Gulf Markets in Rehab, Naked Witches of Arabia, and Algerian Democracy

Middle East Notes

Algeria has a new Prime Minister. Mr. Bel-Khadim has replaced Mr. O’Yehya (no, he ain’t Irish). A report in al-Hayat from Algeria indicates that the new Prime Minister has a new agenda: so far so good, a new PM should have a new agenda. The main items on this new agenda, according to press reports, are to allow the president of the country to run for three terms instead of two, and to extend each term to 7 years instead of the current 5 years. That makes sense: that way Algeria’s president has a better chance of dying in office, which puts him at par with all other Arab leaders (perhaps with the exception of Iraq). Sounds almost like an attempt at regional coordination of dictatorial terms, of the kind that in the past might have been proposed by the Arab Foreign Ministers Council. In any case, the Algerian move is one strand in an emerging trend of the expected backtracking by Arab regimes on promises of democracy. This proves that a hog with a lot of make-up (macquillage?) is still a hog.

Al-Arabiya TV reports that Saudi religious sheikhs are upset, really pissed, about news that a professor from Nottingham University in Britain has proved that the egg came before the chicken. Other UK professors have expressed support. This is purported to support the theory of evolution, and to deny the existence of the creator deity. However, an official from the Saudi Ministry of Justice, to his credit, said that this does not necessarily deny the existence of a deity. Is everyone else as confused about this, or is it just I?
Since we are in the neighborhood: a major Saudi daily newspaper (Okaz) reported that a group of the special Islamic Morality Police (Muttawa'een) raided a “nest of witchcraft and magic in Medinah”, only to be startled when confronted with a completely naked African witch. They claimed that she disappeared as suddenly, and that their search for her was not successful. A neighbor claimed that a naked African witch crashed into his apartment through the roof, prompting him and his family to escape. She was eventually arrested, still naked. Twenty other women were apprehended, and manuals and videotapes on witchcraft were confiscated. There are no reports whether the latter included copies of Witchcraft for Dummies. At least one person will lose her head: the practice of witchcraft is punishable by beheading. Most likely she will be fully clothed on the fateful day.

Many Saudi men now resort to mass weddings to reduce the soaring cost of.....weddings. The economies of scale, you know. This is especially important because of the losses incurred by many middle class Saudis in the recent stock market crash in the Kingdom. That still leaves the issue of the biggest part of the cost: the dowry that the groom must pay. The network reports that one recent wedding in Ahsaa’ province included 1400 couples. That is one party that would be easy to crash, but would you want to?
The Saudi market crash has apparently led to a lot of soul searching- so far no news of any jumps off high buildings- and this in itself indicates that the effects of the crash are deeply felt within the Saudi society, perhaps well beyond the realm of finance and economics. There have been several conferences, seminars and symposiums about the issue- as well as polls and media surveys. No reports yet whether psychotherapy and rehabilitation activities have picked up.

Stock markets in Arab region have remained stagnant. In the Persian Gulf, movements of the main indices have been uninspiring, although both markets in the United Arab Emirates recorded modest increases. In Kuwait press reports say that the Kuwait Investment Authority will dump more money in the market- a figure of another KD 100 million was mentioned. One newspaper reported that the KIA will be equitable and just when it purchases shares. Perhaps it is not too much to hope that it will also be sensible and professional in placing public funds. But then again, equitable is not a normal criterion for placing investments. More like Prozac than therapy, but will it affect the market?
Speaking of public money and spending: The snap Kuwait election for the assembly is set for the end of June, and there are many rumors and stories in the local press. I wonder if votes are still as actively bought and sold in some districts, and how much they are now. The authorities might want to look into securetization of traded votes- that might diversify the market and allow better risk management. The daily al-Qabas reports that several disgruntled members of one branch of the ruling family are considering a run. Go for it.

Cheers
Mohammed