Oxford Business Group (OBG) has signed a first-time memorandum of understanding (MoU) with Eyad Reda Law Firm to collaborate on content production relating to Saudi Arabia’s legal and regulatory framework.
Under the agreement, Eyad Reda will team up with OBG to produce the Legal Framework Chapter of The Report: Saudi Arabia 2022, the Group’s forthcoming report on the Kingdom’s investment opportunities and economic development, and other related content.
The MoU was signed at an official event on January 24, 2022, by Simona Simeonova, Country Director, OBG, and Eyad Reda, Managing Partner, at the law firm’s offices.
Speaking at the signing event, Reda highlighted some of the topical issues that the law firm will be examining in the report, in addition, Mr. Reda shared a brief view in light of legal reforms and transformations in Saudi Arabia at the government’s investment strategy for its giga-projects, and the integrated logistics zone initiatives.
The Bankruptcy Law will be another focus, alongside a broad-based analysis of the legislation and regulations, both issued and in draft form, relating to key areas, such as: foreign real estate ownership; entertainment; tourism; foreign investment; and the digital economy, including fintech.
Reda told attendees that although the Saudi government was overseeing the delivery of the strategies driving the Kingdom’s socio-economic transformation, all of the stakeholders involved, including local businesses and foreign investors, would need to adapt to operating within an increasingly competitive environment and much more advanced legal framework.
“Lawyers and regulatory experts have a crucial role to play in advancing the economy’s diversification and reducing the emphasis on oil,” he said. “Evolving sectors are expected to expand and create new jobs. However, that can only happen if there is a world class regulatory framework. Regulatory, legal and compliance empowerment are among the essential tools that we know will facilitate economic growth.”
Simona Simeonova, OBG’s Country Director, said she was delighted that Eyad Reda’s legal experts would be contributing to The Report: Saudi Arabia 2022, which, she added, came at a key juncture in the Kingdom’s growth story.
“These are exciting times for Saudi Arabia and investors keen to play a part in its development, with the Kingdom’s economy becoming increasingly diversified and dynamic,” she said. “Eyad Reda’s team have extensive experience in helping business leaders navigate the country’s legal and regulatory landscape in fields that range from litigation and commercial law to mergers and acquisitions, and compliance. I’m thrilled to have them on board for this highly anticipated and timely report.”
Jana Treeck, OBG’s Managing Director for the Middle East, agreed that Eyad Reda’s input would bring an added dimension to the Group’s coverage of Saudi Arabia’s evolving legal framework.
“The Kingdom’s legal landscape is evolving to reflect the transformation taking place across the national economy, as Mr Reda has made clear today, in line with the goals mapped out in the Vision 2030 roadmap,” Treeck said. “I have no doubt that investors eyeing this important market will find Eyad Reda’s local knowledge and expertise invaluable during the decision-making process.”
The Report: Saudi Arabia 2022 will look in detail at the sectors of the economy ripe for investment, in line with the national drive to develop new growth engines and ease the country’s reliance on oil.
It will also examine the innovative reforms that are steering Saudi Arabia towards its 2030 targets, with the Kingdom’s ongoing efforts to enhance its business environment in the post-Covid recovery period a focal point.
The Report: Saudi Arabia 2022 will mark the culmination of more than a year of field research by a team of analysts from Oxford Business Group. It will be a vital guide to the many facets of the country, including its macroeconomics, infrastructure, banking and other sectoral developments. OBG’s publication will also contain contributions from leading representatives across the public and private sectors.
The Report: Saudi Arabia 2022 will be produced with Eyad Reda Law Firm. It will be available online and in print. The report will form part of a series of tailored studies that OBG is currently producing with its partners, alongside other highly relevant, go-to research tools, including a range of country-specific Growth and Recovery Outlook articles and interviews.