The Council of Ministers Monday approved a Saudi joint stock company for investment in information technology, telecommunications and banking industries on commercial grounds. The company will be named “the Saudi Company for Exchanging Information Electronically (“Tabadul”), reported the Saudi Press Agency (SPA). The Council of Ministers also approved authorizing the Second Deputy Premier and Minister of Interior or his deputy to hold discussions with the Indian side on a cooperation draft agreement over the extradition of accused and sentenced criminals between the two countries. King Abdullah, Custodian of the Two Holy Mosques, briefed the Cabinet on his talks, consultations and meetings with visiting dignitaries and their envoys. The King said he discussed with Egyptian President Hosni Mubarak the strong relations between the two countries, the situation in the occupied Palestinian lands, the efforts to activate the peace process in the region on the basis of the Arab peace initiative and the initiative to achieve a reconciliation between the different Palestinian factions. Dr. Abdul Aziz Bin Mohieddin Khoja, Minister of Culture and Information, said the Cabinet listened to a report on the situation in Somalia, Sudan, Iraq and Lebanon. The Cabinet welcomed the Lebanese Council of Deputies for electing Nabih Barri as its speaker and delegating Saad Al-Hariri the task of forming a new government. The Cabinet confirmed the Kingdom's support for Lebanon and its people in all that contributes to boosting its stability, safety and sovereignty. The Cabinet listened to a report on the results of the extraordinary meeting of Arab foreign ministers held in Cairo last Wednesday. The meeting stressed that achieving a permanent solution to the Palestinian issue and ending the conflict in the region was the key to achieving security and stability in the region. __
