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Kingdom of Sport

saudi-trades — Tue, 15 May 2012 09:19:25 +0000

The Kingdom of Saudi Arabia is experiencing an incredible growth in sporting diversity. The country has a long diverse sporting history stretching from ancient camel racing to a massive modern soccer following. Horse racing, cricket, rugby, motor sport and the traditional art of falconry help complete the rich sporting picture of Saudi Arabia.

Camel racing has remained consistently popular, whether in the desert or the King Fahd stadium in Riyadh. However, ‘imported’ modern sports including soccer, basketball, rugby and motor sport are steadily rising in popularity. In fact, basketball and soccer have become the most popular sports in the country by quite a distance. A professional basketball league has been established and it has already become renowned, attracting players from all over the world.

However, all sports in Saudi Arabia pale in comparison to soccer. The country’s national sport, soccer is enthusiastically supported by all Saudis. The professional league is extremely popular, as is the national team who have won the Asian Cup three times. Several Saudi footballers play at European clubs, highlighting the success and professionalism of soccer in the Kingdom.

How has this impressive sporting diversity evolved? The Saudi government invested heavily in sport over the previous three decades, ensuring the population had access to state of the art facilities. This was in tandem with special sporting initiatives at all levels of education highlighting the importance of exercise. Saudi Arabian urban centres can now boast large modern sporting facilities, dubbed ‘Sports Cities’ with Olympic size swimming pools, basketball courts and of course soccer fields with seating capacity for tens of thousands. Backed up by efficient medical clinics and an avid sporting population, Saudi Arabia will remain the Kingdom of Sport for many years to come.

imagenote: Jafar Al Ali/wikimedia/cc

Alcohol against the law in Saudi

saudi-trades — Tue, 15 May 2012 07:55:40 +0000

Getting a drink in Saudi is almost impossible becauseSaudi Arabiastrictly follows the Islamic religion and alcohol is a crime in Islam. Alcohol may be provided in other Muslim countries butSaudi Arabiastrictly follows its rules and regulations. The sayings of the prophet Mohammed as specified in the Quran and Hadith are followed word to word. The punishment for the consumption of alcohol is public lashing.

However, alcohol is never entertained in the public but a limited consumption inside the rooms is possible. Alcohol may be served to some of the emigrants but without the knowledge of the legal authorities. Some of the embassies from countries that are non-Islamic can also load alcohol in their bags that can be used at the time of festive seasons. The laws of access to alcohol can be liberal when the Western military recruits working inSaudi Arabiaare considered.

The Saudis who are interested in the consumption of alcohol can bring it from the neighboring countries since there are limited legal laws that allow alcohol in public in Saudi.Bahrainis one of the closest that can be reached with the help of a causeway andDubaiis one of the other options that can be accessed by bus. These countries imply less legal laws. Many people brew their own wine and are one of the easiest methods to preserve alcohol. The grape juice, sugar and yeast can turn alcoholic ad can be used when needed. There are much little sources for entertainment in Saudi and many people end up in distress.

For more information: news.bbc.co.uk

Image Note: this image is released under the creative commons license (source: ell brown/ Flickr)

The oil trade with Saudi Arabia

saudi-trades — Tue, 15 May 2012 07:49:41 +0000

Saudi Arabia is a country that produces ample amount of oil and has one of the largest reserves in oil. However, India has slashed down its dependency on Iran for oil and has decided to lend oil from Saudi Arabia for the year 2012/13. This was decided with the fear of the global transactions that may put in danger the trade with Iran due to the western sanction over the oil trade in iron. Saudi Arabia is one of the biggest producers of oil in the world which has the capacity to deal with the fall in the supply of oil from the rival nation, Iran. Along with India, China as well as Japan is cutting off the imports of oil from Iran to at least 10%. The US authorities have made it complicated for the Asian countries to trade or import oil from the OPEC producers. The Hindustan Petroleum, BPCL and Mangalore Refinery and Petrochemicals Ltd are some of the top most companies to seek tons of oil due to the contract. Compared to the year before, Indian has increased 27% more of oil consumption in 2012/13 that adds to approximately, 152,000 barrels per day from Saudi Arabia. Both India and Iran have decided to resolve 45 percent of their oil deals by means of the rupee, which is not liberally operated on global markets. India also summoned Saudi Arabia to contribute in the forthcoming investment occasions in its upstream and downstream petroleum sectors together with OMPL’s Petrochemical project at Mangalore and OPaL’s Petrochemical project at Dahej.

For more information: www.commodityonline.com

Image Note: this image is released under the creative commons license (source: mayhem/ Flickr)

The King Faisal Foundation: Discovering the Arab World

saudi-trades — Wed, 28 Mar 2012 07:27:39 +0000

The foundation was established in 1976. The people who were behind this were the sons of the great King Faisal of Saudi Arabia. Said to be one of the largest foundations ever to be formed in the world, the foundation is also philanthropic. The foundation introduced an award which was called the “King Faisal International Prize”. The prize was dedicated to the contributions of men and women that made a positive difference. The foundation awarded the different prizes in the different fields of Islam, Arabic language and literature, Islamic studies and Science and medicine. Five prices would be awarded annually and consisted of a hand-written certificate and a gold medal. The foundation also laid down the stone for research and Islamic studies in 1983. This is a non-profit and independent institution financed by the foundation. The studies relate to the latest issues of the Muslim and Arab world and organize conferences. Other renowned contributions of the foundation are the Alfaisal university (aspiring to be an enhanced research center committed to the creation and application of knowledge in the different fields of business, life sciences, engineering and medicine), the library (covering the collection of all the fields of Islamic studies and civilization), manuscript library (formed to retain and or preserve the Islamic culture and also by exhibiting the contributions made by the Arab and Muslim scholars) and painting and patronage (formed to contribute towards the greater artistic ties between Saudi Arabia and Europe).

Find more information on http://www.kff.com

The Saudi Press Agency: Creating History!

saudi-trades — Wed, 28 Mar 2012 07:25:03 +0000

The press agency of Saudi Arabia was established in 1971, being the first new agency in the country. The establishment was formed with a goal to provide the news that prevailed locally and internationally. The Saudi Press Agency serves as an international channel to be aware of the developments that occur in the Kingdom. The other aim of the kingdom is to provide different kinds of information for the citizens of Saudi Arabia who lives in the kingdom and abroad. The Saudi Press Agency has done a lot to become what it is today, a modern and effective news agency. In a very short time it became the first and the main source of news information in the Saudi kingdom. The Saudi Press Agency has worked with great ethics involved and so has gained great trust from its readers. The main factors that contributed behind the success of the Saudi Press Agency are its objectives, professional outlook and authentic coverage. The latest of the technological innovations that have been brought into the Kingdom have paved the way for providing the press agency the great leverage it enjoys today. The wide spread of news to each and every corner of the country and abroad and that too very rapidly have been made possible by the technologies such as wireless communications. The different press releases have been made available for the government and the other Medias to use. The press agency has also been able to create strong ties with international organizations and the other agencies of different countries.

Find more information on http://www.spa.gov.sa

The Kingdom’s Internet Service Unit!

saudi-trades — Wed, 28 Mar 2012 07:22:48 +0000

The internet services unit is a department of science and technology, in Saudi Arabia, which is responsible for providing internet communication services in the Kingdom of Saudi Arabia. The company “Internet Service Unit” provides the enhanced services with cooperation to the Saudi Telecommunication Company, a number of remote ISP providers and the Communications and Information Technology Commission. The company works with a mission towards providing enhanced internet services and ensuring a prevailing fair competition between the other providers and for increasing awareness about the technology in the society. The work of the ISU began with the introduction of the internet to Saudi Arabia. This was in 1996. The introduction of the internet services unit was on par with the extensive study of the use of internet in the national market. After the effort of the “Internet service unit” the internet was launched in Saudi Arabia in the year 1998. This was seven years after the internet was launched in the world. After two years a decision made by the Saudi ministers allowed the Saudi Universities to pave the way for an addition in companies that provide internet services. The main vision of the internet service unit is connecting research, government and academic centers and providing internet services to them. The main tasks of the ISU would include connecting of the service providers and the universities to the net world, to manage the network operation center including the necessary hardware and software and managing the Saudi network information center.

Find more information on http://www.kacst.edu.sa

Arabnews: Information about the Empire!

saudi-trades — Wed, 28 Mar 2012 07:21:05 +0000

Arab news is the first English-speaking newspaper in the Kingdom of Saudi Arabia. The company was founded in 1975. It remains to be one out of 29 publications of the Saudi Research & Publishing Company. Arabnews is a popular publication which includes all the sections of the Saudi society. The newspaper does include information interesting for foreign and national residents who live around Saudi Arabia. Arab news has a large distribution database and is one of the most popular newspapers in Saudi Arabia. It has a diverse group of readers and is the first choice of newspaper for the finance executives. Because the newspaper has a wide readership profile, the paper serves the purpose of national advertisement and national brand building. The internet being the most popular source of information among its users, Arab news has been brought into existence. Web users worldwide have contributed to the thousands of daily hits it gets. The newspaper is proud for having a great collection of columns. The diverse columnists of the newspaper would provide the kingdoms perspective to a wide range of regional, national and global issues. The policies and developments of the Kingdom of Saudi Arabia are always regarded as the hottest of issues as far as the paper is concerned. The newspaper has enhanced state-of-the-art facilities in Dammam, Riyadh and Jeddah. The newspapers have a very high circulation and are found to be available almost everywhere in the Middle East.

Find more information on http://www.arabnews.com

Riyad Bank – the Leading Bank in Saudi Arabia

saudi-trades — Wed, 28 Mar 2012 07:12:52 +0000

Riyad Bank is one of the biggest financial institutions in Saudi Arabia and the Middle East. It consists of strong retail banking and corporate franchise. They are the leading organizer and financier for syndicated loans in the fields of petrochemicals, oil and other infrastructure projects of the Kingdom. The company has 246 branches that include 73 ladies sections and 14 electronic branches. RiyadNet is the remote banking package of the bank and it is integrated with the latest electronic technologies for providing top class services to the customers. Riyad Capital is another great feature of the bank that is a leading player in the asset management and IPO advisory business in Saudi Arabia. The bank has received many investment awards. The company has also attained SR 2,372 million as net incomes (As of 30 Sep 2011) and its total operating income is SR 4,669 million. The bank has received an ‘A+’ rating by Standard & Poor’s Rating Agency for long-term liability. It was also awarded with ‘A-1’ for short-term liability. The bank offers services that are Personal Banking, Corporate Banking, Treasury and International Banking. Apart from these, other services include RiyadBank Cards, Personal Finance, Mortgage Loan, Golden Services, Islamic Banking, Remote Banking, Ladies Banking and Personal Financial Planning. The bank promises its high standard service quality and efficient customer care services. The Financial Institutions Department manages all the Riyad Bank’s business relationships with global financial institutions and other banks. There are ranges of tailored products and services that will help to boost the business. Some of them are Vostro Accounts, Hajj and Umrah Services, Letters of Credit, Check Collection, Commercial and Treasury Payments and so on.

Find more information on http://www.riyadbank.com

Information about the Capital Market Authority (Saudi Arabia)

saudi-trades — Wed, 28 Mar 2012 07:11:24 +0000

The Capital Market Authority or CMA is an organization that belongs to the Saudi Arabian government. They regulate capital markets in the country. Financial, administrative and legal measures are reported directly to the Prime Minister. They set certain policies and laws and make sure whether they are followed properly. They operate a committee to solve issues and help in the development of capital markets in Saudi Arabia. They also play an important role in regulating Saudi Stock Exchange that is known as Tadawul. Capital Market Law established CMA in the year 2003. The primary objective of CMA is to create a perfect environment for investment, boosting confidence and disclosure standards for all the companies listed and they even take care of shareholders and merchants from frauds and other illegal issues in the market. They maintain efficiency and fairness in securities transactions. They monitor and regulate full disclosure of information based on issuers and securities. In addition, CMA takes necessary measures to reduce issues related to securities transactions. The establishment of Tadawul or the Saudi Stock Exchange helps in carrying out the trading of securities in the country. The Saudi Stock Exchange develops efficient security markets that help in different monetary services to compete with international markets. Tadawul operates the Securities Depository Center and it is solely trusted to perform transactions of transfer, deposit, clearing, settlement and the ownership registration of securities that are traded on Exchange. The CMA divisions are Market Supervision, Enforcement, Corporate Finance & Issuance and Capital Market Institutions Supervision.

Find more information on http://cma.org.sa

Saudi Telecom Company (STC) – The Heights of Success in the KSA Telecom Industry

saudi-trades — Wed, 28 Mar 2012 07:07:19 +0000

The Saudi Telecom Company (STC) was founded in 1998 and it offers mobile, landline and internet services to a wide number of subscribers across Saudi Arabia. They have over 143 million customers in 10 markets including Saudi Arabia. STC is headquartered in Riyadh and is the biggest telecom company by total revenue, market capitalization and number of workers in the Arab region. STC is now present in India, Turkey, Indonesia, Kuwait, Malaysia, Bahrain and South Africa. They play a successful role in international markets, creating investments and businesses in many GCC countries. STC offers three broad categories of services: Jawal, Hatif and Internet Services. Jawal service is for mobile networks and Hatif is for landline networks. STC follows a strategy for success that is called as LEAD Strategy. It was developed for focusing on their energy and efforts to manage overall challenges in the future. There are six key areas, which are all very important for STC. They always concentrate on providing the best and latest broadband technology for their customers. They stand different with integrated customer experience as they offer tailored packages and sales. Optimizing international investment portfolios and targeting expansion in the MENA region in the future. They also play an important role in investing in people capital by leadership and talent development. STC also runs loyalty programs as it takes responsibility for society. The loyalty programs are Religion Loyalty Program, Health loyalty Program, Social Loyalty Program, Education Loyalty Program and Sport Loyalty Program. STC promotes a strong brand with reputation and it gives a great value to the stockholders and acts as a catalyst for social and economic development.

Find more information on http://www.stc.com.sa