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![]() SR5bn to be exchanged by end of season
MAKKAH: Pilgrims exchange between SR35 million and SR45 million every day in Makkah, Madinah and Jeddah during the Haj season, Makkah chief of exchequers Adel Maltani told Arab News’ sister paper Al-Eqtisadiah on Friday. He added by the end of the season a total of SR5 billion will have been exchanged. “This is 20 percent less than last year’s Haj season,” he said. Maltani attributed the drop in the number of exchanges to the Arab Spring. “The number of pilgrims has dropped due to the ongoing political upheavals in a number of Arab countries,” he explained. Maltani noted that though pilgrims have assembled in the Kingdom for about a month now, exchange operations have not yet picked up. He, however, hoped that large amounts of money would enter the Kingdom during this year’s Haj season so that the exchange market would flourish. Asked about the possibility some exchange offices might take advantage of the ignorance of some pilgrims and offer them uncompetitive rates, Maltani admitted that this trend existed about two years ago. He said at that time authorities closed down a number of exchange offices, encouraging the establishment of illegal businesses run by foreigners who would not hesitate to cheat on pilgrims. “I do not think that this phenomenon exists any more especially as there is now a large number of legitimate exchange offices,” he said. Maltani asked the Saudi Arabian Monetary Agency (SAMA) to allow the establishment of exchange offices in all regions. “The regulations do not permit this now,” he noted. SAMA has warned bank branches and exchange offices along the borders and at entry points to be watchful for forged currency. It said anyone caught exchanging forged currency would be imprisoned and fined. Arab news
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![]() Saudis say Sultan’s death has created a deep void DAMMAM: Saudis described Crown Prince Sultan as a source of strength and a statesman and described his death as a big loss for the Kingdom. Talking to Arab News, they said it has created a big void. Well-known political analyst and columnist Hussein Shobokshi said he was saddened by the death of Prince Sultan. “Saudis were aware that his health was failing. He was looking frail in his last years ... so the death has not come as a shock but it has saddened us,” he said. “He was a statesman.” According to Shobokshi, the Saudis are now looking in anticipation at the next step. “This is the first time that a crown prince has departed before a king. This is a unique situation. Also, we have a structure (of succession). In times past the king was the sole authority to name his crown prince. Now there is a body called the Allegiance Council which will recommend the new crown prince.” Khalid A. Al-Abdulkarim, CEO of the Alkhobar-based Al-Abdulkarim Holding, described his death as a big loss for Saudi Arabia and especially for people of the Eastern Province. “He was always at hand whenever we needed him. He had close contact with this area for a long time. He knew our parents and always paid special attention to the needs of the local population.” According to Al-Abdulkarim, Prince Sultan nurtured this region with his frequent contacts and visits. “His passing away is sad news.” Khaled Almaeena, editor at large at Arab News, said Crown Prince Sultan's death has left a deep void in the heart of many people. “He was a kind and generous man, and cared deeply for the underprivileged,” he said. “His presence was always a source of strength for the Kingdom.” Educationist Abdul Aziz M. Al-Jezairy said Crown Prince Sultan was among the architects of modern Saudi Arabia. “He played a significant role is making Saudi Arabia a strong nation. Together with his brothers he helped this nation achieve glory and confidence in the last four decades,” said Al-Jezairy. “He was a pillar of strength.” Suleiman Fahd Al-Shammari, a commercial pilot, said Crown Prince Sultan would be remembered for his unparalleled contribution in fortifying the country's borders. “As defense minister he saw to it that the Kingdom dealt with external challenges with an iron hand. He played a key role during many battles and helped Saudi Arabia emerge victorious,” said Al-Shammari. “He was a master strategist.” Arab news
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![]() Businessmen, officials laud contributions
MaKKAH/JEDDAH: Government officials, businessmen, citizens and foreigners have expressed deep sorrow and profound sadness over the death of Crown Prince Sultan, deputy premier, minister of defense and aviation and inspector general. Maj. Gen. Ibrahim Al-Hamzi, director of police in Makkah, conveyed through Arab News his sincere condolences to Custodian of the Two Holy Mosques King Abdullah, Second Deputy Premier and Minister of Interior Prince Naif, Prince Sultan's brothers, sons and Saudi citizens. “Prince Sultan has a great record in charitable deeds inside the Kingdom and abroad,” he said. Al-Hamzi recalled that Prince Sultan’s charitable actions have been institutionalized through his charity foundation and his special relief committee. Director of Civil Defense in Makkah Brig. Jameel Arbaeen said Prince Sultan had dedicated his life to the service of his religion, homeland and the king. “The whole world has mourned the death of Prince Sultan because he was a man of noble deeds both locally and externally,” he said. Arbaeen said the Prince Sultan Charitable Foundation has a number of welfare programs that benefit the poor and needy people everywhere in the world as well as programs for financing scientific research for universities, colleges, hospitals and others. “The foundation has provided medicines and medical equipment to people of special needs, dug wells to provide clean water to the needy people in Saudi Arabia and abroad, encouraged thinkers and researchers by printing their books and publications and helped the old men and women,” Arbaeen said. Assistant Director General of Health Affairs in Makkah Dr. Hussain Ghannam said the good deeds of Prince Sultan would outlive him. “History will always remember Prince Sultan as a charitable man,” he said. Ghannam recalled that Prince Sultan’s Relief Committee began its work in Niger in 1998 and extended to Mali next year. “In 2000, the committee extended its welfare assistance to Chad, Ethiopia, Malawi, Djibouti and other countries in Africa,” he said. He said the committee also organized medical caravans to combat endemic diseases such as malaria in a number of Third World countries. Ghannam said Prince Sultan’s charity work included the digging of wells and construction of schools, hospitals, kidney dialysis centers and mosques. “The entire Saudi society and the world community were saddened by the death of Prince Sultan,” he said. Talking to Arab News, a number of businessmen expressed sadness over the death of Prince Sultan and conveyed their condolences to the king, Prince Sultan's brothers, sons and members of the royal family. “Prince Sultan was a man of charity. He extended humanitarian assistance for the sake of God without awaiting thanks or appreciation from anyone,” said Sheikh Saleh Kamel, chairman of the Jeddah Chamber of Commerce and Industry (JCCI). Deputy chairman of the chamber Mazen Batterjee said Saudi businessmen, businesswomen and the entire economic sector were saddened by the death of Prince Sultan. “The country will never forget Prince Sultan's welfare deeds. His charitable foundation has extended relief aid and humanitarian assistance both inside the Kingdom and abroad,” he said. JCCI Secretary-General Adnan bin Hussain Mandoura expressed his deep sadness over the death of Prince Sultan and said his humanitarian actions and welfare deeds would speak for him. Zuhair bin Ali Al-Marhoumi and Ahmad bin Ali Saeed Al-Marbaie, who are members of the chamber’s board of directors, also expressed deep sadness and said Prince Sultan had left a remarkable legacy in humanitarian work. Chairman of the National Committee for Land Transport at the Saudi Council of Chambers Saeed bin Ali Al-Bassami said he was shocked when he heard the news. “The death of Prince Sultan did not shock the Kingdom alone but entire Arab and Muslim communities,” he said. Deputy chairman of the chamber's building and construction committee Khalaf bin Housan Al-Otaibi said Prince Sultan was a man who dedicated his life to the service of his country and his people. “His contributions to the process of nation building and sustainable development will ever speak for him,” he said. President of the Madinah Islamic University Muhammad bin Ali Al-Aqla on Saturday said the saddening loss had put the Kingdom's people and leaders in a state of deep sorrow. “The departure of our dear father the crown prince creates an unbridgeable void because he was a true patriot, loyal to the king and devoted to the service of his people, country and religion over the past 60 years or more. Since the time of the Kingdom's founder King Abdul Aziz, the prince has been holding a number of key positions in the government,” Al-Aqla said. The prince made vital contributions to achieving and maintaining the Kingdom's security, people's prosperity and keeping up the momentum of economic growth of the country, he added. “King Abdul Aziz had such a deep trust in the young prince that he appointed him at the head of the Royal Guards. Other positions he held before taking the command of the Ministry of Defense and Civil Aviation included the governorship of Riyadh, the ministers of agriculture and transport,” he said. He was promoted to the position of crown prince and deputy premier when then Crown Prince Abdullah became the king. “Devoted service to the religion and the country was the hallmark of the prince's career,” he added. A noted achievement of the prince as the defense and aviation minister is the fortification of the country’s defenses. Arab news
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![]() Kuwait is considering to buy assets in Europe
ABU DHABI: Kuwait is considering to buy assets in Europe after prices fell in response to the region's debt crisis, but it has not made specific decisions, the country's finance minister told Reuters. "We haven't defined any sector investing in Europe, but all sectors are open for us to go through. The sectors that we get some benefit out of, yes we'll go for it." "All that is now presented to us, we have to think it over, study it well, and then decide," Finance Minister Mustapha Al-Shamali said in an interview late on Friday before a meeting of Gulf Arab finance ministers and central bank governors in the United Arab Emirates. He said Kuwait was aware of potential investments in "a lot of things, different sectors" across a wide range of countries in Europe, but did not elaborate. Kuwait, the world's No. 6 crude oil exporter, is one of the richest countries globally with its sovereign wealth fund, Kuwait Investment Authority, managing over $290 billion of assets. It has stakes in Citigroup, Daimler AG and Agricultural Bank of China among others. The European crisis "will have an impact but it is not that much for us. We are just waiting for the Europeans, what they are to do with their economy," Al-Shamali said. Spending But the minister said Kuwait expected to increase government spending moderately in the next fiscal year that will start on April 1. Officials are now beginning to study next year's budget. "It will be increased, especially...where the capital expenditure will be more," he said, referring to infrastructure and development projects. In the current fiscal year, the budget was based on a global oil price of $60 per barrel and the breakeven oil price — the price at which Kuwait posts a budget surplus — is over $85, Al-Shamali said. Brent crude oil is currently around $110. Next year's budget oil price hasn't been decided yet "but it will be increased from the previous year," he said. On next year's breakeven price, "We hope it will be the same but we don't know. We have to study it." Last month, Al-Shamali said Kuwait had no plans to boost budget spending in the next fiscal year. He did not explain on Friday why the policy outlook had shifted towards slightly higher spending. Since 2004, Kuwait's budget spending has tripled to a record 19.4 billion dinars ($71 billion) planned for the current fiscal year. Asked if the government was considering whether to issue bonds, Al-Shamali said it was not, and that an issue next year was unlikely. The only reason that an issue might occur would be to stabilize the money market through the central bank, he said. Arab news
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![]() 'GCC may become engine of growth in the Arab world'
DUBAI: Saudi Arabia, the UAE and Qatar have the opportunity to become engines of growth in the Arab world in the aftermath of the Arab Spring, said Nasser Saidi, chief economist at the Dubai International Financial Centre (DIFC) and executive director of the Hawkamah-Institute for Corporate Governance. He was speaking at an exclusive forum hosted by the Capital Club Dubai, the region's private business club and a member of the ENSHAA group of companies, to discuss the need for policy reforms, institutional change and extensive investment in the region in the wake of the Arab Spring. "The GCC has big incentive to do it," said Saidi, who is a member of the IMF's regional advisory group for MENA and co-chair of the Organization of Economic Cooperation and Development's MENA Corporate Governance Working Group. He said that the idea goes back to Egypt of 1953. But Egypt couldn't become the engine of growth. That opportunity has come to the GCC countries now. "The GCC member states should take more active role, economically. They should widen the net and include countries like Egypt, Yemen, Jordan and Morocco into the GCC fold," he said. He suggested that the GCC countries should prepare a roadmap for countries like Egypt and Yemen and present it to their governments while making it clear that they would have to follow the roadmap if they want to join the group. Saidi, who was also named among the 50 most influential Arabs in the world by The Middle East magazine for the third time, this year, suggested privatization and more public-private partnerships to develop infrastructure in the countries torn by war and violence. He also suggested setting up a MENA bank dedicated to reconstruction and development of the region. He pointed out that the US, Asia, Africa and Europe all have their own financial organizations for reconstruction and development. But MENA is the only region that doesn't have a bank for the cause. Stressing upon the need for setting up the bank, Saidi said: "This is the time when we need an institution like this, because the transition is going to take years and we have to address all the challenges and vulnerabilities." He said that the oil exporting countries in the GCC might be the main stakeholder in the bank. "We the Arab countries have to do it on our own. We cannot wait for people from other parts of the world to come and resolve our problems. This is the time that the Arab countries play their role in transformation, build their own institutions and bring the change. "Although it seems very challenging at the moment, we need to realize that we are very rich, and have the natural resources. The potential is also certainly there," he added. In the wake of the looming fear of global sovereign debt crisis, Saidi said that the increasing stature of Asian countries like China and India are the saving grace for the MENA region. He said that the UAE has benefited from the recent political turmoil in the Arab region because of its political stability. The UAE remains an important hub for India and China to enter the GCC countries and the MENA region. The economist said that Dubai recovered from the financial crisis much faster because of its strong links to India and China. He pointed out that Dubai's multinational companies like Dubai World, Emirates and Dubal are doing well in the emerging markets and tourist flow from Asia has increased substantially. He suggested the GCC countries should benefit from the growth of India and China because they are growing much faster. The growth rate of the emerging markets is 2-3 times faster than the advanced economies of the world. "The trade policies as well as economic and investment policies should be reoriented toward Asia, because that is where the growth is coming from. If you strengthen your links to the Asian giants, you will be less vulnerable than you were 5-10 years ago to what is happening in Europe and the United States," he added. Arab news
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![]() UAE plans $3bn in aid to Egypt
ABU DHABI: The United Arab Emirates plans to provide $3 billion in financial aid to Egypt but is still discussing the mechanism to deliver it, a senior UAE official said on Saturday. "The UAE has approved an assistance of $3 billion to Egypt, but the mechanism is still subject to discussion," Obaid Humaid Al-Tayer, minister of state for financial affairs, told reporters. Al-Tayer was speaking at a meeting of Gulf Arab finance ministers and central bankers in Abu Dhabi. He did not elaborate on the nature of the aid to Egypt. The aid would be part of billions of dollars in financing support which Egypt is seeking to cope with an economic crisis since the ousting of President Hosni Mubarak in February. Qatar has given a grant of $500 million, according to Egyptian officials, and Egypt is also considering loans from the International Monetary Fund which it previously turned down. Arab news
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![]() IMF is not seeking more funds from Gulf ABU DHABI: The International Monetary Fund (IMF) is not seeking more funds from Gulf Arab oil exporters to bolster its resources, and the region faces no major danger from the euro zone debt crisis, the IMF's Deputy Managing Director Nemat Shafik said on Saturday. Some emerging economies, fearing the euro zone crisis could destabilize them, suggested giving the IMF more firepower to cope with threats to the global financial system when policymakers from the Group of 20 nations met in Paris last week. China, Brazil and India all favored bolstering the IMF's capital, G20 sources said. But they ran into resistance from the United States and other big economies, burying the idea for now. Asked whether the IMF was seeking more resources from Gulf Arab countries, Shafik, visiting Abu Dhabi for a meeting of finance ministers and central bankers from the region, told reporters: "No, at the moment, it is not our objective." Saudi Arabia's central bank governor told Reuters last week that the IMF did not need more funds now and that he doubted any consensus on increasing IMF members' quotas for contributions to the Fund was likely in the near future. Shafik also said the impact of the euro zone crisis on the Gulf had been small so far as its exposure to Greece and Portugal was "very limited". "There is no major danger for the Gulf financial markets," she said after the meeting. "The only concern is when there is any impact in the future on the price of oil." Brent crude oil prices have retreated from more than two-and-half year highs of $127 per barrel seen in April to nearly $99 earlier this month. They closed above $109 per barrel on Friday. United Arab Emirates Finance Minister Sheikh Hamdan bin Rashid Al-Maktoum told the Saturday meeting that Gulf countries were able to fill any shortage of oil on international markets to keep prices stable. Gulf Arab economies rely on oil for most of their government spending. Governments across the region have boosted social spending this year as unrest swept much of the Arab world, including Bahrain, Oman and Yemen, which made budgets more vulnerable to a sudden fall in crude prices. Arab news
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![]() Oman spending to rise slightly next year By REUTERS Published: Oct 22, 2011 22:42 Updated: Oct 22, 2011 22:42 ABU DHABI: Oman's government spending will rise slightly next year, after a sharp increase this year as the country boosted social spending, Finance Minister Darwish Al-Balushi told Reuters on Saturday. Al-Balushi said budget spending this year would total about 9.1 billion rials ($23.7 billion), up from an original plan of 8.1 billion rials. The country increased spending after a wave of social unrest prompted by Arab Spring political protests across the region. Next year's spending will be "a little more" than 9.1 billion rials, Al-Balushi said, speaking on the sidelines of a meeting of Gulf Arab finance ministers and central bankers. Protests demanding jobs and an end to corruption prompted Sultan Qaboos bin Said, a US ally who has ruled Oman for 40 years, to promise a $2.6 billion spending package in April. He also announced plans to create 50,000 new jobs. BOND Speaking to Reuters at the same meeting, the head of Oman's central bank said the non-OPEC oil producer would issue a bond to fund development projects. "The government is issuing a government development bond before the end of this year in the range of 150 million rials," Hamood Sangour Al-Zadjali said. "It is meant for the local market and issued by the government through the central bank." Oman's commercial banks are set to boost profits by about 10 percent this year, driven by growth in loans and other core businesses, Al-Zadjali said. "The 0man banking system is resilient, strong and comfortable. Looking at Q3 profits, we will see upward growth in the region of about 10 percent for 2011." Al-Zadjali added that banks' loan books were growing at an annual rate of about 8 to 10 percent at the end of the third quarter of this year, with deposits showing similar expansion. He said the sultanate's first two fully fledged Islamic banks would be operational in early 2012. The two banks will raise 40 percent of their capital through initial public offers of shares, he said. Bank Nizwa and Al Izz International Bank, sponsored by local investors in Oman, have received licenses from the central bank to operate as wholly Islamic financial institutions but have not yet opened their doors. Other banks in Oman are free to open Islamic windows, Al-Zadjali added. EURO ZONE He said Oman's banking sector had no "direct" exposure to the euro zone debt crisis. "Our banks have not borrowed funds nor kept large sums with them. Our banks are conservative," he said. Al-Balushi said the Oman Investment Fund, the country's main sovereign wealth fund, would not alter its investment strategy to buy European assets made cheaper by the euro zone crisis. "They (the fund) have a strategy where they invest in a sort of balance between the local investments and the foreign investments. And I think we will continue with that...It is something like 60 percent in local and 40 percent in foreign investments," Al-Balushi said.
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![]() UAE has no exposure to euro debt’ By REUTERS Published: Oct 21, 2011 21:54 Updated: Oct 21, 2011 21:54 ABU DHABI: The United Arab Emirates' central bank has no exposure to euro zone debt in its reserves and it only invests in countries and corporates rated AAA as required by law, a senior central bank official said on Friday. Gulf Arab oil exporters such as the UAE mainly invest in dollar assets since most peg their currencies to the US dollar with crude oil, priced in dollars, accounting for a majority of budget revenue. Asked whether the UAE central bank held any euro zone debt in its reserves, Saif Hadef Al-Shamsi, senior executive director at its treasury department, said: "Currently, no." "It is very much prescribed in a law, we only invest in AAA-strong countries," he told reporters after a meeting of Gulf central bank governors in the UAE capital. when asked if investing in troubled European assets was an option. Authorities in the Gulf, the world's top oil exporting region, rarely comment on investment strategies. Al-Shamsi also said the central bank invested in diversified and liquid instruments: "Problem countries? No. Investments...in securities is through a careful examination, survey." The central bank's foreign currency assets edged down to a three-month low of 199.1 billion dirhams ($54.2 billion) in June. But within that total, holdings of foreign securities rose to 86 billion dirhams in June, the highest level since at least 2007, its data show. Asked about the central bank's gold holdings, Al-Shamsi said: "We do not have any gold. We used to have. "When it was there it was available on the balance sheet. Now, it's not there so it is not available," he said. The central bank held 333 million dirhams worth of gold in December 2002, the last year when gold holdings appeared on its balance sheet, according to its annual reports. Saudi Arabia's central bank governor told Reuters last week that the Saudi monetary authority was not interested in buying distressed or speculative assets such as troubled European debt and gold. UAE banks should not feel any major pain from the euro zone debt crisis, UAE central bank governor Sultan Nasser Al-Suweidi told a news conference at the event on Friday. "It should not have a big impact," he said. Banks in the world's No. 4 oil exporter were hit by Dubai's $25 billion debt restructuring last year, which followed a local property market crash and the global financial crisis. But since then, banks have been building up capital levels, which were already high by international standards, and earnings have partially recovered.
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![]() The gold price in Saudi Arabia is almost the same
per gram SR 173.26 as per yesterday, October 23, 2011
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