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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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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."