Saudi-US Relations Information Service

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Saudi Arabia: Reformer Released for Health Reasons [Sep 22]
"A Saudi reformer has been released apparently for health reasons after petitions to free 10 detained in February, but two others have been put on trial in a different case, lawyers and colleagues said on Saturday. Essam al-Basrawi was freed on Thursday, his lawyer Bassem Alem told Reuters. He said it was not clear why the authorities let Basrawi go. A rights activist who asked not to be named said Basrawi's release was probably temporary and for health reasons. He is confined to a wheelchair and was recently diagnozed with cancer. Basrawi, a lawyer known for his political reform work.." [more]

Saudi Stocks Stable Ahead of 3rd Quarter Results [Sep 22]
"Volatile trading and low volume continued to characterize the Saudi stock exchange last week, and the Tadawul All-Share Index (TASI) gained 0.99 percent, closing at 7,885.52 points up from 7,807.87 points in the previous week. According to the weekly report of the Riyadh-based Bakheet Investment Group (BIG), 'The market’s performance was relatively stable as investors awaited the third quarter corporate results.' The report further said: 'Most blue chips showed a fairly sound performance while the telecommunications sector gained 4 percent, retrieving some of its losses suffered during the last two weeks,'.." [more]

Saudi Riyal Hits 21-Year High [Sep 22]
"Saudi Arabia's dollar-pegged riyal surged to a 21-year high against the US currency last week after the world's largest oil exporter said it would hold back from matching a US interest rate cut. Speculation the kingdom may ditch its peg to the dollar has fuelled a frenzy of riyal buying which has pushed the currency's spot rate to 3.7405 Saudi riyals, the highest since December 1986.. ..Saudi Arabia has pegged its currency to the dollar at the same value since 1986 and has rarely moved out of step with US interest rate movements.." [more]

Expat Doctors Have to Quit After 20 Years’ Service [Sep 22]
"Health Minister Dr. Hamad Al-Manie has decided not to renew contracts of foreign doctors who have completed 20 years of service, Al-Jazirah Arabic daily reported yesterday. 'The Health Ministry has banned foreign doctors who have completed more than 20 years service in the Kingdom from practicing the profession,' .. ..The new decision aims at creating job opportunities for qualified Saudi doctors. Many Saudi doctors have returned to the Kingdom after completing higher studies in foreign countries. There are more than 43,000 doctors at private and public hospitals in the Kingdom and about 78 percent of them are expatriates.." [more]

Shell, Saudi Venture to Build Top U.S. Refinery [Sep 21]
"Royal Dutch Shell and Saudi Aramco on Friday said they would go ahead with a $7 billion expansion of the Port Arthur, Tex. refinery that would create the largest U.S. refinery and one of the biggest worldwide. The plan is to expand the refinery's capabilities by 325,000 barrels a day, resulting in a refinery with a throughput capacity of 600,000 barrels a day, according to a statement from Motiva Enterprises, the jointly held unit of Shell and the state-owned Saudi Aramco. Motiva said the expansion is the equivalent of building the first new refinery in the U.S. in more than 30 years. It expects the capacity to be online in 2010.." [more]

Saudi Arabia Elected to IAEA Board of Governors [Sep 21]
"Saudi Arabia has been elected to the 35-member International Atomic Energy Agency (IAEA) Board of Governors for 2006-2007. The election was held yesterday at the IAEA’s 51st Annual General Conference in Vienna, Austria. Also elected to the board were Albania, Algeria, Ecuador, Ghana, Iraq, Ireland, Lithuania, Mexico, Philippines, and Switzerland.." [more]

Web Chat to Give Insight About American Muslims [Sep 21]
"Ramadan is a month of fasting, prayer and supplication for Muslims worldwide. In efforts to allow people — Muslim and non-Muslim alike — to get a better look at how American Muslims observe the holy month, a web chat will be held on Sept. 26 at 10 a.m. EDT (14:00 GMT). The web chat will feature Seema Matin, a public diplomacy officer for the US Department of State. Matin will discuss what life is like in America for Muslim women, who choose to wear the hijab, and how she and others are marking the festive season.." [more]

Kingdom Factory Investment Hits SR306bn in Q1 [Sep 21]
"The number of factories in the Kingdom reached 3,808 in the first quarter of 2007, with a total capital of SR306 billion, a statistical report published by the Ministry of Commerce and Industry said yesterday. These factories employ 415,000 workers, the report added. The statistics showed that the largest industrial ventures are in the manufacturing, chemicals and plastic products sectors, followed by ceramics, construction materials, textiles, metal products, equipment and foodstuffs. The value of the Kingdom’s industrial exports in 2006 stood at SR79 billion for non-oil products that were exported to more than 120 countries.." [more]

US Envoy: Let’s Stay Together [Sep 21]
"On behalf of the people of the United States of America, I would like to offer congratulations to Custodian of the Two Holy Mosques King Abdullah and the people of the Kingdom of Saudi Arabia on the occasion of your national day. For over sixty years, the United States and the Kingdom of Saudi Arabia have enjoyed a relationship founded on mutual respect and common interests. This relationship between two great countries is long-lasting and deep, and it becomes stronger everyday.." [more]

Dollar Plunges on Fears Saudis Might Drop Peg [Sep 20]
"The dollar fell sharply across the board Thursday, hitting a new all-time low against the euro and parity with its Canadian counterpart, as lower U.S. interest rates and a report that Saudi Arabia might be signaling the end of its currency "peg" put the greenback under heavy pressure.. ..'Saudi Arabia has refused to cut interest rates in lockstep with the U.S. Federal Reserve for the first time, signaling that the oil-rich Gulf kingdom is preparing to break the dollar currency peg in a move that risks setting off a stampede out of the dollar across the Middle East,' the Daily Telegraph report said. But Marc Chandler, currency strategist at Brown Brothers Harriman, said speculation that Saudi Arabia may abandon its the peg between its riyal and the dollar and reduce its holdings of dollars seems unfounded.." [more]

Saudi Views on Driving Ban [Sep 20]
"Saudi Arabian citizens comment on a petition urging the king to overturn their country's ban on women driving.. ..Even if there were a law enabling women to drive, society itself would reject the women who did so. It's a taboo that has been ingrained in Saudi society. It's not just a legal issue, but a social tradition. Saudi households would reject the idea.. .. I have already taught my wife and most of my daughters how to drive. We go outside the city and drive there. In the Bedouin areas, women drive around, no problem. The Bedouins are far away from any sort of control. I teach in a university and students who come from there tell us about it.." [more]

BAE Sued by U.S. Pension Fund Over Saudi Bribe Claim [Sep 20]
" BAE Systems Plc, Europe's biggest defense contractor, is being sued by a Michigan pension fund over allegations that BAE spent more than $2 billion bribing Saudi Arabian officials to win business. City of Harper Woods Employees' Retirement System, which owns less than 10,000 of BAE's 3.57 billion shares, accuses BAE directors of breaching their fiduciary duty in a shareholders derivative claim filed yesterday in Washington. The U.S. Justice Department is separately investigating alleged corruption tied to Saudi weapons purchases from BAE.." [more]

Boeing Awarded $49.2 Million Contract to Upgrade Saudi AWACS Fleet [Sep 20]
"The Boeing Company [NYSE: BA] has been awarded a $49.2 million contract, including options, to upgrade communications aboard Saudi Arabia’s fleet of five E-3 Airborne Warning and Control System (AWACS) aircraft. The U.S. Air Force Electronic Systems Center, Hanscom Air Force Base, Mass., awarded the contract under a foreign military sales agreement. The enhancement, known as Link 16, is a secure, jam-resistant, digital data link that allows military aircraft, ships and ground units to exchange their tactical pictures in near real time. Link 16 also supports the exchange of text messages and imagery data and provides additional channels for digital voice.." [more]

Aramco Celebrates 75th Anniversary [Sep 20]
"Saudi Aramco on Tuesday announced a year-long program of exciting celebrations throughout Saudi Arabia and various countries around the world to mark the company’s 75th Anniversary in 2008 under the theme 'Energy for Generations'. A significant focus of the anniversary will be the role Saudi Aramco plays in contributing to the economic development of the Kingdom of Saudi Arabia and in global economic stability.. ..Al-Naimi, minister of Petroleum and Mineral Resources, said: 'I am already experiencing all the joys of preparing for and anticipating the company’s 75th anniversary of the signing of the Concession Agreement in 1933 when the Kingdom’s founder, the late King Abdul Aziz, gave the nod to his minister of finance, Sheikh Abdullah Al-Sulayman, to sign the articles of agreement.' 'This far-seeing decision ushered in the historic Saudi oil and development legacy, which thrust the Kingdom onto the world stage and ultimately made it an influential global force,'.." [more]

Lebanese PM Meets Saudi King Ahead of Key Vote [Sep 19]
"Lebanese Prime Minister Fuad Siniora has held talks with Saudi Arabia's King Abdullah just a week before Lebanon's parliament is due to elect a new president for the deeply divided country. The two leaders met in the Red Sea city of Jeddah late on Tuesday and discussed 'developments in Lebanon and ways to support cooperation between the two states in all fields,'.. ..King Abdullah told Siniora that the president should be elected with the agreement of all the Lebanese people, an unnamed source close to the meeting told AFP. Saudi Arabia has been involved in efforts to end the impasse before the Lebanese parliament convenes on Tuesday to pick a successor to Syrian-backed President Emile Lahoud.." [more]

Saudi Hailed for Easing Visas for Foreign Businessmen [Sep 19]
"Saudi business leaders on Tuesday welcomed a decision by the Saudi government to facilitate entry visas for foreign businessmen, saying it would boost investments in the kingdom. At its weekly meeting in the Red Sea city of Jeddah, the cabinet decided that foreign businessmen would henceforth be granted multiple-entry visas valid for one year. The decision was announced early Tuesday. The visas will be granted by Saudi diplomatic missions abroad without the applicant producing an invitation from a specific Saudi company or an introduction letter from one of the chambers of commerce.. ..The move aims at 'boosting foreign investments in the kingdom as part of its plan to become one of the world's top 10 countries in attracting investments,'.." [more]

Saudis Support Arab-African Somali Troop Plan [Sep 19]
"Ali Mohammad Gedi, Prime Minister of Somalia's transitional government, has reaffirmed that Saudi Arabia supports the idea of sending Arab-African troops under the leadership of the United Nations to maintain security and stability in Somalia. He expressed hope that Saudi Arabia would play a role in this matter within its capacity as chair of the rotating Presidency of the Arab League.. ..The Saudi monarch, King Abdullah Bin Abdulaziz on Sunday evening oversaw the signing of a reconciliation agreement between several Somali factions.." [more]

US Vows Serious Mid-East Talks [Sep 19]
"The US Secretary of State, Condoleezza Rice, has said "critical issues" would be tackled at a US-sponsored Middle East peace conference later this year. Speaking en route to Israel on her sixth visit to the region this year, Ms Rice said the talks would help lay the foundations of a Palestinian state. Ms Rice is due to meet the Israeli PM, Ehud Olmert, and the Palestinian Authority President, Mahmoud Abbas. With US encouragement, the two recently held a series of face-to-face meetings.. ..both leaders reaffirmed their commitment to a two-state solution and agreed to set up negotiating teams to discuss some of the issues in dispute.." [more]

GCC Against Iran Sanctions: Attiyah [Sep 19]
"The six-member Gulf Cooperation Council yesterday reiterated its stance on reaching a negotiated settlement to the standoff between Iran and the West over Iran’s nuclear program and opposed plans to impose sanctions on Tehran. “GCC states don’t want to see any brotherly or friendly country subjected to sanctions,” said Abdul Rahman Al-Attiyah, secretary-general of the group, in reference to Iran. 'The GCC wants a peaceful dialogue to resolve all the problems liable to affect international security and stability.'.. ..Attiyah’s statement came as Russia expressed alarm over comments by France’s foreign minister raising the specter of war with Iran, and Washington said diplomacy was key to ending a standoff with Tehran over its nuclear program.." [more]

KPMG Boosts Saudi Operation [Sep 19]
"KPMG, the international accounting firm, has been building its relationship with national oil company Saudi Aramco by moving part of its Energy and Natural Resources practice to Saudi Arabia. 'We moved to Saudi to build relationship with Saudi Aramco, which we saw not just acting like a national oil company but also like an international oil company, with the same corporate mindset, and attitude to project decision making,' said Tim Rockell, global executive director of KPMG's Energy and Natural Resources practice. Rockell's role is to co-ordinate the relationship between KPMG and Saudi Aramco, wherever it happens to be in the world.." [more]

Saudi Cleric Publicly Denounces Al Qaida [Sep 19]
"A leading Saudi cleric has publicly denounced Osama Bin Laden, a rare move among clerics in his native Saudi Arabia who have avoided direct criticism of the Al Qaida leader. Salman Al Awdah issued his 'open letter to Osama Bin Laden' on his website this week (www.islamtoday.net) and read it out on a show he presents on Saudi-owned pan-Arab channel MBC.. ..Bin Laden used to single out Al Awdah as an independent cleric worthy of respect; but Al Awdah -jailed in the 1990s for criticising the US-allied Saudi royals over corruption and pro-Western foreign policy - has since toned down his rhetoric.." [more]

Shoura Council Slams GOSI [Sep 19]
"The General Organization for Social Insurance (GOSI) was heavily criticized by the Shoura Council yesterday. The organization was accused of lacking social responsibility and not doing enough for the welfare of those working in the private sector. Millions of Saudis and non-Saudis are registered with GOSI in accordance with the Kingdom’s laws. During yesterday’s discussion of GOSI’s annual report for 2005, Shoura Council members recommended that GOSI increase the minimum annual pension from SR1,700 to SR3,000, saying the first amount was too little to support any family today given the country’s price increases. 'If only SR1 billion of GOSI’s net profits were given to increase the minimum annual pension, that would make a big difference in the lives of many citizens,'.." [more]

Umm Faisal Case Postponed Again [Sep 19]
"The case brought by a Saudi woman against the Commission for the Promotion of Virtue and the Prevention of Vice in the Riyadh Court of Grievances has been postponed for the fourth time to Nov. 27, according to the woman’s lawyer. 'Representatives from the commission failed to show up in court yesterday.. ..The lawyer said he and his clients would persist in following up the case. 'We want to make sure that no one is above the law and that the government implements the rules that protect human rights,'.." [more]

Oil Hits New High Over $82 [Sep 19]
"Oil surged to a peak over $82 a barrel yesterday, the fifth record in as many trading days, on concerns of a winter supply squeeze in the world’s top energy consumer the United States. A US Federal Reserve decision to cut interest rates by 50 basis points — more than some investors had expected — also supported oil and other commodities by raising expectations the economy will weather a credit crisis.. ..The Organization of Petroleum Exporting Countries agreed last week to boost output by 500,000 barrels per day (bpd) from November, but the move has failed to soothe consumer concerns.." [more]

Saudi Typhoon Buy Could Herald Wave of Big Arms Deals in Middle East [Sep 18]
"The announcement on 17 September of the purchase of 72 Eurofighter Typhoon by the Kingdom of Saudi Arabia looks set to start a wave of multibillion-dollar defence deals in the Middle East thanks to surging global crude oil prices.. ..Dubbed 'Project Salam', the deal is more than just an arms export contract. It involves the establishment of a Typhoon assembly line in Saudi Arabia and an unprecedented degree of defence technology transfer to a Middle Eastern country.. ..'Project Salam' reportedly involves a series of multilayered contracts and diplomatic agreements.." [more]

Leadership in a Time of Crisis: How King Abdullah Guided Saudi Arabia Through the 9/11 Storm [Sep 18]
"..Suddenly, Saudi Arabia; a country known for its political composure and moderate positions, found itself forced to confront international events.. ..The Saudi king has consciously and responsibly realized all of these matters. Therefore, he is determined to be part of the confrontation. In these costly, complicated conflicts, victory is in his favor. King Abdullah has sought to mobilize internal potential, including writers, media figures, intellectuals, scientists and security experts in order to crystallize a unified national position against corruption, terrorism and armies of deception and destruction.. ..Saudi-US relations have surpassed the historical crisis and balance has been restored to these relations. Saudis have new feelings towards the importance of Saudi-US ties. In parallel, the Americans share the same feeling with respect to the significance of ties with Saudi Arabia, along with the determination to develop and maintain these ties.." [more]

BMG Saudi Index Up 2.81 Points [Sep 18]
"The Saudi Arabian market took a positive turn yesterday, turning around two days of lackluster trading, to see the BMG Saudi Index move up 0.7 percent or 2.81 points to close at 407.07, compared to a closing level at 404.26 points on Sunday. In addition, the total turnover of the index was a more healthy SR2.5 billion ($674 million), up 39 percent from Sunday. With the third quarter now well under way, some market participants are beginning to review which stocks might produce good results in the 3Q earnings in October, so we are likely to see some market speculation around stocks that the market thinks might produce good results.." [more]

Saudi Project Will Combat West's Smear Campaigns [Sep 18]
"In a move regarded by many as a response to Western campaigns targeting Islam and Saudi Arabia, a group of Saudi scholars has come up with a project aimed at defending Islam and Saudi Arabia. The project, the International books on Islam and the Kingdom of Saudi Arabia, is now in progress.. ..the project aims to serve a number of goals. These include clarifying the position of Saudi Arabia vis-Ã -vis the topics and issues discussed in the project, to reveal the smear campaigns adopted by Western political, intellectual and media establishments in regard to the issues covered by the project and the presentation of a fair, unbiased vision emanating from the kingdom's domestic and foreign policies.." [more]

Bechtel Wins SR50bn Jeddah Project [Sep 18]
"Bechtel, a privately-owned company with headquarters in San Francisco, US, was chosen to supervise the construction of a massive Jeddah project with investment valued at SR50 billion.. ..The Jeddah project has an area of 5.3 million square meters located in the city’s northern area on the Red Sea coastline. The gargantuan project includes a colossal skyscraper with a surrounding area for other facilities (residential, commercial, a five-star hotel and offices). The residential area will be 1.5 million square meters, with the commercial area measuring 470,000 square meters, education vicinity having an area of 150,000 square meters and the offices cover 800,000 square meters. The remaining lands will be utilized for leisure facilities, tourism and the construction of four-star hotels.." [more]

Saudi King Oversees Somali Pact Signing [Sep 17]
"Saudi King Abdullah oversaw the signing Sunday of a reconciliation agreement negotiated by several Somali factions in an attempt to stabilize their country and battle the Islamic opposition. Cheers filled the hall where members of a high-level Somali delegation congregated after the pact was signed. The group included the premier, parliamentary speaker and president of Somalia's U.N.-backed transitional government. A Saudi official told The Associated Press the Somalis asked that the reconciliation pact be signed in the kingdom even though it was drafted during a monthlong conference in the Somali capital of Mogadishu last month.." [more]

Muslims Attack $1m Saudi Gift [Sep 17]
"Up to $1 million will be pumped by Saudi Arabia into an Australian university, sparking fears the money will skew its research and create sympathy for an extremist Muslim ideology espoused by al-Qai'da. Muslim leaders and academics have attacked Queensland's Griffith University for accepting an initial $100,000 grant from the Saudi embassy, which they accused of having given cash in the past to educational institutions to improve the perception of Wahhabism - a hardline interpretation of Islam. The Australian understands the Griffith Islamic Research Unit will in coming years receive up to $1 million from Saudi Arabia, which has injected more than $120 million into Australia's Islamic community since the 1970s for mosques, schools, scholarships and clerical salaries.." [more]

Prudential To Start Saudi Insurance Firm [Sep 17]
"Prudential Asset Management is moving to initiate a joint venture to create an insurance firm in Saudi Arabia, Asian Investor reports. Having already established a business in United Arab Emirates, in Dubai International Financial Centre, Dubai-based CEO Suraj Mishra looked to the oil-rich Muslim nation of Saudi Arabia as the next place to set up shop.. ..The firm is moving ahead on a new memorandum of understanding between its parent insurance company and Saudi Arabia-based Aljazira Bank to establish a new takaful (Islamic insurance) company. The bank’s life insurance business, Takaful Taawuni, will create a joint venture company where Prudential will be the largest shareholder.." [more]

Saudis Buy Eurofighters From UK [Sep 17]
"Saudi Arabia says it is to buy 72 Eurofighter Typhoon jets from UK firm BAE Systems for £4.43bn. The Ministry of Defence would not confirm the deal had been completed, saying negotiations are continuing.. ..A report on the official Saudi news agency SPA says that the price paid per aircraft is the same that Britain's Royal Air Force pays for the aircraft.. ..In addition to the price paid for the planes, there is also expected to be a lucrative deal for the munitions that go with them and for their maintenance.." [more]

Cost of Sabic's Mining Venture Soars to $5.6b [Sep 17]
"Saudi Arabian Mining (Maaden) said yesterday that a phosphate venture it is developing with Saudi Basic Industries Corp (Sabic) will cost 21 billion riyals ($5.6 billion), 62 per cent more than expected in March. 'The increase in the cost of the project ... is due to a rise in prices in the international construction market,' state-owned Maaden said. Sabic, the world's largest chemical company by market value and the Gulf's largest steel producer, owns 30 per cent of the project and Maaden the rest. They said in March the project would cost 13 billion riyals.. ..With the project, Sabic, the main shareholder in Saudi Fertilisers, would be able to increase its fertiliser production by 900,000 tonnes per year to eight million tonnes.." [more]

Surging Insurance Stocks Fail to Halt TASI’s Slide [Sep 17]
"The Saudi stock market dropped yesterday as investors kept an eye on the third quarter results of the listed companies. The Tadawul All-Share Index (TASI) fell 44.01 points to close at 7,773.03.. .. Out of 104 stocks traded, shares of 26 companies were in positive territory, while 61 companies were in the red yesterday. Over SR5.39 billion worth of shares changed hands yesterday.." [more]

Former Saudi Rebel Cleric Flays Bin Laden [Sep 17]
"A Saudi Islamist former dissident and prominent cleric has slammed Al Qaeda chief Osama bin Laden for the killing of innocent people including children, his first such attack on the West’s most wanted man. 'How many innocent people, elderly men and children have been killed and displaced under the Al Qaeda banner? Would you be happy to meet God carrying the burden (of their death) on your shoulders?'.. ..Odah, a well-known cleric in the Gulf region, was arrested for political and religious activism in 1994 but has since ceased to oppose the Saudi regime and moderated his once radical views.." [more]

Poor Response to NSHR Report Irks Al-Hajjar [Sep 17]
"Dr. Bandar Al-Hajjar, chairman of the National Society for Human Rights, has expressed his dismay at the lukewarm response by Saudi agencies to a report published by his organization last May on the human rights situation in the country.. ..'Unfortunately we have not received any positive or negative comments from government agencies in the Kingdom,'.. ..He said the report had strengthened the Kingdom’s position as a member of the Geneva-based International Human Rights Committee.." [more]

SIIG, Chevron-Phillips to Form New Petrochem Firm [Sep 17]
"The Saudi Industrial Investment Group (SIIG) will establish a new petrochemical company at a cost of SR18 billion ($4.8 billion) in joint venture with American Chevron-Phillips. The project is likely to start production in the last quarter of 2011.. ..The group will give priority to existing shareholders to purchase its new shares, the statement said, adding that the shareholders would be determined by the extraordinary general assembly meeting to be held by the end of this year. SIIG will use the money collected from the sale of new shares to establish a new joint stock company, Petrochem. The new company will offer 50 percent of its shares for public subscription.." [more]

Iran Warns Saudi of Bid to Create Rift [Sep 16]
"Iranian President Mahmoud Ahmadinejad warned Saudi King Abdullah that the 'enemies of Islam' were trying to divide the Muslim community, his website said yesterday. The Ahmadinejad-Abdullah telephone call came amid complaints from Iran, which is majority Shia, that Iranian pilgrims visiting Islam’s holiest sites in the mainly Sunni kingdom were being harassed.. ..Earlier this month Tehran asked Riyadh to fight against Sunni extremists who Iran said were targeting Iranian pilgrims in Makkah and Madinah in anti-Shia sermons.." [more]

Saudi Remains on Religious Freedom Blacklist [Sep 16]
"The United States says religious freedom in Saudi Arabia remains ‘severely restricted' in its annual report on religious freedom around the world.. ..Overall government policies in Saudi Arabia 'continue to place severe restrictions on religious freedom' the report said, however, 'there were some improvements in specific areas during the period covered by this report'.. ..Hanford said Saudi Arabia should remain on the US blacklist but that he was encouraged by some acts of tolerance, which 'are in the early stages of implementation.'.." [more]

Somali Delegation Heads to Saudi Arabia [Sep 16]
"A high-level delegation of Somalis led by the head of the shaky transitional government left Sunday for a pilgrimage in Saudi Arabia, a government spokesman said. The 410-member delegation includes the premier, parliamentary speaker and the president of the U.N.-backed transitional federal government.. ..They joined other officials and delegates from a recent Somali reconciliation conference to travel to the Muslim holy cities of Mecca and Medina, he said. The officials will travel to two mosques to pray and take an oath for implementing resolutions to come out of recent peace talks. Much of Somalia, especially the capital, is wracked by violence between the U.N.-backed government and their Ethiopian allies.." [more]

Pakistanis in London Hold Anti-Saudi Protest [Sep 16]
"A group of around 50 Pakistanis and UK nationals of Pakistan origin demonstrated for two hours near the Saudi embassy against what they called Riyadh's involvement in the deportation of former Prime Minister Nawaz Sharif. Organised by Pakistani students studying at various institutions in the UK, the protesters were joined in by lawyers and other professionals.. ..This was said to be the first protest against the Saudi embassy in the UK and as a precautionary measure, the embassy reportedly shut its visa office for the day.." [more]

Electricity Linkage Project Between Saudi Arabia, Egypt [Sep 16]
"Egyptian Minister of Electricity and Energy Hassan Yunis reiterated the positive feasibility of technical studies for electricity linkage project between Saudi Arabia and Egypt for the benefit of the two countries as they are the largest networks of electricity in the region in terms of capacity and expansion.. ..The Minister stressed that the link is the nucleus of comprehensive Arab electricity linkage where the first phase is being implemented by linking the Gulf Cooperation Council States and neighboring countries.." [more]

Gulf's Biggest IPO Planned [Sep 16]
"PetroRabigh petrochemical firm, a joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, plans an initial public offering (IPO) before the end of this year, a source familiar with the matter said on Sunday. 'PetroRabigh plans the IPO before the end of 2007'.. ..State-owned oil giant Aramco said last year the $9.8 billion joint venture would float a 25% stake once the complex started operations in 2008, which could make the IPO the biggest ever in Gulf Arab countries.." [more]

Saudi Index Ends Higher [Sep 16]
"Shares of Riyad Bank, Saudi Arabia’s fourth-biggest listed bank, jumped as much as 7.5% yesterday to their highest level in more than nine months on a bank plan to raise $3.5bn in a rights issue.. ..Saudi Arabia’s benchmark closed higher for a second day, gaining 0.12% to 7,817.04 points. It is the worst performing benchmark in the Gulf Arab region this year, down more than 1%. 'This increase in capital means there will be expansion, which is positive,' said Youssef Kassantini, chief executive at Riyadh-based consultancy Bourse Experts.." [more]

IDB Ties Up With UN to Fight Poverty in Africa [Sep 16]
"Dr. Ahmad Mohamed Ali, president of the Islamic Development Bank (IDB) yesterday pledged all-out support to international efforts to cut down poverty by half in African countries by 2015.. ..Speaking at a meeting of the Steering Group for Millennium Development Goals (MDGs) through a video link, the president declared IDB’s partnership with the UN program in wiping out poverty from the African continent. 'Most IDB member countries in Africa are still behind achieving the Millennium Development Goals,' Mohamed Ali said, adding that the IDB launched a $10 billion fund to improve their social and economic condition.." [more]

Opec's Decision is a Compromise Amid Unclear Economic Conditions [Sep 16]
"During their regular bi-annual meeting in Vienna on 11 September, OPEC ministers adopted a Saudi proposal to increase the production by member states, beginning on 1 November, by 500,000 million barrels a day .. ..The OPEC decision, based on the statement by Secretary General Abdullah al-Badri during a news conference after the meeting, represents a message to consumers that when it took the decision, the ministerial council took their point of view into consideration. This is the first increase in production in two years.. ..The decision aims at preserving the current price level and halting its rise to more than $80 a barrel. It was taken despite fears of a reduction in demand for crude oil next year, if the world economy is affected by the American mortgage crisis.." [more]

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