Riyadh: Prince Saud Al-Faisal, Minister of Foreign Affairs, said today that the initiative of the Custodian of the Two Holy Mosques, King Abdullah bin Abdul-Aziz Al Saud at the 3rd Arab Economic and Social Development Summit in Riyadh to increase the capital of Arab financial institutions and joint Arab companies by at least 50% came to provide support for them and enable them to expand their businesses and to strengthen the partnership between the public and private sectors with the commitment of the Kingdom of Saudi Arabia to pay its share of the increase that will be agreed upon.
This came in a statement made by Prince Saud Al-Faisal at the beginning of a joint press conference held today at the conclusion of the Summit at the Ritz Carlton Hotel in Riyadh in the presence of Minister of Finance Dr. Ibrahim bin Abdul-Aziz Al-Assaf and Secretary General of the Arab League, Dr. Nabil Al-Araby.
The statement reads as follows:
In the name of Allah, Most Gracious, Most Merciful.
I would like to welcome you all in the capital of Riyadh.
Praise be to Allah, that the 3rd Arab Economic and Social Development Summit concluded its works. The importance of this session is that it came after the circumstances, events and changes witnessed at the Arab arena over the past two years. These conditions cannot be overlooked in terms of their developmental, economic, and social aspects. Emanating from this, the Summit has been keen that its decisions shall be up to the aspirations of the Arab peoples, which can be achieved, God willing, if there are seriousness and credibility in the application of these decisions.
In the context of advancing the efforts of Arab development and achieving direct and prompt benefits for Arab citizens, the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud has been keen on submitting his initiative to increase the capital of Arab financial institutions, and existing joint Arab companies by not less than 50% to support and enable them to expand their works and strengthen the partnership between the public and private sectors, with the Kingdom’s commitment to pay its share of the increase to be agreed upon.
This initiative will provide more than Ten billion (US) dollars, additional to financial institutions and joint Arab companies to enhance their roles in financing vital projects of Arab Strategic dimensions and national developmental projects to meet the growing needs of the goods and services needed by Arab citizens, and provide them with more job opportunities.