The Saudi Council of Ministers, headed by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, endorsed the new system of chambers of commerce, which, according to the Saudi Ministry of Commerce, facilitates the initiation and practice of commercial work, and develops the performance of chambers of commerce through indicators to measure performance and raise efficiency in accordance with international best practices, as well as strengthen strategic partnerships for developing economic activities in all regions, and raising the competitiveness of the business sector.
The system unifies efforts to serve the private sector through the establishment and restructuring of chambers of commerce according to the administrative regions, and it is possible to establish more than one chamber of commerce in the same region, or offices or branches in the governorates and its affiliated centers, in addition to enabling the foreign investor to join the boards of directors of the chambers of commerce for the first time after revoking the Saudi nationality requirement for its membership, provided that the membership of the Board of Directors is only renewed for two consecutive terms.
The new system stipulated the amendment of the name of the Council of Chambers to the "Union of Chambers", the restructuring of the Union board of directors consisting of the heads of the chambers, the creation of a supervisory body "the General Assembly of the Union of Chambers" and the activation of the roles of the general assemblies of the chambers of commerce and granting them the necessary powers in accordance with the principles of governance. It also allows holding meetings and voting on decisions by electronic means. The system works to raise the efficiency of Chambers’ performance through performance measurement and continuous evaluation.
Source (Saudi Press Agency, Edited)
