ARABIALINK Daily News – SAUDI ARABIA – Excerpts from International Media Reports[Links to full articles were active on the date posted here]
“King Abdullah, Custodian of the Two Holy Mosques, arrived here Monday afternoon on a three-day official visit. The King was received at Andrews Airbase by Secretary of Defense Robert Gates. King Abdullah is scheduled to hold talks with President Barack Obama Tuesday at 1 P.M. at the White House and with Secretary of State Hillary Clinton at 3 P.M. at Blair House. Tuesday’s summit at the White House will see King Abdullah stress that the Arab world wants peace and justice based on United Nations’ resolutions. Saudi Arabia wants Obama to play an active mediating role and pressure Israel to make concessions in pursuit of peace with the Palestinians..” [Complete Report]
Coordinated Action Must For Global Growth – King [Jun 29]
“King Abdullah, Custodian of the Two Holy Mosques, called for financial reform through strong supervisory and control systems instead of the imposition of taxes on financial institutions and reiterated the importance of supporting developing countries particularly those affected by the financial crisis.. ..’It is important that global growth should be stronger and more balanced and sustainable through the adoption of coordinated actions by G20 countries and simultaneously taking into account the needs and circumstances of each country,’ the King said on the concluding day of the summit, which was launched in late 2008 to deal with the global financial crisis.. ..King Abdullah also highlighted the measures Saudi Arabia took in the wake of the global economic meltdown..” [Complete Report]
Saudi Bank Deposits Rise to SR921.71 Billion in May [Jun 29]
“A series of new financing deals concluded and in the pipeline continue to support improvement in Saudi bank private sector credit growth, which in May rose for a fifth month to its fastest pace of expansion in nine months. The latest Saudi Arabian Monetary Agency’s (SAMA’s) data support Banque Saudi Fransi’s view that momentum is building behind an economic recovery in Saudi Arabia; bank deposits increased for the first time in three months, the central bank added to its foreign asset holdings, money supply growth – while still weak – is showing signs of stabilization, and new letters of credit are being opened to accommodate greater trade flows..” [Complete Report]
Ma’aden Board Agrees on $4.5 Billion Financing for Aloca Venture [Jun 29]
” Saudi Arabian Mining Co., the state- controlled metals producer known as Ma’aden, said its board approved a $4.5 billion financing for the first phase of an aluminum smelter the company is developing with Alcoa Inc. in Saudi Arabia. Ma’aden will borrow from local and foreign banks, and government funds, according to a company statement to the Saudi bourse today. The financing would represent 60 percent of the first phase of the project with a total cost of $7.5 billion, it said. The facility is to start production at the end of 2013..” [Complete Report]
Scholars Divided Over Imam’s Fatwa on Music [Jun 29]
“A fatwa (religious ruling) issued by Shaikh Adel Al Kalbani, a former imam of the Grand Mosque in Makkah, in which he claimed that Islam does not forbid singing and music has split Saudi scholars, Islamic thinkers and secularists. ‘There is no clear-cut religious ruling that says singing and music are not permissible in Islam,’ Al Kalbani has said. His fatwa shocked many of his supporters and students because he was one of the most fanatical scholars during the 1980s who strongly opposed singing and music. People are astonished by this 180 degrees shift in attitude. A number of Saudi scholars, preachers, men of letters and writers who spoke to Gulf News were divided on the fatwa. Al Kalbani was strongly criticised specially on the internet which many of them said Al Kalbani has exited the Islamic Jamaa (group). A majority of the Saudi scholars, whether in the official religious establishment or outside it, are unanimous in their stand against singing and music despite the fact that a huge singing opera is presented every year during the National Cultural and Heritage Festival (Janadriya)..” [Complete Report]
Saudi Telecom May Buy Stake in India Tower [Jun 29]
“Saudi Telecom Company (7010.SE), the Arab world’s largest telecom company by market value, may buy 10 percent to 15 percent stake in a newly created Indian telecoms tower unit, the Business Standard reported on Tuesday. The GTL-Reliance Infratel tower unit, formed after India’s No. 2 mobile operator Reliance Communications (RLCM.BO) agreed to offload its towers to GTL Infrastructure (GTLI.BO), is likely to dilute its stake at a value of $9 billion, the paper said citing sources with direct knowledge of the developments. Officials at Reliance Communications, GTL Infrastructure and Saudi Telecom could not be immediately reached by Reuters for comment..” [Complete Report]
Ma’aden Board Agrees on $4.5 Billion Financing for Aloca Venture [Jun 29]
“Saudi Arabian Mining Co., the state- controlled metals producer known as Ma’aden, said its board approved a $4.5 billion financing for the first phase of an aluminum smelter the company is developing with Alcoa Inc. in Saudi Arabia. Ma’aden will borrow from local and foreign banks, and government funds, according to a company statement to the Saudi bourse today. The financing would represent 60 percent of the first phase of the project with a total cost of $7.5 billion, it said. The facility is to start production at the end of 2013..” [Complete Report]
