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~~~~~~~~ [ Jul 12] ~~~~~~~~~
Al-Jubeir Stresses Importance of Interfaith Conference [Jul 12]
"..The announcement of the interfaith dialogue has sparked intense interest from Jewish and Christian groups around the world, and came after the
Saudi king held talks with Pope Benedict at the Vatican last year. The aim of the meeting is to reinforce the common values shared by these faiths, said Saudi Ambassador to the US, Adel
Al-Jubeir who met with members of the US media at the Saudi Embassy in Washington Thursday to discuss the
upcoming conference. 'The idea (for the conference) stemmed from King Abdullah’s view that there are universal values that are common to all faiths, and that if we focus on those universal values there is a lot more that binds us as human beings than divides us. If we adhere to those values we will be
able to overcome adversity, we will be able to achieve peace, we will be able to protect the structure of the family, we will be able to maintain values in
our society and our life and essentially make our world a better place,'.."
[more]
New Saudi Arabia University Will Have a Western Feel [Jul 12]
"..Steel flashes and blowtorches glow as 20,000 workers build a $10-billion university ordered up by a king who hopes Western ingenuity will revive the
economy of this ultraconservative Muslim nation. When finished next year, King Abdullah University of Science and Technology will offer coed classes, Western professors, a curriculum in English and other touches loathed as dangerous liberalism by Islamic fundamentalists. The West may be dependent
on Saudi crude, now as high as $145 a barrel, but this campus outside an ancient fishing village is recognition that the country that is home to Islam's holiest shrines needs the likes of
USC, Oxford University and the Massachusetts Institute of Technology to survive globalization.."
[more]
Saudi Nears $65m Indonesia Rice Farm Deal [Jul 12]
"A group of Saudi Arabian businessmen is close to signing a deal to invest millions of dollars in cultivating rice in an isolated region of Indonesia, said an
Indonesian government official. The 15 investors are reportedly planning to pump $65 million into the venture to develop about 150,000 hectares of
paddy fields in the Merauke area of Papua. The cost of rice has soared on world commodity markets this year. Saudi Arabia and other Gulf nations are
scouring the globe for agricultural investments to lock in supply of key crops like wheat, corn and rice. An official from the Saudi Agriculture ministry
would not say when work on the project might begin but confirmed negotiations were in the latter stages.."
[more]
Iran Releases Five Saudi Fishing Boats [Jul 12]
"Iran has released five Saudi Arabian fishing boats and their Indian crews which had strayed into Iranian waters, Saudi border officials said Saturday.The move followed the freeing earlier this week by Saudi authorities of two Iranian vessels which had entered the kingdom's territorial waters.. ..Saudi
Arabia announced on Wednesday it had released two Iranian fishing boats which strayed into its waters and said it hoped the gesture would lead Iran to
do the same with the Saudi vessels. Iranian news agency Fars said on July 3 that Tehran had seized the fishing boats in territorial waters near its first
nuclear power plant which is currently under construction in Bushehr. In June 2007, Iran arrested the crew of three Emirati boats it had seized for illegal
entry and fishing in its territorial waters.." [more]
Saudi Keeps August Crude Supplies Steady to East Asia [Jul 12]
"Saudi Arabia, the world’s top oil exporter, will supply full contracted volumes of crude in August to East Asia, steady to July, as refiners continue to shun
extra barrels, sources with seven refiners said yesterday. The market has been looking for signs of where incremental volumes are headed since the oil
kingdom pledged to boost production by 550,000 bpd from May to July to 9.7mn bpd, its highest in more than 30 years. But little appears to have come
to East Asia as refining margins in the region continued to deteriorate. 'We got the full allocation as we requested. Saudi Aramco did not ask us to lift more than that,'.." [more]
~~~~~~~~ [ Jul 11] ~~~~~~~~~
Chinese Company Wins Construction Contract in Saudi Arabia [Jul 11]
"China's Guangdong Overseas Construction Group Co. Ltd signed a 612 million U.S. dollars contract with Saudi Arabia's King Khalid University
Thursday. The agreement was inked by Ma Ruixin, chairman of the board of the Chinese company, and Saudi Arabian Higher Education Minister
Khalid Bin Mohammad al-Ankary.. ..Dr Abdullah al-Rashid, president of the university, said that the company had been selected through a strict
bidding process and believed that the project would be soon completed with joint efforts from the two sides. The project, the largest the Chinese
company has undertaken since the signing of a cooperation memorandum between the two countries in June 2007, will cover an area of 550,000 square
km and has a construction period of 36 months.." [more]
Saudi's Plastics Industry Needs a Boost [Jul 11]
"The news that petrochemicals producers in Saudi Arabia are considering selling their output to local manufacturers at a discount will provide a welcome
boost to the kingdom's nascent plastics industry. It may not have issued any direct orders, but Riyadh will clearly be happy if producers pass on some of the benefit of the cheap gas feedstocks they receive to their customers. Until now, international firms have been reluctant to invest in the sector. Unlike
basic chemicals producers, which have cheap gas to make them competitive, there have been few obvious advantages to setting up downstream plastic facilities in the Gulf.. ..The prospect of cheap polymer and olefins output may be enough to alter the economics of plastics manufacturing and kick start
Saudi Arabia's industrial diversification programme. In turn, it will provide a boost to Riyadh's job creation strategy.."
[more]
KSA Refutes Reports of Arming Lebanese [Jul 11]
"The Saudi embassy in Beirut has refuted news reports that Saudi Arabia was handing out weapons and sparking Sunni-Shiite sedition in Lebanon.
The Saudi embassy issued a statement calling the accusations as groundless and perpetrated to incite hatred against the Kingdom.. .. 'We are surprised that some individuals claim to support a new era (in Lebanon) while still bent on fanning the flames. We want to remind them that Lebanon is about to
step towards a new beginning and that everyone must work to clear the air and create a favorable climate. Those who claim that we are supporting
sedition must show evidence and announce it publicly.'.." [more]
Kingdom Zephyr Raises $325m for PAIP II [Jul 11]
"Kingdom Holding Company (KHC) chaired by Prince Alwaleed bin Talal has announced that Kingdom Zephyr Africa Management II
(KZAM) has
successfully raised $325 million for the second Kingdom Zephyr fund (PAIP II) after the astounding success of the first Kingdom Zephyr fund
(PAIP I)
with an IRR of 92 percent. PAIP II is managed according to the same mandate governing the earlier fund PAIP I which was launched in 2003 and was
seeded by KHC with $35 million and raised a total of $122.5 million of funds from various international institutions. PAIP II is targeting up to $500
million in capital commitments of which KHC is planning to inject 50 percent of the total commitments or $250 million, and will make growth capital
investments in profitable, growing businesses throughout Africa that operate or plan to operate in more than one African country.."
[more]
Saudi Arabia to Present New Image at Madrid Forum [Jul 11]
"Saudi Arabia hopes to showcase a new more liberal face of its austere version of Sunni Islam at an unprecedented forum that will bring together
Muslim, Christian and Jewish clergy in Spain next week. The three-day meeting will be opened next Wednesday by King Abdullah, who won the
backing of Sunni and Shi'ite clerics to go ahead with the ground-breaking meeting in Mecca last month. The interfaith idea has sparked interest from
Jewish and Christian groups around the world, coming after the Saudi king held talks with Pope Benedict at the Vatican last year. It marks a new
direction for Saudi Arabia, whose "Wahhabi" Islam has come in for criticism internationally after the September 11 attacks of 2001 in the United States,
Riyadh's main ally and guarantor of security since the 1940s.." [more]
~~~~~~~~ [ Jul 10] ~~~~~~~~~
Qatar Frees Death Row Saudi [Jul 10]
"Qatar has freed a Saudi sentenced to death for involvement in an attempted coup d’etat in 1996, the Saudi newspaper Asharq Al Awsat reported
yesterday. Pardoned by HH the Emir Sheikh Hamad bin Khalifa al-Thani after spending nearly 12 years in prison, Wabran
al-Yami was released and
returned home on Tuesday, the report said. His freedom followed an approach by Saudi Interior Minister Prince Nayef bin Abdulaziz, the newspaper
added. Yami was the only Saudi among 19 people sentenced to death after an attempted coup the Qatari authorities said was foiled in February 1996.."
[more]
Saudis on the Highway to Change [Jul 10]
"Saudi Arabia is the only country in the world where women are not allowed to drive.. ..'This problem of women driving is an Anglo-Saxon question,'
said Saleh al-Turki, the Chairman of the Saudi Chambers of Commerce.. ..Mr Turki argues that before the driving ban is lifted more women must enter
the workforce. At the moment just one in 20 is employed. 'Once the rest of the society realise that allowing women to work is not a challenge to
anybody, it is to the benefit of society, to the benefit of the family, driving will not become a problem in my opinion,' said Mr
Turki.. ..This remains
though a deeply conservative Muslim country dominated by tribes and a clerical establishment and until the government officially lifts the ban few
other women are likely to get behind the wheel.." [more]
Saudi Oil: A Crude Awakening on Supply? [Jul 10]
"The Saudis say they can ramp up production to 12.5 million barrels a day. But a field-by-field breakdown obtained by BusinessWeek shows that's not
likely.. .. it appears that for at least the next five years, and possibly longer, the Saudis are likely to produce less crude than promised, according to fresh
data on the kingdom's oil fields obtained July 9 by BusinessWeek.. ..But the detailed document, obtained from a person with access to Saudi oil officials,
suggests that Saudi Aramco will be limited to sustained production of just 12 million barrels a day in 2010, and will be able to maintain that volume only
for short, temporary periods such as emergencies. Then it will scale back to a sustainable production level of about 10.4 million barrels a day.. ..Saudi
Aramco officials in the kingdom could not be reached for comment.." [more]
Swiss Widen Probe Into BAE Arms Deal [Jul 10]
"Swiss authorities have widened a corruption investigation linked to arms deals by the British aerospace company BAE Systems
PLC, prosecutors said.
Federal prosecutors are conducting three criminal investigations into possible money laundering linked to the company, spokeswoman Jeannette Balmer told The Associated Press late Wednesday. Previously prosecutors had confirmed only one investigation and Balmer declined to comment on what
prompted Swiss authorities to open two additional investigations. The investigations center on allegations that BAE used Swiss bank accounts to pay
millions of pounds (dollars) in bribes to officials from Saudi Arabia in return for contracts. BAE has always said it acted lawfully.. ..Swiss prosecutors
were alerted to possible wrongdoing on BAE's part by the Swiss money-laundering authority. She declined to say whether money linked to the investigation has been frozen in Swiss accounts.." [more]
Non-Opec Output Unable to Meet Surging Demand [Jul 10]
"Oil supplies from non-Organisation of Petroleum Exporting Countries (Opec) will be far smaller this year than previously expected and unable to keep
up with growing global oil demand, putting upward pressure on petroleum prices, the US government's top energy forecasting agency said.. ..Non-Opec oil supplies are projected to rise by only 230,000 barrels per day this year and by 830,000 bpd in 2009, the US Energy Information Administration
(EIA) said in its new monthly forecast. That is way down from the agency's estimate at the beginning of this year that
non-Opec supply would grow by 860,000 barrels per day in 2008 and by over 1.5 million bpd next year. 'Faster declines in older fields and delays in expansion projects have limited
supply growth,'.." [more]
TASI Plummets Below 9,000 Points [Jul 10]
"The Saudi stock market continued to plunge yesterday. The Tadawul All-Share Index
(TASI) dropped below 9,000 points for the first time since April 1.
The index plummeted 3.18 percent or 295.17 points, its biggest one-day fall since Feb. 9, to close at 8,998.28 points yesterday after dropping 2.35 percent on Tuesday. The index declined 5.53 percent in two days. Only six stocks were in the black as 108 companies suffered fall in their stock prices. The stock
market turnover increased yesterday to SR8.50 billion from SR7.89 billion on Tuesday.."
[more]
~~~~~~~~ [ Jul 9] ~~~~~~~~~
NGOs Urged to Name Abdullah for Nobel Peace Prize [Jul 9]
"Saudi citizens and expatriates have commended Custodian of the Two Holy Mosques King Abdullah’s efforts to promote world peace and urged
international bodies to recommend him for this year’s Nobel Peace Prize. They said the international interfaith conference in Madrid called by King
Abdullah would contribute to peaceful coexistence of nations and strengthening world peace.. ..Dr. Mohammed
Badahdah, assistant secretary-general of
World Assembly of Muslim Youth, noted King Abdullah’s outstanding efforts for world peace and hoped that international NGOs would recommend the
king’s name for the Nobel prize. Abdullah Al-Saihati, a leading businessman in the Eastern Province, called for the conferring of the international peace
prize on the king. 'Our king deserves more than that,' he told Arab News.."
[more]
Saudi Arabia to Put an End to Abuse of Maids [Jul 9]
"Saudi Arabia has reiterated its determination to put an end to the reported cases of abuse meted out to domestic workers. Ahmad Al
Zamil, undersecretary at the Ministry of Labour, said that the authorities had taken all necessary measures to prevent the mistreatment of housemaids in the kingdom.. ..'There are laws with provisions of stringent punishment in the kingdom that will be applied in the cases of those employers who are found
guilty of abusing their maids or depriving them of their basic rights,'.. ..The ministry official was reacting to the US-based Human Rights Watch report released yesterday. The report asked Saudi Arabia to implement
labour, immigration, and criminal justice reforms to protect domestic workers from
serious human rights abuses that in some cases amount to slavery.." [more]
Saudi Credit Boost as Oil Prices Rocket [Jul 9]
"Fitch Ratings on Wednesday upgraded Saudi Arabia's sovereign ratings on the back of record oil prices, but warned a sharp correction in the market
could threaten its creditworthiness. The ratings agency upgraded Saudi's long-term local and foreign currency issuer default ratings
(IDRs) to 'AA-' from 'A+'. The outlooks have been revised to stable from positive.. ..'At today's oil prices, Saudi Arabia is earning around $1 billion a day from oil exports,
reinforcing an already strong external balance sheet and creating a buffer against future shocks,' Charles Seville, associate director in Fitch's sovereign team, said in a statement. The agency said Saudi's main credit strengths were its very low
indebtedness and large domestic and external assets. General government debt, all of it domestic, fell to 7.2 percent of GDP at end-2007, while the wider public sector, represented mainly by profitable state-owned
firms, has little external debt.." [more]
Construction Costs in GCC up 50% in First Half of ’08 [Jul 9]
"The real estate development sector currently faces several challenges, chief among which is the lack of contractors who are able to deliver projects on
time and to specification, due to a severe shortage of skilled labor and the soaring cost of building materials. Inflationary pressures in the GCC have increased the cost of building materials price, leading skilled and unskilled laborers to leave the country and resulting in a labor shortage that has fuelled
soaring building costs in the region. The costs of building in the Gulf region increased at an estimated rate of at 30 percent in 2007 alone, and a further 50 percent in the first half of 2008.." [more]
Saudi Arabia Plans to Open 17 New Colleges [Jul 9]
"A plan to transfer 45 health colleges and five health institutes for girls from the Ministry of HealthMinistry of HealthMinistry of Health to universities in
respective cities has been approved. Higher Education Minister Dr Khaled Al Anqari said on Monday that Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz has approved the plan and added that the King has also approved the establishment of 17 new colleges in different parts of the
country. Al Anqari said the newly approved colleges were designed to meet labour market requirements.."
[more]
Perks of Penance for Saudi Jihadis [Jul 9]
"In a small compound on the outskirts of Riyadh, the Saudi government is exploring new ways to combat extremism. This is still a prison, run by the
Ministry of Interior and housed inside secure premises with high perimeter walls and barbed wire, but the Saudi authorities prefer to call it a 'care
centre" and refer to prisoners as beneficiaries'. This is not what you would imagine when you think of a typical Saudi jail. Inside, prisoners enjoy access to wide-ranging recreational facilities including their own swimming pools, video games and table tennis. In return for the more relaxed environment, prisoners
have to attend religious education classes where Islamic scholars challenge their views. The thinking behind the new initiative is to fight
al-Qaeda's ideology by convincing militant Islamists they have a distorted view of Islam.. ..'You cannot defeat an ideology by force. You have to fight ideas with ideas,' says
Abdul-Rahman Hadlaq, ISU director. But the centre goes beyond just debating ideas.."
[more]
Five Saudi National Teams to Compete in Beijing Olympics [Jul 9]
"The Saudi Arabia National Olympic Committee is to send five national teams that met qualifying standards to the 2008 Beijing Olympics from Aug. 8
to 24, culminating the four years of hard work, training camps in the country and abroad and stints at world championships. These teams are equestrian, athletics, shooting, swimming and weightlifting. In addition, both athletic and weightlifting teams with special needs also qualified to
compete in the Paralympic Games from Sep. 7 to 17.. ..In addition, a Saudi cultural delegation will join the Olympic team. This, according to
Al-Heeraiwel, will help right the wrong misconceptions about Saudi society through cultural presentations and folklore.."
[more]
Saudi Stocks Take a Nose Dive [Jul 9]
"Following the global stock market rout, the Saudi stock market also plunged yesterday. The Tadawul All-Share Index
(TASI) plummeted 223.86 points
or 2.35 percent to close at 9,293.45. Out of 120 companies traded, shares of 103 firms were in the red while 12 were in positive. Territory. The stock market turnover was over SR7.89 billion yesterday. Except hotel and tourism, all other sectors declined yesterday. Agriculture and food industries, banks
and financial services, petrochemical, transport and real estate development companies suffered badly. Saudi Hollandi Bank shares dropped by 5
percent, Bank Albilad by 4.90 percent, Riyad Bank by 4.16 percent and
Al-Rajhi Bank by 2.52 percent yesterday.."
[more]
~~~~~~~~ [ Jul 8] ~~~~~~~~~
US Navy in Gulf Exercise [Jul 8]
"The US Navy said yesterday it was carrying out an exercise in the Gulf, days after vowing that Iran will not be allowed to block the waterway which
carries crude from the world’s largest oil-exporting region. 'The aim of Exercise Stake Net is to practise the tactics and procedures of protecting maritime infrastructure such as gas and oil installations,'.. ..The head of Iran’s Revolutionary Guards said in remarks published late last month that Tehran would
impose controls on shipping in the Gulf and the strategic Strait of Hormuz if it was attacked. Speculation about a possible attack on Iran because of its nuclear programme has risen since a report last month said Israel had practised such a strike.."
[more]
Saudis Urged to Curb Maid Abuse [Jul 8]
"The New York-based organisation Human Rights Watch has called on Saudi Arabia to do more to protect Asian domestic workers from mistreatment.
It says some cases amount to slavery, with employers going unpunished for withholding wages, forced confinement, or physical and sexual violence.
HRW says some workers are imprisoned or lashed on spurious charges such as theft, adultery or witchcraft. Thousands take shelter with the Social
Affairs ministry or foreign embassies. A spokeswoman for Saudi Arabia's National Society for Human Rights said the report was unfair and one-sided.
Saudi households employ an estimated 1.5 million domestic workers, mainly from Indonesia, Sri Lanka, the Philippines and Nepal, as well as other
Asian countries and parts of Africa. The report, entitled As If I Am Not Human: Abuses against Asian Domestic Workers in Saudi Arabia, says efforts to
reform laws and improve conditions have fallen far short of protecting domestic workers.."
[more]
Al-Haramain to Sue US Govt Over Phone Tapping [Jul 8]
"The Al-Haramain Islamic Foundation (AHIF) — a Saudi-based charity whose assets were frozen by Washington — announced yesterday plans to re-submit a lawsuit after a US federal court judge threw out an earlier one challenging the US government’s decision to tap the phones of AHIF officials.
The move comes close on the heels of an important court hearing, which is to take place on Thursday in Oregon, on the decision to freeze AHIF’s assets..
..At the heart of the suit, which was originally filed on Feb. 28, 2006, is a confidential log of calls, proving that the US government’s terrorist hunters listened to telephone conversations between the lawyers and their clients in the Kingdom. The log was accidentally handed to AHIF’s lawyers by the US
Treasury Department. The lawyers say the Bush administration lacked the authority to authorize wiretaps that circumvented the Foreign Intelligence Surveillance Act.." [more]
Swiss Bank UBS Expands Mideast Operation to Saudi Arabia [Jul 8]
"UBS AG said Tuesday that Saudi authorities have conditionally approved the Swiss bank's plans to set up operations in the kingdom. The bank said it
planned to begin operating in Saudi Arabia by the end of the year pending final approvals from the Saudi investment authority and the ministry of
commerce. UBS will focus its Saudi operations on investment banking, wealth and asset management."
[more]
Governor NWFP Lauds Saudi Arabia’s Efforts for Balakot Affectees [Jul 8]
"Governor NWFP, Owais Ahmed Ghani, has lauded the efforts of Saudi Arabia in providing relief, rehabilitation and reconstruction of quake-hit areas..
..Regional Director, Saudi Public Assistance for Pakistan Earthquake Victims
(SPAPEV), Dr.Khalid M. Othmani briefed the media about the project of 4000 houses which was completed at a cost of 18.5 million US dollar to resettle the Balakot quake
affectees. The Regional Director told that keys of most
of the houses have been handed over to displaced families of Balakot and the remaining would be handed over shortly.."
[more]
~~~~~~~~ [ Jul 7] ~~~~~~~~~
Sleeping Terrorist Cells Still at Large, Warns Saudi Minister [Jul 7]
" Saudi Arabia's Minister of Islamic Affairs, Endowments, Call and Guidance Shaikh Saleh Alu Al Shaikh has called upon mosque imams to exert all
effort to counter extremism and deviant ideologies. He also warned against many 'sleeping terrorist cells,' which are still at large and threaten society and said there should be intensified efforts to combat them.." [more]
Oil's Climb Defies Saudi Bid To Talk Prices Down [Jul 7]
"Oil markets are dealing a blow to Saudi Arabia's efforts to calm prices with assurances of future supplies. Benchmark crude prices set an intraday
record near $146 a barrel Thursday in New York, a gain of more than $15 a barrel, or 11.5%, from an intraday low of $130.80 on June 10 after Saudi Arabia's King Abdullah called for a hastily arranged producer-consumer summit. August light, sweet crude on the New York Mercantile Exchange
settled Thursday at a record $145.29 a barrel, up $1.72.. ..The problem for Saudi Arabia and others trying to corral prices is that when the market focuses on the Middle East these days, it is with a nervous eye over increasingly tense Iran-Israel relations, not Saudi oil flows.."
[more]
SFO Contests Saudi Deal Decision [Jul 7]
"The Serious Fraud Office (SFO) has begun an appeal against the ruling that it acted unlawfully in dropping its investigation into a Saudi arms deal.
The SFO argued that national security would have been undermined if it had continued with its corruption inquiry. But the High Court decided the
SFO had given in to Saudi threats that it would end co-operation on security matters.. ..According to the Campaign Against Arms Trade and the Corner
House, who had both campaigned for a judicial review of the decision, the director of the SFO had failed to convince the court that he had done all in his power to resist the Saudi threat and uphold the rule of law. They believe the SFO's appeal will be unsuccessful.."
[more]
Saudi-Qatar Deal to Finalise Border [Jul 7]
"Saudi Arabia and Qatar have agreed to complete the demarcation of their border and establish a joint council to bolster bilateral relations.. ..The move
to finalise borders is expected to impact gas pipeline projects in the Gulf region.. ..'The formation of the [joint] council reflects the keenness of the two countries to work at further cementing bilateral relations as well as to develop more cooperation to realise the aspirations of the leadership of both the
countries,' a joint statement said. 'It will also enhance the march of the GCC and realise coordination and integration among the member states.' The council will be chaired by Saudi Crown Prince Sultan Bin Abdul Aziz and his Qatari counterpart Shaikh Tamim Bin Hamad Al
Thani.." [more]
Saudi Official Denies Israeli Rabbi Invited to Forum [Jul 7]
"A Saudi official has denied reports that Saudi Arabia extended an invitation to an Israeli rabbi to attend the inter-faith conference to be held in Madrid
this month to be launched by Saudi King Abdullah Bin Abdul Aziz. The official said the invitation was restricted to Jewish rabbis from outside Israel as
well as to those opposing Zionism and the establishment of the Zionist state. The official refuted the claims of David
Rozan, an Israeli rabbi, who said
that he had received an invitation from the Makkah-based Muslim World League
(MWL), the main organiser of the event. 'The MWL has not and will
not invite any rabbi with Israeli citizenship to take part in the inter-faith
dialogue.."conference,'.." [more]
Gulf States Urged to Rethink Dollar Pegs [Jul 7]
"Gulf Arab oil producers preparing for monetary union should reconsider a policy of keeping their currencies pegged to the weak dollar and look instead
at a basket of currencies, an Abu Dhabi government body said. Saudi Arabia, the United Arab Emirates and three other states in the world’s biggest oil-exporting region have agreed to keep their dollar pegs intact until they achieve a single currency by an increasingly unlikely 2010 deadline. But as oil
prices soar, the dollar tumbles to record lows against the euro and a basket of major currencies and inflation spirals, maintaining this policy has become
problematic.. ..'This pegging was adopted when oil prices were low and the greenback was at the height of its strength,' the department said. 'Today, the
dollar is falling relentlessly and oil prices are skyrocketing. This new reality calls for a rethink of monetary policies.'.."
[more]
~~~~~~~~ [ Jul 6] ~~~~~~~~~
Saudi King to Open Inter-Faith Meeting [Jul 6]
"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 yesterday. 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.. ..Last month the Makkah-based Muslim World League said the Madrid meeting would bring together representatives from the 'followers of God’s messages and other cultures.' The term 'other cultures' appeared to refer to non-monotheistic religions. The conference will 'discuss co-operation between communities from different religions and cultures over common human values,'.."
[more]
Saudi Cuts Aug Light Crude Prices to Asia and U.S. [Jul 6]
"Saudi Arabia cut its official selling prices for August for light crude oil to customers in the United States and Asia, state oil firm Saudi Aramco said late on Saturday. The kingdom cut the price of Arab Light to U.S. customers by 55 cents a barrel to WTI minus $3.00 a barrel. It cut the Arab Light price for customers in the Far East by 70 cents to the Oman/Dubai average plus $1.35 a barrel.."
[more]
Saudi and Qatar Move to Seal Ties [Jul 6]
" Gulf neighbours Saudi Arabia and Qatar are to demarcate their border and set up a joint council to develop relations after years of tension.. ..In 1992 differences over the frontier sparked an armed clash at a border post that killed two people. The incident prompted the creation of a joint committee aimed at solving the dispute, but little progress was made. Ten years later Riyadh withdrew its ambassador from Qatar in 2002 amid fury at criticism of the Saudi royal family aired in a talk show by the Doha-based television channel
Al-Jazeera.. ..SPA reported that the joint coordination council to oversee relations would be co-chaired by the Saudi and Qatari crown princes. It said the council would develop 'bilateral relations in the political, security, financial, economic, trade, investment, cultural and information domains.'.."
[more]
Saudi Arabian IT Market Will Reach $5 Billion by 2012 [Jul 6]
"The Saudi Arabian IT market is currently witnessing an unprecedented growth, with projections for the booming sector to reach $5 billion by 2012 as companies in the oil and gas,
telecoms, real estate, financial and retail industries continue to reinforce their IT infrastructure. The Kingdom’s efforts to promote the growth of its non-oil verticals present IT vendors with extensive opportunities to leverage this market, which accounts for 40 percent of the Middle East’s IT spending. In line with this, Netgear has partnered with
ICC, an established IT company in KSA, to leverage the burgeoning demand for networking products in the country.."
[more]
$33 Billion Middle East Seaport Expansion Underway [Jul 6]
"Gulf neighbours challenge dominance of Dubai's Jebel Ali – one of the world's biggest container ports – with major building
programmes. Massive economic growth is driving major seaport expansion in the Middle East worth in excess of $33 billion. The others are: King Abdullah Economic City Seaport, Saudi Arabia ($5 billion); Khalifa Port and Industrial Zone, Abu Dhabi ($2.5 billion); Sirte Port, Libya ($2 billion); Ras Laffan Port, Qatar ($1.2 billion); Duqm Port, Oman ($1.1 billion); Bubiyan Island, Kuwait ($1 billion); Ras Al Zour Port, Saudi Arabia ($700 million); Red Sea Gateway Terminal, Jeddah Islamic Port, Saudi Arabia ($450 million); and Port Sultan
Qaboos, Oman ($400 million). 'Middle East optimism in the maritime industry is founded on increasing demand for oil and gas worldwide, the vital role the region plays as a strategic trading hub as the link between Europe and the Far East, and the continuing strength and vibrancy of regional economies,'.. "
[more]
SR1b Project to Overhaul KSA Education System [Jul 6]
"Education managements across the Kingdom have signed an agreement with the Ministry of Education for the application of King Abdullah’s project for development of education, launched earlier this year. Abdul Wahhab Al-Mackenzie, public relations director of the project said the SR1 billion project will have four main programs and aims to improve education through, 'curriculum development, environmental improvement, outdoor and extra curricular activities, and training for teachers during the summer.'.. ..The four programs of King Abdullah’s project include: 200,000 classes in all schools, smart board and projector facilities, documental camera and integrating electronic systems in classrooms.."
[more]
New Law to Abolish Sponsor System, says Al-Gosaibi [Jul 6]
"A new law abolishing the sponsorship system and streamlining the relationship between employers and their workers will be issued 'very soon,'.. ..'Labor Minister Dr. Ghazi
Al-Gosaibi told a Shoura session that his ministry had presented its viewpoints regarding cancelation of the sponsorship rules and that the law would be issued very soon,' the Shoura member said. In a close-door session of the 150-member Shoura,
Al-Gosaibi disclosed his ministry’s plan to establish specialized companies to organize foreign work force and supervise the signing of contracts between employers and workers.. ..Saudis and expatriates have welcomed the plan to abolish the sponsorship system saying that it would give more freedom to guest workers and attract foreign investment.."
[more]
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