|
~~~~~~~~ [ Jul 19] ~~~~~~~~~
GCC Inflation Forecasts Weigh on Dollar Pegs [Jul 19]
"With inflation expectations for Gulf Co-operation Council countries on the rise, political disagreement is mounting about whether to let local currencies
appreciate the dollar.. ..Between January and May, Saudi Arabia, whose currency, the riyal, is pegged at 3.75 to the dollar, was forced to match Fed rate cuts aimed at jump-starting the US economy, even though data released in January showed Saudi inflation was running at 4.1% in 2007.. ..In just five
months, Saudi Arabia’s central bank, the Saudi Arabian Monetary Agency (Sama), cut its key deposit rate, the reverse repurchase rate, by a total of 150
basis points to 2%. The latest government figures put Saudi annual inflation at a 30-year-high of 10.4% in May 2008, a far cry from 2.64% a year earlier.
But Saudi authorities are struggling to balance inflation-fighting with addressing the country’s social inequalities.."
[more]
Restore the Dignity of Women [Jul 19]
"A call by theologians and scholars for restoring the dignity of women led to an unscheduled speech at the inter-faith World Conference on Dialogue that
ended here Friday. The unscheduled speaker was a woman – the only one to address the ground-breaking Saudi-sponsored conference.. ..Dr. Makkiah Al-Najjar, professor of International Relations at Universidat Autonama de Madrid
(UAM), pointed out that women should be included in any inter-faith
dialogue and that without their participations no such dialogue would ever succeed. She also noted that, in Islam, women are given the right 'to
participate and speak in all aspects of life and community.' The issue of discrimination against women was brought to the round-table Thursday when
one delegate asked, 'Where are the women?' To this, Saleh Bin Humaid, chairman of the Saudi Shoura Council replied, 'You theologians don’t usually
include women in your hierarchy. Include them and then we will invite them.'.."
[more]
Prince Muhammad University to Open in Damman Next Month [Jul 19]
"A new university focused on engineering, nano-technology and computer science is set to open next month in
Dammam.. ..The university will have
mechanical, electrical and civil engineering colleges besides colleges for IT and business administration. There will be separate engineering colleges for girls.. ..Prince Muhammad, who has signed a SR69 million contract for the university’s computer network and database, said the university aims to
provide quality education for which it has approached 39 prestigious foreign universities to develop its curricula and benefit from their academic
experience.." [more]
Mizuho Financial to Open Brokerage in Saudi Arabia [Jul 19]
" Mizuho Financial Group Inc. applied to Saudi Arabia's monetary authorities for a brokerage business license, the Asahi newspaper reported today,
without saying where it obtained the information. Mizuho plans to set up the brokerage in the Saudi capital Riyadh in the first half of next year to tap
demand for asset management services among wealthy investors, the report said. Mizuho is the second major Japanese financial institution to advance
into Saudi Arabia after Nomura Holdings Inc., the report said. Nomura, which obtained a license in May, plans to set up a subsidiary in Riyadh by the
end of this year, the Asahi said.." [more]
~~~~~~~~ [ Jul 18] ~~~~~~~~~
Saudi Inter-faith Conference Urges Global Anti-terrorism Pact [Jul 18]
"Representatives of the world's great monotheistic religions Friday called for an international agreement to combat terrorism, at the end of a landmark
Saudi-organised conference. The Islamic, Christian and Jewish leaders also appealed for a UN special session to promote dialogue and prevent 'a clash of civilizations.' 'Terrorism is a universal phenomenon that requires unified international efforts to combat it in a serious, responsible and just way,' the
three-day World Conference on Dialogue said in a final statement. 'This demands an international agreement on defining terrorism, addressing its root causes and achieving justice and stability in the world.'.. ..The participants called on the UN General Assembly to call a special session to support the
recommendations of the conference 'in enhancing dialogue among the followers of religions, civilizations and cultures.'.."
[more]
University Challenges Conservative Ideals [Jul 18]
"..When finished next year, King Abdullah University of Science and Technology will offer coeducation classes, Western professors, a curriculum in
English and other features loathed as dangerous liberalism by fundamentalists. The campus outside an ancient fishing village is recognition that the country needs the likes of the University of Southern California, Oxford University and the Massachusetts Institute of Technology to survive
globalisation.. ..'Saudis are beginning to realise they are not the centre of the universe,' said Tariq
Maeena, a writer and aviation expert. '[King Abdullah Bin Abdul
Aziz] hopes that a young Saudi will be in a class with an American professor. The king is jabbing the conservatives from all sides. He's not
doing it with a massive decree, but incrementally, and all the radicals can do is roll their eyes and say, 'Uh-oh, we're losing more power'.."
[more]
Gulf Economies to Soar 35% on Oil Windfall [Jul 18]
"Gulf Arab economies will surge 35 per cent this year on an oil price windfall, ING said on Thursday, drastically raising its average economic growth
forecast for the six oil producers from 10 per cent in February.. ..Top global oil exporter Saudi Arabia should witness nominal gross domestic product growth of 30.8 per cent this year, compared with 6.7 per cent last year, ING said in a note. Its previous forecast for Saudi economic growth was 5.8 per
cent. 'We updated our forecast for the Gulf countries in light of a substantial upward revision in our oil projections,' ING said, raising its estimate for
2008 oil prices to an average $119.6 a barrel from $74 a barrel.." [more]
Of Myth of a Shortage and Saudi Capacity [Jul 18]
"Crude demand-supply balance is definitely tight, no one argues. The spare cushion has perilously gone down to two percent from six percent a few
years back. Galloping consumption in the emerging economies of Asia coupled with rising demand within the Arab Gulf has contributed to tight
markets. Skepticism appears ruling the sentiments. Pundits continue churning out various, cooked and semi-cooked, theories about the Saudi capacity
to sustain and increase its production from the current levels. Matthew Simmons and his disciples term the Saudi announcement to take production to 12.5 million bpd by next year, and 15 million bpd, if and when required as 'a bunch of empty boasts.'.. ..It was perhaps in this perspective that the
Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Abdallah
Al-Badri, recently denounced the 'myth' of an oil shortage
and blamed the crisis on speculation sparked by the subprime lending crisis in the United States. 'Seventy percent of crude contracts on the Nymex are
held by speculators... Some form of regulation is needed,' he emphasized, adding, 'The market has no shortage of physical crude.'.."
[more]
Interfaith Meet Signals Thaw in Saudi Hostility Toward Israel [Jul 18]
"In an apparent easing of traditional Saudi hostility toward Israel, King Abdullah has urged followers of all the world's leading religions to embrace
reconciliation. 'We must tell the world that differences don't need to lead to disputes,'.. .. Rabbi David Rosen, who is also the Chief Rabbinate's adviser on interfaith dialogue, had been invited to the conference as Chairman of
IJCIC, the International Jewish Committee on Interreligious Consultations. The
conference organizers knew he was Israeli, following media reports to that effect last week. He met King Abdullah, told him he was a rabbi from Jerusalem and even received his blessing. Saudi Foreign Minister Prince Saud al-Faisal told Rosen that his participation in the conference was important
and following his recommendation, Rosen was interviewed by the country's official television channel. Rosen told Haaretz on Thursday that Saudi Arabia was very interested in creating calm in the region but as is their custom, they proceed slowly. 'This event is historic because it's the first time that a
Saudi king initiated such a move. The Saudis want to reduce the risks to the region's stability, including the Holy Land. This will be tested in the
continuity of the contacts,'.." [more]
~~~~~~~~ [ Jul 17] ~~~~~~~~~
Text of the King’s Speech [Jul 17]
"Quoting from the Holy Qur’an, and after salutations to Prophet Muhammad
(pbuh) and all the prophets and messengers, the Custodian of the Two
Holy Mosques King Abdullah began his speech Wednesday opening the three-day inter-faith World Conference on Dialogue. At the outset, he thanked
King Juan Carlos and the Spanish people for convening the conference on 'a land that has a historic and civilized heritage among the followers of
religions, and which has witnessed coexistence between people of differing ethnicities and religions and cultures, and contributed, with other civilizations,
to the advancement of humanity.' Following is the text of the King’s speech:.."
[more]
Al-Jazirah Becomes First Saudi Newspaper to Commit to BPA Auditing [Jul 17]
"In a landmark decision for the media industry in the Middle East, Al-Jazirah, the Saudi daily newspaper, has become the first of its kind to commit itself
for audit under internationally recognised BPA Worldwide standards. BPA Worldwide is the only global auditor of media.. ..As for the reasons behind the
newspaper's decision to apply for BPA membership Mr. Al-Ateeq said:' It is a move in our adherence to transparency as well as a continuation of
Al-Jazirah's recent declaration of its distribution figures. A step we have been calling on other titles to take since 2005 but we had to take separately'. Mr.
Al-Ateeq sees an increasing demand from within Saudi Arabia for audited data. In this respect he added: 'It is beyond no doubt that the enrolment
of Saudi Arabia in the membership of the World Trade Organization (WTO), and the everlasting growth it witnesses in the different economic, political, educational, and social aspects, as well as the necessity to cope with such remarkable and amazing developments, have made it inevitable for the printed
media to respect its readers and advertisers, who are becoming more intelligent and would not accept any declared data unless they are verified by
concerned international bodies.." [more]
Political Support for Dollar to Bar Saudi Revaluation [Jul 17]
"Saudi Arabia's monarchy is set to reject any call from the influential Shura advisory body to revalue the dollar-pegged riyal, as the economic case for
reform takes second place to a political pledge to support the dollar. Bids on Saudi riyal one-year forwards rose to their highest in more than a month
after Shura Council member Waleed Arab Hachem told Reuters on Tuesday the body that advises King Abdallah was set to recommend a revaluation to
fight inflation.. ..But analysts say Saudi Arabia, the world's top oil exporter and a staunch US ally, is reluctant to deal any further blow to a dollar
already battered by concerns over the health of the American economy as political tensions over nearby Iran mount. 'The decision to revalue now - and
add further losses to the US dollar - does not fit with recent US official efforts to garner international support,' ING said in a note to clients.."
[more]
GCC Should Seek Regional Security Strategy [Jul 17]
"GCC states must reinforce their ability to deter intervention in their affairs by large regional neighbours and extra-regional powers such as the US and
the UK, according to a book published by a UAE think-tank. Of 21 countries in and around the Gulf, only 3 do not have any overt military presence. The US has a presence in 13 of these countries, the UK in 9 and other external powers also have military presences in 9 countries, according to the book
titled Arabian Gulf Security: Internal and External Challenges.. ..The Gulf states, the book says, must recognise that their dependence on the US as a
security umbrella and economic partner is a relatively minor part within larger US global security concerns. The authors believe the foreign military
presence in the GCC states is 'an inescapable reality.'.." [more]
Oil Prices Dive More Than $5 [Jul 17]
"Crude oil prices dropped sharply for the second day yesterday after a US government report showed a surprise increase in inventories and continued
weak demand in the world's top consumer nation. The decline in prices, which marked the biggest two-day loss in percentage terms since January 2007, helped stocks on Wall Street regain some of the ground lost in recent days on fears over the health of the US banking sector.. ..US Energy Information
Administration reported crude inventories rose by 3.0 million barrels last week - countering expectations for a decline.. ..The widely watched government report also showed US oil products demand running two per cent below year-ago levels, another sign that soaring prices are cutting into consumer
demand for fuel. Adding to pressure on oil prices, a senior US official said Tuesday the United States was planning to send an envoy to talks this
weekend between Iran and major powers over Tehran's nuclear program.." [more]
Lung Cancer Breakthrough by KSU Team [Jul 17]
"King Saud University (KSU) announced here Wednesday the discovery of a specific lung cancer biomarker to identify lung cancer, which greatly
simplifies early diagnosis of lung cancer. The breakthrough was the result of collaboration between a KSU team of scientists and students, headed by
Prof. Vadevel Masilamani of Laser Group of College of Science, Dr. Elango of
Thendrel, Inc. a biotech enterprise, based in Virginia, USA, and MCD, a
cancer diagnostic center in India. Making the announcement at a press conference, KSU Director Dr. Abdullah
Al-Othman announced a reward of SR50,000 and a gold medal for scientific research for each member of the KSU team.. ..The breakthrough is to be patented in the United States and a
Chair for Laser Diagnosis of Cancer will be created at KSU. Cancer biomarkers are certain proteins found highly elevated in blood plasma, due to
abnormal metabolic activity of cancer cells. A biochemical approach is used to measure
biochemicals.." [more]
Boeing Modifies Saudi AWACS [Jul 17]
"The Boeing Company has completed a major communications upgrade on the first of five Saudi E-3 Airborne Warning and Control System
(AWACS) aircraft as part of a $49.2 million contract. Installation and checkout of the aircraft were performed at the Boeing Military Flight Center in Seattle. The enhancement, known as Link 16, is a secure, jam-resistant, digital data link that allows military aircraft, ships and ground units to exchange tactical
pictures in near real time. Link 16 also supports the exchange of text messages and imagery data and provides additional channels for digital voice.
The Link 16 AWACS upgrade is the first in a series of anticipated technology upgrades to the Saudi AWACS fleet.."
[more]
Diplomats Welcome Abdullah’s Timely Initiative for Dialogue [Jul 17]
"Foreign diplomats based in the Kingdom have welcomed the World Conference on Dialogue, which was inaugurated by Custodian of the Two Holy
Mosques King Abdullah in Madrid yesterday, saying the event would lead to greater understanding among followers of different religions.. ..Jan
Thesleff, ambassador of Sweden, said his country considers the initiative to be very important, as an Islamic nation is leading it. He added that Sweden,
like Saudi Arabia, has for a long time worked to develop dialogue. 'This dialogue that King Abdullah has proposed and launched in Madrid, we think, is
a very, very timely one,' he said. Thesleff said it was too early to predict the conference’s outcome, although expectations are very high. 'I think King
Abdullah’s initiative is a very good sign for globalization... we all, as ethnic and religious groups, live together, so the issues of dialogue, cooperation and coexistence are very important,'.." [more]
~~~~~~~~ [ Jul 16] ~~~~~~~~~
Saudi King Wants Lower Oil Price [Jul 16]
"The world's top oil exporter Saudi Arabia wants to see lower oil prices, Saudi King Abdullah said in an interview with Italian newspaper La
Repubblica. The price of oil hit a record of $147.27 a barrel on Friday and has doubled in a year, sparking fuel protests worldwide and stoking inflation. Asked
whether Saudi Arabia wanted to "soften the price" of oil, the Saudi monarch was quoted as saying. 'Of course that is the case: we did not want and do
not want the price to be this high'.. ..'Listen to me. I am speaking for myself and for the Kingdom of Saudi Arabia. When the price of oil hovered around
$100 a barrel, we were already unhapy. Imagine what we feel like now, when there is talk of $200,' the Saudi ruler said. Speculation was the main factor
behind the surge of oil prices, Abdullah reiterated in the interview.."
[more]
Saudi-backed Interfaith Meeting Starts [Jul 16]
"King Abdullah of Saudi Arabia was kicking off an interfaith conference in Madrid on Wednesday — an effort to bring Muslims, Christians and Jews
closer together amid a world that often puts the three faiths at odds. Spanish King Juan Carlos was also addressing the gathering — which the Saudis
have billed as a strictly religious affair. There's to be no mention of hot-button issues like the war in Iraq, the Israeli-Palestinian conflict, Iranian nuclear
ambitions or rising oil prices. Abdullah has made reaching out to other faiths a hallmark of his rule since taking over the oil-rich kingdom following the
death of his half brother in 2005. He met with Pope Benedict XVI late last year, the first meeting ever between a pope and a reigning Saudi king.."
[more]
Saudi Arabia Offers Russia Arms Deals [Jul 16]
"Saudi Arabia has offered to award major arms contracts to Russia in return for Moscow curtailing cooperation with Iran, Russia's Kommersant
newspaper reported on Tuesday, citing unidentified diplomatic sources. The Kremlin declined to comment immediately on the report, as did Saudi Arabia's embassy in Moscow. Saudi Prince Bandar Bin Sultan met Russian President Dmitry Medvedev and Prime Minister Vladimir Putin in Moscow
for talks on Monday that focused on widening bilateral cooperation.. ..'The kingdom's leadership advised Moscow to phase out cooperation with Tehran and in return promised attractive contracts with Saudi Arabia,' said the paper, one of Russia's most respected dailies. 'In essence, Russia was offered to
become a major partner in the Middle East.'.." [more]
Kingdom to Set Up Firm With SR20bn Capital [Jul 16]
"Saudi Arabia will set up an investment firm, Sanabil Al-Saudia, as a joint stock company with a capital of SR20 billion that will invest in stocks, bonds,
real estate, foreign currencies, minerals and commodities. The new firm, which has been approved by the Cabinet, will also manage investment portfolios for other parties, the Saudi Press Agency said. Despite this announcement, the Saudi stock market fell heavily following rout at the global
equity markets yesterday. The Tadawul All-Share Index (TASI) plunged 4.31 percent yesterday, making its sharpest single-day decline in almost 6
months after the stock market said it was introducing a new trading mechanism. The index closed 392.43 points down at 8,706.77.."
[more]
King Abdullah City Urban Model for Saudi [Jul 16]
"The King Abdullah Economic City will be a model community for a country with unemployment, poor urban planning and infrastructure problems
despite its famed oil wealth, its developer said this week. Fahd Al-Rasheed, chief executive of Emaar Economic City, the developer, said current
investment of $34.7 billion was set to expand, especially when investors and Saudis see the City begin to take shape on the ground in 2010. 'Absolutely it
will increase - $35 billion has been the fruit of a few months of work. Certainly over the next six to 12 months we are expecting a lot more than that,'..
..'We are now in discussion with at least 10 internationally branded names...As you are developing it becomes easier because people are seeing it and the
services are there. Those who were not sure how long it will take [would] start coming.' The plans are that by 2010 up to 10,000 housing units will be
completed, with around 500 of them inhabited, and 10 percent of the city - a mix of industrial zone, financial
centre, residential quarters and beachside
resort - constructed.." [more]
~~~~~~~~ [ Jul 15] ~~~~~~~~~
Saudi's Shura Council Urges Riyal Revaluation [Jul 15]
"Members of a Saudi Arabian council that advises the king have renewed a call for the Gulf oil producer to revalue the dollar-pegged Saudi riyal as a
way of fighting inflation. An internal committee of the Shura Council, whose members are appointed by King Abdullah, wrote a report urging the
world's top oil exporter to revalue the riyal.. ..The newspaper said currency reform was among recommendations in the report to offset the impact of the
surge in prices on development projects in the kingdom, where the economy is surging on a seven-fold rise in oil prices since 2002.."
[more]
Saudi Aramco Will Not Be Able to Pump Over 12m bpd by 2010 [Jul 15]
"Saudi state oil firm Aramco's long-term sustainable oil output level will be 10.4 million barrels per day after 2010, far below its maximum capacity of 12
million bpd, the BusinessWeek magazine reported. Saudi Arabia has said it will pump 9.7 million bpd this month, its highest rate in over three decades and 550,000 bpd more than in May, and has pledged to keep pumping at that level for the rest of the year if customers demand the extra oil.. ..The
kingdom has said it is ready to take total capacity to 15 million bpd in coming years in a bid to tame roaring prices fuelled in part by growing fears over limited global supplies. But
BusinessWeek, citing a field-by-field breakdown of output it obtained from an oil industry executive, said that Aramco would
be unable to pump at 12 million bpd for long.." [more]
Hope, Skepticism Precede Saudi-Sponsored Interfaith Conference in Spain [Jul 15]
"A Saudi-sponsored conference that will bring together Israeli and American rabbis with clerics from the strict Wahhabi sect of Islam _ as well as global
religious leaders of nearly every persuasion is either a rare opportunity for dialogue or a cynical publicity stunt. It all depends on who you ask.. ..The conference opening in Madrid on Wednesday is the brainchild of Saudi King Abdullah, who has cast it as a way to ease tensions between Islam,
Christianity and Judaism part of an effort to reposition oil-rich Saudi Arabia as a force for moderation in the region. To have a dialogue, just to start
talking to each other, is an accomplishment in itself, said Saudi Ambassador to Spain Saud Bin Naif Bin Abdulaziz
Al-Saud. At this point in time the
whole world needs to start talking to each other. This is what we hope we can achieve. Saudi Arabia has presented the conference as a strictly religious
initiative -- not a political one. But it also has political implications, coming from a Mideast heavyweight that does not have diplomatic ties with Israel.Abdullah has made headlines recently by reaching out to leaders of other faiths.."
[more]
Review Finds Slurs In '06 Saudi Texts [Jul 15]
"A Saudi-funded academy in Fairfax County used textbooks as recently as 2006 that compared Jews and Christians to apes and pigs, told eighth-graders
that these groups are 'the enemies of the believers' and diagrammed for high school students where to cut off the hands and feet of thieves, a Washington
Post review of the books has found. Saudi officials acknowledged that the textbooks used at the Islamic Saudi Academy had contained inflammatory
material since at least the mid-1990s but said they ordered revisions in 2006. School administrators said that they have been scrambling to change the texts and that all potentially offensive passages will be gone by the coming academic year. But, they said, teachers have always been told to avoid
inflammatory material in the classroom.. ..The academy, founded in 1984, has about 1,000 students in pre-kindergarten through grade 12 and is
separated into boys' and girls' schools. It is the only Saudi-funded school in the United States. About 70 percent of the academy's students are U.S.
citizens drawn from the region's Muslim communities. About a quarter are Saudi.."
[more]
New Saudi Traffic Law Does Away With Gender of Driver [Jul 15]
"There is no provision in the new traffic law, which came into force on Monday, that prevents women from driving vehicles, says Maj Gen Fahd Al
Bishr, director general of Saudi Traffic Department. 'The new law speaks only about driver of the vehicle, and there is no specification of either man or woman. As far as driving of women are concerned, we are not bothering about it,'..
..Maj Gen Al Bishr said that the traffic officials are just enforcing the directives
issued by the higher authorities in this respect. 'There were directives from the [religious] authorities preventing women from driving. Subsequently, the traffic officials have no right to allow them to drive,' he said, adding that 'we can let them drive vehicles if the directives were issued permitting them to
drive'.." [more]
Saudi Mufti Takes Stand on Infidel Issue [Jul 15]
"Saudi Arabia’s top cleric has taken a rare stance against colleagues who brand some writers as infidels, a charge that can be used to justify violence
against them, media reported yesterday. Grand Mufti Sheikh Abdulaziz Al al-Sheikh said in a lecture last week that clerics should be careful before rushing to denounce writers as apostates from Islam, a practice known as takfeer and which Al Qaeda uses to condemn many Muslim rulers.
Sheikh Abdul-Rahman al-Barrak, a highly revered independent cleric, said in March that two newspaper columnists should be put to death if they did
not renounce their 'heretical articles' in public.. ..'Perhaps someone wrote what he did out of ignorance or misinformation ... We should not rush to call
people infidels, except if their articles are a result of invalid belief and bad intentions,' he said. The Mufti’s statement came days before a Saudi-sponsored
'inter-faith dialogue' in Spain this week.." [more]
Russia Hopes to Boost Ties With Saudi Arabia [Jul 15]
"Russia hopes to further boost ties with Saudi Arabia, Russian Prime Minister Vladimir Putin said Monday during talks with Saudi Arabia's Security
Council chief Prince Bandar bin Sultan. 'Our relations are developing well, the trade turnover is growing though in absolute terms it still looks modest, but considering our good ties, we have good perspectives and a good basis,' Putin said.. ..Relations between Russia and Saudi Arabia have warmed
recently after a period of tensions because of accusations by Moscow that Riyadh tolerated Muslim charity groups funding separatist rebels in the southwestern Russian province of Chechnya. Trade turnover between the two countries grew up to 437 million dollars in 2007, with Russia exporting
metals, paper, cartons, wood and cargo trucks.." [more]
Saudi Extends Chevron Deal [Jul 15]
"Saudi Arabia's cabinet yesterday authorised the extension of an oil concession held by US major Chevron in its Neutral Zone shared with Kuwait.The concession is the only oil production agreement that survived the Saudi nationalisation of the oil industry in the 1970s. 'The cabinet approved authorising the petroleum minister to sign a project of agreement to extend and amend the Saudi government and Chevron Saudi Arabia concession at
the neutral zone,' Saudi state news agency SPA said.." [more]
~~~~~~~~ [ Jul 14] ~~~~~~~~~
Economics Confirm Oil Price Pressure [Jul 14]
"World oil prices continue to reach record levels. Crude oil over the last few days has risen to above $147 per barrel, with the latest surge driven by
ongoing geopolitical concerns over Iran, an Opec member, and its recent missile tests.. ..Following pressure from the US, Saudi Arabia is in the process of increasing production from 9.4 million barrels per day (bpd) in June to 9.7 million bpd in July, a 27-year high for the Kingdom. Despite this, oil prices
have not eased. Supply losses in Nigeria, as well as tensions between Iran and Israel, raise new concerns about future supplies. Moreover, while the Saudi action adds supplies to the market, remaining available surplus production capacity during the third quarter of 2008 is at the low level of about
1.2 million bpd, all concentrated in Saudi Arabia, according to the Energy Information Agency
(EIA).." [more]
Saudi Arabian Airlines Signs Airbus Deal [Jul 14]
"Saudi Arabian Airlines signed a contract with Airbus Monday for eight of the European plane maker's A330-300 wide body aircraft. The carrier, Saudi
Arabia's national airline, said the deal is part of its fleet modernization program. There was no immediate price given on the contract. Saudi Arabian
Airlines director general Khalid al Molhem said the deal would enable the carrier to meet 'rising passenger demand and expectations.'.."
[more]
Soaring Saudi Divorce Rate Sparks New Law [Jul 14]
"Saudi Arabia’s Shura Council is considering implementing a law to halt the surging numbers of divorces in the kingdom. Talal
Bakri, head of the
committee for family affairs at the council, told media the authority is set to begin deliberations on various provisions of a draft divorce law.. ..The law would prevent husbands from pronouncing divorce in the absence of their wife, while divorce would only be valid if it was registered in a courtroom in
the presence of the estranged couples. The number of divorces is increasing in the kingdom, with nearly 62 percent of marriages ending in divorce. According the newspaper, there are more than 1.5 million spinsters in Saudi Arabia.."
[more]
Kingdom Releases 8 Bahraini Detainees [Jul 14]
"Eight Bahrainis, who were arrested in February for entering a restricted military zone in the Kingdom, have been released under the orders of Crown
Prince Sultan, press reports said yesterday quoting Bahrain’s Ambassador to Riyadh Moussa
Al-Naeemi. 'The Bahrainis will not face further questioning when they return home,'
Al-Naeemi said. 'The issue was resolved after King Hamad met Prince Sultan recently,' he said.
Al-Naeemi said administrative
procedures are being completed to hand over the seven teachers and an engineer to their relatives. According to one report, the eight men were arrested on suspicion of spying. But the Bahrainis rejected the allegation and said they had lost their way.."
[more]
~~~~~~~~ [ Jul 13] ~~~~~~~~~
Iran Releases Five Saudi Fishing Boats, Crews [Jul 13]
"The Border Guard said yesterday that Iran released five Saudi fishing boats and their Indian crews that had strayed into Iranian waters. The move
followed the freeing earlier this week by the Kingdom of two Iranian vessels that had entered the Kingdom’s territorial waters.. ..Saudi Arabia announced
on Wednesday that it had released two Iranian fishing boats that strayed into its waters and said it hoped the gesture would lead Iran to do the same
with the Saudi vessels. Iranian media said on July 3 that Tehran had seized the fishing boats in territorial waters near its first nuclear power plant that is currently under construction in
Bushehr. In June 2007, Iran arrested the crew of three Emirati boats it had seized for illegal entry and fishing in its
territorial waters. In March 2007, Iranian naval forces seized 15 British sailors and marines in the Gulf, claiming they had entered Iran’s territorial waters
but Britain insisted they had been engaged in anti-smuggling operations in Iraqi waters.."
[more]
Madrid Forum Won’t Discuss Controversial Topics:
Al-Turki [Jul 13]
"More than 200 prominent personalities from 54 countries have agreed to take part in the international interfaith conference, to be opened by Custodian
of the Two Holy Mosques King Abdullah in Madrid on Wednesday. Abdullah
Al-Turki, secretary-general of the Muslim World League (MWL), the
main organizer, said the conference would not discuss controversial religious and political issues. 'It will focus on common human values,'..
..Shoura
Council President Saleh Bin-Humaid said the conference was called at the right time as the world is replete with conflicts. 'Dialogue is the best way to
reach an amicable settlement, and the world is badly in need for such forums to avert wars and conflicts that obstruct progress and harmony,' he said.
Bin-Humaid urged the participants to work for positive results that would serve the humanity at large.."
[more]
90% Support End to Saudi Driving Ban [Jul 13]
"An Arabian Business poll has revealed widespread support for the ban on women driving in Saudi Arabia to be lifted immediately. We asked visitors to
vote on the subject following news that a Saudi government official has hinted the ban could end soon. Saleh
Al-Turki, the chairman of the Saudi Chambers of Commerce and Industry
(SCCI), told a documentary maker with British broadcaster the BBC that women were playing a more and more
active role in the kingdom and it is only a matter of time before they are allowed to drive. And more than 90 percent of respondents applauded the
move saying it was time to change the law.. ..Al-Turki said that increasing numbers of women entering the workforce will act as a catalyst to other
changes. Only one in 20 women currently work.." [more]
Kingdom Signs Agreements Worth $6 Million With UNRWA [Jul 13]
"The Saudi Committee for the Relief of the Palestinian People signed four agreements worth $6 million with the UN Relief and Works Agency for
Palestine Refugees in the Near East (UNRWA) in Jeddah today. The Saudi Committee is headed by Minister of Interior Prince Nayef bin
Abdulaziz.
The Saudi donation includes $5 million in cash and in-kind to assist with food aid, medicines, medical equipment and fuel for Gaza. The Kingdom is
also donating medicines and medical supplies worth $1 million to UNRWA for Palestinian refugees in Lebanon. 'These generous donations from His
Royal Highness Prince Nayef bin Abdulaziz and the Saudi Committee are deeply appreciated, as they will help alleviate the suffering of Palestine
refugees in Gaza,'.." [more]
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