RIYADH, 6 February — Saudi Arabia said yesterday that its Supreme Economic Council (SEC) would take overall charge of planning and implementing the country's privatization program. The official Saudi Press Agency said the Cabinet approved a measure granting the SEC "the responsibility of overseeing the privatization process and following up of its implementation, making the necessary coordination with state agencies."
The Cabinet meeting, which was presided over by Custodian of the Two Holy Mosques King Fahd, said the Economic Council would specify the "activities to be privatized" and set out a strategic plan and timetable for the privatization program. It will also issue a list of activities to be privatized after Cabinet endorsement.
"The SEC will supervise privatization of any activity ... and take the necessary measures to complete the privatization process as per the rules and regulations," Information Minister Dr. Fuad Al-Farsi told the SPA agency.
Saudi Arabia formed the SEC, a mini-Cabinet headed by Crown Prince Abdullah, deputy premier and commander of the National Guard, in 1999 to take important policy decisions. The Kingdom is trying to privatize some state-owned services as part of economic reforms. It has restructured its telecommunications and electricity sectors to give private investors a bigger role in the economy.
The Saudi authorities awarded two contracts to international consultants in October to prepare a study for the privatization of Saudi Arabian Airlines and said the airline's privatization should be completed within 17 months.
Addressing the Cabinet, King Fahd called upon Arab states to stand united in order to confront the challenges facing the Ummah. He also emphasized the importance of coordination and consultation among Arab countries in this respect. The king affirmed Riyadh's support for Arab and Islamic causes. He stressed the Palestinians' right to establish an independent state with Jerusalem as its capital, and the right of Palestinian refugees to return to their homeland on the basis of international resolutions.
"These international resolutions must be respected and enforced to prove their legitimacy," the king said. He said Saudi Arabia would continue its efforts solve problems and end disputes. "We'll also support the constructive efforts of brotherly states," he added.
The Cabinet appointed Ahmad ibn Ali Al-Qahtani as ambassador, Dr. Talal ibn Abdul Ghani Maliki as ministry plenipotentiary, and Alauddin ibn Abdu Al-Askari as minister plenipotentiary at the Foreign Ministry. It also appointed Dr. Abdul Raheem Al-Ghamdi as adviser at the department for combating crimes and Murie ibn Safar Al-Qahtani as administrative adviser at the Interior Ministry.
Meanwhile, King Fahd yesterday received Prince Khaled ibn Sultan, assistant minister of defense and aviation for military affairs, on the occasion of his new appointment. King Fahd wished him all the best in carrying out his duties.
