The Council of Saudi Chambers officially announced the change of its name to the Federation of Saudi Chambers, as the new system of Chambers of Commerce issued by the Council of Ministers comes into force today.
In this context, the Chairman of the Council of Saudi Chambers, Ajlan bin Abdulaziz Al Ajlan, affirmed that "the new system of chambers of commerce, which includes many axes of development and improvement, reflects the leadership's interest and keenness under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, and the Crown Prince, Vice President of the Council Minister and Defense Minister Prince Mohammed bin Salman, to develop regulations related to the business sector, and to create an appropriate environment for the Saudi private sector to play its role in economic development.
He stated that "the amendments to the new system of chambers will make a qualitative leap in the march of the council and chambers of commerce by introducing indicators to measure performance and raise efficiency, which enhances the competitiveness of the business sector and its institutional bodies," noting that "the new system reflects the government's keenness to develop systems related to the business sector and prepare the appropriate environment for the Saudi private sector to play its role in economic development in accordance with the aspirations of Vision 2030.
Al Ajlan added that the new system is accompanied by a transformation process that includes a comprehensive restructuring of the Saudi economy, development and reform of commercial and investment systems and legislation, as well as an increase in the role of the private sector in economic development, which doubles the importance of this system in enhancing the role of the Council and Chambers of Commerce at this stage and enables the agencies to be more capable keeping pace with changes and aligning with relevant government agencies in plans and strategies aimed at developing the national economy and enhancing the role of the private sector. He also considered that the amendment of the name of the "Council of Saudi Chambers" to the "Federation of Saudi Chambers" came to express the true meaning of this economic entity, which represents a regular umbrella for the business sector in the Kingdom, as well as the creation of a supervisory body called the "General Assembly of the Federation of Chambers" and activating the roles of the general assemblies of the chambers of commerce and granting them the necessary powers, which will support business governance and enhance integrity and transparency.
Source (Asharq Al-Awsat Newspaper, Edited)
