Saudi Arabia’s new tenders and procurement law will help achieve financial balance through effective fiscal planning and efficient resources management, Minister of Finance Mohammed Al-Jadaan said in a statement on Monday.
The new regulation will also help organize the government purchases in line with the best international practices, in addition to monitoring the developmental projects’ expenditure.
In addition to bolstering transparency and competitiveness in all government tenders and purchases, the new law will fulfill the requirements of both public and private sectors, contracting companies as well as small and medium enterprises (SMEs) and will further encourage family business to list its shares on the Saudi Stock Exchange.
Saudi Arabia’s cabinet approved earlier today the government tenders and procurement law, Argaam reported.
It comprises 97 articles which regulate the procedures related to business and procurement, and prevent abuse of power and personal interests to protect public funds as well as achieve best value for public money.
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