Shoura demands GOSI reveal its overseas investments

Published 28 May 2014
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Shoura demands GOSI reveal its overseas investments

Riyadh, e-Media

Shoura Council members have demanded that the Electricity Regulatory Authority take immediate steps to ensure uninterrupted electricity supply after several power outages occurred during summer seasons in the past.
The meeting, which was held under the chairmanship of Deputy Chairman Mohammad Al-Jeffry at the council’s headquarters in Riyadh on Tuesday, also demanded the regulatory authority to speed up the installation of smart meters for consumers.
The council also approved several amendments to regulations for governing bids at government departments.
The amendments sought to ensure improved quality of work undertaken by contractors and stipulated that work should not be awarded to contractors who offer the lowest quotations.
Amendments were also made for time frames for handing project sites to contractors.
The amendments also deal with subcontractor work and the preparation of technical specifications for projects.
The council also recommended raising the minimum level for the pension to retired officials while discussing the annual report of the General Organization for Social Insurance (GOSI) in light of the increased cost of living.
One of the council members demanded that GOSI investment activities and revenue be more transparent.
“GOSI’s performance needs review, particularly where investment and revenue figures are concerned. Apparently, the fear of the inability to fulfill its future commitments to subscribers reflects the weakness of its investments,” he said.
It was also recommended that GOSI should be provided a loan of SR50 billion to cover its future deficits.
He also called on GOSI to pay more attention to the economic viability of its investments and not to invest in social activities which might prove to be a burden on the GOSI budget.
The amendments covered 20 articles in the existing regulation.
The council also wanted the GOSI to implement a housing scheme for private sector employees. It also stressed the need for future GOSI reports to supply full details of its investments abroad just as the investments in the domestic sector is dealt with.

Last Modified Date: 28/05/2014 - 1:08 PM Saudi Arabia Time


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