1999 News Story

Saudi Chambers of Commerce Issue Report

The Council of Saudi Chambers of Commerce and Industry has released its 11th Annual Report, and declared that the Saudi economy is continuing its good performance. The report, which covers fiscal year 1997 (1417-1418), states that in that year the Gross National Product (GNP) grew by 7.1 percent, and amounted to about SR 547 billion (U.S. $ 145.9 billion). Predicting that the Kingdom's financial policy will be capable of eliminating the general budget deficit by the year 2000, the report said that trends for 1998 and 1999 are expected to be positive.

The activities of the Council include contributing to conferences, seminars, and economic research, and extending legal advice on commercial problems. The Council also plays a crucial role in promoting training courses, and in combating commercial fraud. The various chambers have been boosting investment activities, supporting small establishments, promoting commercial exchanges overseas, and giving support to economic research, libraries, data centers, national exhibitions, domestic tourism, and the process of Saudization.