Important Government Authorities In Saudi Arabia

When starting a new business in a particular country, one has to be extremely careful to review all the relevant factors. It is important not only to factor in the cost of doing business, but effort should also be made to gather crucial details about the place. Information about the crucial government authorities in Saudi Arabia is also required as you may have to deal with many of these organizations to open your commercial set up. Acquiring the detailed information about some official channels will also enable you to approach them at the time of your need.

Supreme Economic Council- It is the principal coordinator between many of the prominent economic agencies of Saudi Arabia, integrating their projects and helping in decision-making on vital economic matters. Formed under the aegis of HM King Abdullah in 1999, this government authority facilitates development of various financial agencies.

Saudi Arabian Monetary Agency (SAMA)- Being the central bank of Saudi Arabia, it issues the national currency- Saudi Riyal and also regulates the activities of other banks. The country's foreign exchange reserves are also managed by this agency. Fiscal policy is provided by this government authority for maintaining exchange-rate stability in the country. It is also responsible for promoting the financial strength of the country.

Ministry of Economy and Planning- It is responsible for ensuring that all government authorities operate in a coordinated way in order to attain the economic goals of the Kingdom of Saudi Arabia. The Ministry is responsible for performing several relevant functions. It provides a periodic financial report on the country's economic progress and also prepares the five-year development plans. This government authority is also entrusted with the task of assessing the degree of financial resources required for executing development plans as sanctioned by the Council of Ministers.

Saudi Industrial Property Authority (Modon)- If you want help in getting industrial land in Saudi Arabia for setting up a new business, you would have to deal with Modon. It is involved with the promotion and control of Industrial Estates and Technology Zones. It also aims at increasing the participation of private players in the development and maintenance of key economic zones.

Ministry of Commerce and Industry- Anyone undertaking a large-scale commercial or industrial project in the Kingdom of Saudi Arabia has to get their project approved from the Ministry of Commerce and Industry as this is the government body responsible for providing sanction to all industrial and commercial activities.

Chambers of Commerce- The rapid economic expansion of the Kingdom of Saudi Arabia and the need to strengthen the commercial base of the country gave rise to the Chambers of Commerce. This government authority plays an active role in accelerating the country's economic development.

General Directorate of Passports- This body is entrusted with the responsibility of executing and monitoring policies and programs related to human traffic within the kingdom. It regulates the activities of companies that employ non-residents.

Ministry of Labor- For setting up business in Saudi Arabia, you would also need to make use of the human resources present in the country. For this reason, you may also need to establish contact with this Ministry as it is this body that deals in manpower planning and labor relations.