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~~~~~~~~
[ Oct 13 ] ~~~~~~~~~
Become
Proactive, Bin-Humaid Urges Muslims [Oct 13]
"Millions of Muslims across the Kingdom, including
expatriates and a large number of foreign pilgrims, marked Eid
Al-Fitr yesterday, attending special prayers, visiting friends and
relatives and joining festivities arranged by various agencies and
organizations. The imam of the Grand Mosque in Makkah urged
Muslims all over the world to be optimistic about their future,
learning lessons from the past, when Muslims won several victories
against enemies amid occasional failures and defeats.. ..Custodian
of the Two Holy Mosques King Abdullah, Crown Prince Sultan, Makkah
Gov. Prince Khaled Al-Faisal and other senior princes joined Eid
prayers at the Grand Mosque, which was thronged by more than two
million faithful, including foreign pilgrims.." [more]
Gap
Between Sides Grows Bigger As Date For Peace Talks Gets Closer
[Oct 13]
"After prodding the Israelis and Palestinians back to the
negotiating table for the first time in nearly seven years, the
Bush administration now confronts a stalemate that threatens to
undermine the latest peace initiative.. ..talks have reached an
impasse, aides said, prompting the two leaders to look to US
Secretary of State Condoleezza Rice to salvage the effort during a
six-day visit to the region starting this weekend.. ..With Arab
expectations high, some are predicting that an inconclusive
outcome at the peace conference would set off a new round of
Israeli-Palestinian blood- letting. But analysts in the region say
the gap appears to be unbridgeable.." [more]
Diplomats
Point to Huge Benefits from Middle East [Oct 13]
"They have met with more than 100 business groups in Auckland
this week to look at export opportunities in the Middle East. The
heads of mission to Iran, Saudi Arabia, Egypt and Turkey say New
Zealand's exports to the region are double that to South Asia. The
ambassador to Saudi Arabia, Trevor Matheson, says he was surprised
by the huge turnout of businesses. But he says unparalleled
economic growth in Saudi Arabia alone shows there is significant
room for an increase in exports. Dr Matheson says he is also
focused on advancing negotiations for a free trade agreement with
the Gulf Co-operation Council.." [more]
Oil
Hits Record $84 on Supply Fears [Oct 13]
"Oil hit a record above $84 a barrel yesterday on mounting
tensions between Turkey and northern Iraq and lingering supply
concerns ahead of the Northern Hemisphere winter. US crude settled
up 61¢ at $83.69 a barrel, after trading up to a record $84.05 a
barrel earlier.. ..The Organisation of Petroleum Exporting
Countries agreed in September to boost crude supplies by 500,000
bpd starting in November. But many analysts have called the move
insufficient to avert a squeeze this winter when cold boosts
heating oil demand.." [more]
Saudi
Travelers Cautioned Against Fast Food Abroad [Oct 13]
"Saudis visiting the tourist resort of Phuket in Thailand
during the Eid holidays have been cautioned against eating fast
food, since the beef or lamb used in the preparations there need
not necessarily be halal. Though the alert has come from Phuket,
it is equally applicable to all places around the world where
these international fast food chains operate.. ..'I would like to
inform Saudi and other Gulf visitors eating at these
internationally renowned fast food outlets that the beef or the
lamb used in their preparations may be halal in Saudi Arabia but
is not so in Phuket and, by extension, elsewhere in other
countries.'.." [more]
Mideast
Project Financing to Touch $1 Trillion in 10 Years [Oct 13]
"With project finance transactions reaching record highs and
infrastructure development requirements assessed at more than $1
trillion over the coming decade in the Middle East region — and
Qatar alone expected to consume $130 billion, demand from
large-scale projects across the LNG, oil & gas,
petrochemicals, power and water sectors in particular is growing
at an exciting pace. Combined with the huge boom in major real
estate projects, the stage is set for meeting the challenges of
financing complex projects. The market is also seeing an
increasing role in Islamically-structured transactions and this is
having a knock-on effect of spurring more innovative
‘next-generation’ Islamic finance solutions.." [more]
~~~~~~~~
[ Oct 12 ] ~~~~~~~~~
King
Urges Muslims to Stand United [Oct 12]
"Custodian of the Two Holy Mosques King Abdullah yesterday
called upon Muslims to strengthen their unity and solidarity
inspired by the teachings of Islam as well as events like Ramadan
and Eid Al-Fitr. 'Fasting in Ramadan and Eid Al-Fitr celebration
are elements that promote unity and cohesion. They call for
shunning reasons of disunity. Both events bring Muslims closer and
remove the reasons for division,'.. ..'We are a nation with a
noble message in order to promote justice and peace without being
influenced by fanaticism and extremism, thus reinforcing the
pillars of coexistence and cohesion with
other nations,' the message said.." [more]
Eid All
Over the World [Oct 12]
"The declaration of Eid Al Fitr was marked all over the
world, as millions of Muslims prepared to return home and spend
time with their families. The end of Ramadan sees the biggest
human migration in Southeast Asia. Some 14.8 million people in
Indonesia were expected to head home, a six per cent rise from
last year.. ..Saudi Arabia, the cradle of Islam, celebrated on
Friday along with several other Gulf countries, while many Asian
nations, where the majority of the world's 1.2 billion Muslims
live, will wait until Saturday to mark the end of a month of
dawn-to-dusk fasting and restraint from other worldly
pleasures.." [more]
Dispatches
on Extremists Angered Saudis [Oct 12]
"The Saudi Arabian government complained directly to the
Foreign Office about a Channel 4 documentary on Islamist
extremism, The Daily Telegraph can disclose. The ambassador wrote
to Margaret Beckett, then the Foreign Secretary, to denounce the
programme, Undercover Mosques, and Government officials also met
Saudi diplomats to discuss their concerns. The Dispatches
documentary purported to have exposed extremist preaching in
several mosques by what were described as Saudi-trained imams..
..The programme alleged, among other things, that the Kingdom of
Saudi Arabia and its 'religious establishment' are spreading a
'radical ideology' of 'intolerance and bigotry' through British
mosques and Islamic organisations. This infuriated the Saudis, who
are custodians of the two holy mosques in Mecca and Medina. A
spokesman for Ofcom said a ruling would be made next month. There
had been more than 300 complaints about the programme.." [more]
London's
Real Property Draws Saudi Interest [Oct 12]
"Saudis have recently been showing increasing interest in
acquiring properties in foreign cities, particularly London.
Hassan Mustafa Sunbul, executive president of the Al-Shamila Real
Estate Co., attributed the trend to the belief of several Saudis
that London is the most hospitable city for Arabs in Europe. He
told Arab News yesterday that his firm received title deeds of the
plots belonging to Saudi investors in the first phase of the
Queen's Garden Project located at southeast London. The project
which will depict the Saudi Arabian and Islamic style of
architecture aims at building a residential complex for Saudis in
this London suburb. It will have an area of 300,000 square meters
with 376 plots with all other modern utilities.." [more]
Banning
‘The Kingdom’ Is Counterproductive, Say Experts [Oct 12]
"The banning of the new Hollywood movie “The Kingdom” by
Bahrain and Kuwait this week was deemed counterproductive and
largely symbolic by a cross-section of experts interviewed by Arab
News.. ..Saudi Arabia has not yet announced a ban on the movie.
While the Kingdom has no movie theaters, DVD films (both licensed
and pirated copies) are widely available. A ban would mean the
film would only be available as pirated copies sold on the
street.. ..'I think this is a problem — to ban a movie that
shows how the West thinks about us,' said Ahmed Al-Ibrahim, a
Saudi businessman who worked extensively with the director Peter
Berg as a consultant on the film. 'We should know how other people
think of us Saudis, and the movie shows that the West and Saudi
Arabia stand together against terrorism.'.." [more]
Saudi
Hollandi Bank Ratings Affirmed With Stable Outlook [Oct 12]
"Fitch Ratings said it has affirmed Saudi Arabia-based Saudi
Hollandi Bank's (SHB) ratings with a stable outlook, reflecting
its corporate franchise, good profitability, conservative approach
to risk and the benefits gained from its strategic alliance with
ABN Amro NV. It added these factors are balanced by SHB's
relatively small size, modest capitalisation, weaker asset quality
and large concentrations in loans and deposits.. ..SHB is the
eighth-largest bank by total assets in Saudi Arabia and is 40
pct-owned by ABN Amro.." [more]
Negotiator
Sees Russia Completing WTO Talks With Saudi Arabia [Oct 12]
"Russia expects to complete talks on its accession to the
World Trade Organization (WTO) with Saudi Arabia by the end of
October, Maxim Medvedkov, head of the Economic Development and
Trade Ministry's trade negotiations department, said at a news
conference Friday.. ..Russia has signed WTO protocols with all WTO
members that wished to hold bilateral talks with it, excluding
Georgia and Saudi Arabia.." [more]
~~~~~~~~
[ Oct 11 ] ~~~~~~~~~
US
Blacklists Saudis, Freezes Assets [Oct 11]
"Three Saudi nationals on Wednesday were accused of raising
funds to back an Al Qaeda-linked group by the US and placed on a
blacklist of terrorist financiers. Abdul Rahim Al Talhi, Muhammad
Abdallah Salih Sughayr and Fahd Muhammad Abd Al-Aziz Al-Khashiban
have been banned from doing business with American individuals or
companies and any assets belonging to the men found in the US will
be frozen. The US Treasury Department claims the Saudis are
providing financial support to the Abu
Sayyaf militant group in Southeast Asia.. ..The Treasury named the
Saudis as 'specially designated global terrorists' and said they
served as significant sources of financial and other support to
Abu Sayyaf. There are over 6,000 names on the department’s list
of specially designated nationals.." [more]
Saudi
Meets OPEC Vow With Big Supply Hike to Asia [Oct 11]
"Saudi Arabia told major Asian refiners on Thursday it will
raise their crude sales by a tenth in November, more than expected
as it meets the lion's share of OPEC's pledge to boost output,
industry sources said. The recovery in shipments to 100 percent of
contractual volumes was a surprise to many customers, and would
equate to as much as a 350,000 barrels per day (bpd) increase in
exports. That is more than half of OPEC's promised 500,000-bpd
rise agreed one month ago after the kingdom
convinced other members to raise output in a gesture to consumer
nations, a move that has failed to tame oil prices still near
record highs above $80.." [more]
Thales
Wins Air Defence Contract With Saudi Arabia [Oct 11]
"France's Thales (TCFP.PA: Quote, Profile, Research) said on
Thursday it has won a contract worth 125 million euros ($176.6
million) to supply an electronic air defence system to the Saudi
Air Force. The system, known as Al Madhallah (the Umbrella),
comprises an electronic warfare centre with six regional hubs as
well as mobile centres to train missile battery personnel.."
[more]
Limitless
Creates its First New Community in Saudi Arabia [Oct 11]
"Limitless, a global master development arm of Dubai World,
will create a SAR45 billion (US$12 billion) urban community in the
Kingdom of Saudi Arabia, the company announced today. Al Wasl, on
show at Cityscape Dubai from 16 October, is the first of several
projects planned by Limitless in the Kingdom. It will be developed
on a 1,411 hectare (14.1 million square metre) site North of the
Saudi capital, Riyadh. Iconic, integrated, and designed to reflect
and complement the natural environment of nearby Wadi Hanifa, Al
Wasl will comprise a number of inter-connected districts, with
more than 60,000 homes, as well as offices, hotels, mosques,
health and educational facilities, shopping malls and sports
amenities.. .. 'Riyadh’s population is growing by 150,000, or
3%, every year. Some 50,000 new homes are required annually to
accommodate the capital’s rapidly-increasing numbers'.." [more]
BMG
Saudi Index on Strong Note [Oct 11]
"The BMG Saudi Index recorded the highest increase this week
on the last day of trading this week, with a jump of 2.7 percent,
as the index closed at 425.79 points. This closing level was last
crossed 5 weeks ago. Along with this optimistic increase in the
index’s number of points, the total market turnover yesterday
added up approximately SR427 million ($114.3 million) to reach
SR1.6 billion ($439 million), after a few days of poor turnover.
All sectors landed on positive territory.. ..SABIC, the index’s
largest cap stock, was the main contributor to the index’s
advance.." [more]
Two
Gulf States Ban US Film on Saudi Bombing [Oct 11]
"Two Gulf Arab states have banned a controversial US movie
revolving around a probe of a 1996 bombing in Saudi Arabia that
killed 19 Americans, officials said on Thursday. 'The Kingdom,'
directed by Peter Berg, was banned in Kuwait and Bahrain, but is
showing in the United Arab Emirates and will be screened in Qatar
starting on Saturday. 'The screening of the film has been banned
in Kuwait for many reasons, chiefly because it is a false
depiction of facts, a source at the cinema committee of
Kuwait's information ministry told AFP.. ..The film studies the
complexities facing investigators from two alien cultures
attempting to work together for a common cause.." [more]
GCC
States to Announce Common Market Soon [Oct 11]
"The six states that make up the Gulf Cooperation Council
(GCC) plan to announce the formation of a common market during
their annual summit at the end of the year, the secretary-general
of the group said in remarks published yesterday.. ..According to
the group's website, the agreement will give citizens of the six
states all the same economic rights in each country, including
ownership of real estate, stock, capital movement, taxation,
pensions and social security. The alliance is also aiming for a
monetary union by 2010.." [more]
~~~~~~~~
[ Oct 10 ] ~~~~~~~~~
US
Envoy Emphasizes Bid to Bridge Social Gap [Oct 10]
"US Ambassador to Saudi Arabia Ford M. Fraker termed the US
House of Representatives resolution recognizing Ramadan and
expressing the deepest respect to Muslims in the United States as
'historic'. The resolution was adopted in the House by a vote of
376-0 last week for the first time.. ..The resolution, which
acknowledges the importance of Muslims in America, is the first of
its kind, introduced by Rep. Eddie Bernice Johnson (D-Texas) and
co-sponsored by 30 legislators.." [more]
Saudi
Arabia to Raise Oil Exports to China 9% [Oct 10]
"Saudi Aramco plans to increase oil exports to China by at
least 9 percent this year to meet rising demand from refiners in
the world's fastest-growing major economy, said two company
officials. Shipments to China may climb to more than 26 million
metric tons of crude this year, according to the officials from
Saudi Aramco, who asked not to be identified because of company
policy. Saudi Arabia's only crude exporter increased oil exports
to China by 7.6 percent last year to 23.87 million tons.. ..China
Petroleum & Chemical Corp. and PetroChina Co., the nation's
two largest oil refiners, are upgrading facilities to process low
cost high-sulfur crude to help cut losses caused by government
caps on fuel prices.." [more]
BMG
Saudi Stock Index Gains Ground [Oct 10]
"The BMG Saudi Index witnessed a third consecutive increase
this week, with yesterday's session advancing by 1.4 percent to
close at 414.68 points. However, the total value traded registered
another decline, of 13.7 percent, to reach SR1.22 billion ($325
million), versus SR1.41 billion ($376 million) on the previous
session. For the second day in a row, the Industrial sector was
able to keep the Index going up, with the sector adding 1.6
percent.. ..SABIC, the Index's largest cap stock was the main
contributor to the Index's advance. It recorded a notable 2.3
percent increase in its share price to close at SR131.5 per
share.." [more]
Four
Million Pray at Two Holy Shrines [Oct 10]
"More than four million worshippers performed evening and
taraweeh prayers at the two holy shrines in Makkah and Madinah in
Saudi Arabia on the 27th night of Ramadan, marking Lailat Al Qadr,
the night on which the Quran was first revealed, Saudi newspapers
said. In the Quran, Lailat Al Qadr, is the night when the angels
descend to earth and it is said to be better than a thousand
months. It is a time that Muslims spend in prayer and ask for
forgiveness.." [more]
Saudi
Arabia Tops Gulf IPOs in Second Quarter [Oct 10]
"Initial public offerings in the Gulf raised more than $3.5
billion in the second quarter and the entire Middle East raised
$3.9 billion, according to a report by Ernst & Young. Saudi
Arabia is ranked at the top in terms of funds raised with about
$2.5 billion.. ..'The three largest offerings in the second
quarter of 2007 were Saudi Kyan Petrochemical Company's offering
of $1.8 billion, followed by Deyaar Development Company's $ 883
million offering in the UAE and Saudi Arabia's Jabal Omar
Development Company offer of $537 million. This reflected the
growing capital base and confidence in the regional
markets,'.." [more]
~~~~~~~~
[ Oct 9 ] ~~~~~~~~~
Saudi
Issues Succession Council Rules [Oct 9]
"Saudi Arabia’s King Abdullah yesterday issued rules
guiding the conduct of a body set up last year to regulate
political succession in the world’s biggest oil exporter. The
Saudi throne has passed from one brother to the next since the
death of Abdul-Aziz bin Saud, the founder of the state. Western
diplomats have welcomed efforts to regulate succession in the
kingdom, which they say is an attempt to avoid leadership
disputes. Saudi Arabia last year announced plans to set up a
so-called 'allegiance' council which would regulate succession but
would not take effect until Crown Prince Sultan, heir to King
Abdullah, accedes to the thrown.." [more]
Group
to Carry On Drive for Driving Rights [Oct 9]
"The Society for Protecting and Defending Women’s Rights is
planning to expand their capmaign for women in the Kingdom to be
allowed to drive by going out educating people and rallying
support for their ongoing drive, according to a member of the
society. The group has already sent a petition to Custodian of the
Two Holy Mosques King Abdullah during the Kingdom’s Sept. 23
National Day. “The petition is now with the authorities and we
are optimistic,” said Fawzeyah Al-Oyouni, a founding member of
the society and a human rights activist.. ..The group is planning,
in a future action, to highlight Saudi women who have driver’s
licenses issued to them in other countries in order to underscore
the fact that Saudi Arabia is the only country on earth that
prevents women from driving.." [more]
Saudi
Announces Crude Sales Price [Oct 9]
"Saudi Arabia has started issuing a new price for sales to
Mediterranean refiners as it seeks to standardise prices to both
north and south Europe, a Saudi Aramco source said
yesterday.Aramco has posted a loading price for crude at the
world's largest offshore oil export terminal at Ras Tanura for
Mediterranean buyers since September. Buyers in northwest Europe
also have crude priced from Ras Tanura. Previously, the price
posted for Mediterranean buyers was for loading Saudi oil from the
Egyptian port of Sidi Kerir, the terminal for the Sumed pipeline
from the Red Sea.. ..'We recognised that there were some
differentials between the prices to Mediterranean and northwest
European customers," an Aramco source said. "With those
differentials you won't always satisfy both customers in both
locations, so we have issued separate prices (from Ras Tanura).'.."
[more]
Treasuries
Fueled by Petrodollars From Mideast Funds [Oct 9]
" The biggest quarterly rally for U.S. government securities
in five years is getting an extraordinary boost from the
burgeoning reinvestment of petrodollars by the Organization of
Petroleum Exporting Countries. OPEC members increased their
holdings of Treasuries 12 percent this year through July to $123.8
billion, Treasury Department data show. The prospect that OPEC's
share of U.S. debt is growing is based on the 31 percent rise in
oil since December, which will raise OPEC revenue 4 percent to
$630 billion this year and 9 percent to $688 billion in 2008,
according to estimates by the U.S. Department of
Energy.." [more]
Saudi
Arabian Residential Projects Need $20bn Cash Injection [Oct 9]
"Residential projects form three quarters of the overall real
estate activity in Saudi Arabia. Experts say $20bn must be
invested in this sector between now and 2020 if serious challenges
such as local demand exceeding supply are to be avoided. The Saudi
real estate market is no longer focused around villas and
luxurious palaces; today it has to adapt to the changing real
estate landscape. Where until recently people could afford to buy
villas or land, now, with rising prices, apartments are becoming
more popular.. ..Land prices rose between 20 and 40 per cent in
2006. In Riyadh alone.. ..experts believe the
current rises are just the early stages of a boom that will really
take off next year and continue for many years. What is needed now
are measures to prepare for the boom, such as establishing
companies that can address the needs of those on low
incomes.." [more]
~~~~~~~~
[ Oct 8 ] ~~~~~~~~~
Olayan
Group Seeks Saudis for US Graduate Program [Oct 8]
"In an initiative that will benefit young Saudi professionals
who wish to advance their business careers, Olayan Group is
calling for highly motivated candidates to apply for admission to
the graduate program at the US-based Kelley School of Business at
Indiana University to qualify for a two-year MBA scholarship. The
group is re-launching the Suliman S. Olayan Graduate Fellowship in
International Business for 2008-09. Applicants should hold an
undergraduate degree (BA or BS) and satisfy the necessary
requirements for Kelley’s MBA program. Requirements include a
minimum undergraduate GPA of 3.3 out of 4.." [more]
Sultan
Charity to Build 280 Houses for the Poor [Oct 8]
"Crown Prince Sultan yesterday announced his charitable
foundation’s plan to build 280 new housing units for the poor in
Makkah and Madinah. The crown prince made the announcement while
distributing deeds of 180 housing units built by the Prince Sultan
Charitable Foundation to Makkah’s needy.. ..The foundation,
established by Prince Sultan and his sons 14 years ago, has
carried out a number of educational, medical and housing projects
in various parts of the Kingdom benefiting a large number of
people. The London-based World Philanthropists Organization chose
Prince Sultan Foundation for the philanthropist of the year award
in 2006 in appreciation of its humanitarian activities at Muslim,
Arab and international levels.." [more]
New Oil
& Gas Service Company [Oct 8]
"Efforts are under way to establish an SR1.2 billion oil and
gas service company by a group of Saudi and Gulf businessmen and
industrialists, according to Osama Al-Kurdi, a member of the new
company’s board of directors. He said the company has selected
China’s Shengli Oilfield Company as its strategic foreign
partner. He said the new company would compete with foreign oil
companies working in the Kingdom. Its services will cover not only
the Gulf but also Middle East and African
countries, Kurdi added.." [more]
Saudi
Stocks Recover Slightly [Oct 8]
"The Saudi stock market recovered slightly yesterday, with
the Tadawul All-Share Index (TASI) increasing 26.88 points to
7,724.12, from a fall of 67.93 points on Saturday. Shares of 75
companies surged while 22 companies were in the red. Over SR4.27
billion worth of shares changed hands yesterday. Saleh Al-Salman,
a market analyst said the Saudi stock market is currently facing a
shortage of liquidity and sluggishness of transactions which is
quite usual during the last week of
Ramadan and before the beginning of the Eid Al-Fitr holidays. Most
of the dealers would like to wait until the scene becomes clear
after the Eid holidays.." [more]
~~~~~~~~
[ Oct 7 ] ~~~~~~~~~
Saudi
Security Forces Arrest Former P.A. Police Chief [Oct 7]
"Saudi police arrested former Palestinian chief of police
Ghazi Jabali in Riyadh, Palestinian sources announced. Jabali was
arrested while accompanying the Damascus-based Hamas leader Khalid
Mash’al on ‘Umra, a minor pilgrimage to Mecca performed by
Muslims anytime during the year. The Saudi police were holding
Jabali as a fugitive from justice, on the basis of an arrest
warrant from Interpol, the world’s largest international police
organization, the sources added. The Palestinian
Authority submitted a request to Interpol to apprehend Jabali,
considered a corrupt official, who fled to Syria two years ago,
where he works as an adviser to Mash’al.." [more]
Saudi
Arabia Plays Spoil Sport for GCC Equity Funds [Oct 7]
"After providing 8% and 9% returns in July and August
respectively, the Saudi Arabian markets provided a negative return
of -5%. This negative return has wiped off all the YTD gains in
Saudi Arabia and the YTD return as at the end of September stands
at -1.26%, making it the worst performing market so far in GCC.
Heavyweights like Kingdom Holdings, Saudi Telecom, and SABIC Group
ended lower. One of the reasons for decline in the market was
profit booking, especially in the insurance sector.." [more]
Rehab
Programs for Gitmo Returnees [Oct 7]
"Saudi Arabia yesterday announced a series of programs for
the rehabilitation of 55 Saudis who have returned from the US
prison on the Guantanamo Bay in Cuba. Meanwhile, Interior Minister
Prince Naif ordered the release of the Guantanamo returnees on
bail to help them celebrate Eid Al-Fitr with their families, after
paying them SR10,000 each as Eid gifts.. ..Twenty-seven prisoners
— who were never charged in US court for any crimes and
subsequently released to Saudi authorities by the US military —
were released before Ramadan while 16 others were set free last
Tuesday. The remaining 12 will be
released within the next few days.." [more]
GCC to
Meet in Holland [Oct 7]
"Six countries in the Gulf region will hold GCC Day in the
Netherlands between October 30 and November 1 under the patronage
of the Cooperation Council for the Arab States of the Gulf (GCC).
Leading personalities and academics from the participating
countries will conduct three symposia. These are the reality and
expectation in the economic cooperation between the GCC and
Netherlands (October 1), the role of women in the development of
the GCC states (October 31), and building bridges of understanding
between the West and the Islamic World (November 1).. ..GCC
Secretary General Abdul Rahman Al-Attiyah said an aim of the
symposia is to present the correct image of the Arab World to the
people of the Netherlands.." [more]
Residency
Cap Plan on GCC Agenda [Oct 7]
"A proposal for a six-year residency cap on unskilled
expatriate workers is on the agenda at the next meeting of
ministers of labour of the GCC countries in Riyadh in November,
said the UAE minister of labour.. ..'To enforce a residency cap on
unskilled workers of a maximum of six years will contribute to
solving the problems associated with the influx of foreign workers
and protect our identity,' said Al Ka'abi, adding that he is
hopeful that the proposal will be approved at the meeting.."
[more]
Al-Ahlia
Shares Soar 607.75% on Debut [Oct 7]
"The new insurance company made a strong debut on the Saudi
stock market yesterday. Shares in Al-Ahlia Insurance Company,
which started trading on the Tadawul yesterday, jumped 607.75
percent to close at SR70.75. The SR10 share opened at SR82.25 and
reached high of SR90.50 and a low of SR70.25 during the trading.
However, the strong debut of Al-Ahlia failed to halt stock market
slide yesterday. The Tadawul All-Share Index dropped 67.93 points
to close at 7,697.24.. ..Out of 105 companies traded, shares of
only 18 companies were in positive territory while shares of 70
companies dropped yesterday. The stock market turnover was also
meager at SR3.64 billion.." [more]
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