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  • Experts: Modern technology has transformed the accountant into a strategic decision maker

    16/01/2025

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    Accounting specialists have emphasized the positive impact of modern technology in developing the accounting field, pointing out that technology and its specializations in artificial intelligence have not diminished the importance of the accountant’s work, but rather made him a strategic decision-maker after providing him with analytical tools and data that help him make accounting decisions with greater awareness. The specialists said during a symposium organized by the chamber Chamber represented by the Small and Medium Enterprises Center on Tuesday evening, January 14, 2025, entitled "Cloud Accounting: Challenges and Solutions", in the presence of Board Member and Chairman of the Communications and Technology Committee Nasser bin Rashid Al Bajash Al Hajri, and the participation of a number of entrepreneurs, specialists, and interested parties, that technology did not limit the impact of specialization, but rather contributes to its development and the development of its work mechanism through innovative solutions.

    Director of the Direct Tax Unit at the Zakat, Tax and Customs Authority, Ramzi Al Omran, confirmed during the symposium moderated by academic and accounting consultant Dr. Khaled Al Ahmari, that the value-added tax system has become in dire need of accounting solutions and cloud computing, as the digital transformation process has facilitated dealing with more than one party, starting with the end consumer, legislative bodies, and ending with supply chains, which necessitated the emergence of a different accounting system that achieves effectiveness and efficiency, especially with electronic invoicing.

    The CEO of the VIS system, Jassim Al Haroun, pointed out the most prominent challenge facing Small and medium enterprises, and entrepreneurs' projects, which is controlling accounting operations and ensuring the accuracy of their data, so cloud accounting solutions have a prominent role in the success and sustainability of commercial activity, as it helps in making appropriate decisions.

    The founder and CEO of Qayoud Program, Abdullah Al-Dael, stated that accounting solutions and cloud computing have many advantages, most notably the speed of performing business, as it is an active tool for saving data and returning to it whenever necessary, in addition to its ability to protect data with high efficiency.

    The founding partner and marketing manager of the Foam Program, Noura Al-Nafeh, explained that the digital transformation witnessed by the accounting sector contributed to the development of services and tools used in it, as it contributed to adding precise specialization to the sector's work, which is headed by customer service, as this contributed to providing radical solutions to the most prominent challenges facing business owners.

    Nasser bin Rashid Al Bajash Al Hajri, a member of the Board of Directors of the chamber Chamber and Chairman of the Communications and Technology Committee, said that in light of the digital transformation currently taking place and with the visions and directions of development in the Kingdom through Vision 2030, the technical revolution in the accounting field came to contribute to the automation of operations, raise efficiency in outputs, and help decision-makers in companies to make appropriate decisions with awareness and more accuracy, and contribute to the success of businesses, especially for small and medium enterprises. It is noteworthy that the symposium included presenting several experiences of entrepreneurs from success stories in accounting projects, and the size of the cloud accounting market. The symposium was accompanied by an exhibition that included more than 20 governmental and private entities that provide cloud accounting services, and it also reviewed the most prominent means of support it provides to entrepreneurs.


  • "Cloud Accounting: Challenges and Solutions" Symposium Brings Together Specialists and Interested Persons in the Asharqia Chamber

    12/01/2025

    ​"Cloud Accounting: Challenges and Solutions" Symposium Brings Together Specialists and Interested Persons in the Asharqia  Chamber

    The Asharqia Chamber, represented by the Small and Medium Enterprises Center, is organizing a symposium and exhibition "Cloud Accounting: Challenges and Solutions" to shed light on the future of cloud accounting with innovative solutions, with the participation of entrepreneurs and those interested in medium and micro enterprises on the evening of Tuesday, January 14, 2025 at the Chamber's main headquarters.

    The symposium will discuss the experiences of entrepreneurs from success stories in accounting projects, automation of financial operations and tax compliance, and technology in customer service, with the participation of four speakers who will highlight the challenges and solutions in cloud accounting, the Zakat, Tax and Customs Authority, the Social Development Bank, the Saudi Organization for Certified Public Accountants, and the General Authority for Small and Medium Enterprises, for entrepreneurs in an open dialogue in front of the audience, in addition to an accompanying exhibition that includes more than 20 government agencies and emerging companies in the field of cloud accounting.

    The symposium will witness the participation of Ramzi Omran, Director of the Direct Tax Unit at the Zakat, Tax and Customs Authority, Abdullah Al-Dayel, Founder and CEO of Qoyoud Program, Jassim Al-Haroun, CEO of the VIA System, and Noura Al-Nafeh, Co-Founder and Marketing Director of the Voom Program, and will be managed by academic and accounting consultant Dr. Khaled Al-Ahmari. The "Cloud Accounting: Challenges and Solutions" symposium and exhibition comes within the objectives of the Small and Medium Enterprises Center by transforming small and medium enterprises into large enterprises through systematic programs and activities and encouraging investment through training programs, forums and exhibitions specialized in this field, in addition to developing the spirit of initiative for self-employment among Saudi youth.


  • His Excellency the Minister of Human Resources and Social Development meets the business sector in the Asharqia Chamber

    29/12/2024

    ​His Excellency the Minister of Human Resources and Social Development meets the business sector in the Asharqia Chamber​.

    His Excellency the Minister of Human Resources and Social Development, Eng. Ahmed bin Suleiman Al-Rajhi, met today, Tuesday, December 24, 2024, with the business sector in the Eastern Province, at the headquarters of the Chamber of Commerce in the region, and was received by the Chairman of the Board of Directors of the Asharqia Chamber, Badr bin Suleiman Al-Rizaiza, where His Excellency listened to the most prominent challenges facing them and the proposals and future opportunities to support the private sector and entrepreneurs. At the beginning of the meeting, His Excellency reviewed the most prominent indicators of the labor market strategy, which consists of 28 initiatives supporting the development of the labor market and enhancing its attractiveness and level of global competitiveness, and the achievements made during the period from 2019 to 2024; The number of Saudis working in the private sector jumped from 1.7 million to 2.4 million, and the economic participation rate of women in the labor market increased from 17% to 35%, exceeding the Saudi Vision 2030 target of 30%, reflecting the efficiency of Saudi women in the labor market, in addition to aligning skills and values ​​with current and future market needs through the launch of 13 sectoral skills councils, as the sectoral skills council recently joined the cybersecurity sector, and His Excellency praised the support of the private sector in promoting development and the labor market strategy. 
    His Excellency Al Rajhi stressed that the Kingdom is witnessing economic and social transformations driven primarily by the Saudi youth element, noting entrepreneurship and the launch of young people in self-employment to manage their own projects, in light of the growth of small and medium enterprises in creative and innovative ways; which enhances competitiveness in the market. Following that, an open dialogue took place between His Excellency the Minister of Human Resources and Social Development and the business sector in the region, and the heads of the sectoral committees at the Asharqia Chamber, to raise questions and listen to and discuss the proposed proposals. His Excellency praised the role of the business sector in investing in available economic opportunities, providing more job opportunities for national cadres and investing in their capabilities.
    The Chairman of the Board of Directors of the Asharqia Chamber, Badr bin Suleiman Al-Rizaiza, extended his thanks and great gratitude to His Excellency the Minister of Human Resources and Social Development, Eng. "Ahmed bin Suleiman Al-Rajhi", and the entire Ministry's work team, for the efforts, giving and constructive contributions provided by the Ministry that established a competitive work environment and an attractive labor market.
    He said that achieving comprehensive development is linked in one of its most important aspects to the extent of ensuring the improvement and raising of the efficiency of the work environment and increasing the flexibility and competitiveness of the market and raising its attractiveness in line with the best international practices.
    He pointed out the initiatives and programs provided by the Ministry of Human Resources and Social Development, saying that they contributed to creating an attractive and enabling work environment for establishments and workers alike, which increased their competitiveness and attractiveness regionally and globally, and had the greatest impact in bringing about fundamental changes that reflected positively not only on private sector institutions and their gains, but also on the national economy as a whole. Al-Rizaiza stressed the policies adopted by the state to support and enhance the roles of the business sector, as it has played its roles and confirmed its presence in the sustainable development process, and appreciated the great efforts in this regard made by the state, represented by the Ministry of Human Resources and Social Development.​


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  • Legal: Reviewing the stages of legal growth on a quarterly basis ensures the sustainability of “emerging”

    29/12/2024

    ​Legal: Reviewing the stages of legal growth on a quarterly basis ensures the sustainability of “emerging”

    Asharqia Chamber, represented by the Small and Medium Enterprises Center, organized a workshop entitled "From Establishment to Growth... Legal Aspects of Startups", presented by the Managing Partner at Shawli Abu Najm Abbadi Law Firm, Abdullah bin Hussam Shawli, at the Chamber's main headquarters. During the workshop, which was held on Monday, December 23, 2024, in the presence of entrepreneurs and interested parties, Counselor Shawli discussed the stages of growth for small and medium-sized companies, including an introduction to the proper legal establishment of start-ups, incorporation documents, governance, contracts, human resources, government platforms, programs and subscriptions, assets, tax and legal review, cases, and violations. Counselor Shawli stressed that when there is rapid growth from the labor and legal side, the growth plan methodology must be developed according to its evaluation, and reviewed on a quarterly basis, and the advanced programs or applications that facilitate the legal aspects of archiving, commitment and governance must be reviewed to achieve sustainability, in addition to awareness of the importance of governance of the contractual relationship between the employee and the establishment, and the form of the company in terms of its classification as a limited liability entity, or a joint-stock company, or a simplified joint-stock company, and shares and stakes, and investments are obtained through investment rounds, the introduction of partners and investors, and contracts of partners and shareholders. Shawli explained that one of the ways to maintain the legal form of the establishment, which ensures its sustainability in practicing the activity, is for the establishment to define its obligations, and limit its financial obligations to existing contracts, for example, lease contracts, sales and purchase contracts, which include supply, service provision contracts, terms and conditions, including privacy policies, commercial papers, confidentiality agreements, memoranda of understanding, and knowledge of the customer in an appropriate and clear manner. Shawli pointed out the importance of the facility following up on violations issued by the competent authorities on a regular basis, as if these violations are repeated, the origins of the violation must be addressed in the facility to avoid any escalation.

  • ​Asharqia Chamber reviews the most important provisions of the Product Safety, Specifications and Quality System

    29/12/2024

    ​Asharqia Chamber reviews the most important provisions of the Product Safety, Specifications and Quality System

    Asharqia Chamber, represented by the Commercial Committee, held a virtual workshop in which the Assistant Governor for Legal Affairs and Regulatory Policies in Saudi Specifications, Dr. Muhammad Al-Yousef, reviewed the most prominent provisions of the Product Safety, Specifications and Quality System.


    Al-Yousef said during the workshop, which was moderated by committee member Basil Al-Abdul Karim, that the National Quality Infrastructure Project went through several stages, as the Saudi Standards Organization coordinated with relevant authorities from the public and private sectors associated with the Product Safety System and Specifications and Quality System projects according to a clear methodology to achieve the best results.

    Al-Yousef indicated during the workshop held last Sunday that in order to ensure the project's work with high accuracy, a group of standard studies were subjected to a careful review, and international experiences related to quality and product safety were benefited from, with the assistance of a group of international expertise, to analyze the current status of systems and regulations and propose the appropriate legislative system that achieves regional and international leadership for the Kingdom, as work was done with a group of experts with extensive global experience in all areas of quality infrastructure in the European Union.




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  • Al-Otishan to Entrepreneurs: Pay Attention to “Commercial Craftsmanship” as It Protects You from Failure

    21/12/2024

    ​Al-Otishan to Entrepreneurs: Pay Attention to “Commercial Craftsmanship” as It Protects You from Failure

    The Businessman Abdulrahman bin Saleh Al-Otaishan stressed that the Kingdom is currently experiencing an unprecedented youth renaissance and empowerment, led by the Custodian of the Two Holy Mosques and the sponsor of the vision, His Highness the Crown Prince - as the percentage of youth is approximately 60% of the population, which gives strength to the Kingdom and to entrepreneurs to build attractive investment opportunities, in light of development, globalization, and knowledge, which is a powerful weapon that young entrepreneurs are armed with today. Al-Otishan said during the “My Experience” program, one of the programs of the Eastern Province Youth Business Council, which was held by the Eastern Province Chamber on Wednesday evening, December 17, 2024, that young men and women today must seize the opportunities that the national economy abounds with in light of the support and empowerment packages provided by the wise leadership, may God protect it. These are unique and distinctive opportunities in light of Saudi Vision 2030, which emphasizes the great economic openness and benefiting from foreign expertise, and the competition available to everyone. He pointed out that the entrepreneur must choose the appropriate work that suits the experiences he possesses, and support it with knowledge and science, and proceed in an ascending manner from the bottom to the top, and take on challenges, and commit to honesty and perseverance. Al-Atishan talked about his beginnings, especially the stages of his upbringing and work, the development in investment, and the most prominent challenges and achievements in his life, leading to the successes he is experiencing at the present time, in a meeting attended by the Chairman of the Asharqia Chamber, Badr bin Suleiman Al-Rizaiza, with the participation of a remarkable number of businessmen and women, entrepreneurs, indicating that he is one of the first to come to Iraq to practice trade, and went through several challenges, difficulties and crises, and he also reviewed his beginnings as an employee and then changing his path to the path of trade and investment. The Chairman of the Board of Directors of Al-Atishan Holding Company added that government support and empowerment constituted a great success for businessmen during the Corona crisis, as they were able to overcome the crisis and create national achievements by seizing the investment opportunities that the crisis created despite the difficulties facing the whole world. Al-Atishan said during the meeting, which was moderated by Council member Mohammed bin Abdulaziz Al-Maghlouth, that entrepreneurs should look for appropriate training and continue to develop their skills in the field of work, and continuously review similar experiences, in light of the huge number of opportunities in the market today, in addition to being more keen to obtain expertise and advice from those with successful experiences, and move towards businesses that generate good income, to start with them first, and build financial capacity, then move towards major investment projects, after arming themselves with diverse experiences. Al-Atishan pointed out the importance of businessmen and entrepreneurs moving towards opening reserve financial funds, to return to them in the event of emergency crises, by allocating a percentage of the ownership of this fund to the joint-stock company, or allocating part of the profits for this matter, because it helped me greatly in overcoming many challenges and difficulties in investments during times of crises, and the businessman and entrepreneur must have full awareness of the importance of this matter, in addition to good diversity in investments and choosing projects that keep pace with the economic renaissance. Al-Otishan stressed the importance of young businessmen believing in a balance between work and building a commercial entity with their family and social duties, because it gives them motivation to continue, and moral support to continue working, and this is the nature of the human soul, to overcome challenges. The entrepreneur must also be characterized by a sense of adventure, initiative and daring from an early age, because it is part of the formation of his commercial personality. Al-Attishan concluded his speech by saying that the entrepreneur must also not rely heavily on knowledge, experience, and commercial intelligence, but rather it must be accompanied by a commercial craft, to give him different experiences and experiments, and return to them in the event - the owner of his commercial project fails or loses, and this is what will help him rise again and build a new investment project.​


  • Sri Lankan Ambassador discusses investment opportunities in tourism and trade with Eastern Chamber

    21/12/2024

    ​Sri Lankan Ambassador discusses investment opportunities in tourism and trade with Asharqia Chamber ​

    Asharqia Chamber organized on Wednesday, December 18, 2024, at its headquarters, a meeting on investment opportunities in the tourism and trade sectors with the Republic of Sri Lanka, in the presence of the Ambassador of the Democratic Socialist Republic of Sri Lanka to the Kingdom, Omar Amir Ajoud, and the Chairman of the Board of Directors of the Chamber, Badr bin Suleiman Al-Rizaiza, where they reviewed the bilateral relations between the Kingdom and the Republic of Sri Lanka, and discussed aspects of economic cooperation and ways to enhance communication to serve the business sector in the two countries. The meeting was attended by the Second Deputy Chairman of the Board of Directors of the Asharqia Chamber, Hamad bin Muhammad Al-Ammar Al-Khalidi, and the Secretary-General of the Chamber, Abdulrahman bin Abdullah Al-Wabil. Al-Khalidi said during the meeting, which was attended by those interested and specialized in the fields of tourism and trade, that the economic and trade relations between the Kingdom and the Republic of Sri Lanka are moving to a higher level of economic partnerships, which opens the way for the business community in the two countries to promising future investment options in many fields such as agriculture, mining, tourism, health care, and others. Al-Khalidi also pointed out that the two countries are facing a new phase in the development and growth of relations, and that the agreement of views, interest and mutual efforts to develop economic, tourism, investment and trade relations indicates that economic relations between the two countries will take an important position on the map of global trade exchange, and that the coming periods will witness great development and promising investment opportunities that will open the way for the business community of the two countries to have distinguished investment partnerships in various fields.

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  • Bin Dawood: Joint stock companies are the ideal model for family businesses

    18/12/2024

    ​Bin Dawood: Joint stock companies are the ideal model for family businesses​

    The CEO of BinDawood Holding Company, Ahmed bin Abdulrazzaq bin Dawood, reviewed the most important success factors that led to the transformation of BinDawood Holding Company into a joint-stock company, which was reflected in the increase in its investments, expansion and growth in local and foreign markets, during an open dialogue meeting organized by the Asharqia Chamber, represented by the Investment and Studies Center, in cooperation with Solvancy Consulting Company, on Wednesday, December 11, 2024, at the Chamber’s headquarters, in the presence of a number of entrepreneurs, investors and interested parties.
    BinDawood stressed during the meeting, which was moderated by the Head of the Family Business Sector at Solvancy Consulting, Naeem bin Hudhaifa Al Shurab, that the successful model for family businesses is joint-stock companies, which greatly help in proper governance, growth and expansion of business, in addition to the diversity of investment thinking in the long term for the company, by choosing independent board members with various specializations and experiences that benefit the investment. Bin Dawood pointed out the importance of the uniqueness of each family business in terms of orientations and strategies by choosing the system and orientations that suit the family and result from the family charter that defines the rules and foundations of the company, which is reflected in the governance process.
    Bin Dawood said that the owners have been working early on the procedures for transforming into a joint-stock company after several experiences and stations they have seen for local, regional and international companies, which greatly helped in taking the steps to transform into a joint-stock company.
    Bin Dawood added that the secret of the expansion and growth of investments was the result of continuous development and training in the latest fields and diverse cumulative experiences in senior management and the board of directors, and the human competencies attracted, in addition to using the latest technologies and smart business tools that contributed directly to the growth of the business. Bin Dawood concluded his speech by saying that choosing the right advisor to help in making decisions and taking critical steps in investment greatly helps in overcoming many challenges and starting from where others left off, which is what today has shaped the success story of Bin Dawood Holding Company through its presence in the Tadawul market, not to mention the government incentives, the development of regulations and systems, and the unlimited support from government agencies that have contributed significantly to the growth of the business sector in the Kingdom by opening up horizons of opportunities and investments.



  • ​French delegation reviews investment in smart cities and green energy at Asharqia Chamber

    10/12/2024

    ​French delegation reviews investment in smart cities and green energy at Asharqia Chamber

    On Monday, December 9, 2024, Chairman of the Asharqia Chamber of Commerce Badr bin Suleiman Al-Raziza met with the Trade Exchange Advisor at the Business France Office, Yannis Marsa, where they reviewed aspects of joint economic cooperation between the Chamber and the office.
    The meeting was attended by the Chamber's First Deputy Hamad bin Mohammed Al-Bouali, the Second Deputy Hamad bin Mohammed Al-Ammar, and Board Members Badr bin Mohammed Al-Abdulkarim, Agharid bint Ihsan Abduljawad, and Fahd bin Abdullah Al-Faraj, and Secretary-General Abdulrahman bin Abdullah Al-Wabil.
    The Chamber also organized an investment opportunities meeting with the French trade delegation, which witnessed the participation of a number of companies and investors from the French Republic who presented offers to invest in several opportunities in the fields of smart cities, green energy, artificial intelligence, new technologies, and cybersecurity, in the presence of a number of investors and interested parties.
    For his part, Al-Boali stressed the distinction of Saudi-French relations, which are characterized by historical depth and strong friendship, which are moving forward with strength and stability, and have recorded pioneering steps in various fields and have become a model of constructive harmony, with strong economic and trade relations.

    Al-Boali pointed to the close connection between the Kingdom and the French Republic, with a trade exchange volume exceeding (40) billion riyals in 2023 AD compared to more than (36) billion riyals in 2019 AD, and 175 French companies operate in the Kingdom, employing national human cadres with more than 13.3 thousand employees, and France is the third largest foreign investor in local sectors, such as: renewable energy, transportation, health care, and others.

    Al-Boali said: Today, we look forward as a business sector to building on these distinguished relations between the two parties to establish an ambitious partnership between the private sector in the two countries and create more new opportunities for the growth and prosperity of the economy and business between the two parties.


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  • Asharqia Chamber reviews agricultural guidance in its branch in Qatif

    10/12/2024

    Asharqia Chamber reviews agricultural guidance in its branch in Qatif​

    Asharqia Chamber, represented by the Business Council of its Qatif branch, in cooperation with the Ministry of Environment, Water and Agriculture, organized a workshop on Monday, December 9, 2024, to introduce the importance of agricultural guidance.
    The agricultural guide at the Ministry’s branch in the Eastern Region, Eng. Mufid bin Mohsen Al-Zaher, spoke about the importance of cooperating with the farmer and helping him identify the problems and challenges he faces and providing him with sound practices and how to overcome obstacles in the agricultural field.
    Al-Zaher also pointed out during the workshop, which was moderated by the Chairman of the Business Council, Eng. Hussein Al-Muqrin, the necessity of communicating with farmers and helping them know the optimal use of available resources such as water, soil and fertilizers, in addition to providing them with innovations and modern technologies that contribute to increasing production and preserving resources, pointing to the goals of guidance that emphasize raising the level of knowledge and skills of farmers, changing their behavioral trends and applying the best agricultural skills to increase production and raise the standard of living and knowledge of the farmer.
    Agricultural guidance helps improve crop quality by providing advice on sustainable agriculture and good production practices. It also contributes to raising farmers’ awareness of the impact of climate change and how to adapt to it through appropriate agricultural techniques, in addition to enhancing economic development in rural areas and ensuring the availability of sufficient food by improving agricultural production. Al-Zaher provided several important tips for preserving trees by purchasing them from a known and reliable source to avoid plant diseases, knowing the salinity of the water before purchasing, preparing the land with suitable soil, monitoring trees and knowing their nutritional needs, freedom from diseases and harmful insects, and their water needs, and planting trees in a place where the sun reaches them.



  • ​The Prince of the Eastern Province supervises the Asharqia Chamber’s annual reception for the business sector

    10/12/2024

    ​The Prince of the Eastern Province supervises the Asharqia Chamber’s annual reception for the business sector

    His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Prince of the Eastern Province, sponsored the Asharqia Chamber's annual reception for the business sector on Tuesday evening, December 3, 2024, amidst a large attendance of economic business leaders in the region and representatives of Arab and foreign companies, bodies and consulates, as well as senior representatives of official government institutions.

    His Highness the PRince of the Eastern Province honored the main sponsors and supporters of the ceremony organized by the Chamber under his patronage at the Dhahran International Exhibitions Company (Expo) Center, and the supporters of Al-Iqtisad Magazine. His Highness toured the hall to communicate and meet with the attendees, and exchanged friendly conversations with businessmen in an atmosphere of friendliness and optimism.

    The ceremony, which the Chamber is keen to organize every year as a platform for communication and interaction between all economic business leaders in the region's sectors, is one of the most important activities organized by the Eastern Province Chamber, due to the goals it achieves, most notably deepening relations between the Chamber's members and each other, as well as between the business sector and official sectors in the country.

    The Chairman of the Board of Directors of the Asharqia Chamber, Badr bin Suleiman Al-Rizaiza, appreciated the patronage and honor of His Highness the Prince of the Eastern Province for the reception ceremony, stressing His Highness’s interest in supporting the business sector in the region and motivating it to carry out its duties amidst the comprehensive development renaissance witnessed by the Kingdom and the region, stressing that His Highness’s patronage doubles the Chamber’s contributions to the growth and development process witnessed by the country. He explained that the ceremony was a good opportunity for dialogue and exchange of opinions, talks and discussions on various topics of interest to the economic community, and enhances the Chamber’s role in achieving its strategic goals in developing the nation and contributing to its prosperity, noting that the ceremony was a platform for communication and a bridge to strengthen ties between businessmen in the Eastern Province, and it has special importance as it represents a forum held every year to achieve communication between the business sector with senior officials and directors of government agencies and bodies and business sector officials in the region.



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  • The Prince of the Eastern Province will supervise the Asharqia Chamber’s annual reception on Tuesday

    01/12/2024

    ​The Prince of the Eastern Province will supervise the Asharqia Chamber’s annual reception on Tuesday

    The Chamber will launch its annual reception ceremony on Tuesday evening, December 3, 2024, under the patronage and honor of His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Prince of the Eastern Province, at the Dhahran Expo Center. Through this year’s ceremony, which is the largest gathering of the private sector in the Eastern Province, and witnesses the attendance of representatives of major companies, bodies, private sector institutions, Arab and foreign embassies and consulates, in addition to senior representatives of official government institutions from various cities and governorates of the region, the Asharqia Chamber seeks to deepen the bonds and relations between all its subscribers and the business sector and between the private sector and various segments of society, as the annual ceremony represents a forum that stimulates interaction and achieves communication with senior officials and directors of government interests and agencies and officials of the private sector in the region. 

    The Chairman of the Board of Directors of the Asharqia Chamber, Badr bin Suleiman Al-Rizaiza, appreciated the patronage of His Highness the Prince of the Eastern Province, of the annual reception, and stressed His Highness's interest in supporting the business sector in the region in order to double its contributions to the economic growth process witnessed by the Kingdom and the region, and pointed out the importance of the annual ceremony as it represents a forum held every year to achieve communication between the business sector in the region. He pointed to the performance shown by the private sector throughout the past year in supporting the plans for the growth and development process that the Kingdom and the region are undergoing, whether in terms of the strength of performance and expansion, whether at the level of production bases or increasing the number of workers from the national workforce or developing its responsibilities towards social work. Al-Raziza said that the ceremony, which the Chamber is accustomed to organizing at the end of each year, is a good opportunity to meet and exchange opinions, ideas and experiences on many topics of interest to the economic community, in light of the developments witnessed by the national economy, as well as one of the activities to enhance the role of the private sector and increase its partnership in the path of growth and development, led by the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness the Crown Prince, Chairman of the Council of Ministers, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz , as it strengthens the bonds of cohesion, renews communication, and presents ideas that enhance economic growth. He hoped that the ceremony would be a fruitful meeting point for businessmen and women, to achieve further development and growth for the business sector in the Kingdom.


  • ​The Prince of the Eastern Province to sponsor the annual reception next week

    26/11/2024

    The Prince of the Eastern Province to sponsor the annual reception next week

    His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Prince of the Eastern Province, will sponsor the "Annual Reception" ceremony, which will be organized by the Eastern Province Chamber next Tuesday, December 3, 2024, at the Dhahran Expo Exhibition Center.

    The annual reception, which the Chamber is keen to organize at the end of each year, is the largest gathering of the business sector and all economic pioneers and representatives of Arab and foreign companies, bodies and consulates, in addition to senior representatives of official government institutions in the region, which the Chamber seeks to organize to strengthen ties and links and stimulate interaction between all parties of economic work in the region.

    The Chairman of the Chamber's Board of Directors, "Badr bin Suleiman Al-Rizaiza", valued the patronage of His Highness the Prince  of the region for the annual ceremony and all activities and events of the Asharqia Chamber, stressing that this reflects the extent of His Highness's interest in the activities of the private sector, which represents an enhancement of the progress of the sector and businessmen in serving the region and the nation.

    Al-Raziza said that the annual reception that Al-Arafa is keen to organize every year stems from its firm responsibility to develop and grow the economic movement in the region, and aims to stimulate interaction, strengthen ties, and deepen communication mechanisms between the business sector in the region. He pointed out that the ceremony is a forum where experts and owners of successful economic and investment experiences meet and where visions and ideas are exchanged on how to participate more effectively in the national economy. Al-Rizaiza added that this year's ceremony comes in light of the major entitlements witnessed by the national economy within the framework of implementing Vision 2030, which in turn placed the private sector among its main pillars in achieving its development goals. He said, "The Chamber attaches great importance to the values of (communication and strengthening ties) between business owners in the region, based on its belief in the vital role that communication can play in exchanging opinions and raising issues of interest to the business sector, and effective participation in the serious steps taken by the country towards sustainable development, pointing to the Chamber's activities, programs, forums and workshops throughout the year with the aim of refining the skills and knowledge of the business sector regarding economic affairs, its developments, and its paths for the present and the future. He pointed out that this year's ceremony comes as a harvest of several achievements made by the Chamber in serving the business sector, especially in terms of launching many of its awareness programs or activities and initiatives aimed at expanding the percentage of private sector participation in the national economy, which is witnessing remarkable development at various organizational, procedural and legislative levels.

     

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  • Endowments Forum recommends the importance of the family charter and its role in the success of endowments with a family character

    25/11/2024

    ​Endowments Forum recommends the importance of the family charter and its role in the success of endowments with a family character​

    The Endowment Practices Forum 2024, organized by the Asharqia Chamber on Sunday, November 24, 2024, under the patronage and honor of His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Prince of the Eastern Province, Honorary Chairman of the Endowments Committee of the Asharqia Chamber, and in strategic partnership with the General Authority for Endowments, stressed the importance of the family charter and its role in the success of the family endowment. During it, the scientific committee of the forum recommended the establishment of a specialized center for family endowments, to provide advisory and administrative support, while accelerating the procedures and services associated with them, as well as the importance of applying tax and zakat exemptions and various fees for family endowments to encourage their establishment and sustainability. It called for the need to find government incentives and incentive awards to enhance the spread of family endowments and stimulate innovation in their management. The committee also recommended enhancing governance and transparency and taking care of qualifying and training current and future members of the boards of supervisors to ensure the application of the best governance practices, while obligating the boards of supervisors to issue periodic reports that reflect the performance of the endowment and the level of Transparency. The committee also recommended the importance of creating a supportive and clear legal framework, by issuing regulatory legislation that supports the establishment and management of family endowments, while providing legal protection for their sustainability, encouraging investment in innovative initiatives, and urging family endowments towards innovative investments that contribute to achieving developmental and societal goals, in addition to enhancing cooperation with government agencies, and providing facilities to enable family endowments to work together with government institutions to implement large-scale initiatives that serve society in a sustainable manner. During the forum, many endowment initiatives were announced, such as the (Riya) endowment initiative, the idea of which is to endow a clear percentage of the company's profits in a flexible and controlled model, while avoiding its connection to the company's business, the initiative to establish the world's first endowment marketing and management company to serve endowments inside and outside the Kingdom, which was launched in cooperation with the Endowments Authority, the small endowment initiative, or what is called (micro endowment), which encourages those with small and medium incomes to establish their endowment portfolios, as well as the initiative of the guide to institutionalizing endowments and controlling relations between them and other entities, which is an initiative of the Council of Civil Institutions, and finally the initiative of the Family Business Association (Tharaa), which is the first civil association in the Kingdom specializing in the field of supporting commercial families. The forum witnessed the holding of about (6) sessions that included the presentation of about (18) working papers, presented by a group of specialists and owners of endowment experiences, and addressed many aspects related to the concept of family endowments and their governance, and the roles played by the bodies supervising endowments for their success and sustainability and maximizing their role and future in the national economic scene, as well as the possibilities for the sustainability of family endowments, and the impact of establishing family endowments on family companies. The forum was accompanied by an exhibition for many endowment bodies during which they presented their endowment products and experiences, amidst the attendance of many government officials, businessmen and women, and experts from specialists and those interested in the field of endowments. The forum aimed to shed light on the mechanisms driving the development and investment of family endowments, the importance of the family charter and its role in the success of the family endowment, highlighting the latest regulatory procedures in establishing endowments and the relationship between family companies and endowments, encouraging the endowment sector to be creative and present best practices in relevant topics to advance the endowment sector, introducing family endowments and urging their establishment by mentioning the possibilities for their success and sustainability, and pointing out the most prominent successful family endowments locally and globally.


  • ​The Prince of the Eastern Province sponsors the “Endowment Practices 2024” Forum

    25/11/2024

    The Prince of the Eastern Province sponsors the "Endowment Practices 2024" Forum

    His Royal Highness Prince Saud bin Nayef bin Abdulaziz, Governor of the Eastern Province, Honorary President of the Endowments Committee of the Asharqia  Chamber, inaugurated on Sunday, November 24, 2024, at the headquarters of the Asharqia Chamber, the activities of the (Endowment Practices Forum 2024), which was organized by the Eastern Chamber represented by the Endowments Committee of the Chamber, in its fourth edition, in strategic partnership with the General Authority for Endowments, under the slogan (Family Endowments: Their Roles and Potential for Sustainability and Success), at the Chamber's main headquarters, amid the presence of many government officials, businessmen and women, and experts from specialists and those interested in the field of endowments. His Highness toured the accompanying exhibition and His Highness the Prince of the Eastern Province honored the sponsors and supporters of the forum, and during his tour he was briefed on the new session of the forum adopted by the Chamber and the General Authority for Endowments, which comes as a continuation of the awareness campaign of the best practices, initiatives, and innovative and creative programs in the field of endowments. His Highness sponsored a number of memoranda of understanding, as follows: signing a partnership between the Tamkeen Endowments Association and the Abdullah Al Rajhi Charitable Foundation to establish the first endowment renewable energy station, signing a partnership between the Manfa'a Endowments Association and the Al-Dhuwayan Foundation to launch an endowment training center, and signing a partnership between the Tamkeen Association and the non-profit Al-Aswa Al-Hasana Company to cooperate in launching financial products directed at the non-profit and endowment sector. 

    In the opening of the forum, the Governor of the General Authority for Endowments, Imad bin Saleh Al-Kharashi, said that today we are witnessing major transformations and rapid steps in various sectors and fields, resulting in great leaps and great achievements that have contributed to the advancement of the Kingdom's ranking in international indicators and its occupation of advanced positions. This is thanks to God and then thanks to the unlimited support provided by our wise leadership in various sectors, including the endowments sector, which is one of the important sectors that receives great attention from our wise government as it has spared no effort in providing all the possibilities for the General Authority for Endowments that help it perform its tasks and achieve its goals, which contributes to developing and stimulating the endowments sector. He pointed out that this forum comes as one of the tools that contribute to researching and discussing one of the important topics related to the endowment sector, which addresses one of the pivotal topics that touch on developmental and charitable needs and is related to family solidarity and social solidarity, which is family endowments, which represent one of the important and pivotal pillars in moving the wheel of the national economy and comprehensive development, due to its size, diversity and close connection to the family with its various components, which necessitates taking care of it and addressing the challenges it faces and building institutional models for it that enjoy an independent legal personality that contributes to its governance and development and reducing its stumbling and activating its economic and developmental role, saying: The Authority pays great attention to this type of endowments and is working to launch a number of initiatives with a number of partners to develop and advance them to reach the desired model that we aspire to and in accordance with the best local and international practices in a way that ensures its continuity and sustainability and enhances its economic, developmental and social role. For his part, the First Vice President of the Asharqia Chamber, Hamad bin Mohammed Al-Bouali, said during his speech; This new session comes as a continuation of the awareness campaign adopted by the Chamber and the General Authority for Endowments to identify the best practices that drive the development and investment of family endowments, and the importance of the family charter and its role in the success of the family endowment. He said that the endowment represents a type of social solidarity, and the wise leadership has been keen to enhance the roles played by the business sector in supporting and developing the endowment sector, and pointed to the role of the Eastern Chamber in harnessing its capabilities to participate in reviving and developing endowments among the business sector, so it sought to spread awareness and knowledge of the importance of establishing it and adopting its practices, and coordinated with various parties to develop the systems and regulations that govern it and reformulate them in line with the vision and its goals.

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