Saudi Arabian Corruption Crackdown-What does it mean for Compliance?
FCPA Compliance Report-Episode 357, Paradise Papers and Saudi Arabia Corruption Crackdown
FCPA Compliance and Ethics Report-Episode 109-interview with Bill Michael on the SEC FCPA enforcement action against FLIR employees
On August 11, 2024, the Kingdom of Saudi Arabia (the “Kingdom” or “Saudi Arabia”) issued the new Investment Law, pursuant to Royal Decree number M/19 (the “New Investment Law”), which is intended to replace the Foreign...more
On August 11, 2024, the Kingdom of Saudi Arabia unveiled a new Investment Law, which repeals the existing Foreign Investment Law (“New Investment Law”) to enhance attraction of international investments and equality between...more
The healthcare and life sciences ecosystem is witnessing significant growth in the Middle East as the GCC continues to seek economic diversification. The United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA) are...more
Prior to the new Civil Transactions Law of the Kingdom of Saudi Arabia (referred to as the “KSA Civil Code”), there were no detailed rules on termination (or faskh) at law in Saudi Arabia. As with other areas of Saudi law,...more
In our initial article in this series, we introduced the new Civil Code of the Kingdom of Saudi Arabia (referred to as the “KSA Civil Code”). This significant legislative milestone codifies the law governing the forming of a...more
On June 19, 2023, the Kingdom of Saudi Arabia enacted the Civil Transactions Law (the “KSA Civil Code” or the “Code”) promulgated by Royal Decree M/191 dated 18 June 2023 (Dhul-Qi’dah 29 1444 AH). The Code, which enters into...more
On 14 April 2023, the Economic Cities and Special Zones Authority (ECZA) announced the launch of four special economic zones (SEZs) in the Kingdom of Saudi Arabia (the Kingdom) to accelerate the diversification of the...more
Despite global shocks and forecasts of a global recession, economies in the Middle East showed "extraordinarily fast" growth in 2022, according to the World Bank. The countries of the Gulf Cooperation Council (GCC)—the United...more
Strong diplomatic and economic ties have long existed between the Gulf Cooperation Council (GCC) states and North Africa but there are other levers at play for deepening economic relations....more
On September 14, 2021, the Kingdom of Saudi Arabia’s (KSA’ s) Cabinet of Ministers launched a new Permanent Ministerial Committee for Examining Foreign Investments (CEFI) that would review foreign investments for potential...more
On February 15th, the Saudi Press Agency issued a statement confirming that the Government of Saudi Arabia intends to stop contracting with entities whose regional headquarters are not located in the Kingdom by January 1st...more
The Situation: On June 21, 2020, the Saudi Minister of Tourism, Ahmed Al-Khateeb, announced the creation of a Tourism Development Fund ("Fund") with an initial capital of SAR 15 billion (approximately US$4 billion). The...more
Climate Change Litigation on the Horizon with Trump Environmental Overhaul - On July 16, 2020, President Trump’s Council on Environmental Quality (“CEQ”) published the long-awaited final rule revising the implementing...more
A few years ago, we reported that a wave of waste to energy (“WTE”) projects were expected in the Middle East. It now appears that the wave is about to break. From Saudi Arabia, to the UAE and to Oman, these planned projects...more
On 15 April 2020, the Cabinet of the Kingdom of Saudi Arabia (“Saudi Arabia”) issued a resolution approving the Pharmaceutical and Herbal Establishments and Substances Regulation (the New Pharmaceutical Law), providing a...more
A new professional companies law has entered into force in Saudi Arabia and will have a direct effect on professional partnerships already existing in the Saudi Arabian market (such as those providing engineering consultancy...more
Energy Explosion: 10 Trends to Watch in Energy Restructuring - On April 20, 2020, U.S. benchmark crude traded negative for the first time. This drastic drop in price was caused by the perfect storm of the Saudi...more
The PPP is again flush with cash but also full of problems. Yesterday, that took the form of a Small Business Administration’s system for processing loan applications crashing within the first hours that the program reopened....more
The Middle East water market continues to expand, creating new opportunities for foreign developers and lenders. From Oman to Qatar, Saudi Arabia, and the United Arab Emirates (UAE), the Middle East water market continues...more
The new Competition Law (the "Competition Law") of the Kingdom of Saudi Arabia (the "Kingdom") was enacted by Royal Decree M/75 on 29/06/1440 Hijri (corresponding to 6 March 2019) and came into force on 24/01/1441 Hijri...more
As a result of the new economic realities brought about by reduced global oil prices and the resultant reduction in the oil export revenues of the Kingdom of Saudi Arabia, for so long the country’s economic lifeblood, there...more
Since the introduction by the Capital Market Authority (the “CMA”) of the Kingdom of Saudi Arabia (the “Kingdom”) of the amended Merger and Acquisition Regulations (the “M&A Regulations”) there has been a distinct increase in...more
CMA Announces New Rules for Ownership in Listed Companies by Foreign Strategic Investors - As part of the Kingdom of Saudi Arabia’s efforts to regulate and develop the capital markets and to facilitate foreign investment,...more
A long-standing feature of the public-private-partnership (PPP) market in the Kingdom of Saudi Arabia (KSA) was that despite its relatively strong record of implementing PPP projects in the utilities sector, KSA did not have...more
On the surface, 2018 looked like a good year for the Gulf region. The oil price averaged over US$70/barrel for the year, compared to an average of US$50 for the previous three years. Combined with increased production, that...more