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)
TT

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.



Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
TT

Gold Rebounds to End 6-Session Losing Streak as Dollar Rally Pauses

A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk
A view shows ingots of 99.99 percent pure gold in a workroom during production at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, May 23, 2024. REUTERS/Alexander Manzyuk

Gold prices rebounded on Monday, having posted losses in the previous six sessions, with gains driven by a pause in the dollar's rally, while investors await comments from the Federal Reserve officials for clarity on the interest rate trajectory.
Spot gold rose 1% to $2,587.83 per ounce by 0917 GMT, moving away from a two-month low hit on Thursday. US gold futures were up 0.9% at $2,592.20.
Gold prices last week saw their biggest weekly decline in over three years as expectations of less-aggressive interest rate cuts by the Fed boosted the dollar.
However, the dollar was holding flat below Thursday's one-year high after rising 1.6% last week. A softer dollar makes bullion less expensive for buyers holding other currencies, Reuters said.
"We can look to the dollar for a significant part of the current gold price corrections ... I'm not saying you've found a solid physical floor yet, but clearly, some opportunistic buying is coming in to support the market as well," independent analyst Ross Norman said.
"As the year ends, we will see volatility in gold prices and there'll be some books clearing and profit-taking, regardless of what the Fed does in December."
Recent US economic data has reduced expectations for a December rate cut by the Fed. At least seven US central bank officials are due to speak this week.
Higher interest rates make holding gold, which doesn't pay any interest, less attractive.
"President Trump's inauguration is likely to see an ongoing strengthening of the USD (US dollar), which is negative for gold in the short to medium term. However, as his stated policies are likely to be significantly inflationary in the long term, this will benefit gold," said Michael Langford, chief investment officer at Scorpion Minerals.
Spot silver rose 1.4% to $30.63 per ounce, platinum added 1.4% at $951.59 and palladium climbed 1.8% to $967.62.