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
Following our previous alert on the issuance of the Qatar Foreign Capital Investment Law No. 1 of 2019 (the “Foreign Investment Law”), a resolution by the Minister of Commerce and Industry was issued on 8 June 2020 under No (44) of 2020 issuing the executive regulations (the “Executive Regulations”) of the Qatar Foreign Capital Investment Law No. 1 of 2019 (the “Foreign Investment Law”). The Executive Regulations were published under the official gazette on 11 June 2020 and shall come into force on 11 July 2020.
The restriction that had been imposed on foreigners not being able to hold more than 49% of private Qatari companies (except in limited circumstances) has been removed by the Foreign Investment Law, provided that consent for ownership above the level of 49% is approved by the competent department of the Ministry of Commerce and Industry. The Minister shall issue a list of activities in which foreign ownership above the level of 49% will be permitted.
The Executive Regulations provide for certain requirements that must be met by foreign investors wishing to establish a legal presence under the umbrella of the Ministry of Commerce and Industry with ownership above the level of 49%.
Al Tamimi & Company has been very successful in supporting foreign investors wishing to benefit from the rules under the Foreign Investment Law and continue to work very closely with regulatory authorities and ministries in Qatar including the Ministry of Commerce and Industry. We have been able to maintain this support for our clients even during the COVID-19 Pandemic, obtaining approvals under the Foreign Investment Law.