RIYADH, 23 October — Custodian of the Two Holy Mosques King Fahd yesterday reaffirmed Saudi Arabia’s commitment to stabilize international oil market in order to serve the interests of both producing and consuming countries and ensure stable global economic growth.
King Fahd made this comment while briefing the weekly Cabinet meeting on his talks with Venezuelan President Hugo Chavez in Riyadh on Saturday.
“Both Saudi Arabia and Venezuela have identical views on the importance of stabilizing oil prices,” he said.
King Fahd and Chavez had stressed the importance of the stability of oil prices in the interest of both producers and consumers during a meeting. Chavez arrived here on Saturday from Lisbon where he discussed a decrease in the OPEC price target band and called for greater cooperation between the organization and non-OPEC oil producers to stabilize the market.
King Fahd highlighted Riyadh’s efforts in providing humanitarian assistance to people in Bosnia, Kosovo, Chechnya, Palestine and Somalia as well as Afghan refugees. He also noted the financial aid being extended by the Kingdom to developing countries.
The king briefed the ministers on the content of a comprehensive report on the achievements of Islamic centers and mosques established by Saudi Arabia in various counties in Europe, Asia, Africa and America.
He commended the “positive role” of these institutions in the service of Islam and Muslims.
The Cabinet meeting authorized Interior Minister Prince Naif to hold talks with his Maltese counterpart to reach an agreement on fighting terrorism, organized crime and drug trafficking.
Information Minister Dr. Fuad Al-Farsi said the Cabinet agreed that the customs tariff exemption enjoyed by Palestinian imports to the Kingdom would continue, adding that the Saudi government would bear the customs duties imposed on Palestinian products.
On trade ties with Jordan, he said the Cabinet decided to apply two lists of products, which are totally and partially exempted from customs tariff in both countries.
The meeting approved changes in fines and punishments for violating municipality rules and regulations, proposed by the minister of municipal and rural affairs.
The Cabinet appointed Hamad ibn Fowzan Al-Shayie as undersecretary at the Youth Welfare Presidency, and Nasir ibn Hamad Al-Hanaya as assistant undersecretary at the Interior Ministry for civilian affairs.
