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Hamas Chief Visits Saudi for Talks [Dec 8]
"Hamas political supremo Khaled Meshaal is holding talks with officials in Saudi Arabia, amid moves by the oil-rich kingdom to boost its role in securing peace across the Middle East, a source close to Meshaal said on Saturday. Meshaal arrived in Saudi Arabia late on Friday and is meeting officials in Riyadh, the aide told AFP, without giving further details.. ..Saudi Arabia, a principal patron of the Palestinians and an influential voice in the Muslim world, also played a key role in the US-hosted Middle East conference held last month that aimed to kickstart peace talks between Israel and the Palestinians.." [more]

Rice Warns Plan Poses a Threat to Peace Bid [Dec 8]
"US Secretary of State Condoleezza Rice warned Israel yesterday its plan to build 300 house units on land captured in the 1967 war threatened US-backed efforts to reach peace with Palestinians. 'We are in a time when the goal is to build maximum confidence with the parties and this doesn’t help to build confidence,' she said in rare US criticism of Israel. 'There should not be anything which might prejudge final-status negotiations,'.. .. On Monday, Rice said the US plans to boost its economic development aid to the Palestinians for the 2007-2008 budget to around $400mn.." [more]

No Substance in Rumours : Saudi Embassy [Dec 8]
"The Saudi Embassy in Islamabad on Saturday strongly refuted the speculative news stories that have appeared in the media on Saturday, with regard to the visit of the Saudi Ambassador to the former Chief Justice Iftikhar Mohammad Chaudhry’s residence here. In a press release issued here on Saturday, the Saudi Emabssy has clarified that the visit was solely for the purpose of ascertaining the former Chief Justice’s programme with regard to the offer of the Government of Saudi Arabia to perform Umra/Hajj.. ..Speculation with regard to the Saudi Ambassador having carried any message from the Government of Pakistan or an offer from the Government of Saudi Arabia to the former Chief Justice is entirely speculative and without any substance or credence.." [more]

Tasi Breaks Through 10,000 Points [Dec 8]
"Saudi Arabia's Tadawul All Share Index (Tasi) broke through the 10,000 points barrier today, Saturday. The bourse gained a very solid 2.2% to advance 216.5 points to end on 10,108.6 points. The Saudi British Bank was the big winner from the bullish sentiment, rising 8.2% to close on SR142.." [more]

Driving Through Barriers of Silence [Dec 8]
"Hatoon Al Fassi, a history professor from Riyadh, wrote a piece last month that listed all the recent statements made by senior leaders, including King Abdullah Bin Abdul Aziz, asserting that the state had no problem with allowing women to drive and that it was a decision left to families. Despite its calm and understated tone, no Saudi newspaper agreed to publish the piece - a sign of the sensitivity of the matter. Dr Al Fassi had written that some women, after hearing the leaders' statements, asked their local traffic departments for driving permits but were told by astonished bureaucrats that it was not allowed.." [more]

HSBC Launches Saudi Equity Indexes [Dec 8]
"HSBC, Europe’s biggest bank, is launching two indexes and associated funds and products that will give international investors exposure to Saudi Arabian equities, HSBC said yesterday. The Saudi equity market is closed to investors not based in the region but the new HSBC Saudi Equity Index offers a way to gain exposure to 36 stocks ranging from banks to bookstores. The bank is also launching the HSBC Saudi Petrochemical Equity Index, with 11 shares including SABIC (Saudi Basic Industries Corp.) and SAFCO (Saudi Arabia Fertilizers Co.). With surging oil prices generating huge revenues, the Gulf region has seen startling economic growth. Gulf countries have seen their economies double in size in 2006 from 2002.." [more]

~~~~~~~~ [ Dec 7] ~~~~~~~~~

Iran Report Raises Arab Concern Over U.S. Policy [Dec 7]
"A U.S. intelligence report claiming Iran halted a nuclear weapons programme in 2003 has caught Washington's Gulf Arab allies off guard, analysts say, raising concern that U.S. pressure against Tehran could slacken. Leaders of the Sunni-led Arab Gulf Cooperation Council (GCC) meeting in Qatar this week avoided comment on the report.. ..Washington, backed by Western countries and Gulf Arab countries led by Saudi Arabia, has led a diplomatic campaign against Tehran over the past year over a nuclear energy programme it said was a cover for developing nuclear weapons. Iran has denied the charge, saying it has the right to enrich uranium to fulfil future energy needs.." [more]

Britain Seeks Help From Saudi Counselling Panels [Dec 7]
"Britain has asked the help of Saudi counselling committees to rehabilitate its youth and convince them of denouncing terrorist ideologies, a pan-Arab newspaper quoted the British Counsel in Riyadh as saying. In 2004, Saudi Arabia established counselling committees whose tasks are to encourage prisoners to renounce their extremist beliefs.. ..Earlier the Saudi counselling committees announced that 1,500 persons, who embraced jihadist ideologies, were released after they have been convinced by the counselling committees to denounce their militant ideologies.." [more]

Sacked Pakistani CJ Rejects Saudi Mediation Efforts [Dec 7]
"..Saudi Ambassador Ali Awadh Asseri went to Chaudhry's home in Judges Colony, where the ex-Chief Justice has been placed under virtual house arrest since imposition of Emergency on November 3, in an apparent effort to mediate between Pakistan government and deposed judges, Dawn News Channel reported. He asked Chaudhry not to press for reinstatement of deposed judges, a request turned down by the former top judge. Chaudhry also rejected an invitation to visit Saudi Arabia.. ..Saudi Arabia shares close ties with Pakistan and had 'hosted' former premier Nawaz Sharif when he was sent to exile there in 2000. It is believed to have played a key role in facilitating Sharif's return to the country last month.." [more]

Saudi Arabia, US Named the Worst Climate Sinners [Dec 7]
"The United States and Saudi Arabia are the world's worst 'climate sinners,' environmental groups said Friday, citing their high and mounting greenhouse gas emissions and inadequate government policies to combat global warming.. ..Saudi Arabia, the world's largest oil exporter, was the biggest 'climate sinner' for the second year in a row, because its emissions are growing and it has no firm policies to address that, the group said. It has a long history of playing an obstructionist role at climate conferences. The United States, the only major industrialized country not to have signed Kyoto, followed directly behind.." [more]

~~~~~~~~ [ Dec 6] ~~~~~~~~~

Saudis May Supply More Oil on Sly [Dec 6]
"Despite OPEC's rather surprise decision Wednesday to not raise production in the face of $100 oil, experts say one big oil heavyweight will likely slip more crude to an energy-thirsty world. 'The Saudis have made it perfectly clear they are going to seep more oil to the market,' said Edward Morse, chief energy economist at Lehman Brothers. 'The only question is by how much.' Other analysts agreed with Morse. 'You've got to draw a distinction between what the Saudis do at meetings and what they do behind closed doors,' said Leo Drollas, chief economist at the London-based Center for Global Energy Studies. In fact, the Saudis have already been feeding the market more oil on the sly.." [more]

Saudi Paper: Militant Cell Planned to Assassinate Top State Clerics [Dec 6]
"A recently uncovered cell of Islamic militants planned to kill Saudi Arabia's grand mufti and another top cleric, reported the daily Okaz Thursday. Quoting an unnamed security official, the paper reported that the 24-member militant cell planned to assassinate Grand Mufti Sheik Abdulaziz bin Abdullah Al Sheik, the country's highest religious authority, and Sheik Saleh Al Fawzan of the Supreme Council of Clerics. Al-Sheik had previously issued several religious edicts against joining the insurgencies in Iraq and Afghanistan and said that young Saudis are being used as tools to carry out heinous acts.." [more]

Minister to Visit Saudi Arabia, France [Dec 6]
"Defense Minister Kim Jang-soo will begin an eight-day trip this weekend to Saudi Arabia and France to discuss ways of boosting bilateral military ties and cooperation in the defense industry, the ministry said Thursday. 'Kim will visit Saudi Arabia from Dec. 9-11 for talks with his counterpart,' a ministry spokesman said.." [more]

Saudi Firms Hike Salaries to Tackle Soaring Inflation [Dec 6]
"In a fresh move to face the continuing rise of prices of consumer products, a number of Saudi private sector institutions decided to hike the salaries of their staff. The increase, the first of its kind to be taken by such a large number of companies and banks, is being described as a 'high cost of living temporary allowance'. Gulf News learnt that the salary increase would be 15 to 40 per cent of the basic salary of the employee. Saudi Arabia is facing high inflation rates that reached five per cent in August.." [more]

Saudi Aramco Raises Prices of Crude to US [Dec 6]
"Saudi Aramco, the world's largest state oil company, raised its official selling prices for crude shipments to the US in January, the first increase since July. The discount for Arab Light, the most common variety exported by Saudi Arabia, narrowed to minus $6.85 a barrel from minus $11.15 a barrel in December to Saudi Aramco's benchmark price, the Dhahran-based company said in a faxed statement yesterday.. ..Oil refining profit in the US has more than doubled to $9.85 a barrel after falling to a 13-month low of $4.52 a barrel on October 22 as demand for heating oil picks up during the Northern Hemisphere winter. Saudi Arabia has boosted output, pumping nine million barrels of oil a day.." [more]

Saudi Stocks Keep Upward Momentum [Dec 6]
"The Saudi stock market surged yesterday as investors slowly regaining their confidence. The Tadawul All-Share Index (TASI) edged higher by 113.05 points or 1.16 percent to close at 9,892.02. Analyst Ali Al-Dowaihi saw good days for the market with the index growing day by day. 'On Tuesday, we saw shares worth SR3 billion being traded within the first hour as many investors bought shares of leading companies as well as the newly-listed Jabal Omar Development Co.,' he pointed out. As many as 362 million shares worth SR13.4 billion were exchanged on Tuesday, he pointed out.." [more]

KSA to Host 1.5m Pilgrims from Abroad [Dec 6]
"The Minister of Haj announced that the number of pilgrims this year performing Haj has increased by more than two million, with 1.5 million coming from abroad. The figures were announced by Fouad Farsi , the Minister of Haj, at an event that included participation by several government bodies to discuss the grouping of pilgrims on Jamarat Bridges. 'This year the total number of pilgrims will reach to 2,500,000 , with only 200,000 pilgrims from Saudi Arabia and the rest from all over the world'.." [more]

~~~~~~~~ [ Dec 5] ~~~~~~~~~

Bush Administration Delays Saudi Arms Deal [Dec 5]
"The Bush administration told Congress Tuesday that it would not officially notify the U.S. legislature of a 20-billion-U.S.-dollar arms deal with Saudi Arabia until Jan. 15, 2008. Once Congress is officially notified, it has 30 days to review such a deal and will possibly oppose it, said the website of the Hill, a newspaper specialized in reporting congressional activities. More than 100 House members of both parties had called for the delay in November. The effort to seek a delay was led by Rep. Anthony Weiner (D-N.Y.), who has already drafted a joint resolution of disapproval of the arms sale. Had Congress been officially notified of the deal in December, lawmakers were concerned that they would not have had the opportunity to thoroughly review the arms sale in light of the heavy workload Congress has to complete by the end of the year.." [more]

Disciplinary Hearing for Saudi Lawyer Defending Gang Rape Victim Postponed [Dec 5]
"The disciplinary hearing for the Saudi lawyer, defending a gang-rape victim sentenced to 200 lashes, was adjourned to an unspecified date, his lawyer said Wednesday. Lawyer Abdul-Rahman al-Lahem has been accused by the state prosecutor for "insulting the Supreme Judicial Council and disobeying the rules and regulations" when he went public with his criticism of the sentencing of his client to be flogged while her attackers received comparatively light penalties. Al-Lahem could face disbarment for his public objections to the judiciary's sentencing, which was a rare protest of the justice system of this ultraconservative kingdom. 'I am confident that we will get a positive ruling at the end,'.." [more]

OPEC Set to Maintain Output as Saudi Rules Out Hike [Dec 5]
"OPEC was set to maintain its official output quota at a keenly-watched ministerial meeting here Wednesday, as sky-high energy prices and global economic worries dampens demand for crude. Saudi Oil Minister Ali al-Nuaimi said the Organization of Petroleum Exporting Countries has no need to increase crude production from the cartel's official daily output quota of 27.25 million barrels. 'There is nothing that justifies an increase or a decrease,' Nuaimi told reporters at the start of the meeting in Abu Dhabi. Saudi Arabia is OPEC's most influential member and the world's biggest producer of crude.." [more]

Saudi Arabia Gets Fossil of The Day Award at Bali [Dec 5]
"Climate Action Network (CAN), a coalition of over 400 NGOs worldwide, gave Saudi Arabia the Fossil of The Day award here Wednesday for 'being the country that has done worst in the day's negotiations' at the UN climate change conference. As some of the 10,000-odd delegates from 187 countries attending the Dec 3-14 summit looked on bemusedly, CAN announced that Saudi Arabia was getting the award for 'having said at the main plenary session that the 'Kyoto Protocol had an unfair focus on carbon. At the same time, they supported CSC (carbon sequestration and capture) and then said there should not be any economics associated with the fight against climate change.' The second prize of the day went to Japan 'because it complained about CSC and nuclear technology not being included in the talks'.." [more]

Saudi Urges Action on Escalating Cyber-Terrorism [Dec 5]
"Saudi security intelligence and technology experts on Tuesday called for the creation of new laws to stop the growing threat of cyber-terrorism and the radical ideologies it promotes. In a joint statement to the UN, the experts urged the international body to press member states for the 'introduction of new laws to criminalise the use of communications technology to spread terrorist ideologies which concerns all countries'. The statement was issued at the end of a conference in Riyadh organised by the Saudi Intelligence Services.." [more]

Text of Final Communique of the 28th GCC Summit [Dec 5]
"..In the final communiqué of the 28th GCC Summit, the council urged Iran to pursue dialogue with the international community to arrive at peaceful solution to its controversial nuclear programme. On the issue of Iran's occupation of the UAE's three islands, the council reaffirmed the UAE's right to regain the islands of Greater and Lesser Tunbs and Abu Musa and their continental shelves and territorial waters as an integral part of the country. On Iran's nuclear programme, the council stressed the necessity to solve the nuclear dossier through peaceful means.. ..On the economic level, the council discussed a number of topics, including the joint GCC action and the customs union, as well as steps made to facilitate trade among GCC member states. The council expressed satisfaction at the announcement of the GCC Common Market with effect from January 1, 2008.." [more]

Saudi Arabia Warns Markets Against Riyal Appreciation Bet [Dec 5]
"Saudi Arabia's finance minister warned investors against the betting on an appreciation of the dollar-pegged riyal and said in a television interview that the kingdom had no plans to change currency policy. There was no disagreement on currency policy among six Gulf Arab oil producers.. ..The riyal had already weakened earlier in the session, moving further away from recent 21-year highs. Speculation about a revaluation of Gulf currencies such as the riyal and the dirham has boosted these currencies in recent weeks. The riyal weakened as far as 3.74 per dollar, a drop of 1.5 per cent from the highs hit last week, but recovered slightly after Bahrain's foreign minister said there was 'no decision yet' on revaluations.." [more]

Experts Recommend Special Laws to Combat Terror [Dec 5]
"Researchers and specialists at the Information Technology and National Security conference organized by the Presidency of Saudi Intelligence recommended yesterday that special laws or regulations be drafted that would criminalize the spread of terrorist ideologies, which would be agreed upon by the international community. They recommended that committees be established with the cooperation of a United Nations team to monitor the spread of terrorist ideologies. The recommendation came two days after Interior Minister Prince Naif said it was unfortunate that the ideological battle against terrorism in Saudi Arabia was not up to the level of expectations.." [more]

Saudi Stock Market to Attract More Liquidity [Dec 5]
"The Saudi stock market continued its upward march and it looks as if the Tadawul All-Share Index (TASI) will cross the 10,000 mark by the end of the year. The index closed yesterday 61.54 points higher at 9,778.98 after surging over 186 points or 1.96 percent on Monday. 'As we approach the end of 2007, we are still in favor of our bullish stance on the Saudi stock market,' the National commercial Bank (NCB) said in its latest Market Review and Outlook report. The NCB report said the market is also trading within a narrow range on the upcoming Haj holidays, expected announcement of the 2008 state budget, and worries on oil price volatility. However, there are a number of factors that will probably keep the market on a bull chase.." [more]

~~~~~~~~ [ Dec 4] ~~~~~~~~~

Cabinet Pins Hope on Revived M-E Peace Talks [Dec 4]
"The Council of Ministers expressed hope that a US-hosted Middle East conference last month will help pave the way for renewed peace talks between Israel and Palestinians as well as with Lebanon and Syria. 'The Cabinet renewes the Kingdom's commitment to supporting peace in the region and hopes that the outcome of the Annapolis conference will contribute to the success of negotiations between the Palestinians and Israel,' said the Saudi Press Agency. The Cabinet, meeting under the chairmanship of Prince Sultan, Vicegerent, called for the negotiations to 'tackle all the issues' on the final status of the promised Palestinian state. It also hoped that the conference would pave the way for the 'relaunch of the Syrian and Lebanese tracks' of the Middle East peace process.." [more]

Iran, Saudi Arabia to Invest in New Power Plant [Dec 4]
"Iran and Saudi Arabia have inked an agreement worth 500 million euros to build a combined cycle power plant in Heris, East Azerbaijan province. Announcing this on Monday, Iran's deputy energy minister for power affairs stated that the construction of the power plant will be launched in the next Iranian year (starts March 21) and will be completed within two years.. ..Referring to the construction of the power plant on the basis of a build, operate, transfer (BOT) deal, he declared that the electricity generated from the power plant would be sold to Iran. Meanwhile, Ahmadian added that Iran exports electricity to six neighboring states including Armenia, Pakistan, Turkey, Iraq, Afghanistan and Nakhichevan Republic.." [more]

Saudi Refinery Fire Put Out [Dec 4]
"A fire that broke out in a Saudi oil lubricant refinery has been put out. A cooling system leak caused the fire on Sunday at the Saudi Aramco lubricating oil refining company in Jeddah, Asharq Al Awsat newspaper said. Sources said yesterday there were no casualties. A civil defence team visited the scene but was not required to intervene after the refinery's own fire team extinguished the blaze, a fire department official said. 'Supply of products to clients will continue from reserves,'.." [more]

Sino-Arab Breakthrough in Ties [Dec 4]
"A symposium on dialogue between Arab and Chinese civilizations ended here Monday with pledges signaling a vibrant new era of greater intellectual exchange, people-to-people relations and inter-cultural appreciation. The Arab countries voiced support for the principle of One China.. ..Describing China as a dear and friendly nation to Saudi Arabia as it constantly sides with right and justice and supports Arab causes, including the Palestinian cause, the King told the audience: 'I am confident that you are role models which everyone in the world looks up to.' On Monday, in their joint statement, the participants responded with alacrity. Their statement called for joint efforts to spread the culture of tolerance and peaceful coexistence, and for cementing political, economic, cultural and people-to-people relations between the two sides.." [more]

WHO Monitoring Kingdom’s Fight Against Bird Flu [Dec 4]
"The World Health Organization has been closely monitoring the bird flu outbreak in Saudi Arabia and the country’s readiness to fight the disease, a senior WHO official said yesterday. 'The Saudi Ministry of Agriculture is doing its best to prevent the spread of disease from birds to humans,' said Dr. Awad Abu Zeid Mukhtar, WHO representative for Eastern Mediterranean Region. 'The Kingdom is doing well to check the spread of disease without the help of WHO at the moment, but we are keenly observing the situation.' Mukhtar said the WHO holds seminars and workshops on avian flu in different countries in the region.." [more]

Saudi Moves to Curb Construction Costs [Dec 4]
"Saudi cabinet on its Monday meeting held in the capital Riyadh agreed to extend the exemption period of imported cement from local custom tariffs for another two years, said the Saudi Press Agency. The decision of the cabinet is believed to be a step to reduce the cost of construction material in the country that is witnessing a construction boom. Starting from next January and for another two years, the government will keep paying the five-percent subsidy on tariff rate of imported cement that is imported from non-Gulf countries.. ..The cost of many infrastructure projects that is under execution had increased recently due to the rise in the cost of the material.." [more]

Saudi Arabia Foiled 180 Terror Plots [Dec 4]
"Saudi Arabia announced that it has foiled more than 180 terrorist attacks that had been targeting key facilities in the kingdom. The interior minister urged Muslim scholars and mosque imams (prayer leaders and preachers) to play a leading role in fighting deviant ideologies, a term widely used in the Saudi official circles and media to refer to terrorists. 'If only 30 per cent of these attacks have succeeded, it would be a great tragedy for the homeland,' the Saudi Interior Minister Prince Nayef Bin Abdul Aziz said.. ..Though he noted that intellectual efforts are important in containing terrorism and deviant ideologies, he lamented that these efforts are still below the required level.." [more]

Saudi Arabia to Simplify Foreign Investment Rules [Dec 4]
"Saudi Arabia will relax investment rules to attract increased foreign direct investment (FDI), the kingdom's ruler King Abdullah Bin Abdul Aziz said. Abdullah urged the private sector to utilise the opportunity to contribute to the kingdom's development and create more employment avenues for Saudis.. ..He pointed out that Saudi Arabia has, in the past few years, reviewed and developed investment rules and regulations that pertain to commercial activities. This has been reflected in the improvement of the investment environment as shown by international evaluations, Abdullah said, citing the recent World bank assessment of the Kingdom's investment environment.." [more]

US Honors Saudi Companies [Dec 4]
"The US Commerce Department has honored eight Saudi companies and organizations in appreciation of their contributions to Saudi-US business relations.. ..'The award is presented to promote US export growth and commercial trade in their home country,' Hernandez said. Today’s award recipients represent some of the most dynamic Saudi businesses and organizations. 'I congratulate them on their outstanding accomplishments and contributions.' Recipients of the award were Al-Walan Aviation, Jeraisy Group of Company, Fawaz Al-Hokair Company, El-Seif Development Company, Amera Travel Network, Arabian Air Conditioning Company (Carrier), Saudi Electricity Company and Saudi Arabian Basic Industries Corporation (SABIC).." [more]

~~~~~~~~ [ Dec 3] ~~~~~~~~~

Fire Shuts Down Saudi Oil Refinery [Dec 3]
"A fire has shut down a Saudi Arabian oil refinery, the state oil company said Monday, the second accident in the country's energy industry in two weeks. The Saudi Aramco Lubricating Oil Refining Company, Luberef, announced the fire in a statement published in several Saudi newspapers, saying it occurred two days ago at one of its refineries south of Jiddah but was put out shortly thereafter without any casualties. Bazuhair said the fire started Saturday night in a storage tank when a malfunctioning cooling fan ignited a propane leak. Al-Watan newspaper, which is deemed close to the Saudi government, said the security presence around the site of the accident was very heavy, with police blocking off the area.. ..Two weeks ago, more than 40 people died in a gas pipeline explosion in Aramco's Hawiyah gas plant in eastern Saudi Arabia, but the accident did not disrupt gas supplies.." [more]

$10 Billion Landbridge Project In Saudi Arabia Attracts Big Bidders [Dec 3]
" Four major Middle Eastern and foreign consortia have submitted bids to build the 683.5-mile (1,000- kilometer) Saudi Arabia Landbridge Project. The venture involves construction and operation of a railway across the Saudi Arabian desert linking Riyadh with Jeddah and Jubail with Dammam. The project, estimated to cost $10 billion, has attracted the Kuwaiti logistics company Agility, in a tie-up with KBR Inc. from the U.S., General Electric Company and the Al Rajhi Bank of Saudi Arabia. Another serious bidder is the Saudi Bin Ladin Group which includes Japan's Mitsui and Company, India's Ircon International, Germany's Siemens, Deutsche Bank and Deutsche Bahn.. ..The Landbridge project is just one of six large-scale railway project the kingdom is building to develop Saudi Arabia's infrastructure, tourism and industry.." [more]

Saudi Intelligence Agency Aims to Serve Citizens [Dec 3]
"Saudi Arabia said that its intelligence body is an organisation that aims at serving the society and the kingdom's security and not for harassing people. 'Intelligence is contrary to what people think of informing on them. Intelligence is in their service to prevent injustice against them, to undermine every evil doer and to serve citizens' money and properties,' said Saudi Crown Prince Sultan Bin Abdul Aziz.. ..The Saudi Intelligence said it is undergoing major restructuring to cope with international information challenges, adding that this will make the department compete with similar global agencies.." [more]

Revaluation of Dollar Peg Not on Saudi's Agenda [Dec 3]
"Saudi Arabia's Finance Minister ruled out severing the riyal's peg to the dollar before Gulf Arab rulers meet for the 28th GCC summit in Qatar on Monday. Saudi Arabia's King Abdullah will attend the summit in Doha, the Royal Court announced. Leaders from Bahrain, Kuwait, Oman, Qatar, the UAE and Iran will also join the summit.. ..'We will not drop it. That’s it,' said Saudi Finance Minister Ibrahim Al Assaf. Economists also said dropping the dollar peg would not be in the best interest of Arab states.." [more]

Value of Saudi Shares Traded Increases to SR189.35 Billion [Dec 3]
"The Saudi stock market kept its upward momentum for the second day running yesterday. The Tadawul All-Share Index (TASI) closed 47.31 points higher at 9,530.84.. ..According to a monthly report for November released by the Saudi Stock Exchange (Tadawul) on its website on Saturday, TASI closed at a level of 9,464.40 points at the end of November, an increase of 842.95 points at a growth rate of 9.78 percent over October. On an YTD basis, TASI registered a positive return of 19.30 percent. Highest close level for the index during the month was 9,649.93 as on Nov. 25.." [more]

Gulf Investors to Launch Tourism Airline [Dec 3]
"Saudi and Gulf investors are discussing the establishment of a new airline that serves the tourism sector in the Arabian region. The airline target is to organize trips between locations that attract tourists, the daily Al-Eqtisadiah reported yesterday. Currently, all aspects of the project are being discussed in preparation for the launch of the project, which is to be headquartered in Saudi Arabia. The project team is headed by Arabian Tourism Organization President Bandar Al-Fhaid, and a number of the organization’s members.. ..Some Gulf and Arab investors are also involved in the project whose main objective is to support tourism by connecting Arab countries’ airports with non-stop flights.." [more]

~~~~~~~~ [ Dec 2] ~~~~~~~~~

Saudi Newspaper: Chinese-Made Missiles Smuggled Into Kingdom [Dec 2]
"A Saudi Arabian newspaper said Sunday that suspected al-Qaida terrorists were allegedly able to smuggle eight Chinese-made missiles into the kingdom before they were arrested as part of a terror sweep. The daily Okaz, which is deemed close to the government, quoting unnamed officials as saying militants wanted to use the missiles to allegedly target hotels and other buildings in the kingdom.. ..The Saudi Interior Ministry last week announced that it made its largest terror sweep to date, arresting 208 al-Qaida-linked militants in six separate arrests in recent months. One of the alleged terror cells was led by a non-Saudi missile expert.." [more]

SFD Signs Guarantee Document for Saudi Exports [Dec 2]
"Deputy Chairman of the Saudi Fund for Development (SFD) Eng.Yousif bin Ibrahim Al-bassam who is also the Fund's Managing Director has signed a Guarantee Document for Saudi exports with Touq Al-Yamama Establishment for services, worth SR. 18,750,000 to export 7,000 tons of iron. The signing of the Document comes within continuous frame-work exerted by the Fund to encourage national exports. It also shows the growing demands for Saudi exports and its ability to compete with other foreign exporters and popularize Saudi products abroad.." [more]

Arab Gulf Finance Ministers Don't Discuss Unpegging Currencies [Dec 2]
"Finance ministers from the six-nation Gulf Cooperation Council did not discuss currency revaluation or abandoning their pegs to the declining U.S. dollar during a meeting Sunday, ministers said.. ..Saudi Arabia's Finance Minister Ibrahim al-Assaf said the issue was 'not on the agenda,' according to Dow Jones Newswires. He said that the meeting focused on a GCC-EU trade agreement. 'Revaluing GCC currencies, the dollar's weakness or inflation levels in the GCC was not discussed during the meeting,' he said. The Saudi minister said if any more Arab Gulf states ever decide to revalue their currencies or unpeg them to the dollar, it would be a united move.." [more]

Saudi Women's College Introduces Physical Education [Dec 2]
"A women's college in Saudi Arabia has introduced physical education classes despite a ban on such courses in for girls. If implemented, it will be the first time in the history of Saudi Arabia that physical education is being introduced in a women's college. The University College in Jubail, an affiliate to the Royal Commission for Jubail and Yanbu (RCJY), announced that it has introduced sports classes as part of a health education course for female students.." [more]

Saudi Arabia Expects Oil Demand to Rise [Dec 2]
"World oil consumption will rise as winter sets in but it is unclear if the Organisation of Petroleum Exporting Countries (Opec) needs to raise output to meet the seasonal demand, the oil minister of top world oil exporter Saudi Arabia said on Saturday. On whether he expected demand to increase during the winter, Saudi oil minister Ali Al Naimi said: 'That is what it normally does, every winter the fourth quarter is always higher than the third quarter.' But Al Naimi said he did not know if this meant Opec ministers would agree to raise output when they meet in the UAE on Wednesday.." [more]

Clerics Told to do More on Militancy [Dec 2]
"Saudi clerics are not doing enough to discourage militancy among Saudi youth, including those who want to fight in Iraq, Interior Minister Prince Nayef said in comments published yesterday. It was the second criticism of clerics by Prince Nayef this year. In June he said in a speech to hundreds of clerics that they needed to stop Saudis carrying out suicide attacks in Iraq. Asked if he felt there had been 'progress' since that meeting, the minister told Okaz newspaper in an interview: 'No, not at the level I would hope for.' Hundreds of Saudis are thought to be among foreigners fighting with Al Qaeda in Iraq against US forces and the US-backed government, and there have been reports in Saudi Arabia about sons of prominent Saudi clerics trying to join the Al Qaeda insurgents in Iraq.." [more]

Banks Help Saudi Claw Back Some of Last Week Loss [Dec 2]
"Banks helped the Saudi index claw back some of last week’s losses yesterday and close higher for a second trading day. The index, which gained 25% between October 6 and November 25, is still trying to regain its footing after Tuesday’s selloff, the biggest in one day since September 11, said Riyadh-based consultancy Bourse Experts. 'The market was correcting and consolidating,' said Youssef Kassantini, Bourse Experts chief executive officer. 'In the short term, I expected a continuation of this consolidation. In the long term, the market is in an upward trend,' he said.." [more]

KSU to Set Up Research Center With Swedish Help [Dec 2]
"King Saud University will sign today an agreement with Sweden’s aerospace and defense technology giant Saab for the setting up of an Advanced Technologies Research Center (ATRC), it was announced at a press conference here yesterday. The new center, which will be staffed by leading research scientists from the Kingdom and abroad, is being built as part of the Kingdom’s drive to promote a knowledge-based economy. Around 25 Swedish professors and research scientists are expected to attend the signing ceremony. Students at the center will comprise both Saudis and non-Saudis and will be selected on the basis of merit after meeting stringent admission criteria.." [more]

Thoughts on Annapolis [Dec 2]
"Theories abound as to why an Annapolis conference and why now.. ..It’s easy to be cynical, but Annapolis does matter. Israelis and Palestinians formally re launched permanent status negotiations after seven long, violent and destructive years. The Bush administration is finally engaged and expending some capital on this issue. The Arab world, including Saudi Arabia and Syria, attended.. ..Annapolis could signify the rebirth of hope, but for this to be the case the credibility gaps that have the skeptics buzzing will need to be addressed.." [more]

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