The Saudi Contractors Authority (SCA) will focus in the near term on the government's mega projects or those related to Vision 2030, as per a strategic study conducted by the authority, CNBC reported, citing secretary general, Thabet Al Suwaid.
Al Suwaid said that contracting companies should focus on the requirements of these mega projects through close alliances with subcontractors.
SCA’s new strategy aims to complete an integrated and comprehensive analysis for the sector, including obtaining financial facilities, especially for small and medium enterprises (SMEs), representing 98% of the sector's total entities.
Al Suwaid explained that SMEs usually face problems while obtaining financial facilities and lack competitive ability to apply for government tenders and projects.
Thus, the authority has worked with agencies to update government competition and contract system, he said.
The authority conducted an economic study during COVID-19, which resulted in expectations of a shrinkage in the size of government projects in 2020 due to changes in economic strategies.
According to data compiled by Argaam, SCA recently announced its new strategic plan for the period 2020-2024, to keep pace with the changes taking place in the sector, the most important of which is its alignment with Vision 2030 and its various programs, and the emergence of a number of variables in the sector.
Comments
{{DisplayName}}
{{ElapsedTime}}