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~~~~~~~~ [ Jun 7] ~~~~~~~~~
Abbas to Meet Saudi King [Jun 7]
"Palestinian president Mahmud Abbas is due in Saudi Arabia on Sunday for talks with King Abdullah on regional issues, the official SPA news
agency announced. Abbas, a frequent visitor to the kingdom, will be arriving only days after proposing talks between his Fatah party and the
rival Islamist movement Hamas, which seized control of the Gaza Strip from Fatah loyalists a year ago. Hamas responded favourably to
Abbas' overture, raising hopes of reconciliation between the two sides as the prospects for a peace deal with Israel before the end of the year look
increasingly unlikely. Saudi Arabia brokered an agreement between Fatah and Hamas in early 2007.."
[more]
Interfaith Summit Spreads Islam’s Message of Peace [Jun 7]
"The international conference on interfaith dialogue that ended yesterday at
Al-Safa Palace in Makkah called on all people, irrespective of their
race, religion, culture or country, to come together to promote a culture of peace and tolerance. The conference ended with the reading of the
official statement by Abdul Rahman Al-Zaid, assistant secretary-general of the Muslim World League
(MWL), which organized the conference.
'The conference has been held at a time when the world faces countless challenges that threatens the very existence of mankind. The conference
affirms that Islam has a solution to all these crises and it is calling upon all Muslims, jointly with other people, to find solutions to all issues,'.. ..The first session urged various groups and schools of thoughts within Islam to close their ranks and achieve unity of the
Ummah. Muslims should
attempt to understand other religions and cultures and strive for peaceful coexistence with others.."
[more]
Crude Oil Prices vs the Power of Personality [Jun 7]
"Saudi Arabia's Shura council (parliament) will hold a series of meetings over the next two weeks to discuss a controversial proposal by a key
member to curb oil production to save reserves for better prices, Saudi media reported. The council will listen to a report by deputy chairman of
the Shura water and public utilities committee, Salim bin Rashid Al
Marri, who will argue for cutting crude supplies to maintain the Kingdom's
underground reserves. "Marri will seek to persuade council members that the oil production must be linked to the country's actual development
needs not the needs of foreign consumers," Alriyadh newspaper said in a report from the capital Riyadh. "He will tell the Council that keeping
sufficient oil quantities underground is a good investment for the future as oil prices will then be higher
.. he will argue that this will be better
than producing more oil and generating financial surpluses on the grounds these surpluses are causing inflation.'.."
[more]
~~~~~~~~ [ Jun 6] ~~~~~~~~~
Pakistani PM Goes to Saudi to Seek Deferred Oil Payments [Jun 6]
"Pakistan's prime minister is seeking an agreement with Saudi Arabia to defer oil payments as his country struggles to rein in yawning trade and
fiscal deficits, an aide said. The prime minister, Yousaf Raza Gilani, was due to travel to Saudi Arabia on Friday. Pakistan's economy is under
pressure from surging oil prices, which have inflated the oil import bill over 40 percent in the past 10 months compared with year-ago levels.
The 2008/09 budget announcement, which has been delayed twice to make time for Gilani's visit to Saudi Arabia, will be made on June 11..
..Saudi Arabia has given Pakistan a facility for deferred oil payments before, after the United States imposed economic sanctions following Pakistan's nuclear tests in 1998.." [more]
Saudi Arabia Plans Royal Treatment for Heavy Crude [Jun 6]
"Dense, dirty and less profitable, a type of crude oil long marginalized by the global petroleum industry is attracting a wave of new refining
investment as the world's supplies of premium crude look set to decline. Saudi Arabia, through its state-owned oil company Saudi Aramco, is
planning to expand its refinery capacity by nearly 80% in five years, in part by signing deals with foreign oil majors including
ConocoPhillips.. ..Much of that new capacity will be aimed at turning the kingdom's reserves of heavy crude oil, which is less desirable and is sold at discount to
premium light crude, into gasoline and other petroleum products for shipment to Europe and Asia.."
[more]
N.H. Firms See Promise in Saudi Arabia Market [Jun 6]
"William McNary, vice president of business development for Aerosat Inc. in Amherst, believes now is an “excellent” time to go prospecting for
business in the sands of Saudi Arabia. 'The Saudis are very eager to do business with Americans,' says
McNary. Aerosat, a manufacturer of
airline communications systems, took part in a trade mission to Saudi Arabia last fall under the aegis of the Eastern Trade Council, a 10-state
organization promoting international trade in the six New England states, along with New York, New Jersey, Pennsylvania and Delaware.
During the visit, Aerosat was matched with a potential customer in Saudi Arabian Airlines.. ..U.S. companies last year sent $10.4 billion in
exports to Saudi Arabia, double the $5.4 billion of 2004. Exports dropped from $6.2 billion in 2000 to $4.6 billion in 2003, due in part to the
bursting of the technology bubble in 2001. And the September 11th terrorist attacks put a damper on trade and travel between the two
countries.. ..With the price of oil above $130 a barrel, he says, 'you have tremendous economic liquidity in the region. There are opportunities that
American companies must not look away from.'.." [more]
Aramco Taps Axens for Jubail Oil Refinery Units [Jun 6]
"Saudi Aramco and Total SA have awarded a contract to Axens, Paris, to design a 32,000 b/d vacuum gas oil fluid catalytic cracker and other
units for the planned 400,000 b/d refinery in Jubail, Saudi Arabia. Aramco and Total recently confirmed plans to construct the refinery under a
joint venture company, whereby Aramco will supply Arabian heavy crude and both companies will share marketing responsibilities.. ..The FCC
unit is designed to produce more than 10 weight percent propylene. The refining and petrochemical complex is scheduled to start-up in 2012.."
[more]
Woman Scientist From Makkah Steals the Limelight at IDB Event [Jun 6]
"Dr. Hayat Sindi is a prominent Saudi medical scientist and a visiting professor of nanotechnology at Harvard University. She has invented a
machine combining the effects of light and ultra-sound for use in the esoteric field of biotechnology. Her major project is being carried out in
partnership with Exeter and Cambridge. She stole the limelight during an award ceremony organized by the Islamic Development Bank
Group.. ..She also has plans to build a world-class biotechnology center of excellence in Saudi Arabia with the support of Harvard and MIT."
[more]
Kingdom’s Retail Sector Investments Worth SR220bn [Jun 6]
"More than 2.8 million square meters of rental space is available in shopping centers in Saudi Arabia’s two largest cities, Riyadh and Jeddah,
according to real estate specialists. 'Total investment in the Saudi retail sector is estimated at around SR220 billion,'.. ..'The real-estate
development market grew to a new level over the past ten years, and the era of normal shopping centers has ended and new designs and ideas
have entered,' said Khalifa. 'At the same time, the population of Saudi Arabia increased by 12 percent, and is expected to reach 27 million by
2010.'.. ..Khalifa said tourist arrivals in Saudi Arabia has been increasing by five percent annually and has crossed the nine million mark.."
[more]
~~~~~~~~ [ Jun 5] ~~~~~~~~~
Islam Must Do Away With Dangers of Extremism [Jun 5]
"Abdullah Bin Abdul Aziz said Islam must do away with the dangers of extremism to present the religion's "good message" to the world as he
opened a conference of Muslim figures yon Wednesday, aimed at launching an interfaith dialogue with Christianity and Islam. The three-day
gathering in Makkah seeks a unified Muslim voice ahead of the interfaith dialogue. In particular, Saudi Arabia hopes to promote reconciliation
between Shiites and Sunnis.. ..King Abdullah announced in March that he wanted to sponsor an interfaith dialogue between the world's
monotheistic religions, including Jews. He said yesterday: 'You have gathered today to tell the whole world that
.. we are a voice of justice and values and humanity, that we are a voice of coexistence and a just and rational dialogue.'.."
[more]
Decision Time Over Peg to the Dollar [Jun 5]
"The US treasury has virtually given the GCC governments the go-ahead to dump the dollar and track a basket of currencies. A submission by
the US treasury to congress draws attention to the inflation and currency issues in the Gulf for the first time. US investment bank Merrill Lynch
says: 'We believe the inclusion effectively gives the GCC countries the green light for change.' The bank suggests that the UAE and Qatar will
move to a currency basket in the next few months, which will also involve the dirham and riyal appreciating by five per cent by the end of 2008.
It also expects Saudi Arabia to change its peg to the dollar in 2009. But, here in the Gulf the very idea of ditching the dollar peg is anathema for
central bankers.." [more]
Saudi Utility Sector Posts 10% Growth [Jun 5]
"Saudi Arabia's utility sector recorded a 10 per cent growth last year, a top official said.. ..SEC has spent a total of 13.46 billion riyals for these
projects during the last year. Since its inception in 2007, the company has spent 93.94 billion riyals for implementing various electricity
generation, transmission and distribution projects. 'Allocations have been made for implementing projects worth 27.64 billion riyals during the
current year,' he said. SEC is the largest utility in the Gulf, both by market capitalisation and in terms of its installed power generation capacity.
The company was formed in 1999 as the result of a merger of the country's 10 regional power companies.."
[more]
No Producer Can Control Oil Price – Saudi Crown Prince [Jun 5]
"'No country on its own, no matter what its production capacity, has the ability to determine the price of oil, because there are factors outside its
control and sovereignty,' Prince Sultan said in comments published on state news agency SPA. Supply, demand, inventories, politics and the
state of financial markets all contributed to the price, he said. 'The behaviour of speculators is another factor which requires the attention of
consumer countries in order to limit these price fluctuations,' Prince Sultan said.."
[more]
KSA Among Top 10 in Economic Reforms [Jun 5]
"Saudi Arabia received a gratitude award Wednesday from the World Bank as an appreciation for its rapid application of economy reform
procedures, said a press release issued by Saudi Arabian General Investment Authority
(SAGIA). The Kingdom became one of the global top 10
countries which applied radical reform procedures to their economies, which was reflected positively in its business performance rank. It was
classified as the best investment environment in the Arab World and the Middle East, and was ranked in the 23rd position out of 178 countries.."
[more]
~~~~~~~~ [ Jun 4] ~~~~~~~~~
Saudi King Holds Talks With Iran Ex-President [Jun 4]
"King Abdullah of Saudi Arabia held talks with Iranian ex-president Akbar Hashemi Rafsanjani on the eve of a religious conference in the
Muslim holy city of Mecca, official media said on Wednesday. The two men had an "exchange of views" on the three-day international Muslim
conference on dialogue with Christians and Jews which was to open on Wednesday at the initiative of the king..
..Rafsanjani, who served as
president from 1989-97 and stood unsuccessfully for a third term of office in 2005, is still a key figure in Iranian politics, heading both the
Assembly of Experts charged with choosing the all-powerful supreme leader and the main political arbitration body, the Expediency Council.
Saudi Arabia and Iran respectively head the Sunni and Shiite branches of Islam which are both taking part in the conference.."
[more]
Muslim Scholars Meet in Saudi for Inter-faith Dialogue [Jun 4]
"Muslim religious scholars, intellectuals and media figures from around the world were to meet Wednesday in the Islamic holy city of Mecca in
Saudi Arabia to lay out the basis for dialogue with other faiths. The three-day inter-faith conference will be opened by King Abdullah of Saudi
Arabia, who had announced in March and for the first time plans for dialogue between Muslims, Christians and Jews.. ..Whether we like or not,
this is a global village and we have to play a constructive part in this world," Syrian delegate Sheikh Abdel-Qadir was quoted as saying by Saudi
daily Arab News. 'Whether the other side is ready or not, we should take this step and make the other side run out of excuses,' said Indian author
M J Akbar. The Mecca meeting attended by 500 participants will also discuss the future of inter-faith dialogue against the background of what
Muslims perceive as a widespread Islamophobia in the west.." [more]
France, Saudi Discuss Defence Ties [Jun 4]
"French Defence Minister Herve Morin held 'very positive' talks with Saudi officials on bilateral military links and selling French armaments to
the kingdom, an aide said yesterday. The talks with King Abdullah and defence officials were 'very positive,' covering 'the structure of
(defence) co-operation between Saudi Arabia and France,' the aide said, requesting anonymity. They also covered the proposed sale to Saudi Arabia of
FREMM frigates and Fennec, Cougar and MH90 transport helicopters, said the aide, a diplomatic adviser to Morin. He said Paris was putting in
place a new state firm, ODAS, to handle arms contracts with Saudi Arabia.."
[more]
Prince Sultan’s Madrid Visit to Boost Relations [Jun 4]
"In a major move to boost Saudi-Spanish ties, Crown Prince Sultan, deputy premier and minister of defense and aviation, will begin an official
visit to Spain on Thursday. Prince Sultan, during his three-day trip to Madrid, will hold talks with Spanish King Juan Carlos and Prime Minister
Jose Luis Zapatero on a range of bilateral, regional and international issues with special reference to bilateral defense cooperation.. .. 'The royal
visit will be a landmark one during which a major defense cooperation agreement will be signed,' added Fernando
Bielza, charge d’affaires at the
Spanish Embassy in Riyadh. The visit is also significant in view of the recent announcement by Spanish Prime Minister Zapatero that his
government is planning new measures to stimulate economic growth. The two countries have already set up a multibillion-riyal investment fund
to boost commercial links.." [more]
Opec Ready to Pump More [Jun 4]
"Opec is ready to boost supplies if the market needs more oil, Kuwait’s Oil Minister Mohamed
al-Olaim said yesterday. 'If required, Opec will
not hesitate to act,' he told reporters when asked if the producer group should raise output. US crude hit a record of $135.09 a barrel in May,
prompting consuming countries such as the US to renew their call for Opec to pump more oil. But the group’s officials have repeatedly blamed
factors beyond their control for high prices.." [more]
Saudi Arabia Plans Health Coverage for 4 mn Domestic Help [Jun 4]
"Saudi Arabia plans to implement a new compulsory health insurance scheme that is expected to help the four million domestic helps, including
Indians, in the Gulf kingdom. An annual premium of SR 500 (Rs 5,600 approx) would be levied on every housemaid or driver and the benefits
will include medical treatment and the cost of repatriation of the dead body in event of death. 'We have already appointed 986 government-owned medical clinics, hospitals, primary health care centers and pharmacies throughout the Kingdom to treat patients who will be insured
under this scheme, which is in the final stages for implementation,'.."
[more]
Saudi Arabia Needs Oil at $54 for Budget Balancing [Jun 4]
"Saudi Arabia needs to earn $54 per barrel of oil in 2008, less than half of the current crude price, to balance its budget.. ..Gulf states may post
record fiscal surpluses this year after crude oil increased more than 90 percent in the past 12 months to $127 a barrel today.. ..Large budget
surpluses make it difficult for Gulf states to curtail spending to help slow inflation, which has quickened to records across the region. Kuwait
yesterday became the fourth Gulf states to report an inflation rate above 10 percent, while Qatar reported price-growth of 14.8 percent.
Spending will increase 28.9 percent in the U.A.E. this year, 25.6 per cent in Qatar and 7.1 percent in Saudi Arabia.."
[more]
Shura Member Calls for Oil Production Curbs in Saudi [Jun 4]
"Saudi Arabia's Shura council (parliament) will hold a series of meetings over the next two weeks to discuss a controversial proposal by a key
member to curb oil production to save reserves for better prices.. ..'Marri will seek to persuade council members that the oil production must be
linked to the country's actual development needs not the needs of foreign consumers,' Alriyadh newspaper said in a report from the capital
Riyadh. 'He will tell the Council that keeping sufficient oil quantities underground is a good investment for the future as oil prices will then be
higher .. he will argue that this will be better than producing more oil and generating financial surpluses on the grounds these surpluses are causing inflation.'.." [more]
~~~~~~~~ [ Jun 3] ~~~~~~~~~
Russia,
Saudi Sign Bilateral WTO Deal [Jun
3]
"Saudi Arabia has given its consent for Russia to become a member
of the World Trade Organisation by signing a bilateral accession deal in
Riyadh, Russia's Economy Ministry said on Tuesday. "Saudi Arabia
has become the 60th WTO member with whom we have completed negotiations
on market access," the ministry said in a statement. Russia's
negotiator Finance Minister Alexei Kudrin signed the agreement with the
Saudi Commerce and Industry Minister Abdullah ibn Ahmed Zainal Alireza,
the statement added. The ministry said Saudi Arabia was the last WTO
member with whom Russia held bilateral negotiations on market access,
adding that the agreement opens way for completion of multilateral
negotiations..” [more]
Alinma
Jumps in Saudi Trading After $2.8 Billion IPO
[Jun 3]
“Alinma
Bank, the start-up Saudi Arabian Islamic bank that raised
$2.8 billion in an April stock offering, climbed 60 percent on its first
day of trading as the stock opened to foreigners excluded from the IPO.
Alinma,
which sold shares to the Saudi public at 10 riyals ($2.67) each, closed
at 16 riyals after rising to as much as 18 riyals earlier. It was the
most traded stock in the Gulf today .. Alinma, founded by three Saudi
government funds in 2006 to become an Islamic retail and corporate bank,
on April 20 said it got bids worth 18.27 billion riyals for the 1.05
billion shares it offered..” [more]
HRS Seeks More Details on Saudis Detained Abroad
[Jun 3]
"Dr. Mefleh Al-Qahtani, Vice
Chairman of the National Human Rights Society, has expressed concern
over the unavailability of adequate information and the actual number of
Saudi detainees in Iraq, Guantanamo and other places.
Al-Qahtani, however, lauded the efforts of the Saudi government
in repatriation of Saudi prisoners from these places. He said the
society is in touch with several jurists and other authorities in Iraq
to ascertain the number of detainees, circumstances of their arrest and
charges pressed against them..” [more]
US Urges Opening of Gulf’s Oil Sectors to
Foreign Investment [Jun 3]
“US Treasury Secretary Henry
Paulson assured Gulf investors on Monday that the United States will
remain open to sovereign wealth funds and urged oil producers to open
their energy sectors to foreign investment. “As we seek to open new
markets abroad, America will keep our markets open at home to investment
from private firms and from sovereign wealth funds,” Paulson said on
the last stop of a Gulf tour. “We reject measures that would
isolate us from the world economy,” he said in the UAE capital Abu
Dhabi, whose government-run fund manages assets estimated at up to $875
billion..” [more]
Kingdom
Approves UN Convention on Rights of Special Needs People [Jun 3]
“Social workers, officials and special needs people alike
welcomed the government’s recent decision to adopt the first
international convention on the rights of persons with disabilities.
Following instructions from Custodian of the Two Holy Mosques
King Abdullah and recommendations of the Shoura Council, the Saudi
Cabinet last week decided to adopt the International Convention on the
Rights of Persons with Disabilities. The convention, which is to be
signed in the near future, will result in the Kingdom abiding by all of
its articles. Prior to giving its approval, the Council of Ministers
thoroughly studied the Shoura Council’s decision in this regard last
January. The convention was
adopted by the United Nations General Assembly on Dec. 13, 2006, and was
opened for signature and ratification on March 30, 2007..” [more]
Kingdom
to Carry Out Another Cloud Seeding Experiment [Jun 3]
“The Kingdom will soon carry out its fifth experiment of the
cloud physics project that aims at generating artificial rain. The
experiment is scheduled for the end of this month in Abha where the
first two experiments took place, said Presidency of Meteorology and
Environment (PME) spokesman Hussain Al-Qahtani. The third and fourth
tests were carried out in Riyadh. Al-Qahtani dismissed media reports
concerning the dangers of chemicals used in the experiment, calling the
reports “baseless.” Chemicals
used in the cloud seeding process include calcium chloride and silver
iodide. The process involves airplanes dropping the chemicals in the
clouds in order to induce rain. Water shortages in the Kingdom have
recently forced the country to stop cultivation of a number of crops.
The Kingdom is largely a desert environment and rarely gets seasonal
rain showers..” [more]
Saudi King Petitioned on
Jailed Reformists [Jun 3]
“More than a
dozen rights groups sent a petition to Saudi King Abdullah on Tuesday
urging him to release several prominent Saudi reformists, some of whom
have been held for 16 months. "We
put before you the case of the detention of an elite group of Saudis who
have championed a peaceful internal dialogue to achieve reform,"
the signatories wrote in the petition.
The letter was faxed on Tuesday to the Saudi embassy in Paris,
said Haytham Manna, spokesman for the Arab Committee for Human Rights.
Manna said he was seeking an appointment with the embassy to also
hand the document to diplomats, and an updated version signed by
individual activists would be made public in Paris on June 13..” [more]
Saudi Arabia Approves 2 Refining Ventures [Jun 3]
“Emirates Business 24-7 reported that Saudi Arabian government is
assessing plans to almost double its refining capacity regardless of the
sharp increase in investment requirements. As per report, the Kingdom
has already approved of 2 mega refining ventures with foreign partners
in June 2008 despite a minimum increase of 60% in costs. The amount of
capital investment required for the 2 plants was initially estimated at
around USD 6 billion each and is now expected to have increased by at
least 60% on rising cost structures. Saudi Arabia's domestic refining
capacity is estimated at around 2.1 million barrels per day, however it
also controls more than 1 million barrels per day in joint refining
ventures abroad..” [more]
~~~~~~~~ [ Jun 2] ~~~~~~~~~
Shias Destabilising Muslim Countries, say Saudi Clerics [Jun 2]
"Sunni clerics in Saudi Arabia accused the Shia community on Sunday of destabilising Muslim countries and humiliating Sunnis, just days
before a Muslim interfaith conference called by Saudi Arabia’s king. In a statement that appeared on several websites, clerics accused Shias of
abusing Sunnis under their control. 'If they (Shias) have a country, they humiliate and exert control in their rule over Sunnis, such as the case in
Iran and Iraq,' said the clerics. 'They sow strife, corruption and destruction among Muslims and destabilise security in Muslim countries,' it said.
In the strongly worded statement, the 22 clerics criticised the Iranian-backed Shia Hezbollah in Lebanon.. ..A Saudi official told The Associated
Press that the clerics do not represent the government. Najib al-Khonaizi, a Saudi Shia writer, called the statement 'dangerous' and damaging to
national unity'.." [more]
India, Saudi Arabia to Better Understanding [Jun 2]
"..'Our bilateral political relations got a boost with King Abdullah's visit to India in 2006. Yet, we have to go a long way. We don't have to sell
India (to you), but help you see India to realise its potential,' Farook said. Taking upon himself the responsibility of strengthening political
relations with the Kingdom, he said,'India tops in telecom, medical facilities and professionals like engineers and technicians. What we need is a
perfect understanding between the two countries,'.. ..The diplomat was speaking at an event organised by the Saudi-Indian Business Network
(SIBN) in Jeddah, attended by several trade experts, who noted that there were many ventures which offer opportunities of cooperation between the two countries which Saudi entrepreneurs should consider.." [more]
13 Saudi Nationals Extradited [Jun 2]
"Thirteen Saudi nationals were recently extradited from Iraq. The extradition process was made possible through concerted efforts by competent
authorities in the Kingdom, Okaz reported on Sunday. No more information was disclosed on the detainees who were kept in US prisons or on
the circumstances of their arrest.. ..Many of the detainees kept at US and Iraqi prisons claim to carry the Saudi nationality. Two or three of the
detainees were found to be non-Saudis, but citizens of two different Arab countries. Security authorities in the Kingdom checked the identities of
the returning detainees in different ways and investigate the manner in which they entered Saudi territories and their links to
Al-Qaeda and other similar networks. Meanwhile, Al-Watan reported that final arrangements are currently under way between Saudi authorities and US forces to
extradite the fourth and last batch of Saudi detainees in Iraq.." [more]
Islamic Banking Growing at 35% [Jun 2]
"Islamic banking is growing at an annual rate of 35 percent worldwide with assets of Islamic financial institutions amounting to a staggering
$600 billion last year, Saleh Kamil, a prominent Saudi businessman and a pioneer in the field, announced yesterday.
Kamil, who is also
chairman of the General Council for Islamic Banks and Financial Institutions, was speaking at a seminar organized on the sidelines of the 33rd
annual conference of the governors of the Islamic Development Bank (IDB) Group.. ..Islamic banking, which started as experiments of
individuals like Prince Muhammad Al-Faisal and Kamil, has now become a full-blown industry recognized by international bankers and
economists. 'But its tremendous progress also carries a lot of challenges for those who work in the field,'.."
[more]
Prince Sultan Thanks Education Ministry for Winning WTO Award [Jun 2]
"The Kingdom has been awarded the UNWTO (Ulysses Special Jury Prize) by the World Trade Organization
(WTO) for its innovation in
Tourism Governance . 'This is a prestigious award we have received for the Education Scholastic Tourism Program (Smile) which we launched in
2005 in cooperation with the Ministry of Education,' Prince Sultan ibn
Salman, secretary general of the Supreme Commission For Tourism (SCT), told newsmen at a packed press conference at the SCT headquarters held here yesterday to celebrate the award which was given in in
Madrid on Wednesday. The prince formally presented the award to Education Minister Dr. Abdullah Saleh
Al-Obeid, whose ministry was
instrumental in implementing the program for 150,000 students during the past three years.."
[more]
Islamic Development Bank Slates $1.5 bln For Food [Jun 2]
"The Islamic Development Bank has earmarked $1.5 billion to the least developed Muslim countries to boost food security over five years,
Bahrain's Finance Minister said on Monday. 'The board of governors has approved the five-year programme to help reach food security in the
least developed member states,' Sheikh Ahmed bin Mohammed al-Khalifa said at the annual Islamic Development Bank governors' meeting in
Jeddah. Sheikh Ahmed chairs the governing committee. It was not immediately clear if the moneys would be loaned or donated.."
[more]
~~~~~~~~ [ Jun 1] ~~~~~~~~~
King Abdullah Discusses Regional Issues With Egyptian President [Jun 1]
"Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz held talks on key regional issues with Egyptian President Hosni Mubarak at
the royal palace in Jeddah today. The two leaders discussed international issues including developments in Palestine, Iraq and Lebanon. They
also reviewed ways of enhancing bilateral cooperation.. ..President Mubarak arrived in Jeddah earlier today for a brief visit to the Kingdom,
accompanied by a delegation that included Foreign Minister Ahmed Abul Gheit and Chief of General Intelligence Omar
Suleiman.." [more]
Dollar-Peg Is Sovereign Decision, Says Paulson [Jun 1]
"Finance Minister Dr. Ibrahim Al-Assaf said yesterday that Saudi Arabia has no plans to drop the riyal’s peg to the US dollar, adding the linkage
was serving the Kingdom’s interests well. 'We have no intention of dropping the peg or doing a revaluation,' the Saudi minister said during a
joint press conference with US Treasury Secretary Henry Paulson, who is on a three-nation Gulf tour. Paulson said the dollar-peg was a
sovereign decision by Saudi Arabia and other Gulf countries. 'The (future of the) link between these currencies and the dollar rests in the hands of
these governments,' the Saudi Press Agency quoted Paulson as saying.. ..Dollar-pegs in five of the six Gulf Cooperation Council countries direct their respective central banks to match US interest rate cuts. The peg also reduces purchasing power for goods denominated in other currencies.."
[more]
Saudi Jizan Oil Refinery Hits New Delay [Jun 1]
"Saudi Arabia has for a third time delayed a tender for bids for a 200,000 barrels-per-day oil refinery in the southern province of
Jizan, al-Watan
newspaper reported on Sunday. 'We were informed of the delay on Thursday and we are awaiting more clarifications,'..
..Spiralling costs have
cast doubt over the viability of new oil refineries worldwide and industry observers have been sceptical over the Jizan plan as it is a long distance
from crude production facilities. U.S. Bechtel and Foster Wheeler (FWLT.O: Quote, Profile, Research), France's Technip
(TECF.PA: Quote,
Profile, Research) and Italian Snamprogetti are among foreign companies that have set up consortiums with Saudi firms such as Tasnee 2060.SE
to bid for the project.." [more]
Saudi Arabia Likely to Import Wheat [Jun 1]
"Saudi Arabia, currently self-sufficient in wheat, is likely to start importing the grain in the third quarter of 2008 to tame high domestic prices
and boost stocks, traders said on Sunday. The government said in January it will start reducing purchases of wheat from local farmers by 12.5
per cent per year from this year, abandoning a 30-year programme to grow wheat that achieved self-sufficiency but depleted the desert
kingdom's scarce water supplies. Riyadh's plan was to start importing wheat in the spring of 2009 and move to 100 per cent reliance on foreign
purchases by 2015.." [more]
Plight of Women Gets Deserved Attention [Jun 1]
"Recent national initiatives increased public awareness among women and addressed misconceptions that lead to regulatory discrimination
against Saudi women. The media is also keeping pressure on by exposing violations and outmoded attitudes about women. There is a genuine
effort by all to keep the public informed about social concerns and government directives that are influencing change and reinforcing reforms..
..These efforts to raise awareness and the extensive campaign to enlighten women about their rights must continue in order to provide every
woman with an opportunity to live in dignity. Many women remain resistant to change out of fear of the unknown or distorted views of their
culture and faith. It is the duty of every sociologist, government official or employee and every educated citizen, man or woman, to improve the
welfare of our sisters, mothers and daughters. We have a responsibility to help our society evolve and recognize the need to support women.."
[more]
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