JEDDAH, 5 June 2007 — The Council of Ministers yesterday emphasized the strength of the Saudi economy and the government’s resolve to attract more foreign funds by creating an investment-friendly atmosphere in the country.
Crown Prince Sultan, who chaired the Cabinet meeting, commended the economic policies adopted by Custodian of the Two Holy Mosques King Abdullah, saying they were aimed at boosting the Kingdom’s development and building modern economic institutions.
“These policies have also created a suitable atmosphere for investment, which would enable graduates of universities and training institutes to meet the country’s job market requirements,” the prince said. Prince Sultan also noted the government’s endeavors to make the Saudi economy more attractive to foreign investors, confront challenges and continue the country’s march to achieve a brighter future.
Saudi Arabia has already launched four mega economic cities in Rabigh, Hail, Madinah and Jizan, which are expected to draw SR300 billion in investment and create more than a million jobs.
A delegation from the Saudi Arabian General Investment Authority (SAGIA) recently visited the United States to promote $500 billion worth of investment opportunities in the Kingdom’s vital sectors.
The Cabinet meeting also backed the UN Security Council Resolution 1,757 that called for the setting up of an international tribunal to investigate the assassination of former Lebanese Prime Minister Rafik Hariri in Beirut two years ago.
The meeting hoped that the resolution would put an end to the criminal acts of “assassinations” that the Lebanese have been facing for the last several years. It also called for the protection of Lebanon’s security, stability and independence.
Referring to Israel’s continuous aggression against the Palestinian people, the Cabinet called for a united and firm global stand to stop Israeli aggression and force the Jewish state to comply with international resolutions and bilateral agreements.
Economy and Planning Minister and Acting Information Minister Khaled Al-Gosaibi said the Cabinet meeting took a number of other important decisions. It authorized the president of the General Authority for Civil Aviation to sign an agreement with China to promote cooperation in air transport. It also endorsed a memorandum of understanding (MOU) signed with China for cooperation between the health ministries of the two countries.
Interior Minister Prince Naif or his deputy will hold talks with German officials to reach an agreement for cooperation in fighting terrorism, organized crime and illicit trade of drugs and narcotics.