Saudi Arabia has approved a new Government Tendering and Procurement Law which will come into effect at the end of November 2019.
The Minister of Finance, Mohammed Al-Jadaan, said the new law will allow greater transparency, competition, fairness and financial efficiency. The law provides for a centralised procurement entity and ensures that personal interests cannot affect the bidding process. The new law will also encourage increased SME participation by exempting them from providing an initial guarantee and performance bond. There will also be a larger range of template contracts available, and bidders will be encouraged to incorporate knowledge transfer provisions in their bids.
Source: https://www.mof.gov.sa/en/MediaCenter/news/Pages/news16072019.aspx
