Arab News: Saudi Arabia plans to establish specialized courts to address investment disputes, enhance market confidence, and support its Vision 2030 strategy of becoming a global business hub.
The initiative, revealed through a survey conducted by the Ministry of Investment and shared with the Federation of Saudi Chambers, is aimed at evaluating the need for such judicial bodies across key sectors, Al Arabiya reported.
These courts are expected to bolster trust in the Kingdom’s legal framework, aligning with its broader legislative and judicial reforms designed to accelerate progress under Vision 2030 and the National Investment Strategy.
The specialized courts are part of the strategy’s fourth pillar, launched by Crown Prince Mohammed bin Salman in 2021, which seeks to mobilize SR12 trillion ($3.19 trillion) in economic activity through transformative projects, improved infrastructure, and job creation.
In August, Saudi Arabia announced a major overhaul of its investment laws, reaffirming its commitment to creating a business-friendly environment for global enterprises.
Revised laws integrate existing commercial rights into a unified framework, prioritizing transparency and simplifying regulatory processes. They offer enhanced protections, including property and intellectual property rights, streamlined registrations, and the establishment of dedicated service centers to expedite government interactions.
These updates build on previous measures such as the Civil Transactions Law, Private Sector Participation Law, Companies Law, Bankruptcy Law, and the introduction of Special Economic Zones.
At the time, Saudi Investment Minister Khalid Al-Falih stated that the law underscored Saudi Arabia’s dedication to fostering a secure and investor-friendly environment, bolstering economic growth, and solidifying the Kingdom’s status as a leading global investment hub.
He noted that Vision 2030’s policy framework offered investors the confidence and stability needed to thrive, particularly as other markets faced significant volatility.
The law also seeks to create a competitive market by encouraging fair competition and guaranteeing equal opportunities for both domestic and international investors.
Earlier this year, Saudi Arabia launched its regional headquarters program, offering businesses incentives such as a 30-year exemption from corporate income tax and withholding tax on headquarters activities, along with access to discounts and support services.
In October, Al-Falih confirmed the success of the initiative, announcing that the Kingdom had attracted 540 international companies to establish regional headquarters in Riyadh, surpassing its 2030 target of 500.
https://www.arabnews.com/node/2583941/business-economy
