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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
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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.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.