RIYADH, 8 July — An executive meeting of the Council of Saudi Chambers of Commerce and Industry has decided to slash the council’s budget by 25 percent, a high-level source told Arab News.
The meeting was held at the farm of Abdul Rahman Al-Jeraisy, chairman of the Riyadh Chamber of Commerce and Industry.
The source said the meeting also discussed the election of a new CSCCI secretary-general from 23 nominees including economists and academics.
“The general secretariat presented a budget of SR20.37 million but the executive council reduced the amount to SR15.6 million,” the source pointed out.
The reduced budget is expected to make the task of the new secretary-general difficult because of financial constraints.
The executive meeting decided to cut short the budget after a number of chambers including those in Jeddah, the Eastern Province and Taif, had failed to pay their share of dues to the body citing financial difficulties.
