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~~~~~~~~ [
Jun 13] ~~~~~~~~~
Saudi
Arabia's Naimi Says Meeting to Stabilize Market [Jun 13]
"Saudi Arabian Oil Minister Ali al- Naimi said a summit of oil
producers, consumers and companies this month will stabilize oil prices
'unjustified' by supply and demand fundamentals. Saudi Arabia, the
world's top exporter, has invited nations including the U.S., the U.K.,
China, Germany, India and Japan to the June 22 meeting in the coastal
city of Jeddah, al-Naimi said in statement published today by the Saudi
Press Agency. OPEC members and other producers including Russia will
attend.. ..Saudi Arabia proposed a summit between producers and
consumers after prices more than doubled in a year to reach a record
$139.12 a barrel on June 12. The country is likely to propose asizable
increase in oil production at the meeting, the Middle East Economic
Survey reported today, without saying where it go the information .
Current oil prices threaten the global economy.." [more]
Saudi Women
Vie for Olympic Rights [Jun 13]
"..Saudi Arabia is one of the few countries that does not allow
women to take part in the Olympics, or any other major sporting event..
..Sport is banned at girls state schools. There is no federation that
organises women's sport and few stadia that are open to them. However,
there are pioneers. 'We we are not official or approved of,' says Danaya
al-Maeena co-founder of Jeddah United basketball team. 'It is a
challenge and it is the beginning of something that we really believe
in.'.. ..The women of Jeddah United exemplify how reform is slowly
coming - led young people who want the country to modernise in a way
consistent with the teachings of Islam. 'We are not asking for something
against our culture or our religion,'.. ..The most senior Saudi clerics
do not seem to agree. In March the Grand Mufti ordered a Riyadh
university to cancel a women's marathon. Religious leaders banned a
football match last year. But things are changing.." [more]
Saudis Plan
to Develop Agriculture Projects in Turkey [Jun 13]
"Saudi Arabia has unveiled its plan to develop large-scale
agricultural projects in Turkey together with four other countries at a
time when the Finance Minister invited Arab countries to increase their
investments in the country. The first answer to Turkey's call for Arab
countries to grow crops in Turkey in order to form strategic crop
reserves came from Saudi Arabia. Saudi Arabia unveiled its plans to
develop large-scale overseas agricultural projects to secure food
supplies and revealed that they were in discussions with Turkey,
Ukraine, Pakistan, Sudan, and Egypt according to a report published in
the Financial Times on Friday. 'The Saudi government plans to set up
projects of at least 100,000 hectares in several countries to grow crops
such as wheat, corn, rice, soybeans and alfalfa, a feed for livestock,'
Abdullah al-Obaid, the Saudi Arabian deputy agriculture minister was
quoted.." [more]
Monetary
Union Deal Finalised: Al Suwaidi [Jun 13]
"Gulf central bankers 'more or less' finalised a monetary union
deal this week that will be presented to finance ministers in September,
the UAE central bank governor said yesterday. The draft agreement that
will pave the way for Saudi Arabia and four of its neighbours to launch
a single currency is 'more or less final, except for some typing
errors', Sultan Nasser Al Suwaidi told reporters in Dubai.. ..Central bankers
and finance ministers would hold a joint meeting in Jeddah, Saudi
Arabia, in September, to take a final look at the deal, Al Suwaidi said.
Gulf rulers are expected to sign the agreement at their meeting in
November, Salim Al Gudhea, head of the monetary union unit at the GCC
Secretariat, said this week.." [more]
Saudi Crude
Sale to Asia Limited By Low Grades [Jun 13]
"Saudi Arabia may find itself unable to fully serve its crude oil
customers in Asia, the most important market for Middle East producers,
as refiners are reluctant to accept the grades being offered. Asian
refiners want increased supplies of the lighter grades of crude to
produce more expensive cleaner-burning fuels while Saudi Arabia is
offering more of the heavy, high-sulphur grades. Despite a surprise
announcement by Saudi Oil Minister Ali Naimi about three weeks ago that
the kingdom had ramped up output by 300,000 bpd or more than 3% from May
10, none of the additional barrels are likely to have been loaded onto
tankers bound for Asia.. ..Saudi Aramco is Asia’s top crude supplier
and, like Iran and Kuwait, sells its cargoes only under term contracts.
Refiners, however, aren’t keen to buy more of the high-sulphur or
“sour” cargoes that make up the bulk of output from these producers,
due to poor margins for fuel oil and heavy products.." [more]
Best Western
Building 25 Hotels in Gulf States [Jun 13]
"Best Western, an international hotel chain, has announced that it
is currently developing as many as 25 hotels in Gulf Cooperation (GC)
countries which will lead it to become the most extensive hotel chain in
the Middle East within 2011.. ..'The economies of the Middle East are in
the midst of a phenomenal growth phase which is fully supported by their
governments and which involves a particular emphasis on tourism
development, an area where they have considerable resources and
potential,' said Glenn de Souza, vice president, International
Operations Asia, Best Western International. 'Acting on these strong
signals, the hospitality sector is expanding accordingly,' he added,Best
Western’s primary focus will initially fall on the UAE, Kuwait, Saudi
Arabia, Bahrain, Oman and Qatar.." [more]
New AP Bureau
Set to Widen Coverage [Jun 13]
"In a move to boost its regional presence and ensure wider coverage
of the Kingdom, The Associated Press has opened a multimedia news bureau
in Riyadh and appointed veteran Middle East correspondent Donna Abu-Nasr
as bureau chief. Kathleen Carroll, senior vice president and executive
editor, arrived here from New York to attend the opening ceremony. 'We
are absolutely delighted to be here,' said Carroll. 'AP has fulfilled
all necessary regulatory provisions to open its bureau and we thank the
local Saudi government agencies for extending all necessary support.' AP
has 243 bureaus in 97 countries around the world. The reception to mark
the bureau’s opening was attended by a number of Saudi officials,
royal family members, Shoura Council members, local diplomats, PR
executives and a number of local newsmen.." [more]
World Begins
to Back OPEC’s Contention [Jun 13]
"With Morgan Stanley and Goldman Sachs projecting the next oil
price spike just round the corner, Riyadh was almost forced into action
— announcing to hold a consumer-producer summit and inviting all the
stakeholders to the moot. Every one needs to be on board! It’s been
too long that the onus to prove innocence has been on the accused —
the OPEC. In convening the producer-consumer summit and by inviting all
the stakeholders, Saudi Arabia has underlined once again that producers
cannot tame the Bull. It is beyond them. Market fundamentals are no more
in control and others need to put in their weight rather than pointing
fingers. The move was made as panic set in with oil prices posting their
biggest ever one-day surge last Friday, leaping more than $10 to a
record high above $139 a barrel. And for a change, the G8 energy
ministers, meeting the next day also looked inward, touting the need for
domestic efficiency rather than piling pressure on ‘poor’ OPEC to
pump more crude.." [more]
~~~~~~~~ [
Jun 12] ~~~~~~~~~
OPEC
President Rules Out Oil Output Increase at Saudi Summit [Jun 12]
"OPEC President Chakib Khelil said the oil-producer group won't
raise output at a summit with consuming nations in Saudi Arabia later
this month. 'Supply is more than enough, there won't be a change,''
Khelil said in an interview today in Algiers. OPEC won't consider any
change to its output target before its next scheduled meeting in
September, he said. Record oil prices can be pinned on Israel's threat
to attack Iran if the Islamic Republic continues its nuclear-
development program, as well as the dollar's weakness, according to
Khelil, who is also Algeria's oil minister. Saudi Arabia earlier this
week called a summit in Jeddah on June 22 to address soaring
prices.." [more]
Call to Arm
Saudi Religious Police During Operations [Jun 12]
"The younger Saudi generations are developing a hatred towards the
religious police, warned an official. 'I am afraid of a new generation
that is in the making in the kingdom, who despises the commission
members and their activities,' said Shaikh Ebrahim Al Gaith.. ..Al Gaith
attributed this mainly to the aberrations made by some of the commission
members as well as exaggerated reports in the media. He blamed the media
for projecting negative impression about the commission members and
their activities.. ..A recent study, which is related to upgrading the
commission, called for increasing the number of 'suitable security men'
accompanying commission members during their fieldwork, and allowing
them to carry arms.. ..'I am afraid of a new generation ... who despises
the commission members and their activities'.." [more]
Brown Will
Seek Lower Oil Prices at Meeting in Saudi Arabia [Jun 12]
"Prime Minister Gordon Brown said he will press oil producing
countries to increase supply at a meeting this month in Saudi Arabia as
he seeks to protect British consumers from rising energy prices and food
costs. 'Every single government is now under pressure because of energy
and food prices,'' Brown said today at a press conference in London.
'People's standard of living has been affected by this. That's why the
dialogue with oil producers is essential.'' The Organization of
Petroleum Exporting countries said yesterday that it wants a 'solution'
to record oil prices and an examination of the role of speculators in
financial markets when delegates from oil consuming and producing
countries meet on June 22 in Jeddah, Saudi Arabia.." [more]
30 Arab
Rights Groups Urge Riyadh to Free Blogger [Jun 12]
"..30 Arab groups from across the region have urged Saudi Arabia to
free Matrook Al Faleh, a Saudi human rights activist who was detained
last month for advocacy of constitutional reform. The groups also warned
that the health of Al Faleh, who went on hunger strike after his arrest
on May 19, might be deteriorating. Saudi officials have not commented on
the arrest. The rights groups said it came after Al Faleh publicly
criticised conditions in a prison where two other human rights activists
are serving jail terms.." [more]
US Firm to
Develop $2bn Project in KAEC [Jun 12]
"US-based Capri Capital Partners will develop a world class
mixed-use commercial and residential project in the Central Business
District of King Abdullah Economic City (KAEC) in Saudi Arabia. The $2
billion real estate development project will feature two luxury
full-service five-star hotels; a world-class convention/conference
centre and hotel; two Class-A office towers; an enclosed retail centre
and two residential condominium towers.. ..'Saudi Arabia is a critical
component of our international growth strategy and will serve as the
headquarters to Middle East and North Africa markets,' said Rehan Atiq,
vice chairman and co-chief executive officer of Capri Global Capital.
'The economic fundamentals of Saudi Arabia are as strong as any other
world class emerging market. We are delighted to enter the Kingdom
through this very prestigious opportunity.'.." [more]
~~~~~~~~ [
Jun 11] ~~~~~~~~~
Can Saudi
Arabia Bring Down Gas Prices? [Jun 11]
"What would it take to bring oil and gas prices down from the
record highs that have frustrated consumers for months? Well, let's
start with about another one million barrels of oil a day from Saudi
Arabia. The Middle Eastern kingdom — which, according to the
International Energy Agency, has the world's largest proven oil reserves
— hasn't announced such a large-scale production increase, but it
could happen, some say. 'I think they know it's in their best interest
to do whatever they can, psychologically, to bring the prices down,'
said Dan Flynn, an energy trader with Alaron Trading Corp. in Chicago..
..Saudi Arabia's information and culture minister, said Monday that the
country called for a meeting between oil-producing and
oil-consuming countries to discuss how to tackle surging oil prices.
Madani also said the kingdom was ready to provide oil companies and
countries 'with any additional oil they need.'.." [more]
US to Take
Part in Saudi Oil Meet: White House [Jun 11]
"The United States will participate in a meeting of oil producers
and consumers in Saudi Arabia later this month, a White House spokesman
said on Tuesday. 'As one of the world's largest producers and consumers,
we expect to participate,' said Tony Fratto of the meeting, planned for
June 22 in Jeddah. 'We'll be interested to see what is on the agenda. It
would be useful to address the need to open markets to investment that
would result in greater efficiency and higher production,' he said..
..The benchmark price for crude oil in New York surged to a record
139.12 dollar last Friday.." [more]
New Cities
Rise From Saudi Desert [Jun 11]
"King Abdullah of Saudi Arabia has a vision which if successful
could soon transform the Kingdom's economy and society. Six major
developments will be built across the Kingdom over the next 15 years,
the centrepiece being King Abdullah Economic City, 100km (62 miles)
north of Jeddah. The new city is rising from the sands of the Arabian
Desert and when complete it will stretch over 150 sq miles (388 sq
km). The developers say that by 2020 more than one million jobs will
have been created, in a city that will be home to two million people.
'This is on a scale unheard of before in the world,' said Fahd al-Rasheed
the CEO of Emaar, The Economic City, which is developing the site..
..During the last oil boom, vast sums of money were spent by the
government on projects that failed - Saudi Arabia famously tried to
'make the desert bloom' with water-intensive agriculture schemes. Now
the Kingdom is trying to invest more sensibly in the future to solve
several challenges.." [more]
Arab Rights
Groups Tell Saudi Government to Stop Abuses of Reformers [Jun 11]
"Leading Arab human rights groups have condemned the Saudi
government for human rights abuses and demand the oil-rich kingdom halt
attacks against pro-reform activists. In a statement the 30 groups from
across the region have urged Saudi Arabia to free Matrook al-Faleh, a
Saudi human rights activist who was detained last month for advocacy of
constitutional reform. The groups also warn that health of al-Faleh,
who went on hunger strike after his arrest on May 19, might be
deteriorating. Saudi officials have not commented on the arrest.."
[more]
Mideast
Fights to Contain Record Inflation [Jun 11]
"Gulf Arab states launched emergency efforts to control soaring
prices yesterday, while inflation in Egypt hit a 19-year peak as
spiralling costs for food and fuel threaten to damage economic growth
and stir discontent.. ..Record inflation poses huge challenges to the
Middle East as governments struggle to manage creaky or overstretched
economies and head off the discontent that has led to strikes and
protests in some parts of Europe. In the Gulf, inflation threatens to
damage rapid economic growth and derail plans to forge a currency
union.. ..Gulf states are hampered in their fight against inflation by
currency pegs to the ailing dollar, which have driven up import costs
and forced them to track US interest rate cuts even as their economies
boom. Inflation in Gulf oil-producing countries will probably rise to at
least 9% this year as rents and global commodity prices surge and
falling interest rates spur lending.." [more]
Oil
Conference in Jeddah on June 22 [Jun 11]
"Saudi Arabia will host a meeting of oil producers and consumers in
Jeddah on June 22 to discuss oil prices, OPEC Secretary General Abdullah
Al-Badri told Reuters yesterday. Al-Badri said he hoped producers and
consumers could take measures to curb oil market speculation. Al-Badri
appealed for calm in oil markets, saying the record price was unbearable
and did not reflect any shortage of supply. Oil producers and
consumers met less than two months ago in Rome, but failed to produce
any concrete measures to tame oil prices that have since surged $20 a
barrel. The Kingdom is the only member of the Organization of the
Petroleum Exporting Countries (OPEC) with the ability to boost output
quickly and significantly.." [more]
King to
Launch SR130bn Projects in Rabigh Today [Jun 11]
"Custodian of the Two Holy Mosques King Abdullah will lay the
foundation stone today for a number of educational, IT, electricity,
real estate and infrastructure projects worth SR130 billion ($34.6
billion) at King Abdullah Economic City (KAEC) in Rabigh.. ..Spread over
168 million square meters, the KAEC has six key components: Sea Port,
Industrial Zone, Central Business District (including the Financial District),
Resort District, Educational Zone and Residential Communities.. ..King
Abdullah will also open a number of strategic projects being carried out
by international companies in the Industrial Zone, including knowledge
industries, a smart city, a health care city and a technological center
of King Abdulaziz City for Science and Technology.." [more]
Stipend Not
Enough, say Saudis in America [Jun 11]
"Saudi students on foreign scholarships in the United Sates are
preparing to send a petition to King Abdullah, Custodian of the Two Holy
Mosques, seek his directives to end their suffering due to increasing
cost of living. 'What could be worse than being an alien is starving for
daily needs,' Abdullah Al-Huzaimi, media representative of the Saudi
Forum in the USA, told Saudi Gazette in a telephone call. 'Many students
here have recently moved the US Food and Drug Administration to receive
monthly aid. The federal government has classified their salaries as
low-income and therefore they consider themselves eligible for monthly
subsidies,' Huzaimi added. 'The students are suffering because of the
high inflation in US and the diminishing value of the dollar. This has
led many students to enroll in the local aid programs,' he said.."
[more]
~~~~~~~~ [
Jun 10] ~~~~~~~~~
Gulf States
Condemn US Human Trafficking Report [Jun 10]
"The Arab countries of the Gulf have dismissed as unjustified and
political a recent US report which accused the rich countries of not
combating human trafficking. Foreign ministers of the Gulf Cooperation
Council (GCC), who met in Saudi Arabia on Monday, said the GCC 'deeply
regrets the wrong information on the GCC states contained in a US State
Department report for 2008 on human trafficking,' SPA state news agency
reported on Tuesday.. ..In a report issued last week, the US State
Department kept Kuwait, Oman, Qatar and Saudi Arabia on a blacklist of
countries it says traffic in people, while it applauded progress made by
Bahrain and the UAE.." [more]
Current Oil
Prices Are Unjustifiable: Cabinet [Jun 10]
"Saudi Arabia yesterday called for an urgent meeting of oil
producing and consuming countries to discuss what it called the
“unjustifiable rise in oil prices.” It also offered to coordinate
with the Organization of Petroleum Exporting Countries (OPEC) and other
major producers to ensure adequate supply in order to curb prices.
The decision to hold an oil conference was taken by the Council of
Ministers, chaired by Custodian of the Two Holy Mosques King Abdullah.
'Current oil prices are unjustifiable in terms of petroleum facts and
market fundamentals,' the Cabinet said.. ..'Saudi Arabia will coordinate
with the OPEC and other major producers to ensure adequate supply in
both the present and the future,' the Saudi Press Agency (SPA) quoted
the Cabinet as saying. 'The Kingdom will also work to prevent oil prices
from rising in an unjustified and abnormal manner, affecting the
international economy, especially the economies of developing
countries.'.." [more]
Saudi Arabia:
Politics Must Remain Outside Trade Talks [Jun 10]
"A Middle Eastern regional bloc has demanded that the European
Union stop including political issues in negotiations for a trade
agreement. 'The European Union includes political issues in the
negotiations, which is delaying a final signature,' said Abdel Rahman
al-Attiya, head of the Gulf Cooperation Council. 'They deem as
'strategic', their cooperation with Israel, and seek to impose that on
GCC countries that reject relations with that country, until a
comprehensive peace agreement is reached that ends military occupation
and includes the birth of a Palestinian state.'.. ..'Next September's
meeting will be the last one with the European Union: we either sign a
free-trade agreement or negotiations will cease,'.." [more]
Construction
Sector Growth Limited by Unreliability of Resources [Jun 10]
"As KSA accounts for over 25% of the GCC’s construction industry,
strategic partnerships are required to avoid disruptions and delays, say
leading experts. The Kingdom of Saudi Arabia is currently in the throes
of a massive construction boom with new projects springing up
continuously. According to MEED, the value of projects in the GCC
reached $1.9 trillion as of May, representing a 35% increase from 2007..
..This enormous growth in the Kingdom’s construction industry has
naturally put a tremendous strain on basic resources, mainly building
materials, equipment and labor. In turn, this demand has led to a sharp
increase in construction costs, which local analysts have noted is
costing contractors in Saudi Arabia an average of a 20% loss in
revenue on their projects.." [more]
Dutch Team
Here to Rebuild Ties [Jun 10]
"A Dutch parliamentary delegation is currently visiting the Kingdom
to rebuild bilateral relations after the 15-minute anti-Islam movie
‘Fitna’ was released recently. The Saudi government invited Dutch
parliamentarians to visit the Kingdom after the release of the
slanderous movie. The invitation was open to all members of parliament.
However, Wilders, the author and movie director, chose not to come. The
15-minute long film ‘Fitna’ misleads viewers about the true
teachings of Islam. It outraged Muslims worldwide who felt that their
religion was again targeted after the blasphemous cartoons of Prophet
Muhammad (peace be upon him) published in a Danish newspaper two years
ago. 'We truly understand how you were offended, but we were offended by
one individual and not by the country,' said Harh Jan Ormel, head of the
delegation.." [more]
Violence
Against Women Rises [Jun 10]
"Violence against women, children, housemaids and the elderly is
increasing, a study conducted by the Family Protection Society has
revealed. The study also showed that only 2 percent of violence cases
are reported and the remaining are considered “private matter” and
never come to light, Al-Madina reported on Monday. Dr. En’aam Al-Rabou’ee,
chairman of the Family Protection Society, noted in a scientific working
paper that tackling the phenomenon of increasing violence in society
requires professional competence. She said only 55 cases of teens
affected by violence were reported last year. She said most cases of
abusing children under the age group of 10-17 occur in the western,
eastern and the central regions of the Kingdom. She said psychological
abuse is widespread. In her working paper, Dr. Al-Rabou’ee said 91
percent of young children are victims of physical abuse.." [more]
GCC Agrees on
Monetary Union but Signals Delay in Common Currency [Jun 10]
"Gulf Arab central bankers agreed to create the nucleus of a joint
central bank next year in a major step forward for monetary union but
signaled that a new common currency would not be in circulation by an
agreed 2010 target. Confronting record-high inflation that threatens to
derail the project, central bank governors from the six-member Gulf
Cooperation Council (GCC) yesterday laid out a road map leading toward
common monetary institutions before 2010. 'This is a very big step
forward,' said Salim Al-Gudhea, head of the monetary union unit at the
GCC Secretariat General. The timetable calls for the central bank draft
proposal to be approved by finance ministers at a meeting in September
and for Gulf states to sign a final deal in November, Al-Gudhea
said.." [more]
Hijab Rule an
Obstacle for Saudi Students in France? [Jun 10]
"A Saudi student, who recently gained a scholarship to pursue
higher medical studies in France, has decided not to go as she has been
told that she would not be allowed to wear her hijab there.. ..According
to an official at the French Embassy, the law does not allow students to
wear hijabs in medical schools in France. 'This is only in
hospitals. They can do what they want outside,' he said, adding that the
rule is not directed at Muslims alone, but applies to people of all
faiths. 'You are not allowed to display any symbols of religion,' said
the official, adding that this is a law that cannot be changed and is
followed in some other countries.. ..A group of Saudi students in France
have complained to the Saudi Embassy in France. However, nothing has
happened and they have been advised that this is the law in
France.." [more]
~~~~~~~~ [
Jun 9] ~~~~~~~~~
Kingdom,
Spain Stress Alliance of Civilizations [Jun 9]
"The Kingdom of Saudi Arabia and Spain jointly appealed for
supporting the call for peaceful coexistence, and rejected the idea of
clash of civilizations in a statement issued here by the two countries,
Sunday. The joint statement issued at the end of the visit of Crown
Prince Sultan Bin Abdul Aziz.. ..The two sides agreed to work
together for understanding and interaction between the Arab world and
the Western world and welcomed the convention of the first forum of
Alliance of Civilizations in the Spanish capital at the beginning of
this year. They also expressed hope of reaching an agreement of a free
trade zone between them, as soon as possible. The two countries also
pledged to concentrate their efforts on the optimal utilization of their
potentials in commercial, industrial, investment, financial and economic
fields.." [more]
Crude Oil
Declines as Traders View $139 Record as Excessive [Jun 9]
"Crude oil fell in New York as traders viewed last week's
$139-a-barrel record as excessive and an opportunity to sell contracts.
Oil's $11.33 gain on June 6, its biggest-ever in dollar terms, was
described by Saudi Arabia's Oil Minister Ali al-Naimi as 'unjustified,''
the Saudi Press Agency reported yesterday. Crude also declined after
shipping documents indicated North Sea Brent exports will increase 8.6
percent next month.. ..The contract touched $139.12 on June 6, the
highest since it began trading in 1983, after the U.S. dollar fell to
the lowest in almost two weeks and as Morgan Stanley said prices may
reach $150 within a month.." [more]
Saudi Cuts
Steel Exports to Gulf Neighbors After Surge in Demand [Jun 9]
"Saudi Arabia has decided to curb steel exports to its Gulf
neighbors and other countries after a surge in demand created shortages
and gave rise to market manipulations, the Kingdom's newspapers reported
yesterday. The move came less than a week after the world's dominant oil
exporter decided to tighten its grip on cement exports following growing
complaints by contractors that traders are stacking supplies for exports
and more profits. Saudi Arabia is the one of the largest cement and
steel producers in the Middle East but like other Gulf oil producers, a
construction boom has sharply boosted domestic demand and created
shortages and market malpractices.." [more]
OPEC Sees No
Need to Pump More After Price Surge [Jun 9]
"OPEC members saw no need on Sunday to pump more oil in response to
last week's double-digit surge in oil prices to over $139 a barrel that
top exporter Saudi Arabia described as unjustified. More pain was coming
for consuming economies hurting from record fuel costs as prices were
likely to climb further, officials from the Organization of the
Petroleum Exporting Countries (OPEC) said.. ..Top oil exporter Saudi
Arabia is the only OPEC member with capacity to boost output quickly and
significantly. But Saudi Oil Minister Ali al-Naimi and his Pakistani
counterpart met on Sunday and agreed that the price rise was unjustified
and unrelated to market fundamentals.." [more]
Why Arabian
Gulf Countries Donate to US Universities [Jun 9]
"..They probably have a few reasons. They provide a louder
megaphone to people articulating their interests and shift the selection
and development of future Middle East experts toward their way of
thinking. Second, they want to be able to send students from their own
countries for training at these universities. Large donations help
facilitate that. Third, they are determined to build their own
world-class universities and these donations help secure expert advice
on how to do that. For example, Qatar has built an 'Education City' with
satellite campuses operated in Qatar by Cornell, Georgetown, and
Virginia Commonwealth. Saudi Arabia has committed $25 billion as an
endowment for their elite university. Investments in US universities
should help transfer the know-how to these new institutions.." [more]
~~~~~~~~ [
Jun 8] ~~~~~~~~~
New Forces
Fraying U.S.-Saudi Oil Ties [Jun 8]
"For decades, Saudi Arabia worked with its dominant customer, the
United States, to keep world oil markets stable and advance common
political goals. But the surging price of oil, which soared more than
$10 a barrel Friday to a record-high $138.54, has made it plain that
those days are over. New forces, including a weak dollar and an
oil-thirsty Asia, have blunted the United States' leverage and helped
sour the two countries' relationship.. ..The weakening of the economic
relationship comes when the vital U.S.-Saudi security relationship also
has been fraying.In the 1980s, the U.S.-Saudi bond that kept oil prices
low was credited with helping weaken the Soviet Union during the waning
days of the Cold War. And it helped keep markets stable after Iraq's
1990 invasion of Kuwait. But the Saudi government has been dismayed by
the consequences of the war in Iraq and by what it sees as a weak Bush
administration commitment to the Palestinians.." [more]
Saudi King
Abdullah Prepares Ground for Interfaith Meeting [Jun 8]
"Saudi Arabia's King Abdullah Bin Abdul Aziz has won backing from
Muslim clerics from around the world for an interfaith dialogue with
Christians and Jews, state media reported on Saturday. Some 500
religious scholars and academics gathered for a three-day conference in
Makkah, which ended on Friday, as the first step of a plan announced by
the Saudi king this year to create a dialogue with other faiths. The
king's call, which followed a meeting with Pope Benedict at the Vatican
last year, sparked much interest from Jewish and Christian groups around
the world.. ..Although the official religious establishment is on board
for the king's interfaith effort, many Wahhabi clerics remain opposed
even to talking to Shiites.." [more]
Saudi Banking
Enters an Era of Growth [Jun 8]
"Saudi Arabia's banking sector, with assets totalling $290bn, is
among the most profitable and efficient in the region and looks set to
expand much further. Following a brief slowdown, loan growth is on the
rebound as high government spending coupled with rising domestic demand
is leading to substantial increases across the industrial spectrum.
According to a study by EFG Hermes, the kingdom's banks are in the
process of shifting gear as corporate credit and investment banking
becomes the key focus area rather than consumer loans. This is expected
to be the trigger for a double-digit credit growth cycle for the banks.
Corporate credit is likely to be the key driver for banks.." [more]
Shoura
Council to Tackle Saudi Paternity Issues [Jun 8]
"The Shoura Council will discuss Sunday the social impact of family
relations, especially the issue of children sired by Saudi fathers to
non-Saudi mothers outside the country. Chairman of the Council’s
Social, Family and Youth Affairs Committee Dr. Talal Bakri said the
discussion was prompted by concern for some 1,000 children with
paternity cases facing delinquency problems and miserable economic
conditions.Bakri said the issue is now being addressed, thanks to the
concerted efforts of the Committee, the Saudi Foreign Ministry and
numerous other concerned parties. A movement was launched last year to
address the paternity cases, which included the conduct of DNA tests to
prove fatherhood. Countries where most of the children with
paternity claims live include Egypt, Syria, Morocco, Yemen and
Jordan.." [more]
Kingdom Funds
5 New Health Centers in Pak Quake-Hit Areas [Jun 8]
"The Saudi Public Assistance for Pakistan Earthquake Victims (SPAPEV)
has contributed $1.8 million to the United Nations Children’s Fund
(UNICEF) in Pakistan to fund the construction of five new basic health
centers in districts affected by the earthquake of October 2005.“About
75 percent of health facilities were destroyed or significantly damaged
in this remote and inaccessible region. Even before the earthquake, the
health system was very weak,” says Martin Mogwanja, the UNICEF Country
Representative for Pakistan. 'Thanks to the generosity of the people and
government of Saudi Arabia, and the tireless efforts of Prince Naif Bin
Abdul Aziz, Interior Minister, thousands of children and their families
will be able to benefit from high quality health and nutrition
services,' a UNICEF press release issued said.." [more]
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