The Saudi Contractors Authority will hold the second Contractors Financing Forum in cooperation with the Saudi Arabian Monetary Authority. The two-day event will take place online on Tuesday and Wednesday, November 24–25, with major Saudi banks and finance companies taking part.
Government and semi-government bodies, financial institutions and banks will present panel discussions and workshops on funding for the contracting sector. The opening session will address the sector's financing challenges.
Workshops will cover financing contracts and projects, invoice financing, equipment leasing and purchase finance, designing financing products, and preparing financing applications.
The event follows a successful first edition, which attracted strong attendance and helped contractors understand their financing options through educational sessions.
Contractor finance is a priority for SCA. The Authority worked with a Ministry of Finance committee on the rules and procedures needed to support it. A comprehensive study identified 13 initiatives: five with a direct impact and eight with an indirect impact.
These initiatives aim to improve access to finance, particularly for small and medium-sized establishments, which account for around 98% of contracting businesses. SCA sought balanced, fair, practical and effective solutions that would protect contractors from losses.
SCA also worked with representatives of the Council of Saudi Chambers and the Local Content and Private Sector Development Unit on a study of financing obstacles. Recommendations were submitted and would be announced once approved by the relevant authorities.
Participating banks and finance companies see Saudi contracting as an investment opportunity. The National Commercial Bank is the strategic sponsor, and SABB is the platinum sponsor.
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