(Umm al‑Qurā, Issue No. 1669, 9 Dhu al‑Qi‘dah 1376 AH / 7 June 1957 CE)
His Majesty delivered the following address:
Before I begin, I would like to welcome you and express my pleasure at meeting with the men of finance and commerce, so that we may speak together about matters that serve the interests of the country, invigorate trade, and ease the cost of living for all segments of the population. Above all, I must tell you that I am deeply troubled by the situation that has developed.
First: by its impact on the weak, and by the rising cost of living for the various classes of the people—whom I care for as I care for myself and my own children.
Second: by the delays in imports due to the shortage of hard currency and the difficulty of obtaining it for many reasons. The first reason, as you know, is that when the aggression against our sister Egypt occurred, we halted the flow of oil to commercial markets from Bahrain and from Saudi ports—an action that cost the state treasury a considerable sum. The second reason is the closure of the Canal as a result of the aggression, which made importing from distant countries extremely difficult.
Third: we extended loans to our Arab brothers. Although this contributed to the current situation, we nevertheless fulfilled our duty toward our brethren and toward a sister nation.
On the occasion of this meeting, I wish to declare to you that I have decided to put an end to this situation, and I shall personally oversee the matter, based on the following principles:
Commercial activity must proceed on firm and stable foundations that do not permit manipulation or delay, for delay harms the public interest. I am deeply concerned with the standard of living in the country, and with easing the burden on the poor and on those who rely solely on local markets. If goods in local markets are excessively expensive, it is certain that the weak will struggle to provide for themselves and their children. This concerns me more than anything else, for I am accountable before God for the welfare of the Muslims under my authority, for easing their lives, and for ensuring their well‑being. I believe it is entirely possible to achieve this, thanks be to God. The government is prosperous, and merchants spare no effort in importing essential goods that benefit the poor before the rich.
Therefore, on the occasion of your meeting with me, we must put an end to these issues, facilitate your requests abroad, and ensure that markets are filled with foodstuffs, clothing, and all essential items that the poor rely on—so that they may provide for their children, feel secure in their government, and trust that those with capital are helping to ease their lives. I am prepared to hear any complaint, objection, or matter that disrupts commerce. I have formed a committee chaired by my uncle Musaad, together with the Minister of Finance, my advisers, leading businessmen, and two members of the Consultative Council, so that we may put an end to this situation and restore matters to their natural order—particularly with regard to imports and hard currency.
The second matter: I call upon you, our brothers who possess capital. You are now, thanks be to God, in a position that enables you to invest in the wealth of your own country—wealth from which foreigners have benefited more than you have. I believe this is your shortcoming, not ours, for we have opened the door wide. I have dedicated my life to the dignity of all Arabs and to the advancement of this country in particular, through the development of its natural resources and through assistance in overcoming every difficulty. I therefore urge you to awaken from this neglect and to invest your capital—alongside foreign capital if necessary—in the development of your own country.
Your country is rich; your country has minerals; your country has security; your country enjoys stability; your country is respected in all political and economic spheres. Wherever you look, to the right or to the left, you will find that every other country suffers from some degree of turmoil—matters that are not hidden from you. But this country, thanks be to God, is safe and secure. My doors are open to the poor before the rich. Justice is upheld, the Sharia is upheld, fairness is upheld, and security and tranquility prevail—by the grace of God and by our adherence to our faith and to our sound principles of honesty, sincerity, and good intention.
There are, however, individuals—whether in government or outside it—who send their money abroad. This is a reprehensible act that I cannot permit or accept. Wealth must be invested within the country—unless those individuals lack confidence in their government, their homeland, or their future. That is another matter. As for me, I am prepared, with open doors, open ears, and an open heart, to support anything that brings good to this country, brings happiness to its people, and advances its progress. I do not concern myself with the difficulties I may face, nor with any harm that may come to my body or my health. Nothing will stand between me and these responsibilities.
I therefore urge you to awaken and to invest your wealth in the interests of your country—in industry, in factories, in enterprises, and in everything that brings benefit to your land and to yourselves, and that contributes to its prosperity. I repeat that I am fully prepared to assist you with influence, with facilitation, and with material, moral, and administrative support.
This is all I wished to convey to you. We are now forming this committee so that you may meet with it, present your concerns, and work together to resolve these issues. We also deem it necessary to examine our national currency, for the Saudi currency is not currently accepted in all foreign countries. It is in our interest that our currency be accepted everywhere, just as the currencies of other countries are accepted in ours. This, I believe, is natural. I also believe that some of the disruptions we face stem from this issue.
Therefore, all of us—government and you, our brothers present here—must strive for what benefits this people, enhances their welfare, and raises their standard of living, so that we may be absolved of our responsibility toward them and fulfill the duty that God Almighty has commanded us to uphold.
This is all I have. If any of you has an urgent remark or matter to raise, I am ready to hear it. The committee chaired by my uncle Musaad will meet with you, and together we shall overcome every difficulty, God willing. You will not depart until all matters proceed as required, in the best interest of the country and of your commerce. I ask God to grant us and you success in doing good, to support His religion, to exalt His word, and to make us a mercy to His servants and His lands.