King Abdullah chairs Cabinet session (4/9/12)
April 9, 2012
The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz chaired the Cabinet session at his residence in Rawdhat Khuraim today. After listening to reports on the latest security developments in the Arab world, the Cabinet called on all Yemeni political powers to support Yemeni President Abdo Rabbo Mansour Hadi in carrying out the Gulf Initiative and its mechanisms, which aim at achieving the aspirations of the Yemeni people.
The Cabinet expressed regret over the dangerous escalation in violence by the Syrian regime, pointing out that the negligence of the government in meeting the deadline of the Kofi Annan peace plan reflects its intransigence and non-respect for its commitments. The ministers urged other countries to exert every effort to protect Syrian civilians and find effective solutions to the crisis.
Turning to economic issues, the Cabinet expressed appreciation for the decision of King Abdullah to raise the capital of the Industrial Development Fund from SR 20 billion ($5.3 billion) to SR 40 billion ($10.67 billion), which will help create jobs and increase prosperity in the Kingdom. The ministers also commended the efforts of the Saudi Basic Industries Corporation (SABIC) to build a petrochemical industrial base spanning different parts of the world. The latest project, they noted, was the laying of the foundation stone last week of a joint venture with China Petroleum and Chemical Corporation for a polycarbonate production complex with 260,000 metric tons per annum capacity in Tianjin Binhai.
The Cabinet was briefed on the report of the Conference on Water Desalination in Arab Countries, which was opened on behalf of King Abdullah by the Minister of Water and Electricity last week. The conference focused on the shortage of water resources in Arab countries, confirming the importance of rationalizing the consumption of available resources and finding new water sources.
Addressing the remaining items on its agenda, the Cabinet approved both the new Railway Transport System and the Arbitration System.