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We are excited to share the latest edition of the Law Update, beautifully and appropriately titled “Sustainable Horizons: The Saudi Arabian Vision.” Giving special honor to the Kingdom’s 2030 vision, this update focuses on a collection of both informative and inspiring articles.
For those in construction, you can learn about how the tendering environment impacts risk-pricing for contractors, the updates on the legal framework of the construction industry and how contractors can protect themselves against financial difficulties.
There is good news too from the kingdom’s banking sector, from which the practice of “Open Banking” is being pushed for! But what is open banking? We’re answering that too.
Also . . . Are there any women trail blazers in Saudi Arabia you can name? We’ll help you with that. We cover how the Middle East has been making strides in empowering women in the entrepreneurial space,most notably in STEM fields.Read the full edition
Comments 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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