SBRIS Daily News – Excerpts from International Media Reports
/Provided as a service from the Saudi-US Trade Group, Washington, DC/
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 has said.
Dow Chemical Forms Sadara JV with Saudi Aramco: WALL STREET JOURNAL
11/28/11
Dow Chemical Co. said Monday that it has officially formed its joint venture Sadara Chemical Co., with Saudi Aramco, to build one of the world’s largest chemicals plants in the oil-rich kingdom’s Eastern Province on the Persian Gulf coast.
Maaden Signs Loan Deal for SR13.5bn Project: ARAB NEWS
11/27/11
The Saudi Arabian Mining Company (Maaden) announced Sunday that its subsidiary, Maaden Bauxite and Alumina Company, has signed a $1 billion (SR3.75 billion) financing agreement with the Public Investment Fund (PIF) for the second phase of its aluminum project.
CMA Urges Holders of Certificates of Shares worth SR7.5b to Update Records: SAUDI GAZETTE
11/27/11
The Capital Market Authority (Tadawul) has called on 381,700 holders of 188,635,000 old share certificates worth SR7.5 billion to report to the Authority for updating their portfolios to receive their profits from previous years.
Banque Saudi Cites ‘Financial Risks’ for Sale of Syrian Bank: BLOOMBERG
Glen Carey and Mourad Haroutunian | 11/27/11
Banque Saudi Fransi (BSFR), a Saudi lender part-owned by Credit Agricole SA (ACA), will sell its 27 percent stake in Bemo Saudi Fransi Syria and its 10 percent share capital in Bemo Lebanon. “The financial risks in the Arab Republic of Syria do not permit Banque Saudi Fransi to continue as partner,” the Riyadh- based lender said in the statement on the Saudi bourse website today. EFFICIENT ASSET UTILIZATION STRENGTHENS SAUDI BANKS: The Saudi Gazette reports, the Saudi banking sector remains one of the strongest in the region and with a positive outlook, the new NCB Capital Report said.
The combination of good net interest margins, growing fee income, reduced cost of risk and cost efficiency positions the Saudi banking sector strongly among its peers.
Saudi Car Imports to Hit 700k Units: MENAFN
11/27/11
Saudi Haji Husein Alireza’s Co. managing director, Ali Alireza, said that due to strong economy and high oil prices, the Kingdom’s imports of cars would be forecasted to reach 700,000 units, reported Arab News.
Shoura Demands Qatif Troublemakers Be Tried: ARAB NEWS
MD Rasooldeen | 11/28/11
The 150-member consultative Shoura Council on Sunday denounced the bloody riots carried out by some criminal elements in the eastern city of Qatif last week, saying those behind the riots should be brought to justice and given tough punishment.
Yemen Shiite Houthis Fight Salafists Near Saudi Arabia’s Border: BLOOMBERG
Mohammed Hatem | 11/27/11
Yemen’s Shiite Muslim Houthis killed 24 Salafist Sunni Muslims yesterday after a week of sporadic fighting between the two religious communities in the north of the country near the border with Saudi Arabia.
Manila Says Arrested Hackers Funded By Saudi Group: REUTERS
John Mair and Jim Finkle | 11/27/11
Philippine police and the FBI have arrested four people over a hacking operation that targeted customers of U.S. telecommunications giant AT&T to funnel money to a Saudi-based militant group.
Saudi Electricity Signs Three Contracts Valued at $146 Million: BUSINESSWEEK
Mourad Haroutunian | 11/27/11
Saudi Electricity Co. signed three contracts valued at 546 million riyals ($146 million) to build power transmission lines and a transformer station in Riyadh and the Eastern Province, the state-owned utility said in an e- mailed statement.
Tadawul Falls To 7-Week Low: ARAB NEWS
Praveen Menon | 11/27/11
In Saudi Arabia, petrochemical stocks dragged the index to a seven-week low, as slumping crude prices weighed on sentiment in the world’s top oil exporter. Brent crude also fell on Friday on concerns that demand for oil will be hurt by Europe’s spreading debt crisis that also weakened the euro against the dollar. The Tadawul All-Share Index lost 0.2 percent to 6,048 points — its lowest close since Oct. 5.
EGYPT: LONG LINES FOR EGYPTIANS HEADING TO POLLS
Unexpectedly large crowds of voters turned out on Monday to cast their votes in Egypt’s first parliamentary election since the ouster of President Hosni Mubarak, a ballot that seemed to blend vindication of the democratic struggle with uncertainty over the revolution’s final outcome, David Kirkpatrick (NYT) reports. GAS PIPELINE BOMBED AGAIN: For the ninth time since the Egyptian revolution, saboteurs attacked the natural gas pipeline in the Sinai Peninsula, the government said, UPI reports.
SYRIA: ARAB LEAGUE SANCTIONS SYRIA, MIDDLE EAST MEDIA APPLAUDS
The Arab League’s decision to impose economic sanctions on Syria in punishment for its crackdown on anti-government protests has generated extensive comment on both conventional and social media platforms, BBC reports.
PAKISTAN: NATO APOLOGY FOR KILLING 24 PAK SOLDIERS DRAWS SCOFFS
As further details about the NATO strike that killed 24 Pakistani soldiers continue to trickle out, Pakistan has scoffed at US attempts to apologize and repair damage done to the US-Pakistan partnership and hinted that the Saturday attack could mark a point of no return, CSM reports. MURKY DETAILS COMPLICATE ISSUE: The murky details complicated matters even more, with Pakistani officials saying the attack on two Pakistani border posts was unprovoked and Afghan officials asserting that Afghan and American commandos called in airstrikes after coming under fire from Pakistani territory. NATO has promised an investigation, the NYT writes.
YEMEN: POWER CEDED, YET SALEH DECLARES AMNESTY
Ignoring calls by his opponents to stop announcing decisions that affect the country, President Ali Abdullah Saleh declared a general amnesty on Sunday for people who had committed “follies” during the uprising and political crisis that began in Yemen 10 months ago, NYT reports.
KUWAIT: OPPOSITION SAYS GOVERNMENT OFFERS RESIGNATIONS
Kuwait faced a fresh bout of political uncertainty on Monday after opposition lawmakers said the government has submitted its resignation to the Gulf nation’s ruler amid a growing crisis over corruption accusations, Brian Murphy (AP) reports.
LIBYA: ISLAMIST COMMANDER ENDORSES NEW GOVERNMENT
The Islamist who commands one of Libya’s most powerful militias, Abdel Hakim Belhadj, said on Monday he will back the interim national government despite his supporters being overlooked for top posts, Reuters reports.
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