The official newspaper in Saudi Arabia, Umm Al-Qura, published details of the organizational arrangements for the Investment Council.
The Council aims to contribute to strengthening institutional communication between the public and private sectors. In order to achieve this – and without prejudice to the powers and responsibilities of other government agencies – the Council undertakes the following tasks and powers:
1- Studying the proposals of the private sector, proposing recommendations in this regard, and submitting them to the Ministry or the relevant committees as determined by the Chairman.
2- Identify and identify the obstacles and challenges facing the private sector in investment within the Kingdom, propose the necessary treatments, and submit them to the relevant ministry or committees as determined by the President.
3- Evaluating the activities and efforts made by government agencies related to investment, and submitting them to the relevant ministry or committees as determined by the President.
4- Forming executive committees, defining their tasks, supervising them, and following up on the implementation of their work.
5- Submitting annual reports to the committee, provided that the report includes: (the Council’s achievements, difficulties and challenges, and proposed solutions).
6- Carrying out any other authority or task assigned to him by the committee in a manner consistent with the nature of his tasks and contributing to achieving the desired goals.
He may – also – seek the assistance of whomever he deems appropriate from among the houses of expertise and specialization to study the issues that fall within his duties and responsibilities and follow up on his work. The decision to form each committee and its working group is its chairman and members.
He may request the necessary information and data related to investment from the relevant authorities, which would assist him in studying the topics that concern him or are referred to him.
Fourthly:
The Council is headed by the Minister and the membership of each of the following:
A representative from the Public Investment Fund.
A representative from the National Development Fund.
– A representative from the Ministry of Commerce.
– A representative from the Federation of Saudi Chambers of Commerce.
– A representative from the National Center for Family Enterprises.
Provided that the rank of the members is not less than the (excellent) rank or its equivalent, and the president chooses a deputy from among the members of the public sector.
– A number of not less than (11) members from the private sector, to be nominated by the Chairman, and their appointment is issued by a decision of the Chairman of the Committee.
Fifth:
1- The Council meets at the invitation of its Chairman – or his deputy – at least twice a year, and whenever the need arises according to what the Chairman estimates, or at the request of a third of its members. The meeting is not considered regular unless it is attended by at least a majority of the Council members, including the President or his deputy.
2- The decisions and recommendations of the Council shall be issued by the majority of the votes of at least the members of the Council present, and in case of equality of votes, the side with which the chairman of the meeting voted will prevail.
3- The council’s deliberations and decisions are documented in minutes signed by the chairman of the meeting and its attending members.
4- A member may not abstain from voting, nor authorize another member to vote on his behalf in his absence. A member who objects to any decision must record his objection with reasons in the minutes of the meeting.
5- The Board may invite specialists and consultants whom it deems useful to attend its meetings, without having the right to vote.
6- The Council may – when necessary – issue its decisions and recommendations by circulation, provided that all members of the Council agree, provided that this decision is presented at the first subsequent meeting to be recorded in the minutes of the meeting.
7- The meetings of the Council shall be held at its headquarters, and may be held in another place within the Kingdom with the approval of the President, and the Council may hold meetings and vote on them remotely through the use of technical means.
Sixthly:
The council shall have a general secretariat based in the ministry, headed by a secretary general who is appointed by a decision of the president. The secretariat undertakes the following tasks:
1- Providing logistical and administrative support to the management of the Council and its committees and teams, and coordinating their meetings.
2- Supervising the communication of the recommendations issued by the Council to the concerned authorities, and following them up.
3- Conducting relevant studies and presenting them to the Council.
4- Proposing the rules governing the work of the secretariat, and submitting them to the Council; for adoption.
5- Preparing reports on the Council’s work and achievements at the end of each fiscal year, and submitting them to the Council.
6- Any other work assigned to it by the Council.
Seventh: The Council shall have an annual budget (programme) within the Ministry’s budget, from which it shall be disbursed by a decision of the President, in accordance with regulations issued in agreement between the Ministry of Investment, the Ministry of Finance, and the Ministry of Human Resources and Social Development.
Eighth:
Arrangements shall be implemented from the date of their approval.
