Newly-elected Riyadh Chamber members pledged all support to foreign investors in Saudi Arabia

RIYADH: The Foreign Investors Forum (FIF), led by investors from different countries including India and Pakistan, hosted a grand reception to celebrate and felicitate the newly elected members of the Riyadh Chamber of Commerce, Saudi Arabia, here recently. The event brought together foreign investors, industry leaders, top-notch professionals, and representatives from the business community, reinforcing the forum’s commitment to fostering collaboration and investment opportunities in the Kingdom.

The newly-elected members of the Riyadh Chamber of Commerce pledged to lend all support to the FIF while speaking on this occasion. Key attendees included prominent new members of the Riyadh Chamber of Commerce, such as Vice Chairmen Mr. Abdullah Al Khorayef and Mr Ajlan Saad Al-Ajlan, Board members Engr. Ibrahim Abdulrahman Al-Shaikh, Mr Muhammad A. Al Marshad, and Ms Khlood Abdul Azeez Al Dukheil.

Their election marks a significant step towards enhancing the Riyadh Chamber’s role in supporting economic growth and foreign investment. Mr Zafar Javed, General Secretary of FIF, opened the event with a warm welcome, saying: “It is an immense pleasure to celebrate the newly elected members. We are proud to be part of a united effort contributing to meaningful initiatives like Vision 2030. With diverse members from various countries in our forum, we look forward to shared growth and success.”

In his address, Engr. Owais Ahmad, FIF President said: “On behalf of the forum, I warmly welcome all and congratulate the newly elected members. We were committed to supporting them. And it is a moment of joy as all members we supported have emerged victorious in the election.” Engr Owais said that the Riyadh Chamber, established on September 20, 1961, has played a pivotal role in the development of the region’s business landscape.

Approved initially under the leadership of King Salman bin Abdulaziz, the then Governor of Riyadh region, the Riyadh Chamber of Commerce has evolved significantly since its inception. The first chairman of the chamber was Abdulaziz Al Muqairen. With the announcement of the ambitious Saudi Vision 2030 in 2016, the Chamber has seen remarkable growth, with many regulations changing to create a more favorable environment for foreign investors.

“The Foreign Investors Forum was born at the right time, serving as a perfect link between the Riyadh Chamber and foreign investors,” said Engr. Owais, whose brainchild is the FIF, an apex business body comprising a large number of investors from different countries. “Our objectives are to promote Saudi Arabia globally, facilitate trade, and provide a platform for interaction between foreign and local investors as well as businessmen,” he added.

Speaking on this occasion, Engr. Ibrahim Abdulrahman Al-Shaikh, a newly-elected member of the Riyadh Chamber of Commerce, emphasized the importance of collaboration, saying: “We are looking for more opportunities in import and export, particularly in the energy sector. Please share any challenges you face; we are here to support you.”

In her candid address, Kholood Abdul Azeez Al Dukhail, another Riyadh Chamber member, expressed her gratitude for the recognition and the FIF’s role in promoting inclusivity and networking. She commented: “This shouldn’t just be called the Foreign Investors Forum; it’s a local initiative as we are all part of KSA. Business knows no boundaries, and we are here to explore opportunities together.”

In his speech, Vice Chairman Abdullah Al Khorayef highlighted the Chamber’s commitment to economic diversification and the importance of foreign investment. “We have 16 specialized committees at the Chamber, focusing on value-added sectors. We are dedicated to supporting different sectors and the government,” he stated. “Our job is to care for every Commercial Registration (CR), as we currently manage over 600,000 CRs,” he observed.

Al Khorayef further said that “the Riyadh Chamber of Commerce promises to support and advocate to ensure growth in your business, which will go a long way in contributing to the Saudi economy.” Prominent foreign investors and top-notch professionals attended the FIF event from various countries such as India, Pakistan, Yemen, United Kingdom, Syria, Egypt, Canada, Oman, Sudan, Jordan and many others. As the FIF continues to foster international partnerships, it is dedicated to creating a prosperous and collaborative environment for foreign investors in Saudi Arabia.

The recent election of Riyadh Chamber marks a significant step towards enhancing the Chamber’s role in supporting economic growth and foreign investment. To this end, it is important to note that Saudi Arabia is undergoing a profound economic transformation under its Vision 2030 plan. The reform agenda seeks to diversify the Kingdom’s economy by fostering growth in non-oil sectors, enhancing foreign direct investment (FDI), and modernizing various industries. The Kingdom issued over 8,500 foreign investment licenses in 2023. Foreign investments in Saudi Arabia stood at SR2.79 trillion by the end of 2024, according to data from the SAMA.

During the event the FiF presented the mementos to the newly elected members of the Riyadh Chamber and also to the FIF organizing team members, symbolizing a shared commitment to advancing economic development in the Kingdom. Engr Talha concluded the program by thanking the honorable guests, various foreign and Saudi Investors, and FIF organizing team for making this event successful. Engr. Talha also thanked the management of Madareem Hotel for their support and hospitality in organizing this grand event.

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