2003 News Story

Cabinet meeting

Custodian of the Two Holy Mosques King Fahd bin Abdulaziz today chaired the regular weekly meeting of the Council of Ministers, and briefed the cabinet on consultations held with a number of Arab, Islamic and friendly countries on the latest international developments, the Kingdom's stance regarding current issues, and its persistent support of rights and justice. He then spoke of the current tour of inspection in the area of Taif being made by Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz to meet with citizens and inaugurate a number of development projects, and stressed the government's concern that such projects cover all parts of the Kingdom.

King Fahd then expressed his appreciation for the nation's sincere reaction to the recent royal decree honoring security personnel killed and injured in the war against terrorism.
Discussing the formation of a transitional governing council in Iraq, the cabinet expressed the hope that this will be a positive step in the direction of meeting the aspirations of the Iraqi people for a secure and honorable life and will lead to the formation of a legitimate government acceptable to the Iraqi people and ensuring that country's independence, unity and sovereignty.
Turning to domestic issues, the cabinet passed a number of resolutions including authorization for the Minister of Higher Education or his deputy to discuss a draft
memorandum on scientific and educational cooperation with the education ministry of the Russian Federation; endorsement of an amendment proposed by the Minister of Commerce and Industry to Article 28 of the Certified Accountants System; and approval of a law on a control system over cooperative insurance companies as endorsed by the Consultative Council [Majlis Al-Shura], limiting the practice of insurance activities to registered companies operating in accordance with a system that does not breach Shariah [Islamic Law], prohibiting unlicensed companies, and assigning the Ministry of Commerce and Industry and the Saudi Arabian Monetary Agency (SAMA) to jointly devise the necessary conditions for granting practitioners' licenses related to insurance activities.