The Cabinet chaired by King Abdullah, Custodian of the Two Holy Mosques, on Monday licensed a Saudi joint stock company called Hesana for Investment to carry out real estate, service and commercial projects besides investing in local, regional and international stock markets. Recommended by the Supreme Economic Council, the company will be fully owned by the General Organization of Social Insurance (GOSI). The Cabinet also reviewed the outcome of the 4th OPEC Forum held last Wednesday in Vienna and reaffirmed its commitment to long-term investment to raise Saudi Arabia's oil and gas production capacity and ensure future global energy supply despite the current challenges facing the fossil fuel sector. Abdul Aziz Khoja, Minister of Information and Culture, said the Cabinet decided to continue developing not only oil extraction technology but also different environment-friendly fuels for use in advanced internal combustion engines to meet future demand and environment protection needs. The Cabinet also agreed on establishing Saudi diplomatic ties with Namibia.
