The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud chaired the Cabinet session which was held at his residence in Rawdhat Khuraim yesterday.
At the outset of the session, the Cabinet listened to a number of reports on the latest developments in a number of Arab countries and their repercussions on security and stability in the region and the world.
The Cabinet called on all the Yemeni political powers and concerned parties to support Yemeni President Abdo Rabbo Mansour Hadi in carrying out the Gulf initiative and its mechanism backed by the international community in order to achieve the aspirations of the Yemeni people.
The Cabinet expressed regret over the dangerous escalation in violence by the Syrian regime. The Cabinet urged the international community to exert every effort to protect Syrian civilians and find effective solutions to the crisis in Syria.
The Cabinet discussed several domestic issues. It appreciated the approval of the Custodian of the Two Holy Mosques to raise the capital of the Industrial Development Fund from SR20 billion to SR40 billion. The substantial increase will contribute to pushing industrial development, increasing opportunities for industrial investment and creation of new jobs for citizens in order to achieve the vision of the King in growing and developing the industrial sector as well as enhancing prosperity and raising growth rate of the KSA economy. The Cabinet was briefed on the report of the Conference on Water Desalination in Arab Countries which was opened on behalf of the Custodian of the Two Holy Mosques by the Minister of Water and Electricity. The conference discussed the problems of water and the acute shortage of water resources in Arab countries, confirming that the essential issue is how to rationalize the consumption of available water resources as well as to find new water resources.
The Cabinet commended the efforts exerted by the Saudi Basic Industries Corporation (SABIC) to build a high level industrial base in the petrochemical sector in different parts of the world, the latest of which was the laying of the foundation stone of the 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 hailed the role of such projects to deepen the bonds of cooperation between the Kingdom and other countries. The Cabinet also reviewed a number of projects in several areas of the Kingdom during the week that saw the launching of a number of vital development projects in the fields of roads, health, industry and tourism investment.
Dr. Jubarah bin Eid Al-Suraiseri, Minister of Transport, thanked the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for approving the new Railway Transport System. Highlighting the system, Dr. Al-Suraiseri said even though a vast road network has already been established in Saudi Arabia, the continent-like country is still in need of railway system. Referring to the monarch's historical interest in expanding the railway network in the Kingdom, the Minister described the railways current vigorous situation in the Kingdom as unprecedented.