On Thursday, February 21, 2019, Asharqia Chamber organized a workshop organized entitled "The most important reforms that serve investors."
Fahad Al-Shaalan, who is responsible for the improvement of the performance of the private sector (Tayseer), stresses that the Committee handled 300 initiatives in cooperation with various 40 government agencies.
He pointed out that it completed 136 initiatives, and still working on 167 initiatives.
He pointed out that the initiatives are aimed at improving the Kingdom's ranking in global indices, attracting domestic and foreign investment and increasing private defense contribution to GDP.
During the workshop, he said that the Committee received 753 cases containing challenges, observations and proposals.
He added that the Commission has dealt with 279 cases and the testimony of the private sector, while 309 cases are being studied and 147 approved.
He stressed that the cases received include investment licenses for the main sectors and regulations, municipal requirements, resettlement and labor market procedures, unfair competition in target sectors, commercial fraud, occupational safety, industrial safety measures, and supporting entrepreneurship and infrastructure for the logistics sector.
The Committee re-engineered the procedures in 9 priority sectors and reduced the total licensing requirements from (17213) to (7841) by removing 54% of the requirements, converting 64 businesses requires a license to a notice just starting, and the conversion of 88 businesses requires a municipal license to an immediate municipal license.
The Committee also is re-engineering the procedures and requirements of the comprehensive building permits in the Municipality of Riyadh as a pilot platform and prepare and improve the evidence of investors to 8 government agencies to build a database of more than 53 thousand points data.
For his part, Turki al-Askar, from the Ministry of Commerce and Investment, said that Tayseer's "Starting a Business Committee” works to make a business in one day through immediately booking the company's name electronically and revoking the company's memorandum of association, completing the steps of establishing the company contract, paying the fees electronically, cancellation of the requirement of prior approvals for the issuance of the Commercial Register, electronic documentation of the contract of incorporation and the need for the consent of the guardian of the woman to start the process of commercialization.
He pointed out that the Committee has reformed (12) remark according to the requirements of the World Bank and reformed (42) remark from the private sector.
As Thanyan Al-Thani, from the Saudi Customs, stressed that Tayseer's “Cross-border Trade Committee” said, "The Authority was able to complete the procedures of 85% of the clearance operations that take place 24 hours ago, while 20% of transactions completed clearance procedures before the arrival of ships to ports.”
He added that the Authority is moving to provide an integrated electronic environment for procedures and to enhance transparency of the costs related to import and export and electronic connectivity between all government agencies and the pre-clearance of authorized operators.
He added that the Authority has contributed to reducing the documentation of the import from 12 documents and export from 9 documents to two documents, as well as a review of the time and cost related to the compliance obligation and the documentary obligation of import and export.
Mohammed Tashqandi, from the Arab Monetary Agency, said that Tayseer's "Access to Credit Committee” is working on the secured transactions system project with a more comprehensive universe of commercial foreclosure includes all secured transactions such as the sale of the transferred money on the condition of recovery or re-purchase when refraining from fulfilling obligations and putting the subdivision on sale, as well as the possibility of entering into the contract of foreclosure by transfer of possession or registration, which helps in benefiting from the facilities of the assets encumbered in the operational work, the possibility of mortgaging money to more than the mortgagee in order to benefit from the value of the money, to expand the range of debt to which the money can be provided as a guarantee and the possibility of voluntary implementation, which gives priority to the creditors involved in bankruptcy cases.
Walid al-Kalash, from the Ministry of Labor and Social Development, said that “ The Efficiency of the Labor Market Committee” from Tayseer said that the Ministry is working to re-orient the incentives community and propose new incentives to benefit from the value added of the target sector, as well as to adapt the incentives and relative prices between the public and private sectors in order to increase the number of Saudi workers in the private sector.
He noted that the number of initiatives launched by the Ministry were 68 initiatives to stimulate the private sector to settle with 40 initiatives that announced, and 3-4 initiatives being launched weekly.
Thamer Al-Juhani, from the Ministry of Education, said that “The Education Committee” from Tayseer" works on curriculum development from kindergarten to secondary school, which is including science and math according to “STEM."
In addition, the Ministry launched the Digital Education Transition Initiative "Future Gate" that has been applied to 1500 schools to teach the digital skills of primary students targeted for this year 6 thousand and will increase to 12 thousand by the end of this year.
Awatif Al-harthy, from the Ministry of Education, said that the Ministry has opened foreign investment in education (universities and schools) and (2) British companies were given approvals for the opening of English language institutes and institutes for people with special needs and the preparation of the draft regulations for universities and colleges.
Regarding “The Enforcement of Contracts Committee" in Tayseer, Moataz Altwaijri, from the Ministry of Justice, said that the Ministry is working to enhance the transparency of all concerned in the justice sector through the publication of verdicts for commercial cases and the dissemination of comprehensive statistics of the performance of commercial courts, as well as reducing time to decide on commercial issues by setting a time limit for the case and setting a higher limit for postponements and allocate a single judge to the commercial cases of less than one million riyals and activate the first hearing (pre-trial meeting).
He pointed out that the Ministry is working on the completion of the procedures and stages experienced by the case through the filing of the case and the registration and transmission electronically and the adoption of electronic means in the judicial notifications and the submission of the defense note electronically.
Turki al-Ruwaili, from the Bankruptcy Committee, said that the Committee has enabled the debtor to continue its activity and the balance between restructuring and liquidation and taking into account the rights of creditors and confidence and transparency in financial transactions.
Falah al-Halafi, from the Ministry of Justice, said that the "Registration of Ownership Committee” from Tayseer promotes the reliability and transparency of the work of the writings of justice and facilitates the process of transfer of ownership through the completion of procedures and the deployment of a clear mechanism for registering property.
Abdullah Al-Mohawes, from the Capital Market Authority, said that the Authority is working to stimulate and encourage private sector companies to put and listing their shares in the financial market in order to improve the procedures of offering and listing to stimulate the proposals, give the authorization of experimental financial technology for two local companies as the first product of the Technical Technology Laboratory, the establishment of the administration of special purpose entities in the Authority to assist companies in obtaining financing through an alternative source of bank loans and financial institutions through issuing debt instruments through a special purpose entity.
Abdul Mohsen Al-Jafal, from the Small & Medium Enterprises General Authority, said that the Authority has allocated 12 billion to finance four initiatives, namely the bold investment initiative that worth 2.4 billion and focused on stimulating capital finance for small and medium enterprises, the Entrepreneurship initiative in the Kingdom with the investment funds and the initiative to recover government fees worth 7 billion in cooperation with the Local Content and Private Sector Development (NAMA) in order to support enterprises to achieve growth during the first years of operation and the indirect lending initiative of 1.6 billion.
The initiative contributes to raising lending rates and improving the access of small and medium enterprises to finance and contribution to GDP and the initiative to strengthen the 800 million bail program in cooperation with the program "Kafalah."
