|
~~~~~~~~ [
May 31] ~~~~~~~~~
Saudi Kayan
in $6bn Loan Deal to Fund Plant [May 31]
"Saudi Kayan Petrochemical Company said on Saturday it had signed a
$6 billion loan agreement with a group of banks to partly finance its
complex in Al-Jubail industrial zone. ABN AMRO, Bahrain's Arab Banking
Corporation, France's BNP Paribas SA, HSBC Holdings and Samba Financial
Group will lead manage the 15-year loan agreement, it said in a
statement on the bourse website. Kayan is 35 per cent owned by
state-controlled Saudi Basic Industries Corporation (Sabic). The Kayan
project will start commercial production in the fourth quarter of
2010.." [more]
Campaign
Against Smoking Planned [May 31]
"The Kingdom will participate with other nations in the world
No-Tobacco Day titled 'Youth Without Tobacco' set by the World Health
Organization Saturday. Minister of Health Dr. Hamad Bin Abdullah
Al-Mane’ said the theme of this year’s No-Tobacco Day aims to
protect young people from the dangers of tobacco and to encourage them
to adopt healthy behavior to be effective in building a healthy
society.. ..The campaign entitled “Youths are Nation’s Hope” is
being organized under the patronage of Prince Khaled Al-Faisal, Emir of
Makkah Region and Honorary Chairman of the Charitable Society for
Enlightenment on the Harms of Smoking and use of Drugs.. ..'This third
campaign is especially targeting the youth because they are the future
of the nation. The campaign will welcome participation from different
walks of life.." [more]
Amid
Stability, Saudis Are Heading Back to Lebanon [May 31]
"Saudis are returning back to one of their top tourism
destinations: Lebanon. According to local travel agents, flight
reservations are up for the Saudi summer vacation season after numbers
fell dramatically following the July War of 2006 that sent many Saudis
scrambling for evacuation. Saudis make up the largest tourist segment in
Lebanon, estimated at 30 percent of Arab tourists; many own summer homes
in Lebanon.. ..'Lebanon, or as many people like to call it ‘the Monte
Carlo of the East’, has special status among Saudis whose like to
enjoy a Mediterranean climate in a country that speaks their
language,'.." [more]
Al-Assaf,
Paulson Agree on Saudis Keeping Dollar Peg [May 31]
"U.S. Treasury Secretary Henry Paulson and Saudi Arabian Finance
Minister Ibrahim Al-Assaf agreed that the Gulf kingdom benefits from
keeping its currency pegged to the dollar. The riyal's peg ``has served
this country and the region well,'' Paulson said today at a joint press
conference. ' I totally agree with Secretary Paulson,'' al-Assaf told
journalists in Jeddah. 'As we have said many times, we have no intention
of de-pegging or of revaluation.' Paulson is getting an update on the
fixed exchange rates retained by most oil-rich nations in the Middle
East on his four-day trip to the region.." [more]
Leading Saudi
Bankers to Attend MEFX [May 31]
"Saudi Arabia, long considered one of the most important financial
and banking markets among the GCC countries, is all set to have a
significant presence at MEFX, the first Middle East Banking, Financial
Technology and Services Exhibition and Conference to be held in Dubai.
MEFX, through its hosted delegate programme, MEFX Host© will bring the
leading bankers and key decision makers from Saudi Arabia to Dubai to
connect with international financial technology suppliers, financial
institutions and service providers. Saudi Arabia is the second largest
and most important banking economies in the region with assets currently
estimated at $290bn. Saudi banks posted profits of $8.1bn at the end of
2007 and are regarded as one of the most profitable and efficient in the
region.." [more]
OPEC to Spend
$160 Billion to Increase Capacity [May 31]
"Opec members will invest US$160 billion in oil development
projects in the next three years to increase their production capacity
by 15% in response to growing demand. The announcement by Abdalla Salem
el Badri, the secretary general of Opec, came a day after British Prime
Minister Gordon Brown sought to put high oil prices at the top of the
agenda for a summit in July of the Group of Eight (G8) most powerful
nations.. ..'Even though we see no shortage of oil in the market, since
the middle of 2007 we have seen a major disconnect between oil prices
and market fundamentals. A number of factors have contributed to this,
but primarily [it is] the massive role that speculators now play in the
oil market,' Mr Badri said. He said Opec countries would add five
million barrels per day (bpd) of extra crude production capacity by
2012.." [more]
~~~~~~~~ [
May 30] ~~~~~~~~~
Saudi Bourse
Surpasses London in IPO Activity [May 30]
"The Saudi Stock Exchange surpassed London to be the world's second
busiest market for initial public offerings in the first five months,
Thomson Reuters data showed. The New York Stock Exchange, thanks to the
$19.7 billion listing of Visa Inc topped the global IPO league table
with 12 new issues raising a combined $24.4 billion, up 173 percent year
on year. The total of Saudi Stock Exchange IPOs jumped 322 percent from
a year earlier to $8.5 billion as it welcomed Alinma Bank 1150.SE, which
raised $2.8 billion in the country's biggest IPO in April. The Saudi
bourse also benefited from the $1.87 billion listing of mobile phone
company Zain Saudi Arabia.. ..Despite growth on some exchanges, global IPO
activity fell 36 percent to $65 billion in the first five months as the
global financial crisis dented investor appetite for equity.." [more]
Saudi Loans
US$80M for Projects in Mindanao [May 30]
"President Gloria Macapagal-Arroyo announced Thursday that the
Kingdom of Saudi Arabia (KSA) has pledged a US$80 million loan for
government priority projects. The projects are aimed for the Autonomous
Region in Muslim Mindanao (ARMM) including Tawi-tawi, the poorest
province in the country. This developed as the President enlisted the
help of presidential daughter and World Wildlife Fund (WWF) policy
officer for the Coral Triangle program Lourdes Evangeline "Luli"
Arroyo in uplifting the lives of the Tawi-tawi residents.. ..The US$80
million would be in addition to the US$20-million loan that the Saudi
government extended earlier to the ARMM.." [more]
GE Unit Wins
$500m Saudi Contracts [May 30]
"GE Energy has signed contracts totalling more than $500 million to
supply gas turbines and generators for power plant projects owned by
Saudi Electricity Company (SEC). In the first agreement, GE Energy has
received a contract to supply gas turbine generators for the
960-megawatt expansion of the Rabigh Power Plant in Rabigh City, on the
west coast of Saudi Arabia. The project is part of SEC's initiative to
provide additional power to support the region's econ-omic and
population growth.. ..GE Energy also has received a contract for gas
turbines that will be used by four power plants owned by SEC.." [more]
Shell
Increases Stake in Empty Quarter Project [May 30]
"Royal Dutch Shell has raised to 50 from 40 percent its stake in a
project to explore for gas in Saudi Arabia’s vast Empty Quarter after
French Total pulled out of the joint-venture. Saudi Aramco’s stake in
the South Rub Al-Khali Co (SRAK) joint-venture will rise to 50 percent
from 30 percent, SRAK said in a statement on Tuesday. 'Total ventures
Saudi Arabia has transferred its share in ... (SRAK) to both Shell Saudi
Ventures Limited and Aramco,' SRAK said in a statement, without giving
financial or other details of the transfer. 'Based on this transfer of
Total’s share, the South Rub Al-Khali Company Limited is now equally
owned by Shell and Saudi Aramco,'.." [more]
Kingdom Mulls
Writing Off Iraq Debt [May 30]
"Saudi Arabia is willing to consider alleviating debts owed it by
neighboring Iraq, Minister of State for Foreign Affairs Nizar Madani
said at a meeting in Sweden yesterday. Iraq and the United Nations are
co-chairing a review of a strategy adopted for Iraq in Egypt a year ago.
Ahead of that conference in May 2007, Saudi Arabia said it was willing
to waive 80 percent of the funds owed it by Iraq. So far nothing has
come of that pledge, but Madani told the assembled diplomats in
Stockholm that the Saudi government might be prepared to rescind the
entire debt.. ..Maliki said the large debts — some of which date back
almost 30 years — along with compensation payments for Saddam’s
invasion of Kuwait in 1990, were shackling the economy. Iraq is
obliged to set aside five percent of its oil revenues as compensation
payments, amounting to $3.5 billion this year, according to the Iraqi
government.." [more]
Saudi Arabia-
Oil's Uncertain Future [May 30]
"Saudi Arabia last week marked 75 years of oil production with
unusually jaunty celebrations at the site of the nation's first oil
well. Yet amidst the revelry there is no disguising the fact that oil,
and the kingdom's role in the oil economy, is entering an uncertain
future.. ..Saudi Arabia is understandably feeling bemused. It has plans
to expand production from 11.3m barrels per day to 12.5m, primarily by
increasing production at the offshore Manifa field by some 900,000
barrels per day, and installing two new refineries with a combined
capacity of 800,000 barrels per day. The additional capacity should be
enough to absorb actual demand from the market, and maintain a
"cushion" of excess supply. Yet there is no guarantee the
installation of additional capacity will have any effect on oil prices,
which seem to be driven more by speculation than demand outstripping
supply.." [more]
~~~~~~~~ [
May 29] ~~~~~~~~~
Conference to
Set Norms for Inter-Faith Dialogue [May 29]
"The international Islamic conference, which will begin in Makkah
on Wednesday, will set guidelines for dialogue between Muslims and
followers of other religions and cultures. 'The conference would discuss
the basis for dialogue with other faiths in the light of the Quran and
Sunnah. It will also review past experiences in the field to make use of
them,' said Dr Abdullah Al Turki, secretary-general of the Makkah-based
Muslim World League.. ..Dr Al Turki said the conference underscores the
significance of the recent initiative of King Abdullah Bin Abdul Aziz
for holding a reinforced dialogue between Islam, Christianity and
Judaism.." [more]
Saudi Arabia
Pumps Extra Oil to Match Rising World Demand [May 29]
"Top oil exporter Saudi Arabia has boosted supply to help meet the
world’s need for fuel and may further increase output later if needed,
a senior Gulf Opec source said yesterday. Opec’s 13 members,
especially core Gulf producers, are taking their output cues from global
oil demand rather than sticking to production targets, said the source
familiar with Saudi thinking. 'Whenever there is demand it will be met
by Opec,'.. ..Opec’s leading producer Saudi Arabia has been adjusting
supply to match demand since August last year when prices were around
$60 and it was pumping around half a million barrels per day less than
now. Saudi Oil Minister Ali al-Naimi said earlier this month output
would rise by 300,000 bpd and hit 9.45mn bpd in June.." [more]
Crown Prince
Visits Spain Next Week [May 29]
"Crown Prince Sultan Bin Abdul Aziz, Deputy Prime Minister, Defense
and Aviation Minister and Inspector General, is scheduled to start a
three-day official visit to Spain next Thursday. Crown Prince’s visit
comes at the invitation of the Spanish King Juan Carlos.. ..Crown Prince
Sultan will sign two agreements on military cooperation between Spain
and the Kingdom, he said. Prince Saud said the visit symbolizes the
excellent relations between the two friendly countries. He said talks
between the Crown prince and Spanish premier will focus on the
enhancement of the already strong relations. Earlier, the Kingdom had
announced establishment of a bilateral fund between the Kingdom and
Spain with a total value of $5 billion supported by businessmen in the
two countries.." [more]
GE Unit Wins
$500 Million Saudi Power Contract [May 29]
"General Electric Co (GE.N: Quote, Profile, Research) said on
Thursday that its GE Energy unit had won $500 million in contracts to
supply gas turbines and generators to various power plants owned by the
Saudi Electricity Co 5110.SE SEC is the leading electricity supplier in
Saudi Arabia, where GE says demand for power is growing 8 percent
annually. Saudi Arabia is one the fastest-growing markets for GE's power
and water, transportation and health-care products. GE, the
second-largest U.S. company by market capitalization, is also a member
of one of four groups vying for a 30-year, $5 billion contract to build
and operate a 1,100 km .." [more]
Invest in
Japan, Saudis Urged at JCCI Meeting [May 29]
"A group of visiting Japanese executives held a meeting yesterday
at the Jeddah Chamber of Commerce and Industry and urged Saudi
businessmen to consider investing in Japan. Daisuke Matsushima, New
Delhi-based senior director of the Japan External Trade Organization (JETRO),
who headed the team, listed the advantages of investing in his country..
..In his presentation, Matsushima outlined Japan's investment climate
and also discussed how Japanese foreign direct investment could be
directed toward Saudi Arabia. He also discussed the possibility of the
"Triangle business alliance" involving the Kingdom, Japan and
India through some major Japanese projects in India. Matsushima said
that Japan's attractiveness as an investment destination was increasing,
as the government had been working to improve the business
environment.." [more]
~~~~~~~~ [
May 28] ~~~~~~~~~
Saudi Arabia
Pumps Extra Oil to Match Demand [May 28]
" Top oil exporter Saudi Arabia has boosted supply to help meet the
world's need for fuel and may further increase output later if needed, a
senior Gulf OPEC source said on Wednesday. OPEC's 13 members, especially
core Gulf producers, are taking their output cues from global oil demand
rather than sticking to production targets, said the source familiar
with Saudi thinking. 'Whenever there is demand it will be met by OPEC,'
he said. 'The majority of OPEC producers definitely don't like this high
oil price because it is neither in their interest nor in the interest of
the global economy, and it's especially painful for the developing
world.' U.S. crude hit a record above $135 a barrel last week, prompting
consumer countries such as the United States to renew their plea for
more oil from the Organization of the Petroleum Exporting
Countries.." [more]
Top Cleric
Lambasts Extremists Who Sow Seeds of Trouble [May 28]
"Saudi Arabia's Grand Mufti Shaikh Abdul Aziz Alu Al Shaikh
underscored the need to intensify awareness campaigns among youth to
prevent them from being lured into extremist and deviant ideologies.
Attending a crowded open dialogue held at a mosque in Riyadh on Tuesday,
the mufti lambasted the extremists, saying, 'They would neither learn
any lesson nor use their wisdom. They are such people who have been
subjected to brainwashing and are living in a world of hallucinations
away from realities.'.. ..In response to a question about jihad [holy
war], which is the most misunderstood word in the present context, the
grand mufti said that there should be some conditions and rules for
waging jihad, and that using a weapon is not a prerequisite for jihad.
'We can wage jihad through our tongues by promoting virtues and
preventing vice. We can also wage jihad by using our heart and
wealth,'.." [more]
Indonesia
Pulls Out of OPEC [May 28]
"Indonesia is pulling out of Opec, because it is no longer a net
oil exporter, the energy minister said on Wednesday. Purnomo Yusgiantoro
told reporters it did not make sense for his oil-producing nation to be
a member of the Organization of Petroleum Exporting Countries at a time
when domestic reserves were drying up and consumption increasing. 'We
are pulling out of Opec,' he said. 'I will sign the papers today.'..
..Last month, Yudhoyono said his nation needed to concentrate on
increasing domestic production, which has dropped to less than 1 million
barrels a day compared to just over 1.5 million barrels a day in the
mid-1990s.." [more]
Saudi
Aramco's Output Falls 4.5% in 2007 [May 28]
"Saudi Aramco's oil output for 2007 fell by an average 400,000
barrels per day, or 4.5 per cent from 2006, after the world's largest
oil exporter cut output in line with agreements at the Organisation of
Petroleum Exporting Countries (Opec), data from the state-oil firm
showed on Monday. Average daily oil production reached 8.5 million
barrels per day in 2007, resulting in a total production of 3.11 billion
barrels for the whole year versus 3.25 billion barrels in 2006,
according to the figures.. ..Opec's largest producer, aims to increase
crude output capacity to 12.5 million bpd by 2009 and to 15 million bpd
at a later date.." [more]
Flow of Ideas
a Priority: Al-Naimi [May 28]
"A two-day convention to formalize the Global Research Partnership
that forms the underpinning intellectual structure of the King Abdullah
University of Science and Technology (KAUST) opened yesterday. Academics
and researchers from leading universities across the globe attended the
event.. ..Al-Naimi said that KAUST would play a key role in the
Kingdom’s overall economic development and would address challenges
facing the Kingdom’s future prosperity, which includes a high
dependency on oil and a high proportion of people below 18. The latter
fact, he said, posed a challenge to employment and job creation, and
necessitated the development of educational systems, training
opportunities and social networks to provide skills for individuals
to participate in a diverse and technologically advanced economy.."
[more]
Women: Small
Steps Taken Where Giant Strides Needed [May 28]
"Saudi women today celebrate the inauguration of women’s sections
at the Riyadh and Jeddah mayoralties. One hundred and twenty women in
each city now officially take charge of municipal services for women
after being provided with extensive training to qualify them for their
posts. The sections have started functioning in four municipalities in
both Jeddah and Riyadh regions. This follows the successful initiative
to allow women to sit in the board of the Jeddah Chamber of Commerce and
Industry (JCCI).. ..We cannot afford to wait until our society can reach
a consensus that allows women to be part of the decision-making process,
and our government should have the will to act decisively and not wait
for a delayed consensus.." [more]
~~~~~~~~ [
May 27] ~~~~~~~~~
Saudi Keen on
Shielding Lebanon Against Internal Fighting, External Meddling [May 27]
"The Saudi cabinet has congratulated President Michel Suleiman on
taking office and stressed its adherence to the unity of Lebanon and its
national decision-making. The Saudi cabinet which met Monday under King
Abdullah bin Abdulaziz also expressed its keenness to shield Lebanon
against internal fighting and foreign interference. 'Protection against
internal violence and foreign interference are the grounds for the new
phase in the history of Lebanon and are those the Kingdom promotes and
supports,' said Minister of Culture and Information Iyad bin Amin Madani
at the end of the cabinet session.." [more]
Saudi Money
Supply Growth Slows [May 27]
"Money-supply growth in Saudi Arabia slowed to 19.3 percent in
April as the government moved to control inflation. M3, the broadest
measure of money circulating in the Saudi economy, grew to 826.21
billion riyals ($220.3 billion) in the year to April 30, compared with
692.38 billion riyals a year earlier, Saudi Arabian Monetary Agency
(Sama) data showed. Growth was 23 percent in March and 26.2 percent in
February. Month-on-month, April money supply fell for the first time in
at least a year.." [more]
Nuclear
Energy Best Option for Gulf States [May 27]
" Nuclear power rather than renewable sources like the wind or sun
are the best option for oil-rich Gulf Arab states to meet growing energy
demands, especially if produced collectively, say regional experts.
'Renewable energies are (playing) only a very small part in supplying
even those who started (developing them) a long time ago,' Saudi
Electricity Company president Ali Saleh al-Barrack told a conference in
the United Arab Emirates on Monday. He said that while Saudi Arabia was
conducting research into renewable energies, options such as wind and
solar power were either limited or less attractive for technical
reasons. Given the high demand for power and the population growth in
the Gulf region, 'I think the only immediate solution is nuclear
energy,' which is the best option in economic and environmental terms,
Barrack said.." [more]
Landmark
Saudi Move to Protect Abused Workers [May 27]
"In a major move to curb the mistreatment of foreign workers by
their sponsors, the Saudi authorities have taken a landmark decision to
take punitive measures against errant employers. The National
Recruitment Committee at the Council of Saudi Chambers of Commerce and
Industry decided on Sunday to furnish the Ministry of Labour with a
detailed list of Saudi sponsors who have mistreated their workers..
..'The Ministry of Labour will take appropriate measures against
employers if allegations against them regarding mistreatment, delay of
salaries or violation of any of the provisions of the labour contract
signed with their employees, are found true and substantial,' he
said.." [more]
Saudi Cloud
Seeding Program Under Way [May 27]
"The Saudi National Centre for Meteorology and Environment
Protection is currently implementing an ambitious project to induce
artificial rains by seeding moisture-heavy clouds in the southern Asir
province. Saleh Al Shahri, director general of the centre, told Gulf
News that the successful experiment was launched early last month in the
western and southern parts of the kingdom as part of a major drive to
tackle water woes in various regions of the desert Kingdom. Saudi
Arabia, which receives nearly 100 millimetres of rainfall annually,
relies mainly on desalinated water and is the largest producer of
desalinated water in the world.." [more]
Set Sights on
Big Prizes, Al-Dossary Tells Women [May 27]
"As part of an annual recognition of the region’s business movers
and shakers, Arabian Business Magazine awarded Nadia Al-Dossary the
Saudi Achievement Award for 2008. There was only one small problem: Al-Dossary
is a woman. It doesn’t matter if Al-Dossary heads an Alkhobar-based
scrap metal empire with an annual turnover of SR500 million. It
doesn’t matter that she’s been profiled in The Washington Post and
that the Financial Times named her one of the top 25 economically
influential women in the Middle East. When she arrived at the Four
Seasons Hotel in Riyadh recently to attend the awards ceremony, she was
turned away due to social restrictions (enforced by the religious
police) prohibiting unrelated men and women from mixing, even in public.
For her part, Al-Dossary seems unperturbed by the move. 'It was not a
devastating incident for me, as I have been in the international news,'
she said. 'We Saudi businesswomen do stand up and are being noticed,
accepted and appreciated.'.." [more]
Time Running
Out for Canadian Teenager Convicted of Murder [May 27]
"The family and friends of a Canadian teenager sentenced to death
by a Jeddah court for killing another youth during a schoolyard brawl
last year say they have new evidence to prove his innocence. Ali Kohail,
father of Mohammed Kohail, who has been sentenced to death for killing
Munzer Haraki, 19, maintained his son’s innocence. He said the death
verdict would be appealed on June 7 — something that he came to know
through reports in the Canadian press. If the appeal is rejected, Kohail
could be beheaded.. ..When contacted by Arab News, Andrea Meyer,
spokeswoman for the Canadian Embassy, said, 'We are greatly concerned.
Since the case is going through a judicial process, it will be difficult
for me to comment.' However, referring to the role of the Canadian
government in the case, Bernard Patry, a Canadian member of Parliament,
expressed concerns, saying that Ottawa should do more to save
Mohammed.." [more]
Saudi
Aramco's Oil Output Fell in '07 [May 27]
"Saudi Aramco, the world's largest state-owned oil company, said
its crude output in 2007 declined 4.3 percent as reserves were unchanged
at 259.9 billion barrels. The state-owned company produced 3.11 billion
barrels of crude oil last year, down from 3.25 billion barrels in 2006.
Average production was 8.5 million barrels of oil a day in 2007, down
from 8.9 million barrels a day in the previous year, the company said
Monday in a statement. Saudi Aramco is carrying out 'ongoing initiatives
to locate additional proven reserves of crude oil,' CEO Abdallah Jum'ah
said in the annual report. 'Our upstream mega-projects are geared to
expand our maximum sustained crude oil production capacity to 12 million
barrels per day by 2009.'.." [more]
~~~~~~~~ [
May 26] ~~~~~~~~~
First Saudi
Film Festival Proves Shot in Arm for Young Directors [May 26]
"Kilo 500 won the Golden Palm award for the best short film in the
first annual Saudi film competition, which concluded in Dammam on
Saturday evening. The nascent film industry in the kingdom received a
shot in the arm with the film festival. The five-day event, which
enjoyed both official blessings and funding, drew a huge crowd of
viewers, including a considerable number of women.. ..Speaking on behalf
of young Saudi film directors, Faisal Al Harbi told the gathering the
film festival was the best illustration of Saudi youths' capabilities
and talents in producing original films within the perimeters of the
conservative Saudi society by making use of its cultural heritage.
'Today, our dream has become a reality. It is a great moment for all of
us.'.." [more]
US Warms Up
to Gulf Currency Reforms [May 26]
"The US Treasury's recent report to Congress on International
Economic and Exchange Rate Policies (FX manipulation report) hints at a
potential US nod for currency reforms in the Gulf. Analysts said that
the report points to a shift in the US Treasury's approach to Gulf
countries' exchange rate policies in the context of rising inflation and
upward pressure on real exchange rates. 'The US recognises significant
appreciation pressures on the Gulf Cooperation Council (GCC) countries.
From a fundamental standpoint, we believe the US authorities have hinted
that there is a need for more exchange rate flexibility,'.. ..The report
does not suggest any solution to the undervalued Gulf currencies.
However, analysts believe that the very fact that the Treasury has
admitted that the Gulf currencies are undervalued hints at political
support for change.." [more]
Shoura Drafts
Bill on Sexual Harassment [May 26]
"Shoura Council has taken the initiative to enact a law to protect
both sexes from sexual harassment in the workplace. Earlier, Sheikh
Saleh Bin Humaid, President of the Shoura Council, asked the Social
Affairs and Family and Youth Commission at the Council to quickly issue
a draft legislation to protect women’s rights, calling on the
Commission to require women to wear ‘decent’ (or Muhtashim) clothes
in workplaces. The draft law is in its final stages, said Faisal Ahmed
Yamani, a legislator at the Shoura Council, according to Al-Riyadh. It
would be submitted to the Council for approval, he told Al-Riyadh. The
United Nations Development Fund for Women defines sexual harassment as
'unwelcome or unwanted verbal, non-verbal, physical or visual
conduct based on sex or of a sexual nature; the acceptance or rejection
of which affects an individual’s employment.' And so does the proposed
law define it.." [more]
Sponsor
Letters Not Needed for Visas for Foreign Businessmen [May 25]
"Foreign businessmen wishing to visit Saudi Arabia will now be able
to secure visas without the need for a letter from a local sponsor in
the Kingdom, a development that the Council of Saudi Chambers of
Commerce and Industry say will help promote international trade. In a
circular dated April 27, the Ministry of Foreign Affairs directed Saudi
embassies to issue visas to foreign businessmen provided they are
satisfied that they are genuine businessmen and coming to the Kingdom
for business purpose. The circular adds that businessmen are not
required to present invitations from local Saudi firms and the
Kingdom’s Chambers of Commerce and Industry. 'We have intimated this
message to all foreign missions in the Kingdom so they can inform
their respective governments accordingly,'.." [more]
Saudi Aramco
Plans to Invest $129bn in 5 Years [May 26]
"Saudi Aramco plans to invest $129 billion on new energy projects
in the next five years, the company’s executive vice president of
operations said yesterday. Saudi Arabia is the world’s largest oil
exporter and Aramco is expanding to increase crude, gas, refining and
petrochemical capacity. About $70 billion of the total would be spent by
international and domestic joint ventures, and the remaining $59 billion
on projects solely undertaken by Aramco, Khalid Al-Falih told Reuters.
The $129 billion figure is nearly $40 billion higher than previous
estimates given by Saudi official for expansion. 'We are updating our
figures all the time. This figure includes more projects,'.." [more]
~~~~~~~~ [
May 25] ~~~~~~~~~
Education Is
Key to Progress: Abdullah [May 25]
"Custodian of the Two Holy Mosques King Abdullah yesterday
emphasized the importance of higher education in boosting the
Kingdom’s development. He pledged the government’s full support to
Saudi universities. 'We look at higher education as one of the basic
pillars for achieving development and improving the capabilities of our
youth and preparing them for the future,'.. ..King Abdullah stressed
that higher education in the Kingdom should focus on domestic
requirements while maintaining openness toward modern
developments.." [more]
Saudization
Top Priority: Naif [May 25]
"The government accords top priority to Saudization of vocational,
technical and administrative jobs, Prince Naif Bin Abdul Aziz, Interior
Minister, said here Friday night.. ..In efforts to Saudize more jobs,
the government has expanded the general and higher education, as well as
vocational education, Prince Naif said. He noted that Saudi universities
and institutes have developed and diversified their programs and syllabi
to meet the requirements of the labor market in a manner that realizes
the ambitious development plans chalked out by the government and
'conform with our creed and traditions without neglecting the swift
developments taking place in the contemporary world in all aspects of
life,' he said.." [more]
Couple Forced
to Divorce by Saudi Court Appeal for Help [May 25]
"A Saudi couple forced to divorce by an Islamic court have called
for more international pressure to reunite them after Saudi authorities
failed to fulfill a pledge to a U.N. body to do so. Fatima Azzaz and
Mansour al-Timani were forced to separate in 2006 after her brothers
persuaded judges her husband's tribal stock was not prestigious enough.
It is one of a series of cases that have drawn international criticism
of human rights in Saudi Arabia.. ..Yakin Erturk, the U.N.'s expert on
violence against women, said during a visit to Riyadh in February that
authorities had promised to allow the couple to reunite.." [more]
Saudi Banking
Sector Most Profitable [May 25]
"The Saudi banking sector is among the most profitable and
efficient in the region, according to a report. The banking sector in
Saudi Arabia is in the midst of a structural upturn, revealed EFG-Hermes,
the leading investment bank in the Middle East and North Africa (MENA)
region, in its comprehensive research report. Low penetration and high
profitability are two factors that characterise the prospects of the
Saudi banking sector.. ..The report, entitled 'Best of Both Worlds!,'
provides an in-depth analysis of Saudi Arabia’s banking sector, which
is the second largest in the GCC region by asset size, currently
estimated at $290 billion.." [more]
Saudi April
Inflation Hits 10.5% [May 25]
"Annual inflation in Saudi Arabia accelerated to at least a 27-year
high of 10.5 per cent in April from 9.6 per cent the previous month,
fuelled by rents and food prices in the world's largest oil exporter.
The cost of living index for the largest Arab economy was 115.2 points
on April 30 compared with 104.3 points a year earlier, government data
showed on Saturday. The rental index - which includes rents, fuel and
water - surged 16.9 per cent, with rents soaring 20.4 per cent, while
food and beverages cost surged 16 per cent, according to the data. Like
most of its neighbours in the world's biggest oil-exporting region,
Saudi Arabia pegs its riyal currency to the dollar, which has fallen to
record lows against the euro and a basket of major currencies this
year.." [more]
Saudi Savola
is Gearing Up for Agribusiness Expansion [May 25]
"Saudi Arabia’s Savola Group has said it planned to spend at
least $100mn to buy stakes in agribusiness firms in Ukraine, Brazil or
Egypt to secure sugar and edible oil supply. 'It is to improve our
margin and manage volatility,' chief executive officer Sami Baroum had
told Reuters in an interview at the World Economic Forum in Sharm
el-Sheikh, Egypt. 'When your downstream margins are squeezed, your
upstream can make more money and in some areas there’s scarcity,'..
..'We are talking about investments of hundreds of millions of US
dollars and tens of thousands of hectares,' Baroum said. 'We are looking
at Egypt, Sudan, Ukraine and Ethiopia ... We are (also) considering
Brazil,' he said.." [more]
Tourism
Officials Want Saudis to Stay Home for the Holidays [May 25]
"With the beginning of the 90-day summer break only a month away,
the assistant deputy secretary-general for marketing for the Saudi
General Commission for Tourism and Antiquities (SGCTA), Fahad Al-Jarboa,
says that the prime goal of the commission is to target the Saudi
domestic market and try to encourage more Saudis to vacation in the
Kingdom this year. 'We choose to focus first and foremost on the local
market for the obvious reason that Saudis, in particular families, have
been targeted by competing destinations, such as Egypt, the United Arab
Emirates and Bahrain,'.. ..'Our focus is primarily on family oriented
tourism and our aim is to make Saudi Arabia inviting for couples and
families who are seeking an authentic tourism experience within a social
atmosphere that preserves traditional Islamic and Arab values and
promotes family ties,'.." [more]
Rebound in
Supply to Curb Runaway Oil [May 25]
"The perfect storm that has swept oil prices to above $US135 a
barrel may subside over the coming months as rising crude supply from
unexpected corners of the world finally comes on stream, just as the
global economic downturn begins to bite. The forces behind the meteoric
price rise are slowly receding.. ..The Geneva consultancy PetroLogistics
says Iraq has added 300,000 barrels a day to a total of 2.57 million as
security is beefed up in the northern Kirkuk region. 'There is a strong
rebound in supply,' said the group's president, Conrad Gerber. Saudi
Arabia is adding 300,000 barrels a day to the market in response to a
plea from the US President, George Bush, and to placate angry Democrats
on Capitol Hill - even though Riyadh insists there are abundant supplies
for sale.. ..The world's finely balanced market for crude has been
creeping into surplus for several weeks.." [more]
|
