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~~~~~~~~
[ Mar 22] ~~~~~~~~~
Cheney
Meets With Saudi King, Discuss High Oil Prices [Mar 22]
"Vice President Dick Cheney met for more than three hours
with Saudi King Abdullah about high oil prices as well as a range
of Middle East diplomatic and security issues, but U.S. officials
reported no breakthroughs on short-term relief for tight energy
markets. 'There was a lot of commonality in their assessment about
the structural problems confronted by the global energy market
now, and some discussion of probably the way forward, how we work
together to try and stabilize the market and what can be done,
what could be done shorter term," a senior administration
official said, "but probably more about what's necessary to
do over the medium to longer term.'.." [more]
Treasurys
Are Still Hot Overseas [Mar 22]
"As the dollar has dropped sharply in recent weeks, concerns
have arisen that diversification away from U.S. assets could be
speeding up. But not, it appears, when it comes to foreign central
banks. They have been snapping up Treasury securities, as the
slumping dollar turns these high-quality assets into big bargains
for non-U.S. investors.. ..Saudi Arabia's monetary agency, which
holds mostly U.S. assets, has added an average of $15 billion a
month for the last four months, said Rachel Ziemba, an analyst in
New York at RGE Monitor.com, an online economic-research company
that closely monitors activities of foreign central banks in the
Treasurys market. Saudi Arabia's riyal is pegged to the
dollar.." [more]
US
Seeks Saudi Help to Boost Regional Security [Mar 22]
"..The US vice president and the Saudi King were expected
also to discuss Syria and Lebanon, and Cheney was to push his host
as well as other Arab countries to step up efforts to help US-led
efforts in Iraq and Afghanistan. On Iraq, Cheney was to push for
Saudi Arabia to lead other Arab nations into dispatching an
ambassador to Baghdad and step up other government-to-government
contacts. 'I'm sure they will talk about the need for a
cooperative way forward to try and stabilise the market, reduce
the volatility in the market, and serve the interests of both
consumers and producers alike,'.." [more]
Saudi
King Urges US to Press Israel [Mar 22]
" King Abdullah of Saudi Arabia yesterday urged US Vice
President Dick Cheney to pressure Israel to seal a peace deal with
the Palestinians before US President George W Bush leaves office
in January 2009.. ..sources said Saudi Arabia is not happy with
the “slow” pace of US efforts to push the Middle East peace
process by putting pressure on Israel to reach a peace agreement
and end the building of settlements and excavations around al-Aqsa
mosque in Jerusalem.." [more]
World
Markets Put Pressure on Saudi Stocks [Mar 22]
"The Saudi stock market extended losses for the fourth week
in a row last week, with investors coming under mounting pressures
from world markets and reports of imminent US stagnation. The
Tadawul All-Share Index (TASI) shed 4.07 percent last week,
closing at 9,488.85 points from 9,891.80 points previous week.
TASI is currently 15.1 percent lower than the year’s start. The
weekly report of the Riyadh-based Bakheet Investment Group (BIG)
described the decline at the Saudi stock exchange as
“unjustified” and expected the market to get into a 'steady
mood' until the release of the first quarter results, which it
expected to 'boost the investors’ confidence.'.." [more]
De-Pegging
‘Essential’ to Curb Inflation [Mar 22]
"Dr. Abdullah Al-Saihati, chairman of Saihati Group, has
called for the de-pegging of Saudi riyal from the
weakening US dollar, saying it was essential to curb increasing
inflation in the Kingdom. 'De-pegging will solve many problems
including inflation,' he said, adding that people have lost
confidence in the US dollar. He stressed the need to increase
salaries of public and private sector employees to offset the
financial burden caused by inflation.." [more]
~~~~~~~~
[ Mar 21] ~~~~~~~~~
VP,
Saudis to Talk About Oil Security [Mar 21]
"High oil prices paining U.S. consumers is a key topic of
Vice President Dick Cheney's talks Friday with Saudi King
Abdullah, yet it's unclear whether Cheney will ask the Saudis to
increase production to bring down prices at the pump. Cheney's
advisers cautioned in advance of Friday's talks that oil was just
one item on a long list of discussion topics.. ..I am sure they
will talk about the need for a cooperative way forward to try and
stabilize this market, reduce volatility in the market and serve
the interests of both consumers and producers alike," Hannah
said. During his trip to Saudi Arabia in January, President Bush
urged the Organization of Petroleum Exporting Countries to
increase production, saying it was a mistake to have the economies
of its largest customers slowing down as a result of higher energy
prices.." [more]
Saudis
to Retrain 40,000 Clerics [Mar 21]
"Saudi Arabia is to retrain its 40,000 prayer leaders - also
known as imams - in an effort to counter militant Islam.. ..programme
launched by the Saudi monarch a few years ago to encourage
moderation and tolerance in Saudi society. The ministry of
religious affairs and new centre for national dialogue will carry
out the training, the paper said. The centre was created five
years ago to disseminate a moderate interpretation of Islamic
tradition. There is growing awareness in Saudi society that
security measures alone are not enough to counter the threat of
Islamic militancy.. ..critics are sceptical about whether such
initiatives would work as long as the powerful, and
ultraconservative, religious establishment in Saudi Arabia
continues to exert enormous influence over society.." [more]
Crown
Prince’s Humanitarian Services Win Him Man of the Year Award
[Mar 21]
"Crown Prince Sultan Bin Abdul Aziz, Deputy Premier, Defense
and Aviation Minster, has been selected for the second consecutive
year as the Man of the Year for Humanitarian Services.. ..The
London-based World Philanthropists Organization chose Prince
Sultan Foundation for the philanthropist of the year award in 2006
in appreciation of its humanitarian activities at Muslim, Arab and
international levels. The organization issued a report detailing
the works achieved by Prince Sultan Charitable Foundation in the
field of philanthropy. In 2003, it won the King Faisal
International Prize. The Foundation is a manifestation of Crown
Prince Sultan’s charitable and humanitarian efforts.." [more]
UK
Companies Eye Security Market in Kingdom, Bahrain [Mar 21]
"A delegation of eight security companies organized by the
British Security Industry Association (BSIA)
concluded their weeklong second visit to Saudi Arabia and Bahrain
on Tuesday. BSIA Overseas Promotions Manager Peter Nicholls was
quietly pleased with the reaction to the second visit. “Our
visit to Alkhobar saw a 100 percent and Riyadh a 50 percent
increase in local visitors to the mission,” he said. “There
seems to have been a clear development in the security market
here.” He said that the levels of interest were right across the
security market and driven by the huge number of infrastructure
projects under way.." [more]
Noppadon
Seeks Help From US Over Ties With Saudi Arabia [Mar 21]
"Foreign Minister Noppadon Patama has sought help from the US
government to talk to the Saudi government to normalize ties with
Thailand. Noppadon, who is on an official trip to the United
States, told reporters that he sought help from the US government
because Washington has good ties with Riyadh. The Thai-Saudi
relation turned sour after Thai police failed to return stolen
jewellery to Saudi Arabia and failed to solve cases of murders of
Saudi envoys in 1980s.." [more]
Free
Health Coverage for Social Security Recipients [Mar 21]
"Minister of Social Affairs Abdul Mohsen Al-Akkas has
announced that his ministry plans to provide health coverage to
all social security beneficiaries. He said the move was taken in
order to reduce the financial burden on poor families and
individuals.. ..At present nearly 1.5 million Saudis receive
pension and financial assistance from the ministry and the
government has allocated SR5.2 billion for that purpose. Minister
of Health Dr. Hamad Al-Manie, in a related development, revealed
his ministry’s plan to apply a cooperative health insurance
scheme on all Saudis, including those who work in government
departments from the beginning of next year.." [more]
SBI
Signs Deal for First Saudi Branch in Jeddah [Mar 21]
"The State Bank of India’s (SBI) first branch in Saudi
Arabia will be located at Al-Andalus Plaza on Sitteen Street here.
This follows a building lease agreement signed on Wednesday. Saudi
Arabian Monetary Agency (SAMA) gave the clearance to SBI last year
to open its full-fledged branch in the Kingdom.. ..With the
opening of its 10,000th branch in India recently, the SBI has
become the second largest bank in the world, next only to the ICBC
of China in terms of branch numbers. And with its 4,000-plus
associate bank branches, the SBI claims to have extensive coverage
of India and also internationally. The bank also has the largest
ATM network across India.." [more]
~~~~~~~~
[ Mar 20] ~~~~~~~~~
A
Church in Saudi Arabia? [Mar 20]
"The inauguration last week of Qatar's first Christian church
— a small Catholic chapel bearing neither bells nor visible
crosses — has been hailed as a welcome step forward in relations
between Catholicism and Islam. But an even more dramatic
development is under discussion just across the border: The
Vatican has confirmed that it is negotiating for permission to
build the first church in Saudi Arabia.. ..Archbishop Paul-Mounged
El-Hachem, the papal envoy to the smaller countries on the Arabian
peninsula, such as Kuwait and Qatar, has confirmed that talks are
under way to establish formal diplomatic relations between the
Vatican and Saudi Arabia, and to eventually allow for Catholic
churches to be built there. Pope Benedict XVI is believed to have
personally appealed to King Abdullah on the topic during the Saudi
monarch's first ever visit to the Vatican last November.." [more]
UT,
Saudi Institute to Broaden Research Capabilities [Mar 20]
"UT will expand its geological science research capabilities
through a partnership with King Abdullah
University of Science and Technology in Saudi Arabia. As part of
the partnership, hosted by the Institute for Computational
Engineering and Sciences, UT will help the new university find and
nominate faculty members, develop an academic curriculum and
collaborate on research projects that are important to UT and
Saudi Arabia. The five-year agreement is valued at $27 million,
which will help UT fund research projects with the Saudi Arabian
university. The projects will focus on geological science
problems, such as global climate change, water sustainability and
natural disasters, Omar Ghattas, director of the partnership,
said.." [more]
Motorola
Gets $165 mln Mobile Broadband Pact From Saudi Company [Mar 20]
"Thursday said it received a $165 million contract for its
WiMAX 802.16e mobile broadband infrastructure from Saudi Arabian
service provider Etihad Atheeb Telecommunication Co. The
Schaumburg, Ill., telecommunications company said the contract to
provide nationwide broadband access in Saudi Arabia includes the
delivery of its WAP 800 access point, end-to-end delivery of
network planning, installation, optimization and support services
for the network. Motorola's 2007 full-year revenue was $36.62
billion.." [more]
Saudi
Prince Ready to Invest in Afghanistan [Mar 20]
"Saudi Prince al-Walid bin Talal, one of the richest men in
the world, has told President Hamid Karzai that he is willing to
invest in the impoverished country, the Afghan leader’s office
said. The Saudi Arabian prince and billionaire said he was
particularly interested in investing in hotels, the energy sector
and aviation.. ..Saudi Arabia was one of three countries that
backed the 1996-2001 Taliban government. It dropped its support
soon after the September 11, 2001 attacks by the Taliban’s Al
Qaeda allies.." [more]
Oil
Falls $6 as Dealers See Weak US Demand [Mar 20]
"Crude prices fell more than $6 yesterday on concerns that a
big US-led economic slowdown could further undermine global energy
demand. The steep losses come in the midst of a volatile week in
commodity and equity markets as dealers try to weigh signs of
recession against aggressive interest rate cuts by the US Federal
Reserve to counter a liquidity crisis. US crude fell $6.01 to
$103.42 a barrel by 1732 GMT, down from a record $111.80 hit
Monday. London Brent crude fell $4.96 to $100.60.." [more]
Limitless
Unveils Plans for $12b Saudi Project [Mar 20]
"Limitless, a real estate development arm of Dubai World,
said on Wednesday its 45 billion riyal ($12 billion) Al Wasl
project in Saudi Arabia will have 50 mosques and eight shopping
complexes. The 1,411-hectare project, which was announced last
October, will create 55,000 homes for 200,000 people. There will
be offices, several hotels, one university, health and educational
facilities, and 300 hectares of green, open space.. ..The project,
one of the largest in the company's portfolio, is being developed
near Riyadh. Work on the development is expected to begin in the
middle of this year, with the construction schedule spread over
seven years.." [more]
14
Qassim Students Get US Embassy Scholarships [Mar 20]
"The US embassy in Riyadh has granted English language
scholarships to 14 students from Qassim. The students will be
studying six levels of English in the one-year program titled
'English.'.. ..US Ambassador Ford Fraker handed over the
scholarship certificates to the winning students. The 12 senior
high school and two high school students were selected from among
50 contestants from Qassim. At the meeting, which brought together
the US Ambassador, the students and their parents, Fraker said his
visit to the area aims at bolstering friendly relations between
the Kingdom and the United States.." [more]
Dutch
Envoy Distances Himself From Anti-Qur’an Film [Mar 20]
"The Dutch ambassador to the Kingdom has distanced himself
and his government from an anti-Qur’an film soon to be released
by right-wing Dutch politician Geert Wilders. Speaking at a press
conference at the Dutch Embassy yesterday, Nicholaas Beets
reiterated the bilateral ties that exist between the Netherlands
and Saudi Arabia, adding that the Dutch government fundamentally
disagrees with Wilders and that he was advised to take the
consequences of the film into consideration. The disassociation
follows the proposed-release of the 15-minute film entitled
“Fitna” by Wilders, something that has prompted the Dutch
government to advise its nationals abroad to be cautious. Wilders
is screening the film in spite of appeals from his government not
to.." [more]
KAU
College in Tie-Up With US Institution [Mar 20]
" The Community College at King Abdul Aziz University (KAU)
in Jeddah will sign a major agreement with the Louisiana Community
& Technical College System (LCTCS) on Sunday. The agreement
aims at improving the college’s overall performance and matching
international standards.. ..Dr. Osama Tayeb, president of KAU, and
Dr. Joe D. May, president of LCTCS, will sign the accord. Saaty,
who will make a presentation on the cooperation agreement during
the signing ceremony, said the accord would help the institution
achieve high standards and win global recognition.." [more]
~~~~~~~~
[ Mar 19] ~~~~~~~~~
Three
Gulf States Cut Rates to Defend Dollar Peg [Mar 19]
"Three Gulf Arab oil producers lowered some interest rates on
Wednesday to defend their dollar-pegged currencies after a
U.S. rate cut despite the risk of stoking already near-record
inflation. Saudi Arabia and Bahrain, the largest and smallest
economies in the world's biggest oil-exporting region, cut deposit
rates by 75 basis points to 2.25 percent , matching a reduction by
the Federal Reserve.. ..Saudi Arabia, which has kept its riyal at
the same rate against the dollar for 22 years, left its benchmark
repurchase rate unchanged at 5.5 percent.. ..Rate cuts will help
spur economies further, helping to create jobs in Saudi Arabia,
where unemployment is at 15 percent, said John Sfakianakis, chief
economist at HSBC Holding Plc's Saudi affiliate, SABB. The world's
largest oil exporter has slashed its reverse repurchase rate by 3
percentage points in the last six months to 2.25 percent.." [more]
Dubai
Property Firm Plans 12 bln usd Complex in Saudi Arabia [Mar 19]
" A real estate developer owned by the Gulf emirate of Dubai
said it plans to build a 12 bln usd complex, including 55,000
homes, in Saudi Arabia. The firm, Limitless, said in a statement
that the 'Al Wasl' project would include 55 mosques, several
five-star hotels and an environmentally-friendly transit system.
Limitless did not indicate when the work would start nor the exact
location in the kingdom, but said demand for housing in Saudi
Arabia was high, with 50,000 new units needed each year.." [more]
Saudi
Clerics Back Death Fatwa for Liberal Writers [Mar 19]
" A group of Saudi clerics has come out in support of a
colleague who issued a fatwa saying two writers deserve to die if
they did not retract views that he said made them apostates.
Sheikh Abdul-Rahman al-Barrak, one of the kingdom's most revered
clerics, said in a rare fatwa last week the columnists should be
tried for apostasy for "heretical articles" published in
al-Riyadh newspaper and put to death if they do not repent.. ..Barrak,
who is thought to be around 75, is viewed by Islamists as the
leading independent authority of Saudi Arabia's hardline version
of Sunni Islam, often termed Wahhabism. 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.." [more]
Saudi
Shura Council Recommends Allowing Saudi Women to Drive With
Limitations [Mar 19]
"On March 17, 2008, Alarabiya.net reported that the Saudi
Shura Council has recommended allowing women to drive. The
recommendation follows recent efforts by Saudi women rights
activists headed by Wajeha Al-Huwaidar and Fawziya Al-Uyuni. Ten
days ago Al-Huwaidar marked the International Women’s Day, March
8, 2008 by driving her car in Saudi Arabia appealing to the
minister of interior, Prince Nayef to allow women to drive.. ..The
following is a summary of the Saudi Shura Council
recommendation.." [more]
First
Women-Only Hotel in Saudi Arabia Opens [Mar 19]
"For a country that goes to such great lengths to segregate
unrelated men and women, it took Saudi Arabia a long time to hit
on the idea of women-only hotels. The kingdom's first hotel
exclusively for females opened on Wednesday, offering plush
lodgings with a full-range of health and beauty facilities.. ..New
rules announced in January allow women to stay in standard
mixed-gender hotels without a male family member in tow, but
bureaucracy and conservative family values mean few have been able
to make use of their new-found freedom. 'This meets the Saudi
woman's need for a place to stay as she moves around her
country.." [more]
Saudi
Market for Cosmetics Grows 20% Per Year [Mar 19]
"A Saudi wedding fair is being held here from March 23-25.
Eighty national and international companies dealing in wedding
products and accessories are taking part in the exhibition..
..170,000 weddings take place annually and an estimated SR2
billion is spent on them. Additionally, about SR7 billion is spent
on cosmetics and perfumes by Saudi consumers annually. “The
Saudi market for cosmetics and perfumes is growing at 20 percent
per year.. ..Exhibitors at the show, described as the most
comprehensive international wedding fair, will showcase products
ranging from carpets, furniture and household goods to luxury cars
and jewelry items..” [more]
~~~~~~~~
[ Mar 18] ~~~~~~~~~
Saudi
Rejects Int'l Agreement to Forbid Anti-Religions Offences [Mar 18]
"The Saudi Arabian Parliament Monday rejected a
recommendation to adopt an international agreement that forbids
insulting of religions, prophets and clerics, the Saudi daily Al-Watan
reported. Seventy-seven members of parliament rejected the
recommendation, claiming that if they adopted the agreement, they
would have had to recognize the legitimacy of idolatrous
religions, such as Buddhism. The recommendation was put forward by
MP Muhammad Al-Quweiha's. In his recommendation, Al- Quweiha's
wrote that the Saudi Foreign Ministry should cooperate with the
Arab and Islamic bloc in the United Nations to adopt the
agreement. 'The concept of religions varies from one country to
the other and from one culture to the other. Buddhism and Bahaism
are considered religions in some countries, but must Muslims
respect these sects and not condemn them,' said MP Khalil Al-Khalil,
who rejected the recommendation.." [more]
IEA's
Tanaka Seeks Saudi Arabia, U.A.E. Clean Energy Investment [Mar 18]
"The International Energy Agency wants Middle Eastern nations
profiting from record oil prices to invest in technologies that
reduce carbon emissions and combat climate change. Saudi Arabia is
interested in solar power and capturing and storing carbon
dioxide, Nobuo Tanaka, IEA's executive director, said in an
interview. He will visit Saudi Arabia in April to meet Oil
Minister Ali al-Naimi, followed by the United Arab Emirates..
..Representatives of 20 countries agreed last week in Chiba City,
Japan, to work on technologies to curb emissions of greenhouse
gases, blamed for global warming. The ideas include coal- and
gas-fired power plants that emit almost no carbon dioxide and
steelmaking processes using hydrogen. Capturing and storing carbon
dioxide 'is one of the key technologies that can be developed with
collective efforts,'.." [more]
Saudi
Arabia to Expand Water Infrastructure [Mar 18]
"Saudi Arabia plans to invest up to $60 billion over the next
20 years to expand its water infrastructure and to meet the
requirements of a fast-growing population, a senior Saudi
government official said on Monday. According to the latest
estimates, the population of Saudi Arabia will rise more than 63.6
per cent to 36 million by 2032.. .."The demand for water in
Saudi Arabia is growing at six per cent annually, as of now,"
he added. Saudi Arabia currently supplies 5.72 million cubic
metres per day of water to 22 million people, and will need a
further 10 million cubic metres per day by 2024.. ..At present,
potable water is supplied in the country by desalinating sea water
and tapping underground water sources.." [more]
Tourism
Chief Highlights Opportunities in Kingdom [Mar 18]
"The Supreme Commission for Tourism (SCT), Saudi Arabia’s
body aimed at developing the country’s nascent tourism industry,
has urged investors in the Gulf region and around the world to
seize the opportunity to invest in the tourism sector in the
Kingdom. Addressing a press conference yesterday to highlight the
activities of “the Saudi Travel & Tourism Market” on
Sunday, Prince Sultan ibn Salman, secretary-general of the SCT,
said Saudi Arabia was full of investment opportunities in the
tourism sector for locals, Gulf citizens and international
corporations in the tourism and real estate sectors.. ..Among the
areas that are rich in investment in the Saudi tourism sector are
the Farasan Islands, Taif and the Red Sea coastline.." [more]
Cassation
Court Overturns Ruling in Al-Huraisi Case [Mar 18]
"The Cassation Court in Riyadh has overturned a 'not-guilty'
verdict on two commission members, who had allegedly beaten to
death a 28-year-old man during a raid last year. The case has now
been returned to Riyadh’s General Court for a fresh trial. On
Nov. 28 last year, the General Court acquitted two members of the
Commission for the Promotion of Virtue and the Prevention of Vice
on charges of killing Salman Al-Huraisi, a Saudi security guard,
after raiding his home in Riyadh in search of alcohol and drugs..
..The ruling was appealed after three judges at the General Court
made the accused swear under oath that they had not taken part in
the raid and beaten the deceased, leading the defendants to
retract an earlier confession. Further, the General Court did not
mention Al-Huraisi’s autopsy report, which stated that he had
suffered severe head injuries. Judges also rejected the
testimonies of witnesses who saw the defendants enter the house
during the raid.." [more]
Saudi
Stocks Take a Nose-Dive [Mar 18]
" The Saudi stock index suffered its biggest one-day drop in
two weeks as it plunged by over two percent yesterday. The Tadawul
All-Share Index (TASI) fell by 202.80 points to 9,455.13. The
index dropped 4.47 percent in three days of trading this week. In
the banking sector, shares in Saudi Hollandi bank increased, while
all other shares declined yesterday. Samba Financial Group shares
dropped by 5.73 percent to SR82.25. Arab National Bank (ANB)
shares also fell 5.09 percent to SR65.25 yesterday as the
extraordinary general assembly approved on Sunday the capital
increase through stock bonus.." [more]
~~~~~~~~
[ Mar 17] ~~~~~~~~~
Saudi
Plans Power Sector Overhaul, Privatisation [Mar 17]
"A plan to overhaul and privatise Saudi Arabia's power sector
could be approved by the country's highest economic body within a
few weeks, a Saudi official said on Monday. Power demand is rising
rapidly in the world's top oil exporter of more than 24 million
people, as record oil revenues fuel economic expansion in the vast
desert state. The plan would split the power generation assets of
the Gulf's largest utility by market value, Saudi Electricity Co.,
5110.SE (SEC) into four separate units before eventual
privatisation.. ..Privatisation would help bring the massive
investment the power sector needs, Shehri said. SEC has been
struggling to find cash to meet the growing power demand.." [more]
Saudi
Oil Output Steady at 9.2 mbpd [Mar 17]
"The world's top oil exporter Saudi Arabia continues to pump
around 9.2 million barrels per day (bpd) of crude, a rate the
kingdom has held steady for several months, a Saudi official said
on Monday. 'We are pumping around 9.2 million bpd still,' the
official told Reuters by telephone. He declined to say if there
would be any change in Saudi output in April. The kingdom's output
is around 300,000 bpd above its formal Opec target. Saudi Arabia
is the only member of the Organization of the Petroleum Exporting
Countries that can easily add significant amounts of extra oil to
the market.." [more]
Saudi
Arabia Ranked Among Global Tourism Destinations for the First Time
[Mar 17]
"Saudi Arabia has been ranked in the worldwide tourism index
for the first time, taking the 82nd spot among 130 countries. The
kingdom has been ranked ninth among Arab countries in the World
Economic Forum's (WEF) report titled 'Balancing economic
development and environmental sustainability'.. ..The tourism
index, known as the Travel and Tourism Competitiveness Index (TTCI),
is based on 71 criteria and variables. Saudi Arabia ranked first
as the most AIDS-free tourism destination in the world. The
kingdom took second position as the country with the lowest fuel
charges, seventh in terms of taxes levied on tourists, and 15th
regarding airport fees. The report ranks Saudi Arabia 15th in the
availability of airline seats, and 39th in the number of airline
services.." [more]
Saudi
Firm Sued for SR 5 Million [Mar 17]
"Business Software Alliance (BSA) said it filed a first
damage claim worth SR5 million against a Saudi firm involved in
the infringement of copyright law in the Kingdom. BSA is the
official representative organization for international software
development companies operating in Saudi Arabia. Mohammed Al-Dhabaan,
lawyer and BSA representative in the Kingdom, said at a press
conference, Friday, that BSA-Saudi Arabia has been working to curb
piracy in the Kingdom.. ..The objective is to protect investors
who have brought their business to the Kingdom.. ..By protecting
intellectual property rights more foreign companies will be
encouraged to invest in the Kingdom and thereby strengthen the
Saudi economy.." [more]
Kingdom
to Host Meet on Islamic Economy [Mar 17]
"A three-day international conference on Islamic economy will
be held in this city from April 1, organizers said on Sunday. The
7th International Conference on Islamic Economy, organized by the
King Abdul Aziz University under the slogan 'Thirty Years of
Islamic Economy Researches, Solutions and Applications for
Contemporary Economic Issues,' will highlight several scientific
studies by more than 50 scholars from across the world
specializing in issues related to Islamic economy.. ..the
conference aims to evaluate the march in search of Islamic economy
during the last 30 years, and provide a strategic vision for the
future of Islamic economy. It will also discuss solutions, develop
applications and review contemporary financial Islamic
issues.." [more]
Saudi
Youth Sets Out to Conquer Mt. Everest [Mar 17]
"A 30-year-old national is ready to leave for Nepal today to
scale Mount Everest, a feat that will make him the first Saudi to
attempt the mammoth climb. 'My goal is to unfurl the Saudi flag on
top of the world’s highest peak,' said Farouk Saad Hamad Al-Zoman,
addressing a press conference here yesterday. Al-Zoman has climbed
four of the world’s highest peaks while studying at Oregon State
University and is set to embark on scaling the 8,850-meter high
mountain on March 23.. ..At the end of last year, 3,679 people had
attempted to climb Everest; only 2,436 climbers had been
successful. So far, 210 people have died trying to reach the
summit.." [more]
~~~~~~~~
[ Mar 16] ~~~~~~~~~
Nobody
Is Above Criticism: King Abdullah [Mar 16]
"Custodian of the Two Holy Mosques King Abdullah has declared
that no one in the country was above criticism, including
himself.. ..Addressing 150 Shoura members as well as princes,
ministers, government officials, and foreign diplomats at the
opening of the fourth annual session of the current Shoura
Council, the king called upon all citizens to fear God and ensure
that there was no place for injustice in society.. ..he said Saudi
Arabia had always respected responsible freedom. 'Freedom comes
from thinking and constructive criticism, which is a
responsibility, and cannot be taken for granted,' he said. 'We
preserve our freedom and define its parameters. And we tell the
world: These are our principles and our ethics which are derived
from our religion,'.." [more]
Cheney
Begins M-E Visit Today [Mar 16]
"Vice President Dick Cheney’s trip to the Mideast, which is
to begin Sunday, is just the latest in a series of official US
visits to pressure Israel and the Palestinians to make good on
their promises to forge a peace deal – and do it before
President George W. Bush leaves office in January. Iraq, Iran’s
rising influence in the region and soaring US gas prices also will
be key topics in his private talks with leaders in the region. His
trip to the region also coincides with the fifth anniversary of
the US-led invasion of Iraq.." [more]
Pakistan
Extradites 3 Militant Suspects - Saudi [Mar 16]
"Pakistan has extradited to Saudi Arabia three Saudis
nationals suspected of being militants, according to an Interior
Ministry statement on Sunday. The statement on the official news
agency said two of the men handed themselves over voluntarily to
Saudi authorities via the Saudi embassy in Pakistan. They had
spent time in "troubled zones in an illegal capacity" in
an apparent reference to the mountainous border area of north
Pakistan where al Qaeda militants are strong. They will face legal
procedures in Saudi Arabia.." [more]
Markets
Continue Slump Ahead of Fed Cut [Mar 16]
"Markets across the Gulf fell on Sunday on concerns the US
Federal Reserve will again slash rates when it meets on Tuesday,
forcing central banks in the region to tighten their own lending
rates and fuelling inflation. Saudi Arabia’s main index followed
Saturday’s poor performance by shedding another 0.39% to end on
9,657.93 points. Leading the drop were Al Rajhi Bank and Saudi
Telecom Company (STC), which fell 1.58% and 1.48% respectively.
Inflation in Saudi hit a 27-year high of 7% in January, leaving
the economy on edge ahead of Tuesday’s interest rate decision by
the Fed.." [more]
Saudi
Telecom Unveils Aggressive Expansion Plan [Mar 16]
"Saudi Telecommunications Company (STC) the largest Arab
telecom firm by market value, has unveiled plans to go ahead
aggressively with its drive to make foreign acquisitions. The
process started nine months ago. It plans make investments worth
56.3 billion riyals ($15 billion) to acquire stakes in foreign
companies. Saudi Telecom is the last of the five largest Gulf
telecom operators to start making foreign acquisitions.. ..On the
sidelines of the Riyadh Capital Forum, Bin Mushayt said that Saudi
Telecom expected to raise its revenues from foreign investments to
7.5 billion riyals during the current year.." [more]
Saudi
Arabia Needs to Tackle Unemployment Among Youth [Mar 16]
"Recently published statistics point to the rising problem of
unemployment in Saudi Arabia. According to the Ministry of Economy
and Planning, the jobless rate among Saudis stood at 11.2 per cent
in the first half of 2007.. ..The number of Saudis without jobs
stood at 453,994 in the first half of 2007, up by some 8,796
compared to the corresponding period in 2006. In fact, the
opposite should have been true in the light of improved economic
conditions, thanks to rocketing oil prices. The petroleum sector
accounts for more than three quarters of the budgetary revenue,
and thus plays a primary role in the country's economic
activities. Saudi Arabia's real (adjusted for inflation) gross
domestic product (GDP) grew 3.5 per cent in 2007. The kingdom saw
an inflation rate of 6.5 per cent last year.." [more]
Poverty
Fund Doles Out Millions to Support Poor Families: Akkas [Mar 16]
"The Kingdom has set up a national charitable fund to improve
the living conditions of the poor, Social Affairs Minister Abdul
Mohsen Al-Akkas has said. The fund receives SR300 million from the
government in annual aid, the minister said.. ..The minister said
the state was supporting thousands of poor families across the
country. “We have a plan to convert these poor families into
productive families by providing them with soft loans to implement
small-scale projects,” he said. The fund has already given SR22
million for 1,949 small-scale projects and SR35 million to support
productive families. It has allocated SR80 million for scholarship
and training programs. It has so far given 1,853 scholarships to
deserving students in different parts of the country.." [more]
Saudis
Jostle to Pick Up Banned Books at Fair [Mar 16]
"The huge crowd that thronged the Riyadh International Book
Fair's last day was a telling example of Saudis' avid interest in
reading - and that includes banned books. Many book sellers
exploited readers' desire to own literary works of their favourite
authors, some of which are banned in the Kingdom. The last hours
of the fair, which concluded on Friday, witnessed hectic
activities as these shop owners were busy selling such books,
after hiding them from public notice.. ..An average 10,000 people
visited the fair during the first days. However, this number
registered a gradual increase during the last days.." [more]
Saudi
Arabia Calls for Water Conservation Measures [Mar 16]
"The Kingdom has called for water conservation measures, both
at the corporate and individual levels, as part of a national
effort to make judicious use of its natural resources. This
message was delivered yesterday by Loay Musallam, deputy minister
of planning at the Ministry of Water and Electricity, on the
occasion of a signing ceremony between Arabian Company for Water
and Power Projects (ACWA Power Projects) and Tamkeen Development
and Management Consulting (Tamkeen) to sponsor the latter's Wafeer
Initiative, designed to curb industrial water consumption.. ..In
an earlier statement he had said Saudi Arabia might fall behind
its target of meeting its water needs by 2025 in view of
population growth, scanty rainfall and low water tariffs.." [more]
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