MADINAH, 20 June 2006 — The Council of Ministers yesterday underscored the seven-point strategic vision presented by Custodian of the Two Holy Mosques King Abdullah during his two-week tour of the Kingdom’s regions and said it should serve as a guideline for the government and its agencies.
The Cabinet meeting, chaired by King Abdullah, also increased the powers of the Saudi Arabian General Investment Authority (SAGIA). According to its revised bylaw, SAGIA will supervise economic cities and set out state policies for developing domestic and foreign investment. Spelling out the king’s strategic vision, Culture and Information Minister Iyad Madani said Saudi Arabia, as an Islamic state, would show no leniency on matters related to Shariah that stands for justice and promotes peace and tolerance.
“The Kingdom takes pride in the service of the two holy mosques; it works for the goodness of its people, its friends and all of humanity; and it does not differentiate between its regions and citizens as every piece of its land is valuable and every citizen dear to it. The Kingdom’s economy will be based on better investment of its resources and using its returns for the betterment of the nation and its people.
“The Kingdom will rely on God in all its activities and in times of happiness and difficulties,” the Saudi Press Agency quoted the minister as saying in explaining the king’s strategic vision. The Cabinet instructed all government officials to set out plans to translate the vision into reality.
Abdullah visited Jubail, Alkhobar, Qatif, Ahsa, Hail, Qasim and Madinah where he met with citizens and launched a number of welfare projects worth billions of riyals. He laid the foundation stones for two economic cities in Hail and Madinah; launched campus projects of Hail, Qasim and Taiba universities; and announced the conversion of Madinah airport into an international one. The king arrived in Jeddah yesterday at the conclusion of his internal tour.
The Cabinet meeting, held in Madinah, approved changes to the law governing SAGIA’s powers and activities. Concerning economic cities, the law said SAGIA would supervise the implementation of the cities’ infrastructure facilities, set up one-stop service centers, organize investor participation, identify the sites of investors in view of their activities, and help them to receive licenses from relevant Saudi authorities. SAGIA will also propose executive plans and regulations to further improve the Kingdom’s investment climate.
According to the revised law, SAGIA’s 13-member board of directors, chaired by its governor, will include representatives from the ministries of interior, foreign affairs, commerce and industry, petroleum and mineral resources, water and electricity, finance, economy and planning, labor and transport as well as the Saudi Arabian Monetary Agency, in addition to two members from the private sector.
The revision of SAGIA’s law follows the launch of three mega economic cities in Rabigh, Hail and Madinah, which are expected to attract investments worth more than SR155 billion. The Knowledge Economic City in Madinah, launched by the king on Saturday, is the first of its kind in the whole region and will comprise a technology and KBI (knowledge-based industry) zone; an advanced IT studies institute; an interactive museum on the life of Prophet Mohammad (peace be upon him); a center for Islamic civilization studies; a campus for medical research and life sciences; an integrated medical services zone; a retail zone; a business district; residential zones including high rises, houses, and fully-serviced apartments; shopping malls; and a mosque with a capacity of 10,000 worshippers.
