On 12 August 2024, the Ministry of Finance of Saudi Arabia opened a public consultation on the draft rules regulating contracts for industry localisation and knowledge transfer until 8 September 2024. The draft rules apply to private sector industries involved in localisation and knowledge transfer, particularly in sectors such as healthcare, pharmaceuticals, water, environment, food, telecommunications, and information technology, to encourage investment through government procurement. The rules outline the mechanisms for identifying and evaluating localisation opportunities, detail the contracting procedures and obligations for both government entities and private contractors and specify the incentives and exemptions available. It also addresses the implementation challenges encountered by the Authority and government entities and seeks to define the roles, responsibilities, and follow-up mechanisms clearly.
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