JEDDAH: The Cabinet approved Monday the launch of the Saudi Development and Technical Investment Company to give the country a boost in the application of research and programs from the Kingdom and abroad. A Royal Decree has been drawn up for the establishment of the company, which will aim to make use research and applied programs from King Abdulaziz City for Science & Technology (KACST) and other universities and research centers. Chairing the weekly meeting, King Abdullah, Custodian of the Two Holy Mosques, prayed to Almighty Allah for good results from the medical tests which Crown Prince Sultan Bin Abdul Aziz, Deputy Premier, Minister of Defense and Aviation and Inspector General, is undergoing in the United States, and for his safe return to the Kingdom. In a statement to Saudi Press Agency after the meeting, Abdul Aziz Khoja, Minister of Culture and Information, said the Custodian of the Two Holy Mosques briefed ministers on his contacts of the last week, including those with Palestinian President Mahmoud Abbas and calls from US President Barack Obama and British Prime Minister David Cameron. Minister Khoja said the Cabinet made special mention of the SR476 million announced earlier this week in annual funds for the Takaful Charity Foundation, which helps needy school students in public education. The Cabinet also looked at developments in the region, Arab countries and the international arena, and highlighted the final communiqué of the GCC Foreign Ministers' 119th session reaffirming the stance of member countries on events in the Arab World. Ministers further praised recommendations from the Ummah Scholars Conference in Dakar, Senegal, and reiterated the Kingdom's appreciation to the Muslim scholars who highlighted the Kingdom's efforts in the service of Islam and Muslims.