23/09/2017 10:47 AST

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.


Trade Arabia

Ticker Price Volume
SABIC 128.20 2,802,574
SAICO 15.38 394,559
EEC 19.48 3,064,281
TAWUNIYA 71.30 210,946
KAYAN 15.10 11,244,474
STC 90.00 330,112
WALAA 28.95 1,032,814
CBI launches Islamic financing in Senegal

25/06/2018

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),

Saudi Gazette

Conference to help Qatar companies with business continuity, resilience steps

25/06/2018

Companies in Qatar stand to gain from a one-day conference slated later in the year that would focus on integrating capacity building in the country’s business continuity and resilience (BC&R) sector

Gulf Times

First Qatar-Mexico Business Committee meeting in October

25/06/2018

Qatar and Mexico are working hard to expand and deepen trade, business and economic cooperation in most promising areas of the two economies.

As part of efforts to boost bilateral ties, th

The Peninsula

Islamic bond issuances set for slowdown in 2018

25/06/2018

The global sukuk (Islamic bond) market experienced a significant slowdown in issuance in the first half of 2018, with new sukuk issuance expected remain lacklustre in the second half, according to cr

Gulf News

UAE, Kuwait most vulnerable for cyberattacks in the Gulf

25/06/2018

The UAE and Kuwait are among the most vulnerable for cyberattacks among the Gulf Cooperation Council Council countries in the first quarter, according to a report by cybersecurity firm Trend Micro.

Gulf News