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His Excellency the Vice Minister of Human Resources and Social Development for Social Development, Mr. Badr bin Ibrahim Al-Suwailem, sponsored today, Monday, 13 April, at the Ministry’s headquarters in Riyadh, the closing ceremony of the Governance Visits Project for Cooperative Societies in its third cycle. The event was attended by His Excellency the Representative of the Ministry of Human Resources and Social Development, Mr. Ahmed bin Saleh Al-Majed, along with a number of ministry leaders and representatives of relevant entities.
This ceremony comes as an extension of the Ministry’s efforts to develop the cooperative sector and enhance the level of governance and compliance among cooperative societies, thereby contributing to improving administrative and organizational efficiency and achieving financial and operational sustainability within the sector.
In his remarks on this occasion, His Excellency the Representative for Social Development noted that the achievement of full scores by a number of cooperatives in the governance project, along with the increase in the sector’s overall compliance rate, clearly reflects the maturity and commitment to regulations and bylaws within this promising sector. He emphasized the importance of continuing the sector’s growth across all levels, regions, and areas of specialization.
His Excellency also addressed the cooperatives that have witnessed a 130% increase in both their numbers and revenues compared to 2019, with the total number of cooperatives reaching 558.
In his concluding remarks, Mr. Al-Suwailem affirmed the Ministry’s support for building and strengthening the cooperative sector system and enhancing its operational and developmental efficiency, in a manner that reinforces its contribution to achieving sustainable economic and social development, in line with the objectives of Saudi Vision 2030.
During its third cycle, the project carried out 435 field visits aimed at assessing the level of compliance with governance standards and measuring the maturity of administrative and organizational practices. The results showed a notable improvement in the overall average performance, reaching 80%, representing an increase of 33% compared to previous cycles. The project also contributed to the implementation of more than 3,000 corrective actions and the resolution of a number of challenges, which positively reflected on the levels of compliance, transparency, and financial governance within cooperative societies.
The ceremony featured a presentation of the project’s key results and achievements, in addition to honoring the cooperatives that demonstrated outstanding performance in this area.
It is worth noting that the Ministry of Human Resources and Social Development is keen to encourage cooperative societies to adopt best practices and to strengthen the sector’s role as a developmental contributor that supports the national economy and contributes to empowering local communities.
