Fahd bin Muhammad al-Hammadi, Chairman of the Contractors Committee at the Riyadh Chamber of Commerce and Industry, noted the Cabinet\u2019s approval of the tender for the public transportation project in the City of Makkah to be awarded to implementing companies based on \u201cFIDIC,\u201d which ensure a balanced protection of financial rights for both contracting companies and government agencies. He expressed his hope that the FIDIC contract system would be fully implemented this year across all projects throughout the Kingdom.
\nIn a press statement today, Al-Hammadi explained that the \u201cFIDIC\u201d contract system ensures appropriate compensation for companies in the event of rising prices for construction materials or labor costs, and, in return, grants government agencies the right to a price reduction in the event of falling prices.
\nHe believed that replacing the old and existing contracts for current projects with FIDIC contracts would resolve the problem stemming from the old contract system, which has caused many projects to stall.
\nHe explained that it is not necessary to apply FIDIC contracts to private-sector projects, as these projects rarely face problems with project delays, since the contracting companies awarded the projects clearly stipulate their terms in the contracts signed with the private sector.
\nThe chairman of the Contractors Committee at the Riyadh Chamber of Commerce emphasized that the FIDIC contract system ensures the project\u2019s success to a large extent, unlike the current situation regarding project implementation, as the former reduces the level of risk for the contractor, and therefore the benefits of implementing it will be twofold for both parties, with the State Treasury being the primary beneficiary, in addition to the private sector.<\/p>","protected":false},"excerpt":{"rendered":"
Reading time: <\/span> < 1<\/span> Minute<\/span><\/span>The Chairman of the Contractors Committee at the Riyadh Chamber of Commerce and Industry, Fahad bin Mohammed Al-Hammadi, praised the approval of the Council of Ministers to offer the public transportation project in Makkah to the implementing companies according to the FIDIC contract models, which guarantees the financial rights in a balanced manner for both contracting companies and government agencies, expressing his hope for the full implementation of the FIDIC contract system this year on all ... Read more<\/a><\/p>","protected":false},"author":34,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[7786],"tags":[],"class_list":["post-87005","post","type-post","status-publish","format-standard","hentry","category-mecca-madinah"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","trp-custom-language-flag":"","event-thumbnail":"","event-medium":"","event-large":"","event-hero":""},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0645\u0646\u0637\u0642\u0629 \u0645\u0643\u0629 \u0648\u0627\u0644\u0645\u062f\u064a\u0646\u0629<\/a>","tag_info":"\u0645\u0646\u0637\u0642\u0629 \u0645\u0643\u0629 \u0648\u0627\u0644\u0645\u062f\u064a\u0646\u0629","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/87005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=87005"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/87005\/revisions"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=87005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=87005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=87005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}