A brief insight to Saudi Legal & Investment Updates

Dear Sir / Madam,

We heartily welcome you to the latest issue of our newsletter. We put our best effort to provide the premium news bulletin to our subscribers, including news from legal and business sources in Saudi Arabia. The newsletter will provide you with information about the latest legal and business developments and share our comments and insight. We hope you will enjoy reading the newsletter and we look forward to your kind suggestions and advice.

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Sincerely,

Dr. Bader Al Busaies | Managing Partner

Al Suwaiket & Al Busaies Attorneys at Law

Email: dr.bader@sb-lawyersweb.com

Saudi MoJ approves implementing regulations for Commercial Courts Law 

Saudi ministry of justice has approved implementing regulations for the Law of Commercial Courts, aiming to enhance the commercial judiciary, fast-track decisions, and boost the business environment in Saudi Arabia.

The regulations provide for special agreement between the parties and the organization of court panels according to the type of cases.

They also define the works of court assistants, controls of employing the private sector, and expansion of expert witnesses to include merchants.

The regulations also set forth e-litigation procedures, the jurisdiction of commercial courts, mediation and adjudication procedures, case management, and the quorum of judicial panels.

They also provide for grievances and appeals, the judgments and decisions requiring pleadings, the duration of small claims, and the rules of class actions.

Saudi justice minister Al-Sama’ani earlier emphasized that the Law of Commercial Courts would support digital transformation, enable swift decisions, and establish an institutional methodology.

Kingdom of Saudi Arabia ranks the 2nd in the consumer price world index

The Kingdom of Saudi Arabia has achieved the best ranking in the Global Competitiveness Yearbook Report for 2020, issued by the Global Competitiveness Center. This is among the 63 most competitive countries in the world.

The Kingdom has made unprecedented exceptional progress in the World Index, despite the economic conditions resulting from the impacts of Covid-19 pandemic,

The Ministry of Commerce Launch The Electronic Platform For The Commercial Franchise Center “Emtiyaz”

The Ministry of Commerce and the General Authority for Small and Medium Enterprises have launched the electronic platform for the Commercial Franchise Center that provides new investment opportunities for male & female entrepreneurs. This e-platform would enable them to develop, spread and invest through a list of successful trademarks.

This e-platform provides several consulting services that facilitate access to investment opportunities, and enables the franchisor and the franchisee to document their rights to raise the level of quality and to enhance the principle of transparency and clarity. This e-platform also helps the franchisor to introduce and market his trademark for investment purposes, as well as it does facilitate the search for investment in dedicated sectors.

Access Platform: https://emtiyaz.sa/

Ministry of Labor and Social Development Launches the Initiative of The Model Houses for Orphans 

The Ministry of Labor and Social Development announced the launch of the "Social Homes" initiative within the framework of building and empowering initiatives, which seek to implement and activate the latest practices for the care of orphans through their gradual transfer from shelters to social homes in accordance with specific criteria and controls. The initiative aims to orphans with special circumstances and the same of those residing in the housing role of the ministry in all regions of the Kingdom, in order to strengthen their involvement with all segments of society and increase their empowerment and achieve a decent life for them.

Saudi Aramco completes its acquisition of a 70% stake in SABIC from the Public Investment Fund (PIF)

Aramco announced the successful completion of its share acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC) from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, for a total purchase price of SAR 259.125 billion (US$ 69.1 billion), equating to SAR 123.39 price per share.

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FIRM NEWS

Participated in the Mosques Sterilization program initiative in Saudi

As part of our social responsibility activities, our firm had participated in the Mosques sterilization initiative in Saudi.

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