In This Issue

o   LINK OF THE WEEK - US Central Command
o   GULFWIRE FLASHBACK - OVER THREE YEARS OF GULFWIRE

o   BUSINESS & FINANCE NEWS
  ·   Region
      - Energy Futures - 05.23.03       
      - Oil Prices Rise as Supply Fears Grow      
      - CNBC Arabiya 24-Hour Channel to go on Air From DMC in June 
      - Which Arab Currencies are Overvalued?
      - CNBC to Speak Arabs' Language
      - Saudi Arabia Eases OPEC Rumors
      - GCC Likely to Curb Foreign Fund Firms
      - Interviews-Bechtel says Iraq Contracts Open to Arab Firms
  ·   Bahrain
      - U.S. Pursuing Bahrain Trade Agreement
      - Bahrain Assesses Harbor Project
  ·   Kuwait
      - Kuwait Islamic Banking Law Opens Doors for Others
  ·   Oman
      - On Course to Create 1M Jobs for Omanis
      - Oman Signs Agreement for Establishing Sohar Refinery
      - Plan to Protect Oman Site as Tourist Attraction
  ·   Qatar
      - Qatar Signs 'Paris II' Loan for $200 Million
  ·   Saudi Arabia
      - Western-Owned Businesses in Jeddah Take a Direct Hit
      - Saudi Arabia Attracts Over $13B in Capital
      - More Job Sectors to Open up for Saudi Women
      - 100 Saudi Women may Apply for Business Licenses
      - Saudi Families Discovering New Travel Destinations
      - Contract Signed to Employ Saudis at McDonald's Outlet
      - Signs of Investors Confidence in Tourism
      - New Saudi-German Group Formed
      - Gas Plant Ready Ahead of Schedule
   ·  UAE
      - UAE Budget Forwarded to Cabinet 
      - Offshore Firms can Own Palm Property
      - Workers Will Face Six-Month Ban

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News - Region

'AL-QAEDA' URGES FRESH ATTACKS
"The Arabic television channel al-Jazeera has broadcast what it says is an audio tape of al-Qaeda's second-in-command urging Muslims to carry out more suicide attacks… …a man identified by the channel as Ayman al-Zawahri urges attacks on the embassies and interests of the United States, Britain, Australia and Norway…" Complete report…
~~GulfWire Link~~
ARAB COORDINATION TO COMBAT TERRORISM - GWD Jan. 13, 2003

ROAD MAP UPDATE
"Palestinian Prime Minister Mahmoud Abbas asked Israeli Prime Minister Ariel Sharon to officially accept the road map for peace during their meeting in Jerusalem… …Sharon has not officially accepted the blueprint and was expected to seek amendments to the three-phase plan during his trip to Washington for talks with US President George W. Bush…" Complete report…
Also:
WHITE HOUSE BENDS TO ISRAELI 'ROAD MAP' DEMANDS
~~GulfWire Link~~
EXCLUSIVE: ROADMAP SEEKS END OF CONFLICT BY 2005 - GWD Apr. 21, 2003

U.S. EYES PRESSING UPRISING IN IRAN
"The Bush administration, alarmed by intelligence suggesting that al Qaeda operatives in Iran had a role in the May 12 suicide bombings in Saudi Arabia, has suspended once-promising contacts with Iran and appears ready to embrace an aggressive policy of trying to destabilize the Iranian government..."  Complete report...

GCC CALLS FOR EFFORTS TO ROOT OUT TERRORISM
"GCC leaders during a one-day summit here [May 21] strongly condemned recent terror bombings in Saudi Arabia and Morocco and called for international efforts to root out terrorism…" Complete report…

GCC INTELLIGENCE CHIEFS TO MEET
"Top security chiefs from Gulf Arab states are due to meet here [May 25] to review their anti-terrorism plans and coordinate efforts… …the meeting would focus on 'working out appropriate plans and step up monitoring and hunting of suspects'…" Complete report…

GCC STATES PLAN UNIFIED TOURIST VISAS
"Prince Sultan ibn Salman, secretary-general of the Supreme Commission for Tourism, said here [May 18] the Gulf states were preparing a proposal to issue unified tourist visas for foreign tourists… …The unified visa… …could boost tourism revenue for the Kingdom and the Gulf countries at a time when the worldwide tourism industry is suffering under threats of terrorism and Severe Acute Respiratory Syndrome…" Complete report…
~~GulfWire Link~~
CALL FOR UNIFIED GCC MUNICIPAL POLICIES - GWD Jan. 27, 2003

ARABS LASH OUT AT TERRORIST ATTACKS
"…Recent terrorist attacks have angered millions across the region not just because of their brutality, but because innocents -- including Arabs and Muslims -- were caught up in the violence… …Regional political and religious leaders have joined ordinary people in condemning the Saudi and Moroccan attacks, which killed around 80 people -- including the teams of suicide bombers…" Complete report…

GEN. TOMMY FRANKS ANNOUNCES HIS RETIREMENT 
"Tommy R. Franks, the Army general who commanded U.S. forces to battlefield victories in Afghanistan and Iraq, has decided to retire after 36 years in uniform... ...Franks' senior deputy in the Persian Gulf, Army Lt. Gen. John Abizaid, is considered a leading candidate for the top job. The command is responsible for American military activities in 25 countries, from Kazakhstan in Central Asia to the Arabian Peninsula to the Horn of Africa..." Complete report...  
Also:
FRANKS TO LEAVE CENTRAL COMMAND AND RETIRE  
Bio - LTG Abizaid  
~~GulfWire Link~~ 
NEXT U.S. CENTRAL COMMAND 'CINC' NAMED - GWD May 22, 2000

News - Bahrain

U.S., BAHRAINI DEFENSE OFFICIALS DISCUSS GULF, TERROR SITUATIONS
"Terrorists are the enemy of free people everywhere, and Bahrain welcomes U.S. leadership in the struggle against global terrorism, Bahraini Defense Minister Shaikh Salman bin Hamad Al-Khalifa said following a meeting at the Pentagon [May 21]..."  Complete report...

LETTER FROM BAHRAIN: FOCUS ON PERSONAL STATUS LAW
"…Bahrain has been leading a movement towards "democracy" for three years, restoring the parliament and giving women the right to practice politics including running for office. The reforms have entered almost every institution, except for family court - called Sharia Courts - they complain. They say women were always the losing party in those courts. It is time to open the courts' doors for reforms…" Complete report…
~~GulfWire Link~~
BAHRAIN IN BID TO UNIFY PERSONAL STATUS - GWD May 12, 2003

News - Kuwait

KUWAIT CABINET OKS JULY 5 ELECTIONS
"Kuwait's Cabinet approved [May 18] a bill calling for parliamentary elections on July 5 and sent it to the emir for ratification… …Hundreds of Kuwaitis are expected to register as candidates for the 25 constituencies. The law stipulates that all candidates should be Kuwaiti by birth and registered on the electoral roll. They must be over 30 years old, know how to read and write Arabic, and have no criminal record…" Complete report…
~~GulfWire Link~~
KUWAITI FEMINISTS CLING TO HOPES FOR RIGHT TO VOTE - GWD Mar. 17, 2003

US CITIZENS IN KUWAIT URGED TO DOUBLE SECURITY
"The United States on [May 20] urged US citizens in Kuwait to redouble their security precautions amid new fears of terrorist attacks… …In a message to Americans living in Kuwait, the US embassy in Kuwait City recommended that new security steps be taken due to the current uncertain security environment in the Middle East, Gulf and North Africa…" Complete report…
~~GulfWire Link~~
KUWAIT WORRIES OVER SECURITY - GWD Jan. 27, 2003

KUWAIT TO EASE RESTRICTIONS IN NORTHERN AREAS
"Kuwait said on [May 21] it would ease restrictions on public access to northern areas of the country sealed off before the U.S.-led invasion of Iraq for security reasons… …The spokesman said individuals would be allowed into the restricted area with special passes from security bodies but a ban on camping, hunting or cattle grazing would remain in place…" Complete report…
~~GulfWire Link~~
KUWAIT'S NORTHERN HALF IS SET ASIDE FOR MILITARY - GWD Feb. 3, 2002

                                                 News - Oman

WOMEN ENCOURAGED TO TAKE PART IN OMAN POLL
"Raheelah Al Riyami, a member of Majlis Al Shura has said that Oman women have been granted rights to take part in the Majlis Al Shura elections… …She hopes that Omani women would play an active role in the elections. She praised the Majlis' growing role in the country…" Complete report…
~~GulfWire Link~~
VOTERS TO SELECT 83 MAJLIS MEMBERS IN OCTOBER ELECTIONS - GWD Feb. 10, 2003

OMAN TO INTRODUCE NEW HIGH-TECH IDENTITY CARDS
"Oman will be the first Arab country to introduce a machine-read smart card with stored thumbprint to vouch for personal identity… …'New identity cards (smart cards) will be issued from November this year to mark the National Day celebrations'…" Complete report…

SULTAN QABOOS ON TWO-NATION PRIVATE VISIT
"His Majesty Sultan Qaboos left for Qatar and Egypt on a private visit [May 22]… …Qaboos will meet with His Highness Sheikh Hamad bin Khalifa Al Thani, Emir of Qatar, and President Hosni Mubarak of Egypt. The meetings will cover the excellent bilateral relations and aspects of the existing co-operation between Oman and the two countries…" Complete report…

News - Qatar

GCC INSIGHTS: QATAR MOVES FORWARD WITH REFORM MEASURES
"Qatari authorities seem determined to enhance the role played by the private sector in the economy. In the recent past, the government introduced numerous measures aimed at encouraging private investors, local and foreign, to invest in the economy..."  Complete report...

News - Saudi Arabia

GOVERNMENT VOWS TO STAMP OUT TERRORISM
"Saudi Arabia declared [May 19] it was capable of stamping out terrorism with the cooperation of other countries… …Addressing the first meeting of the Cabinet after last week's "horrendous" bombings in Riyadh, the crown prince insisted that the attacks would not affect the Kingdom's security and stability…" Complete report…

SAUDI ENVOY FEARS ANOTHER MAJOR ATTACK
"A senior Saudi official said [May 19] he believed the suicide bombers who struck Riyadh last week were planning a much bigger operation and he feared another devastating attack… …Prince Bandar said U.S. and Saudi intelligence were picking up 'a high level of (electronic) chatter, regionally and in other international spots', which could indicate that something else was being planned…" Complete report…

REFORMS CRITICAL FOR PROGRESS: KING FAHD
"Saudi Arabia announced [May 17] that it would go ahead with its reform programs, broaden the scope of popular participation and open new areas for women to work in… …King Fahd also reaffirmed the government's resolve to fight terrorism as well as administrative corruption…" Complete report…
~~GulfWire Link~~
SAUDIS CALL FOR REFORMS, TOLERANCE - GWD May 19, 2003
REFORM DEBATE RAGES IN SAUDI ARABIA - GWD Mar. 10, 2003


KINGDOM ARRESTS FOUR MORE
"In addition to the two Moroccans arrested on [May 19] at Jeddah International Airport, who security sources had said were planning to carry out a Sept. 11-style suicide attack after hijacking an aircraft, US diplomats said yesterday that on [May 20] at least another four Saudis had been arrested in sweeps… …Some of those arrested on Tuesday are believed to have been affiliated to Al-Qaeda cells, while others were in the process of planning further attacks…" Complete report…

NAIF DENIES HIJACK BID
"Interior Minister Prince Naif [May 21] denied as 'baseless' foreign agency reports that security forces had arrested three Moroccans in Jeddah who were planning to hijack a civilian plane and carry out a suicide operation… …the minister said police had held two Moroccans who were wanted for previous security cases…" Complete report…

GUNMAN HELD AT US SAUDI OFFICE
"A US consulate in eastern Saudi Arabia has closed to the public after a gunman was arrested outside its gates, a week after 34 people died in a series of suicide bombings… …The US State Department said that an 'armed individual was apprehended at the initial barrier gate'…" Complete report…
~~GulfWire Link~~
AMERICAN, BRITISH SCHOOLS CLOSED TILL FURTHER NOTICE - GWD May 19, 2003

US DIPLOMATIC POSTS REOPEN
The U.S. Embassy in Riyadh and U.S. consulates in Dhahran and Jeddah reopened on May 25 after security related closures according to CNN's Sheila MacVicar reporting from Riyadh.  Source: CNN [May 25]
Also:
SAUDI TERROR ALERT SHUTS EMBASSIES
US, BRITAIN, GERMANY CLOSE EMBASSIES
BRITAIN, GERMANY REOPEN SAUDI EMBASSIES
EXPAT SCHOOLS CLOSE EN MASSE

SAUDIS RE-EXAMINE AN ISLAMIC DOCTRINE CITED BY MILITANTS
"...Public debate has undergone a transformation since the bombings on May 12 that killed 25 people... ...It used to be taboo to even mention the word Wahhabi in print, and if you said it in conversation almost any Saudi would deny it existed as a separate school of thought. That still happens, of course. But the terrorist attacks in the heart of Riyadh have, at least for the moment, transformed the discussion about the religious roots of Islamic militancy and how it spreads through mosques, schools, state television and other official institutions..."  Complete report...

LAWMAKERS CRITICIZE SAUDI ARABIA
"U.S. lawmakers from across the political spectrum voiced a unified message [May 18] to Saudi Arabia: It's time to commit fully to the international fight against terrorism… …Several lawmakers took Saudi leaders to task for what they called a failure to act on U.S. intelligence that had warned before Monday that an attack appeared imminent…" Complete report…
~~GulfWire Link~~
SAUDIS TRIPLE BOMB INQUIRY; VOW JOINT ANTITERROR EFFORT - GWD May 19, 2003

SAUDI DIPLOMAT ON A SECRET MISSION
"A top Saudi diplomat, Prince Bandar bin Sultan, was dispatched on a last-minute, secret mission related to the war on terrorism… …Bandar was sent to an undisclosed location just before he was to appear on several U.S. television talk shows, explaining the last-minute cancellations…" Complete report…

AL QAEDA ARMS TRACED TO SAUDI NATIONAL GUARD
"Saudi authorities are investigating suspected illegal arms sales by members of the country's national guard to al Qaeda operatives in the country… …Problems in the Saudi Arabian National Guard are not new, according to the officials, and past audits of its armories have revealed that weapons were missing…" Complete report…

NO NATIONAL GUARDSMEN SOLD ARMS TO AL-QAEDA: PRINCE NAIF
"Prince Naif bin Abdulaziz, the interior minister has denied the allegations of the Washington Post newspaper that Saudi Arabia's National Guardsmen were involved in selling of the arms that were seized on May 6 in a house belonging to Al-Qaeda cell in Riyadh city… …The arms we found are not similar to those of the National Guard, he said…" Complete report…

SECURITY SOURCES: SAUDI ARRESTS AL QAEDA SUSPECTS
"Saudi Arabian authorities have arrested three suspected members of Osama bin Laden's al Qaeda network, security sources said [May 20], as the United States raised its terror alert status to 'high'… …The decision to raise the alert level to orange from yellow on the color-coded scale was made at the White House at a meeting of top national security officials after a review of recent intelligence…" Complete report…

SECURITY TIGHTENED AMID TERROR THREAT
"Foreign Minister Prince Saud Al-Faisal said here [May 20] that the Kingdom was increasing security measures with the aim of preventing further attacks… …Prince Saud stressed that removing the cause or 'breeding ground' of terrorism was an international responsibility and suggested that resolving the Palestinian issue would remove 'a great part of the reasons for terrorism in our region'…" Complete report…
~~GulfWire Link~~
US CRITICIZES SECURITY IN RIYADH - GWD May 19, 2003

RELIGIOUS POLICE SAY THEY ARE UNFAIRLY TARGETED
"Sheikh Ibrahim ibn Abdullah Al-Ghaith, president of the Commission for the Promotion of Virtue and Prevention of Vice, has admitted that his officials may have made mistakes. At the same time, however, he said his organization had been the victim of false allegations…" Complete report…

KING FAHD UNDERGOES EYE SURGERY
"Custodian of the Two Holy Mosques King Fahd underwent eye surgery at a hospital here [May 19] and the operation was a success… …The king was admitted to the Riyadh hospital on [May 18]…" Complete report…

SCHOOL CURRICULUM
"A two-day symposium, "Curricula: Principles and Fundamentals", chaired by Minister of Higher Education Dr. Khaled Al-Anqari, opens [May 20]. It focuses on ways of modifying and improving Saudi Arabia's school curriculum, which has been at the center of a heated world debate following the attacks of Sept. 11 and the revelation that 15 of the 19 hijackers who carried them out were Saudi nationals…" Complete report…
~~GulfWire Link~~
ANQARI REJECTS ATTACKS ON CURRICULUM AS UNFOUNDED - GWD Feb. 11, 2002 

SAUDI TEXTBOOKS LACK GLOBAL DIMENSION
"In a paper presented on [May 21] during a conference on developing curricula held at King Saud University, Professor Reima Sado Al-Jarf recommended reviewing and restructuring Saudi history books and adding global perspectives to them… …The study also finds that all these books lack objectivity especially when approaching subjects such as communism, Orientalism, evangelism and Arab nationalism…" Complete report…

WOMEN'S COUNCIL SET UP TO ENHANCE SCIENTIFIC AWARENESS
"A women's council has been established at the Saudi Scientific Club here with the aim of promoting the talents of outstanding girls in the sciences and encouraging them to make scientific innovations… …The formation of the council comes after Custodian of the Two Holy Mosques King Fahd stated on [May 17] that women should play a major role in shaping the Kingdom's future…" Complete report…
~~GulfWire Link~~
MANPOWER COUNCIL TO BROADEN SCOPE FOR SAUDI WOMEN - GWD Apr. 21, 2003

MINISTRY PLANNING TO SET UP HUMAN RIGHTS SECTION
"The Social Affairs Division at the Ministry of Labor and Social Affairs is to be restructured and a Human Rights Section will be set up… …A ministerial decree on this will be issued soon…" Complete report…

TERRORISM TO TOP KOIZUMI'S RIYADH TALKS WITH ABDULLAH
"Global terrorism, especially the recent suicide bombings in the capital which killed 34 people and injured 194 residents including three Japanese nationals, will top the agenda of the talks between Crown Prince Abdullah, deputy premier and commander of the National Guard, and Japanese Prime Minister Junichiro Koizumi here on May 25…" Complete report…
~~GulfWire Link~~
AUTO INSTITUTE USHERS IN NEW SAUDI-JAPAN ERA - GWD Mar. 24, 2003

News - UAE

DUBAI TO MEET IRAQ'S NEED FOR PC'S
"Iraq could take as many as one million PCs in the first 12 months of the full lifting of sanctions with around 50 to 70 per cent of demand met from Dubai, Kuwait and Jordan… …If the sanctions were to be lifted by July/August, as is expected, Iraqi orders hitting the market will mostly be for the branded PCs. It will take a further three to six months for the assembled PC market operators to start making an impact…" Complete report…
~~GulfWire Link~~
UAE FORMS PANEL TO DEAL WITH IRAQ ON ECONOMY - GWD Apr. 28, 2003

Link of the Week

GulfWire Flashback - 3 Years of GW

  
<<ONE YEAR AGO>>
FROM GULFWIRE DIGEST (#148) WEEK OF MAY 27, 2002

MILITARY BIDS TO POSTPONE IRAQ INVASION
"The uniformed leaders of the U.S. military believe they have persuaded the Pentagon's civilian leadership to put off an invasion of Iraq until next year at the earliest and perhaps not to do it at all…" 

<<TWO YEARS AGO>>
FROM GULFWIRE DIGEST (#98) WEEK OF MAY 28, 2001

SAUDI KING EXPANDS ADVISORY COUNCIL FOR SECOND TIME
"...appointed an expanded 120-member consultative Shura council… …starts a four-year term on Saturday. It replaces a 90-member body…"

<<THREE YEARS AGO>>
FROM GULFWIRE DIGEST (#46) WEEK OF MAY 22, 2000

RAIL PROJECTS TALKS
"German transport officials will meet with Saudi counterparts this week to discuss plans for railway projects in the Kingdom... ...Saudi Arabia was planning to invest $4.5 billion on a nationwide rail network over the next five years."

Business News - Region

[GulfWire] ENERGY FUTURES - 05.23.03
Light Crude (NYM) $29.16 bbl UP from $28.70 bbl on 05.16.03
Brent Crude (IPE) $26.12 bbl UP from $26.10 bbl on 05.16.03
Heating Oil (NYM) $.7421 gal UP from $.75 gal on 05.16.03
Natural Gas (NYM) $6.226 mmbtu UP from $6.22 mmbtu on 05.16.03
Unleaded Gas (NYM)$.8573 gal UP from $.8455 gal on 05.16.03
Source: CNNfn

The Best Energy Resource in the World: Country Analysis Briefs by DOE/EIA                 OIL PRICES RISE AS SUPPLY FEARS GROW "World oil prices rose on [May 24], maintaining a two-week-long rally, as dealers looked beyond war and peace in Iraq toward tight global supply data…" Complete report… CNBC ARABIYA 24-HOUR CHANNEL TO GO ON AIR FROM DMC IN JUNE  "The 24-hour CNBC Arabiya business news channel promoted and operated by Middle East Business News (MEBN), under license from US network CNBC will go on air from the Dubai Media City (DMC) from June this year… …The channel aims to carve 5 to 7 percent of the nearly $200-million news-based advertising market in the region…" Complete report… Source:  Emirates Bulletin May 18, 2003 ~~GulfWire Link~~ AL ARABIA 24-HOUR NEWS CHANNEL LAUNCHED - GWD Feb. 24, 2003 WHICH ARAB CURRENCIES ARE OVERVALUED? "The Big Mac index was devised by The Economist magazine in 1986 as a light-hearted indicator of whether currencies are at their 'correct' valuation level… …The Big Mac index shows that the Saudi Riyal, at an exchange rate of 3.75 to the dollar and the UAE dirham at 3.67 to the dollar are undervalued by 11 percent and 10 percent respectively. However, with oil prices trading at $24 a barrel, the outlook for the Gulf currencies exchange rates remains quite stable…" Complete report… ~~GulfWire Link~~ GCC SINGLE CURRENCY 'NEED NOT BE PEGGED TO DOLLAR' - GWD Jan. 27, 2003 CNBC TO SPEAK ARABS' LANGUAGE "CNBC next month plans to launch an Arabic-language channel dedicated to Middle Eastern economic and business news. The channel, called CNBC Arabiya, will be based in the Persian Gulf emirate of Dubai and will have bureaus in Lebanon, Iraq, Saudi Arabia, Egypt and Bahrain…" Complete report… SAUDI ARABIA EASES OPEC RUMORS "Saudi Arabia, the world's top oil exporter and OPEC heavyweight, said on [May 22] that talk of Iraq leaving the oil cartel was based on faulty political assumptions and ignorance of the world oil market… … Iraq helped found the Organization of the Petroleum Exporting Countries in 1960, although its exports have been exempt from quotas since the United Nations imposed sanctions after its invasion of Kuwait in 1990…"Complete report… ~~GulfWire Link~~ KINGDOM PROMISES DIALOGUE FOR OIL PRICE STABILITY - GWD May 19, 2003 OPEC FACES UNCERTAIN FUTURE - GWD Apr. 28 GCC LIKELY TO CURB FOREIGN FUND FIRMS "GCC states are considering imposing restrictions against foreign investment companies offering ostensibly attractive packages to local investors who are tempted by quick profits and dissuaded by narrow investment instruments in the region…" Complete report… INTERVIEW-BECHTEL SAYS IRAQ CONTRACTS OPEN TO ARAB FIRMS "U.S. construction giant Bechtel said on [May 23] it would consider qualified Arab firms, including ones from Iraq, as it carves up millions of dollars in contracts for rebuilding the country… …Bechtel was chosen by the U.S. Agency for International Development (USAID) as the prime contractor to rebuild Iraq after the U.S.-led war in a deal that could be worth up to $680 million over 18 months…" Complete report… ~~GulfWire Link~~ MIDEAST FIRMS SEEK IRAQ CONTRACTS - GWD Apr. 28, 2003

Business News - Bahrain

U.S. PURSUING BAHRAIN TRADE AGREEMENT
"The White House said Wednesday it will begin pursuing a free trade agreement with Persian Gulf ally Bahrain, the first such effort announced since President Bush this month proposed a free trade zone in the Middle East… …The United States exported $419 million in goods to Bahrain in 2002, while $395 million in imports came into the United States from the country last year…" Complete report…
~~GulfWire Link~~
BAHRAIN SEEKS US TRADE BOOST - GWD Apr. 21, 2003

BAHRAIN ASSESSES HARBOR PROJECT
"Bahrain Financial Harbor developers have commissioned an international firm to assess the impact of their $1 billion project on the island's marine and coastal ecology… …The Environmental Impact Assessment (EIA) has now reached the half way stage… …The EIA examines the impact of the BFH development on the natural, social and economic environment surrounding the development…" Complete report…

Business News - Kuwait

KUWAIT ISLAMIC BANKING LAW OPENS DOORS FOR OTHERS
"The passing of Kuwait's long-awaited Islamic banking law, following its recent approval by the National Assembly, leaves Saudi Arabia and Oman the only two Gulf Cooperation Council (GCC) states which do not have an Islamic banking law in place… …With Islamic banks coming under such intense scrutiny and such unfair criticism from the international media post 9/11 for alleged and unproven involvement in terrorist money laundering, regulating Islamic banks under a clearly defined and inclusive legal and regulatory framework consistent with international best practice, could go a long way in helping to deflect these malicious attacks against Islamic banking…" Complete report…
~~GulfWire Link~~
BAHRAIN GEARS UP FOR GLOBAL ISLAMIC FINANCE CONFERENCE - GWD Mar. 31, 2003
ISLAMIC BANKING SECTOR IN SPOTLIGHT AT MAJOR FORUM - GWD Mar. 3, 2003

Business News - Oman

ON COURSE TO CREATE 1M JOBS FOR OMANIS
"The Sultanate is inching towards the goal of one million jobs for the citizens by 2020… …the other goal that they were working on was to reduce unemployment in Oman, which is around nine per cent…" Complete report…
~~GulfWire Link~~
NEW LABOR LAW WILL CONSOLIDATE OMANIZATION - GWD May 12, 2003

OMAN SIGNS AGREEMENT FOR ESTABLISHING SOHAR REFINERY
Oman signed an agreement May 19 to establish the Sohar Refinery worth 879 million dollars. The agreement was signed between the Omani Minister of Oil and Gas and the Japanese company JGC. The refinery, second in Oman, will produce 327,000 metric tons of propylene.
Source: KUNA
~~GulfWire Link~~
OMAN SEEKS $1B TO FINANCE REFINERY - GWD Jan. 27, 2003

PLAN TO PROJECT OMAN SITE AS TOURIST ATTRACTION
"Oman is considering a plan to project Khour Rouri's archaeological site in Dhofar as a major tourist attraction… …Khour Rouri site is located on the coastal strip between Taqah and Mirbat, around 40km to the east of Salalah…" Complete report…

Business News - Qatar

QATAR SIGNS 'PARIS II' LOAN FOR $200 MILLION
"Lebanon and Qatar inked an agreement for a $200 million loan at the Finance Ministry in Beirut on Friday, with the 15-year soft loan carrying a 5 percent annual interest rate and representing Qatar's commitment to the "Paris II" accords..."  Complete report...

Business News - Saudi Arabia

WESTERN-OWNED BUSINESSES IN JEDDAH TAKE A DIRECT HIT
"Many patrons of Western-owned businesses have opted to stay away until the threat of terrorist attacks has abated, some giving their business to their Saudi-owned and operated equivalent. Fueled by the closure of the American, British and German diplomatic missions and international schools until Saturday, many of these businesses are seen as possible targets of a terrorist attack…" Complete report…
~~GulfWire Link~~
BOYCOTT BAD FOR LOCAL BUSINESS, SAYS US DIPLOMAT - GWD Mar. 3, 2003

SAUDI ARABIA ATTRACTS OVER $13B IN CAPITAL
"Saudi Arabia has attracted more than $13 billion in local and foreign capital into its industries and other sectors in the past three years… …The figures showed the Gulf Kingdom, the world's oil powerhouse, is honoring its pledge to open up its market to non-Saudi investors as foreign shareholders controlled more than two-thirds of the projects approved since a key government investment body was created three years ago to lure foreign direct investment (FDI) and spur the oil-reliant economy…" Complete report…
~~GulfWire Link~~
OBSTACLES HAMPERING INFLOW OF FOREIGN INVESTMENT IDENTIFIED - GWD Apr. 21, 2003

MORE JOB SECTORS TO OPEN UP FOR SAUDI WOMEN
"Saudi women are expected to get more job opportunities in various sectors in the coming years, as the government seeks to widen the scope for working women in the country… …The growing number of Saudi women in the job market is likely to affect expatriate workers. According to the source, the female Saudi work force would reach 11 percent of the total Saudi work force and 37 percent of the total female work force in the country…" Complete report…

~~GulfWire Link~~
WOMEN AS REGIONAL DIRECTORS POSSIBLE - GWD May 12, 2003

100 SAUDI WOMEN MAY APPLY FOR BUSINESS LICENSES
"100 Saudi businesswomen are expected to apply for licenses for setting up investment projects in the Kingdom. Recently the Saudi Arabian General Investment Authority (SAGIA) opened the first center to serve Saudi and foreign women investors… … Saudi women's savings were estimated by some to be SR62 billion… …this huge amount of money was not in investment channels, something that negatively affects the Saudi national economy…" Complete report…
Also:
SAGIA SERVICE CENTER FOR BUSINESSWOMEN
~~GulfWire Link~~
ABDULLAH URGES BUSINESSMEN TO INVEST IN KINGDOM - GWD Mar. 17, 2003

SAUDI FAMILIES DISCOVERING NEW TRAVEL DESTINATIONS
"Spending the summer vacation abroad has been an annual habit for Saudi families for decades… …Asked what really determined the Saudi families' choice for their summer vacation, he said: 'We are talking about upper middle class families seeking an average of two to three weeks' vacation. They are looking for a place where it is easy to obtain a visa'…" Complete report…
~~GulfWire Link~~
WAR FEAR STOPPING SAUDIS FROM TRAVELING ABROAD -  GWD Feb. 10, 2003

CONTRACT SIGNED TO EMPLOY SAUDIS AT MCDONALD'S OUTLETS
"The Human Resources Development Fund has signed a contract here with Riyadh International Catering Corporation to provide jobs to 267 young Saudis in 52 McDonald's outlets in the Central and Eastern Provinces… … the Fund had played a key role in providing job opportunities for over 13,000 Saudis, both men and women, since the launch of the partnership program in March last year…" Complete report…

SIGNS OF INVESTOR CONFIDENCE IN TOURISM
"In a multimillion-dollar show of confidence in the future of the Kingdom's tourist industry, Saudi Arabia's first "live-aboard" dive boat has arrived in Jeddah. The investment in the craft follows the Kingdom's drive to attract low-volume high-spending foreign tourists to boost the inflow of foreign revenue… …Intended to capitalize on the growing eco-tourism market, the "Dream Voyager" carries state-of-the-art communications and navigation equipment…" Complete report…
~~GulfWire Link~~
KINGDOM SET TO FREE UP TOURISM SECTOR IN BID TO WOO WESTERNERS - GWD May 12, 2003

NEW SAUDI-GERMAN GROUP FORMED
"A new Saudi-German Business Group has been formed with Khaled Juffali as chairman. The non-profit association, which has 12 members to begin with - six each from the Kingdom and Germany… …'The group will serve the purpose of promoting bilateral business, cultural and social ties and also improve the image of the Kingdom in Germany'…" Complete report…

GAS PLANT READY AHEAD OF SCHEDULE
"Haradh Gas Plant, the second multibillion-dollar project for non-associated gas in Saudi Arabia, has started experimental production and is almost ready to come on-stream… …The project, under way 280 km (175 miles) southwest of Dhahran, is part of Aramco's long-term program of non-associated gas exploration and development…" Complete report…

Business News - UAE

UAE BUDGET FORWARDED TO CABINET
"The Ministry of Finance and Industry forwarded the 2003 federal budget to the Cabinet, in accordance with a new budgetary system which is under evaluation by the International Monetary Fund (IMF) and the United Nations Development Program (UNDP)… …The ministry also prepared the preliminary 2004 and 2005 budgets in the same system, to be used as guidelines in the future…" Complete report…
~~GulfWire Link~~
IMF-WORLD BANK TEAM IN DUBAI - GWD Jan. 13, 2003

OFFSHORE FIRMS CAN OWN PALM PROPERTY
"The offshore companies to be set up in Jebel Ali Free Zone (JAFZ) can own real estate properties on Palm Islands or Jumeirah Islands or any properties owned by Nakheel Company LLC or any other real estate properties approved by the Jebel Ali Free Zone Authority (JAFZA). 
This provision by JAFZA is part of the new set of regulations for offshore companies to be set up in the free zone…" Complete report…

WORKERS WILL FACE SIX-MONTH BAN
"Expatriate workers who get their residence visas cancelled ahead of departure from the country will get a six-month ban that prohibits them from taking on another job during this period… …The Cabinet has excluded nine job categories in its decision to ban transfer of sponsorship and those on the ban list must leave the UAE for at least six months if their visas are cancelled…" Complete report…

Contact Info

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