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Economic Reforms

The Most Important Legislative and Regulatory Reforms

  • ​​Approving the investment policy principles document in the Kingdom, which aims to ensure property protections for all investments, enhance investments sustainability, and to have clear and transparent procedures in dealing with investor complaints, in addition to transfer and indigenization of science and technology resulting from foreign direct investment in accordance with the Kingdom's international obligations.
  • Updating the commercial mortgage law and its executive regulations in accordance with the best international practices, which aims to enhance the credit market in the Kingdom, preserve the rights of lenders and facilitate implementation procedures on the mortgage money.
  • Updating the government tenders and procurement law and its executive regulations in accordance with the best international practices, which aim to preserve the rights of suppliers and contractors, improve financial planning procedures, manage financial resources efficiently, and enhance competitiveness.
  • Updating the commercial court law and its executive regulations, which is considered a quantum leap aimed at keeping pace with the latest international laws and experiences in the field of commercial disputes, facilitating procedures, reducing litigation time, and raising the quality of commercial judiciary outputs.
  • Issuing the new bankruptcy law and its executive regulations, which aims to enhance confidence in the credit market and financial transactions, taking into account the protection of creditors' rights, and enabling the defaulting or bankrupt debtor to settle the situation and reach an amicable settlement with creditors to be able to reactivate the business.
  • Approving the mandatory insurance policy on inherent defects that may appear in buildings and construction up to 10 years, as contractors in all construction projects within the private sector (non-governmental) are obliged to insure against latent defects in buildings that may appear in buildings and construction after their use, and developing the Saudi Building Code regulations.
  • Cabinet Decision No. (713) was issued to approve the required rules in preparing and studying laws projects and regulations and the similar, as these rules aims to stabilize the legislative and regulatory environment and enable the private sector to submit their feedback on law projects before being approved.
  • Permitting 100% foreign ownership in the retail, education, health and media sectors.
  • Establishing the Saudi Center for Commercial Arbitration, which provides alternative channels for settling commercial disputes.
  • Developing the executive regulations of the Capital Market Authority and the companies law to protect the minority of investors.
  • Issuance a decision not to impose any fees or financial compensation without studying the economic and social impacts.
  • Issuance a decision directing government entities to translate and publish the laws, regulations and requirements of the business sector into English.
  • Issuing a decision not to require the official stamp of the establishments for the private sector establishments, and the certified by the commerce chambers is sufficient.
  • Allowing 24-hours operating licenses for a number of business activities.