22/06/2009
The Chief Executive Officer of the Global Protection Company, Dr. Ahmed ibn Sulaiman Al-Zubeidi said that commercial fraud and counterfeiting in the Kingdom of Saudi Arabia amounted to 11 billion dollars, while such practices amounted to $18 billion in Gulf countries, while at the global level fraud reached $2.2 trillion dollars.
Al-Zubeidi spoke during a special committee meeting held at the Chamber which was chaired by Yusuf ibn Ahmed Al-Dosari, Member of the Board of Directors and Chairman of both the Commerce and Automobile Committees. A number of businessmen and others interested in fighting against commercial fraud, counterfeiting, and the protection of intellectual property rights attended the meeting.
During the meeting Al-Zubeidi mentioned the damage caused to the consumer by commercial fraud and counterfeiting, its negative effects on public safety, its impact on the national economy, increases in unemployment due to the loss of companies victimized by fraud and counterfeiting, and the refusal of businesses and corporations to invest in certain countries plagued with this problem. Adding that fraud and counterfeiting has even ruined the reputation of trademark holders and led to the erosion of consumer confidence in the brand.
Dr. Al-Zubeidi also summarized the role of the Global Protection Company as the first Saudi company specialized in the provision of support services for consumer protection and the protection of intellectual property rights.
He explained that the company fights against commercial fraud, counterfeiting, and piracy by working as a liaison between relevant government agencies and the private sector. He noted that the Saudi government supports all efforts to reduce the spread of this phenomenon and its negative impact on the lives of consumers and future generations in order to encourage foreign investment in local markets.
