Shura Council Urges Ministry of Commerce to Enhance Awareness of Bankruptcy Laws and Procedures.
The Shura Council held its twenty-third regular session of the first year of the ninth term, presided over by His Excellency the Council’s President, Sheikh Dr. Abdullah bin Mohammed bin Ibrahim Al Al Sheikh. During the session, the council reviewed the agenda and made necessary decisions based on the items listed. One of the key decisions made was regarding the annual report of the Ministry of Commerce for the fiscal year 1445/1446 AH. The council called for the development of mechanisms for registering non-profit companies to better align with their developmental nature and encourage their founders to benefit from the advantages they offer, in line with the Vision 2030 goal of increasing the contributions of the non-profit sector to the GDP.
After listening to the views of the Committee on Commerce and Investment, the council emphasized the importance of the ministry developing models for consumer protection associations, providing a regulatory environment that enables them to effectively perform their roles, and enhancing oversight tools for the precious metals and gemstones sector to protect consumers from misleading certifications. Additionally, the council called on the Ministry of Commerce, in coordination with the Insolvency Committee, to raise awareness about the insolvency system and its procedures in collaboration with the private sector to enhance the effectiveness of the system’s provisions.
Another decision was taken regarding the annual report of the Saudi Arabian Investment Marketing Authority for the fiscal year 1444/1445 AH. The council urged the authority to expedite the finalization of its strategy, outlining its objectives and performance measurement standards. Furthermore, the council emphasized the need for the authority, in coordination with the Ministry of Investment, to work on solutions to strengthen its resources and ensure financial sustainability to achieve its strategic goals.
In another part of the session, the council discussed the annual report of the Saudi Center for Economic Business for the fiscal year 1445/1446 AH. Members shared their views and recommendations, with one member suggesting the center create a mechanism to compel companies to deposit their financial statements electronically, particularly for items falling under the purview of the center, such as the electronic filing program for financial statements with relevant authorities.
The council also discussed the annual report of the Disability Care Authority for the fiscal year 1445/1446 AH, with members offering insights and recommendations, including the allocation of at least 5% of government and private sector jobs for people with disabilities and utilizing their expertise to integrate them into the workforce effectively. They also stressed the importance of increasing early detection centers for disabilities through collaboration among various sectors and leveraging AI technology, especially in remote areas.
Moreover, the council deliberated on the annual report of Bisha University for the academic year 1444 AH, with members highlighting the importance of aligning specialized disciplines with the region’s characteristics and natural resources, such as tourism and agriculture. They also called for the university to reduce the dropout rates among its students and enhance interactive programs, comprehensive medical insurance, and establish vocational, educational, and community training centers to accelerate their integration into society and utilize their skills effectively.
Lastly, the council approved several memoranda of understanding between the Kingdom and various friendly nations, covering strategic partnerships, mineral resource cooperation in the mining sector, and cultural collaborations with countries like Japan, Benin, and Tunisia. These agreements aim to strengthen bilateral ties and promote cooperation in various fields to enhance mutual benefits and cultural exchange.
