2.3.12 EDITION The Saudi Industrial Property Authority – Modon: SUSRIS 2/2/12 This week Dr. Tawfiq Al-Rabiah, the new Minister of Commerce and Industry, in his role as Chairman of Modon’s Board of Directors, signed contracts valued at $186 million for electrical infrastructure at five of Saudi Arabia’s industrial cities. Newly named Director General Saleh Al-Rasheed [...]
News Review
2.2.12 EDITION Saudi Economy: Jadwa February 2012 Chartbook: SUSRIS 2/1/12 The Jadwa Investment firm in Riyadh introduced the “Saudi Chartbook” to provide a quick, chart-based briefing on the key developments and trends in the Saudi economy and stock market. SUSRIS is pleased to provide the summary from the February Saudi Chartbook and a link to the complete [...]
2.1.12 EDITION Saudi Arabia Cautious On Possible Afghan Talks: REUTERS Angus McDowall | 1/31/12 Saudi Arabia is reluctant to host talks between the Afghan government and the Taliban without concessions from the Islamist movement including renouncing its ties to al Qaeda, sources in Riyadh and Kabul said on Tuesday. TALIBAN DENIES TALKS: The Afghan Taliban have [...]
1.31.12 EDITION Connecting Interest With Business Opportunity: A Conversation With Khaled Al-Seif: SUSRIS 1/30/12 The 2nd US-Saudi Business Opportunities Forum in Atlanta last month brought together a high level delegation of over 200 Saudi officials and business people with over 1000 Americans to explore the $1 trillion-plus commercial openings available in the coming decade in the Kingdom. [...]
1.30.12 EDITION Saudi Arabia’s Central Bank Eyes Bigger Role: ARABIAN BUSINESS Reuters | 1/29/12 Saudi Arabia’s central bank will play a bigger role in the supervision of the country’s financial sector as the kingdom weighs opening up its stock market to direct investments by foreigners. Saudi Bourse Opening To Boost Foreign Share of Stocks, RBS Says: [...]
1.27.12 EDITION Obama: U.S. ‘Saudi Arabia of Natural Gas’: US NEWS 1/27/12 President Obama called America the “Saudi Arabia of natural gas” Thursday and said the country should start using natural gas to power more cars and trucks. Boeing hails Saudi deal amid $1.4bn Q4 profit: ARABIAN BUSINESS Andy Sambidge | 1/27/12 US plane maker [...]
1.26.12 EDITION Saudi Arabia Issues Its First Sovereign Islamic Bond: NEW YORK TIMES Sara Hamdan | 1/25/12 Saudi Arabia issued its first government-backed Islamic bond this week, for its aviation agency, setting a benchmark for pricing of conventional and Islamic bond issues this year because of its size. At 15 billion riyals, or $4 billion, it [...]
1.25.11 EDITION Saudi Oil Can Replace Large Part of Iranian Exports, EIU Says: BLOOMBERG 1/25/12 Saudi Arabia has enough spare crude capacity to replace much of the heavy oil exported by Iran, which faces a European Union import ban, according to the Economist Intelligence Unit. Saudi IT Market To Hit $5bn by 2015: TRADE ARABIA [...]
1.24.12 EDITION Investments are Engine of KSA’s Development: King Abdullah: SAUDI GAZETTE 1/24/12 Custodian of the Two Holy Mosques King Abdullah Bin Abdulaziz Al-Saud has stressed the need to increase investment opportunities in the Kingdom. Inaugurating the sixth Global Competitiveness Forum (GCF) in Riyadh on Saturday night, King Abdullah described investments as Saudi Arabia’s engine of [...]
1.23.12 EDITION Change and Reform: A Conversation with Khaled Al-Seif: SUSRIS 1/22/12 Last month on the sidelines of the very successful US-Saudi Business Opportunity Forum in Atlanta Engineer Khaled Al-Seif talked with SUSRIS about the current state of the trade, investment and partnership openings for Americans working with Saudis. The exclusive interview also covered his [...]
1.20.12 EDITION Iran Confronts Saudis on Oil Offer: WALL STREET JOURNAL Benoît Faucon, Rakesh Sharma and Se Young Lee | 1/18/12 Iran warned Saudi Arabia against delivering additional oil to world markets to compensate for a drop in Iranian oil exports if they are hit by sanctions, as the U.S. continued to have mixed success in [...]
1.19.12 EDITION Saudi Arabia’s November Oil Output, Exports Rise to 30-Year High: BLOOMBERG Wael Mahdi | 1/18/12 Saudi Arabia, OPEC’s largest crude producer, increased output and exports in November to the highest levels in more than 30 years, according to the Joint Organization Data Initiative. The country pumped 10.047 million barrels a day of crude, [...]
1.18.12 EDITION SUSRIS Project Now on iPhone: SUSRIS 1/17/12 As many of our readers know, SUSRIS is a sister site to SUSTG and part of a family of sites that provide unparalleled resources for those interested in Saudi Arabia, the region and U.S.-Saudi relations. SUSRIS has launched an iPhone App available in iTunes. The App [...]
1.17.12 EDITION Saudi Aramco to Invest $200 Billion in Refining, Exploration: BLOOMBERG Wael Mahdi | 1/17/12 Saudi Arabian Oil Co. plans to build refineries in China and Indonesia as part of a $200 billion spending program to double refining capacity and explore for oil and natural gas during the next decade. Oil Rises to Three-Day High as Saudis Seen [...]
1.16.12 EDITION Saudi Oil Refinery Deal Shows Close Ties: CHINA DAILY 1/16/12 In what Riyadh calls ”the largest expansion by any oil company in the world, Sinopec’s deal on Saturday with Saudi Aramco will allow a major oil refinery to become operation in the Red Sea port of Yanbu by 2014. ARAMCO CAPACITY TO GROW 8MBPD: Saudi Aramco will increase its refining capacity to 8 million barrels per day in the next decade through expansion [...]
1.13.12 EDITION Business Forum: A Stable Global Financial System – Al Jasser: SUSRIS 1/10/12 At the Forum HE Mohammed al Jasser led a key panel titled, “Maintaining a Stable Global Financial System: Shared Responsibility,” and shared insights only possible from the vantage point of a Group of Twenty (G-20) member nation central bank chief. A [...]
1.12.12 EDITION Saudi Economy: Jadwa January 2012 Chartbook: SUSRIS 1/10/12 The Jadwa Investment firm in Riyadh produces the “Saudi Chartbook” as a quick, chart-based briefing on the key developments and trends in the Saudi economy and stock market for the previous month. Saudi Binladen Group Wins Dismissal of Six 9/11 Lawsuits: BLOOMBERG BUSINESSWEEK Patricia Hurtado | 1/11/12 [...]
1.11.12 EDITION Obama Meets Saudi Foreign Minister At White House: AFP 1/10/12 US President Barack Obama on Tuesday met Saudi Foreign Minister Saud Al-Faisal for talks, as the allies face a nuclear showdown with Iran, a political crisis in Yemen and other key issues. “The President and Prince Saud affirmed the strong partnership between the [...]
1.10.12 EDITION China Premier Wen to Visit Saudi Arabia, UAE, Qatar This Month: WALL STREET JOURNAL 1/10/12 Chinese Premier Wen Jiabao will visit Saudi Arabia, the United Arab Emirates and Qatar Jan. 14-19.Wen will meet with leaders from the three countries to discuss bilateral relations and international and regional issues of shared concern UAE Is [...]
1.9.12 EDITION Saudi Fiscal Surplus to Widen In 2012: EMIRATES 24|7 1/9/12 Saudi Arabia’s fiscal surplus could rocket by more than seven times in 2012 as revenue will likely be far higher than the level projected by the world’s oil powerhouse, according to a key Saudi investment firm. The Gulf Kingdom, the largest Arab economy, [...]
1.6.12 EDITION Saudi Aircraft Deal Creates Jobs in Georgia: GLOBAL ATLANTA Trevor Williams | 1/5/12 Less than a month after a major Saudi Arabian business conference in Atlanta, the Middle Eastern nation announced a $29.4 billion aircraft purchase that will send ripples across Georgia. Gulf Equity Markets Could Get Boost From Saudi Opening: WALL STREET JOURNAL 1/5/12 An uncertain global economic [...]
1.5.12 EDITION Saudi Oil Dilemma Should Worry Consumers: THE SOURCE James Herron | 1/4/12 Domestic energy consumption in the world’s largest oil exporter, Saudi Arabia, is growing so fast that it threatens the country’s ability to adequately supply world oil markets, London think tank Chatham House warned Wednesday. SAUDI READY TO FILL SUPPLY GAP: Saudi Arabia [...]
1.4.12 EDITION Saudi Economy Is Guarded By Massive Assets: EMIRATES 24|7 1/4/12 Saudi Arabia’s economy is not vulnerable to fresh global financial crisis as its foreign assets climb to their highest ever level on the back of strong oil prices, the Gulf Kingdom’s largest bank said on Tuesday. Strait Of Hormuz And Iranian Threats: ARAB [...]
1.3.2012 SAMA’s Reserve Assets Reach SR1.97 Trillion: ARAB NEWS 1/1/12 Saudi Arabia has posted a large budget surplus of SR306 billion despite sharp jump in expenditure in 2011. Revenue reached to SR1.11 trillion and expenditure touched SR804 billion in the year. Government proposed an increase in both revenue and expenditure in 2012 compared to what [...]
1.2.12 EDITION Business Forum: Economy Overview and Modon – Dr. Rabiah: SUSRIS 12/31/11 Dr. Tawfiq Al-Rabiah, since named Saudi Minister of Commerce and Industry, spoke at the recent U.S.-Saudi Business Opportunities Forum in his capacity as chief of Modon, in which he touched on growth in the economy, the Saudi industrial strategy and the role [...]
12.30.11 EDITION US-Saudi Arms Package Moves Forward: SUSRIS 12/30/11 The United States and Saudi Arabia edged closer to delivery of 84 advanced F-15 fighter aircraft and upgrades to 70 F-15s already in the Royal Saudi Air Force (RSAF) inventory, a defense package worth $29.4 billion, with the conclusion of an agreement this week. According to Pentagon officials [...]
12.29.11 EDITION Entrepreneurial Ambitions Differ Across Saudi Arabia: GALLUP Fares Bugshan | 12/29/11 Although small shares of Saudi Arabia’s adult population own businesses or plan to open them soon, Gallup surveys in 2011 reveal these shares are even smaller outside the three major cities of Riyadh, Jeddah, and Dammam. Saudis living in these major cities [...]
12.28.11 EDITION Saudi Arabia Forecasts $3.2B Surplus in 2012: BLOOMBERG 12/26/11 Saudi Arabia, the world’s top oil exporter, forecast a budget surplus of 12 billion riyals ($3.2 billion) next year as the kingdom boosts planned spending while investing to create jobs. PLANNING FOR A CUTBACK?: Saudi Arabia’s budget plan, announced December 26, is counter to trend [...]
LATEST HEADLINES SR690bn Saudi Budget to Spur Growth: ARAB NEWS Khalil Hanware and P.K. Abdul Ghafour “Saudi Arabia announced a record SR690 billion ($184 billion) surplus budget on Monday and said it would continue its programs to achieve sustained and balanced development all over the country, giving top priority to education and manpower training.” Saudi [...]
12.22.11 EDITION IMF Sees High Saudi Spending And Budget Surplus In 2012: AL ARABIYA 12/21/11 Saudi Arabia is expected to maintain a high level of government spending next year but succeed in posting another large budget surplus without needing to dip into its fiscal reserves, a senior official of the International Monetary Fund said. SAUDI [...]
12.21.11 EDITION Gulf Arabs Back Unity after Hinting At Iran Threat: REUTERS Angus McDowall and Asma Alsharif | 12/20/11 Gulf Arab leaders on Tuesday broadly endorsed Saudi King Abdullah’s call to form a “single entity” in what appeared to be an attempt to form a more united front against a perceived threat from Iran. RIYADH DECLARATION: [...]
12.20.11 EDITION Saudi King Abdullah Calls for a Closer Arab Gulf Union: BLOOMBERG Glen Carey | 12/19/11 Saudi Arabia’s King Abdullah called on leaders of the six-nation Gulf Cooperation Council to strengthen their alliance into a united “single entity” as they confront threats to national security. ACADEMICS OPTIMISTIC ABOUT GCC SUMMIT: A number of Saudi [...]
12.20.11 EDITION Dempsey, Saudi Partners Discuss Iraq, Regional Challenges: AMERICAN FORCES PRESS SERVICE Cheryl Pellerin | 12/18/11 Hours after the last U.S. Forces Iraq convoy crossed the border into Kuwait on its way home, the chairman of the Joint Chiefs of Staff sat down for the first time with Saudi officials here to discuss Iraq [...]
12.16.11 EDITION Saudi Arabia’s King Abdullah Eats Fries from McDonald’s: YOUTUBE A new video released on YouTube shows Saudi Arabia’s King Abdullah walking through a shopping mall, eating french fries from American fast food chain McDonald’s. The footage also shows a younger man approach the king and pay his respects, and several of the King’s [...]
12.15.11 EDITION Saudi’s Insignificant Economic Reshuffle…Or Is It?: KIPP REPORT 12/14/11 A change of personnel in two of Saudi Arabia’s top economic posts suggests the kingdom may be preparing to invigorate its on-again, off-again economic reform programme. As with many moves in Saudi Arabia’s opaque government, there was no clear explanation for the change. Analysts [...]
12.14.11 EDITION Business Forum: The Ties That Bind Us – Olayan: SUSRIS 12/7/11 The 2nd US-Saudi Business Opportunities Forum opened Monday in Atlanta with over 1100 participants meeting to explore the commercial potential in Saudi Arabia. The Forum organized under the guidance of Saudi Arabia’s Ministry of Commerce and Industry is a high-level gathering of [...]
12.13.11 EDITION King Appoints New Cabinet Ministers: ARAB NEWS 12/13/11 Custodian of the Two Holy Mosques King Abdullah has appointed new Cabinet ministers as part of a wider range of reshuffle. Among the key appointments contained in royal decrees released on Tuesday by the royal court were Muhammad Al-Jasser as minister of economy and planning, [...]
12.12.11 EDITION IEA Economist Cheers Saudi Oil Output Rise: REUTERS Rob Taylor | 12/12/11 The International Energy Agency (IEA) said a boost in Saudi oil output would provide welcome relief from the threat that high fuel prices pose to efforts to revive the global economy. OUTPUT POINTS TO HEALTHIER DEMAND: Saudi Arabia is by far [...]
12.9.11 EDITION Saudi Arabia to Spend Over $100bn on Nuclear, Solar: ARABIAN BUSINESS Andy Sambidge | 12/9/11 Saudi Arabia will spend more than $100bn to build 16 nuclear energy plants over the next few years, a senior official has told a Saudi-US business forum in Atlanta. Abdullah Zainal Alireza, Commerce and Industry Minister, also said [...]
US SAUDI FORUM KICKS OFF IN ATLANTA Atlanta forum explores vast investment opportunities in Kingdom: ARAB NEWS P.K. ABDUL GHAFOUR | ARAB NEWS A three-day Saudi-US Business Forum began in Atlanta, Georgia, on Monday with the participation of top government officials and business leaders to explore prospects of expanding cooperation and boost American investment in [...]
12.1.11 EDITION 30% of Saudi Student Scholars in US Are Women: ARAB NEWS Galal Fakkar | 12/1/11 Women account for a third of the 47,000 Saudi students on the King Abdullah foreign scholarship program in the United States, according to an official from the Saudi mission in the US. Saudi Banks’ Net Foreign Assets Surge [...]
11.30.11 EDITION Citigroup Saudi Deal Haunts Pandit: BLOOMBERG 11/30/11 Saudi businessman Ghazi Abbar, who claims in an affidavit he lost $383 million of his family’s fortune on investments with Citigroup Inc., was sold one of the transactions even though the bank questioned his ability to properly manage them, according to an internal memo. The memo, [...]
11.29.11 EDITION Seeking Counsel from a Wise Man of the Arab World: WASHINGTON POST David Ignatius | 11/25/11 Thanksgiving is a time, too, when we listen to the elders gathered around our table, the people who’ve been through countless springs and winters and, if they’re wise, see things with consequent clarity. Several of these elders [...]
11.28.11 EDITION Saudi GDP to Record Highest Growth in 8 Years: EMIRATES 24|7 11/28/11 Saudi Arabia’s real GDP is projected to swell by nearly 6.9 per cent this year to record its highest growth rate in eight years as a result of a surge in its oil production and public spending, a key Saudi bank [...]
11.23.11 EDITION Saudi Trade to Remain Strong despite Euro Crisis: ARAB NEWS Khalil Hanware | 11/23/11 Although the current currency volatility may bring some uncertainty for importers and exporters, the Kingdom has the necessary foreign assets to tackle any negative impact from the deepening debt crisis in Europe and the US, Saudi-based analysts said on [...]
11.22.11 EDITION Change and Balance in the Saudi Kingdom: WASHINGTON POST David Ignatius | 11/21/11 During this Arab Spring of turbulence, Saudi Arabia has remained surprisingly calm. That’s due in part to the popularity of King Abdullah and to the efficiency of Prince Nayef’s security forces. The kingdom has had its protests, especially among Shiites [...]
11.21.11 EDITION Saudi Sees Balanced Oil Market as OPEC Meeting Nears: REUTERS Reem Shamseddine and Marwa Rashad | 11/10/11 The global oil market looks balanced, Saudi oil minister Ali al-Naimi indicated on Sunday, while the secretary general of the Organization of the Petroleum Exporting Countries said some producers need to cut back as Libyan output [...]
11.18.11 EDITION Natural Gas Boom Can Help Kingdom Burn less Crude Oil for Power: ARAB NEWS 11/17/11 A global boom in natural gas could help Saudi Arabia to burn less crude oil for power generation, said Carlos Pascual, the head of a new US State Department office on energy. Encouraging major energy consumers to take [...]
11.17.11 EDITION Taking Stock of Conditions: Prince Turki Al-Faisal: THE MAJALLA Originally Published in SUSRIS | 11/17/11 Prince Turki Al-Faisal, Chairman of the King Faisal Center for Research and Islamic Studies, updated the frame of reference for understanding the challenges, opportunities and conditions Saudi Arabia confronts in a speech hosted by the Washington, D.C. World [...]
11.16.11 EDITION Assad’s Exit in Syria “Inevitable”: Saudi Prince: REUTERS 11/15/11 Prince Turki al-Faisal, the former chief of Saudi intelligence services, said Assad had made his position clear by failing to live up to commitments made under an Arab League initiative to stop the bloodshed and start political dialogue. “Inevitably, I think, the lack of [...]