Al-Qasabi inaugurates Center for Family Enterprises

November 06, 2018

Majed Al-Qasabi
Majed Al-Qasabi

Saudi Gazette report

Minister of Commerce and Investment Dr. Majid Bin Abdullah Al-Qasabi has inaugurated the National Center for Family Enterprises at the headquarters of Jeddah Chamber of Commerce and Industry (JCCI).

This center aims to highlight and promote the role of family enterprises in the economic and social development, besides enhancing their competitiveness and increasing their contribution to the GDP for the realization of the Kingdom’s Vision 2030.

This comes in line with the Royal Order stating that the Ministry of Commerce and Investment shall reopen the National Center for Family Enterprises, and later on to open similar centers at the chambers of commerce and industry in various regions of the Kingdom, as well as supporting such centers and creating funding mechanism for them. The MCI has established a Founding Committee for Family Enterprises in coordination with the Council of Saudi Chambers.

The members of the National Center for Family Enterprises, which is based at JCCI, are Rashid Al-Abdul Aziz Al-Rashid, Saleh Hasan Al-Afallaq, Abdul-Ellah Salem Bin Mahfouz, Abdullah Abdullatif Al-Fawzan, Abdullah Mohammed Al-Zamil, Abdullah Mohammad Al-Esa, Abdulaziz Mohammed Al-Suba’ie, Essam Abdul-Qader Al-Muhaidib, Ghassan Ahmed Al-Sulaiman and Mohammad Yousuf Naghi.

The establishment of the National Centers for Family Enterprises achieves a number of strategic objectives that will lead to sustainable development of companies and the consolidation of the governance concepts, in addition to encouraging the companies to invest in the capital market and to contribute in the disputes settlement that may arise in such companies.

The family enterprises account for 538,000, representing 63 percent of the total institutions operating in the Kingdom by the end of 2017. They contribute SR810 billion to GDP, or 32 percent.

These family enterprises accounted for 66 percent of the private sector contribution to the GDP by 2017. They employed 7.2 million people, representing 76 percent of the private sector workforce and 52 percent of the total manpower in the Kingdom by 2017.

The Ministry of Commerce and Investment issued in May last year the Guidance Charter for the Family Enterprises.

November 06, 2018
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