Saudi National Day

CP receives SAMA annual report

CP hails Hajj ministry efforts to serve pilgrims

King Saud University awards honorary doctorate to CP

Report shows Sultan bin Abdulaziz Humanitarian City's main achievements

Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, received at Al-Safa Palace in Makkah the 44th annual report of Saudi Arabian Monetary Agency (SAMA) which reviews the latest economic and financial developments in the Kingdom.

The report was presented to the Crown Prince by the Governor of Saudi Arabian Monetary Agency (SAMA), Hamad bin Saud Al-Sayyari in presence of the Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaf.

The Crown Prince commended the efforts of Saudi Arabian Monetary Agency in designing and implementing the monetary policy within the framework of the overall economic policy of the state, wishing the agency all success.

The report pointed out that the national economy continued its strong growth in 2007for the fifth consecutive year, noting that real Gross Domestic Product (GDP) increased by 3.4%.

It added that the role of the private sector in development was strengthened by achieving a growth of 5.8 %, as well as the public sector by 2.7%.

The report noted that the general finance of the state has witnessed a clear improvement resulting in a surplus of about 12.3 % of GDP for the fifth consecutive year in 2007, indicating that the balance of payments surplus for the ninth consecutive year amounted to about 24.9% of the gross domestic product.

The Governor of the Saudi Arabian Monetary Agency (SAMA) Hamad bin Saud Al-Sayyari said that there is no change in monetary policy of the Kingdom of Saudi Arabia.

Addressing a press conference in Riyadh to shed light on SAMA's 44th annual report submitted last Monday to the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud, Al-Sayyari said "There are several key challenges facing the Saudi economy, including diversifying economic structure, achieving the adequacy of the economy and curbing the rate of inflation", describing the last one as the greatest of all.

He expected growth to continue this year, pointing out that the private sector and non-oil exports have grown with good rates.

SAMA Governor confirmed that there is no shortage of liquidity in the Saudi banks, citing the growth of lending in the Kingdom.

He dashed out worries about reports that the global financial crises would have negative impact on Saudi banks.

"SAMA runs its foreign investments in a very conservative manner", Al-Sayyari stated.

He said that inflation in the Kingdom fell in August to 10.9 from 11.1 last July, despite a wave of high prices globally, and the 100-percent-increase of the cost of freight and insurance.

The government spending as well as the capacity of local economy have increased, Al-Sayyari said, noting that the balance of supply and demand of housing rates might take a period of up to two years.

"We rather prefer enhancing supply forces through encouraging the provision and finance of homes than interfering to bring down house rents in the Kingdom", he stated.

In response to a question, he denied reports that SAMA is planning to issue new 1000 category bank notes.

SAMA Governor described the procedures taken by U.S. administration to address the current financial problems as bold and in the right direction, adding that the impact of the crisis on both the Saudi economy and the performance of Saudi banks is limited.

Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, received at his palace in Makkah the Minister of Hajj Dr. Fu'ad bin Abdulsalam Al-Farsi and a number of Hajj service companies.

Dr. Al-Farsi addressed the meeting, highlighting the services provided by the Government of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for the comfort and safety of Umrah (minor Hajj) performers.

Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, received at his palace in Makkah tonight Sheikh Sadeq Abdullah Al-Ahmar, sons of late Sheikh Abdullah Al-Ahmar and a number of members of Yemen's Shoura Council and House of Representatives.

The audience was attended by Prince Salman bin Sultan bin Abdulaziz, Assistant Secretary General of the National Security Council for Intelligence and Security Affairs and senior protocol officials.

King Saud University has awarded an honorary doctorate to Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General in recognition of his generous support and sponsorship of the path of higher education in general and King Saud University in particular.

This was announced by the Minister of Higher Education Dr. Khalid Bin Mohammed Al-Angari.

Al-Angari expressed his gratitude and appreciation of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al Saud for the unlimited support for developing the performance of higher education and building its future to serve the nation and citizens and for his leadership of the march of higher education supported by the Crown Prince whose directives have great effect on the achievement of the present qualitative leap in the march of higher education in the Kingdom.

Al-Angari thanked the Crown Prince for his acceptance of the honorary doctorate, expressing his deep appreciation and gratitude to the Crown Prince for his generous support and sponsorship of the path of higher education in general and the University of King Saud, in particular.

The Crown Prince's support and finance include Prince Sultan bin Abdulaziz World Program for Distinguished Research Scholarships; establishment of Prince Sultan Center for Advanced Technologies, Prince Sultan bin Abdulaziz Research Center for Environment, Water and Desert, and Prince Sultan Award for Water Research to stimulate research and development in various areas of water as well as funding a range of Research chairs in the areas of water, environment and wildlife and contemporary Islamic studies in addition to financing Saudi Economic Society and other associations and scientific events organized by the University.

Dr. Al-Angari congratulated King Saud University for this honor which demonstrates the University's status.

His Excellency Professor Abdullah bin Abdurrahman Al Othman, King Saud University Rector, issued a statement at the occasion of His Royal Highness Prince Sultan bin Abdulaziz, Crown Prince Deputy Prime Minister and Minister of Defense, Aviation, and General Commissioner's acceptance of the honorary doctorate granted by King Saud University.

Al Othman said His Royal Highness, Prince Sultan bin Abdulaziz, Crown Prince Deputy Prime Minister and Minister of Defense, Aviation, and General Commissioner, was so kind as to accept the honorary doctorate granted by King Saud University in recognition of his tremendous accomplishments in developing the national plan for sciences and technology, which is considered one of the most important components of the system of national innovation, including higher education and scientific research. On this occasion, His Excellency Professor Abdullah bin Abdurrahman Al Othman, King Saud University Rector, stated the following:

The acceptance of His Royal Highness Prince Sultan bin Abdulaziz, Crown Prince Deputy Prime Minister and Minister of Defense, Aviation, and General Commissioner, of the honorary doctorate is indeed a great honor to the University and all its affiliates. His Highness, May Allah preserve him, is known for concern and care about the University in all its fields, especially scientific research and technical development.

His Excellency King Saud University Rector added: Granting the honorary doctorate to His Royal Highness Prince Sultan bin Abdulaziz, Crown Prince Deputy Prime Minister and Minister of Defense, Aviation, and General Commissioner, is in recognition on the part of the University of his Royal Highness's constant support in many areas, which has resulted in concrete accomplishments such as establishing Prince Sultan Institute for Advanced Technologies, supporting and funding Prince Sultan bin Abdulaziz Program for Environmental, Water, and Desert Research, creating Prince Sultan International Water Prize, funding a number of Research Chairs in the fields of water, environment, wild life, and contemporary Islamic studies, establishing Prince Sultan bin Abdulaziz Program for Developing Special Education at the University, and supporting, funding, and honorary presiding over a number of scientific societies in Saudi universities.

His Excellency Professor Al Othman concluded his statement by giving his biggest thanks to His Royal Highness Prince Sultan bin Abdulaziz, expressing his and the University affiliates' tremendous gratitude for the acceptance of His Royal Highness, May Allah preserve Him, of the honorary doctorate. He said that the University was greatly honored before this by the acceptance of the honorary doctorate by the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz, May Allah preserve him, which makes King Saud University assume an enormous responsibility for being true to the wise rulers' expectations in terms of its standards, efficiency, and competency.

This responsibility extends to realizing knowledge distinctiveness, and building a societal partnership to contribute to turning this community into a knowledge-based society that would bring benefits to our dear country's developmental journey under the reign of the Custodian of the Two Holy Mosques, King Abdullah bin Abdulaziz and His Crown Prince, May Allah preserve them.

Sultan bin Abdulaziz Al Saud Charity Foundation paid a great attention to the issue of disability in their plans and strategies.

The foundation's performance has been integrated in the areas of science, business and medicine along with its efforts in the development of channels of special education in the care of persons with disabilities.

Prince Sultan Bin Abdulaziz City for Humanitarian Services continued its superiority and excellence in providing treatment and care and rehabilitation programs. The international body of approving hospitals recognized the Foundation’s effort and awarded it certification this year for its outstanding efforts to treat and rehabilitate persons with disabilities.

With directives of Crown Prince Sultan bin Abdulaziz Al Saud, Deputy Premier, Minister of Defense and Aviation and Inspector General, the Foundation initiated the establishment of a panel to activate the ministerial directives for the development of services for people with disabilities.

A report issued by the foundation stated that the panel supports and develops special education programs in Saudi colleges and universities. The Panel also exerted a great effort in establishing a plan that aims at upgrading the competence of graduates' of those departments.

The plan also aims to develop programs and strategies for these academic departments to be able to play its role in the service of this country.

In coordination with the Ministry of Higher Education there was a program to send hundred students to study various branches of special education in U.S. universities this year, along with dozens of people who benefited from the program of the Educational Foundation in the Arab University in Bahrain as well as its activities in integrating the disabled into society.