Fahad Al Hashim. The Saudi Contractors Authority, through its official account on the “X” platform, explained that this memorandum comes within the framework of enabling the ministry to benefit from the services of the authority and support its activities aimed at attracting investors to the contracting sector, which is one of the main pillars of development projects in the Kingdom.
<The agreement includes several main axes, most notably qualifying Saudi contractors to compete in foreign markets and exporting national competencies, as well as marketing the capabilities of the Saudi contracting sector at the international level. It also aims to enhance joint work to host visiting delegations to the Kingdom and introduce them to the promising investment opportunities in the sector, in line with the Saudi Vision 2030, which aims to diversify the national economy and attract foreign investments.
Exchange of technical and administrative consultations
<The memorandum also included a clause related to the exchange of expertise and knowledge between the two parties in the fields of technical and administrative consultations, which contributes to raising the efficiency of the sector and enhancing its competitiveness. In addition, the memorandum will facilitate the entry of international companies into the Saudi market by simplifying administrative and organizational procedures, reflecting the Kingdom's keenness to provide a flexible and stimulating investment environment. <The agreement comes in light of the growth of the contracting sector in Saudi Arabia, which is witnessing a remarkable boom as a result of major projects such as NEOM, Qiddiya and other mega initiatives. The memorandum is a strategic step towards strengthening the Kingdom's position as a leading destination for investment in the infrastructure and construction sector. With this cooperation, the Ministry of Investment and the Saudi Contractors Authority confirm their joint commitment to realize the aspirations of the private sector and support it to be a key partner in achieving the Kingdom's economic and developmental goals.
