The latest visit of an International Monetary Fund IMF delegation to Saudi Arabia reported positive results on the Kingdom’s economic reforms. The report explored many of the country’s promising plans for reforms, including plans to improve legal framework.
The Saudi judiciary has made important steps forward, especially in the past two years, in which plans increasingly focused on specialized judiciary and creating efficient system that helps clients make full use of a hassle free legal services.
This is especially true for businesses and investors, where the establishment of commercial courts followed by labor courts are not only helping current businesses and investors receive specialized judicial services but also attract new investors.
According to the Q1 investments highlights report issued by SAGIA, the first quarter of 2019 witnessed an average of four new foreign investors entering the Saudi market on a daily basis.
The latest report published by the International Institute for Management Development (IMD) competitiveness yearbook 2019 showed that the Kingdom has moved 13 positions in overall performance. Demonstrating real potential in boosting investment climate in Saudi Arabia with different sectors working towards same objective, to positively influence the Saudi economy and realize the country’s promising vision 2030.
Last year, Saudi Arabia made significant progress in three global indexes in cooperation with the World Bank due to progress in the legal sector.
One is contract enforcement, where the Kingdom moved several positions in a period of one year. The second was property registration, as the ministry of justice made the procedures of property registration and transfer easy and accessible through its online system.
The third index is protecting minority investors, through specialized commercial judiciary.
