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, the King and Crown Prince Abdullah bin Abdul Aziz, Deputy Premier and Commander of the National Guard, expressed their appreciation to citizens and residents for their renunciation of all forms of terrorism, their continual condemnation of terrorist activities, and their denunciation of the terrorist bombings against innocent people in Riyadh.
They said that the citizens’ feelings of concern, expressed in cables, consultations, delegations from all regions, and the mass media, embody the people’s united stand with their leadership against anyone who seeks to destabilize the Kingdom’s security. They stressed the Kingdom’s determination severely to punish anyone who tries to perpetrate such heinous acts which are rejected by Islam and the values and traditions of Arab Muslim society.
In a statement to the Saudi Press Agency (SPA) following the meeting, the Minister of Culture and Information, Dr Fouad bin Abdulsalam Al-Farsy, said that the King praised the national meeting for intellectual dialogue, which is currently in progress at King Abdul Aziz Public Library in Riyadh, to exchange views on internal and external Islamic discourse. The King emphasized the Crown Prince’s address to participants of the meeting that the Kingdom is confronting ferocious attacks against the religion which threaten national unity, and that all citizens must exert their utmost efforts to confront any threat to the Kingdom’s unity and security.
The Crown Prince said that terrorist attacks within the Kingdom would be confronted in all possible ways and by all possible means. He added that these criminals would not hesitate to execute their plots in the holy places of Makkah and Madinah, but thanks to Almighty God and the vigilance of people and security officials, recent plots were foiled.
Dr Al-Farsy said the King briefed the Cabinet on talks and consultations held by the King and the Crown Prince over past week with a number of leaders of other countries and their envoys. The talks covered developments in the region and the world, including talks with President Pervez Musharraf of Pakistan, which covered recent developments in the Muslim world, the Indian Subcontinent, and the Arab region, and the means of enhancing the two countries’ distinguished relations.
The Cabinet reiterated its condemnation of Israel’s aggressive practices, terrorist attacks, and policy of assassination against innocent Palestinians, which is aimed to undermine peace efforts, to dissociate Israel from its responsibilities to agreements and treaties, and to avert implementation of the ‘Road Map’. The Cabinet urged the international community to press Israel to put an end to these terrorist, inhuman practices.
The Cabinet then reviewed a number of domestic issues on its agenda, and issued the following decisions:
The Council of Ministers passed the Saudi Arabian Capital Markets law, which establishes a framework for the capital market. The law includes the establishment of the Saudi Arabian Securities and Exchange Commission to protect the interests of investors, to ensure orderly and equitable dealings in the securities business, and to promote and develop the capital market. The law vests the Commission with powers to license financial intermediaries and to authorize offering securities to the public. The law also establishes the Saudi Arabian Stock Exchange (SASE), incorporating the national securities depository centre.
The Cabinet said the Commission would be governed by five commissioners, who will be appointed by Royal Decree. The Commission will develop and regulate a capital market that is dynamic, fair, transparent and efficient, and will contribute to the nation’s economic development. The Securities and Exchange Commission SEC will be the primary regulatory body for the Saudi Arabian capital market. The new law is expected to promote a stronger, more efficient capital market, which will meet the nation’s economic and developmental aspirations. The Commission will endeavour to deepen and broaden the market to enhance socio-economic development.
The Cabinet issued regulations on the procedure of publishing government project contracts. The Ministry of Finance will issue statements, following the announcement of the state’s annual budget, providing the press with detailed information on these projects.
The Cabinet decided to invite the private sector to enter the field of domestic air transportation, which has been monopolized by the Saudi national carrier, SAUDIA.
The Council of Ministers authorized the Governor of the General Establishment for Technical Education and Vocational Training or his deputy to sign a draft agreement on cooperation between the Kingdom of Saudi Arabia and the Republic of Yemen in the field of technical education and vocational training.
The Cabinet authorized the Second Deputy Premier, Minister of Defence and Aviation and Inspector General, or his deputy to sign a draft memorandum of understanding between the government of the Kingdom of Saudi Arabia and the government of the Republic of South Africa on cooperation in military affairs.
The Cabinet approved the appointment of Abdullah bin Mohammed Al-Fihaid as Security Advisor at the Ministry of Interior; Isam bin Abdullah Abu-Zinadah as Director General of the Makkah branch of the Ministry of Civil Service; Tareq bin Ahmed bin Mohammed Riri as Assistant Undersecretary of the Ministry of Culture and Information for Television Affairs, and Ali bin Ibrahim Al-Mubarak as Pensions Expert at the General Establishment for Retirement.
Source: SPA
