Saudi Gazette report

RIYADH — The Ministry of Finance announced the completion of the procedures for disbursing more than SR73 billion, representing 97 percent of the total payment orders received to settle private sector claims during the first half of 2021.

Last April, the ministry completed the procedures for disbursing SR31 billion, representing 99 percent of the total payment orders received for private sector claims, during the first quarter of 2021. Payments to the public sector amounted to SR186 billion in the same period.

The ministry, in partnership with the National Center for Government Resource Systems (NCGR), announced the launch of the financial claims service through the “Etimad” platform.

Under the platform, contractors and suppliers from the private sector can submit their financial claims directly to government agencies. This service enables the private sector to implement its projects and carry out financial transactions according to the highest standards of efficiency and transparency as part of the ministry’s efforts to achieve the Kingdom’s Vision 2030.

Minister of Finance Muhammad Al-Jadaan stated earlier that 24 local companies, the majority of which are listed on the Saudi Stock Market, would invest SR2 trillion by 2025, and another SR3trillion by 2030.

Al-Jadaan indicated that the Public Investment Fund is a shareholder in most of these companies.