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Higher Business Volumes Driving Profitability of Banks in Saudi Arabia [Sep 9]
"Saudi Arabian banks have registered record financial performance over the past three years, amid spectacular economic growth.. ..In a report published titled "Higher Business Volumes Are Key Driver Of Saudi Banks' Soaring Profitability," Standard & Poor's Ratings Services analyzes the factors behind this phenomenal performance, segregating volume from price effects.." [more]

Rasmala Awarded Approval by the Saudi Capital Market Authority [Sep 9]
"Rasmala Investments, a leading regional Investment Bank, based in the Dubai International Financial Center, announced today that it has been awarded a license, by the Saudi capital markets authority, to establish a wholly owned subsidiary, Rasmala Investments (Saudi Arabia) Ltd., to be based in Riyadh.. ..Rasmala's Saudi subsidiary will allow the company to service its Saudi client base more effectively and grow its Saudi business.." [more]

Oil Prices Slide Below $66 a Barrel [Sep 9]
"World oil prices fell further yesterday, striking a five-month low point below $66 a barrel in London on
diminishing prospects of supply disruptions, traders said. Crude futures, already weakened in recent days by expectations that Iran would not face economic sanctions over its nuclear programme any time soon, have been weighed down further by strong rises in US energy stockpiles.." [more]

OIC Ministers to Combat Misconceptions of Islam [Sep 9]
"Tackling the rising tide of Islamophobia in the West is one of the four main points to be taken up for discussion at the Seventh Session of the Islamic Conference of Information Ministers that begins in Jeddah on Wednesday.. .. 'The conference aims to come up with a joint action to face up to the challenges of our time, especially with the rise of hate crimes and Islamophobia in the West and the confusion resulting from the unfortunate mixing up of Islam with terrorism'.." [more]

Jeddah Book Fair to Showcase Previously Banned Titles [Sep 9]
"Beginning Wednesday, book lovers in Jeddah will have 10 days to browse the latest titles at the annual book fair. Executive manager of Al-Harithy Company for Exhibitions, Waleed Waged, said that this would be the first year the fair is organized and hosted exclusively by a private entity.. ..He pointed out that, as usual, the ministries of higher education and information and culture have checked and authorized the books that will be exhibited at the expo. Earlier this year, the ministries approved several books that had previously been banned in the Kingdom.." [more]

Taiwan’s Exports to Kingdom Fall 11% in First Half [Sep 9]
"Taiwan’s exports to the Kingdom dropped 11 percent in the first half of this year due to low-priced products flooding the Saudi market from China.. ..Taiwan’s import from the Kingdom went up in the first half of 2006 by 52 percent to $5 billion mainly due rise in oil prices.." [more]

Saudi Stock Index Gains 3.09% in a Week [Sep 9]
"The Saudi stock market made hefty gains last week. The Tadawul All-Share Index (TASI) made weekly increase of 3.09 percent, or 343.04 points, to close on Wednesday at 11,454.94. The index is down 31.46 percent or 5,257.70 points so far this year.." [more]

Saudi Schoolbooks Still in Dispute Five Years After 9/11 [Sep 8]
"The September 11 attacks in which 15 of the 19 suicide hijackers came from Saudi Arabia triggered a torrent of US accusations that the Muslim kingdom’s education system was fostering Islamic extremism. Five years on the debate continues. Saudi educators argue that the problem lies in misinterpretation of religious texts or their ‘exploitation’ to justify intolerance.. ..According to Aziza Al Mana, a US-educated professor of education at King Saud University, ‘the flaw can be traced to the insertion of personal views of the authors in religious schoolbooks'.." [more]

India Loses 7-1 to Saudi Arabia in Asian Cup Qualifiers [Sep 8]
"India was swept aside 7-1 by Saudi Arabia in the Asian Cup Football qualifiers here. Saudi Arabia thus registered its fourth straight victory in Group 'A' yesterday and guaranteed its place in the championship.." [more]

Saudi, Five Gulf States May Have Debt Ratings Raised [Sep 8]
"Saudi Arabia, the world's largest oil producer, Kuwait and four Gulf states in the Persian Gulf may have their sovereign debt ratings raised by Moody's Investors Service because of record oil revenue. Saudi Arabia and Kuwait, as well as the United Arab Emirates, Oman, Bahrain and Qatar, are being considered for an upgrade because of ``the significant strengthening of the public and external finances'' of the six Gulf Cooperation Council states, London-based Moody's analyst Tristan Cooper wrote in a note to clients today.." [more]

Saudi Arabia to build 10,000 Houses in Quake-hit areas of Pakistan [Sep 8]
"Saudi Arabia has decided to build 10,000 houses in Azad Kashmir and the North West Frontier Province (NWFP) area, devastated by last October's massive earthquake.. ..Of them, as many as 5,000 houses would be constructed before the winter will set in, he said after distributing 414 cheques amounting to Rs35 million among handicapped and destitute persons, orphans, and needy, belonging to the quake affected areas.." [more]

Saudi Study Shows Domestic Violence is Not Widespread [Sep 8]
"A study on housemaids conducted by the Saudi Ministry of Social Welfare showed that they suffer more from physical violence than sexual harassment.. ..Elaborating on this, Awad Al Radadi, Undersecretary of the Ministry of Social Affairs in the Kingdom, said the team assigned by the ministry had conducted an extensive field study indicating that family violence in the Saudi society is very limited.." [more]

Saudi Security Risks A Barrier To Corp Insurance [Sep 8]
"U.S. and European insurance firms are putting a brake on some western companies' hopes of getting a piece of Saudi Arabia's economic boom by refusing to provide insurance coverage because of security risks in the kingdom, a U.K. government official said.. ..Sherard Cowper-Coles, U.K. ambassador to Saudi Arabia, told a Saudi investment conference here. 'We do believe that the assessment (by Western insurance companies in doing business in Saudi Arabia) are way out of line with the reality on the ground'.." [more]

Saudi Aramco to Regain Top Spot as China’s Oil Supplier [Sep 7]
"Saudi Arabia will regain its position as China’s biggest oil supplier because of shorter sailing distances and the Asian nation’s increased capacity to process the kingdom’s crude, said an official from the state oil company. Saudi Aramco, the world’s biggest oil producer, fell behind Angola in shipments to China this year as refiners in the fastest-growing major economy switched to African crude varieties. Saudi Arabia’s advantage in terms of distance from China would help reverse that situation.." [more]

Saudi King to Cover Fees for Students at Public Schools [Sep 7]
"Saudi King Abdullah Bin Abdel-Aziz is expected to cover Lebanese students' registration fees in all Lebanese public schools for this year, according to Saudi Arabia's ambassador to Lebanon Abdel-Aziz Khoja.. ..Information Minister Ghazi Aridi.. .. conveyed his thanks and appreciation to the Saudi king and to the government, paying tribute to the Minister of Foreign Affairs, Prince Saud al-Faysal, for his political and diplomatic role during the war.." [more]

Outsourcing Drives Modestly Expanding IT Services Market in Saudi Arabia [Sep 7]
"While spending on IT services in Saudi Arabia grew a modest 6.4 per cent last year to more than USD700,000 million, demand for outsourcing took off, with spending shooting up by 56.5 per cent.. ..According to a recent IDC study, customization services were also hot, with investments jumping nearly 32% year-on-year. Although these two areas still represented less than a third of total IT services spending, their rapid expansion points to the growing recognition of the benefits of outsourcing.." [more]

GCC States Plan Unified Curriculum [Sep 7]
"Members of the Executive Committee of the GCC Educational Bureau unveiled plans for a unified curriculum for all schools in GCC states.. ..the ministries of education from six GCC states, which met here, has decided to carry out a comprehensive study about the Gulf educational system.." [more]

Aramco in Talks with Korean Firms Over S-Oil [Sep 7]
"Saudi Aramco, the top shareholder in South Korean refiner S-Oil Corp is discussing with some Korean firms the sale of S-Oil's treasury stock worth about $2.2 billion, ruling out other foreign firms.. ..S-Oil, South Korea's third-largest oil refiner, has been seeking to sell off its treasury stock holdings, which represent 28.4 percent of the company, to fund its capacity expansion. With the sale, S-Oil will no longer be Saudi Aramco's major partner in the refinery.." [more]

Prince Naif to Sign Security Deal with Italy [Sep 7]
"Minister of Interior Prince Naif bin Abdul Aziz is expected to sign a security cooperation agreement with his Italian counterpart after negotiations of a final draft on his coming visit to Italy.. ..The agreement covers a wide range of activities, such as fighting all kinds of crimes including terrorism, sabotage, organized crime, car theft, drug trafficking and money laundering.." [more]

Red Sea Snails Face Extinction [Sep 7]
"Environmental experts in Jeddah have raised concerns about the possible extinction of a species of sea snails that breed along the Red Sea coastline saying that stringent measures need to be in place for their safety. The environmentalists attribute this dangerous situation largely to the unscrupulous collecting of snails by expatriate workers and also pollution on the coastal regions.." [more]

Arab Gulf Countries Race Hezbollah to Rebuild Lebanon [Sep 6]
"As Lebanon digs out from the rubble of war, America's Arab Gulf allies are pledging billions to rebuild Lebanon in a race to blunt the Iranian-backed Hezbollah's growing influence in the region. Oil-rich Saudi Arabia and others have pledged to fix much of the $3.6 billion worth of destruction wrought by 34 days of Israeli bombing. It's not just roads and bridges the Gulf states seek to repair. The Sunni Arab regimes want to bolster the weakened Lebanese government so the Shiite Hezbollah, which is believed to be heavily financed by Iran, doesn't commandeer Lebanon's reconstruction.." [more]

Saudi Arabia: Chadians Barred From Schools, Hospitals [Sep 6]
"Saudi Arabia should immediately end its discrimination against its 100,000 Chadian residents, most of whom were born in the kingdom but are increasingly denied the rights to basic education and emergency healthcare, Human Rights Watch said today. Saudi Arabia's decision to target Chadian children for expulsion from school is arbitrary and discriminatory.. ..The Saudi National Human Rights Society (NHRS) in Jeddah, which in May said it was addressing the question of Chadians in the kingdom, did not respond to a written enquiry by Human Rights Watch about Chadian residents facing discrimination and deportation.." [more]

Saudi Pumping Around 9 MLN BPD of Oil [Sep 6]
"Saudi Arabia, the world's top oil exporter, is pumping about 9 million barrels per day (bpd) of crude, a senior official with state-owned Saudi Aramco said on Wednesday.. ..Saudi Aramco ramped up production to around 9.5 million bpd during the first quarter of this year before cutting back during the second quarter, as crude stocks swelled in most regions with refiners having a heavy maintenance season.." [more]

Saudi Shiites Protest 'Wahhabi Repression' [Sep 6]
"Saudi Shiites held a rare public protest in the southern region of Najran yesterday over what they said was repression by hardline Sunni Muslim authorities.. ..A statement sent to Reuters criticised "repressive policies" and said a Wahhabi cleric and judge last month publicly condemned Ismailis as heretics.." [more]

The Saudi Side [Sep 6]
"The Trib's editorial "Saudi blood money" reports several inaccuracies.. ..the Kingdom has implemented all 40 recommendations on money laundering and all eight recommendations on terrorism financing set by the Financial Action Task Force of the G-8, which has reviewed and attested to the Kingdom's capabilities. A moratorium is also enforced prohibiting charities, including multilateral organizations, from transferring money abroad. The editorial additionally states incorrectly that the Saudi government did not investigate the 9/11 hijackers.." [more]

Sabic Europe Opens Head Office [Sep 6]
"Sabic Europe has opened its head office in Sittard, The Netherlands.. ..The Sabic subsidiary will run the Saudi petrochemical giant's activities in Europe. It has a production site and research and technology centre in The Netherlands, and a production site in Gelsenkirchen in Germany.." [more]

New Centre Planned for Treatment of Sexual Defects [Sep 6]
"King Abdul Aziz University in Jeddah is setting up a fully-fledged centre for the treatment of sexual defects, the first of its kind in the kingdom. The centre will carry out diagnosis, treatment and even sex-change operations if needed to correct defects, said Dr Osama Tayyib, president of the University, during a press conference.." [more]

UN Will Discuss Arab Peace Proposal Soon, Says Saud [Sep 6]
"Saudi Arabia's foreign minister on Monday said the UN Security Council would meet later this month to discuss an Arab proposal to revive the Arab-Israeli peace process and urged the world community to help. 'I believe the date set is September 23 to discuss it [the Arab request] at the Security Council'.. ..The 22-nation Arab League has formally asked the UN Security Council to acknowledge that efforts to end the Arab-Israeli conflict have failed and to revive and reshape the peace process.." [more]

Makkah-Madina Rail Pre-Qualification [Sep 6]
"Contractors wishing to participate in the Makkah-Madina Rail Link project will be allowed to “pre-qualify” on Sept. 30.. ..Bidders on the multi-billion-riyal project are expected to identify the route and the appropriate technology to be used. The winning bidder, who will eventually operate the MMRL, will also design, finance, and build the link, according to Alkarni.." [more]

Telecommuting Options Studied to Get Women Working [Sep 6]
"The Labor Ministry is studying prospects of expanding job opportunities for Saudi women by allowing them to telecommute, or work from homes or localized work centers by using the Internet as a communication medium with employers. The move is likely to be welcomed by many women as it would provide them greater privacy.. ..The ministry is currently making a survey of departments and agencies that can offer women jobs through telecommuting.." [more]

Girls of Riyadh’ Faces Saturday Court Verdict [Sep 6]
"The Saudi Court of Grievances will decide on Saturday if a novel by a Saudi woman about the love lives of young, wealthy Saudi women in Riyadh is enough to fine the author and to crack down on the sale of her book.. ..A group of Saudi citizens have filed a lawsuit against Al-Sanie for slandering Saudi society. If the court rules in favor of the plaintiffs, Al-Sanie, who is currently out of the country, could face a fine of an undisclosed amount and authorities would crack down on the sale of the book in the Kingdom.." [more]

New Website Targets Young Executives [Sep 6]
"The Yalla Business website (www.yallabusiness.com) caters to the needs of young business executives in Saudi Arabia. The founder, Maher Bundakji, a young businessman himself, recognized the need for a portal that provides information on various business and economic news and developments at the local and international levels.. ..Bundakji created Yalla Business website last year as a step toward better communication between the young businessmen in the Kingdom and to provide support for each other. It was a success and today it is expanding and
improving.." [more]

Annan Arrives in Saudi Arabia to go on Mideast Tour [Sep 5]
"UN Secretary General Kofi Annan arrived in Saudi Arabia's Red Sea city of Jeddah Monday on the latest leg of his Middle East tour, reported Saudi media reaching here. During the visit, Annan will hold talks with Saudi King Abdullah bin Abdul Aziz al-Saud and Foreign Minister Prince Saud al-Faisal, largely focusing on sustaining a ceasefire in Lebanon, sources from both Saudi Arabia and the UN were quoted as saying.." [more]

New Saudi E-government Service Could be World-Beater [Sep 5]
"Saudi Arabia will have one of the world’s leading systems of e-government, a prominent figure in the project told delegates at the Government Technology (GT) Summit, held in Dubai this week.. ..'Saudi Arabia will probably have one of the best e-government infrastructures in the world,” he said. “We started late and there is always an advantage in starting late. You can learn from what everyone else is doing'.." [more]

France and Saudi in $3.21 Billion Arms Deal [Sep 5]
"France and Saudi Arabia are poised to sign a 2.5 billion euros ($3.21 billion) arms deal for 40 helicopters and at least two Airbus A330-200 refuelling aircraft, La Tribune newspaper reported. The initial order - finalised during talks in Riyadh between French Defence Minister Michele Alliot-Marie and Saudi government officials - would comprise 30 Fennec multi-purpose military helicopters and 10 marine versions of the NH-90 transport helicopter.." [more]

Saudi Arabia Heading Toward Eighth Budget Surplus [Sep 5]
"Saudi Arabia is on track to run its eighth current account surplus in a row and the largest in its history at SR428.2 billion ($114.1 billion), said a study conducted by Samba Financial Group obtained by Arab News yesterday. The Kingdom will earn a SR761 billion ($202.9 billion) in oil exports earnings this year, an all-time record, representing a 25-percent increase in oil earnings compared to last year.." [more]

Saudi Mega City Projects Offer Business Opportunities [Sep 5]
"The ambitious King Abdullah Economic City project has been boosted by August's successful initial public offering of shares in Emaar Economic City the body that is charged with carrying out the $26.6 billion development. Nearly 10 million subscribers are estimated to have bought more than $2 billion of shares in the consortium set up by Dubai's Emaar Properties and the Saudi Aseer Company to manage the multi-phased project.." [more]

SAA Starts Operation of Flights to Japan [Sep 5]
"The Saudi Arabian Airlines (SAA) started today operation of its first flight from Riyadh to Osaka, Japan.
Deputy Assistant of SAA's Director General for Passengers services and Sales Abdullah bin Hamoud Al-Azel said that this new route will serve so many businessmen and students on scholarships in Japan.." [more]

Sentence of Saudi Student Unfair, Says Prince Ahmad [Sep 5]
"Deputy Interior Minister Prince Ahmad stated yesterday that the 27-year prison sentence given by a Colorado court to Saudi student Homaidan Al-Turki was too much and hoped that US authorities would reduce the sentence.. ..Al-Turki, 37, a linguist who worked at a Denver publishing and translating firm, has denied the sexual assault charges and said US authorities were persecuting him for 'traditional Muslim behaviors'. He blamed anti-Muslim prejudice for his conviction and the severity of his sentence.." [more]

Kingdom Key to Conflict Resolution [Sep 5]
"UN Secretary-General Kofi Annan yesterday met Custodian of the Two Holy Mosques King Abdullah and sought Saudi support for the implementation of UN Resolution 1701 that led to the cessation of hostilities between Israel and Lebanon last month.. ..Annan said he had “very fruitful discussions” with the king and Foreign Minister Saud Al-Faisal and “we, at the United Nations, have resolved to work very closely with Saudi Arabia.." [more]

Saudi Summer Traffic to Malaysia Up 40 Percent [Sep 5]
"The number of Saudi summer tourists to Malaysia has seen a dramatic increase this year, according to Zalizam Zakaria, the Malaysia Tourism Promotion Board’s director for the Middle East and North Africa. Zakaria said the figures for the entire season have not been released yet but the number of visitors from the Kingdom so far this year has been higher than previous years indicating that Malaysia is a highly popular choice for Saudi tourists.." [more]

Saudi Aid to Lebanon Channeled Through WFP [Sep 5]
"The Saudi Committee for the Relief of the Lebanese People and the United Nations World Food Program (WFP) in Riyadh yesterday signed a Memorandum of Understanding to provide $5 million in financial assistance to the Lebanese people affected by the recent Israeli invasion. Dr. Saad Al-Harithi, adviser to the minister of interior and chairman of the Saudi committee, and Dr. Abdul Aziz Arrukban, international special ambassador of WFP, signed the agreement.." [more]

Arab Equity Markets Show Positive Returns [Sep 5]
"Arab equity markets ended August with positive returns, following the cease-fire announced in the Lebanon crisis. Hopes for a sustainable recovery in Arab equity markets were temporarily put on hold by the crisis and some of these markets reached their lowest levels for the year by the middle of August. However, these markets very well received the ceasefire announced on Aug. 14 and they ended the month with positive returns.." [more]

France, Saudi to Form Technical Committee to Boost Defence Ties [Sep 4]
"France and Saudi Arabia agreed yesterday to set up technical committees to boost defence links during a visit by French Defence Minister Michele Alliot-Marie to the kingdom.. ..Alliot-Marie met for more than an hour with the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz in the Red Sea city of Jeddah after talks with Crown Prince Sultan bin Abdulaziz, who is also defence minister, the source said.." [more]

Annan Arrives in Saudi Arabia [Sep 4]
"UN Secretary General Kofi Annan arrived in the Red Sea city of Jeddah Monday for talks with Saudi leaders on the latest leg of a Middle East tour largely focused on shoring up a fragile ceasefire in Lebanon, a UN source said. Annan was due to hold talks with Saudi King Abdullah and Foreign Minister Prince Saud al-Faisal, Saudi and UN sources said.." [more]

Saudi Energy Forum to be Held in November [Sep 4]
"The Saudi Energy Forum, to be held from 18th to 20th November 2006 at the Eastern Province Chamber of Commerce & Industry, Dammam, will be a unique international gathering of Saudi and international experts. The gathering will assess the emerging business opportunities in the currently booming Saudi energy sector - natural gas & oil refining, petrochemicals, other energy-intensive sectors like steel, non-ferrous metals & minerals, downstream industries and infrastructure, especially power generation & desalination.." [more]

Saudis in Talks with US to Secure Release of Citizen [Sep 4]
"Senior Saudi officials were holding high-level talks with authorities in the United States in a bid to win the release of a Saudi man convicted of sexually assaulting an Indonesian housekeeper and keeping her as a virtual slave, the official Saudi Press Agency reported yesterday. The Saudi officials, who were not identified further, 'intervened on the highest levels to resolve the case'.." [more]

Saudi Arabia Raises LPG Prices for September [Sep 4]
"Saudi Aramco and Kuwait Petroleum Corporation raised their September prices for liquid petroleum gas (LPG), lifting propane by 16 dollars a ton to 563 dollars a ton and raising butane by 13 dollars a ton to 560 dollars a ton.. ..Spot market activity was quiet in August and while freight prices have declined slightly, Saudi Aramco is expected to have relatively little LPG available for spot sales during September.." [more]

Crude Oil Futures Drop Below $69 [Sep 4]
"Oil prices dropped below $69 a barrel Monday, falling below 10-week lows despite continued jitters over the standoff between Iran and the international community over Tehran's nuclear program. The crude contract began its decline Friday after the United Nations failed to impose sanctions on Iran for refusing to stop its nuclear enrichment program.." [more]

Economists Warn Saudi Farmers of WTO Scourge [Sep 4]
"Economists are warning Saudi farmers of the effects of the Kingdom’s membership to the WTO and against not taking measures to improve their operations and become more competitive, Al-Hayat, the Arabic-language daily reported Sunday. Economists quoted by Al-Hayat said the farmers should be prepared to wean themselves from government subsidies.." [more]

Saudi Arabia to Launch Expo on History of Education [Sep 3]
"Saudi Deputy Interior Minister Prince Ahmad will launch an exhibition on the history of education in the Kingdom in the King Fahd Hall of the Girls' Education Administration in Makkah, Arab News reported.. ..The exhibition is going to show rare historical documents and photographs in addition to educational instruments from the age of kuttabs (preliminary Qur'anic schools), ancient models of pens, ink and other writing materials till the modern electronic age with particular stress on Makkah, the education minister added.." [more]

Taher to Address Forbes Global CEO Meet [Sep 3]
" Dr. Nahed Taher, CEO of Gulf One Bank, is participating in the sixth annual Forbes Global CEO Conference 2006 to be held in Singapore tomorrow and Tuesday. The conference is a gathering of top international CEOs of companies and banks.. ..Taher is the first and so far the only Saudi woman to become a CEO of a bank. She ranked No. 72 on Forbes’s recent list of the world’s most powerful women, leading the list of Arab women.." [more]

Top Saudi Cleric Says US Policies Fuel Terrorism [Sep 3]
"A prominent Saudi cleric said on Friday US policies in the Arab world fuelled terrorism and expressed unease at remarks by President George W Bush. In rare criticism of the kingdom's chief ally, Shaikh Saleh Bin Humaid told worshippers at a holy shrine in Makkah: 'The [Muslim] nation hopes... the 'war on terrorism' motto has not paved the way for a rise in terrorism and acceptance of it'.." [more]

The SUSRIS project -- an independent, private-sector information resource - offers objective, comprehensive news and information on the history, breadth and depth of the US-Saudi Arabia relationship.
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