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Poor Policies Will Worsen Gulf Job Market [Mar 17]
"There are more jobs in the GCC than the number of citizens who want employment. Then why is there a problem of unemployment among nationals of these countries? 'It is a bizarre notion, says Kenneth Wilson, a professor of economics at Zayed University in Dubai.. ..At present there is a 'clear lack of framework' linking the education systems with labour market needs, Wilson said, adding that there can be no single GCC solution to the problem.. ..Experts agree foreign workers are needed in the GCC either to fill a gap in skills or to do low-wage and hard jobs that nationals of these countries normally shun. However, they insist that unemployment among national jobseekers is a problem that cannot be ignored.." [more]

Kingdom to Build SR75m Epilepsy Center in Sri Lanka [Mar 17]
"The Kingdom plans to build an epilepsy treatment facility in Colombo that will be the first of its kind in Sri Lanka, Saudi Ambassador Mohamed Mahmud Al-Ali told Arab News.. ..'This is not the first time that the Kingdom has come forward to assist the island nation through such projects. We have just completed the Neuro-Trauma Hospital in Colombo and we are currently building 1,000 housing units for the tsunami victims in the country'.." [more]

Rights Body Calls for More Prisoner Swap Pacts [Mar 17]
"The National Society for Human Rights has urged the government to sign prisoner-transfer treaties with countries that have a large number of their nationals working in the Kingdom, according to Dr. Bandar Al-Hajjar, president of the society.. ..He said the treaty would allow foreigners who have served six months in a Saudi jail to complete the remaining period of the jail sentence in their countries. He emphasized the need for signing such treaties with countries like India, Pakistan, the Philippines and Egypt that have large numbers nationals working in Saudi Arabia. There are about seven million foreign workers in the Kingdom and expatriates constitute more than 60 percent of inmates in some Saudi jails.." [more]

Venice Sinks in Saudi [Mar 17]
"The Saudi Arabian government has pulled the plug on the Islands of Venice real estate project due to financial and administrative irregularities suggesting possible fraud, reported the Saudi Gazette. The developer, the Saleh Abdul Rahman Al Dribi Group, managed to obtain hundreds of thousands of dollars from around 15,000 investors for the scheme which was meant to create artificial islands in the Red Sea.." [more]

Saudi Firm to Set Up $9.4m Company [Mar 17]
"Saudi Oil Services and Contracting Company is planning to set up a petroleum equipment manufacturing company in Bahrain with a paid-up capital of 25 million riyals ($9.4m), said company's CEO Sulaiman Nasser Al Waleed, reports our sister paper Akhbar Al Khaleej. He said that the company will open a branch office in Bahrain to oversee the construction work on the factory.." [more]

Profit-Taking Puts Pressure on Saudi Stocks [Mar 17]
"Saudi stocks witnessed gradual selling pressure last week over profit-taking following the noticeable increase in stock prices since the beginning of February. The Tadawul All-Share Index (TASI) shed 1.93 percent last week, closing at 8,603.10 points, down from 8,772.44 points in the previous week. The index is currently 8.44 percent higher than the year’s start. The Riyadh-based Bakheet Financial Advisors (BFA) attributed last week’s decline mainly to the retreat of the banking sector, and particularly Al-Rajhi Bank, as well as the Saudi Electricity Co. (SEC). Both firms gained 46 percent and 30 percent respectively in the previous five weeks.." [more]

Saudi Arabia Urged to Issue Investor-Friendly Regulations [Mar 16]
"Saudi Arabia has been urged to issue new laws to improve the country's investment climate. "New laws governing sponsorship and the treatment of foreign workers, laws concerning the Capital Market Authority, corporations and taxes on foreign investors are some of the areas that need amendments," according to Usamah Kurdi, member of the Shoura Council and former official of the ministry of trade and industry.. ..According to him, the Saudi economy needed to grow in six aspects: providing jobs and developing human resources (raising the living conditions of citizens); lowering the dependency on oil and diversifying the economy basis; developing the basic infrastructure; preserving social security; developing relations between the Kingdom and its international partners; and importance of foreign
investment.." [more]

Most Saudi Terror Suspects Disown Deviant Thoughts [Mar 16]
"Saudi Arabia said that 90 per cent of those who have been detained for holding "deviant thoughts" have reformed and announced their repentance. Shaikh Saleh Bin Ganim Al Sadlan, member of the interior ministry ad hoc committee assigned to give counselling to extremist detainees, said that Saudi Arabia is planning to allow the detainees to return back to their studies or work after being set free. At the end of 2005, Saudi Arabia announced it had released nearly 400 detainees held for security reasons after providing them with intense counselling and making sure they were free of deviant thoughts.." [more]

Net Users in Arab World May Touch 50m in 2008 [Mar 16]
"Internet users in the Gulf and the rest of the Arab region might double to 50 million in two years turning the Web into the most influential mass medium for spreading information and freedom of expression in the region, media experts said here yesterday.. ..Ahmad Nassef, managing director of Maktoob.com, the largest Arabic web portal with more than 4.5 million registered users said at a conference. 'The internet can serve to ... build democratic values of tolerance, a major challenge for this part of the world'.." [more]

Opec Agrees to Maintain Output [Mar 16]
"Opec agreed yesterday to keep oil output restraints in place, balancing rapidly declining oil stocks in consumer nations against the risk recent selling in share markets could herald an economic downturn. Ministers confirmed the widely expected decision after talks lasting little more than three hours. Opec, which pumps over a third of the world's oil, had agreed cuts totalling 1.7 million barrels per day, or six per cent of supplies, at its previous two meetings. The emphasis now was on ensuring those
reductions were implemented in full.." [more]

French Killings Hit Tourism in Al-Ula [Mar 16]
"The brutal murder of the four Frenchmen on Feb. 26 has resulted in over 200 cancelations of holidays to Madain Saleh. The bulk of cancelations being tourists from France, the US, the UK, Germany and Japan, according to Al-Watan newspaper. The attacks have destroyed attempts by the Kingdom to attract foreign tourists and encourage nonreligious tourism. In fact, for the only two hotels in the region — the Arac Al-Ula and Madain Saleh hotels — the attacks have resulted in great financial loss. On their part the hotels are somewhat pessimistic that they will overcome the decline in their business.." [more]

Walaa Insurance IPO Set to Begin [Mar 16]
"The Saudi United Insurance Company (Walaa Insurance), will start its IPO of 8 million shares tomorrow and close on 26th of this month. While Banque Saudi Fransi is its lead manager, Riyad Bank and Al-Rajhi Bank will be the underwriters. The IPO shares will be available at all the branches of these banks. The IPO occurs when the insurance sector in the Kingdom is set to make a major leap as a result of the rapid economic progress.." [more]

IEA Disappointed by Opec Decision [Mar 16]
"The International Energy Agency, an adviser to 26 nations, expressed disappointment over Opec’s decision to maintain its output targets yesterday, warning that inventories could fall rapidly. 'We would have liked to have seen greater reassurance that Opec will ensure markets are amply supplied,' said Lawrence Eagles, the lead author of the IEA’s monthly report. 'It doesn’t take long for stockpiles to fall from five-year average levels.'.. ..'Cutting production is not the way to deal with a slowing economy - it would hurt both producing and consuming countries'.." [more]

Israeli Official Urges Arabs to Accept Saudi Peace Plan [Mar 15]
"Israel's foreign minister welcomed a revived Saudi peace plan Wednesday and called on Arab and Muslim leaders to establish ties with the Jewish state without waiting for a solution to the Israeli-Palestinian conflict. In an interview with the Arab television channel Al-Arabiya, Tzipi Livni said normalizing relations with Israel would send a message to moderates in the Palestinian Authority to push for normalizing relations 'and to accept the ideas of peace.' Last week, the Arab League said it would relaunch the 2002 initiative at a summit March 28-29 in Saudi Arabia in an effort to end the decades-long conflict with Israel.." [more]

Over 11,000 US Visas Issued to Saudi Students Last Year [Mar 15]
"The number of student visas for Saudis pursuing higher studies in the US shot up to over 11,000 last year, nearly three times more than the pre-9/11 figure of 4,359 in 2001, according to US Undersecretary for International Trade Franklin L. Lavin. The number of visas issued for all categories last year stood at 25,000, down from the pre-9/11 figure of over 60,000, he said. Lavin also announced at a press conference here yesterday that the US has proposed to the Saudi government that the duration of business visas be extended for up to three years. This would make it easier for the business community from both sides to have multiple-entry facilities instead of visas with three- to six-month duration.." [more]

Saudi's Naimi Says No Need to Change Oil Output [Mar 15]
"Saudi Oil Minister Ali al-Naimi said in comments published on Thursday that there was no need for OPEC to change output at a meeting later in the day as the previous two cuts had been 'good and appropriate'. 'The state of the market is comfortable and there is no need to change output,' Naimi said in comments to the London-based al-Hayat newspaper in Vienna. Al-Hayat quoted Naimi, whose country is the world's top oil exporter, as saying that the market was under control and inventories were now declining.." [more]

Roh to Visit Saudi Arabia, Kuwait, Qatar on March 24-29 [Mar 15]
"South Korean President Roh Moo-hyun is scheduled to visit Saudi Arabia, Kuwait and Qatar on March 24-29, seeking to enhance South Korea's economic relations with the Middle Eastern countries.. ..'Roh's upcoming trip is expected to provide an opportunity to expand South Korea's partnership and cooperation with the Gulf Cooperation Council (GCC) countries.. ..In his summit with Saudi Arabian King Abdullah bin Abdul Aziz, Roh will ask Saudi Arabia to help South Korea secure a stable supply of oil and increase its construction orders in the Middle East. In addition, Roh will ask King Abdullah to help expand Saudi Arabia's investments in South Korea's energy industry.." [more]

U.S. Exports to Arab World Surging, Report Says [Mar 15]
"U.S. exports to Arab nations are forecast to reach a record $45 billion in 2007, shattering the previous high set last year, according to a report released on Thursday. 'We are charting new territory in America's trade relations with the Arab world,' David Hamod, president of the National U.S.-Arab Chamber of Commerce, said in a statement. U.S. exports to 22 Arab countries increased 28 percent in 2006 to a record $35 billion, with the United Arab Emirates and Saudi Arabia accounting for more than half of the total. Sales vary by country, but 'cyclical demand for big-ticket items is on the upswing, including civilian aircraft, military systems and border security systems,' the report said.." [more]

Riyadh Residents to Get Two-Day Holiday for Arab Summit [Mar 15]
"Saudi Arabia has announced March 27 and 28 as official holidays for all employees and students in Riyadh. The days off coincide with the convention of the Arab Summit to be hosted by Saudi Arabia.. ..He added that avoidance of traffic jams in Riyadh city during the days of the Arab summit was behind the decision. Arab leaders, who will gather in the Saudi capital, will discuss a range of regional issues, including the Palestinian-Israeli conflict and the Iraqi issue. Arab League Secretary-General Amr Mousa has urged the international community not to stand by watching the situation in Iraq.." [more]

Opec Likely to Hold Output Level Steady [Mar 15]
"Opec is likely to hold output levels steady when ministers of the 12-nation group meet today, a senior Libyan oil official suggested on the eve of the gathering - comments that reflected producer satisfaction with present prices.. ..Asked if and when the Organisation of Petroleum Exporting Countries might raise production ahead of the high-demand summer driving season, he said only: "If there is a need for more oil we will put in more oil." After two cuts in the four preceding months, the likelihood of Opec doing nothing makes sense from the organization's viewpoint.." [more]

Kingdom, South Africa to Boost Trade Ties [Mar 15]
"Saudi Arabia and South Africa have set out a new vision of political and economic relationships following summit-level talks on a range of issues. The two countries also agreed to give a new boost to trade and investment relations and, in the presence of Custodian of the Two Holy Mosques King Abdullah, signed an agreement on Tuesday to avoid double taxation.. ..King Abdullah and President Mbeki had exchanged views on a number of issues including the Middle East with particular focus on Iraq and Iran as well as the Palestinian situation.." [more]

Gifted Saudis to Compete in Global Talent Search [Mar 15]
"Gifted Saudi students will be participating in the 58th Intel International Science and Engineering Fair (ISEF) to compete against students from countries across the world, according to an official at the King Abdul Aziz and His Companions Foundation for the Gifted (KACFG). ISEF is the world’s largest pre-college science competition in which almost 1,500 students from 48 countries will participate to earn $4 million worth of scholarships and prizes. The event is scheduled to take place in Albuquerque, New Mexico, in the United States between May 15-19.." [more]

EU Praises Saudi Arabia In Regional Peace Efforts [Mar 14]
"The European Union's foreign policy chief Javier Solana said on Tuesday in Saudi Arabia that the EU supports the current Saudi efforts to resolve the Lebanese political impasse. Solana added in Riyadh that they hope the Saudis would help to achieve national reconciliation in the war-torn nation. Solana, who arrived in Saudi Arabia on Monday, met with Foreign Minister Prince Saud Al Faisal on Tuesday to discuss the developments in the region. He said Riyadh has played a role in easing tensions in the Middle East and the EU praised its contribution in brokering an agreement between Palestinian factions.." [more]

Saudi Foreign Minister Criticizes Israel On Peace Plan [Mar 14]
"Israel has come in for some sharp criticism from Saudi Arabia on Tuesday for setting preconditions for Middle East peace talks and urged it to accept the proposal adopted by the Arab League in 2002 and then come forward for talks. The proposal calls for Israel's full withdrawal from all land captured in the 1967 six-day war plus a solution to the refugee problem based on United Nations General Assembly Resolution 194 in return for ties and a peace deal with Arab states.." [more]

Saudi Arabia is a Vital Market for HP in the Region [Mar 14]
"Francesco Serafini, senior VP & MD TSG HP EMEA, visited Saudi Arabia, the number one country in the Middle East in technology and communication, as part of HP’s long-term commitment to the region and to increasing its activities there. As part of its efforts in growing HP’s activities in the Middle East region, HP has entered the Saudi market with a number of services that would cope with the IT boom, which Saudi is currently witnessing. During his visit to the kingdom, Francesco Serafini has discussed the various activities/ services offered by HP to the different sectors in Saudi, such as telecom, banking, postal services, as well as the new economic city in the kingdom.." [more]

Doing Something - Saudi Arabia's Foreign Policy [Mar 14]
"Saudi Arabia, an important country in the Middle East, has recently taken the lead in a series of diplomatic maneuvers. On February 8, it helped Fatah and Hamas to reach the Mecca Agreement; on March 3, it held a high-profile reception for the visiting Iranian President, Mahmoud Ahmadinejad; and on March 28, the summit of the Arab League will be held in Riyadh, the capital city of Saudi Arabia. Saudi Arabia is the strongest economic power in the Middle East and the holy land of the Islamic world. However, it has not been as diplomatically active as other big countries in the Middle East for some time. Are its dazzling new moves reflective of a change in Saudi Arabia's diplomatic style?.." [more]

Illiteracy is on the Rise in Arab world - UN Officials [Mar 14]
"School drop-out rates are increasing in the Arab world where the number of illiterates is rapidly growing, UN envoys warned here yesterday. In 2004, there were more than 65 million adult illiterates in the region - 35 per cent of the population, compared to 62 million in 1990, but the demographic increase was only one of the causes, according to representatives of the United Nations Educational, Scientific and Cultural Organisation (Unesco).." [more]

Kingdom to Join ME Talks [Mar 14]
"The next meeting of the international Quartet focusing on the Middle East peace process will include Saudi Arabia, Egypt, Jordan, and the United Arab Emirates, according to Javier Solana, European Union foreign policy chief. Addressing a joint press conference with Foreign Minister Prince Saud Al-Faisal yesterday, Solana said the aim of involving the four Arab countries in the peace talks was to 'look at the problems with the same views in order to find solutions'.." [more]

Security Officers Warned Against Abuse of Power [Mar 14]
"Saudi Arabia’s security chief yesterday warned his officers that they would face tough punishment if they abuse people and misuse their power. 'We won’t show any leniency toward such officers,' local newspapers quoted Lt. Gen. Saeed Al-Qahtani, director general of public security, as saying after opening the newly built traffic department headquarters in Riyadh on Monday. 'If security officers are found mistreating individuals or misusing their power they will be given the toughest punishment'.. ..Qahtani’s statement came as the Court of Grievances in Al-Jouf sentenced five officers of the anti-drug department to 18 months after being convicted of misusing their power and allegedly beating to death a Saudi citizen.." [more]

SEC Plans SR15 Billion of Islamic Bond Sales [Mar 14]
"Saudi Electricity Co. (SEC) may sell as much as SR15 billion ($4 billion) of Islamic bonds during the next 10 to 15 years to help finance expansion, a company executive told Reuters yesterday. The official, who declined to be identified, said the bonds would be sold in no more than five batches with maturities of five to 10 years. The company will decide on the plan at a shareholder meeting next month. The first batch of bonds, called sukuk, will be sold in the second half of the year, the official said, declining to give details.." [more]

2002 Saudi Plan Revived as Spur to Arab-Israeli Talks [Mar 13]
" Israeli officials, pressed by Washington, are suddenly finding much to praise in a Saudi peace proposal that was dismissed when it was offered in 2002, at the height of a series of Palestinian suicide bombings. In the last two days, Prime Minister Ehud Olmert and Foreign Minister Tzipi Livni have spoken of “positive” elements in the Saudi initiative, which was expected to receive a new endorsement from the Arab League at its summit meeting in Riyadh, Saudi Arabia, on March 28. The initiative is a set of principles that would offer Israel full recognition and permanent peace with the Arab states in return for Israel’s withdrawal to 1967 lines.." [more]

Saudi Arabia to Cut Oil Supplies to Asia 2-3% [Mar 13]
"Reuters reported that Saudi Arabia will reduce its crude oil supply volumes to Asia for the next month by 2 percent to 3 percent compared the current month.. .. the world's top oil exporter has notified refiners in Japan, South Korea, Taiwan and China, which altogether buy half of Saudi oil exports, that the supplies of crude oil will be 10 percent lower than term contracts, compared to a cut of 7 percent in March. However, sources reported that Saudi Arabia's crude oil exports to European refineries will remain at their regular levels in April.." [more]

Interior Ministry Approval a Must [Mar 13]
"Saudi Arabia has started to implement new measures to curb extremism and extremist ideologies in schools.. ..the new measures stipulate that Saudis applying to the ministry of education for teachers jobs have to get the approval of the ministry of interior as precondition for processing their applications. This is a preventive measure to ensure that the applicant is not on the list of the wanted ones and that his record is clear of any ideological or extremism tendency, the statement pointed out. The measures, stipulated that any teacher found holding extremist tendencies is to be transferred to any non-educational post, sent to early retirement or dismissed from the job.." [more]

Kingdom Calls for Halt to All Forms of Intervention in Iraq [Mar 13]
"Saudi Arabia yesterday reiterated its opposition to foreign intervention in Iraq’s internal affairs. It also hoped that the recent Baghdad conference will bring about reconciliation among Iraq’s warring groups.. ..King Abdullah, emphasized that Iraq’s sovereignty and independence must be protected. “The Cabinet called for a halt to all forms of intervention in the internal affairs of Iraq and encouraged national reconciliation among all Iraqi groups.." [more]

SSPC to Publish Disney Magazines in Arabic [Mar 13]
"The Saudi Specialized Publishing Company (SSPC), a subsidiary of the Saudi Research and Marketing Group (SRMG), has signed an agreement with the Walt Disney Company to publish six children’s magazines including Mickey Weekly and Monthly, Princess, Witch, Winnie the Pooh and Minnie in Arabic. The Saudi Distribution Company will distribute these magazines in the Gulf countries as well as in Yemen, Jordan and Lebanon.. ..Prince Faisal said the move was also intended to develop SRMG’s relations with major publishing and media houses in the world.." [more]

Arab-European Human Rights Dialogue Opens This Week [Mar 13]
"An Arab-European human rights dialogue, organised by the National Centre for Human Rights (NCHR) and the Danish Institute for Human Rights (DIHR), opens on Friday. 'The conference, the first of its kind in the region, comes at a time when human rights in Iraq and Palestine are violated on daily basis. What is happening in these countries creates obstacles for human rights activists as it hampers efforts to raise awareness in this regard and weakens respect for human rights in the region,' NCHR Commissioner General Shaher Bak said.." [more]

Al Qaeda Deputy al-Zawahiri Blasts Saudi Leadership [Mar 12]
"Ayman al-Zawahiri, number-two in the Al Qaeda terrorist network, accused the Saudi leadership of being "the deputies of the Americans" in the Arab world.. ..He lashed out at last month's Makkah agreement between Hamas and the rival Fatah faction of Palestinian Authority President Mahmoud Abbas to form a government of national unity. The agreement was reached under the diplomacy of Saudi King Abdullah. Khalil Abu Laila, a Hamas leader in Gaza, told reporters in response that Al-Zawahiri made 'many mistakes'.." [more]

Booz Allen Hamilton: The New Saudi Arabian Healthcare Market [Mar 12]
"..'Saudi Arabia's healthcare system is ripe for investment opportunities,' said Mr. Ziad Fares, Booz Allen Hamilton Health Expert. 'The growing affluence of Saudi Arabia and the GCC region as a whole will mean that the healthcare systems of these nations will need both money and expertise from outside sources in order to cope with an aging, yet well-to-do population'.. ..the Saudi Arabian government funds most of the demand for healthcare capital and operating expenditures. However, analysts believe that government alone will be unable to continue to meet this demand.." [more]

Deadline for GCC Currency is Tight: Saudi Bank Chief [Mar 12]
"Gulf Arab states are still working to introduce a single currency by 2010 but this deadline has become tight and a delay is possible, Saudi Arabia’s central bank governor said yesterday. Speaking to Reuters, Hamad Saud al-Sayyari also said all options are open on what type of single currency the Gulf Corporation Council (GCC) will have and possibilities include one with a peg to the dollar or a currency basket. The timeframe for introducing the GCC single currency looked uncertain after Oman, one of the six members, said in December it was pulling out of the 2010 deadline.." [more]

EU's Solana Begins Mid-East Tour [Mar 12]
"The European Union's Foreign Policy Chief, Javier Solana, is to start a three-day trip to the Middle East. He will visit Lebanon, Saudi Arabia and Syria on his regional tour. It will be the first trip to Syria since a two-year French veto on direct contact with the country was lifted. Mr Solana's aides say that this is a listening trip, designed to take soundings at a time when some feel the possibility of some positive change.." [more]

Middle East, Africa Need Water Reform: World Bank [Mar 12]
"The World Bank yesterday urged governments in the Middle East and North Africa to speed up improvements to water resources and said water availability per person in the region was set to drop by half by 2050. The World Bank said in a report that many countries in the area already faced full-blown crises in meeting water demand, and that was likely to worsen without reform.. ..One in three people worldwide live in water-scarce regions. In the Middle East and Africa, leaders have regularly warned water shortages caused by surging populations and climate change could trigger future conflicts.." [more]

Panel Formed to Look into Forced Divorce Issue [Mar 12]
"The Ministry of Justice has formed a committee to investigate the trend of divorces based on unequal
tribal background, Arabic newspaper Okaz reported Sunday. The committee, comprising an unconfirmed number of experts on Islamic law, would report its findings soon, a ministry official told Okaz. At least 23 cases have come to light in the past year of male relatives, often distant or unknown, filing to divorce an otherwise happily married couple because bride and groom hail from different tribes. Occasionally, these distant relatives have blackmailed newlywed brides - including death threats in one recent case.. ..All of the husbands and wives who currently face a forced divorce due to unequal tribal background do not wish to be separated, and have made their desire to remain married clear to the judge.." [more]

Olmert: Israel Serious About 2002 Saudi Peace Initiative [Mar 11]
"Prime Minister Ehud Olmert today said he was ready to "treat seriously" a dormant Saudi initiative calling for a comprehensive peace agreement between Israel and the Arab world in exchange for a full Israeli withdrawal from lands captured in the 1967 Mideast War. Olmert spoke to his Cabinet ahead of a meeting with Palestinian President Mahmoud Abbas, the leaders' second summit in the past month.. ..The Saudi peace initiative, which aimed to solve the Palestinian issue by offering Israel a comprehensive peace, was first proposed in 2002 but never got off the ground. It is expected to be high on the agenda at an Arab League summit later this month in Riyadh, Saudi Arabia. The Saudis, who have never backed away from the initiative, have been pushing hard for other regional countries, many of whom also have endorsed it, to gather behind the initiative in strength to push the peace process forward.." [more]

Mbeki to Lead Business Delegation on Two-Day Visit to Saudi Arabia [Mar 11]
"South African President Thabo Mbeki is scheduled to lead a high-level political and business delegation on a two-day trip to Saudi Arabia later this week.. ..The visit from March 13 to 14 is also aimed at increasing trade and investment between the two countries, a statement from the foreign ministry in Pretoria said. Representatives from 34 South African companies in the mining, construction, telecommunications and financial services sectors will be accompanying the president on his visit.." [more]

Business Training Courses for Saudi Women [Mar 11]
"The British Consul General to Saudi Arabia announced that the consulate has signed a $186,700 funding deal with the Future Experts supported by the Global Opportunities Fund (GOF) to train Saudi women in business, the Arab News reported. The program enables the trainees to activate what they have learned in the program in the real business world, thus, make them competent and active work force in the Saudi market, he added. The project aims to provide fundamental skills in business for women.." [more]

Saudi Bourse Reverses Last Week's Solid Gains [Mar 11]
"After rebounding strongly last week, the Saudi stock market dropped yesterday. The Tadawul All-Share Index (TASI) reversed earlier gains and fell 89.29 points to 8,683.15 after hitting high of 8,956.05 points earlier in the day. The Saudi stock index jumped 7.29 percent or 596.07 points to 8,772.44 last week. The stock market turnover was SR24.71 billion yesterday after crossing SR106 billion mark last week. The Telecom and Insurance indices were in the positive territory while all other indices dropped yesterday. The Banking index was badly hit as it fell 349.40 points to 23,921.84.." [more]

Oil Proceeds Will Cushion Economic Reforms [Mar 11]
"The Gulf Cooperation Council (GCC) countries have a unique opportunity to use the extra oil proceeds to diversify their economies away from the petroleum sector. To be sure, oil gains are at an all-time high.. ..the GCC countries have a golden opportunity to use the extra oil proceeds to diversify their economies away from oil. In other words, oil proceeds should serve as the agent of change. Amongst other things, the GCC countries need to speed up the pace of economic reforms notably liberalisation and privatisation programmes. It makes sense to bring about structural changes in the economies at good times. Fortunately, all GCC states have embraced economic reforms, although some are acting faster than others in opening up the different economic sectors to competition, whether from local or foreign sources.." [more]

Placing KFUPM on Global Standing [Mar 11]
"THE new International Advisory Board for the King Fahd University of Petroleum & Minerals agreed the university should have a global standing during their first meeting in Dhahran Saturday. 'The major thrust the International Advisory Board (IAB) agreed upon is to elevate King Fahd University of Petroleum & Minerals (KFUPM) to a global stature through academic excellence and research,' Engineer Ibrahim A. Al-Khaldi, KFUPM Director General of Public Relations and Information, said. The IAB, which is composed of 14 leading international technocrats, business leaders, and academicians, including three Saudis, was recently established to advise the university on strategic planning, future directions and policy development. It will meet twice a year, with one meeting to be held in the Kingdom, United States or Europe.." [more]

Minister Vows to Root Out Corruption in Health Sector [Mar 11]
"Minister of Health Dr. Hamad Al-Manie announced yesterday that his ministry had fired three Saudi employees on the grounds of administrative corruption. 'They were officially fired as of today,' said Al-Manie.. ..Al-Manie is the first Saudi official to publicly announce that a ministry was firing a number of employees on charges of corruption after the Kingdom approved a national strategy to combat corruption last month. On Feb. 19, the Council of Ministers decided to facilitate administrative procedures and question dishonest officials, irrespective of their positions, as part of a major move to root out all forms of corruption in the country.." [more]

10 Consortia Vie for Kingdom’s 2nd Land Phone License [Mar 11]
"Ten consortia led by leading international companies including Verizon Communications of the US and Mahanagar Telephone Nigam Ltd. of India and China Telecom are competing for the Kingdom’s second land phone license.. ..The new license is set to break the monopoly of state-owned Saudi Telcom Company (STC) in fixed-line phone services in the Middle East’s largest telecom market. STC has about four million land phone subscribers in a country with a population of nearly 27 million including expatriates. The 10 consortia are: Optical Communications Company (Verizon), Khaled Ahmed Al-Juffali Co. (WorldCall Telecom of Pakistan), Saudi Telecom Holding Co. (Qtel-Atco), Al-Mutakamilah (Hong Kong’s PCCW), Electronet (Autelia of Italy), Etihad Etisalat (Mobily), Atheeb Telecom (Batelco of Bahrain), Makkah Telecom (China Telecom), Al-Shola (MTNL India) and Bayanat (Korea Telecom).." [more]

Islam Growing Fast in the West, Says Canadian Muslim Leader [Mar 11]
"A leading Canadian Muslim leader said Islam is the fastest growing religion in the world, especially in the West, in spite of a strident smear campaign against the religion and its Prophet. Ibrahim Malabari, director of the Islamic Center in Toronto, said, 'There was a dramatic increase in the quest for finding the truth about Islam after 9/11, thus encouraging many people in the US to embrace Islam.'.. ..'Of course, 9/11 has caused a lot of problems for Muslims, especially because of a negative media hype. However, it has encouraged thousands to study about Islam. They visited Islamic centers, mosques, libraries and bookstores to get books on Islam, especially the Qur’an,' he said, stressing the need for presenting Islam to the West in a convincing manner.." [more]

Economic Cities to Provide 1.3m Jobs, Says SAGIA Chief [Mar 11]
"The Governor of Saudi Arabian General Investment Authority (SAGIA) Amr Al-Dabbagh discussed with the Duke of York Prince Andrew on Wednesday ways to increase British participation in the growing and opportunity-laden Saudi economy. The British royal, who had concluded a brief trip to the Kingdom, met with the governor during his visit. According to Al-Dabbagh, in 2005, the UK only accounted for 3.7 percent of the total value of investment licenses issued by SAGIA.. ..Al-Dabbagh informed him of the 4 new economic cities launched by SAGIA in 2005/2006 and the ultimate impact they and SAGIA’s other new economic cities will have on the country by 2020: a contribution of $150 billion to the GDP. He also said that the new economic cities launched by the Kingdom would offer job opportunities to 1.3 million people, the ultimate living environment for 4.5 million people, and an increase in the GDP per capital from $13,000 to $33,500.." [more]

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