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Bush to Discuss Mideast Security Plan With Allies to Counter Iran [Jan 5]
"U.S. President George W. Bush will work with Mideast allies to develop a security plan to counter Iran during his upcoming visit to the region, according to an interview with leading Arab newspapers published Saturday. Bush did not provide details about the plan, but Arab diplomats told The Associated Press that they expect the U.S. president to offer closer military cooperation with moderate allies in the Persian Gulf, Egypt and Jordan. The plan is aimed at deterring Iran from threatening security in the region after a potential troop reduction in Iraq.. ..Bush said Iran remained a threat because it continued to develop missiles that could deliver nuclear weapons and had resisted international demands to suspend uranium enrichment, a process that can produce fuel for a reactor or fissile material for a bomb.." [more]

Bush Tells Israel to Dismantle Outposts [Jan 5]
"US President George W. Bush yesterday called on Israel to dismantle rogue settlements on occupied Palestinian land. In the Gaza Strip, two Hamas fighters were killed in a shootout with Israeli troops. Ahead of his visit to the region next week, Bush said in an interview with Israel’s Yediot Ahronot daily that the Israeli government had promised Washington to get rid of unauthorized settlements in the occupied West Bank. 'We expect them to honor their commitments,' the president said.. ..Rogue outposts are Israeli settlements established in the West Bank without government permission. The international community considers all Israeli settlements on occupied Palestinian land as illegal. The issue of Israeli settlements is one of the most divisive issues of the Middle East conflict and has been the leading source of discord since the two sides revived peace talks after a nearly seven-year hiatus in late November.." [more]

Saudi Arabia to Include Human Rights in National Curriculum [Jan 5]
"Saudi Arabia took its first step today towards including 'human rights' curriculum within its education curricula after The National Society for Human Rights (NSHR) invited representatives from 16 high educational institutions to discuss the subject in a workshop. The one-day workshop will emphasize on four proposals on how to incorporate the teaching of human rights at schools and colleges. .. ..During the past years, the organization was busy preparing its infrastructure, such as a specialized library in Riyadh and a comprehensive data center. 'This infrastructure is essential to create a beneficial atmosphere for teaching human rights,'.." [more]

Prince Saud Alfaisal Arrives in Cairo [Jan 5]
"Prince Saud Alfaisal, the Foreign Minister, arrived in Cairo today to lead the Saudi delegation to the meeting of the extraordinary session of the Arab League Council at the level of Arab foreign ministers. The meeting was called for by Saudi Arabia and Egypt and will begin here on Sunday.." [more]

Rights Group Urges Saudi Arabia to Free Blogger [Jan 5]
"A US-based rights group has urged Saudi Arabia to release a blogger detained for his writings. Blogger Fouad Al Farhan was arrested for writing articles about political prisoners in the kingdom. He is being held over security-related issues.. ..'Arbitrarily detaining a writer and holding him for weeks without saying why violates the most basic norms for free expression,' the group said.." [more]

Yemen Seeks to Establish Two Free Economic Zones with KSA [Jun 5]
"Yemen seeks to establish two free economic zones with Saudi Arabia, the official news agency Saba said quoting a report from state-run 26sep.net. The Director General of the Industrial Zones Department in the Industry and Trade Ministry Saleh Al-Sanabani said said that Yemen and Saudi Arabia are discussing setting up two free economic zones in the border areas between the two countries, one of them in Al-Wadia'h area of Hadramout province and the other in Al-Tawal area. Economic free zones are key facilitators of foreign direct investment.." [more]

Saudi Food Prices Seen Up 30% in '08 [Jan 5]
"Prices of food products in Saudi Arabia may rise by up to 30 percent in 2008 due mainly to a drop in global supplies and the weakness in the U.S. dollar, local newspapers quoted on Saturday a Trade and Industry Ministry report as saying. The ministry has urged Saudi importers and wholesalers to pile up 'enough stocks' of food products.. .. Inflation in Saudi Arabia surged last year, hitting 5.35 percent in December, its highest level since at least 2005. Food products make up the largest component in the weighting of the cost of living index.." [more]

Study Finds Safety Poor on KSA Sites [Jan 5]
"A new report has claimed a lack of safety standards in Saudi Arabia's construction industry. Husain Al Omani, a project manager for Ali A Tamani Company, has released his study, ‘Improving Safety Performance at Construction Sites in Saudi Arabia'. Al Omani is a safety expert whose job is to visit construction sites to check that workers are being looked after on site.. ..Among his findings were that some 25% of contractors did not give new workers orientation; 25% did not provide personal protective equipment; 25% did not provide first aid kits on site; and 38% had no trained safety personnel. His survey also compared accident figures in the UK with those in Saudi Arabia. In the UK in 2005, there were 3,760 injuries to workers and 28 deaths. In the same year in Saudi there were 102,259 injuries and 493 deaths. Al Omani said there were laws in Saudi Arabia to protect workers but some contractors, mainly the smaller ones, were flouting them.." [more]

Petro Rabigh IPO Opens Today
"Petro Rabigh, a joint venture between Saudi Aramco and Sumitomo Chemical of Japan, stated yesterday that its eagerly awaited SR4.599 billion initial public offering (IPO) would open for subscription today. This landmark IPO, which is open to Saudi individuals and institutional investors, will close on Jan. 12. The offering consists of 219 million shares, representing 25 percent of the company’s share capital after the IPO. Based on the institutional book-building process, the share price has been determined at SR21, representing SR10 par value and SR11 premium. The minimum subscription is 10 shares and the maximum is 1 million shares.." [more]

Bush to Visit Saudi Arabia in Mid-January [Jan 4]
"A Saudi official confirmed on Wednesday that US President George W. Bush is expected for his first visit to the kingdom in mid-January, and hoped he would pressure Israel to halt colonies in Palestinian territories. The Saudi diplomat said Bush will visit the kingdom on January 14 as part of his Middle East tour and that the king will urge the American president to push Israel to allow the establishment of a Palestinian state.. ..Saudi King Abdullah Bin Abdul Aziz will also ask Bush to pressure Israel for "the establishment of the Palestinian state along side the state of Israel," the diplomat said. Bush's nine-day trip to the Mideast starts on January 8.." [more]

Saudi Arabia’s Promised Reforms [Jan 4]
..Defenders of the existing Saudi system argue that change in this traditional society must come slowly. Many Saudis are clearly eager for more and faster change. A Gallup poll conducted last year showed that a majority want more freedoms for women. King Abdullah has demonstrated a laudable desire for reform. He must understand that cruelty, sex discrimination and censorship cannot be part of a modern legal system or a country that wants to participate in the modern world. When President Bush visits Saudi Arabia this month, he should remind the king of that.." [more]

Saudi Exports Reach Record High in 2007 [Jan 4]
"Saudi Arabia’s Central Department of Statistics has announced that the Kingdom’s total exports of goods and services in 2007 have reached $240.2 billion (SR900.8 billion), an increase of 6.7 percent over the previous year’s figure. Non-oil exports of goods have grown by an impressive 24.9 percent to $28.5 billion (SR106.8 billion). Further, preliminary statistics issued by the Saudi Arabian Monetary Agency (SAMA) estimate the Kingdom’s trade balance in 2007 has reached a record surplus of $148.2 billion (SR555.6 billion). ." [more]

Saudi Aramco Delays Production Start From Khursaniyah [Jan 4]
"Saudi Aramco, the world's largest state- owned oil company, delayed the start of production from its 500,000 barrel-a-day Khursaniyah oil-field project and said it will meet market demand with existing spare capacity. 'Saudi Aramco stands ready to meet market demands with ample spare capacity, including 1 million barrels of Arab Light crude,' the company said in an e-mailed statement today. Khursaniyah will commence 'upon completion of commissioning activities,' Saudi Aramco said. The company didn't say when production would start, after it missed a December deadline. The project, which will produce and process 500,000 barrels a day of Arabian Light crude and 300 million square cubic feet a day of natural gas, is part of Saudi Arabia plans to increase its output capacity to 12.5 million barrels a day by 2009 to help meet demand for oil.." [more]

Opec Under Pressure to Act in Face of $100 Oil [Jan 4]
"The oil producing group, Opec will face enormous pressure to help calm the febrile crude market at its next meeting in February after prices struck the symbolic $100 level, analysts said yesterday. It (the $100 record) will be a psychological trigger for consumer countries,” said global head of commodities at investment bank Societe Generale Frederic Lasserre. 'We will see governments putting pressure on Opec, saying ‘we need you to do something for us’. In the end though, they (governments) probably share the view that adding a few barrels will not change the market.' The 13-member Organisation of Petroleum Exporting Countries shrugged off demands at its last meeting in December, despite a public plea from US Energy Secretary Samuel Bodman for an output increase.." [more]

Kingdom Inflation to Lessen in Second Half [Jan 4]
"Inflation rate in Saudi Arabia is expected to ease in the second half of this year, Kingdom-based economists forecast. Inflation in the Kingdom more than doubled from 2.2 percent in 2006 to a year-end rate of 4.4 percent in 2007 and even reached 6 percent in some cities last year. 'I expect inflation toward the end of 2008 to subside with the first half of 2008 experiencing rates above 5 percent. But inflation should decrease on a year-on-year basis to no more than 4 percent and therefore leading to a decline in prices,' Dr. John Sfakianakis, chief economist of Saudi British Bank (SABB), told Arab News..' [more]

GCC, EU Expected to Sign FTA Soon [Jan 4]
"The Gulf Cooperation Council (GCC) is expected to sign a free trade agreement (FTA) with the European Union (EU) in a few weeks, a senior Italian visiting official said here yesterday. Ugo Intini, deputy foreign minister of Italy, said though he was not sure about the exact date of signing of the FTA, he was convinced that the agreement would be in place in a month time. At the end of his five-day official visit to Bahrain, he said in a press conference that he met with the EU top official supervising the EU-GCC FTA process and assured that things were on the right track. Being a strong supporter of this treaty, he said, Italy has been pushing hard over the years to sign the FTA first and give final touches later.." [more]

Abbas to Saudi Ahead of Bush Trip [Jan 3]
"Palestinian president Mahmud Abbas will visit Saudi Arabia on Saturday for talks on the situation in the Palestinian territories ahead of US President George W. Bush's trip to the region, the Palestinian ambassador in Riyadh said on Thursday. Abbas will also brief King Abdullah and other Saudi officials on the status of talks with Israel, 'which have not yielded results because of Israel's ongoing settlement policy and procrastination,' Jamal al-Shobaki told AFP. He said the discussions will cover Bush's trip to the Middle East next week, when the US president will visit Israel and the Palestinian territories in a bid to give a push to peace talks which were relaunched at an international conference in Annapolis in November. Bush's tour will include a stop in Saudi Arabia.." [more]

Abdullah, Hamad Discuss Crucial Issues [Jan 3]
"Custodian of the Two Holy Mosques King Abdullah held talks here yesterday with King Hamad of Bahrain on major regional and international developments, most importantly on the situations in Palestine, Iraq and Lebanon, the Saudi Press Agency said.'The two leaders also reviewed joint work within the framework of the Gulf Cooperation Council and major GCC achievements, including the Gulf Common Market, which became a reality on Jan. 1, 2008,' SPA said. King Abdullah and King Hamad also explored prospects of expanding cooperation between the two GCC neighbors.." [more]

Riyadh Seeks Freedom for Guantanamo Inmates [Jan 3]
"Saudi Arabia will continue its efforts to bring home the 13 remaining Saudis still at the US detention camp in Guantanamo, the Saudi Interior minister said.. ..Earlier this week, ten Saudis returned home from the US detention camp. Prince Naif Bin Abdul Aziz, the Saudi interior minister was quoted this week as saying that his country will continue its efforts to bring home the remaining Saudis in the camp. Meanwhile, the Saudi interior ministry is expected to start investigations into 56 other Saudis already freed from Guantanamo. The 56 represent the last four groups to have been handed over to the Kingdom.." [more]

Jafza Int’l Signs MoU on Development of Dh29.5bn Rakisa Economic City [Jan 3]
"Jafza International, the global free zone operations arm of Economic Zones World today signed an MoU with Saudi Arabia’s Rakisa Holding for the development and management of Rakisa Economic City in Hail, Saudi Arabia. The Rakisa Economic City, a SR 30 billion (about AED 29.5 billion) project, spread over 15,600 hectares, is envisaged to be the second largest economic zone in the Kingdom of Saudi Arabia, incorporating an international airport, dry port, railway station, agricultural industries and services, an entertainment area, mining centre, business centre, Knowledge Area, and residential complexes.." [more]

Saudi Arabia Picks EADS for Three Air Tankers [Jan 3]
"Saudi Arabia has awarded a contract to buy three refuelling tanker planes to EADS (EAD.PA: Quote, Profile, Research), the European aerospace group said on Thursday. The Multi-Role Tanker Transport (MRTT) aircraft are adapted from A330 passsenger jets built by EADS subsidiary Airbus. There was embarrassment last year when France prematurely announced a deal to sell two of the same planes to Saudi Arabia, then retracted the statement saying talks were continuing.." [more]

KSA's 2nd Global Competitiveness Forum Draws Support [Jan 3]
"Leading Saudi and international organizations have signed up to support the 2nd Global Competitiveness Forum (GCF 2008), one of the most prestigious and high profile business events organized by the Saudi Arabian General Investment Authority (SAGIA). Following the success of the first forum held in Riyadh in 2006, many companies have shown their commitment to support GCF 2008, which will be held in Riyadh under the auspices of Custodian of the Two Holy Mosques King Abdullah on Jan. 20-22. Under the theme "Competitiveness as an Engine for Economic Growth", GCF 2008 is devoted to address some of the primary international issues with a special focus on improving investment opportunities in the wake of recent world events.." [more]

SEC to Invite Tenders For $2bn Power Plant in Q1 [Jan 3]
"Saudi Electricity Co, the country’s largest power producer, will invite companies in the first quarter to bid for the contract to build and run a 1,200MW power plant to help meet rising demand, the company’s financial consultant said yesterday. SEC will ask companies to submit initial bids for the estimated $2bn independent power project, or IPP, in February, which will be followed by the release of final tender documents later in the quarter, according to the financial adviser, Citigroup. 'The full tender timetable has not as yet been finalised'.." [more]

Oil Hits Record $100 a Barrel [Jan 3]
"Oil vaulted to a record $100 a barrel on Wednesday as geopolitical turmoil, tight energy stockpiles in consumer countries, and a weak dollar triggered a flood of speculative buying, dealers said. Oil's climb to the psychological triple-digit price sent Wall Street tumbling and darkened an already gloomy economic outlook in the United States, battered by a housing crisis.'Oil hitting $100 a barrel has sparked some concerns about the consumer and inflation,'.. ..Crude oil prices jumped 58 percent in 2007, the biggest annual gain this decade, driven by rising demand in China and other developing countries, tight stockpile levels and increased economic turmoil.." [more]

SABIC, Riyad Bank Lift Saudi Index [Jan 3]
"Saudi Basic Industries Corp. and Riyad Bank lifted Saudi Arabia’s main index to close higher a day after it posted its sharpest single-day decline since June 16. SABIC gained 2.22 percent. Riyad Bank rose 3.83 percent. The Tadawul All-Share Index (TASI) climbed 0.46 percent to 10,892.64 points. It has risen almost 41 percent last year.." [more]

Campaign For Release of Saudi Blogger [Jan 2]
"Saudi officials revealed on Tuesday that they had detained leading blogger Fouad al-Farhan.. ..He has now become the first Saudi blogger to be arrested. The Saudi authorities have not disclosed why he is being held, other than to say that he is being questioned for 'violating non-security regulations'.. ..it looks as if his detention results from his open support for a group of reformists who were arrested last year and are being held without charge or trial. The authorities have linked them to terrorism, but their supporters are convinced they are being punished for their political activity.." [more]

Saudi Women in Push for 2008 Driving Breakthrough [Jan 2]
"Saudi women activists Wednesday began a fresh effort to get a ban on women drivers lifted in 2008, handing in a new petition to King Abdullah urging him to quash the restriction. Signatories of the petition 'hope that 2008 will be the year in which Saudi women obtain their natural right to drive a car,' according to the document. Campaigner Fawzia al-Oyouni told AFP the petition is part of a continuing effort to quash the ban in the oil-rich but ultraconservative kingdom, where women are forced to cover from head to toe in public. The petition follows a similar one sent to the king last September signed by more than 1,100 Saudis. 'We hope to send a new petition each time we manage to get 1000 new signatures,'.." [more]

Barbados and Kingdom of Saudi Arabia Establish Formal Diplomatic Relations [Jan 2]
"Barbados and the Kingdom of Saudi Arabia marked a major milestone in the development of their relations and foreign policy with the signing of a Joint Communiqué establishing formal diplomatic relations between the two countries.. ..Ambassador Hackett said that the establishment of diplomatic relations between Saudi Arabia and Barbados opened up great prospects for deeper cooperation between the two countries at both the bilateral and multilateral levels. He added that Barbados foresees active collaboration with Saudi Arabia in areas such as sustainable tourism development, tourism training and education, and environmental sustainability, including gas and solar energy.." [more]

Al-Qadi Asks US to Remove Him From Blacklist [Jan 2]
" Saudi businessman Yassin Abdullah Al-Qadi yesterday reiterated that he had never supported any terrorist organization and urged the United States to remove his name from its blacklist of people financing terrorism. 'I request the US government, in view of its strong ties with Saudi Arabia, to remove my name from the list of persons whose accounts are frozen,' said Al-Qadi in a statement issued yesterday. The statement came after a Geneva court exonerated Al-Qadi of all charges against him. The US and the United Nations froze Al-Qadi’s assets in the wake of Sept. 11 attacks after the FBI distributed a list of 39 individuals and groups suspected of financing terrorist organizations.." [more]

Dutch Business Group Set to Visit Kingdom [Jan 2]
"A 31-member business group representing 24 major companies in the upstream oil and gas industry in the Netherlands will visit the Kingdom on Jan. 25-29 to explore investment opportunities. The delegation is led by IRO (Association of Dutch Suppliers in the Oil Gas Industry) which represents some 300 companies in the oil and gas supply industry such as engineering, field development, pipeline installation, maintenance and material and equipment supply/manufacturing, onshore as well as offshore projects. Jurgen Bertelink, first secretary, economic and cultural affairs, in the Royal Netherlands Embassy said some of the participating companies will be visiting the market for the first time and have a range of objectives, including market research to identify suitable representatives for their products and services. The Saudi Arabian General Investment Authority (SAGIA) said in its latest report that the Netherlands has 35 enterprises in the Kingdom ranging from industrial to services,
aside from other 20 Dutch companies that have investment here.." [more]

Challenges Ahead for GCC Common Market [Jan 1]
"The Gulf Cooperation Council (GCC) common market, which was launched on Tuesday, faces a number of challenges, according to economists. The monetary policies in the GCC states, mounting inflation rates and laws and regulations related to investment will be among the main challenges for the common market. Strategies should be worked out to surmount these hurdles, they said. Saudi economic experts, however, expressed confidence that the six GCC countries will work through their respective agencies and in collaboration with the GCC General Secretariat to remove these obstacles.." [more]

GCC Common Market Becomes a Reality [Jan 1]
"The six-member Gulf Cooperation Council (GCC) with a combined economy of $715 billion makes history today with the launch of a common market, which is expected to draw more foreign investment to the region. GCC Secretary-General Abdul Rahman Al-Attiyah described the launch of the Gulf Common Market on Jan. 1 as “historic”, adding that it would ensure 'economic equality' among GCC citizens. The GCC, which was formed in 1981, groups Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates. The decision to launch the common market was taken by the group’s leaders at their last summit, which was held in Doha on Dec. 3 and 4. They also announced plans to achieve a currency union by 2010.." [more]

Saudi's GACA Launches Initial Phase of KAIA Development Project [Jan 1]
"The President of Saudi Arabia's General Authority of Civil Aviation (GACA) announced that the initial phase of the new King Abdul Aziz International Airport (KAIA) Development Project was launched by the authority, Khaleej Times reported. He also added that the initial phase of the development will be implemented over five years and is led by GACA in cooperation with Dar Al-Handasah. The project is being developed from the Airport Master Plan, which will be implemented over the next 28 years, representing investment of several billions of riyals and opportunities for the private sector across all areas of consultancy, construction, operation and management.." [more]

Fear Grows for Canadian Facing Execution [Dec 31]
"Concern is growing over the fate of Mohamed Kohail, the 22-year-old Canadian facing a possible death sentence in Saudi Arabia over allegations he was involved in the killing of a young man in a schoolyard brawl a year ago. Particularly alarming are reports that Mr. Kohail's trial has been under way for at least three months while the court has systematically barred Mr. Kohail's legal counsel, his father and representatives of the Canadian embassy from attending. 'There seems to be a lack of clarity and transparency in the case,'.. ..'One of the basic principles of a fair trial is that it should be open and public,' said Alex Neve, secretary-general of Amnesty International Canada. 'And trials in Saudi Arabia are rarely fair.'.. ..A spokesman for the Foreign Affairs Department would not confirm reports that Canadian consular officials have been excluded from the trial. He said only that embassy officials continue to monitor the case closely and are in touch with the family of the accused.." [more]

Sarkozy to Visit [Dec 31]
"French President Nicholas Sarkozy is scheduled to make an official visit to Saudi Arabia in mid-January in response to an invitation from King Abdullah, the Custodian of the Two Holy Mosques, made during his recent visit to Paris. US President George W. Bush is also scheduled to pay a visit to Saudi Arabia as part of his tour of the region next week.." [more]

Imam Sends Death Threats to Official [Dec 31]
"The Kingdom’s Cassation Court (appeals court) will hear the case of a Saudi imam who was jailed by a court in Hail. The imam allegedly threatened to kill the head of the branch of the Ministry of Islamic Affairs in Hail. The head had suspended the imam from his duties for using anti-Western slogans in his sermons.. ..The Cassation Court will either uphold the Hail court’s ruling or ask for a retrial.. ..Prince Naif held a meeting with imams and khateebs from all over the country and sought their support in fighting the ideology that had been used to recruit Saudi youth to Al-Qaeda. Asked if he felt there had been any progress since that meeting, the minister said: 'No, not at the level I would have hoped for.'.." [more]

Saudi Economic Growth Expected to Continue [Dec 31]
"Saudi economists are optimistic about the kingdom's economic growth being robust in 2008. According to government figures, the economy grew 4.3 per cent in 2006. The economist predicted that most consumer products will see price rises between 10 to 15 per cent in the coming year. Real estate prices are likely to see a 20 to 25 per cent increase in 2008. In the second half of 2007, the rents of leased properties jumped by 35 to 40 per cent, according to unofficial reports. 'Rising oil prices, availability of liquidity and the government's social and economic reforms are positive indicators of the Saudi economic growth,'.." [more]

Saudi Stocks Fall by 1.83 Percent [Dec 31]
"As the year 2007 is drawing to a close, the Saudi stock market fell 1.83 percent yesterday but is still higher by 41.77 percent so far this year after falling over 52 percent in 2006. The Tadawul All-Share Index (TASI) was down 210.03 points at 11,246.85 yesterday after rising slightly on Saturday. On recent TASI’s surge, technical analyst Bassam Al-Obaid said this is the third time the index was trying to cross the 11,700 barrier, adding that last year it had failed to cross it twice in August and September. 'If the market crosses this barrier before the beginning of 2008, the next target will be 13,500,' he said. Obaid expressed his optimism about the market. 'All indicators support the market’s upward trend,'.." [more]

Women to Get ID Cards Soon [Dec 31]
"The new national identity card for Saudi females will be issued soon, said the Assistant Deputy Minister of Interior for Civil Status Affairs Nasser Al-Hanaya. The new IDs are fitted with smart chips and serve as passports for their holders to travel to a number of Gulf countries. Al-Hanaya said his department will be training female staff to issue the new IDs.." [more]

League FMs to Meet on Settlements [Dec 30]
"Arab foreign ministers will hold an emergency meeting soon to discuss Israeli-Palestinian peace negotiations and Israeli settlement policy, Arab League Secretary General Amr Moussa said yesterday. 'The international momentum does not seem to be affecting the Israeli position and maybe will not, so we will meet to decide what is to be done,' Moussa told a news conference. 'It is now clear that the settlements issue will destroy any hope of peace and will break the course of Annapolis.' Israeli officials have said Israel would allow construction within built up areas of existing Jewish settlements in the occupied West Bank, but would not expand beyond those areas — a position that could widen the rift in US-backed peace talks launched in Annapolis.." [more]

Terror Suspects Set to go on Trial [Dec 30]
"Shariah court trials are set to begin for terrorist suspects detained for a string of bombings in the Saudi capital in 2003 and 2004. A Ministry of Justice source said nothing prevents the suspects from hiring defense lawyers. Included among the detainees to be tried are 72 suspected members of the terrorist cell led by Abdul Aziz Al-Muqrin who masterminded the kidnapping and beheading of American engineer Paul Johnson in June 2004. Al-Muqrin, who became leader of Al-Qaeda in the Arabian Peninsula in March 2004 - succeeding Khaled Al-Haj - was killed by security forces shortly afterwards, along with three other terrorists.. ..The trials would not be held within the buildings of the general court, the source said, adding that the Ministry of Justice will determine the trial locations. He said the presiding judges would decide whether the trials would be public.." [more]

Gulf Dollar Peg Likelier to Stay After Bin Laden Remarks [Dec 30]
"Gulf Arab oil producers may be less likely to drop their currency pegs to the weak U.S. dollar after Al Qaeda leader Osama bin Laden criticised dollar pegs as "unjust and arbitrary", economists said on Sunday. The Saudi-born militant leader urged Muslims in a video recording on Saturday to support militants so they can 'preserve your oil and wealth and protect your money that is slipping between your fingers due to the unjust and arbitrary dollar pegs.'.. ..'Comments like this will make their commitment to the peg even stronger and it will be even harder for them to move away from the dollar,' said Marios Maratheftis, regional head of research at Standard Chartered Bank. 'They don't want this to become more of a political topic than it already is.'.." [more]

Kingdom OKs $533m Home Finance Firm [Dec 30]
" Saudi Arabia has approved the launch of Saudi Home Loans Co. (SHLC) to tap into a market where four out of five Saudis do not own a home, state news agency SPA said yesterday. The Trade and Industry Ministry approved the launch of SHLC which will provide loans compliant with Islamic law, SPA said. The firm will have a capital of 2 billion riyals ($533 million). Each of Arab National Bank and private housing finance firm Kingdom Installment Co. hold 40 percent in SHLC, according to Arab National Bank. Property developer Dar Al-Arkan holds a 15 percent stake in SHLC and the International Finance Corporation (IFC) has the remaining 5 percent. Only 22 percent of Saudis own their houses.." [more]

Merrill Lynch Gets Saudi License [Dec 30]
"Saudi Commerce and Industry Minister Dr Hashim Yamani approved the establishment of a number of new joint stock companies including the Riyadh-based Merrill Lynch Saudi Arabia. According to an official statement carried by the Saudi Press Agency, Merrill Lynch Saudi Arabia, with a capital of SR50 million, will provide stock management and financial consultancy services. Merrill Lynch, which is licensed for 99 years, will have a four-member board of directors appointed by the general assembly for three years. 'As an exemption to the law, the founders have appointed its first board of directors for five years,' it said.." [more]

Saudi Mobile Firm Plans IPO to Fund Expansion [Dec 30]
"Itsalat International (i2), the largest mobile phone distribution company in the Middle East and Africa with operations in as many as 23 countries, plans to come out with an initial public offering towards the end of 2008, one of the company's biggest stakeholders said recently. 'We propose to get i2 listed on the Saudi Tadawul Exchange. Saudi Arabia's Capital Markets Authority will decide on how much of the company could be sold through the IPO,'.." [more]

Hot Oil, Weak Dollar Bolster Opec in ’07 [Dec 30]
"Very soon we will be celebrating the New Year 2008 putting behind us 2007 not before highlighting the main business events of this year. Although it is hard to prioritize these events, the oil prices missed to hit the much anticipated target of $100 by a few cents which is the main event of the year. This event has resulted in all oil producing countries pocketing millions some even billions in matter of just one or a few days? Last year we saw how the Organization of Petroleum Exporting Countries (OPEC) virtually apologized to its world customers for its inability to use its influence to bring down the oil prices which also doubled in less than 10 months from the $50 a barrel level. It was a genuine gesture from the oil producing countries after realizing the reality of the market speculators.." [more]

KAAU, Oracle to Sign MoU [Dec 30]
"King Abdul Aziz University (KAAU) and Oracle International will sign a memorandum of cooperation at the rector's office here on Monday. Under the agreement, Oracle will establish an academy called Oracle Academy, which will help introduce Oracle's database technology on Unix and thereby enhance the university's in-house services.. ..Oracle will benefit from KAAU's expertise in the IT field.." [more]

New Year Will Present its Share of Economic Challenges [Dec 30]
"Gulf Cooperation Council (GCC) states must address key economic issues in 2008. The challenges entail making steady progress on regional economic integration projects, concluding free trade deal with European Union, resolving the unemployment problem in several countries and strengthening economic reforms. One challenge is to speed up the pace of regional economic integration.. ..The third challenge deals with generating a sufficient number of jobs for locals.. ..Saudi authorities are under pressure to create 160,000 jobs annually. The authorities have banned expatriates from working in more than 30 categories.. ..Nevertheless, the decision makers must be careful with the policy of replacing expatriates, which can force business owners relocate their enterprises to other regional places.." [more]

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