Saudi Arabia will begin implementing a new bankruptcy law early next year as part of efforts to attract foreign investment and encourage private sector activity, Saudi-owned broadcaster Al Arabiya reported citing the kingdom’s commerce minister.
Under current legislation there is no easy way to wind up the activities of indebted companies in Saudi Arabia and the new law could help with government plans to restructure the economy and make it more attractive to outside investors.
The International Monetary Fund cited the planned laws in May when it praised Saudi Arabia for making progress towards identifying and reducing obstacles to private sector growth.
Source Credit: Gulf Business
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