Crown Prince Abdullah Bin Abdul Aziz, Deputy Prime Minister and Commander of the National Guard, chaired the regular weekly meeting of the Council of Ministers this afternoon. In his opening remarks, Prince Abdullah attributed to the grace of Allah and the theory of free enterprise, the distinguished success achieved by the Kingdom of Saudi Arabia in the field of economic activity through implementation of its development plans.
Prince Abdullah further emphasized the importance of the movement of capital to and from the Kingdom, saying: "Development planning in the Kingdom under the leadership of the Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz, is balanced and comprehensive ..... thanks to this wise policy it has accomplished economic and social development throughout the Kingdom." At the same time, it takes into account the principles and values of Islam. Saudi Arabia is anxious to adopt economic goals that include growth and stable prices, and that avoid acute fluctuations in economic activity.
At the end of the meeting, Dr. Fouad Al-Farsi, Minister of Information, reported that Prince Abdullah had briefed the cabinet on the stable Saudi economy and on industrial production based on a wise plan that had yielded positive results for both the private and the public sector. Prince Abdullah reiterated the determination of the Kingdom to initiate a real change in its economic structure through diversification of the productive base and greater attention to the agricultural and the industrial sectors. He pointed out that the contribution of the private sector to industrial development has paved the way for industrial diversification and the implementation of all kinds of projects in addition to the main downstream industries. Foreign industrial investment in the Kingdom has provided clear evidence of the strength of the Saudi economy and the existence of a suitable investment environment. Prince Abdullah highlighted the efforts exerted by the citizens in the field of industrial investment, and said: "Saudi industry has proved to be capable of standing on its own feet in the competitive market", pointing out that the Kingdom, with more than 2,000 factories, exports the surplus of its products to Arab, Islamic and European markets and in particular to the markets of the GCC member states. Noting that the value of sales in national industries both inside and outside the Kingdom amounts to SR68 billion (over US $ 17 billion), Prince Abdullah urged all citizens to invest their capital in the Kingdom, saying: "By doing so they will contribute to improving the performance of the national economy."
Quoting from a report released by the United Swiss Bank, considered one of the greatest of the Swiss banks, Prince Abdullah referred to the capability of the Kingdom's economy to attract investments. He noted that the state provides citizens with interest-free long-term loans particularly in the industrial, agricultural and housing sectors.
Prince Abdullah also briefed the Council of Ministers on Arab, Islamic and international developments including those in Bosnia-Herzegovina. He deplored the random Serb aggression on Bosnian cities and the barbaric attacks on innocent people, and called on the international community to shoulder its responsibilities towards the deteriorating situation in the Balkans and to take severe punitive measures against the barbaric Serbian forces. He reiterated the support of the Kingdom for the punitive military operations carried out by NATO planes against a number of Serb targets, and hoped that this step would be followed by further strong international stands vis-a-vis the continuous Serb aggression against Bosnian Muslims.
In the light of the recommendation submitted by the Presidency of the Council and the decision taken by the Consultative Council, the cabinet approved the admission of the Kingdom to the agreement on the rights of children formulated by the General Assembly of the United Nations on November 20, 1989; reservations, however, were expressed over articles that run counter to the teachings of the Islamic Shariah.