24 Hrs
Source:
الاقتصادية
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Concealment leads to ownership-management gap
A report reveals that the phenomenon of commercial concealment in Saudi Arabia's real estate and contracting sectors presents a significant challenge, threatening market efficiency and project integrity. It allows migrant workers to manage trade establishments in the name of citizens without proper oversight, creating unfair competition, reducing the quality of execution, and jeopardizing the sector's sustainability. The lack of clear regulations and a comprehensive strategy is a major factor behind this spread, as some individuals exploit the absence of oversight to establish commercial records for obtaining work visas without engaging in genuine contracting activity. It is also expected that the value of sector projects will exceed 3 trillion riyals over the next three years. Despite the sector's importance and the fact that subcontractors account for 75% of construction work, the absence of a main regulatory authority and the lack of transparency increase risks and undermine fair competition. This highlights the urgent need to organize government efforts and implement clear strategies to curb concealment practices and improve project quality.
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