March 24, 2006

THE CUSTODIAN OF THE TWO HOLY MOSQUES PATRONIZES THE CEREMONY FOR LAYING THE FOUNDATION STONE OF THE PERMANENT HEADQUARTERS OF THE GENERAL SECRETARIAT OF KING ABDULLAH FOUNDATION FOR HIS PARENTS FOR DEVELOPMENT HOUSING. CROWN PRINCE SULTAN IBN ABDUL AZIZ PATRONIZES THE OPENING CEREMONY OF THE SYMPOSIUM ON MONITORING FOOD AND MEDICINE. PRINCE NAIF IBN ABDUL AZIZ PATRONIZES THE 6TH RELIGIOUS FORUM FOR HAJJ RESEARCH. PRINCE SALMAN IBN ABDUL AZIZ LAYS THE FOUNDATION STONE OF THE PROJECT'S FIFTH HOUSING COMPOUND IN MIZAHMIYAH GOVERNORATE. Custodian of the Two Holy Mosques King Abdullah Ibn Abdul Aziz, Head of King Abdullah Foundation for His Parents for Development Housing, patronized the ceremony of laying the foundation stone of the permanent headquarters of the general secretariat of King Abdullah Foundation for His Parents for Development Housing on the land allocated to the project in Riyadh. Upon arrival at the venue, the monarch was received by the Minister of Culture and Information Iyad Ibn Amin Madani, who is also Deputy Chairman of the foundation. During the ceremony, the king was briefed on the projects of the foundation in various regions of the kingdom consisting of 2,200 units with a total cost of SAR500 million. The permanent headquarters of the general secretariat of King Abdullah Foundation for His Parents for Development Housing will be constructed on a SAR15 million land with an area of 10,000 square meters donated by the king. The total cost of the building will reach SAR20 million. The ceremony was attended by a number of princes and officials. Dr Yousef al-Othemin, the Secretary General of the Foundation, said the project will be implemented on an area of 10,000 square meters. He noted that the piece of land was a gift from King Abdullah Ibn Abdul Aziz. In addition to this, King Abdullah has donated SR 15 million for the implementation of the project which is expected to be executed at a cost of SR 20 million, including furnishing of the building. The building will include an office for the President of the Foundation, auditoriums for the board of trustees and other offices in addition to a lecture hall with a capacity of 250 seats, a data center, a parking zone with capacity of 40 cars, and a mosque with a capacity of 150 worshippers. On the other hand Saudi Arabia will soon allow foreign residents to invest directly in the country's stock market as Custodian of the Two Holy Mosques King Abdullah instructed authorities to study measures for its implementation. "The king ordered that the proposals be studied urgently and necessary measures taken to realize them," the Saudi Press Agency quoted Finance Minister Ibrahim Al-Assaf as saying after meeting private sector representatives. King Abdullah also advised Al-Assaf to study the possibility of reducing the nominal value of shares to boost the market and create further liquidity, SPA reported. The report came following a meeting between Al-Assaf and top investors on Abdullah's instructions. Al-Assaf briefed them on recommendations discussed by the Supreme Economic Council to strengthen the bourse. During his meeting with top businessmen, Al-Assaf said the plunge of stock market in the past days was no reflection on the Saudi economy, which has been growing in a balanced and steady manner. The Supreme Economic Council, which met under the chairmanship of King Abdullah, backed the measures being taken by CMA to stabilize the market. Economist Ihsan Bu-Hulaiga, a member of the Shoura Council, called the plan to allow foreigners to invest in stocks as "a bold and timely decision." He said it was an ideal solution to take the TASI index out of its downward trend. "It will put it in a better competitive position relative to other markets in the region, and by opening it up to all who are interested in investing in it, that will make it the regional market," he said. Bu-Hulaiga said that the Saudi market is well placed to become the regional market because Saudi GDP is 25 percent of the combined GDP of all Arab countries and its capitalization is more than 55 percent of all Arab countries' capitalization. Salim J. Ghalayini, a Riyadh-based financial consultant, described the move to open the market to the expats as "positive." It will reduce market volatility, since most expats are employees -- not entrepreneurs, and are used to gradual saving and increase of their wealth. Ghalayini hoped that events of the past couple of weeks would change investors' behavior. "We expect many of the marginal investors to move back to cash, and others will invest only their excess savings and not the money intended for a critical matter like buying a house, or for getting married," he said. On the other hand in Riyadh Crown Prince Sultan Ibn Abdul Aziz, Deputy Prime Minister, Minister of Defence and Aviation and Inspector General and Chairman of the Board of Directors of the General Organization for Food and Medicine will patronize the International Symposium for Monitoring Food and Medicine at the first Rabie Al Awal at King Faisal Conference Hall. The Executive Director of the Organization Dr Mohamed Ibn Ahmad Al Kanhal said the symposium aims at achieving results that would benefit the establishment of the organization which aims at setting up a comprehensive monitoring system for food and medicine and medical equipments to realize the target of the preserving the general health. Dr Mohamed Ibn Ahmad Al Kanhal said would discuss a number of researches and papers and 30 participants from within and outside the Kingdom will take part in the event. In Makkah Prince Naif Ibn Abdul Aziz, the Minister of Interior and Chairman of the Committee Supervising the Custodian of the Two Holy Mosques Institute for Hajj Research patronized the 6th Religious Forum for Hajj Research organized by the Institute and titled ''Studies of Central Area in Makkah''. Upon arrival at the venue, Prince Naif was received by Minister of Higher Education Dr. Khalid Ibn Mohammed Al-Anqari, Minister of Hajj Dr. Fuad Ibn Abdul Salam Al-Farsi and a number of officials. Prince Naif cut a ribbon marking the inauguration of an exhibition held on the fringes of the forum. A speech ceremony was held on this occasion. Addressing the ceremony, Prince Naif pointed out that the Saudi leadership has given top priority to the message of taking care of the Two Holy Mosques, pilgrims, Umrah performers and visitors of the Prophet's Mosque, stressing that all governmental bodies have been working so that citizens, expatriates and pilgrims enjoy security and peace and perform their rituals easily and comfortably. Prince Naif noted that the forum aims at providing best services for pilgrims and visitors of the Prophet's Mosque, wishing the forum all success. In his speech, Dr. Nasser Ibn Abdullah Al-Salih, the Director of Umm Al-Qura University congratulated Prince Naif on the successes achieved by security men in eradicating the deviating group, stressing that the University will remain a minaret of moderate thought which spreads moderation and tolerance, shows the bright image of real Islam and refutes extremism. The ceremony was attended by Prince Nawaf Ibn Naif Ibn Abdul Aziz and Director of Public Security Lieutenant General Saeed Al-Qahtani. On another development Prince Salman Ibn Abdul Aziz, Governor of Riyadh region and Chairman of Prince Salman Charitable Housing Project, laid the foundation stone of the Project's Fifth Housing Compound in Mizahmiyah Governorate. Upon arrival at the venue, Prince Salman was received by Abdul Mohsin Al-A'kkas, Minister of Social Affairs, Prince Abdul Aziz bin Mohammad bin Ayaf Al Miqren, Mayor of Riyadh Region and a number of officials. A speech ceremony was held on this occasion. In his speech, Assistant Secretary General of the project Dr. Abdul Aziz Ibn Ahmad Al-Masoud said that the housing compound will be constructed on an area of 36,000 square meters consisting of 82 units. Addressing the ceremony, Prince Salman said that the project was launched from Riyadh to other governorates, thanks to the directives of the Custodian of the Two Holy Mosques King Abdullah Ibn Abdul Aziz who has patronized housing and greatly contributed to his great project. In his opening address, Prince Salman called upon businessmen and philanthropists to support charitable projects. He asked them to donate generously to this project, which is aimed at providing decent housing for poor families. "We can assure those who donate to the project that they are putting the money in the safe hands," the governor told the ceremony which was attended by a large number of businessmen. Prince Salman commended Custodian of the Two Holy Mosques King Abdullah for promoting charitable housing projects across the country. The King Abdullah Charitable Housing Foundation has established 2,200 housing units in various parts of the Kingdom at a total cost of SR500 million. During the ceremony, in his own name and on behalf of his sons, Prince Salman announced a donation of SR 2 million to the project. Then cash donations amounted to SR 15 million and corporal donations to SR 10 million. In his speech, the Kingdom's Grand Mufti and Chairman of Senior Ulema (Religious Scholars) Commission and Religious Research and Ifta Department Sheikh Abdul Aziz Ibn Abdullah Al Al-Sheikh expressed his thanks to Prince Salman for contributing to any charitable deeds that benefit the society at present and in the future. He stressed that the Kingdom is united and it condemns anyone who tries to sow dissension or commits heinous acts. The Grand Mufti Sheikh emphasized the importance of extending generous contributions to the charitable housing project for the poor. The ceremony was attended by a number of princes, sheikhs, ministers and senior officials. Then they all had dinner in honor of Prince Salman. Eighty-two housing units with seven rooms each will be built shortly for the poor in Mizahmiyah under the auspices of the Prince Salman Charitable Housing Project. The Prince Salman Project has already carried out four housing schemes in Sultana, Badeea and Jeradiya, according to Abdul Aziz Al-Masoud, assistant secretary-general of the project. Covering an area of 36,000 square meters, the Mizahmiyah project will include community centers for men and women, a mosque and a shopping center. In another development, Prince Salman chaired a meeting of the higher committee for the development of Daraeya and approved the development plan. Abdullatif Al-Asheikh, a member of the Riyadh Development Authority, said the first phase of the project would cost SR350 million. The project aims at developing the historical region of Daraeya into a cultural city and a tourist center. "The project will make Daraeya one of the world-class heritage cities," Al-Asheikh said. He said the project would be completed within three years. In the first year, infrastructure facilities such as roads, water and sewage network and electricity will be ready. The first phase will include establishment of Daraeya museum, renovation of Imam Muhammad Ibn Saud Mosque, renovation of mud-houses and establishment of Daraeya history documentation center and a traditional market. A number of investment projects will be completed during the first phase including heritage hotels and restaurants, fast-food shops, residential flats and a health club. The higher committee approved the final executive plan for the development of Daraeya and instructed authorities to prepare construction and engineering plans and designs for the first phase. The plan to develop Daraeya comes as part of the government's efforts to promote domestic tourism. Efforts are also under way to develop Thumama Resort, northeast of Riyadh, as a major tourist center by implementing projects worth SR2.5 billion. Covering an area of 370 square kilometers, the resort will be developed with the support of the private sector. The Riyadh Development Authority has conducted a study on possible investment opportunities in the area. The projects include King Khaled Wildlife Research Center and Saudi Aviation Club as well as a museum, a safari park, cable cars, desert camps, and center for adventures.