(MENAFN - Arab News) The council of saudi chambers (csc) will introduce the economic offset program for civilian contracts after it was successfully tested with military contracts says its newly appointed chairman abdul rahman al-zamil.
he emphasized the need for the council to act as a pressure group to safeguard the kingdom’s economic interests rather than becoming “a body that organizes seminars and lectures.”
“our first step will be to implement a decision taken by custodian of the two holy mosques king abdullah regarding application of the economic offset program vis-a-vis civilan contracts” the president said a day after his appointment as csc president.
he called for reinvesting 40 percent of the civilian contracts signed with foreign companies and contractors. a number of committees have been set up to implement the king’s decision he added.
“if this decision is implemented properly it would result in boosting foreign investment in the kingdom” al-zamil said adding that it would help attract about sr50 billion in investment every year. foreign companies receiving military contracts invested 30 percent of the value of their contracts inside the kingdom.