News – 2012.06.11

Published: June 11, 2012

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

 

Saudi inflation eases to 5.1% in May

Saudi Arabia’s annual inflation eased to a nine-month low of 5.1 percent in May, despite a slight rise in food and housing prices, official data showed Saturday. Consumer prices slowed to 5.1 percent in May from 5.3 percent in the same month a year earlier, while monthly inflation remained …

Liberal trade policies can help tap new funds: Bakheet

Beshr Bakheet is the chairman of Bakheet Investment Group (BIG) with a fully paid capital of SR 60 million. He established Bakheet Financial Advisers (BFA) in early 1994 with a mission to develop financial products for local banks. BFA had SR 11 billion under advice before merging with BIG. BFA …

Riyadh among lowest risk cities in Mideast

Riyadh is among the lowest risk cities in the region, with a rating that puts it ahead of international business hubs such as Milan, Lisbon, Istanbul and Moscow, according to the findings from the 2012 People Risk Index, created by Aon Hewitt, the global human resources business of Aon …

Saudi cement capacity to hit 66m tons, demand to rise 6%

Saudi Arabia’s cement production capacity is expected to jump above 66 million tons annually by 2015 from 47 million tons this year as the Kingdom gears up to meet demand for big infrastructure projects, Al Rajhi Capital said in a report Saturday. The report entitled ‘Banking on Government …

SR 2.6 billion projects spur growth in 2 cities

In Khorma, new development projects valued at more than SR 1.28 billion are under implementation, an official report said. Twenty-six projects worth SR 140 million have already been completed including five electricity projects, two water, two health, 11 municipal and five education projects….

Tech Talk – Saudi Arabia and Natural Gas Liquids

OPEC is anticipating an overall increase in NGL production from the 2011 average of 5.3 mbd to 5.7 mbd in 2012, with final quarter 2012 volume reaching 5.86 mbd. Apart from the increased supply from Shaybah, KSA is developing the Arabiyah/Hasbah offshore fields with onshore processing at Wasit. …

Nuclear Agency Talks With Iran Stall Over Access to Sites

After a brief spurt of Western optimism, impetus toward resolving the nuclear dispute with Iran slowed further on Friday as senior inspectors from the United Nations nuclear watchdog said they made “no progress” toward gaining access to restricted sites they suspect of being used to test …

Saudi-Iran Rivalry Looms Over OPEC

Algerian oil minister Youcef Yousfi said OPEC members are ‘worried about the deterioration of the market.’ He added: ‘I hope we will find a consensus to correct this situation if it is confirmed the ceiling of 30 million barrels a day was breached.’ Yet there is little indication that Saudi …

Health of Egypt’s Mubarak deteriorates further

Hosni Mubarak’s health deteriorated further on Monday with the ousted president slipping in and out of consciousness and being feed liquids intravenously, Egyptian security officials said. Doctors had to use a defibrillator twice on 84-year-old Mubarak, according to the officials at Torah …

Battling to Preserve Arabic From English’s Onslaught

“There is a feeling that Arabic is fast becoming a second language in the Gulf, as people need to use English as a common language with the huge number of expatriate workers who make up most of the private sector, and as the wealthy and educated youth increasingly speak to each other in …

Syrian forces shell towns, clash with rebels

Syrian forces shelled opposition strongholds in the central province of Homs and eastern Deir al-Zor on Monday and clashed with rebels in violence which killed 29 people across the country, the Syrian Observatory for Human Rights said. The British-based Observatory, which monitors Syria …

Saudi Arabia approves $430 mln in new aid to Egypt

Saudi Arabia said on Friday it had approved $430 million in project aid to Egypt and would allow Cairo to use a $750 million line of credit to import oil products. The aid, to be provided by the Saudi Fund for Development, is part of a package that Saudi Arabia announced a year ago to …

Egyptian Elections: Expat run-off voting results in Saudi to be announced Monday

The Egyptian Embassy in Riyadh will officially announce Monday the voting results of Egyptian expatriates in Saudi Arabia in the run-off round of Egypt’s presidential elections. Saudi Arabia is home to Egypt’s largest expatriate constituency, with over 261,000 registered voters. The …

Saudi Offers Full July Supply; China Imports Record: Asia Crude

Saudi Arabian Oil Co. will provide full contracted supplies to Asian customers in July, according to buyers at five regional refiners who received notification from the producer. The world’s largest state-owned crude exporter is supplying full volumes as the Organization of Petroleum …

TASI: 6/11/2012

Syria’s business class nears a tipping point of defiance

Compared to the violence elsewhere in Syria, the three days of civil disobedience recently in Damascus were a small matter. But the merchant’s strike and related peaceful protests shook the Syrian capital all the same. It was the first protest in the commercial heart of the city – where the …

Arming of Syria rebels gains momentum

According to Syrian activists close to the Free Syrian Army, which has a military council based on the Syrian-Turkish border, brigades of army defectors in rebellious provinces have named representatives who relay the military needs of the fighters and receive weapons. The activists say more …

Low-carbon clean technology taking root: Masdar chief

Sultan Ahmed Al-Jaber, chief executive officer of Masdar, Abu Dhabi’s multi-faceted renewable energy company, has received this year’s UN Champions of the Earth award. The award, organized by the UN Environment Program (UNEP), seeks to honor individuals whose actions and leadership have made a …

Jadwa Chartbook June 2012: Trade

Riyadh-based Jadwa Investments recently released its June, 2012 Saudi ‘Chartbook’ which includes updates on the Saudi economy, trade, oil metrics as well as assessments of various sectors including banking. Below is a snapshot of Jadwa’s analysis of Saudi imports …

South Africa, Saudi Arabia Plan $2.4 Billion Venture

South Africa and Saudi Arabia will start a 20 billion rand holding company to improve business relationships between the two countries, South Africa’s trade and industry department said in an e-mailed statement today….

Saudi’s Kingdom Holding picks banks for debut bond

Kingdom Holding, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, has picked two banks to manage its maiden debt issue, a local currency bond, two sources said on Monday. No date has been set for the issue, which is not seen as imminent. The firm, which is 95-percent …

Putin’s Secret War – The bloody Islamic insurgency in Russia’s backyard.

The Dagestan insurgency began with the spillover of militant activity following Russia’s harsh crackdown on neighboring Chechnya in the late 1990s. Although the region is traditionally Sufi, militant Salafi imams have been making inroads in the North Caucasus since the collapse of the Soviet …

Emirates Steel receives the Saudi quality mark

Emirates Steel, the largest integrated steel maker in the UAE, announced yesterday that its rebar received the prestigious Saudi Arabian Standards Organization (SASO) quality mark certification, after its success in passing the standards tests, conducted by SASO. ‘We are proud to receive the …

SunGard opens new office in Saudi

SunGard Financial Systems, a leading software and technology services company, has announced the opening of its new office in Riyadh as part of its regional expansion strategy. The launch was announced at the SunGard ‘industry seminar’ held in the Saudi capital on Sunday, where over 70 …

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