|
~~~~~~~~ [ Aug 16] ~~~~~~~~~
Saudi Intelligence Chief in Pakistan Amid Musharraf Crisis [Aug 16]
"..Saudi Arabia's intelligence chief dashed to Pakistan for talks with the government over its plans to impeach President Pervez
Musharraf, a senior official said Saturday.
The visit of Muqrin bin Abdul Aziz came amid speculation that Musharraf could be forced into exile if he bows to pressure from the ruling coalition to quit before he is
impeached. 'Yes, Saudi intelligence chief Prince Muqrin bin Abdul Aziz did visit Pakistan on Friday and met senior government officials,' a senior coalition official told AFP on condition of anonymity. 'The main purpose of the visit was to find an amicable solution to the
(Musharraf impeachment) issue and that no one should become a laughing
stock,' the official said. Asked what solution the coalition regarded as acceptable, the official said that
"Musharraf should step down" but that it was "really up to
Musharraf" if his plans included exile to Saudi Arabia.."[more]
Saudi Stocks Rise for Fourth Day [Aug 16]
"..Saudi Arabia's stock market rose for a fourth trading day on Saturday as the market operator began naming investors holding stakes of 5 percent or more to boost
transparency on the largest Arab bourse. The Saudi benchmark, which has fallen more than 24 percent this year, advanced 1.75 percent to 8,331.63 points as investors
snapped up shares they judged were cheap relative to earnings expectations. The index has risen 5.7 percent in the last four trading days, having dropped almost 9 percent in
the seven sessions after market operator Tadawul said on July 30 it would name large investors at the end of each trading day from Aug. 16..
..Tadawul said last month it was implementing the rule to improve transparency. The Saudi market is dominated by day traders and restricts foreign access to shares. The disclosure rule could help the
regulator dispel rumours that big retail traders are behind rapid fluctuations in share prices, a common assumption in the market.."
[more]
Major Drug Smuggling Bid Foiled, says Saudi Arabia [Aug 16]
"..Saudi Arabia has foiled an attempt to smuggle of 4.5 million of drugs pills and half a ton of hashish into the country, it was announced by the media spokesman of the
Directorate General of Drugs Control, Major Ebrahim Abu Hilayel.. ..he noted that the attempt was foiled in cooperation with a neighbouring country which he declined to
name. According to him, the Saudi anti-drugs squad also foiled in the past two weeks several attempts of drugs smuggling and trafficking in Al
Aflaj, King Khaled
International Airport, Asir region, Jizan and Eastern Province. These include an attempt at trafficking more than one million Captagon pills smuggled into the Kingdom
from a neighbouring country. They also include seizing of 54 kilograms of hashish and 254,000 drugs tablets.."
[more]
Oil Price Falls to $112 on Global Demand Worries [Aug 16]
"..Oil dropped more than $2 to $112 a barrel yesterday on growing concerns about demand in industrialized nations and the stronger dollar. US crude fell $2.67 to $112.34 a
barrel after dipping down to $111.34 a barrel, the lowest level since May 2. London Brent lost $2.52 to $111.16 a barrel. Crude has fallen sharply since reaching an all-time
high of $147.27 a barrel on July 11 as growing global economic problems and high fuel prices cut demand in top consumer the US and Europe. 'We might get to $110, how
quickly we get there would depend on the demand outlook,' said Simon
Wardell, oil analyst at Global Insight. 'If next week’s US inventory data shows an increase in stocks,
we could go lower.' Producer group Opec cut its 2008 demand forecast yesterday and added ample supplies were paving the way to building inventories.."
[more]
We’d Rather Quit KSA – Philippine Recruiters [Aug 16]
"Recruiters in the Philippines would rather risk losing the Saudi market than compromise on the welfare of Filipino workers sent to Saudi Arabia, the president of one of three
major Filipino recruitment agencies in Manila said Thursday night. 'Our workers are not commodities..
..we are bound to protect them,' said Jose Fernandez, president of
the Philippine Association of Service Exporters Inc. (PASEI) in an interview here. He was referring to a new Saudi 'unified contract' regulation that went into effect on Aug. 1,
making it mandatory for recruitment agencies in the Philippines to route all visa processing work through the Saudi National Recruitment Committee
(SANARCOM), a
grouping of Saudi recruitment establishments. Fernandez described the unified contract as 'oppressive' because it has provisions that give recruits no choice but to accept
without complaint whatever job their employers give them, and that also prevent them from leaving their employers without justifiable reasons.."
[more]
~~~~~~~~ [ Aug 15] ~~~~~~~~~
Sept. 11 Families Can't Sue Kingdom of Saudi Arabia [Aug 15]
"Families of Sept. 11 victims were rebuffed again yesterday in their attempt to hold Saudi Arabia and its rulers legally responsible for the terror attacks. A Manhattan federal
appeals court backed a ruling by a lower court judge over two years ago that threw out a lawsuit by the families, including that of a former FBI agent, seeking damages for
the thousands of deaths caused by the attacks. In a ruling by a three-judge panel, the U.S. Court of Appeals for the Second Circuit found that the Kingdom of Saudi Arabia,
four Saudi princes, a Saudi banker and the Saudi commission responsible for disbursing funds to charities were protected from lawsuits under U.S. law.. ..Under the
sovereign immunity doctrine, foreign governments and officials can't be sued in the United States except for damages in auto accidents and other torts, commercial activity
or state sponsorship of terrorism.." [more]
Saudi Oil Policy Unresolved [Aug 15]
"Saudi oil policy is key to what OPEC may or may not do to influence price trends in a world of highly volatile oil prices. Since the oil price began its inexorable rise in 2007--reaching a record level of $147 per barrel in June--there has been growing speculation over what Saudi oil policy actually consists of. Between 1985 and the early years of
this century, Saudi Arabia had a clear and consistent oil policy: The aim was to encourage reasonably low prices (around $18-25 per barrel) and maintain price stability by
holding a cushion of excess capacity to produce crude oil.. ..The policy was designed to try to recover oil's position in the global primary energy mix, which it lost as a result of
the oil price shocks of the 1970s. Yet at the start of this century the policy came under pressure from two different directions.. ..It is not clear what price level the Saudis
actually want since Oil Minister Ali Naimi has refused to be drawn on a target, reflecting policy divisions.."
[more]
Survey Finds More Women are Choosing to Stay Single in Saudi Arabia [Aug 15]
"The number of spinsters in Saudi Arabia has reached 180,413, according to a demographic survey conducted in 2007. The survey classified spinsters as women who had
reached the age of 30 years or above without getting married. It revealed the rate of spinsterhood amounted to 2.6 per cent last year out of the total number of women in
Saudi Arabia. This means that one out of every 16 women in Saudi Arabia is classified as a spinster. The study also revealed that the rate of divorced women in Saudi Arabia
amounted to 2.4 per cent in 2007.. ..The survey also showed that 97.4 per cent of Saudi women married below the age of 30 years old while only 2.6 per cent married at the
age of 30 or above. As for the scale of balance between the two sexes in Saudi Arabia, the survey revealed that there are 102 Saudi males for every 100 females. This stands
within the normal range.." [more]
Saudi May Ignore IMF Forex Reform Call [Aug 15]
"Saudi Arabia is likely to ignore an IMF suggestion that it might drop its dollar peg, even though inflation remains high and plans for currency union with other Gulf Arab
states are suffering delays. Riyadh has kept the riyal pegged to the dollar as the US currency fell over the past two years, pushing Saudi inflation to a 30-year high. Now the
dollar is recovering, it has one reason less to change. 'I don’t see anything in the IMF report that says we are wrong,' said a senior Saudi government official familiar with policymakers’ thinking. 'We have seen the worst of the inflation without having to revalue our currencies, so there is economic sense in keeping the dollar peg for the
moment,'.. ..John Sfakianakis, chief economist at SABB bank, HSBC’s Saudi subsidiary, said Saudi Arabia’s decision-making elite would most likely overlook the IMF’s
recommendation. 'The Saudis will not drop the peg. It’s just another recommendation .. The IMF note had a sort of disclaimer by mentioning the advantages of maintaining the peg,' he said. 'The IMF is giving a tacit approval of the Saudi line on this issue because of the US clout in international financial institutions like the
IMF,'.." [more]
KSA Alert for Terror Plot [Aug 15]
“..'The U.S. Embassy Riyadh has received information regarding an alleged, non-specific threat to Westerners in downtown Riyadh,
KSA, possibly during the weekend of 14-17 August, 2008. We have no further details regarding this information at this time; however the Embassy recommends American citizens living in Saudi Arabia consider
this information and take appropriate personal security precautions.' Major Gen. Al-Turki said the Interior ministry’s report made public on Wednesday had confirmed the
need for Saudi security forces and people to remain on constant alert for terrorist plots. The report was based on 990-hotline tip-offs provided by alarmed family members of
young Saudis who were on the verge of being recruited for terrorist acts.. It said all categories of Saudi society have become alert to plans by 'deviant' groups to exploit
religious passions and induce Saudi youth to take part in terrorist plots.."
[more]
King to Meet With Mubarak [Aug 15]
"King Abdullah, Custodian of the Two Holy Mosques will meet with Egyptian President Hosni Mubarak on Friday to discuss 'the situation in the Palestinian territories and
Arab efforts to unite Palestinian ranks,' Al-Ahram reported. Mubarak will also meet with several other heads of state from around the region including Lebanon and Oman
over the next three days in Alexandria to discuss regional developments. On Thursday, Mubarak will meet Oman’s Sultan Qaboos to discuss the Iranian nuclear issue.
On Saturday, Mubarak will meet Lebanese Prime Minister Fuad Siniora to discuss the latest developments in Lebanon.."
[more]
~~~~~~~~ [ Aug 14] ~~~~~~~~~
Saudi Arabia's First Female CFO [Aug 14]
"From her smartly appointed office in Riyadh, Samira Al Kuwaiz, 44, helps manage Osool Capital, an independent investment firm in Saudi Arabia that holds 2.2 percent of
the country's traded shares. Al Kuwaiz is from one of Saudi Arabia's tribal families, the equivalent of blue blood in that society. After earning a master's degree in accounting
and teaching at King Saud University, she became the first female chief financial officer in the Kingdom of Saudi Arabia.. ..Women make up roughly 6 percent of the
workforce in Saudi Arabia, according to the Labor Ministry -- among the lowest in the world, but a jump up from nearly nothing a generation ago. Al Kuwaiz is part of an
emerging set of women executives in the Kingdom.." [more]
Saudi Stock Market Continues Three-Week Decline With 900 Points Lost [Aug 14]
"The series of losses in the Saudi Stock Market continued into its third week where the TASI broke the 8200 Points amid modest Trading volume, the lowest since mid 2006.
The index has now accumulated losses of 900 points (10 per cent of its total value) since July 25, 2008. The financial ratios of listed companies are extremely attractive,
especially after the latest losses where the multiples of the large-cap stocks vary between 10 and 15. The ongoing dispute between Iran and the West about Iran's nuclear
program and the shortfalls in regional stock markets may have pushed investors towards waiting on the sidelines until the market stabilizes instead of taking advantage of
the discounted prices.." [more]
Kingdom Should Drop Dollar Peg if Gulf Currency Union Delayed – IMF [Aug 14]
"Saudi Arabia should drop the riyal’s peg to the dollar and consider 'alternative exchange rate regimes’' if inflation persists and the Gulf single currency is delayed, the
International Monetary Fund said. For the moment, most IMF directors say the advantages of the peg outweigh the disadvantage of temporarily higher inflation, the IMF
said in a report published on its website today. Still, some recommended reviewing the peg immediately. Inflation in Saudi Arabia accelerated to above 10 percent in April,
after averaging less than 1 percent between 2003 and 2007. The Kingdom ruled out plans to drop the riyal’s peg to the dollar, insisting that the pick-up in inflation is largely
caused by domestic factors, such as a housing shortage. 'Directors observed that the peg of the Saudi riyal to the US dollar has provided a credible anchor that has
contributed to macroeconomic stability,’' the IMF said. 'If, however, inflation should persist and the Gulf Cooperation Council monetary union be delayed, they
recommended to consider also alternative exchange rate regimes.'.."
[more]
Saleh Informs Sultan of Al-Qaeda Plots Uncovered in Yemen [Aug 14]
"Yemeni President Ali Abdullah Saleh has briefed Crown Prince Sultan, deputy premier and minister of defense and aviation, on terrorist plots against Saudi Arabia
uncovered after police raided an Al-Qaeda hideout in southeastern Yemen, official media reported yesterday. Saleh told Prince Sultan in a telephone conversation late
Tuesday that an Al-Qaeda cell dismantled by security forces in the Hadhramout province on Monday had plotted terrorist attacks in Yemen and Saudi Arabia. The Yemeni leader said police had seized documents containing 'dangerous information unveiling a plan by Al-Qaeda to carry out terrorist acts in Yemen and Saudi Arabia,' according to
the state-run Al-Thawra daily. Authorities said on Tuesday that a key member of Al-Qaeda in Yemen was killed in Monday’s gunbattle in the Hadhramout province. They
said Hamza Al-Quaiti, believed to be the mastermind of several terrorist attacks that hit Yemen in recent months, was among five Al-Qaeda suspects killed as police stormed
their hide-out in Tarim.." [more]
Canadians Wrongly Accused by Saudis, MP Says [Aug 14]
"The outlook has grown bleaker for two Canadian brothers accused of murder in Saudi Arabia, prompting calls from opposition Liberals for the Harper government to step
up efforts on their behalf. Eighteen-year-old Montrealer Sultan Kohail's case has been transferred to adult court in Saudi Arabia, meaning he could face beheading if
convicted for his alleged role in the murder of a Jeddah student 19 months ago. Also, his 23-year-old brother, Mohamed, already convicted and sentenced to death, has failed
once more to get this verdict overturned despite a second appeal effort that was rebuffed by lower courts. The Kohail brothers, who are of Palestinian origin, have been
Canadian citizens since 2005. Their family lived in the Montreal area for six years before they returned to the Red Sea city of Jeddah in 2006.. ..A spokeswoman for Foreign
Affairs Minister David Emerson said Canadian officials are doing all they can. 'Consular officials continue to closely monitor the cases of Mohamed and Sultan
Kohail,' Lynn Meahan said. 'Canada will pursue all avenues to assist [them].'.." [more]
Deviants Turned in By Close Relatives [Aug 14]
"The families of five Saudi men involved in terror activities reported their loved ones to local authorities while a sixth man turned himself in for adopting
"takfiri" ideology
(labeling other Muslims as infidels), the Interior Ministry announced yesterday. The calls were received on the local hot line No. 990, which is operated by the Interior
Ministry and is specifically aimed at people who want to report suspected terror-related activities. A ministry statement said that a woman and four men called the hot line to turn in their loved ones. 'This illustrates the high level of awareness that has been achieved by the public,' said Interior Ministry spokesman Maj. Gen. Mansour
Al-Turki.. ..The men who turned in their sons reportedly told officials that their sons had left to join jihad. The men were picked up at the airport of a neighboring country. The Interior
Ministry statement did not specify which country.." [more]
~~~~~~~~ [ Aug 13] ~~~~~~~~~
Saleh: Dismantled Terror Cell Had Planned Attacks in Saudi Arabia [Aug 13]
"Yemeni President Ali Abdullah Saleh said in remarks published Wednesday that an al-Qaeda cell dismantled by security forces in south-eastern Yemen had plotted terrorist
attacks in his country and its oil-rich neighbour Saudi Arabia. Saleh was quoted by state newspapers as saying Yemeni police had seized documents containing 'dangerous
information unveiling a plan by the al-Qaeda organization to carry out terrorist acts in Yemen and Saudi Arabia.' He reportedly made the remarks in a telephone conversation with Saudi Crown Prince Sultan bin
Abdul-Aziz late on Tuesday. Authorities said Tuesday that a leading member of al-Qaeda in Yemen was killed in a
gunbattle the previous day between police and al-Qaeda suspects holed up in a hide-out in the south-eastern province of
Hadhramout.." [more]
IMF Issues Report on Saudi Economy [Aug 13]
"Discussing the annual economic report on the Kingdom of Saudi Arabia, the International Monetary Fund
(IMF) stressed that the macroeconomic performance in 2007 was
strong as the real GDP grew by 3.5 percent, sustained by strong and broad based private non-oil sector growth (6 percent), especially in construction, retail trade,
transportation and communication services despite the fact that inflation accelerated during 2007 and reached a historical high of 10.5 percent year-on-year in April 2008 driven by domestic demand pressures (especially rents) and higher import prices (mostly food). This came in a press statement issued by the World Bank today containing
the results of the Executive Board of the IMF's discussion of the Article IV consultation with Saudi Arabia.. ..'The outlook for 2008 remains favorable. Real GDP growth is
projected to reach 5 percent with a rebound in oil output to 9.2 million barrels/day and a further acceleration in non-oil growth. Reflecting higher oil prices, a record current
account surplus of US$191 billion (35 percent of GDP) is projected despite continued strong import growth'.."
[more]
Removal of Respirators From Brain-Dead Not Permissible [Aug 13]
"Grand Mufti of Saudi Arabia Shaikh Abdul Aziz Bin Abdullah Al Shaikh has affirmed that removal of respirators from brain-dead people and babies born with disability is
not permissible since their hearts beat naturally. Addressing a meeting of senior doctors in Taif city, he also said that it is prohibited to force prisoners sentenced to death to
donate their organs and treat as brain-dead persons. 'It is right to execute them, but there is no right to cut a part of their organs,' he explained. 'It is wrong to take some parts
of the body of a person sentenced to death and then carry out the death penalty on him. This is not permissible,' he added.."
[more]
Strong Dollar, Drop in Inflation Ease Need for Gulf Revaluation [Aug 13]
"The dollar’s recent strengthening and leveling inflation in oil-rich Gulf Co-operation Council (GCC), countries make the case for revaluation or a depeg from the greenback
less likely, economists in the region said yesterday. 'A revaluation from the dollar would have been a big blunder as it would have taken place at the euro’s peak,' John
Sfakianakis, chief economist at SABB in Saudi Arabia’s capital Riyadh, told Zawya Dow Jones in an interview. 'Inflation in Saudi Arabia and Kuwait seem to be reaching a
plateau and the dollar has strengthened significantly signaling a structural shift in the euro/dollar dynamic putting an end to the dollar’s slide,'.. ..According to the latest
Saudi government data, inflation in the kingdom rose slightly to 10.6% in June from 10.4% in May. Although inflation remains at a record high the monthly rise is
significantly lower than the jump to 10.5% in April from March’s 9.6%.."
[more]
Manila Recruiters Threaten Boycott [Aug 13]
"Philippine recruiting agencies said they will stop sending Filipino workers to Saudi Arabia from next month if the new law on employment contracts is not abolished.The new law, titled “unified contract”, took effect on Aug 1 and requires all employment contracts of Saudi-bound Filipinos to be routed through the Saudi National
Recruitment Committee (SANARCOM). The Royal Embassy of Saudi Arabia in Manila said it will not issue visas to local recruitment agencies unless they provide a copy of a contract from
SANARCOM.. ..The Philippine Department of Labor and Employment (DOLE) disclosed that there are over 400,000 job vacancies overseas and locally. The
POEA also has pending job offers for 150,000 skilled workers in many Gulf countries, which have not been filled yet. Philippine recruiting agencies fill up only about 40
percent of their total job orders due to the lack of skilled workers and insufficient training programs.."
[more]
~~~~~~~~ [ Aug 12] ~~~~~~~~~
Iranian Officials Remarks Insulting to Whole World [Aug 12]
"Saudi Shura Council members and political analysts have denounced the recent statements made by Iranian Deputy Foreign Minister Manouchehr Mohammadi casting
doubt on the legitimacy of some Gulf governments and traditional systems. In statements to Gulf News they also slammed the statement of the Commander of the Land
Forces of the Iranian Revolutionary Guards, Brigadier Mohammad Jafar
Asdi, in which he said that the first step to be taken by Iran if attacked is to cut the oil supply and hit oil refineries in the region. Dr Mohammad Al
Zulfa, member of the Shura Council.. ..'The recent Iranian media escalation in two successive days is a dangerous indication of
how relations between the GCC and Iran will be,' he said. He added Iran had been displaying a hostile policy against GCC countries and it underestimated the abilities of
these countries and ignored their right to build up international coalitions.."
[more]
Opec Chief Urges Members to Abide by Output Target [Aug 12]
"Opec members should keep oil output within the group’s agreed targets, Opec’s President Chakib Khelil said in remarks published yesterday.
Khelil, whose comments were
carried by Iranian oil ministry news agency Shana, is on a visit to Opec price hawk Iran. Opec is overshooting its informal output target, with Saudi Arabia leading the way
after it pledged to meet rising demand and help tame runaway oil prices. Opec’s twelve members under the target output umbrella pumped at 30.20mn bpd in July according to a Reuters survey, over 500,000 bpd above the informal target. 'Except for Iraq and new members who are outside the Opec quota, the rest of the members
should produce in the framework of their committed quota,'.. ..Top oil exporter Saudi Arabia pumped at 9.7mn bpd in July, the fastest rate since 1981 and well above its
target of 8.943mn bpd.." [more]
Agreement With UN Nuclear Agency gets Cabinet Nod [Aug 12]
"The Council of Ministers yesterday approved the Kingdom’s agreement with the International Atomic Energy Agency
(IAEA) on the application of safeguards in the
framework of the Nuclear Non-Proliferation Treaty and its attached protocol. The decision was taken in the council’s weekly meeting chaired by Crown Prince Sultan at
Al-Salam Palace in Jeddah, said Culture and Information Minister Iyad Madani in a statement to the Saudi Press Agency.."
[more]
Anees Ibrahim Detained in Jeddah [Aug 12]
"The CBI today approached the Saudi Arabian authorities to verify reports about the detention of Anees
Ibrahim, brother of underworld don Dawood Ibrahim. The CBI
query follows reports that Anees, against whom an Interpol Red Corner notice was issued at the instance of the CBI, has been detained at the Jeddah airport..
..Anees is
wanted by the CBI for his involvement in the 1993 serial bomb blasts in
Mumbai.. ..Besides his involvement in the Mumbai blasts, Anees was also wanted in nearly 70 cases of murder, attempt to murder, extortion, kidnapping for ransom pending against him in several states.."
[more]
Stop Brain Drain of Professional Saudi Women [Aug 12]
"..There is no question that the Ministry of Higher Education has done much in recent years to provide scholarships for women to study abroad. I am the beneficiary of such
a program. The intent by the ministry is to give Saudi women a Western education so they can return home and contribute to society much like their fathers and uncles have
done in the 1970s and ‘80s. One reason why Saudi Arabia has flourished in the international business community over 30 years is because thousands of men studied in the
West and brought that knowledge home to apply it to Saudi business practices. Now women are given similar opportunities. But there is a twist. The reality is the Ministry of Higher Education wants its women to get the best education possible. The fantasy is that there will be well-paying jobs, respect and opportunities for advancement in the
workplace.." [more]
Mother Asks Court to Annul Marriage of 8-year-old Girl [Aug 12]
"In order to settle his debts, a Saudi father here married his eight-year-old daughter to a man in his 50s, who already has two wives, a local newspaper reported yesterday.
Details of the case came to light when the mother of the girl took it to the court calling for an abrogation of the marriage contract. The mother, who is estranged from the
father, urged all concerned parties and the National Society for Human Rights to support her in canceling the marriage.. ..A source at the court said this is not the first case of
its kind. He added that the case is further complicated due to the parents not being on speaking terms and because the girl was not consulted. A court in Asir is currently
considering a similar case in which a man married his 10-year-old daughter to a man in his 70s for SR170,000.."
[more]
Saudi Shares Rebound After Deep Plunge [Aug 12]
"The Saudi stock market rebounded yesterday and bucked the regional downward trend, recouping some of the losses incurred from the last three days after investors pulled
out in part to new transparency rules which will come into effect on Saturday. Other Gulf stock markets dropped sharply as the dollar’s rally and a rebound in Western
stocks lured global investors out of the region. After falling 3.28 percent on Saturday and 3.55 percent on Sunday, the Tadawul All-Share Index
(TASI) surged 2.33 percent or
183.48 points to close at 8,067.62. The TASI is the worst-performing Gulf benchmark, down 26.91 percent so far this year.. ..The BMG Saudi Index broke the successive decline which has been seen in the previous three trading sessions, with the index rising by 2.1 percent to reach a closing level of 440.39 points. The total turnover, however,
fell, by 15.9 percent to reach SR1.8 billion ($473 million) versus SR2.1 billion ($563 million) registered in Sunday’s trading session.."
[more]
Saudi Arabia, a Lucrative Option in Real Estate Investment [Aug 12]
"The economies of Islamic countries have witnessed a huge surge in the past few years with Islamic finance being one of the most booming markets estimated to be worth
US$800 billion and growing at a substantial rate, by 15% to 20% a year. That performance has translated into an equally promising mortgage finance growth resulting in the
rapid development of the Islamic retail sector, which has proved to be a stable investment option ensuring a high return on investment. The rapid emergence of a wider range of real estate financial instruments compatible with the principles of Islamic finance is
significantly contributing to the growth of the sector.. ..Due to the extra liquidity
generated from high oil revenues, regional governments are planning ambitious infrastructure programs, especially the Kingdom of Saudi Arabia, which now represents the
largest construction market in the Middle East. Its total real estate investments are estimated at US$270 billion and the total value of new projects is likely to reach US$410
billion this year.." [more]
~~~~~~~~ [ Aug 11] ~~~~~~~~~
Musharraf Seeks Saudi Arabia's Help [Aug 11]
"Disappointed by his American friends, President Pervez Musharraf, who faces impeachment by the ruling coalition, has sent an "SOS message" to the Saudi authorities, a
source said on Monday. 'The message was sent through a senior Saudi diplomat based in Islamabad,' the source said, adding the president has received a response that is 'not
very positive'. The source said the Saudi authorities, however, are sending a senior government official to gain a first hand view of the situation arising out of the
impeachment move. The source, privy to the developments here, said that Saudi Ambassador to Pakistan Ali Awadh Asseri would also be soon returning home after cutting
short his private visit to his homeland.. ..The source said that Saudis may prefer to stay away from the internal politics of Pakistan after the Sharif incident after which, for the
first time in the country's history, the media and civil society voiced concern over the Saudis' role.."
[more]
Saudi Keeps Sept Crude Supply Steady to Asia [Aug 11]
"Saudi Arabia, the world's top crude exporter, will supply full contracted volumes of crude oil to Asia in September, steady from August levels, sources at the refiners said on
Monday. Traders had expected no change in supply for September, although the market has been looking for signs of where incremental volumes are headed since the
kingdom began raising output earlier this year in response to more demand and to quell what it sees as unacceptably high prices. Saudi Arabia pumped 9.7 million barrels
per day (bpd) of crude oil in July, up from 9.45 million bpd in June.."
[more]
China to Export Guns to Saudi Arabia [Aug 11]
"China has signed a contract to provide Saudi Arabia with PLZ-45 155-mm self-propelled howitzers for one battalion, according to an authoritative military industry source.
One battalion would normally be armed with 27 such guns. This represents a second successful sale of PLZ-45s to the Middle East, following an earlier sale to Kuwait. In
2000, China exported 54 of the self-propelled guns to Kuwait, sufficient to arm two battalions. This latest batch of PLZ-45s is primarily to be used for testing purposes,
according to the industry source. Once the Saudi military determines that the weapons meet their needs, it is likely that it will import more of the howitzers. However, the
United States has voiced objections to the Saudis’ procurement of China-made howitzers.."
[more]
Technology Builds Links Between British and Saudi Arabian Women [Aug 11]
"Schemes to improve links between Britain and Saudi Arabia are using technology as a springboard to further success, the British Council has commented. A partnership
between the Jeddah College of Technology and City College Brighton and Hove, called Connecting Classrooms, is helping students improve their language and technology
skills as well as gain wider cultural understandings. Another scheme to aid women in their professional lives has been launched called Springboard, which has been translated into Arabic. Abir
Alami, project manager for Women and Science at the British Council, believes that the project will provide a boost for women both inside and
outside of the workplace.. ..The British Council is a non-governmental organisation that aims to help people "develop, grow and become self-sufficient" through its various
initiatives around the world.." [more]
Sri Lanka Cites Abuse, Decides to Send Fewer Maids to Middle East [Aug 11]
"Sri Lanka is planning to trim the number of maids employed in the Middle East, a labor official has reportedly said. Kingsley
Ranawaka, chairman of the Sri Lanka Bureau
of Foreign Employment (SLBFE), was recently quoted by an international media source as saying that Lankan labor officials have decided to curb the number of
housekeepers due to the number of complaints of ill-treatment received from Lankan maids in the region. The bureau said that in the first half of this year, it received a total
of 3,400 complaints, including 577 cases of breach of contract and 479 cases of sexual abuse and other forms of physical violence, as well as complaints of unpaid or
underpaid salaries. Saudi Arabia in particular has been a main market for Sri Lankan workers. For years as many as 500,000 maids work in the Kingdom at any time..
..When asked what effect he thinks the reduction will have on Saudi sponsors due to the low availability of Sri Lankan maids on the employment market, the ambassador
replied that because nearly 80 percent of Saudis earn monthly paychecks of SR5,000 or less he believes demand for Lankan maids will increase.."
[more]
~~~~~~~~ [ Aug 10] ~~~~~~~~~
Saudi Arabia, BAE in Talks on New Arms Deal [Aug 10]
"BAE Systems Plc is in talks with the Saudi government over a second order of Eurofighter Typhoon aircraft that could be worth $38.6 billion, the UK's Sunday Times
newspaper reported on Sunday. 'BAE.. may provide as many as 70 extra combat aircraft to the Saudis, although some defence industry executives say the contract is likely
to be for 48,' the Times reported. 'It is understood that senior staff from the (UK's Ministry of
Defence) department recently visited Saudi Arabia to discuss the deal,' it added.Ahmed
al-Shodokhi, from the Saudi Defence Ministry's media department, declined to comment on the report.. ..Sources familiar with the negotiations over the previous
contract have told Reuters that this pact will be paid for in cash from the Saudi budget instead of a previous formula that used oil shipments. The Al Yamamah arms-for-oil
pacts signed by Riyadh and London in the 1980s have produced an estimated 43 billion pounds in business.."
[more]
Samba and Sabic Lead Decline on Saudi Bourse [Aug 10]
"Saudi Arabian shares declined for the second-straight day, led by the Samba Financial Group and Saudi Basic Industries Corp
(Sabic), the world's largest chemical maker.
The Tadawul All Share Index lost 3.3 per cent to 8,173.97 in Riyadh, the lowest since October last year. The index has dropped 26 per cent this year. Samba Financial, the
second-largest bank by market value, dropped to its lowest level since December 2004, losing 8.8 per cent to 62 riyals and bringing the slide this year to 48 per cent. Sabic
declined 3.3 per cent to 119.25 riyals, the lowest since October. 'There are concerns about Samba's exposure to US mortgage-related security losses, directly or indirectly,'
Murad Ansari, a Riyadh-based analyst with EFG-Hermes Holding.." [more]
Saudi Rajhi Steel Eyeing Doubling Output by 2012 [Aug 10]
"Al-Rajhi Steel Industries, one of Saudi Arabia’s three largest steel producers, said it plans to spend up to 4bn riyals ($1.07bn) to more than double its production capacity by
as early as 2012. The company, which accounts for about a fifth of steel and by-products sales in the kingdom, plans to start a 1mn tonne reinforced steel plant in Jeddah by
early 2011.. ..Prices of steel have almost doubled over the past two years as demand has outpaced supply in Saudi Arabia, where the government and the private sector are
spending hundreds of billions of riyals on infrastructure and housing projects. The rise in steel prices, exacerbated by increases in other input costs, has raised fears on the
viability of some projects. A Riyadh commerce and industry chamber official said in November that some 80% of small and medium-sized construction projects have been
put on hold because of the surge in building materials and labour costs. But the plethora of projects that are either led by or sponsored by the government are offsetting any
impact on steel demand in the world’s largest oil exporter.." [more]
Prince Bandar Meets With Chinese Vice President [Aug 10]
"Chinese Vice President Xi Jinping on Friday met with Prince Bandar Bin Sultan Bin Abdul
Aziz, secretary general of the National Security Council stressing China’s
cooperation and increasing relations with Saudi Arabia, the Saui Press Agency reported Friday. In the meeting with Xi he said the China-Saudi Arabia friendship should
constantly bear new fruits. Xi noted that China-Saudi Arabia relations have entered into a fast-growing new stage. The two countries should push their cooperation to a
higher level, he said.. ..King Abdullah, Custodian of the Two Holy Mosques donated SR150 million in relief and SR37million worth of relief materials to the southwestern
province of Sichuan. Over 60,000 people died and millions were left homeless in the 8.3 magnitude earthquake in May.."
[more]
OIC Slams Anti-Islam Congress in Germany [Aug 10]
"The Organization of the Islamic Conference (OIC) has expressed serious concerns about reports that an far right group is holding an anti-Islam conference in the German
city of Cologne in September. A spokesman for the OIC’s Islamophobia Observatory in Jeddah said in a statement issued yesterday that the proposed conference was aimed
at arousing anti-Muslim sentiments in Europe and that it would pose a threat to inter-communal peace and harmony in society. The right-wing extremist group Pro Koln is
organizing the event on Sept. 19-20, with the aim of issuing a declaration against the purported
'Islami-fication' of Europe. The meeting is expected to be attended by some of
the most inflammatory names in European race politics.. ..Various international groups have condemned Pro Koln for organizing the conference and called for public
initiatives to confront efforts to spread the right-wing propaganda against people of other ethnic or religious groups.."
[more]
Saudi Retailing Undergoes Aggressive Expansion [Aug 10]
"Over the last 10 years, the population in Saudi Arabia has been growing rapidly at the rate of 3% per year. This has played a role in making Saudi Arabia the most
important and dynamic retail market in the Middle East. With around 2.4 million square metres of existing retail space and an extra four million planned, retail sales in the
kingdom peaked to outpace average growth, despite a hike in prices.. ..Saudis are conscious consumers who value established and well-known brands. This is mainly due to the emergence of a large population of young people in Saudi Arabia, coupled with the fact that women represent more than 50% of consumers. Al Hokair Group says that
the size of population and its growth rate, together with its young demographic structure, makes it a lucrative market for consumer products. In its report, the group drew a
picture showing consumers as modern shoppers with sophisticated brand tastes, influenced by global media through satellite television.."
[more]
Festival for Women Entrepreneurs [Aug 10]
"An all-women festival dedicated to female entrepreneurs titled “Where the Creation Starts,” will take place from Aug. 25-28. The event will be inaugurated by Princess Hisa
Al-Sha’lan, wife of King Abdullah, the Custodian of the Two Holy Mosques. The venue of festival will be the Jeddah Westin hotel and it’s in cooperation with the Disabled
Children Association of Makkah. The three-day festival is geared towards giving tourists a glimpse into the important role Saudi women play in Saudi society.. ..'In
cooperation with the Jeddah Chamber of Commerce and Industry, the participants will present their projects to a committee who will select the best for a prize,' Fawzi said.Several companies will promote their products at the festival such as the Oxford Language Institute and the Shams Academy for Arts and Crafts. Several jewelry designers
will also be presenting their work.." [more]
Saudi Stock Index Dips to 41-Week Low [Aug 10]
"The Saudi stock market index tumbled to a 41-week low yesterday ahead of the implementation of a rule to name investors with stakes of five percent or more in listed
companies. Tadawul will start publishing names of investors on a daily basis from next Saturday. The Tadawul All-Share Index
(TASI) plunged 277.09 points or 3.28 percent
to close at 8,173.97 points in thin trading yesterday. It fell 3.31 percent last week. The index is the worst performer in the Gulf Arab region this year as it is down 25.95 percent
or 2,864.69 points so far this year after closing at 11,038.66 at the end of last year. The only gainers yesterday were Saudi Public Transport Co.
(SAPTCO), Malath
Cooperative Insurance and Reinsurance Co., Saudi Indian Company for Cooperative Insurance and Alabdullatif Industrial Investment Co. The stock market turnover was
thin at SR3.50 billion with 98.27 million shares changing hands.." [more]
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