News-2012-12-10

December 10, 2012

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

Riyadh at Night

The population of Riyadh, the capital city of Saudi Arabia, has risen dramatically in the last half century—from 150,000 in 1960 to 5.4 million in 2012. The city appears as a brightly colored patchwork in this nighttime astronaut photograph. The brightest lights, apart from those on the old …

Saudi firms top TRENDS CEO 2012 List

There have been several media reports in 2012 by regional and international media, including TRENDS, commenting on the immense growth seen by the Saudi retail and construction sectors. New entries and a rise through the top CEO ranks of Saudi cement companies is a testament to the vibrancy of …

UN climate talks extend Kyoto Protocol, promise compensation

UN climate talks in Doha have closed with a historic shift in principle but few genuine cuts in greenhouse gases. The summit established for the first time that rich nations should move towards compensating poor nations for losses due to climate change. Developing nations hailed it as a …

Saudi Is World’s Largest Market For Islamic Assets

Saudi Arabia is emerging as the largest market for Islamic assets, according to a new report by Ernst & Young. According to the report, Saudi Arabia, with an estimated $207 billion of Islamic assets in 2011, was ranked first in the world. Malaysia was ranked second with total …

Saudi banks head for bumper 2012

The analysts attributed the high earnings this year to a surge in domestic credit as banks are slowing down their bad debt provision build up and taking advantage of an upswing in the economy and in public sector projects.The surge in domestic credit followed a sharp slowdown in previous years …

Saudi Arabia Says Aramco Cyberattack Came From Foreign States

Saudi Arabia blamed unidentified people based outside the kingdom for a cyberattack against state-owned Saudi Arabian Oil Co. that aimed at disrupting production from the world’s largest exporter of crude.More than 30,000 computers were compromised or affected by a so-called ‘spear-phishing’ …

US-Saudi Business Opportunities Forum – Looking Back

A year ago today the 2nd US-Saudi Business Opportunities Forum was wrapping up in Atlanta with hundreds of Saudis and Americans concluding three days of meetings, panels, and activities marking probably the most productive event of its kind in the memories of most participants. The quality and …

Robust oil market to underpin Saudi infrastructure projects

The Saudi government efforts at rehabilitating and building its infrastructure is underpinned by robust oil market that will add a further SR500 billion surplus to this year’s budget, Dr. Saudi Amalaq, Vice Chairman of KSSG investment company, said Sunday in his keynote address on the first day …

Change should come from within: Saudi minister

Saudi Arabia has insisted that changes in the region should ‘emanate from within’ and not ‘in response to outside interference’.'The kingdom firmly believe that any changes in the region must emanate from within and must be in response to national concerns and demands and not in response to …

Lucky Jeddah!

Not only does Jeddah, Saudi Arabia’s second-largest city get to have all the usual problems involving exploding population within a geographically/geologically limited area. Not only does it have to deal with flood waters raging down the wadis when there’s significant rain. Now, Arab News …

Strict action sought against self-styled muftis

A number of scholars and citizens have urged the authorities to take stringent measures against people who issue religious edicts (fatwas) without authority. They underlined the need for reining in on the self-styled muftis and religious guides who mislead people with false fatwas based on …

The Full Israeli Experience

The full Israeli experience today is a living political science experiment. How does a country deal with failed or failing state authority on four of its borders — Gaza, South Lebanon, Syria and the Sinai Desert of Egypt — each of which is now crawling with nonstate actors nested among …

Saudi Arabia aims high in solar power generation

The Kingdom of Saudi Arabia has announced an ambitious goal of reaching 41GW of solar power generation capacity by 2032 (25GW of concentrated solar power (CSP) and 16GW of Photovoltaic (PV). A 9GW wind energy capacity is also being envisaged. Building up energy generation capacity will be a …

Only 7 percent of travelers book online in Saudi Arabia

Only 7 percent of people in the Kingdom who use Internet to do their ticket booking online. This percept is very low compared to the developed countries where the percept hits 30 percent. “We are hoping that the increase of Internet users in the Kingdom will help this present (online booking) …

War-torn Syrian economy to shrink 20 percent in 2012: IIF

War-ravaged Syria’s economy will shrink by a fifth in 2012 and all its foreign reserves could be spent by the end of next year, a global finance industry association said on Monday.Since a revolt that has since descended into civil war started in March 2011, inflation has risen to 40 percent …

Confusion pervades Egypt’s opposition after Morsi rescinds decree

Confusion and disarray pervaded the ranks of Egypt’s opposition on Sunday night, a day after President Mohamed Morsi made a gesture toward compromise by rescinding the controversial decree that had granted him near-absolute power and plunged the country into political crisis . Opposition …

Deadly clashes in Lebanese city of Tripoli

Six people were killed and at least 40 injured in the Lebanese city of Tripoli in clashes on Sunday between opponents and supporters of Syria’s president. Since Tuesday, 19 people have died in the fighting between residents of the Alawite district of Jabal Muhsin and the Sunni Muslim Bab …

Saudi Oil exports to Japan hit $ 48.2 bn

Japanese Consul-General Jun Yoshida estimated the size of Japanese oil imports from Saudi at 48.2 billion, while Japanese exports to the Kingdom amounted to 8.4 billion in automobile, in addition to electrical machinery. Yoshida’s statement came last Tuesday as Japan celebrated its national …

Hilton Worldwide adds to its impressive Saudi Arabia pipeline

Hilton Worldwide is building on the success of its award-winning Hilton Garden Inn brand in KSA (‘Kingdom of Saudi Arabia’) by signing an agreement with existing owning company, Abdulmohsen Al-Hokair for Tourism & Development, to develop a second Hilton Garden Inn hotel in the capital city, …

Abandoned ships litter Jeddah seashores

The seashores here are littered with old abandoned ships. Locals believe that the ships originally belonged to the Greeks who visited Jeddah 25 years ago. The dilapidated, rickety ships have become a safe haven for strangers and warehouse for local vendors. The latter conveniently stock …

TASI – 12/10/12 – down .61%

Provided as a service from the Saudi-US Trade Group, Washington, DC

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