Riyadh – Mubasher: The Saudi Ministry of Commerce said the new Chambers of Commerce System will raise business competitiveness and develop economic activities nationwide through enhancing strategic partnerships.
The new chambers' system was approved during the Saudi cabinet’s meeting on Tuesday, 1 December, that was chaired by the King of Saudi Arabia, Salman bin Abdulaziz Al Saud.
The new system, moreover, will improve the performance of commerce chambers through performance indicators and raise efficiency as per the best international practices, according to a statement by the ministry.
In addition, it will facilitate the start and practice of a business as it will exempt all new companies and institutions from chambers’ subscription fees for a period of three years.
Furthermore, foreign investors will be able to join the boards of commerce chambers for the first time after the Saudi citizenship condition for the membership was cancelled.
Under the new system, the name of the Council of Saudi Chambers (CSC) will be changed to the Union of Chambers, the statement said.
