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.



Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024.  REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake
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Oil Nudges Up after Russia-Ukraine Tensions Escalate

A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024.  REUTERS/Mike Blake
A person walks past a working oil well in a residential neighbourhood in Signal Hill, California, US, November, 14, 2024. REUTERS/Mike Blake

Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets.
Brent crude futures gained 29 cents, or 0.4%, to $71.33 a barrel by 0502 GMT, while US West Texas Intermediate crude futures were at $67.20 a barrel, up 18 cents, or 0.3%.
Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system, reported Reuters.
In a significant reversal of Washington's policy in the Ukraine-Russia conflict, President Joe Biden's administration has allowed Ukraine to use the US-made weapons to strike deep into Russia, two US officials and a source familiar with the decision said on Sunday.
There was no immediate response from the Kremlin, which has warned that it would see a move to loosen the limits on Ukraine's use of US weapons as a major escalation.
"Biden allowing Ukraine to strike Russian forces around Kursk with long-range missiles might see a geopolitical bid come back into oil as it is an escalation of tensions there, in response to North Korean troops entering the fray," IG markets analyst Tony Sycamore said.
Saul Kavonic, an energy analyst at MST Marquee, said: "So far there has been little impact on Russian oil exports, but if Ukraine were to target more oil infrastructure that could see oil markets elevate further."
In Russia, at least three refineries have had to halt processing or cut runs due to heavy losses amid export curbs, rising crude prices and high borrowing costs, according to five industry sources.
Brent and WTI slid more than 3% last week on weak data from China and after the International Energy Agency forecasted that global oil supply will exceed demand by more than 1 million barrels per day in 2025 even if cuts remain in place from OPEC+.
China's refinery throughput fell 4.6% in October from last year and as the country's factory output growth slowed last month, government data showed on Friday.
Investors also fretted over the pace and extent of interest rate cuts by the US Federal Reserve that has created uncertainty in global financial markets.
In the US, the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.