عربي English Türkçe اردو فارسى
Logo
Latest News
Business

New Saudi Chambers of Commerce System to Raise Efficiency, Unlock Membership for Foreign Investors

A new system at the Saudi Chambers of Commerce is expected to play a new role in developing the Saudi economy, Asharq Al-Awsat
A new system at the Saudi Chambers of Commerce is expected to play a new role in developing the Saudi economy, Asharq Al-Awsat
TT
TT

New Saudi Chambers of Commerce System to Raise Efficiency, Unlock Membership for Foreign Investors

A new system at the Saudi Chambers of Commerce is expected to play a new role in developing the Saudi economy, Asharq Al-Awsat
A new system at the Saudi Chambers of Commerce is expected to play a new role in developing the Saudi economy, Asharq Al-Awsat

The Saudi Ministry of Commerce has introduced a new system to the Chambers of Commerce that is centered on raising business competitiveness and developing economic activities nationwide through enhancing strategic partnerships.

Saudi Commerce Minister Majid Al Qasabi confirmed that the new system will provide a solid roadmap for developing the Kingdom’s Chambers of Commerce and that it goes hand in hand with the national vision for transformation, dubbed “Kingdom Vision 2030.”

The new chambers' system was approved during the Saudi cabinet’s meeting on December 1 that was chaired by King Salman bin Abdulaziz.

The system will also 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.

Under the new system, the name of the Council of Saudi Chambers (CSC) will be changed to the Union of Chambers (UoC), the statement said.

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.

Former heads and members at the Saudi Chambers of Commerce told Asharq Al-Awsat that the new system will ensure a qualitative leap by introducing performance measurement indicators and raising efficiency.

This will enhance competitiveness in the business sector as well as help the Chambers keep up-to-date with relevant government agencies on plans and strategies that develop the national economy and strengthen the role of the private sector.

UoC Chairman Ajlan Al-Ajlan explained that the new system comes at an important economic stage in which the Kingdom is undergoing a comprehensive transformation process based on Kingdom Vision 2030.

The transformation includes comprehensively restructuring the Saudi economy, developing and reforming commercial and investment regulations and legislation, as well as an expanding the role played by the private sector in economic development.

Most Viewed

 
 
Business

UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
TT
TT

UAE’s Mubadala Acquires Majority Stakes in Global Medical Supply Chain, Al Ittihad Drug

The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM
The acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors. WAM

Mubadala Investment Company has acquired an 80% stake in Global Medical Supply Chain (GMSC) and Al Ittihad Drug Store (IDS) from GlobalOne Healthcare Holding (GHH), with GHH retaining a 20% stake, Emirates News Agency (WAM) reported on Tuesday.

This strategic acquisition enhances Mubadala's footprint in the healthcare logistics and pharmaceutical distribution sectors, aligning with the UAE's vision to establish a robust life sciences infrastructure, WAM said.

Founded in 2015, GMSC provides comprehensive end-to-end supply chain services for medical products, including demand planning, procurement, logistics, inventory management, warehousing, and maintenance.

GMSC serves over 200 medical facilities, including hospitals and clinics across the UAE. With a dedicated team of medical supply chain specialists, GMSC sources a broad array of products from almost 400 suppliers, ensuring a reliable supply chain for all medical needs.

IDS, established in 1987, stands as one of the leading distributors of pharmaceutical and consumer healthcare products in the UAE. Distributing over 1,000 products from over 40 leading suppliers, IDS services every hospital, and all, or at least most pharmacies and supermarkets within the UAE. It boasts a vast portfolio that spans multiple therapeutic categories including anti-infectives, asthma, diabetes, and oncology.

"The expanding pharmaceutical market drives an increasing demand for specialized and efficient drug logistics solutions. By integrating GMSC and IDS into our portfolio, we are poised to create a vertically integrated life sciences sector in the UAE and enable its potential to encompass the entire value chain from logistics and distribution to specialized manufacturing,” said Executive Director of UAE Clusters at Mubadala's UAE Investments Platform Ismail Ali Abdulla.

As for Low Ping, Group CEO Yas Holding, she said that the transaction “continues Mubadala's strategic growth, following another significant acquisition by its new speciality pharmaceutical business, KELIX bio, which recently acquired a 100% stake in four pharma assets from GlobalOne Healthcare Holding's, the healthcare division of Yas Holding.”

“These concerted efforts underline Mubadala's commitment to strengthening the UAE's healthcare and pharmaceutical sectors as part of broader national ambitions for drug security and economic diversification."

GlobalOne Healthcare Holding LLC serves as the dedicated Healthcare Division of Yas Holding LLC, focusing on enhancing healthcare outcomes by investing in innovative solutions across various healthcare verticals.