The Saudi Contractors Authority announced that it has put forward 13 initiatives to solve the dilemma of financing the sector, stressing that the initiatives are under study by a specialized committee at the Ministry of Finance before submitting them to the concerned authorities for approval. Osama Al-Afaleq, Chairman of the Board of Directors of the Authority, explained that the initiatives involve effective financing solutions for small enterprises that exceed the limits of 90 % of contracting organizations in general, Al-Afaleq explained that the initiatives are a study conducted by international consulting offices to address the financing dilemma in the sector, indicating that the initiatives target small and medium enterprises.

Engineer Al-Afaleq revealed during his meeting last weekend with representatives of the contracting sector at the headquarters of the Eastern Chamber that the Authority intends to adopt model contracts for all contracting activities to ensure the rights of the contractor and the beneficiary, stressing that many of the issues that appeared in the sector are due to the lack of clarity or lack of contracts.

Afaleq stated that 4TP3T of companies operating in the sector are classified, while 96TP3T lack classification, and that the Authority is currently communicating with the concerned committees at the Ministry of Municipal and Rural Affairs to achieve a better level of classification for contractors: 16.0pt; font-family: 'Arial','sans-serif'; color: #333333;">.

Afaleq explained that the Authority is communicating with the National Content Unit to launch many initiatives to revive the sector and solve the issue of stalled projects, adding that the stumbling may stop if the right regulatory environment is available: 16.0pt; font-family: 'Arial','sans-serif'; color: #333333;">.