The Saudi Chambers of Commerce and the Federation of Saudi Chambers of Commerce have played an important role in advancing the Saudi private sector’s contribution to the Kingdom’s economic and social development for more than 78 years now.
Over the past year, they achieved significant milestones in various areas, reinforcing their position as key players in the country’s progress.
The Saudi Chambers of Commerce lent great support to development in the regions through collaboration with local government agencies.
As part of the economic forum initiative, more than 270 investment opportunities worth SAR61 billion were presented. The chambers also focused on improving the business environment, pointing to over 1,200 challenges to the Tayseer Committee. Of these, about 63% have been resolved, while the remainder are under review.
In addition to addressing these challenges, the Federation of Saudi Chambers conducted some 300 studies on regulations, agreements, and contracts, to ensure smooth operations for th
e private sector. Furthermore, 580 workshops were held to raise awareness about government incentives and initiatives, benefiting more than 9,300 participants from the private sector.
Internationally, the federation has actively strengthened Saudi Arabia’s trade and investment ties with global partners. Over the past year, 105 investment and trade agreements were signed by the Saudi private sector with foreign entities. Additionally, 96 joint Saudi-foreign economic forums were held to boost collaboration and trade relations.
To further expand the Kingdom’s international business reach, the federation organized 229 specialized workshops and facilitated 20 agreements to establish new business councils, fostering partnerships and attracting foreign investment.
In a report issued to mark Saudi Arabia’s 94th National Day, the Federation of Saudi Chambers highlighted the significant achievements of the Chambers of Commerce since the establishment of the first Chamber in Jeddah in 1946. The first Chambers of Comm
erce Law, issued in 1949, laid the foundation for decades of contributions to the national economy and to broader development goals.
The report underscored the invaluable support provided to the Saudi private sector, represented by 26 chambers, in the chamber’s 78-year history. The support is particularly important now, in the Kingdom’s current era of economic prosperity led by Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, and HRH the Crown Prince.
The Saudi Vision 2030 has been a turning point for the Kingdom’s economy, unlocking the private sector’s potential and positioning it as a force driving economic growth. The successful diversification policies have doubled the private sector’s contribution to the economy, with the non-oil activities now contributing 50% to the Kingdom’s total GDP.
The Chambers of Commerce has been at the forefront of efforts to attain all these achievements, ensuring that the private sector plays a central role in achieving the Kingdom’s ambitious economic
goals. As the private sector continues to grow, the federation remains committed to supporting businesses and fostering a thriving economic environment.
Source: Saudi Press Agency
