News – 2012.05.23

Published: May 23, 2012

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

 

Saudi Budget Needs Less Than $80/Bbl To Be Balanced

Top oil exporter Saudi Arabia would still be able to balance its budget even if oil prices fall to less than $80 per barrel, Al Arabiya television reported Tuesday, citing the kingdom’s finance minister, Ibrahim Al-Assaf. ‘As you know the oil revenues are affected by two factors; price and …

Saudi urged to use high oil price to fund diversification

Saudi Arabia should take advantage of a surge in its revenue due to strong crude prices to boost investment in economic diversification programmes given its heavy reliance on volatile oil sales and the deteriorating unemployment problem, a key Saudi bank said on Wednesday. Despite the fact …

Saudi Arabia to spend more, shielded from euro crisis

‘We are now ending the fifth month of the budget and the situation for revenues and spending is as expected. Revenues exceed our expectations a little bit, spending is the same pace that we expected earlier in the year,’ Finance Minister Ibrahim Alassaf said. ‘There might be extra spending, …

Saudi labour move

Saudi Arabia’s deputy labour minister said yesterday the kingdom will start licensing expatriate labour companies within a month in a first move away from the sponsorship system for foreign workers. ‘These labour companies will have licences and they will organise the process of bringing …

Saudis Don’t Ban English

I’m not sure how an article could come out wrong-headedly. The article it cites, from the UAE’s Gulf News, says nothing about dropping English. Instead, it reports that the Saudis are insisting that the Hijri or Islamic calendar be used for dating purposes on all official and business …

Jeddah Port Cargo Traffic Is Forecast to Rise 29% This Year

Jeddah Islamic Port, Saudi Arabia’s biggest, will see its cargo traffic rise 29 percent this year as transshipments, petrochemical exports and local cargoes increase, according to director general Saher Tahlawi. Traffic will rise to 67 million tons, from 52 million in 2011, Tahlawi said at a …

Yemen food crisis reaching ‘catastrophic proportions’

Yemen is facing a food crisis of ‘catastrophic proportions’, with almost half the population going hungry and a third of children in some areas severely malnourished, aid agencies have warned. A coalition of seven humanitarian organisations – Care International, International Medical Corps, …

Saudi Arabia pledges $3.5bn for Yemen

Saudi Arabia has pledged $3.5bn (£2.2bn) in aid to Yemen, which is facing political instability and a possible humanitarian catastrophe. Seven aid agencies have warned the country is on the brink of a food crisis, with nearly half the population lacking sufficient food. Saudi’s foreign …

Gitex Saudi draws top ICT firms

Gitex Saudi Arabia 2012, a premier business-to-business networking event and a leading consumer ICT showcase, kicked off on Tuesday at the Riyadh International Convention and Exhibition Center. The leading industry event has attracted the participation of over 250 exhibitors from 16 …

Egyptians vote in first free presidential election

More than 15 months after autocratic leader Hosni Mubarak’s ouster, Egyptians streamed to polling stations Wednesday to freely choose a president for the first time in generations. Waiting hours in line, some debated to the last minute over their vote in a historic election pitting old regime …

Opinion: What do Egyptians want?

As Egyptians vote to select a president later this week, it is heartening that no one really knows how it will turn out — not even the pollsters. Egyptian public opinion has been fluid, seemingly changing daily. Since the whole process is new, no one has a model for voter turnout. But with a …

Egyptians choose Saudi Arabia over Turkey as model: poll

Most Egyptians see Saudi Arabia as a better model than Turkey for the role religion should play in government as they want Islam to play a major role in society and believe the Quran should help shape the country’s laws, a recent survey indicated. When asked which country, Saudi Arabia or …

Saudi aid package for Egypt being finalised: Finance minister

Saudi Arabia’s Finance Minister Ibrahim Al-Assaf said in a speech on Tuesday that the OPEC country was in the process of finalising its $2.7-billion aid package for Egypt. The funds are aimed at helping Cairo secure a $3.2-billion IMF loan following the uprising that swept Hosni Mubarak from …

Forum to focus on funding Saudi youth, women industrial projects

The upcoming fifth industrial forum to be held here Saturday will focus on small and medium businesses in the sector as proposed by young Saudis, and the accommodation of women in the new industrial projects.Jeddah Chamber of Commerce and Industry JCCI Secretary-General Adnan Mandoura said at a …

Saudi SABIC to buy land from Dar Al Arkan for $198 mln

Saudi Basic Industries Corp (SABIC), the world’s biggest petrochemicals group by market value, is buying part of a residential project from Saudi builder Dar Al Arkan for 741.7 million riyals ($197.77 million), the two companies said on Wednesday….

Syrian Activists Report Intense Shelling

Activists say Syrian forces pounded targets in the opposition stronghold of Rastan, and at least six people have died in anti-government related unrest elsewhere in the country. The Syrian Observatory for Human Rights said intense government shelling took place early Wednesday in Rastan….

Saudi Arabia ranks first in YouTube views

According to surveys, Saudi Arabia is the world’s first country in the number of YouTube viewers especially those who watch videos on smart phones. Latest statistics reveal that Saudis contribute more than 90 million YouTube views every day. The popularity of YouTube for Saudis is mainly …

Unusually good forecast for Iran nuclear talks

The atmospherics have rarely been so good on the eve of Iran nuclear negotiations, which are set to resume tomorrow in Baghdad between world powers and the Islamic Republic. United Nations nuclear agency chief Yukiya Amano today announced an agreement with Iran that was expected to deepen …

Shakil Afridi sentenced to 33 years in treason case

A Pakistani physician accused of assisting the Central Intelligence Agency (CIA) in obtaining DNA samples of Osama Bin Laden through a fake vaccination campaign was, on Wednesday, convicted for involvement in anti-state activities by a tribal court, a senior government official said. “Dr …

Saudi Arabia very worried about Lebanon

Saudi Arabia’s King Abdullah said Tuesday in a letter to President Michel Sleiman that his country is “very worried” about recent developments in Lebanon.“Saudi Arabia is very worried over the recent developments and the incidents in Tripoli, especially the targeting of a major sect in the …

BAE secures $2.5 billion Saudi jet deal

BAE Systems has signed a 1.6 billion pound ($2.5 billion) deal to supply Saudi Arabia with Hawk jets to train pilots to fly the Eurofighter Typhoon which it has already ordered from UK company. The deal provides some welcome relief for the British defense giant, which is battling against …

Canadian Solar Interested in Gulf Amid Saudi’s $109 Billion Plan

Canadian Solar Inc., a panel producer generating almost 90 percent of its revenue from Europe and the Americas, is interested in expanding in the Middle East amid a $109 billion plan by Saudi Arabia to develop renewable capacity. “Last year we made a significant sale into Abu Dhabi so I am …

TASI: 5/23/2012

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