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by Jeremy Scott - firstname.lastname@example.org
Regulatory Overview Dealings with KSA real estate are principally carried out according to a well established and traditional process involving private negotiations followed by the participation of a regional government employee of Shari’ite qualifications (Notary Public) to complete the change of ownership.
Businesses in Saudi Arabia have until 21/5/1426 H / 28 June 2005 to comply with the provisions of the Competition Law enacted last year, notwithstanding that the Implementing Regulations have yet to be issued. This presents a clear challenge.
Nonetheless, with fines of up to Saudi Riyals five million (SR 5,000,000) for first-time violations of the Competition Law, its terms merit close attention and timely compliance. Businesses should adjust their practices to comply with the Competition Law at the earliest opportunity.