MUST-READS

• Oman
  Oman announces 2015 budget with 8 % deficit, slant on infrastructure, privatization

  The Omani Ministry of Finance said in a statement that the general budget for the fiscal year 2015 is estimated as general expenditure at 14.1 billion Omani riyals (Dh 134.5 billion), an increase of 4.5 per cent from the expenditure estimations of last year’s estimates.

• Art
  First outdoor art show in conservative Saudi

  Dozens of paintings are being displayed on outdoor advertising billboards in the capital Riyadh and other cities in what organisers say is the kingdom's first public art show.

• GCC
  Private sector supports unified GCC expat hiring policy

  The private sector supports efforts of the Gulf Cooperation Council (GCC) governments to develop a unified policy that would govern their contractual relationships with labor exporting countries including India, Indonesia and the Philippines, a leading official said here Monday.

• Guantanamo
  U.S. asks Vatican for help with Guantanamo inmates

  The United States, which is seeking ways to close Guantanamo Bay prison camp and to transfer inmates to third countries, asked the Vatican on Monday for help finding "humanitarian solutions" for inmates, Vatican spokesman Father Federico Lombardi said.

• Labor
  Making the private sector attractive for Saudis

  The Ministry of Labor is looking into the possibility of creating an attractive work environment for Saudis in the private sector, similar to the government sector with regard to wages, working hours and two-day weekends with the aim to discourage them from changing jobs frequently.

• Expatriate Labor
  Over 8m expats in private sector

  There are more than 8.2 million expatriates working in the private sector compared to 1.4 million Saudis, according to a senior official of the Labor Ministry. Ahmed Al-Fiahid, ministry undersecretary, told Okaz/Saudi Gazette that the increasing number of foreign employees in the Kingdom is one of the challenges facing the ministry.

• Energy Conservation
  Thermal Insulation and Energy Conservation

  Given the extraordinary level of electricity consumption in Saudi Arabia, the government is getting around to requiring thermal insulation in new buildings. At present, most dwellings in Saudi Arabia are made of either concrete block or poured concrete. Neither is particularly noted for its insulation qualities, though they are good at heat retention. But heat retention is not what’s desired or needed in Saudi Arabia, where air conditioning is a major source of energy demand.

• Non-oil Growth
  Non-oil private sector in Saudi Arabia surges to over 3-year high

  In the latest Saudi British Bank PMI report, it noted that the growth was underpinned by accelerated increase in new work and output. Latest data showed that new business rose at its strongest pace for 28 months, amid strong demand for goods and services. Notably, construction was reported by several sources to be a key area of demand growth, while others reported the benefits of higher marketing and promotional activities.

• OIl
  Saudi Aramco trades first fuel oil derivative on Platts

  Saudi Aramco traded its first fuel oil derivative on Platts on Thursday and is expected to become more active in its paper trading activities, sources said.

• Global Oil Markets
  Privately, Saudis Tell Oil Market: Get Used To Lower Prices

  Until recently, Gulf OPEC members have been saying that the price dip was a temporary phenomenon, betting on seasonal demand in winter to prop up prices. But a growing number of oil analysts now see the latest slide as something more than a seasonal downswing; some say it is the start of a pivotal shift to a prolonged period of relative abundance. Rather than fight the decline in prices and cede market share in the face of growing competition, Saudi Arabia appears to be preparing traders for a sea change in prices.

  • Economic Times - Oil falls more than $1 on Kuwait, Saudi signals; China offsets
  • UPI - Iran denies mirroring Saudi oil price move
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