Press Release

The OPEC Fund mourns King Fahd

81/2005 August 1, 2005, Vienna, Austria
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The OPEC Fund for International Development today joined millions of mourners around the world marking the passing of King Fahd of Saudi Arabia, Custodian of the Two Holy Mosques, whose death was announced earlier today in Riyadh. His death follows many years of illness, during which representative functions were assumed by Crown Prince Abdullah bin Abdel Aziz.

In a message to the royal family and the Saudi people, Mr. Suleiman J. Al Herbish, Director-General of the OPEC Fund, said, “The King’s death has been a major loss to Saudi Arabia and to the world at large.” He paid tribute to the late King, for his leadership of Saudi Arabia, his fatherly qualities and integrity. Most notable, he said, was the King’s dedication to peace, and in particular his contributions to the peace process in Lebanon and the liberation of Kuwait. He described the King as “a beacon, a nation builder and a father figure.”

Mr. Al-Herbish sent his condolences to King Abdullah, His Royal Highness Crown Prince Sultan and other senior members of the royal family.

Born in 1923, King Fahd’s first political appointment was as Saudi Arabia’s premier education minister in 1953. Before ascending the throne in 1982, he served as interior minister, deputy prime minister and Crown Prince. One of his most enduring legacies is the Saudi Constitution, which was adopted by royal decree in March, 1992, and the Ashoura consultative council, Saudi Arabia’s equivalent to parliament.

The late King had special ties to the OPEC Fund. As interior minister, he represented the Kingdom at the First OPEC Summit in Algiers, Algeria, in 1975, when the idea of a collective development finance institution, owned by OPEC Member Countries, was conceived.

Saudi Arabia is a key OPEC Fund Member Country. The Kingdom has supported the Fund consistently over the past 29 years, devoting considerable resources toward the programs and operations of the institution. The other Fund Member Countries are Algeria, Gabon, Indonesia, IR Iran, Iraq, Kuwait, GSP Libyan AJ, Nigeria, Qatar, United Arab Emirates and BR Venezuela.