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Bush Optimistic on Setting Up Palestinian State [Oct 6]
"President George W. Bush said in comments aired yesterday he was 'very optimistic' a Palestinian state could be set up alongside Israel and that next month's Middle East conference could lead towards peace in the region.. ..'I want to affirm that the two-state solution is part of a comprehensive peace in the Middle East and that our strategy is for all parties to attend at the table for the sake of a comprehensive peace. We want to push this issue.'. Israeli and Palestinian leaders agreed on Wednesday that formal negotiations on Palestinian statehood would begin after the peace conference.." [more]

Saudi Judicial Reforms Could Augur Well for the Entire Region [Oct 6]
"Saudi Arabia's announcement this week that it would initiate significant and comprehensive judicial reforms could prove to be one of the most important developments in the region for many years.. ..Saudi Arabia has long exercised great moral influence in the region, due to its custodianship of the leading Islamic holy sites.. ..A quality judiciary is the bedrock of durable statehood and a stable, satisfying society. Saudi Arabia's judicial reform decision is an important move that deserves to be monitored carefully.." [more]

Saudi Arabia Launches Official Fatwa Site [Oct 6]
"The highest religious authority in Saudi Arabia, where a strict version of sharia, or Islamic law, is applied, has launched an official website for fatwas, or religious edicts. The site (www.alifta.com) aims at providing "quick access to fatwas on an official website," says a committee for research and edicts affiliated with the Council of Senior Ulema (Muslim scholars), which operates the site. The site features edicts issued by a number of official religious scholars.. ..The launch of the website is apparently a response to the issuing of fatwas by Saudi and other Muslim scholars that clash with the official line of the Saudi religious establishment led by the Council of Senior Ulema.." [more]

Saudi King Asks Officials to Explain Rising Prices [Oct 6]
"Saudi Arabia's King Abdullah has summoned the interior minister and provincial governors to explain rising inflation, which hit a seven-year high in August, reports said on Saturday. The king asked for 'prompt reports' at the last weekly government meeting on Monday.. ..Inflation in August was 4.4 per cent from a year earlier, driven mainly by a record 12.1 percent jump in rents and a 6.6 per cent rise in prices of food products, according to data released this week. The data raised pressure on the central bank which is torn between the need to contain prices and avoid appreciation of its dollar-pegged currency.." [more]

Saudi Students Tell of Brief Harvard Stint [Oct 6]
"Instead of taking a summer break from their studies, Rasheeda Bilal and Sondos Alireza spent four weeks hitting the books at the Women and Public Policy Program at Harvard’s John F. Kennedy School of Government in Cambridge, Massachusetts. Bilal and Alireza — majoring in management information systems at Dar Al-Hekma, the women’s private college in Jeddah — attended the intensive four-week program covering a wide array of graduate-level subjects covering economics, politics and social issues.. ..Regarding the annual summer-exchange program with Harvard, Abedin said it would not only give a merit-based opportunity for serious Saudi students to study at the prestigious university but also reciprocate with offering students there a chance to peek inside the Saudi household.." [more]

Investors Adopt Wait-and-See Attitude [Oct 6]
"The Saudi stock market declined last week as investors adopted wait-and-see attitude in view of the Eid Al-Fitr holidays. They are also waiting for the third-quarter results of the listed companies. The Tadawul All-Share Index (TASI) dropped by 2.07 percent to 7,765.17 points last week. The index closed at 7,929.71 points in the previous week.. ..The GulfBase GCC Index rose 0.83 percent to 5,622.91 points last week. The value of GCC traded shares also increased 20.73 percent to $12.77 billion and volume surged 18.84 percent to 6.06 billion.." [more]

Oil May Fall Because of Supply Increase, Survey Shows [Oct 6]
"Crude oil may decline on speculation that U.S. inventories will rise because of refinery maintenance and increased OPEC output. Twenty-four of 32 analysts surveyed, or 75 percent, said oil prices will fall through Oct. 12, the most bearish response since the survey was introduced in April 2004. Two, or 6.3 percent, said prices will rise and six said there will be little change. Last week, 72 percent of respondents said oil would fall. U.S. crude-oil inventories rose 2.98 million barrels to 321.8 million barrels in the past two weeks.." [more]

Peace Deal Possible by May [Oct 5]
"Palestinian President Mahmoud Abbas's government said yesterday formal negotiations to create a Palestinian state could be completed in six months after a US sponsored Middle East conference. Palestinian Information Minister Riyad Al Malki said the agreement would then be brought before the Palestinian people, both inside the Palestinian territories and abroad, for a referendum.. ..Once a final-status agreement is reached, it would be presented to a follow-up meeting of the countries that took part in the conference, Palestinian officials said.." [more]

Saudis to Overhaul Legal System [Oct 5]
"Saudi Arabia has announced an overhaul of its judicial system, including the allocation of $2bn for training judges and building new courts. The reforms, by royal decree, will lead to the creation of a supreme court, an appeals court and new general courts to replace the Supreme Judicial Council. Reformers have welcomed the measures, which they say will improve human rights and help modernise the country.. ..Until now, Saudi judges have had wide discretion to issue rulings according to their own interpretation of Islamic Sharia law.." [more]

Aluminum Smelter Plant Planned in Saudi Arabia [Oct 5]
"Malaysian conglomerate MMC Corp. Bhd. said its unit MMC International Holdings Ltd. and joint-venture partner, Saudi Binladin Group, have signed a memorandum of understanding with Aluminum Corp. of China Ltd. to build a $3 billion aluminum smelter in Saudi Arabia. The smelter, to be built in Saudi's Jazan Economic City, is expected to have an annual production capacity of about one million metric tons after the plant's three phases are completed.. ..The project will be developed by a new joint-venture company, which will be set up before the end of the year, and construction is expected to begin by the second half of 2008. The project is part of a $30 billion, 30-year contract to develop and manage the 117-square-kilometer Jazan Economic City.." [more]

Price Rise Causing Big Concern in Gulf States [Oct 5]
"With prices of essential commodities showing hefty increases in the past one year, the Gulf states have warned retailers against raising costs ahead of the Eid festival.. ..With the Saudi consumer price index hitting 4.4 per cent in August, King Abdullah has asked the Interior Ministry and provincial governors to submit a report on the reasons for the unprecedented increase in the prices of essential commodities, 'Arab News' reported. The inflation in the Kingdom has been rising steadily in recent months, it was 3.83 per cent in July and 2.96 per cent in May. The seven-year record in inflation is mainly attributed to the steep rise in rents and the costs of food and beverages.." [more]

Saudi Market Regulator Allows Five Companies to Float IPOs [Oct 5]
"The Saudi Capital Market Authority (CMA) has agreed to allow five Saudi firms to float their shares in initial public offerings (IPOs). The move is expected to suck liquidity from the market.. ..A statement released by CMA yesterday said that the total shares to be floated for the IPOs reached 38.9 million, adding that the subscription period will be from October 27 to November 12.." [more]

Firms Seek Finance to Bid for Saudi Railway [Oct 5]
"Companies from Germany to Japan have approached banks to arrange as much as $5 billion to bid for a 1,100 km railway crossing the Saudi Arabian desert, bankers and executives said yesterday. Four groups of Saudi and international firms are vying for a contract to build and operate the rail network linking the Gulf and Red Sea coasts of the world's largest oil exporter. Bidding closes on November 5 with the outcome expected early next year, the executives said.. ..The winner of the Landbridge will have a 50-year concession to operate the network and could raise the funds in a mix of conventional and Islamic loans, bonds and project finance.." [more]

Darussalam Releases Six Books of Hadiths Translated Into English [Oct 5]
"As part of a major Islamic project, a Saudi Islamic publishing house released this week six books of Hadiths (sayings of the Prophet) in English from the original works in Arabic published several hundred years ago.. ..An international team of linguists and scholars consisting of Americans, Canadians, Pakistanis and Indians have been working on the project that seeks to bring out for the first time an authentic English translation of the original Hadiths in Arabic compiled by six authentic narrators of the Prophet’s sayings.." [more]

Bishops' Warning Over Middle East [Oct 4]
"Three senior bishops have made public a letter they wrote to the prime minister about hopes for peace in the Middle East after he failed to reply. The letter, written three months ago, accused Israel of undermining the chance of a future Palestinian state. The Bishops of Exeter, Winchester and Coventry believe only a two-state solution will create peace. But they said that this would soon become impossible unless international pressure was placed on Israel.." [more]

Reform Set to Revolutionize Justice System, Say Experts [Oct 4]
"Prominent Saudi officials and lawyers welcomed the judicial reforms approved by Custodian of the Two Holy Mosques King Abdullah and said the new laws would revolutionize the country’s justice system, improving human rights and business environment.. ..'This is a major turning point in the Saudi criminal justice system. There are more guarantees for offenders and it creates specialized courts,” said commentator Zohair Al-Harithy, who works with the official Human Rights Commission. “We’ve been asking for this, and now it’s been done,' he told Reuters.." [more]

Kingdom Will Establish Five New Airports [Oct 4]
"The General Authority of Civil Aviation (GACA) will establish five new airports in the Kingdom’s eastern, western, northern and southern regions.. ..Saudi Arabia has 27 airports including three international ones in Riyadh, Jeddah and Dammam. Efforts are under way to establish an international airport in Madinah within four years. The government has so far spent nearly SR60 billion on airports.." [more]

Saudi Oil Exports May Fall to $165 bn [Oct 4]
"Saudi oil exports this year may fall as much as 12 per cent from last year's record to $165 billion as the world's largest oil exporter restricts production as part of OPEC quotas.. ..Average production may fall as much as 6 percent to 8.65 million barrels per day, while the average price of Saudi crude could be $59 per barrel, close to last year's record of $60.50, Riyadh-based SABB bank said in a report on the Saudi economy.." [more]

Rising Rents Push Saudi Inflation to Record High [Oct 4]
"Saudi inflation hit a seven-year high of 4.4 per cent in August on a record jump in rents, raising pressure on a central bank torn between the need to contain prices and avoid appreciation of its dollar-pegged currency.. ..The kingdom's government has been under growing pressure to rein in prices, with the advisory Shura Council calling for action after inflation hit 3.83pc in July. The increase in August was driven mainly by rents which surged 12.1pc, the biggest increase on record, according to data from the Central Department of Statistics. The food and beverage component of the index rose 6.6pc, the department said. Inflation has not been this high since it reached 4.98pc at the end of 1995.." [more]

Value of Saudi Shares Traded Falls 55.89% to SR2 Trillion [Oct 4]
"The Saudi stock market took a tumble yesterday as the Tadawul All-Share Index (TASI) dropped 80.11 points to 7,765.17. Shares of only five companies rose out of 104 companies traded yesterday. In the banking sector, shares of Samba Financial Group edged higher by 0.20 percent to SR123.25. In the industrial sector, shares of Saudi Cable Co. increased to SR40 and that of Alabdullatif Industrial Investment Co. to SR58.75. The other two gainers were the National Shipping Company of Saudi Arabia and Malath Cooperative Insurance and Reinsurance Co. The stock market turnover was over SR4 billion yesterday.." [more]

HRC to Address Muslim Rights Issues in Europe [Oct 4]
"Saudi Arabia’s Human Rights Commission (HRC) will urge its counterparts in the European Union to ask their governments not to link terrorism to Islam and also to issue regulations to protect Muslims from prejudice and discrimination because of their faith.. ..The points are expected to be addressed during HRC’s official participation in the Second Arab-European Dialogue on Human Rights and Terrorism, which will take place in Copenhagen on Oct.21-23. 'The dialogue is significant because it is being held in Denmark, where the controversy started over the Prophet Muhammad (pbuh) cartoons,'.." [more]

Saudi Arabia to Have Independent Judiciary [Oct 3]
"In a step towards developing its judicial and legal system, Saudi Arabia will be setting up an independent judiciary at the cost of nearly seven billion Saudi riyals. A royal decree has approved the mechanism for the judiciary and grievances board laws and has allocated seven billion riyals for the project, which was named the King Abdullah bin Abdul Aziz scheme for developing the judiciary utilities.. ..one of the main features of the judiciary and grievances board laws is the transfer of the judiciary competences of the Supreme Judiciary Council (SJC) to the High Court, leaving the function of the SJC confined to the employment affairs of judges.." [more]

Saudi Arabia to Host Third OPEC Summit at Presidential Level [Oct 3]
"Saudi's King Abdullah invited heads of member states of the Organization of Petroleum Exporting Countries (OPEC) to a summit to take place November 17 and 18, local press said Wednesday. In its overnight bulletin, the state-owned Saudi news agency, citing Oil Minister Ali al-Naimi, said that the third OPEC summit will be held in Riyadh. Al-Naimi said that 'embracing' this summit 'confirms the Kingdom's keenness on the stability of international oil markets in a way that serves consumers, producers, oil industry, (and) international economy especially that of developing states.'.." [more]

Saudi Banks Hold Key as Firms Seek $6 Billion [Oct 3]
"Firms looking to raise about $6.25 billion to finance projects in Saudi Arabia in the coming months will struggle in a market reeling from a global credit crunch unless Saudi lenders come to their rescue, bankers said. Saudi Basic Industries Corporation (Sabic), Saudi Arabian Mining and Chevron Phillips Chemical are all seeking cash for projects in the world's top oil exporter at a time when US mortgage defaults have sapped global risk appetite. 'The litmus test is how much will Saudi (banks) give for each of these projects. That's crucial,' a senior banker said. 'In today's environment, if you know there's going to limited international bank appetite, you need a big chunk of this cash to come from Saudi,'.." [more]

Saudi Souq.com Opens Its Doors [Oct 3]
"The Middle East's primary online auction portal, Souq.com, has launched a version of the site for Saudi Arabia, a full year after this move was first planned. The internet marketplace, which already offers buy/sell services to users in the UAE and Jordan, now offers Saudi users a fully Arabic site that its creators claim boasts features that have been customised for users in Saudi Arabia and includes numerous product categories, ranging from mobile phones and computers, to health and beauty products, cars and properties. An English version is also available if clicked.. ..Souq.com claims to have over 80,000 registered users and receive 165,000 unique visitors a month. Its average number of items listed each month currently stands at 30,000.." [more]

Saudi Aramco Raises October 2007 LPG Prices to a Record [Oct 3]
"Saudi Aramco, the world's largest state oil company, boosted prices of liquefied petroleum gas to a record in October in line with higher crude oil costs as demand increased from China and Japan. The Dhahran, Saudi Arabia-based company increased propane prices sharply for cargoes loading in October to US$640 a metric ton from US$560 a ton in September and raised butane prices to US$665 a ton from US$580 a ton, said a company official, asking not to be identified because of company rules. Crude oil in New York touched US$83.90 a barrel on 20 September, the highest since futures started in 1983.." [more]

Saudi Youth Exploited to Commit Heinous Acts for Jihad [Oct 3]
"Shaikh Abdul Aziz Bin Mohammad Al Shaikh, the Saudi grand mufti, and Chairman of the Board of Senior Ulema [Muslim scholars] and Administration of Islamic Research, accused foreign circles of misleading and exploiting Saudi youth to commit 'heinous' acts under the banner of Jihad.. ..He pointed out that travelling abroad for jihad and getting involved in acts of destruction are in clear defiance to the state leader and ulema and could bring corruption to the whole nation. 'By doing so, these young men violate the divine commandments as they are disobeying their legitimate ruler'.." [more]

King to Sign Four Deals in UK State Visit [Oct 3]
"British Ambassador to the Kingdom William Beaty said King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, will be signing four agreements in the fields of education, economic and politics in his state visit to Britain this month, according to Arabic daily newspaper Al-Riyadh. He underlined the importance of the state visit of the King to Britain by pointing out that Queen Elizabeth receives only two state visits every year. The only other state visit received by the Queen this year was of the Brazilian President earlier.." [more]

Saudi Grand Mufti Warns Young People Against Going Abroad for Jihad [Oct 2]
"Sheikh Abdulaziz al-sheikh, the Grand Mufti of the Kingdom of Saudi Arabia, warned young men on Monday against traveling abroad to wage holy war because situations there are 'troubled, ambiguous and not clear,' and could be exploited by 'outside forces.. for shameful goals' under the banner of jihad.. ..'By doing such things, youths commit a number of violations of Islamic rules and teachings, including disobedience to our rulers. They fall to the attraction of deviant elements, using their enthusiasm to achieve political and military gains on behalf of suspicious groups,'.." [more]

Malaysian Resources Seeks $2 Billion Saudi Contract [Oct 2]
"Malaysian Resources Corp. is in talks to build a $2 billion transport and housing development in Saudi Arabia, the company's biggest overseas project, to tap a construction boom in the Middle East kingdom.. ..Shares of Malaysian Resources rose as much as 3.5 percent and have more than doubled this year, buoyed by orders at home and abroad. The company, builder of Malaysia's biggest bus and rail hub in Kuala Lumpur, plans to export the model to the Middle East, where oil revenue is helping fund $1 trillion of building projects, based on JPMorgan Chase & Co. estimates. 'It's a natural thing' to focus on the Middle East, given the wealth in the region.." [more]

Saudi Stock Market Gains Slightly [Oct 2]
"The Saudi stock market rose slightly yesterday after falling 35.50 points on Sunday. The Tadawul All-Share Index (TASI) edged higher by 14.22 points to 7,847.64. Shares of 70 companies surged while 19 companies were in the red yesterday. The market activity was low as investors awaited third quarter results of the listed firms and as Eid Al-Fitr holidays drew closer. The stock market turnover was SR4.64 billion yesterday.." [more]

Saudi Investment Bank's Outlook Cut to Negative on Planned Stake Buy [Oct 2]
"Fitch Ratings said it has changed The Saudi Investment Bank's outlook to negative from stable for its long-term issuer default rating, due to the bank's planned acquisition of a 50 pct stake in Bahrain-based Albaraka Banking Group (ABG) via a share swap with ABG's parent.. ..Fitch added it is uncertain at this stage how this acquisition would impact the bank's future ownership structure, strategy and risk profile.." [more]

Saudi Foreign Assets Slump to $248bn [Oct 2]
"Saudi Arabia's official reserves excluding gold declined and net foreign assets held by its central bank showed a rare drop in August as the world's largest oil exporter battles the repercussions of the dollar's fall. Saudi Arabian Monetary Agency (Sama) net foreign assets were 930 billion riyals ($248bn) in August, down 1.2 per cent from July, in their first monthly drop in at least a year.. ..One analyst, speaking on condition of anonymity, said the dollar's all and the subprime crisis in the US contributed to the decline in Sama's assets. 'They invest in safe instruments .. ..including U.S. and European treasury bonds. Sama might have operated a readjustment of the value of its assets after the decline in the dollar and the recent turmoil in the US financial market,'.." [more]

Saudi Arabia Keen on Free Trade With Canada [Oct 2]
"Saudi Arabia is increasingly looking eastward and to non-traditional trading partners such as Canada, New Zealand and Australia, in an effort to diversify its economic relations. 'Turning Eastward,' said Dr. Abdulaziz Al-Sowayegh, Saudi ambassador to Canada, 'is the natural strategic extension of the Kingdom's economic policy that aims to diversify both the nature of our economic activity as well as our trade partners in the coming years. It also represents a mature awareness in the Kingdom's diplomacy, at a time when this part of the world, including China, Japan, India, Malaysia, Pakistan and Singapore, have become giant economic powers that are imposing themselves on the economic world arena. For this reason, Saudi Arabia is very keen on building close relations in this era where strategic partnerships are based on closer economic interdependency that takes into consideration the changes that have taken place as far as the world order is concerned'.." [more]

Ministry Sets Sights on Diabetes Awareness [Oct 2]
"The Ministry of Health announced it would begin a Kingdom wide campaign to raise awareness about the dangers, causes and treatments for diabetes, a growing health problem in Saudi Arabia. The new effort includes establishing a satellite channel devoted to educating people on preventing the pancreas-affecting disease. 'We have to take constructive steps to combat this disease which is becoming common among the locals and expatriates,'.. ..Saudi Arabia, where diabetes affects nearly 30 percent of the population, is one of 10 countries that have the highest number of diabetics in the world, according to the World Health Organization.." [more]

US Human Trafficking Report Against Riyadh Criticised [Oct 1]
"The Saudi Human Rights Commission dismissed a recent US State Department report accusing the kingdom of failing to comply with the minimum standards outlined in the American Trafficking Victims Protection Act.. ..Saudi Arabia was put on the third tier of the report which includes countries that do not comply with the minimum US standards to fight human trafficking or to make tangible efforts to improve their records. Dr Adnan Mohammad Al Wazzan, rector of the Makkah-based Umm Al Qura University and member of HRC, said that the US report was full of contradictions and double standards while tackling the concept of human trafficking.." [more]

Didactic Ramadan TV Tries to Better Saudis [Oct 1]
"Saudi television has used the Muslim fasting month of Ramadan to convey educational messages on everything from reform issues such as women's right to drive to pride in the Arabic language. The holy month, when Muslims fast from dawn to dusk, has traditionally offered a chance for the media to debate social issues since captive audiences spend hours in front of the television after breaking the fast. But with 'reform' now a buzzword in the conservative kingdom since King Abdullah ascended the throne in 2005, the efforts to 'better' the Saudi citizen through pithy commentaries in comedy, drama and direct lecturing have notably increased. Saudi-owned pan-Arab entertainment network MBC is the main vehicle for the Saudi Ramadan television.." [more]

Saudi Arabia Jumps 15 Places on World Bank Investment Climate List [Oct 1]
"World Bank vice-president for Financial and Private Sector Development Michael Klein said Saudi Arabia has jumped 15 places in the rankings to No 23 for the best investment climate among 178 countries evaluated on the basis of 10 indicators that affect their business environment in the world.. ..'Saudi Arabia has last year undergone a number of qualitative reforms that make it one of the most successful countries in the world in term of economic reform,'.." [more]

Saudi Arabia Entering the Gulf's Single Largest Healthcare Market [Oct 1]
"The 15th edition of SHASH, 5th to 8th May 2008, will once again be held in the prime location of Jeddah. Already the largest market in the gulf for medical equipment and healthcare products, Saudi Arabia's burgeoning population, forecast to rise from the present 26 million to 47 million by 2020, and its citizens increasing affluence, which is expected to exacerbate related illnesses such as obesity, diabetes etc, will help to maintain a steady continual growth and tremendous new potential in the future in all sectors of healthcare.." [more]

Saudi Jails to be Improved With Help of Private Sector [Oct 1]
"In a move to improve the situation of its prisons and introduce new reforms for prisoner welfare, Saudi Arabia has decided to work with the private sector. The Saudi Higher Council for Prisons (HCP), during its meeting on Friday evening under the chairmanship of Prince Naif Bin Abdul Aziz, the Interior Minister, underlined the importance of substituting prison terms with other financial, physical and social penalties.. ..The Council decided to encourage the private sector to invest in projects related to prisons, support the care and reform process of prisoners, build factories and workshops and offer financial incentives for prisoners.." [more]

Saudi Space Hero Hails Malaysian [Oct 1]
"A Saudi prince who was the first Muslim in space said yesterday the Islamic world would be proud of a budding Malaysian astronaut and spoke of his religious observance while in orbit. Malaysian physician Sheikh Muszaphar Shukor heads to Russia’s International Space Station (ISS) on October 10 in a trip he hopes will spur his countrymen to build careers in the sciences. Saudi Prince Sultan bin Salman went into space in 1985 as a payload specialist on board the US space shuttle Discovery. Saudi commentators often cite Malaysia as their shining example of a modern, successful Islamic country on good terms with the West that can compete in science and technology.." [more]

Eid Al-Fitr Will Be on Oct. 13, Say Astronomers [Oct 1]
"The first day of Eid Al-Fitr will be Saturday, Oct. 13, according to Dr. Ali Al-Shukri, head of the department of physics at King Fahd University of Petroleum and Minerals in Dhahran. 'Friday, Oct. 12th, will not be the first day of Shawwal but will be the 30th day of Ramadan,” Al-Watan Arabic daily quoted Shukri as saying. He said it would be impossible to sight the Shawwal crescent on Thursday evening'.. ..Muslim scholars are divided on whether dates of religious occasions such as fasting and Haj could be determined on the basis of astronomical calculations. While one group says technology could be used for the purpose, their opponents say sighting of crescent by naked eye is a must in the light of the Prophet’s instructions.." [more]

Kingdom Urges New Approach to Middle East [Sep 30]
"Saudi Arabia yesterday called upon major international powers to change the current approach toward the Arab-Israeli conflict and find a just and lasting solution to the 60-year-old dispute in order to promote world peace and save the region from an impending catastrophe. Addressing the 62nd session of the UN General Assembly in New York, Foreign Minister Prince Saud Al-Faisal said the Israeli occupation of Arab territories was the main reason for the spread of extremism and terrorism in the region.. ..Saud said any negligence on the part of the international community to find a just and comprehensive solution to the conflict would create a suitable environment for the spread of extremism and terrorism.." [more]

Saudi Arabia: Recognition Comes, but Comes After Peace, Not Before Peace [Sep 30]
"Despite Saudi calls to halt the construction of the security fence, senior diplomatic sources said that Israel will not cease building just to encourage Saudi Arabia's participation in the upcoming peace summit, the Jerusalem Post reported. Until recently, Israel had rejected the terms upon which Saudi Arabia said its attendance was contingent. The Sunni-led nation is demanding a complete withdrawal from the Golan Heights, Gaza and Judea and Samaria, among other things. However Israel views the Saudis' participation in the conference as essential to its success.." [more]

Saudi Arabia Seeks Fazl's Help for Nawaz-Musharraf Patch Up [Sep 30]
"Saudi Intelligence chief Prince Muqrin Bin Abdul Aziz Al Saud met Maulana Fazlur Rehman in Jeddah after the latter's meeting with former Pakistan premier Nawaz Sharif, and requested him to persuade Sharif to reconcile with President Pervez Musharraf. A close aide of Fazl, Maulana Abdul Ghafoor Haidri, who accompanied him during his visit to Saudi Arabia, quoted Sharif as telling Fazl that Saudi King Abdullah had conveyed to him 'serious unease' over the widespread anti-Saudi sentiments among Pakistanis.." [more]

Saudi Projects Take Centre Stage at Cityscape Dubai [Sep 30]
"With Saudi Arabia committed to enhancing its investment potential, the latest real estate developments and projects in the kingdom are to figure prominently at Cityscape Dubai 2007. The world’s largest business-to-business property investment and development event takes place at the Dubai International Exhibition Centre from 16-18 October 2007.. ..The Kingdom's best-known and astute businessmen, Prince Al Waleed bin Talal, plans to invest heavily in the real estate sector in both Riyadh and Jeddah. The Riyadh project will have residential units and commercial areas, as well as a Fairmont-operated leisure resort, with some 69,000 residents. The cost on completion is expected to be US$7 billion. In Jeddah, his Kingdom Holdings will develop a 5.3 million square metre mixed-use complex. Al Waleed estimates the cost on completion at US$13.3 billion. Saudi Arabia, already the biggest economic market in the Middle East, has launched a series of mega-economic cities expected to attract upwards of US$80 billion in domestic and foreign investment as well as creating thousands of jobs for Saudi nationals.." [more]

Saudi Oil Giant Receives Three Bids for Ras Tanura Refinery [Sep 30]
"Saudi Arabia's national oil company, Saudi Aramco, has received three bids for a contract to help it build a $US8 billion refinery in eastern Saudi Arabia. Three international engineering firms, Foster Wheeler Ltd., WorleyParsons and SNC-Lavalin Group Inc., submitted bids on Saturday for the contract that includes project management and early engineering on the planned 400,000 barrel a day crude oil refinery.. ..Arab Petroleum Investment Corporation predicts that Saudi Arabia will spend as much as US$85 billion on energy projects between 2007 and 2011. The new Ras Tanura refinery is expected to increase Aramco's refining capacity to more than 3.5 million barrels a day by 2012.." [more]

Saudi Arabia to Move Up in World Talent Ranking [Sep 30]
"The competition for talent is fiercer than ever in the Middle East countries with Saudi Arabia and Egypt expected to elevate their positions over the next five years in the Global Talent Index rankings, a 30-country survey conducted by executive search firm Heidrick & Struggles and the Economist Intelligence Unit showed. Saudi Arabia will rank ninth in 2012 for the quality of its universities and business schools. The Kingdom's relatively high disposable incomes are also a plus point, and will help raise its talent rating to 20th from 23rd place, the survey said.. ..The Global Talent Index is the first survey of its kind. Countries were chosen based on a representative geographic spread and the quality of available comparative data. Egypt, Saudi Arabia and Iran were selected from the Middle Eastern region.." [more]

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