January 2003

January 24, 2003

The Kingdom of Saudi Arabia has expressed concerns over slow global economic recovery and growth.  In addition, world tensions and possible war continue to apply upward pressure on oil pricing and, in turn, weaken the global economy.

In a speech on Wednesday before the National Conference of Mayors, Ambassador Prince Bandar bin Sultan said, “My government is ready to do more in the next two to three weeks to help bring down oil prices, if we do not see prices stabilize at or below $28 per barrel.”

January 21, 2003

(RIYADH) – The Kingdom of Saudi Arabia has presented a new initiative titled “Charter to Reform the Arab Stand,” which it hopes will be put before the next Arab Summit, to be in held in March 2003 in Bahrain.  The initiative encourages regional economic development and greater participation by the Arab people in the political process.

January 13, 2003

(RIYADH, SAUDI ARABIA) - At a gathering hosted at his home in Riyadh, for distinguished visitors to the Al-Jenadriyah Festival, Crown Prince Abdullah called upon regional leaders to promote moderation and tolerance.  He said that this was a time for deep thought and reflection, for tolerance and moderation, for honesty and sincerity.  He urged scholars and intellectuals to exert their efforts toward bringing people together, not dividing them.

January 09, 2003

The Saudi Telecom Company (STC) sold 30% of its shares in a public offering valued at approximately U.S. $4 billion. The offering was oversubscribed, as investors offered to buy $9.6 billion worth of shares, according to Saudi Minister of Finance and National Economy Ibrahim Al-Assaf.

"At close of the IPO, the value of requests filed by citizens was $9.6 billion. The process was a huge success," said the minister, a day after the three-week subscription period ended.

January 07, 2003

Minister of Education Dr. Muhammad Al-Rasheed, during a discussion on the Saudi education system by the Consultative Council (Majlis Al-Shura), told the meeting that the national school syllabus has “several defects” and that his ministry is making every effort to address and eliminate them. Dr.