More News This Week

MOS Lee to Visit Saudi Arabia 9 to 12 May [May 9]
"Singapore’s Minister of State Lee Yi Shyan will be visiting the Kingdom of Saudi Arabia for four days, from 9 to 12 May. The visit aims to reaffirm the growing economic ties between the two countries, and further catalyse bilateral business linkages. The Kingdom of Saudi Arabia is Singapore’s largest trading partner in the Middle East, with bilateral trade at S$22 billion in 2008, and presents significant opportunities for Singapore companies in the infrastructure, environmental services, and oil and gas sectors. Since 2007, Singapore companies have secured S$1.25 billion worth of projects in the Kingdom.." [more]

Saudi Signs $2.4bn Water Contracts [May 9]
"Saudi Arabia's Water and Electricity ministry on Saturday signed contracts worth SR9 billion ($2.4 billion) for water projects in the central region around Riyadh, the state news agency said. Minister Abdullah bin Abdul-Rahman al-Husayen signed the contracts for water pumping, desalination and storage with a group of Saudi and foreign companies, SPA said. They will serve the city of Riyadh and a number of neighbouring regions, including Sudair, Zulfa and Majma'a. The contracts involve a project which will take 42 months to implement.." [more]

Major Banking, Investment Conference Today in Jeddah [May 9]
"Prince Khaled Al-Faisal, Emir of Makkah province, will inaugurate the third Saudi International Banking and Investment Conference (SIBIC 2009) under the theme 'Investment and Securities: Forum of Views and Ideas' today at the Jeddah Hilton Hotel. Over 700 experts from business, insurance and banking are expected to attend the event which seeks to address investors’ problems in the Kingdom. 'We expect to hear many interesting solutions during the forum about the financial industry and how to benefit from the growth of the Saudi economy,' said Yassin Al-Jefri, general supervisor of the conference.. ..the main points of discussion will center on local and foreign banks, insurance companies, and the variety of mortgages under the authority of the Ministry of Trade and Industry. The conference aims to increase foreign investment in the Saudi market.." [more]

Saudi Shares Hit 6-Month High [May 9]
"Petrochemical stocks lead Saudi shares to their highest close in more than six months after oil prices end the trading week at their highest in as many months. The all-share ends 3.75 per cent higher at 6,019.69 points, its highest close since November 5. The front-month contract for US crude oil closes the trading week up $1.92, or 3.4 per cent, at $58.63 a barrel, its highest settlement in six months after fewer-than-expected job cuts in April suggested the economic slump was easing. Nymex crude is up about 30 per cent since the start of the year, responding to the run-up in the stock market and output cuts by producer group Opec.." [more]

~~~~~~~~ [ May 8]~~~~~~~~~

Saudi Arabia Donates $3 Million to World Scout Foundation [May 8]
"On behalf of the Kingdom of Saudi Arabia, Saudi Minister of Education and President of the Saudi Arabian Boy Scouts Association, HH Prince Faisal bin Abdullah bin Mohammed, today is delivering a $3 million donation to Swedish King Carl XVI Gustaf, Honorary Chairman of the World Scout Foundation, to support the Gifts for Peace program. Gifts for Peace was created under the patronage of Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz in November 2001 at a Scouting Conference in Riyadh. 'Gifts for Peace is a truly worthy program and represents an extension of Saudi Arabia efforts to promote peace and cultural understanding worldwide,' said Saudi Ambassador to the United States Adel A. Al-Jubeir. 'Through Gifts for Peace, King Abdullah and King Gustaf have already inspired more than ten million young people in 110 countries to work for peace and understanding in their local communities.'.." [more]

Saudi to Commission $15 Mln Solar Plant [May 8]
"Saudi Arabia will commission the $15 million two-megawatt solar power plant at the King Abdullah University of Science and Technology (KAUST) in July, a senior company executive working on the project said on Thursday. The plant will generate enough power for about 500 homes, said Abdulhadi al-Mureeh, a business development director with National Solar Systems. 'We are halfway through the project and will commission it in July,' Mureeh said on the sidelines of an industry conference. KAUST is seeking to position itself as a leading solar energy research centre focused on making solar energy more efficient and economical, said Khalid al-Falih, Saudi Aramco's chief executive officer, during a speech in Washington on Tuesday.." [more]

Arab Peace Offer is Not Negotiable [May 8]
"The Arab League and Syria have shot down a US suggestion that the Arab peace initiative be changed to make it more palatable to Israel. The 2002 peace initiative offers Israel Arab recognition, peace and normal relations in exchange for an Israeli withdrawal from territory it occupied in the 1967 Middle East War, the establishment of a Palestinian state with east Jerusalem as its capital and a just solution to the issue of Palestinian refugees. Several Arab diplomats said this week that the Americans are asking Arab states to drop demands for a right of return for Palestinian refugees and agree to either resettle them in the host countries or in the Palestinian territories. Arab foreign ministers meeting at the Arab League headquarters in Cairo yesterday rejected the request, said Jordan’s foreign minister. 'The ministers renewed their commitment to the initiative as it is without change,'.." [more]

Saudi-Egypt Joint Investment Set to rRse: Al-Hokair [May 8]
"The new chairman of the Saudi-Egyptian Business Council Abdul Mohsen Al-Hokair has projected the volume of fresh joint investments in the two countries for the next three years at SR16 billion. 'The new investment projects will cover areas such as energy, electricity, tourism, industry, agriculture and services,' Al-Hokair said in the wake of his election to the office at the Council of Saudi Chambers and Commerce and Industry (CSCCI) in Riyadh yesterday. The meeting held under the chairmanship of Fahd Al-Sultan, secretary of CSCCI, also elected two Saudis Osama Al-Kurdi and Fahd Al-Hammad as deputy chairmen of the business council. The meeting will shortly nominate 25 Saudi and Egyptian members to the council. Referring to the leap in the volume of bilateral trade and investments to SR20 billion last year, Al-Hokair said, 'The Saudi-Egyptian trade ties are now viewed as not only the cornerstone of Arab trade but a decisive factor in the social stability of the region as well.'.." [more]

Kingdom Leads Gainers as GCC Markets in Uptrend [May 8]
"Returns in the GCC equity markets showed signs of significant momentum in April at 16.83 percent from 7.94 percent return in March. A report by Kuwait Financial Center (Markaz) on Thursday said all the GCC markets posted positive returns in April. Five of the six GCC markets posted returns in excess of 10 percent. Saudi Arabia led the gainers with a return of 20.8 percent. In March, due to the reversal in trend, the momentum model was overweight on all the markets, due to which it was leveraged by 20 percent. This had led to significant out performance of the model as compared to the SAA. The out performance for the month of April was at 3.32 percent and for the year at 6.46 percent. Similarly, in the case of emerging markets and the world indices, the trend of momentum continues to be strong post the reversal in March.." [more]

Saudi Tourism Expected to Grow [May 8]
"The Saudi Commission for Tourism and Antiquities has launched a massive investigation into how to improve tourist facilities, hotel management training and cultural festivals. In an accelerated development process to promote tourism in the Kingdom, the government has announced a strategy which includes the construction of several multi-million-riyal tourist sites. Prince Sultan Bin Salman Bin Abdul Aziz, Secretary-General of the Supreme Tourism Commission, has said Saudi Arabia will become a solid tourist destination, with political stability, economic prosperity and international confidence in the country. The tourist areas of Saudi Arabia currently comprise the coastal areas of Jeddah, Dammam and Al Khobar. Inland areas as such as Taif, Al Baha, Abha and the Unesco heritage site of Madain Saleh in Diriyah are expected to attract most foreign tourists.." [more]

~~~~~~~~ [ May 7]~~~~~~~~~

Saudi Arabia, Bahrain to Keep Currency Pegs to Dollar [May 7]
"Saudi Arabia, Qatar and Bahrain officials said today that they see no need to change their more than two-decade-old fixed-exchange rates to the U.S. dollar. 'We are committed to the peg because it serves us well,' Saudi central bank Governor Mohammed al-Jasser said today at an Islamic Financial Services Board conference held in Singapore. The dollar still remains the 'dominant' global currency, he said. Forward contracts on the Saudi riyal and the United Arab Emirates dirham tumbled to the lowest in more than a decade last year on speculation they would scrap or loosen links to the dollar in order to tackle soaring inflation. Inflation slowed this year, reducing pressure on the exchange rates and easing the way to the creation of a single currency in the region.." [more]

Saudi Arabia’s Islamic Bank Plans to Sell $500 Million of Bonds [May 7]
"Saudi Arabia’s Islamic Development Bank, an organization set up by 56 nations to lend to Muslim communities, plans to sell $500 million of Islamic bonds by the end of June, its first debt offering this year. Proceeds from the sale will be used to fund the bank’s projects in member countries, Mohammed Tariq, director of the Treasury Department said in an interview in Singapore today. The Jeddah-based bank plans to raise as much as $5 billion over the next five years through 2014 to expand lending, President Ahmad Mohamed Ali al-Madani said separately at the Islamic Financial Services Board summit. Sales of the so-called sukuk may rise to a record this year, led by issuers from the Persian Gulf, as higher yields attract investors, Saudi Arabia-based NCB Capital said in March.." [more]

Aramco Raises Energy Production Capability [May 7]
"Saudi Arabia is investing in 'all petroleum value chain on a scale never before seen in the history of our industry,' President and CEO of Saudi Aramco, Khalid A. Al-Falih said on Wednesday. Underlining the Kingdom’s commitment and sense of responsibility at being the world’s largest energy supplier, he said 'we are continuing our efforts to locate additional resources across Saudi Arabia, including new frontier areas both on land and offshore, despite the large resource base we already possess.' Speaking at the Center for Strategic and International Studies in the US capital Washington, DC, Al-Falih reinforced the need to keep investing in the oil and gas industry. Being bullish on the propects, he said 'we believe there is tremendous potential to locate substantial new hydrocarbon resources in various regions of the Kingdom.'.." [more]

Saudi Businessmen Wary of Agrarian Reform [May 7]
"Agriculture Secretary Arthur Yap said corporate executives representing the big agricultural businesses in Saudi Arabia have raised concerns about the Philippine agrarian reform and limiting foreign land ownership as they indicated interest in acquiring tracts of plantation land and poultry farms. 'They have raised their concern on the effect of these policies on the security of their investment,' Yap told reporters at the sidelines of the Kingdom of Saudi Arabia (KSA) Agriculture and Trade and Investment Mission to the Philippines at the Apo View Hotel here yesterday. He said that it was understandable for Saudi business executives to raise such issues 'because some of them wanted to acquire thousands of hectares of land for planting, processing and raising livestock and poultry'.. ..Yap said he would explain to the KSA government and business delegation how the twin policies operate to persuade them to push through with their investments in plantations and food processing. 'We will try to convince them to put those big investments, especially that they are focused on food production,'.." [more]

Here She Comes: Saudi Arabia's Miss Beautiful Morals [May 7]
" Sukaina Al Zayer is an unlikely beauty queen hopeful. She covers her face and body in black robes and an Islamic veil, so no one can tell what she looks like. She also admits she's a little on the plump side. But at Saudi Arabia's only beauty pageant, the judges don't care about a perfect figure or face. What they're looking for in the quest for 'Miss Beautiful Morals' is the contestant who shows the most devotion and respect for her parents. 'The idea of the pageant is to measure the contestants' commitment to Islamic morals'.. ..'The winner won't necessarily be pretty,' she added. 'We care about the beauty of the soul and the morals.' So after the pageant opens Saturday, the nearly 200 contestants will spend the next 10 weeks attending classes and being quizzed on themes on inner strength and leadership. Pageant hopefuls will also spend a day at a country house with their mothers, where they will be observed by female judges and graded on how they interact with their mothers.." [more]

Municipal Councils Not Ready to Employ Women [May 7]
"The time is not ripe for municipal councils to employ women, a city council official here said. Hassan Al-Zahrani, vice chairman of the municipal council here said that the councils are still in their inception stage and need time before involving females in their work. Overly hasty moves to open the door to women’s participation could have negative consequences, he said. The issue of men and women sharing responsibilities is not up for debate, Al-Zahrani said, as each one has their responsibilities specified in Shariah Law. He said women were taking part in extensive areas of society that are suited to their nature, citing social issues and district centers and other societies. More women working in those areas would have a positive effect on the structure and cohesion of society.." [more]

Man Tries to Attack Saudi Embassy in Stockholm [May 7]
"Police said they arrested a man who tried to start a fire at the entrance to the Saudi Arabian Embassy in Stockholm. Police spokesman Tore Loftheim said the man set fire to a car outside the embassy and was pouring flammable liquid on the embassy door when he was captured by security guards. He was arrested on suspicion of attempted grave arson. No one was injured in Wednesday’s attack and the embassy stayed open. Loftheim declined to give more information about the man and said the motive for attack remained unclear.." [more]

New Vision to Boost Saudi-German Ties [May 7]
"The German-Saudi Arabian Liaison Office for Economic Affairs (GESALO), a Riyadh-based institution supported by Saudi and German governments, has set out a new vision to boost economic ties between the two countries. The new vision for the group was unveiled on the occasion of the weeklong celebrations that kicked off yesterday to mark the 30th anniversary of GESALO’s successful operation. GESALO, whose mission is to support and to boost Germany’s bilateral economic relations with Saudi Arabia, Bahrain, Kuwait and Yemen, 'has emerged as an active player and a trusted institution in the international business world,' said Gerd Doepner, a delegate of the German Industry and Commerce in Saudi Arabia, who supervises the growing operation of GESALO on a day-to-day basis. Doepner said that the GESALO was organizing a high-profile function with a gala dinner on May 10 as part of the 30th anniversary celebrations.." [more]

~~~~~~~~ [ May 6]~~~~~~~~~

Saudis Trying to Forge National Alliance Against Militancy [May 6]
"Saudi Arabia’s role in evolving a consensus among the major players in Pakistani politics became more pronounced on Saturday night when some of the top government and opposition leaders met at Ambassador Ali Awadh Asseri’s palatial residence, and Prime Minister Yousuf Raza Gilani used the occasion to announce, what he called a ‘process of reconciliation’ in the country. The announcement was more about the Pakistan People’s Party joining the government in Punjab, but Prime Minister Gilani described it as the start of reconciliation, indicating that it may even lead to a greater alliance at the centre. Flanked by the main opposition leader Mian Nawaz Sharif and ambassador Asseri, Premier Gilani praised the Saudi role and said it was significant the announcement was being made at the residence of the Saudi envoy.." [more]

U.S. Mulls Saudi Scheme for Guantanamo Yemenis [May 6]
"The United States has raised the idea of sending Yemeni detainees held at Guantanamo Bay to Saudi Arabia as part of Washington's efforts to close down the controversial prison, Defense Secretary Robert Gates said. U.S. President Barack Obama ordered in January the closure of the prison within one year but Washington is keen to ensure that those freed do not end up rejoining militant groups. Gates told reporters on Wednesday that he was impressed with Saudi Arabia's programme to rehabilitate militants whereas Yemen may have less capacity to deal with repatriated inmates. 'They've probably done as good, if not a better, job of that than almost anybody and (we) explored the possibility of some of the Yemeni detainees coming through that system,' he said. 'It would be those with strong Saudi family connections or strong connections to Saudi Arabia. Nothing was decided. Nothing specifically was asked. It was more a general conversation about the capability and about the possibility.'.." [more]

Cape Verde: Saudi Fund for Development Finances Construction of Ring Road on Fogo Island [May 6]
"The Saudi Fund for Development (SFD) plans to provide Cape Verde with a US$10 million loan to help build a ring road on Fogo Island, according to the PANA news agency. The ring road project, which will link the three municipalities on the island, has a total estimated cost of US$36.13 million, which will also be financed by the Arab Bank for Economic Development of Africa (BADEA), and by the Cape Verdean government. The OPEC (Organisation of Petroleum Exporting Countries) Fund for International Development (OFID) and Sociedade Financeira Internacional (SFI) are also involved in funding the project. The project icnludes over 80 kilometres of roads, most of which with na asphalted 7-metre wide layer, but which in some places will keep the traditional cobblestones. The concession agreement for this funding is due to be signed Friday.." [more]

Sheikh Kalbani: All Shiite Clerics are Heretics [May 6]
"Sheikh Adil Al-Kalbani, the first black imam of the Grand Mosque in Mecca lashed out at Shiite clerics, saying they are not entitled to join the Supreme Council of Ulema, the highest religious body in Saudi Arabia. 'I think Shiite clerics are heretics,' Sheikh Kalbani said Monday on the BBC Arabic satellite new channel.. ..Sheikh Kalbani, who was appointed by King Abdullah last September as the imam of the Mosque of the first shrine of Islam, to which flock over two million Muslim pilgrims of all faiths every year. 'Indeed, I can not consider a Muslim anyone who knows the value (for Sunnis) of Abu Bakr (the faithful companion of the Prophet Muhammad), and still insults and curses him and warns Muslims against him,'.. ..Shiites claim they suffer discrimination, particularly being banned from holding key positions in military, diplomacy and security and from exercising their religious rites and cultural activities. But the Saudi government, dominated by Wahhabism-inspired Sunnis, insists Shiites have all their rights.." [more]

Riyadh to Host GCC Central Bank [May 6]
"GCC leaders on Tuesday chose Riyadh to host the bloc’s first regional central bank, a key step toward a long-elusive push for greater economic integration in the oil rich region. Abdul Rahman Hamad Al-Attiyah, the group’s secretary-general, said Riyadh was chosen as the location for the region’s monetary council, the precursor to the new central bank. He said details of the agreement would be released later. The announcement marked a major step toward advancing the Gulf region’s monetary union plan that also includes a unified currency. The effort, in the works for years, has stalled on a number of issues, including Oman’s decision not to participate in the single currency and Kuwait’s decision to drop the US dollar as a currency peg.." [more]

KAEC Hosts 28 World Leaders Next Week [May 6]
"Twenty-eight present and former heads of state will attend the 27th session of the Council for International Understanding (CIU) at King Abdullah Economic City (KAEC) in Rabigh May 10-13. The event will also be attended by more than 200 Saudi and foreign political, intellectual and business leaders. 'The Kingdom’s hosting of the conference reflects the support of Custodian of the Two Holy Mosques King Abdullah for investment projects in the Kingdom,' said an official statement. 'The KAEC is considered the largest single private sector investment project in the Kingdom,' it added.  Projects like the KAEC would reduce the migration of Saudis from less developed area to the cities, said Fahd Al-Rashid, board member and CEO of Emaar Economic City. Total investments in the city reached SR4.8 billion last year. The number of engineers and technicians working in the city rose to 13,000 while the number of housing units sold in 2008 reached 1,124 with a total value of SR2 billion. A number of industries have started building their facilities in the city. 'The KAEC has been successful in attracting huge foreign investments during the past few years,'.." [more]

~~~~~~~~ [ May 5]~~~~~~~~~

Saudis Angered by Europe Visa Hassles [May 5]
"Saudi Arabia has accused France, Germany and Italy of discrimination over what it said were unreasonable delays for its nationals to secure visas to visit several European countries. Saudi applicants are forced to submit more documentation and wait much longer than citizens of neighbouring countries for Europe's Schengen visa, the foreign ministry said. The visa allows visitors to travel freely through 15 countries with a visa from a single embassy.  Articles in several newspapers in the past three weeks have accused especially the French embassy in Riyadh of mistreating Saudi applicants, with some calling for a boycott of France and its businesses. 'The visas take longer than it should be.. ..We want to be treated as the other Gulf countries are, 'foreign ministry spokesman Osama Nugali told AFP. 'The Kuwaitis don't have to wait, the Omanis don't, so why the Saudis?'.." [more]

Gates Begins Official Saudi Visit [May 5]
"US Defense Secretary Robert Gates is due to start an official visit to the Kingdom of Saudi Arabia Tuesday and is expected to meet King Abdullah bin Abdelaziz Al-Saud. According to Saudi ofiicail's Gates and King Abdullah are to discuss relations and the situation of the Middle East and Gulf region, in addition to other international developments. Gates is visiting Saudi part of a tour of the region and he is the second top figure in the Obama administration to visit Egypt after Secretary of State Hillary Clinton, who visited on March 2.." [more]

Ministry to Impose Anti-Dumping Measures on BDO Imports [May 5]
"The Chinese mainland will start from Wednesday imposing temporary anti-dumping measures on 1,4-butanediol (BDO) imported from Taiwan and Saudi Arabia, the Ministry of Commerce said Tuesday. In a statement on its website, the ministry said Taiwan and Saudi Arabia had dumped BDO products on the Chinese mainland. The ministry said the temporary measures are a result of the initial ruling of an anti-dumping investigation that began in September last year. The ministry said Taiwan and Saudi Abrabia's dumping had caused substantial damage to the mainland's BDO industry. Importers will have to pay a deposit when bringing the goods into the country.." [more]

Cybercrime Threatens Businesses in Kingdom [May 5]
"A 3,000 percent exponential growth in internet usage since 2000 has meant that more than 22.7 percent of the Kingdom’s citizens are now prone to cyber crime today, Trend Micro said in a statement on Monday. In the first three months of 2009, Trend Micro has cleaned more than a million infected computers across the GCC, and 723,567 of those were in Saudis Arabia. The number of infected computers in the country is set to grow as spam peaks at 200 billion a day globally. 'The Kingdom of Saudi Arabia has one of the highest number of internet usage in the Arab world, and Saudi individuals and businesses are prone to malicious web attacks that could be financially damaging,'.." [more]

Saudi Arabia’s Foreign Assets Fall [May 5]
"Saudi Arabia’s foreign assets fell for the fourth straight month in March after almost a decade of steady growth driven by rising oil prices, official data showed Monday. Foreign assets controlled by the Saudi Arabian Monetary Agency (SAMA) declined 2.8 percent, or about $11 billion, to SR1.541 trillion ($410.93 billion) in March from a month earlier. The decline has accelerated from a 2 percent drop in February. Although SAMA’s foreign assets rose by about 19 percent in March from their level a year earlier, they were at their lowest level since July, 2008. The Kingdom has shed more than $31 billion in foreign assets since November 2008, according to a report posted on SAMA’s website. SAMA’s net foreign assets stood at SR1.541 trillion ($410.93 billion) in March, down from SR1.585 trillion in February. The global financial crisis has battered global markets and oil prices have fallen around $100 from a record high near $150 in July, hitting both the revenues and the foreign holdings of many countries in the world’s largest oil-exporting region.." [more]

Riyadh, Canberra Agree to Upgrade Cooperation [May 5]
"Saudi Arabia and Australia have agreed to boost ties in education, commerce and counterterrorism efforts. Australia is also discussing with the six-nation Gulf Cooperation Council (GCC) plans to upgrade bilateral contacts by holding ministerial level dialogue as part of a wider consultation process. 'We have discussed ways and means to enhance the relationship between the Kingdom and Australia on the one hand and between Australia and the GCC on the other through increased cooperation in trade and investment, education links and counterterrorism,' said Australian Foreign Minister Stephen Smith after holding wide-ranging talks with Custodian of the Two Holy Mosques King Abdullah in Riyadh on Sunday.. ..This is the first visit of an Australian foreign minister to Riyadh in five years. Smith is scheduled to meet Minister of Commerce and Industry Zainal Alireza today to discuss progress of negotiations on the Australia-GCC Free Trade Agreement.." [more]

3-day Jeddah Commercial Forum from June 15 [May 5]
"Jeddah is to host a three-day economic forum exploring business developments and issues in the Kingdom. 'Ministers, top government officials, businessmen and businesswomen in the Kingdom will participate in the first Jeddah Commercial Forum (JCF) to be held under the aegis of Makkah Gov. Prince Khaled Al-Faisal at the Jeddah International Center for Conferences on June 15, 16 and 17,' said Majed Qarub, chairman of JCF’s organizing committee. 'The forum, in which problems faced by businesswomen will receive special attention, is scheduled to discuss topics such as obstacles in the way of investments consequent to the ongoing global economic crisis, the result of governmental measures to protect the investment environment in the country, and the pros and cons of new commercial regulations,' said Qarub who was speaking at a press conference at the Jeddah Chamber of Commerce and Industry (JCCI).." [more]

Saudi Arabia Looking to Expand Domestic Tourism [May 5]
"The Kingdom of Saudi Arabia plans to launch a new national tourism scheme by the end of the current year. According to the Saudi tourism commission, the long-term vision for the hospitality sector in the country estimates that visitor numbers will nearly double by 2020, from 47 million in 2008 to 88 million in 2020. The commission noted that the number of hotel rooms would more than double, rising from 117,097 to 254,310. Prince Sultan bin Salman bin Abdulaziz Al-Saud, president and chairman of the board of the Saudi Commission for Tourism and Antiquities, commented at the Arabian Hotel Investment Conference (AHIC): 'We have a major programme for human resource development as we see tourism as a major job creator.'.." [more]

~~~~~~~~ [ May 4]~~~~~~~~~

Gates Wants Saudi Help in Pakistan [May 4]
"U.S. Defense Secretary Robert Gates says he wants Saudi Arabia to help forge a political consensus in Pakistan that it must deal with the threat from the Taliban, al-Qaida and related militant groups. The secretary spoke to reporters on his aircraft, while on his way to Cairo and Riyadh, telling them, 'The Saudis, in particular, have considerable influence in Pakistan.' American officials have been working for months to convince Pakistani officials to shift their focus from the threat they perceive from India to what they see as the more immediate and dangerous threat from militants inside Pakistan. And, they say they have made some progress.." [more]

Saudi Leaders Refuse To Give New Money To IMF [May 4]
"When leaders of the G20 nations pledged at their recent London summit to find $1.1 trillion in lending resources for the International Monetary Fund, they were counting on the world's wealthiest countries to boost their IMF contributions. Among the countries at the top of their list was the oil-rich kingdom of Saudi Arabia. But a month has passed, and Saudi leaders are still refusing to come up with new money for the IMF. Their reluctance to part with their cash, however, has less to do with Saudi stinginess than with a new Saudi determination to assert their economic and political clout on their own terms. 'The Saudis want to see exactly what's on offer from the IMF,' says Eswar Prasad, a former IMF division chief and a professor of trade policy at Cornell University. 'They want to see if a larger contribution will get them a larger voting share [and] more influence at the IMF.'.." [more]

Saudi Investors Pledge $2 Bln for Madagascar Projects [May 4]
"Saudi investors have pledged $2 billion for Madagascar's tourism, communications and energy sectors, the government said, in a sign that some financiers are not shying away from the new president's administration. A political crisis since early this year has dealt a hefty blow to the Indian Ocean island's $390 million-a-year holiday industry and the roughly $8 billion-a-year economy. Some investors are concerned that Africa's youngest incumbent president, Andry Rajoelina, will revise existing contracts -- branded golden handshakes by the new government -- if economic circumstances become more favourable. 'Investments initially worth up to $2 billion will target the energy, communications, telecommunications and hotel sectors,' Madagascar's Foreign Affairs Ministry said in a statement late on Sunday.." [more]

Saudi-US Cultural Festival Set in Taif [May 4]
"Following the success of the first Saudi-American cultural festival in Abha in 2007, the US Consulate General in Jeddah will host a second festival in Taif starting Wednesday. With the support of Makkah Gov. Prince Khaled Al-Faisal, the American-Saudi Arabian Culture and Commerce Festival seeks to develop and strengthen the cultural and commercial relations between the Kingdom and the US, said a statement issued by the consulate. It said the festival is being organized in partnership with the Taif governorate, the Taif Chamber of Commerce and Industry and the Saudi Commission for Tourism and Antiquities. An exhibition will take place at the Intercontinental Hotel in Taif from 9 a.m. to 9 p.m. on Wednesday and Thursday, the statement said, adding that the exhibition is open to the public and admission is free of charge.." [more]

Saudi Arabia Most Likely to Host Gulf Central Bank [May 4]
"While the race will be tight, Gulf Arab leaders meeting this week are most likely to choose Saudi Arabia, the region’s largest economy, as the headquarters of their common central bank, a Reuters poll showed Sunday. The world’s top oil exporter will face tough competition from Bahrain and the United Arab Emirates, which were neck-and-neck in the second and third spot in the poll of 21 economists. Heads of state of Saudi Arabia, the UAE, Kuwait, Qatar and Bahrain are meeting in Riyadh on May 5 in their latest attempt to decide on a location for the central bank - a key remaining hurdle before the Gulf monetary union plan. Choosing a venue won’t be easy, according to respondents in the April 29 to May 2 poll, who said a number of political and economic considerations complicate the decision. Of the 21 poll respondents drawn from regional and global banks and research institutes, nine favoured Saudi Arabia as the most-likely choice for the headquarters, while six opted for the UAE, five picked Bahrain and one chose Qatar.." [more]

New Port Terminal to be Ready by October [May 4]
"Mazen Mohammed Matar, CEO of Red Sea Gateway Terminal Company, said the new terminal would increase Jeddah Islamic Port’s capacity by 45 percent. The new facility would be operational by October this year with half capacity. The terminal is designed to handle 1.5 million containers annually. 'Our desire is to complete the project with all related aspects including linkage with Jeddah city and the port,' he said. 'We have prepared three studies, including a traffic study on linking the terminal with the port and the city. We have passed these studies to the concerned authorities,' he said. A committee comprising representatives of different departments, such as municipality and the Traffic Department, has approved a number of proposals made in that study to serve Jeddah for the next 30 years. 'The study has taken into consideration the roads around the port including traffic intersections, up to the borders of Andalus district,' he said.." [more]

Stephen Smith Visits Saudi Arabia [May 4]
"Stephen Smith has become the first Australian foreign minister to visit Saudi Arabia since 2003. Mr Smith met with King Abdullah, Second Deputy Prime Minister Prince Naif and his Saudi Arabian counterpart Prince Saud Al-Faisal. The delegations from Australia and Saudi Arabia discussed trade, education links and counter-terrorism. Mr Smith said he would meet with Saudi Arabia's Commerce Minister Zainal Alireza on Tuesday to discuss negotiations towards a free-trade agreement between Australia and the Gulf Cooperation Council, made up of six Persian Gulf nations. The Arab states of the Persian Gulf are major customers of Australian-made cars, buying almost 40 per cent of vehicle exports in 2008.." [more]

~~~~~~~~ [ May 3]~~~~~~~~~

Saudi Business to Close in Protest [May 3]
"A prominent Saudi businesswoman has decided to shut her IT firm in protest against a government requirement that she appoint a male director-general. Aliya Banaja said she will close her company, 2 The Point, after receiving a circular from Hossan Aqeel, undersecretary at the Ministry of Commerce and Industry. The circular says that it is mandatory for every Saudi company owned by a woman to appoint a male director-general. Banaja, who owns the first Saudi IT firm run and staffed exclusively by women, told the Al Watan Arabic daily that her decision would take effect immediately. She said she expected that other businesswomen would follow suit. She did not specify the number of firms that might be affected.." [more]

Saudi Domestic Liquidity Crosses SR1 Trillion-Mark [May 3]
" Saudi Arabia’s domestic liquidity has crossed SR1 trillion-mark, the Saudi Arabian Monetary Agency (SAMA) said in an announcement. 'This growth in liquidity is the result of steps taken by SAMA since October until April 14,' SAMA said. SAMA, which is the Kingdom’s central bank, said the new measures were taken to strengthen commercial banks to provide loans that play a significant role in stimulating economic growth. 'The measures adopted by SAMA led to liquidity enhancement that would encourage banks to resume financing productive projects,' Al-Eqtisadiah business daily quoted experts as saying. Economist Abdul Wahab Abu Dahesh said SAMA’s decision to lower the reverse repo rate apparently helped in substantially increasing the availability of money in the local economy.." [more]