Reforms to Saudi legal sector set to attract foreign law firms to the Kingdom

The initiative aligns with ��’s broader goals of stimulating foreign investment and encouraging international companies to relocate their regional headquarters to the Kingdom. (File/Shutterstock)

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Updated 01 September 2024

Miguel Hadchity

August 31, 2024 09:06

Reforms to Saudi legal sector set to attract foreign law firms to the Kingdom

This initiative is part of a broader strategy to attract foreign investment and enhance the Kingdom’s business environment

Updated 01 September 2024

Miguel Hadchity

August 31, 2024 09:06

RIYADH: �� is on the brink of a transformative policy shift that would permit licensed foreign law firms to establish companies fully owned by non-Saudis.

This initiative, announced by the National Competitiveness Center, is part of a broader strategy to attract foreign investment and enhance the Kingdom’s business environment.

The NCC has solicited public feedback on a Ministry of Justice proposal through its official account on X, which could fundamentally reshape the legal landscape in ��.

A progressive legal reform

The proposal seeks to amend the first paragraph of Article 50 of the Kingdom’s Code of Law Practice. If enacted, it would allow non-Saudi law firms to set up wholly foreign-owned professional companies.

These firms would offer legal advice on the Kingdom’s regulations and represent clients in court through registered Saudi lawyers.

Details posted on the Istitlaa platform reveal that this project aims to advance the legal profession, improve the quality and efficiency of the industry, and integrate global expertise into the local context.

Furthermore, it is designed to bolster the Kingdom’s competitiveness, enhance its business climate, and elevate the efficiency of the justice system by increasing professionalism within the legal sector.

The proposed amendment signifies a progressive step in ��’s legal reforms.

By allowing foreign law firms to operate independently, the Kingdom aims to develop its legal profession by introducing international standards and practices.

Lebanon-based attorney Jihad Chidiac told Arab News that permitting foreign law firms to set up offices in �� enhances the quality of legal services by combining global expertise and experience with local knowledge and specificities.

He added: “These firms operating according to international legal standards may encourage the development of a more solid legal framework and regulatory environment, which is essential for attracting foreign investment and fostering a transparent business environment.”

Jihad Chidiac, Attorney at Law, Lebanon, said permitting foreign law firms to set up offices in �� enhances the quality of legal services. (Supplied)

Homam Khoshaim, a partner in corporate finance at London-based law firm Addleshaw Goddard, echoed this sentiment, and told Arab News: “The entry of additional international law firms in the Kingdom indicates a growing legal sector, healthy competition among legal services providers, and a growing economy that demands its legal needs be met.”

He added: “Clients stand to benefit from a more diverse legal market offering a wider range of services, deeper expertise, and international networks. This is especially advantageous for Saudi-based clients that operate globally.”

Homam Khoshaim, a partner in corporate finance at London-based law firm Addleshaw Goddard, says entry of international law firms in �� indicates a growing legal sector. (Supplied)

Boosting competitiveness and investment

This initiative aligns with ��’s broader goals of stimulating foreign investment and encouraging international companies to relocate their regional headquarters to the Kingdom.

By creating a more attractive legal environment, the Kingdom hopes to draw significant foreign capital, which will, in turn, fuel economic growth and diversification.

Talat Hafiz, a Saudi-based economist, highlighted to Arab News believes there will “definitely” be “more foreign investments” in �� as a result of the changes, adding: “It will help localize some industries, transfer know-how, and create thousands of job opportunities for Saudi nationals.”

Talat Hafiz, Economist, ��, predicted increased investments in ��. (Supplied)

The ability for foreign law firms to operate independently is expected to improve the ease of doing business in the Kingdom, making it a more attractive destination for international firms.

The legal reforms are seen as a critical component of this effort, aiming to create a robust legal infrastructure that supports economic activities and offers high-quality legal services to both local and foreign entities.

Supporting Vision 2030 goals

The initiative is also in line with ��’s ambitious Vision 2030 objectives, aimed at reducing the Kingdom’s dependence on oil, diversifying its economy, and developing public service sectors.

Chidiac pointed out that this policy could “support several objectives of Vision 2030, particularly in terms of attracting more foreign investors and multinational corporations that seek international, modern, and innovative legal infrastructure in business and commercial transactions.”

Foreign legal firms can support economic diversification by providing legal services in finance, energy, infrastructure, and technology.

Chidiac said: “The Saudi legal market is increasingly significant on both a regional and global scale, largely due to the country's ambitious economic diversification plans under Vision 2030.”

He added: “The legal market in �� is directly impacted by these expansive projects, which necessitate a wide range of legal services, from corporate and finance to energy, projects, and infrastructure, as well as dispute resolution.”

Creating employment opportunities

One of the key benefits of this proposed change is the potential for job creation.

By attracting foreign law firms, the initiative is expected to generate a range of employment opportunities for Saudi citizens, both directly and indirectly. This includes roles within the legal profession as well as ancillary services that support legal firms.

Chidiac added that “the establishment of foreign legal firms will create job opportunities, most importantly in the legal sector, by providing direct employment opportunities for local lawyers, paralegals, and administrative staff.”

He explained that foreign legal firms can create indirect employment opportunities by helping companies operate more effectively, stimulating economic growth, and fostering entrepreneurship, thus creating a favorable ecosystem for business development in ��.

The influx of foreign law firms is expected to stimulate the local job market by providing new career paths for Saudi nationals. This aligns with the government’s efforts to reduce unemployment and increase the participation of Saudi citizens in the workforce.

The unemployment rate in �� fell to 7.6 percent in the first quarter of 2024, compared to 7.8 percent in the fourth quarter of 2023, according to the General Authority for Statistics’ labor force survey.

By offering competitive salaries and professional development opportunities, foreign law firms can attract and retain top legal talent in the Kingdom.

“Investing in local talent is crucial for gaining insights into the legal system and ensuring cultural alignment. Firms must commit to continuous learning to adapt to rapid legal changes, ensuring the team is well-versed in new laws and regulations,” Khoshaim said.

A new era for the Saudi legal sector

This proposed amendment represents a significant step forward for the Saudi legal sector. By opening the doors to foreign law firms, �� is signaling its commitment to modernizing its legal framework and aligning it with international standards.

This move is expected to not only enhance the quality of legal services available in the Kingdom but also to make �� a more competitive and attractive destination for global businesses.

In order to ensure the proposed changes are well-received and able to be successfully implemented, the Ministry of Justice has initiated a public consultation, seeking opinions from lawyers, foreign law firms, specialists, academics, businesses, and the general public.

As �� moves forward with this proposed amendment, the legal community is watching closely. The successful implementation of these reforms could serve as a model for other countries in the region, showcasing the benefits of a modern and open legal market.

By embracing international standards and practices, �� has the potential to become a leading legal center in the Middle East, attracting top legal talent and fostering a dynamic business environment.

Topics: main �� legal

Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

Updated 18 July 2025

Reuters

July 18, 2025 16:09

Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

Updated 18 July 2025

Reuters

July 18, 2025 16:09

BENGALURU: Abu Dhabi index closed higher on Friday, supported by an increase in oil prices after the EU introduced new sanctions against Russia, while the Dubai index declined after investors moved to book profit on last five sessions’ gains.

Abu Dhabi’s benchmark index recorded gains for the fourth session with the index finishing 0.2 percent higher, led by a 1.7 percent jump in Emirates Telecom Group, while its biggest lender First Abu Dhabi Bank added 0.5 percent.

Dubai’s main index meanwhile fell 0.2 percent, ending a five-day winning streak after reaching its highest level in 17 and a half years during the previous session.

Losses were driven by a decline in financial sector stocks as Dubai’s top lender Emirates NBD Bank dropped 2.4 percent after three consecutive session gains, while Commercial Bank of Dubai slumped 3.6 percent.

However, budget airline Air Arabia rose by 0.8 percent, continuing its upward trend after Air Arabia Abu Dhabi announced plans to increase its operational capacity by 40 percent in 2025.

The Dubai index saw profit-taking on Friday, but its sustained rally last week has pushed the index to a key resistance level. Next week’s corporate earnings may provide the catalyst needed to break through this barrier, said Ahmed Negm, head of market research MENA at XS.com.

Dubai’s index went up 4.1 percent and Abu Dhabi’s rose 2 percent in their fourth week of gains, according to LSEG data.

Markets remain steady, supported by positive corporate earnings and stable oil prices, though global developments continue to have an impact on investor confidence, said Negm.

Topics: Abu Dhabi Securities Exchange

Global Markets — shares rise as US consumer holds up, yen weak ahead of Japan vote

Updated 18 July 2025

Reuters

July 18, 2025 13:46

Global Markets — shares rise as US consumer holds up, yen weak ahead of Japan vote

Updated 18 July 2025

Reuters

July 18, 2025 13:46

LONDON/SYDNEY: Global shares edged higher on Friday as robust US economic data and corporate earnings this week tempered tariff concerns for now, while the yen headed toward a second successive weekly loss ahead of a crunch legislative election in Japan on Sunday.

Stronger-than-expected US retail sales and jobless claims suggesting modest improvement in economic activity helped to push the S&P 500 and the Nasdaq to close at record highs on Thursday.

Asian and European shares followed suit with gains on Friday, with Asian shares outside Japan up 0.9 percent, while European stocks were last up 0.4 percent. Wall Street futures were also up around 0.1 percent.

A solid start to earnings season in the US — with companies including streaming giant Netflix beating forecasts — was also supporting investor confidence, said Eren Osman, managing director of wealth management at Arbuthnot Latham.

“We’re pretty constructive on the (US) macro backdrop ... We do see some scope for slowing growth, but not for anything material and that’s giving the markets quite a nice bounce,” Osman said, adding the potential full impact of US tariffs was still in focus.

Alphabet and Tesla are among the companies reporting half-year results next week, which will further test the market mood.

The dollar was broadly flat against the yen at 148.65 but was down nearly 1 percent this week after polls showed Prime Minister Shigeru Ishiba’s coalition was in danger of losing its majority in the upper house election on Sunday.

Data on Friday showed Japan’s core inflation slowed in June due to temporary cuts in utility bills but stayed above the central bank’s 2 percent target. The rising cost of living, including the soaring price of rice, is among the reasons for Ishiba’s declining popularity.

“If PM Ishiba decides to resign on an election loss, USDJPY could easily break above 149.7 as it would usher in an initial period of political turbulence,” said Jayati Bharadwaj, head of FX strategy at TD Securities, adding: “JPY could reverse the recent dramatic weakness if the ruling coalition wins and is able to make swift progress on a trade deal with Trump.”

In currency markets, the US dollar index slipped 0.1 percent to 98.365, but was heading for a second successive weekly gain, bouncing from a 3-1/2 year low hit over two weeks ago.

Fed Governor Christopher Waller said on Thursday he continues to believe the central bank should cut interest rates at the end of this month, though most officials who have spoken publicly have signalled no desire to move.

Treasury yields were slightly lower. Benchmark 10-year US Treasury yields dropped 2 basis points to 4.44 percent, two-year yields also edged 2 bps lower to 3.90 percent.

Topics: global markets

Saudi bank loans hit $845bn as corporate lending booms

Updated 18 July 2025

Dayan Abou Tine

July 18, 2025 10:55

Saudi bank loans hit $845bn as corporate lending booms

Updated 18 July 2025

Dayan Abou Tine

July 18, 2025 10:55

RIYADH: Saudi banks’ total outstanding loans reached SR3.17 trillion ($844.7 billion) at the end of May, an annual increase of 16.28 percent, according to the latest official data.

Figures released by the Saudi Central Bank, also known as SAMA, show that this marks one of the fastest annual credit expansions in recent years, underscoring strong economic momentum in the Kingdom.

The SAMA data revealed that business loans now comprise 55.35 percent of all bank credit, up from 52.87 percent a year ago.

Corporate lending surged 21.73 percent year on year to SR1.75 trillion, far outpacing personal lending, which rose around 10 percent to SR1.41 trillion.

This shift highlights how companies have become the dominant force in ��’s lending landscape, as banks pivot from consumer finance to funding large projects and enterprises.

The Kingdom’s credit boom stands out within the region. Across the Gulf Cooperation Council countries, most banking sectors are expanding on the back of post-pandemic economic growth and government spending, but Saudi banks are leading the pack in loan growth.

A Kamco Invest report published in May found the Kingdom posted the region’s highest year-on-year loan growth in the first quarter of 2025, outpacing other Gulf markets.

This growth was broad-based across sectors — including construction, real estate, education, and transport — whereas some neighboring countries saw more subdued or narrowly focused increases.

The UAE, the region’s second-largest banking market, is also seeing solid credit expansion supported by its own infrastructure and economic reforms.

Gulf banks in general benefit from strong capitalization and government backing, which has kept credit flowing. The International Monetary Fund projects GCC economies to grow around 3.5 percent in 2025, with ��, the UAE, and Qatar driving non-oil growth.

This trend aligns with the Kingdom’s Vision 2030 diversification plan, which emphasizes infrastructure, industry, and non-oil sectors. It also indicates that after a decade of mortgage-fueled expansion, banks are rebalancing portfolios toward commercial lending in response to market demand and government priorities.

This “structural hand-off” means business lending is now the engine of Saudi banking — a significant change after years when consumer mortgages dominated credit creation.

Real estate dominates; education and transport soar

Within corporate lending, real estate developers remain the single largest borrower group according to SAMA data. Real estate activities accounted for 21.35 percent of outstanding corporate credit, totaling approximately SR374 billion in May.

This segment grew by a remarkable 37.7 percent annually, reflecting heightened demand for housing, commercial infrastructure, and mega-project development across the Kingdom.

��’s ambitious construction boom — from new housing in major cities to giga-projects like NEOM, the Red Sea tourism resorts, and large mixed-use developments — has driven banks to significantly increase financing for land purchases, building, and property development.

According to a March report by real estate consultancy JLL, ��’s real estate sector is set for sustained growth, driven by Vision 2030 diversification goals and robust non-oil economic expansion.

The construction sector recorded $29.5 billion in project awards in 2024, while the property market is forecast by the Real Estate General Authority to reach $101.6 billion by 2029, growing at a compound annual rate of 8 percent.

Grade-A office demand in Riyadh surged, with vacancy falling to just 0.2 percent by the end of 2024 and average rents reaching $609 per sq. meter.

JLL noted that 326,000 sq. meters of leasable space was delivered in 2024, with an additional 888,600 sq. meters in the pipeline for 2025. The firm added that Jeddah is emerging as a competitive alternative, attracting regional and international firms, while rising office and logistics rents in both Riyadh and Jeddah indicate strong commercial demand.

The report also highlighted real estate tailwinds from upcoming mega-events like the 2030 FIFA World Cup and Expo 2030, which are expected to inject significant capital and further boost infrastructure development across the Kingdom.

Other major sectors in banks’ corporate portfolios include wholesale and retail trade, around 12.2 percent of corporate credit, utilities like electricity, water and gas of 11 percent, and manufacturing at 11 percent.

Each of these recorded healthy double-digit growth, supported by increased public and private investment and industrial reforms.

This includes lending to the utilities sector growing to SR196 billion, as �� expands power grids, renewable energy projects, and water infrastructure to meet rising demand.

Manufacturing loans — about SR191 billion — reflect ongoing expansion in petrochemicals, metals, and consumer goods production under diversification initiatives.

Crucially, some of the fastest growth rates were seen in smaller, emerging segments, highlighting shifting priorities.

Education sector credit, though making up only 0.55 percent of corporate loans, jumped by over 48 percent year on year to around SR9.58 billion.

This was the highest growth of any sector, fueled by a national drive to expand and modernize educational institutions. �� is encouraging more private investment in schools, universities, and training centers as part of Vision 2030’s human capital development goals.

Transport and logistics is another booming area. Loans for transportation and storage climbed 43 percent year on year, reaching SR68 billion.

This reflects ��’s push to become a global logistics hub, building new ports, airports, railways, and warehouses. Huge projects such as the expansion of Riyadh’s King Salman International Airport and the launch of a new national airline, as well as improvements in roads and shipping infrastructure, require significant funding.

The government’s National Transport and Logistics Strategy envisions $150 billion of investments in transport infrastructure by 2030, with 80 percent of these coming from the private sector via public-private partnerships and privatizations in airports and roadways.

Banks are playing a key role by lending to contractors and logistics firms involved in these ventures. The result is that transport and logistics finance has seen one of the sharpest upticks across all industries, second only to education in growth rate.

Going forward, Saudi lenders are expected to maintain a delicate balance, financing aggressive growth in the corporate sector while guarding against liquidity and risk pressures.

Topics: Saudi Central Bank (SAMA) bank loans

Oil Updates — prices rise after EU new sanctions on Russia

Updated 18 July 2025

Reuters

July 18, 2025 09:00

Oil Updates — prices rise after EU new sanctions on Russia

Updated 18 July 2025

Reuters

July 18, 2025 09:00

LONDON: Crude oil futures rose on Friday while gasoil futures jumped to a 17-month high as investors weighed new EU sanctions against Russia.

Brent crude futures climbed 73 cents, or 1.05 percent, to $70.25 a barrel by 1:51 p.m. Saudi time. US West Texas Intermediate crude futures gained 83 cents, or 1.23 percent, to $68.37.

The premium on low-sulfur gasoil futures to Brent crude was up $3.50 at $27.27, the almost 15 percent increase lifting the spread to its highest since February 2024.

The EU reached an agreement on an 18th sanctions package against Russia over its war in Ukraine, which includes measures aimed at dealing further blows to Russia’s oil and energy industries.

Its latest sanctions package will lower the G7’s price cap for buying Russian crude oil to $47.6 a barrel, diplomats told Reuters.

The EU will also no longer import any petroleum products made from Russian crude, though the ban will not apply to imports from Norway, Britain, the US, Canada and Switzerland, EU diplomats said.

EU foreign policy chief Kaja Kallas also said on X that the EU has designated the largest Rosneft oil refinery in India as part of the measures.

Higher gasoil futures could be driven by an EU ban on fuel imports derived from Russian crude, UBS analyst Giovanni Staunovo said, as well as low inventories in northwest Europe.

The EU and UK have imported about 196,000 barrels per day of refined fuel from India so far this year, the majority of which was diesel, gasoil and jet fuel, according to data from analytics business Kpler.

Europe produces less diesel and jet fuel than it consumes, making it reliant on imports from other regions.

“This shows the market fears the loss of diesel supply into Europe, as India had been a source of barrels,” said Rystad Energy’s vice president of oil markets, Janiv Shah.

Investors were considering the potential impact of the price cap change and vessel designations on crude markets.

Investors are awaiting news from the US on possible further sanctions after President Donald Trump this week threatened sanctions on buyers of Russian exports unless Moscow agrees a peace deal in 50 days.

“Ultimately, it is now a matter of waiting for possible major changes in US sanctions and tariff policy,” Commerzbank analysts said in a note.

The US has not backed Europe on the latest sanctions package, leaving the EU with limited power to enforce the measures.

“We expect limited impact from the lower price cap and tanker sanctions; landed prices for diesel in Europe could increase somewhat due to larger logistics issues to get products into Europe, but we think enforcement challenges limit the impact on flows,” said BNP Paribas analyst Aldo Spanjer.

Prices could also have received support after Reuters reported that a restart of Iraq’s Kurdish oil exports is not imminent despite Iraq’s federal government saying on Thursday that shipments would resume immediately.

Topics: oil updates oil prices

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds

Updated 17 July 2025

Reem Walid

July 17, 2025 16:26

Jordan tourism revenues climb 11.9% in H1 despite regional headwinds

�� led the region with a 148% rise in international tourism revenue in 2024
Spending by Jordanians on outbound tourism rose 3.3% year on year

Updated 17 July 2025

Reem Walid

July 17, 2025 16:26

RIYADH: Jordan’s tourism revenues rose 11.9 percent year on year in the first half of 2025 to reach $3.67 billion, underscoring the sector’s resilience amid geopolitical tensions in the region.

According to data from the Central Bank of Jordan, the growth came despite a slight setback in June, when monthly revenues fell 3.7 percent to $619.2 million, state-run Petra news agency reported.

Turki Faisal Al-RasheedDespite this, Jordan’s performance reflects a broader tourism surge across the Middle East, with a May release by the World Travel & Tourism Council showing the sector added $341.9 billion to gross domestic product and 7.3 million jobs in 2024, with projections of $367.3 billion and 7.7 million jobs in 2025.

�� led the region with a 148 percent rise in international tourism revenue in 2024, according to its Ministry of Tourism, while Oman, the UAE, and Qatar continued to attract strong visitor flows through investment, connectivity, and major events.

Citing the central bank data, Petra said: “Tourism revenues from Asian visitors surged by 42.9 percent during the first half of the year, while revenues from European tourists increased by 35.6 percent, Americans by 25.8 percent, Arabs by 11.5 percent, and other nationalities by 43.0 percent.”

It added: “Conversely, revenues from Jordanian expatriates visiting the Kingdom registered a modest decline of 0.8 percent over the same period.”

Spending by Jordanians on outbound tourism rose 3.3 percent year on year in the first half of 2025, reaching $999.7 million, despite a 22.7 percent decline in June alone, when spending fell to $195.6 million.

This comes on the back of a strong start to 2025, with Jordan welcoming 1.51 million visitors in the first quarter — a 13 percent increase from the same period last year — while receipts rose 8.85 percent to 1.22 billion Jordanian dinars ( $1.72 billion), according to the Ministry of Tourism and Antiquities’ first-quarter report.

The recovery was further supported by the return of air connectivity, which had nearly disappeared in 2024. New agreements with European carriers expanded the number of low-cost direct routes to 25 this year, including 20 to Amman for the summer and five to Aqaba in the winter. These routes are expected to bring in around 270,000 travelers, the report added.

Looking ahead, the ministry said it is developing a new National Tourism Strategy for 2025–2028, building on the previous plan and aligning with the country’s Economic Modernization Vision.

The updated roadmap aims to diversify source markets, including China, India, Russia, Africa, and Southeast Asia, and promote high-potential segments such as medical, wellness, faith-based, adventure, and meetings, incentives, conferences, and exhibitions, or MICE, tourism.

Topics: Jordan Jordan tourism

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Reforms to Saudi legal sector set to attract foreign law firms to the Kingdom

Reforms to Saudi legal sector set to attract foreign law firms to the Kingdom

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Abu Dhabi index gains on oil surge, Dubai falls on profit-taking

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Reforms to Saudi legal sector set to attract foreign law firms to the Kingdom

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