The following is the full text of a speech by the Crown Prince to the US-Saudi Business Council in Dallas, following his meeting with President Bush. I obtained the text from Qorvis Communications, the Public Relations firm that handles PR for the Saudi government. I expect there to be a link to the text at the Saudi Embassy’s website from Washington, but it’s not yet posted there

In the Name of God, Most Compassionate, Most Merciful

Dear Friends:

God’s peace and blessings be upon you.

It is a pleasure to meet with you in the wake of a period that has witnessed tumultuous events and great changes in every part of the world. I am pleased to convey to you my opinion that we have overcome – with the help of God Almighty – the suffocating days and challenges, and are now at a hopeful point in time in confronting terrorism and defeating extremists, God willing, and enhancing development. This phase also holds promise for a just settlement of the Palestinian issue, which will help stem the deterioration our region has suffered in the past.

Dear Friends:

We have been able to introduce, over the past few years, long-term structural reforms, and I would like to briefly mention some of them. For example, the introduction of a tax law characterized by clarity and flexibility; the organization of the Capital Markets in a manner that corresponds to the setups of the world’s largest markets; the acceleration of privatization and the floatation of shares of public and semi-public companies through public offerings of shares; the removal of obstacles to foreign investment; and the promotion of tourism. In addition, we are also reviewing, in a comprehensive manner, our judicial system and laws with the aim of introducing more transparency and efficiency in dealing with legal cases.

All of these initiatives have created a new environment that welcomes investments and investors. And I wish to take this opportunity to encourage you to invest in the large Saudi market, with its great prospects and opportunities.

Dear Friends:

The Saudi-American partnership is a unique success story. It began with our cooperation with American companies in the exploration, production, refining and distribution of petroleum, and developed into fruitful cooperation in building the largest petrochemical industry in the region.

Because of the great importance we attach to the stability of the world energy markets, and the contribution of these markets to world economic growth, it is my pleasure to call for the convening of an international energy conference in Riyadh in the fourth quarter of this year, in which producers and consumers can discuss – with depth and transparency – the issues at hand.

You should continue to cooperate with us in the fields of minerals and gas, which open up vast areas for investment. The opportunities are great, and success is virtually assured — with the help of God – whether the investment is a direct one, or a Saudi-American joint venture.

Dear Friends:

The strong political ties which bind the United States and the Kingdom of Saudi Arabia must be accompanied by strong economic ties between the two countries. I regard your organization as one of the best channels for building economic bridges between our two countries and their private sector organizations.

In conclusion, I thank H.E. Abdulaziz Al-Quraishi for his kind speech, and wish you continued success, along with the hope that our successful partnership will continue to carry with it prosperity for our two friendly people.

May God’s peace and blessings be upon you.

The Saudi Foreign Minister, Saud Al-Faisal, also gave a press conference yesterday. This is linked at the Saudi Embassy site.

Minister of Foreign Affairs Prince Saud Al-Faisal gave a press conference in Dallas, Texas, yesterday, following the talks in Crawford between Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz and U.S. President George W. Bush, which, he said, would have a positive impact on Saudi-American relations. These relations go back over 60 years, and are based on the principles of mutual respect and mutual interests.

Prince Saud commented that Crown Prince Abdullah and President Bush had discussed not only bilateral relations but other issues such as the problems of Palestine, Iraq, and Lebanon. He quoted President Bush as saying that he was concerned about restoring peace to the Middle East and establishing two independent states: Palestine and Israel. It seemed, he said, that the U.S. President would follow through on this. He confirmed that Crown Prince Abdullah had spoken of the roadmap and the Arab peace initiative. On the Lebanese issue, Prince Saud said both Saudi Arabia and the United States hope that the Syrian withdrawal from Lebanon will pave the way for a transitional government to be established and for elections to be held in that country.

On oil, Prince Saud reiterated the Kingdom’s concern to serve the interests of both oil consumers and oil producers, adding that the U.S. government had expressed appreciation for the Saudi policy in this respect. On the Saudi-U.S. Commission, he confirmed that it will be co-chaired by the two officials concerned with foreign affairs, and deal with bilateral relations. It will hold one meeting each year, alternately in the two countries. On the Kingdom’s admission to the World Trade Organization (WTO), Prince Saud said an agreement in this respect is about to be reached, with only some technical issues pending. Prince Saud made it clear that no Saudi domestic affairs were discussed during the talks.

The talks, said Prince Saud, included the situation in Iraq, and the importance of participation by all concerned parties in the political solution of the problem. He noted that the Americans had reiterated their concern for preservation of the unity and independence of Iraq and the establishment of a government that is capable of managing Iraq’s affairs.

Prince Saud confirmed that Crown Prince Abdullah has extended an invitation to President George W. Bush to visit the Kingdom, and the date of the visit will be fixed later. The Vice-President and the Secretary of State will also visit Saudi Arabia, in addition to exchanges of ministers and officials of the two countries.