News – 2012.05.17

May 17, 2012

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

Baseball and Saudi Economic Policy – Wilson

May 17, 2012

Americans never hesitate to pitch a good sports metaphor to help tell a story. In the case of the new “crop” of leaders managing the levers of Saudi Arabia’s economic direction we can share with you today the imagery of a team “on the upswing” just like SUSTG President Richard Wilson’s hometown favorite Major League Baseball team the Washington Nationals hopes to be this season. Saudi Arabia was already faring very well in a long season of economic progress, having weathered the global financial crisis much better than most of the field, and having a sound team strategy in place. Last December King Abdullah called up some stellar prospects to step into the lineup for the next innings. In this original SUSTG article, Wilson walks you through the new lineup: Dr. Muhammed Al-Jasser, Minister of Economy and Planning; Dr. Tawfiq al-Rabiah, Minister of Commerce and Industry; and Dr. Fahad Al-Mubarak, Governor, Saudi Arabian Monetary Agency (SAMA).

Global Markets Drag on TASI

May 15, 2012

The TASI has dipped over the past month, primarily due to global factors. First quarter results of listed companies point to ongoing strength in the domestic economy, with profits 14.9 percent higher than in the first quarter of 2011. Nonetheless, the TASI is down by 10 percent since the end of March, mirroring falls on global markets, which have been unnerved by weaker economic data and a heightening political backlash against austerity in the Eurozone. We had anticipated that the rapid gains in share prices over the first quarter would not be sustained and maintain our end-year projection for the T ASI of 8,050.

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Saudi Arabia Inflation Report – April 2012 – Jadwa

May 14, 2012

This week Jadwa Investment released its monthly Inflation Report this week which noted the April year-on-year inflation dropped to 5.3 percent in April, down from 5.4 percent in March. The Jadwa report provides analysis of inflation stats and trends.

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Saudi Perspective on the Middle East: Gulf Union Context – Obaid

May 12, 2012

This week Mr. Nawaf Obaid, former strategic adviser to Prince Turki Al-Faisal, presented a briefing titled, “Saudi Perspective on the Middle East: The View from Riyadh” at the Belfer Center for Science and International Affairs. Obaid told SUSRIS the briefing was provided to bring context to expected announcements on the question of Gulf union at the May 14, 2012 meeting of GCC leaders in Riyadh.

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Saudi Women Carve Niche in Medicine

May 11, 2012

The University of Dammam started as part of a university, but turned out to be one of the largest universities in Saudi Arabia and the Gulf region. It was able to sustain a very healthy environment of ethical scientific research and discoveries. The university opened the classrooms to young talented Saudi women, opened new horizons and paved the way to a bright future for them. There are many Saudi women who achieved international recognition in many medical fields and the best thing about their achievements is they have done it quietly with style. Many of them didn’t know that we said thank you for their achievements. They were simply busy serving their country. The Saudi women doctors and nurses are heroes who achieved miracles and they deserve to be appreciated.

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Terrorism and Financial Intelligence

May 11, 2012

The United States’ and Saudi Arabia’s long-standing cooperation in combatting global terrorism is by its nature a secretive area of the relationship but is occasionally revealed to the public as it was this week in the case of another foiled Al Qaeda bombing plot. SUSRIS has compiled much of the publicly available information including exclusive interviews with officials and specialists about these challenges. Today we provide for your consideration a very insightful interview with David Cohen, the current Under Secretary of Treasury for Terrorism and Financial Intelligence; conducted by Juan Zarate, a senior adviser at CSIS and former Deputy National Security Adviser for Combatting Terrorism and former Assistant Secretary of the Treasury for Terrorist Financing and Financial Crimes.

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Saudi Economy: May 2012 Jadwa Chartbook

May 1, 2012

The Jadwa Investment firm in Riyadh introduced the “Saudi Chartbook” to provide a quick, chart-based briefing on the key developments and trends in the Saudi economy and stock market. SUSRIS is pleased to provide the summary from the April Saudi Chartbook and a link to the complete report, rich with illuminating charts and graphs. SUSRIS thanks Jadwa Investment’s Chief Economist and Head of Research Paul Gamble and Associate Research Director Gasim Abdulkarim for providing this insightful report for your consideration.

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Toward a Union Formula – Prince Saud Al Faisal

April 30, 2012

The 32nd Gulf Cooperation Council (GCC) Summit on December 19, 2011 produced agreement among the members — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE — to explore development of a single entity for the GCC, based on a proposal from King Abdullah to “transition from the stage of cooperation to the stage of the Union,” according to the final communique.

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Saudi Poetess Touring US

April 29, 2012

The first Saudi female poet to be published in the US, writer and activist Nimah Nawwab is currently on tour in the US East Coast as she addresses issues related to challenges which form the basis for her art and activism, spirituality and women in times of transition in the Middle East. She will combine readings, book signings and lectures at various organizations.

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Rapid Growth in Saudi Foreign Assets – Jadwa

April 24, 2012

This week Riyadh-based Jadwa Investment circulated a new report on the total foreign assets and liabilities of all components of the Saudi economy, based on data that has become available for the first time. This important report provides details on the Saudi economy as well as context for understanding a nation’s “international investment position.” This report highlights both the strength of the Saudi economy as well as the improvement in transparency and distribution of important economic data in the Kingdom.

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Examining International Sanctions

April 23, 2012

Earlier this month SUSRIS provided an exclusive interview with U.S. Assistant Secretary of State for Economic and Business Affairs Jose Fernandez in which he talked about the economic component of Saudi-US relations. Among the many areas of responsibility in the State Department bureau under his direction is the issue of international sanctions. We recently noted Mr. Sanchez’ remarks on the subject of sanctions, specifically those in place against Iran as the United States, along with Saudi Arabia and other allies, step up pressure on Tehran over its nuclear program. He spoke to the Sanctions Subcommittee of the Advisory Committee on International Economic Policy in Washington on April 11, 2012. SUSRIS provides his presentation today for your consideration.

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Checking the Pulse in the Gulf: A Conversation with Jean-Francois Seznec

April 16, 2012

“..They are absolutely amazed over the reactions by the U.S. at this point. They know that if Israel attacks Iran it would be dreadful for the region. They know that if Iran were attacked, there would be an immediate direct or indirect retaliation against Israel. That probably would be through Hezbollah out of Lebanon. In the Gulf the worries would be that Iran would send a rain of missiles on strategic targets, places like Abqaiq, the oil center of Saudi Arabia, and oil loading facilities of the region, like the port at Ras Tanura. They also worry about Iranian cells in the Gulf Arab countries that could be activated to create havoc..”

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Saudi Arabia Inflation Report – March 2012 – Jadwa

April 11, 2012

This week Riyadh-based Jadwa Investment circulated its monthly Inflation Report which noted the March year-on-year rate of inflation held steady at 5.4 percent. The Jadwa report provides analysis of inflation stats and trends. It is provided here for your consideration. We thank Mr. Paul Gamble and Mr. Brad Bourland, Head of Research and Chief Economist respectively for sharing this report here.

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Saudi Arabia & the GCC in a Post “Arab Spring” Environment: Obaid

April 11, 2012

This week Mr. Nawaf Obaid, former strategic adviser to Prince Turki Al-Faisal, presented a briefing titled, “Saudi Arabia & the GCC in a Post ‘Arab Spring’ Environment” at the Harvard Kennedy School of Government as part of a program examining responses among GCC states to the “Arab Spring” turmoil that started early last year. Obaid told SUSRIS he was invited “to bring the Saudi perspective and give the reasons why Saudi Arabia did not experience any of the upheavals that all the major Arab countries have been through.” This briefing builds upon and expands the presentation he published in SUSRIS earlier this year [Link]. Both are available here as well as on the SUSRIS SlideShare page and the SUSRIS iPhone App.

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Saudi Arabia Seeks Lower Oil Prices – Ali Naimi

April 9, 2012

High international oil prices are bad news. Bad for Europe, bad for the US, bad for emerging economies and bad for the world’s poorest nations. A period of prolonged high prices is bad for all oil producing nations, including Saudi Arabia, and they are bad news for the energy industry more widely. It is clear that sustained high prices are starting to take their toll on European economic growth targets. They are contributing to trade balance deficits and feeding inflationary pressures. It is an unsatisfactory situation and one Saudi Arabia is keen to help address. In an interconnected world, European economic growth is in our national interest. No one benefits from a stagnating European economy and we want to do what we can to help encourage growth.

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Jadwa Special Report: Oil Market Boosts Economic Outlook

April 9, 2012

Saudi Arabia’s Minister of Petroleum and Mineral Resources Ali Al-Naimi was critical of high oil prices last month, writing in a Financial Times op-ed: “High international oil prices are bad news. Bad for Europe, bad for the US, bad for emerging economies and bad for the world’s poorest nations. A period of prolonged high prices is bad for all oil producing nations, including Saudi Arabia, and they are bad news for the energy industry more widely.” Well, that may be true but increased revenue is an obvious short term silver lining for Saudi Arabia to be had from a run up of oil prices on the global market and the Kingdom’s increase in production to meet global demand. That combination is likely to press Saudi Arabia’s oil income in 2012 to record highs according to Riyadh-based Jadwa Investment.

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The Moscow-Riyadh War of Words: A Conversation with Dr. Theodore Karasik

April 9, 2012

By last fall the protests against the government of Syria had long since turned into a horrendous bloodletting in the streets as security forces and the army continued to battle anti-government forces. Saudi Arabia had for months been a leading actor in efforts to end the turmoil. King Abdullah recalled the Saudi Ambassador from Damascus in August saying, “What is happening in Syria is not acceptable for Saudi Arabia.. …The events are grave and cannot be justified, and this has resulted in the loss of large numbers of lives and left many injured. This cannot be contemplated by any sane Muslim, Arab or other human being… …Syria knows the Kingdom’s stand with it in the past. Today, the Kingdom demands a stop to the killing machine, and the shedding of blood, and a rational approach to bring the situation under control. Before it is too late, Syria must launch reforms that are not mere promises but actually realized, so our brothers in Syria can feel it and live it with … dignity … and pride …”

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