News – 2011.11.21

Published: November 21, 2011

SUSRIS Daily News – Excerpts from International Media Reports
/Provided as a service from the Saudi-US Trade Group, Washington, DC/

11.21.11 EDITION

Saudi Sees Balanced Oil Market as OPEC Meeting Nears: REUTERS

Reem Shamseddine and Marwa Rashad | 11/10/11

The global oil market looks balanced, Saudi oil minister Ali al-Naimi indicated on Sunday, while the secretary general of the Organization of the Petroleum Exporting Countries said some producers need to cut back as Libyan output rebounds.


David Ignatius | 11/18/11

The doubling of ground forces is partly a domestic employment project, but it’s also a signal of Saudi confidence.  The Saudi shopping list is a bonanza for U.S. and European arms merchants. That’s especially true of the air force procurement, with the Saudis planning to buy 72 “Eurofighters” from EADS, and 84 new F-15s from Boeing. The rationale is containing Iran, whose nuclear ambitions the Saudis strongly oppose.

Four Arrested in Pakistan for Attack on Saudi Official: ARAB NEWS

Azhar Masood | 11/20/11

Police arrested four people on Sunday in connection with the murder of a Saudi Consulate’s official in Karachi.  According to Clifton Police head Tariq Dharejo officials claim the suspects belong to banned Lashkar-e-Jhangvi group.

Letter From New York: Arab Diplomacy At The U.N. Gets An Unexpected Boost, But Much More Is Needed …: AL ARABIYA

Talal Al-Haj | 11/21/11

Last week, the United Nations General Assembly became the venue for an unprecedented diplomatic feat by a mission not usually known for its diplomatic vigor or its openness and active engagement with the world press. That is the mission of the Kingdom of Saudi Arabia which, on November 18 2011, succeeded with the help of the overwhelming majority of member states at the U.N., to get not one but two important resolutions passed; an achievement not seen at the U.N. for decades.

Saudis Say OPEC Asked to Pay More Than Fair Share on Climate: BLOOMBERG


Saudi Arabia and its OPEC partners are asked to bear too much of the burden of cutting greenhouse- gas emissions because of their economic dependence on oil and gas exports, the kingdom’s climate envoy said.

Saudi To Punish Firms With Low Local Work Force: EMIRATES 24|7


Saudi Arabia is set to carry out its threat next month and punish companies which failed to meet a deadline and raise the number of Saudi employees within an aggressive drive launched in mid 2011 to tackle festering unemployment.

Saudi Aramco CEO: Focus On Gas Investment, Not Oil Expansion: WALL STREET JOURNAL


State-giant Saudi Arabian Oil Co., known as Saudi Aramco, is focusing on investing heavily in gas more than increasing its oil production, its chief executive Khalid al-Falih said Monday.

Kingdom Urges World to Help Combat Piracy: SAUDI GAZETTE


The Kingdom has expressed its utmost concern over the phenomenon of growing maritime piracy, its negative impact on international maritime navigation and its implications on maritime security, including the movement of goods.

Saudi GDP to Grow By 5.1pc: TRADE ARABIA


Despite the uncertain economic situation in developed countries, Saudi Arabia’s gross domestic product (GDP) is expected to grow by 5.1 percent in 2012, a report said.

GCC Seen Spending $15bn on Ports Upgrade To 2016: ARABIAN BUSINESS

Andy Sambidge | 11/20/11

GCC countries are set to spend nearly $15bn on the expansion of their ports within the next five years to meet growing business, Kuwait Financial Centre (Markaz) has said in a new study.  It said many of the 35 major ports in the six-nation are undergoing expansion to handle a bigger capacity following an estimated eight percent growth to nearly 25 million TEUs in 2010.

Saudi Cap on Remittances ‘a Deterrent’ for Expats: THE NATIONAL

Ben Flanagan | 11/20/11

Saudi Arabia’s controversial plan to cap the amount of money expatriates can send home is likely to deter foreign workers from moving there, an economist warns.  Expatriates would have to keep the bulk of their salaries within the Gulf state under a proposal to limit remittances made from the country.

GCC Corporate Earnings Grow 17% Backed by Saudi and Qatar: GULF NEWS


Earnings of Saudi Arabian companies totaled USD 6.9bn, an increase of 22% YoY but decline of 2% QoQ. SABIC, which reported USD 2.2bn in 3Q profits, led the growth which was driven by increased production and sales. Al Rajhi Bank reported 18% YoY growth in net income to USD 516mn. Telecom sector’s earnings fell 44% YoY to USD 576mn as Saudi Telecom’s earnings fell 53% to USD 417mn due to heavy foreign exchange losses.

S.Korea’s STX Heavy Industries Wins $2 Bln Saudi Deal: REUTERS


STX Heavy Industries Co Ltd, an unlisted unit of South Korea’s STX Group, said on Sunday it has obtained a $2 billion deal to construct and operate a large-scale industrial complex in Saudi Arabia.  The complex comprises iron ore production and power generation plants, it said.

Saudi, Bahrain Stocks Firm, Others Drop: SAUDI GAZETTE


Gulf markets stayed mixed Sunday with only Saudi Arabia and Bahrain closing in positive territory.  Saudi stock benchmark Tadawul All Share Index gained 0.13 percent to 6,207.02 points, while Bahrain measure rose 1.2 percent to 1,183 points.

More News and Commentary from SUSTG


The Arab League’s Saturday night deadline to end the violence in Syria was bookended by government crackdowns and an attack on the Baath party headquarters Sunday, CSM reports. NEW PHASE FOR SYRIA IN ATTACKS ON CAPITAL: Insurgents fired rocket-propelled grenades at the offices of the ruling Baath Party in Damascus on Sunday in a highly symbolic strike that signaled a new chapter in the eight-month uprising against the rule of President Bashar al-Assad, NYT reports.


The U.K. will announce that it is imposing sanctions on Iranian financial institutions, joining the U.S. in putting further pressure on Tehran after recent disclosures about its alleged role in terrorism and nuclear-weapons proliferation, people familiar with the matter said, WSJ reports. US WILL SANCTION IRAN PETROCHEMICALS: The United States plans to sanction Iran’s petrochemical industry, sources familiar with the matter said, seeking to raise pressure on Tehran after fresh allegations it may be pursuing nuclear weapons, Trade Arabia reports.



Government intermediaries have held talks with the Pakistani Taliban in recent months, exploring ways to jump-start peace negotiations, intelligence officials and a senior militant commander said, Washington Post reports.


Pakistani officials have agreed to let an Afghan commission investigating the assassination of a former president travel to Pakistan as part of their inquiry, Afghan officials said Monday, the AP reports.


Egypt’s Health Ministry says 22 people have been killed since Sunday in clashes between police and protesters demanding the country’s military rulers quickly transfer power to a civilian government. About 3,000 demonstrators faced off with hundreds of black-clad riot police firing tear gas and rubber bullets in Cairo’s central Tahrir Square on Monday, MSNBC reports. ISOLATION DECREE: Egypt’s military rulers on Monday issued a ‘political isolation decree’ banning all those who ‘corrupted political life in Egypt’ from politics, state television reported, the Egyptian Gazette reports. EGYPT’S MILITARY FACES GREATEST CHALLENGE YET: Egypt’s military rulers on Monday faced the most sustained and bloodiest challenge to their hold on power since the fall of Hosni Mubarak as demonstrators clashed for a third successive day with security forces around Tahrir Square after new clashes broke out across the country.


Yemen’s Aden oil refinery stopped production on Saturday after crude supplies ran out due to an attack on a supply pipeline, a company official said, Al Arabiya reports.


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