THE BUSINESS CHIEF INTERVIEW
SAUDI ’ S NEW COMPANIES LAW offices and 15 countries – expanded its regional law offering with a Saudi legal practice .
The setting up of a dedicated practice just as the Kingdom ’ s new corporate law kicked in is no coincidence – with demand for expertise in navigating the new business laws especially high
“ EY Law provides companies with a one-stop-shop to help them anticipate and navigate the increasingly complex legal environments of both the local and global economies .”
Reema explains how businesses in Saudi have both local and global legislation to consider when organising each aspect of their operation model – everything from HR with labour and employment law to digital law to ensure compliance in an everchanging technology landscape .
And the introduction of new laws in the corporate sector has brought about “ substantial changes in how businesses operate ,” says Reema – with the new Company Law and Procurement Law especially significant .
The recently enacted business laws are expected to play a big role in encouraging foreign investment and boosting the private sector – which is fundamental to the Kingdom ’ s long-term vision .
Implemented in January 2023 to replace the Companies Law of 2015 and the Professional Companies law of 2019 , the New Companies law introduces significant changes to modernise the Saudi corporate law framework – and is designed to enhance the ease and flexibility of operating in KSA for existing businesses , while also attracting further foreign investment into the market .
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