King Abdullah meets President Bush

Washington, DC - May 30 (Petra) -- During a brief visit to the United States, His Majesty King Abdullah met with U.S. President George W. Bush in Washington on Monday evening, May 29th 2006, to discuss bilateral ties as well as latest developments in the Middle East.

His Majesty expressed gratitude for the continued support provided by the United States to Jordan and thanked the President for considering additional assistance to the Kingdom this year, at a time when Jordan's economy is facing many challenges associated with high oil prices.

On the Palestinian-Israeli issue, King Abdullah underlined the importance of moving forward in the pursuit of a two-state solution as outlined in President Bush's vision for peace.

He also stressed the need for both Israelis and Palestinians to resume negotiations as soon as possible and reiterated the need to channel assistance to the Palestinian people in order to avert a humanitarian crisis in the Palestinian territories.

His Majesty also stressed that Jordan will continue to play a key role in moving the peace process forward.

King Abdullah will be meeting with Palestinian President Mahmoud Abbas, as he regularly does, and separately with Israeli Prime Minister Ehud Olmert in the next few weeks.

The King also welcomed the formation of the new Iraqi government as a step forward in establishing peace, stability and security and emphasized the need for an inclusive political process in Iraq.

His Majesty stressed that Jordan will continue to support the Iraqi government and the Iraqi people in achieving their aspirations.

King Abdullah will head to Germany on Friday for talks with Chancellor Angela Merkel on the latest regional developments and means to enhance bilateral ties.

Yemen, Saudi Arabia to sign final border maps this week

MUKALLA, YEMEN - Yemen and its oil-rich neighbour Saudi Arabia are due to sign this week the final maps marking their joint borders after land demarcation was completed, Yemeni officials said Monday.

The officials said the maps would be signed during meetings of the Yemeni Saudi Higher Coordination Council (YSHCC), which is scheduled to begin in the south-eastern Yemeni city of Mukalla on Wednesday.

Demarcation of the joint Yemeni-Saudi 1,845-kilometre border was completed in 2004 after 824 markers were put in place. Last April, a German company delivered to the two states the final maps marking the border line based on a 2000 border treaty that ended a long-standing dispute.

The treaty ended a 66-year-old dispute between Saudi Arabia and Yemen over the unmarked borders, including handing over territory to each other as the border demarcation was completed.

On May 16, Saudi Arabia handed over to Yemen the last of 13 border outposts designated as Yemeni territory by the border treaty.

The two-day meetings of the YSHCC are to be co-chaired by the Saudi Crown Prince Sultan bin Abdul-Aziz and Yemeni Prime Minister Abdul-Qader Ba-Jammal.

The meetings would also discuss several issues including economic ties, efforts to fight terrorism and the combat against cross-border drug and arms smuggling and infiltration of terrorists, Yemeni official said.

Large quantities of arms and explosives are smuggled to Saudi territories through the porous border from Yemen every year. (DPA), 29 May 2006

Qatar's Drivers hold lead in Jordan Rally

Qatar's Nasser Saleh Al Attiyah and co-driver Chris Patterson held an advantage of 2minutes 03.6seconds after the opening leg of the Jordan Rally, round four of the FIA Middle East Rally Championship.
Dubai's Shaikh Suhail Bin Khalifa Al Maktoum completed the leg in second position, while Jordanian drivers Amjad Farrah and Faris Bustami were third and fifth overall.
Sharjah's Shaikh Abdullah Al Qasimi held fourth place in his Subaru Impreza WRX STi.
In temperatures in excess of 40 degrees Centigrade at the lowest place on earth, teams were forced to endure the adverse elements, in addition to coping with slippery and technical special stages for this WRC candidate event, which finishes on Saturday evening.
Al Attiyah drew first blood by beating Dubai's Shaikh Suhail by 21.6s and Shaikh Khalid Al Qasimi by 24s in the opening Turki stage.
It set the tone for the morning, with Shaikh Khaled and Shaikh Suhail locked in a battle for second place, ahead of Jordan's Amjad Farrah, Shaikh Abdullah and Jordan's Faris Bustami.
"I started very well and set a good time on the first stage," said Al-Attiyah.
"But then there was a problem with a gear linkage. This is a very difficult rally. You need four or five days to set the car up properly for these stages. It has been very challenging."
Leading positions at end of leg one after Special Stage 10:1. Nasser Saleh Al-Attiyah (QA)/Chris Patterson (GB) Subaru Impreza WRX STi 1h 50m 06.5s; 2. Shaikh Suhail bin Khalifa Al Maktoum (UAE)/Wael Marjan (UAE) Subaru Impreza WRX STi 1h 52m 10.1s; 3. Amjad Farrah (HKJ)/Khaled Zakaria (HKJ) Mitsubishi Lancer Evolution IX 1h 56m 24.1s.

Kuwaiti Women make History

Five Kuwaiti women become first females to register as candidates for parliamentary elections.
By Omar Hasan - KUWAIT CITY

Five Kuwaiti women made history Thursday by becoming the first females to register as candidates for parliamentary elections, ending a 44-year-old ban on their political participation.
"It's a historic day. It's a dream come true and the actual beginning of Kuwaiti women's participation in public life," leading women's rights activist Rula Dashti said after filing her papers at the election department.
Registration opened on Thursday for the June 29 election in the oil-rich Gulf emirate which was called on Sunday in a bid to end a deep political crisis over an electoral reform bill.
"Today, we strengthen the role of women's participation in the political life," said Dashti, a holder of a doctorate in economics from the prestigious Johns Hopkins University in the United States and chairwoman of the Kuwaiti Economic Society.
She said she would focus her campaign on economic reforms, unemployment and combatting corruption.
Kuwaiti women, deprived of a political role since parliament was established in 1962, won the right to vote and run for public office in May last year in a historic vote by the assembly.
Two women contested a municipal council by-election in April, and one came second among eight candidates for the only seat.
"Today I feel that democracy has gained a second wing... We have tried men for long and it's time to give women the opportunity," journalist Aisha al-Rasheed said after registering her candidacy.
Rasheed, running in the district of Keifan, an Islamist stronghold, said she would focus on the issues of women "who have been ignored for four decades.
"I will fight for equality among the sexes in rights and duties."
The other three women candidates are Khaleda al-Khader, a holder of a doctorate in public health from the United States, Ghanima al-Haider, a professor at a local college and Taiba Ibrahim, a writer.
More women are expected to lodge their candidacies before registration expires on June 3.
Four of the five women candidates were waiting at the election department long before registration opened, before any male candidate arrived.
Registration took place in two separate offices in line with a law that requires segregation of the sexes, but the two offices were almost entirely staffed by women employees.
Under the election law, all candidates must be Kuwaiti by birth, over 30 years old, know how to read and write Arabic, registered on the electoral roll and not have a criminal record.
Emir Sheikh Sabah al-Ahmad al-Sabah dissolved parliament Sunday following a bitter standoff over a bill calling for a reduction in the number of electoral constituencies from 25.
Opposition MPs have accused the government of deliberately blocking political reform, complaining that the large number of constituencies opens the way for vote-buying and other electoral fraud.
Dozens of young activists carrying orange banners and Kuwaiti flags gathered outside the election department in Kuwait City to urge candidates to back a reduction in the number of constituencies to five.
"We are here to resume our national movement for reform, and to support all national and clean candidates and help in the downfall of corrupt elements," Khaled al-Fadalah, a leader of the so-called Orange Movement said.
The number of eligible voters is 340,250, or 34 percent of native population, including 195,000 women, according to election department head Ali Murad. The voting age is 21 and servicemen are barred from casting a ballot.
A majority of the 50 MPs in the dissolved parliament along with hundreds of other candidates are expected to contest the election.
But the Islamist Ummah (nation) party, launched last year as the first political party in Kuwait and the Gulf Arab region, said Wednesday it will boycott the polls because of alleged corruption and vote-buying.

Iran prepares for new round of executions in Ahwaz

May 13, 2006 - Ahwazi Arab activists are warning of a potential massacre in Ahwaz as the Iranian regime prepares to execute up to seven Arabs in its campaign to stop anti-government unrest in the region in the southwest of Iran.

The Governor of Khuzestan has promised more "trials" and executions of Ahwazis, according to IRNA, an Iranian government news agency.

The British Ahwazi Friendship Society (BAFS) has received a list of seven Ahwazis currently in custody who are likely to be executed by the regime in the immediate future:

Ali Matouri Zadeh
Abdullah Abdulhousain Salman
Abdulamir Farajulla Chaab
Mohammad Chaab Pour
Khalaf Khazirawi
Malek Banitamim
Jalil Moghadam

Ali Matouri Zadeh's wife, Fahima Ismail Badawi, is also in custody. In March, she gave birth to a baby girl Salma in prison. At just under eight weeks old, Salma is the world's youngest political prisoner.

Ahwaz previously witnessed a wave of executions in March, including the public hangings of Ali Afrawi and Mehdi Nawaseri (seen above) following show trials over recent bomb attacks in the city. The executions were broadcast around the world, including a special report on human rights in Iran by the UK's Channel 4 News. The trials, televised "confessions" and executions were condemned by Amnesty International, the world's leading human rights organization.

Ahwaz is a focus of anti-government anger, with Ahwazi Arabs enraged by ongoing persecution, land confiscation, poverty and state terrorism. Unrest began in April 2005 after revelations that the government had a 10-year plan to reduce the Arab proportion of the province's population from 70 per cent to 30 per cent, contained in a leaked secret letter by former Vice-President Ali Abtahi (click here to download). Thousands have been arrested and scores killed since the uprising began.

Ahwazi activists have written to the British Ahwazi Friendship Society (BAFS) fearing a "big massacre in Ahwaz" and calling on the "international community to take a stand against this crime against humanity."

Discoveries increase Syrian oil prospects

February 11, 2006 - The UK's Emerald Energy and the Houston-based Gulfsands Petroleum say they may be sitting on between 560 million and 720 million barrels of oil and gas in fields near the Iraq border. This and other recent promising finds are stimulating fresh interest in Syria's oil and gas sector whose reserves have been falling sharply in recent years.

Current Syrian oil production, which provides two thirds of export receipts, is thought to be around 450,000 b/d down from a peak of 600,000 in the late 1990s and 530,000 only two years ago. Petroleum and Mineral Resources Minister Ibrahim Haddad oil says production peaked in 1997-1998 with a rate of decline measured at between 4-6 per cent a year.

According to Haddad, 'Our studies show this rate is expected to continue if no new discoveries are made with production falling to 370,000 b/d by 2012 and stabilizing at around 370,000 by 2030.'

Illicit imports of oil from Iraq during the last two years of Saddam Hussein's rule in Iraq helped Syria to sell more of its own oil to the international market. Exports rose nearly 18 per cent after the Kirkuk pipeline from Iraq to Banias was re-opened in 1999. .

Syria's efforts to reverse the trend in declining oil production have focused on switching oil-fired electric power plants to use natural gas in order to release as much crude for export as possible. The government has also intensified exploration and field development. Launch of a new round of tenders for oil and gas exploration is thought to be imminent.

US exit
The exit by some US oil majors such as ExxonMobil and ConocoPhillips has encouraged Syria to seek a more global involvement in exploration. Oil and Natural Gas Corporation and China National Petroleum Corporation, the leading oil firms of India and China respectively, have just finalized a joint $580 million acquisition of Petro-Canada's 37 per cent stake in Syria's Al-Furat oil venture operated by Royal Dutch Shell.

The acquisition includes shares in 36 producing fields which comprise the principal oil producing areas of Syria. These produced at average of 187,350 b/d in the first half of 2005. The asset is believed to hold reserves of 300 million barrels equating to 4.38 years of production at current rates.

Talks have also been held with French, Chinese and Russian companies to sign up for oil deals valued at more than $4 billion. Discussions have also been held with the Iran Oil Exploration Operation Company and with the Croatian oil and gas company INA.

Alternative partners
Canada's Stratic Energy and Kuwait Foreign Petroleum Exploration Company signed an agreement last year covering oil and gas exploration in a 5,000 square kilometers block in the Palmyra belt east of Damascus involving $92 million of investment. Russian company Tafneft is planning to sink three exploratory wells in south-eastern Syria.

Haddad has hinted that Syria may offer more favorable investment terms to foreign companies. 'They are continuously under review, and whenever we feel there are ways to improve terms for the investors we will do that.'

Iranian Basketball Team to visit Jordan

Iran will send its juniors' basketball team to Jordan on May 14 to take part in the west Asian competitions, the federation reported here Wednesday.
Amman, the Jordanian capital, is to host the tournament from May 15-19.
Jordan, Iran, Iraq, Yemen, Syria, and Lebanon will compete during the event. Iran's federation will name the players for the competitions next Saturday.

World Islamic Funds & Capital Markets Conference in Bahrain

HE Rasheed Mohammed Al Maraj, Governor, Bahrain Monetary Agency welcomed 400 participants from more than 20 countries from around the globe to the second annual World Islamic Funds & Capital Markets Conference at a grand opening ceremony today at the Gulf International Convention Center in the Kingdom of Bahrain.
This conference is a unique platform to engage senior decision-makers in the global Islamic Fund Management and Investments Industry.

Recent studies indicate that Shari'ah-compliant assets, growing over the last 20 years, represent an estimated USD 300 billion banking assets & approximately USD 400 billion Capital Market activities. The estimated annual growth for Islamic Capital Markets ranges from 15% to 20%. Given this dynamic growth scenario, the theme of the conference 'Bringing Together Investors, Fund Managers & International Financial Institutions to Capture Growth Opportunities in Islamic Capital Markets' is geared towards realising opportunities in this sector.

Speakers from UK, USA, UAE, Kingdom of Bahrain, Pakistan, Malaysia, India, Kuwait and Kingdom of Saudi Arabia came together to identify new growth opportunities in the swiftly evolving Shari'ah-Compliant Funds Market and the rapidly increasing global Sukuk and Islamic Capital markets. WIFC & WICMC 2006 moderator William McSheehy of Bloomberg encouraged debate and facilitated discussions between the expert international panelists and audience.

Addressing the conference participants, HE Rasheed Mohammed Al Maraj, BMA Governor, said

'It is our constant endeavour to better the environment for Islamic funds and capital markets in the global investment market. Bahrain's advances in regulation of Islamic instruments have had a positive impact on this segment of the Islamic Financial industry that is on the rise and we are pleased to host this significant world conference in the Kingdom'.

Ijlal Alvi, Chief Executive Officer, International Islamic Financial Market led the discussions at the opening 'Regulatory & Business Open Forum' session that focussed on Effective Regulatory Frameworks for the Development of Islamic Capital Markets. He commented 'Islamic Capital Markets have the potential to reach several trillion USD. With the complexities of the Capital Market and the various instruments on offer or to be offered, clearly an international Islamic authoritative body is required to define and provide guidance on what is and is not permissible under Islamic Law'.

Islamic securities (Sukuk) are emerging as a significant class of asset for the Islamic Banking Industry. These were addressed at the next session 'Realising the Full Potential of the Global Sukuk Market' that focussed on overcoming obstacles to the growth of the sovereign and corporate Sukuk market, developing the secondary market for Sukuks: creating liquidity and exploring the potential for new international Sukuk issues. Speaking during the session, Ahmed Abbas, Chief Executive Officer, Liquidity Management Center, said 'As at the 1st Quarter of the year 2006, the size of the Sukuk market was approximately USD 14 Billion. Approximately USD 5 Billion issued by Sovereign entities and USD 9 Billion issued by corporate entities.'

The session also heard from Asad Zafar, Managing Director, Asset Finance and Advisory Group, HSBC Amanah and Fuad Al-Homoud, Head of Founder's Committee, Sokouk Exchange Center Co. (Tadawul).

In the following session 'Assessing Key Developments & Innovations in Islamic Funds' Abdul Rahman Mohammed Al-Baker, Executive Director-Financial Institutions Supervision, Bahrain Monetary Agency addressed the participants. Dhafer AlQahtani, General Manager- General Directorate of Specialised Funds, Al-Tawfeek Company for Investment Funds Ltd. spoke about Trends and Outlook for the Islamic Funds and discussed global trends and new developments.

The World Islamic Funds and Capital Markets Exhibition running alongside the conference was opened by the Deputy Governor of the Bahrain Monetary Agency, HE Anwar Khalifa Al Sadah and showcased leading Islamic financial institutions, conventional banks, consulting & advisory firms, IT solution providers and international media.

The sessions that followed included 'The Shari'ah Open Forum on Capital Markets & Investment Funds'; 'Global Perspectives on Islamic Funds'; and 'Exploring New Opportunities & Tackling Challenges in Islamic Capital Markets'.

On the sidelines of the conference a press conference and a closed door session on Capital Markets was held that was facilitated by Sokouk Exchange Center Co. (Tadawul).

At the end of the first day's proceedings, The World Islamic Funds Excellence Award and the World Islamic Capital Markets Excellence Award will be presented during the Awards Ceremony.

This will be followed by the Conference Luncheon hosted by the Bahrain Monetary Agency. The conference will feature several networking functions including the Gala Dinner themed Business Strategies for Global Markets that will be hosted by HSBC Amanah.

To explore Real Estate Funds, Venture Capital, Hedge Funds, Private Equity and Sector Funds, day two's proceedings will start with the session on 'Capturing Growth Opportunities in Key Islamic Fund Sectors'. The session will be delivered by Richard Thomas, Head of Islamic Financial Services, Islamic Asset Management and alburaq, ABCIB Islamic Asset Management Ltd; Mustafa E. Al - Saleh, Managing Director, Adeem Investment Company; Stella Cox, Managing Director, Dawnay, Day Global Investment Limited; Hany Shawky, Senior Investment Manager-Strategic Investment Group, Global Investment House and Mohamed Shaikh, Assistant General Manager, Head of Product Structuring, Al-Tawfeek Company for Investment Funds Limited.

The other sessions will include 'Institutional Investors & End-Users RoundTable'; 'Assessing Key Trends in Capital Markets' and 'International Perspectives on the Development of Islamic Capital Markets'.

The conference will conclude with 'The Investment Funds & Capital Markets PowerTable 2006' tomorrow. This is an interactive round table discussion group that will be led by Ernst and Young.

Speakers and panelists from McKinsey & Company, Islamic Development Bank (IDB), Al Tamimi & Company Advocates & Legal Consultants, King Abdulaziz University, Unicorn Investment Bank, Calyx Financial, Islamic International Rating Agency, Shari'ah Capital/ Meyer Fund Management, Calyon Corporate & Investment Bank, Norton Rose, Maybank Investment Banking Group, ABC Islamic Bank, Infrasoft Technologies, EFG-Hermes and Meezan Bank will also address conference participants on 7 & 8 May 2006.

The Strategic Partners & Associates of the conference include Bahrain Monetary Agency who are supporting the event, Strategic Partner McKinsey and Company; Platinum Strategic Partners Al Baraka Banking Group, Al Tawfeek Company for Investment Funds, Al Amin Bank and Al Baraka Islamic Bank; Gold Strategic Partners ABC Islamic Bank, ABCIB Islamic Asset Management, Adeem Investment Company and Infrasoft Tech; Sukuk Partner Sokouk Exchange Center Co. (Tadawul); Gala Dinner Host HSBC Amanah; Silver Strategic Partners & Awards Associate Ernst & Young; Silver Strategic Partner KPMG; Associate Sponsor Calyx Financial; Strategic Associate Al Tamimi & Company, Advocates & Legal Consultants; Development Associate International Islamic Financial Market; Technology Partner Path Solutions; Bronze Partner Zawya; Day 2 Conference Luncheon Host Financial Technologies; Lanyard Sponsor Shamil Bank; and Associate Supporters Bahrain Economic Development Board and General Council of Islamic Banks and Financial Institutions (CIBAFI).

Bahrain Financial Harbour, National Investments Company and Ohad Trusts are exhibiting along with the other partners and associates of the conference. (AME)

Work starts on a New International Exhibition Center in Abu Dhabi

ADNEC, the new Abu Dhabi National Exhibitions Company, announced today that it had already begun construction of a world-class exhibition complex in Abu Dhabi to benefit the UAE and Middle East markets.

The decision to build a new exhibition center for the UAE was driven by an in-depth review of the existing and potential exhibition market. The conclusion reached by the Government of Abu Dhabi is that the demand from visitors and exhibitors has expanded dramatically and significant opportunities exist for new international exhibitions and conferences. In particular, Abu Dhabi is emerging as a unique market and the massive developments that are planned will support a range of significant exhibitions.

The exhibition complex will include 57,000 square metres of gross exhibition floor space, a massive 21,000 square metres visitor concourse and 7,500 square metres of multi-purpose halls. The new center will also feature dedicated conference facilities for 1,200 people, banqueting areas and more than 30 high-specification meeting rooms.

The first phase of the project is already well under way and on schedule for completion by December 2006 to host the internationally recognised IDEX 2007 defence exhibition and conference. Built in the 'U-shape' that has proven so successful in the best venues in the world, the Center will contain a central landscaped plaza for outdoor events.

The focal feature of the complex will be an iconic soaring tower that will curve above the center and look out to the sea. Innovative in its design, the tower is a bold architectural statement that reflects ADNEC's plans to become an internationally recognisable venue. The tower will become the brand that promotes the venue and Abu Dhabi to the world.

ADNEC Chairman is His Excellency Sheikh Sultan Bin Tahnoon Al Nahyan.

The location for this center was carefully selected: close to the major hotel developments and a short distance from Abu Dhabi Airport. The site is only 35 minutes from Jebel Ali, Dubai. The surrounding road network has been planned to allow for easy access and exit to the center and multi-storey car parks will provide ample capacity for visitor and exhibitors.

The area surrounding the new center is scheduled for immediate development and will feature hotels, serviced apartments for 2000 people, 17 office towers, a marina development and a retail zone with over 100 outlets.

As part of the development, the existing Sheikh Zayed Grandstand will be refurbished and linked to the new halls. Within it will be offices, food courts and a range of companies servicing the exhibition industry.