The Shura Council approved on Monday a new system for companies, aimed at developing the trade environment in the Kingdom and moving it to a better stage that competes with other international business environments.

Fahd Al-Takhifi, council member and Chairman of the Trade and Investment Committee, told Asharq Al-Awsat that the new system provides an incubating and stimulating regulatory environment for initiative and investment, boosts the value of companies, develops their activities and contributes to supporting the national economy.

All this will reflect positively on the country’s leadership position and its competitive advantages.

Takhifi indicated that the current project, in its entirety, sought to achieve several goals in line with the Kingdom’s Vision 2030.

Moreover, it supports the growth of the entrepreneurship sector and SMEs and ensures the availability of fair practices for the principles of corporate governance and institutional work.

According to Takhifi, the system includes basic principles and provisions with the aim of reducing disputes between stakeholders, ensuring fair treatment of all partners and shareholders, enhancing the rights of customers, facilitating attracting capital, providing long-term funding sources at the lowest costs, and developing the regular environment for non-profit work.

The importance of the system lies in being one of the main tributaries to achieving the objectives of the Kingdom’s vision, said Takhifi, explaining that it does so through increasing the participation of the private sector and boosting the value and development of companies to the Kingdom’s GDP.