News – 2012.06.21

Published: June 21, 2012

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

 

Appetite strong for Saudi IPOs despite global woes

Saudi Arabia’s market for initial public offers of shares has been the strongest in the Gulf for the last two years, and with the fifth new listing of 2012 coming up next week, analysts expect a bullish reception despite weak global equity markets. A surge by Saudi Arabia’s stock market …

Saudi Islamic finance assets estimated at $94 billion

In a report, entitled ‘Empowering Risk Intelligence in Islamic Finance’, Deloitte assesses the impact of Islamic financial Institutions in different countries. The report also focuses on the governance and structural aspects of an effective risk management framework in Islamic finance. It …

MIDEAST MONEY-Gulf banks eye European rivals’ Middle East assets

As struggling European banks scale back their worldwide operations, cash-rich Gulf lenders see a chance to expand by snapping up the Middle East assets of European rivals at attractive prices. After years of building operations in the fast-growing Middle East and North Africa region, …

Saudi Arabia construction sector to grow 5pct in 2012

The Saudi Gazette reported that Saudi Arabia’s construction sector is expected to achieve 5.4% growth this year buoyed by elevated government spending into social and economic infrastructure. The development of 6 economic cities is already underway to advance the Kingdom’s diversification …

Goldman upgrades top Saudi telecom companies

Goldman Sachs upgraded Saudi Arabia’s Etihad Etisalat Co. (Mobily) to “buy” from “neutral” citing a four-fold increase in its mobile broadband subscriber base last year. The brokerage expects Mobily to benefit from faster mobile data adoption, superior network quality, and strong consumption …

Saudi car sector to accelerate

Strong fundamentals coupled with a rapidly growing young population made Saudi Arabia the largest importer of vehicles and automotive parts in the Middle East in 2011, with the pace seen accelerating in the medium term, the National Commercial Bank said in its report on the Kingdom’s automotive …

The Saudi Sanction

Normally losing Iran’s 2.5 million barrels of oil a day would be a huge problem for the global economy. But Saudi Arabia appears to be sustaining net output levels as they quietly lead the effort to deny Iran the bomb. Sanctions against Iran have been building up for some time but now the vice …

Tensions in the House of Saud

Given the political convulsions that have rocked the Middle East over the past two years, Saudi Arabia may appear as an island of stability. The seeming tranquility, however, belies deep-seated structural changes that may yet destabilize the monarchy. Saudi Arabia continues to suffer from a …

Egypt Holds its Breath

The situation in Egypt has reached a particularly delicate stage after a roller-coaster ride of political turmoil in the last few weeks. At time of writing, thousands of demonstrators have re-occupied Cairo’s Tahrir Square in protest at the delay in the announcement of the results of Egypt’s …

Assad may be offered clemency by Britain and US if he joins peace talks

Britain and America are willing to offer the Syrian president, Bashar al-Assad, safe passage – and even clemency – as part of a diplomatic push to convene a UN-sponsored conference in Geneva on political transition in Syria. The initiative comes after David Cameron and Barack Obama received …

China, Japan And India Find Ways To Import Iran Oil Bypassing Sanctions

Asia’s top buyers of Iranian crude oil have found ways to continue the imports, bypassing the U.S. and European Union sanctions on trade with Tehran, to avoid depending entirely on the Saudi Arabian oil amid unsteady supplies from Libya and Iraq. Japan’s parliament Wednesday approved …

Israel says clock ticking after Iran talks fail

Israel has responded to the failure of the latest nuclear talks between world powers and Iran with a familiar refrain: sanctions must be ramped up while the clock ticks down toward possible military action. With diplomacy at an impasse, there is satisfaction among Israeli leaders at what …

Analysis: Texas refinery crisis rattles Saudi oil export drive

Saudi Arabia’s unexpected surge in oil exports to the United States this year has fallen into question following a deepening crisis this month at the kingdom’s jointly owned and newly expanded Texas refinery. With the huge 325,000 barrel per day (bpd) crude oil unit at Motiva’s Port Arthur, …

SkyFuel Enters Saudi Arabia Solar Power Market

SkyFuel, Inc. has confirmed plans to enter the solar thermal market in the Kingdom of Saudi Arabia with their high performance parabolic trough collector, and seeks local partners to establish its presence there. SkyTrough is the optimum technology solution for the recently announced …

Saudi Arabia struggles to employ its graduates

The World Bank has said unemployment among Saudis has remained above 10 percent in past years, hitting mainly newcomers into the labor force, especially university graduates. Dozens of universities across the desert kingdom pump out some 100,000 graduates every year into a work force …

Opec tops $1 trillion in revenue

Revenues were boosted by high oil prices. Driven by supply constraints arising from the civil war in Libya and reduced exports from other African producers, the Opec basket price rose to a yearly average of $107.46 a barrel. It was the first time the basket, an aggregate of the prices fetched …

Iraq oil hopes slide on legal limbo

The uncertainty about Iraq’s future legal framework was one of the factors that helped to dampen interest last month at Iraq’s first auction of exploration blocks since the Saddam Hussein era. Only three of 12 blocks found takers. ‘Without a robust legal framework, businesses cannot operate …

Gulf $20 billion aid fund not yet capitalized-Bahrain

A $20 billion fund planned by wealthy Gulf Arab states to aid Bahrain and Oman has not been capitalised yet, but Bahrain expects to receive an allocation soon, a prospectus for the country’s upcoming sovereign bond issue said. “At the date of this prospectus, the Development Fund has not been …

Mena Golf Tour travels to Saudi Arabia

The Mena (Middle East and North Africa) Tour will travel to Saudi Arabia for the first time later this year when the Dirab Golf and Country Club plays host to one of the six events on the tour’s expanded schedule from October 8 to 10. The tour, now in its second edition, boasts a combined …

Cayman court orders Al-Sanea to pay in Saudi spat

A Cayman Court ordered Maan Al-Sanea to pay the Algosaibi family $2.5 billion, the latest twist in a tortuous legal battle the Saudi billionaire and his in-laws have been waging in courts across the globe since 2009. The judgement will allow the family to go after the money, though it is …

Jury selection to begin for Saudi in US bomb plot

Jury selection is set to begin Thursday in the federal trial of a Saudi man accused of gathering bomb-making components at his West Texas apartment in an effort to build and use a weapon of mass destruction. Khalid Ali-M Aldawsari, 22, a former Texas Tech University chemical engineering, …

The daily news is provided as a service of the Saudi-US Trade Group, Washington, DC. Visit www.SUSTG.org for more information and to get a free email subscription to the News/</pre&g/t;