Chaired by King Abdullah, Custodian of the Two Holy Mosques, the Cabinet approved Monday the establishment of an independent National Commission for Endowments following recommendations from the Ministerial Committee for Administrative Organization. In accordance with the approval, the Agency for Islamic Affairs, Endowment, Call and Guidance for Endowment Affairs has ceased its activities and its endowment tasks will be transferred from the Supreme Endowment Council and subsidiary councils to the new commission once its Board of Directors has been established. The new National Commission for Endowments is tasked with drawing up and introducing policies for endowment activities, managing and improving endowments through investment, valuating and registering financial assets, and creating an endowments database. The Commission's Board of Directors, to be chaired by the Minister of Islamic Affairs, Endowments, Call and Guidance, will have government and non-government representatives, and a governor of Excellent Grade status will be appointed to it by Royal Order. The Cabinet also approved Monday measures to study the work of non-charitable international organizations and commissions at which the Kingdom's Islamic status and interests are represented, following a report on whether any of the Kingdom's spending had been used to harm the Islamic status of the Kingdom and its interests. Dr. Abdul Aziz Khoja, Minister of Culture and Information, said the Cabinet was briefed on the signing of the first contract of the first of five projects for displaced citizens in Jizan, which consists of 2,200 of the 6,000 residential units ordered by the King during his visit to the region. He said King Abdullah briefed the Cabinet on his visit to Bahrain. The King said the generosity and hospitality the official delegation was accorded by King Hamad Bin Issa Al-Khalifa, King of Bahrain, showed the depth of historic ties between the two countries. The King also briefed the Cabinet on the outcome of his talks with Amr Moussa, Arab League Secretary General, and the message he received from French President Nicolas Sarkozy. Khoja said the Council also listened to reports on development at Arab, regional and international levels, particularly developments in the occupied Palestinian lands and Iraq. He said the Kingdom condemned the Israeli atrocities in the occupied Palestinian lands and the terrorist blasts in Iraq which resulted in the killing of several innocent Iraqi citizens. Khoja said that concerning the recommendations of the Minister of Water and Electricity on the financial position of the electricity sector, the Council decided to grant the Saudi Electricity Company an interest-free loan of SR15 billion for a period of 25 years. This is to be paid back within two years, according to an agreement signed between the Ministry of Finance and the company. Meanwhile, the Executive President of the Saudi Electric Company Ali Al-Barak thanked Saudi leaders for the Cabinet's approval of loaning the company SR15 billion. In a press statement, he said the loan will be used for expanding Rabegh electric generation plant.
