A WEEKLY e-NEWSLETTER
(Number 42)
INFORMATION AND INSIGHTS ON MIDDLE EAST DEVELOPMENTS
 
THE NATIONAL COUNCIL ON U.S.-ARAB RELATIONS
AND
THE U.S.-GCC CORPORATE COOPERATION COMMITTEE
 
WEEK OF APRIL 24, 2000

·   HEADLINES
    o   NEWS UPDATE
        ·   REGIONAL 
            - RUSSIAN-IRAQI ARMS DEAL IN THE OFFING?
            - IRANIAN DEFENSE MINISTER VISIT
        ·   KUWAIT
            - MOVES ON LABOR AND TAXES
            - WAR MISSING 
        ·   SAUDI ARABIA
            - TOURISM COMMISSION ESTABLISHED         
            - YEMEN RELATIONS
        ·   UAE
            - EMBASSY IN BAGHDAD           
    o   BUSINESS
        ·   REGIONAL
            - ENERGY FUTURES - AT WEEK'S END - 04.21.00
            - EU-GULF TRADE TALKS
            - GULF AIR PROFITS DOWN  
      ·   OMAN
          - LNG PRODUCTION
          - PROJECTS UNDER REVIEW
      ·   QATAR
          - UTILITIES PRIVATIZATION
      ·   UAE
          - ETISALAT INVESTMENTS
·   GULF WEB LINKS
          - IT DEVELOPMENTS
          - SECURITY ISSUES
          - ETCETERA
·   PERSPECTIVES
    o     SAUDI ARABIA OPENS TO GREATER FOREIGN INVESTMENT
    o     SAUDI ARABIA TOURISM COMMISSION
    o     DEPARTMENT OF COMMERCE NATURAL GAS & POWER GENERATION TRADE
          MISSION TO SAUDI ARABIA, UNITED ARAB EMIRATES, QATAR AND OMAN
 
·   LAST LINES

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HEADLINES
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·   REGIONAL
 
RUSSIAN-IRAQI ARMS DEAL IN THE OFFING?  [Reprinted with permission of
RFE/RL] Iraqi Defense Minister General Sultan Hasham Ahmad met in Moscow on 14-16 April with his Russian counterpart Igor Sergeyev. The meetings, kept secret until after they happened, focused on the sanctions regime and other aspects of the international situation in the Middle East. Russian Defense Ministry sources told Interfax on 18 April that the two had not discussed arms. This Russian report was confirmed by London's "Al-Hayat" on 18 April. It said that Russia "will not export arms [to Iraq] but can give Baghdad military advice."
    Meanwhile, however, London's "Sunday Telegraph" of 16 April reported a
multimillion-dollar arms deal between Russia and Iraq that will enable the
Iraqi military to upgrade and modernize its air defense systems. This deal
was allegedly signed in February between Iraq and Beltechexport, the
state-owned Belarus military hardware company. The Belarusian Security
Council has denied any such deal, according to "Belapan" in Minsk on 18
April. The paper notes that the deal is a "blatant breach of the United
Nations arms embargo" and, if implemented, it will make it possible for the
Iraqis to target American and British aircraft. The exposure in the press
of an earlier $100 million agreement brokered by former Russian Prime Minister Yevgeny Primakov had angered international opinion, and Moscow reportedly gave instructions that all future deals with Iraq be negotiated through intermediaries. Hence, the present deal was set up between Tariq Aziz and Serhei Linh, the Belarus premier in July 1999.
    Under the terms of this agreement, technicians from Belarus will update
Iraq's SA-3 anti-aircraft missile batteries, extending their range from 12
to 18 miles. Also, 17 Soviet-made Iraqi warplanes in Belarus since the late
1980s will be overhauled at the Baranovichi aircraft repair plant. (David
Nissman) Copyright (c) 2000. RFE/RL, Inc. Reprinted with the permission of Radio Free Europe/Radio Liberty, 1201 Connecticut Ave., N.W. Washington DC 20036. http://www.rferl.org
Related Article:
Russia Benefits from Iraqi Sanctions
http://www.stratfor.com/MEAF/commentary/0004222320.htm
 
IRANIAN DEFENSE MINISTER VISIT
Rear Admiral Ali Shamkhani told a Riyadh daily his visit to Saudi Arabia,
first by an Iranian defense chief since 1979, will focus attention on
security in the region according to AFP on April 23.  Shamkhani said, "This
visit will be an occasion to exchange points of view on issues of communal
interest, particularly those including joint security and defense
cooperation."   He added, "We have gone through phases where we have
eliminated tension and normalized relations, and we are now on our way to
consolidating mutual confidence… Both countries possess great potential on
the political, economic, military and cultural fronts, and can positively
influence the improvement of relations between other countries."  Last week
Riyadh approved a dialogue with Tehran on "security" issues according to
the Saudi Press Agency.  However, Gulf officials cited by Reuters on April 18 categorized "security" issues as in a law enforcement context -- combating regional drug trafficking, smuggling and illegal aliens.
 
Meanwhile, UAE officials were told by Riyadh that Saudi Arabia would not
improve ties with Tehran at the expense of Abu Dhabi's claims to three
islands held by Iran according to Reuters on April 23.  Gulf officials told
Reuters Crown Prince Abdullah reassured visiting Abu Dhabi Crown Prince
Shaikh Khalifa Bin Zaid Al-Nahayan and other senior UAE officials the
dispute over Abu Musa and the Lesser and Greater Tunbs islands remained an
impediment to improved relations between Iran and Gulf Arab states.
Source: AFP, AROL
http://www.arabia.com/article/0,1690,News|18813,00.html
Related Articles:
SECURITY PACT WITH IRAN ~ GulfWire ~ April 17, 2000
 
·   KUWAIT
 
MOVES ON LABOR AND TAXES
Parliament on April 18 approved a labor law designed to encourage Kuwaitis
in government jobs to move to the private sector according to Reuters.  The
parliament also passed a recommendation for the government to draw up an
income tax law for consideration.  Source: Reuters
 
WAR MISSING
UN Secretary General Kofi Annan called for Arab countries to continue to
press Baghdad to account for 605 Kuwaitis missing since the 1991 Gulf War
according to the AP on April 20.  In a report to the Security Council last
week Annan noted the recent repatriation of Iraqi and Iranian POWs "gives a
beam of hope that similar developments may happen in regard to those
missing in the aftermath of the Gulf War."  In February Annan appointed former Russian ambassador Vorontsov as special coordinator to advance the
accounting of the missing.  Source: AP
 
·   SAUDI ARABIA
 
TOURISM COMMISSION ESTABLISHED
Riyadh established a commission to promote tourism in the Kingdom according
to a Saudi Press Agency statement cited by Reuters on April 18.  The
statement noted, "The main task of the council is to give proper attention
to tourism in the kingdom, develop and enhance its role in the economy and
remove obstacles stunting its growth Saudi sets up body to promote
tourism."
Source: Saudi Press Agency, Reuters
Related Article:
COMMISSION FOR TOURISM ESTABLISHED - GulfWire Perspectives (below)
 
YEMEN RELATIONS
Crown Prince Abdullah will become the first high level official to visit
Yemen since the Gulf War when he travels to Sanaa for the 10th anniversary
of Yemeni unification on May 22 according to a news agency report, cited by
Reuters on April 23.   Source: Reuters

·   UAE
 
EMBASSY IN BAGHDAD
The UAE reopened its embassy in Iraq on April 20 following a ten-year
absence resulting from the Gulf War according to Reuters.  The UAE charge
d'affaires told reporters, "We...reopen the embassy of the state of the
United Arab Emirates and hope this step would be a beginning of normal
ties."  He added, "It is an attempt to activate relations and to try to
help our brotherly Iraqi people."  The UAE is the fourth GCC state -- following Oman, Bahrain and Qatar -- to restore diplomatic ties with Baghdad.  Source:  Reuters

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BUSINESS AND FINANCE NEWS
*************************
   
·   REGIONAL
 
ENERGY FUTURES - AT WEEK'S END - 04.21.00
 
Light Crude (NYM)         $25.88 bbl UP from $24.20/bbl on 04.14.00
Brent Crude (IPE)         $23.75 bbl UP from $22.41/bbl on 04.14.00
Heating Oil (NYM)         $.689/gal UP from $.664/gal on 04.14.00
Natural Gas (NYM)         $3.08/mmbtu UP from $3.07/mmbtu on 04.14.00
Unleaded Gas (NYM)        $.821/gal UP from $.798/gal on 04.14.00
Unleaded Gas (ANSAGS)     $1.74/gal UNCHANGED from $1.74 on 04.14.00
Source: CNNfn.com 

EU-GULF TRADE TALKS
A spokesman from the European Union's executive body was hopeful the latest
round of free trade talks with the GCC could be concluded by the end of next year although the EU duty on aluminum continued to be an impediment  
according to Reuters on April 18.  The European Commission spokesman said,
"We are satisfied there is now a clear political will and even a good
possibility for accelerating negotiations."  The November 1999 agreement
among GCC members to form a customs union by 2005 has improved the
conditions for EU-GCC trade negotiations according to the report.  Source:
Reuters
 
GULF AIR PROFITS DOWN
Bahrain-based Gulf Air showed a $1.1 million downturn in profits for 1999
according to Reuters.  The high cost of jet fuel was noted as contributing
to the revenue troubles.  Gulf Air, which reported a $10 profit in 1998,
was projected to show revenues of $18 million in 1999.  Gulf news agencies
reported Gulf Air's chief executive Shaikh Ahmed Bin Seif Al-Nahayan said
1999 was "difficult for the company and 2000 would be more difficult but
the board will work hard to achieve a profit during the current year."  Source: Reuters

·   OMAN
 
LNG PRODUCTION
The second Oman LNG natural gas liquefaction process train is nearing
production according to Reuters on April 18.  Oman LNG chief executive
Graham Searle said, "The achievement of this new milestone means that Oman
LNG will shortly be able to begin the build up to its full production
capacity of 6.6 million tons per annum Oman LNG project second train ready
for start-up."  Oman's first LNG cargo, earlier this month, was exported to
South Korea as part of a 25 year contract to sell 4.1 million tons of LNG a
year to Korea Gas Corp.  Source:  Reuters
 
PROJECTS UNDER REVIEW
Muscat will review and update plans to construct a $900 million
petrochemical complex and a $1 billion fertilizer plant according to an
Oman News Agency report cited by Reuters on April 21.  Commerce and Industry Minister Makboul Bin Ali Bin Sultan said the projects were "costly and have to be financed through loans from international banks and have their outputs marketed well before the start of construction (and) require revision of the old studies or conducting fresh studies."  Source: Reuters

·   QATAR

UTILITIES PRIVATIZATION
The cabinet approved formation of an autonomous body to assume
responsibility for power and water projects according to a senior official
cited by Reuters on April 18.  The formation of the Qatar General
Electricity and Water Corp. (Kahramaa) requires approval of the emir.  It
is the first step to privatization as Qatar seeks to restructure this sector.  Source: Reuters

Related Article:
NATURAL GAS & POWER GENERATION TRADE MISSION ~ GulfWire Perspectives (below)

·   UAE

ETISALAT INVESTMENTS
The Emirates Telecommunications Corp (Etisalat) will invest $1.23 billion
over the next two years to develop its infrastructure, cable systems,
Internet services and GSM capacity according to Reuters on April 22.
Source: Reuters
 
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GULF WEB LINKS
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These on-line articles provide background information on current
developments.
 
IT DEVELOPMENTS
ETISALAT RETOOLS FOR THE INTERNET AGE - Etisalat is quietly going through a
revolution, creating new business units and launching new services.  The
latest move is a spin-off of its Internet operations into a semi-autonomous
business unit.  An interview with the general manager of the new Emirates
Internet and Multimedia:
http://www.itparabia.com/cover/0,2218,0|29|x|1526,00.html
MICROSOFT SIGNS UP FOR DUBAI INTERNET CITY
http://www.itparabia.com/cover/0,2218,0|29|x|1525,00.html
KNOWLEDGEVIEW TO LOCATE KEY DEVELOPMENT RESOURCES IN DIC
http://www.itparabia.com/cover/0,2218,0|29|x|1564,00.html
  Related Sites:
    Dubai Internet City
    Microsoft Middle East

E-GOVERNMENT MEANS A LOT OF THINGS - Mike Lawrie is IBM's general manager
for Europe, Middle East & Africa, reporting directly to chief executive Lou
Gerstner.  He's also an increasingly frequent visitor to the Middle East,
and on his latest trip last week was in several high level meetings to
discuss regional e-business initiatives.  Fresh from face to face talks
with His Highness Shaikh Mohammed, Lawrie spoke to Arabian-business.com:
http://www.itparabia.com/cover/0,2218,0|29|x|1529,00.html
 
SECURITY ISSUES
GULF SECURITY
Security, defense at center of Iran-Saudi concerns - Iran's FM said
discussions with his Saudi counterpart will essentially deal with security
and stability in the region.
http://www.arabia.com/article/0,1690,News|18813,00.html
Baghdad fears new "axis" of US-Saudi-Iran - Iraqi Babel paper highlighted
the increased contacts and coordination the United States and Iran have
enjoyed during the past year.
http://www.arabia.com/article/0,1690,News|18783,00.html
SAUDI GOVERNMENT MOVES TOWARD UNSTABLE GROUND WITH CRACKDOWN
http://www.stratfor.com/SERVICES/giu2000/042500.ASP
 

ETCETERA
DISCUSSIONS BEGIN WITH POTENTIAL GAS INVESTORS
http://www.saudiembassy.net/press_release/00_spa/04-16-econ.html
Congressman Hall's Remarks on Humanitarian Aid to Iraq - (More effective
response to suffering of Iraqi people) - Congressman Tony Hall, Democrat of
Ohio, says Iraq's people are suffering terribly and he has called on the
U.S. for a more effective response to their suffering. Hall visited Iraq
April 16-20, touring hospitals, schools, clinics and water-treatment plants
in Baghdad, Basra, Babylon, Samawah and Nasiriyah.
http://usinfo.state.gov/regional/nea/iraq/iraq.htm

RIYADH 2000
Riyadh, the capital of the Kingdom of Saudi Arabia, has been chosen as the
Cultural Capital of the Arab World for the Year 2000. Throughout the year,
conferences, seminars and other events will be held in Riyadh, attracting
thousands of scholars, literary personalities and cultural figures from
around the Kingdom and the Arab world.
http://www.saudiembassy.net/press_release/00_spa/Riyadh2000.html
Press Release - Riyadh 2000
http://www.saudiembassy.net/press_release/00_spa/02-04-Riyadh.html
 
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PERSPECTIVES
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***************************************************************
PERSPECTIVES - SAUDI ARABIA OPENS TO GREATER FOREIGN INVESTMENT
***************************************************************
 
Kevin Taecker has written an analysis of Saudi Arabia's new investment laws
for Saudi American Bank ( www.SAMBA.com.sa ).  His one page overview of the
analysis appears below.  The full write-up will soon appear on SAMBA's web
site, or can be obtained by contacting Kevin or SAMBA's Chief Economist,
Brad Bourland.
[Kevin Taecker: (email: mailto:enter-KSA@ArabiaLink.com ]
[Brad Bourland: mailto:Brad.Bourland@Citicorp.com ]
 
                   "Yallah! Start Your Engines!"
 
                    Analysis of the New Laws to
              Accelerate Private Sector Investment --
             Saudi Arabia’s Engine for Economic Growth

 
                     for Saudi American Bank
                      ( www.SAMBA.com.sa )
 
                        by Kevin Taecker
               ( www.ArabiaLink.com/Enter-KSA.htm )
 
Overview
 
Since 1995, the government and private sector of Saudi Arabia have been
working to build consensus for economic liberalization.  On April 10, 2000,
at a Council of Ministers meeting chaired by King Fahd, their efforts bore
fruit in the form of two new decrees and several new tax and immigration
rulings which, with one broad sweep, effectively restructure and reform the
nation’s investment environment -- for local and foreign companies and
investors, alike.
 
While aiming to harmonize Saudi practices to global and regional norms (in
line, e.g., with the WTO and GCC), the new decisions are themselves a
landmark.  They represent a strong response, taken jointly by the
government and the private sector, to address the challenges of how best to add depth, breadth, and speed to the Saudi economy.  In sum, the Kingdom has decided that new investment will be its main “engine for economic growth.”

The new laws establish an aggressive agenda to restructure and accelerate
new direct investment across the whole economy. 

When viewed alongside trends to open the energy sector and privatize
government companies and ministry functions, it appears that the GCI's
investment approval pipeline will fill quickly.  Numerous projects are
already under consideration, together worth more than $20 billion.  Chances
look good that the list of new investment applicants will grow quickly. 
The decrees make clear that, except for a few specified sectors (the 'GCI
negative list'), the new system applies on equal terms to both foreigners
and locals.  Both enjoy the same privileges to expect expedited approval
decisions, and to avail access to officials and incentive programs.  Both
are guaranteed the same business and investor rights, and incur the same
requirements and obligations under common rules and procedures.
 
Thus, during April 2000, with its adoption of this new collection of laws,
rules, and openings, Saudi Arabia has effectively established the agenda,
structure, and much of the initial new business activity for its own
economic transformation and globalization.  Private sector businesses and
investors have only to benefit – and those benefits promise to be large.
Founded on a strong private-public consensus, Saudi Arabia has decided that
new investment will be the engine to propel its economy forward.  With the
creation of the GCI, the Kingdom has leveled the playing field and
established the route for foreign businesses to be treated like nationals.
With the new GCI, the Kingdom has announced, "The race is on!"  The private
sector – local and foreign, as partners or competitors – is invited to
compete for the new business -- not just for energy, but for the whole
economy.  To businesses that are in search of opportunity – whether they
come from Saudi Arabia, the Gulf, or the World – the green flag is up!  The
Racemaster has signaled, "Yallah, Start Your Engines!"
 
KEVIN TAECKER, an economist specializing in the Saudi economy, heads
Enterprise -- Saudi Arabia, a Washington-based consulting company and is
the 1999-2000 International Affairs Fellow at the National Council on U.S.-Arab Relations and the U.S.-GCC Corporate Cooperation Committee.  He was previously chief economist of Saudi American Bank in Riyadh and the U.S. Treasury Department's specialist for world energy markets and the Arabian Gulf economies.  For more info email: enter-KSA@ArabiaLink.com ; or visit: http://www.ArabiaLink.com/Enter-KSA.htm

EDITOR'S NOTE: As a service to all current and future investors in Saudi
Arabia, Kevin Taecker of Enterprise-Saudi Arabia has provided English
transcriptions of the Royal Decrees that established the new system.  To
view the text of the decrees visit: http://www.ArabiaLink.com/Enter-KSA.htm
and click on the library link.
Related Articles/Sites:
ROYAL DECREE FORMULATES FOREIGN INVESTMENT SYSTEM
http://www.saudiembassy.net/press_release/press_release.html
Saudi says new law allows full foreign ownership
http://www.arabia.com/article/0,1690,Business-17893,00.html
Saudi economy opens to foreigners
http://news.bbc.co.uk/hi/english/world/middle_east/newsid_709000/709344.stm
Saudi investment law wins qualified praise
http://www.arabia.com/article/0,1690,Business-17997,00.html
Saudis Opening More to Foreign Investors
http://www.nytimes.com/yr/mo/day/news/financial/saudi-invest.html
 
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PERSPECTIVES - SAUDI ARABIA TOURISM COMMISSION
**********************************************

COMMISSION FOR TOURISM ESTABLISHED
 
April 17, 2000  
In accordance with the decree issued today by the Council of Ministers, a
Supreme Commission for Tourism (SCT) is to be established as an independent
body reporting directly to the cabinet. The SCT will be based in Riyadh, but will have the right to set up branches or offices wherever needed. The SCT's main concern will be tourism within the Kingdom, enhancing the role of the tourist sector and removing obstacles facing it in its capacity as an important source of national income. Tourist facilities for investment will be undertaken by the private sector.

The SCT will be assigned the task of forging a general policy to promote the tourist sector. This will include evaluation of tourist-related infrastructure; establishment of programs necessary for its completion; removal of whatever obstacles might cripple tourist activity; provision of facilities and incentives for investors, such as data centers and informational plans promoting tourism; a comprehensive survey of tourist locations in the Kingdom; encouragement of all efforts to boost tourism; preservation of tourist sites, and folklore items such as handicrafts, markets, and cottage industries; and coordination of efforts among concerned authorities, both government and private, and with other countries involved in tourism in the Kingdom.

The board of directors of SCT will be chaired by Second Deputy Prime
Minister, Minister of Defense and Aviation and Inspector-General Prince
Sultan Ibn Abdul Aziz, and be comprised of its Secretary-General, and the
Ministers of Interior, Foreign Affairs, Planning, Commerce, Agriculture and
Water, Education, Municipal and Rural Affairs, and Pilgrimage, plus the
General President for Youth Welfare. In addition, between five and seven
members will be appointed by the cabinet for three-year terms, upon
nomination by the board, provided that appointees have no tourist-related
investment activity.

The board of directors is assigned to issue all tourist-related decisions
within its authority. It will, for instance, approve general policies for
promoting the tourist sector, issue administrative regulations for SCT, and
its financial regulations in collaboration with the Ministry of Finance and
National Economy, approve its budget and final account, form permanent or
temporary committees to execute specific tasks, form consultative
committees from experts and assign whoever it chooses to take over some of the board's or the secretary general's authority. The secretary general will be assigned by a royal decree. The SCT will enjoy an independent budget within the general budget of the State and will be subject to the general instructions of the Ministry of Finance and National Economy. In addition to this budget, the SCT may accept any grants, assistance, gifts and endowments that it receives. The final accounts for the SCT will be forwarded by the auditor to the Council of Ministers within three months from the end of the fiscal year. This law becomes effective from the date of its publication in the Official Gazette.
Source: http://www.saudiembassy.net/press_release/00_spa/04-17-econ.html

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PERSPECTIVES - NATURAL GAS & POWER GENERATION TRADE MISSION
***************************************************************
 
INFORMATION PROVIDED BY THE DEPARTMENT OF COMMERCE
 
THE U.S. DEPARTMENT OF COMMERCE PRESENTS:
 
NATURAL GAS & POWER GENERATION TRADE MISSION
Saudi Arabia, United Arab Emirates, Qatar and Oman
October 24 - November 1, 2000
 
Proposed Schedule (Subject to Change)
October 23 - Arrive Muscat, Oman
October 24 - Muscat, Oman
October 25 - Doha, Qatar
October 26-27 Weekend in Dubai, UAE
October 28 - Dubai, UAE
October 29 - Abu Dhabi, UAE
October 30-November 1 - Saudi Arabia (Riyadh, Dhahran, Jubail)
 
Market Highlights
 
The Kingdom of Saudi Arabia has embarked on a massive development of both
the natural gas and power sectors. While a natural gas extraction and
distribution network has been constructed over the past 10 years, demand for gas has become so great that the system will double in size over the next 5 years.  Greatly expanded gas supplies are needed for similarly massive expansion of the petrochemical industry sector and for power generation.

In the United Arab Emirates (UAE) the enactment two years ago of the Federal Environmental Protection Law has created unsurpassed export opportunities for specialized international and U.S. companies to enter the UAE market.  The UAE Government is seriously considering the application and adoption of the most effective environmental protection measures in the world.  In the areas of natural gas and power generation, some major power projects are coming up in Abu Dhabi and Dubai.  The estimated cost of these projects will exceed $100 billion over the next 10 years.  Work has started on the $8 billion Dolphin Gas Project which covers Qatar, the UAE and Oman.  The project is expected to be the world's largest gas program and a major strategic initiative designed to stimulate industrial investments in the UAE and develop an extensive gas supply and infrastructure system in the Gulf region.  The project is expected to deliver Qatar gas to the UAE, Oman and eventually South Asia via an undersea pipeline.

Oman's near term development strategy centers on expansion of LNG exports
and domestic gas-based industries and power, creating significant potential
opportunities for U.S. companies in natural gas development and power
generation.  Later this year, Oman will inaugurate its $2 billion Oman LNG
plant, a 6.6 MTPA facility that will deliver LNG in long-term contracts to
Korea, Japan and India.  New gas-driven power projects expected to be
completed in the coming years include a $250 million 200MW plant in Salalah,

Source: Department of Commerce  

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