BAHA, 2 January 2003 — Baha Governor Prince Mohammed ibn Saud has formally complained to the Commerce Ministry about the poor performance and neglect of duties by the board of directors of the Baha Investment and Development Company.
Prince Mohammed is also unhappy about the inefficiency of the Baha Chamber of Commerce and Industry.
Speaking to Arab News, Prince Mohammed criticized the directors who exploited their position in the company to promote their personal business interests with scant regard for development of the region.
The prince urged the Commerce Ministry to examine the activities of the boards of the joint-stock companies in the region in general and review the auditing of certified accountants in particular.
Asked about the reported investments by the Baha Investment Company in projects outside the region, the prince said: "It is not, to be precise, the investment company that finances establishments outside the region but the board members who are doing it."
The prince pointed out that there are plenty of investment opportunities in the region in tourism projects.
"The region, unfortunately, does not benefit at all from the businessmen of the region. They do not support any tourist or social development project in the region. They live in Jeddah, Riyadh or in the Eastern Province. Only very few of them remain in the area," the prince said, commenting on the investment tendency of local businessmen.
He noted with disappointment that dozens of leading businessmen belong to this Baha but their link with the region is limited to their names as they were born here.
The prince also disclosed that the Baha provincial council’s plan to take firm action against the Baha Chamber of Commerce and Industry for its gross negligence in doing its duties including its failure to attract investors to the region.
"I am totally dissatisfied with the chamber. In fact, the chamber has failed to make use of the opportunities. Its income is very low and nobody in it seems to be dedicated. I pray Allah to bless us with a chairman capable of attracting investment," the prince added.
