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Saudi supertanker (VLCC) Sirius Star, carrying an estimated $100m worth of oil was hijacked by pirates off the coast of Kenya and headed towards the northern Somali coast. Bahrain’s Ebrahim Abdulaal Group of Companies (EAGC) has signed an MoU with London-based H Oil.

Bahrain-Saudi Arabia pipeline shows relations are good. Bahrain Petroleum Company (Bapco) is planning a $2bn expansion of its Sitra refinery. Iran has signed a MoU with Turkey for the development of two phases of its South Pars gas field. International services company Petrofac has been awarded a KD147m ($543m) lump-sum contract by Kuwait Oil Company for a new gas pipeline.

Swiss investment bank Crédit Suisse has expanded its presence in Saudi Arabia after announcing it had taken a majority 55% stake in its Saudi Swiss Securities joint venture, which it renamed Credit Suisse Saudi Arabia (CSSA).

According to the latest Moody’s Investors Service report, Islamic finance is enjoying soaring demand, but requires more sophistication. Abu Dhabi Islamic Bank chief executive Tirad Mahmoud has said that Islamic finance will continue to grow despite the current global financial crisis. Jeddah-based Islamic Chamber of Commerce and Industry (ICCI) has announced plans to establish an Islamic bank. The Islamic Development Bank (IDB) has agreed to lend Tunisia a $195m to build two gas turbines.

In little over three years of rule, King Abdullah’s Saudi Arabia has steadily gained in diplomatic confidence. It’s not just because of its wealth that Riyadh is now a major destination on the foreign policy map for international leaders. Saudi Arabia has emerged as a partner that knows its own mind, able to forge policy that is in line with the government’s view of national self-interest but which also pushes a positive global and regional agenda.

The Saudi Eurofighter purchase has given the European consortium a vital lead in the long-term market for the RSAF’s eventual replacement of some 178 strike aircraft by around 2020. Boeing may yet sell F-15s to the RSAF, but if the United States is betting on major sales in the Gulf, it is to Iraq and the UAE, not the Kingdom. France is also a player, with its hopes for major combat aircraft sales analysed by GSN in an article below.

Spontaneous celebrations began in Najran as news broke that hard-line governor Prince Mishaal Bin Saud Bin Abdelaziz had been removed by King Abdullah Bin Abdelaziz after years of discrimination against the local Ismaili community. "The King has answered our calls for change and this is just the beginning. Najran has been celebrating since last night, firing guns in air and dancing in the streets," reported local resident Mohammed Al-Askar. The official Saudi Press Agency said Mishaal had been relieved of the governorship by royal decree "at his own request," the political signal was clear.

King Abdullah: Pakistani talks, CP Sultan: Return to Kingdom, Salman Bin Abdelaziz and sons: Meetings, Turki Al-Faisal: Speaking out in the States, Nayef Bin Abdelaziz: Iraq defence fence, Nayef Bin Abdelaziz: Pakistan hunting land, Mohammed Bin Yousef Al-Saud: Marriage

Following the Eid holiday Crown Prince Sultan travelled to Tabuk, where he announced a donation of SR10m – to be given on an annual basis – to the Prince Fahd Bin Sultan University

Yemeni-based militants constitute one external threat to expatriates. Indeed, the prospect of establishing bases in Yemen has been mentioned prominently in militant communiqués and in Saudi government statements since 2006.

Dubai Investments (DI), a Dubai Financial Market-listed investment vehicle in which the government has an 11% stake, has acquired a 5% stake in …. Geneva and Riyadh-based investment bank Swicorp has agreed to provide funding to a privately-owned Algerian oil products marketer, Petroser, through its $250m private equity vehicle Intaj Capital.

Gulf financial institutions have been exposed to US defaults, but on a relatively small scale. Worst-affected have been Dubai and Bahrain, with Qatar and Saudi Arabia apparently the least-affected. Foreign banks have slowed down their lending dramatically and local banks are having their international credit lines pulled, causing them to freeze inter-bank lending.

The ‘hard stop’ armed takedown of a vehicle at a government checkpoint – a regular occurrence in 2004-05 – has become so rare that the unsuccessful 14 October attempt to stop a suspected terrorist vehicle in Eastern Riyadh was big news. The authorities seem to have the jihadist challenge under control, but Yemeni-based militants still pose a threat, as does potential ‘blow-back’ from Iraq

Iraq is the other major source of advanced terrorist capability in Saudi Arabia, leading the Kingdom to quietly take steps to reduce potential blowback. The September announcement of a mutual extradition treaty between Saudi Arabia and Iraq received little media coverage but represents a significant development. The treaty stipulated “the exchange of convicted prisoners… so that they serve the rest of..

Saudi player enters Moroccan oil shale play, Gas production, Board restructuring