Custodian of the Two Holy Mosques King Fahd Bin Abdul Aziz today chaired the regular weekly meeting of the Council of Ministers, and referred to the ongoing visit of President of China Jiang Zemin as a historic one, that would contribute to consolidating the constructive relations between the two friendly countries and positively contribute to the reinforcement of world peace and security. King Fahd began the meeting by emphasizing that both the public and the private sectors in the Kingdom were implementing more economic projects throughout the country for the benefit and prosperity of the nation and its people.  He went on to refer to the recent visit of Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah to the area of Madinah, and to the projects he visited there, which are part of the objectives prescribed by the government to provide services to all citizens.

King Fahd then briefed the cabinet on the talks he had held with the head of the Islamic Republic of Pakistan General Pervez Musharraf, and express the wish for continued security and stability for that country.
Commenting on the recent tragic crash of the Egyptair plane off the coast of the United States, King Fahd expressed, in his name and on behalf of the people and government of the Kingdom, sincere condolences to Egyptian President Mohamed Hosni Mubarak, to the people of Egypt, and to the families of the victims.
The cabinet then announced the initiation of an annual prize for the most distinguished businessman in Saudi Arabia, setting a number of conditions for the nominee as follows:
- The nominee should have made effective contributions in one or more of the investment and development fields in the Kingdom; and in the creation of jobs for Saudi citizens, realizing the required annual rate of Saudization in his business.
- The nominee should be interested in the recruitment and training of Saudi nationals; have notable social activities; and made charitable donations.
- The products of the nominee's business or investment projects should have obtained a good share of the local market, whether goods or services or exports; and should comply with Saudi standards.
- The nominee's business should use modern means for the transfer of technology; utilize local primary materials in production; be supportive of other local economic activities; adhere to vocational safety standards, and have a good record in preservation of the environment.

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