Saudi Arabia committed to fighting poverty, extending aid to poor, developing countries

Custodian of the Two Holy Mosques directs to have SR10 billion deposited for social loans

ASEM to conduct financial system reforms

OPEC cuts down oil output by 1.5 million bpd

Sultan Qaboos receives two messages from Presidents Mubarak, Sarkozy

Oman to host int'l conference on water resources

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz received Minister of Culture and Information Iyad Madani, press officials of the ministry and editors of Saudi local newspapers and magazines.

At the beginning of the audience, the minister delivered a statement in which he expressed thanks to the king for the audience and constant aspiration to such an audience to listen to the king's directives.

The minister stressed that all workers of the press are always keen on serving this religion and serving the homeland hoping that all will meet the king's trust and the press will be a tool for strengthening the national unity and social solidarity and will help realize the interest of this homeland in line with the king's directives.

The Minister of Culture and Information said, "This sector is a productive and fruitful sector and the brothers, God willing, will always shoulder the responsibility."

Then the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud delivered the following speech:

My brothers, you belong to this country. Whatever you have done, you are asked to do more to serve your religion and homeland. This is the most important thing. You know what is happening in the world, and I like to say to you I believe that the world is now in a covert war and an economic war. You must take this into consideration and consider the interest of religion and the homeland rather than the interest of people as the economy is a foundation of everything.

The King pointed to his audience with finance ministers and central bank governors of Gulf Cooperation Council states and expressed his pleasure over their responding to the call and the convention of an extraordinary meeting, saying, "May Allah bless this step. We should talk about it as the Gulf is fine, but it is targeted.

Do not forget that your country is targeted for destabilization of this blessing bestowed upon you by Allah. We must appreciate, respect and preserve it without recklessness, without alleged nationalism and without useless appearance.

You should be fearful of Allah, thank Him, and put the interest of your country before your eyes. This is what we want. You are all good men. There is no doubt about your goal. I do not doubt it and no one can doubt it. The homeland is above all. Your people want to hear from you good words. Yes, there are mistakes. Yesterday, I heard a report saying that two million Saudis can get kidney failure. Where did this report come from? This is the will of Allah. Two millions! What has prompted you for such a distortion?

We are concerned that your aim is a goal of a hard working Muslim for his homeland and the interest of his country above all. I believe that you all have this. But some people sometimes are ordered by the evil from themselves. This should be met with reason and faith.

I ask you to be directed towards your religion first and your homeland above all. No one doubts your faith and sincerity. But sometimes, man is conceited. You should correct him. This is not a criticism, but to attract your attention.

My brothers, I belong to you. But the interests of my religion and homeland are above all. I neither bargain nor consider over them not even in dream. There is no doubt about this. This is my belief in you all. But you differ in some views. Some of you want to open a room for them. Open a room and attract their attention.

Allah willing, I will go to America for the dialogue of followers of religions currently under way. I pray to Almighty Allah to help us. The dialogue of followers of religions is a duty on every male and female human being. At the same time, it came in a time when the world is criticizing Islam.

You are all the sons of Islam and you must preserve it. It is regrettable that some of our sons are tempted by Satan or brothers of Satan. And it happened what happened. And I thought what is the solution? I'm not the only one who wants this, but you all and every correct Muslim want that Islam's reputation remains pure. I thought that nothing can purify it except for the extension of Muslims' hands to their brothers in other religions and this can deter a little bit. This is a humanitarian duty of convergence, advice, guidance to any creed, religion or others, and dialogue.

As you know, dialogue has never happened here. The matter will be so, either difference or doing anything else. No my brother, if I differ with you, this does not mean that I am your enemy. If you differ with me, you either convince me or I convince you. That is what made me call for a dialogue which took place in Madrid. I took this step after I took the green light from our Muslim scholars.

This is in the interest of the world, not only in our interest. It demonstrates that Islam is a religion of dialogue, not a religion of force and violence. It is a religion of dialogue.

Islam reached China after fifty years of the Prophet's mission. At that time, there were no aircraft or others. Now, in spite of the pressure on Islam, every day you find people who want to convert to Islam.

The duty of the people of Islam, you and others, is to serve it with a good word as the good word conveys the clear right and it is impressive.

I hope that you use the good word in the service of religion and the homeland.

Now, the role of economy and the good word comes. And the role of the faithful position comes. Do not depend on your reporters.

Start removing these bad ideas which undoubtedly come only from enemies, suspicion, fear and mistrust.

Then the Chief Editor of Riyadh newspaper Turki bin Abdullah Al-Sudairi delivered speech in which he stressed that the relationship of the Custodian of the Two Holy Mosques with the press is not new, noting that journalists had been listening to the King's ideas and visions when they were his guests at the National Guard exercises for a long time, then in trips and events until the King enabled the local press to jump to the Arab distinguished level, to strengthen their relations abroad in a satisfactory manner, and to develop them at many levels including the levels of capabilities, publication and a number of their workers.

The audience was attended by a number of princes and officials.

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud has directed to deposit SR 10 billion in the account of Saudi Bank of Credit and Saving to enable the Bank to meet the needs of citizens eligible for borrowing. This amount along with the current resources of the bank will be allocated for social loans including loans provided for marriage, family and restoration of houses.

In a statement to Saudi Press Agency (SPA), the Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf said," This kind royal gift comes as an extension of the King's decisions and directives aiming to sense the needs of citizens, especially citizens of limited income," noting that hundreds of thousands of needy families will benefit from this amount.

In his own name and on behalf of the bank's employees and all beneficiaries of these loans, the minister expressed his thanks and gratitude to the Custodian of the Two Holy Mosques for this royal gift.

Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz received in Riyadh ministers of finance and governors of the central banks of the Gulf Cooperation Council.

During the audience, the ministers and governors conveyed greetings of the leaders of the GCC countries to the king and stressed the strength of the economies of the GCC countries, the strength of their banking systems and the availability of liquidity in them.

The ministers and governors listened to the directives of the Custodian of the Two Holy Mosques who stressed the importance of the continued and strengthened coordination and cooperation among the GCC countries and sent his greetings to the leaders of the GCC countries.

The audience was attended by a number of princes and senior officials.

Finance Ministers and Governors of Monetary Agencies and Central Banks in member states of the Gulf Cooperation Council began an extraordinary meeting in Riyadh.

They will review the global financial crisis, notably in the United States and Europe.

They will also discuss the impact of the crisis on the GCC states.

The GCC is made up of Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain and Oman.

The Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf pointed out that the extraordinary meeting of finance ministers and governors of central banks and monetary institutions of Gulf Cooperation Council (GCC) countries in Riyadh came within the framework of continuous coordination between the GCC countries and in light of today's financial crisis in the world which is aggravating day after day leading to a credit crisis, particularly in developed countries, which is unprecedented in the world for many years.

In a statement following the meeting, he said that the signs of the seriousness of the crisis about indications of a recession started to emerge in developed countries which refer to the transfer of the effects of this crisis to the real economy and its possible direct and indirect effects on the economies of the GCC countries. He added that the matter requires all to work to avoid its negative impacts and to mitigate its effects on economies, including the coordination of our policies and procedures.

The minister of finance noted that the economies of GCC countries enjoy strong macroeconomic indicators.

He expected that growth rates range between 4 per cent and 6 per cent in 2008.

Dr. Al-Assaf praised the measures taken by GCC states to deal with the possible consequences of the global financial crisis, stressing the importance of continued follow-up to these consequences, and a willingness to take the necessary action when needed.

The minister indicated that this crisis requires a global cooperation and an international coordination to address it.

He commended the International Monetary Fund for announcing the availability of the amount of $ 200 billion for lending with easy conditions.

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud received at the Royal Court at Al-Yamamah Palace in Riyadh U.S. Deputy Secretary of Treasury Robert Kimmitt and the accompanying delegation.

During the audience, Kimmitt conveyed to the King the greetings of President George W. Bush of the United States of America. In turn, the King sent his greetings to the President.

They also reviewed the international efforts being exerted to control the financial crisis currently affecting the world, including among them the next meeting of the Group of Twenty which was called for by U.S. President in Washington on November 15.

A number of issues of common concern were also discussed.

The audience was attended by a number of princes, ministers and U.S. Ambassador to the Kingdom Ford Fraker.

The two-day 7th Asia-Europe Meeting (ASEM) was concluded in Beijing with participants reaching consensus on global financial crisis and other issues.

The two-day 7th Asia-Europe Meeting (ASEM) was concluded at the Great Hall of the People in Beijing on Oct. 25, 2008.

The meeting, attended by leaders and representatives from 45 Asian and European nations and organizations, realized its expected goal and was a great success, Chinese Premier Wen Jiabao said in a closing speech.

As one of the most fruitful achievements, a statement of the 7th ASEM on the international financial situation was adopted at the meeting.

"Leaders believed that authorities of all countries should demonstrate vision and resolution and take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis," said the statement.

The international community should continue to strengthen coordination and cooperation and take effective and available economic and financial measures in a comprehensive way to restore market confidence, stabilize global financial markets and promote global economic growth, it said.

According to the document, leaders supported the convening of an international summit on November 15 in the United States to address the current crisis and principles of reform of the international financial system.

The summit also adopted a declaration on sustainable development.

"The adoption of various cooperation proposals shows and proves again the interior impetus for strengthening dialogue at the ASEM and great potential for extending cooperation," Wen said.

China's President Hu Jintao and Premier Wen Jiabao pose with other members representing Asian and European countries for a group photo in the Great Hall of the People in Beijing October 24, 2008.

Amid the global financial turmoil, the ASEM has been widely regarded as an opportunity for Asian and European leaders to find a solution.

French President Nicholas Sarkozy called the meeting very "helpful" for Asia and Europe to tackle the global financial crisis and build up common cause.

"We had discussed nearly all of the topics concerned by the two continents including the most difficult issues," he said at a press conference at the end of the meeting.

Premier Wen told the press conference the need of confidence, cooperation and responsibility to find a solution to the global financial meltdown.

"We are glad to see that many countries have made their efforts and achieved some results. But it is not enough as we now see it, and more endeavors are needed," said Wen.

All countries, especially developed ones, should take measures as soon as possible to stabilize the financial market and build public confidence, he said.

Financial innovation could help develop the economy, but financial supervision is even more important for the security of the financial system, he added.

The premier also declared that China would actively attend the November15 financial summit.

Following is the full text of the Statement of the Seventh Asia-Europe Meeting on the International Financial Situation.

Statement of the Seventh Asia-Europe Meeting on the International Financial Situation

1. Leaders attending the Seventh Asia-Europe Meeting had an in-depth discussion on the current international economic and financial situation and its trend of development. They expressed concern over the impact of the spreading international financial crisis on the global economy and in particular, the severe challenges it poses to financial stability and economic development of countries in Asia and Europe.

2. Leaders believed that authorities of all countries should demonstrate vision and resolution and take firm, decisive and effective measures in a responsible and timely manner to rise to the challenge of the financial crisis. Leaders expressed full confidence that the crisis could be overcome through such concerted efforts.

3. Leaders welcomed the measures adopted by countries and organizations to ensure the smooth running of the financial system and real economy. They called on the international community to continue to strengthen coordination and cooperation and take effective and available economic and financial measures in a comprehensive way to restore market confidence, stabilize global financial markets and promote global economic growth.

4. Leaders agreed that IMF should play a critical role in assisting countries seriously affected by the crisis, upon their request.

5. Leaders were of the view that to resolve the financial crisis it is imperative to handle properly the relationship between financial innovation and regulation and to maintain sound macroeconomic policy. They recognized the need to improve the supervision and regulation of all financial actors, in particular their accountability.

6. Leaders called on all countries to pursue responsible and sound monetary, fiscal and financial regulatory policies, enhance transparency, inclusiveness, strengthen oversight, and improve crisis management mechanisms so as to maintain their own economic development and the stability of the financial markets. They agreed that the necessary and timely measures should be taken to preserve the stability of the financial system.

7. Leaders pledged to undertake effective and comprehensive reform of the international monetary and financial systems. They agreed to take quickly appropriate initiatives in this respect, in consultation with all stakeholders and the relevant international financial institutions. The International Monetary Fund and other international financial institutions should bring into play their mandated role in the international financial system, to help stabilize the international financial situation.

8. Leaders supported the convening of an international summit on 15 November in Washington D.C. to address the current crisis and principles of reform of the international financial system as well as long-term stability and development of the world economy.

9. Leaders agreed to make full use of ASEM and other cooperation mechanisms to enhance information sharing, policy exchange, and pragmatic cooperation on supervision and management in the financial sector and effectively monitor, prevent and respond to financial risks to ensure sustained, stable and sound economic growth.

The Organization of the Petroleum Exporting Countries (OPEC) agreed to cut oil output by 1.5 million barrels a day.

OPEC made the decision at an urgent meeting in the OPEC headquarters, which is aimed at addressing the slide of oil prices over past months.

"The Conference has decided to decrease the current OPEC-11 production ceiling of 28.808 million barrels a day by 1.5 million barrels a day, effective 1 November 2008," said a resolution passed at the one-day meeting.

OPEC also reached consensus on the distribution of an overall output cut among the 13 OPEC members, which is effective as of next month.

Saudi Arabia, the biggest oil exporter in the world, will reduce its daily output by 466,000 barrels, the biggest cut among the OPEC members.

Iran, the United Arab Emirates, Kuwait, Venezuela and Nigeria also agreed to cut their daily production by over 100,000 barrels.

"There is over supply in the international market," OPEC conference president Chekib Khelil, who is also Energy Minister of Algeria, told a press conference after the meeting.

Khelil said high oil prices "is not a demand issue," noting that high oil prices were driven by speculations, "just like speculation has driven the price of dollar."

Khelil also cleared the doubts about the implementation of the output cut as Saudi Arabia openly opposed to the output cut ahead of the meeting. "We are very confident, because I don't think they have other choice," Khelil said.

OPEC, which produces around 40 percent of the world's oil, also urged non-OPEC oil exporters to contribute to efforts to restore prices to "reasonable levels," noting that "OPEC cannot be expected to bear alone the burden of restoring equilibrium" of oil supply and demand.

Khelil said OPEC had informed Russia, a big oil exporter outside OPEC, of its decision on output cut.

"They will contribute," said Khelil.

Over the past three months, oil price has seen a steep slide on the international market, partly triggered by global financial crisis.

On July 11, 2008, oil price hit a record high of 147.27 U.S. dollars per barrel, but it has plunged sharply thereafter.

Earlier, the price of New York oil dived to a new 16-month low in choppy trade.

New York's main contract, light sweet crude for December delivery, sank as low as 65.90 U.S. dollars per barrel, which was last seen on June 13, 2007.

His Majesty Sultan Qaboos bin Said has received a written message from Egyptian President Hosni Mubarak dealing with relations between the two brotherly countries and matters of common concern.

The message was received on behalf of His Majesty the Sultan by His Highness Sayyid Ass’ad bin Tariq Al Said, representative of His Majesty the Sultan, when he received in his office Dr Mahmoud Mohyeddin, Egyptian minister of investment.

HE Yousuf Bin Alawi Bin Abdullah, Minister Responsible for Foreign Affairs, received Abdul Rahman Bin Hamad Al Attiyah, Secretary-General of the GCC states.

During the meeting, topics enlisted on the agenda for the forthcoming Muscat Summit were reviewed and discussed. Bilateral cooperation between the Sultanate and the secretariat of the council in various spheres and regional and international issues of common concern were also discussed.

The meeting was attended by HE Sayyid Badr Bin Hamad Al Busaidi, Secretary-General of the Foreign Ministry, a number of officials at the ministry and the delegation accompanying the guest.