RIYADH, 12 March 2006 — The Saudi International Chamber of Commerce (ICC) has announced the launch of a first committee for local banks at a press conference at Al-Faisaliah Hotel in Riyadh. One of the new committee’s tasks is to participate in setting the commercial rules and regulations formulated and proposed by the Paris-based International Chamber of Commerce (ICC).
The press conference was attended by Marcus Wallenberg, Chairman of the ICC and Khalid Al-Juffali, Chairman of the Saudi International Chamber.
According to banking sources, the committee encompasses in its membership both local and foreign banks operating in the Kingdom. It will play a key role in promoting interaction with the ICC through the international banking sector which is regarded as the most important in formulating international rules in banking and also document regulation used by international companies.
Wallenberg stated that the ICC’s tasks rest on supporting all activities aiming at the global economy via activating the commercial exchange and investment and opening markets for the sake of expediting the movement of goods and ensuring the free flow of capitals. He said, “The ICC features basically in formulating rules regulating a large number of daily commercial deals and movements; the strong and effective presence in settling the international commercial disputes through one of its organizations namely (the International Arbitration Authority) as well.”
Al-Juffali welcomed the ICC chairman and then highlighted the chamber’s achievements as well as the important role it plays in regulating banking activities all over the world. He pointed out, “The Saudi ICC will deal with the private sector and businessmen in the Kingdom through the committees we have working on them such as the arbitration committee chaired by Prince Bandar ibn Salman, adviser to Custodian of the Two Holy Mosques King Abdullah, and the banking committee chaired by Issa Al-Issa, a member of the board of directors.” Commenting on relations between the ICC and WTO (World Trade Organization), Al-Juffali said, “The WTO deals with governments whereas the ICC deals with businessmen and companies worldwide.”
