Here’s a look at Saudi government tendering and procurement law
Saudi Arabia’s law on government tendering and procurement aims to regulate all related procedures and protect public funds, the Ministry of Finance said.
The law also seeks to enhance integrity and competition, ensure equal opportunity to all bidders, and promote economic development, the ministry added.
It also said that the law gives priority to small and medium enterprises (SMEs), local companies and Saudi-listed firms, the ministry added.
The new regulation would be applicable to all public entities, which are required to plan in advance their tenders and procurement based on market price, in addition to coordinating with the ministry regarding required financial allocations.
This entails defining a cap for contract value and ensuring the confidentiality of the estimated cost.
The Saudi cabinet yesterday approved the government tenders and procurement law.