New government spending rules to boost Saudi economy, expert says

Mohammed Makni, professor of finance and investment at Imam Mohammad Ibn Saud Islamic University, said the new government spending regulations are distinguished by significantly enhanced governance over spending efficiency and productivity, which drives economic growth.

Speaking to Al Arabiya, Makni added that an economy is measured by the efficiency of its spending and investment, noting that these new rules will improve productivity. He emphasized the importance of government procurement as a key driver of economic activity, including the purchase of equipment and devices, making it essential to implement such regulations to enhance the quality of spending. He confirmed that these measures will have a positive impact on the national economy.

Finance Minister Mohammed Al-Jadaan recently approved seven new regulations governing contracts, procurement, and quantities as part of efforts to develop the government procurement system, improve spending efficiency, and strengthen governance and compliance in contracting and purchasing. The measures aim to achieve the best value for public funds and improve the quality of government services.

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