Economic Update – Ghaddah
The Ministry of Construction and Housing has announced a new initiative aimed at implementing service projects to attract reputable companies, clarifying that budget schedule delays will not hinder project execution.
“Current projects are not impacted, as their funding has already been allocated. However, the approval of the budget tables for 2025 has caused delays in the initiation of new projects listed in the budget,” the ministry spokesperson stated.
Furthermore, the ministry has adopted a fresh approach to assigning projects to previously qualified companies. This strategy ensures that only those firms with the financial capability to complete projects—demonstrating a commitment to holding at least 50% of the project’s value—are considered.
“These companies have successfully fulfilled their contractual obligations, often delivering their work within designated timelines and adhering to high standards of quality and specification,” the spokesperson noted. The new method aims to attract such reputable firms, thereby ensuring that project completion continues without budget constraints serving as a justification for delays.
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