Feb 4-10, 2007

• What's New on SUSRIS this week:

  • Saudi Arabia Brokers Palestinian Deal

  • The Middle East in the Next Decade - World Affairs Councils of America Conference

• Keeping Track - Recent SUSRIS Items

• This Week's News - Feb 4-10, 2007

• About SUSRIS

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Saudi Arabia Brokers Palestinian Deal
"..A deal was reached Thursday in talks between Hamas and Fatah to form a Palestinian unity government in an effort to end months of deadly street battles in Gaza. The United States and other members of the Quartet (the European Union, Russia and the United Nations), welcomed the role played by Saudi Arabia in bringing the parties together this week but reiterated the position that the Palestinian government must remain 'committed to nonviolence, recognition of Israel, and acceptance of previous agreements and obligations, including the Roadmap'.."
The Middle East in the Next Decade - WACA
The World Affairs Councils of America (WACA) chose "The Middle East in the Next Decade -- Bridging the Desert" as their annual conference theme this year.  The event was held in Washington, D.C. from February 1-3, 2007 and featured speakers, panelists and discussion groups addressing a broad spectrum of current issues and developments in the Middle East.  Many of the conference sessions were recorded and posted to SUSRIS.org for your review.   These are just some of those speakers who can be heard by following the links to the SUSRIS on-line archive.  Opening Remarks - Amb James R. Jones, Father Nabil Haddad, Ms. Mary Eisenhower H.E. Abdullah Alireza Minister of State Kingdom of Saudi Arabia C. David Welch Assistant Secretary of State for the Near East David Marash Chief Washington Anchor, Al-Jazeera English Brig.Gen. Mark Kimmitt Deputy Asst Secretary of Defense, Near Eastern and South Asian Affairs Dick Gephardt Former Majority Leader, U.S. House of Representatives Michael Rubin Resident Scholar, American Enterprise Institute Robert Ebel Chairman, Energy Program, Center for Strategic and International Studies John Duke Anthony President, National Council on US-Arab Relations Amb. L. Bruce Laingen Rev. John Bryson Chane The Eight Bishop of Washington Dr. Sulayman S. Nyang Howard University
We would like to congratulate the World Affairs Council of America (WACA) national association and its nationwide network of councils for the successful hosting of this important conference and applaud their efforts to increase understanding among Americans of global developments and the role of the United States in the world.  We invite you to listen to the conference presentations by linking to the on-line audio index. Note:  WACA is the largest international affairs non-profit organization in the United States.  WACA's goals include: empower citizens to participate in the national debate on world affairs; build citizen support for American engagement in the world; stimulate communities to interact effectively in the global economy; help people relate their local concerns to global issues; improve international education locally, nationally, and internationally; and foster international interests in America's young people.  To locate a council near you visit: http://www.worldaffairscouncils.org/councilmembers

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~~~~~~~~~ [ Feb 10 ] ~~~~~~~~~

Saudi Arabia's Foreign Assets Hit 833b Riyals [Feb 10]
"Total Saudi government foreign assets reached 833 billion riyals at the end of 2006 thanks to the rise in oil prices and state budget surplus of 265 billion riyals. Foreign currency worth 93 billion riyals, deposits at overseas banks worth more than 120 billion riyals and investments in foreign instruments of more than 620 billion riyals, make up the total figure.. ..It was the highest figure for more than five years.." [more]

Saudi Stock Index Gains Over 4% in a Week [Feb 10]
"The Saudi stock market continued to surge last week after the announcements of some more listed companies regarding their financial results and dividends. The Tadawul All-Share Index (TASI) gained 4.07 percent or 286.88 points for the week to 7,328.10. The index closed at 7,041.22 points in the previous week. TASI is still 7.63 percent or 605.19 points lower than the year's start. The stock market turnover rose to SR55.49 billion last week compared to SR42.69 billion in the previous week.." [more]

Bush Most Disliked Global Leader in Arab World [Feb 10]
"A new poll on Thursday underscored deep Arab unhappiness with the United States but said the negative image could be repaired if Washington brokered a comprehensive Arab-Israeli peace agreement. The survey of 3,850 people in six Arab countries rated President George W. Bush as the most disliked world leader, while the United States and Israel were viewed as significantly greater threats than Iran.. ..The results show the Arab-Israeli conflict 'remains the central prism through which people are evaluating the United States'.." [more]

US Will Be Unable to Reduce Reliance on Middle East [Feb 10]
"Oil production problems throughout North and South America will hurt US efforts to cut back on Middle Eastern crude imports, energy experts said. Steep oil field decline rates in Mexico and Venezuela and delays and outages in offshore US and Canadian areas should lower output from the region this year, countering earlier expectations of a rise.. ..Lower supplies from regional suppliers will dent US efforts to shore up national security by reducing dependence on Middle Eastern producers, a feat the White House says it can achieve in part by promoting alternative fuels.." [more]

~~~~~~~~~ [ Feb 9 ] ~~~~~~~~~

Saudi Arabia Putting its Regional Clout at Risk [Feb 9]
"Saudi Arabia put its credibility on the line by hosting a high-profile summit of rival Palestinian leaders. Now, with a deal reached, it wants to ensure the Palestinian government's survival and convince the U.S. there can be peace with Israel.. ..Both sides clearly recognized the need for the support of Saudi Arabia, a top U.S. ally, to ensure the agreement succeeds. Abbas and Hamas leader Khaled Mashaal lavished praise on Saudi King Abdullah, who oversaw the ceremony announcing the accord.. ..American and Israeli acceptance of the new government is key to lifting the financial boycott and opening the door to resuming peace negotiations." [more]

Saudi Raises Key Rate [Feb 9]
"Saudi Arabia's central bank unexpectedly tightened monetary policy, narrowing the gap with US interest rates for the first time since a stock market crash began last year, currency traders said yesterday. The Saudi Arabian Monetary Agency (SAMA) raised the benchmark repo rate and the reverse repo rate by 30 basis points.. ..The memo gave no reasons for the first change in Saudi borrowing costs since June, they said. SAMA officials could not be reached yesterday. SAMA, which keeps the riyal pegged to the dollar, was making up ground lost in 2006 when it declined to match the US Federal Reserve's interest rate increases during a Saudi stock market crash that began in February.." [more]

Kingdom Condemns Al-Aqsa Digging [Feb 9]
"The Kingdom Thursday expressed deep concerns on the excavation and demolition work being carried out by the Israeli authorities around Al-Aqsa Mosque. In a statement to the Saudi Press Agency (SPA), an official source described these acts as a clear violation of the sanctity of the mosque and a threat to its religious and Islamic features.. ..Despite fury from Arab and Muslim leaders and Palestinian protests, Israel was continuing initial excavations for a third day on Thursday ahead of beginning new construction near the mosque compound. Israel’s defence minister has written to Prime Minister Ehud Olmert asking for an immediate halt to public works near Al-Aqsa Mosque.." [more]

First Arab-American Yearbook Launched [Feb 9]
"Arab-Americans can finally find themselves in America. All they need to do is refer to the first issue of the “Arab-American Yearbook: The Resource and Referral Guide for and About Arab Americans.” It’s a Who’s Who of Arab-American references, and promises to be of great use to anyone trying to delve into Arab-American business, connections and transactions in this country. The guide is a comprehensive, nationwide resource for and about the Arab-American community.. ..It also lists Arab-American US senators and representatives, Arab-American businesses, facts on all Arab countries, US embassies and consulates in Arab countries, Arab embassies in the US; and even lists of Arab-American conventions and events in 2007, and Arab-American churches and mosques. These resources are long overdue, which makes the book a tremendous resource.." [more]

Arabs Appeal to UN on Mosque Dig [Feb 9]
"The Arab group at the United Nations has appealed to the UN Security Council to stop Israeli excavation near an important Islamic site in Jerusalem. Israel has said that it wants to salvage artefacts before construction of a pedestrian bridge leading to the complex, which is also sacred to Jews. Muslims fear that the excavations, which began on Tuesday, could damage the foundations of the 1,400-year-old Al Aqsa mosque.." [more]

Administrative Brainstorm Slated in Riyadh [Feb 9]
"The Saudi Society for Administration will hold a forum with the participation of domestic, regional and international experts in the field of human resource development at the King Faisal Conference Hall in the Inter.Continental Hotel in Riyadh Feb. 26-28.. ..The forum aims at the development of the human resources in the Kingdom with discussions and the exchange of new ideas in the field of management and administration in the international arena. The society also aims at providing ample opportunities for Saudi administrators to communicate with their counterparts from other parts of the world.." [more]

Saudi Women Educators in Japan to Learn New Approach [Feb 9]
"As part of a major initiative to promote female education in the Kingdom, a delegation of 10 senior Saudi women officials drawn from the top-notch educational institutions under the Ministry of Education, will leave for Japan on Saturday to learn from the Japanese experience.. ..The women experts will actively participate in the 17-day study tour, which will focus on female education in Saudi Arabia. 'The training program will identify problems faced by the Kingdom in the domain of female education with an aim to formulate new policies,' Nakauchi said. The program seeks to make female education in Saudi Arabia more efficient to meet social and economic needs of the country.." [more]

Oil Price Jumps $US2 a Barrel [Feb 9]
"Oil surged in price on Thursday amid signs of falling crude exports from producer group OPEC and rising tensions between the United States and Iran over its nuclear programme.. ..OPEC's daily exports in January were down 200,000 barrels from December, according to shipping data from Lloyd's Marine Intelligence Unit. In October and December, OPEC agreed to remove 1.7 million barrels a day from the market by February. Also on Thursday, Iran's top authority, Supreme Leader Ayatollah Ali Khamenei, said the Islamic Republic would target US interests around the world if it came under attack over its nuclear programme. Iran is the world's fourth-largest oil exporter.." [more]

~~~~~~~~~ [ Feb 8 ] ~~~~~~~~~

Japan's Mitsui Considers Role in Saudi Petrochemical Project [Feb 8]
"Mitsui & Co.'s (8031) possible participation in a petrochemicals joint venture in Saudi Arabia would be another example of Japanese corporates setting up plants in the Middle East to reduce costs. The Nikkei, Japan's leading business daily, said in its Thursday morning edition that the Japanese trading house plans to take part in a Saudi Arabian petrochemicals joint venture, and is expected to pitch in tens of billions of yen. The overall cost is estimated at $7 billion-$8 billion, the report said.. ..Such a move by Mitsui would bring to three the number of major Japanese corporate groups in Japan proceeding with petrochemical projects in Saudi Arabia.." [more]

Saudi Arabia Creates First Intern. Motorsport Event [Feb 8]
"The Kingdom of Saudi Arabia enters the history books this weekend by running its first ever international motor sport event. The Hail Saudi Baja ­ branded and advertised as the Hail Rally 2007 The Great Nufud Challenge - is an official candidate rally for inclusion in the 2008 FIA International Cup for Bajas and gets underway on Friday afternoon in Hail city in the north-central region of the Kingdom. The Saudi Motor Sports Committee (SMSC) have laid on a challenging three-day competition for an international field of 36 cars.." [more]

Saudi Raises Interest Rates [Feb 8]
"Saudi Arabia's central bank raised its benchmark repo rate by 30 basis points to 5.50 percent, currency traders said on Thursday. The reverse repo rate went from 4.7 percent to 5 percent, two Dubai-based traders said, citing a statement sent by the Saudi Arabian Monetary Agency (Sama) to Saudi banks.. ..The Saudi riyal is pegged to the US dollar and monetary policy usually tracks that of the Federal Reserve. US interest rates stand at 5.25 percent.." [more]

Dutch Economic Delegation to Visit Kingdom [Feb 8]
"A high-level delegation from the Dutch Ministry of Economic Affairs will visit the Gulf Cooperation Council countries to investigate what markets, sectors and activities to target and to assess where to establish an investment promotion office for the Netherlands.. ..'During its two-day visit to the Kingdom, the delegation will meet with SAGIA’s governor and high ranking officials from the Ministry of Commerce & Industry, Finance and Petroleum and Mineral Resources and with representatives of the main Saudi investment companies,'.. ..The visit is also aimed at enhancing bilateral economic relations in a broader perspective and identifying fields for possible closer co-operation. In this respect, energy is an important topic.." [more]

Palestinians Vow Not to Leave Makkah Without Reaching Accord [Feb 8]
"In a rare display of unity, Palestinian President Mahmoud Abbas, Hamas political strategist Khaled Meshaal and Prime Minister Ismail Haniyeh vowed not to leave the holy city of Makkah without reaching a comprehensive reconciliation agreement. Many in the Arab world see the Makkah Summit as the last chance to avoid civil war between the feuding Palestinian factions.. ..Abbas said he hoped the talks would lay the ground for the formation of a unity government that would help put an end to crippling sanctions imposed by Western nations. He termed the fictional violence a catastrophe.." [more]

Saudi King Pressed Over Women's Marriage Rights [Feb 8]
"An appeals court decision less than two weeks ago in Riyadh, Saudi Arabia, threatens to be a major setback in the progress made toward eliminating gender and customs bias against women in Arab and Muslim societies.. ..The only remaining hope that things could be different for this couple, would be if King Abdullah bin Abdul Aziz, after reviewing the case, forwarded it to the Kingdom's High Court. If the case is allowed to go before the High Court, King Abdullah has an opportunity to reinforce his established trend of reform to ensure that women's rights in marriage and divorce, as well as various other aspects of daily life, are dealt with in accordance to the Shariah (Islamic law).." [more]

~~~~~~~~~ [ Feb 7 ] ~~~~~~~~~

Rival Palestinian Leaders Begin Talks in Mecca [Feb 7]
"Rival Palestinian leaders began crucial talks Wednesday in this holy city on ending their bloody street battles and resuming the peace process with Israel. 'We came here to agree and we have no other option but to agree,' the exiled leader of Hamas, Khaled Mashaal.. ..Palestinian President Mahmoud Abbas said he and his Fatah delegation had told all their supporters that 'we will not leave this holy place until we have agreed on everything good, with God's blessing'.. ..Referring to the gun fights that killed more than 30 people in the past seven days, Mashaal turned to Abbas and said they both had to tell their supporters to respect the truce that took effect on Sunday.." [more]

Row Over Saudi School Textbooks [Feb 7]
"A Saudi-funded Islamic school in west London has been accused of using textbooks containing offensive remarks about Christianity and Judaism. Allegations about the Arabic books emerged when a former teacher accused the King Fahad Academy, Acton, of institutional racism. The school has denied the allegations as 'grossly offensive, highly inflammatory and entirely false'. Translations of sections of the books were 'taken out of context', it said. . ..King Fahad Academy director Dr Sumaya Aluyusuf admitted the textbooks - translated for the BBC Two's Newsnight programme by two independent scholars - were kept at the school. However, she said they were no longer part of the curriculum.." [more]

Riyadh to Become Saudi Arabia's First Smart City [Feb 7]
"The Deputy Governor of the Saudi Capital, Riyadh stated that the city will become the kingdom's first smart city, providing free wi-fi internet access for all its residents.. ..The deputy governor, who opened the first smart zone at the city's main avenue, said that the establishment of smart cities in the KSA will improve the government's performance in economic and security related fields. The Governor of Saudi Telecommunications and IT said that other major Saudi cities, such as Jeddah and Madinah, will join the capital for the smart city initiative.." [more]

Rights Body Seeks Details of Arrests in Saudi Terror Funding Case [Feb 7]
"Rights group Amnesty International asked Saudi Arabia yesterday to clarify reasons for detaining 10 men, whom it said could face torture, amid conflicting reports on whether they were reformers or terror financiers.. ..A lawyer representing seven of the detainees has said they were reformers discussing political reforms in the kingdom.. ..Lawyer Bassem Alem said at least one of the detainees has been involved in public humanitarian fundraising work for Iraqis through the Saudi Red Crescent Society. Alem said some of them also planned to send aid to Palestinians in Israel-occupied territories.." [more]

Fire Insurance to Become Compulsory in Saudi Arabia [Feb 7]
"The Executive President of the Saudi United Cooperative Insurance Co. said that the Saudi government is planning to set up a compulsory fire insurance system in cooperation with the kingdom's Civil Defense Directorate and National Committee for Insurance.. ..The president, who was speaking at a local conference, added that the proposed system will minimize the losses that result from fire accidents, which have cost Saudi insurance companies about $488 million in the between 1995 and 2005.." [more]

Non-Opec Producers Will Pump Less Oil Than Expected [Feb 7]
"Oil producers outside Opec will pump less oil than expected in 2011, the International Energy Agency (IEA) said yesterday, leading to a tighter world market than previously anticipated. In its latest Medium Term Oil Market Report, the adviser to 26 industrialised countries cut an estimate for supply of non-Opec oil and biofuels for 2011 by 1.1mn barrels per day to 62.3mn bpd.. ..The outlook updates an IEA forecast last issued in July and points to a greater reliance than expected on the Organisation of the Petroleum Exporting Countries, source of more than a third of world supply.." [more]

Women Lawyers Cannot Defend Clients in Court [Feb 7]
"Saudi Justice Minister Dr Abdullah Al Al Shaikh has disclosed that his ministry is reviewing 20 articles of the law of procedures before Sharia courts.. ..Responding to mounting inquiries about granting licences to Saudi female lawyers to practise the profession, the minister said the licences currently granted by the ministry to female lawyers were for legal consultation services only and not to defend clients in court.." [more]

Saudi Aramco Signs Deal for Manifa Development [Feb 7]
"Saudi Aramco signed a contract with Belgium dredging contractor Jan De Nul to help develop the 900,000 barrel per day (bpd) Manifa offshore oil field. Scheduled for completion in 2009, Jan De Nul will carry out dredging works in the Arabian Gulf before building several drilling islands and a 41-km causeway that will provide Saudi Aramco with a direct link from the coast to shallow-water offshore man-made drilling islands. This is the first Lump Sum Turn Key (LSTK) contract to be signed under Saudi Aramco’s Manifa development program, their largest offshore project. It aims to add 900,000 bpd of Arabian Heavy crude production by 2011.." [more]

~~~~~~~~~ [ Feb 6 ] ~~~~~~~~~

Saudi Cuts Q4 Oil Supplies to Asia [Feb 6]
"Saudi Arabia cut oil exports to its three largest Asian customers by nearly 4% in the fourth quarter against the third, while Iranian shipments rose to near year-ago levels, calculations based on official data showed. The Saudi cuts of a total 88,000 barrels per day (bpd) support other evidence showing compliance with Opec curbs that came into force on November 1.. ..Opec agreed to lower its supplies by 1.2mn bpd from November 1 in an attempt to shore up prices, with top exporter Saudi Arabia expected to bear the brunt with a 380,000-bpd reduction.." [more]

Saudi Prince in Talks on Bahrain Disneyland [Feb 6]
"Saudi billionaire Prince Alwaleed bin Talal is in talks with investors to build an US$8 billion Disneyland theme park in Bahrain, at the heart of the world’s biggest oil exporting region.. ..Alwaleed indirectly owns 10 percent of Disneyland Paris operator Euro Disney, and his Rotana Audio Visual Co., signed a deal in November to distribute Walt Disney products across the Middle East and North Africa.." [more]

Palestinians Set for Mecca Talks [Feb 6]
"Palestinian leaders whose factions have engaged in deadly battles are preparing for talks in Mecca, Saudi Arabia, seen as a last chance to avoid civil war.. ..The mediating will be done by Saudi Arabia, which has significant political and financial clout. Saudi Arabia also has its own motives for seeking a solution to the crisis in Gaza, says the BBC's Middle East analyst Roger Hardy. Saudi leaders are deeply uneasy about the role of Iran in three of the region's main trouble spots - Iraq, Lebanon and Palestine.." [more]

Saudi Clerics Ban Subscription in Insurance IPOs [Feb 6]
"Two prominent Saudi clerics have warned Saudis not to buy shares in new insurance firms, saying they contravene Islamic rules on mutual insurance in the conservative kingdom.. ..For insurance to be compliant with Islamic rules, the risk and reward must be spread evenly between the customer and the insurer, unlike conventional insurance where the insurer takes on all the risk and receives a premium. Thirteen new insurance firms are expected to be launched in Saudi Arabia this year through initial public offerings of between 25 percent and 47.5 percent worth a total 936.4 million riyals ($249.7 million).." [more]

Gulf Nuclear Plans Take Shape [Feb 6]
"The Gulf states are expected to begin building a nuclear industry as a "sustainable and clean" source of power by 2009.. ..Abdullah Hamad Al Attiyah, the Qatari Deputy Prime Minister and Minister of Energy and Industry, told Gulf News in an interview here yesterday. "Oil and gas reserves will be exhausted sooner or later; 70 or 100 years is a long time for us, but not for our nations," he said. Al Attiyah said the GCC is currently conducting a wide-ranging study on the use of nuclear energy as a main source of power in the future.." [more]

Kingdom to Attend Geneva Conference on Refugees [Feb 6]
"The Kingdom will attend an international conference on Iraqi refugees to be held in Geneva in mid-April as part of its multilateral cooperation program involving the United Nations High Commission for Refugees (UNHCR).. ..The UNHCR last month launched a $60 million appeal for the rehabilitation of displaced Iraqis. Guterres said: “The situation is grim. Some one million Iraqis have been displaced internally, while over two million others have fled the country representing one of the biggest flows of refugees in history. We are trying to mobilize all available resources for the rehabilitation of these 
victims.." [more]

Saudi Arabia's Al-Rajhi Bank to Open 50 Branches by 2010 in Malaysia [Feb 6]
"Saudi Arabia's Al Rajhi Bank, the world's largest Islamic banking group, on Monday unveiled an aggressive plan to expand its operations in Malaysia to 50 branches by 2010. Al Rajhi has set up 12 branches since it opened for business in Malaysia with a soft launch in October.. ..Al-Rajhi said the group has no plans yet to venture into other countries in Southeast Asia, but would use Malaysia as a gateway to other regional markets. We would like to achieve 50 branches (in Malaysia) by 2010, he told reporters. We look at Malaysia as a platform to do more business in this region. But we are not going to open branches in other countries. We believe growth in the region is there and Malaysia is in a good position because it is a leader in Islamic banking.." [more]

~~~~~~~~~ [ Feb 5 ] ~~~~~~~~~

Saudis Silent on Terror Arrests [Feb 5]
"The Saudi authorities are remaining tight-lipped about the identities of 10 men arrested on Friday on 
suspicion of funding insurgents outside the country.. ..a defence lawyer says the men are reformists with no links to terrorism. Newspaper reports and relatives described them as professional people. They include lawyers and academics know for their reformist activities, according to reports in the Arab media. The 10 - who include liberals and moderate Islamists - have in the past signed petitions condemning violence and calling for political reform.." [more]

Saudi Price Hike Surprises [Feb 5]
"Saudi Arabia raised its crude prices for March as the world's largest oil exporter sought to trim supplies to abide by the latest OPEC cut, trade sources said on Monday. Although a price increase was expected, lifters and traders said they were surprised by its extent compared to February. 'This has nothing to do with the economics of the grade, but simply to cut availability. There is no other reason for such a big increase,' a European crude trader said. The kingdom agreed to reduce supply by 158,000 barrels per day, deepening its 380,000 bpd cut from Nov. 1, as part of a broader OPEC agreement reached in December.." [more]

Women Seek King’s Intervention in Fatima Case [Feb 5]
" Fearing for the future of the rights of Saudi women that are slowly being taken away from them in the name of Shariah after an appeals court upheld the forceful divorce of Fatima and Mansour, a group of Saudi women from across the Kingdom have launched a petition to be presented to Custodian of the Two Holy Mosques King Abdullah. The petition urges the king to allow Fatima’s case to be sent back to court and to disregard the divorce ruling so that the family can be reunited. The petition also calls for guidelines to ensure rejection of divorce cases that are taken to court by parties other than husband and wife.." [more]

Authoritative Analysis of Saudi Legal Sector [Feb 5]
"A ground-breaking analysis on Saudi’s legal landscape - which is undergoing significant change - is to be published following a tie-up between a leading law firm and an authoritative UK publisher. The deal, between Riyadh’s Al-Jadaan Law firm and Oxford Business Group (OBG) will see the analysis incorporated into OBG’s forthcoming inaugural edition of ‘Emerging Saudi Arabia 2007’ – which will be a leading guide to the Kingdom’s evolving political and economic trends.." [more]

Saudi Arabia's Nonoil Exports to Cross SR76 Billion [Feb 5]
"Saudi Arabia's non-oil exports will cross SR76 billion this year, according to Dr. Abdul Rahman Al-Zamil, chairman of the Saudi Export Development Center and a member of the Shoura Council.. ..Saudi non-oil exports jumped from SR35.7 billion in 2003 to SR48 billion in 2004, and SR60.5 billion in 2005. The figure was expected to reach SR70 billion in 2006.. ..Speaking about Saudi exports to Iraq, he said the value of such exports increased from SR50 million in 2004 to SR186 million in 2005. "Most of our products are exported to Iraq through other countries such as Kuwait, Jordan and the UAE. In fact, Saudi products worth SR3 billion reach Iraq directly and indirectly," he said.." [more]

Samba Sees Saudi GDP Growth in ‘07 Slowest in 5 Years [Feb 5]
"Saudi economic growth may fall this year to its slowest in five years as the world’s largest oil exporter 
cuts crude output as part of Opec efforts to shore up oil prices, Samba Financial Group said. Gross domestic product-growth could ease to 2.43% in 2007, compared with 4.2% last year on a 6.5% decline in oil output, Samba, the country’s second-largest bank by market value, said in a report received late on Saturday.." [more]

Saudis Begin 20-year Technology Research Plan With 7b Riyals [Feb 5]
"Saudi Arabia has allocated more than 7 billion riyals for high technology research, press statements said on Sunday. Gulf News has learned that 30 government departments have begun more than 162 research activities in high technology. The research will be conducted over the next five years.. ..The press statements pointed out that the five-year technology and research plan is part of a four-phase policy to be carried during the coming 20 years.." [more]

Abdullah and Merkel Discuss Mideast Crisis [Feb 5]
"German Chancellor Angela Merkel discussed with King Abdullah ways to revive the Middle East peace process. Merkel arrived in Riyadh early Sunday evening. She met King Abdullah, Crown Prince Sultan and Foreign Minister Saud Al-Faisal Sunday night. This is Merkel’s second stop during her four-day trip to the Middle East. Prince Saud said last week during a press conference that Middle East peace process will be the main agenda during the chancellor’s visit.." [more]

Saudi Stock Market Cap Drops 10.95% to SR1.09 Trillion [Feb 5]
"The total value of shares traded at the Tadawul dropped by 10 percent in January 2007 to reach SR183.08 billion ($48.82 billion) as compared to previous month. Tadawul said in its monthly report that at the end of January, the Tadawul All-Share Index (TASI) closed at 7,041.22 points, 11.24 percent lower than the 7,933.29 points posted in December 2006. The Tadawul index fell 63.87 points to 7,134.80 yesterday. Market capitalization also decreased by 10.95 percent to SR1.09 trillion ($291.09 billion) in the period under review.." [more]

Saudi to Boost Fuel Supply to U.S. Forces in Gulf [Feb 5]
"Saudi Arabia has steeply raised the amount of its jet fuel earmarked for the United States military, which is expanding its presence in the Gulf, Middle East trading sources said. They said state oil company Saudi Aramco may have put aside upwards of a million tonnes of the aviation fuel for possible use by the U.S. military this year, compared with around 200,000 tonnes in 2006.. ..The Pentagon dispatched a second aircraft carrier strike group to the Gulf last month. The Defense Energy Support Center (DESC), which oversees the Pentagon's fuel purchases, said an increased presence would entail more fuel demand.." [more]

~~~~~~~~~ [ Feb 4 ] ~~~~~~~~~

Merkel in Saudi Arabia Today [Feb 4]
"German Chancellor Angela Merkel arrives in the Kingdom today as part of a four-day trip to the Middle East that has already taken her to Egypt. Her visit is the first to Saudi Arabia since she became chancellor 14 months ago. After leaving the Kingdom, she will go to the United Arab Emirates and then to Kuwait.. ..Topping the agenda for discussions are Iraq, Iran, and the Palestinian-Israeli conflict. Foreign Minister Prince Saud Al-Faisal said last week that the Middle East peace process was one of the main topics to be discussed with the German chancellor.." [more]

Thailand, Saudi Arabia Bid to Repair Strained Relations [Feb 4]
"The charge d'affaires of Saudi Arabian embassy here is scheduled to meet with Thai Labour Minister Apai Chandanajulaka and the Permanent Secretary for Labour Monday regarding the Middle Eastern country's need to employ tens of thousands of Thai workers in its maintenance industry.. ..Relations between the two countries became strained after four Saudi diplomats were shot dead in Bangkok in February 1989 and a Thai worker in Saudi Arabia stole jewels and gems worth millions of dollars and sent them home in a crate of apples.." [more]

Saudi Writer Recasts Kingdom's History [Feb 4]
"..Dakhil's work, laid out in a series of articles published in November and December, was the first attempt by a Saudi-based scholar to revise the prevailing religious account of the birth of Saudi Arabia.. ..Though Saudi Arabia has enjoyed a freer press since the reign of King Abdullah began in 2005, two topics remain off-limits: the religious legitimacy of the state and succession within the royal family. Dakhil has brought up both. British historian Robert Lacey, author of "The Kingdom: Arabia and the House of Saud," said the religious purpose of the Saudi state has always been a principle beyond question. 'It's the founding article of faith for the state. To suggest otherwise is to question the roots of Saudi legitimacy.." [more]

Crude Surges on OPEC Cut, Cold Weather [Feb 4]
"Crude oil has surged above $US59 a barrel in New York, the highest close this year, because of increasing fuel demand in the US and production cuts by the Organisation of Petroleum Exporting Countries. Heating consumption in the US northeast would be 36 per cent above normal in the next week, Weather Derivatives, a forecaster in Missouri, said. Government reports have shown that the US is growing at a moderate rate, which may boost fuel use. OPEC agreed to trim output by 500,000 barrels a day, starting at the weekend.." [more]

Israel Violating Mosque Sanctity [Feb 4]
"A Saudi-based body of Islamic scholars yesterday condemned Israeli archaeological work near the Al Aqsa Mosque in occupied Jerusalem, saying it was a 'blatant violation' of the shrine's sanctity. 'The most serious element is plans to excavate under the walls of the Aqsa Mosque and its underground tunnels,'.. ..The Aqsa Mosque has been a flashpoint for Israeli-Palestinian fighting in the past. Control of the area has been a stumbling block in attempts to negotiate an end to the Israeli-Palestinian conflict.." [more]

Al-Namir Unhappy With Low Exposure of Actors [Feb 4]
"Saudi actor Abdul Mohsen Al-Namir is unhappy about the plight of Saudi artists who get little exposure on the Kingdom’s television channels. He says that most Saudi talent is being forced to try their luck elsewhere.. ..Protesting the slow pace at which the film industry is growing in the Kingdom, Al-Namir wants to see more Saudi films made such as 'Majadef Al-Amal' and 'Abu Shalakh Al-Burmai' which were received warmly by viewers outside Saudi Arabia.." [more]

Britain Donates SR1.6m for Community Services [Feb 4]
"Britain donated SR1.6 million for community services program in the Kingdom yesterday.. ..Abdul Latif Jameel Foundation will carry out community service-oriented projects in the Kingdom with the donation given by the United Kingdom. The project was financed by the Foreign and Commonwealth Office (FCO) Global Opportunities Fund (GOF). The GOF is the FCO’s largest program fund. Money from GOF is used to support projects which contribute to the UK’s international strategic priorities.." [more]

Bloomberg Holds Seminar on Middle East Stocks [Feb 4]
"Financial experts, bankers and analysts have attended a seminar conducted by Bloomberg, the world’s leading financial information network, on Equity Focus Day in Jeddah.. ..'The Middle East is the fastest growing market for Bloomberg in terms of terminal sales,” Ralf Haslbeck, Bloomberg equity project manager for Europe and Middle East, said while describing various features of Bloomberg services.'.. .. 'There was 36 percent sales growth in Saudi Arabia last year and we are looking for 50 percent growth this year'.." [more]

Prince Turki Al-Faisal to Deliver Lecture [Feb 4]
"Oxford University will organize in cooperation with Riyadh-based King Abdulaziz Foundation for Research and Archives, a lecture on the Saudi constitutional reform on Wednesday, Feb 7, 2007, at the Middle East Studies Center, an affiliate of the University. The lecture will be delivered by Prince Turki Al-Faisal, who will shed light on teh efforts exerted by the Saudi Leaders since the era of King Abdulaziz in the field of constitutional reform.." [more]

Prince Turki Attends Farewell Receptions, Events [Feb 3]
"Saudi Ambassador to the US Prince Turki Al-Faisal concluded his term in office with a flurry of events and meetings yesterday. In a farewell meeting with US Secretary of State Condoleezza Rice, Prince Turki highlighted the cooperation shown by the administration during his ambassadorship. The two also discussed various aspects of Saudi-US cooperation and the Kingdom’s efforts to promote stability in the Middle East region.Last night, Prince Turki attended a farewell reception held in his honor by the Saudi Embassy in Washington.." [more]

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