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.



Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
TT

Pakistan Set to Receive $20 Billion Loan From World Bank

FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro
FILE PHOTO-People wait for their turn to buy low-priced bun-kabab from a shop in Karachi, Pakistan June 10, 2022. REUTERS/Akhtar Soomro

Pakistan is set to receive a loan of $20 billion from the World Bank over the next 10 years, aimed at improving the country’s key sectors, sources told Geo News on Saturday.

According to sources in the Ministry of Economic Affairs, the loan will be part of the World Bank's support under the Country Partnership Framework 2025-35, which focuses on sustainable economic development.

The loan is expected to be approved by the WB's Board of Directors on January 14. Once approved, Martin Raiser, the lender's Vice President, is expected to visit Islamabad to discuss the loan program and its implementation.

In addition to the $20 billion, two subsidiary entities of the World Bank will assist Pakistan in securing another $20 billion in private loans.

This would bring the total financial package to $40 billion, which will be allocated towards infrastructure development, climate resilience projects, and improving social services.

Meanwhile, The News newspaper reported that the government, in its bid to achieve an economic revival, has launched the National Economic Transformation Plan which aims to achieve ambitious economic targets, including doubling GDP growth and halving poverty over a five-year period.

The plan envisages attracting $29 billion anticipated investment under the supervision of the Special Investment Facilitation Council (SIFC) including $10 billion from the UAE, $5 billion from Saudi Arabia, $2 billion from Qatar, $2 billion from Azerbaijan, and $10 billion from Kuwait.

Meanwhile, the gross domestic product (GDP) target has been set at 6% of the GDP till the Fiscal Year 2028-29 whereas the per capita income in dollar terms is projected to go up to $2,405 from $1,680.