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.