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Newsletter #320

May 31-Jun 6, 2009

   
 

What's New on SUSRIS

 

Click here for complete article.Click here for complete article."A New Beginning" - Dialogue Between America and the Muslim World - President Barack Obama's Cairo Address

"President Barack Obama opened a dialogue with the Arab and Muslim world in January with an interview on Al-Arabiya television when he said, "My job is to communicate the fact that the United States has a stake in the well-being of the Muslim world," adding, "We are ready to initiate a new partnership based on mutual respect and mutual interest, then I think that we can make significant progress." The President continued the dialogue today with a much anticipated address to the Muslim world delivered in Cairo in which he called for "a new beginning." SUSRIS is pleased to present a transcript of President Obama's address for your consideration.."   [For more click here]

 

Click here for complete article.Click here for complete article.Ready to Initiate a New Partnership and a Hand of Friendship: President Obama - Al-Arabiya Interview - /Background on the News/ 

"..President Barack Obama delivered a major address today, June 4,. 2009, calling for a new beginning in relations between the United States and the Muslim world from Cairo. The dialogue was said to have begun with the President's first televised interview after taking office. SUSRIS is pleased to reprint that interview for your consideration.."  [For more click here]

 

Click here for complete article.Click here for complete article.Alliances Between Nations, Friendship Between People - President Barack Obama's Ankara Address - /Background on the News/ 

President Barack Obama's dialogue with the Arab and Muslim world began in January when he gave his first television interview with Al-Arabiya television choosing to address the challenge of building bridges with America. The dialogue continued through his April visit to Turkey and his address to the Turkish Parliament in which he said, "We seek broader engagement based on mutual interest and mutual respect. We will listen carefully, we will bridge misunderstandings, and we will seek common ground. We will be respectful, even when we do not agree. We will convey our deep appreciation for the Islamic faith, which has done so much over the centuries to shape the world -- including in my own country." Today President Obama delivered a much anticipated address to the Muslim world which aimed to further the dialogue. In the Cairo address he referred to his earlier remarks in Ankara. SUSRIS is pleased to present those remarks here to provide context on today's address from Egypt.  [For more click here]

 

Click here for complete article.Click here for complete article.Warm Welcome to Barack Obama - Arab News Editorial

President Barack Obama began a six-day, four-country tour today with a stop in Riyadh for meetings with King Abdullah and Saudi officials with a welcome of "high hopes" in an Arab News editorial. SUSRIS is pleased to reprint it here for your consideration. Arab News was founded in 1975, the first English-language daily newspaper in the Kingdom, and is one of the most widely read and respected sources of news on developments in Saudi Arabia.  [For more click here]

 

Click here for complete article.Click here for complete article.President Barack Obama - Arrives in Saudi Arabia
"The President of the United States of America, Barack Obama arrived here today on a two-day official visit to the Kingdom of Saudi Arabia. At King Khalid International Airport, he was received by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud who welcomed the President and the accompanying delegation.." 
[For more click here]

 

Click here for complete article.Click here for complete article.EXCLUSIVE Interview - President Obama's Visit to the Kingdom - Setting the Scene - A Conversation with Jean-François Seznec

"President Barack Obama arrives today for his first official visit to Saudi Arabia with a very full plate of bilateral and regional issues to discuss with King Abdullah. To help us set the scene we talked with Jean-Francois Seznec, a Visiting Professor at Georgetown University. He has over 25 years experience in international finance and banking, including a decade in the Gulf. He regularly shares his expertise on Middle East affairs through numerous articles and television and radio appearances, and his earlier SUSRIS interviews. We are pleased that we were able to talk with Professor Seznec by phone from his Maryland home on May 31, 2009, to share his expertise with you and wish to thank him for his time.."  [For more click here]

 

Click here for complete article.Click here for complete article.Administration Announces James Smith as Nominee for Ambassador to the Kingdom of Saudi Arabia

"Brigadier General Smith (USAF, Ret.) is International Business Development Executive, Raytheon Integrated Defense Systems. Previous assignments at Raytheon include Vice President of Government Business in Wichita, Kansas, and Vice President of Precision Engagement in Tucson, Arizona. Prior to joining Raytheon, he was director of Navy C2 programs for Lockheed Martin Mission Systems.."  [For more click here]

 
   
 
Keeping Track - Recent SUSRIS Items - Visit SUSRIS.org 
Jun 4 IOI - "A New Beginning" - Dialogue Between America and the Muslim World - President Barack Obama's Cairo Address
Jun 4 IOI - Ready to Initiate a New Partnership and a Hand of Friendship: President Obama Al-Arabiya Interview - Background on the News
Jun 4 IOI - Alliances Between Nations, Friendship Between People - President Barack Obama's Ankara Address - Background on the News
Jun 3 IOI - President Obama Welcomed to Kingdom with "High Hopes" - Arab News Editorial
Jun 3 Special Report - President Barack Obama Arrives in Saudi Arabia
Jun 3 Interview - Exclusive - Setting the Scene for President Obama's Visit to the Kingdom: A Conversation with Jean-Francois Seznec
May 28 IOI - Saudis, Others Looking Forward to Obama Visit
May 26 IOI - Threats, Risks and Vulnerabilities in the Gulf: Terrorism and Asymmetric Warfare - Anthony H. Cordesman and Adam C. Seitz
May 22 IOI - Rehab the Terrorists .. With Love - Robert Lacey
May 14 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Keynote Address - William J. Burns - Under Secretary of State for Political Affairs
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Introduction
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Peter Robertson
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Chuck Hagel
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Brzezinski
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Turki Al Faisal
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Hauser
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Alireza
May 8 IOI - U.S.-Saudi Relations in a World Without Equilibrium - Panel I: A Forward Projection of What the Saudi-U.S. Relationship Should Look Like and Needs to Achieve - Q and A
May 4 IOI - Gates Trip Aims to Reaffirm Ties With Egypt, Saudi Arabia - Donna Miles
May 2 IOI - U.S. State Department Annual Report on Terrorism
May 2 IOI - U.S.-Saudi Collaboration in the War on Terrorism -- A Special Section from the State Department Annual Report
May 2 IOI - Saudi Cooperation in the War on Terrorism - A Report from the Saudi Embassy's Perspective
Apr 22 IOI - Saudis and Americans Work to Support Student Family in the Midst of Tragedy - Patrick Ryan
Apr 18 Special Report - "U.S.-Saudi Relations in a World Without Equilibrium" - National Policy Forum
Apr 16 IOI - Saudi Al-Qaeda Leader Outlines New Strategy and Tactics of Al-Qaeda in the Arabian Peninsula
Apr 10 IOI - Saudi Arabia: Succession Steps
Apr 9 Interview - Exclusive - Leadership in the Kingdom: Prince Nayef Named 2nd Deputy PM - A Conversation with Jean-Francois Seznec
   
 

More News This Week

 

May 31-Jun 6, 2009

~~~~~~~~ [ Jun 6]~~~~~~~~~

Cinema Returns to Riyadh on Friday After 30 Years [Jun 6]
"The Saudi capital of Riyadh witnessed on Friday a film show, the first of its kind since cinema was banned in the country three decades ago. The film 'Manahi', a comedy starring Saudi actor Fayez Al Maliki was screened at the King Fahd Cultural Centre to a huge audience. The show is an important turning point in Saudi culture and society. Rotana, owned by the Saudi billionaire Prince Alwaleed Bin Talal, is screening the film in Saudi Arabia. The film was previously shown in Jeddah and Taif, and achieved unprecedented success by attracting a total of 25,000 male viewers and 9,000 female viewers, although some Islamic radicals opposed and tried to prevent the screening.." [more]

Currency Union Pact to be Signed Monday [Jun 6]
"An accord on monetary union among four members of the six-nation Gulf Cooperation Council will be signed Monday, the Saudi Press Agency (SPA) quoted GCC Secretary General Abdurrahman Al-Attiyah as saying Friday. On May 20 the United Arab Emirates pulled out of the proposed monetary union. Oman announced in 2007 that it would not join. The signing had originally been planned for Sunday but will now take place during a meeting in Riyadh of GCC foreign ministers.  Al-Attiyah said Monday’s meeting would also take stock of US President Barack Obama’s visit to both Saudi Arabia and Egypt.." [more]

Saudi-Swedish Ties Gain New Height [Jun 6]
"Since last year, there has been acceleration in the relations between Saudi Arabia and Sweden.. ..The Ambassador said expansion of bilateral cooperation in education and research is among his country’s priority areas. 'In this connection, we have already signed memorandums of understanding with King Saud University and other institutions in the Kingdom. We welcome Saudi students as we are now covered by the King Abdullah Scholarship Program of the Custodian of Two Holy Mosques.' On the trade front, there was a 22 percent jump last year. Swedish exports to the Kingdom totaled 1 billion euros, while its imports from the Kingdom grossed 200 million euros, mostly minerals.." [more]

Saudi FM Wants US to Press Israel by Cutting Off Aid [Jun 6]
"Saudi Arabia's foreign minister, Prince Saud al-Faisal, said the US should use aid it gives Israel as leverage in order to pressure the state into accepting the US-backed two-state solution. In an interview with Newsweek published Saturday Faisal said, 'The United States has the means to persuade the Israelis to work for a peaceful settlement. It needs to tell them that if it is going to continue to help them, they must be reasonable and make reasonable concessions.' When asked whether the US should withhold funds until Israel agreed to a peace plan calling for the establishment of a Palestinian state Faisal said, 'Why not? If you give aid to someone and they indiscriminately occupy other people's lands, you bear some responsibility.'.." [more]

~~~~~~~~ [ Jun 5]~~~~~~~~~

Harsco Inks $2.4M Pact With Saudi Basic Industries [Jun 5]
"Industrial service provider Harsco Corp. said Friday it signed a contract in the U.K. worth about $2.4 million with industrial company Saudi Basic Industries Corp. for a range of scaffolding equipment and services. Saudi Basic Industries makes chemicals, fertilizers, plastics and metals. Work under the contract is scheduled to begin in June and continue into next year.  Shares of Harsco rose 87 cents, or 3 percent, to $31.64 in midday trading. The stock has traded between $16.90 and $63.82 over the last 52 weeks.." [more]

Dabbagh Seeks Boosting Saudi-Russian Relations [Jun 5]
"Amr Al-Dabbagh, Governor and Chairman of the Board of Directors of the Saudi Arabian General Investment Authority (SAGIA), has called for the strengthening of Saudi-Russian relations. Speaking at the 5th Annual St. Petersburg Economic International Forum on Thursday, he said 'Russia is an important but underrepresented potential collaborator on a number of fronts, but our potential for equitable bilateral trade has not been fully realized, perhaps due to a lack of formal institutions and mechanisms for doing so.'.. ..Regionally, Russia-Arab trade has developed, in large part due to a favorable political climate, with trade turnover in 2009 approached $8 billion. Russian-Saudi trade, on the other hand, is very weak considering current potential, he pointed out. In 2007 the balance of trade was $903 million, with Saudi exporting $8.27 million compared to $911 million imported from Russia.." [more]

Obama Taps Raytheon Exec as Envoy to Saudi Arabia [Jun 5]
"President Obama this afternoon announced another batch of nominees for ambassadorships, including a Raytheon executive as envoy to Saudi Arabia. Retired Air Force General Brigadier General James B. Smith is an international business development executive at Raytheon Integrated Defense Systems.." [more]

Women Delighted at Obama’s Address [Jun 5]
"For women across the Muslim world, US President Barack Obama’s historic address from Cairo was nothing short of a blessing. He acknowledged his respect for their personal choices and at the same time underscored his belief that their choices should be personal. 'God bless him,' said Asya Al-Ashaikh, founder and CEO of the Jeddah-based Tamkeen Development and Management Consulting.. ..Obama divided his speech into seven sections, mostly political. However, the sixth issue focused entirely on women’s rights. 'I know there is debate about this issue,' Obama said. 'I reject the view of some in the West that a woman who chooses to cover her hair is somehow less equal, but I do believe that a woman who is denied an education is denied equality. And it is no coincidence that countries where women are well-educated are far more likely to be prosperous.'.." [more]

Uzbekistan, Saudi Arabia Sign Credit Agreement [Jun 5]
"The minister of finance of Saudi Arabia Ibragim Abdulaziz Al-Assaf held talks at the Ministry of finance of Uzbekistan on 4 June. The negotiations focused on issues of expansion and strengthening economic and investment cooperation, as well as development of joint projects. After the talks, the ministries of finance of the two states signed a credit agreement on the project of reconstruction of the Alat pump station in Bukhara region.." [more]

Crude Drops Under $69/Bbl After 7-Month High [Jun 5]
"Crude oil futures prices dropped below $69 a barrel early Friday after climbing to a seven-month high above $70 a barrel in response to news that U.S. nonfarm payrolls fell by less in May than was expected. 'This initial rally in crude looks to have failed,' aided by strength in the dollar, said Adam Klopfenstein, senior market strategist at Lind-Waldock. Earlier, dollar weakness helped boost crude futures. Jim Ritterbusch, president of Ritterbusch and Associates said crude could show continued strength in coming days, with further gains to $76 in the next few weeks. Crude has gained sharply in the past week on predictions from OPEC and bankers that oil prices will climb above $75 a barrel by year end. Goldman Sachs sees prices at $85 by the end of 2009 and at $95 by the end of 2010. The bank sees declining non-OPEC output tightening supply as global oil demand improves amid an expected economic recovery. Still, in the U.S., the world's biggest oil consumer, demand hit its lowest level in 10 years in the latest week, and inventories remain at extremely high levels.." [more]

~~~~~~~~ [ Jun 4]~~~~~~~~~

Saudi Reform in Fits and Starts [Jun 4]
"Saudi Arabia's King Abdullah presents himself as a sponsor of reformed Islam, but as Ginny Hill discovers competing power bases in the country mean that social reform develops sporadically. Saudi Arabia's zealous religious police - the mutaween - are often among the first clichés that spring to mind when Westerners think about life inside the kingdom. During two weeks in Riyadh, I was curious to know if I would encounter any members of the religious police.. ..For several decades, Saudi Arabia's religious police have been the lynchpin in a power structure linking hard-line Wahabi clerics to the Saudi royal family. But King Abdullah has been sponsoring a slow-burn reform programme since inheriting the throne. And he replaced the head of the mutaween in a rare cabinet reshuffle in February. The move was seen as an attempt to rein in the organisation's most brutal and oppressive elements.." [more]

Saudi Applauds Women Appointments to Council [Jun 4]
"Saudi leaders have commended the appointment of six women to the Shura Council, which oversees the implementation of Islamic laws and values, and are calling for women to be allowed to drive in the conservative Muslim country. Women are needed to decide various issues, especially concerning families, said Sheikh Azeb bin Saeed Aal Mesbil, head of the Islamic affairs and judiciary committee at the Shura Council, daily Saudi Gazette reported on Thursday. 'It should be borne in mind that the life of our society has changed and so we at the council need to seek the opinions of experts, be they men or women. We need to listen to women on social and family issues,'.." [more]

Saudi Business Confidence Wanes But at a Slower Pace [Jun 4]
"Saudi Arabia’s business confidence fell to 88.3 in the second quarter from 89.2 in the first quarter, a report from the Saudi British Bank showed Wednesday. However, the 'pace of decline is slowing,' it said. The bank said business confidence is very much predicated on the government’s ability to continue providing credible evidence that the money is being spent. So far, signals from the government have included: (a) contractors being paid on time; and (b) 20-30 percent advance payments becoming the norm since Q1 for those who work on government- related projects. The government has doubled its spending during the past year (in terms of the value of projects approved by the Ministry of Finance) from around SR20 billion to SR40.6 billion. This spending is a necessity as the private sector is largely frozen and considers expansion only with caution.  Around 51 percent of respondents expect businesses to grow over the next two quarters.."  [more]

Gulf Arab Market Rally Running Out of Steam [Jun 4]
"Gulf stock markets could suffer a double-digit correction as a slump in summer trading and little improvement in the wider economy spark selling across key sectors, analysts said. Analysts warn the rally -- four of seven markets are at 2009 highs in rising volumes -- is unlikely to be sustained, not only because stocks are overpriced but because the economic downturn is expected to send many wealthy expatriates home for good.. ..Gulf exchanges have rallied strongly since March 1, with Qatar's index surging 70 percent, Saudi Arabia rising by 37 percent and Kuwait up by a nearly a third. Dubai has added 28 percent and Abu Dhabi 15 percent, while the smaller Oman and Bahrain indexes have climbed 17 and 2 percent respectively.." [more]

~~~~~~~~ [ Jun 3]~~~~~~~~~

Readers Cautious But Hopeful About Obama's Visit [Jun 3]
"Barack Obama's first steps in the Middle East since becoming US President do not necessarily mean a giant leap for mankind. While raising both hopes and scepticism, Obama's visit has plunged Gulf News readers into debate. The US President arrived in Saudi Arabia on Wednesday ahead of his keynote address to the Arab and Muslim world in Cairo, Egypt. Murad Lassoued, a Tunisian expatriate, was optimistic about the president's role in bridging the East and West. He said: 'I expect Obama to reconcile the Arab world with the US. He has promised a lot of things so far and has delivered. If he continues to do so, America's reputation will finally be repaired.'.. ..The fact that the US President made a Middle East visit part of his agenda in his first year of presidency shows that he is serious.." [more]

Saudi Arabia Confirms First H1N1 Flu Case [Jun 3]
"Saudi Arabia has confirmed its first case of the H1N1 flu virus in a Filipina nurse, the kingdom's health minister said on Wednesday. The woman arrived on Friday on board a Gulf Air flight from the Philippines and showed first symptoms on Monday, Abdullah Al Rabeeah told Saudi news channel Al Ekhbariya, adding that she was being held in quarantine. Saudi authorities are tracking down people who had contact with her on the flight and in the hospital, he said.." [more]

Riyadh Meeting and New Arab-US Relations [Jun 3]
"Sources have said that the Saudi and US foreign ministers will hold separate talks during President Barack Obama’s visit to the Kingdom Wednesday, with Prince Saud Al-Faisal and Hillary Clinton expected to discuss developments on regional and Arab issues. Palestinian President Mahmoud Abbas spoke of the importance of the Obama visit within the Middle East’s “exceptional circumstances”, saying that the Palestinian people had great expectations of the meeting since King Abdullah has always placed the Palestinian cause and the need for a comprehensive and just solution to the Arab-Israeli conflict at the top of his priorities. Abbas said that the Palestinians were looking forward to the results of the Riyadh meeting and Obama’s speech to be delivered in Cairo, expressing hopes that the two events would result in a positive breakthrough for the achievement of Arab interests.." [more]

U.S. Lawmakers Say Saudis Texts Incite Hatred [Jun 3]
"U.S. lawmakers on Wednesday called on the Saudi government to stop distributing children's religious textbooks they said incited hatred and intolerance toward Jews, women and homosexuals. The request by three Democratic legislators coincided with President Barack Obama's visit to Saudi Arabia and Egypt this week to shore up beleaguered U.S. relations with Muslims worldwide. 'This is not some rogue document,' Congressman Anthony Weiner told reporters. 'This is the position of the Saudi government. If we're going to solve the generational conflicts, it's important not to hate one another.' His Democratic colleague, Shelley Berkley of Nevada, backed the move. 'We hope this will be part of the discussion President Obama has with the Saudi leaders,' she said.." [more]

Rising Cost of Living Biggest Concern for Saudis [Jun 3]
"The rising cost of living is the single biggest issue impacting Saudi consumers’ lifestyle according to a new survey, with unemployment coming a distant second. Out of 1,002 Saudi nationals polled by international market research firm TNS, 53 percent said they thought inflation would impact their lifestyle negatively this year, while 19 percent said they were worried about unemployment. Overall, Saudis were more optimistic about their overall financial situation and the state of their local economy, according to a separate TNS study on the financial crisis based on interviews with 300 people.." [more]

Dhahran to Host WE Power From June 7 [Jun 3]
"Dhahran will become the water and power capital of Saudi Arabia from June 7 to 10 when the Kingdom’s oil city will host the WE Power exhibition and conference. Now in its fifth year, WE Power has built a strong reputation as the platform where policy makers, industry leaders, experts and practitioners from the water and power industry meet and discuss. This year, with the addition of a strategic conference, WE Power is likely to exceed quality expectations as the most prestigious names in the industry have lined up to speak at the conference including Fareed Zedan, governor of the Electricity & Co-Generation Regulatory Authority, Loay Al-Musallam, CEO of National Water Company, and Paddy Padmanathan, president & CEO of Acwapower.." [more]

~~~~~~~~ [ Jun 2]~~~~~~~~~

Cabinet Backs OPEC Decision on Production [Jun 2]
"The Council of Ministers yesterday favored an oil price of $75-80 per barrel, which they called a fair price. They also agreed to an OPEC decision to keep its output ceiling unchanged. The Saudi Cabinet reviewed the results of the May 28 OPEC meeting and said OPEC’s move, which helped drive crude prices above $68 a barrel in London trading yesterday, would not have a negative impact on the recovery of the global economy. Culture and Information Minister Abdul Aziz Khoja said the Cabinet meeting endorsed the protocol related to preferential trade agreements among the members of the Organization of the Islamic Conference (OIC), the largest bloc of Muslim countries in the world.." [more]

Iran, Mideast Peace Likely Obama Focus in Saudi [Jun 2]
" President Barack Obama begins a crucial Mideast trip Wednesday with a visit to Saudi Arabia, where concerns about U.S. outreach to Iran, the Israel-Palestinian peace process, and the kingdom's willingness to accept Yemeni prisoners from Guantanamo will all likely be on the agenda. The range of issues highlights the important relationship between the U.S. and Saudi Arabia, one of Washington's strongest allies in the Middle East. The Sunni Arab powerhouse is also the world's largest oil exporter and its king is considered the guardian of Islam's holiest places, Mecca and Medina. Denis McDonough, the U.S. deputy national security adviser for strategic communications, said Friday that Obama's visit to Saudi Arabia is 'part of our outreach to the Muslim world, but also an opportunity to discuss a range of important concerns from energy to Middle East peace to the fight against extremism.'.." [more]

Chevron Eyes Saudi Oil Project Expansion in 2017 [Jun 2]
"U.S. oil major Chevron (CVX.N) could deploy a technique to boost oilfield output across the neutral zone between Kuwait and Saudi Arabia in 2017, a top Chevron executive said on Tuesday. If successful, the technique could be rolled out worldwide and add billions of barrels to global reserves, said Guy Hollingsworth, Chevron's president for exploration and production in Europe, Eurasia and the Middle East. 'We could go to full-field in 2017,' Hollingsworth told reporters on the sidelines of an energy conference in Abu Dhabi. Chevron is testing the impact of steam flooding in the oilfields in the neutral zone to help boost output of heavy oil. Steam raises the temperature below ground and loosens up crude that is otherwise difficult to pump. The U.S. firm would begin the second stage of the testing program in July, Hollingsworth said.." [more]

Dow, Conoco Saudi Projects Delayed [Jun 2]
"Dow Chemical Co's and ConocoPhillips' major joint ventures in Saudi Arabia face delays, a Saudi state oil company official said on Tuesday. A giant petrochemical plant that Saudi Aramco planned to build with Dow Chemical Co would start up in 2015, Abdulaziz al-Judaimi said. That was about two years behind the initial schedule. Engineering and design for that plant should be completed in 2010, Judaimi, vice president for new business development at Aramco, told an energy conference in Abu Dhabi. Dow's planned investment in the plant would be the largest single investment by a foreign oil company in the Saudi energy sector. The price tag for the plant was at least $20 billion. The final investment decision (FID) on the project is expected to be completed in the third quarter of 2010, Judaimi said.." [more]

Saudi Arabia Suffers Lack of Working Women as Oil Fluctuates [Jun 2]
"Deep in the Arabian desert, hundreds of guests celebrate the birth of a city. The Saudi government has flown them in on chartered planes to the northern city of Hail, then driven them for about half an hour in buses with police escorts to a giant marquee in the sand with a red carpet out front. Inside, curtains with gold tassels adorn walls decorated with artists’ renditions of Prince Abdulaziz bin Mousaed Economic City, which the government says will be home to 300,000 people when it’s built. 
After prayers from the Koran, the ceremony begins with a speech by Amr Al-Dabbagh, head of the ministry that has planned the city, who wears a formal cloak with gold trim. The audience -- all male, except for one woman -- sips tea and plucks chocolates off silver trays.." [more]

~~~~~~~~ [ Jun 1]~~~~~~~~~

Obama, Saudi King to Discuss Oil - White House [Jun 1]
"The White House reiterated on Monday that President Barack Obama is likely to discuss current oil prices when he meets Saudi King Abdullah later this week in Riyadh. 'I assume that's something that will indeed be on the docket,' White House spokesman Robert Gibbs told reporters when asked whether Obama would talk to the king about oil prices that jumped to 2009 highs on Monday.." [more]

Piracy Focus of Talks With Yemen [Jun 1]
"Yemeni President Ali Abdullah Saleh, who arrived here yesterday, said his talks with Custodian of the Two Holy Mosques King Abdullah would explore prospects of expanding relations in economic, political and security fields. 'Coordination of efforts to combat terrorism and seaborne piracy is another important subject for discussion,' the president said. King Abdullah and Saleh held talks on major regional and international issues and ways of strengthening cooperation, the Saudi Press Agency said, adding that top officials from both sides attended the talks. Earlier on arrival at Riyadh Airbase, the Yemeni president was received by King Abdullah, Second Deputy Premier and Minister of Interior Prince Naif, senior princes and Cabinet members.." [more]

Saudi Saad Group Says to Restructure Debt [Jun 1]
"Private Saudi Saad Group said on Monday it plans to restructure the debt of subsidiaries affected by the repercussions of the global financial crisis. 'Recent external events (and) more recent events, specifically affecting the Bahraini banking sector, have led to a short-term liquidity squeeze affecting Saad Group companies in the Middle East,' Saad Group said in a statement. 
'We are continuously striving to mitigate the effects of this limited squeeze, and are also planning for an orderly restructuring of the debt of affected companies in cooperation with our counterparties and international advisers,' it added. The kingdom's central bank froze its chairman's accounts, bankers said earlier. The statement made no reference to such a measure.." [more]

M’sian Firms Urged to Invest in Saudi Arabia [Jun 1]
"Malaysian investors should head to Saudi Arabia for growth opportunities as the country has not been severely affected by the global economic crisis, with an estimated US$500bil (RM1.74 trillion) worth of investment opportunities over the next five years, according to Saudi authorities. Saudi Council of Chambers and Industry secretary-general Fahad Al Sultan said the Saudi economy was expected to grow by 6.2% this year, from 4.7% last year. 'The Saudi economy is one of the least negatively impacted by the international crisis,' he told a press conference here yesterday, adding that sectors such as education, health, telecommunication , infrastructure, agriculture and railroads had plenty of growth opportunities.." [more]

~~~~~~~~ [ May 31]~~~~~~~~~

President Obama Making Crucial Visit to Muslim Leaders in Saudi Arabia, Egypt [May 31]
"President Obama hopes to begin winning over hearts and minds of the Muslim world with strategic visits this week to pro-Western allies Saudi Arabia and Egypt. Obama will dine with Saudi King Abdullah in Riyadh Wednesday, but the crowning moment of the trip comes a day later when he uses a speech at Cairo University to lay out his vision for a two-state solution between Israel and the Palestinians - and reiterate U.S. respect for mainstream Islamic culture. 'Abdullah will press for immediate U.S. action, not just words, to relaunch talks on an independent Palestinian state,' said David Ottaway, senior scholar at the Woodrow Wilson Center. 'Obama will be pressed to explain his opening of a dialogue with Iran, while the king will have to explain why he feels a 'fair price' for oil is $75 a barrel in the midst of a worldwide economic depression,'.." [more]

Saudi Billionaire With HSBC Stake Has Accounts Frozen [May 31]
" Saudi Arabia’s central bank ordered the country’s banks to freeze the accounts of Maan al-Sanea, the Saudi billionaire who owns a stake in HSBC Holdings Plc, people familiar with the instructions said. Al-Sanea, who is chairman of the Khobar-based Saad Group, also manages The International Banking Corp. B.S.C., the Bahrain-based unit of Ahmad Hamad Algosaibi & Brothers Co. that has defaulted on some of its debt, according to an Algosaibi official who spoke on condition of anonymity. Saad Group said al-Sanea does not manage the unit. The Saudi Arabian Monetary Agency sent circulars to the legal departments of Saudi-based banks on May 28 and May 30 telling the lenders to freeze the accounts, including credit cards, of al-Sanea, 54, his wife and four family members, according to one person who read the documents. SAMA didn’t say why it took the action, according to the person, who declined to be identified because the information is confidential.." [more]

Naif Rebuffs Iraqi Accusations [May 31]
"Second Deputy Premier and Minister of Interior Prince Naif has rejected charges by the Iraqi government that Riyadh was allowing Saudis to join Iraq’s Sunni insurgency. He urged Baghdad to improve border security. In remarks published yesterday in the local Arabic press, Prince Naif said the Kingdom wants only what is in Iraq’s best interests. 'The Iraqi government knows where the (foreign) fighters come from,' said Prince Naif, denying claims that Saudis are infiltrating Iraq. Iraqi Prime Minister Nuri Al-Maliki said on Thursday that Iraq’s efforts to build diplomatic ties with Saudi Arabia had not been reciprocated and more would be 'useless' without a change of heart from Riyadh. 'The Kingdom wants only the good and stability of Iraq in all aspects but if there is someone in Iraq working against its interest and expecting the Kingdom to support him, this will not happen,' Prince Naif said. 'The Kingdom does what is in the best interest of Iraq and its people and the return of Iraq to its unity and sovereignty,'.." [more]

Saudi Eyes Fannie Mae-Style Firm in Home Loan Push [May 31]
"Saudi Arabia plans to set up a Fannie Mae-style company to buy mortgages from financial institutions and help develop national sukuk and debt markets, Saudi Arabia's finance minister said. The company would be formed in conjunction with Saudi Arabia's first mortgage law, which should come into effect before the end of the year, Ibrahim al-Assaf said in an interview in Oman on Saturday.. .."One of the elements of the mortgage laws is to create this institution. It is one of the components,' al-Assaf told Reuters, adding the company, which would be tailored to local market needs, should be formed before the end of the year. At 62 percent of the population, home ownership in Saudi Arabia is comparable or exceeds that of advanced markets, but most home financing has up to now been done through traditional family financing means and government loans.." [more]

Yemen Wants Saudis to Block Cash for Separatists [May 31]
"Yemeni President Ali Abdullah Saleh will ask King Abdullah of Saudi Arabia to block the flow of funds from Yemeni expatriates to separatists in the south, a Yemeni government source said on Sunday. Yemen, which is trying to shake off an image of violence to promote its tourism sector, has witnessed frequent clashes between government forces and protesters in the south, where secessionist sentiment is strong. 'Saleh will be discussing the situation in Yemen with King Abdullah, and the activities of some of the Yemeni opposition living in Saudi Arabia,' the source said. The talks will tackle 'measures against individuals raising donations to support the protests in the south' , he said.. ..Saudi Arabia and Yemen, one of the poorest countries outside Africa, are allies of the United States and are partners in the fight against al Qaeda-linked Islamists.." [more]

Company in Saudi Rail Project Linked to Israel [May 31]
"A plan to link Makkah and Madinah by train has become the subject of controversy, as Palestinian officials try to persuade Saudi authorities to withdraw the rail contract from a company alleged to be complicit in Israel's expansion in occupied East Jerusalem. Palestinian foreign ministry officials have expressed reservation at a recent Saudi announcement awarding the contract for the Haramain Express railway to a consortium consisting of French company Alstom Transport. AlstomAlstom is part of a group of companies that is building a light rail network in occupied Jerusalem, which is expected to extend to occupied East Jerusalem and Jewish colonies in the occupied West Bank. 'Backchannel talks with the Saudis are ongoing,' a Palestinian foreign ministry official said on condition of anonymity. He did not divulge details of the talks but said they would be based on an Arab LeagueArab League decision barring states from dealing with companies building the light rail.." [more]

OIC’s Gaza Education Caravan in Ramadan [May 31]
"The Kingdom’s “Education Caravan” destined for Gaza will get under way in Ramadan, the Organization of the Islamic Conference announced yesterday. The caravan aims to help the education sector in the war-ravaged Palestinian territory. This includes providing school buses, student and teacher materials and rebuilding demolished schools. 'What better time to start the campaign than the holy month of Ramadan?' said Atta Almannan Bakheet, OIC’s assistant secretary-general for humanitarian affairs. 'Ramadan is a month of giving.' The education campaign, the fourth in a series of charity campaigns organized by the OIC as part of the Custodian of the Two Holy Mosques’ initiative, is the first specialized caravan to help the people of Gaza. Three previous caravans succeeded in collecting 2,800 tons of relief supplies worth SR30 million. The third caravan alone managed to provide 1,000 tons of food and medical equipment, including 10 ambulances, worth a total of SR12 million. The OIC, in cooperation with the Jeddah Chamber of Commerce and Industry’s Private School Committee and local bookstores, will organize the education caravan.." [more]

British Council Embarks on Two Major Projects [May 31]
"The British Council, under the umbrella of Social Partnership Projects, runs two large-scale programs, Springboard and Global Changemakers.  Springboard, a women’s self-development program, was introduced to Saudi Arabia in December 2004 as part of the British Council’s plans to develop women’s activities. It has attracted more than 600 Saudi women, all of whom found the program extremely beneficial in boosting their confidence and helping them to further develop their personal and working lives.. ..At the same time, the Global Changemakers project, introduced to Saudi Arabia by the British Council, aims at enhancing the capacity of future leaders to meet global challenges. It links young community and future influencers from diverse backgrounds around the world in a sustainable global network. The participants are emerging talents, aged 16 to 25, who are committed to positive social change in their communities.." [more]

 
   
 

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