News – 2012.06.25

Published: June 25, 2012

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

Largest Saudi Cities See Home Rents Rise on Low Supply, JLS Says

Home prices and rents in Saudi Arabia’s two largest cities increased during the first quarter amid limited residential supply and an easing in bank lending conditions, Jones Lang LaSalle said. In Riyadh, the kingdom’s capital, villa and apartment prices increased to 4,236 riyals and 2,628 …

Saudi agribusiness market expected to be worth $ 2.2 bn in 2012

The Saudi government’s increased investments in the agriculture sector in 2012 amounting to $ 16 billion are expected to boost the Kingdom’s agribusiness market, forecast to increase by 1.3 percent year-on-year, reaching an estimated value of $ 2.2 billion this year. The Kingdom remains focused …

Aramco, MIT intensify collaboration

Saudi Aramco President and CEO Khalid A. Al-Falih and Massachusetts Institute of Technology (MIT) President Susan Hockfield signed a memorandum of understanding (MOU) Saturday here, providing a framework that will greatly expand the research and education partnership between MIT and Saudi …

7,000 visitors mark opening day of Aramco’s summer extravaganza

The 27-day 12th Aramco Summer Cultural Program kicked off opening day Thursday at the Saudi Aramco Recreational Center with nearly 7,000 visitors at Saudi Aramco Recreational Center Jeddah on Thursday. The Aramco Summer Cultural Program, with more than 80 activities and competitions, is part …

Saudis allow women to compete

Saudi Arabia is to allow its women athletes to compete in the Olympics for the first time. Officials say the country’s Olympic Committee will ‘oversee participation of women athletes who can qualify’. The decision will end recent speculation as to whether the entire Saudi team could have …

Record water pumping to end shortage

People across Saudi Arabia will not face any water shortage this summer as the Saline Water Conversion Corporation has decided to pump a total of 4.6 million cubic meters of desalinated water daily. Abdul Rahman Al-Ibrahim, governor of SWCC, said his organization has completed all preparations …

A very Saudi summer vacation

Summer means scorching sun, sweltering heat and sunburns. But the season also means summer vacation, holiday with family and plenty of fun. A host of exciting festivals and activities are being held in different parts of the Kingdom, which means residents and visitors are able to be part of all …

Mohamed Morsi named new Egyptian president

Egypt’s electoral commission announced Sunday that Muslim Brotherhood candidate Mohamed Morsi would be sworn in as president, becoming the Arab world’s first elected Islamist head of state after more than a year of popular uprisings that ousted autocrats and fueled the rise of political Islam …

Where are the Iran talks heading after Moscow?

On the face of it, therefore, re-engagement has been a failure. It has not sparked the give-and-take, the reciprocity that characterises almost all successful negotiations. It may have contributed to a pre-electorally useful drop in gas prices, but that drop is more likely due to a weakening …

Russia’s Vladimir Putin visits Israel

Russian President Vladimir Putin is beginning his first Middle East tour in seven years with a trip to Israel. Iran’s nuclear ambitions and the continuing crisis in Syria are expected to top the agenda of his talks with Israeli leaders. Israel and Russia have strong cultural ties, with …

Saudi Arabia plans to fund Syria rebel army

Saudi officials are preparing to pay the salaries of the Free Syria Army as a means of encouraging mass defections from the military and increasing pressure on the Assad regime, the Guardian has learned. The move, which has been discussed between Riyadh and senior officials in the US and …

Oil back to $90 after hitting 18-month low

Oil rebounded to $90 a barrel on Friday after hitting an 18-month low but remained on course for a weekly loss of almost 8 percent as reports suggesting slowing economic growth around the globe signaled weaker demand. A downgrade of the credit ratings of 15 of the world’s biggest banks by …

If You Can’t Beat Them…

In the past, Saudi Arabia has complained about the role of speculators on the oil market, that they have frequently driven the price of oil much higher than the market actually warrants. Now, the Saudi-US Trade Group (SUSTG) reports that Saudi ARAMCO will be taking part in oil trading itself. …

Diversification, mind-set shifts key to growth in Kingdom

The reality that Saudi Arabia is no longer the biggest holder of proven oil reserves has become much clearer that there is a timeline here that needs to be addressed regarding change. BP ‘Statistical Review of World Energy 2012′ report said recently that Venezuela surpassed Saudi Arabia in …

S&P Indices launches Shariah Index with OIC

S&P Indices announced Friday the launch of the S&P/OIC COMCEC 50 Shariah Index, which is designed to measure the performance of 50 leading Shariah-compliant companies from the member states of the Organization of Islamic Cooperation (OIC). The Index has been designed in partnership with …

TASI: 6/25/12 – down .92%

Strikes leave ‘handful’ of Al Qaida targets

In an interview on Thursday with Reuters, Panetta disclosed that only a “small handful” of the individuals on that original list remained on the battlefield and that Saudi Arabia…was reporting a drop-off in recruitment….

Jihadists’ Twitter presence becomes more sophisticated

Jihadists and their sympathisers’ presence on Twitter is limited, rather sophisticated and increasing. That’s what I found after spending more than a month-and-a-half following their tweets. The micro-blogging website Twitter, which attracts more than 100m users, allows people to create a …

Crown Prince Says Saudi Arabia on ‘Islamic Path,’ Arab News Says

Saudi Arabia’s Crown Prince Salman bin Abdulaziz said the kingdom will remain on its “Islamic path without deviation,” Arab News cited him as saying. Salman, who also serves as defense minister, said he would try to strengthen the kingdom’s security and stability, the Jeddah-based newspaper …

A Game of Thrones in Saudi Arabia

Maybe we in the West should take what we can get. The Arab world today, worn down by the uncertainties of the revolutions that started erupting in late 2010, offers fewer and fewer prospects of stability, even of the illusory kind. In the first countries where dictators toppled, Tunisia and …

Saudi bottling firm wins Pepsico award

Saudi Industrial Projects Company (also known as Sipco), the flagship bottling franchise for PepsiCo International, said it has won the ’2011 Bottler of the Year in the MEA’ award in recognition of its outstanding leadership, passion and results. The award was presented by Sanjeev Chadha, …

Cristal to manage 3 new hotels in Saudi

Cristal Hotels & Resorts, a leading hospitality group in the region, recently signed agreements to manage three new hotels in Saudi Arabia. Cristal Hotels & Resorts also announced the establishment of its subsidiary Cristal KSA, in affiliation with a local partner. Cristal KSA …

Saudi’s Freshi eyes expansion across MENA

Saudi-based ice cream firm Freshi has signed an agreement which will see it expand across the Middle East and North Africa. Freshi, which opened its first factory in Jeddah last year, has inked a master franchise agreement with Amer Group to develop the ‘ice sticks’ brand in Egypt, the UAE, …

US group opens new MRO unit in Saudi

The Middle East Propulsion Company (MEPC), a joint venture between US-based aerospace manufacturer Pratt & Whitney and a group led by Saudi Arabian Airlines, has opened its new aircraft-engine maintenance unit in Riyadh. A leading provider of military engine maintenance, repair and …

Tokio Marine affiliate soars in Saudi bourse debut

Shares in an affiliate of Japanese insurance giant Tokio Marine & Nichido Fire Insurance Co soared as they listed on the Saudi Arabian stock market on Sunday, showing strong demand for fresh equity among Saudi investors despite the global market slump. Alinma Tokio Marine raded as high …

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