Saudi-US Relations Information Service

Keeping Track - Recently on SUSRIS








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Saud Approves Rules for Curbing Chemical Weapons [Nov 10]
"Foreign Minister Prince Saud Al-Faisal has approved an executive bylaw for the implementation of an international convention prohibiting the development, production, stockpiling and use of chemical weapons and their destruction. The issuance of a national law and an executive bylaw implementing the convention reflects Saudi Arabia’s resolve to eradicate weapons of mass destruction. The new bylaw will be applied 90 days after its publication in the official Um Al-Qura gazette.The chemical weapons law, which was passed by the Cabinet in 2005, prevents the development, production, possession, preservation, storage and transportation of chemical weapons. It also dictates that all chemical facilities must be accessible to inspectors.." [more]

Saudi Showcase Opens OPEC To The World [Nov 10]
"With oil prices bent on hitting US$100 a barrel as soon as next week, and energy consumers around the world increasingly fretting about where the next oil supplies will come from, cloistered Saudi Arabia, the world's largest oil producer, is taking an unusual step: borrowing a page from marketing-savvy Western organizations and putting on a charm offensive on a grand scale. The occasion is the Third OPEC Summit, hosted by the Kingdom's oil minister, Ali Al-Naimi, in Riyadh next week.. ..'This meeting looks like it's a showcase,' said Bob Skinner, a former director of the Oxford Institute for Energy Studies and an expert on the global oil industry who now works in Calgary. 'It's to be commended. The King probably wants to say, 'We are not a bunch of jihadis, Al-Qaeda apologists. We are open.' And in a way they are sending a signal to Al-Qaeda and those in Saudi Arabia who would want to close Saudi Arabia to the outside world.." [more]

Egypt-Saudi Start Talks on Palestine [Nov 10]
"Egyptian President Hosni Mubarak hosts Saudi Arabia's King Abdullah to discuss regional affairs ahead of Israeli-Palestinian talks in Maryland this month. The Mubarak-Abdullah summit will focus on Iraq, the results of King Abdullah's recent European tour, and the upcoming Annapolis conference regarding the Israeli-Palestinian issue in Maryland later this month, the Kuwait news agency KUNA reported Saturday. Mubarak told an Egyptian news agency he hoped the Annapolis conference would meet the expectations of all parties involved to achieve a lasting peace.." [more]

14 Saudis Return Home From Guantanamo [Nov 10]
" Saudi authorities received a group of 14 Saudis Saturday from the U.S. military prison at Guantanamo Bay, Cuba, the state-run-news agency reported. This latest transfer of detainees brings the number of Saudi nationals remaining in Guantanamo to 22, the Saudi Press Agency said. It quoted Interior Minister Prince Nayef bin Abdul Aziz as saying that those returned will be referred to Saudi courts. There were no details given about what charges the men may face in court and up until now no one released into Saudi custody has yet been tried, said officials. U.S. authorities' last transfer of Saudis from Guantanamo was in September when 16 prisoners were returned.." [more]

Opec Exports to Hit Record $658bn [Nov 10]
"Opec member nations are expected to rake in a record $658bn this year from their oil exports and then see their business grow by $104bn next year, the US government’s top enm Exporting Countries are flush with cash from rising global oil demand and high crude prices, which for US oil has nearly doubled from its low at the beginning of the year to a record $98.62 hit this week. High prices will lift Opec’s net oil export revenues by $53bn, or 9%, for 2007, compared with last year, based on new estimates from the US Energy Information Administration. The oil producer group is set to ship a record $762bn in oil during 2008, 16% more than this year.." [more]

SABIC, Banking Stocks Take TASI Above 9,000 [Nov 10]
"Saudi stocks kept up their strong performance for the third week in a row last week, apparently propelled by rising crude prices and third quarter corporate profits. The Tadawul All-Share Index (TASI) climbed 5.07 percent last week, closing at 9,058.59 points from 8,621.45 points the previous week. The Riyadh-based Bakheet Investment Group (BIG) said in its weekly report that the index broke the 9,000 points hurdle as the highest record for the past 12 months, gaining 18 percent since Oct. 6. So far the index is 14.2 percent higher than year’s start.." [more]

Anti-corruption Group Wins Hearing on Suit Challenging End of BAE-Saudi Probe [Nov 9]
"Britain's High Court on Friday ordered a full judicial review of the government's decision to stop an investigation into alleged corruption by BAE Systems in an arms deal with Saudi Arabia. Lawyers for the Campaign Against Arms Trade argued that the decision to stop the inquiry was unlawful under the Organization for Economic Cooperation and Development's anti-bribery convention. Then Prime Minister Tony Blair had taken responsibility for the decision, saying the investigation threatened national security interests. Lord Justice Alan Moses, sitting with Justice Stephen Irwin, said 'matters of concern and public importance' had been raised and the challenge 'cries out for a hearing.'.." [more]

China Seeks 30 Percent Increase in Saudi Oil Imports [Nov 9]
"China has asked for a 30 percent increase in crude oil imports from Saudi Arabia for 2008 and also aims to raise imports from Iran, partly to feed two new refineries amid steady demand growth, trading sources said on Friday. Sinopec Corp, Asia's top refiner, wants to increase Saudi crude imports to 600,000 barrels per day for next year, up from this year's 460,000 bpd, a trading source close to the supply talks told Reuters. The supply pact, pending Saudi confirmation, would foster closer energy ties between Beijing and Riyadh, while maintaining the kingdom as China's top oil supplier. China is keen to secure more long-term fuel supplies while the Saudis are building a refinery in China and looking to invest in a second one.." [more]

Saudi King Urges Iran to Avoid Escalating Tensions With West [Nov 9]
"Saudi Arabia's King Abdullah urged Iran to avoid escalation in its standoff with the West over its nuclear program as Israel's deputy prime minister called for the resignation of the head of the UN nuclear watchdog. King Abdullah called for a solution that would allow Tehran to use atomic energy for peaceful purposes.. ..'The world fears that Iran's nuclear program will lead to developing nuclear weapons. Iran has announced its nuclear program is intended for peaceful use,' the king said in an interview with German newspaper Frankfurter Allgemeine, carried by the official Saudi news agen-cy SPA. 'If this is the case, then we don't see any justification for escalation, confrontation and challenge, which only makes issues more complicated.'.." [more]

Saudi King Abdullah to Receive State Medal in Ankara Visit [Nov 9]
"King Abdullah of Saudi Arabia will begin a visit to Turkey today as part of a four-nation Europe tour that has already taken him to Britain, Italy and Germany.. ..The Saudi king will be the eighth foreign leader presented with the State Medal of Honor in Turkey. The award is given to foreign statesmen who have built cooperation between their countries and Turkey as well as to former Turkish chiefs of general staff and presidents. The late Azerbaijani President Haydar Aliyev was the first foreign leader awarded a state medal, in 1997. Other recipients include late the Bosnia-Herzegovinian President Alija Izetbegovic, Egyptian President Hosni Mubarak, the late Croatian President Franjo Tudjman, former President of Georgia Eduard Shevardnadze and former US President Bill Clinton.." [more]

Saudi Arabia: Release Peaceful Reformers [Nov 9]
"King Abdullah should immediately pardon two leading reformers sentenced by a Saudi court on Wednesday for encouraging a peaceful demonstration, Human Rights Watch said today. Judge Ibrahim Husni of the Partial Court in Buraida, north of Riyadh, sentenced Professor Abdullah al-Hamid and his brother ‘Isa al-Hamid to four and six months in prison, respectively.. ..'This verdict against the al-Hamid brothers shows that the Saudi government’s talk of human rights reform is just that – talk,' said Sarah Leah Whitson, Middle East director at Human Rights Watch. The incident, which led to the two men’s prosecution, occurred on July 16, when several women whose husbands and relatives had remained in Saudi intelligence prisons for over two years without charge, trial or access to legal counsel staged a peaceful demonstration in front of intelligence offices in Buraida to demand the release or trial of their relatives.." [more]

Saudi Regulator Bans 82 Websites [Nov 9]
"The Saudi Capital Market Authority (CMA) yesterday decided to block 82 websites accused of giving advice on Saudi shares without obtaining a licence from the authority. In the past the authority had banned these websites, but this is the first time that action has been taken against so many. This indicates that the CMA is closely monitoring parties involved in matters related to the Saudi stock market.. ..It did not disclose the names of parties whose websites were blocked. Some writers, under different names, use websites to offer paid consultations and analysis of the situation on the shares of companies enlisted in the Saudi stock market.." [more]

Jadwa Becomes First Saudi Firm to Take Part in Aramco Venture [Nov 9]
"Saudi Arabia's Jadwa Investment has become the first domestic company to participate in a joint venture with state oil giant Saudi Aramco, an industry source said yesterday. ExxonMobil sold Jadwa its 30 per cent stake in the Saudi Aramco Lubricating Oil Refining Company (Luberef) earlier this week, the companies said in a statement. They did not detail the investment, but one industry source said the deal was worth about $500 million.. ..Domestic investors will have another opportunity to buy into Aramco's refining business in January when Aramco and Japan's Sumitomo Chemical plan to sell a 25 per cent stake in their $9.8 billion joint refining and petrochemical venture PetroRabigh.." [more]

Saudi-US Cooperation to Boost Cancer Awareness [Nov 9}
"The first batch of Saudis will be leaving for the United States within the next few months as part of the US-Middle East Partnership for Breast Cancer Awareness and Research, signed between the US and Saudi Arabia last month.. ..'The basic plan is to begin within a couple of months with exchanges of visits. In addition, Saudi men and women will be given training opportunities,' Al-Amro said. The US-Middle East Partnership for Breast Cancer Awareness and Research is the first joint cooperation program between the US and Saudi Arabia in the fight against cancer. US First Lady Laura Bush witnessed the signing of the agreement during her visit to the Kingdom last month.." [more]

Enel to Launch Energy Projects in the Kingdom [Nov 9]
"A major Italian company Enel has announced to launch a series of energy projects in the Kingdom following the signing of an MOU with Saudi Arabian General Investment Authority (SAGIA).. ..'This accord is an important opportunity for Enel and Italy to strengthen cooperation with the Kingdom, which plays a key role in global energy sector,' said Conti, adding that Enel is proud to participate in various projects in Saudi Arabia. 'The MOU offers us an opportunity to apply the most advanced innovations in the generation, transport and distribution of electricity on a large scale,' Conti said.." [more]

Merkel Backs King’s Peace Initiatives [Nov 8]
"Custodian of the Two Holy Mosques King Abdullah yesterday began a landmark state visit to Germany where Chancellor Angela Merkel offered her country’s full support to the king’s peace initiatives to resolve global conflicts. 'We know that you have dedicated your efforts to settle conflicts through peaceful means. We’ll cooperate with you in this area to solve all problems peacefully. This applies not only to your region but the whole world,' Merkel told the king.. ..Merkel’s spokesman said that apart from bilateral issues and trade relations, the two leaders would discuss the Middle East conflict ahead of the peace conference called by US President George W. Bush later this month. The standoff over Iran’s nuclear enrichment program, the crisis in Pakistan and the situation in Afghanistan were other possible themes.." [more]

Popular Capitalism Takes Root in Saudi IPO Boom [Nov 8]
"Popular capitalism is taking root in the Arabian Gulf with the boom in stock market flotation's, led by record offerings in Saudi Arabia, according to financial industry observers. The most active initial public offering (IPO) market and largest economy in the Middle East - comes under the spotlight next week at the 2nd Saudi IPO Summit from 10-14 November 2007 at the Four Seasons Hotel, Riyadh, under the patronage of Prince Salman Ibn Abdul Aziz Al Saud, Governor of Riyadh. 'Increasingly Saudi Arabian companies are going public to raise capital and benefit from the confidence of local investors,'.." [more]

GCC Mulls Defense Boost [Nov 8]
"Gulf Arab defense ministers met in Saudi Arabia yesterday to discuss joint defense against 'emerging regional powers', which diplomats said was an apparent reference to Iran. We are here to discuss developing defense in the Gulf countries.. .. in the light of changing sources of threat, the rise of the terrorism danger and emerging regional powers,' Deputy Saudi Defense Minister Prince Abdulrahman bin Abdulaziz told a meeting of the Gulf Co-operation Council.." [more]

Positive Impact of Rising Oil Prices on Saudi Stocks [Nov 8]
"Positive corporate earnings news, record high oil prices and improved investor sentiment sent Saudi stocks soaring yesterday. The Tadawul All-Share Index (TASI), which crossed the 9,000-barrier on Tuesday, continued to surge to close 52.50 points higher at 9,058.59. The index is 14.18 percent, or 1,125.30 points higher so far this year after falling over 52 percent last year. Saad Al-Salimi, a stock market observer, said the current behavior of the Saudi stock market reflected the keenness of Saudi investors to hold the market index from sliding down to 7,000 points.." [more]

Dutch and Filipino Groups Visit Kingdom [Nov 8]
"Dutch and Philippine delegations are visiting the Jeddah Chamber of Commerce and Industry to promote opportunities for trade and technical cooperation between the countries. The Dutch delegation included a group of 12 specialists in the fields of water and sanitation networks aimed at promoting opportunities for technical and commercial cooperation.. ..the Philippine delegation also reviewed the economic relations between the two countries and ways of developing them. Mustafa said the Philippine delegation has introduced a number of investment opportunities, particularly in commercial food products, spices, fish and pharmaceutical products.." [more]

Clerics Ban Koranic Ringtones [Nov 8]
"A Saudi-based Muslim clerics’ organisation has banned the use of Koranic verses as mobile phone ringtones after a six-day meeting in the holy city of Mecca, a statement said today. 'It is forbidden to use verses of the Koran as mobile telephone ringtones because any such use would damage the Koran by their abrupt interruption of the psalm verses or by sounding in inappropriate places,' said the fatwa, or religious edict, issued by the Islamic Jurisprudence Council. Around 70 Muslim clerics attended the meeting in Mecca.." [more]

Q & A With Afnan al Shuaiby [Nov 8]
"Dr. Afnan Abdullah Mansour al Shuaiby is the first woman to occupy the post of Secretary-General of the Arab-British Chamber of Commerce since it was established in 1975. Dr. Afnan, from Saudi Arabia, embarked on her position in London last July coming from Washington where she was an adviser to the chairman of the US-Saudi Arabian Business Council since 1998. Well-experienced in the business world, Dr. Afnan al Shuaiby had also joined the Abu Dhabi Investment Agency in Washington in 1996 as an adviser. Asharq Al-Awsat interviewed Afnan al Shuaiby at the Chamber's headquarters in central London. The interview proceeded as follows:.." [more]

Saudi Inflation in Sep Hits Highest in a Decade [Nov 8]
"Saudi inflation climbed to its highest in at least a decade in September, raising pressure on the world’s biggest oil-exporter to heed growing discontent over prices without straining its currency peg to the dollar. Rent and food costs pushed inflation in Saudi Arabia to 4.89% at the end of September, compared with 4.42% in August, Central Department of Statistics data showed yesterday. 'There is a marked shift in Saudi Arabia, which had gone through a period of very low or no inflation,' said Monica Malik, senior economist at Cairo-based EFG-Hermes 'It’s an area that they are concerned about,'.." [more]

MTV Of Arabia [Nov 8]
"And they’re getting it. MTV Arabia, a free satellite channel from Viacom, debuts Nov. 17 in the Middle East. The flagship program is called 'Hip Hop Na,' or 'My Hip Hop.' Hip-hop is a growing underground sensation in cities like Cairo, Dubai and Beirut, where the rap is often in Arabic. The network will broadcast music videos, original programs and versions of shows such as 'Cribs' and 'Pimp My Ride' to about a dozen nations, including Bahrain, Egypt, Saudi Arabia, Syria and Yemen.. ..While MTV has launched customized channels around the world, MTV Arabia presents special challenges with a region that shares a language but has varied cultural sensitivities.." [more]

Saudi King Abdullah to Visit Germany, Meet Merkel for Talks [Nov 7]
"Saudi Arabia's King Abdullah was to arrive Wednesday in Germany, where he was expected to hold talks with Chancellor Angela Merkel on developments in the Middle East.. ..Merkel is to receive Abdullah with military honors at the chancellery Wednesday, then hold talks with him that her spokesman, Ulrich Wilhelm, has said are to focus on developments in the Middle East. No news conference is planned. Merkel met Abdullah in Riyadh during a tour of the region in February. On Wednesday evening, the king also is to meet German President Horst Koehler.." [more]

Saudi Idea Ignores Iran's Rights [Nov 7]
"An Iranian MP says Saudi Arabia's proposal for setting up a uranium enrichment consortium outside Middle East disregards Iran's rights. 'This proposal - which aims to put an end to uranium enrichment in Iran - disregards Iran's rights,' said member of the Majlis National Security and Foreign Policy Commission, Elham Amin-Zadeh, Kuwait's Al-Watan paper reported Wednesday. 'This proposal is along the lines of similar suggestions previously put forward by Iran's neighbors,' she added.." [more]

Arab World Needs to Create 90m Jobs in Next Two Decades [Nov 7]
"The Arab world needs to address the issue of unemployment and how to create jobs for their citizens, according to Sultan bin Saeed Al Mansouri, UAE Minister of Governmental Sector Development.. ..He said: 'Addressing the issue of unemployment is a common responsibility and all government and private sector bodies should join forces with educational and training institutes to attain the optimum standard of efficiency and competence to tackle it.' Al Mansouri said the Arab World needed to create more than 90 million jobs in the next two decades and regretted the absence of any practical measures to tackle the problem.." [more]

Saudi Arabia to Purchase Russian Helicopters [Nov 7]
"Saudi Arabia plans to acquire a bulk consignment of Russian helicopters. On the whole the armed forces of the country will be supplied with 150 aircrafts including Mi35M and multi-role Mi17. The total cost of the deal will approximately amount to $2.2 billion. Besides, Saudi Arabia is going to purchase spare parts and weapons as well as to sign an education services agreement implying staff training.." [more]

Saudi Arabia Faces More Commodity Price Rises [Nov 7]
"Consumer goods in Saudi Arabia will continue to grow costlier due to the high price of oil and the riyal's peg to a weakening dollar, Fahd Al Hammadi, a member of the Riyadh Chamber of Commerce and Industry and chairman of the chamber's committee for development of small- and medium-scale enterprises, said yesterday. 'I expect [the] increase in prices of consumer products in the Kingdom to reach around 20 per cent during the first quarter of next year due to the global demand,'.. ..Al Hammadi said traders were exploiting the situation and not utilizing their stocks properly.." [more]

UK Land Investment Offer in Kingdom [Nov 7]
"UK Land Investment International, a major British retail land investment company, has appointed Fathi Taleb Real Estate Est. as its local marketing agent in a contract that was signed in Jeddah last week.. ..Muhammad Fathi Taleb. 'The land will give you a return over time but has the tangibility of a physical asset, unlike typical stocks and shares,' he added. He explained that the new investment route requires some patience and a five to seven year period to maximize returns. The nature of the investment, yet-to-be-developed-land, is located in areas that are extremely likely to be developed in the near future. 'This is likely because the land is not far from developed urban areas, is within easy distance of London and located in the southeast of the UK. There is a very high promise of substantial returns,'.." [more]

Saudi Inflation Highest in a Decade [Nov 7]
"Annual inflation in Saudi Arabia accelerated in September to 4.8%, the highest level in at least a decade, due to strong rent and food prices, Central Department of Statistics data showed on Tuesday. September marked the fifth month running that the annual inflation rate had risen in the world's largest oil exporter as rent prices jumped 11% and food 7.2%. 'It was expected to see inflation rising in September since we had the Ramadan factor,' said John Sfakianakis, chief economist Saudi Arabia's SABB bank.. ..Inflation is accelerating across the Gulf as governments invest more of their windfall oil revenue in tourism projects and infrastructure.." [more]

Nigeria: Hajj 2007 - Fake Saudi Currency in Circulation [Nov 7]
"As preparations for the 2007 Hajj gather momentum, intending pilgrims have been alerted to the circulation of fake Saudi currency (riyals) in the country. The Niger State director of the National Orientation Agency, Alh. Danladi Abdulhameed, warned intending pilgrims to desist from patronising conmen who were peddling fake Saudi currency. Abdulhameed advised would-be pilgrims to liaise with the pilgrims welfare board for the exchange of their naira to riyals.." [more]

Petchem Shares Lift Saudi Benchmark [Nov 7]
"Petrochemical stocks lifted Saudi Arabia’s bourse above 9,000 points for the first time in more than a year yesterday as high oil prices and an interest rate cut boosted the appeal of stocks in the kingdom.. ..Saudi Basic Industries Corp (Sabic) added 0.81%, having gained more than 46% this year. Saudi Kayan Petrochemicals Co jumped 9.38%. 'Investors are very positive about Sabic’s fourth-quarter results,' says Hesham Abou-Jamee, head of asset management at Bakheet Financial Advisors. High oil prices increase the likelihood of a rise in petrochemical prices, he added. The Saudi central bank last week left its benchmark repurchase rate, which banks use to set lending rates, unchanged at 5.5% after the US reduced its benchmark rate by 25 basis points.." [more]

Saudi King Has Historic Audience With Pope [Nov 6]
"King Abdullah of Saudi Arabia had a historic audience on Tuesday with Pope Benedict XVI on the first official visit to the Holy See by a monarch from the ultra-conservative Muslim kingdom.. ..The Holy See does not have diplomatic ties with Saudi Arabia, which is home to Islam's holiest shrines in Mecca and Medina and applies a rigorous doctrine of Sunni Islam known as Wahhabism. Foreign Minister Saud al-Faisal came to Rome in September to pave the way for the meeting, which had been expected to focus on the rights of Christians in Saudi Arabia and Islamic-Christian relations in general. Abdullah's visit comes as relations between the Vatican and the Muslim world have eased since the crisis provoked in September 2006 when Benedict appeared to link Islam with violence in a speech at Regensburg University, Germany.." [more]

Philippine Court Allows Detained Muslim Leader to Fly to Saudi Arabia [Nov 6]
"A Philippine court allowed the detained founder of a Muslim rebel group Tuesday to travel to Saudi Arabia to review a peace pact he signed with the government. Nur Misuari — leader of the Muslim rebel Moro National Liberation Front who is under house arrest — was allowed to fly to Jeddah for the Nov. 10-12 talks being mediated by the Organization of the Islamic Conference. Misuari signed a historic 1996 peace accord with the government but was arrested in 2001 after his followers launched a deadly attack.. ..The MNLF dropped its demand for independence in favor of limited autonomy when it signed the pact, which put five predominantly Muslim provinces and a city in the south into an autonomous region. Misuari became the first governor of that autonomous region.." [more]

Saudi Aramco Offering to Finance Joint Venture [Nov 6]
"Saudi Aramco, the world's largest oil company by output, will sell shares to the public for the first time when its joint venture refinery with Sumitomo Chemical Co. offers a 25 per cent stake to investors. The 50-50 joint venture will sell 219 million shares of PetroRabigh Jan. 5-12, the kingdom's Capital Market Authority said yesterday in a statement posted on the Saudi Stock Exchange's website. The price will be determined via book building, the statement said. Demand for the offering, which will only be open to Saudi nationals, "will be phenomenal," Shadi Zubeidi, head of investment banking advisory at Saudi-Swiss Securities, said.." [more]

Saudi Curriculum to be Made Available Online [Nov 6]
"Saudi Arabian Education Minister Dr. Abdullah al Obeid has affirmed that there is no hidden agenda in the kingdom’s educational curriculum, as some have maintained. He also confirmed that all textbooks taught in Saudi Arabia are expected to be uploaded and available on the ministry’s website soon. This move aims at making the educational curriculums accessible to all students, teachers and researchers. Following the launch of the Saudi Ministry of Education’s web portal last Sunday, November 4 in Riyadh, Dr. al Obeid stated that all critics who had been spreading misleading lies about the Saudi curriculum will be able to visit the website for themselves to find out the truth.." [more]

Saudi Stocks Stay Unchanged [Nov 6]
"After surging first two days of trading this month, the Saudi stock market closed almost unchanged yesterday. The Tadawul All-Share Index (TASI) closed at 8,868.58 points. In the banking sector, shares of Samba Financial Group jumped by 5.48 percent to SR139.50 and SABB by 4.76 percent to SR121. Shares of Saudi Hollandi Bank, Bank AlJazira and Arab national Bank declined yesterday. Saudi Electricity Co. (SEC) shares plunged 5.66 percent to SR12.50.. ..Faisal Al-Othman, financial analyst and member of the Saudi Economic Society, said the Saudi stock market has presently reached a turning point in its history with the general index hovering around 9,000 points.." [more]

Saudi Arabia Awards $535m Water Contract to ICODC [Nov 6]
"The Saudi Arabian Minister of Commerce and Industry signed a $535 million contract with Industrial Cities Development and Operation Company Ltd. (ICDOC) in Saudi Arabia for the management of water services in three industrial cities, Arab News reported. The minister stated that the 30-year contract is considered unique as it provides comprehensive water services, while meeting all the environmental and water needs of the industrial cities through ROT (rehabilitate, operate and transfer) contracts. He indicated that signing the deal comes in line with the ministry's strategy to privatize water services within the industrial cities to become integrated entities.." [more]

Saudi Arabia and Bahrain in Cross-Border Travel Pact [Nov 6]
"Saudi Arabia and Bahrain have agreed to allow their citizens to travel to the other country using their national identity cards. A joint statement to this effect was signed in Riyadh on Sunday evening by Saudi Interior Minister Prince Naif Bin Abdul Aziz and his Bahraini counterpart Lieutenant General Shaikh Rashid Bin Abdullah Al Khalifa. Earlier citizens had to present their passports to travel to the other country. Saudi Arabia has signed similar agreements with Oman and the UAE. Agreements with Qatar and Kuwait are expected to be signed soon, according to Prince Naif.." [more]

Offers for Fencing Iraq Border Under Study, Says Naif [Nov 6]
"Saudi Arabia is currently studying offers from 14 local and international companies, which are interested in constructing the wall the Kingdom plans to build along its border with Iraq. 'We are now in the process of evaluating the proposals and the implementation will begin soon,' Prince Naif told reporters on Sunday evening. Saudi Arabia announced last year that a wall would be built along its border with Iraq as a security measure to hinder the movement of people in both directions.." [more]

Oil Sets New Record Above $96 [Nov 6]
"Oil leapt more than $2 a barrel to a new record high of $96.44 on Tuesday, as a weak dollar and tight fuel stocks prompted buying by speculators. Investors, wary of global equity markets where the full impact of the credit crunch has yet to become clear, see oil as a good bet, especially given tight fuel supplies in the run up to the northern hemisphere winter. US crude rose $2.23 to $96.21 a barrel by 8:46 a.m. EST, putting it on course to test the $100 mark.. ..Oil's surge from below $70 in mid-August has been stoked by a weak dollar and speculative inflows into oil and other commodities - and extended by evidence of dwindling supply.." [more]

Abdullah Arrives in Italy Today [Nov 5]
"King Abdullah Bin Abdul Aziz, Custodian of the Two Holy Mosques, is scheduled to begin an official visit to Italy today. This will be the second leg of his second European tour which he started with his visit to Britain. He will pay visits to Germany and Turkey as well.. ..King Abdullah will meet with Italian President Giorgio Napolitano at the Cozoprotalieh Palace. Following a reception, they will hold official talks during which they will review all the bilateral relations dossiers and the means to boost Saudi-Italian relations in all the fields including the political, economic and commercial fields in addition to discussing the latest developments in the Middle East. The Saudi official delegation will participate in the talks.. ..Tomorrow, King Abdullah will meet with Pope Benedict XVI at the Vatican. This meeting is significant as it is the first time a Saudi king will meet with the Pope of the Vatican.." [more]

Move to Cut US Visa Wait Period [Nov 5]
"Foreign Ministry officials from Saudi Arabia and the United States are negotiating a maximum waiting period for Saudi businessmen applying for American visas, according to the director of the Saudi-US Business Office. Speaking on the sidelines of a Saudi-US meeting held at the Riyadh Chambers of Commerce and Industry, the director, Saud Al-Suwaileh, said if the new measure was adopted, it would slash the waiting time from 90 days to one month. Granting multiple visas valid for five years as opposed to the current two-year visa is another facility which would enhance the flow of mutual investments. Arabic language daily Al-Riyadh quoted Al-Suwaileh as saying that the difficulties encountered by Saudi businessmen in obtaining visas to the US to invest or sign business partnership agreements with American firms has been a major hurdle to joint investments.." [more]

Business Comment: UK is Tied to Saudi Arabia [Nov 5]
"The media coverage of last week's visit by the Saudi king was dominated by protests about his country's human rights record. But much of the serious talking at the meetings between Saudi and British officials was about trade and economic issues. Moreover, as well as the sense of our security interests being intertwined, the belief that economic interests are so important has dictated that we maintain a close and friendly relationship with Saudi in particular, but also with the whole of the Arab Middle East. Yet just how important is this region economically, and how important is our relationship with it?.." [more]

Saudi Aramco Backs Arab Thought Foundation's Fikr 6 Conference [Nov 5]
"Saudi Aramco announced it will be a partner and sponsor of the Arab Thought Foundation Conference (Fikr 6) set to take place in the Kingdom of Bahrain, under the patronage of His Majesty King Hamad bin Isa Al Khalifa, in December.. ..Event's executive director and Arab Production Company chairman Hamad Al Ammari says Saudi Aramco has a global reputation for high and distinct efficiency not only in the oil sector, but is also considered one of the leading establishments in the domain of local and global development as well.. ..The event is being hosted for the sixth year, by the Arab Thought Foundation a non-profit organisation, whose aim is to promote the unique culture and values of the Arab people.." [more]

GCC Ministers Discuss Security Ties [Nov 5]
"Interior ministers of the Gulf Co-operation Council states met here yesterday. Saudi Interior Minister Prince Naif bin Abdulaziz, who chaired the meeting, stressed the importance of the gathering in bolstering security co-operation among GCC members. The meeting would focus on safeguarding Gulf internal security and fighting terrorism, illegal drugs, money laundering, piracy and smuggling, Prince Naif said.. ..GCC members should exert more efforts to upgrade security co-operation given the fact that the Gulf region would be affected by any looming regional tensions.." [more]

Saudi Arabia Donates 60,000 Tons of Rice to Bangladesh [Nov 5]
"Bangladesh said on Monday it had received 60,000 tonnes of rice donated by Saudi Arabia for distribution among people affected by recent floods. The rice will be distributed among 2.1 million flood-affected families beginning from Tuesday," Foreign Secretary Touhid Hossain told reporters after hosting a visiting Saudi Arabian official. The rice is part of a $50 million donation promised earlier by Saudi Arabia, he said. Saudi Arabia also sent five cargo planes loaded with foodstuffs, blankets, tents, medicines and milk powder in August.." [more]

Saudi Arabia's SABIC Withdraws From Mauritanian Iron Ore Project [Nov 5]
"Saudi Basic Industries Corp said it has decided not to proceed with plans to join a 1.5 bln usd iron ore project in Mauritania. SABIC and Qatar Steel signed an agreement in July to acquire a 49.9 pct stake in the Guelb el Aouj project for 375 mln usd. In a statement, SABIC said it is withdrawing from the joint venture because it believes 'it cannot achieve the return on investment as per its expectations on this project'.." [more]

US Business Group Seeks Collaboration With Saudis [Nov 5]
"A 15-member trade delegation from the United States explored the possibilities of cooperation in trade, distribution, manufacturing and joint ventures with Saudi businessmen in a meeting held yesterday at the Riyadh Equestrian Club. The delegation's visit is under the auspices of the US-Saudi Arabian Business Council. Most members, representing small- and medium-size companies from Pennsylvania, New Jersey and New Hampshire, are here for the first time. 'We are optimistic that the business volume between the three US states and Saudi Arabia will further increase. Our optimism is based on the fact that the Saudi economy is booming,'.. ..Saudi Arabia is the US largest trading partner in the Near East and North Africa and it is the 17th worldwide.." [more]

Banks With Islamic Services Seen Rising 50% Globally by 2009 [Nov 5]
"The number of banks offering Islamic products will increase by 50% around the world by 2009 because of high public demand, the head of a newly-licensed Shariah-compliant investment bank in Bahrain said yesterday. Some might say Islamic banking is a fashion, but it will continue to grow as people feel more comfortable with it, Mark Hanson, chief executive of Global Banking Corp, said on the sidelines of a financial conference in Dubai. Over the next two years, we will see an increase of 50% in banks providing Islamic services globally and Islamic loans are part of that. In Saudi Arabia, for example, there is more pressure from shareholders to see Shariah-compliant products.. ..The Islamic finance industry, worth about $500bn in assets, has been growing at about 10% a year for the last decade, according to ratings company Standard & Poor's.." [more]

King in Italy Starting Monday [Nov 4]
"The Arab Peace Initiative, need for inter-religious dialogue and regional crises will top the agenda of talks during Custodian of the Two Holy Mosques King Abdullah's visit to Italy.. ..The two sides will also sign a number of agreements in areas including combating terrorism and organized crime, avoidance of double taxation, renewal of defense cooperation and a comprehensive training program for both Saudi technical graduates and medical professionals.." [more]

Housing Credit in Saudi Arabia Likely to Surge to SR46b by 2010 [Nov 4]
"The total size of outstanding housing credit in Saudi Arabia is likely to rise from SR4 billion in 2007 to about SR46 billion by the end of the decade, according to an estimate.. .According to the official statistics, mortgage housing finance in Saudi Arabia is a mere two per cent of GDP as opposed to 17 per cent in Malaysia, 50 per cent in the United States and 72 per cent in the United Kingdom.." [more]

Emir Opens Islam Council [Nov 4]
"Scholars of the Ummah Al-Islamiah must find new solutions to the modern problems facing the Muslim world, said Makkah Emir Prince Khaled Al-Faisal at the opening of the Islamic Fiqh Council. Prince Khaled urged the experts in attendance to face the group "which has strayed away from Islam" - meaning terrorists - "and fight their perversion against Islam." The scholars should stand united to defend Islam and give legal solutions under Islamic code that bring justice to the oppressed and the oppressors, he said.." [more]

Gordon Brown in an Interview with Asharq Al Awsat [Nov 4]
"The Saudis have done more than many to get us to where we are today regarding peace.." [more]

Q & A with British Ambassador to Saudi Arabia, William Patey [Nov 4]
"The visit by the Custodian of the Two Holy Mosques is pivotal in many aspects. What about the economic aspects and the prominent issues involved in it? Can you reveal some of the negotiations and discussions, or agreements that are going to be signed?.." [more]

The SUSRIS project -- an independent, private-sector information resource - offers objective, comprehensive news and information on the history, breadth and depth of the US-Saudi Arabia relationship.
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