Bandar Alkhorayef Chairman of LCGPA
Bandar Alkhorayef, Chairman of Local Content & Government Procurement Authority (LCGPA), said the Saudi Cabinet’s approval of the tender and procurement guidelines extends the empowerment granted by the leadership for the initiatives and legislations that aim to develop local content.
The decision will help boost local content to total spending through benefiting from the purchasing power of the state-owned companies and strengthens the role of small and medium-sized enterprises in different sectors.
The guidelines implementation will be reflected on realizing the Saudi Vision 2030 objectives, as those companies play a strategic role in developing local content and enhancing the national economy, Alkhorayef added.
These regulations strengthen the efforts of major national firms to adopt and empower the local content and SMEs through specialized programs, in coordination with the local content development laws. These programs include the regulation that give local content, SMEs and Saudi-listed companies preference in public tenders.
These rules and regulations will take effect 180 days from their publication date in the Official Gazette. They will apply gradually to the companies covered by the decision.
Last week, the Cabinet approved the tender and procurement guidelines, and their implementation in the state-owned companies, or any of the government entities, in which the government owns more than a 50% stake, Saudi Press Agency reported.
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