JEDDAH, 23 July — Prince Abdullah, the regent, yesterday called on Saudi businessmen and private companies to play a bigger role in investment projects in the country. He also urged them to employ more Saudis after giving them necessary training.
He was addressing the weekly meeting of the Council of Ministers in Jeddah. Prince Abdullah emphasized Saudi efforts to establish peace in the Middle East and end the Israeli aggression against the Palestinian people, their leadership and legitimate institutions.
"The Cabinet reviewed the efforts being made by the Arab peace committee set up by the Beirut summit and the panel’s meetings with US President George W. Bush and Secretary of State Colin Powell," State Minister and Acting Information Minister Dr. Madani Allaki said.
He said the Cabinet welcomed Bush’s statement that his administration would go ahead with the Middle East peace process and that peace talks would focus on security, economic and political matters.
"The regent discussed with the ministers the big role being played by businessmen and private companies (in boosting the economy) and emphasized the need for their greater participation in investment projects in all regions of the Kingdom ," Allaki said after the Cabinet meeting.
Prince Abdullah said it was Saudi businessmen’s national duty to employ more Saudis in private companies and to exert more efforts to improve the economy.
The meeting authorized the foreign minister or his deputy to hold talks with Uganda to conclude an agreement for cooperation in economic, commercial, investment, educational, scientific, technical, cultural and information fields as well as in youth welfare and sports.
It authorized the justice minister or his deputy to hold talks with Iranian officials to sign a memorandum of understanding between Iranian judicial authorities and the Saudi Justice Ministry.
The Cabinet allowed King Fahd University for Petroleum and Minerals in Dhahran to conduct two technical studies in favor of South Africa and Jordan.
The Ministry of Higher Education will work out a draft law allowing Saudi universities and research centers to conduct paid scientific studies for foreign parties, Allaki said.
The Cabinet authorized the communications minister or his deputy to hold talks with Jordan for signing a marine transport cooperation accord.
The meeting decided to alter Article 16 of the agreement for Saudi-Egyptian Construction Company, allowing both parties to sell their shares in the company to Saudis or Egyptians, without imposing any financial or legal or tax restraints.
Other nationals can also purchase the shares on condition that it should be approved by either of the two parties. The two sides can also reach an agreement on selling the whole company.
The Cabinet reshuffled the board of the General Organization for Grain Silos and Flour Mills adding new members. The new members are: Abdullah Al-Owain from the Finance Ministry, Humaid Al-Ruwaithy of the Commerce Ministry, Abdul Aziz Al-Shathry of the Agriculture Ministry, Muhammed Al-Jerboue and Abdul Rahman Al-Kenhal from the private sector.
