Welcome to the Saudi Arabia focus edition of Law Update.
One of the key markets in the Middle East and North Africa (MENA) that continues to lead from the front is the Kingdom of Saudi Arabia (KSA). As the largest country in the Middle East and the 18th largest economy in the world, the progress KSA continues to make is underpinned by its Vision 2030 that envisions developing the country as an investment powerhouse and hub that ultimately connects Asia, Europe, and Africa. Given Saudi Arabia’s significance to the regional economy, our team of experts have prepared a range of pertinent articles that provide insights into new laws, regulations, and the legal landscape in the Kingdom.
This edition will provide you with an up-to-date guide on matters such as; the framework issued by the Saudi Central Bank on IT governance, the anti-corruption landscape under Vision 2030; we also provide practical tips for dispute avoidance. This is only a snapshot; there are many more articles within the KSA focus section for you to read, which we hope you will find valuable and enjoyable.Read the edition
Oman’s Ministry of Commerce and Industry is in the latter stages of implementing a new foreign investment law which was drafted with consultation from the World Bank. The stated purpose of the new law is clear: attract a greater variety of global investors to the Omani economy.
While still in draft form and subject to final review by the legislative and administrative bodies, if the new law is approved in its current form it is likely to contain provisions which achieve the following:
Key Sectors to Benefit
The new law, if passed, will resonate positively with global investors and provide additional encouragement to capitalise on a market where transparency and ease of doing business have improved considerably in recent years, according to figures collected by independent bodies.
With a population that grew by 8 percent between the end of 2014 and September 2015, demand for financial services, tourism, hospitality, manufacturing, and healthcare is poised for rapid growth as Oman makes strides towards its Vision 2020 programme of economic diversification.
Once approved, the new foreign investment law could dovetail well with the proposed new law on the mining of Oman’s rich reserves of metals and minerals as investors look towards the start of the next upturn in the commodities cycle.
A further update will be issued later this year once the new law has been ratified and passed.