KSA Update – New Tendering and Procurement Law

Last week KSA’s Finance Ministry announced the Government had approved a new government tenders and procurement law.

The law will regulate Government tenders and procurements and will provide greater flexibility in the procurement process and is part of the reforms being implemented in the Saudi Vision 2030 to diversify the economy and encourage more foreign investment.

The full details of the law and how it will operate are not yet available and will be supplemented by regulations, which are yet to be issued.

However in this article we outline some of the key known changes. We will keep monitoring developments regarding the implementation of this law and the issue of supporting regulations.