The Custodian of the Two Holy Mosques King Fahd bin Abdul Aziz chaired the Cabinet’s weekly session at Al-Salam Palace here today.
At the outset of the session, Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard, briefed the Cabinet on his inauguration of development and economic projects in Al-Shuaibah and Alleeth.
In a statement to the Saudi Press Agency (SPA) following the session, the Minister of Information, Dr Fouad bin Abdulsalam Al-Farsy, said that King Fahd expressed his appreciation of those responsible for overseeing and implementing these developmental and investment projects.
The King praised the great developments achieved by the Kingdom of Saudi Arabia in various fields, owing to the great efforts of its citizens. He stressed that the government will continue to support, encourage and facilitate investment by nationals within the Kingdom and the training and employing of nationals.
The King emphasized that the relevant governmental bodies should provide investment opportunities to enhance bonds between nationals, investors and employees. He noted that Saudi youth have proved their success in all fields of the labour market.
The Cabinet was then briefed on developments in the international arena, notably the situation in Iraq and the occupied Palestinian territories.
The Cabinet affirmed that the Kingdom has exerted its utmost efforts to promote a peaceful resolution of the crisis, and stressed that, instead of focusing on the division between Council members, the UN Security Council should focus on averting war.
The Cabinet said that the Security Council shoulders great responsibility for maintaining international security and peace, and the independence, sovereignty, and territorial integrity of UN member states, including Iraq.
On the Palestinian issue, the Kingdom reiterated its appreciation of, and interest in the statements of U.S. President George W. Bush and British Prime Minister Tony Blair, which express the commitment of the United States and the United Kingdom to achieve a settlement of the Palestinian-Israeli conflict by the year 2005.
The Kingdom stressed the necessity of moving quickly towards effective implementation of “the road map" and the principles of the Arab peace initiative, in order to surmount the current impasse. Measures to be implemented as part of the proposal include putting an end to continual Israeli aggression against the unarmed Palestinian people, and the provision of protection for the latter, halting Israeli settlement activity in occupied Arab territories, and establishing an independent Palestinian state.
The Cabinet then continued discussions of the agenda and issued the following decisions:
The Cabinet authorized the Minister of Interior or his deputy to discuss with the Omani side a draft memorandum of understanding between the Kingdom of Saudi Arabia and the Sultanate of Oman to regulate cooperation between the two countries on freedom-related penalties.
The Council of Ministers approved a number of measures and mechanisms related to investment in some minerals and precious stones, and levies on investment revenues.. This decision is valid until the issuance of the Mineral Investment Act.
The Ministry of Petroleum and Mineral Resources was assigned to prepare a report on a three-yearly basis on the prices of raw materials licensed for investment in the Kingdom.
The Cabinet authorized the Minister of Finance and National Economy or his deputy to sign a draft agreement to set up the Saudi Algerian Investment Company and its statute.
The Cabinet approved the final version of the agreement for technical cooperation regarding the capital deposited at the United Nations Food and Agriculture Organization.
The Cabinet agreed to establish a charity for orphans, to raise funds and use subsidies presented by the Ministry of Labour and Social Affairs to assist orphans and those who face social deprivation after being discharged from orphanages.
Source: SPA
