Custodian of the Two Holy Mosques, Crown Prince discuss with Chinese Minister of National Defense regional, international developments

Crown Prince Sultan: Saudi-Sino relations based on cooperation to achieve peace

Prince Khalid al-Faisal washed Holy Kaaba

Prince Khalid bin Sultan: Our Air Forces is one of the best in the world thanks to the leadership support

Cooperation agreements signed between Saudi and European universities

Saudi mulls launching fund to invest oil surplus revenues

The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz received at his palace the Vice Chairman of China's Central Military Commission, State's Advisor and Minister of National Defense Cao Gangchuan and the accompanying delegation.

During the audience, the Chinese minister conveyed to the King the greetings of China's President Hu Jintao. In turn, the King sent his greetings to the President.

During the meeting, they reviewed topics of mutual interest at the regional and international arenas.

The audience was attended by Prince Khalid bin Sultan bin Abdulaziz, Assistant Minister of Defense and Aviation and Inspector General for Military Affairs and Chinese Ambassador to the Kingdom Yang Hong Lein.

On the other hand, The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz received at his palace Russia's National Security Advisor Valentine Sobolev and the accompanying delegation.

At the outset of the audience, the Russian advisor expressed his thanks to and appreciation of the King for receiving him and the delegation.

The advisor conveyed to the King the greetings of Russia's President Vladimir Putin. In turn, the King sent his greetings to the President.

During the meeting, they reviewed the latest regional and international developments of concern to the two friendly countries.

The audience was attended by Prince Salman bin Sultan bin Abdulaziz, Assistant Secretary General of National Security Council for Intelligence and Security Affairs; and Assistant Secretary General of National Security Council for Political and International Cooperation Affairs Rehab Mohammed Ibrahim Masoud

Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, held at his palace here today a session of talks with Vice Chairman of China's Central Military Commission, State's Advisor and Minister of National Defense Cao Gangchuan.

Welcoming the Chinese Minister at the outset of the session, the Crown Prince said, ''Good relations and friendship between the Kingdom and the People's Republic of China were built on the basis of cooperation in the service of peace and stability."

The Crown Prince hoped that bilateral meetings contribute to enhancing cooperation between the two friendly countries.

"I emphasize that The Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz always talks about Saudi-Chinese relations and their development," the Crown Prince added.

Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, received here today the Vice Chairman of Central Military Commission and Minister of National Defense of China, Cao Gangchuan and the accompanying delegation.

The Crown Prince welcomed the Minister, wishing him a good stay in the Kingdom. On his part, the Minister thanked the Crown Prince for the warm welcome and generous hospitality.

Following that, the Crown Prince held a luncheon in honor of the Chinese Minister and the accompanying delegation.

The audience and luncheon were attended by Prince Abdulrahman bin Abdulaziz, Deputy Minister of Defense and Aviation and Inspector General; Prince Bandar bin Mohammed bin Abdulrahman; Prince Miteb bin Abdulaziz, Minister of Municipal and Rural Affairs; Prince Salman bin Abdulaziz, Governor of Riyadh Region; Prince Saud Al-Faisal, Minister of Foreign Affairs; Prince Faisal bin Khalid bin Saad; Prince Khalid bin Fahd bin Khalid; Prince Miqren bin Abdulaziz, Chief of General Intelligence; Prince Fahd bin Abdullah bin Mohammed, Assistant Minister of Defense and Aviation and Inspector General for Civil Aviation Affairs; Prince Khalid bin Sultan bin Abdulaziz, Assistant Minister of Defense and Aviation and Inspector General for Military Affairs; and a number of princes, ministers and senior civil and military officials.

The audience and luncheon were also attended by the Chinese Ambassador to the Kingdom of Saudi Arabia Yang Hong Lein.

Mean while, on behalf of the Custodian of the two Holy Mosques King Abdullah bin Abdulaziz, Prince Khalid al-Faisal, the Governor of Makkah region, washed the Holy Kaaba.

He was welcomed at the Holy Mosque by Prince Abdullah bin Fahd al-Saud, the undersecretary of Makkah governorate, and number of other senior officials. The ceremony was attended by some princes and officials as well as a number of members of the accredited Islamic diplomatic corps, the Sadens (servants) of the Holy Mosque and a group of citizens.

It is worth mentioning that the Holy Kaaba is washed twice every year.

Prince Khalid bin Sultan bin Abdulaziz, the Assistant Minister of Defense and Aviation and Inspector General for Military Affairs, patronized at King Abdulaziz Air Base in the Eastern Region a ceremony to honor a number of staff members of the Air Force who had participated in the Green Flag Air Exercises with the British Air Forces in The United Kingdom.

At the venue, he was received by a number of senior military officials.

Prince Khalid bin Sultan delivered a speech in which he expressed his delight with the success of the Green Flag Air Exercises in which they participated.

He also said that the development witnessed by the Royal Saudi Air Force is due to the continuous support of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz and the ongoing follow-up of Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General.

Following that Prince Khalid bin Sultan honored the participants in the exercises who also have been granted Medals of proficiency in recognition of their skills and professionalism which they had shown at the exercises.

Minister of Higher Education Dr. Khalid Ala'nqari valued the great and constant support for the higher education sector by Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz and Crown Prince Sultan bin Abdulaziz, Deputy Premier, Minister of Defense and Aviation and Inspector General.

In a statement to Saudi Press Agency after concluding his visit to Germany and the United Kingdom, the minister said the two visits came to utilize the recent successful visits by the king to a number of European countries.

He added that the visits aimed at boosting cooperation between the kingdom and both Germany and the United Kingdom in the field of university education.

He stated that a number of service contracts were signed to benefit from the European and international experiences in the field of university education strategies.

The ministry of higher education has signed a number of contracts with the institute of higher education policies and the institute of higher education in Britain in the presence of minister of higher education Dr Khalid al-Anqari, who is currently visiting Britain.

The agreements aim at exchange of expertise with the British scientific institutions as well as development of the Saudi universities.

The signing of the agreements comes in line with the plan of the ministry of higher education to develop the educational sector benefiting from the successful international experiences.

King Fahd Center for Heart Diseases and Surgery at King Saud University has signed a cooperation agreement with the Institute of Professor Majdi Yaqub for Hart Diseases and Surgery.

The agreement was signed by Dr Abdullah al-Othman, the Director of King Saud University, and Professor Majdi Yaqub in the presence of Minister of Higher Education Dr Khalid al-Anqari.

The agreement aims at the development of the Saudi medical cadres in the fields of researches and heart surgery.

Following the signing of the agreement, Prof. Majdi Yaqub expressed happiness for enhancing cooperation with King Saud University in the field of heart researches. He described King Saud University as one of the prestigious universities in the Arab world.

On his part, Dr Mohammed Fodah, the Director of King Fahd Center for Heart Diseases, underscored the importance of cementing cooperation with the Institute of Prof. Majdi Yaqub , and said the agreement will yield positive results.

Saudi Arabia is considering setting up a $6 billion sovereign wealth fund to invest the country's surplus oil wealth.

"The Ministry of Finance is looking into a new fund," that may be managed by the Ministry's Public Investment Fund, Muhammad Al-Jasser, Vice-Governor of the Saudi Arabian Monetary Agency (SAMA), said in an interview at the World Economic Forum here Wednesday.

"It will probably mostly invest in equities," he said.

"But if there is endless debate about abuses, I'm sure we can live without it," he also told reporters.

The central bank is not involved in any plans to set up a fund, he said.

In December, the Financial Times reported on its web site without naming sources that Saudi Arabia was planning to establish a sovereign wealth fund that may exceed $900 billion.

The new fund will be a rival for other government-owned investment funds in the Middle East and Asia, which have been increasingly investing in Western companies, particularly financial institutions which incurred losses stemming from a mortgage meltdown in the United States.

Multibillion investments in US companies by sovereign wealth funds last year helped shore up investor confidence, which has been shaken by the spread of asset write-downs at lenders.

The Wall Street Journal reported in December that Merrill Lynch may be close to receiving as much as $5 billion of capital from Singapore state investor Temasek Holdings, which boosted financial stocks.

Morgan Stanley said it was receiving $5 billion from China after recording $9.4 billion of write-downs and Citigroup Inc in November also agreed to sell up to a 4.9 percent stake to Abu Dhabi for $7.5 billion.

"This is what happens when we have massive accumulation of foreign exchange reserves," said Michael Woolfolk, a senior currency strategist at The Bank of New York Mellon, in New York. "These sovereign funds will change the landscape of global investment because they will target not only bonds, but also equity investments. And that's already starting."