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Jun
14-20, 2009
~~~~~~~~
[ Jun 20]~~~~~~~~~
Saudi
May Inflation Speeds Up for First Time in 2009 [Jun 20]
" Inflation in Saudi Arabia, the Arab world’s largest economy,
sped up for the first time this year on higher global oil prices and
housing shortages in the kingdom. The inflation rate rose to 5.5
percent in May from a 19- month low of 5.2 percent a month earlier,
the country’s statistics office said on its Web site today. The
decline in Saudi inflation may be slowing with oil prices climbing 56
percent this year, and the dollar, to which Saudi Arabia’s riyal is
pegged, weakening against other major currencies. The world’s
largest oil supplier also has a shortage of about 2 million homes as
the population is set to rise, CB Richard Ellis Group Inc. said
earlier this month. 'We are seeing a leveling off of inflation on the
way down,' John Sfakianakis, chief economist at the Saudi British
Bank, said by phone from Riyadh today. 'The decline in global
commodity prices has ended. We are also seeing a continuation of
pressure on rental and food prices.'.." [more]
Saudi
Health Ministry's Plan to Combat Swine Flu in Offing [Jun 20]
"As part of the ongoing urgent measures to combat swine flu,
Saudi Arabia's Ministry of Health is set to present a comprehensive
precautionary plan to the Royal Court for final approval. The ministry
has also constituted an extensive scientific committee to take up
urgent steps within the coming fortnight. This was disclosed by Dr.
Khaled Al Zahrani, assistant undersecretary for preventive medicine at
the ministry. Speaking to Gulf News, Dr. Khaled said that the minister
of health had issued directive to constitute a committee to explore
ways to prevent a possible outbreak of swine flu among millions of Haj
and Umrah pilgrims this year as four new cases were detected in the
holy cities of Makkah and Madinah this week.." [more]
Saudi
Editor Sacked After Writer Angers Interior Minister [Jun 20]
"The editor of leading Saudi newspaper Al-Watan has been fired
after a columnist angered the interior minister in an exchange over
the country's religious police, journalists said on Saturday. Jamal
Khashoggi, one of the country's most prominent journalists, was sacked
from his position late Friday, Al-Watan writer Khalid al-Ghannami
confirmed. The firing came after a columnist for the newspaper upset
powerful Interior Minister Prince Nayef bin Abdul Aziz on Tuesday by
questioning the power of the country's religious police, the Committee
for the Promotion of Virtue and Prevention of Vice. It was the second
time that Khashoggi has been fired from the job. In 2003 he was forced
out for a lengthy period after the paper ran an article critical of an
ancient cleric important to Wahhabism, the ultra-conservative school
of Islam dominant in Saudi Arabia.." [more]
Saudis
See Hope in Fannie Mae Model [Jun 20]
"The announcement that Saudi Arabia is planning to set up a
Fannie Mae-style company, operating like the Federal National Mortgage
Association in the US, to buy mortgages from financial institutions,
has set the kingdom buzzing with the belief that at last the Saudi
property sector will take off. Given the considerable potential of the
Saudi housing market, this should also be attractive news to Gulf
investors seeking to diversify into property in Saudi Arabia. The
proposed company will in effect become the primary purchaser of
eligible home loans from institutional issuers. It will have the
mandate to securitise these loans into mortgage-backed securities,
sell them to investors through Islamic sukuks and create a liquid
secondary market.." [more]
Oil
Eases Investors Past Saudi’s Regulatory Risks [Jun 20]
"The Kingdom’s muddy investment rules are failing to deter
foreign inflows, as Saudi’s oil-cushioned economy and state spending
offers traders a safe haven from the global turmoil. Foreign investors
are set to stay bullish on Saudi Arabia despite the opaque nature of
the Kingdom’s markets, as opportunities from a buoyant crude price
and infrastructure spending outweigh regulatory risk. But analysts say
the case of unlisted Saad Group, which credit agencies stopped
covering due to a lack of information, underline the need for stricter
regulation and transparency from the world’s largest oil exporter..
..Saudi Arabia, which controls more than a fifth of global crude
reserves, has pledged to spend $400bn to improve its infrastructure
and diversify its economy, hit by global chaos to a much lesser extent
than other Gulf states.." [more]
Gulf
Dinar To Replace Four Local Currencies [Jun 20]
"Four Gulf oil producers planning monetary union are expected to
name a new common currency the Gulf dinar, a Saudi academic said on
Thursday. And the new currency will run in tandem with national coins
and notes now in circulation to ease the transition, he said. Wadei
Ahmed Kably, economics professor at the King Abdul Aziz University in
Jeddah, said he expected the Gulf dinar to be issued by the Gulf
Central Bank and set at SR10, nearly $2.66. 'Based on the European
Union experience, I expect the new currency to be circulated along
with the existing national currencies in the Gulf Cooperation
Council,' he told the Saudi Arabic language daily Al Watan. 'Both
currencies will remain in circulation by banks and individuals for one
or two years so the public get used to the new currency. National
currencies could then be gradually withdrawn within five years so the
public will not feel any difference,'.." [more]
SR2
Billion Saudi-British Company Approved [Jun 20]
"The Saudi British Business Council (SBBC) approved Friday the
establishment of the Saudi British Investment Company, an idea first
formulated at the second Saudi British Conference in 2006 in Riyadh,
with capital of SR2 billion. Khaled Al-Saif, Chairman of the SBBC,
said the company would be up and running in the last quarter of 2009,
and that the SBBC would meet in Riyadh in November of this year to
discuss the details of the company and its work strategy. 'Both sides
were keen to set up the company despite the global economic crisis,'
Al-Saif said.. ..'The council agreed on an agenda to be submitted to
the next Two Kingdoms’ Dialogue meeting next year in London, which
includes tax systems pertinent to businessmen and the protection of
the joint investment protection accord signed by the two countries,'
Al-Saif added.." [more]
Israeli
Flights: Riyadh Denies Media Reports [Jun 20]
"Saudi Arabia yesterday denied media reports that it intends to
allow Israeli military planes to fly over its airspace. “These
reports are totally false and baseless,” an official source at the
Ministry of Defense and Aviation said. The source also denied reports
that Saudi military officials had met with their Israeli counterparts
to discuss the issue. 'The source expressed surprise over such false
media reports,' the Saudi Press Agency said. 'No Saudi official has
met with any Israeli official. There was no such meeting to discuss
this matter in any form,' the SPA said quoting the Ministry of Defense
and Aviation source as saying. 'Saudi Arabia has not held any meetings
with anybody in this respect. Saudi policies are very clear and
transparent,'.." [more]
US
Students on Goodwill Visit [Jun 20]
"A group of US students arrived here to begin a 16-day goodwill
mission to the Kingdom. During the visit, the youths will visit
schools, places of cultural interest and visit media organizations to
get to know the social and cultural environment in the Kingdom. On
their arrival, the delegates were met by Prince Khalid ibn Bandar ibn
Sultan who warmly welcomed them to the Kingdom. 'They have arrived
here as our honored guests and we hope they will leave as our good
friends,'.. ..The students, members of the Institute for Civic
Leadership (ICL), will engage with the Saudi media and share their
experience in the Kingdom. 'This has provided us a good opportunity to
learn Saudi traditions and culture, which would help build stronger
relations with the people of the two countries,' said Daren Khairule,
leader of the visiting delegation.." [more]
~~~~~~~~
[ Jun 19]~~~~~~~~~
Four
Years in Service of Nation [Jun 19]
"Citizens yesterday renewed their allegiance and support to
Custodian of the Two Holy Mosques King Abdullah, Crown Prince Sultan
and Second Deputy Premier and Interior Minister Prince Naif on the eve
of the fourth anniversary of the pledge of allegiance to King Abdullah
on his assumption of power. 'The Kingdom’s achievements in various
fields since King Abdullah’s coming to power is a matter that every
citizen should be proud of,' Riyadh Gov. Prince Salman said. Prince
Salman added that King Abdullah has been striving to complete the
march of progress in the country started by King Abdul Aziz and
continued by King Saud, King Faisal, King Khaled and King Fahd.."
[more]
Swine
Flu No Obstacle to Haj, says Al-Obaikan [Jun 19]
"Sheikh Abdul-Mohsen Al-Obaikan, senior Saudi cleric and a member
of the Shoura (Consultative) Council has voiced his opposition
Thursday to any travel bans for the annual Muslim Haj pilgrimage
because of the scare over the swine flu pandemic. Sheikh Al-Obaikan
was quoted by Okaz daily as saying that Islam does not condone travel
bans. “It is not proper to ban people from the Haj,” said Al-Obaikan.
He also said travel to and from countries with reported cases of swine
flu should not be impeded. While no official in the Middle East has
proposed banning Muslims from traveling for the Haj, Al-Obaikan’s
remarks appear to be a reaction to a recent stark warning from
Egypt.." [more]
H1N1
Outbreak Feared Among Makkah Pilgrims [Jun 19]
"There are growing fears that a swine flu outbreak could sweep
through Makkah as Umrah and the Haj bring millions of pilgrims from
around the world. Egypt's health minister Hatem Al Jabali has warned
that pilgrims returning from Saudi Arabia could face quarantine. Saudi
Arabia is gearing up for a possible outbreak among pilgrims after the
first case was detected in a Malaysian boy in Makkah, health ministry
spokesman Khaled Marghlani said. The Saudis are working with World
Health Organisation experts to finalise a plan to deal with the
threat.." [more]
US Govt
Unfairly Targets Muslim Charities: ACLU [Jun 19]
"Harsh measures meant to combat terrorist financing are violating
Muslim charities' rights by discouraging Muslims from the charitable
giving of zakah, the American Civil Liberties Union said in a report
this week. An expansion of laws and policies since 2001 has given the
US Treasury Department virtually unchecked authority to designate
charities as terrorist organizations and freeze assets without
adequate safeguards to protect against mistakes or abuse, the study
concluded. But Federal prosecutors say some of these charities have
served as fronts for terror-financing operations.. ..The report is
based on interviews with more than 100 Muslim community leaders as
well as experts on antiterrorism laws and regulations. Though it gives
no estimate of the decline in donations to Muslim groups, it says a
total of nine Islamic charities have closed as a result of government
action against them since the Sept. 11 attacks.." [more]
Buckingham
Palace Hosts Workshop on Saudi Investment [Jun 19]
"In the presence of Prince Mohammed Bin Nawaf Bin Abdul Aziz,
Saudi Ambassador to the United Kingdom and Ireland, Prince Abdulaziz
Bin Ahmed Bin Abdul Aziz, chairman of the board of directors of Atheeb
Telecom Group and Prince Andrew, the Duke of York who is also
Britain’s special representative for international trade and
development, Buckingham Palace hosted here on Wednesday, a high-level
Saudi-British meeting in which the prospects of British investment
opportunities in the Kingdom of Saudi Arabia were discussed. Speaking
on the occasion, Prince Mohammed stressed that the meeting reflected
the commitment of the two countries to move forward in cooperation and
partnership in all fields.." [more]
Peak
Oil Pundits Need to Review Their Calculations After BP Report [Jun 19]
"BP is definitely not OPEC. Its pronouncements carry weight,
coming from a global industry major and not the producers. The energy
fraternity keenly awaits its annual 'Statistical Review of World
Energy.' There is not much skepticism associated with it, as
unfortunately is the case with some major OPEC intellectual
initiatives. The recently presented review that highlights the
currents trends in the industry is an interesting document. The review
seconds a number of major issues afflicting the industry that are
often raised by OPEC. The just released review also underlines what
OPEC has been insisting for years now. 'Our data confirm that the
world has enough proven reserves of oil, natural gas and coal to meet
the world’s needs for decades to come,' says the review. This was
indeed music to ears, especially since coming from a Western oil
major.." [more]
Saudi
Investors Pledge $10m to Canadian Oil Firm CORRE [Jun 19]
"Canadian Oil Recovery and Remediation Enterprises Ltd. (CORRE),
a provider of leading edge oil recovery and remediation technologies
and services, has entered into binding memoranda of agreement in
connection with a two-phase financing for aggregate gross proceeds of
up to $10 million. The principal subscriber for $8.5 million of the
Financing is Al-Najah Advanced Technology Co. Ltd. (NAT), a
wholly-owned subsidiary of Saudi Binladin Group (SBG). The remaining
balance of the financing (an aggregate of $1.5 million) is committed
by Hassan Dahlawi, an existing director of the company based in
Jeddah. The proceeds of the financing will be used to fund the
purchasing and fabrication of plant and ancillary equipment as
required in support of CORRE’s anticipated project pipeline.."
[more]
Saudi
Aramco, Total Award Jubail Refinery Contracts [Jun 19]
"Saudi Aramco and France’s Total said yesterday that they would
invest SR36 billion to build the Jubail oil refinery. 'The refinery is
now expected to be fully operational by the second half of 2013,' said
Khalid Al-Falih, chief executive of Saudi Aramco, in a statement.
'Today we are marking a major milestone in our partnership with Total,
which has been strong historically but is now stronger than ever.' The
two companies have set up the joint venture Saudi Aramco Total
Refining and Petrochemical Company” (SATORP) to build and operate
the refinery. SATORP has finalized the awarding plan for engineering,
procurement and construction contracts that constitute the 13
different process packages of their Jubail joint venture refinery,
following a meeting of the SATORP board of directors.." [more]
~~~~~~~~
[ Jun 18]~~~~~~~~~
What to
Watch in Saudi Credit Crisis [Jun 18]
"Saudi Arabia is facing a mounting bank lending crisis, with
domestic lending stalled in part over concerns that troubles at two
key conglomerates will spread and with confidence faltering. The Saudi
Arabia Monetary Agency (SAMA) is expected to further cut interest
rates or reserve requirements to kickstart lending, but analysts worry
that may not be enough to restore bank confidence. On Tuesday, it
sought to boost lending by halving the rate it pays to commercial
banks when they deposit money with the central bank by lowering its
reverse repo rate from 50 basis points to 25.. ..Below are some of the
key points to watch identified by Reuters correspondents in the
region.." [more]
Palestinian
President to Visit Syria, Saudi Arabia This Week [Jun 18]
"Palestinian President Mahmoud Abbas is to start a regional tour
of Syria and Saudi Arabia this week, his spokesman said Thursday. 'Abbas
will meet during the coming two days with Syrian President Bashar al-Assad
in Damascus before heading for Saudi Arabia to meet Saudi king
Abdullah bin Abdulaziz,' Abbas' spokesman Nabil Abu Rdineh told Xinhua.
Abbas' visit aims at discussing the long-stalled Israeli-Palestinian
peace process and internal Palestinian feud which involves Abbas'
Fatah party and Islamic Hamas movement, according to the spokesman. 'Abbas
will brief the Arab leaders on the results of his talks with U.S.
President Barack Obama to crystallize a united Arab position facing
the conditions Israeli prime minister set for peace,'.." [more]
Yemen
Hails Surrender of Saudi Qaeda Suspect [Jun 18]
" A Saudi wanted by the Yemeni authorities on suspicion of
plotting attacks for Al-Qaeda has turned himself in, a security
official said on Thursday. Naif Dahis Yahia al-Harbi is suspected of
'belonging to a cell that was planning attacks in Yemen,' the official
said, asking not to be identified. The news follows the announcement
by the defence ministry website on Sunday of the capture of Al-Qaeda's
main financier in the Arabian peninsula.. ..Saudi Arabia and Yemen
have exchanged dozens of suspected militants in recent years under the
terms of a 2003 security pact that strengthened an extradition treaty
first signed in 1998.." [more]
Pakistan
Urges Saudi Arabia to Stop Trial of Pilgrim Family [Jun 18]
"Pakistan has decided to formally request the Saudi government to
postpone the trial of a Pakistani couple allegedly arrested in a drug
smuggling case. Talking to the media after a cabinet meeting on
Wednesday, Information Minister Qamar Zaman Kaira said the Pakistani
mission in Riyadh was in touch with the Saudi authorities to ensure
that no innocent person was punished. He said the Saudi ambassador had
assured Prime Minster Yousuf Raza Gilani during a meeting that he
would talk to the authorities concerned in this regard. ‘The
government understands through preliminary reports that the couple is
innocent and those who sent them to Saudi Arabia for Umra are the real
culprits and, therefore, the cabinet has decided to approach the Saudi
government so that no innocent person is punished,’.." [more]
Saudi
Arabia to Permit Private Radio Operators [Jun 18]
"The Ministry of Information and Culture in Saudi Arabia will for
the first time give permit for private radio operators in the Kingdom.
This is according to a ministerial source. The ministerial source said
that the decision has been arrived after years of deliberation on this
issue. He said that the Ministry has already started receiving an
increasing number of applications from private radio operators.."
[more]
KSA
Reiterates Call to Make M-E Region Free of Nuclear Weapons [Jun 18]
"The Kingdom of Saudi Arabia on Wednesday reiterated its call to
make the Middle East region free from nuclear weapons, and said
security and stability don’t come through acquisition of weapons of
mass destruction but through cooperation and consultation among the
countries as well as through realizing development and progress. These
remarks were made by adviser at the Saudi embassy in The Hague Naif
Bin Bandar Al-Sudeiry while addressing the fifth meeting for the
international initiative for fighting nuclear terrorism. He pointed
out that acquisition of nuclear weapons by Israel constitutes a basic
obstacle for bringing about security and stability to the
region.." [more]
Saudization
is Not Racist, Says Official [Jun 18]
"Deputy Labor Minister Abdul Wahid Humaid has refuted accusations
that Saudization of jobs is a racist program. 'It’s our legitimate
right to create employment for our citizens. Countries in the East and
West give priority to their citizens in employment,' he said. Humaid
said the Saudization program was essential for creating jobs for the
country’s unemployed citizens. He said the Kingdom would continue to
depend on foreign workers to do many jobs. 'Recruitment of foreigners
to work in the private sector and for Saudi individuals will
continue,' he added. At present there are nearly seven million foreign
workers in the Kingdom. The Labor Ministry intends to Saudize more
jobs.." [more]
Saudi
Weighs Eurofighter, F-15 For New Fighter Deal [Jun 18]
"Saudi Arabia is stepping up efforts to acquire advanced fighter
jets to renew its combat fleet amid growing security concerns in the
Gulf region over Iran, two sources following the matter said on
Thursday. Saudi Arabia is in talks with Britain over possibly doubling
a recent purchase of 72 Eurofighter Typhoons with an add-on purchase
buttressed by a support deal, and has held exploratory talks with
Boeing on adding more F-15s, the sources said. 'Saudi Arabia has not
finalised its requirements or decided if it will hold a competition or
go with one player,' said a source who has followed the discussions.
British BAE Systems, which coordinates production of Eurofighter
Typhoons recently sold to Saudi Arabia, and F-15 manufacturer Boeing
both declined to comment.." [more]
~~~~~~~~
[ Jun 17]~~~~~~~~~
Sinopec
Drills 7th Saudi Gas Well After Others Disappoint [Jun 17]
"China's Sinopec Group is sinking a seventh exploration well in
Saudi Arabia to hunt for natural gas, after the previous six found no
flows of commercial value, partly due to low gas prices, a company
executive told Reuters. China's second-largest energy group will
complete drilling of the last well by about October, but with costs
far exceeding an original projection of $300 million, the executive
said. Under a pact sealed in early 2004 with state-run Saudi Aramco,
Sinopec agreed to drill seven wells over a contract period of 10
years. 'We are drilling the last well now'.. ..The official did not
specify the agreed gas price. 'All the foreign firms accepted that
price. But you need to strike a high-yield discovery to make it
economically viable,'.." [more]
Key
Saudi Prince Gives Backing to Religious Police [Jun 17]
"Saudi Arabia's interior minister signalled his backing for the
kingdom's controversial morality police this week, saying they were on
a par with the security forces. The Commission for the Promotion of
Virtue and Prevention of Vice -- a key arm of the powerful religious
establishment -- has been under pressure after incidents where Saudis
died in their custody or in car accidents as the police pursued them..
..With over 5,000 members, the men have wide powers to patrol public
places to ensure unrelated men and women do not mix, uncover use of
alcohol and drugs, and urge men to perform Muslim prayers in mosques.
The body answers to King Abdullah but his half-brother Prince Nayef
also has sway over it. Prince Nayef was appointed second deputy prime
minister in March, a post that could strengthen his chances of
becoming crown prince one day. Crown Prince Sultan is convalescing in
Morocco after an operation this year in the United States.." [more]
Oil
Giant Saudi Arabia Struggles to Keep Power On [Jun 17]
"Energy superpower Saudi Arabia, the world's largest oil
exporter, is having trouble keeping the lights on, the Saudi Gazette
reports. Every afternoon from 1 to 4 o'clock, the Saudi Electricity
Company (SEC) is cutting power to factories and businesses around
Jeddah, the desert kingdom's second-largest city and its major port.
As summer electricity demands increase — much of it from air
conditioning in malls, office buildings and mansions — the
"load shedding" is needed "to avoid a massive power cut
to the city" of 3.6 million people, the Gazette writes. Factory
owners say the deliberate blackouts are causing financial losses,
damaging equipment and threatening jobs.." [more]
Hai’a
Won’t Use Spy Cameras in Malls [Jun 17]
" The Commission for Promotion of Virtue and Prevention of Vice (Hai’a)
has no plans to install surveillance cameras in shopping malls, Sheikh
Abdul Aziz Al-Humayyen, General President of the Hai’a, has stated.
'The Hai’a will never take such a move nor have any connection with
surveillance cameras inside or outside malls,' Al-Humayyen was quoted
as saying by Al-Hayat Arabic daily Monday. Al-Humayyen refuted the
news which has been widely published by the media producing strong
reactions of both support and opposition, and said that suggestions
that the Hai’a would exploit cameras in shopping malls and public
areas to expose and intrude on people’s privacy were 'false and
baseless.'.. ..Al-Humayyen said the Hai’a’s long history of public
work and staff competency would not allow it to resort to 'such
methods which breach public privacy' and that the Hai’a would 'not
relinquish its reform policy, based on correcting mistakes, without
publicizing them.'.." [more]
DOW,
KAUST Enter Into Strategic Relationship [Jun 17]
"The Dow Chemical Company, a world leader in science and
technology, yesterday announced its intention to enter into a
multimillion-dollar strategic relationship with King Abdullah
University of Science and Technology (KAUST). The framework will
initially aim to use catalyses as a means to develop new routes for
producing chemical derivatives. Dow also announced its intention to
explore developmental efforts at the KAUST Research Park and
Innovations Cluster. Areas being considered for the park include CO2
capture, enhanced oil recovery, water desalination, solar energy and
wind energy. In addition, Dow has affirmed its commitment to becoming
a founding member of KAUST’s Industrial Collaboration Program (KICP),
which aims to enrich the local research experience while promoting
economic development in Saudi Arabia.." [more]
~~~~~~~~
[ Jun 16]~~~~~~~~~
Saudi
Arabia Bank Cuts Reverse Repo Rate to 0.25% [Jun 16]
"The Saudi Arabian central bank cut its key reverse repurchase
rate by a quarter point to 0.25 percent as it seeks to revive lending.
'This measure has been taken to normalize domestic money market
conditions against the backdrop of stable macroeconomic activity,' the
Saudi Arabian Monetary Agency said in an e- mailed statement today.
The rate is effective immediately. It’s the third time this year
that the central bank has cut the reverse repo rate, taking it to the
lowest level since Bloomberg data began in September 2007. The step
may encourage banks to lend money instead of keeping it with the
central bank, said Marios Maratheftis, chief regional economist at
Standard Chartered Plc. 'Credit growth has been weak, effectively
banks were reluctant to lend,' Maratheftis said. 'With the rate cut,
it is now less attractive for banks to place funds with SAMA,
encouraging banks to increase lending.'.." [more]
Saudi
Shuffles Opec Team [Jun 16]
"Saudi Arabia has shuffled its team at the Organization of
Petroleum Exporting Countries appointing Ahmad Al-ghamdi as its
representative to the oil cartel to replace Yasser Mufti, an oil
official told Zawya Dow Jones. Al-ghamdi moves from his previous
position as an advisor to the Saudi oil minister Ali Naimi, according
to the official who declined to be identified. A spokesman for
the Saudi oil ministry was unreachable for comment. Saudi Arabia, is
the Middle East's largest oil producer, and most powerful member of
the 13-member producing group of nations.." [more]
Saudis
and UAE Reach Agreement on Ending Truck Crisis [Jun 16]
"The truck crisis has ended with the UAE and Saudi Arabia
reaching an agreement to ease queues at the border points of Al
Ghuwaifat and Al Bat'ha. The agreement followed a meeting in Riyadh
yesterday at the Saudi Customs Authority between a UAE delegation
headed by Mohammad Khalifa Bin Fahd Al Muhairi, Director General of
the Federal Customs Authority, and a delegation representing the Saudi
Customs Authority and Interior Ministry. The Saudi authorities
undertook to end the crisis resulting from implementing new customs
and security procedures at the Al Bat'ha checkpoint and restore the
situation to what it was two weeks ago before the crisis
erupted.." [more]
Cabinet
Approves MoU With UK on Fingerprinting [Jun 16]
"The Cabinet has approved a proposal to sign a memorandum of
understanding (MoU) with Britain on the modalities of new laws on
fingerprinting and face photos for those applying for a visa to visit
Britain. The Cabinet which met here Monday and was presided over by
King Abdullah, Custodian of the Two Holy Mosques, gave its approval
for the MoU after recommendations from Prince Naif Bin Abdul Aziz,
Second Deputy Prime Minister and the Minister of Interior. Dr. Abdul
Aziz Khoja, Minister of Culture and Information, said after the
meeting that the Monarch briefed the Cabinet on the outcome of his
talks, consultations and contacts made in the past few days with the
leaders of some countries, their envoys and the telephone call he
received from Syrian President Bashar Al-Assad.." [more]
Prince
Khaled Opens Jeddah Trade Forum [Jun 16]
"Makkah Gov. Prince Khaled Al-Faisal opened the first Jeddah
trade forum at Lailaty Hall here yesterday and urged participants to
make proposals to remove the obstacles facing businessmen and women
and boost the Kingdom's trade sector. He stressed the need to revise
the Kingdom's trade regulations in accordance with those of the World
Trade Organization (WTO). He also extended all-out support to
businesswomen and said: 'They have made tremendous progress in
business and we are proud of them.' Prince Khaled said the Kingdom's
annual exports and imports have crossed SR1 trillion and hoped the
forum would contribute to further increasing the Kingdom's trade
volume. 'We hope that these kinds of forums would help increase the
country's gross domestic product,'.." [more]
Dubai's
Emaar Says Saudi Deal Still Conditional [Jun 16]
"Dubai developer Emaar Properties EMAR.DU said on Tuesday a deal
signed with Saudi Arabia's Kingdom Holding 4280.SE was still
conditional and would focus solely on managing the development
process. In a statment on the Dubai bourse website, Emaar said it was
too early to envisage the level of income from the project as it was
still in feasibility study stage. Emaar on Sunday denied it was
investing in a development by Saudi Arabia's Kingdom Holding that will
feature what would be the world's tallest tower, but said it was in a
deal to offer management services against a fee. The United Arab
Emirates' bourse regulator had asked Emaar on Monday to give detailed
clarification. 'The agreement currently signed by Emaar is conditional
upon a number of other additional agreements to be finalised btween
Emaar and the company,' Emaar said.." [more]
Israel:
Lieberman Wants Talks With Saudi Arabia, Syria and the PA [Jun 16]
" Israel's hardline foreign minister Avigdor Lieberman on Tuesday
called for direct talks with Saudi Arabia, Syria and the Palestinian
Authority government without any preconditions, while maintaining
support for the 'natural growth' of existing settlements. 'There is
understanding in the US and in Europe with regards to the basic need
to continue natural growth,' Lieberman told Israel Radio during an
official visit to Luxembourg where he met his counterparts from the
European Union. 'We have no intention of changing the
demographic balance in the West Bank and establishing facts on the
ground.' Although EU foreign ministers reacted positively to the
speech that Israeli prime minister Benjamin Netanyahu delivered on
Sunday, some said it was not enough to raise the level of talks,
postponing the upgrading of ties with the Jewish state.." [more]
~~~~~~~~
[ Jun 15]~~~~~~~~~
Suspected
Financier For Al-Qaeda Arrested [Jun 15]
"Yemeni security forces have arrested a Saudi man suspected of
financing al-Qaeda cells in Yemen and Saudi Arabia, an Interior
Ministry official said Sunday. The official said authorities had
captured the network's 'biggest and the most influential' money
provider in the two countries. The Yemeni Embassy in Washington said
the arrest of Hassan Hussein Bin Alwanin on Friday 'will be
instrumental in understanding the system of global terrorism
financing.'.." [more]
Gulf
Arabs Give Muted Reaction to Ahmadinejad Win [Jun 15]
"Gulf Arab governments fearing growing Iranian power in the
region gave a muted reaction to hardline president Mahmoud
Ahmadinejad's election win this week. Semi-official media in Saudi
Arabia, an absolute monarchy with no elected parliament, attacked the
results as undemocratic. 'Falsifying the results is the easiest of
tasks for a religious-security regime that does not believe in leaving
to chance what it considers to be its right,' wrote Abdul-Rahman al-Rashed
in Saudi daily Asharq al-Awsat. Saudi-owned Al Arabiya TV, which has
had extensive coverage, said Iran had closed its office for a week
without reason.. ..Tehran denies Western charges, backed by Arab
states led by Saudi Arabia, of seeking to develop nuclear weapons.
Saudi Arabia sees itself as the leader of Sunni Islam and fears
Washington will recognize Iran as a regional power in an eventual
rapprochement.." [more]
Saudi's
PetroRabigh to Start Making Gasoline in July [Jun 15]
"Saudi Arabia will start gasoline production at its $10.3 billion
Rabigh Refining and Petrochemical Co in July, industry sources said on
Monday. PetroRabigh, an export-oriented joint venture between state
oil giant Saudi Aramco and Japan's Sumitomo Chemical, will have the
capacity to produce up to 60,000 barrels per day (bpd) of high octane
gasoline that will be converted from fuel oil. 'We have been informed
by PetroRabigh that gasoline production will start in July,' a
Gulf-based source familiar with the project said.. .The world's top
oil exporter typically imports between 60,000 to 70,000 bpd monthly,
traders said. 'Most of the gasoline coming out of Rabigh is
going to be for the domestic market, so we are definitely keeping an
eye on this to see if Saudi cuts back on their imports,'.." [more]
Saudi
Arabia Suspends Visas for Yemeni Laborers [Jun 15]
"Saudi Arabia has suspended visa processing and other travel
measures for Yemeni laborers. The move comes in protest at the
slowness of the Yemeni government in taking appropriate measures
concerning the smuggling of a Saudi girl by a Yemeni young man into
his country, sources at the Saudi embassy in Sana'a said.
www.newsyemen.net cited the sources as saying that a parliamentarian
in Yemen's western province of Hodeida is part in the matter, a claim
which the Yemeni official Ziyad Ali Sagheer Shami denies. Shami said a
Yemeni young man from Zabeed, who said he married to a 21-year-old
Saudi girl, visited him three weeks ago and asked for help. But Shami
did not say what kind of help the young was asking for. 'I told him to
go to the Saudi embassy and discuss the matter there,' .." [more]
Emaar
Denies Kingdom Holding Deal to Develop World's Tallest Tower [Jun 15]
"Emaar Properties on Monday issued a denial that it had made any
deal with Saudi Arabia's Kingdom Holding Company on developing the
world's tallest tower with a total investment of at least 100 billion
riyals ($26.7 billion). Kingdom Holding, owned by billionaire Prince
Alwaleed bin Talal, said on Saturday in an emailed statement that
Emaar would be in charge of developing and supervising the
construction of the Kingdom Tower. The news saw a surge in Emaar’s
shares rise up to to 7.8 per cent. In a statement issued to Reuters,
the Dubai based properties said that it will not invest in any
projects of this sort.." [more]
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[ Jun 14]~~~~~~~~~
Yemen
Denies Guantanamo Inmates Heading to Saudi [Jun 14]
"Yemen on Sunday denied reports that it has agreed to a U.S.
proposal to transfer almost 100 Yemeni inmates at Guantanamo Bay
prison to terrorist rehabilitation centers in Saudi Arabia. The
statement comes days after U.S. officials said they were close to a
deal with the two countries. The Yemenis make up the largest national
group among the remaining Guantanamo detainees, and determining their
fate is key to President Barack Obama's plan to close the prison.
Yemen's Foreign Ministry said the country was still discussing with
the U.S. the possibility of transferring the detainees back home. It
issued a statement saying the country 'denies media reports about the
transfer of Yemeni detainees from the prison at Guantanamo to
rehabilitation centers in Saudi Arabia.'.." [more]
CMA
Launches Bond and Securities Market [Jun 14]
"The Capital Market Authority (CMA) yesterday launched the bond
and securities market as leading stocks including banks, financial
services, industries and petrochemicals reacted positively to the move
by the regulator’s move. The new market yesterday witnessed two
major deals worth more than SR1.1 billion ($269 million) with the
first deal involving sukuk (Islamic bond) of SABIC as 20,000 sukuks
were sold for SR202 million at the rate of SR10,100 per sukuk. The
second deal involved sales of 80,000 sukuk for SR808 million at the
same price. SABIC’s second issue of sukuk are valued at SR8 billion
($2.1 billion). It involves 800,000 sukuks with a face value of
SR10,000 each and matures in 2027.." [more]
Saudis
Alleviate Border Jam [Jun 14]
"Saudi Arabia opened its border for a few hours on Sunday in an
attempt to ease the 19-mile-long traffic jam leading to its frontier
with the United Arab Emirates (UAE). Thousands of truck drivers have
been stuck in the jam for days without access to basic necessities in
temperatures reaching 133 degrees Fahrenheit. Since traffic usually
flows smoothly at the crossing, many drivers did not prepare for a
lengthy stay. Much of the produce being transported has gone bad..
..Some local newspapers are reporting that this action by the Saudis
is retaliation to get back at the UAE for dropping out of plans for a
common currency for the six countries (Saudi Arabia, Kuwait, UAE,
Qatar, Bahrain and Oman) that make up the Gulf Cooperation Council
(GCC).." [more]
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