Arab leaders renew economic unity pledge as summit comes to a close

Updated 24 January 2013

Arab leaders renew economic unity pledge as summit comes to a close

Arab leaders attending yesterday’s concluding session of the third Arab Economic and Social Development Summit renewed their commitment to fully implement the decisions made at the two previous summits in Kuwait in 2009 and at Sharm El-Sheikh in 2011.
They also agreed to hold the next summit in Tunisia in 2015.
The two-day summit, organized by the Arab League was hosted by the Kingdom with the Custodian of the Two Holy Mosques, King Abdullah, as its Chairman.
On behalf of Custodian of the Two Holy Mosques, King Abdullah, Crown Prince Salman, deputy premier and minister of defense took over the chairmanship from his predecessor, Muhammad Mursi, at the commencement of the summit on Monday.
Leaders from countries including Saudi Arabia, UAE, Egypt, Iraq, Jordan, Lebanon, Kuwait, Qatar, Bahrain, the Sultanate of Oman, Morocco, Tunisia, Algeria, Sudan, Palestine, Yemen, Libya, Mauritania, Somalia, Djibouti, and Comoros Islands attended the meeting held at the King Abdul Aziz International Conference Hall in the capital.
Arab League Secretary General, Nabil Elarabi, who read out the Riyadh declaration, stressed the importance of the speedy implementation of all decisions passed at the two summits.
It also emphasized the determination of the leaders to remove all barriers that stand in the way of inter-Arab trade and support small and medium enterprises in member countries. The leaders have called for strengthening joint Arab work so as to improve the living conditions and welfare of their citizens.
They also welcomed the initiative of the Custodian of the Two Holy Mosques, King Abdullah, on the increase of the capital of joint Arab funds by 50 percent to meet the growing needs for the socio-economic development in the Arab countries.
The King’s initiative also called for an increase of capital in joint Arab companies by, at least, 50 percent in a bid to develop their potential for establishing of joint Arab ventures.
They also encouraged inter-Arab investments which, they said, would create new job opportunities, reduce rates of unemployment, curb poverty levels, and promote Arab investment within their countries to enhance economic development in the Arab region. To encourage the flow of inter-Arab investments, they adopted a unified agreement for a capital fund in Arab countries to boost Arab, regional and international development that would increase the flow of inter-Arab investments and make the region more attractive to investors.
They also expressed a commitment to create a conducive environment for investment in their respective countries.
Also adopted was an Arab strategy for the use of renewable energy (2010-2030) aimed at meeting the growing demand for energy and diversifying sources to meet requirements for sustainable development. The strategy is also intended to set up an Arab market in partnership with the private sector for renewable energy, which will create new job opportunities.
It was also demanded that constructive measures be taken to combat hunger and to provide instant relief in emergency situations arising from food security.
Realizing the importance of healthcare services in the Arab region, the declaration said that the countries should take preventive and curative measures against non-communicable diseases (NCD) such as diabetes, cardiovascular diseases, cancer and chronic respiratory diseases. It was felt that NCD creates a significant burden on the economies and health systems in the Arab countries.
They also urged the implementation of the Riyadh Declaration issued by the International Conference on Healthy Lifestyles and Non-communicable Diseases in the Arab world and the Middle East,” held in Riyadh in December last year.
Besides setting up the Arab Customs Union by 2015, the house also insisted that matters regarding the formation of the Greater Arab Free Trade should be finalized before the end of 2013.

Full text of the Riyadh Declaration


Saudi crown prince signs raft of cooperation agreements with China

Crown Prince Mohammed bin Salman signs an agreement between the Kingdom and China in Beijing on Friday. (SPA)
Updated 23 February 2019

Saudi crown prince signs raft of cooperation agreements with China

  • the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee

BEIJING: Crown Prince Mohammed bin Salman on Friday met with Chinese Vice Premier Han Zheng to discuss ways of further developing relations between the Kingdom and China.

The meeting took place in the grand surroundings of the Great Hall of the People in the Chinese capital Beijing. After their talks, the crown prince headed the Saudi delegation at the third session of the China-Saudi Arabia High-Level Joint Committee which he co-chaired with Zheng.

Delegates at the meeting discussed moves to strengthen cooperation between the two countries on trade, investment, energy, culture and technology, as well as the coordination of political and security matters. The committee also reviewed plans for greater integration between China’s Belt and Road development strategy and the Saudi Vision 2030 reform program.

After agreeing on the minutes of the meeting, the Saudi royal and Zheng took part in the signing of a range of agreements, memorandums of understanding (MoU), investment projects and bilateral cooperation accords between the Kingdom and China:

The cooperation agreement in maritime transport between the Chinese and Saudi governments, signed by Saudi Minister of Commerce and Investment Majid Al-Qassabi and Chinese Minister of Transport Li Xiaopeng.

MoU between the Kingdom’s Ministry of Energy, Industry and Mineral Resources and the National Development and Reform Commission in China, signed by Saudi Energy Minister Khalid Al-Falih and Ning Jizhe, vice chairman of the National Development and Reform Commission.

MoU between the Chinese Ministry of Commerce and Saudi Ministry of Commerce and Investment to form a working group to facilitate trade, signed by Abdul Rahman Al-Harbi, the Kingdom’s deputy minister of commerce and investment, and Qian Keming, Chinese vice minister of commerce.

Loan agreement between the Saudi Fund for Development (SFD) and the Chinese Ministry of Finance to build and equip three hospitals in Yanbian city in Jilin Province, signed by Saudi Minister of State for Foreign Affairs Adel Al-Jubeir and the Chinese deputy finance minister.


Loan agreement between the SFD and Chinese Ministry of Finance to reconstruct and rehabilitate areas affected by earthquakes in Sichuan Province, signed by Al-Jubeir and the Chinese deputy finance minister.

Agreement between the Saudi Ministry of Interior and the Chinese Ministry of Public Security to cooperate in fighting cybercrime, signed Nasser Al-Dawood, undersecretary of the Saudi Ministry of Interior, and China’s deputy minister for public security.

MoU between the Public Investment Fund (PIF) of Saudi Arabia and China’s National Committee for energy to invest in renewable energy, signed by PIF head Yasir Al-Rumayyan, and the committee’s vice chairman.

Minutes of the meeting about cooperating in combating terrorism between the Saudi Presidency of State Security and Chinese Ministry of Public Security, signed by Lt. Gen. Abdullah Al-Qarni, deputy director-general of General Investigation for the Kingdom, and the Chinese minister.

MoU between the Saudi Authority for Intellectual Property and the Chinese National Committee for Intellectual Property Rights, signed by Dr. Abdul Aziz Al-Swailem, the authority’s executive chairman, and committee chairman Xin Xiangyu.

MoU to participate in investing in renewable energy projects, signed by the chairman of ACWA Power, Mohammed Abunayyan, and president of the Silk Road Fund, Wang Yanzhi.

Cooperation agreement for Saudi Aramco to acquire 9 percent of Chinese project Zhejiang Petrochemical, signed by Saudi Aramco CEO Amin Nasser and Xung Wi, mayor of Zhushan.

Agreement between Saudi Aramco with NORINCO Group and Panjin Sincen to develop a fully integrated refining and petrochemical complex, located in the city of Panjin in China’s Liaoning province, signed by Nasser and Tang Yijun, governor of Liaoning province and chairman of NORINCO.