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~~~~~~~~ [ Jul 5] ~~~~~~~~~
Saudi King to Launch Inter-Faith Forum in Madrid [Jul 5]
" King Abdullah of Saudi Arabia, whose country is home to Islam's holiest shrines, will launch an inter-faith conference in Spain later this month, the
palace said Saturday. The Saudi monarch 'will inaugurate the international dialogue conference which will be held under his auspices in Madrid on July 16-18,' a statement carried by the official SPA news agency said. The agency said the king had left for Morocco on a private visit ahead of the conference
due to be attended by Christians, Jews and Muslims.. ..The conference will 'discuss cooperation between communities from different religions and cultures over common human values,' the league's secretary general Abdullah
al-Turki said. Leading Islamic scholars meeting in the holy city of Mecca
in early June also proposed creating a centre to promote relations between religions. Despite such overtures, Saudi Arabia remains the only Arab Muslim
country to ban all non-Islamic religious practices on its soil.." [more]
Saudi Minister: Politics Limiting Future Oil [Jul 5]
"The world has as much as five trillion to seven trillion barrels of oil yet to be developed, located in “challenging” areas or acreage closed to exploration,
Saudi Arabian Oil Minister Ali al-Naimi said. 'The limits to future supplies have more to do with politics than with geology and resource availability,'.. ..Concern over supply could be overcome by allowing 'explorers to explore and find hydrocarbons where they aren't allowed,' he said. Oil prices have
doubled in the past year, touching a record US$145.85 a barrel yesterday on concern that conflict with Iran over its nuclear programme would cut
Persian Gulf supplies. Iran is the second largest member of the Organisation of Petroleum Exporting Countries
(Opec).." [more]
Saudi Arabia Gets its First Film Club [Jul 5]
" Saudi Arabia's first film club was founded in the eastern city of
Dammam. The club was created as a joint initiative of the Saudi Arts and Cultural
Society and Dammam Literary Club. Main objective of the club, according to its founders yesterday, is to take care of the affairs concerning those
working in the film industry.. ..Formation of the new club, the first of its kind in the kingdom, was regarded as a by-product of the ongoing cultural
partnership between the Saudi Arts and Cultural Society and Dammam Literary Club. The credit for holding the first annual Saudi Film Competition
goes to the society and the literary club. The five-day event, which enjoyed official patronage and funding, drew a huge crowd of viewers, including a
considerable number of women last month.." [more]
Saudis Happiest of all Arabs: Survey [Jul 5]
"Saudis are the happiest people of all Arabs and rank 26th among the happiest people in the world, according to a study released recently by the World
Values Survey, a global network of social scientists based at the University of Michigan. The yardstick of happiness according to the study was the
contentment of a people with their living standard. The participants were asked questions such as if they were very happy, happy or not at all happy,
Asharq Al-Awsat reported yesterday. The study ranked the Danes first among the people from 97 countries while Zimbabwe came at the bottom. The United States got 16th position and Guatemala came 17th.. ..The study contradicted the notion that people with high per capita income are invariably
the happiest in the world. The survey also exploded the myth that freedom and sense of peace and security are the determining factors in making one
happy.." [more]
Stock Market Turnover Falls to SR35.62bn [Jul 5]
"The Saudi stock market fluctuated last week and closed 1.19 percent lower at 9,467.68 points from 9,581.34 points previous week. Confusion regarding
the performance of firms in the second quarter of the year was the major factor behind violent fluctuations. The TASI is currently 14.2 percent lower than the year’s start. According to the weekly report of the Riyadh-based Bakheet Investment Group (BIG), last week’s fluctuation of prices was
attributed by the report to 'the varying view of investors as to the financial outlook of listed companies and the influence of rumors about the expected
performance of firms' in the first six months of the year.." [more]
~~~~~~~ [ Jul 4] ~~~~~~~~~
Intel to Open WiMAX Lab in Saudi Arabia [Jul 4]
" Intel CorporationIntel CorporationIntel Corporation Middle East and the King Abdulaziz City for Science and Technology
(KACST)King Abdulaziz
City for Science and Technology (KACST)King Abdulaziz City for Science and Technology in Saudi Arabia have announced an agreement to launch a
research and development facility. The facility will be hosted by KACST in Riyadh and will be a development hub for the Middle East, Gulf, Turkey and
Africa. According to KACST, R&D efforts will focus on networking deployment of
WiMAX, and will offer services to telecom operators and systems
integrators. The facility also will conduct limited interoperability testing for equipment, as well as performance studies and experiments for new services.Intel Chairman Craig Barrett said "research and development are the basis for future success and WiMAX is especially important in developing markets
where wire-line technology is limited due to the lack of infrastructure. We are confident that this lab will provide an excellent platform for Arab scientists
and scholars to be innovative in the field of telecommunications and in particular in the WiMAX and networking arena.."
[move]
Masry is First Candidate Born in Saudi Arabia [Jul 4]
"She teaches American government and democracy, but was born in Mecca and educated in Cairo. She opposed the war in Iraq, yet her son served as an
Army sergeant there for about 18 months and was threatened by Iraqi insurgents. She’s running for political office in a district that does not necessarily
agree with her opposition to the war. Meet Ferial Masry — high school teacher, mother of a soldier, ambassador for a region halfway around the world
and the Democratic nominee for the state’s 37th Assembly District. While Barack Obama is the first African-American presidential candidate from a major party, Masry hopes to be the first Saudi Arabian-American to be elected to office in the Nov. 4 general election.."
[more]
Saudi Prince Warns Against Misuse of Media Tools [Jul 4]
"Prince Turki Al Faisal, chairman of the board of directors of the King Faisal Centre for Research and Islamic Studies, has warned against the misuse of
modern media and communication tools to mislead the youth. Inaugurating the First Forum of Communications and Media organised by the
International Association of Public Relations here on Wednesday evening, he stressed the need for optimum use of the media in the service of the religion
of Islam as well as for the benefit of humanity.. ..He expressed satisfaction over the success of the Saudi security forces in foiling attempts by terror cells in
this aspect to a great extent. 'Saudi Arabia is marching forward in taking Shariah as the basis to govern, to bring forth remarkable growth and
development for the country, and realise the prosperity and welfare of its people. Islam calls for collective work, openness, tolerance and communication
with others,'.." [more]
Critics Question Ambitious Saudi Cities Plan [Jul 4]
"The foundations are being laid and the building of four highly ambitious new cities in Saudi Arabia is under way, with the first, the King Abdullah
Economic City, hoping to welcome residents at the end of this year. But as the multibillion -dollar mega-projects inch forward, questions are increasingly
being raised about the viability of their concept, amid rising costs and queries about whether the cities will attract the required private sector investment -
foreign and domestic - and the human resources needed to meet their heady goals.. ..Most observers expect the flagship King Abdullah city to be a
success as it bears the king's name. Concerns surround the feasibility of the others, particularly Hail due to its remote location. Mr Dabbagh
acknowledges that the cost of construction for the developers and private sector has risen at least 15 per cent, as a region-wide building boom has caused
prices to rocket.." [more]
Saudi Aramco and Dow to Build $26b Chemical Plant in Kingdom [Jul 4]
"Saudi Aramco and Dow Chemical plan to spend $26 billion on building a petrochemicals complex in Saudi Arabia, said a banker with knowledge of the
deal. Saudi Aramco and Dow, the biggest US chemical producer, will begin issuing bonds and loans next year to finance the project.. ..Aramco formed
the joint venture with Dow last year to build a network of factories with the capacity to produce as much as eight million tonnes of chemicals a year,
using raw materials from nearby oil and natural gas plants to cut costs. The country's oil ministry said yesterday that it plans to spend $250 billion on oil,
gas, power and water production through 2012. The companies are equal partners in the Ras Tanura project.."
[more]
Al-Qaeda Threat is Serious: Al-Asheikh [Jul 4]
"The grand mufti of Saudi Arabia yesterday urged citizens and residents to take the
Al-Qaeda threat seriously and join hands with the Kingdom’s security
forces in defeating the group. “The finding of weapons and dangerous explosives to carry out subversive acts and destroy economic installations... should
not be taken lightly,” said Sheikh Abdul Aziz Al-Asheikh. The statement follows news last week of the arrest of 701
Al-Qaeda militants in the last six
months for allegedly plotting to carry out terrorist attacks on oil facilities and other vital installations.
Al-Asheikh called on young Saudis not to be enticed by militants. He further demanded coordinated action from Saudis and residents to uncover members of the group.."
[more]
UNESCO to List Madain Saleh as World Heritage Site [Jul 4]
"Saudi Arabia will see Madain Saleh inscribed into the UN’s list of important cultural sites during the 32nd Session of the World Heritage Committee
meeting, which started on Wednesday and continues through July 10, in Quebec, according to Prince Sultan bin
Salman, the secretary-general of the General Commission for Tourism and Antiquities.. ..The potential of raising Madain Salaeh’s profile is of particular importance to the General
Commission for Tourism and Antiquities, which has in recent years increased its efforts to promote Saudi Arabia as a tourism destination, especially for
domestic travelers as well as religious pilgrims and visitors from neighboring countries who share the Kingdom’s traditions and values.."
[more]
High Oil Prices Worry Riyadh [Jul 4]
"The World Petroleum Congress wrapped up yesterday in the shadow of record crude prices, with concern growing about a third oil shock but with little
consensus about what to do about it. After four days of meetings between the leading political and corporate energy bosses here, divisions between consumer and producer countries on what or who is to blame for the high oil prices appeared to sharpen. Saudi Arabia, the world’s leading oil exporter,
expressed concern yesterday about new records for benchmark crude of over $146 a barrel and again said it was committed to dialogue between consumers and producers. Those discussions show no sign of finding a solution to market tension, however, with both sides citing different reasons:
consumers are clamoring for higher supplies while producers blame financial speculators and the falling dollar.."
[more]
~~~~~~~~ [ Jul 3] ~~~~~~~~~
Saudi Oil Minister Suggests No New Production Hikes Planned Soon [Jul 3]
"As supply fears helped set a new price record, Saudi Arabia's oil minister said Thursday that OPEC's dominant producer had no
immediate plans to boost crude output because there was no need to do so. But Minister Ali Naimi said he was "concerned about
the (price) level" and suggested Saudi Arabia is ready to raise production if the kingdom perceives that basics had changed, with
supply no longer meeting demand. For now, 'all our buyers are satisfied and happy,' he told reporters on the fringes of the 19th
World Petroleum Congress and against a backdrop of soaring oil prices that hit a trading record above US$145 a barrel. But he
suggested it was ready to put more oil on the market 'if there is a buyer.'.."
[more]
Iran Detains Saudi Fishing Boats Near Nuclear Plant [Jul 3]
"Iran said on Thursday that it has seized four Saudi fishing vessels crewed by Indian nationals in territorial waters near its first
nuclear power plant, the Fars news agency reported. 'The Bushehr marine police seized four foreign fishing vessels for violating
territorial waters and illegal fishing,'.. ..He said the boats were seized around 30 nautical miles (55
kilometres) from the Bushehr
nuclear plant, which is being completed by a Russian firm and is due to go online later this year. The Islamic republic takes serious action against any illegal entry into its territorial waters. In June 2007 Iran arrested the crew of three Emirati boats it had
seized for illegal entry and fishing in its territorial waters in the Gulf. In March 2007, Iranian naval forces seized 15 British sailors
and marines in the Gulf.." [more]
Saudi Index Leads Gulf Marts Higher [Jul 3]
"Shares in Saudi Arabia, the Gulf’s largest market, led five out of seven regional bourses higher yesterday as investors continued to
buy ahead of second quarter results.. ..Saudi shares rose 0.9% to 9467.68 at close, led by Saudi Basic Industries Corp
(Sabic), up
1.2% to 143 riyals, Saudi Telecom, up 1.6% to 61.75 riyals, and Saudi Electricity, up 2% to 12.25 riyals. Earnings expectations are
driving the markets, said an analyst. 'The buoyant outlook for earnings growth over the next few years underpins our positive
view on Saudi Arabia over the second quarter 2008 and 2009,' said EFG Hermes in a Tuesday report on the kingdom.
'The subsequently positive retail investor sentiment will likely drive a recovery rally in the near term,'.."
[more]
Young Saudis Say Websites Lured Them Into Extremism [Jul 3]
"Former extremists said during a Saudi television programme on Tuesday night that they were lured into extremism by those
spreading false ideologies through websites. 'The easiest way to enter paradise is to take part in Jihad and you may get a golden
opportunity for this through joining us,' was the core message of most of these sites, they said while taking part in a programme
called Our Worries broadcast by Saudi television. The presenter of the programme said the number of websites spreading extremist ideas was no more than 12 during 1998.. ..Participating in the programme former extremists and detainees said that free
time was the major factor that led young men and women to browse the internet.."
[more]
Shoura Council OKs Mortgage Law [Jul 3]
"Saudi Arabia will soon have a full-fledged mortgage law as the consultative Shoura Council has passed the long-awaited law
after completing debate on its four components.. ..The draft law, which has to be approved by the Council of Ministers, will allow
more Saudis to own property and banks to diversify income sources by providing loans to build real estate projects. The four
components of the law are: real estate financing system, system to monitor financing companies, lease financing system and real estate mortgage system.. ..He emphasized the importance of the law for the Kingdom’s economy and citizens. The law is designed
to allow much wider access to property ownership in a country where only one out of five Saudis owns a home.."
[more]
US Must Stop Harassing OPEC, says Al-Badri [Jul 3]
"The United States must stop harassing OPEC members, the organization’s Secretary-General Abdallah
Al-Badri said in an
interview published yesterday. 'As the world’s major power, I want them to stop harassing OPEC countries,' he told the Spanish
newspaper El Pais, when asked about a move by the US Congress to allow the Justice Department to sue OPEC members for
conspiring to restrict supplies or drive up prices.. ..The soaring price of oil is not due to 'the myth' of the lack of supplies as Western
countries have said, but to speculation sparked by the subprime lending crisis in the United States, he said. 'In reality, it’s all quite
simple to explain: the subprime crisis last summer in the United States had a bad effect on stock markets. Investors are looking for
other (financial) products and commodities have become the most attractive for speculation,' he said.."
[more]
~~~~~~~~ [ Jul 2] ~~~~~~~~~
Sumitomo to Join Saudi Arabia in Power, Water Project [Jul 2]
"Sumitomo Corp., Japan's third-largest trading company, will join a $6 billion project in Saudi Arabia to construct a power-generation and water-desalination facility. The Saudi Arabian government will own 40 percent of the venture while Sumitomo,
Kuala Lumpur-based Malakoff Bhd. and Al- Jomaih Automotive Co. may each hold 20 percent, Michihiko
Kanegae, deputy
general manager at the company's power and social infrastructure division, told reporters today. Middle Eastern countries
including Saudi Arabia are developing water and electricity projects because of an expanding population and faster economic growth spurred by record oil prices. Sumitomo aims to more than double its power- generating capacity to 6,300 megawatts by
March 2011..." [more]
Saudi Foreign Reserves to Hit $595b in 3 yrs [Jul 2]
"The Chief Economist at EFG-Hermes Holding SAE said that Saudi Arabia's foreign reserves will increase 65 percent to $595
billion by the end of 2010 on record fiscal surpluses, Gulf News reported. She added that the Kingdom's fiscal surplus will peak at
23.5 percent of gross domestic product in 2008, and hold above 15 percent of gross domestic product (GDP) in 2009 and 2010.
It was projected that net foreign assets will increase to 93.7 percent of GDP by the end of this year and 109.7 percent of GDP by
the end of 2010.." [more]
Women Terrorists Abandon Extremism After Counselling [Jul 2]
"An official source at the Ministry of Interior announced that Saudi Arabia was not holding any women terrorists in its prisons.
'All those women who were detained for their extremist links have been released. All of them abandoned their deviant ideologies,
thanks to the counselling programmes, organised by the authorities,'.. ..The source said that the counselling
programmes, held at
the women's homes in the presence of their family members, were a resounding success.. ..Among the women who repented for
having extremist ideologies and returned to normal life was Ummu Osama, who was once the leader of Al Qaida women's wing
in the kingdom. Saudi Television also carried a detailed story of Ummu Osama's harrowing experience with the terror cell.."
[more]
Saudis Gear Up to Spend Holidays Abroad as Inward Tourism Suffers [Jul 2]
"As the summer vacation approaches, a large number of Saudi families are gearing up to spend their holidays at various overseas
destinations. Some 3.5 million Saudi tourists are expected to spend about 35 billion Saudi riyals in the current year. Speaking to
reporters here yesterday, Mohaideb Al Moheidab, chairman of the committee for travel and tourism offices at the Riyadh
Chamber of Commerce and Industry, said that spending of Saudi families on tourism is three times higher than that of European tourists. 'A major chunk of Saudi spending is on foreign tourism. Of the expected spending of 35 billion riyals this year, domestic
tourism is expected to fetch only 16 per cent,'.." [more]
Pirates Stealing Jobs From Saudis [Jul 2]
"Software piracy is not only harming the companies involved, it is also depriving Saudis of over a thousand jobs every year,
according to a study done by an international market research company. Software developers sustain over SR500 million losses
every year.. ..Software producing companies lose $170 million every year in Saudi Arabia, a number that is likely to increase by
$5 million due to the number of PC users growing by 16 percent every year. The Saudi software market, despite being $4 billion
strong, has only 10 Saudi companies with only three registered as members in the
BSA. Foreign companies, well established
across the globe, carry on easily and make huge money despite piracy losses due to their heavy market share in the growing
Saudi software industry which is expected to be $7 billion strong within the next three years. The real losers are smaller Saudi
companies.." [more]
~~~~~~~~ [ Jul 1] ~~~~~~~~~
Saudi King Urges Consumers to Get Used to High Oil Prices [Jul 1]
"King Abdullah of Saudi Arabia, whose nation is the world's number one oil exporter, called on consumer countries to get used to
high prices in comments published on Tuesday. 'Consumer countries have to adapt to the prices and the mechanisms of the
market,'.. ..'We have nothing to do with the current sharp increase in crude prices,' he said reiterating the Saudi position that speculation, rising demand and the taxation of oil products in consumer countries were to blame. 'These countries must reduce
their taxes on fuel.. if they want to contribute to easing the burden on ordinary consumers,'.."
[more]
Saudi Oil Project Brings Skepticism to the Surface [Jul 1]
"For mile after mile, there is nothing but flat and unrelenting sand on every side, with a few black camels wandering in the desert
glare. Then, suddenly, it rises into view, like some vast industrial mirage. The Khurais oil field’s processing plant resembles
nothing so much as an oversize Erector Set, its unlikely vertical tubes and steel scaffolding gleaming in the sun. But this remote
patch of desert could hold the key to the soaring price of gasoline around the world.
Khurais, about 90 miles east of Riyadh, the
Saudi capital, is one of the planet’s last giant oil fields. The Saudis say that it holds 27 billion barrels of oil — more oil than all the
proven reserves of the United States .. ..Some oil traders and analysts doubt that.."
[more]
US Charges Saudi Man Over USS Cole Bombing [Jul 1]
"Almost eight years after American Navy destroyer the USS Cole was bombed in Yemen, the Pentagon has charged a Saudi
Arabian man over the attack which killed 17 American sailors. The Pentagon has charged a Saudi man, Abdel al Rahim
al-Nashiri, with murder and terrorism and it is seeking the death penalty. He has been held at the Guantanamo Bay military prison
in Cuba since 2006.. ..A senior Pentagon official will decide if the charges should proceed.."
[more]
Stop Retaining Passports, Saudi Study Recommends [Jul 1]
"A study, conducted by Saudi Arabia's human rights panel, has recommended scrapping the much-debated sponsorship system.In the report presented to King Abdullah Bin Abdul Aziz and the Ministries of Interior and
Labour, the National Human Rights
Society (NHRS) has sought to redefine the relationship between foreign workers and Saudi employers, which is 'not reasonable'..
..In the study, the society called for banning employers from keeping the passports of the foreign workers. 'It also called for
cancelling the regulation in the current sponsorship system that employees
shall get permission of their employers to bring their families, perform Haj pilgrimage, marry, or visit their relatives living in other regions of the kingdom,'.."
[more]
Japan Suggests Institute for Saudis [Jul 1]
"The Jeddah Chamber of Commerce and Industry yesterday welcomed a suggestion from a visiting Japanese delegation of
establishing a high institute for providing vocational training in electronics and home appliances to young Saudis.. ..we have
come up with a suggestion to start a high institute for providing training in electronics and home appliances here,' he added.The visit is a follow-up of an agreement signed during the Saudi Japanese Business Council meeting held in Riyadh in January. 'We also understand that human resource is on top of the agenda of the Kingdom’s chambers of commerce and
ndustry,' Nakamura said. Asked whether the high institute suggested is like the Saudi Japanese Automobile High Institute, which in the
past few years has been training hundreds of Saudis in Jeddah, Japanese Consul General Toshimitsu Ishigure said: 'It is something
like that, but the idea is to establish a high institute in Riyadh and its branch in Jeddah to cover the field of technologies related to
electronics and home appliances.'.." [more]
Saudi Arabia: Muslim Scholars’ Conference Aims for Islamic Unity [Jul 1]
"Informed sources in the General Secretariat of the Organization of the Islamic Conference (OIC) revealed to Asharq
Al-Awsat that
there is an impending conference planned to be held in the near future that will bring together Muslim scholars from various
sects. The objective of the conference will be to confront the factors that cause divisions and disunity in religion, including
ignorance, ethnic intolerance and extremism and the exploitation of sectarian conflicts as a means to achieve political goals.. ..The timing of the conference is critical as it coincides with a number of political conflicts in the region, most notably in the Lebanese
and Iraqi arenas.." [more]
~~~~~~~~ [ Jun 30] ~~~~~~~~~
Three Years of Abdullah’s Ascension to Throne [Jun 30]
"King Abdullah, Custodian of the Two Holy Mosques, Monday witnesses the third anniversary of his ascension to the throne..
..During the three years as monarch King Abdullah excelled as a statesman and a leader with a vision.. ..According to
Al-Zolfah, the most important achievements in the recent years were the efforts to change the image of the Kingdom in the international
media. 'Encouraging women to involve in many aspects of the Saudi community, combating terrorism, his call for dialogue and
paving roads for political participation through municipal councils prove that King Abdullah is playing a major role to develop
Saudi Arabia,'.." [more]
Alarm Over Oil Prices as Experts Set to Meet [Jun 30]
"One of the most important events in the oil industry was opening last night in Madrid as concern over soaring oil prices was
mounting worldwide. The 19th World Petroleum Congress was expected to bring some 4,000 experts including the heads of Opec
and the International Energy Agency, energy ministers and representatives of top oil companies from about 60 countries to the
Spanish capital until Thursday. Yesterday’s schedule included an opening dinner, with the first plenary session planned for today.
The congress under the motto ‘A world in transition: delivering energy for sustainable growth’ was to discuss possible solutions to
high oil prices a week after a meeting of oil producers and consumers in the Saudi city of Jeddah failed to bring them down.
Oil prices have risen five-fold in six years, reaching a level which is hastening inflation, creating political turmoil and threatening
the global economy with a recessionary impact.." [more]
30,000 Saudi Graduates to Enter Labor Market by 2015 [Jun 30]
"Skilled talent in the labor market is set to dynamically change as 30,000 Saudis are expected to graduate from prominent
universities around the world by 2015. The Ministry of Higher Education for Foreign Scholarships Affairs released the estimate
and said half of the students by then would complete their masters/post graduate studies while the other half would complete their
bachelors. Almost half of them are expected to work in the upcoming universities here and form 30 to 40 percent of the teaching
staff.. ..The Custodian of the Two Holy Mosques Program of Scholarships is now in its fourth phase and the ministry is all geared
up for new initiatives and measures. The initiatives have been divided into sub-phases with the first one focusing on scholarships
for students sent on various degree programs.." [more]
90% of Terror Suspects Were Saudis: Naif [Jun 30]
"Around 90 percent of people arrested by security forces in recent anti-terror sweeps across the Kingdom were Saudis plotting to
attack oil facilities and other vital economic installations, Interior Minister Prince Naif said in remarks published yesterday..
..Prince Naif’s comments came four days after the Interior Ministry announced the arrests of 701 suspected militants for plotting
to carry out attacks on vital Saudi installations. 'Some of the detainees were planning to stage terrorist attacks on oil fields and
installations,' said Maj. Gen. Mansour Al-Turki, the ministry’s spokesman. Prince Naif said there was no evidence to implicate any
foreign country for terrorist activities inside the Kingdom. However, he did not rule out a foreign role. 'We make statements based
on facts,' he said.." [more]
GCC Leaders Gather Today to Discuss Food Crisis [Jun 30]
"Food security, multimillion dollar agriculture projects and plans to ensure sufficient food supplies in the Kingdom and the Gulf
states will top the agenda of an important meeting of the agriculture ministers from the six-nation Gulf Cooperation Council
(GCC) tomorrow.. ..The ministers will also discuss launching of a regional office of Food & Agriculture Organization
(FAO) in one
of the Gulf states, which have renewed commitments to work with regional and international food organizations to deal with the new problems. Moreover, the meeting will finalize the formulation of a uniform regulation about the fishing boat operation in the
Gulf waters. This meeting is important keeping in view the fact the Gulf states have intensified efforts to ensure food security in
the region.." [more]
Editorial: Saudis Question Oil-for-Security Formula [Jun 30]
"Last week's oil conference in Saudi Arabia marked a turning point in U.S.-Saudi relations, raising doubts about whether the oil-for-security formula still guides this longtime alliance. With skyrocketing oil prices endangering U.S. economic stability, Saudi
Arabia refused to increase production beyond a token amount. Saudi and U.S. officials bickered about whether the current price
spike is because of market speculation or producers' greed. The brusque departure of U.S. Energy Secretary Samuel Bodman
from the conference underscored the growing frustrations on both sides.."
[more]
~~~~~~~~ [ Jun 29] ~~~~~~~~~
Saudis Pour Billions Into City of Knowledge on Holy Site [Jun 29]
"Saudi Arabia is pouring billions of dollars into Medina, burial place of the Prophet Mohammed and the cradle of Islam, to turn
the religion's second holiest site into a high-tech bastion. The so-called Knowledge Economic City
(KEC) is the fourth in a series of
projects launched by the oil powerhouse in December 2005 aimed at attracting foreign investment and bolstering development.
It is being promoted by the Saudi Arabian General Investment Authority (SAGIA) and financed by the private sector a few miles
from the centre of Medina and the Mosque of the Prophet, a top pilgrimage destination..
..KEC is the latest in a series of
mammoth development schemes in the kingdom, where the first project known as King Abdullah Economic City is being built at
Rabigh on the west coast. The KEC is being built around a special theme to promote knowledge and sciences with through
education, health and information technology. The history of Medina was one of the reasons it was chosen to host the new city.."
[more]
Saudi Electricity Eyes Sukuk [Jun 29]
"Utilities giant Saudi Electricity Co (SEC) is looking to sell sukuk in order to meet soaring demand for power in the kingdom and
cope with rocketing contracting costs. The firm, which raised 5 billion riyals from the sale of its first Islamic bond about a year
ago, will need to spend 26 billion riyals ($6.93 billion) on four planned power plants.. ..Islamic bonds do not pay interest, which is
banned as usury under Islamic law. Instead, sukuk issues offer investors a share of profits from approved investments. The sukuk
is structured to resemble a floating rate note. Only institutional and individual investors resident in Saudi Arabia and with bank
accounts in the kingdom were allowed to buy the five-year bonds.." [more]
Saudi Tourism Strategy Takes Shape [Jun 29]
"A multi-billion dollar strategy to develop tourism in Saudi Arabia has been approved by the Council of Ministers in a move that
could create a potential 15,000 new jobs and generate $650m worth of revenue within five years. Over a period of 20 years up to
60,000 jobs could be generated within an expanded tourism sector.. ..Plans for Saudi Arabia's first large-scale dedicated tourism
development to be located in the Gulf coast area of Al-Auqair, south of
Dammam, are already at an advanced stage. These could lead to $10bn of investment in the 100sqkm area which includes 15 kilometres of coastline.."
[more]
Saudi Arabia: Justice Ministry Delegation to Study US Judicial System [Jun 29]
"A delegation from Saudi Arabia's Ministry of Justice will soon dispatch to the United States to study the US experience with
judicial management. Saudi judicial management may adopt technology and training methods if the delegation deems the US
system compatible. The decision to send the delegation was made during a meeting between Dr Abdul Malik bin Ahmad Al
Sheikh, the senior adviser to the Saudi Justice Minister, and Erica
Barks-Ruggles, US deputy assistant secretary of state for democracy, human rights, and labor, who is currently visiting the Kingdom. They discussed cooperation prospects through
exchange of expertise of pre-litigation procedures, especially concerning training and technology. Al Sheikh told Asharq
Al-Awsat:
'We may benefit from the US experience in the field of judicial management and we may not.' He explained that the Saudi
delegation 'will become acquainted with and will learn about the systems there [in the US] in the field of judicial management
while also considering the differences between the Saudi and US systems.' .."
[more]
Oil Leaders Meet Again After Jeddah Failure [Jun 29]
"A week after failing to deflate record oil prices at a summit in Saudi Arabia, the world's biggest crude producers and consumers
will get another chance to tackle the problem at a meeting this week. More than 3,000 delegates, including leading corporate and
political figures, are to meet at the 19th World Petroleum Congress (WPC) in Madrid, which runs from Monday to Thursday after
an official opening reception on Sunday.. ..The gathering follows a surge in oil prices Friday that took both New York light sweet
crude and Brent North Sea crude to record levels beyond 142 dollars a barrel. The president of the Organization of Petroleum
Exporting Countries, the head of the International Energy Agency and ministers from Nigeria, Russia, Venezuela, India, France
and the Netherlands are expected to be present. They are to be joined by the bosses of major international oil groups ExxonMobil
of the United States, CNOOC of China, Britain's BP and Shell, Rosneft of Russia and Total of France.."
[more]
Saudi Wife Calls for Political Activist Al Faleh's Release [Jun 29]
"The wife of jailed political reform activist Matruk Al Faleh is calling for his immediate release. Al Faleh is detained in the high-security Haer prison—where militants are held—outside Riyadh.. ..She has sent letters to Saudi King Abdullah and the Interior
Ministry. The US-based Human Rights Watch has also asked for Al Faleh's release.
'Matruk is not against the government, he is
against violence. He is against radicalism and we want to fight together with the government against radicals,' Ukla said. Al Faleh was sentenced to seven years in jail in 2005 for organising a petition calling for Saudi leaders to set a timeframe for making
a constitutional monarchy.." [more]
Saudi Inflation Stabilises, Food and Rents Soar [Jun 29]
"Annual inflation in Saudi Arabia eased slightly to 10.4% in May down from a more than 30-year high a month earlier, but rising
rental and food costs continued to pressure the world’s top oil exporter. The cost of living index for the largest Arab economy was
115 points on May 31 compared with 104.20 points a year earlier.. ..The rental index which includes rents, fuel and water soared
18.5% while and food and beverage costs advanced 15.1%, the report said. 'The picture in the Gulf now is that main drivers of
inflation are the costs of housing and food,'.. ..Dollar pegs force the Gulf Arab states, bar Kuwait, to track the US in cutting
interest rates. With the dollar tumbling this year to record lows against the euro and a basket of major currencies, some imports
have become more expensive.." [more]
Kingdom’s Business Environment Bright [Jun 29]
"Business environment in Saudi Arabia is making great strides as shown in this year’s Forbes list of 'Best Countries for Business,' in
which it has been dramatically elevated to number 47 spot, up 37 slots from a year ago.. ..Saudi Arabia, despite higher inflation,
has tackled inequities in its markets, expanding investor rights as it evolves from an oil producer to a center for investment in the
Middle East. Low inflation and unemployment, an emphasis on entrepreneurship and lower taxes, plus high marks for innovation and technological savvy, were the primary criteria used by Forbes in the 3rd annual ranking of the Best Countries for
Business (formerly the Forbes Capital Hospitality Index). The report covered and analyzed business climates in each of more than
120 national economies, focusing on degrees of personal freedoms, like freedom of expression and organization.."
[more]
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