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Blair Fends Off Row to Press for Saudi Deal [Jun 9]
"Tony Blair wants to sign a new £20 billion arms deal with Saudi Arabia before he leaves office later this month despite the mounting row over allegations of secret payments to a Saudi prince, Government sources indicated yesterday. Saudi Arabia had been on the brink of concluding the deal to supply Eurofighter Typhoon jets to Riyadh when fresh allegations emerged that BAE Systems had paid £1 billion in backhanders to Prince Bandar bin Sultan, former Saudi ambassador to the US. The Prime Minister still hopes to clinch the deal before he leaves No 10 on June 27.. ..The deal had been in jeopardy because of Saudi anger at the probe - but was said to be back on track after the SFO inquiry was halted by the Government last December.." [more]

Freed Academic Among Qaeda Suspects Detained in Saudi [Jun 9]
"An Islamist academic who was freed under a royal pardon in 2005 is among a dozen Al Qaeda suspects detained in Saudi Arabia this month, the interior minister said in comments published Saturday. Saeed Bin Zueir, a former professor of mass communication, and his fellow detainees are "considered among the financiers and inciters of terrorism" in the oil-rich kingdom, Prince Nayef Bin Abdul Aziz told the Al Riyadh daily. Bin Zueir was arrested in 1994 and sentenced to five years in jail for justifying acts of violence but served barely a year of his sentence before being pardoned.." [more]

Saudi Stocks Remain Under Pressure [Jun 9]
"The Saudi stock market remained under downward pressure due to profit-taking for the second week in a row. The Tadawul All-Share Index (TASI) lost 1.73 percent, closing the week at 7,362.96 points, the lowest level this year. The Saudi benchmark price closed last week at 7,492.66 points. The TASI is currently 7.2 percent lower that the year’s start.. ..The market, however, is expected to receive a shot in the arm with the start of Jabal Omar Development Company’s initial public offering (IPO) today. The company offers 201 million shares to Saudis at the rate of SR10 per share without charging any commission. Jabal Omar has a capital of SR6.7 billion with a total of 671.4 million shares.." [more]

New Commission Guidelines Today [Jun 9]
"Members of the Commission for the Promotion of Virtue and Prevention of Vice will no longer be allowed to use physical force or intercept cars to interrogate people. These are among a package of decisions defining the task of Commission members to be announced Saturday, according to Commissions' Vice President Sheikh Ibrahim Al-Huwamil. The meeting of all the Commission branch chiefs to be held under the chairmanship of its President Sheikh Ibrahim Al-Ghaith is expected to clearly separate the powers of Commission members and the police. It will also make it mandatory on field members to seek prior permission from authorities concerned before raiding a place.. ..People have been expressing grave concern over the use of force by some of the Commission members. Media reports have appeared recently of several cases of maltreatment of people by Commission members, including the use of violence.." [more]

SCT Offers 60-Day Tourist Visas [Jun 9]
"The Supreme Commission for Tourism (SCT) has started issuing group visas through tour operators for foreigners intending to visit the Kingdom, according to a senior official.. ..Spelling out the conditions for obtaining tourist visas, he said tourists should come in groups of not less than five members. The minimum age for women to get visas is 30 if they are not traveling with their close relatives, he added. The Kingdom has started receiving tourists who come by shipping lines.." [more]

Unemployment: Gulf’s Dilemma [Jun 9]
"As Gulf states fed with rising revenues from their distinct natural resource, oil, move into a spending spree over massive financial projects, there is growing demand that attention must be given to the underlying and potentially explosive issue of unemployment among the locals. With a booming population in the region, an estimated 40 million job seekers are expected to enter the labor market within the next decade. This would require governments to be far more creative than ever before to absorb this growing influx. Handouts and subsidies to nationals would no longer be able to fill the gap, and would tax the respective governments far more than effective employment programs.." [more]

Religious Police to be Evaluated [Jun 8]
"In what is seen by observers as a move to absorb and calm the anger of Saudi society and media over the behaviour of squads belonging to the Commission for the Promotion of Virtue and Prevention of Vice [religious police] in Saudi Arabia, the Commission's chairman revealed that the activities of his field personnel are under scrutiny. Shaikh Ebrahim Bin Abdullah Al Gaith, the Commission's chairman told the official Saudi Press agency (SPA), in remarks published yesterday, that committees have been set up to study all aspects related to the Commission's field work.. ..During the past few years, the Commission has come under attack by the media and citizens who questioned whether the Commission's personnel abide by the law.." [more]

Saudi Firm Seeking $537m in IPO [Jun 8]
"Saudi Arabia's Jabal Omar Development, which is building hotels and apartments in Makkah, opens an initial public offering tomorrow to raise 2.01 billion riyals ($537 million). Analysts expect the IPO to be oversubscribed, given the location of the project, the low listing price and the strong appeal of real estate investment after last year's stock market crash. Jabal Omar will offer Saudi investors a 30 per cent stake, or 201.4m existing shares, at 10 riyals each, valuing the company at around $1.79bn, according to lead manager and underwriter Albilad Bank. Subscriptions will close on June 18.." [more]

GCC Markets Show Strong Marks in May [Jun 8]
"With the exception of the Saudi market, GCC markets ended higher last month with the best gains being recorded in Qatar and the UAE. With two major IPOs witnessed in the month, Saudi Kayan in Saudi Arabia and Deyyar in UAE, investors were initially wary about the performance of the secondary markets but amid clear signs of fresh liquidity being infused in the markets by domestic and foreign institutional investors, speculators and retail investors rushed back to the markets.. ..The Saudi Tadawul Index ended lower for the third month in a row and with the one percent loss in May, it is the only MENA equity market to show losses for the year.." [more]

Opec Vows to Keep Output Steady as Crude Hits $71 [Jun 8]
"Oil climbed above $71 a barrel yesterday, nearing a nine-month high, after Opec president reiterated the exporter group was pumping enough crude to satisfy world markets. Mohammed Al Hamli said oil supplies were "sufficient currently" and there was no need for an emergency meeting. Consumers have been urging the 12-member group to produce more oil to lower prices.. ..Weekly US inventory data showing a surprise drop in refinery utilisation rates last week added to gains, overshadowing an unseasonally large 3.5 million barrel build in petrol stocks thanks to a surge in imports.." [more]

France, Saudi Arabia, Iran Mediate Lebanese Logjam [Jun 8]
"France has joined diplomatic efforts by Iran and Saudi Arabia to help Lebanon's rival political camps form a national unity government to avoid a political vacuum in the months leading up to the presidential elections. Quoting political sources, Reuters said French diplomats have suggested to the parliamentary majority that it accept the opposition's demand for veto power in the Cabinet now that UN Security Council has approved the formation of an international tribunal to try suspects in the slaying of former Prime Minister Rafik Hariri.." [more]

Saudi Prince Got Arms Cash [Jun 7]
"A Saudi prince received millions of dollars for his own use as part of an $80 billion arms deal between Saudi Arabia and Britain in 1985, the British Broadcasting Corp. said in a statement on an upcoming report. The payments went to Prince Bandar bin Sultan, who negotiated the Al-Yamamah arms deal to sell 100 British warplanes to Saudi Arabia when Margaret Thatcher was prime minister, the BBC said in the statement Wednesday. Its full report on the arms deal is scheduled to air Monday on the "Panorama" program. BAE Systems, the prime contractor, has denied that it violated British law in relation to the contract. Prince Bandar refused to comment on the report.." [more]

Saudi Arrests 11 al Qaeda Members [Jun 7]
"Saudi Arabia's Interior Ministry announced Thursday it had arrested 11 al Qaeda members in the span of 48 hours who were responsible for financing and encouraging terrorism. A ministry statement quoting a senior ministry official said the detainees were wanted terrorists in Saudi Arabia, that their assets have been frozen and an investigation into the incident is ongoing. On Tuesday the ministry announced it had arrested three senior al Qaeda members responsible for recruiting youths via the internet and encouraging attacks on Saudi Arabia's oil facilities. The two Saudis and one Arab non-national were arrested in Medina, but the ministry statement did not say when. They were also in charge of media publications for the al Qaeda terror network, the ministry said.." [more]

Bear Stearns Announces Asset Management Joint Venture in Saudi Arabia [Jun 7]
"Bear Stearns today announced that it has signed a letter of intent with a consortium of Saudi business leaders led by HH Prince Mishaal Bin Abdullah Bin Turki Al-Saud of Zad Investment Company to form Bear Stearns Arabia Asset Management. Bear Stearns Arabia Asset Management ("BSAAM") will be a Saudi Arabian registered asset management company, with headquarters in Riyadh, serving institutions and high-net-worth individuals in Saudi Arabia. BSAAM will develop and distribute Sharia-compliant and other investment products. In addition, it will leverage Bear Stearns Asset Management’s platform, offering traditional equity and fixed income, hedge fund and private equity fund products.." [more]

France & Saudi Mediating to Defuse Lebanon's Crises [Jun 7]
"France and Saudi Arabia are promoting efforts to widen Lebanon's cabinet to end a protracted crisis pitting the Western-backed government against Hezbollah and its allies, political sources and diplomats said on Thursday. They said the new mediation effort aimed at defusing tension ahead of a presidential election later in the year. Lebanon was plunged into its worst political crisis since the 1975-1990 civil war when opposition ministers quit the cabinet of Prime Minister Fouad Siniora last November after the ruling majority refused opposition demands for veto power.." [more]

New Channels of Investment for Expatriates Sought [Jun 7]
"Saudi authorities and businessmen are seriously thinking about how to make use of the massive funds of expatriate workers by opening new channels of investment. According to press reports, the country’s eight million expatriates annually send home nearly SR100 billion ($26.6 billion). 'It’s the right of expatriates to transfer the money they earn in the Kingdom to their countries. At the same time, it is important that we create new investment channels to absorb part of this money in investments within the Kingdom,' said Abdullah ibn Saleh Al-Hamoud, a businessman.. ..The Gulf Cooperation Council (GCC) considers expatriates’ foreign remittances (which account for 42 percent of the total foreign investments they receive) as a big loss.." [more]

World Bank Warns of Full-Blown Water Crisis in the Middle East [Jun 7]
"Pointing out that water management practices in the Middle East and North Africa (MENA) region are still inadequate, the World Bank foresees a full-blown crisis that could see the per capita water availability halved by 2050, with serious consequences for the region’s already depleted aquifers and natural hydrological systems. This is a major finding of the World Bank’s Regional Development Report with its focus on water resources.. ..The report points out that unless the use of water is reduced and water service providers are made accountable for their operations, drinking water services will become more erratic than they are already, cities will come to rely more and more on expensive desalination and during droughts will have to rely frequently on emergency supplies brought by water tankers. The report said the impact of the situation is already being felt by farmers whose income has dropped in the wake of the depletion of aquifers.." [more]

Kingdom Takes its Culture to Moscow [Jun 7]
"The Saudi Ministry of Culture and Information organized Monday cultural days in three Russian cities. Iyad Madani, the Saudi Minister of Culture and Information, launched the events in the Russian capital Moscow. 'This is the first time Saudi cultural events are held in Russia,"'said Abu Bakr Ba-Qader, the Ministry's Undersecretary for International and Cultural Relations. Ba-Qader noted that most of the Saudi cultural events would occur in the Moscow University. He gave reasons why Qazan, in particular, was chosen. 'The history of Qazan and Bulgar played a role in choosing them since Islam came into the two cities a thousand years ago. Since that time, Qazan, where the first Islamic books were printed, has become important in the Islamic culture'.." [more]

Oil Rises on OPEC's Decision to Leave Production Quotas Unchanged [Jun 7]
"Oil rose on OPEC's decision not to increase production quotas, which sparked supply fears. Mohammed al-Hamli, the cartel's head, was quoted as saying oil supplies were 'sufficient currently' and there was no need for an emergency meeting. OPEC cannot increase production without holding an extraordinary general meeting.. ..Consumers were hopeful OPEC might increase production in a bid to ease prices.." [more]

ECS Set to Take on Saudi Arabia During the Coming Year [Jun 7]
"Taiwanese powerhouse Elitegroup Computer Systems (ECS) has set its sights on the Kingdom as it looks to continue its Middle East expansion. The vendor of motherboards, video cards, desktop PCs, notebooks, servers, wireless and mobile products is looking to leverage off its manufacturing might and reach out to the local channel with a variety of solutions for both components and finished goods. ECS’s account manager Pearl Shieh also revealed that the firm, which is celebrating its 20th anniversary this year, is looking for in-country partners to better serve the channel.." [more]

Saudi Arabia Will Stick to Dollar Peg [Jun 6]
"Saudi Arabia has said that its will take measures that suit its national economy in response to the US Federal Reserve's reduction of dollar interest rates. It added that it does not feel it necessary to follow the American step.. ..In remarks published yesterday, the Sama governor, however, denied any pressures at present on the Saudi riyal and its exchange rate against the dollar. He underlined the support of all Gulf Cooperation Council (GCC) states in creating a single GCC currency, adding that there is no member state that is unconvinced of having a single GCC currency.." [more]

Virtue Commission Member Calls for Fairness From People [Jun 6]
"The news of the death of a man, who was beaten up by members of the Commission for the Promotion of Virtue and the Prevention of Vice in Riyadh, has spread shock and horror in Saudi society. To add to people’s dismay, the subsequent news of the death of another man, who died of a heart attack after being detained by commission members in Tabuk, has only added to the flak that the commission is currently receiving. The deaths have kicked-off a massive debate in the Saudi press on the role of the commission in Saudi society.." [more]

Opec Wary on Raising Output [Jun 6]
"Opec would need evidence of a sustained drop in oil inventories before members decide to pump more, the group’s secretary general said yesterday, rebuffing calls from consumers for higher supply. The comments from Abdullah al-Badri are the latest sign that Opec will not rush to open the taps despite crude prices at $70 a barrel. The group next meets to set policy in September. 'If we are convinced from the figures that we will get from different organisations here and in the States that there is a drawdown in the stocks, then there is a shortage in the market, of course Opec will react,' .." [more]

Three Held for Running Terror Websites [Jun 6]
"Security forces have arrested three members of a deviant group responsible for running extremist and terrorist websites, the Interior Ministry announced yesterday. The websites espoused an ideology of “takfeer” — the labeling by extremists of all who do not agree with their version of Islam as infidels. Two of the men are Saudis and the third is an expatriate resident of Madinah, the statement said. The statement said, “Security forces arrested a national calling himself ‘Abu Aseed Al-Falouji’ who ran a highly organized site aimed at recruiting youths by using special effects to attract them.” His prominence on the Internet made him a link between deviant groups in the country and sympathizers outside, the statement explained.." [more]

Saudi Insurance Premiums to Triple by 2017 [Jun 6]
"Saudi Arabia seeks to nearly triple the volume of insurance premiums to at least 20 billion riyals ($5.3 billion) by the end of 2017, local newspapers on Tuesday quoted the central bank's deputy-governor as saying. 'Efforts deployed ... and the future developments in the insurance sector over the next ten years target raising insurance premiums to at least 20 billion riyals at the end of that period,' .. ..Saudi Arabia is the largest economy in the Gulf Arab region, one of the world's most under-insured areas, partly due to the belief that insurance indicates a lack of religious faith. Standard & Poor's estimated last year that per capita premiums in the Gulf were around 2% of those in Europe.." [more]

Hyundai Wins $1bn Contract From Saudi [Jun 6]
"Hyundai Heavy Industries Co, the world’s largest shipyard, agreed to build a power station for Saudi Arabia’s Jubail Water & Power Co for 985.9bn won ($1.06bn). Construction will be completed by March 2010, the Ulsan, South Korea-based company said yesterday in a regulatory filing. Hyundai Heavy is also involved in building refineries, power plants and other facilities. Hyundai Heavy and South Korea’s other contractors are more than halfway to matching a record set in 1981 for orders from the Middle East. Saudi Arabia has awarded the most contracts.." [more]

Sultan, UK Minister Hold Defense Talks in Riyadh [Jun 6]
"Des Browne, British secretary of state for defense, wrapped up a two-day visit to the capital yesterday and held talks with officials to strengthen defense relations between the two countries and review the security situation in the region.. ..Commenting on the visit, Alex McDonald-Vitale, spokesman at the British Embassy, said: “The visit provided a useful opportunity for both parties to renew friendships and exchange views on issues of mutual interests.” He added that defense links are part of the important bilateral ties. The spokesman said that Browne visited the Kingdom for the first time as secretary of state for defense.." [more]

Kingdom Bids to Boost Tourism [Jun 6]
"The Supreme Commission for Tourism (SCT) will license 18 tour operators next week as part of efforts to boost domestic tourism, according to Prince Sultan ibn Salman, secretary-general of the commission. The move augurs well for the government’s strategy to increase from six percent to 16 percent the tourism sector’s share in the gross domestic product (GDP) by 2020. The sector, including Haj and Umrah services, currently contributes six percent to the GDP — SR55 billion ($14.6 billion) annually to state coffers. The commission has taken measures to strengthen the Kingdom’s tourism industry.." [more]

Saudi Arabia Arrests 3 Al Qaida Suspects [Jun 5]
"Saudi Arabia said on Tuesday it has arrested three suspected Al Qaida militants involved in spreading the group's ideology through the Internet. The Interior Ministry identified two of them in a statement by their aliases Abu Osaid Al Falluji and Abu Abdullah Al Najdi and said the arrests were part of a crackdown on terrorism and 'misleading media that seeks to spread their deviant ideology'.. ..Saudi-owned Al Arabiya television said earlier the three were members of Al Qaida and that one of them was involved in plans to hit the kingdom's oil industry. The ministry said Najdi, also a Saudi, re-published an Internet magazine that was started by Al Qaida, Sawt al-Jihad, calling for attacks on the kingdom's oil industry.." [more]

Man Who Died Wasn’t Breaking Law [Jun 5]
"A man, who died on Friday, possibly from a stress-related heart attack while in religious police custody, wasn’t breaking the law, according to Sheikh Sulaiman Al-Anzi, the head of the Commission for Promotion of Virtue and Prevention of Vice in Tabuk. Al-Anzi said yesterday that it was determined after the arrest of 50-year-old Ahmed ibn Mussalam Al-Bulawi that the deceased was the driver of the family of the woman he picked up in his car, but he stopped short of admitting outright that the officers had made a mistake.. ..An investigation is currently taking place and five officers are reportedly being questioned for the death. The governorate of Tabuk and the General Investigation and Prosecution Authority (GIPA) are investigating the case.." [more]

Kingdom’s Industrial Sector Urged to Train Saudis [Jun 5]
"The urgent need to specify job vacancies, areas where Saudization cannot be applied, as well as the role played by government institutions to train Saudis in the country or abroad in the industrial sector were highlighted in a recent study done for the Riyadh Chamber of Commerce and Industry (RCCI). The study, conducted by Dar Al-Khibra for Economic Consultations, established that there was as little as 12 percent of Saudis working in all the industrial fields in the Kingdom, while noting at the same time the increase of foreigners, estimated at 88 percent of the total national workforce in the same sector.." [more]

Bear Stearns in Saudi Venture [Jun 5]
"Bear Stearns has agreed a joint venture with a consortium of Saudi business leaders to form an asset management firm for institutional and high net-worth individuals in Saudi Arabia. Bear Stearns Arabia Asset Management (BSAAM) will be a Saudi Arabian registered company which will develop and distribute Sharia-compliant and other investment products. In addition, it will leverage Bear Stearns Asset Management’s platform, offering traditional equity and fixed income, as well as hedge fund and private equity products.." [more]

Economic Cities Offer Investment Scope to Young Saudi Nationals [Jun 5]
"A large number of investment opportunities await young Saudi businessmen and women at the kingdom's new economic cities in Rabigh, Hail, Madinah and Jizan, according to Fahd Al Rasheed, deputy governor of Saudi Arabian General Investment Authority (SAGIA).. ..SAGIA Governor Amr Al Dabbagh said the new economic cities in the kingdom would contribute $150 billion to the gross domestic product (GDP) by year 2020. The four economic cities require at least SR300 billion in capital investment.." [more]

Mega World Jewel Capital Complex to Rise in Riyadh [Jun 5]
"As a standing testimony to Riyadh as “a center of opulence and regality,” a major SR1.5 billion project is in progress to make the city the “world’s jewel capital” as envisioned by Prince Bandar ibn Mohammed Al-Saud. Opposite the Directorate of Passport on King Fahd Road, at the heart of this complex will be a 7-star hotel, the first of its kind in Riyadh, along with luxurious villas and a four-story commercial center of international jewelry and luxury shops.. ..The three-in-one complex would bring it global recognition as the World Jewel Capital,” Say said, adding that his is the first Philippine company to land a prestigious contract in the Kingdom.." [more]

Saudi Arabia Promotes $283 Billion Infrastructure Projects at US Forum [Jun 4]
"The Saudi Arabian General Investment Authority (SAGIA) was one of the constituents of the Universal Express Friendship Invitational Business Forum that was held in Orlando, Florida, recently to promote mega infrastructure projects launched by the Saudi government entailing total investments of $283 billion over the next three years.. ..According to the US Census Bureau and the US Saudi Business Council, total US exports to Saudi Arabia for 2005 amounted to $6.8 billion, up from $5.2 billion the previous year. The US is also the leading foreign direct investor in Saudi Arabia, accounting for more than 25 per cent of the total inward Foreign Direct Investment (FDI). In 2005, the top three US states that exported to Saudi Arabia were Texas, New York and Florida.." [more]

In Saudi Capital, a Mind-Jangling Mix of Tradition and Modernity [Jun 4]
"It's all the buzz in the Saudi capital - the two new skyscrapers that soon will soar upward from this city in the middle of flat and barren desert, taking their place above a row of chic new sidewalk cafes. They are a sign of the kingdom's flush of oil money. But they point to something else that surprised me on my first visit back in six years - a sense of stability, even confidence, that is rare across the Mideast these days. Saudi Arabia, while clearly every bit as worried as its Arab neighbors about Iran's new aggressiveness, Iraq's spreading chaos and the United States' waning influence, does not seem particularly panicked.." [more]

Financial Services Vital to Saudi Economy [Jun 4]
"The Saudi government is developing its econ-omic instruments and structures in order to compete regionally and internationally and contribute to enhancing the Kingdom's global economic position after joining the World Trade Organisation, said Saudi Crown Prince Sultan bin Abdul Aziz. Addressing the 16th meeting of the Saudi Economic Society (SES) in Riyadh on Saturday evening, Prince Sultan noted that the financial services sector is vital to the Kingdom's national economy.." [more]

$3tr Needed for Tourism Industry [Jun 4]
"More than 800 hotels will open in the Middle East in the next 13 years, creating the crucially needed infrastructure to support the growing tourism sector, a British-based think thank said in a study.. ..Chief executive Rohit Talwar said the number of hotels will far exceed 800 as Saudi Arabia alone plans to have 557,000 rooms in several Red Sea projects. 'They have not yet announced how many hotels they are going to have'.. ..The region is expected to see its income from tourism grow from an estimated $150 billion in 2006 to $280 billion in 2020.. ..He said efforts are required to address major environmental concerns like consumption of resources, generation of waste and carbon emissions.." [more]

Indra Wins First IT Contract in Saudi Arabia [Jun 4]
"Indra Sistemas SA said it has been awarded a contract worth 1.1 mln eur to install its OCEN information technology system at a combined cycle power plant in Saudi Arabia, its first deal in the country. In a statement, Indra said the contract confirms expansion in electricity generation in the Middle East, and particularly in Saudi Arabia, which 'has the growth potential to become one of the most attractive markets of the region.' The Saudi government is targeting a 12 bln eur investment in independent water and energy projects until 2016.." [more]

Saudi to Get New Medical TV Channel [Jun 4]
"Saudi Arabia will soon have a new TV channel dedicated to healthcare. The channel is being set up by MOA.CO, a Saudi Arabian company, to raise the level of health care awareness among families in the Kingdom. The channel will air healthcare educational programmes on diseases, drugs, civil defense, health food and products; and will include interviews with doctors and documentaries.. ..'Medical companies will also be allowed to promote their products through the channel as long as they are approved by the Saudi Ministry of Health and related to healthcare'.." [more]

Conference to Focus on IT and National Security [Jun 4]
"A four-day conference on Information Technology and National Security will be held here from Nov. 3-6 as part of the Kingdom’s drive against terrorism via the Internet and other security issues.. ..One of the goals of the conference, said Prince Muqrin, was to 'encourage researchers in modern technology to use it in such a way as to serve national security in a comprehensive manner.' He said some 1,000 delegates, including IT experts from the Kingdom and abroad, were expected to attend the conference at the King Fahd Cultural Center. An exhibition on electronic and IT security will also be organized on the sidelines of the conference.." [more]

US Embassy Withdraws Invitation to Saudi Official [Jun 3]
"The US Embassy here has withdrawn a dinner invitation it extended to a senior Saudi official without offering any reason. Soliman Al-Buthi, general manager of Environmental Health at the Riyadh Municipality, was extended an invitation to attend a US Embassy function in Riyadh outside the Diplomatic Quarter yesterday. The American mission subsequently withdrew the invitation when it was found that the invitee was the former director of the Al-Haramain Islamic Foundation.'We invited Soliman Al-Buthi to an embassy sponsored function and later we withdrew it,' Rachel Grass from the US Embassy, told Arab News yesterday without giving reasons for the change of heart.. ..Al-Buthi, 45, was designated a terrorist by the US government for his role in operating the Al-Haramain Islamic Foundation in the southern Oregon city of Ashland.." [more]

Saudi Religious Police Quizzed Over Man's Death [Jun 3]
"Five members of the religious police have been arrested in Saudi Arabia and accused of being responsible for the death of a man in their custody, police said on Sunday. A statement said a probe was under way into Friday's death of the unidentified man in one of the offices of the Muttawa, the Commission for the Promotion of Virtue and Prevention of Vice, in the northwestern city of Tabuk. The religious police, who enforce a strict Islamic moral code, were questioning the man for allegedly associating with a woman who was not a relative.." [more]

Saudi Stock Index Drops 2 Percent [Jun 3]
"After falling 2.81 percent last week, the Saudi stock market continued to drop sharply yesterday. The Tadawul All-Share Index (TASI) fell over 2 percent or 150.48 points to 7,342.18, its lowest close in almost a month. Out of 89 stocks traded, shares of 84 companies declined while only three companies — The Saudi Investment Bank, Savola Group and Makkah Construction & Development Co. — were in positive territory yesterday. The value of traded shares was over SR5.70 billion yesterday compared to SR42.35 billion last week.." [more]

Sabic to Sell $2.2b Bonds for GE Unit [Jun 3]
"Saudi Basic Industries Corp (Sabic), the world's largest chemical firm by market value, said yesterday it would sell bonds worth $2.2 billion to fund its purchase of General Electric's plastics unit. Sabic bought General Electric's plastics unit for $11.6 billion last month. The company had previously said it would borrow up to 75 per cent of the purchase price. 'About 25 per cent of three quarters of the deal's value will be in bonds'.." [more]

Samsung Launches Saudi Website [Jun 3]
"Samsung Electronics Co., Ltd announced today the launch of a new website dedicated to the Saudi market.. ..Samsung’s Marketing Manager in Saudi Arabia. 'Reiterated Samsung’s commitment to providing our Saudi customers with a tailored experience. It is more than an Arab-ized version of the company’s original site. We are enhancing technical and marketing support services in the local users’ language.'.. ..The Saudi market has a niche for high end household products and mobile phones.." [more]

Malaysian Centre to Build Proton Car Plant in Saudi Arabia [Jun 3]
"A senior official at Malaysian Centre, a private Saudi company owned by Al Qabba Group, announced that the company is planning to set up an assembly plant in Saudi Arabia to market the Malaysian Proton cars in the Middle East, Khaleej Times reported. The official said that the company expects to sell more than 2,000 Proton cars in the Middle East initially and the number is expected to increase to 5,000 units within the next three years. He added that the company also plans to promote Malaysian products to all the member countries of the Organization of Islamic Conference (OIC).." [more]

New US Magazines Target Muslim Women and Teens [Jun 3]
"A new publication is aiming to break negative stereotypes about Islam and to help young Muslim women feel confident and optimistic about being Muslim in America. Muslim Girl was launched in January with the headline: “Enlighten, Celebrate, Inspire.” The bi-monthly magazine targets hundreds of thousands Muslim teenagers in North America who want a magazine that reflects their values, ambitions and goals. Muslim Girl is the latest of several new magazines catering to Muslim Americans.." [more]

Kingdom to Host GCC Health Care Conference [Jun 3]
"Saudi Arabia will host the Sixth Gulf Conference on Primary Health Care and the seventh Scientific Meeting for Family and Community Medicine entitled “Future of Family Medicine and Primary Health Care in the GCC” for three days starting tomorrow at King Faisal Conference Hall in Riyadh. GCC health ministers decided that the year 2009 would be the year of supporting primary health care for families and communities in the region. “The success of the health systems is measured by the primary health care,” said Dr. Tawfik Khoja, director general of the Executive Board of Council of Health Ministers of GCC States.." [more]

Saudi Project Provides 254 Houses for the Needy [Jun 3]
"On behalf of the Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz, who chairs the Foundation for His Parents for Developmental Housing, the governor of Ha’il, Prince Saud Bin Abdul Mohsen Bin Abdulaziz will inaugurate a project in al Ghazala, Ha’il, on June 9, 2007. The inauguration ceremony will see Prince Saud presenting documents and keys to houses to the chosen citizens. 254 houses that each measure 396 square meters will be accommodated by 1778 citizens. The project has cost a total of 60 million Saudi Riyals.." [more]

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