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New Saudi Measures to Improve Quality of Project Implementation by Contractors

Saudi Arabia enhances the competitiveness of the contracting sector and improves the quality of building and construction (Asharq Al-Awsat)
Saudi Arabia enhances the competitiveness of the contracting sector and improves the quality of building and construction (Asharq Al-Awsat)
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New Saudi Measures to Improve Quality of Project Implementation by Contractors

Saudi Arabia enhances the competitiveness of the contracting sector and improves the quality of building and construction (Asharq Al-Awsat)
Saudi Arabia enhances the competitiveness of the contracting sector and improves the quality of building and construction (Asharq Al-Awsat)

Saudi Arabia’s Ministry of Municipal, Rural Affairs, and Housing has launched a point system for contractors to increase healthy competition and sustainability in the Kingdom’s construction sector, sources told Asharq Al-Awsat.

The ministry filled in the private sector on the point system, linked to an e-platform.

Regarded as the second largest non-oil sector in the Kingdom, the Saudi building and construction sector includes a thriving contracting industry as an integral part of its network.

The Saudi Contractor Authority (SCA), approved by the Kingdom’s Council of Ministers, was set up in the Kingdom to organize and develop the sector and help achieve growth goals and realize the highest levels of productivity and quality.

It is noteworthy that SCA aims to organize and develop the contracting sector, build distinctive, productive competencies, and create a safe environment of international quality.

Also, SCA works to find an appropriate solution to the problems and crises facing contractors in general. It encourages innovation and enhancing communication among all relevant parties in the sector.

Besides stimulating market facilities, the new point system will improve contractors’ commitment to the safety of workers and the quality of project implementation. It will also work to raise the level of services provided.

Classification points will improve the urban landscape in cities and ensure a higher quality of services from city operators, sources noted, adding that the program is linked to the degree of categorization of facilities operating in the sector.

In other news, the Minister of Municipal, Rural Affairs, and Housing Majed Al-Hogail launched the “Certified Self-Building Contractor Program” in cooperation with the SCA and the National Housing Company (NHC).

The program aims to support citizens and those wishing to benefit from the self-construction program to easily search for a qualified contractor.

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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
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Dollar Resumes Upward Trend, Euro Hits Lowest since Nov 2022

US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
US Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

The dollar hit new multi-month highs against the euro and the pound on Thursday, the first day of 2025 trading, as it built on last year's strong gains on expectations US interest rates will remain high relative to peers.

The euro fell to as low as $1.0314, its lowest since November 2022, down around 0.3% on the day. It is now down nearly 8% since its late September highs above $1.12, one major victim of the dollar's recent surge.

Traders anticipate deep interest rate cuts from the European Central Bank in 2025, with markets pricing in at least four 25 basis point cuts, while not being certain of even two such moves from the US Federal Reserve, Reuters reported.

The dollar was hitting milestones across the board and the pound was last down 0.65% at $1.2443, its lowest since April, with its fall accelerating after it broke through resistance around $1.2475.

"It's more of the same at the start of the new calendar year with the dollar continuing to extend its advances in anticipation of Trump putting in place friendly policies at the start of his term," said Lee Hardman, senior currency analyst at MUFG.

US President-elect Donald Trump's policies are widely expected to not only boost growth but also add to upward price pressure. That will lead to a Fed cautious about cutting rates too much further, in turn underpinning US Treasury yields and boost dollar demand.

A weaker growth outlook outside the US, conflict in the Middle East and the Russia-Ukraine war have also added to demand for the dollar.

The dollar also reversed an early loss on Thursday to climb against the Japanese yen, and was last up 0.17% at 157.26.

It reached a five-month high above 158 yen in late December, potentially putting pressure on the Bank of Japan, which is expected to raise interest rates early this year, but possibly not immediately.

"If dollar/yen were to break above 160 ahead of the next BOJ meeting, that could be a catalyst for the BOJ to hike in January rather than wait until March," said Hardman.

"Though for now markets are leaning towards March after the dovish comments from (governor Kazuo) Ueda at his last press conference."

Even those who are more cautious about sustained dollar strength think it could take a long time to play out.

"The dollar may be vulnerable – but only if the US data confound market expectations that the Fed doesn’t cut rates more than once in the first half of this year, and not by more than 50bp in the whole of 2025," said Kit Juckes chief FX strategist at Societe Generale in a note.

"There's a good chance of that happening, but it seems very unlikely that cracks in US growth will appear early in the year – hence my preference for taking any bearish dollar thoughts with me into hibernation until the weather improves."

China's yuan languished at 14-month lows as worries about the health of the world's second-biggest economy, the prospect of US import tariffs from the Trump administration and sliding local yields weighed on investor sentiment.

Elsewhere, the Swiss franc, another victim of the recent dollar strength, gave back early gains to last trade flat at 0.90755 per dollar.

The Australian and New Zealand dollars, however, managed to break away from two-year lows touched on Tuesday. The Aussie was 0.36% higher at $0.6215 having dropped 9% in 2024, its weakest yearly performance since 2018.

The kiwi rose 0.47% to $0.5614.