Deputy Custodian of the Two Holy Mosques Crown Prince Abdullah Bin Abdul Aziz today
presided over the regular weekly meeting of the Council of Ministers, which discussed
yesterday's announcement by Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz of
the establishment of a Higher Economic Council, within the framework of developing the
national economy and supporting it in various fields. Crown Prince Abdullah remarked that
King Fahd's concern has always been to draw up economic policies that focus on building a
firm and effective national economy accommodating new developments and adapting to domestic
and international changes. He stated that the Kingdom's distinguished status in world
economics was due to its economic policy based on the concepts of free enterprise and an
open market for investment, production, and services. Saudi Arabia's aim is to realize
steady economic growth for the security, welfare and prosperity of all citizens while
preserving Islamic values, maintaining the country's natural resources, providing job
opportunities for young Saudis, and encouraging greater capital investment in the national
economy in support of the government's program for privatization.
The cabinet then reviewed the recent tripartite meeting in Caracas of the oil ministers of
Mexico, Venezuela and Saudi Arabia. Noting that the meeting underlined the importance of
continuing to comply with the production cuts agreed upon, the cabinet reiterated the
Kingdom's concern for stability in the oil market, and emphasized that this can only be
realized with full adherence to the agreement previously concluded among oil producers,
both OPEC and non-OPEC, for the benefit of producers and consumers alike.
Reviewing the latest developments at Arab, Islamic and international levels, the cabinet
reiterated its support for any effort towards the realization of peace and stability and
the security of peoples and countries everywhere in the world, and denounced the recent
explosion in Sanaa, calling it a subversive act that could not have been committed by
anyone interested in the good of the people and government of the Republic of Yemen.
Turning to domestic matters, the cabinet passed a resolution amending the Manpower Council.
The council's composition is now the interior minister as chairman, and as members, the
ministers of civil service, higher education, commerce, industry and electricity,
education, finance and national economy, planning, labor and social affairs, plus the
chairmen of the boards of directors of the chambers of commerce in Riyadh, Jeddah and
Dammam. In addition, the Council may assign any other government official to attend its
meetings, seek the help of experts and professionals with the chairman's approval, and form
a preparatory committee within its secretariat general to conduct studies on the positive
and negative impacts on the labor market whenever decisions were made.
The cabinet also authorized the Minister of Finance and National Economy or his deputy to
sign the agreement to establish a duty-free trade zone between the Kingdom of Saudi Arabia
and the Arab Republic of Egypt.