OPEC READIES ACCORD ON OIL OUTPUT

VIENNA, JULY 3, SPA -- THE ORGANIZATION OF PETROLEUM EXPORTING COUNTRIES (OPEC) ON TUESDAY READIED AN AGREEMENT TO KEEP OIL OUTPUT LIMITS UNCHANGED.

'THERE WILL BE NO INCREASE IN PRODUCTION, DEFINITELY NOT.' SAID OPEC PRESIDENT CHAKIB KHELIL. 'THERE IS A CONSENSUS, NO INCREASE.'

THE ORGANIZATION OF THE PETROLEUM EXPORTING COUNTRIES MEETS AT1200 GMT TO SEAL AN AGREEMENT WHICH WILL LEAVE OUTPUT FOR 10 MEMBERS AT 24.2 MILLION BARRELS A DAY, ACCORDING TO A REPORT OF REUTERS.--SPA

New mining concession granted to the Saudi Ceramic Company

June 25th, 2001- The Saudi Council of Ministers also granted a mining concession on a two square kilometers area at Khasm Radhi at Al Kharj province in Riyadh region to the Saudi Ceramic Company to exploit the kaolin (china clay) and limestone substances found in the area.

Saudi gas, USD20bn minimum

June 25th, 2001- Saudi Arabia is expecting the eight foreign companies investing in the Saudi Gas Initiative to directly invest a minimum of USD20bn, foreign minister Prince Saud Al-Faisal told the Al-Sharq Al-Awsat newspaper. But he said this was the minimum level and the investment could exceed USD20bn. Saudi oil minister Ali Al Nuami is supervising the implementation committee, and Prince Saud said he expected no delays in completing the details of the projects by the end of the year. Most of the major requirements for these projects was prepared over the past two and a half years, he added.

Saudi shares hit another high

June 24th, 2001- Shares in the Saudi stock market hit a fresh all-time high at the close of last week, with the NCFEI Index now up 7.5 per cent since January 1 at 2,426.92. Brokers said a positive reaction to economic reforms was driving the market forward, particularly the USD25bn Saudi Gas Initiative and the five per cent reduction in customs tariffs. High oil prices also underpin the market.

March 2002 for STC share sale
June 24th, 2001- Fifty million shares in the Saudi Telecommunications Company will go on sale next March, reported Al Watan. The Arabic language daily said the shares will be priced at USD13.30 per share. It quoted STC chairman Khaled Al Qusaibi as saying that the decision came after reaching a satisfactory level of administrative and financial performance.

SAGIA approves USD366m projects

June 18th, 2001 - The Saudi Arabian General Investment Authority approved licenses for 93 projects with a total value of USD366m in May, with 90 per cent of the capital from foreign sources. Of the projects 56 are industrial which should employ 2,600 people. SAGIA is a one-stop shop for foreign investment projects established after the April 2000 law which established full foreign ownership of businesses in the Kingdom.

USD1bn Saudi pipe plant

June 17th, 2001- The Aziz Corporation of Saudi Arabia has signed a deal to build a USD1bn pipe manufacturing plant in the Kingdom with an unnamed European partner, reported the Saudi Press Agency. It claims that the plant will be the second largest in the world, and start producing oil and gas pipes by 2002. The deal appears to be linked to the USD25bn Saudi Gas Initiative announced at the end of last month.

Saudi shares highest since 1985

June 17th, 2001- The Saudi stock market closed at its highest level since it opened in 1985, boosted by excitement over the USD25bn Saudi Gas Initiative. Shares rose by 1.5 per cent last week to close at 2,408.41, up 6.6 per cent on the year so far. The decision to lower customs duties, and continued high oil prices have also boosted market sentiment.


SR1b investment in carpet industry

JEDDAH, 11 June  — Saudi Arabia is one of the world’s largest producer of carpets with nine factories with a capital outlay of SR1.086 billion, according to Industry and Electricity Minister Dr. Hashem Yamani.

Addressing a ceremony at the Jeddah Industrial City, he said there are 925 operating industries in the Makkah region with a total investment of SR41 billion.

Yamani said the plan for a second industrial city in Jeddah would be prepared soon and the private sector would clear the land allocated for the purpose in south Jeddah.

Earlier, Makkah Governor Prince Abdul Majeed opened a new factory for carpets at the city and inspected its various facilities. The governor also opened the Bahles factories for polyester thread and carpet accessories.

Speaking to reporters, he commended the remarkable progress achieved by the Kingdom’s industrial sector.

Government spending projected to rise

DAMMAM, 11 June  — Government spending in the current financial year is projected to reach SR215 billion, a rise of 16.2 percent compared to the outlay in 2000, according to a recent study conducted by the Saudi British Bank.

This year's revenue is expected to remain at SR215 billion as against SR248 billion last year.

The increase in revenue last year was attributed to high oil prices.

Oil revenue is projected at SR170 billion this year while income from non-oil sources will be between SR45 billion and SR49 billion.

Saudi British Bank goes online

June 10th, 2001- Saudi British Bank is to open its SABBNET Internet bank offering transfer of money between accounts, credit card information, bank statements, forex rates and personal loan applications, reported ITP.net. Managing director David Hodgkinson said the bank aimed to provide customers with a choice which meets their increasingly sophisticated requirements through a variety of channels.

Riyadh, 7th Jun 2001- The National Industrialization Petrochemicals Company signed here on Wednesday partnership agreements with Middle East Basil Holding Company. Under the agreement, a Project of Petrochemical Complex will be implemented in the industrial city of Jubail at the total cost of SR 2 billion.

The signing ceremony was attended by Prince Fahd bin Abdullah, the Assistant Minister of Defence and Aviation for Civil Aviation Affairs and Head of the Committee of the Economic Offset program, as well as a number of other officials.

King Fahd appoints Governor of Saudi telecom commission

Jeddah, 5th June 2001- The Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz has ordered the appointment of the engineer Mohammed Jameel Ahmed Mulla as the Governor of Saudi Telecommunications Commission at the excellency rank, a royal order was announced here today.

Courier service to handle requests for traffic services

RIYADH, 2 June — The traffic department has authorized a courier service company to accept applications from Saudis and expatriates for various services. SNAS Worldwide Express will receive applications for renewal of driving license and registration card, transfer of car ownership and exchange of old number plates, and will take them to the concerned traffic office for processing.  

The advertising sector in the Kingdom is poised to make a huge leap in the next few years
30th Jun 2001
STC awards deals for 450,000 lines; WAP by July end
29th Jun 2001
Israelis stop victim from traveling to Kingdom
28th Jun 2001
US gives Israel free hand
28th Jun 2001
Multimillion riyal health projects inaugurated in EP
28th Jun 2001
Pilots survive Tornado crash
28th Jun 2001
Expatriates grab 80% of top ten ranks in secondary exams
26th Jun 2001
Expatriates can now travel anywhere within the Kingdom with only a valid iqama
26th Jun 2001
Foreign Ministry signs contract to provide medical cover for its employees abroad
26th Jun 2001
Israeli Prime Minister Ariel Sharon's role in the massacre of civilians 
25th Jun 2001
Crown Prince Abdullah interview with Financial Times
25th Jun 2001
Foreign projects worth SR32b given licenses
25th Jun 2001
New regional advisory councils
25th Jun 2001
The new members of the New Regional Advisory Councils
25th Jun 2001
King Fahd thanks participants in the International Commercial Exhibition
24th Jun 2001
SR1.125 billion loan to finance development projects in Yemen
23rd Jun 2001
US has no indictment right in Khobar case
23rd Jun 2001
Prince Khaled Al-Faisal opens seminar on tourism
20th Jun 2001
Saudi products fair opens in Yemen
20th Jun 2001
Ice skaters and circus performers in Jeddah 22
20th Jun 2001
Prince Naif patronizes Tourism Activity
19th Jun 2001
HTA sets up panels to advise on policy
18th Jun 2001
Saudi Hajj Minister speaks on Umrah
18th Jun 2001
Saudi team accuses UAE meat exporters of foul play
14th Jun 2001
The annual Jeddah festival burst into life last night
14th Jun 2001
Saudi oil revenue projected to fall
14th Jun 2001
Australia says Saudi Tariff cuts pave way to WTO
14th Jun 2001
Saudi team accuses UAE meat exporters of foul play
14th Jun 2001
The annual Jeddah festival burst into life last night
14th Jun 2001
Saudi oil revenue projected to fall
14th Jun 2001
Australia says Saudi Tariff cuts pave way to WTO
14th Jun 2001
Kingdom of Saudi Arabia supports al Aqsa Intifada
13th Jun 2001
ADC condemns Israel's use of nail bomb
13th Jun 2001
Oil prices fell, data showing a build-up in U.S. gasoline supplies
13th Jun 2001
Foot and mouth disease under control
12th Jun 2001
GCC states set up body to monitor food imports
11th Jun 2001
Businessmen urged to invest in Tabuk mining projects
11th Jun 2001
Revenue from gas sector to double in 5 years
10th Jun 2001
THE FIRST INTERNATIONAL ISLAMIC COMMERCIAL SHOW
10th Jun 2001
KUWAIT AND SAUDI GROUPS CREATE NEW ISLAMIC FINANCIAL POWERHOUSE
10th Jun 2001
Anti-dumping bills await approval
10th Jun 2001
INDUSTRIAL CITY ENCOMPASSES SOME 400 PRODUCING FACTORIES
10th Jun 2001
PRINCE ABDULMAJEED HAILS KINGDOM'S INDUSTRIAL DEVELOPMENT
10th Jun 2001
Naghi wins dealership of BMW’s MINI series
10th Jun 2001
A NEW PETROCHEMICAL COMPLEX IN JUBAIL
7th Jun 2001
CROWN PRINCE ABDULLAH MEETS GERMAN BUSINESSMEN
7th Jun 2001
Exxon wins lead role in South Ghawar, Shell gets Shaybah
3rd Jun 2001
French firm wins power plant deal
3rd Jun 2001
Foreign Ministers of GCC conclude their meeting
3rd Jun 2001
Kingdom to decide on Canada exhibition
2ed Jun 2001
Prince Saud holds press conference tomorrow-Saudi Gas Deals
2ed Jun 2001
Exxon, Shell Set to Win Saudi Gas Deals
2ed Jun 2001

  
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