GulfWire Digest
A family of e-newsletters from the National Council on U.S.-Arab 
Relations & the U.S.-GCC Corporate Cooperation Committee

Newsletter #228                                                                                    Week of December 22-28, 2003

ABOUT GULFWIRE

GulfWire is a public service of the National Council on U.S.-Arab Relations and the U.S.-GCC Corporate Cooperation Committee

Publisher
Dr. John Duke Anthony
Editor-in-Chief
Patrick W. Ryan
Deputy Editor
Connie R. Trisdale
Editorial Assistant
Margaret Philpot
Research Assistant
B. F. Hammock

GulfWire@ArabiaLink.com

National Council on U.S.-Arab Relations
President and CEO: Dr. John Duke Anthony
U.S.-GCC Corporate Cooperation Committee
Secretary: Dr. John Duke Anthony
1140 Connecticut Avenue, NW
Suite 1210
Washington, DC 20036
Tel: 202.293.0801
Fax: 202.293.0903

The GulfWire family of e-newsletters and web site are developed, produced and maintained by 
Ryan & Associates

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The GulfWire Links that appear at the end of Digest reports transport you to related GulfWire Digest reports available through the GulfWire On-Line Archive --  access to thousands of archived reports published in GulfWire every week since 1999. They provide the background and context you need to understand current developments.

Independent commentary provided in 'GulfWire' and materials contained in the linked Internet sites do not necessarily reflect the views of the National Council on U.S.-Arab Relations or the U.S.-GCC Corporate Cooperation Committee.  News extracts and links contained in GulfWire have been reported in various media.  GulfWire and the National Council on U.S.-Arab Relations/U.S.-GCC Corporate Cooperation Committee have not independently verified the accounts referred to and do not vouch for their accuracy or the reliability of Internet links. Internet links were active the day of publication in GulfWire.

VISIT THESE SITES

Link to Amazon


Catalog of Publications 
from the Emirates Center for Strategic Studies and Research
[more]
on ArabiaLink.com

 

HAVE YOU READ THESE ?

> The United States Must Not Neglect Saudi Arabian Investment  By Tanya C. Hsu
> Saudi-American Forum Interview Ambassador Chas W. Freeman - A Relationship in Transition
> Flogging the Arabs for Votes? The 2004 U.S. Presidential Election and the Middle East By David T. Dumke
> Remember Khobar Towers by Louis J. Freeh
> Saudi Suicide Bombings Act Against Al Qaeda
by Wyche Fowler 
and Edward S. Walker
> Don't Let Bin Laden Win!
by Anthony H. Cordesman
> The Approaching Turning Point: The Future of U.S. Relations with the Gulf States by F. Gregory Gause, III
> In the Eye of Yet Another Storm: US-Saudi Relations and the Iraqi Campaign
by Gregory J. H. Dowling
> Saudi Arabia: Winds of Change in the Desert
by Sandra Mackey
> The Prince
by Elsa Walsh
> US-Saudi Ties Prove 
Crucial In War
by Michael Dobbs



Amazon.com -- Affiliate Sales

 

MEANWHILE, OVER AT THE SAUDI-AMERICAN FORUM..

> "Terrorists Strike Riyadh Compound in Suicide Bombing - [Special Report #2]"
> "Terrorists Strike Riyadh Compound in Suicide Bombing - [Special Report #1]"
> "Perspectives on Developments in US-Saudi Relations:  A Saudi Woman Speaks on the Issues"
> "President Bush on Freedom in the Middle East"
> "Redeployment of the F-15 to Tabuk," by Anthony H. Cordesman
> "Saudization:  Development and Expectations Management," by Grant F. Smith
> "Behind and Beyond the Headlines:  Saudi Arabia," by Karen Miller Lamb
> "Correcting Misconceptions About Women's Role in Saudi Society," by Maha Akeel, Arab News staff
> "Saudi Arabian Crown Prince Abdullah Discusses Relations between Muslim and Non-Muslim Nations"
> " 'In Defense of the Nation':  Terror and Reform in Saudi Arabia," by James A. Russell
> "Strengthening Arab-US Relations:  What Is Required?  A Saudi View of the Palestine Problem," by Amr Khashoggi
> "U.S.-Arab Economic Forum:  One World.  Two Cultures.  Endless Possibilities."
> "HRH Prince Saud Al-Faisal Foreign Minister of the Kingdom of Saudi Arabia at the U.S. - Arab Economic Forum"

[more SAF items]

[more SUSRIS items]


 

In This Issue

O   News
  ·   Region
       - GCC Summit
       - US To Add 2,000 Extra Iraq Troops
       - US Arrests More Iraqis; Saboteurs Target Oil
       - U.S. To Hire Scientists In Iraq To Aid Rebuilding
       - Bremer Survives Ambush
       - More Than $1 Billion In Iraqi Assets Found In Foreign Banks
       - Iran Signs Up To Nuclear Checks
       - Freeh Links Iran To Khobar Bombing
       - Don't Bow To U.S. On Reform, Top Islamist Tells Gulf
       - US 'Seizes Al-Qaeda Drugs Ship'
       - Arabs Push For Israel To Disarm
       - Sharon Threat Seen As Major Problem
       - Call To Root Out Causes Of Terrorism
       - Gulf Countries Set To Get Common Industrial Law
       - U.S. Surveys Religious Freedoms Worldwide
       - Saudi 'To Release Detained Bahrainis'
  ·   Bahrain
       - Scuffles Break Out At Rights Protest In Bahrain
       - Bahrain-Yemen To Form Society
  ·   Kuwait
       - Arab League Chief Hopes To End Row With Kuwait
       - Americans In Kuwait Urged To Be Alert
       - Kuwait Boosts Security For GCC Summit
       - Kuwait Man Identified As Shooter In Attacks
       - U.N. Ok's $1.4B For Iraq Kuwait Victims
  ·   Oman
       - Tourism Sector Targets 80PCT Omanization By 2007
  ·   Qatar
       - Sudan Shuts Down Al Jazeera Bureau
       - Bush Library Receives Royal Gift From Qatar
  ·   Saudi Arabia
       - Warning To US Diplomats In Saudi
       - Saudi Ministry Orders Polls In Tribal Region
       - National Dialogue
       - Unprecedented Public Ferment Among Once-Silent Saudis
       - Prince Dies In Accident
       - Jameel Wins Libel Case Against WSJ Europe
       - Kingdom To Launch News TV Channel
       - Saudi Arabian International School To Close
       - Budget Focuses On Education
       - Finance Ministry Outlines Budget Priorities
       - German Language Center Set Up
       - Kingdom, Sri Lanka Sign Landmark Deal
  ·   UAE
       - Expats Can Soon Volunteer For Civil Defense Teams
       - Dubai Desert Classic Prize Money Reaches $2 Million
       - Islamic Finance's Biggest Event Returns To Dubai
       - Half Of UAE Citizens Have Thalassaemia
       - UAE University Professors Win US Architectural Journal Award
       - UAE Receives Brunei's Decision On Free-Entry Of UAE Citizens
       - UAE Transports Iraqi Refugees In Pakistan To Iraq
O   Link Of The Week - Saudi-American Forum
O   GulfWire Flashback - Over Four Years Of GulfWire
O   Business & Finance News
  ·   Region
       - Energy Futures - 12.19.03
       - OPEC Chief Says US Pushing For No Cut In Oil Output
       - OPEC Members Shift Focus To LNG As Demand Rises
       - Region Moves Closer Towards Monetary Union
  ·   Bahrain
       - Microsoft To Train 1,000 Teachers
       - BMA Hints At Revamping Company Affairs Policies
  ·   Kuwait
       - Performance Of Kuwaiti Banks Improves
       - Kuwait Under Spends Budget
       - Kingdom's Reforms To Boost Investment In Various Sectors
  ·   Oman
       - Bank Muscat Acquires Citibank's Personal Loan Portfolio In Oman
       - $800M Methanol Project To Be Set Up In Oman
       - Govt. Embarks On Major Tourism Plan For Musandam
  ·   Qatar
       - Gas Giant Qatar Has Export Sights Set High
       - Qatar Airways Wins Rights Between Singapore And CEBU
       - QNCC Plans $120M Expansion In February
  ·   Saudi Arabia
       - Kingdom Signs WTO Pacts With 7 Nations
       - Saudi Aramco Launches $533M Independent Power Project
       - Saudi Arabia Boosts Investment In Bonds
       - Saudi-Russian Talks Focus On Investment In 'IT', Construction
       - Jeddah Economic Forum To Highlight Burning Issues
       - Asir Water Contracts Signed
       - 2,500 Saudi Companies Shift To Dubai
       - Jeddah Motor Show Opens
       - Mitsui To Build Saudi Arabia Power Plants
       - Income Tax Law Significant: Al-Assaf
       - Scrap Male Agent Requirement, Say Women Investors
       - Saudi Arabia Bans Dolls, Stuffed Animals
  ·   UAE
       - UAE Aims To Ease Foreign Investment Curbs
       - Air Arabia Emerges With Flying Colors In Its First Two Months
       - UAE Bond Market To Get Big Boost
       - Bank Of Sharjah To Expand Into Other GCC States
       - United Arab Emirates Offers To Host The 7th Afro-Arab Trade Fair


News - Region

GCC SUMMIT
"GCC leaders opened their 24th annual summit here [Dec 21] with a call by Kuwait's Prime Minister Sheikh Sabah Al-Ahmad Al-Sabah to fight terror.. .. The GCC's call to fight terrorism comes after two bomb attacks in Saudi Arabia, which killed more than 50 people and injured 200 others, and a series of shootings in Kuwait. The leaders of the Gulf Cooperation Council, which groups Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the United Arab Emirates, are expected to approve a joint statement on combating terror.." Complete report..
Also:
ABDULLAH TO LEAD SAUDI DELEGATION TO GCC SUMMIT
CONSOLIDATION OF GCC IS SOURCE OF POWER FOR ITS MEMBERS - HAMAD 
~~GulfWire Link~~
24TH ANNUAL GULF COOPERATION COUNCIL SUMMIT -- OPENING DAY PRESS REVIEW - GWP Dec. 21, 2003 

NOTE:
GulfWire Publisher Dr. John Duke Anthony is presently in the GCC region to attend the 24th annual GCC Summit in Kuwait City, Kuwait.  A report on his observations and analyses of the summit's deliberations and its results, as well as his meetings with the summiteers, will be forthcoming in GulfWire.

US TO ADD 2,000 EXTRA IRAQ TROOPS
"The United States says it is sending about 2,000 extra troops to Iraq and asking 3,500 more to stay on longer. Pentagon officials said the moves were designed to maintain capabilities over the next few months. The US military is to begin a massive rotation of forces at the start of next year that will see all 123,000 troops now in Iraq replaced by fresh units.." Complete report..
~~GulfWire Link~~
US TO END IRAQ OCCUPATION BY JUNE - GWD Nov 17, 2003

US ARRESTS MORE IRAQIS; SABOTEURS TARGET OIL
"US troops intensified a crackdown on anti-American guerrillas across volatile central Iraq [Dec 21] as saboteurs attacked fuel tanks and a pipeline, heightening an already acute oil crisis. Saboteurs, who have wreaked havoc on US efforts to restore the country's devastated infrastructure after Saddam Hussein's fall, set the fuel storage tanks ablaze in Baghdad and ruptured the pipeline feeding oil products to refineries in the capital.." Complete report..

U.S. TO HIRE SCIENTISTS IN IRAQ TO AID REBUILDING
"The United States announced a new program [Dec 18] to hire Iraqi scientists once involved in developing weapons of mass destruction, putting them to work on reconstruction projects as a way of preventing their defection to other countries.. ..The project is modeled on a program to prevent Russian and other scientists from selling their talents to other nations after the Soviet Union's demise. That larger effort has had mixed results over the past dozen years, experts said.." Complete report.. 

BREMER SURVIVES AMBUSH
"US administrator Paul Bremer escaped a rebel ambush on his convoy two weeks ago, authorities said [Dec 19]. An explosion, meanwhile, struck the office of a major Shiite party, killing an Iraqi woman.. ..Bremer was riding in an armored car near the Baghdad airport when a roadside bomb exploded and guerrillas attacked with small arms fire, but his convoy sped away, said Dan Senor, a spokesman for the US-led coalition.." Complete report..

MORE THAN $1 BILLION IN IRAQI ASSETS FOUND IN FOREIGN BANKS
"U.S. authorities have identified more than a billion dollars in Iraqi assets in banks in Syria, Lebanon and Jordan and are pursuing hundreds of leads in the United States concerning possible illicit financial transactions with the former Iraqi government.. ..Officials are pressing the hunt for many billions more Hussein is believed to have moved out of Iraq, worried that those funds are going to terrorist groups or are financing Hussein loyalists' attacks on U.S. troops.." Complete report..

IRAN SIGNS UP TO NUCLEAR CHECKS
"Iran has signed an agreement with the United Nations, which will allow tougher inspections of its nuclear industry. The Iranians have consented to the measure amid concern that they are trying to produce nuclear bombs - an allegation the Islamic republic denies.. ..The UN's nuclear watchdog will receive more access to data and greater powers, although snap inspections - such as those in pre-war Iraq - are ruled out.." Complete report..
~~GulfWire Link~~
U.S. WARNS IRAN OVER NUKE PLANS - GWD Dec 8, 2003

FREEH LINKS IRAN TO KHOBAR BOMBING
"Former FBI director Louis Freeh testified [Dec 18] that he believed there was 'overwhelming evidence' that senior Iranian government officials financed and directed the 1996 Khobar Towers bombing in Saudi Arabia.. ..The former director took particular interest in the investigation into the bombing, traveling to Saudi Arabia soon after the June 25, 1996 explosion.. ..Freeh said in a brief interview that he rejects recent theories that al Qaeda may have had a role in the Khobar Towers attack.." Complete report..

DON'T BOW TO U.S. ON REFORM, TOP ISLAMIST TELLS GULF
"A leading Kuwaiti Islamist parliamentarian on [Dec 20] urged six Gulf Arab states with close ties to Washington not to enact educational reforms on U.S. orders as part of a drive to fight terror. Lawmaker Waleed al-Tabtabae called on Gulf governments not to bow to pressure from the West on education reform, an issue high on the agenda of a Gulf Cooperation Council (GCC) summit meeting in Kuwait.." Complete report..

US 'SEIZES AL-QAEDA DRUGS SHIP'
"A boat containing drugs possibly linked to al-Qaeda has been seized in the Gulf, the US military says.. ..Twelve people on board were detained after it was found to be carrying almost two tons of hashish valued at up to $10M, a CENTCOM statement said. There were 'clear ties' between the shipment and al-Qaeda.." Complete report..

ARABS PUSH FOR ISRAEL TO DISARM
"Arab states have responded to Libya's pledge to abandon its nuclear, chemical and biological weapons programs by demanding that Israel do the same. Egypt said Israel should eliminate all its weapons of mass destruction, while Iran said Israel should be forced to follow Libya's example. Israel has never confirmed that it has nuclear weapons, but is widely believed to possess dozens of nuclear warheads.." Complete report..

SHARON THREAT SEEN AS MAJOR PROBLEM
"Israeli Prime Minister Ariel Sharon's threat this week to unilaterally separate Israelis and Palestinians, if negotiations falter, poses a new and significant challenge to U.S. diplomacy in the region.. ..While Sharon professed that he is committed to the U.S.-backed peace plan known as the road map -- which he has disdained for months -- the long-stalled peace initiative could well be buried by the steps he outlined in the speech, analysts said. In fact, Sharon significantly shortened the timetable for action -- "a few months" -- on a plan that is supposed to take effect over three years.." Complete report..

CALL TO ROOT OUT CAUSES OF TERRORISM
"Members of the Islamic Fiqh Academy, who concluded their seven-day deliberations in Makkah [Dec 17], emphasized the need to remove the conditions that breed terrorism and extremism by implementing Shariah. The academy, an affiliate of the Makkah-based Muslim World League, called for a meeting of scholars in the Muslim world to streamline fatwas (religious edicts) on contemporary issues.." Complete report.. 

GULF COUNTRIES SET TO GET COMMON INDUSTRIAL LAW
"The six GCC states are soon to have a common industrial law including industrial licensing, a move that would give a further fillip to regional unification. A senior government official involved with industry said it will come up for ratification at the summit in Kuwait next week.." Complete report..
~~GulfWire Link~~
IN THEORY: GCC COOPERATION REACHES A CRUCIAL JUNCTURE - GWD Nov 24, 2003

U.S. SURVEYS RELIGIOUS FREEDOMS WORLDWIDE
"A number of Muslim countries, including Saudi Arabia, Iran and Pakistan, show little tolerance for religions not sanctioned by the government, a State Department study said [Dec 18].. ..The report covered the status of international religious freedom worldwide.." Complete report..
~~GulfWire Link~~
U.S. 'DECIDES NOT TO BLACKLIST KINGDOM OVER RELIGIONS' - GWD Mar 10, 2003

SAUDI 'TO RELEASE DETAINED BAHRAINIS'
"A Bahraini, who was arrested by Saudi public security at the King Fahad Causeway border check-post in July, is expected to be released by the Saudi authorities.." Complete report..

                                                                                                          Back to top

News - Bahrain

SCUFFLES BREAK OUT AT RIGHTS PROTEST IN BAHRAIN
"Several thousand Bahrainis marched on {Dec 17] to denounce past human rights abuses in the pro-Western Gulf Arab state in an angry protest that led to scuffles between some demonstrators and security forces.. .. Angry protesters, mainly from the Shi'ite Muslim majority, chanted slogans against some of the country's Sunni Muslim rulers.. ..Bahrain saw Shi'ite-led unrest in the 1990s and some sectarian tensions still remain despite reforms by King Hamad bin Isa al-Khalifa including the release of political prisoners.." Complete report..
Also:
BAHRAIN RIOTERS THROW PETROL BOMBS AT POLICE  
RIOTS IN BAHRAIN AGAINST POP CONCERT
BAHRAIN DENIES REPORT ON USE OF FORCE AGAINST RIOTS
~~GulfWire Link~~
POP CONCERT IN BAHRAIN TRIGGERS VIOLENT PROTESTS - GWD Oct 27, 2003

BAHRAIN-YEMEN TO FORM SOCIETY
"A Bahraini-Yemeni Parliamentary Society will soon be formed in Manama and Sana'a after the chairmen of both Parliaments signed a mutual agreement [Dec 20]. Based on the agreement, both countries could exchange legislation, announce joint decisions in areas which interest to both nations and develop and bolster bilateral ties between them.." Complete report..

                                                                                                          Back to top

News - Kuwait

ARAB LEAGUE CHIEF HOPES TO END ROW WITH KUWAIT
"Arab League chief Amr Moussa, embarking on his first official visit to Kuwait since the Iraq war, said in remarks published on [Dec 20] he hopes to achieve reconciliation with the Gulf Arab state.. ..Moussa, one of the fiercest opponents of the U.S.-led war to oust Saddam Hussein, was accused by Kuwait in the run-up to the war of showing bias towards Iraq. Kuwait's foreign minister said Moussa had offended the oil-rich country, which was freed from Iraqi occupation by a U.S.-led coalition in 1991, and a Kuwaiti parliamentarian had said Moussa had 'sold' himself to Saddam.." Complete report..
~~GulfWire Link~~
'ALL PROBLEMS OVERCOME', MOUSSA TO VISIT KUWAIT SOON' - GWD Apr 28, 2003

AMERICANS IN KUWAIT URGED TO BE ALERT
"The U.S. embassy in Kuwait has urged Americans in the Gulf Arab state to be vigilant following gun attacks on U.S. military vehicles earlier this week..  ..While Kuwait authorities and the U.S. military investigate the attacks, the embassy said U.S. citizens should avoid unnecessary travel to installations used by U.S. forces.." Complete report..

KUWAIT BOOSTS SECURITY FOR GCC SUMMIT
"Kuwait [Dec 18] boosted security measures to the highest level ahead of [Dec. 21-22] GCC Summit.. ..Interior Minister Shaikh Nawaf Al Ahmed Al Sabah told parliament' interior and defense panel that a comprehensive security plan was in place for the summit and the Gulf Cup soccer tournament the country will host from December 24 to January 11.." Complete report..

KUWAIT MAN IDENTIFIED AS SHOOTER IN ATTACKS
"Kuwaiti authorities have arrested four people suspected of involvement in separate gun attacks on two U.S. convoys and a bus carrying expatriate Asian and Arab workers in Kuwait.. ..police arrested a suspected gunman, a 29-year-old Kuwaiti, and three alleged accomplices.. ..police believed he was the gunman who fired on U.S. military convoys outside Kuwait City [Dec 14].." Complete report.. 
~~GulfWire Link~~
US ARMY TRUCKS ATTACKED IN KUWAIT - GWD Dec 15, 2003

U.N. OKS $1.4B FOR IRAQ KUWAIT VICTIMS
"A United Nations panel has approved paying an additional $1.4 billion in damages to the victims of Iraq's 1990 invasion of Kuwait.. ..About $1 billion will go to Kuwait and Saudi Arabia to pay for environmental cleanup resulting from oil-well fires, oil spills and other pollution caused by Iraq, said Joe Sills, a spokesman for the U.N. Compensation Commission. Approval has been given for claims payments of $48 billion. The money used for the payments comes from Iraqi oil sales, and $18 billion has been handed out so far.." Complete report..
~~GulfWire Link~~
KUWAIT SNUBS $150M IRAQI OFFER - GWD Oct 20, 2003

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News - Oman

TOURISM SECTOR TARGETS 80PCT OMANIZATION BY 2007
"Oman is set on achieving a target of 80 percent Omanization in the tourism sector by 2007, Mohsin bin Khamis Al Baloushi, undersecretary for tourism, has told the Times of Oman. 'It should not be less than 80 percent, that is the targeted percentage by 2007,' he said. 'We would like to see it met, but nobody can predict the future..'"  Complete report..

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News - Qatar

SUDAN SHUTS DOWN AL JAZEERA BUREAU
"The Sudanese authorities on [Dec 18] decided to close Al-Jazeera's bureau in Khartoum without giving any reason and arrested Islam Salih, the bureau chief.. ..Salih had recently received threats from the security forces over Aljazeera's political coverage of Sudan.." Complete report..
~~GulfWire Link~~
IRAQ BAN FOR AL-JAZEERA, AL-ARABIYA - GWD Sep 29, 2003

BUSH LIBRARY RECEIVES ROYAL GIFT FROM QATAR 
"..Her Highness Sheikha Mozah Bint Nasser Al Missned of Qatar at the George Bush Presidential Library.. the speaker at [Dec. 19] 2 p.m. graduation at Texas A&M University and will also receive an honorary degree from the university. A&M officials did not reveal the amount of the donation.." Complete report..

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News - Saudi Arabia

WARNING TO US DIPLOMATS IN SAUDI
"The United States has said it will allow its non-essential diplomats to leave Saudi Arabia due to increased security concerns. It has also advised American citizens in the country to consider leaving.. ..Earlier this month, the US put its diplomats in Saudi Arabia on a heightened state of alert due to security concerns there. Last month, 18 people died when suicide bombers targeted a foreign workers' compound in the city.." Complete report..
Also:
AMERICANS ADVISED ON LEAVING SAUDI ARABIA
~~GulfWire Link~~
TERRORISTS EYE RIYADH RESIDENTIAL COMPOUND, CLAIMS US EMBASSY - GWD Dec 8, 2003

SAUDI MINISTRY ORDERS POLLS IN TRIBAL REGION
"..After the announcements that at least one-third of the municipal bodies members' would be elected through ballot and indications that some members of the Majlis-e-Shura (the Consultative body) could also be elected through a popular voting process, it seems that even the remotest corner of the otherwise tribal Saudi Arabia are also opening up to the idea of polls to elect their leaders.." Complete report..
~~GulfWire Link~~
ELECTIONS IN A YEAR - GWD Oct 20, 2003

NATIONAL DIALOGUE
"The second round of intellectual dialogue will be held in Makkah from Dec. 28 to Jan. 1, according to Faisal Muammar, secretary-general of King Abdul Aziz National Dialogue Center. He said local media would be allowed to report on the dialogue, which would cover 15 working papers.." Complete report..
~~GulfWire Link~~
FIRST NATIONAL DIALOGUE CENTER ESTABLISHED - GWD Aug 11, 2003

UNPRECEDENTED PUBLIC FERMENT AMONG ONCE-SILENT SAUDIS
"The capital is abuzz. Everywhere, it seems, from sidewalk cafes to women's salons behind closed doors, Saudis are talking about societal changes. 
Religious extremism and democratic and educational reforms, as well as women's issues, are paraded for public discussion in what has long been one of the most tight-lipped and tightly controlled lands in the Middle East. While actual political reform may be moving at a snail's pace by Western standards, the new degree of openness is earthshaking here.." Complete report..

PRINCE DIES IN ACCIDENT
"Prince Muhammad ibn Khaled ibn Abdullah ibn Muhammad ibn Abdul Rahman died yesterday at the age of 36 following a road accident, the Royal Court said. Funeral prayers for the late prince will be held at the Imam Turki ibn Abdullah Mosque here Dec 20]."
Complete report..

JAMEEL WINS LIBEL CASE AGAINST WSJ EUROPE
"In a landmark decision in the London High Court on [Dec 19], Mohammed Jameel, president of the Abdul Latif Jameel Group, won a libel case against the Wall Street Journal Europe.. ..The proceedings related to an article headed "Saudi Officials Monitor Certain Bank Accounts" that was published in the Wall Street Journal Europe on Feb. 6, 2002. The article alleged that the ALJ Group was "one of a number of prominent Saudi businesses which were being monitored by the Saudi banking regulators" at the request of US law enforcement agencies.." Complete report..

KINGDOM TO LAUNCH NEWS TV CHANNEL
"Saudi Arabia will launch its own satellite news TV channel early next year, it was announced [Dec 16]. Culture and Information Minister Dr. Fouad Al-Farsy said the new channel would offer continuous coverage of international news and current affairs.. ..A portion of programs would be devoted to covering events in the Kingdom, he added. Al-Farsy said the channel would air live talk shows about topical issues in addition to recorded programs on the Kingdom and other countries.." Complete report..

SAUDI ARABIAN INTERNATIONAL SCHOOL TO CLOSE
"The Saudi Arabian International School (SAIS) is to close. Saudi Arabian Airlines, the school sponsor, has decided that the school is redundant and will cease to function at the end of the 2003/04 school year.. ..Known as the American School, it has been in existence for 52 years, is fully accredited by Middle States Association of Colleges and Schools and has 717 pupils.." Complete report..

BUDGET FOCUSES ON EDUCATION
"Education and training got the lion's share in Saudi Arabia's 2004 national budget, which projected revenue at SR200 billion ($53.3 billion) and expenditure at SR230 billion ($61.3 billion). The deficit budget, which was endorsed by the Council of Ministers chaired by Custodian of the Two Holy Mosques King Fahd in Riyadh [Dec 15], earmarked SR63.65 billion ($16.97 billion) for general education, higher education and manpower training.." Complete report..
~~GulfWire Link~~
SAUDI EDUCATION SYSTEM - GWD Feb 3, 2003

FINANCE MINISTRY OUTLINES BUDGET PRIORITIES
"To coincide with the announcement of the new budget, the Ministry of Finance [Dec 15] published a review of government revenues and expenditure for 2003 and 2004.." Complete report..
Also:
REPORT RAISES CONCERN AT HIGH LEVEL OF RECURRENT GOVERNMENT SPENDING

GERMAN LANGUAGE CENTER SET UP
"A new German language center has been established under the auspices of the recently formed Saudi German Business Group and the German Consulate. It began offering courses in November.. ..The consul general believes the language courses will prove useful for Saudis because there are business opportunities and educational opportunities in learning German.." Complete report..
~~GulfWire Link~~
SULTAN TO OPEN SAUDI-GERMAN HOSPITAL IN MADINAH - GWD Nov 10, 2003

KINGDOM, SRI LANKA SIGN LANDMARK DEAL
"Dr. Nizar Obaid Madani, the Kingdom's assistant minister of foreign affairs, wrapped up his three-day visit to Sri Lanka [Dec 18] by signing a landmark accord to boost relations in the commerce, science, culture and youth affairs.. ..A joint economic commission set up under the agreement will hold its maiden meeting sometime next year.." Complete report..

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News - UAE

EXPATS CAN SOON VOLUNTEER FOR CIVIL DEFENSE TEAMS
"Expatriates will soon be allowed to assist Civil Defense as volunteers during natural and manmade disasters. The decision follows amendments to a federal law calling UAE nationals to volunteer for Civil Defense during emergencies. 
The long-awaited amendments were last week approved by the Federal National Council with minor changes.." Complete report..

DUBAI DESERT CLASSIC PRIZE MONEY REACHES $2 MILLION
"Prize money for next year's Dubai Desert Classic will reach $2 million for the first time in the tournament's history, organizers of the event said [Dec 21]. World number one Tiger Woods said earlier this month he would compete in the event scheduled for March 4-7 after opting out this year due to the Iraq crisis.." Complete report..

ISLAMIC FINANCE'S BIGGEST EVENT RETURNS TO DUBAI
"The most important international networking event in the calendar of the multi-billion dollar global Islamic finance sector is set to return to the United Arab Emirates early next year. Close to 1,000 of the world's top Islamic finance practitioners from more than 40 countries attended the two International Islamic Finance Forum events in Dubai and Istanbul during 2003. The first Forum of 2004 will take place from 6 to 9 March in Dubai and the organizers predict that it will be the biggest and most successful yet.." Complete report..

HALF OF UAE CITIZENS HAVE THALASSAEMIA
"Nearly half of all citizens of the United Arab Emirates (UAE) have thalassaemia, a hereditary genetic condition that causes abnormal red blood cells and possibly severe anemia.." Complete report..

UAE UNIVERSITY PROFESSORS WIN US ARCHITECTURAL JOURNAL AWARD
"A research paper by two UAE University (UAEU) professors on Mashrabiy'ya, a Middle Eastern architectural device, has won an 'Outstanding Article of the Year 2004' award in the US. The paper presents Mashrabiy'ya - the partition or screen through which women can look outside while being hidden from the gaze of others due to the design of the partition - from a non-conventional standpoint. While Mashrabiy'ya is promoted as a typical motif of the East, making it a mark of subjugation and confinement, the authors held it otherwise.." Complete report..

UAE RECEIVES BRUNEI'S DECISION ON FREE-ENTRY OF UAE CITIZENS
"The UAE has received Brunei's decision to allow UAE citizens enter its territory and stay for 30 days without requirements of visa. In March Brunei joined the list of countries, which have agreed to the UAE's proposal of exempting UAE citizens of pre-entry visa requirements. Brunei's move was in response to a UAE decision to give citizens of Brunei free entry along with other 33 nationalities.." Complete report..

UAE TRANSPORTS IRAQI REFUGEES IN PAKISTAN TO IRAQ
"Iraqi refugees stranded in Pakistan for over seven years for their political opposition to former Iraqi regime were at last went home thanks to UAE President H.H. Sheikh Zayed bin Sultan Al Nahyan, who ordered the repatriation operation in response to an international appeal to the UAE for help.. ..The Iraqis were forced to stay in Pakistan after the ex-Iraqi regime refused to renew their passports.." Complete report..

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Link of the Week / GulfWire Flashback - Four Years of GW

LINK OF THE WEEK

Saudi-American Forum

The Saudi-American Forum is an information service designed to provide timely information -- background and current issues -- impacting the Saudi-U.S. relationship. 

The Forum is a resource for Americans who value the relationship between the United States and Saudi Arabia and who want to act in response to erroneous and misleading depictions of the relationship in the media and elsewhere.  The Forum is a vehicle for stakeholders in the Saudi-U.S. relationship to contribute their experiences and their ideas and opinions on the issues of the day.     [more]

                     <<ONE YEAR AGO>>
GULFWIRE DIGEST (#176) WEEK OF DEC 23, 2002

DOWNGRADED GULF SUMMIT CONVENES TO THE BEAT OF US WAR DRUMS
"The annual year-end summit of the six Gulf Arab monarchies is to open here Saturday without most of the heads of state from the oil-rich bloc, despite mounting prospects of a US-led war against Iraq. Only outgoing Gulf Cooperation Council (GCC) chairman Oman and host Qatar will be represented at head of state level during the two-day meeting, whose agenda will be topped by the Iraqi crisis, the Israeli-Palestinian conflict and an imminent GCC customs union.." 

<<TWO YEARS AGO>>
GULFWIRE DIGEST (#127) WEEK OF DEC 23, 2001

GCC SUMMIT TO TAKE FIRM ANTI-TERROR STAND
"GCC leaders holding their 21st summit in Oman next week are expected to issue a strong statement condemning terrorism, diplomats said yesterday. "According to my information, the GCC leaders are going to their summit with terrorism high on their agenda," a UAE-based Arab diplomat said. "I expect a strong statement against terrorism and a pledge to do their best to support anti-terror efforts... but they will also emphasize the need to deal with terrorism in all its forms, including state terrorism.."

<<THREE YEARS AGO>>
GULFWIRE DIGEST (#77) WEEK OF DEC 25, 2000

GCC MINISTERS MEET IN BAHRAIN TO COMPLETE SUMMIT AGENDA
"The six GCC foreign ministers will meet [in Bahrain] again on December 28 to put the final touches to the agenda of the upcoming two-day Gulf Cooperation Council summit which is expected to focus on creating a strong joint economy and breathing life into unimplemented laws. The GCC leaders are to meet in Manama December 30-31.." 

 <<FOUR YEARS AGO>>
GULFWIRE DIGEST (#24) WEEK OF DEC 20, 1999

POLITICAL REFORM IN BAHRAIN
"On the occasion of Bahrain's National Day on Thursday, Emir Shaikh Hamad bin Isa Al Khalifa said he would revive the municipal election system as the 'correct start of popular representation,' according to Friday's Khaleej Times.  Shaikh Hamad said, "We want a renewal of Bahrain's renaissance in public administration, the economy and trade, and also in fields of education, thought, social life, and the progress of women, and all the systems and institutions in which Bahrain has been a leader.." 

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Business - Region

[GulfWire] ENERGY FUTURES - 12.19.03
Light Crude (NYM) $33.02 bbl UP from $32.45 bbl on 12.12.03
Brent Crude (IPE) $30.05 bbl UP from $29.73 bbl on 12.12.03
Heating Oil (NYM) $.9465 gal UP from $.91 gal on 12.12.03
Natural Gas (NYM) $7.023 mmbtu UP from $6.76 mmbtu on 12.12.03
Unleaded Gas (NYM) $.9197 gal UP from $.885 gal on 12.12.03
Source: CNNfn

OPEC Price Band (Source: EIA, DOE)
The Best Energy Resource in the World:
Country Analysis Briefs
by DOE/EIA

OPEC CHIEF SAYS US PUSHING FOR NO CUT IN OIL OUTPUT
"OPEC President Abdullah Al-Attiyah said on [Dec 19] the Bush administration raised concerns with him that oil demand will be strong next year and 'indirectly' asked the group not to cut output.. ..The Bush administration is concerned that higher prices would 'negatively' affect US economic growth, Attiyah said. High oil prices could also become a politically sensitive issue in the 2004 US presidential election campaign.." Complete report..
~~GulfWire Link~~
OPEC MAY HIKE OUTPUT IF OIL PRICE STAYS ABOVE $28 A BARREL - GWD Oct 20, 2003

OPEC MEMBERS SHIFT FOCUS TO LNG AS DEMAND RISES
"Some of OPEC's biggest members shifted their attention from crude oil to liquefied natural gas exports [Dec 17] at a Bush administration meeting that aims to boost US imports of the refrigerated fuel.. ..Energy ministers from Saudi Arabia, Indonesia, Venezuela, Algeria and Qatar - key members of the OPEC - will be among 22 nations at the two-day meeting to discuss ways to ramp up exports to the US market.." Complete report..
~~GulfWire Link~~
GULF LNG OUTPUT TO GROW AS ASIAN DEMAND CLIMBS - GWD Jan 20, 2003

REGION MOVES CLOSER TOWARDS MONETARY UNION
"The Gulf States have moved closer towards monetary union and a single currency with [Dec 20] announcement of the launch of a technical committee to push the initiative forward.. ..under the chairmanship of Mohammed Al Meraikhi. The board reviewed a report on the GCC monetary union and the steps taken so far. They include the formation and setting forth of terms of reference of a technical committee of representatives of GCC ministries of finance and central banks, together with proposed criteria to bring the economic performances of GCC states closer to each other - a stage which precedes the creation of a monetary union and establishment of a single currency.." Complete report..


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Business - Bahrain

MICROSOFT TO TRAIN 1,000 TEACHERS
"Microsoft and the Ministry of Education [Dec. 20] signed a major project for providing training to about 1,000 teachers in Bahrain.. ..The signing of this landmark agreement with the Ministry of Education means that Microsoft will help the Government's 'Schools for the Future' initiative and support the drive to open up resources and understanding amongst teachers of the latest technologies and the benefits these technologies can bring to their students' education.." Complete report..

BMA HINTS AT REVAMPING COMPANY AFFAIRS POLICIES
"New policies may be brought in to govern the way companies are run in Bahrain. The Bahrain Monetary Agency (BMA) may revamp policies related to corporate governance in the new year, Governor Shaikh Ahmed bin Mohammed Al Khalifa said [Dec 20].." Complete report..

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Business - Kuwait

PERFORMANCE OF KUWAITI BANKS IMPROVES
"In the months that have elapsed since the end of the war in Iraq, Kuwait has witnessed increased activity in most of the sectors. Banking sector, which had been amongst the best performing sectors of the economy, has seen increased profits from investments and balance sheet restructuring, despite the prevailing low interest rates.. ..The aggregate balance sheet size of local commercial and specialized banks was higher by 10.22 percent during the nine-month period ending September 2003 as compared to the same period last year.." Complete report..

KUWAIT UNDERSPENDS BUDGET
"In its latest economic brief on public finance, National Bank of Kuwait reports that the preliminary government budget figures released by the Ministry of Finance for the first six months of fiscal year 2003/04 (FY03/04) show a surplus of KD 1.69 ($5.76) billion.. ..The result reflects major improvement: A sizeable rise in oil revenues coupled with an unanticipated drop in spending contributed to widening the surplus by 70% compared with the first six months of FY02/03.." Complete report..

KINGDOM'S REFORMS TO BOOST INVESTMENT IN VARIOUS SECTORS
"..the highlights of the Kuwait-based Global Investment House's (GIH) first report on the Economic & Strategic Outlook of the Kingdom. Arab News serializes the report in three parts, beginning with the first part [Dec 21]. The report's second part will appear [Dec 22] and the concluding part on [Dec 23].." Complete report..

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Business - Oman

BANKMUSCAT ACQUIRES CITIBANK'S PERSONAL LOAN PORTFOLIO IN OMAN
"BankMuscat has acquired Citibank's personal loan portfolio in the Sultanate. The acquisition deal followed a detailed period of due diligence in order to ensure a smooth transition to BankMuscat and has already been fully communicated by Citibank management to all customers.. ..The bank's total assets (including overseas operations) as on September 30, 2003 rested at $3,849 million and shareholders' funds at $432 million.." Complete report..
~~GulfWire Link~~
OMAN'S BANKING SECTOR ON SOUNDER FOOTING FOR 2004 - GWD Oct 27, 2003

$800M METHANOL PROJECT TO BE SET UP IN OMAN
"Oman's ambitious plans to create a heavy industry base in the country using its abundant natural gas reserves as the feedstock received a timely boost with the signing here on [Dec 17] of a joint venture agreement for setting up a methanol project involving a total capital outlay of around $800 million in Sohar in the Batinah region.. ..Seventy per cent of the cost will be financed through loans and the rest raised by promoters who said they expected financial closure for the first phase early in the third quarter of next year.." Complete report..

GOVT EMBARKS ON MAJOR TOURISM PLAN FOR MUSANDAM
"The government of the Sultanate of Oman has embarked on an ambitious tourism development plan for Musandam, which is situated in the Northern tip of the Sultanate, near the Strait of Hormuz. The investment for this spectacular winter getaway will be included in the RO50 million outlay earmarked for tourism development in the Sultanate, Mohsin bin Khamis Al Balushi, undersecretary of tourism told Times Business. 'We will be developing Musandam - fondly known as the Norway of Arabia - within this and the next five year plans'.." Complete report..
~~GulfWire Link~~
GCC INSIGHTS: OMAN SEEKS TO BOOST TOURISM INDUSTRY - GWD Aug 11, 2003

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Business - Qatar

GAS GIANT QATAR HAS EXPORT SIGHTS SET HIGH
"The tiny Gulf state of Qatar is set for a boom in gas exports that will make it a top cross-regional supplier in an increasingly globalized market, as well as helping it diversify away from modest crude oil resources. Industry figures say the country's drive to exploit its reserves -- at least the world's third largest behind Russia and possibly Iran -- for export out of its region has stolen it a march on rival producers, and will help keep down prices in ever more hungry gas markets.." Complete report..
~~GulfWire Link~~
GCC INSIGHTS: QATAR CONSOLIDATES ITS GAS SECTOR DEVELOPMENT - GWD Dec 15, 2003

QATAR AIRWAYS WINS RIGHTS BETWEEN SINGAPORE AND CEBU
"Qatar Airways has won the right to carry passengers between Singapore and Cebu City in the Philippines, following tough negotiations with the Civil Aeronautics Board (CAB) of the Philippines.." Complete report..
~~GulfWire Link~~
INTERVIEW: QATAR AIRWAYS FLYING ON SOUND STRATEGY - GWD Dec 1, 2003

QNCC PLANS $120M EXPANSION IN FEBRUARY
"Qatar National Cement Company's third expansion project is to be implemented by February next year at a cost of approximately $120M.. ..the expansion project would be implemented in two phases, the first of which involves a plant that will take eight to twelve months to build and once this phase is completed by the end of 2004 QNCC will cease to import cement as its production capacity would have been increased by 100 percent.  The second phase by the end of 2005 will mark the completion of the entire project.." Complete report..

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Business - Saudi Arabia

KINGDOM SIGNS WTO PACTS WITH 7 NATIONS
"Saudi Arabia has made progress in its bid to join the World Trade Organization (WTO) early next year. It has signed bilateral agreements with seven countries bringing the total number of accords to 24, the commerce and industry minister said.. ..The agreement with the United States is the last major bilateral hurdle for the Kingdom before it joins the WTO, the global trade body set up in 1995 to lower barriers to the exchange of goods and services among members. It signed the deal with the European Union in August.." Complete report.. 
~~GulfWire Link~~
GCC INSIGHTS: SAUDI ARABIA'S ENTRY INTO WTO ALL SET - GWD Sep 8, 2003

SAUDI ARAMCO LAUNCHES US$533M INDEPENDENT POWER PROJECT 
"Saudi Arabia's state-owned oil and gas giant Aramco said it has launched a private finance initiative worth 2 billion riyals (533 million dollars) to build power stations supplying four of its industrial sites in the kingdom's Eastern province.. ..According to official estimates, the Saudi power sector requires investments of more than 90 billion dollars until the year 2023. 
The Saudi electricity sector has been undergoing major restructuring following the complete lifting in April 2000 of government subsidies for electricity.." Complete report..

SAUDI ARABIA BOOSTS INVESTMENT IN BONDS
"Saudi Arabia has sharply boosted its investment in local and foreign securities to offset a steep decline in interest rates while a surge in oil prices propped up its overall financial assets and reserves.. ..Strong oil prices over the past three years also enabled the world's oil powerhouse to replenish its cash reserves with the International Monetary Fund after they plummeted to their lowest level at the end of 1998 because of weak crude prices.." Complete report..

SAUDI-RUSSIAN TALKS FOCUS ON INVESTMENT IN 'IT', CONSTRUCTION
"A 44-member Russian delegation, led by former Prime Minister Yevgeny Primakov, held talks at the Council of Saudi Chambers of Commerce and Industry (CSCCI) [Riyadh, Dec 17]. The two sides concentrated on identifying trade and investment opportunities, especially in the electricity and water, IT and construction sectors.. ..Saudi-Russian trade and economic ties have remained low. Earlier this year, Russia's petroleum giant Stroitangas entered into a joint venture with Saudi Oger for the construction of pipelines and oil and gas exploration in the Kingdom and other Arab and African countries.." Complete report..
~~GulfWire Link~~
RUSSIA EXPECTS $60B SAUDI INVESTMENT - GWD Sep 15, 2003

JEDDAH ECONOMIC FORUM TO HIGHLIGHT BURNING ISSUES
"The fifth annual Jeddah Economic Forum (JEF) will be held at the Jeddah Hilton from Jan. 17-19. Some 60 speakers are scheduled to address the group and over 1,000 official delegates are expected to attend.. ..The forum will be attended by hundreds of the region's businessmen and businesswomen, regional and international political leaders, government officials, economists and educators.." Complete report..
~~GulfWire Link~~
RIYADH FORUM TO FOCUS ON INVESTMENT IN FOUR KEY SECTORS - GWD Jun 23, 2003

ASIR WATER CONTRACTS SIGNED
"Water problems in the Asir region, which has more than two million inhabitants and attracts another two million tourists annually, will be solved in five years, says Water and Electricity Minister Dr. Ghazi Al-Gosaibi.. ..he said new projects would increase water supply in the region to 240,000 cubic meters.. ..Saudi Arabia is now the world's largest producer of desalinated water. Desalination meets 70 percent of the Kingdom's present drinking water needs. Several new desalination plants are under construction.." Complete report..
~~GulfWire Link~~
KINGDOM KEEN TO PROVIDE WATER TO ENTIRE POPULATION - GWD Dec 30, 2002

2,500 SAUDI COMPANIES SHIFT TO DUBAI
"A prominent Saudi businessman yesterday decried the flight of capital funds from the Kingdom and urged authorities to take effective steps to attract domestic and foreign investments. More than 2,500 Saudi companies have chosen to establish investment projects in Dubai rather than Saudi Arabia during the past three years.. ..Abdul Mohsen Al-Hokair, chairman of Al-Hokair Group.. .. urged authorities to step up efforts to promote domestic tourism and encourage Saudis to spend their holidays at the Kingdom's resorts, pointing out that Saudi Arabia is the biggest exporter of tourists in the Arab world.." Complete report..
~~GulfWire Link~~
SAUDI ARABIA EXPECTS OVER $900B IN FOREIGN INVESTMENT - GWD Jul 28, 2003

JEDDAH MOTOR SHOW OPENS
"Minister of Transport Dr. Jabara Al-Seraisry [Dec 21] opened the silver anniversary of the Jeddah International Motor Show.."  Complete report..

MITSUI TO BUILD SAUDI ARABIA POWER PLANTS
"Mitsui & Co has won a 50 billion yen ($463.4 million) order to build four thermal power generation plants for state-owned Saudi Arabian Oil Co.. ..This is the first such contract for a Japanese company in Saudi Arabia in eight years, the report said. Mitsui will act as the prime contractor, but will pass on some of the construction work to Hyundai Heavy Industry Co of South Korea.." Complete report..

INCOME TAX LAW SIGNIFICANT: AL-ASSAF
"Saudi Arabia's income tax law will be approved shortly, Finance Minister Dr. Ibrahim Al-Assaf announced [Dec 20]. 'The income tax law is an important one and investors expect such laws'.. ..He said pegging the Saudi riyal to the US dollar was in the interest of the Kingdom's economy.." Complete report..

SCRAP MALE AGENT REQUIREMENT, SAY WOMEN INVESTORS
"Saudi women are pushing for permission to operate their own businesses without a male agent. They worry the agents find it easy to cheat them and harm their ventures. Hussa Al-Aun, chairwoman of Al-Bidaya Company for Trade and Industry and member of the businesswomen's committee at the Jeddah Chamber of Commerce and Industry, said the commerce and industry minister responded positively to an application from the committee to consider the matter.." Complete report..
~~GulfWire Link~~
ARAB WOMEN ARE BREAKING NEW GROUND IN ALL FIELDS - GWD Jul 14, 2003

SAUDI ARABIA BANS DOLLS, STUFFED ANIMALS
"Saudi Arabia has banned the importation of female dolls and stuffed animals, giving merchants three months to dispose of such stock.. ..Interior Minister Prince Nayef ordered the ban which was relayed around the country by the national Chamber of Commerce and Industry, Al-Riyadh said.  The daily gave no reason for the ban, which could not be confirmed with government officials [Dec 17].." Complete report..

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Business - UAE

UAE AIMS TO EASE FOREIGN INVESTMENT CURBS
"The UAE is pushing ahead with a plan to tear down foreign investment barriers by eliminating compulsory national partnership and allowing full ownership by foreigners in some projects.. ..The government has drafted a more liberal foreign direct investment (FDI) law that will give investors from outside the UAE a greater access to the local market and allow them to benefit from business growth in the region following the creation of the GCC customs union early this year.." Complete report..
~~GulfWire Link~~
UAE REOPENS BANKING SECTOR TO FOREIGN FIRMS - GWD Sep 15, 2003

AIR ARABIA EMERGES WITH FLYING COLORS IN ITS FIRST TWO MONTHS
"Air Arabia, the Sharjah government-owned budget airline, has been hailed a success since its launch two months ago. More than 18,000 travelers have used the low-cost carrier - the first of its kind in the Middle East and North Africa - since operations got off the runway last November.. ..Buoyed by its success the airline is expanding its services and [Dec 20] announced additional flights to Beirut, Damascus and Iran.." Complete report..
~~GulfWire Link~~
AIR ARABIYA TO LAUNCH FLIGHTS ON OCTOBER 28-GWD Sep 1, 2003

UAE BOND MARKET TO GET BIG BOOST
"The move by Emirates to list its forthcoming bond on the Luxembourg market is a huge boost for the fledgling bond market in the UAE, which has yet to see any sizeable bonds despite the prospect being repeatedly flagged.. ..Emaar Properties launched its first-ever Islamic Ijara Sukuk (Islamic bonds) facility, worth Dh184 million ($50 million), to fund its expanding portfolio of new commercial and residential projects.." Complete report..

BANK OF SHARJAH TO EXPAND INTO OTHER GCC STATES
"Bank of Sharjah (BoS), which recently made headlines by almost trebling its equity capital from Dh260 million to Dh750 million, has unveiled plans to grow organically and through acquisitions, and to expand its operations into GCC and other regional markets.." Complete report..

UNITED ARAB EMIRATES OFFERS TO HOST THE 7TH AFRO-ARAB TRADE FAIR
"The United Arab Emirates (UAE) has offered to host the 7th Afro-Arab Trade Fair in 2005.." Complete report..

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