1997 News Story

Council of Ministers meeting

Custodian of the Two Holy Mosques King Fahd Ibn Abdul Aziz declared at today's Council of Ministers Meeting that the national economy of the Kingdom has made great strides towards diversification.   King Fahd highlighted the achievements of the Saudi economy in terms of the national growth during 1996.  He quoted from the 33rd Report of the Saudi Arabian Monetary Agency (SAMA) saying that the gross domestic product growth has doubled at current rates from 4.2 in 1995 to 8.6 in 1996. Following the meeting, Information Minister Dr. Fouad Al-Farsi related that King Fahd suggested that the SAMA report underscored the firmness, strength and stability of the Saudi economy. 

King Fahd also briefed the Council of Ministers on the outcomes of his talks with President Hosni Mubarak of Egypt, President Nelson Mandela of South Africa, Japan’s Prime Minister Riotoro Hashimoto and U.S. Secretary of State Madeleine Albright.