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Dollar Peg Barely Affects Inflation, Says Saudi Arabia [Jun 2]
"Saudi Arabia's currency peg to the weak dollar has had little impact on inflation in the world's top oil exporter, the central bank chief said, moving to end market speculation about a shift in exchange rate policy. Saudi inflation could be driven by factors such as state spending and property prices, Hamad Saud Al Sayyari said.. ..Kuwait cited imported inflation as the reason for its May 20 decision to drop the peg to the dollar, which hit a record low against the euro in April, and switch to a basket of currencies. That allowed the Kuwaiti dinar to rise 0.37 per cent against the dollar, throwing into disarray plans for monetary union in 2010 with Saudi Arabia and four other Gulf Arab oil producers.." [more]

Opec Oil Output Edges Up in May [Jun 2]
"Opec boosted crude oil output in May as higher supply from members including Algeria and the United Arab Emirates countered a drop in Nigeria, a Reuters survey showed yesterday. Ten Opec members bound by output targets, all except Iraq and Angola, pumped 26.76mn bpd, up 110,000 bpd from April, according to the survey of oil companies, traders, Opec officials and analysts. The survey suggests Opec’s adherence to agreed supply curbs eased in May as global oil prices rallied.." [more]

Dutch Trade Mission in Kingdom [Jun 2]
" A high-level Dutch mission arrived in Saudi Arabia on Thursday for a five-day business visit aimed at establishing long-term relationships between the Dutch and Saudi companies in the infrastructure sector.. ..Dutch companies in the mission include suppliers of the railway solutions, UPS systems, cabling products, security systems, HVAC systems, and services. These companies are noted as innovative, flexible, specialized companies that deliver state-of--the-art equipment, parts, components and services.." [more]

Kingdom Second in Remittances [Jun 2]
"Saudi Arabia will maintain its position as the second most prolific source of expatriate remittances in the world after the US in 2007, economists said last week. The Arabic press reported that economists expect remittance figures to rise by SR0.5 billion from last year, reaching SR54.375 billion. Economists attributed the rise in remittances by expatriate workers to the increase in government- and private-sector projects, the launching of several economic cities and the flexibility of the Ministry of Labor in allowing an increase in the number of worker visas. Remittances from the Kingdom to other countries rose by SR750 million in 2006 compared to the year before, with the total figure reaching SR52.5 billion in 2006.." [more]

UNDP Pledges New Programs in Kingdom [Jun 2]
"A three-member team from the United Nations Development Program (UNDP) wrapped up a weeklong visit to Riyadh, saying that the international agency will initiate new programs in the Kingdom under its five-year plan.. ..Regarding the purpose of the mission, Zaidan said: 'We were here to review the activities of the UNDP in the Net Contributing Countries (NCCs), which include Bahrain, Libya, Kuwait, the United Arab Emirates and Saudi Arabia.' The Kingdom was the final leg of the UNDP team’s regional tour. 'This was part of a broader study to assess how well UNDP programs are being carried
out and to see how they can be further strengthened to yield better results,'.." [more]

Women Rights Key for Democracy to Flourish [Jun 1]
"Democracy won't flourish in the Middle East until its women gain greater rights and expanded roles, US Secretary of State Condoleezza Rice said yesterday at a conference on women's peace efforts in the region. 'It's absolutely the case that unless women are fully participants of their societies... these societies cannot really be fully democratic, and that is something we're absolutely devoted to,'.. ..Rice and her Austrian counterpart Ursula Plassnik also called for more women to be given high-ranking positions within the United Nations. 'The fact that there is currently no woman among 54 United Nations envoys to conflict and post-conflict regions is unacceptable,'.." [more]

SAGIA Unveils Vision for Saudi Arabia to Be in Top 10 [Jun 1]
"SAGIA and the Tadawul-listed company Emaar Economic City (EEC) hosted over 40 international and local media representatives on a visit to the project site here organized by General Electric Co. (GE) as part of its "Build the Middle East" tour. 'Our vision is to attract international investors to achieve rapid and sustainable economic growth in Saudi Arabia, capitalizing on the Kingdom's main strengths as the global capital of energy and as major hub between East and West'.. ..'Our mission is to position Saudi Arabia among the top 10 most competitive nations by 2010 through the creation of pro-business environment, knowledge-based society and by developing economic cities,' Al-Dabbagh said. The King Abdullah Economic City is an embodiment of Saudi Arabia's drive for economic diversification and expansion.." [more]

Rights Body to Publish 5 New Reports [Jun 1]
"The National Society for Human Rights (NSHR) is planning to release five new reports in a month, said NSHR chief Bandar Al-Hajjar. The reports, which follow a detailed report that was released last week, will tackle specific issues concerning human rights in the Kingdom. Reports detailing the municipal elections in 2005, Saudi Guantanamo detainees, complaints and cases handled by the NSHR, the accomplishments of NSHR members, and a report on general NSHR statistics will be published.." [more]

Saudi Arabia Attracts Bulk of Bilateral Investments [Jun 1]
"A recent economic survey prepared by the Council of Arab Economic Unity (CAEU) said that Saudi Arabia topped the list of countries that attracted bilateral investments worth $28.8 billion in 2005, accounting for 75.8 percent of the total investment licenses issued for mutual Arab investments for that year. The report to be submitted in the 85th session of the ministerial level meeting of the CAEU on June 7, said the total bilateral Arab investments reached $38 billion in 2005 against $5.9 billion in 2004. This sharp increase is attributed to investment boom in Saudi Arabia.." [more]

Gulf Currency More Difficult After Kuwait Move: Saudi [Jun 1]
"The plan by six Gulf Arab countries to create a unified currency became 'more difficult' after Kuwait dropped its peg to the dollar, the deputy governor of Saudi Arabia’s central bank said. “It will make it a bit more difficult,” Mohamed al-Jasser said in an interview in Brussels yesterday. The governors will “consider all the alternatives,” if the technical work cannot be completed in time.. ..Moody’s Investors Service said in a note yesterday that the plan by Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain to create a single currency is unlikely to happen.." [more]

Jeddah Festival to Attract Three Million Tourists [Jun 1]
"Makkah Gov. Prince Khaled Al-Faisal will open the Jeddah Summer Festival on July 12. Organized by the Jeddah Chamber of Commerce and Industry (JCCI), the festival is expected to attract three million tourists and holidaymakers from within Saudi Arabia and neighboring Arab and Gulf countries.. ..Over the past several years Jeddah Summer Festival has been receiving a large crowd of tourists and holidaymakers. Jeddah has many tourist attractions, including its 100-km long developed coastline, museums, historical sites, recreational centers for families and children and large shopping centers
in addition to five-star hotels with comfortable facilities and large conference halls.." [more]

Saudi Arabian Guantanamo Detainee Dies in Apparent Suicide [May 31]
"A Saudi Arabian detainee died Wednesday at Guantanamo Bay prison and the U.S. military said he apparently committed suicide. Critics of the detention center said the death showed the level of desperation among prisoners.. ..It would be the fourth suicide at Guantanamo since the prison camp opened in January 2002. On June 10, 2006, two Saudi detainees and one Yemeni hanged themselves with sheets. A spokesman for detention operations, Navy Cmdr. Rick Haupt, declined to comment, referring questions to the Miami-based Southern Command, which oversees U.S. military operations in the Caribbean and Latin America.." [more]

Focus on Palestine Talks, Israel Told [May 31]
"Secretary of State Condoleezza Rice has cautioned against a growing sentiment in Israel to pursue peace with Syria instead of with warring Palestinian factions, saying there is "no substitute" for creating a Palestinian state. Rice, who was to discuss the stalled peace process with diplomats here yesterday, has worked for months to lay the groundwork for Palestinians and Israelis to begin discussing what she calls a "political horizon" - the parameters of a possible Palestinian state.." [more]

Samba Helps Shore Up Saudi Bourse [May 31]
"Samba Financial Group surged yesterday helping the Saudi bourse, the Arab world’s largest, close up after declining for three consecutive sessions.. ..The Saudi index rose 0.99% up to 7,492.66 points. Samba soared 6.4% and market heavyweight Saudi Basic Industries Corp (Sabic) rose 1.64%. 'The Saudi market still looks positive as it has not broke the level of 7,200 points,' said Marwan Shurrab, a senior trader at Shuaa Capital.." [more]

Launch of New Saudi Trade System Postponed [May 31]
"The Saudi bourse regulator has postponed for five months the launch of a new trading system designed to enhance market transparency and efficiency, business newspaper Al Eqtisadiah reported yesterday. Remarks by Capital Market Authority (CMA) chief last month that the system would be launched in May have contributed to a decline in the bourse, which has been criticised by foreign investors as being poorly regulated, analysts said.. ..In 2006, the bourse awarded a 160 million Saudi riyal ($42.7 million) contract to Nordic bourse operator and technology group OMX to develop the trading system.." [more]

OIC Members Give $2.6bn to Poverty Fund [May 31]
"Total contributions of OIC member countries to the $10 billion Poverty Alleviation Fund reached $2.6 billion until Tuesday, Senegalese President Abdoulaye Wade announced during the opening session of the 32nd annual conference of IDB board of governors in Dakar.. ..Saudi Arabia has given $1 billion while Kuwait gave $300 million to the fund. “The fund will operate like an endowment,” IDB President Dr. Ahmed Mohammed Ali told the conference, adding that returns from the endowment property would be used to finance various projects aimed at alleviating poverty.." [more]

Al-Qaida Escapee Condemns U.S.-Saudi Alliance [May 30]
"An al-Qaida militant who escaped from a U.S. prison in Afghanistan turned up in an online video posted Wednesday, assailing the Saudi royal family for its alliance with the United States. The 45-minute video of Abu Yahia al-Libi, who broke out of the Bagram Air Base prison north of Kabul in 2005, was monitored by the IntelCenter, a U.S. government contractor that watches for al-Qaida messaging.. ..The authenticity of the video, which showed a black turbaned, bearded al-Libi, in a camouflage uniform, and also a map of the Saudi Arabian peninsula, could not be verified. It appeared on a Web site commonly used by Islamic militants and carried the logo of al-Qaida’s media production wing, as-Sahab. The video
— the sixth this year by al-Libi — had an Arabic and English transcript.." [more]

KMPK Properties Announces the First Saudi Businesswoman Award [May 30]
"KMPK Properties, the recently formed joint venture Saudi company between businessman Prince Khalid Bin Alwaleed Bin Talal Al Saud and Dubai-based KM Properties, has announced its sponsorship to the first Saudi Businesswoman Award.. ..said Prince Khalid. 'This award is established to give women an insight about the foundation of any business model, regardless of the size or specialisation of the business. We also hope that such an award will encourage businesswomen to do their best to inspire the younger generation in achieving their full potential in Saudi Arabia'.." [more]

Saudi Authorities Crack Down on Forgery Networks [May 30]
"In recent weeks, there has been a vigorous publicized crackdown on document forgery and identification counterfeiting in Saudi Arabia. Such criminal offenses in the kingdom have largely been committed by people working illegally or avoiding deportation. On a number of occasions, however, al-Qaeda militants have been discovered with false IDs such as passports, which they have used to avoid detection and capture. While the Saudi media reports on periodic arrests of forgers, the last several weeks have seen an increased number of apparently connected investigations, operations and arrests led by the Passport Department. This suggests that the Passport Department has launched coordinated efforts involving the regional passport departments located throughout the kingdom. Moreover, this reporting seems to coincide with the increased anti-terrorism programming that has been broadcast throughout Saudi Arabia since the announcement in late April of a series of security arrests.." [more]

Oil Boom Creates Challenges for Region [May 30]
"Managing the windfall oil revenues of the last years is a continuing challenge for oil exporters, a World Bank report says. 'The risk of overheating domestic demand and its potential inflationary consequences loom as an overarching threat'.. ..'It appears, however, that in contrast with earlier episodes of oil booms, judicious use of oil stabilisation funds and other financial management approaches have served to counter overheating and to augment the non-oil supply potential of the economy. Continued pursuit of these approaches should remain a priority'.." [more]

Cooperation From Govt Bodies Lacking: NSHR [May 30]
"In a move to encourage government bodies to cooperate with human rights organizations in Saudi Arabia, the National Society for Human Rights (NSHR) announced yesterday that it would release another report. This report will specify the degree of cooperation each government body has shown to the society since its establishment. Commenting on the cooperation of government bodies with the NSHR for its first report on the state of human rights in the country, released last week, Hussein Al-Shareef of the NSHR said it was unsatisfactory. 'In general, the replies received by NSHR to its questions were not up to expectations'.. ..Al-Shareef said the NSHR had written several letters to the Shoura Council as well as to government officials concerning the importance of rectifying current laws in the country in order to correct violations cited in the report. He added that both national and international treaties that the Kingdom had signed were violated.." [more]

Symposium to Focus on Kingdom’s Financial Services [May 30]
"Crown Prince Sultan will open the 16th Annual Symposium entitled “Financial Services in Saudi Arabia.” The symposium, organized by the Saudi Economy Association (SEA), will take place in Riyadh next Saturday, a senior SEA official announced yesterday. Senior government officials in the economic sector including Minister of Commerce and Industry Hashim Yamani, Minister of Economy and Planning Khaled Al-Gosaibi, Governor of Saudi Arabian Monetary Agency Hamad Al-Sayari and others will participate.. ..The prince said the symposium was open to everyone. He urged businessmen and entrepreneurs as well as all citizens concerned about the financial sector in the Kingdom to attend.." [more]

Kingdom to Develop Information Technology [May 29]
"The Council of Ministers yesterday approved a national plan for the development of its telecom and information technology sector with the objective of transforming the Kingdom into a knowledge-based society and a digital economy. The Cabinet meeting, chaired by Crown Prince Sultan, also announced plans to establish powerful telecom and IT industries to 'make them one of the major sources of income'.. ..The national plan for telecom and IT has long-term and short-term objectives, the minister said after the Cabinet meeting which was held at Al-Yamamah Palace in Riyadh. The Kingdom has already begun implementing some plans and programs for the development of the sector.." [more]

Saudi Group Agrees to Provide Oil for Planned Malacca Pipeline [May 29]
"Malaysian, Indonesian and Saudi Arabian firms on Monday signed agreements for construction of a pipeline that aims to divert 20 percent of oil flowing through the strategic Malacca Strait, the project owner said. Malaysia's Trans-Peninsula Petroleum said it signed an agreement with Malaysia's Ranhill Engineers and Constructors and Indonesia's PT Tripatra to build the pipeline at an estimated cost of $7 billion dollars over seven years.. ..Half of the world's oil shipments currently pass through the 960-kilometer Strait of Malacca, one of the busiest seaways in the world, which links the Indian Ocean and the South China Sea.." [more]

Marginalised Saudi City Looks to UN for Help [May 29]
"Saudi Arabia is hoping that the United Nations will step in to help save the historic old city of Jeddah, whose Unique Red Sea architecture is in danger of disappearing. The ancient city in Saudi Arabia is in line to be included this year on the UN’s World Heritage List, which so far includes 830 sites including eight in Yemen and Oman, says Sami Nawwar, who is leading the effort to preserve Jeddah’s past. Head of tourism and culture at Jeddah municipality, Nawwar hopes to succeed finally in internationalizing a battle begun over 20 years ago to instill respect for history and culture in a rapidly modernizing society with little interest in such things.." [more]

Saudi Swiss Securities Launches Full Service Equities Brokerage in KSA [May 29]
"Saudi Swiss Securities, a Saudi Arabian financial services company, was launched at a press conference held in the capital and has commenced trading as a full-service equity brokerage.. ..Saudi Swiss Securities was licensed by the Capital Markets Authority (CMA) of Saudi Arabia in late 2005, to provide brokerage services. The company successfully obtained its commercial registration and began its initial operations early in the second quarter of 2007. Saudi Swiss Securities, in partnership with a global bank and local partners, combines international banking expertise with strong local insight and a deep understanding of the Saudi market.." [more]

Diabetes at Epic Proportions in Saudi [May 29]
"Saudi Arabia’s health minister claims that diabetes has reached ‘epic proportions’ in the kingdom, with a prevalence rate of around double the official estimate. 'Diabetes is likely to become an epidemic in the kingdom as it has affected nearly 30% of its population, Dr. Hamad Al-Manie said in a report issued by an international diabetes conference. Figures from the International Diabetes Federation's (IDF) Diabetes Atlas quote a prevalence rate of just 16.7% in Saudi Arabia.." [more]

Pope’s About-Face Over Muslim Office [May 29]
"In an unexpected about-face, Pope Benedict will restore power and prestige to the Vatican department that oversees dialogue with Islam a year after he controversially downgraded it. The move to restore the department to its former higher status comes as Catholic-Muslim dialogue is still feeling the negative effects of Benedict's speech last September in which he appeared to equate Islam with violence. Cardinal Tarcisio Bertne said in an interview at the weekend with La Stampa newspaper that the Pontifical Council for Inter-religious Dialogue would again become 'a separate department'. In March, 2006, Benedict beheaded the office by putting it under joint presidency with the Vatican's culture ministry and removing its president, Archbishop Michael Fitzgerald, a Briton. Both Catholics and Muslims in inter-faith dialogue criticized the move, with many saying it sent a negative signal to the Muslim World.." [more]

Visa Problem Affects Taiwan-Saudi Trade [May 29]
"Although Taiwan enjoys friendly relations with Saudi Arabia, the expansion of trade and investment between the two countries is hampered by visa-related problems, said an official of the Taiwan External Trade Development Council (TAITRA). 'Securing visas to the Kingdom is difficult,' said Steve Yang, a senior specialist at the Service Industry Promotion Center of TAITRA.. ..The visa issue has often discouraged Taiwanese businessmen from visiting the Kingdom to promote trade or enter into partnership with local companies.." [more]

Iran Offers to Help GCC on Nuclear Energy [May 28]
"Iran can help its Gulf neighbours develop peaceful nuclear energy, the country's foreign minister said on Monday, in comments which might irritate major powers fearing Tehran's own atomic work is aimed at building bombs.. ..Saudi Arabia and other Gulf countries share Western suspicions that Iran's nuclear energy plans may lead to it acquiring atomic weapons, a charge Tehran denies. Their programme has raised concerns in the West about a regional arms race with Iran, which faces a possible third round of UN sanctions for refusing to suspend uranium enrichment.." [more]

We Don’t Need Foreign Groups to Come and Teach Us Human Rights [May 28]
"..In its first report on human rights in Saudi Arabia, the NSHR said some people remain in prison even after they have completed their term. It said in some cases inmates were beaten or tortured for confessions and sometimes they missed appeal court hearings because prison authorities forgot to remind them. Al-Harithy criticized visits by foreign human rights groups to the Kingdom, which recently included prison visits by Human Rights Watch. 'We do not need foreign organizations to come here and teach our sons and daughters human rights. We are obliged to protect human rights by ourselves without anyone coming from outside and implying that we have to care about human rights in ‘the land of humanity’,'.." [more]

EU Accused of Not Doing Enough for Peace in ME [May 28]
"Gulf speakers at the Euro-Gulf Forum here yesterday accused the European Union of not doing enough for peace in Palestine and Lebanon. They also said that Europeans were shying away from describing Israeli tactics as an “occupation,” adding that Europe was not doing enough to pressure Israel to withdraw from Palestinian territories which would pave the way for the establishment of an independent Palestinian state.. ..He gave the examples of the Israeli withdrawal from Lebanon in 2000, the Israeli withdrawal from Gaza in 2005, and the cease-fire by Hamas in 2005. He said that one-sided initiatives would not produce results in the peace process. He also said that the weakening of Arab governments in the region fueled instability and that governments had failed to offer basic security, prosperity, and development to their people.." [more]

Fair Probe Promised [May 28]
"The president of the Commission for the Promotion of Virtue and Prevention of Vice, Sheikh Ibrahim Al-Ghaith, said yesterday that several suspects from the Riyadh commission were being questioned by authorities regarding the alleged beating to death of a Saudi citizen.. ..Al-Ghaith said that if proven guilty, members of the commission would be punished for their crimes, but if they were found innocent, they would be rewarded. Speaking to reporters following a ceremony to honor its retired officers, Al-Ghaith denied that entry to the house to apprehend a man sought for possessing alcohol was done in an unlawful manner.." [more]

Saudis Under 21 Need Permission to Visit UAE [May 28]
"Saudi males and females under 21 years of age who want to travel to the UAE should get permission from their legal guardians and present the new identity cards, Saudi officials announced yesterday. Travellers do not need their passports to travel following the recent agreement reached between Saudi Arabia and the UAE allowing their citizens to travel using the national identity card.. ..Most Saudi families prefer to spend the summer in Dubai and enjoy the various recreational events held there.." [more]

One-Third of Government Jobs for Women [May 27]
"Crown Prince Sultan yesterday announced plans to allocate one third of government jobs to Saudi women and to create additional job opportunities for them. 'The government depends on women for one third of its jobs,' the prince said. Prince Sultan underscored the government’s efforts to provide advanced education to Saudi women. 'Saudi leaders have given women the right to education and employment within the Kingdom’s basic principles,' he explained. The government has established hundreds of schools and colleges for girls in different parts of the Kingdom. Last year a women’s university was established in Riyadh. Women graduates currently outnumber their male counterparts, constituting 56.5 percent of the total.." [more]

Saudi Fund Grants $115 Million for Development Projects [May 27]
"..the Saudi Fund for Development earmarked some $115 million for development projects in Yemen, as a grant. It did this during a session of the committee of the Saudi-Yemeni Coordination that was held last week in Riyadh, said Abdullkarim al-Arhabi, the Deputy Prime Minister for Economic Affairs and Minister of Planning and Cooperation, Chairman of the Yemeni contingent of the committee organized to follow up on the decisions of the Saudi-Yemeni Coordination council. The two countries agreed to allocate $75 million to finance the Public Works Project; $20 million for the establishment of basic education schools; and also $20 million to complete funding for the Central Hospital of Hodeida.." [more]

Saudi Arabia's Inflation Rate Declines to 2.2% in Q1 [May 27]
"A report issued by the Saudi Arabian Monetary Agency (SAMA) showed that the country's annual inflation rate fell to 2.2 percent in the first quarter of this year, its first decline in several months, Gulf Daily News reported. The report showed that the Saudi annual inflation stood at 3 percent in February compared to 2.98 percent in January due mainly to rises in prices of food and beverages. Inflation had been on the rise for more than a year in Saudi Arabia.." [more]

Three Moral Policemen Held in Saudi Man's Death [May 27]
"The Riyadh police have arrested three members of the Commission for the Promotion of Virtue and the Prevention of Vice, also known as the muttawa (moral police), for beating to death a married Saudi youth. Police sources said the three men stormed the house of the victim located in the capital's western suburb of Al Oraija last week on suspicion of alcohol trafficking. The three men clashed with the young man who received several injuries, was rushed to hospital but died later of bleeding from the eye.." [more]

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