المملكة: “Commerce”… 5 conditions for membership in joint Saudi-foreign business councils

The Ministry of Commerce proposed a project to amend the organizational regulations for joint Saudi-foreign business councils, with the aim of consolidating and developing relations in various economic fields between the business community in the Kingdom and counterpart countries, within a systematic framework that achieves the specific objective goals of the relationship with those countries.
The Business Council is responsible for setting the Business Council’s work plan and its annual objectives in accordance with the provisions of these regulations and the Union’s strategy and general plan, and sharing opinions when studying and recommending issues referred to it by the Union, proposing programmes, plans and investment projects that can be benefited from in the corresponding country, and working to strengthen Strengthening the Kingdom’s economy and increasing employment and investment opportunities.
The regulations for membership in the Business Council require commercial, industrial or investment dealings with the counterpart country, willingness to volunteer and the ability to participate in the activities of the Business Council.

The most important requirements

The requirements also include that he must be one of the establishment’s owners or executive officials at a minimum, be proficient in the English language or the language of the counterpart country, be a member of one of the chambers of commerce, and provide proof of this, and not have previously been convicted of a crime against honor and trust, unless he has been convicted. Give him his respect.

Membership benefits

The regulations referred to the benefits of free membership. Membership benefits are benefits that a member receives in exchange for his membership in the Business Council, without any additional financial compensation other than the stipulated financial compensation for membership, including priority in participating – if possible – in delegations, conferences, seminars or any such external activity of the counterpart country. And access to the electronic database of the Business Council, and find out about departing and visiting delegations and the investment opportunities available in the counterpart country.
As for the paid benefits, they are exclusive to members of the Business Council and investors who wish to do so. The member receives them in exchange for a value related to the service he requests and which the Business Council provides to its members through the Federation. The value of the additional services provided by the Business Council must be determined in coordination with the President of the Federation and published after approval by him. The Business Council’s website, and inviting the member to attend meetings – if possible – with the counterpart country’s ambassadors and senior government officials, whether in the Kingdom or that country.

Financial resources

The regulations stipulate that the financial resources of the Business Council shall consist of the financial support provided by government agencies for the projects, initiatives and activities of the business councils, the financial compensation for the additional benefits required of a member of the Business Council, the annual budget allocated to the business councils by the Federation, and the support provided by the members. Annual financial statement for business council activities.
Resources also include revenues from sponsorship, promotional activities and private business support from both members of the Business Council and from outside it.
The regulations authorized the opening of a sub-bank account for the Business Council, under the review and supervision of the Federation, and the financial resources of the Business Council are spent on its work and activities, including programmes, events and publications, based on a decision from the Executive Committee of the Business Council or whomever it delegates to do so.

Performance measurement standards

The Ministry has set 7 standards to measure performance, with a total of 100%, which include preparing an executive action plan for the work of the Business Council and approving it within a month of its establishment, providing the Authority with “15%” of it, and submitting an annual report to the Federation and the Authority on all the activities of the Business Council, and its role in developing and facilitating intra-regional trade and investment. Contributing to removing any obstacles to this “10%”, and the number of cooperation, understanding and commercial partnership agreements that were concluded “10%”, and the number of forums and forums that were held. Organizing it to display trade and investment opportunities “alternating with the counterpart country” and according to the extent of the counterpart country’s interaction (“15%”).
The standards also include regularity in holding meetings of the Executive Committee of the Business Council (20%), regularity in holding meetings of the Saudi side of the Business Council (10%), regularity in holding joint meetings with the corresponding side (alternating with the counterpart country), and inviting representatives of the Authority to them (20). %».