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US to Push Mideast Peace, Iraq Ties [Mar 15]
" US Vice President Dick Cheney leaves for the Middle East on Sunday, hoping to help revive the battered peace process and get Arab allies like Saudi Arabia to do more to curb Iran's influence in Iraq. With just ten months left in US President George W. Bush's term, Cheney is expected to seek support for confronting Tehran over its nuclear program and push Israel and the Palestinians to fulfill past promises for peace.. ..The political unrest in Lebanon, the situation in Syria, the violence in Gaza, and sky-high oil prices will all come up as Cheney visits Oman, Saudi Arabia, Israel, the West Bank, and Turkey, top aide John Hannah said Friday.. ..Cheney was not expected to press Saudi King Abdullah too much to boost oil output, or push OPEC to do so, in the face of sky-high oil prices that have fueled a bitter debate ahead of the November 4 US elections.." [more]

Top Saudi Cleric Calls for Writers' Deaths [Mar 15]
"Saudi Arabia's most revered cleric said in a rare fatwa this week that two writers should be tried for
apostasy for their "heretical articles" and put to death if they do not repent. Sheikh Abdul-Rahman al-Barrak was responding to recent articles in al-Riyadh newspaper that questioned the Sunni Muslim view in Saudi Arabia that adherents of other faiths should be considered unbelievers. 'Anyone who claims this has refuted Islam and should be tried in order to take it back. If not, he should be killed as an apostate from the religion of Islam,'.. ..Liberal reformers are engaged in a battle with religious hardliners over the direction of the country, a key U.S. ally and the world's biggest oil exporter. Diplomats say powerful clerics allied to some key members of the Saudi royal family have prevented the government under King Abdullah from moving forward with social and political reforms.." [more]

Saudi Stocks Drop on Global Economic Fears [Mar 15]
"Fears over the outlook for the global economy hit Saudi stocks on Saturday as investors moved to limit their exposure to the crisis engulfing the US financial sector and the impact of record oil prices on industry. The drop was led by Prince Al-Waleed bin Talal's Kingdom Holding Company, which plummeted 8.16% to 11.25 Saudi riyals on the back of news that US investment bank Bear Stearns was forced to seek emergency financing to stay afloat.. ..'The outlook for the global economy is worrying investors because a recession would impact oil prices,' said Ibrahim Al-Alwan, deputy chief executive of KSB Capital. 'This would affect companies that have direct dealings with global markets, such as Sabic and banks.'.." [more]

Saudi Police Appoint Women For Festival [Mar 15]
"A new women-only unit has been created by Saudi Arabian police to monitor females' behavior and dress at the Jenadriyah Heritage and Culture Festival. The all-women unit of Saudi Arabia's Commission for the Propagation of Virtue and Prevention of Vice will be responsible for warning and arresting women who are in violation of religious standards regarding behavior and dress during the popular festival, al-Arabiya reported. Hundreds of women reportedly have been appointed as officers in an effort to relieve the embarrassment male commission members feel when mixing with females, especially in female-only locations or in situations of 'immoral joining of the sexes'.." [more]

Four Million Pilgrims to Take Part in Umrah [Mar 15]
"More than four million pilgrims are expected to be in Makkah with the start of Umrah season this week.
Concerned government and private agencies have completed preparations to receive the pilgrims.. ..According to industry sources, more than four million pilgrims are expected to perform the lesser pilgrimage of Umrah during the current season. "The Umrah package is attractive as its cost is smaller than that of Haj and it enables a pilgrim to travel to Saudi Arabia more than once in a single Umrah season. There are Umrah packages for a duration of three days and many people want to take advantage of them," according to Umrah sources.." [more]

Arab World Environmental Services Seen Reaching $100b Over 10 Years [Mar 15]
"With rich countries in the Middle East starting to go green, huge opportunities have opened up for
environmental consultants and suppliers. The World Bank has estimated the need for environmental services and products in the Arab world at $100 billion over the next 10 years, said Ronald Portelli, managing director at Alturki Environmental in Saudi Arabia, at the Globe 2008 conference on Thursday in Vancouver. 'That’s a huge huge market,'.. ..'So the potential in the Middle East for environmental investment and growth is enormous,' Portelli said. The Saudi Arabian government implemented environmental regulations in 2001.." [more]

Kingdom Grants $1bn to OIC Nations [Mar 15]
"Saudi Arabia has contributed $1 billion to support poor countries of the Organization of the Islamic
Conference (OIC), Interior Minister Prince Naif said while presiding over a prize distributing ceremony here Thursday night. Prince Naif emphasized the Kingdom’s strong commitment to Shariah. 'Our government has set a condition that no rules and regulations in the country should contradict Islam or the Qur’an and Sunnah,' he told the gathering. He said Saudi Arabia has been in the forefront of countries that support societies afflicted with natural calamities.." [more]

Abdullah to Make Key Domestic and Foreign Policy Statement [Mar 14]
"King Abdullah Bin Abdul Aziz will make a major domestic and foreign policy announcement on
Saturday.. ..people of Saudi Arabia pin great hopes on the speech of the monarch as it would contain major declarations with regard to both the domestic and foreign policies of the kingdom. . ..Abdul Aziz Al Oteibi, a member of the Shura, said the king's speech would have international ramifications as he is now emerging as an important world leader influencing the political and economic life on the global arena. The Shura Council is playing an active role in accelerating these reforms by giving its advice and opinions on major issues." [more]

Saudi FM Urges Syria for Effective Role in Solving Lebanese Crisis [Mar 14]
"Saudi Foreign Minister Prince Saud al-Faisal has said the kingdom was looking forward to an effective
Syrian role in solving Lebanon's presidential crisis. 'The Arab League continues in its quick efforts to solve the presidential vacuum crisis,'.. ..'We look forward to an effective Syrian role in securing Lebanese national understanding based on the Arab initiative," he said in his speech on the opening day of the 11th Organization of Islamic Conference (OIC) summit . Meanwhile, Syria's assistant foreign minister Faisal Miqdad denied that Damascus was trying to torpedo the Arab initiative which calls for the election of Lebanese Army Chief Gen. Michel Suleiman president, the formation of a national unity cabinet and the adoption of a new electoral law.." [more]

US Envoy Meets Mid-East Leaders [Mar 14]
"The US envoy appointed to monitor the stalled peace negotiations between Israel and the Palestinians has held his first meeting with the two sides. Lt Gen William Fraser met Palestinian Prime Minister Salam Fayyad and a delegation from the Israeli defence ministry in Jerusalem.. ..After the two-hour meeting, the US consulate in Jerusalem said the goal of the talks was the fulfilment of the stalled 2003 peace plan known as the roadmap. 'We examined areas where the parties are not meeting their commitments and the reasons why, and explored ways to accelerate the process,' the consulate said in a statement. The statement said there had been a "cordial, but frank" exchange of views.." [more]

Saudi Students Survive Miami Culture Shock [Mar 14]
"Saudi students in an exchange program at Miami Dade College survive a six-week course in one of the world's great party towns, holding fast to tradition.. ..Shamrani is part of the first class of students from the Saudi Institute for Health Services to come to Miami as part of a six-week exchange program with MDC to learn in health-related fields.. ..The program represents a new chapter for MDC and illustrates the swelling number of Saudi Arabian students coming to the United States to study. Last year, the number of Saudi students studying in the United States shot up 128 percent to 7,886 from 3,448 the year before. Saudi enrollment in U.S. universities, second only to Turkey among Middle Eastern countries, spiked last year after the Saudi government started the Saudi Scholarship Program.." [more]

Why OPEC Won't Boost Oil Supplies [Mar 14]
"..as pricey as oil is these days, there's no shortage of customers elsewhere in the world. (There are also plenty of investors pouring billions into oil futures as a hedge against the falling dollar — and so driving up oil prices even more.) The major reason for the current high prices is that OPEC's production has been seriously stretched by the huge increase in demands from booming China and India, as well as from oil-rich countries in the Middle East itself, says Lawrence Eagles, chief economist of the Paris-based International Energy Agency, the watchdog for oil-consuming countries like the United States and those in the European Union. "Most OPEC members are working close to flat-out," he says. "There is little spare capacity outside of the United Arab Emirates and Saudi Arabia, and some of that is relatively poor quality crude." And right now, global demand continues to rise. ." [more]

$1bn For Fighting Illiteracy and Poverty [Mar 14]
"The Islamic Development Bank, the multilateral development financing institution for the Islamic world,
yesterday announced details of the first two programmes under the five-year strategy of the Islamic
Solidarity Fund for Development (ISFD), the $10bn Waqf fund recently created by the bank for poverty
reduction in OIC member countries. The two programmes – known as the Vocational Literacy Program for Poverty Alleviation (VOLIP) and the Microfinance Support Programme (MFSP) - will seek to provide
together about $1bn in financing over the next five years in order to help address some of the most
fundamental causes of poverty in IDB member nations, namely lack of education and of employment
opportunities.." [more]

Saudi Telecom is Planning $14bn Overseas Expansion [Mar 14]
"Saudi Telecommunications Co (STC), has allocated $14bn for overseas expansion and is considering
Vietnam, Lebanon, Bahrain, Egypt and Yemen for future growth, pan-Arab daily Asharq Al Awsat
reported yesterday. STC is also studying investment opportunities in the telecommunications markets in the Gulf and Turkey, the paper said, citing Fahed Mushayt, STC’s head of strategic investment. The telco expects a 20% return on revenues by the end of the current year.." [more]

Women May Win 2 Seats in RCCI Poll [Mar 14]
"Riyadh Chamber of Commerce and Industry (RCCI) is expecting at least two women-candidates to win
elections to its 18-member board of directors, scheduled for November.. ..RCCI has been playing a vital role in addressing the issues of business community in Riyadh, several of which pertain to businesswomen who need proper representation in business forums and other such meetings, Sinani said. He said more and more women are showing entrepreneurship and need training programs, counseling and guidance on the areas of business opportunities available. RCCI has a businesswomen committee with office-bearers such as president and vice-president, 'but no one sits on the board.'.." [more]

What Magic Wand Does Cheney Plan to Bring? [Mar 14]
"The good old man of Halliburton is on move again - and when US Vice President Dick Cheney visits the old familiar faces in this oil-rich region, eyebrows go up.. ..now he intends to travel again to the region next week in a climate where $100 per-barrel oil prices appear to be the norm rather than the exception in the crude markets. What he is really up to? There are claims that Cheney during the regional trip will urge OPEC members (read Saudi Arabia) to boost output and reel in sky-high prices. And he would begin from where others have attempted and failed.." [more]

Lebanon Hopes Saudi Arabia Will Show its Support [Mar 13]
"Lebanon's government has asked Saudi Arabia to deposit $1 billion (Dh3.6 billion) at its central bank to boost the country's foreign currency reserves, the finance minister was quoted as saying on Wednesday.. ..Standard & Poor's in January cut its long-term sovereign foreign currency credit rating on Lebanon by one notch to 'CCC+' from 'B-' because of the political conflict - the worst since the 1975-90 civil war. The crisis has paralysed much of government, left the country without a president since November and led to bouts of street violence between followers of the rival sides. Lebanon is saddled by public debt of some $42.06 billion (Dh154 billion) - equal to 171 per cent of its gross domestic product.." [more]

Islamophobia Threat to Security: OIC [Mar 13]
"..The Organisation of the Islamic Conference (OIC) called on Europe and America to take stronger measures against ‘Islamophobia’ in a report prepared for a summit of the group’s 57 members.. ..Islamic leaders have long warned that perceptions linking Muslims to terrorism, especially since the September 11, 2001 Al Qaeda attacks on the US, would make Muslims more radical. The West must understand that 'the war against terror cannot be successful without the support of Muslim countries', said the report.." [more]

Saudi Arabian University Funds Research [Mar 13]
" A Penn State scientist will receive up to $10 million from Saudi Arabia during the next five years to
investigate microbial fuel cell technologies. Penn State University officials said Professor Bruce Logan has been named one of 12 scientists to receive a Global Research Partnership Investigator award from the King Abdullah University of Science and Technology. His research will center on converting waste into electricity or hydrogen and, in the process, clean water. King Abdullah University of Science and Technology is being developed as an international, graduate-level research university. The core campus, located on the Red Sea at Thuwal, Saudi Arabia, is to open in September 2009.." [more]

Qatar-Saudi Arabia Talks Likely to Kickstart Planned Gulf Projects [Mar 13]
"..After six years of strained relations that hindered commercial, industrial and energy cooperation between the two Gulf states, Qatar and Saudi Arabia have tried to mend ties and build on issues of common interest, Qatar's Prime minister said here on Tuesday night.. ..The talks may pave the way for a fresh start to negotiations over Qatar's gas exports to Kuwait, a planned bridge linking Qatar and the UAE, and other projects which had been suspended amid tense relations between the two states, Shaikh Hamad Bin Jasem Bin Jabor Al Thani, Qatari premier and foreign minister, told Saudi reporters here. 'Saudi Arabia is a backbone for the Gulf Cooperation Council. We have considered the need to build upon the positive aspects [of bilateral relations] and develop them,'.." [more]

Austrian Airlines to Offer Service to Saudi Cities [Mar 13]
"Austrian Airlines says it will provide service to the Saudi Arabian cities of Jeddah and Riyadh starting this summer. The Austrian carrier said Thursday that the new routes will take effect in August. It says it will fly nonstop from Vienna to Jeddah four times a week, and from Vienna to the Saudi capital of Riyadh three times a week.. ..Airline CEO Alfred Oetsch calls the new service strategically important because flight demand across the Middle East has grown by about 7 percent — well above the 4.8 percent worldwide average.." [more]

Dollar Undervalued, Says Saudi [Mar 13]
"The US dollar is a 'good buy', and excessive dollar volatility is undesirable, Saudi Arabia's central bank
governor said. Asked after a meeting with European Central Bank officials about market talk the Saudi central bank had been in the market buying dollars, Hamad al-Sayyari said rumours should not be listened to but added: 'I said it is undervalued, but the market determines the value of the US dollar.'.." [more]

Investment in Kingdom’s IT Sector to Reach SR68b [Mar 13]
"The Vice Chairman of the Board of Directors of Jeddah Chamber of Commerce and Industry, Mazin Baterji, inaugurated on Tuesday the six-day Saudi Exhibition for Computing, Internet, Office Equipment, Business Communications and Mobiles (COMMTEL 2008).. ..investments in the information technology sector in the Kingdom exceeded SR20 billion and expected to increase in the few coming years to SR68 billion. The COMMTEL show is a place for businessmen and decision makers to gather and make deals that fulfill the needs of business, computer and software markets and also plays a role in showing the advancement in computerizing international commercial transactions.." [more]

British Security Trade Delegation to Visit KSA [Mar 13]
"A delegation of British security companies organized by the British Security Industry Association (BSIA) will visit Saudi Arabia and Bahrain on March 14-21 to further increase trade between Britain and the two GCC countries, according to Mohammed Farooq, trade and investment officer at the British Embassy. 'The security sector in Saudi Arabia is very buoyant and many British companies are enjoying success and expanding their business relationship in the market. This visit would be an excellent opportunity for UK and Saudi companies to strengthen their relationship further by forging new business links,'.. ..This will be the second visit to Saudi Arabia by the BSIA, whose member-firms have extensive experience and knowledge across a range of security products from CCTV to access control, perimeter detection and data tracking systems.." [more]

OPEC Oil Price Crosses $100 a Barrel Mark [Mar 13]
"The price of oil produced by Organization of Petroleum Exporting Countries (OPEC) has topped the $100-per-barrel mark for the first time, the organization said yesterday.. ..Brad Bourland, chief economist and head of research at the Riyadh-based Jadwa Investment, said: 'The rise in OPEC oil price will lead to increase in trade and budget surpluses for oil-producing countries.' Bourland, however, ruled out any change in spending plans of OPEC member countries. 'Spending of oil-producing countries will stay in line with budget projections for this year,' he added. Dr. John Sfakianakis, chief economist at SABB, said: 'At the time when the US economy is in a recession, record high oil price is not something auspicious. Speculation plays a large part in driving up oil prices. So is the case with the declining US dollar.'.. ..'But the cost to Western consumers is crossing the level of sustainability and acceptance,” he said. “Oil producers can increase output, but this will not contain speculation in the price of oil.'.." [more]

Syrian Plans for Arab Summit Mired in Tensions [Mar 12]
"Syria's plans to host an Arab summit this month are mired in tensions focused on the presidential crisis in Lebanon and uncertainties over who will represent Arab heavyweights Egypt and Saudi Arabia. Lebanon has yet to be invited to the March 29-30 summit in Damascus while regional powerhouse Saudi Arabia only got its invitation last week -- days after most of the other members of the 22-strong Arab League.. ..Saudi Arabia and Egypt accuse Syria of blocking the election of a new president in Lebanon, which was under Syrian military domination for 29 years until Damascus withdrew its troops in 2005. The two heavyweights, which along with Syria and Lebanon are among the seven founding members of the Arab League, have linked the level of their participation at the summit to the election of a president in Beirut.." [more]

Saudi Mile-High Tower Plan Raises Bar [Mar 12]
"Saudi Arabia has joined the fray with a plan to build a 1 mile (1600m) tower in the Red Sea city of Jeddah, according to the London-based Middle East Economic Digest (MEED). The project, which would overtake super-tall skyscrapers in neighbouring Kuwait and Dubai, the city state associated with mega ventures, places the competition to build the world's tallest tower firmly in the Gulf region.. ..Three blades that will be built near the top of the tower will carry a mosque, a church and a synagogue to signify the unity of the three monotheistic religions. The building will be one of the highlights of the "City of Silk", a $US77 billion project inspired by the Silk Road that aims to revive the ancient trade route by becoming a major free trade zone linking Central Asia with Europe.." [more]

Germany Eyes Engineering [Mar 12]
"A 29-member delegation from the southwest German state of Baden-Wurttemberg is on a visit exploring the prospects for Saudi Arabia’s engineering projects.. ..“The German industry and enterprises of our region have strong relations with Saudi Arabia for a long time. This is the first time that a delegation of engineers has come here,” he said. These engineers who have ongoing projects in different parts of the world are seeking projects across the Kingdom, especially in the ongoing construction boom and six new cities that are under way.." [more]

Kingdom, Sweden Sign Trade Accord [Mar 12]
"Saudi Arabia and Sweden signed an agreement to promote trade and investment between the two countries in Riyadh yesterday. While Saudi Finance Minister Ibrahim Al-Assaf represented Saudi Arabia, Swedish Minister for Trade Ewa Bjِrling, signed the agreement on behalf of her country. 'The agreement represents the legal framework to guarantee the protection of the investments and rights of the investors in both the countries,' Al-Assaf said after the signing the agreement. The finance minister hoped that the agreement would prompt an influx of Swedish investments to the Kingdom.." [more]

Kingdom Donates $25 Million to African Development Fund [Mar 11]
"Saudi Arabia has approved a $25 million donation to the African Development Fund, the Ministry of Foreign Affairs has announced. The funds are expected to be disbursed over a five-year period. Established in 1973, the African Development Fund is part of the African Development Bank Group. Its main objective is to reduce poverty in member countries by providing them with concessional loans and grants for projects and programs, as well as technical assistance for studies and capacity-building activities.." [more]

Saudi Cleric Attacks Hardliners For Flaying Dance at Wedding [Mar 11]
"A prominent Saudi Arabian cleric has issued a rare public attack on religious hardliners angry over a video showing him dancing at a wedding, a newspaper reported on Tuesday.. ..Al Obaikan, an adviser to the cleric-run Ministry of Justice, defended himself in remarks published in Asharq Al Awsat, saying the society needed to 'get over restrictions imposed by ignorant people'. 'They want to turn our weddings into funerals and joy to sadness," he said. "There is no report from the Prophet (Peace Be Upon Him) or any of the early Islamic leaders saying that they turned weddings into occasions for preaching.'.." [more]

Senegal Summit Comes at a Crucial Time, Says Kingdom [Mar 11]
"The Council of Ministers yesterday emphasized the importance of the 11th summit of the Organization of the Islamic Conference (OIC) to be held in Senegal on March 13-14 and hoped the summit would strengthen Muslim unity.. ..The two-day summit in the Senegalese capital Dakar is expected to endorse a new OIC charter, informed sources said, adding that it would adopt resolutions to strengthen political, economic and cultural cooperation between member countries. It will also take measures to fight poverty.." [more]

Oil Prices Hit Record High of $107.44 a Barrel [Mar 11]
"Oil prices hit a record high of $107.44 yesterday as the White House announced that US Vice President Dick Cheney will head to Saudi Arabia next week to discuss oil production issue. Dealers said oil had fallen in early trade on profit-taking but concerns over the weakness of the dollar and tightening supplies provided support and news of the Cheney trip then added an extra twist. The New York contract for April delivery hit a record $106.54 per barrel on Friday. The latest spike came as the White House said yesterday that Cheney would next week urge Saudi Arabia to push OPEC to boost output in an effort to rein in sky-high prices.." [more]

Saudi Arabia to Attract $400bn in Investments [Mar 11]
"Saudi Arabia aims to attract more than $400 billion (Dh1.46bn) in investments and intends to be among the top ten competitive nations in the world for inward investment by 2010, a new report said. Global Investment House said That Saudi authorities will look to attract $300bn of investment in 'energy intensive industries' over the next 13 years. A further $100bn of investments are also being sought for 'knowledge-based' industries and a similar amount for transportation ventures in the country. A variety of industrial projects, transport developments, building of six new cities, liberalisation initiatives as well as oil and gas ventures will increase the level of investment desired by the country.." [more]

Cheney to Discuss Oil Price on Saudi Visit [Mar 10]
"U.S. Vice President Dick Cheney is expected to discuss high energy prices with Saudi King Abdullah during Cheney's Middle East trip later this month, the White House said Monday. White House spokeswoman Dana Perino said U.S. President George W. Bush's message to Saudi Arabia and other OPEC countries remained unchanged. "Obviously we want to see an increase in production," she told reporters. But she declined to say whether Cheney, whose trip to the region follows one by Bush in January, would specifically press Abdullah to push OPEC to raise output.." [more]

King Abdullah Receives Faisal Prize [Mar 10]
"Custodian of the Two Holy Mosques King Abdullah received the King Faisal International Prize (KFIP) for his service to Islam at a ceremony held at the Prince Sultan Hall of the Al-Faisaliah Hotel last night. The king said he was honored to accept the prize on behalf of the world Islamic community.. ..King Abdullah was selected for the prize in recognition of his outstanding services to Islam and Muslims, both within the Kingdom and abroad. His domestic accomplishments included the establishment of mega economic cities and King Abdullah University for Science and Technology and the formation of Human Rights Commission and National Dialogue Center.." [more]

Saudis Mend Fences With Neighbor [Mar 10]
"Saudi Arabia's crown prince begins a three-day visit to neighbouring Qatar on Monday, the latest sign of a thaw in bilateral relations. The Saudis recalled their ambassador from Qatar in 2002, in protest at coverage by the Qatari-owned satellite television channel, al-Jazeera.. ..Some observers say al-Jazeera has toned down criticism of Saudi Arabia over the past year as a prelude to the rapprochement. The last straw in 2002 was one of the channel's infamous studio debates in which participants launched blistering verbal attacks on Saudi Arabia's rulers.." [more]

Four-Day Education Expo Begins Today [Mar 10]
"Education, which is among Saudi Arabia’s top priorities, will be in focus for four days from today, with an exhibition and a high-profile symposium at the Jeddah International Exhibition and Convention Center.. ..More than 150 educational institutions are participating in the annual Middle East education and training exhibition and symposium featuring major groups from Malaysia, the UK, Cyprus and Canada and individual participants from Australia, New Zealand, France, Switzerland, Ireland, Germany and India, in addition to the Arab world.. ..The event is taking place at a time when the Kingdom’s economy is booming and investment in education is growing by leaps and bounds.." [more]

Saudi Woman Drives on YouTube [Mar 10]
"When Wajeha Al Huwaider gets behind the wheel of a car, it's a daring and defiant act, flying -- or driving -- in the face of Saudi Arabia's ban on female drivers. This weekend, in honor of International Women's Day and in protest of the law, she posted a video on Youtube of her driving inside the kingdom. Al Huwaider is one of a group of women petitioning for the right to drive in Saudi Arabia. In a country governed by fundamentalist interpretations of Islam its activities have earned the group a rash of slanderous accusations and death threats from religious conservatives.. ..There have been broad calls for greater legal and civil rights in Saudi Arabia. Those in favor of change include the Saudi ruler, King Abdullah, who announced an initial set of judicial reforms last year. The king has said that he expects Saudi women will drive one day. But, for the time being, the ban remains.." [more]

Kingdom’s First Reinsurance Company Formally Launched [Mar 10]
"A new insurance company, Saudi Reinsurance Company (Saudi Re), was formally launched in Riyadh on Saturday, with its top officials being bullish about the local insurance industry. Mousa A. Al-Rubaian, chairman of the founders committee, told reporters that being the first Saudi reinsurer, Saudi Re has bright prospects and it may become one of the biggest players in the local insurance industry, which is estimated to be $1.5 billion annually and is expected to reach $8 billion within 10 years. Al-Rubaian’s optimism is hinged on the new regulations, which have liberalized the market and opened it to regional and international players.." [more]

Oasis Economies [Mar 10]
"While political tensions in the Middle East often grab international headlines, relatively little is written
about a growing source of stability within the region - the rise of a diversified, open economy, no longer
exclusively dependent on oil revenues, said a new report by Booz Allen Hamilton. The region’s economic development continues to gain momentum, despite being largely unrecognized. If this economic oasis can flower, it suggests the future of the Middle East is more hopeful - and more complex, than many realize.. ..This phenomenon is being spurred by a broad group of decision makers trying to build a bridge between Middle East culture and its economic potential.. ..If they manage to create this unique economy, the oasis blooming today won’t be a mirage, but an attractive, sustainable, fertile valley.." [more]

Saudi Looks for Recipients of Zawahri Phone Message [Mar 9]
"Saudi Arabia said on Sunday anyone who received a voice recording from al Qaeda's deputy leader Ayman al-Zawahri on their mobile phone must inform the authorities within a week to avoid arrest. The Interior Ministry said last week that 56 men held since December on suspicion of seeking to revive al Qaeda cells in Saudi Arabia had planned to use a voice recording of Zawahri saved on a mobile phone to raise funds for the group.. ..Saudi Arabia, the world's biggest oil exporter and home to Islam's holiest sites, has been the target of attacks by militants linked to al Qaeda since 2003. But the campaign has gone quiet since its last major operation in February 2006 when militants tried to attack the world's largest oil processing plant at Abqaiq. 'The ministry calls on all those who were contacted concerning this voice message ... to inform the authorities,'.." [more]

Syria Invites Saudi to Arab Summit [Mar 9]
"A Syrian delegation on Sunday delivered an invitation to regional powerhouse Saudi Arabia to join an Arab summit in Damascus at the end of the month, the official SPA news agency reported. The invitation, which was delivered to Saudi Foreign Minister Prince Saud al-Faisal, had been slow to come amid strained ties between Riyadh and Damascus over the deep political crisis in Lebanon. The level of the kingdom's representation at the March 29-30 summit has yet to be decided.. ..Arab diplomatic sources said Saudi Arabia had been hesitant about arranging an appointment for the Syrian delegation to deliver the invitation.." [more]

Saudi Ambassador Returns to Qatar After 5-yr Gap [Mar 9]
"Saudi Arabia has reestablished full diplomatic ties with the neighbouring Gulf Arab state of Qatar after a five-year hiatus and will send an ambassador to Doha ahead of a visit by Crown Prince Sultan this week. The official Saudi Press Agency said on Sunday that ambassador Ahmed bin Ali al-Qahtani had taken up his post. Crown Prince Sultan is due in Doha on Monday. Riyadh withdrew its ambassador to Doha in 2002 in protest at coverage of Saudi Arabia on Qatar-funded news broadcaster Al Jazeera, and over Qatar's independent political line, which included forming ties with Israel and offering Washington military facilities.." [more]

BA Mulls Over Saudi Arabia Re-entry [Mar 9]
"British Airways has not ruled out re-introducing services to Saudi Arabia, but the move is unlikely to happen until the airline receives new aircraft deliveries. That was the verdict from BA's CEO for Asia Pacific, Robbie Baird, who revealed that KSA, Korea and "more points in China and India" were under review. 'But we have a number of years before new aircraft are coming (24 Boeing 787 aircraft and 12 A380 aircraft),'.. ..BA ceased its Saudi Arabia operations post-9/11 and in November slashed its commission payments to agents based in the Kingdom to 0%. In the meantime, rival UK carrier bmi has expanded its KSA presence and most recently introduced a three times weekly Dammam-London Heathrow service (March 1).." [more]

Gulf States to Meet to Discuss Inflation Levels [Mar 9]
"Policymakers and chambers of commerce officials from the Gulf are set to meet in Bahrain on March 23-24 to discuss how to deal with the almost record high levels of inflation that have hit the region incredibly. Recommendations from the International Monetary Fund will also be heard at the conference which is to be attended by members of the Gulf Cooperation Council (GCC) as well.. ..Rising inflation has been a crucial issue in the countries across the Gulf with many countries reaching near record high levels of inflation.." [more]

US Will Drive Oil Prices Down Before Poll [Mar 9]
"An Iranian oil official said on Saturday he expected the oil price to fall ahead of November's US presidential election, suggesting Washington would seek to push it down for political reasons. Hojjatollah Ghanimifard told the Fars News Agency that 'those in political power in the [United States] will try to [influence] the market through various factors to create interest in voters to elect individuals of their preference.' 'In view of the US presidential election and the fact that the US is the biggest consumer of oil products, oil prices will face a decline in summer,'.." [more]

Kingdom 5th Emerging Economy [Mar 9]
"An economic report expected the Saudi market to be classified as the fifth emerging economy in the world within two years after China, Brazil, India and Malaysia. Government expenditure on projects is a major factor for the classification. The report - issued by a specialized center for economic studies and research - noted that the acceleration of the Saudi economy’s growth is due to a number of factors, such as the major economic reforms carried out by the government in the last 5 years - the most prominent are the recent laws and regulations endorsed to encourage the movement of commerce and investment along with the development of Saudi training and educational institutes based on the need of the labor market. The report added that the large size of liquidity in the Kingdom is due to high oil prices.." [more]

Businesses Told to Benefit From WTO Accession [Mar 9]
"The Saudi business sector should make efforts through their chambers of commerce and industry to draw benefits from the Kingdom’s World Trade Organization membership. This was the message given by Valentine Rugwabiza, assistant director general at Geneva-based WTO.. ..'The Kingdom is one of the newest members of the WTO. No doubt, your accession means true universality of the organization,' Rugwabiza said, adding that the importance of the Kingdom’s accession is highlighted by the fact that it is the world’s major exporter and importer. The WTO has 152 member-countries. 'After 12 long years of negotiations, the Kingdom has become a WTO member, but not much head way has been made by the business sector in overcoming the challenges of accession processes. This is partly because the business sector has not realized the benefits it could accrue from the country’s
accession to the world trade body,'.." [more]

Reformist Begins Sentence for Protests [Mar 9]
"A leading Saudi reformist and his brother started to serve time behind bars on Saturday after being convicted of inciting women's protests in the ultra-conservative Muslim kingdom. Abdullah al-Hamed, a prominent Islamist reformist, and his brother Issa were sentenced last November to six months and four months in jail respectively. The sentences were upheld by an appeals court last month, but the two men were still free pending a decision on the rulings by the governor's office of al-Qassim region where their trial took place.. ..The charges against the Hamed brothers were linked to two sit-ins last summer by women in al-Qassim.. ..More than 40 Saudi human rights activists and reformists called earlier this month for the annulment of the 'unfair ruling' against the Hamed brothers. In November, New York-based Human Rights Watch slammed Saudi Arabia for jailing the two reformers, saying the judgement proved it was illegal to criticize the authorities in the kingdom.." [more]

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