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No Final Decision Taken on Arms Sales to Gulf [Apr 7]
"Responding to reports that objections from Israel have caused the United States to delay a major arms sale package to Saudi Arabia and other Gulf States, State Department spokesman Sean McCormack on Thursday said no final decisions have been made on the sale. 'We are working with Saudi Arabia, states in the Gulf on their particular defensive needs, given the strategic challenges in the Gulf'.. ..Clearly the region is behind the qualitative military advantage, he said. “We are committed to Israel’s security,” McCormack said. 'We are also committed to our historical relationships, good, strong relationships with other states in the region, including Saudi Arabia'.." [more]

Gas Crunch Likely as Mideast Races to Meet Local Needs [Apr 7]
"Flush with cash from record oil revenues, Middle East crude producers have spent billions on economic development and now find themselves short of another energy source needed for growth - gas.. ..regional demand growth of up to 10 per cent per year is eating into export potential. Widening supply deficits are forcing governments to emphasise meeting domestic needs.." [more]

Aramco-Dow Project Costs Surge to $22bn [Apr 7]
"Saudi Arabian Oil Co and Dow Chemical Co (Dow) are adamant they will go ahead with building a large-scale refinery and petrochemicals complex in eastern Saudi Arabia, company officials said this week, despite industry estimates that costs have more than doubled to $22bn, according to Dow Jones Newswires. A memorandum of understanding was due to be signed at the start of this year, but neither company would be drawn on when this will now happen. Aramco plans to float a 30% stake in the Ras Tanura complex in an initial public offering later this year.. ..The project, to come on stream in the second quarter of 2012, will integrate Aramco’s existing refinery at Ras Tanura with a new petrochemicals complex on the oil-rich kingdom’s Gulf coast. Industry estimates put the cost for the complex at $10bn when it was first mulled over by Aramco and at $15bn last July when Aramco announced that it had selected Dow to enter into exclusive negotiations on developing the project. However, industry sources in and outside Saudi Arabia now say building the complex may cost as much as $22bn.." [more]

Abdullah Housing Project to Benefit Palestinian Widows [Apr 7]
"Palestinian women, including widows, will receive 100 housing units under the King Abdullah Charitable Housing Project, which was launched in the West Bank town of Hebron on Thursday.. ..The new housing units will be distributed among Palestinian widows and poor women, he said. “A number of small-scale commercial projects will be established to give these women means to earn their livelihood,” the UN official said.. ..The Saudi Relief Committee will also finance small-scale projects worth $6.3 million for the benefit of these women.." [more]

Saudi Stocks Continue Downward Trend [Apr 7]
"Saudi shares suffered for the third week in a row due to a plunge of blue chips. The decline led by the banking sector and the Saudi Telecom Co. The Tadawul All-Share Index (TASI) of the Saudi stock exchange shed 2.83 percent last week closing at 7,666.62 points, down from 7,889.74 points from the previous week. The TASI, which lost 13 percent over the past three weeks, is currently 3.36 percent lower that the year’s start.." [more]

Al Qaida Suspect Killed in Saudi [Apr 6]
"Saudi Arabi said it has killed a suspect linked to Al Qaida who was involved in the killing of four Frenchmen, the official news agency SPA reported on Friday. It said the suspect, Waleed Bin Mutliq Al Radadi, was killed when police stormed a residential building in the city of Medina, one of Islam's holiest sites. Four French nationals were killed by gunmen on February 26 in the Arab country during a desert trip.. ..Radadi was number six on the 15 most-wanted list issued by Saudi Arabia in 2005.." [more]

We Must Take Destiny in our Hands [Apr 6]
"Prince Turki Al Faisal is one of the highly respected figures in Saudi Arabia and the rest of the Arab world. A former diplomat, he is currently, chairman of King Faisal Centre for Research and Islamic Studies based in Riyadh. He is the nephew of Saudi monarch, King Abdullah Bin Abdul Aziz, a charismatic popular Saudi leader and the son of late King Faisal, whose is still regarded as a great Arab leader decades after his death. Prince Turki, 62, a sharp, courteous and gentle figure, spoke to Gulf News in an exclusive interview in his office at the Centre.." [more]

BAE Denies Bribery on Saudi Deal [Apr 6]
"Britain's biggest defence manufacturer BAE Systems confirmed to the British attorney general that it had provided "support services" to Saudi officials in communication 18 months ago, an account made public under freedom of information laws showed yesterday. Though the account did not specify what the 'support services' were, BAE denied allegations of bribery being investigated by Britain's anti-corruption watchdog, claiming that the services were part of 'contractual arrangements'.. ..It was alleged that BAE had provided a slush fund to encourage business with the company.." [more]

Pelosi Raises Issue of Women Politicians in Saudi Arabia [Apr 6]
"US House Speaker Nancy Pelosi yesterday visited Saudi Arabia's unelected advisory council, the closest thing in the kingdom to a legislature, where she tried out her counterpart's chair - a privilege no Saudi woman can have because women cannot become legislators.. ..Pelosi later sidestepped a question on how she felt about the absence of women Saudi female Shura members, saying: "I am very pleased that after 200 plus years in the US we finally have a speaker. It took us a long time." Asked if she brought up the issue at yesterday's meeting with the council members, she said: 'The issue has been brought up in our discussions with the Saudis on this trip'.." [more]

Shoura Raises Visa Issue [Apr 6]
"US House of Representatives Speaker Nancy Pelosi, a California Democrat, paid a visit to the Shoura Council yesterday where leaders of the two political bodies pledged to exchange information and conduct more bilateral visits. Shoura members also broached the subject of the difficulties in Saudis obtaining visas to visit or study in the United States, a process that in the best situation usually takes four or five months.. ..Speaking to The Associated Press, Shoura Council member Ihsan Buhulaiga expressed hope that Pelosi would take into consideration the concerns of Saudi students and visitors to America. 'We told her there should be some movement on the visa issue because while we understand the security needs of the US, the situation is unacceptable,' he said.." [more]

Jeddah to Host Banking, Investment Conference [Apr 6]
"Next week’s Saudi International Banking and Investment Conference 2007 in Jeddah will feature 36 speakers, all experts in their specialized fields, according to the organizers. The two-day conference from April 9 will be formally inaugurated with the support of Makkah Governor Prince Abdul Majeed at the Jeddah Hilton Exhibition & Conference Hall at 8 p.m. on Sunday (April 8). The National Commercial Bank (NCB)will host the opening event.. ..The conference sessions will cover the emerging investment-friendly market and changes that are taking place in the banking, insurance, capital market, and real estate finance and development sectors.." [more]

House Speaker Pelosi Visits Saudi Arabia [Apr 5]
"House Speaker Nancy Pelosi said Thursday that she raised the issue of Saudi Arabia's lack of female politicians with Saudi government officials on the last stop of her Mideast tour. Pelosi, the first woman House speaker, said she had not discussed King Abdullah's recent criticism of the U.S. occupation of Iraq, focusing instead on praise for the king's Mideast peace initiative, and efforts to quell conflicts in Somalia and Darfur. She met with the king Wednesday and with several members of the Shura Council.." [more]

Israel Blocks US-Saudi Arms Deal [Apr 5]
"Israel has stalled an American plan to sell advanced weaponry, including satellite-guided arms, to Saudi Arabia, the New York Times reported Thursday. The newspaper said on its website that Israeli officials, including former defense minister Shaul Mofaz, have strongly lobbied Washington in recent months to block parts of a planned arms package for the Saudis and unspecified others in the Middle East that could be worth five billion to 10 billion dollars.. ..'The Israeli complaints have introduced a new uncertainty into the (US) administration's plan to beef up Persian Gulf militaries as a bulwark against Iran and as a demonstration that, no matter what happens in Iraq, Washington remains committed to the Sunni Arab governments around the region,' the Times said.." [more]

BAE Confirms Support Services Deals with Saudi Officials [Apr 5]
"BAE Systems confirmed that 'support services' were paid for and provided to senior Saudi Arabian officials as part of the al-Yamamah arms deal, the Financial Times reported, citing an official account released last night. In a letter from BAE's solicitors to the Serious Fraud Office in November 2005, the company confirmed that payments had been made for the provision of 'support services' to Saudi officials, although it did not say what these services were, and it told the SFO the allegations were unfounded, the paper reported.. ..The Times reported that Saudi Arabia will wait for Chancellor of the Exchequer Gordon Brown to become prime minister before signing a 20 bln stg deal to buy Eurofighter Typhoon jets from BAE.." [more]

Rakisa Postpones Saudi Economic City IPO [Apr 5]
"The Chairman of Rakisa Holding Co., the developer of Saudi Arabia's $8 billion Prince Abdul Aziz bin Mousaed Economic City, announced that the company has delayed an initial public offering (IPO) until May due to a Gulf stock market slump.. ..Rakisa is leading the consortium developing the project north of Riyadh that will include a new airport as well as industrial and residential areas. Rakisa is also planning to invest $1 billion in building a cement factory inside the city.." [more]

Gulf Single Currency Deadline in Doubt [Apr 5]
"The meeting of the GCC central bank governors in Saudi Arabia that came to an abrupt end late on Tuesday, without arriving at any clear decision on the 2010 deadline to achieve monetary union, has deepened the doubts about GCC states' ability to meet the various fiscal convergence criteria within the deadline. 'Although the governors' meeting called on the member states to expedite measures to meet the target deadline, it stopped short of reaffirming the feasibility of the 2010 deadline, especially in the context of Oman clarifying its inability to stick to the original schedule and Qatar disagreeing with the criteria for common inflation targets'.." [more]

League Chief Snubs Israel [Apr 4]
"Arab League chief Amr Moussa yesterday rejected an Israeli invitation to participate in a regional summit to re-activate the peace process, describing it as 'not serious'. 'The letter wasn’t serious and offered nothing new,' the secretary general said during a press conference in Cairo.. ..Moussa added that the invitation came in the form of a letter from Israeli Prime Minister Ehud Olmert to participate in a meeting of Israelis, Palestinians and 'moderate' Arab nations.He said he rejected the offer because the Israelis wanted to modify the Arab peace initiative and were describing the return of Palestinian refugees as a 'red line'.." [more]

Detained Men Wanted to Form Political Party [Apr 4]
"Saudi reform activists arrested in February on suspicion of funding terrorism were considering forming a political grouping in the kingdom, a prominent reformer said yesterday. 'Some of the men ... were interacting and discussing an idea revolving around the possibility of creating a political forum [party],' Matruk Al Faleh said in a statement. 'The arrests seem to abort the very idea itself,' said the politics professor, who was jailed in 2005 over his calls for political reform.." [more]

Saudi Signs $1.9bn Rail Contract [Apr 4]
"..today Saudi Arabia is celebrating the signing of a SR7.1 billion contract to build a 1,765km railway that will link industrial complexes and cities in the Northern, Central and Eastern Provinces of the Kingdom.. ..Contracts were signed yesterday worth SR7.1 billion to build a north-south railroad project covering a distance of about 1,765 km to transport raw materials from the Saudi Arabian interior to the Gulf coast. The transport infrastructure project is part of a massive investment in downstream oil and gas projects that will include a SR13 billion fertiliser plant and a SR22.5 billion aluminium smelter. Both will transport their produce by rail to the new shipping terminal under construction at Ras Al-Zour on Saudi Arabia's East coast.." [more]

Foreign Investments in Saudi Arabia Increase [Apr 4]
"The number of licensed foreign investment projects in Saudi Arabia now stands at 3,272 with a capital of 275 billion Saudi riyals, according to a study.. ..Foreign investments in Saudi Arabia increased significantly between 2001 to 2005, said the study, which evaluated the economy's performance during the first five years of the century. The study reaffirmed that the performance of the national economy had improved the state budget during the past few years as the total surplus had jumped fivefold from only 22.7 billion riyals in 2000 to 107.1 billion riyal in 2004 with an average annual growth of 47.3 per cent.." [more]

Oil Dives More Than $1 as Tensions Ease [Apr 4]
"Crude oil prices plunged more than $1 a barrel yesterday as tensions eased in the standoff between Britain and Iran over captive British military personnel. Prices had risen steadily since 15 British sailors and marines were detained March 23 by Iran for allegedly entering Iranian waters.. ..Still, oil analyst Victor Shum of Purvin & Gerz in Singapore warned of potential market volatility. 'There's no clear indication one way or the other how it's going to be resolved,' Shum said. 'There could be price swings in either direction depending on how this situation develops.' The fear that Iran could disrupt the oil trade is causing traders to add a risk premium, especially as they see less of a cushion after the Opec
production cut.." [more]

Kingdom’s Economic Outlook Bright Despite Stock Correction [Apr 4]
"Saudi Arabia’s economy is set to grow at a robust pace despite the deceleration it will witness this year. According to a SABB’s latest report about Saudi Arabia prepared by SABB Chief Economist Dr. John Sfakianakis, the Kingdom’s nominal GDP is expected to decline by 2.2 percent.. ..“The worst the economy has witnessed in terms of macro-economic aftershocks are abating but it is of vital importance to recognize the effects of the stock market decline on the consumer in areas such
as household indebtedness and spending patterns'.." [more]

Saudi Telecom Eyes 2 Major Buyouts Abroad [Apr 4]
"Saudi Telecom Co. (STC) can raise up to $15 billion in debt to fund one or two large acquisitions either in Africa or Asia in its bid to enter foreign markets, a senior STC official said late on Sunday. 'We are thinking big and looking for an operator with a foothold on several markets, 15-20 million users,' the official said after a shareholders general meeting in Riyadh. 'We have huge cash flow and zero leverage,' he said on condition of anonymity. 'We can easily raise between $10 billion and $15 billion in debt for an acquisition that really fulfils our ambitions.' He said that the company might opt for one or two acquisitions.." [more]

Worker Freedom: Saudi Arabia Gets High Rating in Heritage Index [Apr 3]
"Saudi Arabia has been ranked sixth in labor freedom with a 92.9 percent rating among 157 countries in the Economic Freedom Index issued by the Washington-based Heritage Foundation. Deputy Labor Minister Dr. Abdul Wahid Al-Humaid said the report is an affirmation of labor freedom in the country. According to Al-Jazirah Arabic daily, only eight countries received above 90 percent in the Heritage Index. The United States was placed seventh with 92.1 percent, just below Saudi Arabia, the paper pointed out. The other top countries in the top eight were: Georgia, Singapore, Uganda, Hong Kong, Australia and Thailand.. ..Saudi Arabia is a free economy, which does not put any restrictions on individual business activities or any private sector initiative, the paper said.." [more]

Saudi Reformists Call for Change [Apr 3]
"Reformists in Saudi Arabia have sent a petition to King Abudullah asking him to set up a constitutional monarchy based on Islam. The 99 name petition was sent to King Abdullah, and 15 members of the ruling Saud family and calls for the introduction of a parliament elected by both men and women.. ..Mohammad Bin Hudeijan Al Harbi, who authored the letter, said he thought the response would be positive. He said: 'We believe that King Abdullah is the most prominent advocate of reform in Saudi Arabia'.." [more]

Olmert's Call Draws Skeptical Response [Apr 3]
"The Israeli prime minister's call for a regional conference with Arab leaders drew a sceptical response yesterday from Palestinian officials and some diplomats who said it was a diversionary tactic.. ..The diplomats played down the chances of a regional conference taking place any time soon because Saudi Arabia has already made it clear to the United States that it would not be prepared to take part without a commitment from the Jewish state to accept a peace plan adopted at an Arab summit last week.." [more]

Philippine President Welcomes US$153 Million Saudi Hotel Investment [Apr 3]
"The Philippine president hailed a deal by Saudi Prince Alwaleed bin Talal to invest US$153 million (Euros 114 million) in an upscale Manila hotel complex, saying Tuesday more Arab investors should follow suit.. ..Newspapers reported Ayala Land will own 60 percent of the hotel complex and KHI the rest. It is expected to be completed within three years, and will include 300-room Fairmont Hotel, 30-suite Raffles Hotel and 189 Raffles-branded private residences.." [more]

US, Saudi Students Bridge Cultures in Jordan [Apr 3]
"A group of 24 female students from Harvard University in the United States and Dar al-Hekma College in Saudi Arabia acted as a 'cultural bridge' over the past week by teaming up to build homes in the poverty-ridden southern Jordan Valley area of Ghor al-Safi, the US embassy said in a statement Tuesday. The community housing project, sponsored by Habitat for Humanity, was the first-ever initiative to bring together women students from the US and Saudi Arabia specifically for a community service-based international exchange programme.. ..The event was arranged by the Office of the Senior Advisor to the US Secretary of State for Women's Empowerment, the embassy said. The students raised money from private donors to cover all expenses, it added.." [more]

Saudi Arabia, Dubai Lead Gulf Stock Tumble [Apr 3]
"Most Gulf Arab indices dropped yesterday, with markets in Saudi Arabia, Dubai, Abu Dhabi and Qatar falling to milestone lows. Banking stocks, including Samba Financial Group in Saudi Arabia, Dubai Islamic Bank, and First Gulf Bank in Abu Dhabi, led declines.. ..Saudi Arabia’s market closed lower for the fifth time in six trading days, ending at its lowest since February 12. The index dropped 2.54% to 7,613.97 points, the Gulf’s steepest decliner. Samba shed 3.25%, among the top declines by the 10 largest firms. 'The index had risen steeply and some big players started taking profits,” said Rami Sidani, senior associate for asset management at Shuaa Capital. “This triggered panic among retail investors which should be short-lived'.." [more]

US Obsessed With 9/11 Terror Attacks [Apr 3]
"The US remains "obsessed" with the terrorist attacks on 9/11 and is unlikely to allow Arab investment into sensitive sectors such as airports and ports for years, says Prince Al Waleed Bin Talal, the billionaire Saudi investor. Concerns in Washington over national security last year forced Dubai Ports World to divest the US operations acquired as part of its takeover of UK ports operator P&O, raising fears of protectionism in Middle East investors. However, Prince Al Waleed, whose Riyadh-based Kingdom Holding owns big stakes in US companies including Citigroup and News Corporation, said: 'The US is still obsessed by 9/11 and sensitivities over security'.." [more]

New Directive Gives Women Hope of More Reforms [Apr 3]
"“I felt optimistic when I read the news. It made me feel that effective reformations are actually happening,” said Hatoon Ajwad Al-Fassi, associate professor of history at King Saud University. She was responding to a directive issued by Interior Minister Prince Naif granting Saudi women the right to obtain duplicates of their children’s birth registers as well as documents related to themselves and their husbands from the Civil Affairs offices.. ..According to Al-Fassi, this decision benefits divorced women first and then women whose husbands have left them but not removed their names from the family card and who have refused to help them in completing official procedures.." [more]

Streamline Procedures for Visa Issuance, Say Western Tourists [Apr 3]
"Cultural understanding between the Kingdom and North America could get a big boost if the visa issuance procedure is streamlined and bottlenecks on visits to tourist spots are removed, said members of a group of 11 American and Canadian men and women currently visiting the Kingdom. The group expressed satisfaction over the arrangements and said the tour changed their perceptions about Islam and their impressions about the Kingdom. They pointed out that even though the Supreme Commission for Tourism has been doing its best to promote Saudi Arabia as a tourist destination, the main difficulty lies in getting visas.." [more]

Saudi Relations With U.S. Cooling [Apr 2]
"Recently there has been a shift in Saudi King Abdullah's attitude, behavior, and rhetoric towards the U.S. Based on this, some analysts are reporting that their alliance is crumbling -- but is it? In a complex region such as the Middle East, at a time when stability or the lack thereof is dependent on the actions of so many players, perhaps it is too early to make any rash judgments. It could well take a year or more to ascertain whether the Saudi relationship with the U.S. has or is actually changing or if it is anything more than an attempt by the Saudi monarchy to regain credibility with their population and their Arab League counterparts at a crucial time for Sunni Arab unification.." [more]

Saudi Official Says Arabs Expect Israel to Withdraw [Apr 2]
"Israel should withdraw from Arab territory and allow the creation of a Palestinian state before Arabs recognize it, a Saudi official said Monday, a day after Israel's prime minister invited Arab leaders to discuss their ideas for peace with him.. ..The Saudi official told The Associated Press that "before any meeting could be considered," Israel should accept the 2002 Arab peace initiative that would recognize Israel in exchange for withdrawal from captured territory and a just solution for the Palestinian refugees. He spoke on condition of anonymity because of the sensitivity of the issue.." [more]

Saudi Spending to Top $116bn [Apr 2]
"Saudi government spending could increase 11.5 per cent to $116 billion this year, says a report. Economic growth in Saudi Arabia, the largest GCC economy, could accelerate this year on the back of the projected rise in government spending, Riyadh Bank said in a research report. The bank expects gross domestic product to grow 4.3pc in 2007 compared to 4.2pc in 2006.." [more]

Saudis to Develop Convention Centre [Apr 2]
"Saudi Arabia has decided to construct 30 luxury villas to serve as lodging for leaders and foreign dignitaries who are to gather in Riyadh for future meetings, a high-ranking Saudi source has said. Analysts see this as an indication of the country's satisfaction over the outcome of the recent Arab Summit held in Riyadh.. ..The project, at the King Abdul Aziz International Conference Centre in Riyadh, will also include a 14-storey hotel, and is expected to be finished by the end of 2008. The chief of Saudi Royal Protocol, Mohammad Al Tubaishi, said the new project would raise the standards at the
centre to international level.." [more]

Olmert Calls for Peace Conference With Arabs [Apr 2]
"Israeli Prime Minister Ehud Olmert yesterday invited Arab leaders to a regional peace conference, saying that he would look there for an exchange of views about solving the Mideast conflict.. ..While generally welcoming the peace initiative endorsed by Arab leaders at a summit last week in Saudi Arabia, Israel has called several key components problematic and has been noncommittal about how to proceed.." [more]

Saudis Lead List of Arab Billionaires: Forbes Arabia [Apr 2]
"Forbes recently announced the 2007 list of the world’s richest people, which includes 30 billionaires from the Arab world with a collective net worth approaching $125.3 billion. The world’s total number of billionaires totaled 946 with a collective net worth of $3.5 trillion, a significant increase from the 2006 figures of 793 billionaires with a collective net worth of $2.6 trillion. Although the Arab world’s richest list preserved its usual flavor, with Saudi Arabia offering 13 out of the 30 total billionaires, and Prince Alwaleed bin Talal topping the Saudi rankings with a net worth exceeding $20.3 billion, there were also some big surprises this year which witnessed a few newcomers, a few returns, some departures and a general trading of places.." [more]

Nonoil Private Sector Fuels Kingdom’s Growth [Apr 2]
"Saudi Arabia’s economy shows signs of vitality this year as the nonoil private sector continues to grow at a more robust pace than the oil sector — a promising path to economic diversification. According to a Riyad Bank’s first quarter 2007 Saudi Economic Review report, the Kingdom’s GDP grew 12.8 percent in current prices in 2006, down from 23.7 percent growth in 2005. The drop in nominal growth is attributed to two factors in the Saudi oil sector. First, Saudi oil production dropped to 9.12 million barrels per day in 2006 compared to 9.5 million bpd in 2005. Secondly, oil prices rose by 21 percent compared to 39 percent in 2005. The nonoil private sector grew 6.3 percent in 2006 compared to 6.6 percent in 2005, while the oil sector grew at a much slower pace of 17 percent in 2006 compared to 43 percent in 2005.." [more]

Saudi King Told Ahmadinejad Not To Underestimate U.S. Military [Apr 1]
"Saudi Arabia's King Abdullah told Iranian President Mahmoud Ahmadinejad during their talks in Riyadh on March 4 that he should not underestimate the U.S. military threat to Iran, according to Newsweek. The magazine quoted Foreign Minister Saud Al-Faisal as saying in an interview that the king said Tehran should take the threat of a possible U.S. military strike on Iran over its nuclear enrichment program seriously.." [more]

Saudi Arabia Bans Over 100 Firms From Employing Foreigners [Apr 1]
"Saudi Arabia has banned 107 companies from recruiting foreign workers after they failed to employ a minimum required number of Saudi nationals. The companies facing the ban have 100 or more foreign employees and one per cent or less Saudi workforce, the Labour Ministry said. The statement said twelve of the 107 companies that have been banned from recruiting foreign workers had no Saudi employee and only eight of the companies reached one per cent. The law, approved by the cabinet three years ago, requires companies with 20 or more employees to recruit minimum of 30 per cent Saudis.." [more]

Nervous Times for Diplomacy and Business in the Gulf [Apr 1]
"With the death toll rising in Iraq and the US Navy assembling a mighty force in the Gulf this week, these are tense times for business in the region. However, the rise in government spending in the Gulf States should keep economies on course for economic growth whatever the geopolitical outlook. Economists have commented on many occasions that the exceptional five year upward rise in oil prices has left Gulf oil producers flush with cash that they could use to support their economies through any geopolitical crisis period. However, as regional stock markets have demonstrated recently there are limits to what government support can achieve. For the Gulf stock markets have all crashed with government spending on an upward track.." [more]

Riyadh Grants Citizenship to Sons of Women Married to Non-Saudis [Apr 1]
"Saudi authorities started granting citizenship to sons of Saudi women married to non-Saudis, on condition they are born in the kingdom and have reached adulthood, members of the Shura Council announced yesterday. "This is a great gain and a good thing," Mohammad Al Zulfa, member of Shura Council, told Gulf News. A Saudi press report published in Riyadh yesterday announced the beginning of granting citizenship to thousands of sons of Saudi women married to non-Saudi men if they are born in the country and have reached adulthood.." [more]

Government Spending to Boost Saudi Arabia GDP [Apr 1]
"Economic growth in Saudi Arabia, the largest Gulf Arab economy, could accelerate this year on the back of a projected rise in government spending, Riyadh Bank said in a research report. The kingdom's fifth largest bank by market value expects gross domestic product to grow 4.3 per cent in 2007 compared to 4.2 per cent in 2006. "Government budget spending has been on a roll ... Our forecast for 2007 is $116 billion, up around 11.5 per cent from the previous year," the bank said in the report received yesterday.." [more]

Kingdom and Six Arab States Sign UN Protocol [Apr 1]
"Saudi Arabia, along with other countries, signed on Friday night the Convention on the Rights of Persons with Disabilities and the Optional Protocol opened for signature by states and regional integration organizations at a solemn ceremony at the UN General Assembly hall in New York on Friday. Six Arab states including Algeria, Morocco, Tunisia, Sudan, Syria and Yemen were among more than 80 countries that took part in the signature ceremony.. ..The UN Convention on the Rights of Persons with Disabilities, which was adopted in New York, is the first human rights treaty of the 21st Century, and the UN hopes it will mark a significant improvement in the treatment of disabled people.." [more]

Kibaki Urges Saudis to Invest in Kenya [Apr 1]
"Kenyan President Mwai Kibaki has invited Saudi businessmen to invest in his country and take advantage of the development of the infrastructure and tourism sector in Kenya. The president explored with Saudi businessmen ways to promote bilateral trade between Kenya and Saudi Arabia after attending the two-day 19th Arab Summit which concluded on Thursday. He was accompanied by Kenyan foreign minister and senior officials.. ..The president mentioned some of the incentives given to foreign investors who invest in Kenya such as guarantee against expropriation, repatriation of capital and profit, 100 percent ownership, and permission to carry forward the loss. In addition, he said, additional incentives are given such as immediate input, and a 10-year tax holiday.." [more]

SR3b Housing Project Announced in Riyadh [Apr 1]
"A SR3 billion housing project called Durrat Arriyadh was unveiled at a press conference here Saturday. Built over an area of 3.2 million square meters and expected to be completed by the end of 2008, Durrat Arriyadh is aimed at changing the concept of housing construction, offering more green areas for residents in the desert country, said Engr. Hamza Al-Attas, Director of the Durrat Arriyadh Real Estate Development Company, Ltd, a subsidiary of Dallah Al-Baraka, the sole owners of the project.. ..Durrat Arriyadh, the first of its kind residential project in the Kingdom, is seen addressing the growing demand for housing units in the Saudi capital, whose population is increasing at a rate of 4 percent annually.." [more]

Analysts Expect Increased Gasoline Supplies Will Ease Prices [Apr 1]
"When looking at summer gasoline prices, we like to use the June contract. Historically, a barrel of June gasoline trades 1.31 times higher than the price of crude. Therefore, knowing the barrel price of June crude can help us gauge whether gasoline prices are higher or lower than historical norms. In early February, it was apparent that RBOB (unfinished gasoline) was trading cheap to crude, but since then, the contract has shown strength and gained on the crude contract.. ..Regardless, with refineries now exiting the maintenance season and expectations for crude runs to improve, we may see gasoline prices show weakness on anticipation more product will soon be available.." [more]

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