|
~~~~~~~~ [ May 10] ~~~~~~~~~
GCC Leaders to Meet in Saudi Arabia [May 10]
"GCC leaders are scheduled to hold their 10th consultation meeting
in Dhahran on May 20. The GCC leaders, who are going to meet in Saudi
Arabia at the invitation of the Custodian of the Two Holy Mosques King
Abdullah Bin Abdul Aziz, will also attend Aramco's celebrations to mark
its establishment 75 years ago.. ..Although the consultation summits are
usually held without agenda, the leaders will largely focus on the
region's hot issues especially the current developments in the
Palestinian lands, the faltering peace process, the US efforts to resume
talks between the Palestinians and Israelis, as well as the situation in
Lebanon and Iraq and the Iranian nuclear issue.." [more]
Al-Ashaikh Urges Imams to Tackle Terror, Extremism
[May 10]
"Minister of Islamic Affairs, Endowments, Call and Guidance Saleh
Al-Ashaikh said that imams and Friday preachers in the Kingdom’s
mosques do not deal with the topic of terror and extremism in their
speeches unless ordered to by the ministry. 'Khatibs only speak about
the need to shun misguided ideologies and terrorism when they receive
instructions from the ministry. They do not discuss the subject until
another instruction is issued,” said Al-Ashaikh. “This is not the
right method. A preacher should know that it is his religious duty to
speak out against terror and misguided ideologies as he is aware of
what the Shariah says on the matter,'.." [more]
Kingdom Awarded Prize for Best Urban Achievement [May
10]
"Saudi Arabia has been awarded an international prize for best
urban work at a global level, in recognition of the efforts of the
Ministry of Municipal and Rural Affairs in providing housing facilities
and integrated services to pilgrims in Makkah’s Mina. Dr. Abdurrahman
Bin Hassan Aal Al-Sheikh, Undersecretary at the ministry, is scheduled
to hold a press conference today (Saturday) to announce the Kingdom’s
winning of the prize. The Kingdom is the first country in Asia that has
won the prize among 226 contestants who provided research papers
indicating their urban experiences.." [more]
Kingdom, CERN Ink Cooperation Accord [May 10]
"A protocol to the 2006 cooperation agreement between Saudi Arabia
and CERN (European Organization for Nuclear Research) was signed on
Friday at CERN by Dr. Mohammed I. Al-Suwaiyel, president of the King
Abdul Aziz City of Science and Technology, on behalf of the government
of Saudi Arabia, and Robert Aymar, director general of CERN , in the
presence of Ali I. Al-Naimi, minister of Petroleum and Mineral Resources
and chairman of the Board of Directors of Saudi Aramco; Dr. Ibrahim A.
Al-Assaf, minister of Finance; and representatives of Saudi universities
and Saudi Aramco.The objective of the protocol is to provide the
operational framework as required for the execution of a range of
specific tasks under the cooperation agreement in order to build a
growing high-energy particle physics community in Saudi Arabia that
eventually will participate as a visible member in the global scientific
community collaborating at CERN.." [more]
Saudi Citizens Safe in Lebanon: Envoy [May 10]
"As violence raged in Beirut, Saudi Ambassador to Lebanon Abdul
Aziz Khoja said all Saudi citizens in the country were safe and that no
one had been injured, the Saudi Press Agency reported. The Saudi
Embassy, he said, has evacuated Saudi citizens from troubled areas and
provided them with alternative accommodation. He said the embassy would
extend all help to Saudis who wished to leave the country. In his
telephonic conversations with various Lebanese leaders, Khoja urged them
to maintain calm and to return to the table to settle all
differences.." [more]
~~~~~~~~ [ May 9] ~~~~~~~~~
Saudi Calls for Urgent Arab FMs Meeting on Lebanon
[May 9]
"Saudi Arabia has called for an urgent meeting of Arab foreign
ministers to try to halt the violence in Lebanon, where the capital was
rocked by a third day of sectarian fighting on Friday. 'In light of the
dangerous escalation of the situation on the Lebanese scene, the kingdom
of Saudi Arabia supports holding an urgent and extraordinary meeting of
the Arab League ministerial council in Cairo to discuss the Lebanese
crisis and its fallout,' a foreign ministry official was quoted by the
state SPA news agency as saying. The call was issued overnight as
Lebanon teetered on the brink of civil war with the capital wracked by
fighting between militants of the Shiite Hezbollah opposition and Sunnis
loyal to the Western-backed government, which is also supported by Saudi
Arabia.." [more]
Saudi Arabia, Kuwait Begin Evacuating Nationals from
Lebanon [May 9]
"Saudi Arabia and Kuwait on Friday began evacuating their nationals
from Lebanon, where riots sweeping the country have left at least eight
dead over the past three days , local New TV reported. Kuwaiti Embassy
in Lebanon evacuated the first batch of Kuwaiti nationals residing or
studying in troubled Lebanon by land to neighboring Syria on Friday,
said the report. Up to 150 Kuwaiti citizens including 30 students
boarded large buses heading toward the Lebanese-Syrian border, it added.
On Thursday, a total of 70 Saudis were evacuated by Saudi Embassy via
Syria too, the report said, adding that more Saudi nationals were
leaving Friday through the arrangement of the embassy. The Saudi embassy
has sent SMS messages to Saudi citizens, telling them to contact the
embassy for evacuation, it said.." [more]
Saudi Banks Focus on Marketing Real Estate Investment
Funds [May 9]
"Saudi banks, through their financial arms, are set to market new
real-estate investment products. One of such products is a Sharia-compliant
Global Real Estate Investment Fund, which was instrumental in opening up
of vast investment horizons in front of the banks. These funds fetch
huge revenues for all those involved - investor, middleman and the bank,
which is the manager of the fund. The fund trades in the stocks of the
most prominent publicly listed companies around the globe whose
activities are Sharia-compliant and related to real estate
business.." [more]
Saudi Bourse Not Seen Ready For Foreigners [May 9]
"Saudi Arabia should boost transparency and deal with huge levels
of domestic liquidity before allowing direct foreign ownership in its
bourse, speakers at an investment conference said on Tuesday. The
world’s largest oil exporter is following a gradual and cautious
process in allowing foreigners into its stock exchange, the Arab
world’s largest. 'We live in a country where wealth is held by the
state, so IPOs and the bourse are good ways to distribute it to (Saudi)
retail investors,' Mutlaq Al-Morished, chief financial officer of Saudi
Basic Industries (SABIC), said at the conference in Riyadh. Foreign
institutions and individuals from outside the six-nation Gulf Cooperation Council
(GCC)
are allowed to invest in the Saudi bourse only through funds holding
Saudi stocks.." [more]
Calls Mount for Restricting Underage Marriages [{May
9]
"Following reports in the media of child marriages in the Kingdom,
religious scholars and human rights activists are calling for
legislation to set a statutory minimum age for marriage. Mohammed Al-Zulfa,
a member of the Shoura Council, said that there is an urgent need to set
a minimum age for marriage taking the mental, emotional and physical
maturity of prospective couples into consideration. According to the
Shariah, maturity is associated with puberty, which could start at the
age of nine for girls and at the age of 11 for boys. Although there are
no statistics, child marriages do occur in the Kingdom, especially in
rural areas.. ..To some families, marriage solves traditional and
religious taboos. For instance, typical Saudi norms prevent cousins from
seeing or contacting each other as they grow up, unless they get
married. Moreover, parents think that marriage will protect their
children from illicit relations.." [more]
~~~~~~~~ [ May 8] ~~~~~~~~~
Bush Plans No Peace Talks on Mideast Trip [May 8]
"The White House says now isn't the time for a peace conference
between U.S. President George Bush and leaders of Israel and the
Palestinians. Bush will be in Israel next week to help the Jewish state
mark the 60th anniversary of its founding. He also plans to visit Egypt
and Saudi Arabia.. ..Experts on the Middle East, meanwhile, predicted
little to no progress on the peace process during Bush's trip to the
region and said that the Bush administration should expect little
cooperation from Saudi Arabia on increasing oil production.." [more]
Saudi Warns Lebanon Opposition Against Escalation
[May 8]
" Saudi Arabia warned Lebanon's Hezbollah-led opposition on
Thursday against an escalation of its confrontation with the government,
warning that conflict would only benefit 'extremist external forces,' in
an apparent reference to Iran. 'The kingdom urges the groups behind the
escalation to reconsider their position, and to realise that leading
Lebanon towards turmoil will not bring victory to any party except
extremist external forces,' the state news agency SPA quoted an official
as saying. These forces 'are still hindering every sincere and honest
effort to end the political crisis in Lebanon,' the official said. The Saudi comments came on the second day of anti-government
protests in Beirut .." [more]
Total Expects Saudi Refinery OK Soon [May 8]
"French oil major Total said on Wednesday it expects a decision
soon to proceed with a new 400,000 barrels per day (bpd) refinery in
Saudi Arabia. The world's top oil exporter Saudi Arabia is planning four
new plants to add as much as 1.6 million bpd to current domestic
refining capacity of around 2.1 million bpd. But equipment and labour
shortages have forced project costs up worldwide in the energy sector
and raised industry concerns about the new Saudi plants. 'The Jubail
refinery project in Saudia Arabia in partnership with Saudi Aramco
should be proposed for approval soon,' Total said in a statement. The
decision could come within two weeks.. ..The estimated cost for the new
refinery and a similar plant state oil firm Saudi Aramco is
planning with U.S. firm ConocoPhillips has risen above $10 billion from
initial estimates of around $6 billion.." [more]
DHL to Pump $26.6m Into Saudi Operations [May 8]
"DHL Express will invest over SR100 million ($26.6 million) for
infrastructure developments across Saudi Arabia as part of its regional
expansion plans, a company official said on Thursday. The strategic
growth includes the rapid expansion of service points, with the opening
of more than 15 new branches, before the end of the year, DHL Express
country manager KSA, Nour Suliman noted.. ..The new branches will be
rolled out in important population centres across The Kingdom in the
coming eight months with exact locations to be announced in the near
future. 'We will reach over 50 branches Kingdom-wide by the end of
the year, which will boost customer service both in terms of numbers of
locations and quality of service'.." [more]
Alwaleed Gives $31 Million for U.K. University
Islamic Centers [May 8]
"Saudi billionaire Prince Alwaleed bin Talal, the biggest
shareholder in Citigroup Inc., gave 8 million pounds ($15.7 million)
each to the U.K. universities of Cambridge and Edinburgh to start
Islamic studies research centers. Alwaleed signed an agreement yesterday
at London's Buckingham Palace in the company of Prince Philip, Duke of
Edinburgh and Chancellor of both universities, the Arab investor's
Riyadh-based Kingdom Foundation said in an e-mailed statement today.
'``It is paramount for both Islam and the West to reach mutual ground
for proactive dialogue, respect, acceptance and tolerance,'' Alwaleed
said in the statement.." [more]
Those Who Go to Fight in Iraq Are Preachers of Evil
[May 8]
"Prominent Saudi Islamic scholar and member of the Senior Scholars'
Commission Shaikh Saleh Bin Fauzan Al Fauzan has warned Saudi youths
against going to Iraq to fight in the war-torn country. While labelling
those who go to fight in Iraq as "preachers of evil," he urged
everyone to tell the authorities about such people. Shaikh Al Fauzan was
speaking to members of the teaching faculty at Imam Mohammad Bin Saudi
Islamic University here on Tuesday.. ..It is noteworthy that the Saudi
authorities, who are anxious as to the possibility of the infiltration
of deviant youths to Iraq through its international borders, have taken
all possible precautionary steps and measures to check this. As part of
this, the government has expedited the move to set up a security
fence along the border.." [more]
Madinah to Host International Knowledge Forum in June
[May 8]
"The Saudi Arabian General Investment Authority (SAGIA) yesterday
announced its plan to hold an annual international knowledge forum in
Madinah on June 22-24. SAGIA Gov. Amr Al-Dabbagh said the forum, named
Noor (light) and which is the first of its kind, would bring together a
large number of intellectuals, scientists, investors and business
leaders, adding that it would focus on health and information
technology. More than 100 Muslim investors and intellectuals have agreed
to take part in the event.. ..Reputable international organizations and
institutions including Harvard University, the Association of
Muslim Scientists in the US and the Islamic Foundation from the UK will
attend the forum. 'We hope it will be a good beginning for the Islamic
world to restore its leading position in knowledge and science,'.."
[more]
Kingdom Plans $426m Dockyard at Jeddah Port [May 8]
"Under a Saudi-Malaysian pact, the Kingdom plans to build a $426
million worth dockyard at the Islamic Port in Jeddah that will be able
to store 2 million containers, Minister of Transport Dr. Jabara Al-Seraisry
told delegates at the Euromoney Conference, which concluded here
yesterday. Speaking on the final day of the conference, which was
attended by more than 1,000 local and foreign delegates, the minister
said this would be the third major dockyard to be constructed in the
Kingdom. He added that it would be larger than the others, and would
have better loading and unloading facilities.." [more]
~~~~~~~~ [ May 7] ~~~~~~~~~
Egypt And The Saudis [May 7]
"From Sen. John McCain's speech on human dignity today: 'I would
insist that our diplomacy actively raise and discourage in our
relationships with other countries customs that so degrade and
physically threaten people, and explain that the full benefits of
friendship with the United States are predicated on a shared respect for
the basic right of women and children not to suffer atrocities to their
physical and emotional health to protect traditions that should have
been ended long ago.' The countries for you reporters on the Straight
Talk Express to ask about are Egypt and Saudi Arabia, and to a less
extent Jordan.. ..Would a McCain administration tie our substantive
relationship to progress on human rights?" [more]
$2.86 Trillion Worth Development Projects Under Way
in the Region [May 7]
"There are a total of 1,026 active projects worth $1.102 trillion
in Saudi Arabia. The top 5 projects by value in the Kingdom are the King
Abdullah Economic City $129.976b, Economic Cities in Northern and
Eastern Regions $60b, Prince Abdulaziz bin Mousaed Economic City in Hail
$53b, Saudi Power Network $50b, and Jizan Economic City $30b, according
to research by database company Proleads, which monitors regional
construction projects across all industry sectors in the Middle East.
The research showed that there are 3,339 projects estimated to be worth
more than $2.861 trillion underway in the region, the bulk of
development taking place in Saudi Arabia and the UAE.." [more]
Saudi Shares Lead Gulf Losers [May 7]
"Saudi shares fell 1% to 9926.63 at close. Banks led losses. Samba
Financial Group slipped 3.3% to 95 riyals. The Saudi central bank cut a
key rate on Saturday, following a US Federal Reserve rate cut last week,
but raised bank’ reserve requirements in a bid to clamp down on
liquidity as it fights soaring inflation. Al Inma closed its $2.8bn
initial public offering last month, the Mideast’s second largest
offering. The Capital Market Authority has not announced when Inma will
list. Bellwether Saudi Basic Industries Corp (Sabic), fell 1% to 146
riyals. Sabic was down 0.8% on Monday.." [more]
Oil Rockets Past $122 on Weak Dollar, Supply Woes
[May 7]
"Oil shot to a fresh record over $122 a barrel yesterday on supply
worries and the weak dollar, extending a rally that has doubled prices
over the past year and has some experts forecasting a potential spike to
$200. US crude surged $2.22 to $122.19 a barrel by 1644 GMT after
touching a record $122.73 earlier. London Brent crude gained $2.50 to
$120.49 a barrel, after hitting a record $120.99.. ..US President George
W Bush is expected to talk with officials from Opec kingpin Saudi
Arabia about the effects of high fuel prices on the US economy on his
trip to the world’s top exporter later this month. Bush has called on
Opec to raise output to help bring down prices, but the group has blamed
high prices on speculators and insist markets are well supplied.."
[more]
Saudi Mulls $5.3bn Investment Firm With Focus on Tech
Sector [May 7]
"Saudi Arabia said it is setting up a $5.33bn investment firm that
may be open to partners, and could initially focus investments in the
technology sector. Finance Minister Ibrahim al-Assaf also urged
countries’ to keep their doors open to foreign investment. 'What we
are setting up is an investment company, not a sovereign fund,' al-Assaf
told delegates at a conference in the Saudi capital yesterday. Saudi
officials had previously said the world’s biggest oil exporter
intended to set up a $6bn sovereign wealth fund. The finance minister
told Reuters yesterday that the country is 'in a hurry' to begin the new
agency.." [more]
Sports Daily Arreyadi Fails to Hit Stands [May 7]
"The Ministry of Culture and Information yesterday suspended until
further notice the popular daily sports newspaper Arreyadi, the
newspaper’s editor in chief Abdul Aziz Al-Sharqi said. 'We were not
notified. They (the ministry) directly informed the distribution office.
We have not yet been told of the reasons behind the suspension,' Al-Sharqi
told Arab News. Sources attributed the suspension to the paper’s
criticism of the Presidency of Youth Welfare’s decision to suspend Al-Ittihad
defender Osama Al-Muwallad for two matches. Monday’s edition of the
paper, which is perceived as being pro-Ittihad, carried a number of
articles and cartoons attacking the decision by the presidency’s
disciplinary committee. Articles alleged that the presidency had favored
Al-Ittihad’s archrivals, the Riyadh-based Al-Hilal, referring to them
as 'the spoiled son.'.." [more]
Conference Calls for Clear Rules Against Domestic
Abuse [May 7]
"Princess Adela bint Abdullah lent her support to the first
National Experts Meeting to Fight Domestic Abuse Against Women and
Children, which was organized in Riyadh by the National Family Safety
Program. 'Abuse against women and children is increasing astonishingly.
So there needs to be a professional strategy to create a balance in
relationships between family members,' said Princess Adela in her
opening speech at the event yesterday. 'Abuse of women and children is a
real threat to the stability of our society. It is a worrying universal
phenomenon, not just a local one.'.. ..Speakers from several government
departments and private sector establishments stressed the need for
clear rules against abuse. They also discussed penalties for domestic
abuse and who is responsible for dealing with abuse cases.." [more]
Hydrocarbon Resources Make Kingdom, China Key
Partners [May 7]
" Saudi Basic Industries Corporation (SABIC) vice chairman and CEO,
Mohamed Al-Mady, said that Saudi Arabia’s large hydrocarbon resources
made the Kingdom a 'natural strategic trading partner' for China’s
dynamic industrial and economic growth. Speaking on the subject of
“Saudi Arabia and China: Natural Partners in the Global Economy,” at
the Financial Times China-Middle East Summit, held in Riyadh on Monday,
Al-Mady said that China’s rapidly growing population provides
important markets for Saudi Arabia’s growing petrochemical industry.
'Saudi Arabia and China are indeed natural trading partners supported by
cooperative political ties. The geographic location of the partners
permits an economic pathway for two-way trade,'.." [more]
~~~~~~~~ [ May 6] ~~~~~~~~~
Tracking Saudi Oil From Space [May 6]
"At a time of high anxiety over soaring fuel prices and scarce
supplies, oil analysts are resorting to satellite imagery to crack one
of the industry's biggest unknowns -- whether Saudi Arabia's massive
Ghawar field is slipping into depleted old age. Saudi Arabia has long
contended that its famed Ghawar field, responsible for around 7% of
global supply, remains in fine shape and will continue to churn out
around five million barrels a day for years. But Saudi Arabia doesn't
publish data to back that up. Skeptical analysts in the West insist the
field is in decline, an event they say presages a peak in world oil
production.. ..Combing through dozens of high-resolution satellite
images of Ghawar going back to 2001, the Bernstein team has concluded in
a study sent to clients at the end of April that only part of the vast
field 'is suffering signs of old age.' On the whole, Bernstein says, the
field "is being properly managed" and is experiencing only
'mild production-decline rates at worst.'.." [more]
Nomura Receives License to Operate in Saudi Arabia
[May 6]
"Nomura Co Ltd has received a licence to operate in Saudi Arabia
and is the first east Asian bank to open in the country, the Financial
Times reported. The Saudi regulator has authorised Nomura, Japan's
largest investment bank, to offer investment and private banking
services, and to sell foreign stocks in the kingdom, it added. Nomura
also plans to launch the first Middle Eastern mutual fund aimed at
Japanese and other Asian investors, the report said, citing a person
familiar with the matter.. ..the move into Saudi Arabia comes as Riyadh
aims to boost its financial services sector and create jobs.." [more]
Saudi Arabia Plans to Invest in Securing Food
Supplies Abroad [May 6]
"Saudi Arabia plans to invest in international agriculture and
livestock projects, including acquiring farms, to help offset food
shortages and curb inflation, the Saudi Press Agency reported, citing a
statement by the Minister of Information Iyad Madani. The government
will establish a holding company to manage the investments, the
Riyadh-based Saudi Press Agency reported, citing Madani. The Saudi Fund
for Development will finance the kingdom's agriculture investments
abroad." [more]
Saudi Arabia Records Substantial Increase in Crimes
Involving Expatriates [May 6]
"A study has shown that there has been a substantial increase in
crimes involving foreigners. The study, carried out by security experts
as per the directives of Interior Minister Prince Naif Bin Abdul Aziz,
is of the view that the introduction of a fingerprint system for
foreigners, who either leave or are deported from the kingdom, came too
late. 'Had it been implemented earlier, it would have been helpful in
reducing the crime rate to a great extent and preventing the return of
those with criminal backgrounds '.. ..Most of the crimes registered were
drug related, theft came second and infiltration third. The use of
alcohol was in fourth place, followed by forgery of residence permits
and immoral acts.." [more]
Saudi Arabia to Focus on Tourism Infrastructure [May
6]
"Saudi Arabia said on Monday it has taken new steps such as easy
visas for non-religious tourists. The country is also building new
tourism infrastructure both in large cities and remote areas. Though
Saudi Arabia receives millions of Muslims when they conduct the
pilgrimage to the holy cities of Makkah and Madinah, visas for other
travellers are difficult to get. Prince Sultan Bin Salman Bin Abdul Aziz
Al Saud, secretary-general of the Saudi Commission for Tourism and
Antiquities (SCTA), said tourists from a number of countries are
increasingly taking advantage of the tourist visa, and it has been made
easier for business visitors to obtain visas.." [more]
Saudi Arabia Inflation Surge Raises Revaluation
Pressure [May 6]
"Saudi Arabia could face internal pressure to revalue its
dollar-pegged currency as inflation in the world’s largest
oil-exporter soars to a 30-year peak this year, a Saudi investment bank
said yesterday. Inflation in the largest Arab economy, home to 25mn
people, almost doubled in the six months to March to a three-decade peak
of 9.6%. A Reuters poll this week showed Saudi inflation averaging 9%
this year, more than double its 2007 level. 'With all sectors of the
population suffering from inflation and the weak exchange rate, there
will be pressure on the government to respond,' Jadwa Investment said.
The riyal has been fixed at 3.75 to the dollar since 1986.." [more]
Haj Promotes Tolerance, Confirms Harvard Study [May
6]
" A study of Hajis by Harvard Kennedy School in the US has found
that the Haj promotes tolerance among pilgrims and does not lead to an
increase in negative attitudes toward the West. The study — entitled
“Estimating the Impact of the Haj: Religion and Tolerance in Islam’s
Global Gathering” — said that the annual pilgrimage develops a
tolerant attitude among Hajis toward other religions and cultures.
Researchers, David Clingingsmith, Asim Ijaz Khwaja and Michael Kremer,
based their findings, which were published last month, on data collected
from a 2006 survey of more than 1,600 Pakistani pilgrims.." [more]
Saudi Oil Revenue Set to Reach SR975bn in 2008 [May
6]
"The rising oil prices expected to have a positive impact on the
Saudi economy. The current account surplus may touch an all-time high
this year and economic growth and the budget surplus will also be
exceptionally strong. The Riyadh-based Jadwa Investment said in its
monthly report yesterday that the lower oil prices in 2009 and 2010 mean
that some of the headline numbers will not look as good, but the
underlying picture will remain very healthy and in real terms economic
growth will be stronger. Oil export revenue is expected to reach SR975
billion ($260 billion) in 2008. This compares with an average of
just SR161.25 billion ($43 billion) per year throughout the 1990s and is
equivalent to around SR2.62 billion ($700 million) per day.." [more]
~~~~~~~~ [ May 5] ~~~~~~~~~
Rice Tells Israel to Halt Settlements [May 5]
"US Secretary of State Condoleezza Rice yesterday pressed Israel to
ease travel restrictions on Palestinians and called Jewish settlements
in the occupied West Bank particularly problematic. But she said
Washington believed an Israeli-Palestinian peace deal was still possible
before US President George W. Bush leaves office in January, praising
the “seriousness and depth” of negotiations. 'We continue to believe
it is an achievable goal to have an agreement between the Palestinians
and the Israelis by the end of the year and by the end of President
Bush’s term,' Rice said after meeting Palestinian President
Mahmoud Abbas in Ramallah. She said the United States regarded
settlements as 'particularly problematic to the atmosphere of trust that
is needed.'.." [more]
Saudi Financial Sector Poised for International
Growth [May 5]
"The finance sector has played a significant role in diversifying
the Saudi economy away from oil, in the process creating many high level
jobs for Saudi nationals and presenting significant opportunities for
regional and international expansion at a time of economic uncertainty
in the west according to Swicorp, a Riyadh-headquartered financial
services firm with offices spanning the Middle East and North Africa (MENA).
The Kingdom's economy has been growing rapidly in recent years, doubling
in nominal terms since 2002 with nominal GDP projected to reach $464.5
billion this year. As the world's largest oil producer, Saudi Arabia
commands a pivotal position in the global economy and surplus oil
revenue investment has witnessed a new level of growth and
sophistication, in turn facilitating a significant role for the country
in global financial intermediation.." [more]
Saudi Aramco Widens Heavy Crude Discounts for Asia
[May 5]
"Saudi Aramco, the world's largest state oil company, increased the
discount on prices of heavy crudes it will export to Asia in June to a
record after the refining profit for fuel oil declined. Dhahran, Saudi
Arabia-based Aramco widened discounts for its Arab Heavy grade by 45
cents to minus $7.45 a barrel and Arab Medium was reduced by 20 cents to
minus $7.45 a barrel, the company said in a faxed statement. Both crudes
after processing yield more fuel oil, used in power plants and ships.
The refining profit for fuel oil has declined in the past month because
of rising supplies in Singapore, Asia's biggest oil-trading
center.." [more]
Saudis Consider Recruiting Firms [May 5]
"Saudi Arabia's deputy minister of labour has said the ministry
decided to create hiring companies to recruit workers who can be good
targets for businesses in the kingdom. Dr Abdul Wahed Al Humaid said
this when he was asked about a study on the cancellation of the
sponsorship system. Recruiting companies will establish training centres
in the countries from where workforce is brought to the Kingdom.. ..'The
advanced preparation of the workforce for the labour market in the
Kingdom would then guarantee trained and qualified workers who would
come here for targeted jobs with specific employers,' he said. 'The word
sponsor was taken out of the legal terminology of the Minister of Labour
and has been replaced with the word employer,'.." [more]
Thai Delegation Sees Breakthrough in Ties [May 5]
" Saudi Arabia and Thailand are discussing a proposal to set up a
joint business council to boost trade and investment relations. The
Kingdom is willing to see progress in Saudi-Thai relations, but any
improvement in diplomatic ties is linked to how fast the Bangkok
government solves cases relating to the murder of a number of Saudi
diplomats and businessmen in the southeast Asian country almost two
decades ago. “Thailand is very thankful to the Saudi Foreign Ministry,
which granted visas to 17 members of a Thai business mission,”
Phairush Burapachaisri, secretary-general of the Thai Chamber
of Commerce, said.. ..The murders of Saudi diplomats Abdullah Al-Maliki,
gunned down in Bangkok in 1989, and Abdullah A. Al-Besri, Fahad A.Z. Al-Bahli
and Ahmed A. Al-Saif, assassinated in January 1990, have also remained
unsolved so far.." [more]
South Africa: Saudi Investors Keen On Western Cape
Farms [May 5]
"Farms in Western Cape could be among the first targets of Saudi
Arabian businessmen seeking investment opportunities in the province,
Premier Ebrahim Rasool said last week. Rasool said a delegation of
government officials and businessmen to the Middle East had been asked
specifically what farms were for sale in the region. Cobus Dowry,
Western Cape agriculture MEC, had presented a list of 14 such farms, one
with a reserve price of R60m.. ..The visit by the delegation led by
Rasool to Saudi Arabia found agriculture and tourism would be the two
sectors that would benefit most from future co-operation.." [more]
Saudi Equity Market Cap Jumps to SR1.86 Trillion [May
5]
"The Saudi stock market showed signs of uptrend last month
reflecting investor confidence. The announcements of the first quarter
results of listed companies also helped surge in the stock market. At
the end of April, the Tadawul All-Share Index (TASI) closed at 10,066.16
points. The index increased by 11.94 percent or 1,073.63 points in April
over the close of the previous month. On an YTD basis TASI lost 972.5
points, or 8.81 percent. Highest close level for the index was 10,089.52
points as on April 29. According to Tadawul’s monthly statistical
report for April, total equity market capitalization at the end of April
jumped by 11.19 percent to SR1.86 trillion ($496.55 billion).." [more]
Mideast Conflict: Need for a New Perspective [May 5]
"Peace is not easy. Achieving it requires summoning the deepest
forms of courage. It means examining one’s darkest prejudices that
dehumanize and demonize the other. The quest for mutual recognition of
humanity and dignity is an arduous task. The question facing both
Israelis and Palestinians is: Do they prefer to cling to the pain of
past injuries and the suffering of their forefathers, or will they
determine to move forward and build a better future for their children?
While there have been all too many shrill voices lamenting the
grievances of decades and centuries between Israel and the Palestinians,
there is a harmony that strums through us all. When we fight for peace,
we fight not against each other, but together and for all of
us.." [more]
~~~~~~~~ [ May 4] ~~~~~~~~~
King Abdullah Receives Arab Red Crescent Award [May
4]
"Custodian of the Two Holy Mosques King Abdullah yesterday received
the Abubaker Siddique Medallion of the First Order from the Arab
Organization for Red Crescent and Red Cross. The award was given in
appreciation of the king's humanitarian endeavors.. ..Abdullah Al-Hazza,
secretary-general of the organization, presented the medal to King
Abdullah during a reception at his palace in Riyadh. Prince Faisal ibn
Abdullah, president of Saudi Red Crescent Society, and heads of the
society in other Arab countries attended the ceremony. Al-Hazza
commended Saudi Arabia's humanitarian aid, which accounts for five
percent of its gross domestic product. 'This is the highest percentage
at international level,' he added. The Kingdom sends relief aid to
countries across the world.." [more]
Saudi Prince Health Signals Possible Tussle For Power
[May 4]
" Saudi Crown Prince Sultan's visit to a Swiss clinic for medical
checks last week provided a reminder of a potential power vacuum in the
world's biggest oil exporter, analysts and diplomats say.. ..The large
retinue of family and friends that travelled to Geneva to see him,
according to Saudi media, raised concerns that the tests may be more
than routine. A government official said well-wishers simply took a
chance for direct access to the prince outside Saudi Arabia, where
protocol and affairs of state limit the scope for an audience. But the
brief Geneva sojourn highlighted potential instability in the country, a
key U.S. ally and strict Islamic state, over who among the Saudi royal
family will take the reins of power after the era of King Abdullah
and his heir Sultan.." [more]
Rice Sees Mid-East Deal This Year [May 4]
"The US still believes a peace deal between Israelis and
Palestinians is possible by the year's end, Secretary of State
Condoleezza Rice has said. During a visit to the region, she described
Israeli settlement activity in the West Bank as "problematic".
Israel's foreign minister, who met Ms Rice in Jerusalem, said the issue
would not stand in the way of a peace deal. US President George W Bush
is hoping for a peace agreement by the time he leaves office in January.
Ms Rice's visit is laying the ground for President Bush's trip to the
region later this month.." [more]
Saudi Cuts Deposit Rate; Ups Reserve Requirement [May
4]
"Saudi Arabia, which pegs its currency to the dollar, reduced its
reverse repurchase rate by 25 basis points yesterday after a US interest
rate cut this week, but left its benchmark lending rate steady. The
Saudi Arabian Monetary Agency (SAMA) cut the reverse repo rate, or
deposit rate, to 2% from 2.25% and continued a policy of leaving its
benchmark repurchase or lending rate at 5.5%, according to a SAMA
circular sent to banks, a copy of which was emailed to Reuters. SAMA
also raised banks’ reserve requirement to 13% from 12%, the fourth
such move since November when this rate stood at 7%, in an apparent bid
to curb further inflationary pressure amid soaring prices. It also
raised for the first time in years the reserve requirements banks have
to make for time and savings deposits to 4% from 2%, according to the
memo.." [more]
Chinese Companies Invited to Take Over Projects in
the Kingdom [May 4]
"The municipalities across the nation have been instructed to
invite Chinese companies to bid for their projects, said Deputy Minister
of Municipal and Rural Affairs Prince Mansour Bin Miteb Bin Adul Aziz.
Prince Mansour indicated that his ministry has earlier signed a
memorandum of understanding with the Chinese Ministry of Commerce to
invite Chinese companies to carry out projects funded by the Ministry of
Municipality and Rural Affairs. He added that the foreign ministry
received a memorandum from the Chinese Embassy in Riyadh listing Chinese
companies recommended by the Chinese Chamber of Foreign Projects.."
[more]
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