ANNOUNCEMENT 17 Oct 2012

In October 2012, the government of Saudi Arabia announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising
Inception date: 17 Oct 2012 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

On 17 October 2012, the Kingdom of Saudi Arabia has simplified the arbitration rules to speed up processes of foreign investments. Khalid Abdulaziz Alnowaiser during a speech at the Council of Saudi Chambers (CSC) claimed that the regulations cover both domestic and international laws for the first time. Also, he stated that these provisions were derived from the Act of International Commercial Arbitration by the UN Commission on International Trade Law (1985).
The main improvements include:

  • Greater transparency
  • Faster settlement of disputes
  • Permission for non-Shariah graduates to arbitrage
  • Recognition of modern means of communication
  • New right for investors to resort to arbitration even if the dispute is with a state authority¬†

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A