24 Hrs
Source:
الاقتصادية
Al-Jad'an: Private sector focus increased
The new Government Tenders and Procurement System in Saudi Arabia aims to enhance transparency and efficiency in government contracting processes, with a focus on empowering the private sector to achieve Saudi Arabia’s Vision 2030 objectives. The system includes establishing a regulatory framework that supports research and development, localization of industry, and knowledge transfer. It also promotes competitiveness by integrating bidding committees, developing methods for direct purchasing, and limited contracts. Additionally, it seeks to improve procedures for disbursing financial dues to the private sector, thereby increasing trust, driving economic growth, and developing the capabilities of the private sector within the Kingdom.
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