RIYADH: The Federation of Saudi Chambers and the Bankruptcy Commission have signed a memorandum of understanding to strengthen cooperation on the early warning initiative.
The partnership aims to help private-sector businesses better identify signs of financial distress and address them at an early stage. It also seeks to promote business sustainability and improve the efficiency of the business environment, the Saudi Press Agency reported.
The MoU is set to expand cooperation between the two sides in raising awareness of the bankruptcy framework and its procedures, conducting studies, research and opinion polls, developing awareness programs, exchanging expertise, and building capabilities.
It will also leverage the network of chambers of commerce to reach private-sector businesses across the Kingdom.
The agreement forms part of the two sides’ efforts to strengthen public-private partnerships, activate the early warning initiative, and enable private-sector businesses to benefit from preventive tools that support business continuity.
These efforts contribute to improving the efficiency of the business environment and enhancing the competitiveness of the national economy in line with the objectives of Saudi Vision 2030.
