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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
TT
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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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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.