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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
TRACE (A leading anti-bribery training and compliance organization) where Khaled Saqqaf, special counsel, Head of the Corporate & Commercial department in both the Jordan & Iraq offices, presented during their Annual Member Forum in Washington D.C.
The title, ‘Anti-Corruption Challenges in Iraq & Afghanistan’, dealt with the major challenges Iraq faces in combating corruption. In part 1, Khaled presented an overview of the main Iraqi laws and regulations relating to anti-corruption and the steps taken in 2008 to combat corruption (particularly Iraq’s accession to the UNCAC), as well as reviewing Iraq’s main anti-corruption bodies, and particularly how effective they are in performing their functions.
In part 2, the focus Khaled presented on was the tendering process which dealt with; Public Contracts, Contracting Departments with in the Governments, Financial Requirements, Methods of Contracting, Notice of Tenders and finally the Tender Periods which leads into Final Approval. The conclusions of the presentation noted that;
OECD conducted a public procurement review on Iraq, Improving Transparency within Government Procurement Procedures in Iraq: OECD Benchmark Report, and found that Iraq’s 2004 procurement law and supporting regulations provided extensive provisions adequately dealing with the whole of the procurement process.
However, the following problems were identified:
– Little co-ordination of procurement practices across government organizations, and relatively non-existent co-ordination with Iraq’s other anti-corruption agencies
– Lack of transparency in practice.
– Problems relating to sub-contracting (no-accountability).
The Final Recommendations were;
Khaled continued by explaining further relevant legislation, steps taken in 2008 to combat corruption, the establishment of anti-corruption agencies in Iraq, and the Iraqi approach of creating several authorities in charge of combating corruption in Iraq; each with its own individual competences.
For a full copy of both presentations, please contact Khaled Saqqaf at: firstname.lastname@example.org
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