Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired the weekly Cabinet meeting at Al-Yamamah Palace in Riyadh today.
At the beginning of the meeting, the King briefed the Cabinet on his consultations and talks with world leaders and envoys. In these talks, the Kingdom stressed its interest in further enhancing its national interests, achieving regional security and stability, advancing international cooperation and strengthening joint Islamic institutional action.
In a statement after the meeting, Minister of Culture and Information Iyad Madani said that Foreign Minister Prince Saud Al-Faisal briefed the Cabinet on the upcoming Arab Summit in Khartoum.
The Cabinet expressed its hope that the summit would build on decisions taken by previous summits. These decisions include completing the development of mechanisms at the Arab League to facilitate joint Arab action, reaching a firm and united Arab stand on commitment to the Arab Peace Initiative for ending the Arab-Israeli conflict, and affirming that the situation in Iraq is first and foremost an Iraqi and Arab issue.
The Cabinet also issued a number of decisions. It approved the establishment of a bank, which will practice ordinary banking and investment actions according to regulations enforced in the Kingdom. The General Investment Fund (GIF), Public Establishment for Retirement, and the General Organization for Social Insurance contribute equally to 30 percent of the bank’s capital. The remaining 70 percent will be open to public subscription by the end of 2006.
The Cabinet reduced the share value of joint stock companies from SR50 to SR10 [$2.6].
The Cabinet also approved regulations for the government’s electronic transactions, including data classification, document storage and communications.
A number of appointments were also approved, including Salih bin Mohammed bin Othman Al-Qadi as assistant undersecretary for training and developing labor force at the Ministry of Health, and Mohammed bin Mirshed bin Rashed Al-Rahaili as director general for control of the performance of ministries and governmental departments at the General Auditing Bureau.