In its weekly session on Monday, the Cabinet approved a five percent annual living allowance for Saudi pensioners and their families, and endorsed licenses for three technology companies to be set up as joint stock companies in order to enter into partnerships with educational, business and research institutions to improve the skills of university students and staff. The five percent annual living allowance for Saudi pensioners and their families, following recommendations from Minister of Labor and Chairman of the Board of Directors of the General Organization for Social Insurance, is in line with the allowance already received by retired state employees. The percentage will be calculated from a person's pension up to a maximum of SR25,000, and will remain in effect for three years, after which a pensioner's cost of living will be calculated on the same basis as that of state employees. On the recommendation of the Permanent Committee at the Supreme Economic Council, the Cabinet approved licenses to set up technology companies Wadi Al-Riyadh, Wadi Jeddah and Wadi Al-Dhahran, as joint stock enterprises. The companies will work towards achieving economic knowledge through partnerships with educational and research institutions and the business and investment community, and invest in joint projects to develop university staff and student experience and practical skills. The companies are permitted to invest in the transfer, localization and development of technology, train university students for work in the private sector, find job opportunities for students, attract local and foreign investment to support the companies' work, and work with other organizations in the field. The Cabinet also gave its approval for the setting up of the International American Group Company and the Arab National Cooperative Bank. Abdul Aziz Khoja, Minister of Culture and Information, said in a statement to Saudi Press Agency that King Abdullah, Custodian of the Two Holy Mosques, chairing the weekly session, briefed members on his meetings and consultations of the past week with foreign leaders and envoys, including Libyan President Muammar Gaddafi, President Hosni Mubarak of Egypt, United States President Barack Obama, and Prince Charles of the United Kingdom. The Cabinet looked at developments in the Arab world and expressed its hope that the 22nd Arab Summit in Libya would improve Arab ties and coordination over issues of concern, and commended Arab efforts, notably on Palestine, on which the session also reiterated the need for a firm stand against Israeli aggression. The session also reviewed activities of the week including the visit of Crown Prince Sultan, Deputy Premier, Minister of Defense and Aviation and Inspector General, to the Eastern Province, and the patronage of Prince Naif, Second Deputy Premier and Minister of Interior, Chairman of the Supreme Board of the Naif Bin Abdul Aziz Aal Saud International Award for the Prophet's Sunnah and Contemporary Islamic Studies, at the fifth Hadith memorization competition in Madina, and his patronage of the conference on terrorism being held at Madina's Islamic University. Following recommendations from a team assigned to visit Central Asian countries and seek areas of cooperation, the Cabinet also decided that the General Investment Authority, the Ministry of Higher Education, the Commission for Tourism and Antiquities, the Technical and Vocational Training Corporation, King Abdul Aziz Darat and King Abdulaziz City for Science and Technology discuss and draw up draft agreements and memorandums of cooperation or understanding with the relevant bodies in Central Asian countries which have no agreements with the Kingdom.
