Saudi Arabia approves tenders, government procurement law

Saudi Arabia's Shura Council on Monday approved the tenders and government procurement law.

The approval followed the Council’s discussion of the financial committee’s report on the law.

The law comprised 97 articles which regulate the procedures related to business and procurement, and to prevent abuse of power and personal interests so as to protect public funds as well as to achieve best value for public money.

In October 2017, the Saudi Ministry of Finance published the first draft of a new law on procurement and invited public comment, Argaam reported.