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Find out moreWelcome 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 editionComments below attributed to Essam Al Tamimi, Senior Partner, Founder of Al Tamimi & Company
1. UAE tops in rule of law in the region in World Justice Project’s Rule of Law index. What are the reasons that the UAE achieves such a high rating?
I am not surprised at how much the UAE’s ranking has improved over the years, and the reasons have a lot to do with the nation’s leadership and the political decision made many years ago to not interfere in the judicial system to ensure its independence. This system is centralized and implemented on a federal level, especially helping the smaller Emirates.
Since the days of Sheikh Rashid Al Maktoum who was adamant that no one should interfere in the law and no one should fall above the law. This has been the culture of the UAE since its foundation.
For the last 20 years, the UAE has been active in producing laws and regulations across different sectors to ensure that the rule of law governs all aspects of the UAE, whether commercially, criminally, or in corporate situations. The number of laws enacted in the UAE ensures that decisions are made based upon the law itself and positions the legal system as the final decision maker.
The creation of these laws has also been adapted to reflect international best practice. The country is young, but has realized that if rules and regulations are not based upon international standards, with an independent judicial system, this would significantly impact the country’s ability to attract foreign investment as no one would come to a country where the law doesn’t support investors.
I am very pleased that the UAE has ranked well and I have no doubts that the UAE’s ranking will continue to grow as the country continues to rule independently under the law, apply laws tailored towards different sectors and maintain international standards and best practices.
2. How does security help economy and businesses? And how much do UAE government or businesses spend on security?
Since 2000, security issues have continued to appear throughout the world. Like other countries, the UAE has invested tremendously in this. Security issues, when it comes to the legal system are a double-edged sword. There is a very thin line between implementing higher security measures and overstepping the law which can evoke human rights issues.
The good thing about the UAE is that it continues to maintain a high security level and invest in its borders, intelligence and training, but the country also avoids crossing the line by ensuring that investments are going towards preventative measures rather than reactive security measures. This approach not only encourages people to stay in the UAE but most certainly reduces risk for investors and businesses coming into the country.
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