Saudi Arabia to Terminate Financial Claims in June

Saudi Arabia is aiming to accelerate and facilitate the disbursement of private sector dues through Etimad (Asharq Al-Awsat)
Saudi Arabia is aiming to accelerate and facilitate the disbursement of private sector dues through Etimad (Asharq Al-Awsat)
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Saudi Arabia to Terminate Financial Claims in June

Saudi Arabia is aiming to accelerate and facilitate the disbursement of private sector dues through Etimad (Asharq Al-Awsat)
Saudi Arabia is aiming to accelerate and facilitate the disbursement of private sector dues through Etimad (Asharq Al-Awsat)

The Saudi Finance Ministry terminated some services for financial claims through "Etimad," a government platform that supports a partnership between the public and private sectors to achieve development goals and facilitate service procedures.

Asharq Al-Awsat learned that the authorities intend to stop the service permanently at the end of next June and transfer it to the private sector.

The Ministry of Finance and the National Center for Government Resource Systems (NCGR) aim to enable the private sector to pay financial dues according to their deadlines.

According to the information, the National Center informed the private sector that the service is currently available to all contractors and suppliers on the Etimad platform to start taking the necessary authorizations under the designated guideline, using services and filing financial claims.

The Ministry and the Center recently launched a service for raising financial claims from the private sector for contracts registered on the platform and only submitting them to government agencies through the platform through the private sector.

Contractors and suppliers from the private sector can submit their financial claims directly to government agencies through Etimad and complete the procedures for the payments electronically, provided that this is activated gradually.

In 2021, the Ministry, in partnership with NCGR, launched the financial claims service to enable the private sector to implement its projects and financial transactions according to the highest standards of efficiency and transparency within the efforts aimed at achieving Vision 2030.

Assistant Minister of Finance for Financial Affairs Yaser al-Quhidan explained that the service's launch comes within the framework of the government's continued support of the private sector to promote economic growth to achieve the goals of Vision 2030.

The CEO of NCGR, Ahmed al-Suwaiyan, stated that the service supports the private sector and the government agency in raising financial claims for contracts and preventing duplication of requests from both parties. It allows the companies and institutions to review the status of the monetary claim and obtain certificates.

The platform also facilitates following up the procedures for issuing exchange orders and payments, allowing the disbursement process to be completed following the contract terms.

Suwaiyan pointed out that the service allows the private sector to submit financial claims directly to government agencies through an approval platform, complete the payment procedures electronically, and monitor performance through service-level agreements.

The Etimad platform achieved a qualitative leap in the services of contracts, payments, financial dues for employees, revenue collection, and other services provided to the beneficiary sectors, reflecting the volume of efforts made with the aim of digital transformation.



Saudi, British Companies Seek to Explore Sustainable Partnerships

Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
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Saudi, British Companies Seek to Explore Sustainable Partnerships

Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)
Participants in the Great Futures Initiative conference which was recently held in Riyadh (Asharq Al-Awsat)

Several major national companies are participating in the UK-Saudi Sustainable Infrastructure Summit in London on June 24-26.

According to information made available to Asharq Al-Awsat, the Federation of Saudi Chambers is seeking to mobilize the largest possible number of companies specialized in sustainable infrastructure to explore partnerships with the United Kingdom in green construction, smart cities, and technologies.

The summit will address topics that touch on the importance of Saudi-British cooperation in developing and financing sustainable infrastructure and development of cities, in addition to green technology and renewable energy initiatives.

Trade Exchange

The event will be followed by a meeting of the sectoral working groups on June 25 and an evening celebration of the tenth anniversary of the British-Saudi Business Council. The Sports Investment Forum will be held on June 26.

The value of trade exchange between Saudi Arabia and Britain exceeded 17 billion pounds ($21 billion), while the two countries aim to increase the volume of bilateral trade to $37.5 billion by 2030.

In May, Riyadh hosted the Great Futures conference, one of the initiatives of the Saudi-British Strategic Partnership Council, which is chaired by Saudi Crown Prince Mohammed bin Salman and UK Prime Minister Rishi Sunak.

The conference sought to strengthen economic relations in several promising sectors, in addition to developing trade and mutual investment.

The two kingdoms explored opportunities through 60 initiatives in 13 sectors that enhance economic, trade and investment partnerships in all fields.

Speaking at the event in May, Saudi Minister of Commerce Dr. Majid Al-Qasabi said that the United Kingdom is the second largest exporter of services in the world, and that his country has promising opportunities and a will to diversify the economy.

He added that joint cooperation between the two countries covers various fields, with a focus on the commercial, financial, digital, cultural, educational and health sectors, as well as sports, tourism and entertainment.