The Family Business Forum continued its work in Jeddah, where the Family Business Forum was held under the title “Family Businesses Towards Institutionalization and Sustainability”, which discussed the main features of the draft “New Companies Law”, which included amendments that would encourage the transformation of family businesses into closed joint stock companies to help the governance of family businesses.

Dr. Tariq bin Abdullah Al-Naim, Undersecretary of the Ministry of Commerce and Industry for Internal Trade <Dr. Tariq bin Abdullah Al-Naim, Undersecretary of the Ministry of Commerce and Industry for Internal Trade, addressed at the conclusion of the forum the most important initiatives of the Ministry, which included the draft family business governance guide and the guiding charter, following up the companies' compliance with the requirements of the current Companies Law, automating governance mechanisms on financial lists through the Qawaim platform, issuing controls and standards to ensure that partners exercise their rights as well as raising awareness about the rights and duties of management and shareholder partners and the new Companies Law. Al-Naim pointed out that the new law requires solidarity companies to have financial statements audited by a licensed external auditor, in addition to the most important measure that helps the governance of family companies and their continuity is the transformation of family companies into closed joint stock companies.

Naim pointed out that the new law requires solidarity companies to have financial statements audited by a licensed external auditor.