Saudi finance ministry boosts Kingdom’s business environment with new law

Saudi finance ministry boosts Kingdom’s business environment with new law
Saudi finance ministry boosts Kingdom’s business environment with new law

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Jeddah - Yasmine El Tohamy - DUBAI: Saudi Arabia’s Ministry of Finance (MoF) has implemented a new government tender and procurement law that promotes the local business environment, as well as improve efficiencies in government spending and financial planning.

The legislation, which comes as the Kingdom continues to work towards its Vision 2030, puts focus on local businesses, small-to medium-enterprises (SMEs), and publicly listed companies – granting them preference in public tenders.

The law also appoints the Center of Spending Efficiency (CSE) with functions including finalizing framework agreements on procurements, reviewing feasibility studies, and developing training programs for government employees.

Among the highlights of the new law is the additional requirement government agencies to publish their plans and procurements into an online platform called “Etimad” to ensure quality in projects and services.

The online system would also “introduce mechanisms and committees to consider complaints, grievances, violations and solving disputes throughout all stages of tendering and contracting,” according to a release by the MoF.

“The new law aims to regulate and facilitate government procurement, prevent exploitation of influence and impact of personal interests, achieving the best value of public funds.”

It was implemented to promote “integrity, transparency, achieving equality, providing fair treatment to bidders and promoting economic development.”

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