A1SaudiArabia.com

VIENNA – With oil prices steady around $80, OPEC countries are returning to energy investment projects postponed at the height of the economic crisis, while foreign firms are playing a major role.

OPEC nations used the sidelines of this weeks meeting of the Organization of Petroleum Exporting Countries to speak about their plans for significant investments in energy infrastructures.

And with oil demand set to rise over the long term, investment in the energy sector, from drilling projects to building new refineries is essential.

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LONDON – Germanys Siemens has teamed up with a Chinese consortium to supply trains and equipment for 450-km (280 mile) railway in Saudi Arabia, the FT reported on Wednesday.

Citing unnamed sources, the paper said Siemens has abandoned its initial bid with the Saudi Binladin Group, in a move to position itself as a frontrunner in a consortium led by China South Locomotive & Rolling Stock Corporation.

No one at Siemens, which is expected to supply signaling and electrification equipment for the high-speed railroad, could immediately be reached for comment.

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RIYADH – China fully knows what it should do as a global power in the effort to halt Irans nuclear push, Prince Saud Al-Faisal, Foreign Minister, said in an interview published Monday.

“China is perfectly aware of the scope of its responsibilities and its obligations, including in the position it holds on the international stage and as a permanent member of the (UN) Security Council,” Prince Saud told Al-Riyadh newspaper.

He underscored that China is a “member of the six-party international group dealing with the Iran nuclear crisis,” adding Riyadh supports the groups work, and he hoped Iran would cooperate with its efforts.

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SYDNEY – Asian stocks fell from near seven-week highs on Monday after weak US consumer confidence data overshadowed strong retail numbers and curbed demand for risky assets, keeping the price of oil below $81.

Investors were disappointed that Fridays upbeat February retail sales report, which showed spending rose in spite of bad weather, failed to help US stocks to rise, leading the market to focus instead on souring consumer mood. The cautious tone was echoed on Sunday when Chinese premier Wen Jiabao said there was a chance the world economy may slip back into recession, resulting in a double-dip recession. That was enough to lead stock investors to play it safe. Japans Nikkei gave up earlier gains to slip 0.2 percent from seven-week highs. MSCIs index of Asian shares outside Japan fell nearly 1 percent.

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RIYADH – Sharfudeen Necheeri (26), an Indian menial job worker, survived in a desert for 15 hours on a cup of milk and a glass of water.

Two crooks posing as plainclothes policemen picked up Necheeri on Thursday and drove for four hours and dumped him in a desert outside of the capital. The thugs robbed him of his SR360 but spared his mobile phone, “because it was made in China.”

Speaking about his ordeal, Necheeri said the duo approached him while he was walking alone at 10.30 P.M. on a street in Batha. They asked for his iqama (residence permit) and instructed him to sit in the car.

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BEIJING – China vowed Sunday to remain alert to any renewed signs of economic crisis and forcefully defended its currency, trade and more assertive foreign policies as helping global rebalancing, not undermining it.

Premier Wen Jiabao repeatedly took issue with United States, whose relations with Beijing have soured in recent months. To US criticisms that China keeps its currency undervalued and thus harms US exports, Wen said Beijing opposed “finger-pointing or taking strong measures to force” a readjustment of the yuan. Likewise, he said the recent White House reception to Tibets exiled Dalai Lama and US arms sale to Taiwan “caused serious disturbance in relations.” “The responsibility does not lie with the Chinese side, but the United States,” Wen said in a wide-ranging news conference, his only regular meeting with the media all year. “With mutual trust both countries can forge ahead, but with mutual suspicion both countries will fall behind.” Wen, who is No. 3 in the Communist Party hierarchy and chiefly responsible for the economy, dwelled on Chinas strong bounce-back from the world economic crisis and whether the current global recovery could be sustained. He cited high unemployment rates, debt crises in foreign nations such as Greece and high government deficits abroad, while at home, he said, there are worries about inflation and businesses over-reliance on the massive stimulus and loans China used last year to keep the economy running.

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JEDDAH – Gold prices are expected to fall in the second half of 2010 and first quarter of 2011, according to the Gold  Mining  fields company GFMS analysis, said Ali Saleh Batarfi Al- Kindi , deputy head of gold manufactures and member of the Jeddah committee.

GFMS is the worlds foremost precious metals consultancy specializing in research into the global gold, silver, platinum and pladium markets.

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BEIJING – China plans to bid for contracts to build US high-speed train lines and is stepping up exports of rail technology to Europe and Latin America, a government official said Saturday.

China has built 4,000 miles (6,500 kilometers) of high-speed rail for its own train system and President Barack Obama issued a pledge in November with his Chinese counterpart, Hu Jintao, to cooperate in developing the technology.

“We are organizing relevant companies to participate in bidding for US high-speed railways,” Wang Zhiguo, a deputy railways minister, told a news conference.

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BEIJING – Chinas top parliamentary adviser said Saturday that keeping the economy stable and steady must remain the governments biggest priority this year.

Jia Qinglin, the Communist Partys No. 4 ranking leader, told delegates at the close of the annual session of the legislative advisory body that more will need to be done to cope with the international financial crisis and keep the economy churning.

“This year it will be crucial for China to continue to deal with the global financial crisis and to maintain steady and relatively fast economic development,” said Jia, the conference chairman, at the Chinese Peoples Political Consultative Conferences closing ceremony.

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The Asian Consuls General Club (ACGC) bid farewell to Gatot Abdullah Mansyur, Consul General of Indonesia, and Mohamdzen Idris, Vice Consul of Singapore, in a reception held at the Chinese consul generals residence in Jeddah recently. The function was a gesture to express appreciation for the two envoys active cooperation with the ACGC members during their tenure in Jeddah. Mansyur, who has been promoted as the Indonesian Ambassador to Riyadh, received congratulatory messages from others present at the function. The ACGC members also evaluated the third ACGC Film Festival held last month and the Asian Food Festival (Feb. 17-March 1). Plans for next years events were also discussed. In the photo: (3rd from left) Mohamdzen Idris, Vice Consul of Singapore; Sayed Ahmed Baba, Consul General of India; Toshimitsu Ishigure, Consul General of Japan and ACGC coordinator; Abdullah Mansyur, Consul General of Indonesia; Han Dal-jun, Consul General of Korea; and Wang Yong, Consul General of China. Also seen in the photo are wives of some of the consuls general. – SG photo and text by Fouzia Khan