Saudi contractors authority studies new financing mechanism

17/05/2018 Argaam

 

Saudi Contractors Authority (SCA), also known as Muqawil, is studying a new mechanism to provide funding for contractors different from commercial banks, Osama Al Afaleq, the authority’s chairman said, cited by the official Saudi Press Agency (SPA).

 

Weak cash flows to meet obligations is one of the biggest challenges faced by contractors, Al Afaleq said, adding that the slump in construction projects and wider economic slowdown have taken a toll on contractors’ earnings.

 

The authority has signed 100 agreements with different companies to provide services and special discounts to contractors, the chairman said in a workshop in Hail.

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