CSC Officials Praise Royal Decree Ordering Inventory of Delayed Payments to Private Sector

 Officials of the Council of Saudi Chambers (CSC) released a statement in appreciation of the Royal Decree ordering an inventory of all delayed payments of the private sector, urging to study all outstanding dues and propose suitable solutions to expedite their clearance.

CSC Chairperson Eng. Ahmed Al Rajhi praised Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and Crown Prince Mohammed bin Salman for this decree, noting that it reflects keenness on the Saudi leadership’s part to foster the role of the private sector as a key partner in the economic development process. Al Rajhi expects that the decree will contribute to the advancement of national economy, calling it an indication that the Kingdom’s economic reforms are bearing their fruits.

Al Rajhi added that the royal decree will reflect positively, especially on the real estate sector, in the upcoming period, as it has the largest number of SMEs (amounting to 90% of enterprises in the Kingdom), noting that it will also incentive the sector to implement the development and service projects relevant to the state budget at the highest quality and in due time. The CSC Chairperson encouraged workers in the real estate sector to join their efforts to realize the Kingdom’s endeavors in this regard.

For his part, CSC Vice Chairperson Dr. Sami Al Obaidy described the decree as a reflection the Saudi leadership’s faith in the private sector and its care to address challenges hindering its performance, especially in regards to delayed payments. He expects for the royal decree to revitalize the economy as the real estate sector is one of the largest in the Kingdom.

CSC Vice Chairperson Muneer bin Saad stated that the royal decree is an indication that the Saudi economy is on the right path to reform, starting with the launching of the Saudi Vision 2030; adding that it will enhance the performance of the real estate sector and increase its capacity to implement projects.

CSC Secretary General Dr. Saud Al Meshari commended the government’s commitment to protecting the interests of the private sector and addressing its concerns in due time, as per the newly-issued decree; adding that the decree will accelerate the implementation of relevant projects across the various regions of the Kingdom, increasing in turn the real estate sector’s role in realizing the Saudi Vision 2030.

The CSC officials concluded their statements by conveying their appreciation to King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman for taking this step, which shall accelerate the growth of national economy.