Ministry of Commerce says developed 62 legislations to strengthen trade in last 5 years

Logo of the Ministry of Commerce

Saudi Arabia’s Ministry of Commerce worked on the development of 62 legislations to regulate and enable the commercial sector over the past five years, since the announcement of Vision 2030.

This followed an extensive and comprehensive study of the laws, rules and regulations on commercial topics in partnership with relevant international organizations, the private sector, and all interested parties in order to achieve transparency and participation in line with international best practices.

The ministry undertook a comprehensive restructuring of commercial regulations, in order to achieve the Vision 2030 goals, in line with the Kingdom's economic position and impact on global markets, with the aim of providing an attractive and fair investment environment that ensures the flow of value-added investments, guarantees investors' rights, and contributes to the advancement of local economy.

The legislations included an e-commerce system, professional corporate system, commercial concession system, chamber of commerce system, transferable rights guarantee system, accounting and auditing system, bankruptcy system and anti-cover-up system.

The legislations that are currently developed include the commercial system, corporate system, commercial register system, brand name system, and consumer protection system.

The stages of implementation of this legislation included studies to address the challenges facing business and consumers, identify opportunities and areas of growth that can be developed, studies of global best practices, workshops, and opening channels of communication with government and private entities and all interested parties.