The Federation of Saudi Chambers Clarifies Misinformation
Introduction
The Federation of Saudi Chambers clarified the misinformation report at a seminar held at the Asharkiya Chamber following the spread of information about the exit of 458,000 establishments from the Saudi market and the loss of 158,000 jobs.
Increased Commercial Recordings
In a statement released on Thursday about the workshop titled “The Role of Commercial Structures Between Growth and Challenges,” the federation said that over the past 3 years, despite the circumstances, an increase in the release of commercial recordings of more than 58,000 records over the aforementioned years has been achieved compared to, which was written off as the total number of commercial records in 2020 was 1,291,093 records, and in August 2023 it became 1,349,402 commercial records.
Removal of Commercial Records
Regarding the removal of commercial records, the statement said that there was no need to close the establishment and its exit from the market, but rather, it could benefit from the “removal of the homogeneity condition” in force from 2021, which allows the addition of various heterogeneous commercial activities in one business register for enterprises in one region instead of making a separate entry for each type of activity.
Growth in Funding Volumes
The statement said that funding volumes have grown and financial opportunities provided to SMEs have increased to 229 billion rials by the end of 2022, while the total disbursement under the indirect lending initiative was 3.17 billion rials, and the total cost of financing under the guarantee program amounted to more than 81 billion rials. The total amount paid out from the financing portal is more than 20.8 billion rials.
Empowerment of SMEs
“Empowerment efforts contributed to the total number of SMEs reaching the highest level in the Kingdom’s history of 1,226,804 businesses by the end of the second quarter of 2023,” the Federation of Saudi Arabian Chambers concluded.
Source
Source: urgent newspaper