Saudi Crown Prince Mohammed bin Salman Al Saud’s Vision 2030 program is a sweeping, ambitious program aimed at diversifying the country’s culture, economy, and society. It touches on all aspects of life in the Kingdom, from culture, sports, urban planning, tourism, investment, technology and education. As the Saudi government promotes economic diversification, transitioning the economy away from fossil fuels, foreign investment is pouring in, making it a key place to watch for international business.
This radical modernization has included significant changes to the legal system, including the development of a new arbitration center, digitization of domestic courts, upgrading of the judiciary, and the wholesale enactment of new laws and regulations. This ranges from family affairs to space regulations and the rules governing foreign investment in securities in the Kingdom. Simultaneously, new laws are affecting the legal profession and the opening of offices by many new global firms.
Quinn Emanuel is heavily involved in the Saudi legal system —we have an association presence in KSA, with ten litigators and arbitration practitioners on the ground, doing domestic and cross-border litigation and arbitration. It is the largest global dispute resolution team in the Kingdom.
This June, by Royal Decree, the Kingdom enacted a new civil transaction code, which touches on many subjects important to business—including the law of contracts. In a new article, our team covers the principles reflected in the law, which bear striking similarities to civil and common law principles. You can learn more about the new code and its implications by reading my colleague’s insights here.