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
The Abu Dhabi Executive Committee has issued an Executive Council Circular which signifies an important new step in regulating the payment process under Government contracts. Under Circular No. (1) of 2019, dated 26 March (“Circular”), Government Bodies and companies are now required to observe the following requirements:
The above requirements have been introduced with retrospective effect and therefore must be reflected in all contracts previously entered into with contractors and suppliers prior to the date of issue of the Circular, in addition to all new contracts.
This recent announcement comes at a time when contractors and suppliers in the UAE are increasingly feeling the strain of reduced liquidity and cash flow, in part due to reduced economic growth as a result of lower oil prices.
Our Construction & Infrastructure team regularly advise on all elements of the construction procurement process. If you have any questions or would like further information, please don’t hesitate to contact our team: