The Saudi Shura Council convened its regular twenty-fourth session of the second year of the ninth term via video conference, chaired by Dr. Abdullah Mohammed Al Sheikh, to discuss the annual report of the Ministry of Commerce. Members expressed a range of observations and opinions reflecting the needs of the Saudi market.
Member Raeda Abu Nayan called on the Ministry of Commerce to collaborate with relevant authorities to study the cancellation of fees for expatriates working in the construction sector. She emphasized that this step would help reduce housing costs for citizens and encourage investment in real estate development, thereby restoring balance to this vital sector.
Details of the Discussion
In a related context, Engineer Khalid Al-Buraik urged the Ministry of Commerce to expedite solutions that require car dealers to maintain a permanent supply of all consumable and non-consumable parts in their warehouses. He also stressed the need to reduce the diagnosis and repair time for vehicles within dealerships to achieve exemplary service levels for consumers.
For his part, Dr. Hassan Al-Hazmi expressed his hope for appropriate solutions to prevent non-compliant products from entering the market. Dr. Turki Al-Anzi called on the Ministry of Commerce, in coordination with relevant authorities, to study the establishment of a national smart platform for preparing and managing commercial contracts for small and medium enterprises, which would contribute to supporting this vital sector.
Background & Context
These discussions come at a time when the Kingdom of Saudi Arabia is witnessing significant economic transformations aimed at enhancing economic growth and diversifying income sources. Crown Prince Mohammed bin Salman launched Vision 2030, which seeks to achieve sustainable development and enhance the role of the private sector.
The Ministry of Commerce is considered one of the key arms to achieve these goals, working to improve the business environment and enhance confidence in the market. Enhancing transparency and facilitating procedures are among the top priorities the ministry aims to achieve.
Impact & Consequences
Economic circles expect these demands to improve the investment environment in the Kingdom, thereby enhancing the economy's ability to attract foreign investments. Additionally, the cancellation of fees for expatriates in the construction sector may help reduce project costs, benefiting citizens.
Moreover, improving automotive services and ensuring a permanent supply of spare parts will enhance consumer satisfaction and increase their confidence in the market. These steps could contribute to achieving greater balance between supply and demand in the Saudi market.
Regional Significance
These moves are part of broader efforts by Arab countries to enhance economic growth and develop vital sectors. Improving the business environment in Saudi Arabia could serve as a model for other countries in the region, contributing to strengthening Arab economic cooperation.
In conclusion, the Saudi Shura Council demonstrates its commitment to improving the business environment and enhancing economic growth, reflecting the Kingdom's vision for a better future for both citizens and investors.