sport activities. But this year parents are wondering if their kids might pick up a little more than an ability to bend it like Beckham. The summer clubs are offering for the first time courses in dialogue and tolerance. The ministry collaborated with the King Abdul Aziz Dialogue Center, which is host to regular nationally televised forums where various Saudi social constituencies — from youths to professors to imams — meet to discuss the current and future priorities of the Kingdom.." [more]

Iraqi Premier Calls for Saudi Investment [Jul 3]
"Iraqi Prime Minister Nuri Al Maliki during a visit to the Jeddah Chamber of Commerce and Industry (JCCI) called on Saudi businessmen to invest in Iraq.. ..Accompanied by a delegation of businessmen and government officials, the Iraqi premier on Sunday met Saudi businessmen headed by acting JCCI Chairman Ziad al-Bassam. 'The security problems are not in all of Iraq, but rather they are confined to Baghdad,' Al Maliki insisted, inviting Saudi firms to seek contracts in infrastructure projects.." [more]

Ministry Decides to Ax Expat Teachers in Elementary Schools [Jul 3]
"The Ministry of Education has decided against renewing the contracts of all foreigners teaching in elementary schools for boys, according to a source at the ministry. The decision was taken with the aim of employing more Saudis from the next school year. While Saudi university graduates, especially English teachers, have welcomed the move, expatriate teachers were surprised and upset.." [more]

Oil Prices Edge Towards 74 USD on Concern Over Record US Gasoline Demand [Jul 3]
"Oil prices edged towards 74 usd a barrel on concern over record gasoline demand over the US Independence Day holiday, and on weekend comments from Saudi Arabia that high prices were not hurting the global economy.. ..Gasoline aside, analysts said prices were also being propped by Saudi Arabian oil minister Ali al-Naimi's comments at the weekend that high oil prices have not impacted global growth. 'The comment is significant in terms of the propensity of the oil price to rise further. Friday's close of just under 74 usd a barrel puts oil within striking distance of the April highs'.." [more]

Is There a Case for the Kingdom to Revalue Riyal? [Jul 3]
"Saudi Arabian Monetary Agency (SAMA) announced twice in the past couple of months that it does not intend to revalue the Saudi riyal exchange rate against US dollar. The statements came after the revaluation of Kuwaiti dinar against the US dollar (by 1 percent).." [more]

Gulf Economic Boom 'Driving Inflation Higher' [Jul 3]
"Strong oil prices have brought a fresh econ-omic and fiscal boom to the UAE and other members of the six-nation Gulf Cooperation Council, but the upsurge has also triggered inflation despite government counter-measures, according to a UN organisation covering the Middle East.. .."The combined inflation average in the six members, which sit atop 45 per cent of the world's oil, was as low as 0.8 per cent in 2002 but swelled to 1.3 per cent in 2003, to around 1.8 per cent in 2004 and as high as 2.7 per cent in 2005.." [more]

Arab Countries Prove Their Generosity [Jul 3]
"With so much easy money coming in these days, oil-rich Arab countries are trying to prove they are just as good at giving it away.. ..This year, Saudi Arabia's $15 million in donations to the U.N. World Food Program has surpassed the $12 million from France and Australia and is not far off Japan's $21 million. The U.S. contribution is $486 million.." [more]

Saudi Oil Body Blames High Prices on Refineries [Jul 3]
"Saudi Arabia's top oil body said on Sunday it saw no shortage of crude supplies in world markets and blamed a refinery crunch for high world oil prices. 'The council said it was pleased about the balance of supply and demand in oil with the rise in world crude stocks to levels not seen for many years,' the High Council for Oil and Mineral Affairs said after a meeting chaired by King Abdullah. 'The council realises that the current rise in oil prices stems from various factors such as the lack of advanced refining capacity, and is not the result of any shortage in crude supply,' a statement read on state television said.." [more]

SCT Opens Base in Jeddah [Jul 3]
"Prince Sultan ibn Salman, secretary-general of the Supreme Commission for Tourism (SCT), accompanied by Prince Mishaal ibn Majed, governor of Jeddah, opened the Jeddah offices of the SCT yesterday. The new office is to coordinate with 13 new offices planned for the Makkah region in the near future. The new premises are the latest stage in an expansion of the Kingdom’s tourist industry infrastructure.." [more]

Envoy of Peace From China’ Comes to Riyadh [Jul 3]
"The Kingdom’s “Look East Policy” will be taking on a new dimension with the Chinese Embassy organizing a two-weeklong cultural exhibition that opens at King Abdul Aziz Historical Center in Riyadh today. The inauguration will coincide with the opening of the Arab Cultural Festival sponsored by the Saudi Ministry of Culture and information in Beijing. The show in Riyadh — Envoy of Peace from China — is being 'organized within the framework of current cultural cooperation between Saudi Arabia and China'.." [more]

Saudis Urged to Learn Multiple Languages [Jul 3]
"Three European journalists, who have been in the Kingdom for over six months, believe that Saudis stand to gain a lot by learning foreign languages in line with the international trend among youngsters abroad.'As the concept of the global village gains a strong foothold, multilingualism will be the wave of the future,' said Spanish journalist Maria Casilda Uriarte while speaking to Arab News.." [more]

Saudi Govt to Give $148M for Reconstruction Projects [Jul 2]
"The Kingdom of Saudi Arabia has agreed to allocate $148 million of the $200 million long-term debt it had pledged for Afghanistan for development and reconstruction projects. Spokesman for the Ministry of Finance Aziz Shams said Saudi Arabia had pledged $200 million for Afghanistan during the Tokyo conference held in 2002. The $148 million was part of that amount.." [more]

$160M Combined Saudi Set Up [Jul 2]
"A $160m joint venture company, the Combined Saudi Company, has been set up in the kingdom, reported Arab News. The new entity intends to promote Saudi-Kuwaiti investment in a range of different sectors including real estate, health care and tourism.." [more]

Iraq PM Wins Saudi Backing for Peace Efforts [Jul 2]
"Iraqi Prime Minister Nuri al-Maliki has won Saudi Arabia's backing for his efforts to halt the bloodshed in Iraq at the start of a gulf tour to rally support for his peace plan. 'On behalf of .. King Abdullah, I assure you of ..(Saudi Arabia's) full support for you and your constitutional government,' Crown Prince Sultan Bin Abdul Aziz told Maliki.. ..the discussions during the session of talks with the Saudi Crown Prince focused on "efforts to restore security and stability in Iraq, chiefly the national reconciliation plan" unveiled by Maliki last Sunday.." [more]

BAE Bribe Scandal Charges Looming [Jul 2]
"Fraud investigators are confident of bringing cases against past and present executives of defence giant BAE Systems over alleged corruption in the Al Yamamah cash-for-contracts scandal.. ..The group is under investigation for bribes allegedly paid to firms to help win orders from Saudi Arabia for Tornado fighters, other aircraft, weapons and support services, including bases in the country.." [more]

$3.5 Billion Oil Pipeline to Be Inaugurated July 13 [Jul 2]
"A new $3.5-billion oil pipeline, whose high-profile inauguration will be attended by Saudi Petroleum and Mineral Resources Minister Ali Al-Naimi on July 13 in Turkey, will serve as an east-west energy corridor linking Azerbaijan with Turkey and from there to the Western markets.. ..Referring to the Saudi-Turkish ties, especially in oil sector and the forthcoming visit of Minister Al-Naimi to Turkey, the embassy’s spokesman said that oil and other petroleum products constitutes 75 percent of all imports from Saudi Arabia to Turkey.." [more]

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