Welcome to GulfBase Live Support
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.
Fitch Ratings-Hong Kong-23 October 2017: Fitch Ratings has affirmed Kuwait's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'AA' with a Stable Outlook.
A full list of rating ac
The 4th session of the UAE- Spain Joint Economic Committee was held in Dubai today (Monday, October 23, 2017). The ministerial meeting of the committee was chaired by H.E. Eng. Sultan bin Saeed Al Ma
The Central Bank of Bahrain (CBB) announced that this week’s BD 70 million issue of Government Treasury Bills has been fully subscribed by 100%.
The bills, carrying a maturity of 91 days, ar
Saudi Arabia’s central bank has joined an international standard-setting body for Islamic finance, a move that could help standardise industry practices and ease cross-border transactions in the King
An influx of European investors saw the region’s deal activity increase to six times that of the first quarter of 2017, reaching $845 million in the second quarter of this year, according to the quar
Oman Daily Observer