In bilateral summit aboard "Riyadh" boat:

Custodian of the Two Holy Mosques discusses with President Mubarak cooperation, regional, int'l developments

King Abdullah, President Mubarak launch "Riyadh" and "Cairo" ships

Saudi finance minister says ships to support trade traffic between two countries

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and Egypt's President Mohammed Hosni Mubarak patronized at Jeddah Islamic Seaport in Jeddah the launching ceremony of two fast ships named "Riyadh" and "Cairo" presented as gifts from the people of the Kingdom of Saudi Arabia to the Egyptian people to transport passengers and vehicles between the two countries.

Upon arrival at the venue, the King and the Egyptian President were received by Prince Khalid Al-Faisal bin Abdulaziz, the Governor of Makkah region, Prince Mishaal bin Majed bin Abdulaziz, the Governor of Jeddah; Dr. Ibrahim bin Abdulaziz Al-Assaf, the Minister of Finance; and Dr. Jubarah bin Eid Al-Suraiseri, the Minister of Transport and Chairman of Board of Directors of Saudi Ports Authority.

A speech ceremony was held on this occasion.

In his speech Dr. Al-Assaf said that the attendance of the King and the Egyptian President of the launching ceremony of the two ships reflects the depth of brotherly relations between the two countries and their peoples as well as the interest of the Custodian of the Two Holy Mosques and the Egyptian President in the development of such relations in various fields.

The minister addressed the King saying, "I have been honored to receive your order to start building two fast ships to transport passengers and vehicles according to the latest international standards in terms of quality and safety as soon as possible. The ministry has immediately taken the necessary actions for implementation."

The minister of finance pointed out that each ship can carry 555 tons with a capacity 1220 passengers and 200 small cars.

In his speech the Egyptian Minister of Transport Mohamed Mansour thanked the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and the Saudi people for presenting the two ships as a gift which reflects the meaning of friendship and cooperation between the two brotherly countries.

He stressed the continuation of communication and cooperation between the two brotherly countries at all levels in the interest of the two peoples and in support of their historical relations.

Then the King handed over to the Egyptian President the waiving documents of the ownership of the two ships as a gift from the people of Kingdom of Saudi Arabia to their brothers, the people of the Arab Republic of Egypt as a confirmation of love and appreciation of the Kingdom of Saudi Arabia, its leadership, government and people for the Egyptian people.

Then the King and the President toured the ship.

The ceremony was attended by Prince Abdulrahman bin Abdulaziz, Deputy Minister of Defense and Aviation and Inspector General; Prince Miteb bin Abdulaziz, Minister of Municipal and Rural Affairs; a number of princes; ministers; and senior officials.

Then the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud saw off the Egyptian President who left Jeddah after a brief visit to the Kingdom.

Upon departure from King Abdulaziz International Airport, the Egyptian president was seen off by Prince Miteb bin Abdulaziz, the Minister of Municipal and Rural Affairs; a number of princes and officials.

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and Egypt's President Mohammed Hosni Mubarak held a meeting on board the ship "Riyadh" moored in Jeddah Islamic Seaport.

During the meeting, they discussed prospects of cooperation between the two countries, ways of their enhancement in various areas in the interest of the two brotherly countries and their peoples as well as overall situations and developments at Arab, Islamic and international arenas and the positions of the two countries regarding them.

On the Saudi side, the meeting was attended by Prince Abdulrahman bin Abdulaziz, Deputy Minister of Defense and Aviation and Inspector General; Prince Miteb bin Abdulaziz, Minister of Municipal and Rural Affairs; Prince Khalid Al-Faisal bin Abdulaziz, the Governor of Makkah region; Prince Miqren bin Abdulaziz, Chief of General Intelligence; Prince Faisal bin Abdullah bin Mohammed Al Saud, Assistant Chief of General Intelligence; the Minister of Finance Dr. Ibrahim Al-Assaf and Saudi Ambassador to Egypt Hisham Mohieddin Nazer.

On the Egyptian side, the meeting was attended by Minister of Foreign Affairs Ahmed Abul-Gheit, Minister of Transport Mohamed Mansour, Chief of General Intelligence Omar Suleiman and Chief of the President's Court Dr. Zakaria Azmi and Egyptian Ambassador to the Kingdom Mahmoud Mohammed Ouf.

The Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf stressed that the two ships ''Riyadh and Cairo" whose launching ceremony was patronized by the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud and Egyptian President Mohammed Hosni Mubarak will further increase trade and investment exchanges between the two countries and strengthen the bonds of brotherhood and love between them.

In a press briefing following the launching of the ships at Jeddah Islamic Seaport, the minister said that the cost of building the two ships amounted to $ 130 million, at rate of $ 65 million per ship.

He pointed out that the start of operating the ships is up to the Egyptian government after it received their ownership documents from the Kingdom.

Saudi investments in Egypt have amounted totally to $11.1 Billion, according to an Egyptian economic report published in Cairo.

The report pointed out that the Saudi investments increased this year by 59 percent.

The Saudi investments included various domains and amounted in the field of industry to 23 percent, in the sector of services to 26 percent, and to 13 percent in the sector of real estates, the report added.