The National Committee for Contractors at the Council of Saudi Chambers called for providing information and funding sources to foreign banks, including the Asian Infrastructure Investment Bank (AIIB), which the Kingdom has confirmed its participation in this bank, and called on the Ministry of Finance to play an important role in clarifying how the local contracting sector can participate in the future projects of the Asian Infrastructure Bank, which is expected to be officially established this year or at the beginning of next year by holding courses for the local contracting sector.

Fahad Al-Hammadi, Chairman of the Committee. Al-Hammad pointed out the importance of the Asian Infrastructure Bank, which is highly reliable in bridging the financing gap if it implements the right policy according to its economic reports and will serve the contracting sector in Asia and the Pacific

Al Hammadi added that the local contracting sector lacks educational courses for the available funding areas in the Arab world, such as the Islamic Development Bank and other sectors, noting that Al Hammadi expected the growth rate of the local contracting sector during this year 2015 by 10%, pointing out that the size of the Kingdom's economy in the world will contribute to increasing its participation in this bank, which will support the local contracting sector.

For his part, Abdulaziz Hanafi, former Chairman of the Contractors Committee at the Jeddah Chamber, said that the Ministry of Finance applies the “General Construction Contract”, known in the engineering community as “Saudi FIDIC” to contracting companies in the Kingdom that work on projects outside the Kingdom, while ignoring this contract in local projects.

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He explained that contracting companies in the Kingdom succeed abroad due to the application of the general construction contract to the projects they undertake, while their projects are doomed to failure due to the failure to apply the legislation locally

It is noteworthy that At least 35 countries had joined the bank by the end of Tuesday, and 21 countries signed the memorandum of understanding for the establishment of the Asian Infrastructure Investment Bank on October 24 in Beijing.