News – 2012.05.15

Published: May 15, 2012

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

 

Gulf unity plan on hold amid Iranian warning

Expectations had been running high ahead of a special summit of the six-member Gulf Co-operation Council in the Saudi capital, Riyadh, but a decision was put off until the GCC next meets, in December. Iranian MPs warned that the plans were likely to increase insecurity in the Gulf. As an …

Opening the TASI: What You Need to Know

Saudi Arabia, the world’s largest oil exporter and the Middle East’s biggest economy, is about to complete a gradual process to open its stock market, known as the Tadawul or TASI, directly to international investors for the first time. The initial step toward this action was to give other GCC …

Islamic economics growing in strength: NCB CEO Abdulkareem Alnasr

With an estimated $1.2 trillion in assets in 2012, Islamic banks have now developed in size and capability to such an extent that they can participate in financing major infrastructure projects either through direct financing or through facilitating the issuance of sukuk. “Today, countries all …

Oil starts week by hitting lowest level in 2012

he price of oil fell to its low for the year on continued doubts about some European countries ability to pay off massive government debts….

Iran, IAEA Talks Described as ‘Very Constructive’

Iran and the U.N. nuclear agency have begun their second day of talks in Vienna, with Iran’s envoy saying the discussions so far have been ‘good.’ Before going into Tuesday’s meeting with negotiators from the International Atomic Energy Agency, Iran’s Ali Asghar Soltanieh told reporters the …

Why Saudi Arabia is pushing solar

Saudi Arabia, the world’s largest crude oil exporter, is launching an ambitious multi-billion-dollar plan aimed at creating an industry around its other abundant resource, the sun. Saudi Arabia has a lot of oil. But an increasing amount of that crude is staying in the country where it’s used …

KSA looks to invest $107bn in electricity

Saudi Arabia has revised up its estimates for the amount it will invest in power projects over the next decade to more than SR400 billion ($106.6 billion) from SR300 billion, its deputy electricity minister said. ‘Some time (ago) we announced SR300 billion and we increased it due to the …

Saudi Arabia moves ahead with scrapping sponsorship system

Saudi Arabia has taken steps to do away with the controversial sponsorship system, a labour official has said. “The ministry has removed the restrictions that business owners imposed on foreigners, from the freedom of their movement and keeping their passports to barring service switch,” Ahmad …

Saudi Security Tightens Around World’s Biggest Crude Facility

Lieutenant Talal al-Hajri guides his four-by-four slowly around the perimeter of the world’s biggest oil plant in the eastern deserts of Saudi Arabia. Motion detectors mounted over multiple tiers of fencing will capture any movement, he says, “even a bird.” Al-Hajri is patrolling the Abqaiq …

Saudi Arabia to start new Riyadh metro project

Saudi Arabia on Tuesday launched a tender process to build a new metro system in the capital of Riyadh in an effort to ease congestion on the city’s gridlocked roads. The Arriyadh Development Authority (ADA) invited international consortia to prequalify for the project, which it wants to be …

TASI – May 15, 2012

Saudi index profit up 14pc in Q1

Saudi Arabia’s stock benchmark Tadawul All Share Index (Tasi) posted a sharp rise in quarterly profits which hit SR16.8 billion ($4.47 billion) in the first quarter, up 14 per cent compared to SR14.8 billion last year, said a report. Tasi is re-charging for the next rally after a positive …

Banque Saudi Fransi eyes 5-yr sukuk; indicates guidance

Banque Saudi Fransi is planning a benchmark-sized five-year Islamic bond or sukuk, arranging banks said on Monday, after the lender completed investor meetings last week. Initial guidance for the sukuk was at 200 basis points over midswaps. Benchmark is usually understood to be at least $500 …

Syrian crisis will not wreck Sino-Saudi ties, says Beijing

The situation in Syria will not affect the excellent Sino-Saudi relations, a senior Chinese official said yesterday. China’s Vice Foreign Minister Zhai Jun, addressing Arab media in Beijing, described bilateral relations as ‘excellent.’ “There might be a different perception on certain …

Stuck in the middle – Syria’s moderate voices

Last month in Damascus, one young woman stood alone in the middle of a busy street outside parliament. Her banner, as big as her, declared ‘Stop the Killing.’ Passers-by stopped to applaud her message. The authorities detained her. But this lone act of bravery by ‘the woman in the red …

Saudi Arabia Halts Shipments of U.S. Beef, USDA Agency Says

Saudi Arabia halted imports of U.S. beef, according to the U.S. Department of Agriculture’s Food Safety and Inspection Service. Beef from the U.S. shipped on or after April 19 is not eligible for export to the country, the agency said today in a report on its website, without providing a …

EU carries out first air strikes on Somali pirates

The European Union naval force patrolling the Indian Ocean on Tuesday carried out its first air strikes against pirate targets on shore, with a pirate reporting that the raid destroyed speed boats, fuel depots and an arms store. Bile Hussein, a pirate commander, said Tuesday the attack on …

With Egypt’s help, Israel strikes deal to end hunger strike

Israel bowed to the demands of thousands of Palestinian prisoners who staged a weeks-long hunger strike to lobby for better jail conditions, with Egypt helping to mediate the breakthrough. The deal will end a 77 day fast that had stoked local and international concern about the potential for …

IDF closes Palestinian school to make way for West Bank training zone

A Palestinian elementary school was shut down last week after Israel’s Civil Administration confiscated the vehicle used to transport teachers to it. Teachers initially tried coming to the school, located in the Jinba cave village in the southern Hebron hills, by donkey, but this proved …

Opinion: Can Islamists Be Liberals?

What if elected Islamist parties impose laws that curb individual freedoms — like banning alcohol or executing converts — all with popular support? What if democracy does not serve liberty? This question is seldom asked in the West, where democracy is often seen as synonymous with …

Racing Backwards Into the Future: Saudi Arabia and Kuwait

Saudi Arabia and Kuwait have made significant headway in the rapid development of their countries in many areas. In recent years, the Saudis have launched a series of reforms including some religious reforms to reigning in religious militants and preachers And King Abdullah has joined other …

Kuwait bourse to launch new trading system, index

Kuwait Stock Exchange is to launch next week a new trading system and a new index for the most capitalised firms, KSE director general Faleh al-Raqaba said on Wednesday….

Air India cancels Saudi flights amid pilot strikes

Air India has cancelled a number of flights to and from Saudi Arabia this week, amid an ongoing pilots’ strike which has reportedly stranded thousands of passengers. Several flights scheduled from Mumbai and Delhi to Riyadh and Jeddah have been cancelled, according to Air India’s website. UAE …

Oman receives 17% more tourists from Saudi

Oman records 17 per cent increase in Saudi passenger arrivals in 2011. The Sultanate of Oman’s Ministry of Tourism has announced it will participate at the Riyadh Travel Fair 2012, a key networking event for leading travel and tourism companies in the Kingdom of Saudi Arabia (KSA) and many …

 

 

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