Riyadh launches 50 investment competitions to improve capital

RIYADH: Riyadh has launched 50 investment competitions for firms across 10 commercial activities to help “improve the quality of services provided to the residents and visitors of the capital”, SPA reported.

The diverse range of projects includes two commercial buildings, four gardens, a social club for the elderly, 12 ready-mix concrete plants, a gas station, a multi-storied car park and a catering facility, with contracts that range from five to 25 years.

Conditions to enter the competition include a valid commercial register and a bank guarantee for 25 per cent of the value of the annual tender, which cannot be redeemed until the payment date of the rental value in the first year.