GE (NYSE: GE) and Saudi Basic Industries Corporation (SABIC) announced on May 21st that they had reached agreement for SABIC to acquire GE Plastics for a purchase price of $ 11.6 billion. Announcement of the acquisition was made by Jeff Immelt, Chairman and CEO of GE and Mohamed Al-Mady, Vice Chairman and CEO of SABIC.

Saudi Arabia's Interior Minister Prince Naif urged the U.S. not to tamper with Iraq's Arab and Muslim identity amid Saudi concern over non-Arab Iran's growing influence in Iraq, state Press Agency reported on Monday.

Saudi Aramco and Dow Announce the Signing of the Memorandum of Understanding to Develop One of the Largest Grassroots Plastics and Chemicals Production Complexes in the World

Nada Hashmi was shocked when she returned to her native Saudi Arabia three years ago and realized how far behind the country lagged in technology.

Iran will take part in the second seminar of oil cooperation among Asian countries.

Japanese PM Shinzo Abe proposed a plan to Saudi Arabia to let the country use part of the state-owned oil storage tanks in Okinawa Prefecture in exchange for a preferential right to purchase the oil reserves there in case of emergency.

Oil prices pushed above $US66 a barrel on Friday, April 27th, after Saudi Arabia announced the arrests of 172 Islamic militants, some of whom planned to attack oil fields.

Saudi Arabia says Israel should first clearly accept Arab peace initiative before the kingdom would consider talks. A statement from the Saudi cabinet Monday did not directly refer to Israeli Prime Minister Ehud Olmert's invitation to Arab leaders to attend a Middle East peace conference.

The Bush administration Thursday expressed surprise, and said it was seeking clarification, over remarks by Saudi Arabia's King Abdullah at the Arab League summit that the United States role in Iraq was an "illegal foreign occupation." U.S. officials meanwhile are welcoming the Arab League's relaunch of its 2002 peace initiative for Israel. VOA's David Gollust reports from the State Department.

Arab leaders are meeting in Saudi Arabia for a summit expected to re-launch a plan calling for normal relations with Israel if it withdraws from land captured in the 1967 Middle East War. The two-day summit of the 22-member Arab League opened in Riyadh Wednesday.

VeriFone Holdings, Inc. announced today that CEO Douglas G. Bergeron has completed a four day tour of the Middle East, where he met with key customers and partners in Saudi Arabia and Jordan to discuss regional needs and the company's strategy to address growing local markets.

U.N. Secretary-General Ban Ki-moon has praised a five-year old Saudi Arabian peace proposal as a "pillar" in the search for Middle East peace. The Saudi plan is to be discussed later this month at an Arab summit in Riyadh. Mr. Ban spoke about the plan in a one-on-one VOA interview as he prepares for his first trip to the Middle East as U.N. chief. VOA Correspondent Peter Heinlein talked to Mr. Ban, and filed this report.