JEDDAH, 14 November 2006 — Saudi Arabia yesterday expressed its anguish over the US opposition to a UN Security Council resolution denouncing Israeli crimes against the Palestinians, saying such stances encouraged the Jewish state to continue its aggression. The Council of Ministers, which met at Al-Yamamah Palace in Riyadh under the chairmanship of Custodian of the Two Holy Mosques King Abdullah, urged all countries to work to promote world peace and stability and protect innocent people.
“The Cabinet expressed its regret over the use of veto by the United States against the Security Council resolution that condemned Israeli crimes against the Palestinian people,” the Saudi Press Agency said, quoting a Cabinet statement.
The Cabinet renewed its condemnation of the latest Israeli massacre of 18 Palestinian men, women and children in Gaza and pledged Riyadh’s unwavering support for the Palestinians. “The international community should move swiftly to end these Israeli aggressions,” the Cabinet said, and called for a global conference to stop the Israeli massacre of the Palestinians and activate the Middle East peace process.
The meeting voiced its deep sorrow over the worsening security situation in Iraq and called upon all Iraqi groups to work together to protect their national interests and territorial integrity.
“Security and stability will not be realized in Iraq except through the cooperation of all its people,” State Minister and Acting Information Minister Saud Al-Mutahami said quoting the Cabinet.
Speaking about the First Global Competitiveness Forum organized by the Saudi Arabian General Investment Authority (SAGIA) in Riyadh, the Cabinet said the Kingdom had initiated the forum out of its conviction that creating a conducive atmosphere was essential to attract foreign and domestic investment. Microsoft founder Bill Gates gave a keynote speech at the forum and urged the Kingdom and its people to make a solid commitment to educational excellence.
Commodities Market Planned
Meanwhile, the state-owned Pensions Fund yesterday signed a memorandum of understanding with the Development Fund to study the prospects of establishing a commodities market in the Kingdom.
Finance Minister Ibrahim Al-Assaf, who is chairman of the Pensions Fund, emphasized the significance of the move, saying: “It will provide an important support to the national economy in general and to Shariah-compliant financial transactions in particular.”
The exchange, based in Riyadh’s planned King Abdullah Financial Center, will aim at easing trade in commodities, increasing exports of local products and raising the capacity and efficiency of Islamic financing, the minister said.
“The matter will be presented to the higher authorities once the study has been completed,” SPA said.
The volume of contracts concluded through commodities markets has increased during the past 10 years. At the commodities market in London alone, goods worth more than $2 trillion are exchanged annually.
Saudi Arabia, the world’s largest oil producer and exporter, has stepped up efforts in recent years to diversify its economy through the launch of multibillion dollar economic and industrial hubs and has started work on an ambitious mining project.
The government plans to float a 70 percent stake in the new Development Bank next year. It will be the biggest Saudi bank with a capital of SR15 billion.
The remainder will be held by the General Organization for Social Insurance, the Public Investment Fund and the Pensions Fund. The bank is expected to begin operations next year.
