The National Program for Combating the Commercial Concealment and the Saudi Contractors Authority have determined a number of joint initiatives to combat the commercial concealment in the contracting sector. The two sides have signed an agreement in this regard.
This agreement paves the way for the two sides to cooperate with each other and to start immediately in the process of developing the contracting sector, so that to ensure the absence of commercial cover-up in this sector. The joint cooperation agreement between the two sides included three initiatives as follows: Developing Model Contracts, Developing an E-Platform for Contracting, and studying the application of a Guarantor Account in the contracting sector, where the commercial concealment is widely spread there.
It is worth mentioning that the National Program for Combating the Commercial Concealment includes 11 government agencies that work integrally to develop Rules, Regulations and legislations for combating the commercial concealment, also to stimulate e-commerce and make use of the technical solutions, as well as regulating and organizing the financial transactions to reduce the remittance of funds outside the Kingdom, besides promoting and enhancing the private sector growth, in addition to creating attractive jobs for Saudis and encouraging them to engage in investment, more over raising the awareness about the risks of the commercial concealment on the national economy.