|
~~~~~~~~ [ Apr 19] ~~~~~~~~~
No Need for Further Saudi Capacity Boost Yet-Naimi [Apr 19]
"Top oil exporter Saudi Arabia has no plans to embark on further capacity expansion as long-term oil demand forecasts
fall and alternative fuel supplies rise, the Saudi oil minister told industry newsletter Petroleum Argus. The holder of the
world's largest oil reserves sees no need to go beyond its 2009 capacity target of 12.5 million barrels per day "at least up to
2020," Oil Minister Ali al-Naimi said. Long-term future energy demand forecasts have fallen sharply, he said in the
interview given to the weekly on April 11, casting doubt on the need for more Saudi oil.."
[more]
Islamic Banking in East Asia Faces Challenges [Apr 19]
"Despite being relatively young as a global industry with the first modern Islamic banks only emerging in the 1970s,
Islamic banking nonetheless has not only taken root in the Gulf Cooperation Council
(GCC) countries but also in certain
Asian countries – primarily in Malaysia. Though Islamic banking in East Asia is slowly developing, however, it needs
more action by regulators to establish legal and regulatory frameworks if it is to emerge as a significant segment across
the region, said Moody’s Investors Service in its recent report entitled 'Islamic Banking in East Asia - Growing but not
without Challenges.' Its growing importance is also evidenced by the segment’s relatively high market penetration in
Brunei and rapid asset growth in Indonesia.." [more]
Kingdom, Neighbors Study Railway Revival [Apr 19]
"The Transportation Ministers of Saudi Arabia, Jordan and Syria agreed in Amman on Thursday to have a joint study
conducted throughout the next three weeks on the possibility of reviving the Hejaz Railway, which stretches across the
three countries. The Supreme Commission of the Hejaz Railway concluded its meeting in Amman on Thursday as the
meeting’s record was signed. Saudi Minister of Transportation Dr. Jubara
Al-Suraisri signed the agreement representing
the Kingdom, as Jordanian and Syrian Ministers of Transportation, Engineer Ala’a
Al-Batayneh and Ya’areb Badr signed
for their countries.." [more]
Prepare for N-Emergency, Group Urges [Apr 19]
"The Regional Organization for the Protection of the Marine Environment
(ROPME) has called for the establishing of a
committee of experts to map out future strategies on how to deal with nuclear emergencies and radiation leaks in the
region. 'It has become a must, as a regional organization to protect this region from different kinds of threats, to
collectively prepare an action plan for radiation emergency so that the region would be able to overcome any radiation
incident or leakage,' said ROPME, whose members include Saudi Arabia, Iran and Iraq, in a recently released report.
Referring to the need to monitor the problem, the report said, 'It is very vital because we have some nuclear warships and
submarines transiting in our shores every now and then.' The problem is further exasperated by the proximity of Israeli
nuclear facilities at Daymona. A leak there would affect other countries in the region.."
[more]
Investors Look for Results of Blue Chips [Apr 19]
" Saudi shares extended gains last week giving the impression that the downward trend that lasted for several weeks could
be over. The Tadawul All-Share Index (TASI) went up by 1.35 percent, bringing the total gains in two weeks to 4.9 percent.
TASI, which closed last week at 9,630.37 points from 9,501.72 points previous week, is currently 12.8 percent lower than
the year’s start. 'Investors are still waiting cautiously for the first quarter corporate results, particularly of blue chips in the
petrochemical industries and the telecommunication and IT sectors to reallocate their portfolios,'.."
[more]
Saudi Arabian Churches: Vatican Pipe Dream? [Apr 19]
"Much has been made of reports that the Vatican is holding talks with Saudi Arabia on building churches in the Gulf
monarchy, the birthplace of Islam and stronghold of the conservative Wahhabi school of thought. But it’s hard to imagine
imminent breakthroughs, given broad-based scholarly opposition anchored in prophetic traditions and centuries of
jurisprudence and commentary. The IslamOnline (IOL) Web site posted an Arabic article polling prominent clerics on the
issue, and offers some insight into the magnitude of clerical opposition such a prospect would generate. The sheikhs
rejected the idea as violating a basic Islamic commandment. Crucially, IOL’s correspondent said a source close to a Saudi
government-appointed religious body said that the issue would be raised with a view to issuing a
fatwa, or religious edict,
reiterating the existing prohibition.." [more]
~~~~~~~~ [ Apr 18] ~~~~~~~~~
UK Confident That U.S. Will Grant Export Licenses for Saudi Eurofighter Deal [Apr 18]
"The UK government said it believes a debate in the U.S. over the licensing of technology necessary for Britain to sell
Eurofighter Typhoon jets to Saudi Arabia will not scupper a 20 billion pound deal. The State Department must approve
the transfer of U.S. technology on the fighter before Britain can export 72 jets to Saudi Arabia as part of the
Al-Salam deal.. ..U.S. officials are reportedly concerned that UK defence company BAE Systems
Plc. which is the main contractor
on the deal, is also under investigation by US authorities over alleged bribes to Saudi Arabia in the previous
Al-Yamamah arms deal.." [more]
Saudi Banks' First-Quarter Reports Reflect Mixed Outcome [Apr 18]
"Saudi stock market remained stable though cautious during the week ended on Wednesday as a continuation of the
previous weekend as if it is monitoring the performance results of major financial companies and banks for the first
quarter of 2008. Most of the Saudi banks announced their first quarter report, which reflects mixed outcome of their
performance during the first three months of the year. After some years of strong returns, the growth in net income for
the Saudi banking sector is slowing.." [more]
Saudis Urged Not to Travel to Lebanon [Apr 18]
"Prince Mohammed Bin Fahd, Emir of the Eastern Province, has urged Saudis not to travel to Lebanon this summer.His directive, which was sent out through the Asharqia Chambers of the Eastern Province, came due to the unstable
security situation in that country. In his directive, Prince Mohammed said Saudis should not consider Lebanon for their
summer holidays itinerary, due to unrest and security problems there.. ..Saudis, known to have always been fond of
Lebanon, seem to be heeding Prince Mohammed’s advice.." [more]
Saudi Arabia to Put $119b Into Energy Infrastructure [Apr 18]
"Saudi Arabia is expected to invest $119 billion in energy infrastructure projects from 2007 to 2009, according to latest
studies, with investments in the refining sector being expected to grow at a staggering 2189 per cent in the same period
compared with figures from 2004 to 2006. As burgeoning energy requirements continue to mirror the current pace of
economic development across the region, national oil companies, including those with upstream, midstream and
downstream operations in the Middle East, are facing challenges such as ageing infrastructure and equipment, lack of
efficiency in refinery processes and shortage of skilled manpower.." [more]
Companies Seek Permission to Hire Foreign Lawyers [Apr 18]
"A number of Saudi companies are asking the Ministry of Justice to allow foreign lawyers to represent their cases in Saudi
courts. The companies have been prompted by a recent decision by the Ministry of Justice that only licensed lawyers
would be allowed to take up the legal profession. Currently only Saudis are issued lawyer’s licenses.. ..The liberalization of
the economy and the surge in foreign direct investment in recent times spurred the local demand for quality corporate
legal services in the country. The number of Saudi lawyers currently available is insufficient to handle the volume of cases,
some company executives say. And Saudi lawyers charge exorbitant fees with no competition or other alternatives for
litigants.." [more]
Saudi Arabia Becomes First in Gulf to Follow Free-Float Methodology [Apr 18]
"Saudi Arabia becomes the first GCC market to follow a free-float methodology in its indices and moves closer to adopting
global best practices in the capital markets. This information was contained in a report released yesterday by NCB
Capital, the investment arm of the National Commercial Bank. The report discusses how the adoption of the free float
methodology will see a significant change in the rankings of the top 10 companies and reduce market concentration of the
top 5 companies to 35.5 per cent (from 48.5 per cent earlier).." [more]
Saudi Embassy Warns Students Against Donating Money to Australian Groups [Apr 18]
" The Kingdom’s embassy in Australia has banned Saudis studying in the country from giving donations to any
organization without the prior permission from the Foreign Ministry through the embassy or consulates. This was
announced by Hassan Nazir, the Saudi ambassador to Australia and New Zealand, during a meeting with Saudi students
in Perth, in western Australia. 'Any student who makes even a petty donation to an Islamic organization, the activities of
which the Australian government watches with suspicion, would be subjected to police interrogations and other
embarrassing situations,'.. ..Nazir said any one who wished to make donations should consult the embassy first.."
[more]
Oil Scene: Energy Forum Meets Amid Exceptional Circumstances [Apr 18]
"With the 11th International Energy Forum set to get underway in Rome on Sunday, these are indeed very interesting as
well as hectic times at the International Energy Forum Secretariat in Riyadh. With crude prices hovering around $115 a
barrel and virtually every one underlining the need and importance of dialogue between energy producers and
consumers, the 11th International Energy Forum, bringing together energy ministers from close to 70 countries, is thus set
to take place in extremely exceptional circumstances.. ..It seems despite progress and some convergence, the producers
and consumers are still poles apart on some key issues and it is here that role of IEFS needs to be strengthened further. The upcoming 11th ministerial at Rome would thus be looked at closely. IEFS Secretary General Noe van Hulst and his
team have an ominous task in hand.." [more]
~~~~~~~~ [ Apr 17] ~~~~~~~~~
Abbas: Middle East Peace Talks to be Held in Moscow in June [Apr 17]
"Palestinian President Mahmoud Abbas said on Thursday that a Middle East peace conference will be held in Moscow in
June. In a lecture at a Moscow university Abbas expressed 'great hopes' for the conference and said it will lay the
groundwork for an overall peace process in the region. Abbas is expected to meet with Russian President Vladimir Putin at
the end of his three-day visit on Friday. Israel has not welcomed the idea of a Moscow conference, proposed by Russia
immediately after the Annapolis talks in November.." [more]
Mukherjee's Visit to Boost Indo-Saudi Ties [Apr 17]
"External Affairs Minister Pranab Mukherjee will pay a long-pending visit to Saudi Arabia from Saturday to deepen the
bilateral strategic partnership and take the ties between the two countries to new heights. During the two-day tour, which
has been postponed several times due to various reasons, Mukherjee will discuss bilateral, regional and global issues,
including trade and energy security, with top leaders of the oil-rich Kingdom. 'This is going to be the first high-level
Indian visit to the Kingdom after King Abdullah's state visit to India in 2006,'..
..Mukherjee's visit is likely to set the stage
for Prime Minister Manmohan Singh's visit to Saudi Arabia later this year.."
[more]
Combat Brain Drain to Rebuild Strong Arab World [Apr 17]
"The troubles in the region "are created by others" and the Arabs are not to be blamed for them, Interior Minister Prince
Nayef Bin Abdul Aziz has said. 'The Arabs are capable of returning [to] their lofty position and sovereignty to each of their
countries through relying on Allah, the Almighty, coupled with determination of their men and making better use of their
intellectual capabilities,'.. ..urged the Arab university heads and their representatives to give priority for intellectual
security in the curricula of their higher education institutes through establishing special scientific chairs for promoting
research in this vital sector. He called for greater efforts to combat brain drain to build a strong Arab world. Prince Nayef also underlined the need to enable younger Arab generations to achieve excellence in science and information
technology.." [more]
Saudi-Jordan Summit Stresses Need to Elect Lebanon President [Apr 17]
"King Abdullah II of Jordan and Saudi monarch Abdullah bin Abdul Aziz stressed the need to elect a President for
Lebanon in accordance with the Arab League plan. After talks in Riyadh on Wednesday, both rulers called on the various
Lebanese groups and forces to 'overcome divisions and work toward electing a consensus President in line with the Arab
League initiative.' The talks focused on developments in the Arab region and bilateral relations between Jordan and Saudi
Arabia. The summit also touched on the situation in Lebanon and efforts to achieve a breakthrough in the political crisis.."
[more]
Saudi Aramco Turns Attention to Global Marketing Coordination [Apr 17]
"Hydrocarbon demand is rising the world over, and that includes the Middle East. At one of the premier gatherings of oil
and gas industry experts in the Middle East, Saudi Aramco Vice President of Marketing, Supply and Joint Venture
Coordination Adil A Al-Tubayyeb discussed the imperative of transforming Middle Eastern markets to meet that demand.At the outset of the 16th Middle East Petroleum and Gas Conference, held on 6-8 April in Doha,
Al-Tubayyeb delivered his
keynote address titled 'Transformations in the Middle Eastern Energy Markets'.. ..Turning the region into a centre for marketing petroleum products, he said, will require the development of infrastructure and
the establishment of region-specific price indicators independent of the price indicators that serve global markets far from the region.."
[more]
Kingdom to Run UN’s Tourism Plan in Mideast [Apr 17]
"The United Nations World Tourism Organization (UNWTO) has invited Saudi Arabia to run its Capacity Building
Program initiative, which will ensure effective implementation of tourism information systems across the region.
According to Antonio Massue, chief of statistics for the economic impact of tourism at
UNWTO, the Kingdom will
represent the Middle East in the running of this project, which has excreted a tangible progress in its tourism statistics and
informational system. Based on the initiative, the Kingdom will function as an intermediate to transit UNWTO expertise
to other Middle Eastern countries. On the other hand, UNWTO will provide Officials and experts advice in the fields of
tourism statistics for the tourism and leisure industries in the Kingdom.."
[more]
Concerns Over Funding of Islamic Studies [Apr 17]
"A closed meeting called by the Higher Education Funding Council for England
(Hefce) about Islamic studies will take
place today amid fears that Saudi and Muslim organisations exert too much influence over UK universities as a result of
donations that dwarf government funding. Private donations, mostly to Islamic study
centres, are much greater than
government funding for Islamic studies and academics are said to be nervous of the threat to their academic freedom..
..Prof Anthony Glees, director of Brunel University's Centre for Intelligence and Security Studies, claims that eight
universities, including Oxford and Cambridge, have accepted more than £233.5m from Saudi and Muslim sources since
1995, with much of the money going to Islamic study centres.. ..He alleges the government's plan to counter extremism
would in fact create a Muslim apartheid in the UK, with Muslims being taught to think of themselves as Muslim first,
British second.." [more]
Al-Ghaith Urges Media to be Objective [Apr 17]
"The media campaigns against the Commission for the Promotion of Virtue and Prevention of Vice over a few death cases
have created a state of tension between the Commission and the public, said Chief of the Commission Sheikh Ibrahim
Al-Ghaith during his routine inspection visit to the Commission office in the Eastern Province, Wednesday. Sheikh
Al-Ghaith asked journalists to be objective and accurate before pinning the blame on the Commission and running stories, criticizing
them for showing only the negative side of their work and ignoring the bright side to protect society from vice.. ..Hasty
publication of incidents in which the Commission is involved may not do good to the case as the Commission always tries
to keep low profile on moral violations, he said.." [more]
~~~~~~~~ [ Apr 16] ~~~~~~~~~
King
Meets Crocker, Petraeus [Apr 16]
“Custodian
of the Two Holy Mosques King Abdullah yesterday received US Ambassador
to Baghdad Ryan Crocker and top US commander in Iraq Gen. David Petraeus
and discussed the situation in the war-torn country. Crocker and
Petraeus also held talks with Interior Minister Prince Naif and Foreign
Minister Prince Saud Al-Faisal on regional and international
developments..” [more]
Saudi
Arabia Now Centre of Gravity of World Investment [Apr 16]
”Saudi Arabia has become the world’s centre of gravity for capital
investment with over $117 billion in petroleum and petrochemicals
investments planned over the next two years, according to new research.
In a report titled ‘The Saudi Arabian Paradox - Opportunities and
Challenges in the KSA Energy Infrastructure Market’, Industrial Info
Resources (IIR) of Sugar Land, Texas, in joint sponsorship with Contax
Dubai, a leading Middle East consultancy agency, discusses important
business strategies for pursuing opportunities in this dynamic
environment.. ..‘Investment
in refining and petrochemical projects in the Middle East is 20 to 30
times greater than the investment in the US, making the Middle East the
world’s centre of gravity for this type of investment,’..” [more]
Saudi Agencies Endorse New Draft Law
on Trafficking [Apr 16]
” As many
as seven Saudi government agencies have signed a final draft law to
combat human trafficking in order to present it to the Council of
Ministers for approval. The move comes at a time when the Saudi Human
Rights Commission plans to make a statement in response to the US State
Department report, which ranks Saudi Arabia third among other Arab
countries where human trafficking is present.. .. This initiative was
taken to curb human trafficking, including exploitation of workers for
sex and taking possession of their passports and residence permits in
order to force them to work under any circumstances..” [more]
Commentary:
Puncturing Mideast Myths [Apr 16]
“To
paraphrase Winston Churchill on the Battle of Britain: Never in the
field of Middle Eastern reporting was so much owed by so many to so few.
In fact, to one man. Martin
Sieff's ‘Politically Incorrect Guide to the Middle East’
is a superb compendium that should be required reading for anyone
reporting on what diplomats prefer to call the Near East. Whether Middle
or Near, it's where political correctness can kill.. .. Among the gems
in Sieff's "Politically Incorrect Guide":. .. Contrary to most
reporting on Saudi Arabia, the kingdom has proven far more successful
than any other country in crushing al-Qaida domestically over the past
five years. At least five operational heads of the al-Qaida underground
in a row have been killed and the terrorist organization repeatedly
decapitated..” [more]
Intel Launches
Wimax, Classmate PC Projects in Saudi Arabia [Apr 16]
“Citing Saudi government-industry partnership (or private public
partnership) as successful model in "advancing education,
technology innovation and economic development in the Arab World",
Intel Corporation Chairman Craig Barrett, kicked off his fourth visit to
the Gulf region pledging technical support for building a high-speed
wireless network in the country using a long-range wireless technology
known as WiMAX. According to Intel source, Barrett also dedicated a
pilot project for e-learning at a Saudi Arabian public school, which is
becoming a top priority in many educational systems throughout the
world..” [more]
KFH Planning Entry
Into the Saudi Market [Apr 16]
“Kuwait Finance House, the Gulf's second-largest Islamic lender by
market value, said yesterday it planned to enter Saudi Arabia as part of
an expansion abroad. ‘KFH aims to enter the Saudi market... as all
countries of the GCC are a natural extension to the Kuwaiti market,’
general manager Mohammad Al Omar said. Kuwait's biggest bank by market
value has applied for a license to set up a Saudi bank with a capital of
500 million Saudi riyals ($133.5m)..” [more]
European
Commissioner Rules Out Blasphemy Law [Apr 16]
“European Commissioner for External Relations and Neighborhood
Policy Benita Ferrero-Waldner, who finished a two-day visit to Riyadh
yesterday, said that the EU would not develop new laws against
blasphemy.. .. “There are two principles involved in this matter:
freedom of press and freedom of religion. Every individual has a right
to express what he thinks is correct. Similarly, the other individual,
who is not in agreement, can rebut in the same way,” she said.
Ferrero-Waldner said that the Dutch government was quick to stress that
the opinion made in the “stupid film” is not that of the government
or its people. ‘It is an individual opinion. We practice freedom of
religion. You have to understand that Muslims have freedom to practice
their religion in our country,’..” [more]
Arab Literature Steals Show at London
Book Fair [Apr 16]
” Arabic writers were thrust into the spotlight at the London
Book Fair this week, as the British capital's annual festival showcased
the literary talents of the Arab World. In its 37th edition the
publishing professionals' fair invited 22 countries and territories
where Arabic is the official language to present their own particular
forms of literature. Organisers at the fair, which drew to a close
Wednesday, insisted that the fact that the Paris Book Fair honored
Israeli writers last month was purely a coincidence. ‘The real purpose
is to sell the rights for the Arab authors in English or other
languages,’.. .. having to translate books remains a major barrier
holding back greater literary exchanges between the West and the Arab
world. A 2003 report from the United Nations Development Program
estimated that just 50 Arabic-language books a year were translated into
another language..” [more]
~~~~~~~ [ Apr 15] ~~~~~~~~~
Saudi Arabia Asks Kuwait to Change Refinery Site [Apr 15]
"Saudi Arabia asked Kuwait to change the site of a planned $15 billion oil refinery in the countries' shared border area,
newspaper Al-Watan reported, citing people it didn't identify. The nations agreed to look for a new location within the
Al-Zour area about 1 kilometer (0.6 mile) from the original site, the Kuwaiti newspaper said, adding that the two countries
may also seek a site in another region. Saudi Arabia, which has for years contracted Chevron Corp. to operate oil fields in
its part of the shared area, is seeking to change the refinery's location because the U.S. company needs land for a storage facility and for a possible future project.." [more]
Israel Rattled by Saudi Jets Deal [Apr 15]
"Israel has voiced concerns over the likely US sale of stealth-enabled fighter jets to Saudi Arabia, but is planning to boost
its own forces with new technology not available to the gulf kingdom, it was reported on Monday. The country is
currently finalizing a shopping list for a number of military platforms currently not available outside the US, in a bid to
retain its edge in the region, defense officials told the Jerusalem Post, following recent meetings in Washington. Israeli
officials met with Pentagon staff in June to object to a proposed US sale of advanced weaponry to Saudi, however its
concerns have since increased following reports that the kingdom was also to ask for F-35 Lightning II Joint Strike Fighter
jets currently under development by Lockheed Martin.." [more]
Saudi Arabia's Oil Minister Slams Biofuels [Apr 15]
"Saudi Arabia's oil minister on Thursday slammed biofuels, saying they did not protect the
environmental help supply security, but added solar power had to be considered one of the best clean energy sources. 'Let's be realistic, ethanol and
biofuels will not contribute to the protection of the global environment by reducing (carbon dioxide) emissions, they will
not increase energy security, nor will they reduce dependency on fossil fuels to any appreciable degree,' Ali
al-Naimi told
an oil conference. 'Biofuels are not the solution,'.." [more]
King Orders Construction of New OIC Headquarters [Apr 15]
"Custodian of the Two Holy Mosques King Abdullah Bin Abdul Aziz has ordered that the full cost of the building of the
new headquarters for the Organization of the Islamic Conference (OIC) in Jeddah to be funded by the Kingdom. The
Kingdom donated the construction cost of the 26-story building, estimated at $100 million, in addition to the price of the
land on which it would be built, which measures some 40,000 square meters.. ..'The King’s role in the service of Islam and
Muslims,” he said, 'is best seen in his defense of Islam and Muslims all over the world and his efforts in clearing the
atmosphere and mending rifts among Islamic countries and his support to them morally and financially.'.."
[more]
2nd Saudi Vehicle Attacked in Athens [Apr 15]
"Police in Greece say a vehicle belonging to the Embassy of Saudi Arabia in Athens has been damaged by an infamous
anarchist organization. The pre-dawn attack which took place in northeastern Athens is the second time a Saudi Embassy
vehicle is targeted in two days. There have been no injuries or arrests. Anti-State Justice, an anarchist group which rejects
any sort of compulsory government, has claimed responsibility for Tuesday's attack.."
[more]
Jazeera Airways Eyes Growth in Saudi Arabia [Apr 15]
"Kuwait and Dubai based Jazeera Airways, the only international airline in the Middle East that is neither owned nor
subsidized by any government, unveiled today that Saudi Arabia will be among its top three growth markets in the next
five years. Jazeera Airways Chairman and CEO Marwan Boodai said; 'Our ambition not only complements, but stems
from the Kingdom’s master plan for increasing the annual number of visitors to Saudi Arabia from 17 million in 2007 to
45.3 million in 2020, and we believe Jazeera Airways can be one of the integral partners of this plan.' 'The work of the
Saudi Commission for Tourism is very encouraging and shows a determination to meet those targets. Today we see Saudi Arabia mobilizing to stimulate the planned growth as it leads the way from airport facelifts, infrastructure developments,
and cultural festivals, to the recent decision to issue multiple-entry business visas'.."
[more]
A Drive Toward the Goal Of Greater Freedom [Apr 15]
"The Jeddah United women's basketball team trickled onto the court, each player wrapped in a black abaya and head
scarf. Within minutes, the women had shed their cloaks and were in uniform -- white pants and jerseys with their names
in red -- practicing lay-ups, passes and foul shots until they were wet with sweat. The team, made up mostly of Saudi
students and housewives, is preparing for a local tournament this month. But what the women would really love to do,
many said, is compete internationally and represent their country abroad, something Saudi Arabia does not permit.. ..Powerful religious clerics also ban sports for girls in public schools, deeming it un-Islamic, and recently canceled two rare
all-women's events, a soccer match and a marathon. Gyms for women were closed in the early 1990s and have been
allowed to reopen, but only when affiliated with hospitals. Saudi Arabia is one of the few countries competing in the
Olympics without a female delegation.." [more]
OPEC Releases Monthly Report, States It's Pumping Enough [Apr 15]
"OPEC claimed it is pumping enough oil to meet demand, the group said in a monthly report on Tuesday, and added that
the U.S. slowdown could lead to weaker-than-expected consumption in the second quarter. 'The fundamental picture in
the second quarter of 2008 appears to be in line with the typical seasonal pattern for this time of year,' the report stated.
It added, 'Current OPEC production at more than 32 million barrels per day (bpd) will be sufficient to both meet demand
growth and contribute to further stock builds.' The oil cartel anticipates that world demand for oil will decline by 1.4
million bpd to 85.7 million bpd in the second quarter.." [more]
~~~~~~~~ [ Apr 14] ~~~~~~~~~
Saudis Will Stand Firm Against Terrorists: King Abdullah [Apr 14]
"Custodian of the Two Holy Mosques King Abdullah yesterday denounced the deviant ideology that promotes terrorism
and said Saudis would stand firm against terrorists. King Abdullah made these remarks while opening the 41st conference
of the Federation of Arab Universities at Naif Arab University for Security Sciences. 'Crimes begin from sick and deviant
minds, especially terrorism. While confronting terrorists, we should also deal with this murderous ideology that transforms
deceived youth into tools of killing and destruction,' the king said.."
[more]
Reform Policies, Assaf Tells Oil-Consuming Countries [Apr 14]
"Finance Minister Dr. Ibrahim Al-Assaf yesterday blamed the increase in oil prices on regional political crises, limited
refining facilities and big rise in non-commercial contracts. Addressing an IMF meeting here, the Saudi minister urged oil-consuming countries to soften their regulations that hike prices of petroleum and its products. He reiterated Saudi
Arabia’s efforts to stabilize world oil market by ensuring adequate supply..
..Al-Assaf also spoke about international
economic developments. He expected the economic recession that has hit many developed countries, including the US,
would continue through 2008. He, however, believed that combined efforts of these countries could lessen the recession’s
negative effects.." [more]
US Eases Foreign Investment, But Arab Firms Still Resist [Apr 14]
"The United States has eased foreign investment curbs to send the right signal of a welcoming market to the Middle
Eastern investors who came out with no major investment deals in the United States in 2007, said David
Bohigian, Assistant Secretary of Commerce for Market Access and Compliance during a roundtable discussion here on Sunday.
Only one percent of the $160b Foreign Direct Investment (FDI) in the US came from the Middle East, he said. His
statements came during his second trip to the Kingdom to strengthen US-Saudi business ties through 'Invest in America'
program to inject more liquidity into the US sluggish economy to contribute to its long-term growth.."
[more]
Saudi Diplomatic Car Destroyed in Arson Attack [Apr 14]
"A car belonging to the Saudi Arabian Embassy in Greece was destroyed in an arson attack early Monday, police said.
Small cooking gas canisters exploded underneath the parked vehicle in a northern suburb of the capital. No one was
injured. An anarchist group calling itself Cells of Subversion claimed responsibility for the attack in a telephone call to a
private television station.." [more]
New Society Being Formed to Protect Rights of Saudi Women [Apr 14]
"A group of Saudi academics and Shaikhs are trying to launch a society to protect the rights of women. The new society,
which is under registration process at the Ministry of Interior, will be a major boost in efforts to empower Saudi women..
..The society, which will be headquartered in Riyadh, will have branches in various regions of the country. 'It will start
functioning under the framework of the Saudi legal and Shariah systems,'.. ..'The society will present women's complaints
to the Shura Council and to the Ministry of Interior," he said. The basic goal of the society is to empower women '.."
[more]
Saudi to Invite Bids for Jizan Refinery in May [Apr 14]
"Saudi Arabia plans to proceed with a project for a new oil refinery at Jizan and will invite bids to build and operate the
plant in May, the oil ministry said on Monday. Spiraling costs have cast doubt over the viability of new oil refineries
worldwide. Industry observers were skeptical over the Jizan refinery going ahead as it is a long distance from crude
production. The project is part of government plans to give an economic boost to the impoverished region of Jizan in the
far south, on the Red Sea coast. The government plans an 'economic city' there.. ..The oil ministry said last year that 8
Saudi and 43 foreign companies had been pre-qualified to take part in the Jizan tender. Aramco is listed as one of the prequalified companies.." [more]
Saudi-Canadian Trade Seen at Greater Heights [Apr 14]
"Bilateral trade between the Kingdom and Canada could reach greater heights with the establishment of the first
permanent Canadian trade representation in the Gulf, said Eric Siegel, president and chief executive officer (CEO) of
Export Development Canada (EDC).. ..He said the number of Canadian companies active here has been growing at an
average 10 percent each year. 'Our exports here are higher than those to Brazil, India or Russia, and our projections are for
continuing faster growth here than in those other countries.' With an estimated $2 trillion in infrastructure projects in the
Kingdom, he hoped that many Canadian companies would participate in the Kingdom's development projects.."
[more]
Mobily Share Sale Under Scrutiny in Saudi Arabia [Apr 14]
"The Saudi Shura Council is examining a complaint against Mobily, Etihad and etisalat for violating regulations during
the recent sale by the founding shareholders of a 20 per cent stake in Mobily to local and foreign investors. According to
Saud Al Shamri, a member of the Shura, the council will take up the issue with the Saudi Telecommunications and
Information Technology Commission (STITC), which is the authority to issue licences for telecom services.. .. Abdul Aziz Al
Sughair, chairman of Mobily's board of directors, asserted that the stake sale was strictly legal.
'Mobily has not committed
any violations as it is entitled to sell part of the stake of its founders either through the capital market or to some selected
investors. The sale has been done with the knowledge of the Capital Market
Authority,'.." [more]
~~~~~~~~ [ Apr 13] ~~~~~~~~~
Palestine-Israel Leaders Set to Meet in Occupied Jerusalem [Apr 13]
"A Palestinian negotiator says the Israeli prime minister and Palestinian president plan to meet in Occupied Jerusalem on
Sunday. Palestinian negotiator Saeb Erekat says President Mahmoud Abbas and Prime Minister Ehud Olmert will meet
Sunday evening in Occupied Jerusalem. Olmert spokesman Mark Regev could not immediately confirm the report.
Abbas and Olmert met just a week ago, and there was no official word on why they would meet again.."
[more]
Saudi King Says Keeping Some Oil Finds For Future [Apr 13]
"Saudi Arabia's King Abdullah said he had ordered some new oil discoveries left untapped to preserve oil wealth in the
world's top exporter for future generations, the official Saudi Press Agency (SPA) reported. 'I keep no secret from you that
when there were some new finds, I told them, 'no, leave it in the ground, with grace from god, our children need it',' King
Abdullah said in remarks made late on Saturday, SPA said.. ..The kingdom has spent billions on building over 2 million
bpd of spare crude capacity and is the only country in the world able to bring online large volumes of crude supply
quickly to deal with unexpected supply shortages.." [more]
Oil Revenue to Help Boost Gov’t Spending [Apr 13]
"Amid the prevailing record-high oil prices, Saudi Arabia commands a pivotal position in the international economy being
the world’s largest oil producer and the only one with significant spare capacity, Samba’s report on the Saudi economy
published this month said. The report titled, 'The Saudi Economy: Recent Performance and Prospects for 2008-09,' noted
that the surge in the Kingdom’s oil revenue will support further brisk growth in government spending – around 15 percent
both this year and next. 'Much of this will be directed towards basic infrastructure, but spending on salaries and other benefits, as well as subsidies, will also be raised in a bid to offset the social costs of rising inflation,' it said.."
[more]
Saudi Inflation Risks Topping 10% in March [Apr 13]
"Annual inflation in Saudi Arabia could hit a double-digit figure in March after money supply rose over 26% the previous
month, the chief economist of HSBC's local subsidiary SABB said on Saturday. Annual inflation in Saudi Arabia reached
8.7% in February, its highest level in 27 years.. ..'They have chosen to fiscally support the economy because this is a top-down economy, the government needs to motivate the private sector to create jobs amid a surge in inflation and the
challenge of unemployment,' he added. 'The rise in February's money supply suggests inflation can hit a double-digit
figure in March or the month after, which has not happened since the 1970s,' he added.."
[more]
Saudi Non-Oil Trade Reaches 104.46b Riyals [Apr 13]
"Saudi Arabia's non-oil trade grew 22 per cent to 104.46 billion Saudi riyals last year compared to 85.52 billion riyals in
2006, according to government statistics. The export volume rose 12 per cent to 39,693 tonnes last year, compared to
35,286 tonnes in 2006, the Saudi Press Agency reported on Friday. The major exported commodities by the kingdom last
year were petrochemicals, plastics, base and manufactured metals and re-export commodities. The largest recipients of
Saudi exports included the UAE, China, Kuwait and Qatar.." [more]
New Water Company Taps French Expertise, Set to Launch Project [Apr 13]
" The Kingdom will sign a SR240-million partnership agreement with a French company for a water and sewage project
in Riyadh, said Minister of Water and Electricity Abdullah Al-Hussayen. The six-year agreement is to be signed between
the National Water Company (NWC) and Veolia Water, a partner of the Paris wastewater treatment authority,
SIAAP. 'With this project, the newly formed NWC will commence its activities from Riyadh, the largest consumer of water in the
Kingdom,' Al-Hussayen said. He said that the NWC has taken over groundwater resources, sewage network and sewage
treatment plants in the region, and that it will move to Jeddah, then to
Madinah, Dammam and Makkah in two months.
'These five cities account for 65 percent of water consumption in the country,'.."
[more]
BSIJ Celebrates 30 Years in Jeddah [Apr 13]
"Ahead in world rankings in academic excellence, 1,500 pupils and dual international accreditation, the British School in
Jeddah (BSIJ) is not resting on its laurels while celebrating its 30th year of existence. New management plans to more fully
integrate the primary and secondary curricula and undergo a rigorous mid-cycle examination by the accrediting bodies
keep the staff busy. 'The big change coming is combining primary and middle school under one management structure to
get an even better continuity of education right through from primary to
IB,' Bruce Gamwell, the school’s director, said. Two years in the planning, the structure is in place and will be incepted in September this year.."
[more]
MediaPro Clinches Major Deal in Saudi Arabia [Apr 13]
"MediaPro Group's engineering department, Unitecnic, has been contracted to implement the first phase of a network of
TV studios for Saudi Research Publishing Company (SRPC), the print media arm of Saudi Research Marketing Group
(SRMG). Besides working as a news production facility, the studios will provide satellite uplink, stand up, play out, non-linear editing, transcoding services and complementary new media production capacity to SRMG Group as well as other
broadcasters. 'The first phase of the network will cover Riyadh and London while the second phase will aim to provide similar facilities in Beirut, Dubai, Jeddah, Cairo and other parts of the Middle East'.."
[more]
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