News – 2012.06.14

Published: June 14, 2012

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

 

OPEC is worried about cheaper oil. Why isn’t Saudi Arabia?

Saudi Arabia, the world’s largest oil producer, appears to be okay with letting prices fall further — even below their current price of $96 per barrel. At first glance, that might seem odd. Shouldn’t the Saudis want sky-high prices? Wouldn’t that mean more money for them? Perhaps. Yet according …

An Awkward Moment in Vienna

An awkward encounter between Iran and the European Union offers a reminder of Saudi Arabia’s pivotal role in the oil market–and may offer some symbolic hope for peace. Earlier Wednesday, Europe’s energy czar Gunther Oettinger was meeting Saudi Oil Minister Ali Naimi under the high ceilings …

Aramco to boost 2013 rigs to record high

Top oil exporter Saudi Arabia may raise the number of its drilling rigs to a record high above 150 next year as the state oil giant ramps up exploration for unconventional gas, industry sources said. Boosting natural gas output helps Saudi Arabia meets its rising domestic demand for …

Kingdom is world’s 8th high growth economy

Saudi Arabia’s winning of 8th position among the world’s 10 high growth economies of 2012 listed by the International Monetary Fund reflects its economic strength and stability, said Economy and Planning Minister Muhammad Al-Jasser yesterday. “The IMF has predicted that the actual growth rate …

Saudi Arabia is a high-potential market for Emirates

Emirates Airline , which operates more than 2,500 passenger flights per week from its hub at Dubai International Airport Terminal 3, to 123 destinations in 73 countries, is growing fast. The airline, which runs with solid direction from its CEO Sheikh Ahmed bin Saeed Al-Maktoum, has always …

Saudi Arabia remains largest takaful market

The global takaful industry has witnessed tremendous growth in the last decade, rapidly becoming an integral part of the mainstream financial system, with Saudi Arabia at the forefront, Ernst & Young executive said Wednesday at the opening of ‘The World takaful Conference: Asia Leaders …

Saudi’s SABIC to repay 8 bln riyal sukuk early

Saudi Basic Industries Corp on Wednesday said it intends to repay an 8 billion riyal ($2.13 billion) Islamic bond, or sukuk, ahead of maturity, from internal cash balances. The petrochemicals giant sold the 20-year sukuk in 2007 in a deal which was arranged by HSBC’s Saudi Arabian unit. The …

Editorial: Business is business

The Riyadh Chamber of Commerce and Industry’s cancellation of its reception of a Russian business delegation at the peak of a wave of popular protest ‘was the most effective action to take. It must be hoped that members of the Russian delegation, who would have come here intent on business …

Saudi king asked to lift female driving ban

Hundreds of people have petitioned Saudi King Abdullah to allow women to get behind the wheel on the first anniversary of the Women2Drive campaign launched in June 2011. The signatories, who numbered nearly 600 on Wednesday, are asking the king of the only country in the world that forbids …

New recruitment plan announced

The Labor Ministry yesterday unveiled plans to conduct a study to streamline recruitment of foreign work force from India, Pakistan, Indonesia, the Philippines, Nepal, Bangladesh and Sri Lanka. The study was announced by Labor Minister Adel Fakeih on the sidelines of the 101st meeting of the …

As Syria Conflict Rages On, Clinton’s Rhetoric Intensifies

From calling Syrian President Bashar al-Assad a reformer to saying he must go and criticizing Russia directly for its support of the Syrian regime, 16 months of comments from Secretary of State Hillary Clinton on the crisis in Syria have seen her rhetoric intensify, as the bloodshed in Syria …

Syrian expatriates in Saudi Arabia fear going home

Syrian expatriates in Saudi Arabia are scared to go home for fear of reprisals by the regime’s militias. Some of them received anonymous threat letters for voicing their opposition against the regime via Twitter and Facebook. ‘About 30 percent of Syrian expatriates in the Kingdom have been put …

Iran Ministry Cancels Saudi Trip Over Execution

Iran has canceled a proposed trip to Saudi Arabia by a top Foreign Ministry official after the Arab country’s execution of several Iranians for drug trafficking, Mehr reported. The Iranian deputy foreign minister for Arab and African affairs, Hossein Amir-Abdollahian, was scheduled to travel …

Yemen seeks gasoil, no sign of more Saudi help

Yemen is seeking up to 240,000 tonnes of high-sulphur gasoil for delivery in July and August as its main refinery remains shut and there is no sign that Saudi Arabia will extend fuel donations into July, traders said. Attacks on Yemen’s main pipeline have halted the flow of crude through its …

Egypt Extends Martial Law Before Election Ruling

The military-led government issued a decree on Wednesday reimposing martial law ahead of an anticipated court ruling that could delay the presidential election scheduled for this weekend and the promised transition to civilian authority. Egypt’s Supreme Constitutional Court unexpectedly …

Tempting Fate

Since 2009, over 20,000 earthquakes have rattled the area around the town of Al-Ais in northwestern Saudi Arabia. It was determined that a large mass of magma had risen to as close as one mile of the surface of the earth. As it rose, it shook things about. The region has been rife with volcanic …

Bahrain court quashes doctors’ convictions

Convictions against nine Bahraini doctors accused of playing leading roles in anti-government protests last year have been quashed and sentences against nine others downgraded by an appeals court. In a contentious ruling that follows widespread international condemnation of the medics’ …

Afghanistan War: Closed Pakistan Routes Costing U.S. $100 Million a Month

Defense Secretary Leon Panetta said today that Pakistan’s closure of NATO’s ground supply routes into Afghanistan is costing the U.S. $100 million a month as supplies have been rerouted elsewhere. It is the first time in six months that an official dollar amount has been provided for how much …

Attacks in Iraq Target Shiite Muslims

In the deadliest day in Iraq since the withdrawal of the United States military in December, a series of explosions that mostly targeted Shiite Muslims amounted to an emphatic demonstration of the still-potent capabilities of the Sunni insurgency and a reminder of the instability left behind by …

GETTYS Procurement Division Breaks Ground in Saudi Arabia

Al Faisaliah Hotel, Durrat Arriyadh in Saudi Arabia has assigned GETTYS as the procurement partner for the five-star, 152-room resort. The Al Faisaliah Hotel boasts ten villas, three restaurants, one lounge, banquet facilities and a luxurious spa and fitness center. GETTYS is consistently …

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