Asma's Feed
Oct 26, 2011

World waits for Saudi king to announce new heir

RIYADH (Reuters) – The world’s eyes are on Saudi Arabia’s King Abdullah on Wednesday to make the widely expected choice of veteran Interior Minister Prince Nayef as his new heir, a decision that would emphasize stability in the top oil exporter.

The funeral of Crown Prince Sultan on Tuesday set the stage for the high-profile appointment in Saudi Arabia, a major U.S. ally with an aging leadership trying to reconcile conservative traditions with the needs of a modern economy and a young, increasingly outward-looking population.

Oct 25, 2011

Saudi housing supply-demand gap narrows

RIYADH (Reuters) – The gap between housing demand and supply in Saudi Arabia is narrowing as banks start to lend and government support boosts sector development, the director of Jones Lang LaSalle in Saudi Arabia said on Tuesday.

John Harris told the Reuters Middle East Investment Summit that housing supply in the biggest Arab economy had been restricted over the past three years, with investors and banks reluctant to invest in real estate projects after the global financial crisis.

Oct 25, 2011

Saudi Arabia buries Crown Prince Sultan

RIYADH (Reuters) – The funeral of Saudi Arabia’s Crown Prince Sultan on Tuesday set the stage for King Abdullah to name a new heir, widely expected to be veteran Interior Minister Prince Nayef, a choice that would emphasize stability in the world’s top oil exporter.

Amid the flashing of cameras, Sultan’s sons and brothers carried his corpse, swathed in a brown shroud, on a bier through a throng of mourners in Riyadh’s sprawling Imam Turki bin Abdullah mosque for funeral prayers before burial.

Oct 25, 2011

Saudi Arabia to bury Crown Prince Sultan, name heir

RIYADH (Reuters) – The funeral of Saudi Arabia’s Crown Prince Sultan on Tuesday set the stage for King Abdullah to name a new heir, widely expected to be veteran Interior Minister Prince Nayef, a move that would emphasise stability in the world’s top oil-exporting country.

Sultan’s body, swathed in a brown cloth, was carried through the throng of mourners on a bier amid the flashes of cameras in the sprawling Imam Turki bin Abdullah mosque in Riyadh for funeral prayers before burial.

Oct 25, 2011

Jarir to focus on GCC, sees double-digit Q4 growth

RIYADH, Saudi Arabia (Reuters) – Saudi-based bookstore and office supplies chain Jarir Marketing Co 4190.SE will hold off expansion plans in Egypt over the next two years to focus on a growing domestic regional market, boosted by sales in electronics, its chairman said on Tuesday.

Jarir plans to spend over 300 million Saudi riyals ($80 million) to open up to 9 stores in Gulf Cooperation Council (GCC) countries by 2013 said Muhammad al-Agil, who heads the family-controlled firm, at the Reuters Middle East Investment Summit in Riyadh.

Oct 24, 2011

Jadwa likes Saudi construction, sees petchems

RIYADH, Saudi Arabia (Reuters) – Jadwa Investment sees strong growth in the Saudi construction sector from the kingdom’s massive building plans but predicts a slowdown in the key export-driven petrochemicals industry as global growth weakens.

“It will be the theme of following government spending so I think building and construction, industrial investment and cement are areas that can not fail to benefit from the huge government investment and spending program,” Jadwa’s head of research Paul Gamble told the Reuters Middle East Investment Summit.

Oct 24, 2011

Exclusive – Saudi Arabia won’t tap reserves, mulls project bonds

ABU DHABI (Reuters) – Saudi Arabia will not need to tap into its reserves this year to finance additional budget spending but it is considering whether to issue Islamic or conventional bonds to help fund specific projects, the country’s Finance Minister Ibrahim Alassaf told Reuters.

Responding to a wave of social unrest across the region, the world’s top oil exporter pledged early this year to spend an estimated $130 billion, or nearly 30 percent of its economic output, on housing and other social measures for its citizens over an unspecified period.

Oct 24, 2011

Exclusive – Saudi Arabia won’t tap reserves

ABU DHABI (Reuters) – Saudi Arabia will not need to tap into its reserves this year to finance additional budget spending but it is considering whether to issue Islamic or conventional bonds to help fund specific projects, the country’s Finance Minister Ibrahim Alassaf told Reuters.

Responding to a wave of social unrest across the region, the world’s top oil exporter pledged early this year to spend an estimated $130 billion (81 billion pound), or nearly 30 percent of its economic output, on housing and other social measures for its citizens over an unspecified period.

Oct 17, 2011

Saudi King has successful back operation

JEDDAH, Saudi Arabia (Reuters) – Saudi King Abdullah has had a successful back operation in Riyadh on Monday, the royal court of the world’s top oil exporter said in a statement.

The monarch is in his late 80s and has introduced cautious reforms since becoming king in 2005. He went into the King Abdulaziz Medical City in the capital Riyadh late on Sunday for an operation to tighten the ligaments around his third vertebra.

Oct 16, 2011

Saudi Sept CPI inflation at 8-mth high of 5.3 pct

JEDDAH, Saudi Arabia/DUBAI, Oct 16 (Reuters) – Saudi
Arabia’s annual inflation rose to an eight-month high of 5.3
percent in September, boosted by price rises of miscellaneous
products and services, while monthly price growth almost
doubled, data showed on Sunday .

Inflation in the biggest Arab economy and world’s
top oil exporter had hovered below 5 percent for most of 2011.
It was 4.8 percent on an annual basis and 0.5 percent
month-on-month in August.