Saudi Minister of Commerce Dr. Majid Al-Qasabi stressed the importance of The new companies system approved by the Council of Ministers yesterday, which lies in its comprehensiveness and its collection of forms and types of companies «commercial, professional and non-profit» in one legislative document, and keeping pace with all economic developments in the business environment.The system, which was developed under the direct follow-up of Crown Prince Mohammed bin Salman, is characterized by high flexibility to protect companies and enable the private sector to contribute significantly to achieving the goals of Saudi Vision 2030, adding that it will contribute to stimulating and developing the commercial system, encouraging bold investment, and will have an important role in realizing the hopes of family companies and organizing their work through the conclusion of the «Family Charter», and addressing the challenges of entrepreneurs by approving the «Simplified Joint Stock Company», to meet the needs and requirements of entrepreneurship and venture capital growth.

Dr. Qasabi explained that the system was developed with direct follow-up from the Crown Prince.