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~~~~~~~~ [ Jun
23 ] ~~~~~~~~~
King’s Trip to
Help Bring in Advanced Technology [Jun 23]
"The five-nation tour of Custodian of the Two Holy Mosques King
Abdullah will not only strengthen Saudi Arabia’s political ties
with other countries but also bring much-needed foreign direct
investment and advanced technology to the country, analysts and
businessmen said.. ..According to a joint communiqué issued
after the Paris meeting, Saudi Arabia and France were studying
prospects of setting up a joint fund to finance scientific
cooperation and launch new projects in the field. They have
expressed their desire to sign an agreement for cooperation in
higher education, training and research.." [more]
Saudi Stocks
Fall for the 3rd Week in a Row [Jun 23]
"Saudi shares continued to suffer for the third week in a row
with the Tadawul All-Share Index (TASI) tumbling last Saturday
and approaching its lowest point this year. However, the market
was able to recover some of its losses by the end of the week,
driven by telecom and banking stocks. TASI closed week at
7,022.05 points, down 0.7 percent from previous week’s close at
7,074.51 points. The Saudi benchmark price is currently 11.5
percent lower that the year’s start.." [more]
~~~~~~~~ [ Jun
22 ] ~~~~~~~~~
Saudi
Delegation Concludes Visit to Guantanamo Bay [Jun 22]
"A delegation representing Saudi counselling committees
concluded an official two-week visit to Guantanamo Bay detention
camp last week, where the delegation met with American officials
in charge of the detainees. The counselling committees,
comprising Islamic scholars, preachers, academics, psychologists
and sociologists were set up by the Saudi Ministry of Interior a
few years ago to encourage detained militants to renounce their
extremist beliefs.. ..The United States is keeping 69 Saudi
detainees, among other nationalities, who were arrested during
the US military operations against the Taliban regime in
Afghanistan more than five years ago.." [more]
World Needs
Abdullah: Sarkozy [Jun 22]
"Custodian of the Two Holy Mosques King Abdullah and French
President Nicolas Sarkozy discussed yesterday regional and
international issues with a focus on the situation in Palestine,
Iraq, Lebanon, nuclear proliferation and the war on terror.. ..Sarkozy
affirmed his wish to maintain France’s good relations with the
Kingdom. The president said his country would continue under his
leadership to recognize the Kingdom’s important position in the
Islamic world and its influential position in the global
economy. 'The world needs the Kingdom in order to achieve
peace,' said Sarkozy. 'The world needs the Custodian of the Two
Holy Mosques to find a way out of tension and clashes.'.." [more]
Saudi Water
and Power Plant Secures $3.44b Financing [Jun 22]
"A consortium of Suez Energy International, Gulf Investment
Corporation and the Arabian Company for Water and Power
Projects, has completed limited recourse financing for the
Marafiq Independent Water and Power Project (IWPP) in Jubail,
Saudi Arabia. A syndicate of 29 international, regional and
Saudi banks is providing loans of $3.44 billion to the project..
..'This is the largest project finance deal ever signed in the
power sector so far. It is a clear demonstration of our strong
commitment to both Saudi Arabia and the Middle East', said Dirk
Beeuwsaert, Suez Energy International's chief executive officer
in a statement sent to Gulf News.." [more]
Saudis Need
60b Riyals to Develop Industry [Jun 22]
"Saudi Arabia will require 60 billion riyals to finance the
programmes and projects of the national industry strategy (NIS),
Saudi government officials said yesterday. Dr Khalid Al Sulaiman,
the deputy minister of the ministry of commerce and industry for
industrial affairs, said NIS will positively contribute to
solving many problems and challenges that face Saudi industries
by creating industrial zones of international standards,
increase the output of existing industries, raise the rate of
Saudization and cut the number of expatriate workers. NIS is
currently under the consideration of Saudi Supreme Economic
Council.." [more]
WHO Survey
Soon to Be Completed [Jun 22]
"Two weeks remain until the World Health Survey that is taking
place in Saudi Arabia for the first time finishes. The survey
began four weeks ago, according to the Ministry of Health, and
included 5283 families or 50 percent of the randomly chosen
10900 families. 'The survey aims to give a clear picture of the
health of the Saudi population as well as the most common
genetic diseases in the country,'.. ..Some 147 teams are
collecting information for the survey.." [more]
Kingdom’s Mega
Cities Development Must Be in Stages: Economist [Jun 22]
"The development of four economic cities in the Kingdom should
proceed according to a phased plan to offset any negative impact
as a result of hastening the pace of the projects, Dr. John
Sfakianakis, chief economist of SAAB, told Arab News on
Wednesday. He said the government would have to work out the
projects schedule in consultation with contractors, since they
will need 1.3 million skilled and unskilled manpower when the
projects are scheduled to be completed by 2020. They should also
look into the demand and supply situation concerning the various
sectors to avoid any adverse impact.." [more]
~~~~~~~~ [ Jun
21 ] ~~~~~~~~~
Saudi King
Abdullah Arrives in France [Jun 21]
"Saudi Arabia's King Abdullah has traveled to France to discuss
major regional and international issues and ways of boosting
strategic ties.. ..Sarkozy, in a statement on the eve of the
royal visit, welcomed King Abdullah to France and is scheduled
to hold talks with the Saudi king at the Elysee Palace in Paris
today. French president would announce his country's support for
the Arab peace plan during the meeting, a spokesman said. The
peace plan was initially proposed by Abdullah when he was crown
prince and relaunched at the Arab summit in Riyadh earlier this
year.." [more]
US Senate
Clears Plan to Sue Opec [Jun 21]
" The US Senate on Tuesday approved a plan that would enable the
federal government to sue the Organisation of Petroleum
Exporting Countries (Opec) for price manipulation, but the White
House has threatened to veto the measure and opponents warned
Opec members could retaliate by turning off the taps. The bill
would revoke the sovereign immunity Opec members enjoy from US
legal action. It would allow the Justice Department to sue Opec
nations in US courts.. ..The bill's opponents admitted that it
was popular but warned that Opec nations - source of about a
third of the world's oil - could reciprocate and sue the US in
their courts.." [more]
Saudis Give
Museum of the Horse $2.35 Million [Jun 21]
"The Saudi Arabian Equestrian Federation is donating $2.35
million to the International Museum of the Horse at the Kentucky
Horse Park in Lexington for an exhibit during the 2010 Alltech
FEI World Equestrian Games. The federation will be the
presenting sponsor of the exhibition and film titled "A Gift
From the Desert: The Art, History and Culture of the Arabian
Horse." The donation is the museum's largest for an
exhibition.." [more]
Saudi, France
in Secret Helicopter Deal [Jun 21]
"The King of Saudi Arabia accompanied by a delegation of Saudi
Government officials is in secret talks today in Paris with the
French president Nicolas Sarkozy about plans to purchase several
military helicopters from a French firm. A spokeswoman for the
firm, Eurocopter, a division of EADS has exclusively revealed to
Arabian Business.com that the talks are the culmination of over
a year of negotiation with the Saudi ruler over plans to
purchase several of the NH90 and Fennec models of military
helicopter.. ..A spokeswoman for the firm, Eurocopter.. ..it was
not known whether the Saudi Arabian delegation was ready to make
its purchase but said that the high profile nature of the visit
could indicate that the time has come for the two parties to
seal a deal.." [more]
Naif Supports
Wider Role for Commission [Jun 21]
"Prince Naif Bin Abdul Aziz, Minister of Interior, said the
Commission for the Promotion of Virtue and Prevention of Vice
should play a wider role in society. 'The role of the Commission
is not confined to fighting depravity and bad conduct, but must
spread to cover other matters,' he said, addressing the first
open forum of more than 600 preachers and mosque imams in
Riyadh, Tuesday. 'We will enlighten our people to respect
members of the Commission rather than finding their minor
mistakes,' Prince Naif said. Some 26 Commission members were
detained last month over alleged custodial deaths of two people
in the Commission's Riyadh and Tabuk branches, which triggered a
public outcry to reform the Commission.." [more]
3 Commission
Members to Be Tried for Custodial Death [Jun 21]
"In the first such incident in the Kingdom, three members of the
Commission for the Promotion of Virtue and Prevention of Vice
will go on trial on Saturday for their involvement in the death
of a Saudi man in their custody at a commission center in Tabuk
three weeks ago. This is one of two cases involving the virtue
commission allegedly causing death of a Saudi.. ..An earlier
statement from the Governorate of Tabuk said that medical
reports showed that the man died of natural causes.. ..The
commission head and the Bangladeshi were cleared of any
wrongdoing but the other three men have been transferred to the
General Investigation and Prosecution Authority (GIPA) for
violations committed during the detention.." [more]
~~~~~~~~ [ Jun
20 ] ~~~~~~~~~
Merrill Lynch
Granted License to Operate in Kingdom [Jun 20]
"Merrill Lynch has received a banking license from the Capital
Market Authority (CMA) to operate in the Kingdom, where it will
offer a whole range of global markets, investment banking
products and wealth management solutions for high net worth
individuals. At a press conference held here yesterday, Ahmass
Fakahany, Merrill Lynch’s president and chief operating officer,
said the company will also extend its services in areas like M&A
advisory services, structured finance, equity and debt capital
market. It also has expertise in the field of Islamic banking, a
high growth area in this region.." [more]
Saudis Must
Pay More to Hire Indonesian Maids [Jun 20]
"In what seems another blow to the Saudi housemaids market,
Indonesia announced that its has increased the recruitment fees
of its housemaids who would work in Saudi Arabia, Saudi
officials said. The Indonesian move came a few weeks after the
Philippines decided to increase the monthly salary of its
housemaids who would like to work in the kingdom.. ..'This has
led to the increase of recruitment costs of a single housemaid
to 6,000 riyals, including 2,000 riyals fees collected by the
Saudi foreign ministry,' he said.." [more]
We Are
Committed to Fighting Corruption in Govt Offices [Jun 20]
"Saleh Al-Ali, head of the Commission for Monitoring and
Investigation, denied yesterday that some ministries were exempt
from the purview of the commission. 'The commission treats all
ministries and government departments alike without exempting
any of them from its investigations. The regulations enable the
commission to function without restriction or impediment. Its
work is transparent as well,' he said during his visit to the
commission’s Makkah office. Al-Ali said the commission had
implemented a new strategy for which royal approval had recently
been given. The strategy, he said, focused on eliminating the
corruption of government employees and guaranteeing their
honesty.." [more]
~~~~~~~~ [ Jun
19 ] ~~~~~~~~~
Abdullah Says
Mideast Crisis Will Engulf World [Jun 19]
"The Saudi king has warned of an impending "explosion" in the
Middle East.. ..'At this point in time we are exerting efforts
to solve this conflict, but we are witnessing an expansion of
the crisis to include other countries like Iraq and Lebanon," he
said. "This makes the region replete with troubles that pose
grave concerns for us. My fears are the fears of all reasonable
men that the explosive situation will not be confined to the
region but will extend to the whole world,' he said.." [more]
Saudi, Spanish
Firms Create bln Dollar Investment Fund [Jun 19]
"Saudi and Spanish firms have created a joint investment fund
worth one billion dollars to finance infrastructure projects in
the Gulf kingdom, the official SPA news agency said on Tuesday.
The announcement came on the second day of King Abdullah's visit
to Spain, the first official trip to the state by a Saudi ruling
monarch since 1980. Abdullah and Spain's King Juan Carlos
attended a ceremony to unveil the fund in Madrid. The Saudi
finance minister, Ibrahim al-Asaf, also took part and praised
the strong economic links between the two states.." [more]
Saudi Minister
Calls for Peace Among Palestinian Factions [Jun 19]
"Saudi Arabia's foreign minister called on warring Hamas and
Fatah to recommit to an accord the kingdom sponsored this year
to pave the way for a unity government that collapsed last week
when Hamas fighters seized control of Gaza.«We hope both parties
can recommit themselves to the commitments of Mecca. Prince Saud
al-Faisal said in Madrid, alluding to the accord reached in
February in the holy Saudi city that led to the creation of a
Palestinian unity government. He spoke after King Abdullah met
with Spanish Prime Minister Jose Luis Rodriguez Zapatero. The
minister said the Palestinians could not have Gaza run by one
faction and the West Bank by another.." [more]
Saudi
Benchmark Declines for 6th Day [Jun 19]
"Saudi Arabia’s main index resumed its decline yesterday,
falling for the sixth day in seven as companies including Prince
Alwaleed bin Talal’s Kingdom Holding prepared initial public
offerings.. ..In Saudi Arabia the index declined 1.49% to
6,870.60 points. All traded stocks, bar three, including Saudi
Electricity Co fell. Saudi Basic Industries Corp and Samba
Financial Group erased early gains.." [more]
~~~~~~~~ [ Jun
18 ] ~~~~~~~~~
Saudi King
Expresses Fear Middle East Conflicts Could Become Global [Jun
18]
"Saudi Arabia's King Abdullah, a key player in Middle East
politics, said he fears conflicts in the Palestinian
territories, Lebanon and Iraq could explode into a global one,
adding that his monarchy was making great efforts to reach
peace. 'My fears are similar to those of all sensible people,
that the continuation of all these conflicts will provoke an
explosion that will not be restricted to the region, but will
have global dimensions'.. ..Regarding the latest outbreak of
internal Palestinian violence, Abdullah said: 'I feel profoundly
hurt by what is happening in Palestine. We are in contact with
all the parties involved within the Palestinian community,'.." [more]
Riyadh Wants
Iran to Return Fugitive Terror Suspects [Jun 18]
"Saudi Arabia will activate the security agreement with Iran,
calling for Tehran to hand over wanted Saudi militias in Iran.
'We have a security agreement with the Iranian side and I have
repeated the request to Iran to hand over [the wanted ones] when
I met the Iranian ambassador [on Saturday] and we will work
together to activate the security agreement,'.. ..He said mutual
respect and realisation of responsibility make all parties
resort to logic, adding that the Gulf Cooperation Council (GCC)
states' relations with Iran would develop from better to best.."
[more]
Saudi Arabia:
Two Religious Courts to Try Terror Suspects [Jun 18]
"Interior Minister Prince Naif said that two religious courts
had been established in the Kingdom — one in Riyadh and one in
Jeddah — to speed up the trials of terrorist suspects who have
been apprehended in the country.. ..Prince Naif went on to say
that much remained to be done on the ideological side in the
Kingdom’s battle against terrorism. 'We need greater efforts
from religious scholars, sheikhs, thinkers and people working in
educational institutions,' he said. 'Unfortunately, these
efforts have not yet been seen and they need to happen as soon
as possible.'.." [more]
American
Writer Wins Libel Battle With Saudi Billionaire [Jun 18]
"After seven long months, on June 8, 2007, the Second Circuit
Court of Appeals breathed vitality into Rachel Ehrenfeld's case
against Saudi billionaire Khalid bin Mahfouz -- handing her
extraordinary lawyer, Daniel Kornstein (and associates) an
important victory -- and establishing a legal precedent that
henceforward affects every American writer and publisher. In
suing Mahfouz, Ehrenfeld asked the Federal Court to declare the
default judgment against her obtained by bin Mahfouz in
England's High Court -- concerning details of his alleged terror
financing in her U.S.-published book, "Funding Evil" -- as
unenforceable in the U.S., and contrary to the free speech
protections Americans enjoy.." [more]
A Saudi Snub
of Boeing? [Jun 18]
"Saudi Arabia appears ready to officially confirm a purchase of
up to four refueling tanker planes from European Aeronautic
Defense & Space (EADS) at the Paris Airshow, according to people
familiar with the matter. The announcement, which could come
this week, would raise further doubt about Boeing's (BA) ability
to compete against a team from Northrop Grumman (NOC) and EADS
North America to replace 179 aging U.S. Air Force refueling
tankers. For Boeing, the Saudi deal to purchase modified Airbus
A330s would represent another setback for a tanker program that
had been a sure bet until a lease scandal engulfed and tarnished
it four years ago. Since the scandal, the Chicago aerospace
goliath has yet to win an open competition in pitting its KC-767
Global Tanker against EADS's newer A330 version.." [more]
Saudi Shares
Recover [Jun 18]
"Saudi Arabia’s main index closed up for the first time in six
trading days yesterday as investors returned to the market after
a series of initial public offerings, a bourse analyst said.
Lenders including Banque Saudi Fransi led gainers. The benchmark
rose 1.64% to 6,974.46 points. Banque Saudi Fransi surged 4.74%
and Riyad Bank 6.32%. Samba Financial Group climbed 3.55%.
'People are coming back to the market after IPOs,' said Joe
Kassantini, chief executive of Riyadh-based Bourse Experts.
Small investors had sold bank and other stock to raise funds for
IPOs, driving the index down. The benchmark has lost 21% of its
value since touching a 2007 high on March 20.." [more]
Aramco's New
Refinery For Local Market [Jun 18]
"State oil company Saudi Aramco's new 400,000 barrel per day
(bpd) refinery at Ras Tanura will supply the rapidly growing
domestic fuel market, an Aramco spokesman said yesterday. 'The
refinery will provide for domestic fuel consumption, similar to
existing in-Kingdom wholly owned Saudi Aramco refineries,' the
spokesman said.." [more]
Foreign-Born
Women Married to Saudis Concerned Over New Citizenship Rule [Jun
18]
"Recent changes implemented to Saudi-naturalization rules have
foreign women married to Saudi men wondering if their marriage
ends up in divorce whether they’ll be left without a country to
call their own. Among the new rules implemented earlier this
year is a change to Article 16 that states the Saudi citizenship
of foreign-born women can be revoked if they divorce their Saudi
husbands. Since the Saudi rules also require these women to give
up citizenship to their native homeland in order to become
naturalized Saudis, these women feel like they could end up in a
real quandary should their marriages end in divorce.." [more]
Plan to Set Up
War College Next Year [Jun 18]
"Crown Prince Sultan yesterday announced Saudi Arabia’s plan to
establish a war college next year. “We’ll provide details about
the college after Custodian of the Two Holy Mosques King
Abdullah’s approval, which will be given two months later,” he
said. Prince Sultan was talking to reporters after attending a
graduation ceremony at the Command & Staff College in Riyadh. He
said officers who have received war college certificates would
be given the responsibility of setting up the new college.
Earlier, an official statement said that Prince Sultan had
donated SR5.6 million for a national project to prepare books on
Islam and Saudi Arabia and distribute them free of charge. 'This
international book project aims at promoting cultural
understanding and presenting a true picture of Islam and Saudi
Arabia,'.." [more]
~~~~~~~~ [ Jun
17 ] ~~~~~~~~~
King’s Visit
to Be ‘a Turning Point’ in Spanish Ties [Jun 17]
"Custodian of the Two Holy Mosques King Abdullah begins a
five-nation tour tomorrow with a two-day visit to Spain. The
king’s Madrid talks are expected to focus on Middle East peace,
Iraq and Lebanon as well as ways of strengthening bilateral
ties. This is Abdullah’s first visit to Spain since becoming
king in August 2005.. ..“King Abdullah’s visit will be a turning
point in political and economic relations between the two
countries and between Spain and the Arab world,” the ambassador
said, adding that the visit would witness the signing of several
agreements including one for the avoidance of double taxation.."
[more]
Saudi Pledges
$12 Million in Aid for North Lebanon Camps [Jun 17]
"Lebanon’s Prime Minister Fouad Siniora has announced that the
kingdom of Saudi Arabia has pledged $12 million in aid for
Palestinians in north Lebanon's Nahr al-Bared and Beddawi
refugee camps. "Saudi King Abdullah will donate $10 million and
the amount could increase to $12 million" depending on the
number of families at the camps, Siniora said.. ..The U.N.
Relief and Works Agency (UNRWA) said earlier this month that it
was launching an urgent appeal for $12.7 million to address the
needs of the thousands of Palestine refugees displaced by the
fighting between Fatah al-Islam militants and the Lebanese army
in and around Nahr al-Bared.." [more]
Global
Approved to Operate in Saudi Arabia [Jun 17]
"Global Investment House "Global" announced today it received
license to operate in Saudi Arabia, a leap in the company's
expansions strategy across regional markets. Global Investment
House Saudi Arabia, Global-Saudi as it will be known, is a Saudi
joint stock company with a capital of 50 million Saudi Riyals.
The new company is a fully fledged investment bank set to carry
out various financial services such as; the establishment and
management of investment funds, portfolio management,
International brokerage, private and public placement,
underwriting, advisory, dealings as a principal and as agent,
and custody. Global currently operate in 14 countries.." [more]
Saudis to
Spend SR70bn on Foreign Tourism This Year [Jun 17]
"Some 4.5 million Saudi tourists would spend nearly SR70 billion
on foreign tourism this year, an increase of 40 percent against
the preceding year, amid Saudi riyal’s low exchange rate, market
analysts said.. ..According to Dr. Nasser Al-Tayar, general
manager of Al-Tayar Travel & Tourism, Malaysia is the favorite
destination of Saudi tourists in Asia. “For many, Egypt is the
favorite destination in the Arab world and all the flights to
Egypt are fully booked until mid-August,” he said. Al-Muhaideb
said Switzerland is the number one destination of Saudi tourists
in Europe.." [more]
Challenging
the Gender Factor [Jun 17]
"For some women it is the bureaucratic barriers that have to be
tackled when they attempt to get licences or register companies
in male-dominated business sectors.. ..Setting up a business in
the Middle East is a tough exercise for both sexes because of
cumbersome bureaucracies, the high level of start-up capital
required and poorly functioning judiciaries and regulatory
frameworks. But for women operating in traditionally
conservative societies the challenges can be exacerbated by
age-old discrimination and prejudices.." [more]
Saudi Arabia
Donates Two Ferries to Egypt [Jun 17]
"The Kingdom of Saudi Arabia will soon give the Egyptian
government two new ferries worth SR600 million to support sea
transportation between the countries.. ..The two ferries, along
with others, will primarily transport Egyptian Haj and Umrah
passengers. The ferry traffic annually between Egypt and Saudi
Arabia is around 3 million.." [more]
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