Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz chaired the regular weekly meeting of the Council of Ministers yesterday and highlighted the role of the private sector in the success of the Kingdom’s development plans. He emphasized that the private sector does not face any ideological crisis, since Saudi Arabia has always demonstrated commitment to Islamic Shariah, which calls for freedom of economic activity. King Fahd, referring to the cultural development in the Kingdom and the improvement and strengthening of Saudi minds on which, after God, it depends as its first objective, stated: “Our perception of modern man’s cultural crisis makes it our duty to draw the lines of our comprehensive development methodology on serious, scientific and mature bases, and to adhere to Islamic values in all our affairs”. King Fahd expressed his optimism concerning the continued growth of the private sector to become a significant factor in the Saudi economy, citing among the reasons for such optimism, an increase in investor confidence which leads to a clear economic forecast and an improved climate for investment.
Acting Information Minister Dr. Khaled Al-Angary reported that King Fahd stressed the government’s determination to continue its policy of supporting the private sector, and reiterated his backing of the private sector’s increased share in the country’s gross domestic product as well as the increase of Saudi manpower in this sector. Dr. Al-Angary also noted King Fahd’s appreciation of the success of the private sector in areas such as agriculture, industry, health, transportation, and maintenance, which indicates a true collective participation in development together with the government sector. King Fahd urged all concerned Ministers to facilitate the engagement of the private sector in supporting the national economy. He also urged the ministers to do their utmost in providing electricity and water services to the citizens especially in the light of the increased demand of such services due to population growth as well as increases in living standards and in urban development. Urging all citizens and residents to make optimum utilization of electricity and water, King Fahd affirmed that electric power is a major factor in all economic sectors for increasing productivity and upgrading the standard of living. He reiterated that the government will continue to extend electricity services to all social and economic sectors in all parts of the Kingdom; these services showed significant progress during the fifth five-year development plan according to the key indicators, some of which exceeded their set objectives.