Asharqia Chamber Chairman, Fahad bin Abdullah Al-Farraj, commended the Council of Ministers’ approval of the “New Government Tenders and Procurement Law,” extending his thanks and appreciation to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz, and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister, may Allah protect them. He affirmed that it embodies the continuation of the legislative and regulatory development journey in accordance with Vision 2030, and reflects the wise leadership’s keenness to strengthen and consolidate the principles of transparency and governance and support the growth of the private sector.
Al-Farraj said that the new law represents an important step toward building a more efficient and competitive business environment, by establishing clear and fair procedures in government tenders and procurement, which enhances transparency and equal opportunity and gives companies a greater ability to plan and invest.
He added that the private sector will be among the most prominent beneficiaries of the new law, because its importance is not limited to regulating government purchasing processes, but will enable national establishments of all types to access government opportunities, and give them greater confidence and incentive to invest, develop their capabilities, and raise their competitiveness. He noted that the new law has strengthened the concepts and provisions of “financial discipline” rules at government entities, which will undoubtedly reflect positively on companies’ cash flows, enabling them to meet their operational obligations, raise the efficiency and speed of executing their projects, and expand their business with greater confidence. He pointed out that the new law is an opportunity to enhance the private sector’s contribution to development, support market competitiveness, and raise the quality of government services and projects, in a way that achieves sustainable value for the national economy and enhances the attractiveness of the Kingdom’s business environment.