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Saudi Arrests Seven Arabs for Hajj Attack Plot [Dec 22]
"Saudi security forces arrested seven non-Saudi Arabs on suspicion of plotting attacks during the annual Muslim pilgrimage, the Arabic newspaper Al-Hayat reported on Saturday.The report came a day after the interior ministry said security forces in the oil-rich kingdom, the target of Islamist attacks since 2003, had arrested an Al-Qaeda linked group planning a "terrorist act" during the hajj.Security forces "arrested seven people of two Arab nationalities, but not Saudis, at the entrance to the city of Mecca", Al-Hayat said, quoting sources within the security services."They were planning acts of sabotage during the hajj period," it said, adding that the arrests were carried on December 16 and 17 but without giving details in the plot.Al-Hayat said the arrests were not announced earlier so as not to create panic among the hundreds of thousands of pilgrims to Islam's holiest sites in and around around Mecca, western Saudi Arabia.." [more]

Iran Polls Better Than US in Saudi Arabia [Dec 22]
"Although the image of the United States appears to have improved in Saudi Arabia over the past year, the Saudi public's view of Washington remains largely negative, according to major new poll released here this week by Terror Free Tomorrow (TFT), a Washington, D.C.-based bipartisan group. Indeed, less than 40 percent of some 1,000 Saudi respondents interviewed by telephone during the first week of December, said they have either a "very" or "somewhat favorable" opinion of the US, while nearly 52
percent said their view was either very or somewhat unfavorable, according to the survey results. By contrast, Iran – which Saudi leaders reportedly consider a dangerous rival for influence in the oil-rich Gulf region – is seen more positively by the Saudi public in general, the poll found.." [more]

Saudi Arabia Aims to Take Lead in Sovereign Wealth Fund Stakes [Dec 22]
"Saudi Arabia plans to establish a sovereign wealth fund that is expected to dwarf Abu Dhabi's $900bn (£454bn) and become the largest in the world. The new fund will be a formidable rival for other government-owned investment funds in the Middle East and Asia, which are playing an increasingly active role in channelling capital to western companies, particularly financial companies hard hit by the US mortgage meltdown. News of the Saudi plan comes as Temasek of Singapore is in "preliminary" talks with Merrill Lynch concerning a multibillion- dollar stake in the ailing investment bank, according to a person familiar with the matter.." [more]

GCC Mega Power Project on Schedule [Dec 22]
"Gulf Arab states are pushing ahead with landmark plans to connect their electricity networks and the initial stage of the project is expected to be completed on time next year, reported the GCC. The $1.6-billion (Dh5.87bn) venture, which was launched more than six years ago, will bring substantial benefits to the six Gulf Co-operation Council nations by offering huge savings, ensuring sufficient power supplies, and ruling out any disruption, the Riyadh-based GCC Secretariat said in its latest quarterly bulletin. To ensure the success of such a mega project, the six nations have also agreed to create an electricity and water database, which has been put online and is undergoing development, it said.." [more]

Little Surprise: Oil Prices Will Rise [Dec 22]
"Oil-price prognosticators, bruised after an unusually volatile spell in the oil patch, have reached a rough consensus on next year: Oil will be even costlier, even if the economy cools. Consumers are likely to pay a lot more at the pump, too. The Energy Department predicts that far higher average oil prices will force gasoline prices to even out at $3.11 next year, up 10% from the average price of $2.81 this year.. ..So what is the world's biggest petro-power saying about 2008? Saudi Arabia's 2008 budget, released last week, is based on a price assumption of around $45 a barrel, according to economists who have crunched the numbers. So with the added margin, Riyadh's prediction for 2008 comes in at around $68 a barrel for Saudi oil -- or more like $75 a barrel for the higher-grade U.S. benchmark crude. That is lower than the analysts' consensus, but not by much. Analysts agree that the one force that could clearly nudge oil prices lower next year would be a sharp decline in demand in the U.S. and China. So far there is little evidence of that happening. Demand is expected to rise by around 1.5 million barrels a day next year, with more than half of the growth coming from Asia and the Middle East.." [more]

Israel to US: No New Neighbourhood in Occupied Jerusalem [Dec 21]
"Israel has reassured the US ambassador in Tel Aviv that the country will not build a new settlement in northern Occupied Jerusalem, Israel Radio reported on Friday. Media reports this week said that the Israeli housing minister is considering building more than 10,000 new apartments in the area. In a message to US ambassador Richard Jones, Israel reiterated that it would not build new settlements in occupied territory or authorise new land confiscations.." [more]

Abdullah, Ahmadinejad Hold Wide-Ranging Talks [Dec 21]
"Ahmadinejad, the first Iranian president to perform Haj as guest of a Saudi king, arrived in the Kingdom on Monday accompanied by top aides. Nearly three million pilgrims from different parts of the Islamic world including several thousands from Iran performed Haj this year. “In my discussion with King Abdullah we discussed different ways to consolidate the brotherly relations among Muslim nations,” Ahmadinejad was quoted as saying by the Iranian media covering his trip. He described Tehran’s relations with Riyadh as “friendly,” adding: “The message of my presence here is boosting ties among Islamic nations.” Iranian pilgrims in the Kingdom expressed their hope that Ahmadinejad’s participation in the pilgrimage would help repair ties between the Islamic republic and its Arab neighbors.." [more]

$3.63 Trillion Earmarked for Middle East Tourism [Dec 21]
"A massive $3.63 trillion is being invested in hotels, leisure projects, aviation developments, cruise lines, tourism promotion and supporting infrastructure, across the Middle East, according to the preliminary results of a research program unveiled on Tuesday. The study covers 13 Middle Eastern countries for the period to 2020 and is to be published in full at the Hotel Show 2008, the Middle East’s leading supplies exhibition to the region’s hospitality sector, taking place at the Dubai International Exhibition Center on June 8-10, 2008. The Middle East Industry Outlook 2020 is an update of a groundbreaking research study by Fast Future and Global Futures and Foresight (GFF) on the Future of Travel and Tourism in the Middle East and is sponsored by the Hotel Show, Siraj Capital, Nakheel and Silverjet. Strategic partners on the study are the Pacific Asia Travel Association and IMEX Frankfurt.." [more]

Most Saudis Want More Democracy, Says Study [Dec 20]
"Most Saudis back the government in its campaign against Al Qaida, but say they want more democracy in the country, according to poll findings released this week. The study conducted by US group Terror Free Tomorrow showed 15 per cent of respondents had a favourable view of Saudi-born Al Qaida leader Osama Bin Laden and 88 per cent approve of the government's efforts to pursue militants inside the kingdom.. ..While 95 per cent of respondents said they had an approving view of King Abdullah, who came to power in 2005 promising reforms, 80 per cent said free elections and a free press should be a government priority.." [more]

Saudi’s Ma’aden Awards $630m Contracts [Dec 20]
"Saudi Arabian Mining Company (Ma’aden) awarded $630 million (Dh2.31bn) final contracts separately to two Chinese and Korean firms for the construction of power and desalination as well as beneficiation plants for the world’s largest fully integrated phosphate fertiliser complex in the kingdom. Abdallah Dabbagh, President and CEO of Ma’aden, signed the contracts separately with Chinese and Korean firms.Guizhou Hongfu Industry and Commerce Development Company (Hongfu) of China won the $350m
(Dh1.28bn) contract for the beneficiation plant that will be located at the phosphate mine site in Al Jalamid in north of the Kingdom. Hanwha Engineering and Construction Corporation, a Korea company, meanwhile, bagged the power and desalination plant at a total cost of $280m (Dh1.02bn) that will be located at the phosphate processing complex at Ras Az Zawr.." [more]

In Pictures: Last Day of the Hajj [Dec 20]
"Pilgrims circle the Kaaba inside the Grand Mosque in the holy city of Mecca in Saudi Arabia. Millions of Muslims marked the last day of the annual Hajj, one of the five pillars of Islam.. ..After walking around the Kaaba at the centre of the mosque, pilgrims walk back and forth between the stations of Safa to Marwa.." [more]

Saudi Aramco Intensifies Drilling as Demand Rises [Dec 20]
"Amid heightened global demand for energy, coupled with rising hydrocarbon prices and increased exploration and production activities by major oil companies, Saudi Aramco underlined the important role of drilling in efforts to satisfy the market.In the recently held first drilling symposium organized by the state-owned oil company in Alkhobar, Saudi Aramco’s senior vice president Abd Allah S. Al-Saif said in his keynote speech that “these days the oil industry is overwhelmed, to say the least, with issues such as prices, cost, peak oil, safety, environment, and security of supply and demand. He said that rising demand — along with a decreasing supply from other producers, geopolitical tension, misconceptions about resources, and environmental concerns — have led Saudi Aramco to intensify its activities to meet the global demand.." [more]

GCC Needs to Boost Heavy Industries [Dec 20]
"The need for GCC heavy industry to adopt a business model based on outsourcing downstream activities like fabrication and distribution to cost-effective, labour-intensive markets of India and China to make the region the capital of energy-intensive production of Aluminium, petrochemicals, and plastics was underscored by the global consultation major, Boston Consulting Group. "GCC countries trying to diversify their economies need to focus their attention on further developing the heavy industry sector," the group said in its latest report.." [more]

Pilgrims Stone Satan in Saudi Hajj Ritual [Dec 19]
"Around two million Muslims massed in the holy Saudi city of Mina on Wednesday for the symbolic stoning of the devil, one of the high points, but also one of the most risky, of the annual hajj. Amid tight security, with helicopters hovering overhead and a fleet of ambulances standing by, the human tide converged on the area for the stoning of pillars which will continue on Thursday and Friday. The crush as pilgrims seek to ensure their stones hit Satan has led to hundreds of deaths in the past, including 345 during the ritual in January last year. A similar tragedy in 2004 saw 251 people trampled to death. The Saudi Gazette newspaper said 10,000 troops had been deployed in Mina to beef up security and control pedestrian traffic on Jamarat Bridge, from where many throw their stones.." [more]

Saudi-Iranian Rapprochement Opens up Some Intriguing Possibilities [Dec 19]
"Iranian President Mahmoud Ahmadinejad's presence at this year's hajj in Mecca - at the personal invitation of Saudi Arabia's King Abdullah - has the potential to restore mutual trust between two of the Islamic world's most important players. The need for greater cooperation and understanding - between Sunnis and Shiites, as well as between Arabs and Persians - has long been a crucial but elusive goal for those interested in a more stable Middle East. Now we have solid evidence that attempts to
resolve some ancient differences and suspicions have at last moved beyond empty slogans and ad hoc diplomacy: King Abdullah's overture is obviously part of the same diplomatic initiative that saw Ahmadinejad attend the recent summit of the Gulf Cooperation Council.." [more]

Saudi Envoy Calls for Improvement in Trade Ties [Dec 19]
"There is need to improve mutual trade between Muslim countries as Saudi Arabia and Pakistan have been making hectic efforts in this regard. This was stated by H.E Ali. Awadh Al-Asseri, Ambassador of Saudi Arabia to Pakistan, during a talk with President Islamabad Chamber of Commerce & Industry Nasir Khan and Chairman FPCCI Islamabad Office Munawar Mughal in meeting. He informed that about above two million Pakistani are running their businesses in Saudi Arabia. He invited Pakistani traders
for vigilance of growth of big cities of Saudi Arabia during their Umrah or Hajj visit.." [more]

Saudi Stock Market Correction Seen [Dec 19]
"The “law of round numbers” will prevail in 2008 for the Saudi stock market, whereby the Tadawul All-Share Index (TASI) will spend much of the year testing the psychological 10,000 level which was witnessed in mid-December of this year, the Riyadh-based Jadwa Investment said in its latest monthly bulletin. It said that the rally that has lifted share prices over the second half of the year was an act of going past beyond a point, making the TASI “currently undervalued”. “TASI will spend much of the year testing the psychological 10,000 level and struggling to move decisively above it.." [more]

Hyundai Engineering Unit Clinches $210m Deal in Saudi Arabia [Dec 19]
"South Korea’s Hyundai Engineering Co. Ltd. (HEDC) said yesterday it had won an order to build a petrochemical plant in Saudi Arabia for about $210 million. Under the deal, the unlisted unit of Hyundai Engineering and Construction Co. would build an ethyleneamines plant jointly with Hanwha Engineering & Construction Corp, another South Korean builder. Separately, a published report said recently that Arabian Amines Company, a joint venture, has awarded an early works agreement on a complex in Jubail to Hanwha Engineering and Hyundai Engineering. Under the terms of the lump-sum engineering, procurement and construction contract, the consortium will build the 27,000-ton-a-year ethylene amines complex over a period of 24 months.." [more]

Bush to Visit 5 Arab Countries [Dec 19]
"President Bush will extend his January peacemaking blitz to five Arab countries - a security nightmare in a volatile region where he's very unpopular. Bush will begin his eight-day tour on Jan. 8 in Israel and the West Bank to try to salvage agreements from last month's Annapolis summit between Palestinians and the Jewish state, the White House announced Tuesday. He'll then jet off to counterterrorism meetings in Egypt, Kuwait, Bahrain, the United Arab Emirates and Saudi Arabia - where jihadists recently made threats to kill him.. ..Negotiating teams have begun discussions on a Middle East peace agreement, but are far from completing anything. Bush has made peace in the region a priority late in his presidency.." [more]

Poll: Most Saudis Oppose al Qaeda [Dec 18]
"Most Saudi Arabia citizens interviewed in a poll oppose terrorism and want closer ties with the United States. But many Saudis remain opposed to making peace with Israel, according to what researchers call an unprecedented survey of the kingdom.. ..'I think that the people of Saudi Arabia have so overwhelmingly turned against bin Laden, al Qaeda and terrorism in general that nine out of 10 of them look at all three unfavorably,' the group's president, Ken Ballen, said Monday.. ..Pollsters questioned 1,004 Saudi adults in Arabic between November 30 and December 5, according to the group. The survey had a sampling error of plus or minus 3 percentage points. Saudis also have a better opinion of the United States than in other countries in the Muslim world, with 40 percent saying they view the U.S. favorably.." [more]

Saudi King's Pardon of Gang-Rape Victim a Signal of Reform [Dec 18]
"..Yesterday the events that sparked fierce debate in Saudi Arabia came to a dramatic close as Saudi King Abdullah pardoned the young woman, known by the media as 'Qatif girl' for the nearby oil town on the Persian Gulf.. ..'I think this is a warning sign to the judiciary,' said Christoph Wilcke, a Jordan-based Saudi Arabia researcher for Human Rights Watch. 'It will not stop the punishment of women, or stop them being sent to prison or fined for immoral behaviour. But it will help to set boundaries'.. ..King Abdullah, 83, pledged 'moderate reform' when he came to the throne in 2005, saying 'we cannot remain
rigid while the surrounding world is changing.' But he faces deep prejudice against women's equality among the hard-line Wahhabi clergy and judiciary.." [more]

UN Says Saudis Should Lead in Stabilization of Somalia [Dec 18]
"After 17 years and no success, Ould-Abdallah says it is time for the international community and the United Nations to either take a new approach or, essentially, admit defeat and withdraw from Somalia. The status quo, Ould-Abdallah says, may actually be adding to the suffering in Somalia, which UN officials call the worst humanitarian crisis in the world today.. ..Ould-Abdallah says Saudi Arabia has the 'moral authority' to oversee such initiatives, arranging technical and financial support, but not necessarily providing troops. 'As time is pressing, this new peace presence has become a must. For this, Saudi Arabia, the custodian of the two Moslem holiest sites and a close neighbor with many Somali refugees, more than 350,000, should be invited to play a leading role. Due to its successful contribution to peace in previous conflicts, Saudi Arabia can help'.." [more]

Pilgrims Throng the Plain of Arafat [Dec 18]
"Muslim pilgrims poured on to the plain of Arafat east of Makkah on Tuesday as the sun rose over the rocky hills for the day marking the climax of the annual Haj pilgrimage.. ..Saudi authorities say more than 1.6 million people have entered Saudi Arabia for the event, the largest religious gathering in the world. Some of the most enthusiastic pilgrims spent the night on Mount Arafat, also known as Jabal Al Rahma or the Mountain of Mercy.." [more]

China to Boost Saudi Oil Imports by 38% [Dec 18]
"China has agreed to boost crude oil imports from Saudi Arabia by over a third next year, two Beijing-based trading sources said yesterday, helping fuel new refineries in the world’s second-biggest consumer. Saudi Arabia, the world’s biggest oil exporter, will sell Sinopec Corp and PetroChina about 200,000 bpd, or 38% more crude in 2008 than this year, equal to about a tenth of China’s total oil consumption. The deal comes just days after confirmation that China will also boost imports from
Iran by a third, both signs of Beijing’s desire to strengthen ties with major Opec producers to ensure a steady flow of oil to keep its economy humming. The deal also gives Saudi Arabia a growing share of the vast Chinese oil market ahead of the commissioning next year of a new 160,000-bpd refinery in Fujian province in which state-run Saudi Aramco and US giant Exxon Mobil Corp each own 25%, the kingdom’s first such investment in China.." [more]

GCC Urged to Intensify Role in Islamic Tourism [Dec 18]
"Halal airlines and women-only hotels are just some of the up and coming investment trends currently gaining global popularity, according to a recently released global trends report published by World Tourism Market (WTM). The report also said Saudi Arabia and the Gulf should do more to promote the Islamic tourism market and urged the region to take a more assertive role in pursuing the wealth of investment opportunities in the market, noting that 'it is critical for Middle Eastern countries to take concrete steps to develop halal tourism internally.'.." [more]

Annual Hajj Pilgrimage Begins in Saudi Arabia [Dec 17]
"Millions of Muslims from around the world gathered in Mecca Sunday for the start of the annual Islamic hajj pilgrimage, as the Saudi Interior Ministry announced tough security precautions. Men and women draped in white robes circled the Kaaba, Islam's holiest site, seven times in a ceremony anticipating the official start of the pilgrimage on Monday.. ..This year's hajj takes place amid increasing worries across the Islamic world over the bloodshed in Iraq and Afghanistan and recent terror attacks by al-Qaida-linked groups, including last week's twin suicide bombings in Algeria that killed at least 37
people.." [more]

Saudi King Pardons Rape Victim [Dec 17]
"The Saudi king has pardoned a female rape victim sentenced to jail and 200 lashes for being alone with a man raped in the same attack, reports say. The 'Qatif girl' case caused an international outcry with widespread criticism of the Saudi justice system.. ..the king's decision to pardon the woman victim is already arousing controversy with some contributors to conservative websites, who say he has breached the rules of religion in order to appease critics in the West. The US had called the punishment 'astonishing', although it refused to condemn the Saudi justice system. Human rights groups had been
calling on King Abdullah, who has a reputation as a pro-Western reformer, to change it.." [more]

Kingdom, Spain to Exchange Security Info [Dec 17]
"Saudi Arabia and Spain are set to exchange security information regarding their efforts in the war against terror and exchange training programs between the security bodies of the two countries as a result of bolstering political and economic relations, a reliable source told Arab News yesterday. In addition, a fund worth 5 billion euros, considered to be 'seed money' for potential areas of investments between the two countries, was established as a result of an official visit of Custodian of the Two Holy Mosques King Abdullah to Spain last June, and King Juan Carlos’ visit to the Kingdom last year.. ..Commenting on the security agreement, the source mentioned that the agreement would be followed by official visits from delegations to later discuss training pacts. 'A series of visits from from both countries will take place,'.." [more]

Arab Strategies for Global Era [Dec 17]
"Looking at the current state of the Arab world and the steps needed to move it to the next level of global competitiveness was the focus of the sixth annual Arab Thought Foundation conference. Under the theme 'Arab Strategies for the Global Era,' Arab experts and their international counterparts examined the dynamic transformations shaping both the Arab world and the global community. They met with the objectives of deepening understanding and fostering respect between Arabs and non-Arabs
by forging new relationships, partnerships and collaboration to solve urgent issues of the 21st century.. ..The Arab and international experts urged government, civil society and the business community to work together to build an infrastructure that will create the environment for a healthy and prosperous Arab region.." [more]

Saudi Arabia, Jordan Sign Border Pact [Dec 17]
"Saudi Arabia and Jordan yesterday signed an agreement to demarcate their marine border in the Gulf of Aqaba. The landmark accord was signed at the Conference Palace in Jeddah by Interior Minister Prince Naif and his Jordanian counterpart Eid Al-Fayez.. ..Prince Naif highlighted the deep-rooted relations between Saudi Arabia and Jordan. 'Our relations are a model for sincere brotherly ties,' the Saudi Press Agency quoted the prince saying. Prince Naif said increasing terrorist threats facing Middle East countries demand greater coordination and cooperation to eradicate terrorism from the region. He added that the two countries have never had a border dispute.." [more]

Tawuniya Inks SR180bn Deals With 10 Firms for Coverage [Dec 17]
"Tawuniya, the leading insurance company in Saudi Arabia, has signed deals with 10 local and international companies to provide insurance in the energy sector, recently undertaking projects in the Kingdom, the company announced yesterday. The company’s insurance scheme will cover all the projects signed by the 10 companies at a total of SR180 billion.. ..'The contracts signed are considered to be the first of its kind for a Saudi company to provide energy insurance to companies in Saudi Arabia with the collaboration of international energy market,' Al-Hisni said. Commenting on the insurance scheme, he said that it would cover insurance in the mega projects currently being established in the Kingdom such as power plants, water desalination plants, as well as plants that manufacture or produce gas, oil, and minerals.." [more]

Tadawul Leads Gulf Gains at 14-Month High [Dec 17]
"Saudi Arabia’s bourse closed at its highest in more than 14 months yesterday, leading gains in the Gulf Arab region, led by Saudi Basic Industries Corp. (SABIC) and Kingdom Holding Co. The index added 1.07 percent to 11,045.63 points. SABIC gained 1.46 percent and Kingdom Holding, which had closed unchanged in the last three trading days, jumped 8.51 percent to 12.75 riyals ($3.40), its highest close since listing in July. The Saudi index has rallied more than 40 percent this quarter, more than any other Gulf benchmark. Yesterday’s trading yielded SR13.3 billion with total shares traded reaching
384,942,527.." [more]

Woman Voted to First Saudi Theater Board [Dec 17]
"Saudi Arabia's first official theater association was born recently and it has a woman on its board of directors. The election on Dec. 6 to form the King Fahd Culture Center Theater Association in Riyadh saw Dr. Eman Tounsi winning a seat in the 10-member board. Tounsi's win was only the second time ever for Saudi women to win a board election. The first was in December 2005 when Nashwa Taher and Lama Al-Suliman were elected to the 18-member board of directors of the Jeddah Chamber of Commerce and Industry. Tounsi was the only woman among 59 candidates in the poll fray, who were all earlier elected from a field of 206 theater enthusiasts. Dr. Abdulaziz Al-Subayel, deputy minister for Cultural Affairs at the Ministry of Culture and Information, oversaw the elections.." [more]

Daelim Wins $962.3 Million Construction Order From Saudi Arabia [Dec 17]
" Daelim Industrial Co., South Korea's fourth-largest builder by market value, received a $962.3 million order to build a petrochemical factory in Saudi Arabia as demand grows for plastics and chemical products. The plant for Saudi Polymers Co. will be located at Al- Jubail in eastern Saudi Arabia, Seoul-based Daelim Industrial said in a regulatory filing on Dec. 14. Construction will be completed in April 2011. South Korean contractors, including Doosan Heavy Industries & Construction Co. and Hyundai Engineering & Construction Co., have won a record $36.4 billion in overseas orders this year
as surging oil prices and global economic growth fueled demand for power plants, refineries and other factories.." [more]

Saudi Minister: Problems in Other Countries Will Not be Played Out in Mecca [Dec 16]
"Saudi Arabia's Interior Ministry has taken security precautions for this year's hajj pilgrimage and will not allow problems in other countries to be played out in Islam's most holy city. This year's hajj, which officially begins Sunday, takes place amid increasing worries across the Islamic world — over the bloodshed in Iraq and Afghanistan and recent terror attacks by al-Qaida-linked groups.. ..Saudi Interior Minister Prince Nayef bin Abdul-Aziz said the kingdom is capable of maintaining security and preventing any attempt to threaten the safety of the pilgrims. 'We will not allow for the problems
in other countries to be reflected here during this hajj season,'.." [more]

Saudi Clerics Warn Government Over Inflation [Dec 16]
"A group of Saudi Muslim clerics has issued a rare warning to Saudi leaders that they must take action to curb rising inflation, which has prompted public anger at the absolute monarchy. A near five-fold increase in oil prices over the past five years has helped the government log large budget surpluses, but Saudis are feeling the pinch.. ..'The rulers should seek to try to remedy this crisis in a way that would ease people's suffering,' it said, proposing measures including raising subsidies, removing some fees on services and offering direct financial help to families. Several of the signatories teach at Islamic universities.. ..the clerical establishment enjoys a position of power and influence in society and on government.." [more]

Saudi Arabia Denies Interference in Lebanon [Dec 16]
"The Saudi embassy here denied in an issued statement on Friday any interference by Saudi Arabia in the internal affairs of Lebanon, underlining that the Saudi role was confined to 'bringing closer opposing views of conflicting Lebanese factions.' The Saudi role in Lebanon reflects the Saudi leadership's keenness for a secure and safe Lebanon, and does not in any way seek to affect any political decisions made by the Lebanese themselves.. ..This Saudi denial has come in response to what the Lebanese newspaper Al-Akhbar (which is close to the Opposition) alleged in an article that Saudi Arabia had made up its mind to count MP al-Hariri and PM al-Siniora out of the Lebanese government. The embassy statement said that the Lebanese constitution is crystal clear on the methodology of selecting head of the government and on the role the lawmakers assume in that selection.." [more]

Saudi Index Revamp May Trigger Sell-off [Dec 16]
" Saudi Arabia’s plans to recalculate its stock market index to reflect the number of shares freely available for trading could force mutual funds to sell some of the largest stocks, analysts said. Under Saudi rules mutual funds are required to limit their exposure to a single stock to 10% of their portfolio or the stock’s weight on the index, whichever is larger. The stock market regulator said this week it would switch to an index weighted on so-called free-floated stock from April 5 next year.. ..The new index weights would strip out the value of stock held by the government, foreign investors banned from trading without the permission of local partners, company founders during the period they are prevented from trading, and any investors owning 10% or more of a company, according to the Capital Markets Authority.." [more]

PetroRabigh IPO Price Set at SR21 [Dec 16]
"Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh) will sell shares in its IPO at SR21 ($5.60) per share, a newspaper said. At that price the company would raise as much as SR4.599 billion, Al-Riyadh newspaper said on Friday. PetroRabigh, a $9.8 billion joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, will sell 219 million shares representing a 25 percent stake between Jan. 5 and Jan. 12. PetroRabigh said the Saudi Capital Market Authority (CMA) has approved the company's application to hold an initial public offering (IPO). The landmark offering, which will be open to all Saudi nationals, will open for subscription on Jan. 5 and close on Jan. 12, 2008.. ..The massive integrated facility is located at the site of Saudi Aramco's existing Rabigh refinery, which produces 19 percent of the Kingdom's current refining capacity.." [more]

Saudi Stock Market Falls Marginally to Below 11,000 [Dec 16]
"Saudi shares fell below the 11,000-mark yesterday to close down 0.9 at 10928.92, paced by losses in Sabic shares. Sabic, the world's largest maker of chemicals, declined 2.2 per cent, while its affiliate Safco dropped 3.6 per cent. Banking majors Samba and Saudi Hollandi led losers with declines of 6.3 per cent and 5.1 per cent respectively.. ..Investors were selling larger stock such as Sabic, and buying shares in smaller firms that had lagged the rally in the benchmark, said Ebrahim Al Alwan, deputy chief executive of KSB Capital.." [more]

Saudi Aramco May Up Stake in Showa Shell [Dec 16]
"Saudi Arabian Oil Co. is open to the idea of raising its stake in Japan’s Showa Shell Sekiyu KK if the oil distributor wants to expand its operations, the Nikkei business daily quoted the vice president of the Saudi refiner as saying. In an interview published on Saturday, the Nikkei quoted Saudi Aramco Vice President Adil Al-Tubayyeb as saying he planned to increase the firm’s stake in Showa Shell in the future. Currently holding a 15 percent stake, the state-run Saudi Aramco is Showa Shell’s second-largest investor, after Royal Dutch Shell.." [more]

Investments in Yanbu to Reach SR162.8 Billion [Dec 16]
"The total volume of investments in the Yanbu Industrial City would reach SR162.8 billion in five years. Aqili Khawaji, director general of Royal Commission for Jubail and Yanbu, told Arab News yesterday 'the royal commission would invite tenders worth SR500 million to construct the infrastructure facilities for heavy and light industries including a coastal road. The construction of power stations for the new industries are already under way,' he said. The projects, for which the commission plans to invite tenders, include SR600 million-worth seafront development and a SR300 million for women’s
college. A local gas distribution network to supply gas to light industries is expected to be completed in the third quarter next year, he said.." [more]

No Connection Between Poverty, Terrorism [Dec 16]
"..Shura Council Speaker Dr Salih Bin-Humayd has stressed there was a plan to address the issue of high prices as well as poverty at various levels by proposing views to address this phenomenon. He said it was the duty of the state and its civil servants to contribute to addressing poverty.. ..Poverty is a problem that has its implications, including crimes. He noted however that there was 'no connection between poverty and terrorism.' Bin-Humayd called for addressing the intellectual security of both types of extremism with the aim of achieving moderation. He noted that intellectual security contributes
to the reformation of the society and achieves comprehensive security. At the same time, he urged the media and education institutions to double their efforts in maintaining the Islamic cultural identity, adding that all these channels served as a conduit to intellectual security.." [more]

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