The The Saudi Contractors Authority signed a memorandum of understanding with the China Construction Bank, aimed at promoting the exchange of knowledge and technical expertise and expanding the horizons of financial cooperation in construction and contracting sector in the Kingdom of Saudi Arabia.
This memorandum comes as part of the Saudi Contractors Authority’s efforts to develop the sector, enhance the business environment, and address the challenges it faces. The signing took place in the presence of the Authority’s Chairman, Zakaria bin Abdulrahman Al-Yahya Al-Abdulqader.
According to Al-Abdulqader, the memorandum seeks to strengthen financial cooperation and facilitate the exchange of specialized expertise from the Construction Bank, thereby contributing to the development of the Saudi contracting sector.
This step is an extension of the Saudi Contractors Authority’s ongoing international efforts to strengthen the sector’s position both domestically and globally.
Benefits of the agreement:
- Promoting the exchange of knowledge and technical expertise between the two parties.
- Expanding opportunities for financial cooperation in the construction and contracting sector.
- Developing the business environment in the Kingdom’s contracting sector.
- Addressing the challenges facing the sector.
- Transferring specialized expertise from the Construction Bank to the Saudi sector.
- Strengthening the position of the Saudi construction sector locally and globally.
Furthermore, this memorandum reflects the close relations between the Kingdom of Saudi Arabia and China, as well as the two countries’ cooperation in various fields, including the construction sector.
