In the Name of God, the Merciful, the Compassionate
His Excellency President Nicolas Sarkozy, President of the Republic of Franc,
His Excellency Mr. Mahmmud Abbas, President of the Palestinian Authority,
Excellencies, Ladies and Gentlemen,

Good morning. It is an honor for me to transmit to you the sincere greetings of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz, and his best wishes for the success of this important and timely conference. I am charged further to convey to Your Excellency President Sarkozy, the King's gratitude and appreciation for all the efforts that you and the French government have exerted to support the Palestinian people.

Ladies and Gentlemen,

In this first decade of the third millennium, the international community cannot morally remain an idle spectator, indifferent and unresponsive to what goes on in the occupied territories. The Palestinian people are facing harsh economic conditions resulting from brutal occupation.

The Palestinian economic development has been prevented as a result of callus measures undertaken by the occupying authority. The Israeli Government's illegal settlement policies render negotiation meaningless, and stand against everything that was agreed on in Annapolis. These settlements lead to the imposition of excessive restrictions, such as arbitrary closure of crossing points and the continuous confiscation of Palestinian land.

The state of affairs, in the occupied Palestinian territories, amounts to nothing less than a humanitarian disaster. According to World Bank estimates, more than 50 % of the Palestinian people are living below the poverty line. Furthermore, social indicators have taken a turn for the worse. Chronic diseases, for example, have surged 31 % since 2005. The overall living conditions of the Palestinians are going from bad to worse due to the almost total collapse of the Palestinian economy.

Ladies and Gentlemen,

The time has come to give the people of Palestine a peaceful and prosperous life. We must take advantage of the political momentum provided by the Annapolis Conference. If we are to avoid stagnating the peace process again, we have to provide the support needed to help the Palestinian Authority to shoulder the heavy burdens that it is facing. Such tremendous responsibilities far exceed the Authority's capacities and resources, and demand a resolute and sincere international efforts to alleviate them.

Therefore, we hope that this Conference will succeed in mobilizing the requisite support for the budgetary needs and projects provided for in the Reform and Development Plan submitted by the Palestinian Authority. We also trust that it will ensure genuine and tangible assistance for all the Palestinian territories, without exception, and lead to the elimination of all the obstacles impeding aid to the Palestinian people. In particular, lifting all the Israeli embargo measures and releasing of all the Palestinian financial entitlements that are being withheld by Israel.

Ladies and Gentlemen,

The Kingdom of Saudi Arabia, in keeping with its consistent policy of assisting its Palestinian brethren, has spared no effort to provide the Government and people of Palestine with every possible form of support, through bilateral channels, as well as international and regional institutions. We are continuing our efforts in this regard and have recently provided a grant of 250 million dollars to aid the budget of the Palestinian Authority and fund development projects.

In addition, the Kingdom of Saudi Arabia is pleased to announce that it will be donating an amount of 500 million dollars. This donation will be channelled through the Saudi Development Fund in order to finance development projects in the Palestinian territories, and in coordination with the Palestinian Authority. This with the yearly 92.4 million dollars we committed for budgetary support, makes Saudi Arabia one of the largest, if not the larger, donors to the Palestinian Authority.

Ladies and Gentlemen,

Peace, stability and development are interrelated and interdependent objectives, the achievement of which requires cooperation by all the international and regional entities. We have unquestionably reached a crossroads where we must do more than merely give lip service to words of welcome, or support in abstract the peace process. We must act concretely to achieve the peace to which we aspire. Each party has to shoulder its responsibilities.

In conclusion, I reiterate my gratitude to all those who have contributed to the preparation and organization of this Conference. I also wish to thank all those who have participated and hope that its outcome will help to rebuild the Palestinian economy and fulfil the aspirations of the Palestinian people.

Thank you for your kind attention.
Peace be with you and the Mercy and Blessings of God