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~~~~~~~~ [ Aug 11 ] ~~~~~~~~~
Mideast Risks Fuel Oil Crunch, says IEA [Aug 11]
"The International Energy Agency yesterday warned that the Middle East runs the risk of becoming a net importer of
fuel oil at precisely the time worldwide output of the product could diminish. Fuel oil demand in the region, which
sits on nearly three-quarters of the world’s proven reserves of crude oil, has reportedly spiked on the back of hefty
power generation requirements as gas supplies become insufficient to meet electricity demand.. ..For some countries,
such as Kuwait, Saudi Arabia or Iran, turning to fuel oil for power generation may make economic sense, especially
where power plants are close to refineries.." [more]
Group of Pilgrims Seeks Trial of Muttawa [Aug 11]
"A group of British and US Shia Muslims said yesterday the Saudi religious police they accuse of beating them in the
holy city of Makkah should be put on trial abroad. The eight male pilgrims, all of Iraqi descent, said they were
beaten and detained overnight on Sunday by the Saudi Muttawa, or religious police, because of their nationalities and
the fact they were holding Shia-style prayers. Saudi embassy officials were not immediately available for comment.
Saudi-owned newspaper Asharq al-Awsat quoted Ghazi al-Usaimi, deputy police chief at Makkah’s Grand Mosque, on
Thursday as denying any truth to reports about the incident.." [more]
Liberal Internet Forum Blocked, Says Activist [Aug 11]
"A Saudi political reform activist said on Thursday the authorities had blocked his internet forum as part of a wider
crackdown on freedom of expression in Saudi Arabia. 'I want to put government bodies and public opinion in our country
before the facts of how certain elements are infringing human rights,' Ali Al Dumaini said in a statement published on
blog sites.Dumaini, who was jailed in 2005 along with two other activists for campaigning for political reforms, said
his 'Dialogue and Creativity' forum had discussed issues of human rights, tolerance and democracy.."
[more]
Saudi Arabia Tops World in Take-Home Pay [Aug 11]
"While senior executives in the Gulf see the UAE as the most desirable place to work due to its liberal lifestyle, it
is Saudi Arabia where they can have more disposable incomes. However, both Saudi Arabia and the UAE topped the list of
places that offer managers the highest purchasing power, according to a recent survey by consultancy firm Hay Group.
'Managers in Saudi Arabia and the UAE enjoy soaring levels of take-home pay, as employers in this region pay more
attention to cash rather than performance-based incentives,'.. ..Top executives in Saudi Arabia enjoyed annual
disposable incomes of $229,325 compared to $223,939 for their counterparts in the
UAE.."
[more]
Speculation to Dominate Middle East Markets [Aug 11]
"Saudi shares resumed their upward trend last week, apparently buoyed by the strong performance of blue chips in the
first six months of the year. The Tadawul All-Share Index (TASI) climbed 2.34 percent, closing at 7,715.62 points up
from 7,538.94 points in the previous week. Still TASI is 2.7 percent lower than the year’s start. The Riyadh-based
Bakheet Financial Advisors (BFA) report attributed the rise mainly to the midyear results of the telecom sector and
the “growth potential of telecom companies, especially plans by the Saudi Telecom Company
(STC) to expand its
operations to new markets outside the country.." [more]
~~~~~~~~ [ Aug 10 ] ~~~~~~~~~
Saudi Arms Sale Likely to Draw, and Repel, Fire From Congress [Aug 10]
"President George W. Bush's plan to sell $20 billion in weaponry to Saudi Arabia and five other Persian Gulf states is
almost certain to draw congressional fire -- and just as likely to survive it. Lawmakers will probably acquiesce to
the deal, after playing a role in shaping its final terms, because Israel isn't opposing it outright and Bush's aides
have cast it as a move to deter Iranian interference in the oil-rich Gulf.. ..While most such deals have been
controversial -- most memorably when President Ronald Reagan proposed selling sophisticated AWACS reconnaissance
planes in 1981 -- Congress has never vetoed one.." [more]
Saudi Media Influencing Arab Opinion [Aug 10]
"Saudi Arabia has extended its influence over pan-Arab media to try to counter opposition political movements that
challenge the US-allied monarchy, a Saudi media mogul said this week. Using its oil wealth, Saudi Arabia has built up
a vast media empire since the early 1990s that filters out criticism of Saudi domestic and foreign policy and floods
Arab audiences with music videos, Hollywood films and soft-focus apolitical Islam..
..Dawood al-Shirian, Saudi Arabia
manager of the Saudi-owned MBC television and radio network, defending Saudi influence. 'This (media influence) has
played a role in opening up the Arab world and revealing the falseness of some ideologies such as Arab nationalism,
the Left and political Islam,'.." [more]
Saudi Oil Stock to be Steady, Say Sources [Aug 10]
"Saudi Arabia, the world's top oil exporter, will keep its crude oil supply curbs steady to customers in Japan and
Europe in September from August, industry sources said yesterday. The steady volume indicates the largest producer in
the Organisation of Petroleum Exporting Countries is keeping a lid on output and raises expectations that Opec's
September 11 meeting will not alter supply policy.. ..In monthly notices, state oil firm Saudi Aramco said it would
continue to supply Asian lifters with around 10 per cent less than their full contractual volume, as it has since
April, two sources in Japan said. Sources at three European oil refiners also said supply would be unchanged.."
[more]
Kingdom Sends $50m in Aid to Bangladesh [Aug 10]
"Custodian of the Two Holy Mosques King Abdullah ordered the Ministry of Finance yesterday to provide immediate
assistance of $50 million to Bangladesh that suffered huge losses in terms of human life and property in the recent
floods. The aid will also include airlifting of medical relief, basic requirements and food in coordination with the
Saudi Red Crescent Society, and cooperation of the humanitarian organizations and the government of that country.."
[more]
SEC Awards Major Contract to Hyundai [Aug 10]
" Saudi Arabia has awarded an SR383 million contract to South Korean giant Hyundai Engineering and Construction Co.
(HDEC) to build power transmission lines in the eastern region.. ..HDEC is currently executing SR5 billion worth of
projects in the Kingdom. Major ongoing jobs include a sub-station project, four transmission line projects and a gas
processing plant. In fact, the HDEC has emerged as a giant on engineering and technology front, providing
comprehensive construction services for roads, bridges, subways, dams, and reclamation and harbor projects.."
[more]
~~~~~~~~ [ Aug 9 ] ~~~~~~~~~
Police Detain 135 Suspects in Mecca [Aug 9]
"Saudi police have detained 135 suspected sympathisers of Islamist militants in the holy city of Mecca, a Saudi
newspaper says. The men of different nationalities were picked up in a security sweep of the city, home to Islam's
holiest site, the semi-official al-Riyadh daily said. Investigations were under way to establish if they had any links
to wanted militants.. ..Authorities arrested 172 men earlier this year accused of forming militant cells around the
vast desert country, which is the world's biggest oil exporter.." [more]
Saudi Embassy Unaware of Any Bar on Sharifs' Return [Aug 9]
"Contrary to Pakistan's claims, the Saudi Embassy here has expressed its complete ignorance about the presence of any
accord between Islamabad and Riyadh, barring deposed Prime Minister Nawaz Sharif from entering the country before the
'ten-year exile'.. ..Even according to a document signed by Sharif before he was sent to Jeddah, none of the details
of the "deal" which the government claimed was entered between Sharif, Musharraf and the Saudi royals about his
'ten-year exile' along with his family existed on paper.." [more]
BAE in $41bn Saudi Arms Deal [Aug 9]
"British defence contractor BAE Systems is to build and supply 72 Eurofighter Typhoons as part of a £20 billion ($41
billion) contract with Saudi Arabia expected to be signed by the UK’s Ministry of Defence within a month. Negotiators
are working towards the agreement for the government-to-government contract called
Al-Salam, or ‘Peace’, before the
month of Ramadan starts in mid-September.. ..The Typhoons will replace the Tornados bought by Saudi Arabia as part of the
Al-Yamamah oil-for-arms deal. This was arranged by former British Prime Minister Margaret Thatcher in 1984 and has
been worth £43 billion to BAE, Europe’s largest defence company. The UK shut down a Serious Fraud Office
(SFO) investigation into allegations of corruption in Al-Yamamah last December.."
[more]
Egypt’s EFG-Hermes Sees Saudi Stocks Rising [Aug 9]
"Egyptian investment bank EFG-Hermes, which manages about $2 billion of assets in Arab equities, said it plans to
increase its allocation to Saudi Arabia, betting record oil prices will spur profits and shares. EFG increased its
allocation to the world’s largest oil exporter to 15 percent from nothing at the start of the year.. ..'We’re very
interested in Saudi Arabia,' Montasser said yesterday. 'We’re ramping up our coverage of that market. There are very
few institutional players there.' EFG favors Saudi Telecom Co. and smaller rival Etihad Etisalat
(Mobily), as well as
banks including Al-Rajhi Bank, Montasser said.." [more]
Saudi Telecom to Borrow $1.6bn [Aug 9]
"Saudi Telecom Company (STC) said yesterday it had agreed to borrow six billion riyals ($1.6bn) to help finance its
purchase of a 25 per cent stake in Malaysia's Maxis. The murabaha facility was agreed with Samba Financial Group,
Riyad Bank, National Commercial Bank, and Al Rajhi Banking & Investment Corporation, STC said. Murabaha is where a
lender buys a commodity and sells it to a customer at a higher price, locking in profit. The facility would "finance
part of the strategic partnership agreement with the main shareholders of Maxis ... the rest would be financed from
the company's own resources'.." [more]
KAUST, French Institute Agree Research Collaboration [Aug 9]
"Saudi Arabia’s newly founded King Abdullah University of Science and Technology
(KAUST) and France’s prestigious
Institut Français du Pétrole (IFP) have signed a Memorandum of Understanding
(MOU) to collaborate on world-class
research programs, graduate education and technological development for the benefit of their respective countries and
the world at large.. ..The agreement.. ..will lead to further agreements to work jointly on transport energies and
materials, as well as joint efforts to find innovative solutions for more efficient, more economical, cleaner and
sustainable energy sources and materials.." [more]
~~~~~~~~ [ Aug 8 ] ~~~~~~~~~
Iraq Calls on Saudi, Syria to do More on Security [Aug 8]
"Iraq urged its neighbours on Wednesday to stem the inflow of fighters crossing their borders to join insurgents in
Iraq or risk a spillover of militancy in the region. 'Terrorism is going to spread to your territories because you are
not helping enough,' head of Iraqi Military Intelligence Hussein Kamal told an international security meeting on Iraq
in the Syrian capital. 'We want more help from our neighbours, especially Saudi Arabia and Syria, who have suffered
from crimes linked to insecurity in Iraq,' he said, in reference to Islamist militant attacks in the two neighbouring
Arab states.." [more]
Saudi Says Palestinian State Must Be Viable [Aug 8]
"Saudi Arabia voiced support yesterday for a US-sponsored Middle East peace conference and said a future Palestinian
state should be “viable” on contiguous territory, apparently backing Washington’s stand on the issue. Washington backs
Israel in its rejection of a withdrawal from all of the lands it occupied in the 1967 Middle East war, and Saudi
Foreign Minister Prince Saud al-Faisal appeared to endorse that position in a statement that did not call for full
withdrawal but used US language about a “viable” state.." [more]
UN Seeks Saudi Help In Fighting Terror [Aug 8]
"In a recent letter to Saudi authorities, a UN monitoring team has expressed desire to obtain information on the
Kingdom's special anti-terrorism program, aimed at protecting people from being influenced by
Al-Qaeda ideology..
..Richard Barret, coordinator of the monitoring team of Sanction's Committee, which was formed as per Security Council
resolution No. 1267, expressed his desire to study the Saudi model so that it could be used to help other countries
facing identical issues.." [more]
Saudi Arabia Sending Mission to Reopen Embassy in Baghdad [Aug 8]
"Saudi Arabia said yesterday it would send a mission to Iraq next week to work out arrangements for reopening its
embassy in Baghdad. “The mission will go to Iraq next week to look into the situation there and the opening of an
embassy in Baghdad,” Foreign Minister Prince Saud Al-Faisal told reporters in Jeddah yesterday. “The opening of a
Saudi Embassy in Baghdad will be a positive element in improving relations between the two countries,” Prince Saud
said.." [more]
Saudi Science University in Head Hunt [Aug 8]
"A worldwide search is underway for a founding president for King Abdullah University of Science and Technology. The
university, which is being built 80 km north of Jeddah on Saudi Arabia's Red Sea coast, aims to be a global leader in
research into energy, environmental sciences, computing, mathematics and engineering. The facility will have the
financial backing of one of the world's largest university endowments from King Abdullah, and will be governed by an
independent board of trustees that is expected to attract the scientific community's brightest minds.."
[more]
Saudi Index Leads Gulf Bourses [Aug 8]
"Value buying of bluechip shares helped most Gulf markets close higher yesterday, led by Saudi Arabia, the largest
regional bourse. Only Doha ended in the red. Saudi shares extended gains to the sixth consecutive session, ending up
0.6% at 7750.7, led by banking stocks. Al Rajhi led risers, up 2.9% at 80.25 riyals. Saudi Electricity bolstered the
gains, while telecom stocks were down on profit-taking.." [more]
~~~~~~~~ [ Aug 7 ] ~~~~~~~~~
Saudi Mission to Iraq Next Week [Aug 7]
"Saudi Arabia said on Tuesday it will send a mission to Iraq next week to work on arrangements for the reopening of
its embassy in Baghdad, more than four years after the US-led invasion.. ..The reopening of the embassy would mark a
new stage in ties between the Sunni authorities in Riyadh and the Shiite-led government in Baghdad. Iraq reopened its
embassy in Saudi Arabia last February. It had been closed in December 1990 on the eve of the 1991 Gulf War over Kuwait
when ties were broken off by Saddam Hussein's regime. The two countries restored diplomatic relations in July 2004.."
[more]
S. Korea Seeks Saudi Help in Afghan Hostage Crisis [Aug 7]
"As part of efforts to secure the release of the 21 Korean hostages held by the Taleban in Afghanistan, the South
Korean government has asked Saudi Arabia to exert whatever influence it can. Seoul has asked if it is possible for
religious scholars in the Kingdom to issue fatwas (religious edicts) or statements denouncing the Taleban’s action in
kidnapping the South Koreans and holding them hostage.. ..The Korean diplomat said he believed an official message
from the government of Saudi Arabia, particularly from official religious bodies, could have an impact and help the
situation.." [more]
Saudi Religious Police Arrest Man for Helping His Neighbor [Aug 7]
"Members of Saudi Arabia's controversial religious police have arrested a Nigerian man who converted to Islam for
being alone with a woman he was not married to or related to. It happened after the African man helped the sick woman
by taking her to hospital.. ..Arab News reported that Ibrahim Mohammed
Lawal, a Nigerian student of Islam in Riyadh,
learned that his 63-year-old neighbor was in need of medical attention and took her to hospital. While checking on her
condition several days later, he was arrested by members of the plain-clothed vice squad, known in Arabic as the
muttawa or muttaween. The reports said the man, who had been in custody for "50 days and counting," said all he wanted
to do was to return to his home country.." [more]
J. Ray McDermott Awarded Long Term Agreement by Saudi Aramco [Aug 7]
"J. Ray McDermott, S.A. has been awarded a seven-year project by Saudi Aramco to provide engineering, procurement,
construction, and installation for the Offshore Maintain Potential Program in Saudi Arabia. The project is known in
the industry as the 'Long Term Agreement' or 'LTA'. 'We have worked in Saudi Arabia and the Middle East for more than
45 years, and this is the largest project we’ve ever undertaken for Saudi
Aramco,' said Bob Deason, Chief Executive
Officer of J. Ray. 'Saudi Arabia has significant plans to increase oil production to meet the world’s rapidly growing
energy demand and our contribution in developing the facilities under the LTA will play a vital role in helping Saudi
Aramco meet that commitment.'.." [more]
Saudi Leads Gulf Bourses Higher [Aug 7]
"Shares in Saudi Arabia, the Gulf's largest market, led six out of seven regional bourses higher yesterday. Only
Qatari stocks ended slightly down. Volumes have fallen across most markets as investors take a summer break, drying
out liquidity.. ..Shares in Saudi Arabia, the worst performing Gulf market so far this year, closed up 1% to 7703.84
on value buying in blue chips, extending gains for the fifth consecutive session on the back of telecom stocks and Al
Rajhi bank.." [more]
English for Fourth Grade [Aug 7]
"In an experimental project, the Ministry of Education is to introduce the teaching of English to fourth grade
students in eight primary schools in Buraidah. Presently, Saudi public schools begin teaching English in the sixth
grade.. ..The Ministry of Education has agreed to run the project on a trial basis before possible introduction to
primary stage classes in all Saudi schools. Fourth grade primary pupils will learn English in these eight schools from
the beginning of the next academic year.. ..The Ministry of Education made a contract five years ago with the
Macmillan Publishing Company through its local agent to design a new book for the fourth elementary grade.."
[more]
New TV Channel Aims to Confront Cultural Invasion [Aug 7]
"A new social affairs and marketing channel, Al-Motahadeth, was launched in Riyadh recently.. ..Announcing the launch
of Al Motahadeth, Al-Abdullateef said that the new venture was a response to the cultural invasion by foreign channels
in the wake of the rapid expansion of electronic media that he felt were contributing to the decline in Saudi moral
standards and deeply held beliefs. The channel will carry preferential marketing offers for holders of the
Al-Motahadeth card.." [more]
~~~~~~~~ [ Aug 6 ] ~~~~~~~~~
Rice Promises Substantive Mideast Conference [Aug 6]
"U.S. Secretary of State Condoleezza Rice says there is a consensus among potential participants that the conference
on the Israeli-Palestinian conflict she is to host this autumn must be substantive.. ..Rice acknowledges that a
two-state solution to the Israeli-Palestinian conflict will be hard to achieve in the 17 months remaining in the Bush
administration. But she is promising intensive U.S. efforts to spur the peace process, including multiple trips to the
region to lay groundwork for the conference, proposed by President Bush in his Middle East policy statement July 16..
..She achieved a potential breakthrough in Jeddah when Saudi Arabian Foreign Minister Price Saud al-Faisal said his
government would seriously consider attending, if the meeting was substantive.."
[more]
OIC-IDB Mission to Visit Darfur [Aug 6]
"A joint mission by the Organization of the Islamic Conference (OIC) and the Islamic Development Bank
(IDB) is heading
to Darfur, Sudan, on Aug. 10 to provide emergency humanitarian relief at a cost of $1 million.. ..The ten-day mission
will travel to Khartoum first and then to Darfur to provide needed medicine, food and other items for the refugees and
people of Darfur. While in Khartoum, the mission will discuss with Sudanese authorities organizing an OIC
international donors’ conference in aid of Darfur.." [more]
New Mortgage Law Set to Boost Saudi Arabia's Housing Market [Aug 6]
"Saudi Arabia's housing market is all set to boom as the Kingdom has geared up to introduce the long-awaited mortgage
financing law by the end of this year or early next year. The availability of housing finance will add momentum to
rising demand growth, which over the past few years, has been driven by robust economic performance, increasing
personal income and Kingdom's population dynamics and demographic trends.. ..the Saudi housing finance market is
currently nonexistent, mainly due to the absence of a mortgage system governing property ownership, specifically
property repossession, enforced eviction and assets liquidation in the case of delinquency.."
[more]
Saudi Market Capitalization Rises to SR1.28 Trillion in July [Aug 6]
"The Saudi stock market made hefty gains in July and it looks like the bourse has slowly and steadily started its
upward momentum after a major downturn. After dropping 52.53 percent in 2006, the Tadawul All-Share Index
(TASI) is
still down 3.82 percent so far this year. According to the Saudi Stock Exchange
(Tadawul) report for the month of
July, which was released on Saturday on its website, TASI closed at 7,534.05 points at the end of July, up 564.33
points or 8.10 percent over the previous month. On a year to date (YTD) basis the index declined by 5.03 percent.
Highest close level for the index in July was 7,633.54 as on July 25.."
[more]
~~~~~~~~ [ Aug 5 ] ~~~~~~~~~
Rice Defends U.S. Arms Sale to Saudi Arabia [Aug 5]
"U.S. Secretary of State Condoleezza Rice defended on Sunday the Bush administration's decision to sell military
equipment and technology to Saudi Arabiato guard against alleged threat from Iran. In an interview with Fox
television, Rice rejected the saying that Saudi Arabia has not done enough to support the U.S.-backed government in
Iraq, insisting that 'I think we have good cooperation.' 'We want all states to do more. But it makes no sense to
leave our longtime strategic ally undefended in a region in which Iranian and other challenges are brewing,' she
added. Rice made the remarks after she returned home Friday from a four-day Middle East trip.."
[more]
Britons Released After Saudi Row [Aug 5]
"A group of British Muslims who were held after an incident at the Great Mosque in Mecca have been released by Saudi
religious police. British Islamic group says seven Britons and one American were detained. A spokesman for Islamic
group SAVEIT said the arrests were made after police became involved in a debate over religious practice. The UK
Foreign Office said it was assisting the Britons who were released on Sunday morning.. ..The group - which is called
Shiite Muslims Against Violence Extremism and International Terrorism - was founded by Muslims wanting to show
opposition to violence. Mr Taki said Saudi police had accused the Britons and the American of being "infidels" who were outside Islam.." [more]
Saudi Credit Card Loans Surge 69pct [Aug 5]
"First-quarter loans on credit cards rose 68.7 per cent in Saudi Arabia from a year earlier while consumer loans fell,
data from the central bank showed yesterday. Saudi Arabia was the Middle East's most profitable credit card market,
according to a study by UK-based Lafferty Group, accounting for a third of bank earnings from their credit card
businesses in Middle East last year. Loans on credit cards rose to 7.9 billion riyals ($2.1bn) in the three months to
March 31 from 4.68bn riyals a year earlier, according to data published by the Saudi Arabian Monetary Agency
(Sama), or central bank. Consumer loans fell 1.9 per cent to 180.5bn riyals in the same period.."
[more]
Haj Pilgrims Begin Arrival on Oct. 21 [Aug 5]
"The first Haj pilgrims this year will begin arriving on 10 Shawwal (Oct. 21), according to Deputy Haj Minister Hatim
Ghadi. At least 1.5 million pilgrims are expected to arrive from abroad. The five-day Haj is tentatively set to begin
on Dec. 17, depending on when the full moon is sighted. Arafat Day, which is the second day (the climax) of the
Haj, is tentatively scheduled for Dec. 18.." [more]
Investments in Yanbu Top SR50bn [Aug 5]
"An economic report issued by the Royal Commission for Jubail and Yanbu said industrial investments in Yanbu had
crossed the SR50 billion mark and would reach SR71 billion by next year. “The investments in the private commercial
and housing projects reached SR5.2 billion thriving under the favorable economic atmosphere in the Kingdom,” the
report added.." [more]
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