Riyadh's Chamber of Commerce (RCC) criticized the delay of the Ministry of Commerce and Industry in the implementation of the Council of Ministers' resolution No. 23. The resolution dealt with the contractors financing fund established in 1977 and deals with several important sections of the economy including industrial, real-estate and agriculture. Chairman of the RCC, Abdulrahman Al-Jereisi requested that Crown Prince Sultan Bin Abdulaziz reactivate contractors finacing fund because the resolution was passed by the Council of Ministers a year and a half ago, Al-Jazira reported Monday. No steps have been yet for the implementation of the resolution. Al-Jereisi requested that Prince Sultan issue directives to implement the resolution within a certain period of time so the contracting sector can fulfill its obligations. Al-Jazira had recently published the mechanism developed by the Ministry of Finance which contractors described as unsatisfying. They also said that the reference price list does not reflect the real market prices and that no indemnification was paid to contractors for the works carried out prior to the year 2008. The Contractor's Committee at Riyadh's Chamber of Commerce has made reservations on the indemnification mechanism and expressed the view that the guidelines proposed for indemnification are inadequate and inaccurate. Two formulas featured in the mechanism are not in harmony with the Royal directives to cover contractors for the losses they incurred in previous and current contracts.
