King Fahd Chairs Cabinet's Session
Jeddah, June 16: The Custodian of the Two Holy Mosques King Fahd bin Abdulaziz chaired the cabinet's weekly session at Al-Salam palace here today.
At the outset of the session, the King and Crown Prince Abdullah bin Abdulaziz, the Deputy Premier and Commander of the National Guard, expressed their great appreciation for the renunciation by citizens and residents of all forms of terrorism aiming at destabilizing the Kingdom, continual condemnation of terrorist acts, and denunciation of terrorist bombings against secure people in Riyadh.
They said that the citizens' sincere feelings spelled out in their cables, contacts, delegations from all regions and mass media embody the strength of cohesion and the people's united stand behind their leadership against anyone who tries to destabilize the Kingdom's security. They highlighted the people's stand together in support of the leadership to severely strike anyone who tries to perpetrate such heinous acts which are rejected by Islam and the values and traditions of Arab Muslim society.
In a statement to the Saudi Press Agency following the session, the Minister of Culture and Information Dr. Fuad bin Abdulsalam Alfarsi said that the King praised the national meeting for intellectual dialogue currently in progress at King Abdulaziz Public Library in Riyadh and the efforts exerted by scholars and intellectuals to exchange viewpoints on internal and external Islamic approach.
The King emphasized the Crown Prince's address to the participants in the meeting that the Kingdom is confronting ferocious attacks against religion. These attacks also threaten the national unity which necessitates that all sincere people should exert utmost efforts to confront any attempt against the Kingdom's unity, security, stability and interest.
In this regard, the Crown Prince earlier said what had happened of this trouble inside the Kingdom is considered a war that should be confronted by all means and ways. He added that these criminals will not hesitate to execute their plots in the holy places of Makkah and Madinah, but thanks to Almighty Allah and the vigilance of people and security men, these plots were foiled.
Dr. Al-Farsi pointed out that the King briefed the cabinet on the talks and consultations held by the King and the Crown Prince over last week with a number of leaders and their envoys. The talks dealt with the situations in the region and the world. The meetings included President Pervez Musharraf of Pakistan. During the meeting, they reviewed events and latest developments in Muslim world, the Indian Subcontinent, and the Arab region. Distinguished relations between the two brotherly countries and ways of enhancing them for the interest of their peoples were also discussed.
The minister of culture and information said that the cabinet reiterated its condemnation of Israel's aggressive practices, terrorist attacks and assassination policy against innocent Palestinians. This policy aims at undermining peace efforts, dissociating Israel from its responsibilities for agreements and treaties and averting the implementation of the ''Road Map'' and commitments to its rights.
The cabinet called on the world community and international legitimacy to press Israel for putting an end to these terrorist, inhuman practices.
Dr. Alfarsi said the cabinet then reviewed a number of domestic issues on its agenda and issued the following decisions: The Council of Ministers passed the Saudi Arabian Capital Markets law which sets out the framework for the capital market including:First: The establishment of the Saudi Arabian Securities and ExchangeCommission with objectives of protecting investor interests, ensuringorderly and equitable dealings in securities business and promoting and developing the capital market;Second: Vesting the commission with the powers to :- license non-bank financial intermediaries ; and - authorize the offering of securities to the publicThird: The establishment of the Saudi Arabian Stock Exchange (SASE) incorporating the national securities depository center. Stating the key features of the Saudi Arabian Securities and Exchange Commission, the cabinet said the commission will be governedby five commissioners to be appointed by royal decree.The commission will develop and regulate a capital market that is dynamic, fair, transparent and efficient, and will contribute to the nation's economic development. The Securities and Exchange Commission SEC will be the primary regulatory body for the Saudi Arabian capital market. The newlaw is expected to promote a more efficient and virile capital market, which would be pivotal in meeting the nation's economic and developmental aspirations. The commission will endeavor to deepen andbroaden the market for enhanced socio-economic development.
The cabinet then issued regulations on the procedure of publishing government projects contracts. The decision obliged the Ministry of Finance to issue a statement, following the announcement of the state's annual budget, giving the press detailed information on these projects. The cabinet decided to invite the private sector to enter thefield of local air transport, once execlusively monopolized by the Saudi national carrier: SAUDIA. The council of ministers authorized the Governor of the General Establishment for Technical Education and Vocational Trainingor his deputy to sign a draft agreement on cooperation between the Kingdom of Saudi Arabia and the Republic of Yemen in the field of technical education and vocational training. The cabinet also authorized the Second Deputy Premier, Minister of Defense and Aviation and Inspector General or his deputy to sign a draft memorandum of understanding between the government oftheKingdom of Saudi Arabia and the government of the Republic of South Africa on cooperation in the military field. The cabinet approved the appointment of Abdullah bin MohammedAlfihaid as Security Advisor at the Ministry of Interior; Isam bin Abdullah Abu-Zinadah as Director General of Makkah branch of the Ministry of Civil Service; Tareq bin Ahmed bin Mohammed Riri as Assistant Undersecretary of the Ministry of Culture and Information for Television Affairs; and Ali bin Ibrahim Almubarak as retirement pensions expert at the General Establishment for Retirement.