His Majesty Receives Saudi Prince In Audience
By Asri Razak

Bandar Seri Begawan - His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah, Sultan and Yang Di-Pertuan of Brunei Darussalam consented to receive in audience His Royal Highness Prince Muqrin bin Abdul-Aziz al-Asaud of the Kingdom Of Saudi Arabia at Istana Nurul Iman yesterday.

The Saudi prince was accompanied at the audience by His Royal Highness Prince AbdulAziz bin Bandar bin Abdul-Aziz of the Kingdom of Saudi Arabia, and Brunei Darussalam's Minister of Foreign Affairs and Trade II, Pehin Orang Kaya Pekerma Dewa Dato Seri Setia Lim Jock Seng.

Bilateral relations between Brunei Darussalam and the Kingdom of Saudi Arabia have developed in areas of economic, cultural and religious affairs. Both countries are members of the Organisation of Islamic Conference and in 2005, His Majesty the Sultan and Yang DiPertuan of Brunei Darussalam and his Saudi counterpart met at its summit.

Both countries have signed agreements on cooperation in economics, trade, investment, technical, education, cultural, youth and sports affairs in 2006. The Kingdom of Saudi Arabia is an oil-based economy with strong government control.

With 25 per cent of the world's petroleum reserves, The Kingdom of Saudi Arabia ranks as the largest exporter of petroleum, and plays a leading role in the Organisation of the Petroleum Exporting Countries Opec, which groups 11 oil producing nations.

The country's petroleum sector accounts for roughly 75 per cent of budget revenues, 45 per cent of GDP, and 90 per cent of export earnings. About 40 per cent of its GDP comes from the private sector.

Like Brunei, the Kingdom of Saudi Arabia is encouraging private sector growth to lessen its dependence on oil and increase employment opportunities for its population. Government spending includes additional funds for education and for the water and sewage systems.

The country's industries include the production of crude oil, petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertiliser and plastics, as well as the repair of commercial ships and commercial aircraft. -- Courtesy of The Brunei Times

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