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Saudi Arabia is set to introduce a bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, said a report, citing Saudi-owned broadcaster Al Arabiya reported citing the kingdom's Trade and Investment Mminister Majid Al-Qasabi.
The Saudi Arabian move comes about a year after the UAE introduced its own new bankruptcy law for businesses, including a new regulatory body for financial restructuring, which was designed in part to remove the threat of jail for executives of companies facing financial distress, reported The International Adviser.
At present, the law in the kingdom does not permit indebted companies to wind up their activities but with the introduction of the new bankruptcy law the government plans to restructure the economy and make it more attractive to outside investors.
Saudi Arabia is also planning to combine the new bankruptcy law with a new commercial mortgage system, which is expected to be passed by the Shoura Council within the next two to three weeks, and a new commercial franchising system, which should follow soon after, said the report.
The oil rich nation is currently in the midst of revising its so called National Transformation Programme (NTP) 2020, which is designed to help modernise the country’s economy following sharp falls in government revenues as oil prices have come down, it added.
With the full financial support of the International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), member of the Islamic Development Bank Group (IsDB), Coris Bank International (CBI),
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