Al Tamimi & Company, the largest law firm in the Middle East, hosted its first bespoke forum in the Kingdom of Saudi Arabia under the theme “Foreign Investments in KSA”, offering the opportunity for industry leaders to participate in discussions surrounding the changing economic and legislative landscape in the Kingdom, as part of Vision 2030.
As Saudi Arabia undergoes extensive business, economic and social developments, Al Tamimi & Company launched the event to shed light on best practices related to legal compliance for businesses operating and looking to enter the Saudi market.
Panel participants included: Eng. Khalid Abdullah Al Hussan, Chief Executive Officer, Saudi Stock Exchange; Eng. Ibrahim Alsuwail, Deputy Governor of Investor Services, SAGIA and Dr. Ahmed Kattan, Deputy Minister of Labour Policy.
With almost 200 industry professionals in attendance, the seminar hosted three panel sessions which included insights from Al Tamimi & Company’s Saudi legal experts alongside renowned business leaders and specialists from various fields. These prominent figures, from both the public and private sectors discussed key facets of privatization, including the framework necessary to attract foreign investment for privatization, how businesses can set up their presence in the Kingdom and the importance of implementing robust cybersecurity measures to prevent cybercrime.
Eng. Khalid Abdullah Al Hussan, the CEO of Tadawul, who spoke on the panel addressing Vision 2030’s goal of privatization and the current legal framework’s impact on foreign direct investment, stated, “Tadawul has implemented reforms to ensure a secure, transparent and efficient market that is aligned with global market standards and practices. We have been facilitating the participation of international investors in the Saudi market and expanding access to international investors through the Qualified Foreign Investor (QFI) program in cooperation with the CMA, which was launched in 2015 and continuously updated since then to further ease qualification requirements”.
Adding to the conversation, Eng. Ibrahim Alsuwail, Deputy Governor of Investor Services at SAGIA said: “If we compare foreign investments in 2016, 2017 and 2018, we have noticed a definitive growth over the past 15 months. This includes direct investments from foreign entities, the opening of international branches of organizations in the Kingdom and the strengthening of partnerships between local and foreign companies. This showcases the strengths of the Kingdom’s economy and the importance of Vision 2030 in attracting international attention and investments”.
Commenting on the event, Al Tamimi & Company’s Founding Partner, Essam Al Tamimi, said, “Our firm has over ten years of experience in the Kingdom. We have grown to establish a deep-rooted understanding of the legal and legislative developments within the Kingdom to support clients across various sectors. This event gives us the opportunity to promote the knowledge-sharing requirements that are vital to the success of business coming in and operating in the Saudi Arabian market.”
Throughout the conference, there was a clear focus on the importance of greater awareness surrounding the developments of the legal structure in the Kingdom. As an integral component to the facilitation of welcoming new businesses and industries to the Kingdom, the legal framework has introduced legislation to support the realization of Vision 2030’s efforts at a fast pace.
Grahame Nelson, Al Tamimi & Company’s Head of KSA, stressed, “As new and improved legislation is injected into the Kingdom’s business infrastructure, it has become vital that organizations are aware, as well as prepared to adopt and comply, in order to succeed. We are thrilled to have been able to provide this platform that facilitates the knowledge sharing process that will prepare Saudi Arabia for the road to Vision 2030.”