The Eastern Chamber of Commerce recently hosted the 2024 Commercial Forum, titled ‘Future of Business’, at its headquarters in Dammam. The event featured Sami bin Ibrahim Al Husseini, Governor of the General Authority for Small and Medium Enterprises (Monsha’at), as a keynote speaker, alongside specialists and experts in the commercial sector. The opening was conducted by Turki Al-Tamimi, on behalf of Prince Saud bin Nayef bin Abdulaziz Al Saud, Governor of the Eastern Province.
According to Badr Al-Raziza, President of the Eastern Chamber, the forum aims to highlight a sector that is central to the goals of Vision 2030. It seeks to foster an effective networking environment, gather valuable insights, and enhance the role of the private sector as a partner in the national economy. Furthermore, it intends to develop investment partnership tools in national projects and emphasize the principle of sustainability in business.
Al-Raziza emphasized that the commercial sector is a vital growth driver that boosts investment opportunities, competitive abilities, encourages innovation, and generates stable job opportunities. It is the true indicator of growth and the primary enabler for sustainable economic development.
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The sector is currently experiencing significant growth due to the country’s economic momentum and various projects, as well as unwavering support from the leadership. Saudi Arabia has ranked first globally in the ease of starting business practices according to the 2023 Global Entrepreneurship Monitor report, maintaining this position since the 2022 report.
The forum serves as a platform driven by the Eastern Chamber to increase the private sector’s role as a fundamental partner in the national economy. It also aims to foster collaboration and communication between relevant entities and commercial entrepreneurs in the region, raising awareness of the investment opportunities available within the vibrant economic environment.
Hani Bin Hasan Al Afaleq, Head of the Commercial Committee at the Eastern Chamber, highlighted the Kingdom’s unprecedented economic growth and dynamic activity across all levels, resulting from Vision 2030’s comprehensive outlook and ambitious programs. This progress has been reflected in the commercial sector through significant leaps in various indices, including the cost of capital, trade exchange, consumer price inflation, and legislative support for company establishment. Additionally, the Kingdom ranked third among G20 countries and 17th globally in the annual Global Competitiveness Report.
The business landscape in Saudi Arabia is undergoing a significant transformation, evident in the improved business environment, streamlined commercial operations, digital transformation, and the substantial growth in the number of business registrations, exceeding 1.35 million according to the Ministry of Commerce.
The Eastern Chamber organizes this forum recognizing the importance of foresight in understanding customer behavior trends, especially with the continuous rise of e-commerce and its impact on the future of business. Continuing dialogue is essential for leveraging the values of competition and sustainability as key strategies for success, distinction, and business enhancement.
