Al-Hammad urges creation of more Saudi cooperative societies

Al-Hammad urges creation of more Saudi cooperative societies

Prince Saud Bin Salman Bin Abdulaziz (left), the Honorary President of the Saudi Cooperative Societies, present a plaque of appreciation to Mohammad Al Hammad, who has been appointed the Honorary Vice-Chairman of the Saudi Cooperative Societies Council

RIYADH — Under the directives of Prince Saud Bin Salman, the Honorary President of the Saudi Cooperative Societies, Mohammad Al Hammad has been appointed the Honorary Vice-Chairman of the Saudi Cooperative Societies Council. Al-Hammad, who is currently the Chairman of Board of Al Bayan Holding Group, was elected for the new position during the Cooperative Societies Council meeting held in Riyadh last Nov. 22.

Following the meeting, Al-Hammad expressed in a press statement his thanks and gratitude to Prince Saud Bin Salman the Honorary Chairman of the Saudi Cooperative Council, and to the rest of the board’s members for the trust they granted to him, saying that the next stage will witness a remarkable development in the activities of cooperatives associations after the issuance of the associations’ new law which provides a range of comprehensive benefits to the associations in various sectors in the Kingdom by the government of the Custodian of the Two Holy Mosques King Salman, the Crown Prince and the Deputy Crown Prince.

Al-Hammad added that “the cooperative sector comes third after the public and the private sectors in terms of its importance to the economy process of Saudi Arabia.  Our ambition, with the support of Prince Saud Bin Salman, is to have a horizontal and vertical expansion of the cooperative associations where their numbers don’t exceed 208 in Saudi Arabia, comparing to other countries such as Morocco and Malaysia, where the number of the cooperative associations have reached up to 22,000 and 24,000 consecutively,  playing an important role in raising and developing the economy in these countries.”

Al-Hammad encourages and invites  citizens to benefit from the advantages provided by the association and the establishment of cooperative societies, particularly in areas that regulate the production and professional aspects.  — SG