Saudi finance ministry warns against starting government projects before contract awards
RIYADH: As Saudi Arabia steps up efforts to strengthen discipline in public procurement and contract execution, the government has approved a new Government Tenders and Procurement Law to enhance governance, transparency and the efficiency of the procurement system.
Asharq Al-Awsat has learned that the Ministry of Finance has warned domestic private-sector companies that contract award and contracting procedures must be completed in accordance with the approved regulations before work begins on any government project, service or procurement.
On August 4, the Cabinet approved the new Government Tenders and Procurement Law to strengthen governance and transparency, improve planning and execution, and promote clarity, fairness and equal opportunity in competitive bidding and contractual dealings.
Finance Minister Mohammed Al-Jadaan said the law builds on the Kingdom’s efforts to develop the regulatory framework supporting the goals of Saudi Vision 2030, including stimulating investment and improving the efficiency and sustainability of public finances.
