Beth: The Council of Saudi Chambers has officially announced changing its name to the Federation of Saudi Chambers, so that this new name expresses the true meaning of this vital and important economic entity, which represents a regular umbrella for the chambers of commerce and industry and the business sector in the Kingdom and works to strengthen the national economy and build international trade partnerships.

Tomorrow, Friday, June 18, the new Chambers of Commerce system issued by Cabinet Resolution No. (239) and dated 4/16/1442 AH will enter into force, which included many axes of development and improvement to reflect the interest and keenness of the wise leadership under the leadership of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and his His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, - may God preserve them - to develop regulations related to the business sector and create an appropriate environment for the Saudi private sector to play its role in economic development.

  Thus, a new phase begins in the history of the institutional bodies of the Saudi private sector, entitled "Competitiveness, Keeping Up and Development", as the new Chambers of Commerce system meets with its amendments the requirements of the economic stage in the Kingdom and the comprehensive transformation process that it is witnessing based on Vision 2030.

The Federation of Saudi Chambers, with its official headquarters in Riyadh, was established by Royal Decree No. M/6 dated 30/4/1400 AH (March 1980 AD) to deal with the common interests of the Chambers of Commerce and Industry in the Kingdom, which currently number (28) chambers. The local and foreign levels and works to develop the role of the private sector in the national economy.

It is worth noting that one of the most prominent features of the development in the new chambers of commerce system is the restructuring of the Council of Chambers and the amendment of its name to the “Union of Chambers”, the evaluation of chambers of commerce periodically through indicators to measure performance, the non-multiplicity of subscription within the chamber’s scope by the multiplicity of the establishment’s branches, and the exemption of new subscribers (companies and institutions ) from the subscription fees in the chamber for a period of 3 years from the date of registration in the commercial registry, and the establishment of chambers of commerce according to the administrative regions, and it is permissible to establish more than one chamber in one region, and to enable the foreign investor to obtain the boards of directors of the chambers, and to give the board of directors a year to address and improve conditions When performance declines with the possibility of restructuring, activating the role of the general assemblies in the chambers and increasing the powers to support governance and transparency.