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Saudi IPO Summit Aims to Boost Market Confidence [Jul 15]
"A conference aimed at restoring investor confidence in the Saudi stock market after a volatile performance in the first half of this year will be held in Riyadh in November. The Dubai-based Institute for International Research (IIR) will organise the Saudi IPO Summit 2006, which is due to take place from November 19-22 at the Al Faisaliah Hotel in Riyadh.." [more]

Jordan, Egypt Join Saudi Arabia in Pointing Finger at Hizbullah [Jul 15]
"Jordan's King Abdullah II and Egyptian President Hosni Mubarak on Friday condemned Israel's military aggression on Lebanon but also indirectly criticized Hizbullah for harming Arab interests.. ..Similar language was used earlier by Saudi Arabia, which indirectly accused Hizbullah of "adventurism" in provoking Israel's onslaught on Lebanon and putting all Arab nations at risk.." [more]

Saudi Oil Output About 9.5-10m bbls/day [Jul 15]
"Saudi Arabian oil production is between about 9.5 million and 10 million barrels a day, the Saudi ambassador to the US, Prince Turki Al Faisal, said, declining to comment specifically on July output.. ..Expansion of Saudi production capacity to 12.5 million barrels a day by 2009 was 'going very well,' he said.." [more]

Qatar, No Saudi Objections [Jul 15]
"Qatar's Oil Minister Abdullah Al Attiyah has said that he hasn't received any objections from Saudi Arabia regarding the route of the $3.5bn Dolphin Energy project pipeline which will transport gas from Qatar to the UAE.. ..It was revealed last week that Saudi had said the pipeline crossed its territory without permission.." [more]

Larijani Arrives in Saudi Arabia [Jul 15]
"Iran's top nuclear negotiator and Secretary of the Supreme National Security Council (SNSC) Ali Larijani heading a political delegation arrived in Jeddah port city in Western Saudi Arabia Saturday.. ..During his stay in Riyadh, the SNSC secretary is scheduled to confer with Saudi King Abdullah bin Abdal-Aziz on matters of mutual concern. Bilateral ties, promotion of Iran-Saudi relations and latest regional political developments, particularly Palestine and Lebanon will be high on the agenda of talks during his visit.." [more]

World Oil Prices Hit Record 78 Dollars [Jul 15]
"World oil prices hit record 78 dollars Friday amid concerns over situations in the Middle East. New York's main contract, light sweet crude for delivery in August, rose by 33 cents to close at 77.03 dollars a barrel, after hitting 78.40 dollars in overnight electronic trading. In London, Brent North Sea crude for August delivery surged by 58 cents to close with 77.27 dollars a barrel.." [more]

Saud Al-Faisal Meets Annan's Special Advisor [Jul 15]
"Foreign Minister Prince Saud Al-Faisal met here today Vejay Nambiar, the Special Advisor of the U.N. Secretary General and his envoy on Lebanese crisis. During the meeting, they discussed the emerging tense situation after the Israeli offensive against Lebanon.." [more]

Saudis Start Arriving From Beirut [Jul 15]
"Tired and weary, Saudis returning from Lebanon through Syria, trickled into the King Abdul Aziz International Airport in the early hours of Friday morning. An estimated 1,500 Saudis had been flown home to the Kingdom in three flights, as this story went to print. Most had started their trip home on a bus or in a taxicab from Beirut to Damascus on Thursday morning, after they received frantic warnings from the Kingdom's embassy in Lebanon to start evacuating.." [more]

Women Shoura Consultants: Profound Progress or Baby Steps? [Jul 15]
"The recent appointment of six women as part-time consultants in the Shoura Council and as the Kingdom's representatives in women's conferences abroad could be a step toward a larger role for women's participation in the council, said the vice president of the Shoura Council, the Kingdom's unelected consultative body.." [more]

Arab Stock Markets Face 'Psychological' Pressure [Jul 15]
"The Saudi stock market continued to fall last week in what analysts described as a profit-taking move. Despite announcements of half-yearly results of some listed companies, the Tadawul All-Share Index (TASI) plunged 1,184.77 points or 9.08 percent last week, closing at 11,868.42 points on Wednesday, down from previous week's close at 13,053.19 points. TASI is currently 29.0 percent lower that the year's start.." [more]

Saudi Arabia Harshly Criticizes Hezbollah for Escalating Mideast Crisis [Jul 14]
"In a significant move, Saudi Arabia, the Arab world's political heavyweight and economic powerhouse, accused Hezbollah guerrillas - without naming them - of "uncalculated adventures" that could precipitate a new Middle East crisis. A Saudi official quoted by the state Saudi Press Agency said the Lebanese Hezbollah's brazen capture of two Israeli soldiers was not legitimate. The kingdom 'clearly announces that there has to be a differentiation between legitimate resistance (to Israel) and uncalculated adventures'.." [more]

Crude Oil Rises to Record as Middle East Conflict Escalates [Jul 14]
"Crude oil rose above $78 a barrel for the first time as concern mounted that escalating violence in the Middle East, supplier of 30 percent of the world's oil, may cut supply.. ..'What was a conflict between Hamas and Israel has now expanded to Lebanon and Hezbollah,'' Beutel said. ``This now threatens to spread to Syria and Iran, which would be a major threat to oil shipments'.." [more]

Saudi Arabia, Chevron Extract Saudi Crude [Jul 14]
"Saudi Arabia and Chevron Corp. have successfully extracted previously unreachable Saudi crude by injecting steam into oil fields to loosen sludge-like deposits.. ..Saudi Oil Minister Ali Naimi said steam injection could be used to add "tens of billions" of barrels to the kingdom's proven reserves of 260 billion barrels -- the world's largest.." [more]

Evacuation From Lebanon [Jul 14]
"The Kingdom doubled up efforts to fly out Saudi nationals holidaying in Lebanon from Damascus, according to statements made by a senior Saudi official.. ..The Saudi embassy in Beirut has made buses available for Saudi nationals wishing to leave Lebanon. The buses take Saudi nationals from Beirut to Damascus, where Saudi Arabian Airlines planes fly them home to the Kingdom. He said a request to double flights from the Syrian capital to the Kingdom had been made to make sure that all Saudis got home safe and sound. There are an estimated 20,000 Saudis holidaying in Lebanon.." [more]

Singapore Offers Education Program for Saudis [Jul 14]
"Singapore has launched a special range of "Summer Education" programs for students in Saudi Arabia, offering motivated Saudi youngsters the opportunity to experience education in one of Southeast Asia's most advanced city states.. ..The aim of the program is to engage more Saudi Arabian schools and educational institutions in overseas learning programs and thus provide students with a wide range of extracurricular activities.." [more]

Mideast Fighting Ripples Through Region [Jul 14]
"The fighting between Israel and Hezbollah threatens to deepen the schism between U.S.-backed Arab regimes like Egypt and Jordan that want a peaceful settlement of the Arab-Israeli conflict.. ..Egypt, Jordan and Saudi Arabia have focused their diplomatic efforts on Damascus, urging Syrian President Bashar Assad to rein in Hezbollah.." [more]

Saudis Expected Home From Guantanamo Within Year [Jul 14]
"Saudi Arabia hopes to have all of its citizens returned from the U.S. naval base at Guantanamo Bay within a year, the Saudi ambassador to the United States said on Thursday.. ..About 95 of the men still held at Guantanamo are Saudi citizens and Al-Faisal said he expected all of them to be repatriated 'probably within a year'.." [more]

Saudi Arabia Donates $5 Million to Indonesia Government [Jul 13]
"The Kingdom of Saudi Arabia will donate $5 million to support the earthquake relief and recovery efforts of two levels of the Indonesian government and several humanitarian and United Nations agencies, including a $2 million grant to help fund the UN World Food Programme's cash-strapped operations in the earthquake zones of Central Java and Yogyakarta.." [more]

Saudi Ambassador Pledges to Continue Helping New Orleans [Jul 13]
"A Saudi Arabian prince pledged that his kingdom will keep bankrolling hurricane relief efforts. Prince Turki Al-Faisal, the youngest son of the Saudi king and the kingdom's former head of intelligence, did not put a dollar figure to the donation, citing a Koranic passage which encourages anonymous giving. Published reports have indicated that Saudi Arabia pledged at least 100 (M) million dollars to help Louisiana after Hurricane Katrina, an amount matched by the United Arab Emirates and Quatar.." [more]

Saudi Stock Index Dives 3.2 Percent [Jul 13]
"The Saudi stock market has started a downward trend for the last few days despite major listed companies announced good half-yearly results. The Tadawul All-Share Index (TASI) plunged 392.33 points or 3.2 percent yesterday to close at 11,868.42. The index plummeted 1,277.39 points in the last four days of trading and 28.99 percent since start of the year. The TASI dropped 355.70 points on Sunday, 420.51 points on Monday and 108.85 points on Tuesday.." [more]

Saudi FM to Leave for Cairo [Jul 13]
"Saudi Foreign Minister Prince Saud Al Faisal will head his country's delegation to Cairo to attend an urgent Arab Ministerial meeting on the current situation in South Lebanon following the Israeli escalation. Arab Leagues Secretary General Hisham Yusuf said that a Foreign Ministerial Meeting will be held there next Saturday. He added that Arab League Secretary General Amr Moussa held talks with Arab Foreign Ministers to discuss Lebanese borders and situations in Gaza.." [more]

Saudi Officials Remain Silent Over Dolphin Pipeline Issue [Jul 13]
"Saudi Arabian officials refrained from commenting yesterday on the report referring to the kingdom's objection to the Dolphin gas pipeline project on the grounds that it passes through Saudi territory.. ..The two governments have been indirectly addressing the issue since their last official talks in 2005, with the kingdom having a precedent of interfering with regional projects, such as the Qatar and Kuwait ventures.." [more]

On Course In English Language [Jul 13]
"Withthe demand for English language skills by universities and employers in the Kingdom, a large number of Saudi students take advantage of the summer and add an English course or two to improve their language skills.. ..Figures show that Saudi Arabia is on a good track toward proficiency in the English language. Roughly 1.75 million people of various ages from nearly 135 countries took one of the levels of Cambridge 'English for speakers of other languages' (ESOL) exams in 2005.." [more]

First Saudi Film Festival Kicks Off [Jul 13]
"Saudi Arabia's first film festival kicked off yesterday at the Jeddah Science and Technology Center in a media-only event of around 50 people consisting of both men and women.. ..Organizers hope to show five movies on every Wednesday and Thursday and six movies on Fridays. All movies will be shown with English subtitles.." [more]

Investments by OPEC Vital for Oil Stability: IEA [Jul 13]
"World demand for oil will rise at about 2.0 percent a year for the next five years, but OPEC countries are leading an expansion of production that will replenish a supply safety cushion, the International Energy Agency (IEA) said yesterday. Investment by OPEC will increase the crude production capacity of the 11 countries belonging to the organization by 10 percent from 2006 to 2011, with production of natural gas liquids set to increase by 44 percent.." [more]

Saudi Arabia: Some Hopeful Developments, Promising Signs [Jul 13]
"Three different events have made me think of all the changes we are going through in Saudi Arabia. The events posed puzzling questions as well.. ..What do these events have in common? That we are changing. That our society is opening up a little bit. They also tell us that there are areas that society is afraid to tread.." [more]

Lebanon, Arabs Engage in Diplomacy [Jul 13]
"Lebanon and Arab states engaged in diplomatic efforts to end the violence between Israel and Hezbollah which further threatened volatile Mideast stability.. ..In Saudi Arabia, a diplomatic source said 'the Saudi leadership is in contact with many countries, including the United States, to force Israel to stop its aggressions against Lebanon and convince it to release Arab prisoners'.." [more]

Saudi Prince's Aspen Getaway Has $135 Million Price Tag [Jul 12]
"The getaway of Saudi Prince Bandar is up for sale for an asking price of $135 million, which could set a U.S. sales record, according to published reports. Real estate agent Joshua Saslove said in a statement to The Aspen Times and the Aspen Daily News that Bandar's 15-bedroom, 16-bathroom 56,000-square-foot mansion -- complete with a racquetball court, indoor pool, and outdoor water features -- is up for sale because the prince is too busy to enjoy his mountain palace.." [more]

Interpol Alert After Qaeda Men Flee Saudi Jail [Jul 12]
"Interpol issued a worldwide alert yesterday over the escape of seven "suspected Al Qaeda-linked terrorists" from a Saudi prison and voiced concern that it had only learned of the jailbreak from the press. The world police organisation said it was the second time in six months that it had found out from the media about a major prison escape, following the flight of 13 convicted militants and 10 other inmates in Yemen in February.." [more]

Review of Arab Editorials [Jul 12]
"A regularly updated roundup of commentary from Arab newspapers.." [more]

Jeddah Hosting First Saudi Arabian Film Festival From Today [Jul 12]
"The Jeddah Visual Shows Festival, which begins today at 7 p.m. at the Jeddah Science and Technology Center on the Corniche, may mislead visitors. It sounds like a science exhibition, but it's not. It's Saudi Arabia's first movie festival. For the next four weeks, the public will be allowed to view regional short films in a public forum that is open to men and women.." [more]

Total 'Astonished' at Saudi [Jul 12]
"France's Total says it is "astonished" that Saudi Arabia has decided to block a $3.5bn natural gas pipeline from Qatar to the UAE, in a last minute objection to the eight-year old project, according to Bloomberg.. ..But Abu Dhabi's Dolphin Energy says it has not received any objections about the project.." [more]

Embassies Start Measures To Take Control Of Community Schools [Jul 12]
"Foreign missions have started implementing the Ministry of Education's new rule empowering them to oversee and control their respective international schools. Directly affected by the MOE regulation are the international schools of India, the Philippines, Pakistan, and Bangladesh, which are all operating under the umbrella of their respective embassies.." [more]

Paris Preps for Sultan's July 19 Visit [Jul 12]
"Crown Prince Sultan, deputy premier and minister of defense and aviation, plans to visit Paris next week to help boost political, economic and cultural ties between France and Saudi Arabia, French Ambassador Charles-Henri D'Aragon told Arab News yesterday. Prince Sultan will pay a three-day visit to France beginning July 19 at the invitation of President Jacques Chirac.." [more]

Saudi to Block $3.5 Bln Occidental, Total Pipeline [Jul 11]
"Saudi Arabia will block a $3.5 billion natural gas pipeline backed by the United Arab Emirates, Occidental Petroleum Corp. and Total SA, in a last-minute objection to the eight-year-old venture. The undersea pipeline from Qatar to the U.A.E. crosses Saudi territory and ``cannot be constructed without the agreement of the kingdom,'' according to a July 8 memo faxed by the Saudi government to the National Bank of Abu Dhabi, which is involved in financing the link.. ..This isn't the first time Saudi Arabia has intervened in regional energy projects. The kingdom's objection to Qatari exports of natural gas to Kuwait through a pipeline that would have gone through its waters helped derail the project.." [more]

Avis Europe to Invest $66.7 Million in Saudi Arabia [Jul 11]
"Avis Europe has decided to invest about $66.7 million under a major plan by increasing the size of its fleet from 5,000 cars to 20,000 in the Middle East over the next five years, Khaleej Times reported. The move follows the Saudisation drive in the limousine companies.." [more]

CMA Approves Emaar the Economic City SR 2.55 Billion IPO [Jul 11]
"Emaar the Economic City (EEC), a consortium headed by Emaar Properties PJSC and a number of high profile investors from Saudi Arabia, today announced that the Capital Market Authority (CMA) of Saudi Arabia has approved its initial public offering (IPO) of SR 2.55 billion (US$679.9 million).. ..The IPO will facilitate financing of the King Abdullah Economic City (KAEC), to be built at a pristine location off the Red Sea in the north of Jeddah with an investment of SR 100 billion (US$26.6 billion).." [more]

Saudi May Keep Output Steady Through August [Jul 11]
"Saudi Arabia is likely to keep oil output steady through August as rising supply from the Caspian and Iraq meet a seasonal surge in third quarter demand, industry sources said yesterday.Big buyers of the kingdom's oil reckon it has yet to reopen the taps since April when Oil Minister Ali Al Nuaimi said pumping was around 9.1 million bpd. Riyadh has made no official comment on output since April.." [more]

Maadin, Spanish Company Sign Contract to Produce Minerals [Jul 11]
"The Saudi Arabian Mining Company "MAADIN" and Spain's Dragados firm signed here today a contract to build an SR 900 million factory to produce phosphates, aluminium and fertilizers in the industrial mining city in the eastern region.. ..The project is scheduled for completion within 34 months. It will have an estimated production capacity of 9,000 tons of phosphates, aluminium and fertilizers. The project will be the biggest one in the world for the production of these products.." [more]

Saudi British Bank Net Profit Up 50.8 Percent in H1 [Jul 11]
"Saudi British Bank (SABB), which is 40 percent owned by HSBC, said on Tuesday its first-half net profit rose 50.8 percent to 1.809 billion riyals ($482 million) on the same period a year ago. But on a quarterly basis, the announcement means SABB's net profit in the second quarter of 2006 rose by less than 11 percent to 823 million riyals, against 744 million riyals for the same period last year. Net profit in the first quarter rose more than 116 percent from its level up to the end of March 2005.." [more]

Saudis Deny Report of Al Qaida-Security Force Link [Jul 10]
"The Ministry of Interior has denied reports in foreign media that Al Qaida had penetrated the country's security system. The interior ministry also denied reports that the seven suspects who escaped from Al Malaz Prison in Riyadh on Friday received help from their guards.. ..Authorities are questioning officials at Al Malaz prison on the escape of the seven inmates.." [more]

Dow Chemical, Saudi Aramco in Exclusive Petrochemical Venture Talks [Jul 10]
"Dow Chemical Co. (DOW) was chosen as a potential partner to engage in exclusive negotiations concerning a joint-venture company by The Saudi Arabian Oil Co. The Midland, Mich., chemical company said the joint-venture company would build, own and operate a chemicals and plastics production complex at Ras Tanura, in Saudi Arabia's Eastern Province.." [more]

S&P: Banque Saudi Fransi Assigned 'A/A-1' Ratings; Outlook Stable [Jul 10]
"Standard & Poor's Ratings Services said today that it assigned its 'A/A-1' long- and short-term counterparty credit ratings to Saudi Arabia-based commercial bank Banque Saudi Fransi (BSF).. ..The long-term rating also includes a one-notch uplift from the stand-alone rating, as Standard & Poor's believes that extraordinary support from the interventionist Saudi government--if needed--would be likely.." [more]

Report: Saudis Look for Way to Tap More Oil [Jul 10]
"Saudi Arabia is experimenting with new techniques to tap into its supply of heavy crude oil, according to a published report Monday that says the move could help significantly increase the supply of oil to meet growing global demands. The Wall Street Journal reported that U.S. oil producer Chevron Corp. (Charts) began a field trial using steam injections to pump out heavy oil that was previously considered unrecoverable from Saudi Arabia's Wafra oil field.." [more]

Saudi Arabia and China Sign Memorandum [Jul 10]
"A memorandum of understanding on cooperation in the field of air transportation was signed today between General Authority of Civil Aviation of Saudi Arabia and Chinese Ministry of Civil Aviation Affairs.. ..the memorandum includes among others an exemption from mutual taxation on activities, equipment and air transportation establishments.." [more]

Aids Society for Saudi [Jul 10]
"A society is to be set up in Saudi Arabia in order to fight the spread of Aids, reported Gulf News. Volunteers and government bodies in Mecca, Jeddah and Taif are working together to form the association.." [more]

Where Is the Saudi Economy Heading? [Jul 10]
"News of the economy and development activities on the other hand is dominating the headlines in different financial press. So what is going on with the Saudi economy? The Saudi economy is becoming the envy of the world.. ..As Saudi Arabia's economy grows and its young population enters the labor force, the real engine to this growth will be the capacity and capability to properly utilize human capital.." [more]

Foreign Media Scramble to Win Over Arab Viewers [Jul 10]
"Rarely have Western news organizations wooed Arab hearts and minds so avidly -- or with so little certainty of political or commercial reward. Freed by satellite television and the Internet from the dreary monopoly of state media, Arabs already get news in their own language from a plethora of local and foreign sources. Western media outfits, most with public funding and partly political motives, are racing to add more Arabic TV channels and Web sites to the mix, undeterred by scant advertising revenue.." [more]

Jailbreak: Expert Rules Out Security Lapse [Jul 10]
" A Saudi prison specialist, who wished to remain anonymous, has outlined five potential possibilities as to how seven high-profile prisoners managed to escape from the Al-Malaz prison.. ..The expert described security in Saudi prisons as sophisticated and said that prisons in the Kingdom are inspected by nine government ministries. The expert added that prison-break does not mean that the security at Saudi prisons is weak.." [more]

Naif Stresses Vital Role of Tourism Commission [Jul 10]
"The Interior Minister Prince Naif, who is also the chairman of the board of directors of the Supreme Commission for Tourism (SCT), stressed the important role the tourism commission is playing to boost tourism in cooperation with various government departments and regional administrations.. ..Prince Naif called on various government departments to make more efforts to cooperate with the commission in the promotion of tourism in the Kingdom.." [more]

Islamic Finance Beckons Kingdom's Oil and Gas Sector [Jul 10]
"The Saudi oil, gas and petrochemicals sector is finally waking up to the potential of accessing Islamic finance for their capital building, expansion and debt refinancing programs. A few days ago, Saudi Basic Industries Corp. (SABIC), one of the ten largest petrochemicals exporters in the world, announced that it was imminently launching the first issuance in its debut sukuk (Islamic bond) program totaling SR3 billion.." [more]

UNRWA Receives US$2.1 Million From Saudi Arabia [Jul 9]
"Saudi Arabia on Sunday handed over to the United Nations Relief and Works Agency UNRWA a contribution of $1.2 million for the agency's 2006 regular budget.. ..In addition to the regular annual contributions, Saudi Arabia has over the last decade contributed generously to the agency projects, particularly under the Saudi Assistance Program to the Palestinian people.." [more]

Saudi Non-Petroleum Exports Up [Jul 9]
"According to Al-Watan newspaper, official statistics issued by the Saudi Ministry of Economy and Planning show that the value of the kingdom's non-petroleum exports rose to SR 17.17 billion in the first quarter of 2006, a 9% increase compared with the same period last year.." [more]

Saudi Stock Index Surges [Jul 9]
"The Saudi stock market surged yesterday after falling over 92 points last week. The Tadawul All-Share Index (TASI) closed 92.62 points higher at 13,145.81 points. Out of 81 stocks traded, shares of 66 companies edged higher while shares of 14 companies declined yesterday. Over SR26 billion worth of shares changed hands yesterday.." [more]

Saudis Campaign to be Seen as Vacation Hot Spot [Jul 9]
"Saudi Arabia seems an unlikely destination for fun in the sun.. ..Undaunted, the kingdom of Saudi Arabia, until recently accessible to only a handful of non-Muslim tourists, is opening its doors, beckoning curious world travelers to its mysterious and hidden treasures. The change springs from the new policies of King Abdullah, who ascended the throne last August after the death of his half brother, King Fahd. Abdullah, a reformer, wants to show that his country is more than just the former home of Osama bin Laden and a breeding ground for Islamic extremism.." [more]

Crown Prince Sultan Receives German Ambassador [Jul 9]
" Crown Prince Sultan bin Abdulaziz, Deputy Premier, Defense and Aviation Minister and Inspector General, received here today German Ambassador to the Kingdom Dr.Gerhard Enver Schrombgens on the occasion of the end of his term of office in the Kingdom.." [more]

SRMG Posts SR151.6m Profit in First Half [Jul 9]
"The Saudi Research and Marketing Group has posted SR151.6 million profit for the first half of the current year, the group said yesterday. The first half-yearly statement after the group went public showed an 80 percent increase in profits compared to SR84.4 million in the same period last year. The rise in the net profit of the group was the result of increase in revenues thanks to the performance of the subsidiaries of the SRMG, a statement from the group said.." [more]

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