JEDDAH: A visiting delegation from the World Bank (WB) held a series of meetings with leaderships of legal and executive bodies of the Riyadh Chamber of Commerce and Industry (RCCI) and representatives of private sector firms.
The meetings were aimed at acquainting the delegation with indexes of business performance, new changes in business environment, and an economic outlook for the coming years based on 11-point indexes set by the WB to measure financial and economic transactions.
The delegation listened to a briefing made by Director General of the Legal Affairs at the RCCI Majid Al-Hadiyyan on services provided by Saudi chambers of commerce through the private sector and strategic partnerships with the public sector related to economic development that had been adopted by the chambers.
The Saudi chambers are playing a pivotal role in providing data, studies, statistics, and other proposals aimed at boosting the preparedness of Saudi commerce and industry to face world competitiveness in addition to solving disputes through amicable means, Al-Hadiyyan told the World Bank delegation.
He said Saudi chambers used to settle disputes through two mechanisms.
Firstly, peaceful and amicable means where one party approaches the chamber to settle the dispute with the other party (Saudi or foreign). Secondly, through arbitration undertaken by a committee provided by the chamber.
Al-Hadiyyan gave some figures on the number of disputes settled by the RCCI between 2006-2010.
He said RCCI handled 5,312 in 2010 compared to 1,040 in 2006. He said this reflected the awareness of businessmen on the benefits of legal consultations provided by the chambers.
Al-Hadiyyan also discussed the committee entrusted to give guidance on insolvency and its role in providing legal and administrative consultancy for companies, especially big ones.
© Arab News 2012
