No delays in private sector’s payments, says Saudi ministry

Updated 21 January 2019
0

No delays in private sector’s payments, says Saudi ministry

  • Foreign investment in Saudi Arabia more than doubled in 2018 to reach $3.5 billion

JEDDAH: Saudi Arabia’s Finance Ministry has confirmed that 97 percent of its payments for private sector contracts are paid within 30 days of issue, with 99 percent paid within 60.

The remaining 1 percent of payments, the ministry said, were not made due to court orders, or as a result of disputes between the government and the client, and were subject to contractual dispute resolution mechanisms. 

Foreign investment in Saudi Arabia more than doubled in 2018 to reach $3.5 billion.

Attracting foreign investment is a key part of the Vision 2030 plan to diversify the economy away from oil revenues. 

The Kingdom is also taking all steps to make small and medium enterprises the main engine for economic development. 

 


KSA’s anti-graft agency Nazaha reports rise in corruption complaints

Nazaha has completed investigations into 59 percent of the complaints, with 4.4 percent referred to the Control and Investigation Board. (SPA)
Updated 19 February 2019
0

KSA’s anti-graft agency Nazaha reports rise in corruption complaints

  • Nazaha announced the statistics as part of the National Strategy for the Protection of Integrity and Combating Corruption and Vision 2030

JEDDAH: Complaints to the Saudi National Anti-Corruption Commission, Nazaha, have risen by 50 percent in a single year amid increasing efforts to combat financial and administrative misconduct in the Kingdom.
Nazaha received 15,591 reports in 2018 compared with 10,402 the previous year, according to statistics released by the commission.
Financial and administrative corruption cases made up the bulk of the reports.
Nazaha has completed investigations into 59 percent of the complaints, with 4.4 percent referred to the Control and Investigation Board and 3.37 percent to the Kingdom’s Presidency of State Security.
The commission’s smartphone app received 29 percent of the reports, followed by the website at 23.6 percent, while 19.2 percent of the complaints were made in person at Nazaha’s branches. AN Jeddah
Nazaha announced the statistics as part of the National Strategy for the Protection of Integrity and Combating Corruption and Vision 2030.