FNC okays changes in human trafficking law

Source: Khaleej Times (Read full story)

Victims of human trafficking in the UAE would have better protection and their tormentors would face stiffer penalties as the Federal National Council (FNC) approved amendments to a federal law against the crime on Tuesday. Under the amended provisions in Federal Law No. 51 of 2006 on combating human trafficking, victims would be briefed about their full rights and they would be given medical attention if they request so or if they appear to be in need of medical or psychological treatment.

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GCC: Hezbollah terror group

Source: Arab News (Read full story)

The Gulf Cooperation Council yesterday unanimously declared Lebanon-based Hezbollah a terrorist organization and said it would take measures against the group’s interest in the Gulf countries. “All GCC countries are convinced that Hezbollah is a terrorist organization,” Bahrain’s Foreign Minister Ghanim bin Fadl Al-Buainain told reporters following a meeting of GCC foreign ministers in Jeddah. He said the GCC countries had always tried to establish better ties with Iran and asked Tehran to stop its provocative actions including meddling in the internal affairs of Bahrain and espionage against Saudi Arabia.

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Saudi charities face funding crisis over terror fears

Source: Arab News (Read full story)

Credible Saudi charities are facing a funding crisis because of recent measures aimed at clamping down on terrorists using charities as fronts to raise funds and launder money. A number of charity workers here are now concerned that their work in the community will suffer as wary donors hold on to their cash, and charities are limited in what they can take from donors. Mohammad Al-Samri, an administrator at a charity in Makkah, said that projects have suffered because of a lack of money and not the “weakness of its professional staff.”

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UAE slams Iran for Bahrain interference

Source: Khaleej Times (Read full story)

The UAE on Sunday condemned Iran for its interference in Bahrain’s domestic issues, accusing Tehran of trying to distract from its forthcoming elections. Addressing a joint Press conference, UAE Foreign Minister Shaikh Abdullah bin Zayed Al Nahyan, along with his Australian counterpart Bob Carr, said Iran had no right to interfere in GCC regional affairs. “Our Iranian neighbors have a real problem in understanding and identifying the way in which they deal with their neighbors,” Shaikh Abdullah said.

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GCC is 13th largest world economy

Source: Emirates 24/7 (Read  full story)

Gulf hydrocarbon producers emerged as the 13th most powerful economy in the world in 2011 while strong oil prices allowed them to become the fifth largest exporter with the highest trade surplus, according to a Bahraini minister. Hassan Fakhru, minister of trade and industry, estimated the combined GDP of the six-nation Gulf Cooperation Council (GCC) at around $1.4 trillion in 2011, the 13th largest in the world. He put the global GDP at around $70 trillion in 2011.

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Saudi Arabia launches first F15-SA jet plane at Missouri ceremony

Source: Arab News (Read full story)

The Saudi Air Force recently launched its F15-SA jet plane at an inauguration ceremony held at a Boeing site based in St. Louis, Missouri. Boeing today rolled out the Boeing F-15SA, ushering in a new era in fighter aircraft capability and affordability for the Kingdom of Saudi Arabia. The launch comes amid plans for the air force to modernize its fleet of fighters. The recent addition means that the Kingdom has entered a new age in its fighter planes, allowing it to be at the forefront of air forces worldwide.

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Saudi Aramco to Open 3 US Research Centers

Source: Energy Tribune (Read full story)

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Saudi Aramco has announced the opening of three research centers in the United States with Houston named one of the cities to house a new facility focused on upstream research. Houston joins two other U.S.- based centers in Cambridge, Mass. and Detroit designed to extend the energy giant’s global research and development (R&D) network. The Houston Research Center, expected to be operational later this year, will consist of teams spanning upstream subsurface domains. Saudi Aramco is currently hiring experts from around the world to work in this center that has state-of-the-art laboratory to develop technology to advance the discovery and recovery of oil and gas.

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Saudi petchem shares ‘could rebound quickly’

Source: Arab News (Read full story)

Pessimism over Saudi Arabia’s petrochemical industry has pushed shares in the sector down sharply, dampening the biggest Arab stock market. But the gloom may be overdone, creating chances to buy into some of the Kingdom’s biggest firms. The sector’s net income slid 18 percent from a year earlier to SR 8.0 billion ($ 2.1 billion) in the first quarter of this year, Riyadh-based NCB Capital calculated this week after the companies announced earnings. Even worse, global oil prices have dropped sharply since the start of this month.

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