Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz today presided over the regular weekly meeting of the Council of Ministers and announced that the electricity sector is to be fully privatized. The existing power companies will be liquidated, and merged into one joint-stock company to be named Saudi Electric Company (SEC).
Information Minister Dr. Fouad Ibn Abdulsalaam Al-Farsi reported that King Fahd had underscored the importance of the private sector in realizing the objectives of development, boosting the national workforce and laying down a firm economic base. The King expressed confidence in the Saudi private sector to deal with any economic development, whether domestic or international, and in the ability of the Kingdom to overcome any challenge that might emerge from the economic cycle. Reviewing the accomplishments of the nation's industrial sector, he emphasized its reputation for quality and the diversification of the services it renders to the people of the Kingdom.
The cabinet was then briefed by Interior Minister Prince Nayef Ibn Abdul Aziz on the outcome of his official visit to the Republic of Yemen, and King Fahd attested to the firmness and depth of the ties binding the two countries. The King then briefed the cabinet on the contents of the message he received from President Abdou Diouf of the Republic of Senegal, before discussing the latest developments at Arab and Islamic levels, particularly the strides made in regard to implementing the Wye Memorandum between the Israelis and the Palestinians under the sponsorship of the United States of America. He expressed hope that similar agreements be expedited in a way that guarantees the inalienable rights of the Arab world and helps bring about peace, stability and prosperity.