MUST-READS

• Ma'aden
  Saudi Ma’aden, Alcoa start commercial ops at huge aluminium plant

  Saudi Arabian Mining Co (Ma'aden) said on Monday its joint aluminium smelter with U.S.-based Alcoa has started commercial operations. The $10.8 billion aluminium plant at Ras al-Khair, on the Gulf coast of the kingdom, had experienced issues during the initial start-up phase last year when it had to shut one of its two smelting lines in October due to problems encountered during ramp-up.

• TASI
  Middle East funds see value in popular Saudi stock market

  “We believe that valuations in Saudi Arabia are beginning to look stretched at these levels,” said Vijay Harpalani, assistant fund manager at the UAE’s Al Mal Capital. “If we compare valuations, the market is trading at a premium to GCC, as well as emerging, markets.” However, managers think the Saudi market’s liquidity and diversity, as well as the macroeconomic stability provided by the country’s big current account and state budget surpluses, justify some degree of premium. They still see pockets of opportunity in some sectors.

• Saudi-France
  Saudi Crown Prince holds talks with Hollande

  Saudi Arabia’s Crown Prince Salman bin Abdulaziz held talks in Paris on Monday with President Francois Hollande on bilateral cooperation in various areas, including combating the rise of terrorism in the Middle East region.

• Islam
  Proposal to move Mohamed’s tomb in Saudi Arabia sparks debate

  The controversial proposals are part of a consultation document by a leading Saudi academic which has been circulated among the supervisors of al-Masjid al-Nabawi mosque in Medina, where the remains of the Prophet are housed under the Green Dome, visited by millions of pilgrims and venerated as Islam’s second-holiest site.

• Aramco
  Saudi Aramco seeks interest for work on unconventional gas-sources

  The search for gas has been a priority for Saudi Arabia as it struggles to keep pace with rapidly rising domestic demand. Aramco plans to produce as much as 200 million cubic feet per day of unconventional natural gas by 2018 to supply the Waad al-Shamal project and a power plant. Inspired by a shale gas surge in the United States, which has transformed it from the world's largest gas importer to an exporter, Saudi has begun investigating its large unconventional gas reserves.

• Oil
  Saudi crude exports fall in June as domestic demand rises

  Saudi crude exports fell in June to their lowest levels in almost three years as oil use in the country’s power sector rose and local refineries processed high volumes, official data showed.

• Saudi Workforce
  Young Saudis challenging past work trends

  It has become normal to see young Saudis working in men's fashion shops, restaurants and coffee shops, serving customers to acquire the experience and work culture that will allow them to achieve higher goals. These Saudis are reflected in the recent data released by the Ministry of Labor that showed the number of Saudis working in the private sector has reached 1.47 million in 2013, representing a 332.2 percent increase from 2012

• Football
  Prince Alwaleed gives cash incentive for Hilal players

  Prince Alwaleed bin Talal, chairman of Kingdom Holding Company (KHC), awarded each player of Al Hilal SR20,000 after the Riyadh-based football club qualified for the semifinals of the AFC (Asian Football Confederation) Champions League.

• Petrochemicals
  Saudi Sahara Petrochemical’s subsidiary restarts output after glitch

  Saudi Arabia's Sahara Petrochemical Co said on Wednesday its subsidiary had fixed a technical fault at a utilities unit and was now working on restarting production.

  Sahara, which ended merger talks with Saudi International Petrochemical Co (Sipchem) in June, said Aug. 17 a shutdown in polypropylene output had occurred at Al Waha Petrochemicals which could reduce third-quarter profit at the parent firm by nearly 9 million riyals ($2.4 million).

• Iran Negotiations
  Reports propose compromise for Iran nuclear deal

  As negotiators from Iran and six world powers prepare to resume talks next month, two new papers by prominent arms-control experts close to the negotiations offer prescriptions for how to overcome key obstacles to reach a nuclear deal.

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