Riyadh, The Council of Saudi Chambers has officially announced changing its name into Federation of Saudi Chambers, so that the new name expresses the true meaning of this important vital economic entity that represents a legal umbrella for commercial and industrial chambers and the business sector in the Kingdom of Saudi Arabia, seeks to enhance the national economy, and builds up international commercial partnerships.
Friday, June 18, 2021, marks the entry into force of the new commercial chambers bylaw issued by a Cabinet decision, which included several development aspects so that to reflect the concern and keenness of the Custodian of The Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense to develop bylaws concerned with the business sector and provide the proper environment for the Saudi private sector to play its role in the economic development.
Top characteristics of the new commercial chambers bylaw include restructuring the Council of Saudi Chambers and changing its name into the Federation of Saudi Chambers, conducting periodic assessment of commercial chambers through performance indicators, avoiding multiple subscriptions within the same chamber by having multiple branches of an institution, and exempting new subscribers (companies and institutions) from subscription fees for three years as of the date of entry in the commercial register. This is in addition to establishing commercial chambers according to administrative regions with the possibility of establishing more than one chamber within the same region, enabling foreign investors to receive membership at boards of directors of chambers, granting a board of directors a one-year period to rectify status and improve conditions when performance declines with the possibility of restructuring, activating the role of general assemblies at chambers and increasing authorities in a way that supports governance and transparency.
Source: Saudi Press Agency