Financial and Procurement Policy
The Financial Resources Department is responsible for all the activities pertaining to the estimated budget, annual balance sheet, and the financial and administrative affairs. Its services cover all the departments and offices of the Chamber. The Financial Resources Department endeavors to improve its performance through developing the financial and administrative systems and the bylaws on continuous basis by providing all such administrative services necessary towards supporting the human resources work and the regulatory units to complete the strategic and operational projects and the day-to-day tasks as well. The financial and accounting activities and operations are carried out at the Chamber as per legislations, bylaws, financial policies, regulations, and general rules to ensure good and rational use of public funds and property at the Chamber as competently as possible. This is in addition to developing financial methodologies and policies that better serve the financial strategic objectives of the Chamber, and for the purpose of rationalizing the expenses and conserving the financial resources towards optimal use of the same.
The procurement at the Chamber represents a very vital and essential channel providing the Chamber departments and relative regulatory units at all times and at all events with all needs required by such departments and regulatory units including services, items, materials, or services to ensure day to day works requirements are met and fulfilled, not forgetting to purchase all such services, items, materials, etc at the best prices and with the highest levels of quality and standards from suppliers, with suitable qualities and at the suitable times as well. The methodology of suppliers management is related to the strategic objectives which contributes to setting balance between high quality and low cost, thereby reducing purchase costs and expenses, building and cementing partnerships and relations with such suppliers by appreciating their efforts, in addition to connecting the rights pertaining to commercial transactions with the suppliers through legal and notarized contracts.