Saudi-US Relations Information Service

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Massive Selling Sends TASI Further 9.66% Down [Nov 11]
"The Tadawul All-Share Index (TASI) plummeting a further 9.66 percent or 901.25 points to close the week at 8,427.22 points, the lowest this year. The index closed previous week at 9,328.47 points. TASI, which has lost about 21 percent over the past couple of weeks, is currently 49.6 percent lower than what it was at the beginning of the year.." [more]

Saudi Radical Sentenced to Death for Joining Iraq Insurgency [Nov 11]
" A Saudi radical accused of participating in the insurgency in Iraq, has been sentenced to death by the country’s criminal court, the US military said yesterday. 'The trial court found a Saudi Arabian man guilty of joining armed groups to unsettle the security and stability of Iraq and endangering people's lives'.." [more]

Saudis Again Head to U.S. Campuses [Nov 11]
"A record number of nearly 11,000 Saudis are pursuing higher education in the United States, reversing a years-long decline in students coming from the oil-rich kingdom, particularly after the 2001 terrorist attacks. The surge is a result of recent measures taken by the U.S. and Saudi governments, including a major Saudi government scholarship program for study abroad, launched last year, and implementation of more organized procedures for issuing student visas by the U.S. Embassy in the kingdom.." [more]

Fire Up Digital Economy With Education, Infrastructure and Mindset [Nov 11]
"..Gates sat down for an interview before the main press conference. The tone of the discussion showed that the Microsoft chairman had high hopes that the 14 development agreements signed that morning would “empower people to reach their full potential.” But he did criticize deficiencies in the Kingdom’s environment that he believes could be a threat to Saudi Arabia achieving the goal of becoming a digital economy.." [more]

Jeddah Water & Power Forum Opens Today [Nov 11]
"National and international experts will be brought to one platform at the 2nd Jeddah Water & Power Forum 2006, which begins today at Hilton Hotel in Jeddah.. ..The event begins with a pre-forum seminar on 'International Partnerships, Local Content and Sustainability'.." [more]

Saudi and Iranian Oil Output Falls [Nov 10]
.."The International Energy Agency, the developed countries’ energy watchdog, in its latest monthly report published on Friday said Saudi and Iranian oil production fell 100,000 b/d each from September levels. Saudi Arabia was seen producing 8.76m b/d in October, while its neighbour’s output was 3.75m b/d. Iraq, which is not restricted the cartel’s agreement because of the country’s political turmoil – suffered a 130,000 b/d output drop as its main export pipeline was crippled by saboteurs.." [more]

Saudi Aramco to Source Half its Materials and Services from Asia [Nov 10]
"Global petroleum company, Saudi Aramco plans to source half its materials and services from the Asian region.. ..“We are constantly on the lookout for equipment and services, for instance to service large amounts of marine equipment or offshore rigs facilities,” said Aramco Overseas Co B. V. managing director A. M. Nagshabandi. He said the amount of business generated here would depend on the pricing and services offered by Malaysian manufacturers.." [more]

Saudi Arabia Plans Consulate in Hyderabad [Nov 10]
"Saudi Arabia plans to set up a consulate here, said the country's ambassador to India Saleh Nin Mohammed Al-Ghamdi.The Saudi foreign ministry was holding talks with India's external affairs ministry on the issue.. ..'The consulate will not only help people of Andhra Pradesh in obtaining visas but strengthen relations between India and Saudi Arabia,' he said. The ambassador favoured more direct flights between the two countries. Iran has a consulate in Hyderabad, considered one of the country's IT hubs, and the US has announced plans to open one by 2008.." [more]

Government Working Hard to Protect Oil Facilities [Nov 10]
"Prince Naif Bin Abdul Aziz, Saudi Interior Minister, said the government is striving hard to strengthen security measures to protect oil facilities from any possible terror attacks. 'The security forces deployed in these vital areas are ready to face any situation'.. ..The Interior Minister was responding to reporters' questions about coalition forces deployed in the Gulf waters to counter possible sea-borne terror attacks.." [more]

Working Together Will Help Curb Child Abuse [Nov 10]
"Wrapping up the first Saudi child abuse conference here yesterday, participants called for a mechanism to tackle the rising child abuse cases in the kingdom through the establishment of a national information centre.. ..Participants also called for an intensive awareness campaign against child abuse to be launched, targeting all of society.." [more]

Saleh to Visit Kingdom Next Week [Nov 10]
"Yemeni President Ali Abdullah Saleh will visit Saudi Arabia next week for talks with Custodian of the Two Holy Mosques King Abdullah on security and economic cooperation.. ..Yemen and Saudi Arabia have been closely cooperating in the fight against terrorism since the two countries were targeted by terrorists in recent years. Saudi Arabia was among the GCC member states that pledged to help Yemen boost its economy at a two-day meeting of GCC ministers in Sanaa recently.." [more]

Gates Signs 14 Accords With Saudi Institutions [Nov 9]
"Microsoft chairman Bill Gates yesterday concluded 14 separate development agreements with various Saudi institutions and companies during a visit to the kingdom.. ..Among the 14 agreements signed yesterday were pacts with King Fahd University of Petroleum and Minerals (KFUPM), Saudi Post, Supreme Commission for Tourism, Saudi Telecom Company, General Organization for Technical and Vocational Training (GOTEVOT), the King Faisal Foundation and the Intelligence Department.." [more]

Saudi Condemns Israel Attack, Calls for Peace Talks [Nov 9]
"Saudi Arabia on Thursday condemned Israel's military operations in Gaza and urged the international community to revive peace talks and protect Palestinians.. ..'The international community should act quickly to revive the peace process according to the Arab peace proposal and international law,' it said, citing an official source.." [more]

ASI Signs a $266.6 Million Steel Plant Deal [Nov 9]
"Atoun Steel Industry (ASI) of Saudi Arabia has awarded a contract to supply equipment for its $266.6 million steel plant, being built at the Yanbu Industrial City II, to Austria's Voest-Alpine Company.. ..A report said that the $213 million equipment supply agreement was signed between the two companies recently. The plant's civil works begin soon and will go into commercial production in the second half of 2008.." [more]

GCC Drops Oil Pipeline Plan [Nov 9]
"Gulf oil producers on Wednesday decided to drop a project to build an oil pipeline bypassing the strategically vulnerable Strait of Hormuz between Iran and Oman on the grounds it was not feasible.. ..The route of any pipeline would be politically charged as it would change the balance of power in the region. Relationships between Gulf states may not be strong enough to guarantee transit lines, and any planned pipeline route may revive border disputes between countries.." [more]

New US Hub After Arab Media Hearts, Minds [Nov 9]
"The exchange of discussions between United States and Saudi Arabia has been increasing over the past few years, according to Michael Pelletier, the founding director of new regional public diplomacy hub for the Arab world.. ..The hub is a regional office responsible for enhancing the American government’s engagement with the support of pan-Arab media. This new office, launched in August of this year, is a “mobile office” that is always moving around the Arab world and would be very helpful to take initiatives from people and the media exchange between Arab world and America.." [more]

Saudi Stocks Down 4.48% [Nov 9]
"Saudi shares closed lower yesterday. The Tadawul All-Share Index (TASI) closed 394.81 points or 4.48 percent down at 8,427.22 points. The index hit a session-trough of 8,210.18 points, its lowest since Feb. 8, 2005. The largest Arab market has lost more than a fifth of its value since its close on Oct. 28 when the bourse canceled an evening session, shutting out retail investors who accounted for 80-90 percent of daily trading volumes.." [more]

Saudi Gusto Fails to Lift Gulf Marts [Nov 8]
"Saudi Arabia’s stock market, the largest in the Arab world, closed in positive territory for the second time in the past eight trading days as lower prices lured some investors back into the market. But weakness in the Saudi market early in the session kept investors nervous across the region.. ..The nearly 17% fall in Saudi Arabia’s index over the past week has shaken investor confidence and dragged bourses lower across the region.." [more]

Portland State University Brings Essence of Saudi Arabia [Nov 8]
"Portland State University's (PSU) Middle East Studies Center, along with a pro-educational non-profit organization called Friends of Saudi Arabia (FSA) announced plans today to host a five-day cultural and educational event at various venues throughout the Portland metro area November 13 - 17.. ..More than 170 Saudi students currently attend PSU, bringing millions of dollars a year to the local economy.." [more]

Saudi Joint Stock Firms 'Are 100% Transparent' [Nov 8]
"The activities of Saudi joint stock companies have become more transparent, said a top official, at a time when the market plunges to new lows every day. Dr. Abdul Rahman Al Tuwaijari, president of the Saudi Capital Market Authority, said, "The transparency level of the companies with regard to issuing of their balance sheets for the three quarters of the current year rose up to 100 per cent.." [more]

Qld Govt Appoints Saudi Trade Rep [Nov 8]
"The Queensland government has appointed a trade and investment representative in Saudi Arabia to capitalise on the country's burgeoning wealth. Premier Peter Beattie, who is in the Saudi capital Riyadh for a series of trade meetings, said Hassan Miski had been appointed to the job.. ..Mr Beattie said Queensland was the first Australian state or territory to appoint a trade and investment representative in Saudi Arabia.." [more]

Bill Gates’ Visit to Kingdom Raises High Expectations [Nov 8]
" Microsoft Chairman Bill Gates arrives today amid high hopes from the Saudi business community and IT professionals. The first event in his schedule will be private. Early this morning he will meet with the CEOs of 20 top Saudi Firms at a round table and reception.. ..The session with the CEOs will be closed to the media and neither Microsoft nor the Saudi Arabian General Investment Authority (SAGIA) will be commenting on the proceedings.." [more]

Demand for Saudi IPOs Remains Strong [Nov 8]
"Demand for Saudi IPOs remains strong and is expected to maintain its momentum. This is despite the “poor secondary (stock) market sentiment,” according to a market survey. The average size of IPOs in 2006 has been significantly higher than in 2005 thus highlighting the liquidity that remains available for opportunities in the primary and secondary markets.." [more]

Kingdom Urges International Conference on Palestine [Nov 7]
"Saudi Arabia yesterday called for an international conference to find a solution to the protracted Palestinian issue, stop Israel’s atrocities against the Palestinians and activate the Middle East peace process. 'There is a pressing need for an international conference that will bring together all relevant parties in order to put an end to the Israeli aggression on the Palestinian people and activate the peace process on the basis of the Arab peace plan and UN resolutions,' the Council of Ministers said.." [more]

Oil Flat at $60, Support From Saudi Talk of Cuts [Nov 7]
"Oil prices held steady around $60 on Tuesday as an expected increase in US oil inventories offset Saudi Arabia's talk of another cut to OPEC supply and sabotage attacks on a Nigerian oil facility. US light crude was trading 1 c up at $60,03 a barrel by 02:34 GMT. London Brent crude stood unchanged at $59,75.. ..Even additional supply cuts by OPEC might not offset bulging oil inventory levels, especially in the United States, unless frigid weather hits the country's heating market.." [more]

Major Expansion Planned for Saudi Airports [Nov 7]
"Three airports in Saudi Arabia are to be expanded at a cost of US$8 billion to enable them to cope with the growing number of passengers and the requirements of two private domestic airlines. The expansion projects, which will affect the Jeddah, Madinah and Tabuk airports, are a result of the rapid growth in the region’s aviation industry.. ..'The projects will enable these airports to cope with fast developments taking place in the aviation industry and enhance their capabilities to serve as a major hub in the region'.." [more]

Saudi Firm to Set Up $266m Steel Plant [Nov 7]
"Saudi Arabia’s Atoun Steel Industry (ASi) has awarded the contract to supply equipment for its SR1 billion ($266.6 billion) steel plant, being built at the Yanbu Industrial City II, to Austria’s Voest-Alpine Company. The plant, whose civil works begin soon, will go into commercial production in the second half of 2008.. ..the plant will cover an area of 530,000 sq m and produce one million tonnes of steel annually once it starts its commercial operations.." [more]

Analysts: US-Midterms Offer Nothing Good for Region [Nov 7]
"Saudi political analysts Monday mostly said the United States midterm elections scheduled for today, Tuesday, would add nothing to current American policy in the Middle East. 'I think that the American people are fed up and will vote the neo-conservatives out of office,' Sadaqah Khal, a Shoura Council member.. ..Mazen Balilah, Al-Madinah newspaper’s former editor-in-chief and a political analyst, said neo-conservative policies in the region had failed.." [more]

US-Saudi Business Council Takes Up Visa Issue [Nov 7]
"Serious efforts to expedite the issue of business visas to the United States are being pursued by the US-Saudi Arabian Business Council, the vice president of the council said here Monday. 'The delays in obtaining business visas to the United States has remained one of the biggest barriers to further expand bilateral business relations between Saudi Arabia and the US, which is why the US-Saudi Arabian Business Council has forwarded its position to the US State Department requesting for the expeditious resolution of this issue,' said Susanne Lendman, vice president of the council.." [more]

Saudi Aramco, Conoco Plan $1 bln Sukuk [Nov 6]
"Saudi Arabia's Riyad Bank said it had been hired by Saudi Aramco and ConocoPhillips to advise on selling $1 billion of Islamic bonds to help finance construction of a joint-venture refinery. Saudi Aramco and ConocoPhillips, which are developing the 400,000 barrel-a-day refinery at Jubail on the Gulf coast at a cost of $6 billion, will decide before April on conditions for the bond sale.. ..The biggest challenge is determining the physical asset that will underlie the sukuk.." [more]

India, Saudi Arabia to Promote Scientific Relations [Nov 6]
"India and Saudi Arabia Monday inked a pact to strengthen the existing cordial relations between the two countries and increase the level of cooperation in scientific and educational fields.. ..The agreement, which will remain in force for at least five years with provision for automatic renewal unless objected by either side, shall encourage 'visits between officials in higher education, teaching faculty, researchers and cooperate in the fields of mutual interest'.." [more]

Gulf Bourses Feel Tremors of Saudi Index Slump [Nov 6]
"Dubai’s stock index fell yesterday to its lowest close in nearly two years as investors sold shares in the largest companies across the Gulf in response to a slump in Saudi Arabia the previous day. While the index of the Saudi stock market, the Arab world’s largest, closed 2.1% higher, shockwaves from its 6% tumble on Saturday shook bourses in Dubai, Abu Dhabi, Qatar, Oman and Bahrain.. .."Saudi investors are closing their positions in blue chips in markets outside of Saudi as they have done in the past," said Hani Baothman, chief executive of Saudi-based Aayan Capital.." [more]

$30bn Jizan Mega Project Joins Others to Create New Economy [Nov 6]
"King Abdullah announced a new economic area in Jizan on November 5. The $30 billion project announcement follows three other new mega city developments already launched in Rabigh, Hail and Madina. At least another two such developments are also expected to be revealed over the next few months. The massive projects already inaugurated involve investment commitments reaching almost $60 billion. The huge integrated construction projects are expected to energise regional development and widen the Saudi economy.." [more]

Human Rights Watchdog Team to Visit Saudi Arabia [Nov 6]
"A delegation from a human rights watchdog is to pay a visit to Saudi Arabia later this month to take stock of the human rights situation in the kingdom. A Human Rights Watch team will hold talks with senior Saudi officials.. ..The Human Rights Watch delegation is set to visit a number of Saudi courts and jails to gain first-hand information about the legal and judicial procedures prevailing in the country as well as the situation of the accused and detainees.." [more]

Kingdom, Italy to Sign Deal on Double Taxation [Nov 6]
"Italian Ambassador Eugenio d'Auria said yesterday that Italy and Saudi Arabia are to sign soon an agreement that permits to avoid double taxation among businessmen in both countries.. ..With the signing of the accord, the prices of furniture and other products from Italy in the Kingdom and other parts of the GCC would drop. At the press conference, the delegation said that the prices of Italian furniture are relatively higher compared to those from the Far East because they are of high quality and last longer.." [more]

US Firms Looking for Local Partners [Nov 6]
"A US business delegation from State of Virginia is looking for Saudi partners in areas such as industrial, security systems, telecommunications, wood flooring and vehicle inspection equipments. The nine-member US delegation, which arrived in Riyadh on Saturday.. ..'We are aiming at bringing new technologies to Saudi Arabia by setting up multi-million riyal turn-key chemical recovery and recycling plants in different parts of the Kingdom and introducing an entirely new under vehicle surveillance systems among other areas'.." [more]

Our Education System Is Flawed, Say Shoura Members [Nov 6]
"Members of the Shoura Council — many of whom are professors — strongly criticized the Kingdom’s system of higher education yesterday. They said it needed to be changed in order to serve the nation in the age of globalization.. ..Dr. Saud Al-Shammari.. ..said that higher education in the Kingdom “should be freed from bureaucracy and financial restrictions” and called for universities to be financially independent so that they could serve society and foster development through genuine scientific research and studies.." [more]

Exxon, Saudi Basic to Study Synthetic Rubber Plant [Nov 5]
"Exxon Mobil Corp. (XOM.N: Quote, Profile, Research) and Saudi Basic Industries Corp. (SABIC) <2010.SE>, the largest Arab chemical producer, agreed to study setting up a synthetic rubber plant in Saudi Arabia.. ..The proposed plant will serve the Saudi and international markets, and start operations in 2011, government-controlled SABIC said in a statement.." [more]

Saudi Index Plunges as Retail Investors Bail Out [Nov 5]
"Saudi Arabia’s stock market closed below 9,000 points for the first time in more than 20 months yesterday as retail investors dumped shares in reaction to regional political tensions and new trading session timings. The Riyadh market, the Arab world’s largest, plunged nearly 6% as many key stocks fell up to 10%, the daily trading limit. Heightening regional tensions and falling oil prices have taken their toll on market sentiment.." [more]

IMF Expects Oil Prices to Hold Steady [Nov 5]
"Global oil prices are likely to remain near current levels over the next couple of years barring unexpected shocks, International Monetary Fund head Rodrigo Rato said yesterday.. ..Rato said investments by Gulf countries in oil production capacity would help keep prices stable.." [more]

MMC To Develop US$30 Bln Jizan Economic City In Saudi Arabia [Nov 5]
"MMC Corporation Bhd (MMC) Sunday announced that it has been awarded the rights to develop and manage the new US$30 billion "Jizan Economic City" (JEC) in Saudi Arabia, together with The Saudi Binladin Group. MMC received the letter of award from the Saudi Arabian General Investment Authority (SAGIA) in Jeddah yesterday, at the launch of JEC by Saudi Arabia's King Abdullah bin Abdulaziz Al Saud. Located 725 km south of Jeddah, by the Red Sea, JEC is envisioned to be a fully integrated and self-contained development which would comprise industrial and non-industrial zones on a site measuring approximately 117 square km.." [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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